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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: May 31, 2018
Table of Contents
Item 1. Reports to Stockholders
Table of Contents
SAVING : INVESTING : PLANNING |
VALIC Company I
Annual Report, May 31, 2018
Table of Contents
VALIC Company I
ANNUAL REPORT MAY 31, 2018
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Table of Contents
VALIC Company I
PRESIDENT’S LETTER (unaudited)
Dear Valued Investor:
We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ended May 31, 2018. We encourage you to carefully read this report and thank you for your investment.
Domestically, the total return for the S&P 500® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 14.38%. U.S. equity indexes marked historic highs in 2017, was notable for the fact that the S&P 500 posted positive returns in every month. In addition, the year ended with global equity markets delivering exceptionally strong returns and signs that synchronized global growth would continue into 2018. The passage of a tax cut and continued strength in both jobs numbers and U.S. economic readings provided optimism entering into 2018. However, after a tranquil 2017 in the equity markets, marked by low volatility and strong returns, 2018 came in with a vengeance. Strong equity performance in January was followed by negative returns in February and March, leaving the S&P 500 slightly negative at -0.76% for the quarter, its first quarterly loss since 2015. February was marked by a global equity sell-off triggered by concerns that U.S. interest rates and inflation might rise faster than previously anticipated. The S&P 500 has since picked up a bit of steam with a year to date return of 2.02% through May 31, 2018. The economic, political, and corporate news has been dizzying. The period has been marked by the introduction of a new Federal Reserve Chairman, uncertainty over the fate of NAFTA, and trade skirmishes with several of the United States’ trading partners. At this point, the U.S. economy seems relatively well positioned with robust consumer confidence and spending, stimulus from tax cuts, and increased federal spending.
Under new Chairman Powell, the Federal Reserve has maintained its policy of slow, steady tightening of monetary policy. At its March meeting, the Fed raised interest rates a quarter of a point to a range of 1.50% to 1.75%. The Federal Reserve’s policymaking committee met again at the beginning of May and kept the federal funds rate unchanged, as expected. In the minutes from the meeting, Fed officials signaled a high likelihood of another hike at the June meeting. Ten-year break-even spreads, a measure of investors’ inflation expectations, decreased somewhat in May after reaching a three-year high in April.
Fixed income markets were mixed over the reporting period. The Bloomberg Barclays U.S. Aggregate Bond Index**, a broad measure of the bond market, declined 0.37%. Long Treasuries, as measured by the Bloomberg Barclays Long U.S. Treasury Index,*** slightly rose 0.09%; however, this was an improvement from the lows experienced during the period. TIPS, as represented by the Bloomberg Barclays U.S. TIPS Index,† were up 0.74%. Risk assets, such as high yield assets, as measured by the Bloomberg Barclays U.S. Corporate High Yield Bond Index,†† gained little ground, rising 2.35%. Despite a recent spike to multiyear highs, the yield on the 10-Year Treasury note dropped at the period’s closing as political turmoil escalated, and the Federal Reserve’s meeting minutes revealed a preference for a gradual approach toward raising rates. The drop in yields at the end of the reporting period seems largely due to a risk-averse environment following international concerns including Italy’s troubles in forming a new government. Longer-maturity Treasuries benefited the most from the dip in yields, recouping some of their year to date losses. The diverging forces of the shrinking 10-Year yield along with the escalating 2-Year Treasury yield have narrowed the yield curve to a point of concern for many investors. In the past, an inverted yield curve (short-term rates higher than long-term rates) has been a precursor for several recessions. Close attention will be paid to these developments in the months ahead.
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 7.97%. 2017 was a strong year for global equities, sustained by synchronized economic growth in many regions. Through 2018, however, there has been a divergence in growth across the globe. Europe and the Emerging Markets are facing rising political uncertainties and deteriorating economic forecasts. The Emerging Market slowdown could be further exacerbated by a rising dollar. Additionally, current trade tensions brought on by news that the U.S. was imposing tariffs on steel and aluminum imports from Mexico, Canada, and the European Union have caused anxiety, and the prospect of a trade war between the world’s two largest economies, the U.S. and China, remains a particular concern.
As always, we encourage you to maintain a well-diversified, long-term investment portfolio to help smooth the inevitable ups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and developing a plan that utilizes diversification, asset allocation, tax planning and other investment strategies to better help you reach your long-term investment goals.
Sincerely,
John T. Genoy, President
VALIC Company I
Past performance is no guarantee of future results.
* | 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 Long U.S. Treasury Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. |
† | The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
†† | The Bloomberg Barclays U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, are excluded. |
††† | The MSCI EAFE Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index. Past performance of an index does not guarantee the future performance of any investment.
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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — May 31, 2018 (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2017 and held until May 31, 2018. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2018” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.
Hypothetical Example for Comparison Purposes
The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.
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Table of Contents
VALIC Company I
EXPENSE EXAMPLE — May 31, 2018 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at December 1, 2017 | Ending Account Value Using Actual Return at May 31, 2018 | Expenses Paid During the Six Months Ended May 31, 2018 | Beginning Account Value at December 1, 2017 | Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2018 | Expenses Paid During the Six Months Ended May 31, 2018 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,004.17 | $ | 3.70 | $ | 1,000.00 | $ | 1,021.24 | $ | 3.73 | 0.74 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,111.97 | $ | 4.32 | $ | 1,000.00 | $ | 1,020.84 | $ | 4.13 | 0.82 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 994.64 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 984.64 | $ | 3.12 | $ | 1,000.00 | $ | 1,021.79 | $ | 3.18 | 0.63 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,020.21 | $ | 3.83 | $ | 1,000.00 | $ | 1,021.14 | $ | 3.83 | 0.76 | % | ||||||||||||||
Dividend Value | $ | 1,000.00 | $ | 974.21 | $ | 3.99 | $ | 1,000.00 | $ | 1,020.89 | $ | 4.08 | 0.81 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,000.72 | $ | 1.55 | $ | 1,000.00 | $ | 1,023.39 | $ | 1.56 | 0.31 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 976.41 | $ | 4.53 | $ | 1,000.00 | $ | 1,020.34 | $ | 4.63 | 0.92 | % | ||||||||||||||
Foreign Value | $ | 1,000.00 | $ | 1,001.46 | $ | 3.99 | $ | 1,000.00 | $ | 1,020.94 | $ | 4.03 | 0.80 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,005.25 | $ | 4.20 | $ | 1,000.00 | $ | 1,020.74 | $ | 4.23 | 0.84 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 1,023.82 | $ | 3.13 | $ | 1,000.00 | $ | 1,021.84 | $ | 3.13 | 0.62 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 993.38 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.69 | $ | 3.28 | 0.65 | % | ||||||||||||||
Government Money Market I | $ | 1,000.00 | $ | 1,004.73 | $ | 2.55 | $ | 1,000.00 | $ | 1,022.39 | $ | 2.57 | 0.51 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 988.65 | $ | 3.37 | $ | 1,000.00 | $ | 1,021.54 | $ | 3.43 | 0.68 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,074.83 | $ | 3.83 | $ | 1,000.00 | $ | 1,021.24 | $ | 3.73 | 0.74 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,017.94 | $ | 4.28 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 1,055.47 | $ | 5.33 | $ | 1,000.00 | $ | 1,019.75 | $ | 5.24 | 1.04 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 999.40 | $ | 2.84 | $ | 1,000.00 | $ | 1,022.09 | $ | 2.87 | 0.57 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 999.40 | $ | 2.09 | $ | 1,000.00 | $ | 1,022.84 | $ | 2.12 | 0.42 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 981.42 | $ | 3.16 | $ | 1,000.00 | $ | 1,021.74 | $ | 3.23 | 0.64 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,088.59 | $ | 4.89 | $ | 1,000.00 | $ | 1,020.24 | $ | 4.73 | 0.94 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,004.35 | $ | 4.20 | $ | 1,000.00 | $ | 1,020.74 | $ | 4.23 | 0.84 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,057.10 | $ | 3.80 | $ | 1,000.00 | $ | 1,021.24 | $ | 3.73 | 0.74 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,030.87 | $ | 1.82 | $ | 1,000.00 | $ | 1,023.14 | $ | 1.82 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,066.12 | $ | 4.17 | $ | 1,000.00 | $ | 1,020.89 | $ | 4.08 | 0.81 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,097.10 | $ | 2.77 | $ | 1,000.00 | $ | 1,022.29 | $ | 2.67 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,124.03 | $ | 5.14 | $ | 1,000.00 | $ | 1,020.09 | $ | 4.89 | 0.97 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,137.99 | $ | 5.28 | $ | 1,000.00 | $ | 1,020.00 | $ | 4.99 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,062.17 | $ | 4.78 | $ | 1,000.00 | $ | 1,020.29 | $ | 4.68 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,063.33 | $ | 2.06 | $ | 1,000.00 | $ | 1,022.94 | $ | 2.02 | 0.40 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,024.71 | $ | 4.39 | $ | 1,000.00 | $ | 1,020.59 | $ | 4.38 | 0.87 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,068.25 | $ | 4.80 | $ | 1,000.00 | $ | 1,020.29 | $ | 4.68 | 0.93 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,029.76 | $ | 1.67 | $ | 1,000.00 | $ | 1,023.29 | $ | 1.66 | 0.33 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,002.25 | $ | 4.24 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser 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 May 31, 2018” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2018” and the “Annualized Expense Ratio” would have been lower. |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 8.3 | % | ||
Diversified Banking Institutions | 7.8 | |||
Diversified Financial Services | 7.3 | |||
Exchange-Trade Funds | 7.1 | |||
Registered Investment Companies | 6.1 | |||
Banks — Super Regional | 2.3 | |||
Diversified Minerals | 1.9 | |||
Applications Software | 1.8 | |||
Metal — Diversified | 1.7 | |||
Telephone — Integrated | 1.5 | |||
Computer Services | 1.5 | |||
Finance — Credit Card | 1.4 | |||
Sovereign | 1.4 | |||
Auto — Cars/Light Trucks | 1.4 | |||
U.S. Government Treasuries | 1.3 | |||
Real Estate Investment Trusts | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Computers | 1.2 | |||
Electronic Components — Misc. | 1.1 | |||
Insurance — Property/Casualty | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Soap & Cleaning Preparation | 1.0 | |||
Food — Misc./Diversified | 0.8 | |||
Medical — Drugs | 0.8 | |||
Medical Instruments | 0.8 | |||
Networking Products | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Web Portals/ISP | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Oil Companies — Integrated | 0.7 | |||
Insurance — Multi-line | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Computer Data Security | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Real Estate Operations & Development | 0.5 | |||
Telecom Services | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Medical — HMO | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Retail — Automobile | 0.5 | |||
Internet Application Software | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Oil — Field Services | 0.5 | |||
Software Tools | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Tobacco | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Investment Companies | 0.4 | |||
Web Hosting/Design | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Internet Content — Entertainment | 0.4 | |||
Food — Retail | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Retail — Discount | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Internet Security | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Import/Export | 0.3 | |||
Pharmacy Services | 0.3 | |||
Human Resources | 0.3 |
Semiconductor Equipment | 0.3 | |||
Internet Content — Information/News | 0.3 | |||
Medical Products | 0.3 | |||
Transport — Truck | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Entertainment Software | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Airlines | 0.3 | |||
Private Equity | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Transport — Rail | 0.3 | |||
Transactional Software | 0.2 | |||
Television | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Consulting Services | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Audio/Video Products | 0.2 | |||
Computer Software | 0.2 | |||
Brewery | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Toys | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Cruise Lines | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Commercial Services | 0.2 | |||
Cellular Telecom | 0.2 | |||
Multimedia | 0.2 | |||
Transport — Services | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Steel — Producers | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Electric — Integrated | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Paper & Related Products | 0.2 | |||
Diversified Operations | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Retail — Building Products | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Travel Services | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Building Products — Wood | 0.1 | |||
Coal | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Building Products — Cement | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Electronic Forms | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Data Processing/Management | 0.1 | |||
Instruments — Controls | 0.1 | |||
Pastoral & Agricultural | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Metal — Aluminum | 0.1 | % | ||
Rubber/Plastic Products | 0.1 | |||
Schools | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Gas — Distribution | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Venture Capital | 0.1 | |||
Publishing — Books | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Satellite Telecom | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Finance — Other Services | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Machinery — Farming | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Athletic Equipment | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Hotels/Motels | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Computer Aided Design | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Computers — Other | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Food — Confectionery | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Appliances | 0.1 | |||
Circuit Boards | 0.1 | |||
Electric — Distribution | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Wireless Equipment | 0.1 | |||
103.0 | % | |||
* | Calculated as a percentage of net assets |
5 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 71.5% | ||||||||
Advertising Agencies — 0.0% | ||||||||
Omnicom Group, Inc.# | 1,064 | $ | 76,693 | |||||
Aerospace/Defense — 0.7% | ||||||||
AeroVironment, Inc.†# | 271 | 15,680 | ||||||
BAE Systems PLC | 11,944 | 101,548 | ||||||
Boeing Co. | 1,771 | 623,675 | ||||||
Cubic Corp. | 1,060 | 73,723 | ||||||
Dassault Aviation SA | 35 | 68,144 | ||||||
General Dynamics Corp. | 331 | 66,766 | ||||||
Kawasaki Heavy Industries, Ltd. | 3,200 | 96,775 | ||||||
Lockheed Martin Corp. | 166 | 52,214 | ||||||
Saab AB, Series B | 1,027 | 42,435 | ||||||
1,140,960 | ||||||||
Aerospace/Defense - Equipment — 0.3% | ||||||||
AAR Corp. | 2,183 | 97,558 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 812 | 23,499 | ||||||
Kaman Corp. | 1,815 | 128,448 | ||||||
L3 Technologies, Inc. | 682 | 135,261 | ||||||
Moog, Inc., Class A | 1,218 | 99,304 | ||||||
Triumph Group, Inc.# | 3,116 | 66,059 | ||||||
550,129 | ||||||||
Agricultural Chemicals — 0.2% | ||||||||
CF Industries Holdings, Inc. | 9,102 | 374,456 | ||||||
Monsanto Co. | 20 | 2,549 | ||||||
377,005 | ||||||||
Agricultural Operations — 0.0% | ||||||||
Andersons, Inc. | 1,966 | 63,502 | ||||||
Airlines — 0.3% | ||||||||
Air France-KLM† | 4,343 | 34,672 | ||||||
Allegiant Travel Co.# | 353 | 53,426 | ||||||
American Airlines Group, Inc.# | 84 | 3,657 | ||||||
Copa Holdings SA, Class A | 237 | 26,260 | ||||||
Delta Air Lines, Inc. | 1,356 | 73,292 | ||||||
Hawaiian Holdings, Inc. | 3,013 | 111,481 | ||||||
JetBlue Airways Corp.† | 122 | 2,305 | ||||||
SkyWest, Inc. | 2,990 | 170,430 | ||||||
475,523 | ||||||||
Airport Development/Maintenance — 0.1% | ||||||||
Flughafen Zurich AG | 289 | 60,767 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 571 | 53,450 | ||||||
114,217 | ||||||||
Apparel Manufacturers — 0.3% | ||||||||
Christian Dior SE | 137 | 58,250 | ||||||
Matsuoka Corp. | 3,700 | 144,698 | ||||||
Michael Kors Holdings, Ltd.† | 231 | 13,257 | ||||||
Moncler SpA | 2,678 | 123,557 | ||||||
Oxford Industries, Inc. | 1,137 | 93,825 | ||||||
Ralph Lauren Corp. | 95 | 12,785 | ||||||
446,372 | ||||||||
Appliances — 0.1% | ||||||||
iRobot Corp.†# | 339 | 21,157 | ||||||
SEB SA | 376 | 67,838 | ||||||
88,995 | ||||||||
Applications Software — 1.8% | ||||||||
CDK Global, Inc. | 3,427 | 220,527 | ||||||
Ebix, Inc.# | 237 | 17,680 | ||||||
Intuit, Inc. | 2,558 | 515,693 | ||||||
Microsoft Corp. | 2,839 | 280,607 | ||||||
Nihon Unisys, Ltd. | 6,400 | 159,968 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) | ||||||||
Progress Software Corp. | 503 | $ | 19,054 | |||||
PTC, Inc.† | 738 | 63,645 | ||||||
Red Hat, Inc.† | 434 | 70,490 | ||||||
salesforce.com, Inc.† | 6,541 | 845,948 | ||||||
ServiceNow, Inc.† | 4,191 | 744,364 | ||||||
Tableau Software, Inc., Class A† | 1,205 | 119,138 | ||||||
3,057,114 | ||||||||
Athletic Equipment — 0.1% | ||||||||
Amer Sports Oyj | 1,822 | 58,812 | ||||||
Vista Outdoor, Inc.† | 2,889 | 48,940 | ||||||
107,752 | ||||||||
Audio/Video Products — 0.2% | ||||||||
Sony Corp. | 6,900 | 325,340 | ||||||
Universal Electronics, Inc.†# | 993 | 29,443 | ||||||
354,783 | ||||||||
Auto Repair Centers — 0.1% | ||||||||
Monro, Inc.# | 1,923 | 107,880 | ||||||
Auto - Cars/Light Trucks — 0.6% | ||||||||
Fiat Chrysler Automobiles NV† | 3,058 | 69,295 | ||||||
Suzuki Motor Corp. | 6,300 | 361,131 | ||||||
Toyota Motor Corp. | 7,600 | 481,045 | ||||||
911,471 | ||||||||
Auto - Heavy Duty Trucks — 0.0% | ||||||||
PACCAR, Inc. | 366 | 22,776 | ||||||
Auto - Truck Trailers — 0.0% | ||||||||
Wabash National Corp. | 2,429 | 48,604 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% | ||||||||
Allison Transmission Holdings, Inc. | 5,255 | 217,084 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 5,701 | 90,190 | ||||||
Aptiv PLC | 57 | 5,557 | ||||||
BorgWarner, Inc. | 523 | 25,512 | ||||||
Cooper-Standard Holding, Inc.† | 896 | 111,283 | ||||||
Gentherm, Inc.† | 2,054 | 72,712 | ||||||
Hella KGaA Hueck & Co. | 676 | 42,550 | ||||||
Koito Manufacturing Co., Ltd. | 4,600 | 337,057 | ||||||
Lear Corp. | 520 | 102,960 | ||||||
Plastic Omnium SA | 984 | 45,750 | ||||||
Schaeffler AG (Preference Shares) | 2,551 | 38,214 | ||||||
Superior Industries International, Inc. | 2,027 | 35,472 | ||||||
Titan International, Inc. | 2,618 | 30,395 | ||||||
Visteon Corp.† | 129 | 16,120 | ||||||
1,170,856 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% | ||||||||
Dorman Products, Inc.† | 988 | 63,746 | ||||||
Standard Motor Products, Inc. | 1,116 | 50,499 | ||||||
114,245 | ||||||||
B2B/E-Commerce — 0.0% | ||||||||
ePlus, Inc.† | 184 | 16,735 | ||||||
Banks - Commercial — 7.0% | ||||||||
ABN AMRO Group NV CVA#* | 5,254 | 136,642 | ||||||
Agricultural Bank of China, Ltd. | 91,000 | 46,753 | ||||||
AIB Group PLC | 34,353 | 187,736 | ||||||
Akbank Turk AS | 58,338 | 103,405 | ||||||
Ameris Bancorp | 1,243 | 69,235 | ||||||
Associated Banc-Corp. | 1,376 | 37,978 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 47,989 | 327,611 | ||||||
Banco Bradesco SA ADR | 6,557 | 51,472 | ||||||
Banco Comercial Portugues SA†# | 138,452 | 40,557 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Banco de Sabadell SA | 42,562 | $ | 71,410 | |||||
BancorpSouth Bank | 378 | 12,663 | ||||||
Bank Central Asia Tbk PT | 569,700 | 928,674 | ||||||
Bank Danamon Indonesia Tbk PT | 209,800 | 87,782 | ||||||
Bank Mandiri Persero Tbk PT | 1,075,800 | 543,941 | ||||||
Bank Negara Indonesia Persero Tbk PT | 330,700 | 201,084 | ||||||
Bank of Hawaii Corp.# | 353 | 29,980 | ||||||
Bank of Ireland Group PLC | 14,630 | 121,099 | ||||||
Bank of Montreal | 4,425 | 342,779 | ||||||
Bank of the Ozarks | 563 | 26,765 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,794,500 | 617,672 | ||||||
Banner Corp. | 1,278 | 76,616 | ||||||
Barclays Africa Group, Ltd. | 616 | 7,816 | ||||||
BB&T Corp. | 8,755 | 459,638 | ||||||
BPER Banca | 6,668 | 32,333 | ||||||
CaixaBank SA | 19,055 | 81,005 | ||||||
Cathay General Bancorp, Class B | 293 | 12,362 | ||||||
Central Pacific Financial Corp. | 968 | 28,498 | ||||||
Chemical Financial Corp. | 380 | 21,326 | ||||||
Chiba Bank, Ltd. | 26,000 | 199,449 | ||||||
Citizens Financial Group, Inc. | 8,557 | 349,553 | ||||||
City Holding Co. | 32 | 2,377 | ||||||
Columbia Banking System, Inc. | 2,393 | 101,750 | ||||||
Commerzbank AG† | 3,431 | 35,096 | ||||||
Community Bank System, Inc.# | 2,576 | 154,251 | ||||||
Cullen/Frost Bankers, Inc. | 452 | 51,632 | ||||||
Customers Bancorp, Inc.† | 1,872 | 56,740 | ||||||
CVB Financial Corp. | 3,334 | 77,315 | ||||||
Danske Bank A/S | 4,156 | 138,107 | ||||||
DNB ASA | 6,665 | 119,112 | ||||||
East West Bancorp, Inc. | 1,174 | 81,570 | ||||||
Erste Group Bank AG | 1,836 | 76,017 | ||||||
Fidelity Southern Corp. | 3,223 | 78,706 | ||||||
FinecoBank Banca Fineco SpA | 6,035 | 60,257 | ||||||
First BanCorp./Puerto Rico† | 12,647 | 98,014 | ||||||
First Commonwealth Financial Corp. | 2,334 | 36,620 | ||||||
First Financial Bancorp | 3,866 | 121,586 | ||||||
First Financial Bankshares, Inc.# | 1,767 | 92,944 | ||||||
First Midwest Bancorp, Inc. | 5,693 | 149,555 | ||||||
Fulton Financial Corp. | 599 | 10,453 | ||||||
Glacier Bancorp, Inc.# | 2,095 | 81,684 | ||||||
Great Western Bancorp, Inc. | 3,361 | 146,506 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 16,200 | 85,822 | ||||||
Hancock Holding Co.† | 225 | 11,306 | ||||||
Hanmi Financial Corp. | 1,020 | 30,549 | ||||||
Home BancShares, Inc. | 976 | 22,468 | ||||||
HomeStreet, Inc.† | 1,948 | 52,206 | ||||||
Hope Bancorp, Inc. | 7,630 | 137,264 | ||||||
Independent Bank Corp. | 876 | 68,635 | ||||||
ING Groep NV | 33,169 | 482,020 | ||||||
International Bancshares Corp. | 328 | 14,170 | ||||||
Intesa Sanpaolo SpA | 119,557 | 354,730 | ||||||
Intesa Sanpaolo SpA RSP | 24,270 | 73,074 | ||||||
Itau Unibanco Holding SA ADR | 9,000 | 103,950 | ||||||
Jyske Bank A/S | 1,093 | 59,616 | ||||||
KBC Group NV | 2,643 | 204,565 | ||||||
Komercni Banka AS | 1,156 | 46,817 | ||||||
LegacyTexas Financial Group, Inc. | 594 | 24,942 | ||||||
M&T Bank Corp. | 2,390 | 411,271 | ||||||
MB Financial, Inc. | 490 | 24,201 | ||||||
NBT Bancorp, Inc. | 2,903 | 110,604 | ||||||
Nordea Bank AB | 16,566 | 159,409 | ||||||
OFG Bancorp | 4,337 | 61,152 | ||||||
Old National Bancorp | 9,070 | 162,807 | ||||||
Opus Bank | 99 | 2,930 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
PacWest Bancorp | 658 | $ | 34,914 | |||||
Raiffeisen Bank International AG† | 780 | 24,426 | ||||||
Regions Financial Corp. | 20,431 | 372,661 | ||||||
S&T Bancorp, Inc. | 1,937 | 87,494 | ||||||
ServisFirst Bancshares, Inc. | 748 | 31,424 | ||||||
Simmons First National Corp., Class A | 4,177 | 133,664 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 17,247 | 155,481 | ||||||
Southside Bancshares, Inc. | 2,772 | 94,664 | ||||||
SVB Financial Group† | 438 | 136,713 | ||||||
Svenska Handelsbanken AB, Class A | 12,197 | 133,695 | ||||||
Swedbank AB, Class A | 4,130 | 85,897 | ||||||
Sydbank A/S | 1,081 | 36,716 | ||||||
Synovus Financial Corp. | 986 | 53,352 | ||||||
TCF Financial Corp. | 8 | 211 | ||||||
Texas Capital Bancshares, Inc.† | 352 | 33,915 | ||||||
Tompkins Financial Corp.# | 79 | 6,657 | ||||||
TrustCo Bank Corp. | 9,963 | 86,678 | ||||||
Trustmark Corp. | 139 | 4,472 | ||||||
UMB Financial Corp. | 222 | 17,105 | ||||||
Umpqua Holdings Corp. | 964 | 22,693 | ||||||
Unione di Banche Italiane SpA | 14,257 | 53,737 | ||||||
United Bankshares, Inc.# | 631 | 23,000 | ||||||
United Community Banks, Inc. | 2,275 | 73,847 | ||||||
Valley National Bancorp | 1,915 | 24,340 | ||||||
Webster Financial Corp. | 11 | 705 | ||||||
Westamerica Bancorporation | 1,823 | 104,330 | ||||||
Wintrust Financial Corp. | 186 | 17,132 | ||||||
11,578,557 | ||||||||
Banks - Fiduciary — 0.6% | ||||||||
Bank of New York Mellon Corp. | 8,335 | 456,341 | ||||||
Boston Private Financial Holdings, Inc. | 6,631 | 112,727 | ||||||
Northern Trust Corp. | 715 | 73,302 | ||||||
State Street Corp. | 2,906 | 279,296 | ||||||
921,666 | ||||||||
Banks - Mortgage — 0.0% | ||||||||
Aareal Bank AG | 919 | 39,429 | ||||||
Walker & Dunlop, Inc. | 522 | 29,295 | ||||||
68,724 | ||||||||
Banks - Super Regional — 2.3% | ||||||||
Capital One Financial Corp. | 5 | 470 | ||||||
Comerica, Inc. | 1,843 | 173,777 | ||||||
Fifth Third Bancorp | 10,057 | 307,543 | ||||||
Huntington Bancshares, Inc. | 8,866 | 131,837 | ||||||
KeyCorp | 8,861 | 172,258 | ||||||
National Bank Holdings Corp., Class A | 875 | 34,073 | ||||||
PNC Financial Services Group, Inc. | 3,064 | 439,408 | ||||||
SunTrust Banks, Inc. | 6,077 | 410,258 | ||||||
US Bancorp | 16,417 | 820,686 | ||||||
Wells Fargo & Co. | 25,079 | 1,354,015 | ||||||
3,844,325 | ||||||||
Beverages - Non-alcoholic — 0.1% | ||||||||
Coca-Cola Co. | 688 | 29,584 | ||||||
Monster Beverage Corp.† | 987 | 50,495 | ||||||
PepsiCo, Inc. | 261 | 26,165 | ||||||
106,244 | ||||||||
Beverages - Wine/Spirits — 0.1% | ||||||||
Davide Campari-Milano SpA | 6,943 | 51,822 | ||||||
Remy Cointreau SA | 344 | 51,203 | ||||||
103,025 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Bicycle Manufacturing — 0.1% | ||||||||
Fox Factory Holding Corp.† | 478 | $ | 19,001 | |||||
Shimano, Inc. | 800 | 112,876 | ||||||
131,877 | ||||||||
Brewery — 0.2% | ||||||||
Asahi Group Holdings, Ltd. | 6,500 | 339,352 | ||||||
Building & Construction Products - Misc. — 0.2% | ||||||||
American Woodmark Corp.† | 167 | 17,218 | ||||||
Gibraltar Industries, Inc.† | 1,864 | 73,908 | ||||||
Imerys SA | 501 | 42,992 | ||||||
Nichias Corp. | 9,000 | 112,113 | ||||||
Patrick Industries, Inc.† | 297 | 17,998 | ||||||
Quanex Building Products Corp. | 893 | 15,002 | ||||||
Simpson Manufacturing Co., Inc. | 404 | 25,577 | ||||||
Trex Co., Inc.† | 307 | 36,174 | ||||||
Wienerberger AG | 1,807 | 48,162 | ||||||
389,144 | ||||||||
Building & Construction - Misc. — 0.2% | ||||||||
Aegion Corp.† | 2,789 | 71,677 | ||||||
Comfort Systems USA, Inc. | 444 | 20,801 | ||||||
HOCHTIEF AG | 279 | 51,306 | ||||||
Obayashi Corp. | 4,100 | 41,256 | ||||||
Penta-Ocean Construction Co., Ltd. | 13,900 | 90,195 | ||||||
TopBuild Corp.† | 352 | 29,551 | ||||||
304,786 | ||||||||
Building Products - Air & Heating — 0.2% | ||||||||
Daikin Industries, Ltd. | 2,900 | 333,761 | ||||||
Johnson Controls International PLC | 35 | 1,175 | ||||||
Nibe Industrier AB, Class B | 5,201 | 52,918 | ||||||
387,854 | ||||||||
Building Products - Cement — 0.1% | ||||||||
Indocement Tunggal Prakarsa Tbk PT | 66,300 | 84,280 | ||||||
PT Semen Indonesia Persero Tbk | 142,400 | 85,917 | ||||||
US Concrete, Inc.†# | 274 | 16,700 | ||||||
186,897 | ||||||||
Building Products - Doors & Windows — 0.0% | ||||||||
Apogee Enterprises, Inc. | 407 | 17,766 | ||||||
Building Products - Wood — 0.1% | ||||||||
Boise Cascade Co. | 2,573 | 122,732 | ||||||
Masco Corp. | 186 | 6,932 | ||||||
Universal Forest Products, Inc. | 1,925 | 70,802 | ||||||
200,466 | ||||||||
Building - Heavy Construction — 0.2% | ||||||||
Boskalis Westminster NV# | 1,289 | 35,574 | ||||||
Jasa Marga Persero Tbk PT | 242,200 | 77,390 | ||||||
PP Persero Tbk PT | 514,300 | 95,071 | ||||||
Waskita Karya Persero Tbk PT | 336,700 | 55,964 | ||||||
263,999 | ||||||||
Building - Maintenance & Services — 0.1% | ||||||||
ABM Industries, Inc. | 3,169 | 90,190 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% | ||||||||
Cavco Industries, Inc.† | 127 | 26,365 | ||||||
Winnebago Industries, Inc. | 391 | 14,174 | ||||||
40,539 | ||||||||
Building - Residential/Commercial — 0.2% | ||||||||
Barratt Developments PLC | 7,722 | 56,018 | ||||||
Installed Building Products, Inc.† | 283 | 17,164 | ||||||
M/I Homes, Inc.† | 1,550 | 43,059 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) | ||||||||
MDC Holdings, Inc. | 1,963 | $ | 61,992 | |||||
Meritage Homes Corp.† | 1,565 | 70,816 | ||||||
Toll Brothers, Inc. | 463 | 18,284 | ||||||
267,333 | ||||||||
Cable/Satellite TV — 0.1% | ||||||||
Charter Communications, Inc., Class A† | 40 | 10,442 | ||||||
Comcast Corp., Class A | 3,967 | 123,691 | ||||||
DISH Network Corp., Class A† | 283 | 8,363 | ||||||
Telenet Group Holding NV† | 790 | 39,887 | ||||||
182,383 | ||||||||
Casino Hotels — 0.0% | ||||||||
Las Vegas Sands Corp. | 51 | 4,111 | ||||||
Wynn Resorts, Ltd. | 22 | 4,312 | ||||||
8,423 | ||||||||
Cellular Telecom — 0.2% | ||||||||
Drillisch AG† | 725 | 50,177 | ||||||
Sprint Corp.†# | 5,474 | 28,136 | ||||||
Sunrise Communications Group AG* | 486 | 39,618 | ||||||
T-Mobile US, Inc.† | 1,826 | 101,708 | ||||||
Tele2 AB, Class B | 5,387 | 65,953 | ||||||
285,592 | ||||||||
Chemicals - Diversified — 0.4% | ||||||||
AdvanSix, Inc.† | 1,478 | 53,962 | ||||||
Braskem SA ADR | 400 | 9,580 | ||||||
DowDuPont, Inc. | 290 | 18,592 | ||||||
Eastman Chemical Co. | 415 | 43,288 | ||||||
Huntsman Corp. | 3,600 | 115,092 | ||||||
Innophos Holdings, Inc. | 1,174 | 55,800 | ||||||
Innospec, Inc. | 792 | 60,746 | ||||||
Koppers Holdings, Inc.† | 346 | 13,944 | ||||||
Kureha Corp. | 700 | 46,704 | ||||||
LyondellBasell Industries NV, Class A | 1,241 | 139,141 | ||||||
Quaker Chemical Corp. | 152 | 23,233 | ||||||
Wacker Chemie AG | 268 | 43,571 | ||||||
623,653 | ||||||||
Chemicals - Fibers — 0.0% | ||||||||
Rayonier Advanced Materials, Inc. | 3,431 | 61,449 | ||||||
Chemicals - Plastics — 0.1% | ||||||||
A. Schulman, Inc. | 1,801 | 78,794 | ||||||
Sumitomo Bakelite Co., Ltd. | 13,000 | 131,691 | ||||||
210,485 | ||||||||
Chemicals - Specialty — 0.6% | ||||||||
Balchem Corp. | 1,039 | 100,191 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 1,067 | 55,970 | ||||||
H.B. Fuller Co. | 2,012 | 103,718 | ||||||
Hawkins, Inc. | 1,042 | 32,667 | ||||||
Ingevity Corp.† | 441 | 33,578 | ||||||
Kraton Corp.† | 400 | 19,408 | ||||||
Shin-Etsu Chemical Co., Ltd. | 2,700 | 268,240 | ||||||
Stepan Co. | 1,162 | 84,477 | ||||||
Toray Industries, Inc. | 27,000 | 220,304 | ||||||
918,553 | ||||||||
Circuit Boards — 0.1% | ||||||||
Park Electrochemical Corp. | 3,336 | 68,955 | ||||||
TTM Technologies, Inc.† | 1,110 | 20,013 | ||||||
88,968 | ||||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Coal — 0.1% | ||||||||
Adaro Energy Tbk PT | 870,500 | $ | 117,609 | |||||
CONSOL Energy, Inc.† | 334 | 14,716 | ||||||
SunCoke Energy, Inc.† | 4,636 | 62,772 | ||||||
195,097 | ||||||||
Commercial Services — 0.2% | ||||||||
HMS Holdings Corp.† | 3,524 | 76,224 | ||||||
Medifast, Inc. | 118 | 17,286 | ||||||
Nielsen Holdings PLC | 754 | 22,748 | ||||||
Nutrisystem, Inc. | 426 | 15,890 | ||||||
ServiceMaster Global Holdings, Inc.† | 176 | 10,057 | ||||||
Team, Inc.†# | 2,038 | 43,307 | ||||||
Wirecard AG | 682 | 105,459 | ||||||
290,971 | ||||||||
Commercial Services - Finance — 0.3% | ||||||||
Cardtronics PLC, Class A† | 2,994 | 76,826 | ||||||
EVERTEC, Inc. | 2,713 | 59,143 | ||||||
Experian PLC | 4,048 | 99,122 | ||||||
Green Dot Corp., Class A† | 459 | 32,713 | ||||||
S&P Global, Inc. | 103 | 20,342 | ||||||
Travelport Worldwide, Ltd. | 7,640 | 134,006 | ||||||
422,152 | ||||||||
Computer Aided Design — 0.1% | ||||||||
ANSYS, Inc.† | 8 | 1,302 | ||||||
Autodesk, Inc.† | 794 | 102,506 | ||||||
103,808 | ||||||||
Computer Data Security — 0.6% | ||||||||
Check Point Software Technologies, Ltd.† | 1,752 | 170,575 | ||||||
Fortinet, Inc.† | 11,132 | 681,056 | ||||||
Gemalto NV† | 1,194 | 69,989 | ||||||
Qualys, Inc.† | 331 | 25,470 | ||||||
947,090 | ||||||||
Computer Graphics — 0.0% | ||||||||
Monotype Imaging Holdings, Inc. | 667 | 14,407 | ||||||
Computer Services — 1.5% | ||||||||
Accenture PLC, Class A | 1,090 | 169,757 | ||||||
Atos SE | 660 | 90,174 | ||||||
CACI International, Inc., Class A† | 1,374 | 228,977 | ||||||
Capgemini SE# | 1,053 | 139,550 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,800 | 210,980 | ||||||
Dell Technologies, Inc., Class V† | 401 | 32,345 | ||||||
DXC Technology Co. | 2,216 | 204,116 | ||||||
ExlService Holdings, Inc.† | 367 | 20,805 | ||||||
Fujitsu, Ltd. | 46,000 | 280,710 | ||||||
Insight Enterprises, Inc.† | 2,366 | 110,965 | ||||||
International Business Machines Corp. | 1,521 | 214,932 | ||||||
Leidos Holdings, Inc. | 2,488 | 149,429 | ||||||
NEC Corp. | 100 | 2,813 | ||||||
Nomura Research Institute, Ltd. | 800 | 40,129 | ||||||
NTT Data Corp. | 5,800 | 64,673 | ||||||
SCSK Corp. | 7,100 | 325,383 | ||||||
Sopra Steria Group | 253 | 50,356 | ||||||
Sykes Enterprises, Inc.† | 2,926 | 82,367 | ||||||
Virtusa Corp.† | 368 | 17,866 | ||||||
2,436,327 | ||||||||
Computer Software — 0.2% | ||||||||
Software AG | 790 | 37,775 | ||||||
Splunk, Inc.† | 1,846 | 204,555 | ||||||
TiVo Corp. | 6,790 | 97,776 | ||||||
340,106 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 0.4% | ||||||||
Apple, Inc. | 2,745 | $ | 512,958 | |||||
Hewlett Packard Enterprise Co. | 87 | 1,326 | ||||||
HP, Inc. | 9,166 | 201,927 | ||||||
716,211 | ||||||||
Computers - Integrated Systems — 0.3% | ||||||||
Agilysys, Inc.† | 1,244 | 17,690 | ||||||
Cray, Inc.† | 2,984 | 74,302 | ||||||
Ingenico Group SA | 1,281 | 102,993 | ||||||
Mercury Systems, Inc.† | 567 | 20,939 | ||||||
MTS Systems Corp. | 1,121 | 58,740 | ||||||
OBIC Co., Ltd. | 400 | 34,492 | ||||||
Otsuka Corp. | 5,100 | 209,757 | ||||||
Super Micro Computer, Inc.†# | 2,050 | 49,405 | ||||||
568,318 | ||||||||
Computers - Memory Devices — 0.1% | ||||||||
NetApp, Inc. | 89 | 6,081 | ||||||
Western Digital Corp. | 1,432 | 119,586 | ||||||
125,667 | ||||||||
Computers - Other — 0.1% | ||||||||
3D Systems Corp.†# | 1,387 | 17,143 | ||||||
Lumentum Holdings, Inc.†# | 1,456 | 85,540 | ||||||
102,683 | ||||||||
Computers - Periphery Equipment — 0.1% | ||||||||
Electronics For Imaging, Inc.† | 2,843 | 95,041 | ||||||
Ferrotec Holdings Corp.# | 3,800 | 76,183 | ||||||
171,224 | ||||||||
Consulting Services — 0.2% | ||||||||
Booz Allen Hamilton Holding Corp. | 1,471 | 66,328 | ||||||
FTI Consulting, Inc.† | 2,185 | 135,448 | ||||||
Link And Motivation, Inc. | 8,700 | 114,154 | ||||||
Navigant Consulting, Inc.† | 2,778 | 67,672 | ||||||
383,602 | ||||||||
Consumer Products - Misc. — 0.1% | ||||||||
Central Garden & Pet Co., Class A† | 618 | 23,490 | ||||||
Kimberly-Clark Corp. | 837 | 84,412 | ||||||
WD-40 Co.# | 138 | 18,982 | ||||||
126,884 | ||||||||
Containers - Metal/Glass — 0.1% | ||||||||
Crown Holdings, Inc.† | 1,890 | 81,912 | ||||||
Gerresheimer AG | 482 | 37,578 | ||||||
119,490 | ||||||||
Containers - Paper/Plastic — 0.1% | ||||||||
KapStone Paper and Packaging Corp. | 5,145 | 176,988 | ||||||
Packaging Corp. of America | 251 | 29,492 | ||||||
206,480 | ||||||||
Cosmetics & Toiletries — 0.5% | ||||||||
Colgate-Palmolive Co. | 3,329 | 210,027 | ||||||
Estee Lauder Cos., Inc., Class A | 3 | 448 | ||||||
Kao Corp. | 1,600 | 123,751 | ||||||
Pola Orbis Holdings, Inc. | 6,000 | 295,870 | ||||||
Procter & Gamble Co. | 2,053 | 150,218 | ||||||
780,314 | ||||||||
Cruise Lines — 0.2% | ||||||||
Carnival Corp. | 1,748 | 108,865 | ||||||
Carnival PLC | 613 | 39,220 | ||||||
Royal Caribbean Cruises, Ltd. | 1,368 | 143,613 | ||||||
291,698 | ||||||||
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Data Processing/Management — 0.1% | ||||||||
Bottomline Technologies (DE), Inc.†# | 454 | $ | 21,593 | |||||
Broadridge Financial Solutions, Inc. | 329 | 37,983 | ||||||
CSG Systems International, Inc. | 1,353 | 55,987 | ||||||
Fidelity National Information Services, Inc. | 460 | 47,021 | ||||||
162,584 | ||||||||
Dental Supplies & Equipment — 0.0% | ||||||||
Lifco AB | 750 | 26,791 | ||||||
Patterson Cos., Inc.# | 632 | 13,221 | ||||||
40,012 | ||||||||
Diagnostic Equipment — 0.0% | ||||||||
BioTelemetry, Inc.† | 439 | 18,548 | ||||||
Repligen Corp.† | 500 | 21,840 | ||||||
40,388 | ||||||||
Diagnostic Kits — 0.0% | ||||||||
Meridian Bioscience, Inc. | 1,078 | 15,954 | ||||||
OraSure Technologies, Inc.† | 846 | 14,391 | ||||||
30,345 | ||||||||
Dialysis Centers — 0.0% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 707 | 70,629 | ||||||
Fresenius SE & Co. KGaA | 30 | 2,307 | ||||||
72,936 | ||||||||
Direct Marketing — 0.0% | ||||||||
DKSH Holding AG | 486 | 38,681 | ||||||
Disposable Medical Products — 0.0% | ||||||||
Merit Medical Systems, Inc.† | 563 | 28,882 | ||||||
Distribution/Wholesale — 0.5% | ||||||||
Ai Holdings Corp. | 7,900 | 185,866 | ||||||
AKR Corporindo Tbk PT | 76,600 | 27,044 | ||||||
Anixter International, Inc.† | 1,681 | 102,961 | ||||||
Core-Mark Holding Co., Inc. | 2,400 | 46,848 | ||||||
Essendant, Inc. | 3,422 | 47,874 | ||||||
Fossil Group, Inc.†# | 2,807 | 61,417 | ||||||
G-III Apparel Group, Ltd.† | 2,610 | 109,359 | ||||||
IMCD NV | 809 | 50,249 | ||||||
KAR Auction Services, Inc. | 1,806 | 95,303 | ||||||
ScanSource, Inc.† | 1,864 | 72,975 | ||||||
WW Grainger, Inc. | 137 | 42,332 | ||||||
842,228 | ||||||||
Diversified Banking Institutions — 5.6% | ||||||||
Banco Santander SA | 132,114 | 708,795 | ||||||
Bank of America Corp. | 60,966 | 1,770,453 | ||||||
BNP Paribas SA# | 9,356 | 583,344 | ||||||
Citigroup, Inc. | 18,592 | 1,239,901 | ||||||
Credit Agricole SA# | 6,804 | 93,811 | ||||||
Credit Suisse Group AG | 14,562 | 221,213 | ||||||
Deutsche Bank AG | 15,391 | 164,825 | ||||||
Goldman Sachs Group, Inc. | 1,346 | 304,034 | ||||||
JPMorgan Chase & Co. | 21,814 | 2,334,316 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 54,300 | 324,445 | ||||||
Morgan Stanley | 8,137 | 407,989 | ||||||
Natixis SA | 15,020 | 109,563 | ||||||
Societe Generale SA# | 5,650 | 244,451 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 7,000 | 289,103 | ||||||
UBS Group AG | 23,894 | 359,050 | ||||||
UniCredit SpA | 11,891 | 198,675 | ||||||
9,353,968 | ||||||||
Diversified Financial Services — 0.0% | ||||||||
Cembra Money Bank AG | 433 | 34,849 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 0.5% | ||||||||
3M Co. | 70 | $ | 13,806 | |||||
Aalberts Industries NV | 1,474 | 72,336 | ||||||
Actuant Corp., Class A | 2,586 | 60,383 | ||||||
AZZ, Inc. | 1,399 | 60,507 | ||||||
Barnes Group, Inc. | 450 | 26,739 | ||||||
Carlisle Cos., Inc. | 222 | 23,841 | ||||||
Dover Corp. | 1,335 | 103,075 | ||||||
Eaton Corp. PLC | 308 | 23,587 | ||||||
EnPro Industries, Inc. | 215 | 15,837 | ||||||
Fabrinet† | 2,412 | 84,733 | ||||||
Federal Signal Corp. | 3,393 | 81,059 | ||||||
General Electric Co. | 780 | 10,982 | ||||||
Harsco Corp.† | 910 | 22,295 | ||||||
Ingersoll-Rand PLC | 677 | 59,265 | ||||||
Lydall, Inc.† | 317 | 13,282 | ||||||
Raven Industries, Inc. | 493 | 18,635 | ||||||
Siemens AG | 276 | 35,999 | ||||||
Standex International Corp. | 188 | 18,753 | ||||||
Tredegar Corp. | 2,085 | 49,727 | ||||||
794,841 | ||||||||
Diversified Minerals — 1.9% | ||||||||
Anglo American PLC | 57,388 | 1,371,607 | ||||||
BHP Billiton PLC | 60,620 | 1,393,831 | ||||||
Sumitomo Metal Mining Co., Ltd. | 5,400 | 205,741 | ||||||
US Silica Holdings, Inc.# | 4,689 | 145,031 | ||||||
3,116,210 | ||||||||
Diversified Operations — 0.1% | ||||||||
Ackermans & van Haaren NV | 680 | 115,917 | ||||||
Bollore SA | 13,889 | 68,802 | ||||||
Wendel SA | 420 | 55,400 | ||||||
240,119 | ||||||||
Diversified Operations/Commercial Services — 0.0% | ||||||||
Viad Corp. | 319 | 16,875 | ||||||
E-Commerce/Products — 0.3% | ||||||||
Alibaba Group Holding, Ltd. ADR†# | 668 | 132,271 | ||||||
Amazon.com, Inc.† | 164 | 267,258 | ||||||
Delivery Hero AG†* | 1,641 | 75,454 | ||||||
Rocket Internet SE†* | 1,130 | 32,210 | ||||||
507,193 | ||||||||
E-Commerce/Services — 0.3% | ||||||||
Autohome, Inc. ADR | 593 | 66,843 | ||||||
Booking Holdings, Inc.† | 53 | 111,773 | ||||||
IAC/InterActiveCorp† | 550 | 85,327 | ||||||
Scout24 AG* | 1,492 | 76,472 | ||||||
Shutterfly, Inc.† | 1,043 | 98,188 | ||||||
Stamps.com, Inc.† | 161 | 40,379 | ||||||
478,982 | ||||||||
E-Marketing/Info — 0.0% | ||||||||
New Media Investment Group, Inc. | 4,378 | 73,113 | ||||||
E-Services/Consulting — 0.2% | ||||||||
Perficient, Inc.† | 3,554 | 92,795 | ||||||
SMS Co., Ltd. | 4,400 | 164,535 | ||||||
257,330 | ||||||||
Electric Products - Misc. — 0.2% | ||||||||
AMETEK, Inc. | 823 | 60,104 | ||||||
Casio Computer Co., Ltd.# | 12,300 | 187,295 | ||||||
Mabuchi Motor Co., Ltd. | 2,700 | 124,793 | ||||||
372,192 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electric - Distribution — 0.1% | ||||||||
CenterPoint Energy, Inc. | 3,292 | $ | 86,020 | |||||
Electric - Generation — 0.0% | ||||||||
CEZ AS | 2,499 | 62,464 | ||||||
Electric - Integrated — 0.2% | ||||||||
A2A SpA | 24,075 | 40,832 | ||||||
AES Corp. | 6,368 | 81,192 | ||||||
American Electric Power Co., Inc. | 252 | 17,123 | ||||||
Entergy Corp. | 327 | 26,458 | ||||||
FirstEnergy Corp.# | 2,425 | 83,469 | ||||||
249,074 | ||||||||
Electronic Components - Misc. — 1.1% | ||||||||
Benchmark Electronics, Inc. | 3,320 | 91,964 | ||||||
CTS Corp. | 1,868 | 60,710 | ||||||
Garmin, Ltd. | 77 | 4,627 | ||||||
Hoya Corp. | 2,700 | 159,669 | ||||||
Knowles Corp.† | 1,137 | 16,487 | ||||||
Koninklijke Philips NV | 908 | 37,074 | ||||||
Methode Electronics, Inc. | 1,433 | 57,535 | ||||||
Minebea Mitsumi, Inc. | 18,000 | 339,873 | ||||||
Nidec Corp. | 2,700 | 416,750 | ||||||
Omron Corp. | 6,100 | 318,856 | ||||||
OSI Systems, Inc.† | 873 | 59,870 | ||||||
Plexus Corp.† | 2,148 | 124,906 | ||||||
Rogers Corp.† | 195 | 22,222 | ||||||
Sanmina Corp.† | 4,417 | 127,210 | ||||||
1,837,753 | ||||||||
Electronic Components - Semiconductors — 1.1% | ||||||||
Advanced Micro Devices, Inc.†# | 4,728 | 64,915 | ||||||
Broadcom, Inc. | 233 | 58,732 | ||||||
CEVA, Inc.† | 393 | 13,244 | ||||||
Diodes, Inc.† | 2,889 | 98,919 | ||||||
Intel Corp. | 2,034 | 112,277 | ||||||
IPG Photonics Corp.† | 416 | 100,368 | ||||||
Megachips Corp.# | 2,200 | 63,704 | ||||||
Microchip Technology, Inc.# | 102 | 9,933 | ||||||
Micron Technology, Inc.† | 8,272 | 476,385 | ||||||
NVIDIA Corp. | 487 | 122,817 | ||||||
ON Semiconductor Corp.† | 4,760 | 119,619 | ||||||
Qorvo, Inc.† | 720 | 57,780 | ||||||
Rambus, Inc.† | 1,342 | 18,063 | ||||||
Semtech Corp.† | 2,203 | 106,625 | ||||||
Skyworks Solutions, Inc. | 1,341 | 132,236 | ||||||
STMicroelectronics NV# | 2,250 | 53,625 | ||||||
Texas Instruments, Inc. | 468 | 52,374 | ||||||
Xilinx, Inc. | 984 | 67,020 | ||||||
Xperi Corp. | 1,686 | 33,299 | ||||||
1,761,935 | ||||||||
Electronic Forms — 0.1% | ||||||||
Adobe Systems, Inc.† | 699 | 174,247 | ||||||
Electronic Measurement Instruments — 0.4% | ||||||||
Badger Meter, Inc. | 395 | 17,281 | ||||||
ESCO Technologies, Inc. | 295 | 16,550 | ||||||
FARO Technologies, Inc.† | 245 | 13,144 | ||||||
FLIR Systems, Inc. | 1,133 | 61,069 | ||||||
Itron, Inc.† | 1,291 | 73,716 | ||||||
National Instruments Corp. | 3,373 | 140,384 | ||||||
Sartorius AG (Preference Shares) | 524 | 76,772 | ||||||
Trimble, Inc.† | 1,625 | 53,723 | ||||||
Yokogawa Electric Corp. | 13,300 | 241,812 | ||||||
694,451 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Security Devices — 0.0% | ||||||||
dorma+kaba Holding AG | 46 | $ | 36,006 | |||||
Energy - Alternate Sources — 0.2% | ||||||||
First Solar, Inc.† | 1,735 | 117,303 | ||||||
Green Plains, Inc.# | 2,405 | 51,347 | ||||||
REX American Resources Corp.† | 436 | 33,145 | ||||||
Siemens Gamesa Renewable Energy SA | 3,446 | 52,888 | ||||||
SolarEdge Technologies, Inc.† | 363 | 20,273 | ||||||
274,956 | ||||||||
Engineering/R&D Services — 0.1% | ||||||||
Altran Technologies SA | 2,641 | 39,320 | ||||||
COMSYS Holdings Corp. | 6,500 | 172,222 | ||||||
Exponent, Inc. | 255 | 25,067 | ||||||
Fluor Corp. | 33 | 1,608 | ||||||
238,217 | ||||||||
Engines - Internal Combustion — 0.1% | ||||||||
Briggs & Stratton Corp. | 3,492 | 64,428 | ||||||
Cummins, Inc. | 180 | 25,630 | ||||||
90,058 | ||||||||
Enterprise Software/Service — 1.3% | ||||||||
Black Knight, Inc.† | 137 | 6,932 | ||||||
Donnelley Financial Solutions, Inc.† | 2,247 | 34,514 | ||||||
Guidewire Software, Inc.† | 2,784 | 258,467 | ||||||
LivePerson, Inc.† | 720 | 13,932 | ||||||
ManTech International Corp., Class A | 1,881 | 101,405 | ||||||
MicroStrategy, Inc., Class A† | 463 | 59,991 | ||||||
Omnicell, Inc.† | 449 | 20,901 | ||||||
Oracle Corp. | 1,246 | 58,213 | ||||||
Oracle Corp. Japan† | 700 | 53,106 | ||||||
SPS Commerce, Inc.† | 263 | 19,575 | ||||||
Tyler Technologies, Inc.† | 967 | 223,976 | ||||||
Ultimate Software Group, Inc.†# | 1,225 | 321,134 | ||||||
Veeva Systems, Inc., Class A† | 4,242 | 328,161 | ||||||
Workday, Inc., Class A† | 4,754 | 622,584 | ||||||
2,122,891 | ||||||||
Entertainment Software — 0.3% | ||||||||
Activision Blizzard, Inc. | 1,051 | 74,526 | ||||||
Capcom Co., Ltd. | 18,000 | 421,592 | ||||||
496,118 | ||||||||
Environmental Consulting & Engineering — 0.1% | ||||||||
Tetra Tech, Inc. | 1,500 | 82,425 | ||||||
Finance - Auto Loans — 0.0% | ||||||||
Credit Acceptance Corp.† | 59 | 20,828 | ||||||
Finance - Consumer Loans — 0.2% | ||||||||
Encore Capital Group, Inc.†# | 1,060 | 41,817 | ||||||
Enova International, Inc.† | 2,371 | 79,666 | ||||||
PRA Group, Inc.†# | 2,746 | 105,996 | ||||||
Synchrony Financial | 3,331 | 115,352 | ||||||
World Acceptance Corp.† | 325 | 35,051 | ||||||
377,882 | ||||||||
Finance - Credit Card — 0.6% | ||||||||
Discover Financial Services | 58 | 4,284 | ||||||
Mastercard, Inc., Class A | 2,495 | 474,349 | ||||||
Visa, Inc., Class A | 4,389 | 573,730 | ||||||
1,052,363 | ||||||||
Finance - Investment Banker/Broker — 0.2% | ||||||||
Brait SE†# | 8,454 | 24,264 | ||||||
E*TRADE Financial Corp.† | 1,295 | 82,038 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Investment Banker/Broker (continued) | ||||||||
Interactive Brokers Group, Inc., Class A | 190 | $ | 13,828 | |||||
INTL. FCStone, Inc.† | 1,291 | 64,550 | ||||||
Investment Technology Group, Inc. | 2,821 | 61,893 | ||||||
Piper Jaffray Cos. | 583 | 43,609 | ||||||
290,182 | ||||||||
Finance - Leasing Companies — 0.1% | ||||||||
GRENKE AG | 391 | 44,173 | ||||||
Tokyo Century Corp. | 2,500 | 149,885 | ||||||
194,058 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% | ||||||||
FNF Group | 56 | 2,070 | ||||||
LendingTree, Inc.†# | 61 | 15,793 | ||||||
Zenkoku Hosho Co., Ltd. | 4,100 | 196,885 | ||||||
214,748 | ||||||||
Finance - Other Services — 0.1% | ||||||||
Bolsas y Mercados Espanoles | 1,130 | 38,180 | ||||||
CBOE Holdings, Inc. | 27 | 2,634 | ||||||
Euronext NV* | 818 | 52,351 | ||||||
WageWorks, Inc.† | 462 | 21,922 | ||||||
115,087 | ||||||||
Financial Guarantee Insurance — 0.0% | ||||||||
NMI Holdings, Inc., Class A† | 867 | 14,436 | ||||||
Firearms & Ammunition — 0.1% | ||||||||
Axon Enterprise, Inc.† | 580 | 36,935 | ||||||
Sturm Ruger & Co., Inc. | 709 | 43,426 | ||||||
80,361 | ||||||||
Food - Baking — 0.0% | ||||||||
Aryzta AG†# | 1,429 | 21,259 | ||||||
Food - Confectionery — 0.1% | ||||||||
Barry Callebaut AG | 35 | 61,191 | ||||||
Hershey Co. | 323 | 29,083 | ||||||
J.M. Smucker Co. | 13 | 1,397 | ||||||
91,671 | ||||||||
Food - Dairy Products — 0.0% | ||||||||
Dean Foods Co. | 1,606 | 15,369 | ||||||
Glanbia PLC# | 3,116 | 57,342 | ||||||
72,711 | ||||||||
Food - Misc./Diversified — 0.8% | ||||||||
B&G Foods, Inc.# | 1,837 | 51,712 | ||||||
Cal-Maine Foods, Inc.† | 1,446 | 69,480 | ||||||
Campbell Soup Co.# | 5,133 | 172,674 | ||||||
Conagra Brands, Inc. | 11,869 | 439,865 | ||||||
Darling Ingredients, Inc.† | 5,893 | 110,729 | ||||||
General Mills, Inc. | 1,343 | 56,795 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 97,000 | 60,493 | ||||||
Indofood Sukses Makmur Tbk PT | 181,700 | 92,362 | ||||||
J&J Snack Foods Corp. | 418 | 59,197 | ||||||
Kellogg Co. | 230 | 14,810 | ||||||
Kenko Mayonnaise Co, Ltd.# | 5,200 | 199,556 | ||||||
Kraft Heinz Co. | 631 | 36,270 | ||||||
Viscofan SA | 600 | 40,059 | ||||||
1,404,002 | ||||||||
Food - Retail — 0.4% | ||||||||
Colruyt SA | 871 | 46,264 | ||||||
Distribuidora Internacional de Alimentacion SA | 8,131 | 27,626 | ||||||
ICA Gruppen AB | 5,932 | 183,098 | ||||||
Kesko Oyj, Class B | 1,050 | 61,524 |
Security Description | Shares | Value (Note 2) | ||||||
Food - Retail (continued) | ||||||||
Seven & i Holdings Co., Ltd. | 6,800 | $ | 300,343 | |||||
SUPERVALU, Inc.†# | 2,073 | 38,330 | ||||||
657,185 | ||||||||
Food - Wholesale/Distribution — 0.1% | ||||||||
Calavo Growers, Inc.# | 161 | 14,168 | ||||||
SpartanNash Co. | 2,869 | 71,036 | ||||||
Sysco Corp. | 1,419 | 92,278 | ||||||
177,482 | ||||||||
Footwear & Related Apparel — 0.2% | ||||||||
Crocs, Inc.† | 913 | 16,288 | ||||||
Steven Madden, Ltd. | 1,733 | 91,589 | ||||||
Wolverine World Wide, Inc. | 5,671 | 190,149 | ||||||
298,026 | ||||||||
Funeral Services & Related Items — 0.1% | ||||||||
Matthews International Corp., Class A | 1,953 | 107,415 | ||||||
Gambling (Non-Hotel) — 0.0% | ||||||||
International Game Technology PLC | 18 | 453 | ||||||
Garden Products — 0.0% | ||||||||
Toro Co. | 488 | 28,304 | ||||||
Gas - Distribution — 0.1% | ||||||||
Italgas SpA | 7,520 | 39,172 | ||||||
Perusahaan Gas Negara Persero Tbk PT | 672,700 | 99,630 | ||||||
138,802 | ||||||||
Gold Mining — 0.0% | ||||||||
AngloGold Ashanti, Ltd. | 4,056 | 34,759 | ||||||
Golf — 0.0% | ||||||||
Callaway Golf Co. | 1,274 | 24,130 | ||||||
Hazardous Waste Disposal — 0.0% | ||||||||
US Ecology, Inc. | 251 | 15,211 | ||||||
Health Care Cost Containment — 0.0% | ||||||||
HealthEquity, Inc.† | 567 | 42,134 | ||||||
Home Furnishings — 0.0% | ||||||||
Ethan Allen Interiors, Inc. | 1,657 | 38,857 | ||||||
Sleep Number Corp.†# | 529 | 14,796 | ||||||
53,653 | ||||||||
Hotels/Motels — 0.1% | ||||||||
Belmond, Ltd., Class A† | 6,092 | 72,799 | ||||||
Hilton Grand Vacations, Inc.† | 111 | 4,413 | ||||||
Hilton Worldwide Holdings, Inc. | 212 | 17,111 | ||||||
Wyndham Worldwide Corp. | 106 | 11,495 | ||||||
105,818 | ||||||||
Human Resources — 0.3% | ||||||||
AMN Healthcare Services, Inc.† | 489 | 27,628 | ||||||
ASGN, Inc.† | 500 | 38,500 | ||||||
Insperity, Inc. | 381 | 35,052 | ||||||
Kelly Services, Inc., Class A | 1,873 | 41,974 | ||||||
Korn/Ferry International | 596 | 32,589 | ||||||
ManpowerGroup, Inc. | 1,245 | 112,050 | ||||||
Recruit Holdings Co., Ltd. | 5,800 | 160,718 | ||||||
Robert Half International, Inc. | 148 | 9,425 | ||||||
TrueBlue, Inc.† | 2,896 | 74,717 | ||||||
532,653 | ||||||||
Identification Systems — 0.0% | ||||||||
Brady Corp., Class A | 1,710 | 66,690 | ||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Import/Export — 0.3% | ||||||||
ITOCHU Corp. | 19,100 | $ | 357,633 | |||||
Mitsui & Co., Ltd. | 10,500 | 184,342 | ||||||
541,975 | ||||||||
Independent Power Producers — 0.0% | ||||||||
NRG Energy, Inc. | 98 | 3,354 | ||||||
Vistra Energy Corp.† | 18 | 442 | ||||||
3,796 | ||||||||
Industrial Automated/Robotic — 0.5% | ||||||||
Cognex Corp. | 1,153 | 52,704 | ||||||
FANUC Corp. | 300 | 63,824 | ||||||
Keyence Corp. | 800 | 489,029 | ||||||
Rockwell Automation, Inc. | 433 | 75,952 | ||||||
THK Co., Ltd. | 1,000 | 35,322 | ||||||
Yaskawa Electric Corp. | 800 | 32,130 | ||||||
748,961 | ||||||||
Instruments - Controls — 0.1% | ||||||||
Honeywell International, Inc. | 576 | 85,196 | ||||||
Watts Water Technologies, Inc., Class A | 966 | 74,334 | ||||||
159,530 | ||||||||
Instruments - Scientific — 0.0% | ||||||||
Waters Corp.† | 92 | 17,721 | ||||||
Insurance - Life/Health — 0.6% | ||||||||
Aflac, Inc. | 1,893 | 85,299 | ||||||
American Equity Investment Life Holding Co. | 5,419 | 192,049 | ||||||
Athene Holding, Ltd., Class A† | 4,028 | 179,931 | ||||||
Dai-ichi Life Holdings, Inc. | 14,600 | 271,153 | ||||||
Legal & General Group PLC | 1,566 | 5,618 | ||||||
Lincoln National Corp. | 42 | 2,784 | ||||||
Poste Italiane SpA* | 7,175 | 61,946 | ||||||
Principal Financial Group, Inc. | 1,222 | 68,188 | ||||||
Prudential Financial, Inc. | 1,203 | 116,498 | ||||||
Unum Group | 925 | 35,899 | ||||||
1,019,365 | ||||||||
Insurance - Multi-line — 0.6% | ||||||||
Allianz SE | 440 | 90,786 | ||||||
Allstate Corp. | 3,744 | 349,989 | ||||||
American National Insurance Co. | 65 | 7,735 | ||||||
ASR Nederland NV | 2,260 | 95,835 | ||||||
Assicurazioni Generali SpA | 4,281 | 72,856 | ||||||
Chubb, Ltd. | 5 | 653 | ||||||
CNA Financial Corp. | 103 | 4,839 | ||||||
Horace Mann Educators Corp. | 2,646 | 116,953 | ||||||
Loews Corp. | 1,837 | 89,774 | ||||||
Mapfre SA | 15,284 | 46,499 | ||||||
MetLife, Inc. | 175 | 8,048 | ||||||
Storebrand ASA | 7,190 | 58,856 | ||||||
United Fire Group, Inc. | 1,907 | 102,292 | ||||||
1,045,115 | ||||||||
Insurance - Property/Casualty — 1.1% | ||||||||
AMERISAFE, Inc. | 319 | 19,028 | ||||||
Arch Capital Group, Ltd.† | 299 | 23,457 | ||||||
Berkshire Hathaway, Inc., Class B† | 575 | 110,130 | ||||||
Employers Holdings, Inc. | 1,791 | 70,924 | ||||||
Fosun International, Ltd. | 48,500 | 105,764 | ||||||
Gjensidige Forsikring ASA | 2,902 | 44,840 | ||||||
Infinity Property & Casualty Corp. | 830 | 120,101 | ||||||
MS&AD Insurance Group Holdings, Inc. | 13,200 | 419,069 | ||||||
Navigators Group, Inc. | 1,263 | 74,264 | ||||||
ProAssurance Corp. | 1,933 | 74,227 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) | ||||||||
Progressive Corp. | 715 | $ | 44,394 | |||||
RLI Corp. | 1,337 | 87,814 | ||||||
Safety Insurance Group, Inc. | 1,026 | 88,236 | ||||||
Selective Insurance Group, Inc. | 1,617 | 91,927 | ||||||
Stewart Information Services Corp. | 1,894 | 79,908 | ||||||
Tokio Marine Holdings, Inc. | 5,500 | 263,914 | ||||||
Tryg A/S | 1,857 | 42,764 | ||||||
Universal Insurance Holdings, Inc. | 493 | 17,575 | ||||||
1,778,336 | ||||||||
Insurance - Reinsurance — 0.0% | ||||||||
Everest Re Group, Ltd. | 13 | 2,929 | ||||||
Maiden Holdings, Ltd. | 4,365 | 38,194 | ||||||
41,123 | ||||||||
Internet Application Software — 0.5% | ||||||||
Tencent Holdings, Ltd. | 9,600 | 483,913 | ||||||
Tencent Holdings, Ltd. ADR# | 6,037 | 308,295 | ||||||
792,208 | ||||||||
Internet Content - Entertainment — 0.4% | ||||||||
Facebook, Inc., Class A† | 3,064 | 587,614 | ||||||
Netflix, Inc.† | 27 | 9,493 | ||||||
Twitter, Inc.† | 2,071 | 71,864 | ||||||
668,971 | ||||||||
Internet Content - Information/News — 0.3% | ||||||||
Kakaku.com, Inc. | 600 | 12,990 | ||||||
SINA Corp.† | 5,548 | 503,870 | ||||||
516,860 | ||||||||
Internet Gambling — 0.0% | ||||||||
Kindred Group PLC SDR | 3,536 | 44,855 | ||||||
Internet Infrastructure Software — 0.2% | ||||||||
F5 Networks, Inc.† | 1,567 | 271,263 | ||||||
Internet Security — 0.3% | ||||||||
Palo Alto Networks, Inc.† | 1,491 | 310,262 | ||||||
Symantec Corp. | 5,545 | 115,225 | ||||||
Trend Micro, Inc. | 2,600 | 146,645 | ||||||
572,132 | ||||||||
Internet Telephone — 0.0% | ||||||||
8x8, Inc.† | 3,418 | 63,917 | ||||||
Investment Companies — 0.4% | ||||||||
Apollo Investment Corp. | 2,771 | 15,767 | ||||||
Ares Capital Corp. | 4,179 | 70,542 | ||||||
BlackRock Capital Investment Corp. | 2,352 | 14,676 | ||||||
China Merchants China Direct Investments, Ltd. | 10,000 | 15,404 | ||||||
FS Investment Corp.# | 6,080 | 46,816 | ||||||
Goldman Sachs BDC, Inc. | 810 | 16,597 | ||||||
Golub Capital BDC, Inc. | 1,292 | 23,915 | ||||||
Jefferies Financial Group, Inc. | 3,908 | 85,507 | ||||||
Kinnevik AB, Class B | 130 | 4,533 | ||||||
L E Lundbergforetagen AB | 1,144 | 36,975 | ||||||
Main Street Capital Corp.# | 1,598 | 61,395 | ||||||
Medley Capital Corp. | 2,168 | 7,675 | ||||||
Melrose Industries PLC | 18,690 | 58,650 | ||||||
New Mountain Finance Corp. | 1,625 | 22,588 | ||||||
Oaktree Specialty Lending Corp.# | 4,208 | 20,703 | ||||||
Pargesa Holding SA | 583 | 51,069 | ||||||
PennantPark Investment Corp. | 3,046 | 22,144 | ||||||
Prospect Capital Corp.# | 7,066 | 47,766 | ||||||
Solar Capital, Ltd. | 1,651 | 35,678 | ||||||
Triangle Capital Corp. | 770 | 8,724 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Investment Companies (continued) | ||||||||
Zeder Investments, Ltd. | 55,260 | $ | 26,113 | |||||
693,237 | ||||||||
Investment Management/Advisor Services — 0.4% | ||||||||
Affiliated Managers Group, Inc. | 206 | 32,808 | ||||||
Ameriprise Financial, Inc. | 731 | 101,338 | ||||||
Amundi SA* | 756 | 55,739 | ||||||
Azimut Holding SpA | 1,797 | 29,413 | ||||||
BlackRock, Inc. | 28 | 14,958 | ||||||
Financial Engines, Inc. | 2,272 | 101,445 | ||||||
Partners Group Holding AG | 160 | 115,317 | ||||||
Virtus Investment Partners, Inc. | 524 | 65,788 | ||||||
Waddell & Reed Financial, Inc., Class A# | 5,290 | 102,626 | ||||||
WisdomTree Investments, Inc. | 4,670 | 51,183 | ||||||
670,615 | ||||||||
Lasers - System/Components — 0.0% | ||||||||
II-VI, Inc.† | 574 | 25,227 | ||||||
Leisure Products — 0.0% | ||||||||
Yamaha Corp. | 1,000 | 52,081 | ||||||
Lighting Products & Systems — 0.0% | ||||||||
Acuity Brands, Inc.# | 56 | 6,622 | ||||||
Philips Lighting NV#* | 1,560 | 44,641 | ||||||
51,263 | ||||||||
Linen Supply & Related Items — 0.1% | ||||||||
UniFirst Corp. | 469 | 83,294 | ||||||
Machine Tools & Related Products — 0.0% | ||||||||
Lincoln Electric Holdings, Inc. | 34 | 3,046 | ||||||
Machinery - Construction & Mining — 0.3% | ||||||||
Astec Industries, Inc. | 1,152 | 67,404 | ||||||
Caterpillar, Inc. | 96 | 14,583 | ||||||
Komatsu, Ltd. | 7,700 | 251,886 | ||||||
United Tractors Tbk PT | 85,700 | 215,478 | ||||||
549,351 | ||||||||
Machinery - Electrical — 0.6% | ||||||||
ABB, Ltd. | 4,402 | 100,055 | ||||||
Disco Corp. | 1,200 | 225,187 | ||||||
Franklin Electric Co., Inc. | 1,399 | 64,704 | ||||||
Fuji Electric Co., Ltd. | 47,000 | 333,627 | ||||||
Hitachi, Ltd. | 10,000 | 72,854 | ||||||
Konecranes OYJ | 1,031 | 43,023 | ||||||
Mitsubishi Electric Corp. | 6,200 | 87,660 | ||||||
Regal Beloit Corp. | 91 | 7,230 | ||||||
934,340 | ||||||||
Machinery - Farming — 0.1% | ||||||||
Husqvarna AB, Class B | 6,366 | 62,605 | ||||||
Lindsay Corp. | 489 | 48,127 | ||||||
110,732 | ||||||||
Machinery - General Industrial — 0.6% | ||||||||
Albany International Corp., Class A | 308 | 18,942 | ||||||
Applied Industrial Technologies, Inc. | 2,237 | 156,031 | ||||||
Bucher Industries AG | 101 | 36,281 | ||||||
Chart Industries, Inc.† | 1,836 | 118,293 | ||||||
Duerr AG | 378 | 37,998 | ||||||
DXP Enterprises, Inc.† | 1,049 | 40,932 | ||||||
Harmonic Drive Systems, Inc.# | 1,300 | 61,564 | ||||||
Hexagon AB, Class B | 1,732 | 97,635 | ||||||
Metso Oyj | 1,647 | 57,037 | ||||||
OC Oerlikon Corp. AG | 2,976 | 47,858 | ||||||
Roper Technologies, Inc. | 9 | 2,482 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) | ||||||||
Tennant Co. | 837 | $ | 65,956 | |||||
Zebra Technologies Corp., Class A† | 1,189 | 182,523 | ||||||
923,532 | ||||||||
Machinery - Material Handling — 0.1% | ||||||||
Daifuku Co., Ltd. | 1,600 | 82,506 | ||||||
Machinery - Pumps — 0.1% | ||||||||
SPX FLOW, Inc.† | 2,456 | 107,008 | ||||||
Medical Imaging Systems — 0.0% | ||||||||
Analogic Corp. | 726 | 60,730 | ||||||
Medical Information Systems — 0.0% | ||||||||
Cerner Corp.† | 391 | 23,335 | ||||||
Computer Programs & Systems, Inc.# | 1,670 | 54,358 | ||||||
77,693 | ||||||||
Medical Instruments — 0.8% | ||||||||
Abaxis, Inc. | 983 | 81,392 | ||||||
Ambu A/S, Class B | 2,314 | 69,672 | ||||||
AngioDynamics, Inc.† | 3,148 | 66,203 | ||||||
CONMED Corp. | 1,338 | 91,854 | ||||||
Edwards Lifesciences Corp.† | 74 | 10,161 | ||||||
Getinge AB, Class B | 3,429 | 33,254 | ||||||
Integra LifeSciences Holdings Corp.† | 1,816 | 117,205 | ||||||
Intuitive Surgical, Inc.† | 472 | 216,964 | ||||||
Medtronic PLC | 153 | 13,207 | ||||||
Natus Medical, Inc.† | 489 | 18,044 | ||||||
Shimadzu Corp. | 12,800 | 351,281 | ||||||
Sysmex Corp. | 1,300 | 116,553 | ||||||
Topcon Corp. | 7,500 | 129,500 | ||||||
1,315,290 | ||||||||
Medical Labs & Testing Services — 0.2% | ||||||||
BioMerieux | 655 | 58,030 | ||||||
PeptiDream, Inc.† | 4,400 | 190,188 | ||||||
248,218 | ||||||||
Medical Products — 0.3% | ||||||||
Abbott Laboratories | 325 | 19,997 | ||||||
CYBERDYNE, Inc.†# | 5,000 | 63,826 | ||||||
Haemonetics Corp.† | 1,611 | 145,554 | ||||||
Inogen, Inc.† | 184 | 33,615 | ||||||
Integer Holdings Corp.† | 348 | 22,968 | ||||||
Invacare Corp.# | 2,266 | 37,389 | ||||||
Luminex Corp. | 788 | 22,316 | ||||||
Varian Medical Systems, Inc.† | 876 | 103,254 | ||||||
William Demant Holding A/S† | 1,670 | 60,761 | ||||||
509,680 | ||||||||
Medical - Biomedical/Gene — 0.6% | ||||||||
Ablynx NV† | 1,153 | 60,603 | ||||||
Acorda Therapeutics, Inc.† | 3,147 | 82,609 | ||||||
Alexion Pharmaceuticals, Inc.† | 8 | 929 | ||||||
AMAG Pharmaceuticals, Inc.†# | 2,426 | 59,316 | ||||||
Amgen, Inc. | 1,164 | 209,077 | ||||||
Biogen, Inc.† | 331 | 97,301 | ||||||
Cambrex Corp.† | 1,107 | 50,147 | ||||||
Celgene Corp.† | 134 | 10,543 | ||||||
Emergent BioSolutions, Inc.† | 416 | 21,449 | ||||||
H. Lundbeck A/S | 949 | 66,973 | ||||||
Ligand Pharmaceuticals, Inc.†# | 230 | 44,213 | ||||||
Medicines Co.†# | 2,652 | 89,797 | ||||||
Myriad Genetics, Inc.†# | 766 | 27,966 | ||||||
Spectrum Pharmaceuticals, Inc.† | 2,979 | 57,465 | ||||||
Swedish Orphan Biovitrum AB† | 2,534 | 51,580 | ||||||
929,968 | ||||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs — 0.8% | ||||||||
AbbVie, Inc. | 1,583 | $ | 156,622 | |||||
Allergan PLC | 16 | 2,413 | ||||||
Bayer AG | 27 | 3,213 | ||||||
Bristol-Myers Squibb Co. | 1,047 | 55,093 | ||||||
Corcept Therapeutics, Inc.†# | 1,111 | 20,554 | ||||||
Eli Lilly & Co. | 121 | 10,290 | ||||||
Enanta Pharmaceuticals, Inc.† | 181 | 18,062 | ||||||
Galapagos NV† | 678 | 68,686 | ||||||
Ipsen SA | 702 | 112,146 | ||||||
Johnson & Johnson | 1,242 | 148,568 | ||||||
Kalbe Farma Tbk PT | 453,200 | 44,606 | ||||||
Merck & Co., Inc. | 761 | 45,302 | ||||||
Pfizer, Inc. | 5,079 | 182,488 | ||||||
Recordati SpA | 1,566 | 58,068 | ||||||
Shionogi & Co., Ltd. | 7,600 | 397,673 | ||||||
Supernus Pharmaceuticals, Inc.† | 564 | 31,781 | ||||||
Zoetis, Inc. | 74 | 6,194 | ||||||
1,361,759 | ||||||||
Medical - Generic Drugs — 0.0% | ||||||||
Amneal Pharmaceuticals, Inc.† | 2,034 | 40,151 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,018 | 24,025 | ||||||
64,176 | ||||||||
Medical - HMO — 0.5% | ||||||||
Anthem, Inc. | 162 | 35,870 | ||||||
Centene Corp.† | 423 | 49,559 | ||||||
Cigna Corp. | 580 | 98,235 | ||||||
Humana, Inc. | 17 | 4,947 | ||||||
Magellan Health, Inc.† | 1,389 | 127,024 | ||||||
Tivity Health, Inc.† | 411 | 14,405 | ||||||
UnitedHealth Group, Inc. | 843 | 203,593 | ||||||
WellCare Health Plans, Inc.† | 1,505 | 333,613 | ||||||
867,246 | ||||||||
Medical - Hospitals — 0.1% | ||||||||
Community Health Systems, Inc.†# | 6,474 | 26,479 | ||||||
Select Medical Holdings Corp.† | 3,890 | 70,409 | ||||||
96,888 | ||||||||
Medical - Nursing Homes — 0.0% | ||||||||
Ensign Group, Inc. | 656 | 24,016 | ||||||
Kindred Healthcare, Inc.† | 4,622 | 41,367 | ||||||
65,383 | ||||||||
Medical - Outpatient/Home Medical — 0.1% | ||||||||
Amedisys, Inc.† | 326 | 24,890 | ||||||
Chemed Corp. | 148 | 48,248 | ||||||
LHC Group, Inc.† | 336 | 25,862 | ||||||
99,000 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% | ||||||||
McKesson Corp. | 34 | 4,826 | ||||||
Owens & Minor, Inc. | 955 | 15,566 | ||||||
20,392 | ||||||||
Metal Processors & Fabrication — 0.2% | ||||||||
Aurubis AG | 581 | 47,206 | ||||||
CIRCOR International, Inc. | 1,270 | 61,125 | ||||||
Haynes International, Inc. | 1,035 | 44,070 | ||||||
Mueller Industries, Inc. | 3,470 | 104,794 | ||||||
VAT Group AG* | 332 | 47,398 | ||||||
304,593 | ||||||||
Metal - Aluminum — 0.1% | ||||||||
Century Aluminum Co.† | 2,449 | 43,396 |
Security Description | Shares | Value (Note 2) | ||||||
Metal - Aluminum (continued) | ||||||||
Kaiser Aluminum Corp. | 1,011 | $ | 111,473 | |||||
154,869 | ||||||||
Metal - Copper — 0.0% | ||||||||
Freeport-McMoRan, Inc. | 654 | 11,053 | ||||||
Metal - Diversified — 1.7% | ||||||||
Glencore PLC | 273,292 | 1,352,192 | ||||||
Rio Tinto PLC | 24,628 | 1,388,629 | ||||||
2,740,821 | ||||||||
Miscellaneous Manufacturing — 0.1% | ||||||||
Hillenbrand, Inc. | 1,712 | 79,865 | ||||||
John Bean Technologies Corp. | 304 | 26,843 | ||||||
106,708 | ||||||||
Motorcycle/Motor Scooter — 0.1% | ||||||||
Harley-Davidson, Inc. | 55 | 2,259 | ||||||
Yamaha Motor Co., Ltd. | 7,300 | 210,374 | ||||||
212,633 | ||||||||
Multimedia — 0.2% | ||||||||
E.W. Scripps Co., Class A | 1,947 | 24,318 | ||||||
Time Warner, Inc. | 1,044 | 98,303 | ||||||
Twenty-First Century Fox, Inc., Class B | 583 | 22,253 | ||||||
Walt Disney Co. | 1,352 | 134,484 | ||||||
279,358 | ||||||||
Networking Products — 0.7% | ||||||||
Arista Networks, Inc.† | 1,737 | 436,960 | ||||||
Cisco Systems, Inc. | 9,350 | 399,338 | ||||||
Extreme Networks, Inc.† | 1,461 | 12,579 | ||||||
LogMeIn, Inc. | 2,134 | 230,259 | ||||||
NETGEAR, Inc.† | 1,828 | 110,503 | ||||||
1,189,639 | ||||||||
Non-Ferrous Metals — 0.1% | ||||||||
Materion Corp. | 1,539 | 83,952 | ||||||
Non-Hazardous Waste Disposal — 0.1% | ||||||||
Republic Services, Inc. | 2,014 | 135,804 | ||||||
Office Furnishings - Original — 0.0% | ||||||||
Interface, Inc. | 754 | 17,116 | ||||||
Office Supplies & Forms — 0.0% | ||||||||
Societe BIC SA# | 401 | 39,087 | ||||||
Oil & Gas Drilling — 0.1% | ||||||||
Noble Corp. PLC†# | 16,254 | 90,372 | ||||||
Oil Companies - Exploration & Production — 0.7% | ||||||||
Apache Corp.# | 334 | 13,360 | ||||||
Carrizo Oil & Gas, Inc.†# | 4,482 | 113,215 | ||||||
CNX Resources Corp.† | 1,103 | 17,825 | ||||||
ConocoPhillips | 308 | 20,756 | ||||||
Denbury Resources, Inc.† | 23,938 | 101,737 | ||||||
Det Norske Oljeselskap ASA | 1,661 | 60,470 | ||||||
HighPoint Resources Corp.† | 5,173 | 36,935 | ||||||
Inpex Corp. | 12,300 | 136,399 | ||||||
Lundin Petroleum AB | 2,839 | 90,074 | ||||||
Marathon Oil Corp. | 80 | 1,714 | ||||||
PDC Energy, Inc.† | 3,682 | 222,724 | ||||||
Ring Energy, Inc.† | 1,824 | 25,189 | ||||||
SRC Energy, Inc.†# | 13,511 | 174,832 | ||||||
Unit Corp.† | 3,201 | 69,910 | ||||||
1,085,140 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Companies - Integrated — 0.5% | ||||||||
Chevron Corp. | 2,161 | $ | 268,612 | |||||
China Petroleum & Chemical Corp. | 340,000 | 331,659 | ||||||
Exxon Mobil Corp. | 2,106 | 171,091 | ||||||
771,362 | ||||||||
Oil Field Machinery & Equipment — 0.0% | ||||||||
Exterran Corp.† | 2,575 | 70,967 | ||||||
National Oilwell Varco, Inc. | 61 | 2,527 | ||||||
73,494 | ||||||||
Oil Refining & Marketing — 0.1% | ||||||||
HollyFrontier Corp. | 378 | 29,174 | ||||||
Marathon Petroleum Corp. | 1,440 | 113,803 | ||||||
Valero Energy Corp. | 665 | 80,598 | ||||||
223,575 | ||||||||
Oil - Field Services — 0.5% | ||||||||
Archrock, Inc. | 5,103 | 58,940 | ||||||
Bristow Group, Inc. | 1,696 | 20,064 | ||||||
C&J Energy Services, Inc.† | 732 | 19,705 | ||||||
Halliburton Co. | 232 | 11,540 | ||||||
Helix Energy Solutions Group, Inc.† | 8,741 | 66,431 | ||||||
Matrix Service Co.† | 2,196 | 42,602 | ||||||
McDermott International, Inc.† | 4,444 | 96,568 | ||||||
Newpark Resources, Inc.† | 5,756 | 62,453 | ||||||
Oil States International, Inc.† | 3,103 | 109,846 | ||||||
ProPetro Holding Corp.†# | 826 | 13,439 | ||||||
Saipem SpA†# | 8,842 | 38,083 | ||||||
SBM Offshore NV | 2,685 | 42,577 | ||||||
SEACOR Holdings, Inc.† | 948 | 49,514 | ||||||
Subsea 7 SA | 3,960 | 60,184 | ||||||
TGS NOPEC Geophysical Co. ASA | 1,573 | 52,766 | ||||||
744,712 | ||||||||
Paper & Related Products — 0.2% | ||||||||
BillerudKorsnas AB | 2,719 | 41,335 | ||||||
Clearwater Paper Corp.† | 1,015 | 24,411 | ||||||
Domtar Corp. | 145 | 6,970 | ||||||
International Paper Co. | 638 | 34,133 | ||||||
Neenah, Inc. | 200 | 16,230 | ||||||
P.H. Glatfelter Co. | 2,577 | 45,072 | ||||||
Schweitzer-Mauduit International, Inc. | 1,806 | 79,121 | ||||||
247,272 | ||||||||
Pastoral & Agricultural — 0.1% | ||||||||
Charoen Pokphand Indonesia Tbk PT | 444,300 | 117,322 | ||||||
Phibro Animal Health Corp., Class A | 324 | 14,645 | ||||||
Schouw & Co. A/S | 300 | 26,984 | ||||||
158,951 | ||||||||
Pharmacy Services — 0.3% | ||||||||
CVS Health Corp. | 5,518 | 349,786 | ||||||
Diplomat Pharmacy, Inc.† | 3,033 | 71,397 | ||||||
Express Scripts Holding Co.† | 1,475 | 111,820 | ||||||
533,003 | ||||||||
Photo Equipment & Supplies — 0.0% | ||||||||
FUJIFILM Holdings Corp. | 1,300 | 49,764 | ||||||
Pipelines — 0.0% | ||||||||
Koninklijke Vopak NV | 1,019 | 49,924 | ||||||
Williams Cos., Inc. | 132 | 3,545 | ||||||
53,469 | ||||||||
Power Converter/Supply Equipment — 0.1% | ||||||||
Advanced Energy Industries, Inc.† | 404 | 26,474 | ||||||
Powell Industries, Inc. | 412 | 13,930 |
Security Description | Shares | Value (Note 2) | ||||||
Power Converter/Supply Equipment (continued) | ||||||||
Schneider Electric SE | 1,168 | $ | 101,408 | |||||
SPX Corp.† | 2,756 | 94,421 | ||||||
236,233 | ||||||||
Printing - Commercial — 0.0% | ||||||||
LSC Communications, Inc. | 2,254 | 28,536 | ||||||
Private Equity — 0.3% | ||||||||
3i Group PLC | 8,240 | 104,426 | ||||||
Alaris Royalty Corp. | 1,310 | 15,822 | ||||||
Allied Minds PLC†# | 9,480 | 14,712 | ||||||
Altamir | 1,060 | 20,640 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 560 | 37,345 | ||||||
Bure Equity AB | 960 | 10,980 | ||||||
Deutsche Beteiligungs AG | 520 | 20,963 | ||||||
Eurazeo SA | 1,487 | 116,304 | ||||||
Gimv NV | 260 | 15,457 | ||||||
Onex Corp. | 1,230 | 88,289 | ||||||
Ratos AB, Class B | 6,710 | 22,094 | ||||||
467,032 | ||||||||
Publishing - Books — 0.1% | ||||||||
Lagardere SCA | 1,604 | 43,395 | ||||||
Scholastic Corp. | 1,984 | 89,260 | ||||||
132,655 | ||||||||
Publishing - Newspapers — 0.1% | ||||||||
Gannett Co., Inc. | 7,736 | 81,770 | ||||||
Schibsted ASA, Class A | 1,226 | 34,554 | ||||||
116,324 | ||||||||
Publishing - Periodicals — 0.0% | ||||||||
Axel Springer SE | 714 | 51,854 | ||||||
Racetracks — 0.0% | ||||||||
Penn National Gaming, Inc.† | 919 | 31,320 | ||||||
Real Estate Investment Trusts — 1.3% | ||||||||
Acadia Realty Trust | 4,874 | 125,505 | ||||||
Agree Realty Corp. | 964 | 51,034 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 3,010 | 55,956 | ||||||
Armada Hoffler Properties, Inc. | 1,631 | 23,486 | ||||||
ARMOUR Residential REIT, Inc.# | 1,622 | 37,582 | ||||||
AvalonBay Communities, Inc. | 7 | 1,159 | ||||||
Capstead Mtg. Corp. | 11,726 | 107,293 | ||||||
CareTrust REIT, Inc. | 1,343 | 22,146 | ||||||
CBL & Associates Properties, Inc.# | 11,848 | 59,951 | ||||||
Cedar Realty Trust, Inc. | 4,099 | 17,995 | ||||||
Chatham Lodging Trust | 3,986 | 82,869 | ||||||
Chesapeake Lodging Trust | 3,466 | 111,709 | ||||||
Cofinimmo SA | 317 | 39,291 | ||||||
CoreCivic, Inc. | 233 | 5,014 | ||||||
DiamondRock Hospitality Co. | 10,813 | 137,649 | ||||||
EastGroup Properties, Inc. | 226 | 21,070 | ||||||
Essex Property Trust, Inc. | 7 | 1,673 | ||||||
Extra Space Storage, Inc. | 15 | 1,444 | ||||||
Fonciere Des Regions | 530 | 55,447 | ||||||
Franklin Street Properties Corp.# | 9,123 | 70,612 | ||||||
Government Properties Income Trust# | 6,596 | 95,840 | ||||||
Hersha Hospitality Trust | 3,946 | 83,931 | ||||||
Host Hotels & Resorts, Inc. | 589 | 12,740 | ||||||
ICADE | 484 | 44,935 | ||||||
Independence Realty Trust, Inc. | 8,259 | 80,112 | ||||||
Invesco Mtg. Capital, Inc. | 3,506 | 56,902 | ||||||
Kite Realty Group Trust | 6,104 | 95,772 | ||||||
Lexington Realty Trust | 2,333 | 20,134 | ||||||
LTC Properties, Inc. | 1,348 | 55,457 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
Merlin Properties Socimi SA | 5,611 | $ | 77,443 | |||||
Pennsylvania Real Estate Investment Trust# | 6,061 | 66,732 | ||||||
PennyMac Mtg. Investment Trust# | 3,921 | 73,401 | ||||||
Prologis, Inc. | 129 | 8,301 | ||||||
PS Business Parks, Inc. | 76 | 9,315 | ||||||
Public Storage | 4 | 847 | ||||||
Ramco-Gershenson Properties Trust# | 1,350 | 16,605 | ||||||
Retail Opportunity Investments Corp.# | 3,908 | 70,813 | ||||||
Simon Property Group, Inc. | 774 | 124,010 | ||||||
Summit Hotel Properties, Inc. | 1,404 | 21,467 | ||||||
Urstadt Biddle Properties, Inc., Class A | 3,615 | 78,988 | ||||||
Weyerhaeuser Co. | 38 | 1,419 | ||||||
Whitestone REIT# | 1,515 | 18,544 | ||||||
2,142,593 | ||||||||
Real Estate Management/Services — 0.1% | ||||||||
CBRE Group, Inc., Class A† | 261 | 12,056 | ||||||
Fabege AB | 4,305 | 50,808 | ||||||
Fastighets AB Balder† | 1,507 | 39,122 | ||||||
HFF, Inc., Class A | 414 | 13,960 | ||||||
RE/MAX Holdings, Inc., Class A | 1,531 | 79,765 | ||||||
Realogy Holdings Corp.# | 522 | 12,418 | ||||||
208,129 | ||||||||
Real Estate Operations & Development — 0.5% | ||||||||
Aroundtown SA | 8,706 | 72,435 | ||||||
BUWOG AG | 1,725 | 58,569 | ||||||
Castellum AB | 4,199 | 67,458 | ||||||
China Vanke Co., Ltd. | 1,600 | 5,690 | ||||||
Community Healthcare Trust, Inc.# | 2,284 | 63,267 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 300,200 | ||||||
NTT Urban Development Corp. | 13,000 | 135,780 | ||||||
Summarecon Agung Tbk PT | 894,800 | 63,296 | ||||||
Tokyo Tatemono Co., Ltd. | 9,900 | 136,832 | ||||||
903,527 | ||||||||
Recreational Vehicles — 0.0% | ||||||||
BRP, Inc. | 200 | 9,317 | ||||||
LCI Industries | 263 | 23,065 | ||||||
32,382 | ||||||||
Rental Auto/Equipment — 0.0% | ||||||||
Rent-A-Center, Inc.# | 3,265 | 30,985 | ||||||
United Rentals, Inc.† | 48 | 7,659 | ||||||
38,644 | ||||||||
Resort/Theme Parks — 0.0% | ||||||||
Marriott Vacations Worldwide Corp.# | 233 | 28,016 | ||||||
Retail - Apparel/Shoe — 0.5% | ||||||||
Abercrombie & Fitch Co., Class A | 4,224 | 100,742 | ||||||
Buckle, Inc.# | 1,853 | 46,788 | ||||||
Burlington Stores, Inc.† | 318 | 46,508 | ||||||
Caleres, Inc. | 3,090 | 109,571 | ||||||
Chico’s FAS, Inc. | 8,809 | 74,524 | ||||||
Children’s Place, Inc.# | 496 | 63,860 | ||||||
DSW, Inc., Class A# | 4,743 | 113,263 | ||||||
Express, Inc.† | 4,840 | 41,188 | ||||||
Finish Line, Inc., Class A | 2,562 | 34,869 | ||||||
Gap, Inc. | 24 | 672 | ||||||
Genesco, Inc.† | 1,591 | 69,527 | ||||||
Guess?, Inc. | 3,865 | 75,754 | ||||||
lululemon athletica, Inc.† | 109 | 11,450 | ||||||
Ross Stores, Inc. | 354 | 27,924 | ||||||
Tailored Brands, Inc. | 2,069 | 67,884 | ||||||
884,524 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts — 0.0% | ||||||||
AutoZone, Inc.† | 5 | $ | 3,247 | |||||
Genuine Parts Co. | 45 | 4,085 | ||||||
O’Reilly Automotive, Inc.† | 8 | 2,155 | ||||||
9,487 | ||||||||
Retail - Automobile — 0.5% | ||||||||
Asbury Automotive Group, Inc.† | 1,246 | 86,659 | ||||||
Astra International Tbk PT | 1,159,200 | 573,865 | ||||||
Group 1 Automotive, Inc. | 1,197 | 84,101 | ||||||
Lithia Motors, Inc., Class A# | 898 | 87,780 | ||||||
832,405 | ||||||||
Retail - Building Products — 0.1% | ||||||||
Home Depot, Inc. | 1,139 | 212,480 | ||||||
Lowe’s Cos., Inc. | 166 | 15,772 | ||||||
228,252 | ||||||||
Retail - Consumer Electronics — 0.0% | ||||||||
Best Buy Co., Inc. | 102 | 6,962 | ||||||
Retail - Discount — 0.4% | ||||||||
Costco Wholesale Corp. | 336 | 66,608 | ||||||
Dollar General Corp. | 18 | 1,575 | ||||||
Dollar Tree, Inc.† | 38 | 3,138 | ||||||
Don Quijote Holdings Co., Ltd. | 8,100 | 429,883 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 492 | 34,784 | ||||||
Target Corp. | 511 | 37,247 | ||||||
Walmart, Inc. | 418 | 34,502 | ||||||
607,737 | ||||||||
Retail - Drug Store — 0.2% | ||||||||
Sundrug Co., Ltd. | 4,400 | 199,364 | ||||||
Walgreens Boots Alliance, Inc. | 1,938 | 120,912 | ||||||
320,276 | ||||||||
Retail - Hair Salons — 0.0% | ||||||||
Regis Corp.† | 2,274 | 39,317 | ||||||
Retail - Home Furnishings — 0.2% | ||||||||
Haverty Furniture Cos., Inc. | 1,980 | 39,600 | ||||||
La-Z-Boy, Inc. | 2,049 | 63,929 | ||||||
Nitori Holdings Co., Ltd. | 1,600 | 274,396 | ||||||
RH†# | 215 | 21,012 | ||||||
398,937 | ||||||||
Retail - Major Department Stores — 0.1% | ||||||||
J.C. Penney Co., Inc.†# | 20,297 | 49,119 | ||||||
Matahari Department Store Tbk PT | 96,400 | 63,305 | ||||||
112,424 | ||||||||
Retail - Misc./Diversified — 0.1% | ||||||||
Sally Beauty Holdings, Inc.†# | 6,500 | 98,410 | ||||||
Retail - Pawn Shops — 0.0% | ||||||||
EZCORP, Inc., Class A†# | 2,153 | 26,697 | ||||||
FirstCash, Inc. | 429 | 38,932 | ||||||
65,629 | ||||||||
Retail - Regional Department Stores — 0.0% | ||||||||
Kohl’s Corp.# | 146 | 9,746 | ||||||
Retail - Restaurants — 0.2% | ||||||||
BJ’s Restaurants, Inc. | 1,106 | 61,936 | ||||||
Dave & Buster’s Entertainment, Inc.†# | 515 | 21,445 | ||||||
Dine Brands Global, Inc.# | 812 | 51,521 | ||||||
Fiesta Restaurant Group, Inc.† | 2,998 | 74,500 | ||||||
McDonald’s Corp. | 46 | 7,360 | ||||||
Red Robin Gourmet Burgers, Inc.† | 820 | 41,287 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Restaurants (continued) | ||||||||
Shake Shack, Inc., Class A† | 264 | $ | 15,740 | |||||
Sonic Corp.# | 679 | 16,486 | ||||||
Wingstop, Inc. | 378 | 19,131 | ||||||
309,406 | ||||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Hexpol AB | 3,917 | 41,434 | ||||||
Proto Labs, Inc.† | 245 | 29,547 | ||||||
Sekisui Plastics Co., Ltd.† | 7,000 | 81,527 | ||||||
152,508 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Cellnex Telecom SA* | 2,349 | 59,864 | ||||||
EchoStar Corp., Class A† | 464 | 21,826 | ||||||
Eutelsat Communications SA | 2,124 | 40,961 | ||||||
122,651 | ||||||||
Savings & Loans/Thrifts — 0.4% |
| |||||||
Banc of California, Inc.# | 3,052 | 59,209 | ||||||
BofI Holding, Inc.† | 1,023 | 42,158 | ||||||
Brookline Bancorp, Inc. | 1,118 | 20,348 | ||||||
Dime Community Bancshares, Inc. | 1,233 | 25,092 | ||||||
New York Community Bancorp, Inc.# | 13,026 | 150,971 | ||||||
Northfield Bancorp, Inc. | 1,909 | 31,193 | ||||||
Northwest Bancshares, Inc. | 5,431 | 93,630 | ||||||
Oritani Financial Corp. | 269 | 4,277 | ||||||
People’s United Financial, Inc. | 15 | 276 | ||||||
Provident Financial Services, Inc. | 3,233 | 90,330 | ||||||
Sterling Bancorp | 1,474 | 36,187 | ||||||
Washington Federal, Inc. | 694 | 22,520 | ||||||
576,191 | ||||||||
Schools — 0.1% |
| |||||||
American Public Education, Inc.† | 1,318 | 56,147 | ||||||
Capella Education Co. | 185 | 17,566 | ||||||
Career Education Corp.† | 982 | 15,113 | ||||||
Strayer Education, Inc. | 552 | 60,333 | ||||||
149,159 | ||||||||
Security Services — 0.0% |
| |||||||
Loomis AB, Series B | 1,105 | 42,255 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Analog Devices, Inc. | 89 | 8,649 | ||||||
Cypress Semiconductor Corp. | 7,000 | 115,220 | ||||||
Marvell Technology Group, Ltd. | 7,457 | 160,624 | ||||||
Maxim Integrated Products, Inc. | 139 | 8,152 | ||||||
MaxLinear, Inc.†# | 741 | 13,597 | ||||||
NXP Semiconductors NV† | 2,199 | 250,686 | ||||||
Power Integrations, Inc. | 971 | 72,971 | ||||||
QUALCOMM, Inc. | 145 | 8,428 | ||||||
Renesas Electronics Corp.† | 9,100 | 89,952 | ||||||
728,279 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
ASM International NV | 721 | 42,098 | ||||||
ASM Pacific Technology, Ltd. | 5,100 | 66,620 | ||||||
BE Semiconductor Industries NV | 1,167 | 39,117 | ||||||
Brooks Automation, Inc. | 776 | 25,360 | ||||||
Cabot Microelectronics Corp. | 255 | 28,858 | ||||||
FormFactor, Inc.† | 1,074 | 14,553 | ||||||
KLA-Tencor Corp. | 109 | 12,342 | ||||||
Kulicke & Soffa Industries, Inc.† | 811 | 19,529 | ||||||
Lam Research Corp. | 81 | 16,053 | ||||||
Nanometrics, Inc.† | 422 | 17,711 | ||||||
Siltronic AG | 319 | 53,963 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment (continued) | ||||||||
Teradyne, Inc. | 3,561 | $ | 134,997 | |||||
Veeco Instruments, Inc.† | 3,560 | 60,698 | ||||||
531,899 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 88 | 19,454 | ||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 239 | 11,221 | ||||||
Unilever Indonesia Tbk PT | 90,600 | 296,925 | ||||||
308,146 | ||||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A† | 5,331 | 732,906 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
TimkenSteel Corp.†# | 2,433 | 42,651 | ||||||
Valmont Industries, Inc. | 208 | 30,399 | ||||||
73,050 | ||||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.†# | 19,027 | 86,002 | ||||||
JFE Holdings, Inc. | 8,800 | 181,388 | ||||||
267,390 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Outokumpu Oyj | 4,938 | 31,205 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 1,845 | 84,132 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Finisar Corp.†# | 1,275 | 20,668 | ||||||
Oclaro, Inc.† | 6,223 | 53,269 | ||||||
Viavi Solutions, Inc.† | 7,556 | 71,857 | ||||||
145,794 | ||||||||
Telecom Services — 0.5% |
| |||||||
China Telecom Corp., Ltd. | 456,000 | 211,921 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 2,198,200 | 549,463 | ||||||
Tower Bersama Infrastructure Tbk PT | 254,600 | 92,737 | ||||||
XL Axiata Tbk PT† | 209,300 | 31,564 | ||||||
885,685 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
Juniper Networks, Inc. | 9,529 | 253,853 | ||||||
Nortel Networks Corp.†(1)(2) | 62 | 0 | ||||||
253,853 | ||||||||
Telephone - Integrated — 0.9% |
| |||||||
AT&T, Inc. | 5,669 | 183,222 | ||||||
BT Group PLC | 48,392 | 131,824 | ||||||
Freenet AG | 1,968 | 56,492 | ||||||
GCI Liberty, Inc., Class A† | 484 | 20,231 | ||||||
Nippon Telegraph & Telephone Corp. | 14,000 | 655,587 | ||||||
SoftBank Group Corp. | 5,500 | 390,377 | ||||||
Telefonica Deutschland Holding AG | 9,746 | 41,206 | ||||||
Verizon Communications, Inc. | 1,571 | 74,890 | ||||||
1,553,829 | ||||||||
Television — 0.2% |
| |||||||
Cyfrowy Polsat SA | 38,708 | 260,640 | ||||||
ION Media Networks, Inc.†(1)(2) | 18 | 13,425 | ||||||
RTL Group SA | 591 | 44,573 | ||||||
Surya Citra Media Tbk PT | 245,300 | 43,280 | ||||||
TEGNA, Inc. | 1,187 | 12,309 | ||||||
World Wrestling Entertainment, Inc., Class A# | 446 | 25,819 | ||||||
400,046 | ||||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Tobacco — 0.4% |
| |||||||
Altria Group, Inc. | 5,957 | $ | 332,043 | |||||
Gudang Garam Tbk PT | 23,000 | 113,142 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 452,500 | 123,060 | ||||||
Philip Morris International, Inc. | 229 | 18,215 | ||||||
Universal Corp. | 1,661 | 109,875 | ||||||
696,335 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc. | 3 | 443 | ||||||
Toys — 0.2% |
| |||||||
Bandai Namco Holdings, Inc. | 5,500 | 233,183 | ||||||
Nintendo Co., Ltd. | 200 | 82,333 | ||||||
315,516 | ||||||||
Transactional Software — 0.2% |
| |||||||
Amadeus IT Group SA | 4,474 | 354,558 | ||||||
SimCorp A/S | 626 | 50,753 | ||||||
405,311 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 1,533 | 104,474 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Greenbrier Cos., Inc.# | 1,665 | 82,750 | ||||||
Transport - Rail — 0.3% |
| |||||||
Central Japan Railway Co. | 1,700 | 350,981 | ||||||
Kansas City Southern | 274 | 29,359 | ||||||
Norfolk Southern Corp. | 41 | 6,218 | ||||||
Union Pacific Corp. | 241 | 34,405 | ||||||
420,963 | ||||||||
Transport - Services — 0.2% |
| |||||||
bpost SA | 1,505 | 26,593 | ||||||
C.H. Robinson Worldwide, Inc. | 32 | 2,784 | ||||||
Echo Global Logistics, Inc.† | 1,528 | 42,478 | ||||||
Expeditors International of Washington, Inc. | 23 | 1,713 | ||||||
Hub Group, Inc., Class A† | 2,124 | 106,094 | ||||||
Matson, Inc. | 2,799 | 95,838 | ||||||
275,500 | ||||||||
Transport - Truck — 0.3% |
| |||||||
ArcBest Corp. | 1,706 | 80,950 | ||||||
Forward Air Corp. | 333 | 19,753 | ||||||
Marten Transport, Ltd. | 1,583 | 36,092 | ||||||
Old Dominion Freight Line, Inc. | 83 | 12,945 | ||||||
Saia, Inc.† | 754 | 62,130 | ||||||
Sankyu, Inc.† | 5,400 | 295,816 | ||||||
507,686 | ||||||||
Travel Services — 0.1% |
| |||||||
HIS Co., Ltd. | 6,300 | 217,050 | ||||||
Venture Capital — 0.1% |
| |||||||
Hercules Capital, Inc.# | 2,747 | 34,035 | ||||||
IP Group PLC† | 18,590 | 34,064 | ||||||
Jafco Co., Ltd. | 1,000 | 40,930 | ||||||
Safeguard Scientifics, Inc.† | 1,970 | 25,905 | ||||||
134,934 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 551 | 41,716 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
GoDaddy, Inc., Class A† | 5,071 | 363,033 | ||||||
NIC, Inc. | 1,114 | 17,100 | ||||||
Shopify, Inc., Class A†# | 2,103 | 311,433 | ||||||
691,566 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 0.7% |
| |||||||
Alphabet, Inc., Class A† | 97 | $ | 106,700 | |||||
Alphabet, Inc., Class C† | 213 | 231,103 | ||||||
Baidu, Inc. ADR† | 1,796 | 435,637 | ||||||
Blucora, Inc.† | 3,241 | 122,996 | ||||||
United Internet AG | 3,340 | 213,393 | ||||||
1,109,829 | ||||||||
Wire & Cable Products — 0.1% |
| |||||||
Encore Wire Corp. | 1,520 | 73,568 | ||||||
General Cable Corp.# | 3,008 | 89,187 | ||||||
162,755 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
GN Store Nord A/S | 2,078 | 79,288 | ||||||
X-Ray Equipment — 0.0% |
| |||||||
Varex Imaging Corp.† | 1,578 | 58,323 | ||||||
Total Common Stocks | ||||||||
(cost $112,367,174) | 118,450,195 | |||||||
EXCHANGE-TRADED FUNDS — 7.1% |
| |||||||
iShares Core S&P Small-Cap ETF | 1,180 | 97,751 | ||||||
iShares MSCI Brazil ETF# | 154,700 | 5,510,414 | ||||||
iShares MSCI ACWI ETF# | 381 | 27,558 | ||||||
iShares S&P SmallCap 600 Value ETF# | 501 | 81,417 | ||||||
iShares Russell 1000 Growth ETF | 515 | 73,352 | ||||||
iShares Russell 1000 Value ETF# | 441 | 53,383 | ||||||
SPDR S&P 500 ETF Trust, Series 1# | 121 | 32,784 | ||||||
SPDR Blackstone/GSO Senior Loan ETF# | 125,200 | 5,918,204 | ||||||
11,794,863 | ||||||||
Total Exchange-Traded Funds | ||||||||
(cost $13,049,405) | 11,794,863 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0% |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 45,000 | 5 | ||||||
CLOSED END INVESTMENT TRUST — 0.0% |
| |||||||
BB Biotech AG# | 851 | 56,293 | ||||||
ASSET BACKED SECURITIES — 7.3% |
| |||||||
Diversified Financial Services — 7.3% |
| |||||||
BMW Vehicle Lease Trust | 555,000 | 549,492 | ||||||
Capital One Multi-Asset Execution Trust | 1,000,000 | 986,773 | ||||||
Citibank Credit Card Issuance Trust | 200,000 | 195,533 | ||||||
Discover Card Execution Note Trust | 1,400,000 | 1,379,687 | ||||||
Hyundai Auto Receivables Trust | 1,000,000 | 983,225 | ||||||
Kingsland VIII, Ltd. FRS | 8,100,000 | 8,012,609 | ||||||
Toyota Auto Receivables Owner Trust | 75,000 | 74,310 | ||||||
Total Asset Backed Securities | ||||||||
(cost $12,330,772) | 12,181,629 | |||||||
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES — 5.2% |
| |||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
Ford Motor Credit Co. LLC FRS | $ | 1,270,000 | $ | 1,279,321 | ||||
Computers — 0.8% |
| |||||||
Apple, Inc. FRS | 1,290,000 | 1,290,859 | ||||||
Diversified Banking Institutions — 2.2% |
| |||||||
Citigroup, Inc. FRS | 1,285,000 | 1,286,838 | ||||||
Goldman Sachs Group, Inc. FRS | 1,280,000 | 1,286,221 | ||||||
JPMorgan Chase & Co. FRS | 1,100,000 | 1,111,906 | ||||||
3,684,965 | ||||||||
Finance - Credit Card — 0.8% |
| |||||||
American Express Credit Corp. FRS | 1,290,000 | 1,292,804 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 1,364 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
1,378 | ||||||||
Telephone - Integrated — 0.6% |
| |||||||
AT&T, Inc. FRS | 1,000,000 | 1,015,099 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $8,563,589) | 8,564,426 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 3.1% |
| |||||||
Banks - Commercial — 1.3% |
| |||||||
Royal Bank of Canada FRS | 1,100,000 | 1,102,525 | ||||||
Westpac Banking Corp. FRS | 1,075,000 | 1,078,594 | ||||||
2,181,119 | ||||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
Siemens Financieringsmaatschappij NV FRS | 1,290,000 | 1,293,952 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Shell International Finance BV FRS | 311,000 | 313,633 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Soap & Cleaning Preparation — 0.8% |
| |||||||
Reckitt Benckiser Treasury Services PLC FRS | $ | 1,295,000 | $ | 1,294,877 | ||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $5,089,861) | 5,083,581 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.4% | ||||||||
Sovereign — 1.4% |
| |||||||
Republic of Indonesia | 375,000 | 383,973 | ||||||
Republic of Indonesia | 1,225,000 | 1,262,541 | ||||||
Republic of Indonesia | 590,000 | 691,935 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $2,538,009) | 2,338,449 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $153,998,197) | 158,469,441 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.4% |
| |||||||
Registered Investment Companies — 6.1% |
| |||||||
State Street Institutional U.S. | 4,700,541 | 4,700,541 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,301,092 | 5,301,092 | ||||||
10,001,633 | ||||||||
U.S. Government Treasuries — 1.3% |
| |||||||
United States Treasury Bills | ||||||||
1.41% due 06/07/2018(6) | 2,135,000 | 2,134,448 | ||||||
1.55% due 06/07/2018(6) | 70,000 | 69,982 | ||||||
1.58% due 06/07/2018(6) | 15,000 | 14,964 | ||||||
1.59% due 06/07/2018(6) | 10,000 | 9,997 | ||||||
2,229,391 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $12,231,078) | 12,231,024 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $166,229,275) (7) | 103.0 | % | 170,700,465 | |||||
Liabilities in excess of other assets | (3.0 | ) | (5,035,106 | ) | ||||
NET ASSETS | 100.0 | % | $ | 165,665,359 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $11,283,773 representing 6.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $13,444 representing 0.0% of net assets. |
(3) | Collateralized Loan Obligation |
(4) | At May 31, 2018, the Fund had loaned securities with a total value of $10,790,906 This was secured by collateral of $5,301,092, which was received in cash and subsequently invested in short-term investments currently valued at $5,301,092 as reported in the |
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Portfolio of Investments. Additional collateral of $5,876,389 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.75% to 4.00% | 11/01/2034 to 04/01/2048 | $ | 264,566 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.46% | 10/01/2032 to 05/01/2048 | 112,854 | |||||
Government National Mtg. Assoc. | 2.50% to 4.00% | 08/20/2044 to 04/16/2059 | 78,311 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 358,522 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 5,062,136 |
(5) | The rate shown is the 7-day yield as of May 31, 2018. |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open future contracts. |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
CVA — Certification Van Aandelen (Dutch Cert.)
ETF — Exchange-Traded Funds
RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR — Swedish Depositary Receipt
FRS — Floating Rate Security
The rates shown on the FRS is the current interest rates as of May 31, 2018, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
3ML—3 Month USD LIBOR
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
29 | Short | MSCI EAFE Index | June 2018 | $ | 2,941,239 | $ | 2,881,150 | $ | 60,089 | |||||||||||||
20 | Short | MSCI Emerging Markets Index | June 2018 | 1,217,674 | 1,121,700 | 95,974 | ||||||||||||||||
62 | Short | Russell 1000 Growth Index | June 2018 | 4,464,576 | 4,430,520 | 34,056 | ||||||||||||||||
45 | Long | Russell 1000 Value | June 2018 | 2,752,812 | 2,670,975 | (81,837 | ) | |||||||||||||||
4 | Long | Russell 2000 Mini Index | June 2018 | 323,164 | 326,840 | 3,676 | ||||||||||||||||
64 | Short | S&P 500 E-Mini Index | June 2018 | 8,892,957 | 8,657,600 | 235,357 | ||||||||||||||||
335 | Long | SGX Nifty 50 Index | June 2018 | 7,134,890 | 7,179,720 | 44,830 | ||||||||||||||||
1 | Short | TOPIX Index | June 2018 | 158,887 | 159,471 | (584 | ) | |||||||||||||||
$ | 391,561 | |||||||||||||||||||||
* | 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. | GBP | 4,300,000 | USD | 5,810,525 | 06/20/2018 | $ | 89,875 | $ | – | |||||||||||||||||||
USD | 9,645,510 | EUR | 7,820,000 | 06/20/2018 | – | (492,566 | ) | |||||||||||||||||||||
USD | 2,314,420 | IDR | 32,020,000,000 | 06/20/2018 | – | (15,567 | ) | |||||||||||||||||||||
USD | 7,117,313 | INR | 467,700,000 | 06/20/2018 | – | (198,834 | ) | |||||||||||||||||||||
USD | 3,081,828 | JPY | 325,500,000 | 06/20/2018 | – | (86,507 | ) | |||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 89,875 | $ | (793,474 | ) | |||||||||||||||||||||||
EUR—Euro Currency
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
GBP—British Pound
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | 253,853 | $ | — | $ | 0 | $ | 253,853 | ||||||||
Television | 38,129 | 348,492 | # | 13,425 | 400,046 | |||||||||||
Other Industries | 70,843,335 | 46,952,961 | # | — | 117,796,296 | |||||||||||
Exchange-Traded Funds | 11,794,863 | — | — | 11,794,863 | ||||||||||||
Preferred Securities/Capital Securities | — | — | 5 | 5 | ||||||||||||
Registered Investment Companies | — | 56,293 | # | — | 56,293 | |||||||||||
Asset Backed Securities | — | 12,181,629 | — | 12,181,629 |
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance - Investment Banker/Broker | $ | — | $ | 1,364 | $ | 14 | $ | 1,378 | ||||||||
Other Industries | — | 8,563,048 | — | 8,563,048 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 5,083,581 | — | 5,083,581 | ||||||||||||
Foreign Government Obligations | — | 2,338,449 | — | 2,338,449 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,001,633 | — | — | 10,001,633 | ||||||||||||
U.S. Government Treasuries | — | 2,229,391 | — | 2,229,391 | ||||||||||||
Total Investments at Value | $ | 92,931,813 | $ | 77,755,208 | $ | 13,444 | $ | 170,700,465 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 473,982 | $ | — | $ | — | $ | 473,982 | ||||||||
Forward Foreign Currency Contracts | — | 89,875 | — | 89,875 | ||||||||||||
$ | 473,982 | $ | 89,875 | $ | — | $ | 563,857 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 81,837 | $ | 584 | $ | — | $ | 82,421 | ||||||||
Forward Foreign Currency Contracts | — | 793,474 | — | 793,474 | ||||||||||||
$ | 81,837 | $ | 794,058 | $ | — | $ | 875,895 | |||||||||
* | 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 $21,366,603 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 — May 31, 2018 (unaudited)
Industry Allocation*
E-Commerce/Products | 14.2 | % | ||
Applications Software | 10.9 | |||
Internet Content — Entertainment | 6.9 | |||
Finance — Credit Card | 6.1 | |||
Web Portals/ISP | 5.7 | |||
Medical — HMO | 5.6 | |||
E-Commerce/Services | 4.3 | |||
Aerospace/Defense | 4.0 | |||
Medical Products | 3.5 | |||
Commercial Services — Finance | 3.3 | |||
Diversified Banking Institutions | 2.8 | |||
Medical — Biomedical/Gene | 2.6 | |||
Finance — Investment Banker/Broker | 2.6 | |||
Diagnostic Equipment | 2.1 | |||
Internet Application Software | 1.9 | |||
Airlines | 1.8 | |||
Electronic Components — Semiconductors | 1.8 | |||
Medical Instruments | 1.5 | |||
Data Processing/Management | 1.3 | |||
Hotels/Motels | 1.3 | |||
Entertainment Software | 1.0 | |||
Insurance Brokers | 1.0 | |||
Banks — Fiduciary | 0.9 | |||
Finance — Other Services | 0.9 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Instruments — Controls | 0.8 | |||
Retail — Apparel/Shoe | 0.7 | |||
Cruise Lines | 0.7 | |||
Enterprise Software/Service | 0.7 | |||
Retail — Discount | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Computers | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Transport — Rail | 0.6 | |||
Retail — Building Products | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Casino Hotels | 0.5 | |||
Commercial Services | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Coatings/Paint | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Electric — Integrated | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Medical — Drugs | 0.2 | |||
Insurance — Multi-line | 0.1 | |||
Electric — Distribution | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
23 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Aerospace/Defense — 4.0% |
| |||||||
Boeing Co. | 76,934 | $ | 27,093,078 | |||||
Northrop Grumman Corp. | 13,100 | 4,286,975 | ||||||
31,380,053 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
Harris Corp. | 17,400 | 2,618,178 | ||||||
Airlines — 1.8% |
| |||||||
Alaska Air Group, Inc. | 27,028 | 1,643,573 | ||||||
American Airlines Group, Inc.# | 184,393 | 8,028,471 | ||||||
Delta Air Lines, Inc. | 59,100 | 3,194,355 | ||||||
United Continental Holdings, Inc.† | 15,500 | 1,078,645 | ||||||
13,945,044 | ||||||||
Applications Software — 10.9% |
| |||||||
Intuit, Inc. | 55,647 | 11,218,435 | ||||||
Microsoft Corp. | 376,837 | 37,246,569 | ||||||
Red Hat, Inc.† | 46,233 | 7,509,164 | ||||||
salesforce.com, Inc.† | 122,284 | 15,814,990 | ||||||
ServiceNow, Inc.† | 73,023 | 12,969,615 | ||||||
84,758,773 | ||||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
Ferrari NV# | 12,500 | 1,641,875 | ||||||
Tesla, Inc.† | 16,527 | 4,705,733 | ||||||
6,347,608 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Aptiv PLC | 21,500 | 2,096,250 | ||||||
Banks - Fiduciary — 0.9% |
| |||||||
Bank of New York Mellon Corp. | 12,500 | 684,375 | ||||||
Northern Trust Corp. | 3,600 | 369,072 | ||||||
State Street Corp. | 63,349 | 6,088,472 | ||||||
7,141,919 | ||||||||
Beverages - Non-alcoholic — 0.0% |
| |||||||
Monster Beverage Corp.† | 2,000 | 102,320 | ||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 2,800 | 624,624 | ||||||
Casino Hotels — 0.5% |
| |||||||
Wynn Resorts, Ltd. | 21,602 | 4,234,208 | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
DowDuPont, Inc. | 24,865 | 1,594,095 | ||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 6,200 | 2,351,350 | ||||||
Commercial Services — 0.4% |
| |||||||
Cintas Corp. | 9,064 | 1,651,914 | ||||||
CoStar Group, Inc.† | 3,667 | 1,397,934 | ||||||
3,049,848 | ||||||||
Commercial Services - Finance — 3.3% |
| |||||||
FleetCor Technologies, Inc.† | 14,300 | 2,850,705 | ||||||
Global Payments, Inc. | 60,535 | 6,729,071 | ||||||
IHS Markit, Ltd.† | 2,216 | 109,204 | ||||||
PayPal Holdings, Inc.† | 124,833 | 10,245,044 | ||||||
S&P Global, Inc. | 17,600 | 3,476,000 | ||||||
Worldpay, Inc., Class A† | 31,850 | 2,531,120 | ||||||
25,941,144 | ||||||||
Computers — 0.6% |
| |||||||
Apple, Inc. | 25,400 | 4,746,498 | ||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Ball Corp. | 9,054 | 334,545 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cruise Lines — 0.7% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 30,404 | $ | 1,591,345 | |||||
Royal Caribbean Cruises, Ltd. | 33,704 | 3,538,246 | ||||||
5,129,591 | ||||||||
Data Processing/Management — 1.3% |
| |||||||
Fidelity National Information Services, Inc. | 35,600 | 3,639,032 | ||||||
Fiserv, Inc.† | 93,288 | 6,772,709 | ||||||
10,411,741 | ||||||||
Diagnostic Equipment — 2.1% |
| |||||||
Danaher Corp. | 81,895 | 8,130,535 | ||||||
Thermo Fisher Scientific, Inc. | 37,832 | 7,879,271 | ||||||
16,009,806 | ||||||||
Diversified Banking Institutions — 2.8% |
| |||||||
Citigroup, Inc. | 7,800 | 520,182 | ||||||
JPMorgan Chase & Co. | 60,200 | 6,442,002 | ||||||
Morgan Stanley | 288,597 | 14,470,254 | ||||||
21,432,438 | ||||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
Textron, Inc. | 5,500 | 366,190 | ||||||
E-Commerce/Products — 14.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 150,822 | 29,864,264 | ||||||
Amazon.com, Inc.† | 49,816 | 81,181,150 | ||||||
111,045,414 | ||||||||
E-Commerce/Services — 4.3% |
| |||||||
Booking Holdings, Inc.† | 15,611 | 32,922,350 | ||||||
Ctrip.com International, Ltd. ADR† | 16,380 | 738,574 | ||||||
33,660,924 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Sempra Energy | 6,474 | 689,675 | ||||||
Electric - Integrated — 0.2% |
| |||||||
NextEra Energy, Inc. | 10,741 | 1,780,965 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Corning, Inc. | 4,400 | 119,548 | ||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Broadcom, Inc. | 20,400 | 5,142,228 | ||||||
Microchip Technology, Inc.# | 34,900 | 3,398,562 | ||||||
Texas Instruments, Inc. | 47,000 | 5,259,770 | ||||||
Xilinx, Inc. | 1,100 | 74,921 | ||||||
13,875,481 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 1,600 | 99,072 | ||||||
Fortive Corp. | 38,990 | 2,834,183 | ||||||
2,933,255 | ||||||||
Enterprise Software/Service — 0.7% |
| |||||||
Workday, Inc., Class A† | 38,900 | 5,094,344 | ||||||
Entertainment Software — 1.0% |
| |||||||
Activision Blizzard, Inc. | 34,400 | 2,439,304 | ||||||
Electronic Arts, Inc.† | 40,000 | 5,236,400 | ||||||
7,675,704 | ||||||||
Finance - Credit Card — 6.1% |
| |||||||
Mastercard, Inc., Class A | 114,956 | 21,855,435 | ||||||
Visa, Inc., Class A# | 197,136 | 25,769,618 | ||||||
47,625,053 | ||||||||
24 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Investment Banker/Broker — 2.6% |
| |||||||
Charles Schwab Corp. | 106,800 | $ | 5,940,216 | |||||
Raymond James Financial, Inc. | 12,000 | 1,158,720 | ||||||
TD Ameritrade Holding Corp. | 225,046 | 13,322,723 | ||||||
20,421,659 | ||||||||
Finance - Other Services — 0.9% |
| |||||||
Intercontinental Exchange, Inc. | 98,006 | 6,947,645 | ||||||
Hotels/Motels — 1.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 29,605 | 2,389,420 | ||||||
Marriott International, Inc., Class A | 57,904 | 7,837,885 | ||||||
10,227,305 | ||||||||
Instruments - Controls — 0.8% |
| |||||||
Honeywell International, Inc. | 40,100 | 5,931,191 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Marsh & McLennan Cos., Inc. | 21,018 | 1,689,217 | ||||||
Willis Towers Watson PLC | 38,100 | 5,758,815 | ||||||
7,448,032 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Chubb, Ltd. | 7,300 | 954,037 | ||||||
Insurance - Property/Casualty — 0.3% |
| |||||||
Progressive Corp. | 39,670 | 2,463,110 | ||||||
Internet Application Software — 1.9% |
| |||||||
Tencent Holdings, Ltd. | 298,600 | 15,051,725 | ||||||
Internet Content - Entertainment — 6.9% |
| |||||||
Facebook, Inc., Class A† | 217,444 | 41,701,410 | ||||||
Netflix, Inc.† | 33,951 | 11,937,172 | ||||||
53,638,582 | ||||||||
Internet Security — 0.0% |
| |||||||
Symantec Corp. | 3,600 | 74,808 | ||||||
Investment Management/Advisor Services — 0.0% |
| |||||||
Ameriprise Financial, Inc. | 840 | 116,449 | ||||||
Machinery - General Industrial — 0.6% |
| |||||||
Roper Technologies, Inc. | 17,400 | 4,798,746 | ||||||
Medical Instruments — 1.5% |
| |||||||
Intuitive Surgical, Inc.† | 24,948 | 11,467,847 | ||||||
Medical Products — 3.5% |
| |||||||
Abbott Laboratories | 15,100 | 929,103 | ||||||
Becton Dickinson and Co. | 59,167 | 13,110,816 | ||||||
Stryker Corp. | 75,256 | 13,096,049 | ||||||
27,135,968 | ||||||||
Medical - Biomedical/Gene — 2.6% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 68,095 | 7,907,872 | ||||||
Biogen, Inc.† | 107 | 31,454 | ||||||
Celgene Corp.† | 1,255 | 98,744 | ||||||
Illumina, Inc.† | 373 | 101,620 | ||||||
Vertex Pharmaceuticals, Inc.† | 80,500 | 12,397,000 | ||||||
20,536,690 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
Merck & Co., Inc. | 10,000 | 595,300 | ||||||
Zoetis, Inc. | 7,700 | 644,490 | ||||||
1,239,790 | ||||||||
Medical - HMO — 5.6% |
| |||||||
Aetna, Inc. | 592 | 104,269 | ||||||
Anthem, Inc. | 35,934 | 7,956,506 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) |
| |||||||
Centene Corp.† | 15,846 | $ | 1,856,517 | |||||
Cigna Corp. | 40,500 | 6,859,485 | ||||||
Humana, Inc. | 16,240 | 4,725,515 | ||||||
UnitedHealth Group, Inc. | 91,503 | 22,098,890 | ||||||
43,601,182 | ||||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
American Tower Corp. | 13,702 | 1,895,946 | ||||||
Equinix, Inc. | 256 | 101,593 | ||||||
1,997,539 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Ross Stores, Inc. | 72,500 | 5,718,800 | ||||||
Retail - Auto Parts — 0.0% |
| |||||||
O’Reilly Automotive, Inc.† | 326 | 87,828 | ||||||
Retail - Building Products — 0.6% |
| |||||||
Home Depot, Inc. | 23,662 | 4,414,146 | ||||||
Retail - Discount — 0.6% |
| |||||||
Costco Wholesale Corp. | 900 | 178,416 | ||||||
Dollar General Corp. | 54,523 | 4,769,672 | ||||||
4,948,088 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
ULTA Beauty, Inc.† | 2,100 | 518,511 | ||||||
Retail - Restaurants — 0.6% |
| |||||||
McDonald’s Corp. | 2,300 | 368,023 | ||||||
Yum! Brands, Inc. | 49,506 | 4,026,323 | ||||||
4,394,346 | ||||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
Maxim Integrated Products, Inc. | 43,500 | 2,551,275 | ||||||
Semiconductor Equipment — 0.2% |
| |||||||
ASML Holding NV | 4,915 | 966,535 | ||||||
Lam Research Corp. | 2,200 | 435,996 | ||||||
1,402,531 | ||||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc., Class A† | 907 | 124,694 | ||||||
Tobacco — 0.0% |
| |||||||
Philip Morris International, Inc. | 1,000 | 79,540 | ||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. | 11,200 | 1,559,488 | ||||||
Transport - Rail — 0.6% |
| |||||||
Canadian Pacific Railway, Ltd. | 8,400 | 1,619,436 | ||||||
CSX Corp. | 38,200 | 2,469,630 | ||||||
Union Pacific Corp. | 2,300 | 328,348 | ||||||
4,417,414 | ||||||||
Transport - Services — 0.0% |
| |||||||
FedEx Corp. | 500 | 124,560 | ||||||
Web Portals/ISP — 5.7% |
| |||||||
Alphabet, Inc., Class A† | 12,100 | 13,310,000 | ||||||
Alphabet, Inc., Class C† | 28,634 | 31,067,605 | ||||||
44,377,605 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $416,936,238) | 777,887,717 | |||||||
25 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (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 1.67%(1) | 749,278 | $ | 749,278 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 328,350 | 328,350 | ||||||
T. Rowe Price Government Reserve Fund | 3,615,005 | 3,615,005 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,692,633) | 4,692,633 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $421,628,871)(3) | 100.4 | % | 782,580,350 | |||||
Liabilities in excess of other assets | (0.4 | ) | (3,244,351 | ) | ||||
NET ASSETS | 100.0 | % | $ | 779,335,999 | ||||
† | 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 May 31, 2018. |
(2) | At May 31, 2018, the Fund had loaned securities with a total value of $36,089,358. This was secured by collateral of $328,350, which was received in cash and subsequently invested in short-term investments currently valued at $328,350 as reported in the Portfolio of Investments. Additional collateral of $36,454,979 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 7,559,448 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 3,061,060 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 2,012,723 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 11/08/2018 | 999,092 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 22,822,656 |
(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 May 31, 2018 (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 | $ | 762,835,992 | $ | 15,051,725 | ** | $ | — | $ | 777,887,717 | |||||||
Short-Term Investment Securities: | 4,692,633 | — | — | 4,692,633 | ||||||||||||
Total Investments at Value | $ | 767,528,625 | $ | 15,051,725 | $ | — | $ | 782,580,350 | ||||||||
* | 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 $15,051,725 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 — May 31, 2018 (unaudited)
Industry Allocation*
Oil Companies — Exploration & Production | 8.3 | % | ||
Diversified Banking Institutions | 6.8 | |||
Medical — HMO | 5.3 | |||
Electronic Components — Semiconductors | 4.6 | |||
Banks — Super Regional | 4.2 | |||
Chemicals — Diversified | 3.9 | |||
Medical — Drugs | 3.9 | |||
Cruise Lines | 3.9 | |||
Oil Companies — Integrated | 3.4 | |||
Finance — Consumer Loans | 2.9 | |||
Banks — Fiduciary | 2.8 | |||
Pharmacy Services | 2.7 | |||
Tobacco | 2.3 | |||
Industrial Gases | 2.1 | |||
Finance — Credit Card | 1.9 | |||
Retail — Auto Parts | 1.9 | |||
Finance — Investment Banker/Broker | 1.9 | |||
Oil Refining & Marketing | 1.9 | |||
Applications Software | 1.8 | |||
Retail — Building Products | 1.8 | |||
Medical Instruments | 1.7 | |||
Retail — Discount | 1.6 | |||
Aerospace/Defense | 1.6 | |||
Beverages — Non-alcoholic | 1.6 | |||
Insurance — Property/Casualty | 1.5 | |||
Insurance Brokers | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Enterprise Software/Service | 1.5 | |||
Computers | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Tools — Hand Held | 1.2 | |||
Cable/Satellite TV | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Savings & Loans/Thrifts | 1.1 | |||
Building Products — Air & Heating | 1.1 | |||
Rental Auto/Equipment | 1.1 | |||
Electric — Integrated | 1.0 | |||
Finance — Mortgage Loan/Banker | 0.9 | |||
Investment Companies | 0.9 | |||
Medical — Wholesale Drug Distribution | 0.9 | |||
Apparel Manufacturers | 0.8 | |||
Multimedia | 0.8 | |||
Chemicals — Specialty | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Commercial Services | 0.6 | |||
Time Deposits | 0.5 | |||
Diversified Minerals | 0.5 | |||
Registered Investment Companies | 0.3 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
27 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% | ||||||||
Aerospace/Defense — 1.6% |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A | 11,100 | $ | 940,281 | |||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 7,190 | 897,456 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Hanesbrands, Inc.# | 26,200 | 477,626 | ||||||
Applications Software — 1.8% |
| |||||||
Microsoft Corp. | 11,135 | 1,100,583 | ||||||
Banks - Fiduciary — 2.8% |
| |||||||
Bank of New York Mellon Corp. | 13,729 | 751,663 | ||||||
State Street Corp. | 9,810 | 942,839 | ||||||
1,694,502 | ||||||||
Banks - Super Regional — 4.2% |
| |||||||
KeyCorp | 42,000 | 816,480 | ||||||
PNC Financial Services Group, Inc. | 4,425 | 634,589 | ||||||
Wells Fargo & Co. | 18,945 | 1,022,841 | ||||||
2,473,910 | ||||||||
Beverages - Non-alcoholic — 1.6% |
| |||||||
Coca-Cola European Partners PLC | 24,400 | 926,468 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Owens Corning | 11,301 | 714,449 | ||||||
Building Products - Air & Heating — 1.1% |
| |||||||
Johnson Controls International PLC | 19,443 | 652,507 | ||||||
Cable/Satellite TV — 1.2% |
| |||||||
Comcast Corp., Class A | 23,206 | 723,563 | ||||||
Chemicals - Diversified — 3.9% |
| |||||||
Celanese Corp., Series A | 6,900 | 779,148 | ||||||
DowDuPont, Inc. | 14,014 | 898,438 | ||||||
LyondellBasell Industries NV, Class A | 5,700 | 639,084 | ||||||
2,316,670 | ||||||||
Chemicals - Specialty — 0.7% |
| |||||||
Versum Materials, Inc. | 10,200 | 407,694 | ||||||
Commercial Services — 0.6% |
| |||||||
Nielsen Holdings PLC | 12,800 | 386,176 | ||||||
Computers — 1.4% |
| |||||||
Hewlett Packard Enterprise Co. | 56,100 | 854,964 | ||||||
Cruise Lines — 3.9% |
| |||||||
Carnival Corp. | 8,800 | 548,064 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 17,092 | 894,595 | ||||||
Royal Caribbean Cruises, Ltd. | 8,149 | 855,482 | ||||||
2,298,141 | ||||||||
Diversified Banking Institutions — 6.8% |
| |||||||
Bank of America Corp. | 52,626 | 1,528,259 | ||||||
Citigroup, Inc. | 20,319 | 1,355,074 | ||||||
JPMorgan Chase & Co. | 10,944 | 1,171,118 | ||||||
4,054,451 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
General Electric Co. | 60,000 | 844,800 | ||||||
Diversified Minerals — 0.5% |
| |||||||
Fairmount Santrol Holdings, Inc.†# | 50,100 | 282,063 | ||||||
Electric - Integrated — 1.0% |
| |||||||
Exelon Corp. | 14,951 | 618,822 | ||||||
Electronic Components - Semiconductors — 4.6% |
| |||||||
Broadcom, Inc. | 2,583 | 651,097 | ||||||
Microchip Technology, Inc.# | 11,400 | 1,110,132 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 8,620 | $ | 964,664 | |||||
2,725,893 | ||||||||
Enterprise Software/Service — 1.5% |
| |||||||
Oracle Corp. | 18,500 | 864,320 | ||||||
Finance - Consumer Loans — 2.9% |
| |||||||
Navient Corp. | 39,105 | 540,040 | ||||||
SLM Corp.† | 102,505 | 1,171,632 | ||||||
1,711,672 | ||||||||
Finance - Credit Card — 1.9% |
| |||||||
American Express Co. | 11,455 | 1,126,026 | ||||||
Finance - Investment Banker/Broker — 1.9% |
| |||||||
E*TRADE Financial Corp.† | 17,700 | 1,121,295 | ||||||
Finance - Mortgage Loan/Banker — 0.9% |
| |||||||
FNF Group | 15,200 | 561,792 | ||||||
Industrial Gases — 2.1% |
| |||||||
Air Products & Chemicals, Inc. | 5,900 | 952,319 | ||||||
Praxair, Inc. | 1,902 | 297,206 | ||||||
1,249,525 | ||||||||
Insurance Brokers — 1.5% |
| |||||||
Willis Towers Watson PLC | 6,010 | 908,411 | ||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 4,800 | 919,344 | ||||||
Investment Companies — 0.9% |
| |||||||
Jefferies Financial Group, Inc. | 24,717 | 540,808 | ||||||
Medical Instruments — 1.7% |
| |||||||
Medtronic PLC | 11,530 | 995,270 | ||||||
Medical - Drugs — 3.9% |
| |||||||
Johnson & Johnson | 5,485 | 656,116 | ||||||
Merck & Co., Inc. | 12,900 | 767,937 | ||||||
Pfizer, Inc. | 24,841 | 892,537 | ||||||
2,316,590 | ||||||||
Medical - Generic Drugs — 0.7% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 18,000 | 387,000 | ||||||
Medical - HMO — 5.3% |
| |||||||
Anthem, Inc. | 4,715 | 1,043,995 | ||||||
Cigna Corp. | 5,469 | 926,285 | ||||||
UnitedHealth Group, Inc. | 5,020 | 1,212,380 | ||||||
3,182,660 | ||||||||
Medical - Wholesale Drug Distribution — 0.9% |
| |||||||
Cardinal Health, Inc. | 9,800 | 510,482 | ||||||
Multimedia — 0.8% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 12,207 | 470,580 | ||||||
Oil Companies - Exploration & Production — 8.3% |
| |||||||
ConocoPhillips | 17,365 | 1,170,227 | ||||||
Hess Corp.# | 20,200 | 1,220,484 | ||||||
Kosmos Energy, Ltd.†# | 68,297 | 530,668 | ||||||
Occidental Petroleum Corp. | 12,965 | 1,091,653 | ||||||
Vermilion Energy, Inc.# | 26,789 | 939,490 | ||||||
4,952,522 | ||||||||
Oil Companies - Integrated — 3.4% |
| |||||||
BP PLC ADR | 23,235 | 1,064,628 | ||||||
Chevron Corp. | 7,900 | 981,970 | ||||||
2,046,598 | ||||||||
28 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Refining & Marketing — 1.9% |
| |||||||
Phillips 66 | 9,600 | $ | 1,118,304 | |||||
Pharmacy Services — 2.7% |
| |||||||
CVS Health Corp. | 13,644 | 864,893 | ||||||
Express Scripts Holding Co.† | 9,400 | 712,614 | ||||||
1,577,507 | ||||||||
Rental Auto/Equipment — 1.1% |
| |||||||
AMERCO | 2,000 | 645,880 | ||||||
Retail - Auto Parts — 1.9% |
| |||||||
Advance Auto Parts, Inc. | 5,186 | 667,023 | ||||||
O’Reilly Automotive, Inc.† | 1,692 | 455,842 | ||||||
1,122,865 | ||||||||
Retail - Building Products — 1.8% |
| |||||||
Lowe’s Cos., Inc. | 11,500 | 1,092,615 | ||||||
Retail - Discount — 1.6% |
| |||||||
Dollar General Corp. | 10,800 | 944,784 | ||||||
Savings & Loans/Thrifts — 1.1% |
| |||||||
New York Community Bancorp, Inc.# | 56,600 | 655,994 | ||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
QUALCOMM, Inc. | 11,713 | 680,760 | ||||||
Tobacco — 2.3% |
| |||||||
Altria Group, Inc. | 13,278 | 740,116 | ||||||
Philip Morris International, Inc. | 8,000 | 636,320 | ||||||
1,376,436 | ||||||||
Tools - Hand Held — 1.2% |
| |||||||
Stanley Black & Decker, Inc. | 5,260 | 732,402 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $45,504,023) | 59,203,461 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.8% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 154,712 | $ | 154,712 | |||||
Time Deposits — 0.5% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18 | $ | 306,000 | 306,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $460,712) | 460,712 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $45,964,735)(3) | 100.2 | % | 59,664,173 | |||||
Liabilities in excess of other assets | (0.2 | ) | (132,627 | ) | ||||
NET ASSETS | 100.0 | % | $ | 59,531,546 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $4,822,472. This was secured by collateral of $154,712, which was received in cash and subsequently invested in short-term investments currently valued at $154,712 as reported in the Portfolio of Investments. Additional collateral of $4,790,255 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | $ | 296,750 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 4,493,505 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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 May 31, 2018 (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 | $ | 59,203,461 | $ | — | $ | — | $ | 59,203,461 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 154,712 | — | — | 154,712 | ||||||||||||
Time Deposits | — | 306,000 | — | 306,000 | ||||||||||||
Total Investments at Value | $ | 59,358,173 | $ | 306,000 | $ | — | $ | 59,664,173 | ||||||||
* | 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 — May 31, 2018
Industry Allocation*
Federal National Mtg. Assoc. | 21.5 | % | ||
United States Treasury Notes | 16.2 | |||
Federal Home Loan Mtg. Corp. | 14.2 | |||
Diversified Banking Institutions | 6.1 | |||
United States Treasury Bonds | 5.6 | |||
Registered Investment Companies | 3.5 | |||
Banks — Commercial | 3.4 | |||
Diversified Financial Services | 3.2 | |||
Government National Mtg. Assoc. | 3.1 | |||
Electric — Integrated | 2.2 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Telephone — Integrated | 1.7 | |||
Banks — Super Regional | 1.3 | |||
Pipelines | 1.2 | |||
Oil Companies — Integrated | 0.8 | |||
Savings & Loans/Thrifts | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Brewery | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Paper & Related Products | 0.5 | |||
Computer Services | 0.4 | |||
Medical — HMO | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Networking Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Computers | 0.3 | |||
Cellular Telecom | 0.3 | |||
Pharmacy Services | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Sovereign | 0.3 | |||
Retail — Discount | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Electronic Components — Semiconductors | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Electric — Generation | 0.2 | |||
Building Products — Cement | 0.2 | |||
SupraNational Banks | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Machinery — Farming | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Medical — Drugs | 0.2 | |||
Machinery — Electrical | 0.1 | |||
Trucking/Leasing | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Retail — Restaurants | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Electric — Distribution | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Commercial Services | 0.1 | |||
Food — Retail | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Retail — Automobile | 0.1 | |||
Gold Mining | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Building Societies | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 |
Transport — Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Petrochemicals | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Diversified Minerals | 0.1 | |||
Transport — Rail | 0.1 | |||
Telecom Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Applications Software | 0.1 | |||
Tennessee Valley Authority | 0.1 | |||
Airlines | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Building Products — Wood | 0.1 | |||
100.7 | % | |||
Credit Quality#†
Aaa | 66.6 | % | ||
Aa | 2.8 | |||
A | 11.5 | |||
Baa | 14.0 | |||
Ba | 3.3 | |||
Not Rated@ | 1.8 | |||
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 — May 31, 2018
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 2.9% |
| |||||||
Diversified Financial Services — 2.9% |
| |||||||
American Express Credit Account Master Trust | $ | 125,000 | $ | 125,383 | ||||
American Express Credit Account Master Trust | 125,000 | 125,174 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 100,000 | 98,565 | ||||||
BA Credit Card Trust | 112,000 | 112,287 | ||||||
Benchmark Mtg. Trust | 186,000 | 188,733 | ||||||
Capital One Multi-Asset Execution Trust | 110,000 | 108,179 | ||||||
CarMax Auto Owner Trust | 230,000 | 222,988 | ||||||
Chase Mtg. Finance Trust VRS | 270,788 | 268,923 | ||||||
Citibank Credit Card Issuance Trust | 115,000 | 113,193 | ||||||
Citibank Credit Card Issuance Trust | 128,000 | 127,282 | ||||||
Citibank Credit Card Issuance Trust | 333,000 | 333,009 | ||||||
COMM Mtg. Trust VRS | 125,000 | 123,973 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,751,082 | ||||||
CSMC Trust | 467,000 | 476,922 | ||||||
Discover Card Execution Note Trust | 350,000 | 344,922 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 121,737 | ||||||
Ford Credit Auto Owner Trust | 250,000 | 247,610 | ||||||
Ford Credit Floorplan Master Owner Trust | 287,000 | 282,483 | ||||||
GM Financial Consumer Automobile Receivables Trust | 200,000 | 195,194 | ||||||
GS Mtg. Securities Trust | 240,000 | 240,043 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 390,000 | 390,266 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 32,968 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
MSDB Trust VRS | $ | 790,000 | $ | 773,521 | ||||
Nissan Auto Receivables Owner Trust | 250,000 | 247,230 | ||||||
Synchrony Credit Card Master Note Trust | 100,000 | 97,793 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 222,930 | ||||||
Verizon Owner Trust | 100,000 | 99,833 | ||||||
Total Asset Backed Securities | ||||||||
(cost $7,632,827) | 7,472,223 | |||||||
U.S. CORPORATE BONDS & NOTES — 23.2% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 116,000 | 117,292 | ||||||
Aerospace/Defense — 0.1% |
| |||||||
General Dynamics Corp. | 311,000 | 310,892 | ||||||
Aerospace/Defense-Equipment — 0.2% |
| |||||||
Harris Corp. | 279,000 | 282,515 | ||||||
Spirit AeroSystems, Inc. | 136,000 | 137,676 | ||||||
United Technologies Corp. | 213,000 | 209,199 | ||||||
629,390 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | 141,000 | 137,625 | ||||||
Mosaic Co. | 192,000 | 184,442 | ||||||
Mosaic Co. | 82,000 | 76,239 | ||||||
398,306 | ||||||||
Airlines — 0.1% |
| |||||||
Delta Air Lines, Inc. | 141,000 | 140,162 | ||||||
Applications Software — 0.1% |
| |||||||
Microsoft Corp. | 148,000 | 155,609 | ||||||
Auto - Cars/Light Trucks — 1.6% |
| |||||||
BMW US Capital LLC | 490,000 | 489,396 |
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Auto - Cars/Light Trucks (continued) |
| |||||||
Daimler Finance North America LLC | $ | 192,000 | $ | 184,567 | ||||
Daimler Finance North America LLC | 253,000 | 250,219 | ||||||
Daimler Finance North America LLC | 413,000 | 408,317 | ||||||
Daimler Finance North America LLC | 734,000 | 734,523 | ||||||
Ford Motor Credit Co. LLC | 627,000 | 612,749 | ||||||
Nissan Motor Acceptance Corp. | 445,000 | 435,099 | ||||||
Nissan Motor Acceptance Corp. | 333,000 | 322,574 | ||||||
Toyota Motor Credit Corp. | 749,000 | 748,222 | ||||||
4,185,666 | ||||||||
Banks - Commercial — 1.7% |
| |||||||
BankUnited, Inc. | 846,000 | 863,950 | ||||||
Citizens Financial Group, Inc. | 540,000 | 544,131 | ||||||
First Horizon National Corp. | 541,000 | 543,230 | ||||||
First Tennessee Bank NA | 258,000 | 256,910 | ||||||
Regions Financial Corp. | 304,000 | 294,644 | ||||||
Regions Financial Corp. | 869,000 | 1,148,021 | ||||||
Santander Holdings USA, Inc. | 490,000 | 476,147 | ||||||
Synovus Financial Corp. | 141,000 | 136,062 | ||||||
4,263,095 | ||||||||
Banks - Super Regional — 1.1% |
| |||||||
Capital One Financial Corp. | 205,000 | 192,382 | ||||||
Citibank NA | 429,000 | 419,127 | ||||||
Huntington National Bank | 254,000 | 251,084 | ||||||
Wells Fargo & Co. | 1,294,000 | 1,261,777 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Super Regional (continued) |
| |||||||
Wells Fargo & Co. | $ | 33,000 | $ | 30,856 | ||||
Wells Fargo & Co. | 335,000 | 330,880 | ||||||
Wells Fargo Bank NA | 359,000 | 356,248 | ||||||
2,842,354 | ||||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Maple Escrow Subsidiary, Inc. | 206,000 | 207,651 | ||||||
Brewery — 0.6% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 403,000 | 399,241 | ||||||
Anheuser-Busch InBev Finance, Inc. | 129,000 | 132,881 | ||||||
Anheuser-Busch InBev Finance, Inc. | 737,000 | 767,698 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 185,000 | 185,382 | ||||||
1,485,202 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery Communications LLC | 103,000 | 99,704 | ||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Owens Corning | 401,000 | 340,368 | ||||||
Owens Corning | 121,000 | 104,556 | ||||||
444,924 | ||||||||
Building Products - Cement — 0.2% |
| |||||||
CRH America Finance, Inc. | 215,000 | 208,273 | ||||||
Martin Marietta Materials, Inc. | 90,000 | 79,955 | ||||||
Vulcan Materials Co. | 218,000 | 208,396 | ||||||
496,624 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 147,000 | 136,088 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Toll Brothers Finance Corp. | 250,000 | 225,250 | ||||||
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | $ | 132,000 | $ | 120,540 | ||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 39,000 | 38,023 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 75,000 | 69,953 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 135,000 | 132,360 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 129,000 | 137,628 | ||||||
Comcast Corp. | 172,000 | 157,614 | ||||||
656,118 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | 580,000 | 576,404 | ||||||
Chemicals - Diversified — 0.0% |
| |||||||
Westlake Chemical Corp. | 108,000 | 101,878 | ||||||
Chemicals - Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 179,000 | 237,171 | ||||||
Coatings/Paint — 0.0% |
| |||||||
RPM International, Inc. | 36,000 | 32,709 | ||||||
Commercial Services — 0.1% |
| |||||||
Ecolab, Inc. | 290,000 | 280,552 | ||||||
Computer Services — 0.4% |
| |||||||
IBM Credit LLC | 351,000 | 346,626 | ||||||
IBM Credit LLC | 794,000 | 788,175 | ||||||
1,134,801 | ||||||||
Computers — 0.3% | ||||||||
Apple, Inc. | 238,000 | 238,500 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 510,000 | 599,378 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers (continued) | ||||||||
Hewlett Packard Enterprise Co. | $ | 39,000 | $ | 40,557 | ||||
878,435 | ||||||||
Data Processing/Management — 0.0% |
| |||||||
Fidelity National Information Services, Inc. | 125,000 | 125,880 | ||||||
Diversified Banking Institutions — 3.3% |
| |||||||
Bank of America Corp. | 218,000 | 216,201 | ||||||
Bank of America Corp. | 178,000 | 164,504 | ||||||
Bank of America Corp. | 1,253,000 | 1,227,262 | ||||||
Bank of America Corp. | 334,000 | 389,988 | ||||||
Citigroup, Inc. | 304,000 | 294,162 | ||||||
Citigroup, Inc. | 171,000 | 163,480 | ||||||
Citigroup, Inc. | 753,000 | 745,975 | ||||||
Citigroup, Inc. | 208,000 | 203,979 | ||||||
Citigroup, Inc. | 131,000 | 149,970 | ||||||
Goldman Sachs Group, Inc. | 444,000 | 430,353 | ||||||
Goldman Sachs Group, Inc. | 348,000 | 321,956 | ||||||
Goldman Sachs Group, Inc. | 308,000 | 359,467 | ||||||
Goldman Sachs Group, Inc. | 514,000 | 618,988 | ||||||
JPMorgan Chase & Co. | 408,000 | 401,077 | ||||||
JPMorgan Chase & Co. | 573,000 | 536,601 | ||||||
Morgan Stanley | 530,000 | 516,771 | ||||||
Morgan Stanley | 360,000 | 344,080 | ||||||
Morgan Stanley | 143,000 | 134,581 |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | $ | 528,000 | $ | 534,246 | ||||
Morgan Stanley | 638,000 | 664,433 | ||||||
8,418,074 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Carlisle Cos., Inc. | 230,000 | 221,051 | ||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 126,000 | 127,751 | ||||||
Electric - Generation — 0.2% |
| |||||||
Basin Electric Power Cooperative | 451,000 | 478,353 | ||||||
Electric - Integrated — 1.6% |
| |||||||
Dominion Resources, Inc. | 300,000 | 327,313 | ||||||
Duke Energy Progress LLC | 190,000 | 187,922 | ||||||
Edison International | 359,000 | 357,410 | ||||||
Exelon Corp. | 267,000 | 264,754 | ||||||
Exelon Generation Co. LLC | 165,000 | 164,705 | ||||||
FirstEnergy Corp. | 242,000 | 237,566 | ||||||
FirstEnergy Corp. | 329,000 | 343,176 | ||||||
FirstEnergy Corp. | 726,000 | 957,086 | ||||||
Georgia Power Co. | 177,000 | 173,220 | ||||||
Massachusetts Electric Co. | 324,000 | 316,422 | ||||||
Nevada Power Co. | 207,000 | 206,841 | ||||||
South Carolina Electric & Gas Co. | 439,000 | 445,685 | ||||||
3,982,100 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Jabil, Inc. | 145,000 | 138,307 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Intel Corp. | $ | 378,000 | $ | 376,103 | ||||
Texas Instruments, Inc. | 245,000 | 255,908 | ||||||
632,011 | ||||||||
Enterprise Software/Service — 0.4% |
| |||||||
Oracle Corp. | 640,000 | 621,771 | ||||||
Oracle Corp. | 176,000 | 172,059 | ||||||
Oracle Corp. | 94,000 | 92,642 | ||||||
Oracle Corp. | 75,000 | 74,475 | ||||||
960,947 | ||||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Co. | 499,000 | 479,839 | ||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | 174,000 | 157,267 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 2,759 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
TD Ameritrade Holding Corp. | 162,000 | 160,315 | ||||||
320,361 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 352,000 | 346,328 | ||||||
National Rural Utilities Cooperative Finance Corp. | 192,000 | 184,854 | ||||||
National Rural Utilities Cooperative Finance Corp. | 146,000 | 141,742 | ||||||
672,924 | ||||||||
Food - Meat Products — 0.0% |
| |||||||
Smithfield Foods, Inc. | 111,000 | 106,206 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Kraft Heinz Foods Co. | 254,000 | 263,733 | ||||||
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | $ | 291,000 | $ | 275,200 | ||||
Gas - Distribution — 0.0% |
| |||||||
NiSource, Inc. | 94,000 | 92,666 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
AXA Equitable Holdings, Inc. | 94,000 | 89,986 | ||||||
Brighthouse Financial, Inc. | 80,000 | 69,868 | ||||||
159,854 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Assurant, Inc. | 263,000 | 265,732 | ||||||
Assurant, Inc. | 165,000 | 195,254 | ||||||
Metropolitan Life Global Funding I | 485,000 | 483,731 | ||||||
944,717 | ||||||||
Insurance - Mutual — 0.3% |
| |||||||
Massachusetts Mutual Life Insurance Co. | 102,000 | 98,944 | ||||||
MassMutual Global Funding II | 200,000 | 192,045 | ||||||
New York Life Global Funding | 498,000 | 487,179 | ||||||
778,168 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Berkshire Hathaway, Inc. | 171,000 | 170,607 | ||||||
Markel Corp. | 168,000 | 155,700 | ||||||
326,307 | ||||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar Financial Services Corp. | 198,000 | 192,233 | ||||||
Caterpillar Financial Services Corp. | 286,000 | 287,193 | ||||||
479,426 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | 341,000 | 341,660 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Machinery - Farming — 0.1% |
| |||||||
John Deere Capital Corp. | $ | 238,000 | $ | 234,697 | ||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings | 322,000 | 312,506 | ||||||
Roche Holdings, Inc. | 404,000 | 386,037 | ||||||
Roche Holdings, Inc. | 548,000 | 544,683 | ||||||
Roche Holdings, Inc. | 268,000 | 266,926 | ||||||
1,510,152 | ||||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Celgene Corp. | 175,000 | 171,689 | ||||||
Celgene Corp. | 270,000 | 251,505 | ||||||
423,194 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
GlaxoSmithKline Capital, Inc. | 215,000 | 215,637 | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis, Inc. | 156,000 | 152,103 | ||||||
Mylan, Inc. | 189,000 | 183,003 | ||||||
335,106 | ||||||||
Medical - HMO — 0.4% |
| |||||||
UnitedHealth Group, Inc. | 957,000 | 923,709 | ||||||
UnitedHealth Group, Inc. | 172,000 | 172,956 | ||||||
1,096,665 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Glencore Funding LLC | 122,000 | 114,758 | ||||||
Multimedia — 0.0% |
| |||||||
Time Warner, Inc. | 24,000 | 23,228 | ||||||
Networking Products — 0.4% |
| |||||||
Cisco Systems, Inc. | 933,000 | 916,363 | ||||||
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies-Exploration & Production — 0.6% |
| |||||||
Anadarko Petroleum Corp. | $ | 377,000 | $ | 445,728 | ||||
Continental Resources, Inc. | 252,000 | 251,603 | ||||||
Hess Corp. | 234,000 | 238,672 | ||||||
Marathon Oil Corp. | 211,000 | 214,038 | ||||||
Marathon Oil Corp. | 267,000 | 325,395 | ||||||
1,475,436 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 720,000 | 720,173 | ||||||
Oil - Field Services — 0.0% |
| |||||||
Halliburton Co. | 73,000 | 76,945 | ||||||
Paper & Related Products — 0.5% |
| |||||||
Domtar Corp. | 380,000 | 404,263 | ||||||
Georgia-Pacific LLC | 202,000 | 202,321 | ||||||
Georgia-Pacific LLC | 368,000 | 371,609 | ||||||
Georgia-Pacific LLC | 235,000 | 247,477 | ||||||
International Paper Co. | 106,000 | 110,106 | ||||||
1,335,776 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron | 202,000 | 202,052 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 283,000 | 282,317 | ||||||
CVS Health Corp. | 181,000 | 185,631 | ||||||
CVS Pass-Through Trust | 119,914 | 118,199 | ||||||
CVS Pass-Through Trust | 126,040 | 134,426 | ||||||
CVS Pass-Through Trust | 124,477 | 135,423 | ||||||
855,996 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines — 0.9% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | $ | 386,000 | $ | 385,372 | ||||
Energy Transfer Partners LP | 98,000 | 91,062 | ||||||
Energy Transfer Partners LP | 29,000 | 29,346 | ||||||
Energy Transfer Partners LP | 341,000 | 373,919 | ||||||
EnLink Midstream Partners LP | 170,000 | 170,417 | ||||||
EnLink Midstream Partners LP | 179,000 | 161,166 | ||||||
Enterprise Products Operating LLC | 249,000 | 235,709 | ||||||
MPLX LP | 88,000 | 85,975 | ||||||
MPLX LP | 180,000 | 172,302 | ||||||
ONEOK, Inc. | 236,000 | 230,811 | ||||||
Phillips 66 Partners LP | 78,000 | 77,199 | ||||||
Western Gas Partners LP | 183,000 | 184,583 | ||||||
2,197,861 | ||||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
EPR Properties | 89,000 | 86,646 | ||||||
Washington Prime Group LP | 135,000 | 130,879 | ||||||
217,525 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
O’Reilly Automotive, Inc. | 171,000 | 163,343 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 265,000 | 249,790 | ||||||
Retail - Discount — 0.3% |
| |||||||
Dollar Tree, Inc. | 204,000 | 203,052 | ||||||
Wal-Mart Stores, Inc. | 496,000 | 487,454 | ||||||
690,506 | ||||||||
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Retail - Restaurants — 0.1% |
| |||||||
Darden Restaurants, Inc. | $ | 48,000 | $ | 44,431 | ||||
McDonald’s Corp. | 270,000 | 272,805 | ||||||
317,236 | ||||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
Astoria Financial Corp. | 393,000 | 392,638 | ||||||
First Niagara Financial Group, Inc. | 658,000 | 696,924 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 447,450 | ||||||
1,537,012 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
QUALCOMM, Inc. | 218,000 | 217,478 | ||||||
Telephone - Integrated — 1.1% |
| |||||||
AT&T, Inc. | 174,000 | 151,875 | ||||||
AT&T, Inc. | 780,000 | 739,583 | ||||||
AT&T, Inc. | 100,000 | 92,496 | ||||||
AT&T, Inc. | 889,000 | 870,545 | ||||||
Verizon Communications, Inc. | 96,000 | 92,602 | ||||||
Verizon Communications, Inc. | 801,000 | 836,225 | ||||||
2,783,326 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 169,000 | 157,078 | ||||||
GATX Corp. | 42,000 | 40,434 | ||||||
197,512 | ||||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 211,000 | 208,772 | ||||||
Transport - Services — 0.1% |
| |||||||
CH Robinson Worldwide, Inc. | 214,000 | 212,315 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | $ | 338,000 | $ | 336,702 | ||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $59,886,922) | 59,227,368 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.6% |
| |||||||
Agricultural Chemicals — 0.2% |
| |||||||
Syngenta Finance NV | 240,000 | 239,745 | ||||||
Syngenta Finance NV | 211,000 | 206,916 | ||||||
446,661 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 239,000 | 230,987 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Toyota Industries Corp. | 740,000 | 735,865 | ||||||
Banks - Commercial — 1.4% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 253,000 | 249,839 | ||||||
Bank of Nova Scotia | 298,000 | 293,657 | ||||||
BPCE SA | 260,000 | 253,895 | ||||||
BPCE SA | 341,000 | 335,612 | ||||||
Canadian Imperial Bank of Commerce | 486,000 | 475,409 | ||||||
Credit Suisse AG | 705,000 | 698,623 | ||||||
DBS Group Holdings, Ltd. | 336,000 | 333,085 | ||||||
Intesa Sanpaolo SpA | 206,000 | 179,817 | ||||||
Toronto-Dominion Bank | 296,000 | 289,050 | ||||||
United Overseas Bank, Ltd. | 206,000 | 205,950 | ||||||
Westpac Banking Corp. | 203,000 | 203,562 | ||||||
3,518,499 | ||||||||
Building Societies — 0.1% |
| |||||||
Nationwide Building Society | 250,000 | 230,709 | ||||||
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom — 0.1% |
| |||||||
SK Telecom Co., Ltd. | $ | 200,000 | $ | 199,572 | ||||
Vodafone Group PLC | 100,000 | 99,475 | ||||||
299,047 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 195,655 | ||||||
Diversified Banking Institutions — 2.2% |
| |||||||
Banco Santander SA | 200,000 | 197,943 | ||||||
Barclays PLC | 200,000 | 189,536 | ||||||
BNP Paribas SA | 276,000 | 271,827 | ||||||
Credit Agricole SA | 251,000 | 237,692 | ||||||
Credit Agricole SA | 262,000 | 256,310 | ||||||
HSBC Holdings PLC | 224,000 | 220,506 | ||||||
HSBC Holdings PLC | 201,000 | 197,195 | ||||||
Lloyds Banking Group PLC | 211,000 | 208,482 | ||||||
Lloyds Banking Group PLC | 262,000 | 258,044 | ||||||
Macquarie Group, Ltd. | 100,000 | 92,601 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 244,000 | 236,270 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 100,000 | 100,133 | ||||||
Mizuho Financial Group, Inc. | 297,000 | 286,260 | ||||||
Mizuho Financial Group, Inc. | 858,000 | 854,132 | ||||||
Royal Bank of Scotland Group PLC | 200,000 | 195,121 | ||||||
Royal Bank of Scotland Group PLC | 201,000 | 196,658 | ||||||
Royal Bank of Scotland Group PLC | 400,000 | 399,948 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
UBS Group Funding Switzerland AG | $ | 625,000 | $ | 615,925 | ||||
UniCredit SpA | 746,000 | 679,646 | ||||||
5,694,229 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
GE Capital International Funding Co. ULC | 469,000 | 459,293 | ||||||
GE Capital International Funding Co. ULC | 449,000 | 432,662 | ||||||
891,955 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Siemens Financieringsmaatschappij NV | 398,000 | 393,532 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 207,000 | 194,545 | ||||||
Electric - Generation — 0.0% |
| |||||||
Electricite de France SA | 122,000 | 126,657 | ||||||
Electric - Integrated — 0.5% |
| |||||||
EDP Finance BV | 393,000 | 383,197 | ||||||
Enel Finance International NV | 600,000 | 538,938 | ||||||
Enel Finance International NV | 416,000 | 381,071 | ||||||
1,303,206 | ||||||||
Gold Mining — 0.1% |
| |||||||
Goldcorp, Inc. | 101,000 | 99,933 | ||||||
Kinross Gold Corp. | 156,000 | 143,130 | ||||||
243,063 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Athene Holding, Ltd. | 525,000 | 495,779 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 183,000 | 193,756 | ||||||
Insurance - Property/Casualty — 0.0% |
| |||||||
Enstar Group, Ltd. | 97,000 | 97,113 | ||||||
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery - Farming — 0.1% |
| |||||||
CNH Industrial NV | $ | 250,000 | $ | 238,241 | ||||
Machinery - Pumps — 0.1% |
| |||||||
Nvent Finance SARL | 175,000 | 172,426 | ||||||
Medical - Drugs — 0.1% |
| |||||||
Shire Acquisitions Investments Ireland DAC | 192,000 | 181,329 | ||||||
Oil Companies - Integrated — 0.5% |
| |||||||
BP Capital Markets PLC | 335,000 | 335,240 | ||||||
Cenovus Energy, Inc. | 270,000 | 259,995 | ||||||
Cenovus Energy, Inc. | 192,000 | 191,837 | ||||||
Petroleos Mexicanos | 478,000 | 451,662 | ||||||
1,238,734 | ||||||||
SupraNational Banks — 0.2% |
| |||||||
European Investment Bank | 498,000 | 487,322 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
Telecom Italia Capital SA | 972,000 | 1,076,490 | ||||||
Telefonica Emisiones SAU | 362,000 | 347,195 | ||||||
Telefonica Emisiones SAU | 204,000 | 204,989 | ||||||
1,628,674 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 140,000 | 172,919 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $20,065,113) | 19,410,903 | |||||||
U.S. GOVERNMENT AGENCIES — 39.0% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | 250,000 | 328,476 | ||||||
Federal Home Loan Mtg. Corp. — 14.2% |
| |||||||
2.50% due 01/01/2028 | 224,655 | 220,494 | ||||||
2.50% due 04/01/2028 | 552,629 | 542,396 | ||||||
2.50% due 03/01/2031 | 716,346 | 698,246 | ||||||
2.50% due 10/01/2032 | 933,729 | 910,022 | ||||||
3.00% due 08/01/2027 | 144,923 | 145,255 | ||||||
3.00% due 10/01/2042 | 489,638 | 479,525 | ||||||
3.00% due 11/01/2042 | 621,547 | 608,642 | ||||||
3.00% due 04/01/2043 | 703,817 | 688,599 | ||||||
3.00% due 05/01/2043 | 832,805 | 814,924 | ||||||
3.00% due 08/01/2043 | 655,152 | 640,986 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
3.00% due 07/01/2045 | $ | 881,564 | $ | 858,374 | ||||
3.00% due 10/01/2045 | 435,096 | 423,181 | ||||||
3.00% due 08/01/2046 | 2,614,307 | 2,540,621 | ||||||
3.50% due 01/01/2032 | 1,631,554 | 1,656,864 | ||||||
3.50% due 11/01/2041 | 594,587 | 597,961 | ||||||
3.50% due 03/01/2042 | 198,903 | 200,036 | ||||||
3.50% due 04/01/2042 | 1,113,985 | 1,120,325 | ||||||
3.50% due 06/01/2042 | 1,362,623 | 1,370,380 | ||||||
3.50% due 08/01/2042 | 261,159 | 262,644 | ||||||
3.50% due 03/01/2045 | 955,195 | 957,243 | ||||||
3.50% due 07/01/2045 | 1,187,910 | 1,190,255 | ||||||
3.50% due 08/01/2045 | 703,401 | 704,789 | ||||||
3.50% due 11/01/2045 | 459,315 | 460,221 | ||||||
3.50% due 12/01/2046 | 884,477 | 883,871 | ||||||
3.50% due 11/01/2047 | 6,546,803 | 6,536,338 | ||||||
4.00% due 09/01/2040 | 293,437 | 302,585 | ||||||
4.00% due 10/01/2045 | 855,263 | 878,007 | ||||||
4.00% due 11/01/2045 | 987,492 | 1,013,742 | ||||||
4.50% due 04/01/2044 | 164,462 | 171,951 | ||||||
4.50% due 09/01/2044 | 1,325,584 | 1,385,943 | ||||||
4.50% due 03/01/2046 | 249,885 | 261,064 | ||||||
5.00% due 10/01/2033 | 564 | 603 | ||||||
5.00% due 06/01/2039 | 380,373 | 408,256 | ||||||
5.00% due 11/01/2043 | 486,555 | 521,134 | ||||||
5.50% due 11/01/2018 | 733 | 734 | ||||||
5.50% due 02/01/2035 | 70,260 | 75,351 | ||||||
6.00% due 10/01/2033 | 96,928 | 106,677 | ||||||
6.00% due 03/01/2040 | 597 | 663 | ||||||
6.50% due 02/01/2035 | 1,855 | 2,087 | ||||||
6.50% due 01/01/2036 | 12,326 | 13,873 | ||||||
6.75% due 09/15/2029 | 500,000 | 669,298 | ||||||
6.75% due 03/15/2031 | 250,000 | 343,268 | ||||||
Federal Home Loan Mtg. Corp. FRS | 50,593 | 52,192 | ||||||
3.93% (12 ML+1.89%) due 11/01/2037 | 432,001 | 454,708 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4740, Class BA | 779,865 | 769,681 | ||||||
Series 3820, Class DA | 691,806 | 699,716 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 236,581 | 24,078 | ||||||
Federal Home Loan Mtg. Corp. | 805,062 | 810,932 | ||||||
Series 2015-DNA1, Class M2 | 300,000 | 306,006 | ||||||
Series 2014-DN1, Class M2 | 457,578 | 471,343 | ||||||
Series 2014-HQ2, Class M2 | 614,402 | 631,708 | ||||||
Series 2016-HQA1, Class M2 | 381,143 | 389,984 |
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Series 2015-HQA2, Class M2 | $ | 28,278 | $ | 29,084 | ||||
36,306,860 | ||||||||
Federal National Mtg. Assoc. — 21.5% |
| |||||||
2.50% due 04/01/2028 | 325,217 | 319,424 | ||||||
2.50% due 01/01/2032 | 749,701 | 731,239 | ||||||
3.00% due 10/01/2027 | 87,061 | 87,179 | ||||||
3.00% due 12/01/2027 | 742,261 | 743,041 | ||||||
3.00% due 01/01/2028 | 637,596 | 638,458 | ||||||
3.00% due 10/01/2030 | 533,712 | 533,120 | ||||||
3.00% due 07/01/2032 | 356,754 | 355,259 | ||||||
3.00% due 10/01/2032 | 2,408,088 | 2,398,734 | ||||||
3.00% due 03/01/2042 | 708,409 | 694,072 | ||||||
3.00% due 12/01/2042 | 698,090 | 683,916 | ||||||
3.00% due 02/01/2045 | 603,073 | 588,140 | ||||||
3.00% due 09/01/2046 | 100,902 | 98,090 | ||||||
3.00% due 01/01/2047 | 1,424,519 | 1,384,758 | ||||||
3.00% due 02/01/2048 | 4,296,817 | 4,175,981 | ||||||
3.50% due 08/01/2026 | 145,484 | 147,605 | ||||||
3.50% due 09/01/2026 | 42,400 | 43,024 | ||||||
3.50% due 08/01/2027 | 44,793 | 45,446 | ||||||
3.50% due 10/01/2028 | 456,203 | 463,247 | ||||||
3.50% due 03/01/2033 | 1,566,360 | 1,589,930 | ||||||
3.50% due 12/01/2041 | 416,974 | 419,039 | ||||||
3.50% due 08/01/2042 | 1,284,744 | 1,287,296 | ||||||
3.50% due 07/01/2045 | 473,883 | 474,168 | ||||||
3.50% due 08/01/2045 | 545,382 | 545,715 | ||||||
3.50% due 09/01/2045 | 467,591 | 467,877 | ||||||
3.50% due 10/01/2045 | 725,497 | 726,165 | ||||||
3.50% due 11/01/2045 | 352,721 | 352,990 | ||||||
3.50% due 12/01/2045 | 2,577,502 | 2,579,076 | ||||||
3.50% due 02/01/2046 | 767,445 | 767,913 | ||||||
3.50% due 03/01/2046 | 416,999 | 417,254 | ||||||
3.50% due 07/01/2046 | 1,772,871 | 1,774,356 | ||||||
3.50% due 01/01/2047 | 2,679,844 | 2,681,482 | ||||||
4.00% due 07/01/2040 | 167,225 | 171,572 | ||||||
4.00% due 10/01/2040 | 79,805 | 82,179 | ||||||
4.00% due 12/01/2040 | 1,127,115 | 1,160,771 | ||||||
4.00% due 10/01/2041 | 503,335 | 518,368 | ||||||
4.00% due 11/01/2041 | 520,110 | 535,634 | ||||||
4.00% due 01/01/2043 | 598,387 | 616,465 | ||||||
4.00% due 10/01/2043 | 781,699 | 804,161 | ||||||
4.00% due 10/01/2044 | 1,056,259 | 1,082,215 | ||||||
4.00% due 02/01/2045 | 1,220,964 | 1,255,587 | ||||||
4.00% due 06/01/2046 | 355,855 | 364,004 | ||||||
4.00% due 01/01/2047 | 706,727 | 723,094 | ||||||
4.00% due 05/01/2047 | 907,505 | 928,766 | ||||||
4.00% due 07/01/2047 | 2,699,231 | 2,762,610 | ||||||
4.00% due 08/01/2047 | 1,777,035 | 1,819,036 | ||||||
4.50% due 11/01/2022 | 61,366 | 62,126 | ||||||
4.50% due 10/01/2024 | 190,684 | 197,547 | ||||||
4.50% due 11/01/2040 | 170,007 | 179,357 | ||||||
4.50% due 12/01/2040 | 309,806 | 326,832 | ||||||
4.50% due 05/01/2041 | 238,301 | 251,330 | ||||||
4.50% due 08/01/2045 | 2,306,846 | 2,444,152 | ||||||
4.50% due 04/01/2047 | 771,140 | 806,165 | ||||||
4.50% due 11/01/2047 | 2,983,730 | 3,122,655 | ||||||
5.00% due 10/01/2033 | 2,591 | 2,778 | ||||||
5.00% due 03/01/2034 | 41,708 | 44,671 | ||||||
5.00% due 05/01/2040 | 96,145 | 103,209 | ||||||
5.00% due 06/01/2040 | 60,033 | 64,433 | ||||||
5.00% due 02/01/2045 | 325,983 | 350,604 | ||||||
5.50% due 12/01/2029 | 68,531 | 73,569 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
5.50% due 04/01/2033 | $ | 57,955 | $ | 63,074 | ||||
5.50% due 12/01/2033 | 49,696 | 53,995 | ||||||
5.50% due 07/01/2037 | 264,318 | 286,149 | ||||||
5.50% due 08/01/2037 | 194,813 | 211,395 | ||||||
5.50% due 06/01/2038 | 26,225 | 28,462 | ||||||
6.00% due 12/01/2020 | 2,048 | 2,087 | ||||||
6.00% due 12/01/2036 | 342,106 | 378,951 | ||||||
6.00% due 11/01/2038 | 96,556 | 106,975 | ||||||
6.00% due 06/01/2040 | 73,107 | 81,015 | ||||||
6.50% due 10/01/2037 | 27,373 | 30,450 | ||||||
Federal National Mtg. Assoc. FRS | 345,909 | 358,254 | ||||||
3.43% (12 ML+1.57%) | 70,481 | 73,615 | ||||||
3.44% (1 Yr USTYCR+2.19%) | 395,120 | 417,422 | ||||||
3.57% (12 ML+1.82%) | 78,312 | 82,348 | ||||||
3.58% (12 ML+1.83%) | 230,542 | 242,399 | ||||||
3.58% (12 ML+1.77%) | 414,547 | 434,573 | ||||||
3.58% (1 Yr USTYCR+2.26%) | 166,371 | 175,766 | ||||||
3.70% (12 ML+1.66%) | 298,824 | 313,272 | ||||||
3.79% (12 ML+1.91%) | 212,973 | 225,264 | ||||||
Federal National Mtg. Assoc. REMIC | 483,284 | 478,098 | ||||||
Series 2017-100, Class NP | 297,381 | 286,980 | ||||||
Series 2018-27, Class EA | 1,389,743 | 1,350,124 | ||||||
54,748,552 | ||||||||
Government National Mtg. Assoc. — 3.1% |
| |||||||
3.00% due 02/20/2045 | 574,682 | 568,523 | ||||||
3.00% due 05/20/2045 | 444,024 | 437,617 | ||||||
3.00% due 07/20/2045 | 73,465 | 72,405 | ||||||
3.00% due 11/20/2045 | 1,487,479 | 1,466,015 | ||||||
3.00% due 12/20/2045 | 697,307 | 687,244 | ||||||
3.00% due 09/20/2047 | 2,155,436 | 2,114,163 | ||||||
3.50% due 03/20/2045 | 389,962 | 393,304 | ||||||
3.50% due 04/20/2045 | 747,236 | 753,640 | ||||||
3.50% due 07/20/2045 | 162,788 | 164,183 | ||||||
3.50% due 03/20/2047 | 604,804 | 608,911 | ||||||
4.00% due 07/20/2045 | 232,684 | 240,839 | ||||||
4.00% due 10/20/2045 | 100,692 | 104,214 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 188,279 | ||||||
7,799,337 | ||||||||
Tennessee Valley Authority — 0.1% |
| |||||||
1.75% due 10/15/2018 | 143,000 | 142,859 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $101,583,451) | 99,326,084 | |||||||
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 21.8% |
| |||||||
United States Treasury Bonds — 5.6% |
| |||||||
2.25% due 08/15/2046 | $ | 450,000 | $ | 387,176 | ||||
2.75% due 11/15/2042 | 423,000 | 406,906 | ||||||
2.75% due 08/15/2047 | 1,000,000 | 953,750 | ||||||
2.75% due 11/15/2047# | 41,000 | 39,099 | ||||||
2.88% due 08/15/2045# | 57,000 | 55,871 | ||||||
2.88% due 11/15/2046# | 748,000 | 732,017 | ||||||
3.00% due 05/15/2045 | 1,500,000 | 1,506,035 | ||||||
3.00% due 11/15/2045 | 2,800,000 | 2,809,844 | ||||||
3.00% due 05/15/2047 | 1,500,000 | 1,503,867 | ||||||
3.13% due 11/15/2041 | 2,398,000 | 2,464,788 | ||||||
3.13% due 02/15/2042 | 408,000 | 419,348 | ||||||
3.63% due 02/15/2044 | 700,000 | 781,375 | ||||||
3.88% due 08/15/2040 | 174,000 | 200,481 | ||||||
4.25% due 05/15/2039 | 267,000 | 322,580 | ||||||
4.38% due 05/15/2040 | 200,000 | 246,484 | ||||||
4.75% due 02/15/2037 | 587,000 | 745,765 | ||||||
5.00% due 05/15/2037 | 159,000 | 208,073 | ||||||
5.25% due 11/15/2028 | 404,000 | 492,059 | ||||||
8.13% due 08/15/2019 | 92,000 | 98,329 | ||||||
14,373,847 | ||||||||
United States Treasury Notes — 16.2% |
| |||||||
0.75% due 10/31/2018 | 1,635,000 | 1,626,186 | ||||||
1.13% due 02/28/2021 | 160,000 | 154,113 | ||||||
1.38% due 07/31/2018 | 809,000 | 808,407 | ||||||
1.38% due 02/28/2019 | 8,412,000 | 8,359,425 | ||||||
1.38% due 01/31/2020 | 996,000 | 979,854 | ||||||
1.38% due 08/31/2020 | 1,000,000 | 976,328 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,294,213 | ||||||
1.63% due 08/31/2022 | 2,000,000 | 1,919,062 | ||||||
1.63% due 05/15/2026 | 427,000 | 390,955 | ||||||
1.75% due 09/30/2022 | 5,287,000 | 5,094,314 | ||||||
2.00% due 02/15/2025 | 1,800,000 | 1,715,836 | ||||||
2.00% due 11/15/2026 | 3,840,000 | 3,601,950 | ||||||
2.13% due 02/29/2024 | 2,500,000 | 2,421,191 | ||||||
2.13% due 07/31/2024 | 1,882,000 | 1,816,277 | ||||||
2.25% due 11/15/2024# | 620,000 | 601,473 | ||||||
2.25% due 08/15/2027# | 1,200,000 | 1,143,281 | ||||||
2.25% due 11/15/2027 | 1,520,000 | 1,446,375 | ||||||
2.38% due 04/30/2020 | 1,000,000 | 999,336 | ||||||
2.38% due 01/31/2023 | 450,000 | 444,445 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 2,961,680 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,088 | ||||||
3.63% due 08/15/2019 | 27,000 | 27,420 | ||||||
4.00% due 08/15/2018 | 1,403,000 | 1,409,016 | ||||||
41,202,225 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $56,587,701) | 55,576,072 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.3% |
| |||||||
Sovereign — 0.3% |
| |||||||
Oriental Republic of Uruguay | 130,000 | 125,125 | ||||||
Republic of Chile | 217,000 | 207,886 | ||||||
Republic of Panama | 200,000 | 193,500 | ||||||
United Mexican States | 215,000 | 187,695 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $758,791) | 714,206 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.0% |
| |||||||
Entergy Louisiana LLC 4.70%# | $ | 7,100 | $ | 169,903 | ||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. 6.13%# | 8,425 | 172,460 | ||||||
Total Preferred Securities | ||||||||
(cost $388,087) | 342,363 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.3% |
| |||||||
Banks - Commercial — 0.3% |
| |||||||
Bank of Nova Scotia | 560,000 | 516,712 | ||||||
Cooperatieve Rabobank UA | 196,000 | 209,965 | ||||||
726,677 | ||||||||
Banks - Super Regional — 0.2% |
| |||||||
Huntington Bancshares, Inc. | 192,000 | 190,181 | ||||||
SunTrust Banks, Inc. | 376,000 | 369,890 | ||||||
Wells Fargo Capital X | 89,000 | 94,762 | ||||||
654,833 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
HSBC Holdings PLC | 351,000 | 336,082 | ||||||
HSBC Holdings PLC | 597,000 | 597,597 | ||||||
JPMorgan Chase & Co. | 450,000 | 417,960 | ||||||
JPMorgan Chase & Co. | 271,000 | 279,808 | ||||||
1,631,447 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. | 142,000 | 150,340 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Finance - Other Services — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 199,000 | 202,939 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
Hanwha Life Insurance Co., Ltd. | 447,000 | 432,478 | ||||||
Prudential Financial, Inc. | 118,000 | 110,478 | ||||||
Prudential Financial, Inc. | 260,000 | 270,400 | ||||||
813,356 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
MetLife, Inc. | 261,000 | 281,097 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 183,000 | 183,000 | ||||||
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount/Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Pipelines — 0.3% |
| |||||||
Enbridge, Inc. | $ | 321,000 | $ | 296,524 | ||||
Enterprise Products Operating LLC | 159,000 | 151,845 | ||||||
Enterprise Products Operating LLC | 140,000 | 131,950 | ||||||
TransCanada Trust | 141,000 | 134,037 | ||||||
TransCanada Trust | 108,000 | 105,840 | ||||||
820,196 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. | 396,000 | 399,960 | ||||||
Total Preferred Securities/Capital Securities | 5,863,853 | |||||||
Total Long-Term Investment Securities | 247,933,072 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.5% |
| |||||||
Registered Investment Companies — 3.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5,358,025 | 5,358,024 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,577,298 | 3,577,298 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,935,322) | 8,935,322 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $261,819,659)(11) | 100.7 | % | 256,868,394 | |||||
Liabilities in excess of other assets | (0.7 | ) | (1,784,111 | ) | ||||
NET ASSETS | 100.0 | % | $ | 255,084,283 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $22,341,050 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) | 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. |
(4) | Securities classified as Level 3 (see Note 2). |
(5) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $28 representing 0.0% of net assets. |
(6) | Interest Only |
(7) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2018. |
(8) | Perpetual maturity — maturity date reflects the next call date. |
(9) | At May 31, 2018, the Fund had loaned securities with a total value of $10,232,245. This was secured by collateral of $3,577,298, which was received in cash and subsequently invested in short-term investments currently valued at $3,577,298 as reported in the Portfolio of Investments. Additional collateral of $6,928,277 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.00% to 25.72% | 06/15/2018 to 05/01/2048 | $ | 649,869 | ||||
Federal National Mtg. Assoc. | 1.25% to 16.32% | 06/25/2018 to 06/25/2048 | 852,939 | |||||
Government National Mtg. Assoc. | 1.11% to 27.85% | 11/20/2026 to 11/20/2067 | 1,201,716 | |||||
United States Treasury Bills | 0.00% | 07/05/2018 to 08/30/2018 | 174,427 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.38% | 10/15/2018 to 02/15/2047 | 4,049,326 |
(10) | The rate shown is the 7-day yield as of May 31, 2018. |
(11) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
REMIC—Real Estate Mortgage Investment Conduit
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of May 31, 2018, 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
The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 7,472,223 | $ | — | $ | 7,472,223 | ||||||||
U.S Corporate Bonds & Notes: | ||||||||||||||||
Finance - Investment Banker/Broker | 320,341 | 20 | 320,361 | |||||||||||||
Other Industries | — | 58,907,007 | — | 58,907,007 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 19,410,903 | — | 19,410,903 | ||||||||||||
U.S. Government Agencies | — | 99,326,084 | — | 99,326,084 | ||||||||||||
U.S. Government Treasuries | — | 55,576,072 | — | 55,576,072 | ||||||||||||
Foreign Government Obligations | — | 714,206 | — | 714,206 | ||||||||||||
Preferred Securities | 342,363 | — | — | 342,363 |
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Preferred Securities/Capital Securities: | ||||||||||||||||
Finance - Investment Banker/Broker | $ | — | $ | — | $ | 8 | $ | 8 | ||||||||
Other Industries | — | 5,863,845 | — | 5,863,845 | ||||||||||||
Short-Term Investment Securities | 8,935,322 | — | — | 8,935,322 | ||||||||||||
Total Investments at Value | $ | 9,277,685 | $ | 247,590,681 | $ | 28 | $ | 256,868,394 | ||||||||
* | 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
43 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 6.7 | % | ||
Medical — HMO | 6.0 | |||
Oil Companies — Integrated | 5.9 | |||
Computers | 5.6 | |||
Applications Software | 4.9 | |||
Web Portals/ISP | 4.6 | |||
Computer Services | 4.4 | |||
Medical — Drugs | 4.1 | |||
Retail — Building Products | 4.0 | |||
Banks — Super Regional | 3.7 | |||
Medical — Biomedical/Gene | 3.5 | |||
Electric — Integrated | 2.9 | |||
Building — Residential/Commercial | 2.8 | |||
Networking Products | 2.7 | |||
Cable/Satellite TV | 2.3 | |||
Enterprise Software/Service | 2.2 | |||
Tobacco | 2.1 | |||
Transport — Rail | 2.1 | |||
Retail — Discount | 2.1 | |||
Chemicals — Diversified | 2.1 | |||
Medical Labs & Testing Services | 1.9 | |||
E-Services/Consulting | 1.8 | |||
Retail — Apparel/Shoe | 1.7 | |||
Airlines | 1.5 | |||
Electronic Measurement Instruments | 1.4 | |||
Medical Products | 1.4 | |||
Finance — Investment Banker/Broker | 1.3 | |||
Food — Confectionery | 1.2 | |||
Cruise Lines | 1.1 | |||
Containers — Paper/Plastic | 1.1 | |||
Pharmacy Services | 1.0 | |||
Insurance — Multi-line | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Finance — Consumer Loans | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Electronic Components — Misc. | 0.8 | |||
Banks — Commercial | 0.8 | |||
Metal — Copper | 0.8 | |||
Metal — Diversified | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Finance — Auto Loans | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Financial Guarantee Insurance | 0.5 | |||
Batteries/Battery Systems | 0.2 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
44 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% |
| |||||||
Airlines — 1.5% |
| |||||||
Delta Air Lines, Inc. | 69,925 | $ | 3,779,446 | |||||
Applications Software — 4.9% |
| |||||||
Microsoft Corp. | 125,575 | 12,411,833 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Allison Transmission Holdings, Inc. | 40,337 | 1,666,321 | ||||||
Banks - Commercial — 0.8% |
| |||||||
Regions Financial Corp. | 113,120 | 2,063,309 | ||||||
Banks - Super Regional — 3.7% |
| |||||||
SunTrust Banks, Inc. | 70,962 | 4,790,644 | ||||||
US Bancorp | 89,121 | 4,455,159 | ||||||
9,245,803 | ||||||||
Batteries/Battery Systems — 0.2% |
| |||||||
Energizer Holdings, Inc.# | 10,491 | 637,223 | ||||||
Building - Residential/Commercial — 2.8% |
| |||||||
D.R. Horton, Inc. | 113,908 | 4,808,057 | ||||||
Lennar Corp., Class A | 18,947 | 980,318 | ||||||
NVR, Inc.† | 421 | 1,259,017 | ||||||
7,047,392 | ||||||||
Cable/Satellite TV — 2.3% |
| |||||||
Comcast Corp., Class A | 186,373 | 5,811,110 | ||||||
Chemicals - Diversified — 2.1% |
| |||||||
DowDuPont, Inc. | 81,606 | 5,231,761 | ||||||
Computer Services — 4.4% |
| |||||||
Amdocs, Ltd. | 30,881 | 2,083,232 | ||||||
Cognizant Technology Solutions Corp., Class A | 72,169 | 5,437,934 | ||||||
Dell Technologies, Inc., Class V† | 44,658 | 3,602,115 | ||||||
11,123,281 | ||||||||
Computers — 5.6% |
| |||||||
Apple, Inc. | 75,692 | 14,144,564 | ||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Packaging Corp. of America | 24,155 | 2,838,213 | ||||||
Cruise Lines — 1.1% |
| |||||||
Carnival Corp. | 46,081 | 2,869,925 | ||||||
Distribution/Wholesale — 0.9% |
| |||||||
KAR Auction Services, Inc. | 44,419 | 2,343,991 | ||||||
Diversified Banking Institutions — 6.7% |
| |||||||
Bank of America Corp. | 234,494 | 6,809,706 | ||||||
Citigroup, Inc. | 25,511 | 1,701,328 | ||||||
JPMorgan Chase & Co. | 78,762 | 8,428,322 | ||||||
16,939,356 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
General Electric Co. | 154,979 | 2,182,104 | ||||||
E-Services/Consulting — 1.8% |
| |||||||
CDW Corp. | 55,975 | 4,480,799 | ||||||
Electric - Integrated — 2.9% |
| |||||||
FirstEnergy Corp.# | 122,748 | 4,224,986 | ||||||
PG&E Corp. | 70,371 | 3,049,176 | ||||||
7,274,162 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Flex, Ltd.† | 150,408 | 2,089,167 | ||||||
Electronic Measurement Instruments — 1.4% |
| |||||||
Fortive Corp. | 50,489 | 3,670,045 | ||||||
Enterprise Software/Service — 2.2% |
| |||||||
Oracle Corp. | 117,159 | 5,473,668 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Auto Loans — 0.6% |
| |||||||
Ally Financial, Inc. | 64,335 | $ | 1,650,193 | |||||
Finance - Consumer Loans — 0.9% |
| |||||||
SLM Corp.† | 194,179 | 2,219,466 | ||||||
Finance - Investment Banker/Broker — 1.3% |
| |||||||
E*TRADE Financial Corp.† | 53,011 | 3,358,247 | ||||||
Financial Guarantee Insurance — 0.5% |
| |||||||
Assured Guaranty, Ltd. | 37,084 | 1,316,111 | ||||||
Food - Confectionery — 1.2% |
| |||||||
J.M. Smucker Co. | 27,791 | 2,987,533 | ||||||
Insurance - Multi-line — 0.9% |
| |||||||
Hartford Financial Services Group, Inc. | 46,090 | 2,411,890 | ||||||
Medical Labs & Testing Services — 1.9% |
| |||||||
Laboratory Corp. of America Holdings† | 26,685 | 4,819,044 | ||||||
Medical Products — 1.4% |
| |||||||
Baxter International, Inc. | 51,535 | 3,650,739 | ||||||
Medical - Biomedical/Gene — 3.5% |
| |||||||
Biogen, Inc.† | 19,103 | 5,615,518 | ||||||
Gilead Sciences, Inc. | 47,892 | 3,227,921 | ||||||
8,843,439 | ||||||||
Medical - Drugs — 4.1% |
| |||||||
Novo Nordisk A/S ADR | 64,020 | 3,043,511 | ||||||
Pfizer, Inc. | 203,237 | 7,302,305 | ||||||
10,345,816 | ||||||||
Medical - HMO — 6.0% |
| |||||||
Centene Corp.† | 27,613 | 3,235,139 | ||||||
Humana, Inc. | 19,593 | 5,701,171 | ||||||
UnitedHealth Group, Inc. | 25,579 | 6,177,585 | ||||||
15,113,895 | ||||||||
Metal - Copper — 0.8% |
| |||||||
Freeport-McMoRan, Inc. | 114,986 | 1,943,263 | ||||||
Metal - Diversified — 0.7% |
| |||||||
Rio Tinto PLC ADR | 30,283 | 1,717,046 | ||||||
Networking Products — 2.7% |
| |||||||
Cisco Systems, Inc. | 159,577 | 6,815,534 | ||||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
Marathon Oil Corp. | 67,961 | 1,456,404 | ||||||
Oil Companies - Integrated — 5.9% |
| |||||||
BP PLC ADR | 69,997 | 3,207,262 | ||||||
Chevron Corp. | 43,986 | 5,467,460 | ||||||
Suncor Energy, Inc. | 138,800 | 5,521,464 | ||||||
TOTAL SA ADR | 11,352 | 688,499 | ||||||
14,884,685 | ||||||||
Pharmacy Services — 1.0% |
| |||||||
CVS Health Corp. | 41,996 | 2,662,126 | ||||||
Retail - Apparel/Shoe — 1.7% |
| |||||||
Urban Outfitters, Inc.† | 101,626 | 4,221,544 | ||||||
Retail - Building Products — 4.0% |
| |||||||
Home Depot, Inc. | 19,621 | 3,660,298 | ||||||
Lowe’s Cos., Inc. | 68,214 | 6,481,012 | ||||||
10,141,310 | ||||||||
Retail - Discount — 2.1% |
| |||||||
Walmart, Inc. | 63,969 | 5,280,001 | ||||||
Tobacco — 2.1% |
| |||||||
Altria Group, Inc. | 96,985 | 5,405,944 | ||||||
45 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Rail — 2.1% |
| |||||||
Norfolk Southern Corp. | 35,285 | $ | 5,350,970 | |||||
Web Portals/ISP — 4.6% |
| |||||||
Alphabet, Inc., Class A† | 5,242 | 5,766,200 | ||||||
Alphabet, Inc., Class C† | 5,324 | 5,776,487 | ||||||
11,542,687 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $197,801,982) | 251,461,360 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $197,801,982)(1) | 99.4 | % | 251,461,360 | |||||
Other assets less liabilities | 0.6 | 1,499,153 | ||||||
NET ASSETS | 100.0 | % | $ | 252,960,513 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2018, the Fund had loaned securities with total value of $4,190,624. This was secured by collateral of $4,270,929 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 2,037,455 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 825,030 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 542,478 | |||||
United States Treasury Bills | 0.00% | 07/26/2018 to 11/08/2018 | 18,495 | |||||
United States Treasury Notes/Bonds | zero coupon to 6.63% | 07/15/2018 to 11/15/2046 | 847,471 |
† | 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 May 31, 2018 (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 | $ | 251,461,360 | $ | — | $ | — | $ | 251,461,360 | ||||||||
Total Investments at Value | $ | 251,461,360 | $ | — | $ | — | $ | 251,461,360 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
46 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 8.8 | % | ||
Medical — Drugs | 7.7 | |||
Oil Companies — Integrated | 7.3 | |||
Retail — Apparel/Shoe | 4.6 | |||
Food — Misc./Diversified | 4.0 | |||
Banks — Super Regional | 3.5 | |||
Enterprise Software/Service | 3.5 | |||
Medical — HMO | 3.3 | |||
Time Deposits | 3.1 | |||
Electric — Integrated | 3.0 | |||
Tobacco | 2.8 | |||
Telephone — Integrated | 2.7 | |||
Chemicals — Diversified | 2.2 | |||
Diversified Manufacturing Operations | 2.1 | |||
Cosmetics & Toiletries | 2.0 | |||
Networking Products | 1.9 | |||
Medical — Wholesale Drug Distribution | 1.9 | |||
Commercial Services — Finance | 1.8 | |||
Beverages — Non-alcoholic | 1.8 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Insurance — Multi-line | 1.7 | |||
Advertising Agencies | 1.6 | |||
Applications Software | 1.6 | |||
Multimedia | 1.6 | |||
Computers | 1.5 | |||
Pharmacy Services | 1.5 | |||
Computer Services | 1.4 | |||
Commercial Services | 1.3 | |||
Consumer Products — Misc. | 1.2 | |||
Medical — Biomedical/Gene | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Electronic Components — Misc. | 1.0 | |||
Cable/Satellite TV | 0.9 | |||
Retail — Misc./Diversified | 0.9 | |||
Medical Instruments | 0.9 | |||
Beverages — Wine/Spirits | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Instruments — Controls | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Pipelines | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Registered Investment Companies | 0.7 | |||
Wireless Equipment | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Building Products — Cement | 0.5 | |||
Insurance Brokers | 0.5 | |||
E-Services/Consulting | 0.4 | |||
Retail — Building Products | 0.4 | |||
Transport — Rail | 0.4 | |||
Food — Retail | 0.4 | |||
Electronic Components — Semiconductors | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Toys | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Paper & Related Products | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Retail — Discount | 0.2 | |||
Telecom Services | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Building & Construction — Misc. | 0.1 | |||
Advertising Services | 0.1 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
47 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Advertising Agencies — 1.6% |
| |||||||
Interpublic Group of Cos., Inc. | 119,110 | $ | 2,691,886 | |||||
Omnicom Group, Inc.# | 165,200 | 11,907,616 | ||||||
14,599,502 | ||||||||
Advertising Services — 0.1% |
| |||||||
Publicis Groupe SA | 12,480 | 871,877 | ||||||
Aerospace/Defense — 0.7% |
| |||||||
Lockheed Martin Corp. | 6,230 | 1,959,584 | ||||||
Northrop Grumman Corp. | 13,745 | 4,498,051 | ||||||
6,457,635 | ||||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 143,095 | 14,143,510 | ||||||
Banks - Super Regional — 3.5% |
| |||||||
KeyCorp | 130,460 | 2,536,142 | ||||||
SunTrust Banks, Inc. | 87,723 | 5,922,180 | ||||||
US Bancorp | 139,610 | 6,979,104 | ||||||
Wells Fargo & Co. | 294,995 | 15,926,780 | ||||||
31,364,206 | ||||||||
Beverages - Non-alcoholic — 1.8% |
| |||||||
Coca-Cola Co. | 250,438 | 10,768,834 | ||||||
Dr Pepper Snapple Group, Inc. | 23,680 | 2,825,024 | ||||||
PepsiCo, Inc. | 25,030 | 2,509,257 | ||||||
16,103,115 | ||||||||
Beverages - Wine/Spirits — 0.8% |
| |||||||
Diageo PLC | 200,845 | 7,377,316 | ||||||
Building & Construction - Misc. — 0.1% |
| |||||||
nVent Electric PLC† | 33,020 | 894,182 | ||||||
Building Products - Cement — 0.5% |
| |||||||
CRH PLC | 112,910 | 4,151,231 | ||||||
Cable/Satellite TV — 0.9% | ||||||||
Comcast Corp., Class A | 251,720 | 7,848,630 | ||||||
Chemicals - Diversified — 2.2% |
| |||||||
DowDuPont, Inc. | 94,955 | 6,087,565 | ||||||
LyondellBasell Industries NV, Class A | 115,613 | 12,962,530 | ||||||
19,050,095 | ||||||||
Commercial Services — 1.3% |
| |||||||
Nielsen Holdings PLC | 391,730 | 11,818,494 | ||||||
Commercial Services - Finance — 1.8% |
| |||||||
Experian PLC | 161,850 | 3,963,156 | ||||||
H&R Block, Inc.# | 444,590 | 12,203,996 | ||||||
16,167,152 | ||||||||
Computer Services — 1.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 24,950 | 1,879,982 | ||||||
International Business Machines Corp. | 75,131 | 10,616,762 | ||||||
12,496,744 | ||||||||
Computers — 1.5% |
| |||||||
HP, Inc. | 532,197 | 11,724,300 | ||||||
Lenovo Group, Ltd.# | 3,458,000 | 1,826,601 | ||||||
13,550,901 | ||||||||
Consumer Products - Misc. — 1.2% |
| |||||||
Kimberly-Clark Corp. | 102,602 | 10,347,412 | ||||||
Cosmetics & Toiletries — 2.0% |
| |||||||
Procter & Gamble Co. | 187,588 | 13,725,814 | ||||||
Unilever NV | 72,075 | 4,019,623 | ||||||
17,745,437 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 8.8% |
| |||||||
Bank of America Corp. | 753,950 | $ | 21,894,708 | |||||
Citigroup, Inc. | 271,190 | 18,085,661 | ||||||
Goldman Sachs Group, Inc. | 28,430 | 6,421,768 | ||||||
JPMorgan Chase & Co. | 210,105 | 22,483,336 | ||||||
Morgan Stanley | 182,540 | 9,152,556 | ||||||
78,038,029 | ||||||||
Diversified Manufacturing Operations — 2.1% |
| |||||||
3M Co. | 13,495 | 2,661,619 | ||||||
General Electric Co. | 997,229 | 14,040,984 | ||||||
Pentair PLC | 33,020 | 1,440,993 | ||||||
18,143,596 | ||||||||
E-Services/Consulting — 0.4% |
| |||||||
CDW Corp. | 48,610 | 3,891,231 | ||||||
Electric - Integrated — 3.0% |
| |||||||
Edison International | 23,946 | 1,488,483 | ||||||
FirstEnergy Corp.# | 187,550 | 6,455,471 | ||||||
NextEra Energy, Inc. | 35,068 | 5,814,625 | ||||||
PG&E Corp. | 140,820 | 6,101,731 | ||||||
Public Service Enterprise Group, Inc. | 119,543 | 6,333,388 | ||||||
26,193,698 | ||||||||
Electronic Components - Misc. — 1.0% |
| |||||||
Koninklijke Philips NV | 208,790 | 8,524,900 | ||||||
Electronic Components - Semiconductors — 0.3% |
| |||||||
Samsung Electronics Co., Ltd. GDR | 2,411 | 2,859,812 | ||||||
Enterprise Software/Service — 3.5% |
| |||||||
CA, Inc. | 337,904 | 12,076,689 | ||||||
Constellation Software, Inc. | 4,422 | 3,482,828 | ||||||
Oracle Corp. | 337,030 | 15,746,042 | ||||||
31,305,559 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 48,960 | 2,723,155 | ||||||
Food - Dairy Products — 0.2% |
| |||||||
Danone SA | 17,590 | 1,342,151 | ||||||
Food - Misc./Diversified — 4.0% |
| |||||||
Campbell Soup Co.# | 249,571 | 8,395,568 | ||||||
General Mills, Inc. | 280,515 | 11,862,979 | ||||||
Kellogg Co.# | 238,735 | 15,372,147 | ||||||
35,630,694 | ||||||||
Food - Retail — 0.4% |
| |||||||
Kroger Co. | 131,870 | 3,208,397 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Honeywell International, Inc. | 44,205 | 6,538,362 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Marsh & McLennan Cos., Inc. | 49,910 | 4,011,267 | ||||||
Insurance - Life/Health — 0.8% |
| |||||||
Brighthouse Financial, Inc.†# | 11,850 | 558,254 | ||||||
Lincoln National Corp. | 23,880 | 1,583,005 | ||||||
Prudential Financial, Inc. | 46,930 | 4,544,701 | ||||||
6,685,960 | ||||||||
Insurance - Multi-line — 1.7% |
| |||||||
MetLife, Inc. | 320,803 | 14,753,730 | ||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Travelers Cos., Inc. | 47,150 | 6,059,718 | ||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
AXA Equitable Holdings, Inc.† | 82,670 | 1,765,831 | ||||||
48 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.9% |
| |||||||
Medtronic PLC | 87,780 | $ | 7,577,170 | |||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Quest Diagnostics, Inc. | 23,065 | 2,457,114 | ||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Gilead Sciences, Inc. | 144,356 | 9,729,594 | ||||||
Medical - Drugs — 7.7% |
| |||||||
AstraZeneca PLC | 140,990 | 10,291,200 | ||||||
Bayer AG | 23,650 | 2,814,518 | ||||||
Merck & Co., Inc. | 323,854 | 19,279,029 | ||||||
Novo Nordisk A/S ADR | 86,690 | 4,121,242 | ||||||
Pfizer, Inc. | 880,211 | 31,625,981 | ||||||
68,131,970 | ||||||||
Medical - HMO — 3.3% |
| |||||||
Aetna, Inc. | 48,723 | 8,581,582 | ||||||
Anthem, Inc. | 53,827 | 11,918,374 | ||||||
Humana, Inc. | 8,320 | 2,420,954 | ||||||
UnitedHealth Group, Inc. | 26,943 | 6,507,004 | ||||||
29,427,914 | ||||||||
Medical - Wholesale Drug Distribution — 1.9% |
| |||||||
Cardinal Health, Inc. | 221,409 | 11,533,195 | ||||||
McKesson Corp. | 34,110 | 4,841,573 | ||||||
16,374,768 | ||||||||
Multimedia — 1.6% |
| |||||||
Time Warner, Inc. | 17,230 | 1,622,377 | ||||||
Viacom, Inc., Class B | 452,617 | 12,265,921 | ||||||
13,888,298 | ||||||||
Networking Products — 1.9% |
| |||||||
Cisco Systems, Inc. | 401,190 | 17,134,825 | ||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Anadarko Petroleum Corp. | 15,690 | 1,095,162 | ||||||
Devon Energy Corp. | 161,920 | 6,731,014 | ||||||
Hess Corp.# | 109,575 | 6,620,522 | ||||||
Marathon Oil Corp. | 51,540 | 1,104,502 | ||||||
15,551,200 | ||||||||
Oil Companies - Integrated — 7.3% |
| |||||||
BP PLC | 814,290 | 6,240,291 | ||||||
Chevron Corp. | 132,839 | 16,511,888 | ||||||
Exxon Mobil Corp. | 138,662 | 11,264,901 | ||||||
Royal Dutch Shell PLC, Class A ADR# | 133,826 | 9,311,613 | ||||||
Suncor Energy, Inc. | 343,246 | 13,654,326 | ||||||
TOTAL SA ADR | 121,524 | 7,370,430 | ||||||
64,353,449 | ||||||||
Oil Refining & Marketing — 0.5% |
| |||||||
Marathon Petroleum Corp. | 59,060 | 4,667,512 | ||||||
Paper & Related Products — 0.2% |
| |||||||
International Paper Co. | 34,700 | 1,856,450 | ||||||
Pharmacy Services — 1.5% |
| |||||||
CVS Health Corp. | 210,517 | 13,344,673 | ||||||
Pipelines — 0.7% |
| |||||||
Enterprise Products Partners LP | 116,146 | 3,356,620 | ||||||
ONEOK, Inc. | 19,990 | 1,362,518 | ||||||
Williams Cos., Inc. | 61,320 | 1,647,055 | ||||||
6,366,193 | ||||||||
Retail - Apparel/Shoe — 4.6% |
| |||||||
Foot Locker, Inc. | 368,574 | 19,891,939 | ||||||
Gap, Inc. | 425,404 | 11,902,804 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) |
| |||||||
L Brands, Inc. | 260,389 | $ | 8,829,791 | |||||
40,624,534 | ||||||||
Retail - Building Products — 0.4% |
| |||||||
Lowe’s Cos., Inc. | 39,710 | 3,772,847 | ||||||
Retail - Discount — 0.2% |
| |||||||
Dollar General Corp. | 16,501 | 1,443,507 | ||||||
Retail - Misc./Diversified — 0.9% |
| |||||||
GameStop Corp., Class A# | 588,102 | 7,762,946 | ||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
QUALCOMM, Inc. | 117,020 | 6,801,202 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 74,050 | 2,865,735 | ||||||
9,666,937 | ||||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 32,570 | 1,357,192 | ||||||
Telephone - Integrated — 2.7% |
| |||||||
Verizon Communications, Inc. | 501,074 | 23,886,198 | ||||||
Tobacco — 2.8% |
| |||||||
Altria Group, Inc. | 263,836 | 14,706,219 | ||||||
British American Tobacco PLC | 31,940 | 1,643,070 | ||||||
Philip Morris International, Inc. | 107,780 | 8,572,821 | ||||||
24,922,110 | ||||||||
Toys — 0.3% |
| |||||||
Mattel, Inc.# | 168,248 | 2,611,209 | ||||||
Transport - Rail — 0.4% |
| |||||||
Union Pacific Corp. | 25,157 | 3,591,413 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 44,650 | 4,792,731 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $799,099,503) | 851,956,283 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.8% |
| |||||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 5,843,635 | 5,843,635 | ||||||
Time Deposits — 3.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 | $ | 27,886,000 | 27,886,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $33,729,635) | 33,729,635 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,580,020 collateralized by $2,810,000 of United States Treasury Notes, bearing interest at 2.00% due 11/25/2026 and having an approximate value of $2,633,939 (cost $2,580,000) | 2,580,000 | 2,580,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $835,409,138)(3) | 100.5 | % | 888,265,918 | |||||
Liabilities in excess of other assets | (0.5 | ) | (4,085,632 | ) | ||||
NET ASSETS | 100.0 | % | $ | 884,180,286 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $56,887,045. This was secured by collateral of $5,843,635, which was received in cash and subsequently invested in short-term investments currently valued at $5,843,635 as reported in the |
49 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Portfolio of Investments. Additional collateral of $53,159,227 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,908,508 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 772,815 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 508,145 | |||||
United States Treasury Bills | 0.00% | 07/05/2018 to 11/08/2018 | 1,130,385 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 48,839,374 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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 May 31, 2018 (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 | $ | 800,050,160 | $ | 51,906,123 | ** | $ | — | $ | 851,956,283 | |||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,843,635 | — | — | 5,843,635 | ||||||||||||
Time Deposits | — | 27,886,000 | — | 27,886,000 | ||||||||||||
Repurchase Agreements | — | 2,580,000 | — | 2,580,000 | ||||||||||||
Total Investments at Value | $ | 805,893,795 | $ | 82,372,123 | $ | — | $ | 888,265,918 | ||||||||
* | 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 $35,714,863 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
50 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 50.0 | % | ||
Domestic Fixed Income Investment Companies | 20.0 | |||
United States Treasury Notes | 14.3 | |||
International Equity Investment Companies | 11.3 | |||
Registered Investment Companies | 3.6 | |||
United States Treasury Bonds | 0.7 | |||
International Fixed Income Investment Companies | 0.4 | |||
Options — Purchased | 0.4 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
51 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.7%(1)@ |
| |||||||
Domestic Equity Investment Companies — 50.0% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 337,425 | $ | 7,031,944 | |||||
VALIC Co. I Broad Cap Value Income Fund | 611,097 | 9,722,551 | ||||||
VALIC Co. I Dividend Value Fund | 713,527 | 8,840,596 | ||||||
VALIC Co. I Growth & Income Fund | 180,413 | 4,010,587 | ||||||
VALIC Co. I Growth Fund | 520,960 | 9,043,859 | ||||||
VALIC Co. I Large Cap Core Fund | 669,625 | 7,841,315 | ||||||
VALIC Co. I Large Capital Growth Fund | 538,731 | 8,086,358 | ||||||
VALIC Co. I Mid Cap Index Fund | 144,949 | 4,064,365 | ||||||
VALIC Co. I Stock Index Fund | 760,964 | 30,027,657 | ||||||
VALIC Co. I Value Fund | 550,644 | 9,840,019 | ||||||
VALIC Co. II Capital Appreciation Fund† | 375,638 | 7,189,706 | ||||||
VALIC Co. II Large Cap Value Fund† | 175,465 | 3,984,804 | ||||||
VALIC Co. II Mid Cap Growth Fund† | 169,769 | 2,020,250 | ||||||
VALIC Co. II Mid Cap Value Fund† | 86,887 | 2,011,436 | ||||||
VALIC Co. II Small Cap Growth Fund† | 187,213 | 4,120,557 | ||||||
VALIC Co. II Small Cap Value Fund† | 250,783 | 4,125,380 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $105,430,077) | 121,961,384 | |||||||
Domestic Fixed Income Investment Companies — 20.0% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,687,767 | 16,101,298 | ||||||
VALIC Co. I Government Securities Fund | 899,479 | 9,183,677 | ||||||
VALIC Co. I Inflation Protected Fund | 360,414 | 3,921,304 | ||||||
VALIC Co. II Core Bond Fund† | 1,283,100 | 14,049,943 | ||||||
VALIC Co. II High Yield Bond Fund† | 254,659 | 1,993,983 | ||||||
VALIC Co. II Strategic Bond Fund† | 309,671 | 3,474,509 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $49,655,618) | 48,724,714 | |||||||
International Equity Investment Companies — 11.3% |
| |||||||
VALIC Co. I Emerging Economies Fund | 320,373 | 2,848,116 | ||||||
VALIC Co. I Foreign Value Fund | 735,022 | 7,842,680 | ||||||
VALIC Co. I Global Real Estate Fund | 246,181 | 1,890,673 | ||||||
VALIC Co. I International Equities Index Fund | 652,305 | 4,833,579 | ||||||
VALIC Co. I International Growth Fund | 542,456 | 8,142,261 | ||||||
VALIC Co. II International Opportunities Fund† | 91,832 | 2,001,015 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $24,697,674) | 27,558,324 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund | 83,250 | 969,025 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $180,758,049) | 199,213,447 | |||||||
U.S. GOVERNMENT TREASURIES — 15.0% |
| |||||||
United States Treasury Bonds — 0.7% |
| |||||||
6.00% due 02/15/2026 | 318,000 | 388,680 | ||||||
6.13% due 11/15/2027 | 316,000 | 402,308 |
Security Description | Principal Amount | Value (Note 2) | ||||||
United States Treasury Bonds (continued) |
| |||||||
6.38% due 08/15/2027 | $ | 358,000 | $ | 461,107 | ||||
6.63% due 02/15/2027 | 125,000 | 161,914 | ||||||
6.75% due 08/15/2026 | 140,000 | 180,649 | ||||||
1,594,658 | ||||||||
United States Treasury Notes — 14.3% |
| |||||||
1.50% due 08/15/2026 | 3,196,000 | 2,888,010 | ||||||
1.63% due 02/15/2026 | 3,137,000 | 2,881,506 | ||||||
1.63% due 05/15/2026# | 2,791,000 | 2,555,400 | ||||||
2.00% due 08/15/2025# | 3,090,000 | 2,932,965 | ||||||
2.00% due 11/15/2026 | 3,404,600 | 3,193,541 | ||||||
2.25% due 11/15/2025 | 3,879,500 | 3,738,414 | ||||||
2.25% due 02/15/2027 | 3,744,000 | 3,576,982 | ||||||
2.25% due 08/15/2027 | 2,709,500 | 2,581,434 | ||||||
2.25% due 11/15/2027 | 2,867,000 | 2,728,130 | ||||||
2.38% due 05/15/2027 | 3,436,000 | 3,313,056 | ||||||
2.75% due 02/15/2028 | 2,495,000 | 2,477,360 | ||||||
2.88% due 05/15/2028 | 2,123,000 | 2,132,371 | ||||||
34,999,169 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $37,853,258) | 36,593,827 | |||||||
OPTIONS PURCHASED — 0.4% |
| |||||||
Options - Purchased(2) | 61,000 | 1,065,174 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $219,666,320) | 236,872,448 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.6% |
| |||||||
Registered Investment Companies — 3.6% |
| |||||||
AllianceBernstein Government STIF | 8,748,950 | 8,748,950 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $228,415,270)(4) | 100.7 | % | 245,621,398 | |||||
Liabilities in excess of other assets | (0.7 | ) | (1,789,413 | ) | ||||
NET ASSETS | 100.0 | % | $ | 243,831,985 | ||||
@ | 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. |
† | Non-income producing security |
(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 May 31, 2018 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
S&P 500 Index | Bank of America NA | August 2018 | $ | 2,475 | 9,000 | $ | 24,347,430 | $ | 141,847 | $ | 157,157 | $ | 15,310 | |||||||||||||||
S&P 500 Index | Citibank NA | August 2018 | 2,475 | 11,000 | 29,757,970 | 193,600 | 192,080 | (1,520 | ) | |||||||||||||||||||
S&P 500 Index | Deutsch Bank | August 2018 | 2,475 | 18,000 | 48,694,860 | 324,000 | 314,314 | (9,686 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | August 2018 | 2,475 | 15,000 | 40,579,050 | 270,690 | 261,928 | (8,762 | ) | |||||||||||||||||||
S&P 500 Index | UBS AG | August 2018 | 2,475 | 8,000 | 21,642,160 | 124,876 | 139,695 | 14,818 | ||||||||||||||||||||
61,000 | $ | 165,021,470 | $ | 1,055,013 | $ | 1,065,174 | $ | 10,161 | ||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
52 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
(3) | The rate shown is the 7-day yield as of May 31, 2018. |
(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 May 31, 2018 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
S&P 500 Index | Bank of America NA | August 2018 | $ | 2,875 | 9,000 | $ | 24,347,430 | $ | 57,600 | $ | 36,901 | $ | 20,699 | |||||||||||||||
S&P 500 Index | Citibank NA | August 2018 | 2,875 | 11,000 | 29,757,970 | 65,563 | 45,102 | 20,461 | ||||||||||||||||||||
S&P 500 Index | Deutsch Bank | August 2018 | 2,875 | 18,000 | 48,694,860 | 120,798 | 73,802 | 46,996 | ||||||||||||||||||||
S&P 500 Index | Goldman Sachs International | August 2018 | 2,875 | 15,000 | 40,579,050 | 102,916 | 61,502 | 41,414 | ||||||||||||||||||||
S&P 500 Index | UBS AG | August 2018 | 2,875 | 8,000 | 21,642,160 | 40,000 | 32,801 | 7,199 | ||||||||||||||||||||
61,000 | $ | 165,021,470 | $ | 386,877 | $ | 250,108 | $ | 136,769 | ||||||||||||||||||||
* | 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) | ||||||||||||||||
670 | Long | S&P 500 E-Mini Index | June 2018 | $ | 91,233,456 | $ | 90,634,250 | $ | (599,206 | ) | ||||||||||||
# | 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 May 31, 2018 (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 | $ | 199,213,447 | $ | — | $ | — | $ | 199,213,447 | ||||||||
U.S. Government Treasuries | — | 36,593,827 | — | 36,593,827 | ||||||||||||
Options Purchased | — | 1,065,174 | — | 1,065,174 | ||||||||||||
Short-Term Investment Securities | 8,748,950 | — | — | 8,748,950 | ||||||||||||
Total Investments at Value | $ | 207,962,397 | $ | 37,659,001 | $ | — | $ | 245,621,398 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Over the Counter Written Call Options | $ | — | $ | 136,769 | $ | — | $ | 136,769 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 599,206 | $ | — | $ | — | $ | 599,206 | ||||||||
* | 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
53 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 17.6 | % | ||
Electronic Components — Semiconductors | 8.7 | |||
Internet Application Software | 5.8 | |||
Semiconductor Components — Integrated Circuits | 4.8 | |||
Oil Companies — Integrated | 4.8 | |||
Diversified Financial Services | 4.6 | |||
Time Deposits | 4.2 | |||
E-Commerce/Products | 3.5 | |||
Oil Refining & Marketing | 2.4 | |||
Registered Investment Companies | 2.3 | |||
Insurance — Property/Casualty | 2.2 | |||
Metal — Iron | 2.1 | |||
Insurance — Multi-line | 2.1 | |||
Steel — Producers | 2.0 | |||
Computer Services | 1.8 | |||
Airlines | 1.8 | |||
Finance — Mortgage Loan/Banker | 1.6 | |||
Diversified Minerals | 1.6 | |||
Cellular Telecom | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Coal | 1.2 | |||
Real Estate Operations & Development | 1.2 | |||
Metal — Copper | 1.1 | |||
Tobacco | 1.1 | |||
Web Portals/ISP | 1.1 | |||
Metal — Diversified | 1.0 | |||
Entertainment Software | 1.0 | |||
Building Products — Cement | 1.0 | |||
Food — Meat Products | 1.0 | |||
Applications Software | 1.0 | |||
Audio/Video Products | 1.0 | |||
Schools | 0.9 | |||
Multimedia | 0.8 | |||
Diamonds/Precious Stones | 0.8 | |||
Internet Content — Entertainment | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Banks — Special Purpose | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Diversified Operations | 0.6 | |||
Chemicals — Specialty | 0.6 | |||
Petrochemicals | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Appliances | 0.5 | |||
Computers — Other | 0.5 | |||
Building — Residential/Commercial | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Circuit Boards | 0.4 | |||
Building Products — Doors & Windows | 0.4 | |||
Auto/Truck Parts & Equipment — Replacement | 0.4 | |||
Advertising Agencies | 0.3 | |||
Food — Confectionery | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Retail — Automobile | 0.3 | |||
Chemicals — Other | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Electric — Integrated | 0.2 | |||
Consulting Services | 0.2 | |||
Food — Misc./Diversified | 0.2 | |||
Finance — Consumer Loans | 0.1 | |||
102.9 | % | |||
Country Allocation*
Cayman Islands | 17.1 | % | ||
South Korea | 15.7 | |||
China | 12.1 | |||
Taiwan | 10.3 | |||
Russia | 7.8 | |||
Brazil | 7.6 | |||
United States | 7.5 | |||
Thailand | 4.2 | |||
Turkey | 3.6 | |||
India | 3.6 | |||
South Africa | 3.0 | |||
United Kingdom | 2.5 | |||
Malaysia | 1.6 | |||
Hungary | 1.5 | |||
Indonesia | 1.2 | |||
Hong Kong | 1.0 | |||
Panama | 0.8 | |||
Poland | 0.8 | |||
Bermuda | 0.5 | |||
Vietnam | 0.3 | |||
Cyprus | 0.2 | |||
102.9 | % | |||
* | Calculated as a percentage of net assets |
54 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Bermuda — 0.5% | ||||||||
Haier Electronics Group Co., Ltd. | 1,217,000 | $ | 4,368,442 | |||||
Brazil — 7.6% | ||||||||
Banco do Brasil SA | 912,263 | 7,398,641 | ||||||
Banco Santander Brasil SA | 693,280 | 6,234,438 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 3,870 | 44,784 | ||||||
Estacio Participacoes SA | 463,410 | 3,114,483 | ||||||
IRB Brasil Resseguros S/A | 129,100 | 1,671,376 | ||||||
Itau Unibanco Holding SA ADR | 1,137,493 | 13,138,044 | ||||||
Kroton Educacional SA | 1,478,528 | 4,287,455 | ||||||
Metalurgica Gerdau SA (Preference Shares) | 1,208,275 | 2,192,075 | ||||||
MRV Engenharia e Participacoes SA | 1,029,069 | 3,714,945 | ||||||
Petroleo Brasileiro SA (preference shares) | 973,030 | 4,948,906 | ||||||
Qualicorp SA | 255,143 | 1,300,135 | ||||||
Vale SA ADR# | 1,051,234 | 14,296,782 | ||||||
62,342,064 | ||||||||
Cayman Islands — 17.1% | ||||||||
Alibaba Group Holding, Ltd. ADR†# | 146,052 | 28,919,757 | ||||||
Baidu, Inc. ADR† | 37,550 | 9,108,128 | ||||||
Country Garden Holdings Co., Ltd. | 4,880,000 | 9,483,082 | ||||||
Dali Foods Group Co., Ltd.* | 2,025,000 | 1,558,429 | ||||||
Daqo New Energy Corp. ADR† | 53,580 | 3,089,423 | ||||||
General Interface Solution Holding, Ltd. | 676,000 | 4,286,579 | ||||||
IGG, Inc.# | 5,291,000 | 8,250,149 | ||||||
Kingboard Chemical Holdings, Ltd. | 450,500 | 1,786,702 | ||||||
Kingboard Laminates Holdings, Ltd. | 1,533,500 | 2,018,498 | ||||||
Nexteer Automotive Group, Ltd. | 963,000 | 1,574,366 | ||||||
Tencent Holdings, Ltd. | 935,300 | 47,146,277 | ||||||
Want Want China Holdings, Ltd. | 906,000 | 895,516 | ||||||
WH Group, Ltd.* | 7,650,500 | 7,838,830 | ||||||
Xinyi Glass Holdings, Ltd. | 2,362,000 | 3,238,874 | ||||||
Xinyi Solar Holdings, Ltd. | 3,756,000 | 1,547,543 | ||||||
Yirendai, Ltd. ADR# | 36,010 | 844,795 | ||||||
YY, Inc., ADR† | 52,660 | 6,136,470 | ||||||
Zhongsheng Group Holdings, Ltd. | 708,500 | 2,264,199 | ||||||
139,987,617 | ||||||||
China — 12.1% | ||||||||
Anhui Conch Cement Co., Ltd. | 1,348,500 | 8,248,371 | ||||||
China Construction Bank Corp. | 22,353,000 | 22,514,546 | ||||||
China Merchants Bank Co., Ltd. | 2,313,500 | 9,502,009 | ||||||
China Shenhua Energy Co., Ltd., Class H | 1,559,000 | 4,066,385 | ||||||
Focus Media Information Technology Co., Ltd., Class A | 1,354,400 | 2,641,657 | ||||||
Industrial & Commercial Bank of China, Ltd. | 20,146,000 | 16,573,617 | ||||||
PICC Property & Casualty Co., Ltd. | 3,924,000 | 6,898,347 | ||||||
Ping An Insurance Group Co. of China, Ltd.# | 1,723,000 | 16,766,039 | ||||||
Shenzhen Expressway Co., Ltd. | 2,222,000 | 2,324,605 | ||||||
Weichai Power Co., Ltd. | 2,357,000 | 3,144,951 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.†* | 380,000 | 1,550,138 | ||||||
Yanzhou Coal Mining Co., Ltd. | 3,022,000 | 4,318,228 | ||||||
98,548,893 | ||||||||
Cyprus — 0.2% | ||||||||
Ros Agro PLC GDR | 114,458 | 1,277,351 | ||||||
Hong Kong — 1.0% | ||||||||
Fosun International, Ltd. | 3,663,000 | 7,987,912 | ||||||
Hungary — 1.5% | ||||||||
MOL Hungarian Oil & Gas PLC | 395,374 | 3,725,145 | ||||||
OTP Bank PLC | 231,075 | 8,265,768 | ||||||
11,990,913 | ||||||||
India — 3.6% | ||||||||
HCL Technologies, Ltd. | 578,340 | 7,769,762 | ||||||
Housing Development Finance Corp., Ltd. | 489,721 | 13,245,366 |
Security Description | Shares | Value (Note 2) | ||||||
India (continued) | ||||||||
NIIT Technologies, Ltd. | 257,100 | $ | 4,257,096 | |||||
Vedanta, Ltd. | 1,004,509 | 3,672,834 | ||||||
28,945,058 | ||||||||
Indonesia — 1.2% | ||||||||
Bank Negara Indonesia Persero Tbk PT | 7,515,800 | 4,570,019 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 24,563,600 | 5,429,327 | ||||||
9,999,346 | ||||||||
Malaysia — 1.6% | ||||||||
AirAsia Bhd | 5,032,800 | 3,854,850 | ||||||
CIMB Group Holdings Bhd | 3,406,200 | 4,997,812 | ||||||
Malayan Banking Bhd | 1,569,600 | 3,793,925 | ||||||
12,646,587 | ||||||||
Panama — 0.8% | ||||||||
Copa Holdings SA, Class A | 61,882 | 6,856,526 | ||||||
Poland — 0.8% | ||||||||
Jastrzebska Spolka Weglowa SA† | 59,830 | 1,347,806 | ||||||
Polski Koncern Naftowy Orlen SA | 226,362 | 4,981,158 | ||||||
6,328,964 | ||||||||
Russia — 7.8% | ||||||||
Aeroflot PJSC† | 647,951 | 1,448,799 | ||||||
Alrosa PJSC† | 4,629,881 | 6,597,724 | ||||||
Lukoil PJSC ADR | 136,880 | 9,124,421 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 3,356,264 | 2,609,911 | ||||||
MMC Norilsk Nickel PJSC ADR# | 479,134 | 8,528,585 | ||||||
Mobile TeleSystems PJSC ADR | 557,891 | 5,344,596 | ||||||
Novatek PJSC GDR | 33,680 | 4,853,288 | ||||||
Novolipetsk Steel GDR | 68,720 | 1,807,336 | ||||||
RusHydro PJSC† | 131,568,906 | 1,521,857 | ||||||
Sberbank of Russia PJSC ADR | 860,674 | 12,350,672 | ||||||
Severstal PJSC GDR | 220,994 | 3,513,805 | ||||||
Tatneft PJSC ADR# | 100,326 | 6,305,489 | ||||||
64,006,483 | ||||||||
South Africa — 3.0% | ||||||||
Kumba Iron Ore, Ltd.# | 78,729 | 1,789,688 | ||||||
Naspers, Ltd., Class N | 28,538 | 6,791,135 | ||||||
Sasol, Ltd. | 111,970 | 4,056,787 | ||||||
Standard Bank Group, Ltd. | 718,534 | 11,697,373 | ||||||
24,334,983 | ||||||||
South Korea — 15.7% | ||||||||
Hana Financial Group, Inc. | 220,368 | 8,480,545 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 94,883 | 2,993,773 | ||||||
Industrial Bank of Korea | 408,248 | 5,892,958 | ||||||
KT&G Corp. | 103,784 | 9,238,712 | ||||||
LG Chem, Ltd. | 10,490 | 3,285,984 | ||||||
LG Corp.† | 51,490 | 3,499,172 | ||||||
LG Electronics, Inc. | 89,720 | 7,678,148 | ||||||
Lotte Chemical Corp. | 4,800 | 1,638,590 | ||||||
PSK, Inc. | 58,740 | 1,615,865 | ||||||
Samsung Electronics Co., Ltd. | 1,062,850 | 49,891,311 | ||||||
SFA Engineering Corp. | 46,824 | 1,577,281 | ||||||
Shinhan Financial Group Co., Ltd. | 223,531 | 9,050,549 | ||||||
Silicon Works Co, Ltd. | 28,480 | 1,025,782 | ||||||
SK Holdings Co Ltd | 8,970 | 2,298,913 | ||||||
SK Hynix, Inc. | 122,007 | 10,518,153 | ||||||
SK Innovation Co., Ltd. | 44,092 | 8,409,207 | ||||||
TES Co, Ltd. | 42,010 | 1,172,661 | ||||||
128,267,604 | ||||||||
55 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Taiwan — 10.3% | ||||||||
Catcher Technology Co., Ltd. | 516,000 | $ | 5,972,211 | |||||
Compeq Manufacturing Co., Ltd.† | 1,088,000 | 1,213,751 | ||||||
CTBC Financial Holding Co., Ltd. | 12,242,000 | 8,796,759 | ||||||
FLEXium Interconnect, Inc. | 707,072 | 2,037,938 | ||||||
Fubon Financial Holding Co., Ltd. | 4,998,000 | 8,657,614 | ||||||
Globalwafers Co., Ltd. | 128,000 | 2,514,610 | ||||||
Macronix International† | 3,520,000 | 5,762,653 | ||||||
Nanya Technology Corp. | 816,000 | 2,701,843 | ||||||
Sino-American Silicon Products, Inc. | 866,000 | 4,044,868 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 916,194 | 35,456,708 | ||||||
Winbond Electronics Corp.† | 2,724,000 | 1,809,769 | ||||||
Yageo Corp. | 172,000 | 5,417,729 | ||||||
84,386,453 | ||||||||
Thailand — 4.2% | ||||||||
Kiatnakin Bank PCL | 1,417,900 | 3,047,222 | ||||||
Krung Thai Bank PCL | 7,044,300 | 3,853,556 | ||||||
PTT Global Chemical PCL | 2,740,400 | 7,645,536 | ||||||
PTT PCL | 6,659,000 | 10,876,297 | ||||||
Star Petroleum Refining PCL† | 4,647,700 | 2,251,933 | ||||||
Thai Oil PCL | 1,393,100 | 4,006,415 | ||||||
Tisco Financial Group PCL | 1,096,000 | 2,843,639 | ||||||
34,524,598 | ||||||||
Turkey — 3.6% | ||||||||
Akbank Turk AS | 1,385,638 | 2,456,069 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 2,360,752 | 5,852,025 | ||||||
KOC Holding AS | 858,850 | 2,649,103 | ||||||
Petkim Petrokimya Holding AS | 2,275,200 | 2,366,178 | ||||||
Tekfen Holding AS | 848,307 | 2,835,532 | ||||||
Turk Hava Yollari AO† | 679,580 | 2,497,654 | ||||||
Turkcell Iletisim Hizmetleri AS | 1,686,680 | 4,475,827 | ||||||
Turkiye Garanti Bankasi AS | 1,608,700 | 3,163,780 | ||||||
Turkiye Halk Bankasi AS | 1,996,953 | 3,385,122 | ||||||
29,681,290 | ||||||||
United Kingdom — 2.5% | ||||||||
Anglo American PLC# | 359,420 | 8,590,352 | ||||||
Antofagasta PLC | 469,050 | 6,559,370 | ||||||
Evraz PLC | 389,080 | 2,642,710 | ||||||
KAZ Minerals PLC† | 212,820 | 2,866,891 | ||||||
20,659,323 | ||||||||
United States — 1.0% | ||||||||
Cognizant Technology Solutions Corp., Class A | 109,740 | 8,268,909 | ||||||
Vietnam — 0.3% | ||||||||
Hoa Phat Group JSC† | 981,930 | 2,401,412 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $646,648,852) | 787,810,728 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 6.5% | ||||||||
Registered Investment Companies — 2.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 18,758,752 | $ | 18,758,752 | |||||
Time Deposits — 4.2% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018(2) | $ | 34,500,000 | 34,500,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $53,258,752) | 53,258,752 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $699,907,604)(3) | 102.9 | % | 841,069,480 | |||||
Liabilities in excess of other assets | (2.9 | ) | (23,837,174 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 817,232,306 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $10,947,397 representing 1.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $86,453,286. This was secured by collateral of $18,758,752, which was received in cash and subsequently invested in short-term investments currently valued at $18,758,752 as reported in the Portfolio of Investments. Additional collateral of $70,862,502 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 11,341,879 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 4,592,686 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 3,019,806 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 01/31/2019 | 7,625,901 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.00% | 06/30/2018 to 02/15/2048 | 44,282,230 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
56 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Russia | $ | 51,828,192 | $ | 12,178,291 | $ | — | $ | 64,006,483 | ||||||||
Other Countries | 161,917,490 | 561,886,755 | ** | — | 723,804,245 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 18,758,752 | — | — | 18,758,752 | ||||||||||||
Time Deposits | — | 34,500,000 | — | 34,500,000 | ||||||||||||
Total Investments at Value | $ | 232,504,434 | $ | 608,565,046 | $ | — | $ | 841,069,480 | ||||||||
* | 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 $384,576,538 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
57 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Oil Companies — Integrated | 10.6 | % | ||
Medical — Drugs | 7.2 | |||
Diversified Banking Institutions | 5.7 | |||
Banks — Commercial | 5.7 | |||
Registered Investment Companies | 4.3 | |||
Electronic Components — Semiconductors | 4.1 | |||
U.S. Government Agencies | 3.3 | |||
Telecom Services | 2.9 | |||
Telephone — Integrated | 2.8 | |||
Diversified Financial Services | 2.4 | |||
Insurance — Multi-line | 2.4 | |||
Precious Metals | 2.3 | |||
Medical — Generic Drugs | 2.3 | |||
Medical — Biomedical/Gene | 2.3 | |||
Aerospace/Defense | 2.2 | |||
Building Products — Cement | 2.0 | |||
Web Portals/ISP | 2.0 | |||
Gold Mining | 1.8 | |||
Oil — Field Services | 1.7 | |||
Rubber — Tires | 1.6 | |||
Diversified Operations | 1.5 | |||
Diagnostic Kits | 1.5 | |||
Satellite Telecom | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Insurance — Life/Health | 1.4 | |||
Distribution/Wholesale | 1.4 | |||
Retail — Building Products | 1.3 | |||
Cellular Telecom | 1.3 | |||
Energy — Alternate Sources | 1.2 | |||
Brewery | 1.2 | |||
Water | 1.1 | |||
Diversified Manufacturing Operations | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Electric — Generation | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Medical — Wholesale Drug Distribution | 1.0 | |||
Real Estate Operations & Development | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.9 | |||
Food — Retail | 0.9 | |||
Containers — Metal/Glass | 0.7 | |||
Entertainment Software | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Computers | 0.6 | |||
Disposable Medical Products | 0.6 | |||
Diversified Minerals | 0.6 | |||
Food — Confectionery | 0.6 | |||
Electric — Distribution | 0.5 | |||
Cable/Satellite TV | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Petrochemicals | 0.5 | |||
Audio/Video Products | 0.5 | |||
Motorcycle/Motor Scooter | 0.5 | |||
Transport — Marine | 0.5 | |||
Medical Instruments | 0.5 | |||
Electronic Components — Misc. | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Rubber/Plastic Products | 0.3 | |||
Time Deposits | 0.2 | |||
Insurance — Property/Casualty | 0.1 | |||
103.9 | % | |||
Country Allocation*
United Kingdom | 19.0 | % | ||
Japan | 11.4 | |||
United States | 7.8 | |||
South Korea | 7.1 | |||
Germany | 7.0 | |||
France | 6.6 | |||
Canada | 5.8 | |||
China | 5.4 | |||
Netherlands | 5.3 | |||
Cayman Islands | 5.0 | |||
Switzerland | 3.8 | |||
Taiwan | 2.6 | |||
Israel | 2.3 | |||
Italy | 1.9 | |||
Ireland | 1.8 | |||
Denmark | 1.7 | |||
Thailand | 1.6 | |||
Singapore | 1.6 | |||
Jersey | 1.5 | |||
Luxembourg | 1.5 | |||
Hong Kong | 1.0 | |||
India | 0.8 | |||
New Zealand | 0.5 | |||
Sweden | 0.5 | |||
Bermuda | 0.4 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
58 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.1% |
| |||||||
Bermuda — 0.4% |
| |||||||
Kunlun Energy Co., Ltd. | 3,448,000 | $ | 3,125,540 | |||||
Canada — 5.8% |
| |||||||
Alamos Gold, Inc., Class A# | 1,783,840 | 9,882,474 | ||||||
Barrick Gold Corp. | 471,410 | 6,217,898 | ||||||
Cenovus Energy, Inc. | 630,764 | 6,654,984 | ||||||
Husky Energy, Inc. | 527,900 | 7,617,622 | ||||||
Wheaton Precious Metals Corp. | 925,491 | 20,228,609 | ||||||
50,601,587 | ||||||||
Cayman Islands — 5.0% |
| |||||||
Baidu, Inc. ADR† | 69,970 | 16,971,923 | ||||||
CK Asset Holdings, Ltd. | 526,500 | 4,390,364 | ||||||
CK Hutchison Holdings, Ltd. | 1,194,000 | 13,405,405 | ||||||
NetEase, Inc. ADR | 24,800 | 5,662,336 | ||||||
Value Partners Group, Ltd.# | 3,554,500 | 3,158,225 | ||||||
43,588,253 | ||||||||
China — 5.4% |
| |||||||
China Life Insurance Co., Ltd. | 2,257,000 | 6,263,968 | ||||||
China Telecom Corp., Ltd. | 25,815,823 | 11,997,633 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 6,192,000 | 5,316,509 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 2,852,500 | 8,781,067 | ||||||
Sinopec Engineering Group Co., Ltd. | 5,880,000 | 6,271,383 | ||||||
Sinopharm Group Co., Ltd. | 1,816,400 | 8,068,485 | ||||||
46,699,045 | ||||||||
Denmark — 1.7% |
| |||||||
AP Moller - Maersk A/S, Series B | 2,843 | 4,249,943 | ||||||
Orsted A/S* | 79,272 | 4,755,964 | ||||||
Vestas Wind Systems A/S | 92,742 | 6,086,194 | ||||||
15,092,101 | ||||||||
France — 6.6% |
| |||||||
AXA SA | 372,232 | 9,321,866 | ||||||
BNP Paribas SA# | 258,457 | 16,114,735 | ||||||
Cie Generale des Etablissements Michelin SCA# | 45,062 | 5,864,988 | ||||||
Sanofi | 131,269 | 10,070,257 | ||||||
TOTAL SA | 108,829 | 6,613,999 | ||||||
Veolia Environnement SA | 411,474 | 9,384,136 | ||||||
57,369,981 | ||||||||
Germany — 7.0% |
| |||||||
Bayer AG | 104,571 | 12,444,690 | ||||||
E.ON SE | 817,188 | 8,669,816 | ||||||
Gerresheimer AG | 78,750 | 6,139,497 | ||||||
HeidelbergCement AG | 43,660 | 3,870,018 | ||||||
Merck KGaA | 77,902 | 7,956,759 | ||||||
MorphoSys AG† | 65,080 | 6,781,935 | ||||||
Siemens AG | 69,145 | 9,018,633 | ||||||
Telefonica Deutschland Holding AG | 1,470,878 | 6,218,843 | ||||||
61,100,191 | ||||||||
Hong Kong — 1.0% |
| |||||||
China Mobile, Ltd. | 917,000 | 8,220,554 | ||||||
India — 0.8% |
| |||||||
Hero MotoCorp, Ltd. | 81,301 | 4,272,380 | ||||||
Jain Irrigation Systems, Ltd. | 1,609,577 | 2,451,157 | ||||||
6,723,537 | ||||||||
Ireland — 1.8% |
| |||||||
Bank of Ireland Group PLC | 1,235,455 | 10,226,369 | ||||||
CRH PLC | 157,292 | 5,811,418 | ||||||
16,037,787 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Israel — 2.3% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 934,006 | $ | 20,081,129 | |||||
Italy — 1.9% |
| |||||||
Eni SpA# | 904,304 | 16,521,056 | ||||||
Japan — 11.4% |
| |||||||
Astellas Pharma, Inc. | 987,500 | 15,071,290 | ||||||
Ezaki Glico Co., Ltd. | 98,300 | 5,093,879 | ||||||
Inpex Corp. | 499,300 | 5,536,892 | ||||||
Kirin Holdings Co., Ltd. | 361,300 | 10,225,385 | ||||||
Mitsui Fudosan Co., Ltd. | 139,500 | 3,489,827 | ||||||
Panasonic Corp. | 324,600 | 4,421,950 | ||||||
Seven & i Holdings Co., Ltd. | 172,900 | 7,636,663 | ||||||
SoftBank Group Corp. | 250,400 | 17,772,810 | ||||||
Sumitomo Metal Mining Co., Ltd. | 136,700 | 5,208,290 | ||||||
Sumitomo Rubber Industries, Ltd. | 472,700 | 7,899,195 | ||||||
Suntory Beverage & Food, Ltd. | 186,800 | 8,270,682 | ||||||
Taiheiyo Cement Corp. | 221,800 | 8,177,640 | ||||||
98,804,503 | ||||||||
Jersey — 1.5% |
| |||||||
Shire PLC | 241,546 | 13,208,899 | ||||||
Luxembourg — 1.5% |
| |||||||
SES SA FDR | 749,852 | 12,952,892 | ||||||
Netherlands — 5.3% |
| |||||||
Aegon NV | 1,732,923 | 10,762,357 | ||||||
Flow Traders* | 208,600 | 8,866,450 | ||||||
ING Groep NV CVA | 290,811 | 4,226,135 | ||||||
QIAGEN NV† | 367,644 | 13,336,332 | ||||||
SBM Offshore NV | 541,485 | 8,586,529 | ||||||
45,777,803 | ||||||||
New Zealand — 0.5% |
| |||||||
Sky Network Television, Ltd. | 2,839,200 | 4,586,425 | ||||||
Singapore — 1.6% |
| |||||||
Singapore Telecommunications, Ltd. | 5,342,900 | 13,060,991 | ||||||
Singapore Telecommunications, Ltd. ADR | 4,600 | 112,424 | ||||||
United Overseas Bank, Ltd. | 34,900 | 730,516 | ||||||
13,903,931 | ||||||||
South Korea — 7.1% |
| |||||||
DB Insurance Co., Ltd. | 19,400 | 1,052,005 | ||||||
Hana Financial Group, Inc. | 259,311 | 9,979,210 | ||||||
KB Financial Group, Inc. | 231,701 | 11,145,135 | ||||||
Lotte Chemical Corp. | 12,984 | 4,432,387 | ||||||
Samsung Electronics Co., Ltd. | 751,550 | 35,278,557 | ||||||
61,887,294 | ||||||||
Spain — 0.0% |
| |||||||
Telefonica SA ADR# | 859 | 7,559 | ||||||
Sweden — 0.5% |
| |||||||
Getinge AB, Class B | 404,292 | 3,920,717 | ||||||
Switzerland — 3.8% |
| |||||||
Landis+Gyr Group AG†# | 60,368 | 4,399,067 | ||||||
Roche Holding AG | 83,933 | 18,002,165 | ||||||
UBS Group AG | 716,607 | 10,768,296 | ||||||
33,169,528 | ||||||||
Taiwan — 2.6% |
| |||||||
Catcher Technology Co., Ltd. | 470,000 | 5,439,805 | ||||||
Pegatron Corp. | 1,813,000 | 3,816,855 | ||||||
Quanta Computer, Inc. | 3,061,000 | 5,410,346 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,042,000 | 7,775,112 | ||||||
22,442,118 | ||||||||
59 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Thailand — 1.6% |
| |||||||
Bangkok Bank PCL | 445,600 | $ | 2,684,349 | |||||
Bangkok Bank PCL NVDR | 1,195,200 | 7,048,597 | ||||||
Kasikornbank PCL | 206,100 | 1,254,231 | ||||||
Kasikornbank PCL NVDR | 555,100 | 3,317,200 | ||||||
14,304,377 | ||||||||
United Kingdom — 19.0% |
| |||||||
Aviva PLC | 889,501 | 6,041,224 | ||||||
BAE Systems PLC | 1,415,310 | 12,033,014 | ||||||
Barclays PLC | 3,994,545 | 10,489,263 | ||||||
BP PLC | 3,803,252 | 29,146,126 | ||||||
BP PLC ADR | 180 | 8,248 | ||||||
Cobham PLC†# | 2,747,809 | 4,540,345 | ||||||
HSBC Holdings PLC | 1,375,210 | 13,176,657 | ||||||
Johnson Matthey PLC | 265,611 | 12,407,629 | ||||||
Kingfisher PLC | 2,832,332 | 11,474,968 | ||||||
Rolls-Royce Holdings PLC# | 622,380 | 6,809,096 | ||||||
Rolls-Royce Holdings PLC, Class C† | 44,188,980 | 58,743 | ||||||
Royal Dutch Shell PLC, Class B | 712,115 | 25,350,272 | ||||||
SIG PLC | 3,359,596 | 5,972,410 | ||||||
Standard Chartered PLC | 1,964,668 | 19,713,710 | ||||||
Travis Perkins PLC | 317,579 | 5,681,354 | ||||||
Vodafone Group PLC | 957,821 | 2,450,545 | ||||||
165,353,604 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $763,581,534) | 835,480,411 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.8% |
| |||||||
Registered Investment Companies — 4.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 37,864,074 | 37,864,074 | ||||||
Time Deposits — 0.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 | $ | 1,444,000 | 1,444,000 | |||||
U.S. Government Agencies — 3.3% |
| |||||||
Federal Home Loan Bank | 28,800,000 | 28,800,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $68,108,074) | 68,108,074 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $831,689,608)(3) | 103.9 | % | 903,588,485 | |||||
Liabilities in excess of other assets | (3.9 | ) | (34,172,042 | ) | ||||
NET ASSETS | 100.0 | % | $ | 869,416,443 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $13,622,414 representing 1.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $55,055,412. This was secured by collateral of $37,864,074, which was received in cash and subsequently invested in short-term investments currently valued at $37,864,074 as reported in the Portfolio of Investments. Additional collateral of $19,920,396 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.75% to 3.50% | 11/01/2034 to 12/01/2047 | $ | 85,532 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.46% | 10/01/2032 to 11/01/2046 | 81,572 | |||||
Government National Mtg. Assoc. | 2.50% to 4.00% | 08/20/2044 to 04/16/2059 | 87,320 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 01/31/2019 | 537,401 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.00% | 06/30/2018 to 02/15/2047 | 19,128,571 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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
60 |
Table of Contents
VALIC Company I Foreign Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | ||||||||||||||||
United Kingdom | $ | 8,248 | $ | 165,345,356 | # | $ | — | $ | 165,353,604 | |||||||
Other Countries | 93,436,958 | 576,689,849 | ** | — | 670,126,807 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 37,864,074 | — | — | 37,864,074 | ||||||||||||
Time Deposits | — | 1,444,000 | — | 1,444,000 | ||||||||||||
U.S. Government Agencies | — | 28,800,000 | — | 28,800,000 | ||||||||||||
Total Investments at Value | $ | 131,309,280 | $ | 772,279,205 | $ | — | $ | 903,588,485 | ||||||||
* | 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 $165,286,613 that 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 $597,445,182 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 — May 31, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 74.1 | % | ||
Real Estate Operations & Development | 15.9 | |||
Real Estate Management/Services | 7.5 | |||
Registered Investment Companies | 1.3 | |||
Hotels/Motels | 1.1 | |||
Time Deposits | 0.8 | |||
100.7 | % | |||
Country Allocation*
United States | 45.9 | % | ||
Japan | 12.8 | |||
Australia | 6.1 | |||
France | 5.9 | |||
United Kingdom | 5.3 | |||
Hong Kong | 4.6 | |||
Cayman Islands | 4.5 | |||
Germany | 4.0 | |||
Canada | 3.2 | |||
Singapore | 2.4 | |||
Spain | 1.8 | |||
Sweden | 1.0 | |||
Ireland | 0.9 | |||
Switzerland | 0.9 | |||
Bermuda | 0.6 | |||
Norway | 0.6 | |||
Netherlands | 0.2 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Australia — 6.1% |
| |||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 108 | |||||
GPT Group | 1,549,317 | 5,881,553 | ||||||
Mirvac Group | 1,658,850 | 2,878,928 | ||||||
Propertylink Group | 2,994,994 | 2,365,712 | ||||||
Scentre Group | 2,136,808 | 6,739,526 | ||||||
Shopping Centres Australasia Property Group | 2,247,396 | 4,177,964 | ||||||
22,043,791 | ||||||||
Bermuda — 0.6% |
| |||||||
Hongkong Land Holdings, Ltd. (OTC) | 1,700 | 12,240 | ||||||
Hongkong Land Holdings, Ltd. (SGX) | 312,700 | 2,267,321 | ||||||
2,279,561 | ||||||||
Canada — 3.2% |
| |||||||
Allied Properties Real Estate Investment Trust | 114,829 | 3,764,755 | ||||||
Canadian Apartment Properties REIT | 111,361 | 3,500,751 | ||||||
Chartwell Retirement Residences | 385,011 | 4,311,553 | ||||||
11,577,059 | ||||||||
Cayman Islands — 4.5% |
| |||||||
CK Asset Holdings, Ltd. | 1,475,500 | 12,303,860 | ||||||
Wharf Real Estate Investment Co., Ltd. | 527,000 | 4,061,276 | ||||||
16,365,136 | ||||||||
France — 5.9% |
| |||||||
Fonciere Des Regions | 38,776 | 4,056,628 | ||||||
Gecina SA | 28,685 | 4,956,617 | ||||||
Klepierre SA | 165,503 | 6,478,124 | ||||||
Unibail-Rodamco SE (Euronext Amsterdam) | 26,376 | 5,948,554 | ||||||
Unibail-Rodamco SE (Euronext Paris) | 575 | 129,433 | ||||||
21,569,356 | ||||||||
Germany — 4.0% |
| |||||||
Vonovia SE | 304,204 | 14,359,665 | ||||||
Hong Kong — 4.6% |
| |||||||
Link REIT | 761,500 | 6,730,842 | ||||||
Sun Hung Kai Properties, Ltd. | 611,504 | 9,853,338 | ||||||
16,584,180 | ||||||||
Ireland — 0.9% |
| |||||||
Green REIT PLC | 1,959,922 | 3,421,697 | ||||||
Japan — 12.8% |
| |||||||
Activia Properties, Inc. | 909 | 4,039,984 | ||||||
Daiwa House REIT Investment Corp. | 2,425 | 5,707,597 | ||||||
GLP J-REIT | 2,723 | 3,039,721 | ||||||
Invincible Investment Corp. | 6,983 | 3,200,144 | ||||||
Kenedix Retail REIT Corp. | 1,190 | 2,642,261 | ||||||
Mitsubishi Estate Co., Ltd. | 393,600 | 7,125,599 | ||||||
Mitsui Fudosan Co., Ltd. | 358,400 | 8,965,979 | ||||||
Orix JREIT, Inc. | 1,991 | 3,144,511 | ||||||
Sumitomo Realty & Development Co., Ltd. | 225,000 | 8,457,671 | ||||||
46,323,467 | ||||||||
Netherlands — 0.2% |
| |||||||
Instone Real Estate Group BV†* | 35,406 | 877,857 | ||||||
Norway — 0.6% |
| |||||||
Entra ASA* | 158,408 | 2,250,965 | ||||||
Singapore — 2.4% |
| |||||||
Ascendas India Trust# | 2,076,200 | 1,642,972 | ||||||
City Developments, Ltd. | 464,000 | 3,870,394 | ||||||
Mapletree Commercial Trust | 2,863,600 | 3,352,488 | ||||||
8,865,854 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 1.8% |
| |||||||
Aedas Homes SAU†* | 43,441 | $ | 1,609,039 | |||||
Merlin Properties Socimi SA | 350,677 | 4,840,041 | ||||||
6,449,080 | ||||||||
Sweden — 1.0% |
| |||||||
Castellum AB | 225,838 | 3,628,150 | ||||||
Switzerland — 0.9% |
| |||||||
PSP Swiss Property AG | 34,236 | 3,132,965 | ||||||
United Kingdom — 5.3% |
| |||||||
Big Yellow Group PLC | 314,590 | 3,889,610 | ||||||
British Land Co. PLC | 334,104 | 3,006,141 | ||||||
Derwent London PLC | 100,675 | 4,027,507 | ||||||
Tritax Big Box REIT PLC | 1,907,857 | 3,802,376 | ||||||
UNITE Group PLC | 391,688 | 4,423,484 | ||||||
19,149,118 | ||||||||
United States — 43.8% |
| |||||||
Acadia Realty Trust | 21,049 | 542,012 | ||||||
Alexandria Real Estate Equities, Inc. | 13,448 | 1,679,924 | ||||||
American Campus Communities, Inc. | 52,602 | 2,109,340 | ||||||
American Homes 4 Rent, Class A | 59,914 | 1,193,487 | ||||||
American Tower Corp. | 83,317 | 11,528,573 | ||||||
Apple Hospitality REIT, Inc. | 48,246 | 918,121 | ||||||
AvalonBay Communities, Inc. | 39,311 | 6,507,543 | ||||||
Boston Properties, Inc. | 43,343 | 5,277,877 | ||||||
Corporate Office Properties Trust | 40,851 | 1,139,743 | ||||||
Cousins Properties, Inc. | 138,433 | 1,304,039 | ||||||
Crown Castle International Corp. | 89,221 | 9,292,367 | ||||||
CyrusOne, Inc. | 31,374 | 1,737,492 | ||||||
Digital Realty Trust, Inc. | 11,806 | 1,268,909 | ||||||
EastGroup Properties, Inc. | 8,109 | 756,002 | ||||||
Education Realty Trust, Inc. | 48,731 | 1,780,631 | ||||||
Empire State Realty Trust, Inc., Class A | 66,081 | 1,120,734 | ||||||
Equinix, Inc. | 15,455 | 6,133,317 | ||||||
Equity LifeStyle Properties, Inc. | 10,035 | 912,182 | ||||||
Equity Residential | 65,267 | 4,176,435 | ||||||
Essex Property Trust, Inc. | 10,912 | 2,608,295 | ||||||
Extra Space Storage, Inc. | 41,656 | 4,009,390 | ||||||
Federal Realty Investment Trust | 25,915 | 3,081,034 | ||||||
Forest City Realty Trust, Inc., Class A | 38,510 | 784,449 | ||||||
GGP, Inc. | 127,317 | 2,581,989 | ||||||
HCP, Inc. | 43,917 | 1,052,690 | ||||||
Healthcare Realty Trust, Inc. | 109,647 | 2,986,784 | ||||||
Host Hotels & Resorts, Inc. | 78,683 | 1,701,913 | ||||||
Hudson Pacific Properties, Inc. | 91,468 | 3,237,967 | ||||||
Invitation Homes, Inc.# | 57,749 | 1,271,056 | ||||||
Kilroy Realty Corp. | 32,637 | 2,485,308 | ||||||
Lamar Advertising Co., Class A | 19,159 | 1,326,186 | ||||||
Liberty Property Trust | 42,295 | 1,869,862 | ||||||
Macerich Co.# | 39,654 | 2,205,952 | ||||||
Mid-America Apartment Communities, Inc. | 22,855 | 2,138,314 | ||||||
National Health Investors, Inc.# | 20,814 | 1,536,489 | ||||||
National Retail Properties, Inc. | 40,559 | 1,680,359 | ||||||
Park Hotels & Resorts, Inc.# | 100,195 | 3,228,283 | ||||||
Pebblebrook Hotel Trust# | 58,233 | 2,377,071 | ||||||
PotlatchDeltic Corp. | 33,467 | 1,690,084 | ||||||
Prologis, Inc. | 130,680 | 8,409,258 | ||||||
Public Storage | 33,859 | 7,172,691 | ||||||
QTS Realty Trust, Inc., Class A# | 36,539 | 1,378,616 | ||||||
Rayonier, Inc. | 64,966 | 2,525,228 | ||||||
Realty Income Corp.# | 36,843 | 1,963,732 | ||||||
Regency Centers Corp. | 28,188 | 1,637,159 | ||||||
Retail Opportunity Investments Corp.# | 135,232 | 2,450,404 | ||||||
SBA Communications Corp.† | 10,328 | 1,632,547 |
63 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Simon Property Group, Inc. | 46,277 | $ | 7,414,501 | |||||
SL Green Realty Corp.# | 25,078 | 2,445,607 | ||||||
Sun Communities, Inc. | 16,280 | 1,573,950 | ||||||
Sunstone Hotel Investors, Inc.# | 133,565 | 2,322,695 | ||||||
Terreno Realty Corp.# | 31,169 | 1,187,851 | ||||||
Ventas, Inc. | 53,960 | 2,949,454 | ||||||
Vornado Realty Trust | 11,098 | 773,642 | ||||||
Washington Real Estate Investment Trust | 84,274 | 2,416,978 | ||||||
Welltower, Inc. | 50,871 | 2,932,713 | ||||||
Weyerhaeuser Co. | 129,113 | 4,819,788 | ||||||
159,239,017 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $338,079,798) | 358,116,918 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% | ||||||||
Registered Investment Companies — 1.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.42%(3) | 4,656,899 | 4,656,899 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(5) | 110,500 | 110,500 | ||||||
4,767,399 | ||||||||
Time Deposits — 0.8% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 | 2,717,000 | 2,717,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,484,399) | 7,484,399 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $345,564,197)(4) | 100.7 | % | 365,601,317 | |||||
Liabilities in excess of other assets | (0.7 | ) | (2,378,228 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 363,223,089 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $4,737,861 representing 1.3% 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) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At May 31, 2018, 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 May 31, 2018. |
(4) | See Note 5 for cost of investments on a tax basis. |
(5) | At May 31, 2018, the Fund had loaned securities with a total value of $14,081,864. This was secured by collateral of $110,500 which was received in cash and subsequently invested in short-term investments currently valued at $110,500 as reported in the Portfolio of Investments. Additional collateral of $14,325,417 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 4,093,012 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 1,657,390 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 1,089,776 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 151,836 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 7,333,403 |
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 May 31, 2018 (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 | $ | 22,043,683 | $ | — | $ | 108 | $ | 22,043,791 | ||||||||
Other Countries | 148,914,066 | 187,159,061 | ** | — | 336,073,127 | |||||||||||
Short-Term Investment Companies: | ||||||||||||||||
Registered Investment Companies | 4,767,399 | — | — | 4,767,399 | ||||||||||||
Time Deposits | — | 2,717,000 | — | 2,717,000 | ||||||||||||
Total Investments at Value | $ | 175,725,148 | $ | 189,876,061 | $ | 108 | $ | 365,601,317 | ||||||||
* | 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 1). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $132,195,680 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 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 3.5 | % | ||
Banks — Commercial | 3.2 | |||
Applications Software | 3.0 | |||
Electronic Components — Semiconductors | 2.7 | |||
Insurance — Property/Casualty | 2.6 | |||
Repurchase Agreements | 2.6 | |||
Insurance — Life/Health | 2.6 | |||
Oil Companies — Exploration & Production | 2.5 | |||
Insurance — Multi-line | 2.3 | |||
Medical — Drugs | 2.3 | |||
Medical — Biomedical/Gene | 2.2 | |||
Cosmetics & Toiletries | 2.0 | |||
Finance — Credit Card | 1.9 | |||
Web Portals/ISP | 1.9 | |||
Transport — Rail | 1.8 | |||
Commercial Services — Finance | 1.5 | |||
Investment Management/Advisor Services | 1.5 | |||
Beverages — Non-alcoholic | 1.4 | |||
Telephone — Integrated | 1.3 | |||
Banks — Super Regional | 1.3 | |||
Computer Services | 1.3 | |||
Finance — Other Services | 1.1 | |||
Medical Products | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Enterprise Software/Service | 1.0 | |||
Multimedia | 1.0 | |||
Commercial Services | 1.0 | |||
U.S. Government Treasuries | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Transport — Services | 0.9 | |||
Data Processing/Management | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Cable/Satellite TV | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Gas — Distribution | 0.8 | |||
Networking Products | 0.8 | |||
Diagnostic Equipment | 0.8 | |||
Pipelines | 0.8 | |||
Insurance — Reinsurance | 0.7 | |||
Electric — Integrated | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Consumer Products — Misc. | 0.7 | |||
Machinery — Electrical | 0.7 | |||
Hotels/Motels | 0.7 | |||
Distribution/Wholesale | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Real Estate Operations & Development | 0.6 | |||
Oil Companies — Integrated | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Computer Aided Design | 0.5 | |||
Diversified Banking Institutions | 0.5 | |||
Import/Export | 0.5 | |||
Investment Companies | 0.5 | |||
Machinery — Farming | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Internet Content — Entertainment | 0.5 | |||
Diversified Operations | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Electronic Forms | 0.4 | |||
Oil — Field Services | 0.4 |
Food — Retail | 0.4 | % | ||
Machinery — Construction & Mining | 0.4 | |||
Entertainment Software | 0.4 | |||
Advertising Agencies | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Private Equity | 0.4 | |||
Paper & Related Products | 0.4 | |||
Consulting Services | 0.4 | |||
Retail — Apparel/Shoe | 0.3 | |||
Insurance Brokers | 0.3 | |||
Steel — Producers | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Industrial Gases | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Medical Instruments | 0.3 | |||
Telecom Services | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Water | 0.3 | |||
Electric — Distribution | 0.3 | |||
Retail — Discount | 0.3 | |||
Computer Software | 0.3 | |||
Cellular Telecom | 0.2 | |||
Toys | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Retail — Building Products | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Food — Catering | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Wireless Equipment | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Audio/Video Products | 0.2 | |||
Television | 0.2 | |||
Medical — HMO | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Internet Security | 0.2 | |||
Rubber — Tires | 0.2 | |||
Computers | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Building Products — Cement | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Metal — Copper | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Gold Mining | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Electric — Transmission | 0.2 | |||
Metal — Diversified | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Optical Supplies | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Medical Information Systems | 0.1 | |||
Food — Meat Products | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Savings & Loans/Thrifts | 0.1 |
65 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Transactional Software | 0.1 | % | ||
Office Supplies & Forms | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Coatings/Paint | 0.1 | |||
Transport — Truck | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Human Resources | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Decision Support Software | 0.1 | |||
Dialysis Centers | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Security Services | 0.1 | |||
Silver Mining | 0.1 | |||
Respiratory Products | 0.1 | |||
Travel Services | 0.1 | |||
Electronic Connectors | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Radio | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Retail — Automobile | 0.1 | |||
Publishing — Books | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Gas — Transportation | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Airlines | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Computer Data Security | 0.1 | |||
Building Products — Wood | 0.1 | |||
Electric — Generation | 0.1 | |||
99.7 | % | |||
Country Allocation*
United States | 56.5 | % | ||
Japan | 10.1 | |||
United Kingdom | 4.9 | |||
Canada | 3.4 | |||
France | 3.1 | |||
Switzerland | 2.7 | |||
Germany | 2.5 | |||
Netherlands | 2.1 | |||
Australia | 2.1 | |||
Hong Kong | 1.5 | |||
Spain | 1.3 | |||
Bermuda | 1.2 | |||
Ireland | 1.1 | |||
Sweden | 1.1 | |||
Denmark | 0.9 | |||
Singapore | 0.7 | |||
Finland | 0.7 | |||
Italy | 0.6 | |||
Jersey | 0.6 | |||
Belgium | 0.6 | |||
Norway | 0.4 | |||
Curacao | 0.3 | |||
Cayman Islands | 0.2 | |||
Portugal | 0.2 | |||
Austria | 0.2 | |||
Israel | 0.2 | |||
Luxembourg | 0.2 | |||
New Zealand | 0.1 | |||
SupraNational | 0.1 | |||
Papua New Guinea | 0.1 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.0% |
| |||||||
Australia — 2.1% |
| |||||||
Amcor, Ltd. | 22,626 | $ | 240,193 | |||||
APA Group | 49,311 | 323,317 | ||||||
ASX, Ltd. | 15,070 | 688,971 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 14 | ||||||
Computershare, Ltd. | 26,169 | 342,223 | ||||||
CSL, Ltd. | 7,914 | 1,108,452 | ||||||
Dexus | 63,132 | 471,250 | ||||||
Fortescue Metals Group, Ltd. | 41,195 | 145,640 | ||||||
Goodman Group | 33,750 | 238,047 | ||||||
GPT Group | 103,827 | 394,150 | ||||||
Insurance Australia Group, Ltd. | 93,362 | 572,412 | ||||||
Macquarie Group, Ltd. | 1,658 | 142,848 | ||||||
OneMarket, Ltd.† | 1,779 | 2,058 | ||||||
Origin Energy, Ltd.† | 22,646 | 163,608 | ||||||
QBE Insurance Group, Ltd. | 23,435 | 167,589 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 290,146 | ||||||
Santos, Ltd.† | 125,876 | 555,657 | ||||||
Scentre Group | 70,481 | 222,298 | ||||||
Sonic Healthcare, Ltd. | 11,410 | 202,975 | ||||||
South32, Ltd. | 83,118 | 232,822 | ||||||
Stockland | 80,658 | 252,562 | ||||||
Sydney Airport | 38,727 | 212,612 | ||||||
Transurban Group | 93,111 | 834,220 | ||||||
Vicinity Centres | 94,165 | 189,822 | ||||||
Wesfarmers, Ltd. | 11,407 | 391,957 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 372,491 | ||||||
Woolworths Group, Ltd. | 11,583 | 248,748 | ||||||
9,007,082 | ||||||||
Austria — 0.2% |
| |||||||
Erste Group Bank AG | 7,963 | 329,698 | ||||||
OMV AG | 6,429 | 366,386 | ||||||
voestalpine AG | 5,591 | 298,320 | ||||||
994,404 | ||||||||
Belgium — 0.6% |
| |||||||
Ageas | 5,216 | 264,262 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 544,160 | ||||||
KBC Group NV | 3,665 | 283,666 | ||||||
Proximus SADP | 11,201 | 299,598 | ||||||
UCB SA | 8,212 | 646,640 | ||||||
Umicore SA | 7,391 | 416,801 | ||||||
2,455,127 | ||||||||
Bermuda — 1.2% |
| |||||||
Arch Capital Group, Ltd.† | 5,140 | 403,233 | ||||||
Axalta Coating Systems, Ltd.† | 5,302 | 164,945 | ||||||
Axis Capital Holdings, Ltd. | 3,374 | 191,812 | ||||||
Everest Re Group, Ltd. | 2,701 | 608,508 | ||||||
Hongkong Land Holdings, Ltd. | 29,900 | 216,799 | ||||||
IHS Markit, Ltd.† | 8,195 | 403,850 | ||||||
Invesco, Ltd. | 12,366 | 337,839 | ||||||
Jardine Matheson Holdings, Ltd. | 4,000 | 249,594 | ||||||
Jardine Strategic Holdings, Ltd. | 6,000 | 213,928 | ||||||
Li & Fung, Ltd. | 380,000 | 147,536 | ||||||
NWS Holdings, Ltd. | 120,000 | 222,718 | ||||||
RenaissanceRe Holdings, Ltd. | 5,045 | 619,375 | ||||||
Shangri-La Asia, Ltd. | 344,000 | 684,521 | ||||||
XL Group, Ltd. | 10,099 | 561,302 | ||||||
5,025,960 | ||||||||
Canada — 3.4% |
| |||||||
Agnico Eagle Mines, Ltd. | 5,318 | 238,666 | ||||||
Alimentation Couche-Tard, Inc., Class B | 4,191 | 174,997 | ||||||
AltaGas, Ltd. | 7,389 | 145,033 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) |
| |||||||
ARC Resources, Ltd. | 19,368 | $ | 199,565 | |||||
Bank of Montreal | 7,598 | 588,573 | ||||||
BCE, Inc. | 9,210 | 383,643 | ||||||
Brookfield Asset Management, Inc., Class A | 14,200 | 566,313 | ||||||
Cameco Corp. | 16,563 | 171,302 | ||||||
Canadian Imperial Bank of Commerce | 2,567 | 224,113 | ||||||
Canadian National Railway Co. | 7,893 | 658,967 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 313,838 | ||||||
CGI Group, Inc., Class A† | 5,081 | 312,360 | ||||||
CI Financial Corp. | 13,200 | 255,937 | ||||||
Crescent Point Energy Corp. | 28,760 | 231,571 | ||||||
Encana Corp. | 32,765 | 416,954 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 476,700 | ||||||
First Capital Realty, Inc. | 29,984 | 486,090 | ||||||
First Quantum Minerals, Ltd. | 13,768 | 216,087 | ||||||
Fortis, Inc. | 8,562 | 273,580 | ||||||
Franco-Nevada Corp. | 2,469 | 174,102 | ||||||
Great-West Lifeco, Inc. | 22,215 | 563,856 | ||||||
IGM Financial, Inc. | 10,180 | 300,862 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 5,774 | 236,019 | ||||||
Intact Financial Corp. | 8,048 | 608,597 | ||||||
Keyera Corp. | 8,694 | 243,735 | ||||||
Manulife Financial Corp. | 31,548 | 595,144 | ||||||
National Bank of Canada | 5,260 | 251,600 | ||||||
Onex Corp. | 3,661 | 262,787 | ||||||
Open Text Corp. | 6,092 | 212,511 | ||||||
Pembina Pipeline Corp. | 10,586 | 368,216 | ||||||
Power Corp. of Canada | 15,066 | 351,029 | ||||||
Power Financial Corp. | 11,025 | 274,732 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 144,359 | ||||||
Rogers Communications, Inc., Class B | 5,695 | 267,269 | ||||||
Saputo, Inc. | 6,025 | 209,383 | ||||||
Seven Generations Energy, Ltd., Class A† | 3,485 | 45,101 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 591,729 | ||||||
Shopify, Inc., Class A† | 480 | 71,200 | ||||||
Sun Life Financial, Inc. | 8,746 | 361,482 | ||||||
Suncor Energy, Inc. | 12,839 | 511,342 | ||||||
Thomson Reuters Corp. | 14,735 | 572,876 | ||||||
Tourmaline Oil Corp. | 6,974 | 139,093 | ||||||
Turquoise Hill Resources, Ltd.† | 54,175 | 152,506 | ||||||
Vermilion Energy, Inc. | 5,604 | 196,438 | ||||||
Waste Connections, Inc. | 3,708 | 285,071 | ||||||
Wheaton Precious Metals Corp. | 7,836 | 171,273 | ||||||
14,496,601 | ||||||||
Cayman Islands — 0.2% |
| |||||||
ASM Pacific Technology, Ltd. | 24,900 | 325,265 | ||||||
CK Asset Holdings, Ltd. | 30,808 | 256,901 | ||||||
Minth Group, Ltd. | 22,000 | 100,900 | ||||||
WH Group, Ltd.* | 232,000 | 237,711 | ||||||
Wharf Real Estate Investment Co., Ltd. | 18,000 | 138,715 | ||||||
1,059,492 | ||||||||
Curacao — 0.3% |
| |||||||
Schlumberger, Ltd. | 19,117 | 1,312,764 | ||||||
Denmark — 0.9% |
| |||||||
Chr. Hansen Holding A/S | 3,663 | 352,185 | ||||||
DSV A/S | 6,741 | 560,057 | ||||||
Genmab A/S† | 1,023 | 154,128 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 1,152,730 | ||||||
Novozymes A/S, Class B | 7,595 | 386,830 | ||||||
Pandora A/S | 1,457 | 114,764 | ||||||
TDC A/S† | 41,179 | 324,552 | ||||||
Tryg A/S | 10,121 | 233,071 | ||||||
Vestas Wind Systems A/S | 2,688 | 176,400 |
67 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
William Demant Holding A/S† | 9,330 | $ | 339,460 | |||||
3,794,177 | ||||||||
Finland — 0.7% |
| |||||||
Elisa Oyj | 8,794 | 393,250 | ||||||
Kone Oyj, Class B | 3,953 | 195,971 | ||||||
Metso Oyj | 7,856 | 272,060 | ||||||
Nokia Oyj | 74,983 | 432,201 | ||||||
Nokian Renkaat Oyj | 5,042 | 195,389 | ||||||
Orion Oyj, Class B | 5,436 | 160,727 | ||||||
Sampo Oyj, Class A | 11,249 | 552,451 | ||||||
Stora Enso Oyj, Class R | 13,189 | 270,406 | ||||||
UPM-Kymmene Oyj | 10,130 | 372,011 | ||||||
2,844,466 | ||||||||
France — 3.1% |
| |||||||
Accor SA | 4,597 | 252,763 | ||||||
Aeroports de Paris | 2,815 | 587,329 | ||||||
Air Liquide SA | 4,601 | 565,735 | ||||||
Arkema SA | 2,361 | 289,362 | ||||||
Atos SE | 2,660 | 363,428 | ||||||
AXA SA | 24,468 | 612,756 | ||||||
Bureau Veritas SA | 12,706 | 314,610 | ||||||
Capgemini SE | 2,743 | 363,520 | ||||||
Casino Guichard Perrachon SA | 3,259 | 141,483 | ||||||
Cie de Saint-Gobain | 5,254 | 264,870 | ||||||
CNP Assurances | 12,364 | 289,008 | ||||||
Credit Agricole SA | 21,290 | 293,539 | ||||||
Danone SA | 8,969 | 684,352 | ||||||
Dassault Systemes SE | 5,876 | 825,423 | ||||||
Essilor International SA | 5,692 | 777,924 | ||||||
Eutelsat Communications SA | 9,358 | 180,466 | ||||||
Fonciere Des Regions | 2,037 | 213,105 | ||||||
Gecina SA | 2,109 | 364,424 | ||||||
ICADE | 2,531 | 234,980 | ||||||
Iliad SA | 890 | 151,448 | ||||||
Imerys SA | 2,842 | 243,876 | ||||||
Klepierre SA | 8,921 | 349,186 | ||||||
L’Oreal SA | 5,556 | 1,335,524 | ||||||
Lagardere SCA | 9,463 | 256,013 | ||||||
Legrand SA | 5,384 | 405,564 | ||||||
Orange SA | 14,471 | 248,733 | ||||||
Schneider Electric SE | 4,708 | 408,758 | ||||||
SCOR SE | 8,324 | 308,166 | ||||||
Societe BIC SA | 1,493 | 145,530 | ||||||
Sodexo SA | 5,101 | 496,166 | ||||||
Unibail-Rodamco SE | 1,363 | 307,396 | ||||||
Veolia Environnement SA | 10,211 | 232,874 | ||||||
Vivendi SA | 16,981 | 427,236 | ||||||
Wendel SA | 1,751 | 230,965 | ||||||
13,166,512 | ||||||||
Germany — 2.5% |
| |||||||
Allianz SE | 5,828 | 1,202,504 | ||||||
Beiersdorf AG | 7,692 | 883,516 | ||||||
Brenntag AG | 5,411 | 312,294 | ||||||
Commerzbank AG† | 9,190 | 94,004 | ||||||
Continental AG | 1,377 | 349,487 | ||||||
Covestro AG* | 976 | 89,011 | ||||||
Deutsche Wohnen SE | 5,229 | 245,363 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,354 | 313,964 | ||||||
Fresenius SE & Co. KGaA | 4,930 | 379,133 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 5,308 | 278,433 | ||||||
Hannover Rueck SE | 2,979 | 376,270 | ||||||
Henkel AG & Co. KGaA | 1,677 | 189,099 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Henkel AG & Co. KGaA (Preference Shares) | 3,268 | $ | 403,614 | |||||
Infineon Technologies AG | 13,282 | 364,993 | ||||||
LANXESS AG | 4,176 | 330,699 | ||||||
Merck KGaA | 5,817 | 594,137 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,369 | 694,516 | ||||||
SAP SE | 14,724 | 1,658,749 | ||||||
Siemens AG | 4,524 | 590,069 | ||||||
Symrise AG | 4,994 | 405,801 | ||||||
Telefonica Deutschland Holding AG | 42,775 | 180,852 | ||||||
TUI AG | 12,628 | 292,767 | ||||||
Vonovia SE | 9,834 | 464,205 | ||||||
10,693,480 | ||||||||
Hong Kong — 1.5% |
| |||||||
AIA Group, Ltd. | 174,800 | 1,595,041 | ||||||
Bank of East Asia, Ltd. | 76,000 | 314,946 | ||||||
BOC Hong Kong Holdings, Ltd. | 61,000 | 305,276 | ||||||
Hang Lung Properties, Ltd. | 92,000 | 208,495 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 442,314 | ||||||
Henderson Land Development Co., Ltd. | 37,607 | 247,075 | ||||||
Hong Kong & China Gas Co., Ltd. | 407,479 | 880,403 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 15,800 | 507,756 | ||||||
Link REIT | 62,500 | 552,433 | ||||||
PCCW, Ltd. | 360,000 | 211,933 | ||||||
Power Assets Holdings, Ltd. | 20,000 | 138,823 | ||||||
Sun Hung Kai Properties, Ltd. | 15,000 | 241,699 | ||||||
Swire Pacific, Ltd., Class A | 16,500 | 169,971 | ||||||
Swire Properties, Ltd. | 113,600 | 444,890 | ||||||
Techtronic Industries Co., Ltd. | 43,500 | 260,256 | ||||||
6,521,311 | ||||||||
Ireland — 1.1% |
| |||||||
Accenture PLC, Class A | 8,675 | 1,351,045 | ||||||
Alkermes PLC†# | 4,103 | 193,662 | ||||||
CRH PLC | 8,730 | 322,545 | ||||||
DCC PLC | 4,121 | 395,346 | ||||||
Jazz Pharmaceuticals PLC† | 1,834 | 309,946 | ||||||
Johnson Controls International PLC | 14,883 | 499,473 | ||||||
Kerry Group PLC, Class A | 6,361 | 672,131 | ||||||
Pentair PLC | 4,813 | 210,039 | ||||||
Perrigo Co. PLC | 2,305 | 168,634 | ||||||
Seagate Technology PLC | 1,507 | 84,919 | ||||||
Willis Towers Watson PLC | 3,025 | 457,229 | ||||||
4,664,969 | ||||||||
Israel — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 2,287 | 222,662 | ||||||
NICE, Ltd.† | 4,159 | 439,418 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 8,828 | 189,802 | ||||||
851,882 | ||||||||
Italy — 0.6% |
| |||||||
Assicurazioni Generali SpA | 34,830 | 592,751 | ||||||
Atlantia SpA | 7,576 | 219,311 | ||||||
Intesa Sanpaolo SpA | 146,572 | 434,884 | ||||||
Luxottica Group SpA | 3,520 | 219,038 | ||||||
Recordati SpA | 8,189 | 303,653 | ||||||
Snam SpA | 61,634 | 252,524 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | 322,715 | ||||||
UniCredit SpA | 19,456 | 325,072 | ||||||
2,669,948 | ||||||||
Japan — 10.1% |
| |||||||
Aeon Co., Ltd. | 14,600 | 288,539 | ||||||
AEON Financial Service Co., Ltd. | 8,700 | 202,373 | ||||||
Aisin Seiki Co., Ltd. | 8,300 | 416,400 |
68 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Ajinomoto Co., Inc. | 11,000 | $ | 209,785 | |||||
Amada Holdings Co., Ltd. | 18,000 | 194,900 | ||||||
Aozora Bank, Ltd. | 5,200 | 205,402 | ||||||
Astellas Pharma, Inc. | 32,800 | 500,596 | ||||||
Bridgestone Corp. | 7,800 | 311,698 | ||||||
Canon, Inc. | 17,600 | 600,270 | ||||||
Central Japan Railway Co. | 1,900 | 392,273 | ||||||
Chiba Bank, Ltd. | 27,000 | 207,121 | ||||||
Chubu Electric Power Co., Inc. | 12,500 | 193,345 | ||||||
Chugai Pharmaceutical Co., Ltd. | 5,000 | 281,552 | ||||||
Concordia Financial Group, Ltd. | 45,800 | 256,984 | ||||||
Dai Nippon Printing Co., Ltd. | 8,000 | 171,170 | ||||||
Dai-ichi Life Holdings, Inc. | 16,600 | 308,297 | ||||||
Daiichi Sankyo Co., Ltd. | 15,200 | 486,961 | ||||||
Daikin Industries, Ltd. | 2,200 | 253,198 | ||||||
Daito Trust Construction Co., Ltd. | 200 | 32,585 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 343,282 | ||||||
Denso Corp. | 13,700 | 664,054 | ||||||
Dentsu, Inc. | 3,800 | 181,027 | ||||||
Disco Corp. | 1,700 | 319,015 | ||||||
East Japan Railway Co. | 5,600 | 552,428 | ||||||
Eisai Co., Ltd. | 3,900 | 281,373 | ||||||
FANUC Corp. | 2,800 | 595,690 | ||||||
Fuji Electric Co., Ltd. | 45,000 | 319,430 | ||||||
FUJIFILM Holdings Corp. | 4,600 | 176,087 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 197,485 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 3,000 | 248,853 | ||||||
Hitachi Chemical Co., Ltd. | 9,900 | 212,515 | ||||||
Hitachi Metals, Ltd. | 17,700 | 194,211 | ||||||
Hitachi, Ltd. | 44,000 | 320,558 | ||||||
Hoya Corp. | 12,800 | 756,948 | ||||||
Idemitsu Kosan Co., Ltd. | 7,100 | 237,214 | ||||||
Inpex Corp. | 24,600 | 272,797 | ||||||
Isuzu Motors, Ltd. | 15,000 | 200,254 | ||||||
JFE Holdings, Inc. | 14,000 | 288,572 | ||||||
JTEKT Corp. | 16,100 | 233,474 | ||||||
JXTG Holdings, Inc. | 91,800 | 589,899 | ||||||
Kajima Corp. | 1,000 | 8,131 | ||||||
Kao Corp. | 10,000 | 773,440 | ||||||
KDDI Corp. | 23,700 | 639,794 | ||||||
Keikyu Corp. | 13,000 | 218,592 | ||||||
Keio Corp. | 6,200 | 287,370 | ||||||
Keyence Corp. | 1,400 | 855,801 | ||||||
Kintetsu Group Holdings Co., Ltd. | 4,200 | 175,501 | ||||||
Komatsu, Ltd. | 10,600 | 346,753 | ||||||
Kubota Corp. | 25,000 | 419,131 | ||||||
Kurita Water Industries, Ltd. | 7,900 | 226,346 | ||||||
Kyocera Corp. | 5,600 | 332,218 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 10,000 | 203,399 | ||||||
LIXIL Group Corp. | 10,600 | 233,725 | ||||||
Mabuchi Motor Co., Ltd. | 4,500 | 207,988 | ||||||
Marubeni Corp. | 51,300 | 398,506 | ||||||
Mazda Motor Corp. | 15,000 | 188,327 | ||||||
MEIJI Holdings Co., Ltd. | 1,700 | 144,576 | ||||||
Mitsubishi Chemical Holdings Corp. | 39,800 | 366,883 | ||||||
Mitsubishi Corp. | 16,100 | 446,805 | ||||||
Mitsubishi Electric Corp. | 29,000 | 410,022 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 181,037 | ||||||
Mitsui & Co., Ltd. | 29,600 | 519,670 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 300,200 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,100 | 257,156 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 237,063 | ||||||
Nagoya Railroad Co., Ltd. | 6,200 | 158,953 | ||||||
NGK Insulators, Ltd. | 10,000 | 181,827 | ||||||
NGK Spark Plug Co., Ltd. | 14,200 | 387,169 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Nidec Corp. | 3,800 | $ | 586,537 | |||||
Nikon Corp. | 13,400 | 216,651 | ||||||
Nintendo Co., Ltd. | 1,200 | 493,996 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 12,600 | 263,338 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 641,539 | ||||||
Nitori Holdings Co., Ltd. | 1,400 | 240,096 | ||||||
NOK Corp. | 10,500 | 196,127 | ||||||
NSK, Ltd. | 29,500 | 333,825 | ||||||
NTT Data Corp. | 18,500 | 206,284 | ||||||
NTT DOCOMO, Inc. | 24,700 | 638,498 | ||||||
Omron Corp. | 5,600 | 292,721 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,900 | 145,890 | ||||||
Oracle Corp. Japan† | 1,100 | 83,453 | ||||||
Oriental Land Co., Ltd. | 4,100 | 418,428 | ||||||
ORIX Corp. | 19,200 | 320,936 | ||||||
Osaka Gas Co., Ltd. | 9,200 | 200,346 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 302,130 | ||||||
Panasonic Corp. | 27,800 | 378,713 | ||||||
Rakuten, Inc. | 17,000 | 113,928 | ||||||
Renesas Electronics Corp.† | 15,100 | 149,262 | ||||||
Resona Holdings, Inc. | 74,600 | 414,503 | ||||||
Ryohin Keikaku Co., Ltd. | 700 | 237,237 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 287,560 | ||||||
Secom Co., Ltd. | 4,000 | 297,551 | ||||||
Sekisui House, Ltd. | 11,400 | 202,807 | ||||||
Shimadzu Corp. | 13,000 | 356,770 | ||||||
Shimano, Inc. | 1,200 | 169,314 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 665,632 | ||||||
Shionogi & Co., Ltd. | 4,000 | 209,301 | ||||||
Shiseido Co., Ltd. | 4,700 | 370,735 | ||||||
Shizuoka Bank, Ltd. | 18,000 | 173,101 | ||||||
SMC Corp. | 700 | 264,996 | ||||||
SoftBank Group Corp. | 12,800 | 908,514 | ||||||
Sony Corp. | 12,900 | 608,245 | ||||||
SUMCO Corp. | 5,500 | 132,542 | ||||||
Sumitomo Chemical Co., Ltd. | 43,000 | 259,202 | ||||||
Sumitomo Corp. | 34,800 | 582,394 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 10,300 | 213,431 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 14,200 | 586,466 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,800 | 241,282 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 216,951 | ||||||
Sysmex Corp. | 2,700 | 242,072 | ||||||
TDK Corp. | 3,300 | 295,723 | ||||||
Terumo Corp. | 5,100 | 301,142 | ||||||
Tobu Railway Co., Ltd. | 8,000 | 247,275 | ||||||
Tohoku Electric Power Co., Inc. | 14,100 | 179,674 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 499,038 | ||||||
Tokyo Electron, Ltd. | 2,600 | 483,757 | ||||||
Tokyo Gas Co., Ltd. | 9,200 | 250,169 | ||||||
Tokyu Corp. | 13,500 | 239,503 | ||||||
Toppan Printing Co., Ltd. | 20,000 | 162,671 | ||||||
Toray Industries, Inc. | 28,000 | 228,463 | ||||||
TOTO, Ltd. | 5,500 | 286,224 | ||||||
Toyoda Gosei Co., Ltd. | 13,600 | 357,137 | ||||||
Toyota Industries Corp. | 7,200 | 419,170 | ||||||
Toyota Motor Corp. | 18,700 | 1,183,624 | ||||||
Toyota Tsusho Corp. | 8,500 | 292,397 | ||||||
Trend Micro, Inc. | 9,900 | 558,377 | ||||||
Unicharm Corp. | 8,500 | 263,424 | ||||||
West Japan Railway Co. | 4,500 | 323,045 | ||||||
Yahoo Japan Corp. | 40,100 | 145,486 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 223,200 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 228,613 | ||||||
Yamazaki Baking Co., Ltd. | 9,000 | 194,634 | ||||||
Yaskawa Electric Corp. | 4,000 | 160,648 | ||||||
43,191,696 | ||||||||
69 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Jersey — 0.6% |
| |||||||
Aptiv PLC | 3,496 | $ | 340,860 | |||||
Experian PLC | 8,984 | 219,988 | ||||||
Ferguson PLC | 4,223 | 327,290 | ||||||
Randgold Resources, Ltd. | 3,036 | 241,207 | ||||||
Shire PLC | 16,732 | 914,986 | ||||||
WPP PLC | 28,561 | 468,125 | ||||||
2,512,456 | ||||||||
Luxembourg — 0.2% |
| |||||||
RTL Group SA | 4,902 | 369,703 | ||||||
SES SA FDR | 7,843 | 135,479 | ||||||
Tenaris SA | 13,542 | 243,278 | ||||||
748,460 | ||||||||
Netherlands — 2.1% |
| |||||||
Aegon NV | 70,452 | 437,544 | ||||||
AerCap Holdings NV† | 3,448 | 190,709 | ||||||
Akzo Nobel NV | 3,724 | 326,367 | ||||||
Altice NV, Class A† | 1,533 | 5,415 | ||||||
ASML Holding NV | 3,981 | 776,698 | ||||||
Boskalis Westminster NV | 5,238 | 144,560 | ||||||
CNH Industrial NV | 27,566 | 321,624 | ||||||
EXOR NV | 4,981 | 366,842 | ||||||
Ferrari NV | 1,458 | 191,848 | ||||||
ING Groep NV | 48,736 | 708,243 | ||||||
Koninklijke Ahold Delhaize NV | 21,039 | 483,940 | ||||||
Koninklijke DSM NV | 3,564 | 354,028 | ||||||
Koninklijke KPN NV | 50,803 | 138,008 | ||||||
Koninklijke Philips NV | 22,996 | 938,927 | ||||||
Koninklijke Vopak NV | 4,605 | 225,613 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 743,804 | ||||||
NN Group NV | 13,556 | 581,579 | ||||||
NXP Semiconductors NV† | 2,921 | 332,994 | ||||||
QIAGEN NV† | 4,979 | 180,614 | ||||||
RELX NV | 25,248 | 552,402 | ||||||
STMicroelectronics NV | 18,008 | 428,685 | ||||||
Wolters Kluwer NV | 11,114 | 625,446 | ||||||
9,055,890 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 22,556 | 103,977 | ||||||
Fletcher Building, Ltd. | 37,047 | 170,838 | ||||||
Spark New Zealand, Ltd. | 95,487 | 244,097 | ||||||
518,912 | ||||||||
Norway — 0.4% |
| |||||||
Gjensidige Forsikring ASA | 23,102 | 356,961 | ||||||
Marine Harvest ASA | 10,328 | 206,700 | ||||||
Orkla ASA | 35,200 | 317,763 | ||||||
Equinor ASA† | 7,937 | 208,365 | ||||||
Telenor ASA | 11,202 | 230,708 | ||||||
Yara International ASA | 8,507 | 351,133 | ||||||
1,671,630 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 36,637 | 228,429 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 126,030 | 0 | ||||||
EDP — Energias de Portugal SA | 93,029 | 363,962 | ||||||
Galp Energia SGPS SA | 33,940 | 631,585 | ||||||
995,547 | ||||||||
Singapore — 0.7% |
| |||||||
CapitaLand, Ltd. | 80,000 | 206,037 | ||||||
City Developments, Ltd. | 29,500 | 246,070 |
Security Description | Shares | Value (Note 2) | ||||||
Singapore (continued) |
| |||||||
ComfortDelGro Corp., Ltd. | 159,000 | $ | 291,502 | |||||
DBS Group Holdings, Ltd. | 27,000 | 569,518 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 235,342 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 987,698 | ||||||
StarHub, Ltd. | 112,000 | 161,390 | ||||||
United Overseas Bank, Ltd. | 27,000 | 565,156 | ||||||
3,262,713 | ||||||||
Spain — 1.3% |
| |||||||
Aena SME SA* | 1,353 | 259,896 | ||||||
Amadeus IT Group SA | 6,764 | 536,037 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,461 | 631,213 | ||||||
Banco de Sabadell SA | 138,750 | 232,794 | ||||||
Banco Santander SA | 182,417 | 978,672 | ||||||
Bankia SA | 5,878 | 22,416 | ||||||
Bankinter SA | 27,525 | 266,572 | ||||||
CaixaBank SA | 80,880 | 343,830 | ||||||
Enagas SA | 7,953 | 212,858 | ||||||
Grifols SA | 10,560 | 310,233 | ||||||
Red Electrica Corp. SA | 13,704 | 267,660 | ||||||
Repsol SA | 47,733 | 908,003 | ||||||
Telefonica SA | 60,355 | 532,701 | ||||||
5,502,885 | ||||||||
SupraNational — 0.1% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd.* | 191,000 | 185,032 | ||||||
HKT Trust & HKT, Ltd. | 123,000 | 155,193 | ||||||
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI† | 13,123 | 145,982 | ||||||
486,207 | ||||||||
Sweden — 1.1% |
| |||||||
Assa Abloy AB, Class B | 30,513 | 656,452 | ||||||
Atlas Copco AB, Class A† | 11,320 | 10,267 | ||||||
Atlas Copco AB, Class A | 11,320 | 448,025 | ||||||
Atlas Copco AB, Class B† | 7,859 | 7,122 | ||||||
Atlas Copco AB, Class B | 7,859 | 284,580 | ||||||
Boliden AB | 9,577 | 337,795 | ||||||
Boliden AB† | 9,577 | 6,224 | ||||||
Essity AB, Class B | 6,725 | 170,509 | ||||||
Getinge AB, Class B | 9,028 | 87,551 | ||||||
Hennes & Mauritz AB, Class B | 7,515 | 113,290 | ||||||
Hexagon AB, Class B | 5,022 | 283,096 | ||||||
Industrivarden AB, Class C | 11,313 | 237,773 | ||||||
Investor AB, Class B | 16,914 | 701,808 | ||||||
Nordea Bank AB | 21,352 | 205,464 | ||||||
Sandvik AB | 14,312 | 248,318 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 20,839 | 187,862 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 422,646 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 238,783 | ||||||
4,647,565 | ||||||||
Switzerland — 2.7% |
| |||||||
ABB, Ltd. | 28,594 | 649,925 | ||||||
Baloise Holding AG | 1,739 | 254,622 | ||||||
Chubb, Ltd. | 13,729 | 1,794,243 | ||||||
Coca-Cola HBC AG | 11,386 | 389,067 | ||||||
EMS-Chemie Holding AG | 379 | 237,570 | ||||||
Garmin, Ltd.# | 4,306 | 258,748 | ||||||
Geberit AG | 1,734 | 747,640 | ||||||
Givaudan SA | 203 | 451,315 | ||||||
Kuehne & Nagel International AG | 1,294 | 194,568 | ||||||
Pargesa Holding SA | 6,739 | 590,316 | ||||||
Partners Group Holding AG | 508 | 366,132 | ||||||
Schindler Holding AG | 1,585 | 325,201 | ||||||
Schindler Holding AG(Participation Certificate) | 1,303 | 275,844 |
70 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Switzerland (continued) |
| |||||||
SGS SA | 169 | $ | 437,960 | |||||
Sika AG | 52 | 414,003 | ||||||
Sonova Holding AG | 3,591 | 626,723 | ||||||
Swatch Group AG | 670 | 325,105 | ||||||
Swiss Life Holding AG | 909 | 309,918 | ||||||
Swiss Prime Site AG | 12,310 | 1,147,946 | ||||||
Swiss Re AG | 4,613 | 399,292 | ||||||
Swisscom AG | 1,889 | 841,345 | ||||||
Vifor Pharma AG | 1,560 | 242,701 | ||||||
Zurich Insurance Group AG | 1,749 | 519,455 | ||||||
11,799,639 | ||||||||
United Kingdom — 4.9% |
| |||||||
3i Group PLC | 53,962 | 683,863 | ||||||
Admiral Group PLC | 14,174 | 362,861 | ||||||
Antofagasta PLC | 29,780 | 416,455 | ||||||
Aon PLC | 3,253 | 454,997 | ||||||
Ashtead Group PLC | 12,566 | 387,763 | ||||||
Auto Trader Group PLC* | 37,662 | 176,558 | ||||||
Aviva PLC | 77,931 | 529,284 | ||||||
British Land Co. PLC | 35,934 | 323,320 | ||||||
BT Group PLC | 174,256 | 474,688 | ||||||
Bunzl PLC | 33,711 | 1,026,358 | ||||||
Burberry Group PLC | 11,844 | 325,801 | ||||||
Capita PLC | 35,704 | 64,135 | ||||||
Compass Group PLC | 25,390 | 546,001 | ||||||
Croda International PLC | 4,382 | 271,635 | ||||||
Direct Line Insurance Group PLC | 85,325 | 405,198 | ||||||
Fresnillo PLC | 16,790 | 296,575 | ||||||
GKN PLC | 50,050 | 319,257 | ||||||
Hammerson PLC | 52,725 | 382,777 | ||||||
Hargreaves Lansdown PLC | 10,788 | 272,860 | ||||||
InterContinental Hotels Group PLC | 7,447 | 476,687 | ||||||
Intertek Group PLC | 10,773 | 782,965 | ||||||
Investec PLC | 31,544 | 233,050 | ||||||
ITV PLC | 74,244 | 160,162 | ||||||
Johnson Matthey PLC | 5,956 | 278,226 | ||||||
Kingfisher PLC | 40,468 | 163,953 | ||||||
Land Securities Group PLC | 19,687 | 242,851 | ||||||
Legal & General Group PLC | 161,043 | 577,750 | ||||||
Liberty Global PLC, Class A† | 6,033 | 172,001 | ||||||
Liberty Global PLC, Class C† | 7,042 | 194,923 | ||||||
London Stock Exchange Group PLC | 7,068 | 420,750 | ||||||
Marks & Spencer Group PLC | 41,696 | 157,204 | ||||||
Mediclinic International PLC | 12,171 | 98,897 | ||||||
Merlin Entertainments PLC* | 36,892 | 179,914 | ||||||
Mondi PLC | 10,072 | 279,773 | ||||||
National Grid PLC | 70,378 | 777,980 | ||||||
Next PLC | 6,024 | 464,548 | ||||||
Nielsen Holdings PLC | 6,062 | 182,891 | ||||||
Old Mutual PLC | 98,150 | 312,973 | ||||||
Pearson PLC | 26,239 | 314,551 | ||||||
Persimmon PLC | 2,734 | 102,946 | ||||||
Provident Financial PLC† | 5,712 | 48,726 | ||||||
RELX PLC | 32,929 | 723,517 | ||||||
Royal Mail PLC | 26,021 | 176,078 | ||||||
RSA Insurance Group PLC | 57,944 | 502,143 | ||||||
Sage Group PLC | 44,535 | 391,321 | ||||||
Schroders PLC | 9,585 | 411,713 | ||||||
Segro PLC | 54,440 | 473,826 | ||||||
Sky PLC | 21,446 | 384,024 | ||||||
Smith & Nephew PLC | 25,446 | 463,013 | ||||||
Smiths Group PLC | 18,020 | 421,843 | ||||||
SSE PLC | 33,488 | 608,813 | ||||||
St James’s Place PLC | 33,593 | 532,461 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
TechnipFMC PLC | 8,742 | $ | 272,313 | |||||
Travis Perkins PLC | 8,814 | 157,679 | ||||||
United Utilities Group PLC | 43,128 | 444,878 | ||||||
Weir Group PLC | 9,425 | 274,619 | ||||||
Whitbread PLC | 4,680 | 262,263 | ||||||
20,844,611 | ||||||||
United States — 52.8% |
| |||||||
A.O. Smith Corp. | 4,170 | 263,002 | ||||||
Abbott Laboratories | 11,386 | 700,581 | ||||||
AbbVie, Inc. | 20,175 | 1,996,114 | ||||||
Activision Blizzard, Inc. | 9,737 | 690,451 | ||||||
Acuity Brands, Inc.# | 725 | 85,731 | ||||||
Adobe Systems, Inc.† | 7,642 | 1,904,998 | ||||||
Advance Auto Parts, Inc. | 1,590 | 204,506 | ||||||
Advanced Micro Devices, Inc.†# | 6,209 | 85,250 | ||||||
Affiliated Managers Group, Inc. | 2,068 | 329,350 | ||||||
Aflac, Inc. | 19,838 | 893,900 | ||||||
Agilent Technologies, Inc. | 8,640 | 534,989 | ||||||
AGNC Investment Corp.# | 9,173 | 172,636 | ||||||
Air Products & Chemicals, Inc. | 5,168 | 834,167 | ||||||
Akamai Technologies, Inc.† | 3,270 | 246,493 | ||||||
Albemarle Corp.# | 3,348 | 312,938 | ||||||
Alexion Pharmaceuticals, Inc.† | 2,695 | 312,970 | ||||||
Align Technology, Inc.† | 1,208 | 400,996 | ||||||
Alleghany Corp. | 398 | 227,083 | ||||||
Alliance Data Systems Corp. | 920 | 193,954 | ||||||
Allstate Corp. | 13,980 | 1,306,850 | ||||||
Alnylam Pharmaceuticals, Inc.† | 938 | 93,303 | ||||||
Alphabet, Inc., Class A† | 4,082 | 4,490,200 | ||||||
Alphabet, Inc., Class C† | 3,636 | 3,945,024 | ||||||
American Express Co. | 15,233 | 1,497,404 | ||||||
American Tower Corp. | 10,755 | 1,488,169 | ||||||
American Water Works Co., Inc. | 5,568 | 462,924 | ||||||
Ameriprise Financial, Inc. | 4,466 | 619,122 | ||||||
AMETEK, Inc. | 4,930 | 360,038 | ||||||
Amgen, Inc. | 12,489 | 2,243,274 | ||||||
Amphenol Corp., Class A | 3,249 | 282,436 | ||||||
Anadarko Petroleum Corp. | 8,297 | 579,131 | ||||||
Analog Devices, Inc. | 10,056 | 977,242 | ||||||
Annaly Capital Management, Inc. | 16,295 | 169,957 | ||||||
ANSYS, Inc.† | 4,693 | 764,020 | ||||||
Antero Resources Corp.†# | 6,732 | 128,649 | ||||||
Apache Corp.# | 11,520 | 460,800 | ||||||
Applied Materials, Inc. | 11,871 | 602,809 | ||||||
Arista Networks, Inc.† | 684 | 172,067 | ||||||
Assurant, Inc. | 5,876 | 548,525 | ||||||
Atmos Energy Corp. | 4,547 | 405,638 | ||||||
Autodesk, Inc.† | 4,061 | 524,275 | ||||||
Automatic Data Processing, Inc. | 12,257 | 1,593,655 | ||||||
AvalonBay Communities, Inc. | 1,148 | 190,040 | ||||||
Avery Dennison Corp. | 3,669 | 385,355 | ||||||
Baker Hughes a GE Co., LLC | 4,989 | 172,569 | ||||||
Ball Corp. | 6,352 | 234,706 | ||||||
Bank of New York Mellon Corp. | 9,097 | 498,061 | ||||||
Baxter International, Inc. | 9,257 | 655,766 | ||||||
BB&T Corp. | 10,844 | 569,310 | ||||||
Berkshire Hathaway, Inc., Class B† | 17,072 | 3,269,800 | ||||||
Best Buy Co., Inc. | 3,967 | 270,748 | ||||||
Biogen, Inc.† | 2,412 | 709,032 | ||||||
BioMarin Pharmaceutical, Inc.†# | 3,122 | 282,041 | ||||||
BlackRock, Inc. | 2,225 | 1,188,662 | ||||||
Booking Holdings, Inc.† | 616 | 1,299,095 | ||||||
Boston Properties, Inc. | 1,856 | 226,005 | ||||||
Brixmor Property Group, Inc. | 13,251 | 210,426 |
71 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Broadcom, Inc. | 4,530 | $ | 1,141,877 | |||||
Broadridge Financial Solutions, Inc. | 2,802 | 323,491 | ||||||
C.H. Robinson Worldwide, Inc. | 4,142 | 360,354 | ||||||
CA, Inc. | 12,878 | 460,260 | ||||||
Cabot Oil & Gas Corp. | 10,408 | 237,823 | ||||||
Campbell Soup Co.# | 2,840 | 95,538 | ||||||
Capital One Financial Corp. | 8,990 | 845,060 | ||||||
CarMax, Inc.†# | 3,715 | 256,038 | ||||||
Caterpillar, Inc. | 4,114 | 624,958 | ||||||
CBRE Group, Inc., Class A† | 6,735 | 311,090 | ||||||
CBS Corp., Class B | 8,634 | 434,895 | ||||||
CDW Corp. | 4,492 | 359,585 | ||||||
Celanese Corp., Series A | 5,247 | 592,491 | ||||||
Celgene Corp.† | 10,195 | 802,143 | ||||||
Centene Corp.† | 3,324 | 389,440 | ||||||
CenterPoint Energy, Inc. | 9,924 | 259,314 | ||||||
CenturyLink, Inc.# | 23,530 | 428,717 | ||||||
Cerner Corp.† | 10,843 | 647,110 | ||||||
CF Industries Holdings, Inc. | 2,753 | 113,258 | ||||||
Charles Schwab Corp. | 16,947 | 942,592 | ||||||
Cheniere Energy, Inc.†# | 4,155 | 276,806 | ||||||
Chipotle Mexican Grill, Inc.† | 435 | 187,128 | ||||||
Church & Dwight Co., Inc. | 5,892 | 276,629 | ||||||
Cimarex Energy Co. | 2,484 | 230,813 | ||||||
Cincinnati Financial Corp. | 7,048 | 488,920 | ||||||
Cintas Corp. | 2,934 | 534,721 | ||||||
Cisco Systems, Inc. | 67,029 | 2,862,809 | ||||||
CIT Group, Inc. | 5,817 | 290,443 | ||||||
Citizens Financial Group, Inc. | 9,141 | 373,410 | ||||||
Citrix Systems, Inc.† | 3,998 | 422,269 | ||||||
Clorox Co. | 10,593 | 1,279,952 | ||||||
CME Group, Inc. | 5,673 | 924,132 | ||||||
CMS Energy Corp. | 10,564 | 487,317 | ||||||
Cognex Corp. | 4,545 | 207,752 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,995 | 677,773 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,071,521 | ||||||
Comcast Corp., Class A | 72,044 | 2,246,332 | ||||||
Comerica, Inc. | 4,468 | 421,288 | ||||||
Concho Resources, Inc.†# | 2,390 | 328,171 | ||||||
Continental Resources, Inc.†# | 5,768 | 388,417 | ||||||
Cooper Cos., Inc. | 1,050 | 237,625 | ||||||
Corning, Inc. | 14,840 | 403,203 | ||||||
CoStar Group, Inc.† | 923 | 351,866 | ||||||
Crown Castle International Corp. | 8,215 | 855,592 | ||||||
CSX Corp. | 17,593 | 1,137,387 | ||||||
D.R. Horton, Inc. | 5,759 | 243,087 | ||||||
Danaher Corp. | 15,390 | 1,527,919 | ||||||
Deere & Co. | 8,676 | 1,297,149 | ||||||
Dell Technologies, Inc., Class V† | 2,600 | 209,716 | ||||||
DENTSPLY SIRONA, Inc. | 5,808 | 254,448 | ||||||
Devon Energy Corp. | 32,561 | 1,353,561 | ||||||
Diamondback Energy, Inc. | 2,143 | 258,789 | ||||||
Digital Realty Trust, Inc. | 2,876 | 309,112 | ||||||
Discover Financial Services | 7,023 | 518,719 | ||||||
Discovery Communications, Inc., Class A†# | 14,639 | 308,736 | ||||||
Discovery Communications, Inc., Class C† | 20,286 | 401,054 | ||||||
DISH Network Corp., Class A† | 5,080 | 150,114 | ||||||
Dollar Tree, Inc.† | 4,673 | 385,943 | ||||||
Dover Corp. | 9,002 | 695,044 | ||||||
Dr Pepper Snapple Group, Inc. | 14,005 | 1,670,796 | ||||||
DXC Technology Co. | 3,569 | 328,741 | ||||||
E*TRADE Financial Corp.† | 7,743 | 490,519 | ||||||
Eaton Vance Corp. | 7,373 | 396,667 | ||||||
eBay, Inc.† | 16,919 | 638,185 | ||||||
Ecolab, Inc. | 6,409 | 913,987 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Edwards Lifesciences Corp.† | 4,134 | $ | 567,640 | |||||
Electronic Arts, Inc.† | 4,406 | 576,789 | ||||||
Emerson Electric Co. | 22,504 | 1,594,183 | ||||||
EOG Resources, Inc. | 6,297 | 741,850 | ||||||
EQT Corp. | 4,034 | 207,912 | ||||||
Equinix, Inc. | 1,497 | 594,084 | ||||||
Equity Residential | 4,349 | 278,292 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 827,150 | ||||||
Eversource Energy | 9,632 | 549,795 | ||||||
Expedia Group, Inc. | 2,598 | 314,436 | ||||||
Expeditors International of Washington, Inc. | 11,730 | 873,650 | ||||||
Extra Space Storage, Inc. | 3,906 | 375,952 | ||||||
Fastenal Co. | 8,190 | 435,954 | ||||||
Federal Realty Investment Trust | 3,058 | 363,566 | ||||||
Fidelity National Information Services, Inc. | 8,745 | 893,914 | ||||||
Fifth Third Bancorp | 15,741 | 481,360 | ||||||
First Republic Bank | 3,876 | 386,050 | ||||||
Fiserv, Inc.† | 15,962 | 1,158,841 | ||||||
FleetCor Technologies, Inc.† | 1,246 | 248,390 | ||||||
Flowserve Corp.# | 4,021 | 166,228 | ||||||
FNF Group | 9,250 | 341,880 | ||||||
Ford Motor Co. | 46,034 | 531,693 | ||||||
Fortive Corp. | 7,695 | 559,350 | ||||||
Franklin Resources, Inc. | 7,712 | 258,892 | ||||||
Gartner, Inc.† | 1,876 | 249,020 | ||||||
General Mills, Inc. | 20,561 | 869,525 | ||||||
Genuine Parts Co. | 3,093 | 280,813 | ||||||
GGP, Inc. | 7,155 | 145,103 | ||||||
Gilead Sciences, Inc. | 16,851 | 1,135,757 | ||||||
Hanesbrands, Inc.# | 9,177 | 167,297 | ||||||
Hasbro, Inc. | 5,283 | 458,300 | ||||||
HCA Healthcare, Inc. | 3,556 | 366,766 | ||||||
HCP, Inc. | 7,868 | 188,596 | ||||||
HD Supply Holdings, Inc.† | 3,493 | 142,270 | ||||||
Helmerich & Payne, Inc. | 2,696 | 178,960 | ||||||
Hess Corp. | 6,603 | 398,953 | ||||||
Hewlett Packard Enterprise Co. | 19,643 | 299,359 | ||||||
HollyFrontier Corp. | 3,459 | 266,966 | ||||||
Hormel Foods Corp.# | 10,317 | 370,277 | ||||||
Host Hotels & Resorts, Inc. | 16,843 | 364,314 | ||||||
HP, Inc. | 24,752 | 545,287 | ||||||
Humana, Inc. | 1,960 | 570,321 | ||||||
IAC/InterActiveCorp† | 1,569 | 243,415 | ||||||
Illinois Tool Works, Inc. | 2,451 | 352,209 | ||||||
Illumina, Inc.† | 1,489 | 405,663 | ||||||
Incyte Corp.† | 2,512 | 171,494 | ||||||
Ingredion, Inc. | 1,834 | 204,289 | ||||||
Intel Corp. | 67,608 | 3,731,962 | ||||||
Intercontinental Exchange, Inc. | 16,675 | 1,182,091 | ||||||
International Business Machines Corp. | 12,454 | 1,759,875 | ||||||
International Flavors & Fragrances, Inc. | 4,707 | 574,866 | ||||||
International Paper Co. | 7,172 | 383,702 | ||||||
Interpublic Group of Cos., Inc. | 10,654 | 240,780 | ||||||
Intuit, Inc. | 7,491 | 1,510,186 | ||||||
IPG Photonics Corp.† | 1,294 | 312,203 | ||||||
IQVIA Holdings, Inc.† | 2,810 | 277,993 | ||||||
Iron Mountain, Inc.# | 4,511 | 150,171 | ||||||
J.M. Smucker Co. | 1,985 | 213,387 | ||||||
JB Hunt Transport Services, Inc. | 3,516 | 450,400 | ||||||
Jones Lang LaSalle, Inc. | 2,807 | 459,674 | ||||||
Juniper Networks, Inc. | 8,086 | 215,411 | ||||||
Kansas City Southern | 2,001 | 214,407 | ||||||
KeyCorp | 16,491 | 320,585 | ||||||
Kimberly-Clark Corp. | 15,783 | 1,591,716 | ||||||
Kinder Morgan, Inc. | 22,465 | 374,716 |
72 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
KLA-Tencor Corp. | 9,492 | $ | 1,074,779 | |||||
Kohl’s Corp.# | 3,164 | 211,197 | ||||||
Kraft Heinz Co. | 7,293 | 419,202 | ||||||
Kroger Co. | 19,449 | 473,194 | ||||||
L Brands, Inc. | 4,771 | 161,785 | ||||||
Laboratory Corp. of America Holdings† | 3,264 | 589,446 | ||||||
Lam Research Corp. | 4,219 | 836,121 | ||||||
Lear Corp. | 2,301 | 455,598 | ||||||
Liberty Media Corp. — Liberty SiriusXM, Series C† | 5,871 | 271,181 | ||||||
Lincoln National Corp. | 4,705 | 311,894 | ||||||
LKQ Corp.† | 10,988 | 349,089 | ||||||
Loews Corp. | 5,566 | 272,010 | ||||||
Lowe’s Cos., Inc. | 9,390 | 892,144 | ||||||
M&T Bank Corp. | 3,811 | 655,797 | ||||||
Macerich Co. | 2,125 | 118,214 | ||||||
Marathon Oil Corp. | 50,149 | 1,074,693 | ||||||
Markel Corp.† | 505 | 554,025 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 625,841 | ||||||
Martin Marietta Materials, Inc. | 905 | 201,697 | ||||||
Masco Corp. | 5,856 | 218,253 | ||||||
Mastercard, Inc., Class A | 14,855 | 2,824,233 | ||||||
Mattel, Inc.# | 12,911 | 200,379 | ||||||
Maxim Integrated Products, Inc. | 5,112 | 299,819 | ||||||
McCormick & Co., Inc. | 2,150 | 217,150 | ||||||
MercadoLibre, Inc.# | 575 | 167,227 | ||||||
Microchip Technology, Inc.# | 7,794 | 758,980 | ||||||
Micron Technology, Inc.† | 15,302 | 881,242 | ||||||
Microsoft Corp. | 91,520 | 9,045,837 | ||||||
Mid-America Apartment Communities, Inc. | 1,694 | 158,491 | ||||||
Monster Beverage Corp.† | 6,084 | 311,257 | ||||||
Mosaic Co. | 6,964 | 191,440 | ||||||
Motorola Solutions, Inc. | 5,584 | 599,387 | ||||||
MSCI, Inc. | 2,388 | 388,217 | ||||||
Nasdaq, Inc. | 6,716 | 616,932 | ||||||
National Oilwell Varco, Inc. | 13,658 | 565,714 | ||||||
NetApp, Inc. | 7,429 | 507,549 | ||||||
Netflix, Inc.† | 5,011 | 1,761,868 | ||||||
New York Community Bancorp, Inc.# | 12,075 | 139,949 | ||||||
Newell Brands, Inc.# | 7,862 | 185,386 | ||||||
Newfield Exploration Co.† | 19,725 | 576,759 | ||||||
NiSource, Inc. | 13,830 | 349,899 | ||||||
Noble Energy, Inc. | 12,199 | 435,504 | ||||||
Norfolk Southern Corp. | 4,381 | 664,379 | ||||||
Northern Trust Corp. | 5,252 | 538,435 | ||||||
Nucor Corp. | 9,846 | 632,015 | ||||||
NVIDIA Corp. | 7,478 | 1,885,877 | ||||||
O’Reilly Automotive, Inc.† | 1,151 | 310,091 | ||||||
Occidental Petroleum Corp. | 6,941 | 584,432 | ||||||
OGE Energy Corp. | 6,618 | 231,762 | ||||||
Omnicom Group, Inc.# | 11,877 | 856,094 | ||||||
ONEOK, Inc. | 7,889 | 537,714 | ||||||
Oracle Corp. | 40,001 | 1,868,847 | ||||||
PACCAR, Inc. | 4,720 | 293,726 | ||||||
Palo Alto Networks, Inc.† | 1,448 | 301,314 | ||||||
Parker-Hannifin Corp. | 4,152 | 709,577 | ||||||
Parsley Energy, Inc., Class A† | 2,061 | 60,758 | ||||||
Paychex, Inc. | 19,483 | 1,277,695 | ||||||
PayPal Holdings, Inc.† | 14,841 | 1,218,001 | ||||||
People’s United Financial, Inc. | 22,008 | 405,167 | ||||||
PepsiCo, Inc. | 28,141 | 2,821,135 | ||||||
Pioneer Natural Resources Co. | 1,932 | 373,069 | ||||||
Plains GP Holdings LP, Class A | 3,826 | 94,005 | ||||||
PNC Financial Services Group, Inc. | 10,505 | 1,506,522 | ||||||
PPL Corp.# | 31,005 | 847,057 | ||||||
Principal Financial Group, Inc. | 9,465 | 528,147 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Procter & Gamble Co. | 38,851 | $ | 2,842,728 | |||||
Progressive Corp. | 16,445 | 1,021,070 | ||||||
Prologis, Inc. | 6,021 | 387,451 | ||||||
Prudential Financial, Inc. | 8,857 | 857,712 | ||||||
Public Storage | 1,999 | 423,468 | ||||||
Qorvo, Inc.† | 2,309 | 185,297 | ||||||
QUALCOMM, Inc. | 16,331 | 949,158 | ||||||
Quest Diagnostics, Inc. | 6,487 | 691,060 | ||||||
Qurate Retail Group, Inc., Class A† | 15,276 | 310,561 | ||||||
Range Resources Corp.# | 5,909 | 93,599 | ||||||
Raymond James Financial, Inc. | 5,302 | 511,961 | ||||||
Red Hat, Inc.† | 2,648 | 430,088 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,040 | 312,333 | ||||||
Regions Financial Corp. | 21,191 | 386,524 | ||||||
Republic Services, Inc. | 6,786 | 457,580 | ||||||
ResMed, Inc. | 2,871 | 295,167 | ||||||
Robert Half International, Inc. | 4,872 | 310,249 | ||||||
Rockwell Automation, Inc. | 4,117 | 722,163 | ||||||
Roper Technologies, Inc. | 4,838 | 1,334,272 | ||||||
Ross Stores, Inc. | 6,969 | 549,715 | ||||||
S&P Global, Inc. | 4,248 | 838,980 | ||||||
salesforce.com, Inc.† | 8,590 | 1,110,945 | ||||||
SBA Communications Corp.† | 5,672 | 896,573 | ||||||
Sealed Air Corp.# | 3,953 | 172,193 | ||||||
Seattle Genetics, Inc.†# | 1,644 | 99,446 | ||||||
SEI Investments Co. | 4,295 | 273,935 | ||||||
ServiceNow, Inc.† | 2,686 | 477,060 | ||||||
Simon Property Group, Inc. | 3,310 | 530,328 | ||||||
Skyworks Solutions, Inc. | 2,653 | 261,612 | ||||||
Snap-on, Inc. | 2,120 | 313,378 | ||||||
Southwest Airlines Co. | 4,588 | 234,355 | ||||||
Splunk, Inc.† | 2,721 | 301,514 | ||||||
Square, Inc., Class A† | 2,509 | 146,149 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 487,062 | ||||||
Starbucks Corp. | 23,035 | 1,305,393 | ||||||
Stryker Corp. | 4,534 | 789,007 | ||||||
SunTrust Banks, Inc. | 10,302 | 695,488 | ||||||
SVB Financial Group† | 1,283 | 400,463 | ||||||
Synchrony Financial | 10,798 | 373,935 | ||||||
Synopsys, Inc.† | 2,612 | 230,039 | ||||||
T-Mobile US, Inc.† | 2,928 | 163,090 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 832,455 | ||||||
Take-Two Interactive Software, Inc.† | 2,822 | 316,290 | ||||||
Tapestry, Inc. | 5,861 | 256,243 | ||||||
Targa Resources Corp. | 5,071 | 246,603 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 495,090 | ||||||
TESARO, Inc.†# | 1,251 | 57,258 | ||||||
Texas Instruments, Inc. | 11,801 | 1,320,650 | ||||||
Thermo Fisher Scientific, Inc. | 8,190 | 1,705,731 | ||||||
Tiffany & Co. | 3,930 | 513,965 | ||||||
Time Warner, Inc. | 9,354 | 880,773 | ||||||
TJX Cos., Inc. | 13,325 | 1,203,514 | ||||||
Toll Brothers, Inc. | 6,710 | 264,978 | ||||||
Torchmark Corp. | 13,741 | 1,165,649 | ||||||
Total System Services, Inc. | 7,477 | 636,966 | ||||||
Tractor Supply Co. | 1,874 | 139,257 | ||||||
TransDigm Group, Inc.# | 831 | 277,645 | ||||||
TransUnion | 1,631 | 111,887 | ||||||
Travelers Cos., Inc. | 9,938 | 1,277,232 | ||||||
Trimble, Inc.† | 10,103 | 334,005 | ||||||
TripAdvisor, Inc.†# | 2,793 | 145,627 | ||||||
Twitter, Inc.† | 7,166 | 248,660 | ||||||
UGI Corp. | 5,791 | 292,272 | ||||||
ULTA Beauty, Inc.† | 1,451 | 358,266 | ||||||
Union Pacific Corp. | 11,975 | 1,709,551 |
73 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
United Parcel Service, Inc., Class B | 13,351 | $ | 1,550,318 | |||||
United Rentals, Inc.† | 2,725 | 434,828 | ||||||
United Therapeutics Corp.† | 2,180 | 232,344 | ||||||
US Bancorp | 30,198 | 1,509,598 | ||||||
Vail Resorts, Inc. | 1,760 | 423,790 | ||||||
Valero Energy Corp. | 4,416 | 535,219 | ||||||
Varian Medical Systems, Inc.† | 3,147 | 370,937 | ||||||
Veeva Systems, Inc., Class A† | 1,502 | 116,195 | ||||||
Ventas, Inc. | 5,335 | 291,611 | ||||||
VeriSign, Inc.† | 5,122 | 668,114 | ||||||
Verisk Analytics, Inc.† | 6,616 | 702,884 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,679 | 720,566 | ||||||
Viacom, Inc., Class B | 7,902 | 214,144 | ||||||
Visa, Inc., Class A# | 27,304 | 3,569,179 | ||||||
Vornado Realty Trust | 3,640 | 253,744 | ||||||
Voya Financial, Inc. | 7,253 | 376,721 | ||||||
Vulcan Materials Co.# | 2,163 | 276,302 | ||||||
Walgreens Boots Alliance, Inc. | 10,661 | 665,140 | ||||||
Walt Disney Co. | 21,553 | 2,143,877 | ||||||
Waters Corp.† | 1,325 | 255,221 | ||||||
WEC Energy Group, Inc. | 6,906 | 436,114 | ||||||
Welltower, Inc. | 4,073 | 234,808 | ||||||
Western Digital Corp. | 3,913 | 326,775 | ||||||
Western Union Co. | 11,620 | 231,122 | ||||||
WestRock Co. | 4,699 | 276,677 | ||||||
Weyerhaeuser Co. | 7,956 | 296,997 | ||||||
Whirlpool Corp.# | 1,088 | 157,488 | ||||||
Workday, Inc., Class A† | 1,451 | 190,023 | ||||||
Worldpay, Inc., Class A† | 3,592 | 285,456 | ||||||
WR Berkley Corp. | 7,712 | 589,737 | ||||||
WW Grainger, Inc. | 518 | 160,057 | ||||||
Wyndham Worldwide Corp. | 2,547 | 276,197 | ||||||
Xerox Corp. | 5,582 | 151,719 | ||||||
Yum! Brands, Inc. | 5,094 | 414,295 | ||||||
Zoetis, Inc. | 6,582 | 550,913 | ||||||
226,222,739 | ||||||||
Total Common Stocks | ||||||||
(cost $318,714,351) | 411,247,554 | |||||||
RIGHTS — 0.0% |
| |||||||
Altice NV† | ||||||||
(cost $10,931) | 1,533 | 11,184 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $318,725,282) | 411,258,738 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 573,385 | 573,385 | ||||||
U.S. Government Treasuries — 1.0% |
| |||||||
United States Treasury Bills | ||||||||
1.80% due 07/05/2018(5) | $ | 1,200,000 | 1,198,014 | |||||
1.82% due 08/23/2018(5) | 2,000,000 | 1,991,429 | ||||||
1.92% due 10/04/2018(5) | 1,000,000 | 993,290 | ||||||
4,182,733 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,756,300) | 4,756,118 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.6% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $11,071,086 collateralized by $12,050,000 of United States Treasury Notes, bearing interest at 2.00% due 11/15/2026 and having an approximate value of $11,295,007 | $ | 11,071,000 | $ | 11,071,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $334,552,582)(6) | 99.7 | % | 427,085,856 | |||||
Other assets less liabilities | 0.3 | 1,366,127 | ||||||
NET ASSETS | 100.0 | % | $ | 428,451,983 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $1,128,122 representing 0.3% 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) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $14 representing 0% of net assets. |
(3) | At May 31, 2018, the Fund had loaned securities with a total value of $12,418,282. This was secured by collateral of $573,385, which was received in cash and subsequently invested in short-term investments currently valued at $573,385 as reported in the Portfolio of Investments. Additional collateral of $12,202,505 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,300,584 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 526,647 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 346,284 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 413,771 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 9,615,219 |
(4) | The rate shown is the 7-day yield as of May 31, 2018. |
(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
FDR—Fiduciary Depositary Receipt
74 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
136 | Long | S&P 500 E-Mini Index | June 2018 | $ | 18,572,451 | $ | 18,397,400 | $ | (175,051 | ) | ||||||||||||
* | 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 May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | — | $ | 9,007,068 | ** | $ | 14 | $ | 9,007,082 | |||||||
Portugal | — | 995,547 | ** | 0 | 995,547 | |||||||||||
Other Countries | 254,439,771 | 146,805,154 | ** | — | 401,244,925 | |||||||||||
Rights | 11,184 | — | — | 11,184 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 573,385 | — | — | 573,385 | ||||||||||||
U.S. Government Treasuries | — | 4,182,733 | — | 4,182,733 | ||||||||||||
Repurchase Agreements | — | 11,071,000 | — | 11,071,000 | ||||||||||||
Total Investments at Value | $ | 255,024,340 | $ | 172,061,502 | $ | 14 | $ | 427,085,856 | ||||||||
LIABILITIES | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 175,051 | $ | — | $ | — | $ | 175,051 | ||||||||
* | 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 $149,551,156 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 |
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VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Sovereign | 23.7 | % | ||
U.S. Government Agencies | 7.2 | |||
Medical — Drugs | 5.2 | |||
Diversified Banking Institutions | 5.0 | |||
Oil Companies — Integrated | 4.6 | |||
Medical — Biomedical/Gene | 3.8 | |||
Registered Investment Companies | 3.2 | |||
Banks — Commercial | 3.0 | |||
Foreign Government Obligations | 2.7 | |||
Time Deposits | 2.2 | |||
Electronic Components — Semiconductors | 1.7 | |||
Cellular Telecom | 1.7 | |||
Insurance — Multi-line | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
Telecom Services | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Web Portals/ISP | 1.3 | |||
Aerospace/Defense | 1.2 | |||
Computers | 1.1 | |||
Building Products — Cement | 1.0 | |||
Medical — Generic Drugs | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Electronic Components — Misc. | 0.9 | |||
Retail — Auto Parts | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Water | 0.8 | |||
Audio/Video Products | 0.8 | |||
Medical Instruments | 0.8 | |||
Retail — Building Products | 0.7 | |||
Telephone — Integrated | 0.7 | |||
Transport — Services | 0.7 | |||
Food — Retail | 0.7 | |||
Diversified Operations | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Multimedia | 0.7 | |||
Diversified Financial Services | 0.7 | |||
Real Estate Operations & Development | 0.7 | |||
Applications Software | 0.7 | |||
Rubber — Tires | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Cosmetics & Toiletries | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Toys | 0.6 | |||
Precious Metals | 0.5 | |||
Central Bank | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Telecommunication Equipment | 0.5 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Electric — Generation | 0.4 | |||
Satellite Telecom | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Gold Mining | 0.4 | |||
Diversified Minerals | 0.3 | |||
Computer Services | 0.1 | |||
101.1 | % | |||
Country Allocation*
United States | 31.3 | % | ||
United Kingdom | 9.0 | |||
Mexico | 7.0 | |||
South Korea | 6.9 | |||
Japan | 5.8 | |||
France | 4.5 | |||
Germany | 4.1 | |||
Brazil | 3.7 | |||
Indonesia | 3.4 | |||
India | 3.3 | |||
Ireland | 2.5 | |||
Argentina | 1.7 | |||
Switzerland | 1.7 | |||
Colombia | 1.4 | |||
Canada | 1.5 | |||
China | 1.3 | |||
Netherlands | 1.3 | |||
Cayman Islands | 1.2 | |||
Jersey | 1.1 | |||
Italy | 1.0 | |||
Israel | 1.0 | |||
Singapore | 0.7 | |||
Thailand | 0.7 | |||
Taiwan | 0.7 | |||
Ghana | 0.7 | |||
Hong Kong | 0.7 | |||
Norway | 0.6 | |||
Philippines | 0.6 | |||
Luxembourg | 0.4 | |||
Denmark | 0.4 | |||
Portugal | 0.3 | |||
Bermuda | 0.3 | |||
Ukraine | 0.3 | |||
101.1 | % | |||
* | Calculated as a percentage of net assets |
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 61.6% |
| |||||||
Bermuda — 0.3% |
| |||||||
Kunlun Energy Co., Ltd. | 1,344,000 | $ | 1,218,308 | |||||
Canada — 1.5% |
| |||||||
Alamos Gold, Inc., Class A | 253,130 | 1,402,340 | ||||||
Husky Energy, Inc. | 159,800 | 2,305,922 | ||||||
Wheaton Precious Metals Corp.# | 90,000 | 1,967,145 | ||||||
5,675,407 | ||||||||
Cayman Islands — 1.2% |
| |||||||
Baidu, Inc. ADR† | 8,020 | 1,945,331 | ||||||
CK Hutchison Holdings, Ltd. | 248,500 | 2,789,986 | ||||||
4,735,317 | ||||||||
China — 1.3% |
| |||||||
China Life Insurance Co., Ltd. | 810,000 | 2,248,034 | ||||||
China Telecom Corp., Ltd. | 6,178,000 | 2,871,161 | ||||||
5,119,195 | ||||||||
Denmark — 0.4% |
| |||||||
Vestas Wind Systems A/S | 23,655 | 1,552,360 | ||||||
France — 4.5% |
| |||||||
AXA SA | 114,627 | 2,870,622 | ||||||
BNP Paribas SA# | 52,094 | 3,248,049 | ||||||
Cie de Saint-Gobain# | 48,053 | 2,422,499 | ||||||
Cie Generale des Etablissements Michelin SCA# | 19,866 | 2,585,635 | ||||||
Sanofi | 44,076 | 3,381,275 | ||||||
Veolia Environnement SA | 132,971 | 3,032,556 | ||||||
17,540,636 | ||||||||
Germany — 4.1% |
| |||||||
Bayer AG | 29,736 | 3,538,795 | ||||||
E.ON SE | 167,042 | 1,772,203 | ||||||
HeidelbergCement AG | 12,697 | 1,125,461 | ||||||
LANXESS AG | 33,058 | 2,617,879 | ||||||
Merck KGaA | 29,937 | 3,057,707 | ||||||
Siemens AG ADR | 57,643 | 3,763,512 | ||||||
15,875,557 | ||||||||
Hong Kong — 0.7% |
| |||||||
China Mobile, Ltd. | 287,000 | 2,572,845 | ||||||
Ireland — 2.5% |
| |||||||
Allergan PLC | 19,365 | 2,920,242 | ||||||
Bank of Ireland Group PLC | 319,818 | 2,647,265 | ||||||
CRH PLC | 75,411 | 2,786,187 | ||||||
Medtronic PLC | 16,100 | 1,389,752 | ||||||
9,743,446 | ||||||||
Israel — 1.0% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR# | 177,270 | 3,811,305 | ||||||
Italy — 1.0% |
| |||||||
Eni SpA# | 211,893 | 3,871,150 | ||||||
Japan — 5.8% |
| |||||||
IHI Corp. | 47,400 | 1,776,291 | ||||||
Inpex Corp. | 105,200 | 1,166,595 | ||||||
Mitsui Fudosan Co., Ltd. | 104,400 | 2,611,742 | ||||||
Omron Corp. | 39,500 | 2,064,726 | ||||||
Panasonic Corp. | 219,300 | 2,987,473 | ||||||
Ryohin Keikaku Co., Ltd. | 5,500 | 1,864,003 | ||||||
Seven & i Holdings Co., Ltd. | 63,300 | 2,795,840 | ||||||
SoftBank Group Corp. | 40,100 | 2,846,205 | ||||||
Sumitomo Metal Mining Co., Ltd. | 30,800 | 1,173,484 | ||||||
Suntory Beverage & Food, Ltd. | 76,300 | 3,378,228 | ||||||
22,664,587 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Jersey — 1.1% |
| |||||||
Shire PLC | 75,855 | $ | 4,148,117 | |||||
Luxembourg — 0.4% |
| |||||||
SES SA FDR | 97,434 | 1,683,068 | ||||||
Netherlands — 1.3% |
| |||||||
ING Groep NV | 151,551 | 2,202,375 | ||||||
LyondellBasell Industries NV, Class A | 11,700 | 1,311,804 | ||||||
QIAGEN NV† | 42,109 | 1,527,509 | ||||||
5,041,688 | ||||||||
Norway — 0.6% |
| |||||||
Yara International ASA | 59,269 | 2,446,371 | ||||||
Portugal — 0.3% |
| |||||||
Galp Energia SGPS SA | 71,751 | 1,335,205 | ||||||
Singapore — 0.7% |
| |||||||
Singapore Telecommunications, Ltd. | 1,200,000 | 2,934,620 | ||||||
South Korea — 2.1% |
| |||||||
Hana Financial Group, Inc. | 41,712 | 1,605,226 | ||||||
KB Financial Group, Inc. ADR | 22,028 | 1,061,750 | ||||||
Samsung Electronics Co., Ltd. | 116,416 | 5,464,691 | ||||||
8,131,667 | ||||||||
Switzerland — 1.7% |
| |||||||
Novartis AG | 14,806 | 1,098,511 | ||||||
Roche Holding AG | 11,148 | 2,391,052 | ||||||
UBS Group AG | 197,977 | 2,974,957 | ||||||
6,464,520 | ||||||||
Taiwan — 0.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 361,914 | 2,700,501 | ||||||
Thailand — 0.7% |
| |||||||
Bangkok Bank PCL NVDR | 482,700 | 2,846,685 | ||||||
United Kingdom — 9.0% |
| |||||||
BAE Systems PLC | 347,344 | 2,953,131 | ||||||
Barclays PLC | 1,120,297 | 2,941,784 | ||||||
BP PLC | 783,795 | 6,006,593 | ||||||
GlaxoSmithKline PLC | 60,221 | 1,220,066 | ||||||
HSBC Holdings PLC | 375,583 | 3,632,513 | ||||||
Kingfisher PLC | 708,706 | 2,871,266 | ||||||
LivaNova PLC† | 14,800 | 1,391,940 | ||||||
Rolls-Royce Holdings PLC | 128,756 | 1,408,644 | ||||||
Rolls-Royce Holdings PLC, Class C† | 9,141,676 | 12,153 | ||||||
Royal Dutch Shell PLC, Class B | 136,869 | 4,872,340 | ||||||
Standard Chartered PLC | 391,990 | 3,933,274 | ||||||
Vodafone Group PLC ADR# | 145,847 | 3,781,813 | ||||||
35,025,517 | ||||||||
United States — 18.7% | ||||||||
Advance Auto Parts, Inc. | 27,400 | 3,524,188 | ||||||
Alphabet, Inc., Class A† | 3,000 | 3,300,000 | ||||||
Amgen, Inc. | 21,690 | 3,895,958 | ||||||
Apache Corp.# | 33,360 | 1,334,400 | ||||||
Apple, Inc. | 23,360 | 4,365,283 | ||||||
Capital One Financial Corp. | 39,720 | 3,733,680 | ||||||
Celgene Corp.† | 28,390 | 2,233,725 | ||||||
Citigroup, Inc. | 65,230 | 4,350,189 | ||||||
Comcast Corp., Class A | 111,030 | 3,461,916 | ||||||
CommScope Holding Co., Inc.† | 62,600 | 1,835,432 | ||||||
ConocoPhillips | 18,560 | 1,250,758 | ||||||
Coty, Inc., Class A# | 170,400 | 2,257,800 | ||||||
Devon Energy Corp. | 32,500 | 1,351,025 | ||||||
DXC Technology Co. | 4,907 | 451,984 | ||||||
Eastman Chemical Co. | 17,640 | 1,840,028 |
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount(5) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Eli Lilly & Co. | 31,830 | $ | 2,706,823 | |||||
Gilead Sciences, Inc. | 46,150 | 3,110,510 | ||||||
Intel Corp. | 24,300 | 1,341,360 | ||||||
Ionis Pharmaceuticals, Inc.†# | 23,090 | 1,077,149 | ||||||
JPMorgan Chase & Co. | 22,620 | 2,420,566 | ||||||
Knowles Corp.† | 114,140 | 1,655,030 | ||||||
Mattel, Inc.# | 140,200 | 2,175,904 | ||||||
Microsoft Corp. | 26,274 | 2,596,922 | ||||||
Oracle Corp. | 113,160 | 5,286,835 | ||||||
Tapestry, Inc. | 52,500 | 2,295,300 | ||||||
Twenty-First Century Fox, Inc., Class A | 69,557 | 2,681,422 | ||||||
United Parcel Service, Inc., Class B | 24,400 | 2,833,328 | ||||||
Voya Financial, Inc. | 70,150 | 3,643,591 | ||||||
73,011,106 | ||||||||
Total Common Stocks | ||||||||
(cost $209,964,619) | 240,149,178 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 24.2% |
| |||||||
Argentina — 1.6% |
| |||||||
Republic of Argentina | ARS | 79,847,000 | 2,962,154 | |||||
Republic of Argentina | ARS | 43,574,000 | 1,582,025 | |||||
Republic of Argentina | ARS | 40,718,000 | 1,541,545 | |||||
Republic of Argentina | ARS | 2,143,000 | 86,713 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 110,717 | |||||
6,283,154 | ||||||||
Brazil — 3.7% |
| |||||||
Federative Republic of Brazil | BRL | 1,650,000 | 375,132 | |||||
Federative Republic of Brazil | BRL | 10,680,000 | 2,169,582 | |||||
Federative Republic of Brazil | BRL | 10,720,000 | 3,045,792 | |||||
Federative Republic of Brazil | BRL | 3,660,000 | 1,046,497 | |||||
Federative Republic of Brazil | BRL | 11,195,000 | 3,084,912 | |||||
Federative Republic of Brazil | BRL | 15,050,000 | 4,016,090 | |||||
Federative Republic of Brazil | BRL | 2,160,000 | 561,869 | |||||
14,299,874 | ||||||||
Security Description | Principal | Value (Note 2) | ||||||
Colombia — 1.4% |
| |||||||
Republic of Colombia | COP | 64,000,000 | $ | 21,080 | ||||
Republic of Colombia | COP | 2,472,300,000 | 817,335 | |||||
Republic of Colombia | COP | 6,500,700,000 | 2,392,870 | |||||
Republic of Colombia | COP | 329,000,000 | 120,395 | |||||
Republic of Colombia | COP | 4,849,000,000 | 1,805,176 | |||||
Republic of Colombia | COP | 1,269,000,000 | 524,631 | |||||
5,681,487 | ||||||||
Ghana — 0.7% |
| |||||||
Republic of Ghana | GHS | 1,400,000 | 311,679 | |||||
Republic of Ghana | GHS | 4,210,000 | 984,272 | |||||
Republic of Ghana | GHS | 1,400,000 | 328,332 | |||||
Republic of Ghana | GHS | 4,210,000 | 995,627 | |||||
Republic of Ghana | GHS | 50,000 | 11,331 | |||||
Republic of Ghana | GHS | 50,000 | 12,448 | |||||
Republic of Ghana | GHS | 50,000 | 12,360 | |||||
Republic of Ghana | GHS | 50,000 | 12,561 | |||||
2,668,610 | ||||||||
India — 3.3% |
| |||||||
Republic of India | INR | 380,000,000 | 5,250,991 | |||||
Republic of India | INR | 40,000,000 | 570,518 | |||||
Republic of India | INR | 150,000,000 | 2,153,225 | |||||
Republic of India | INR | 128,000,000 | 1,869,000 | |||||
Republic of India | INR | 142,000,000 | 2,114,771 |
78 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
India (continued) | ||||||||
Republic of India | INR | 60,000,000 | $ | 899,255 | ||||
12,857,760 | ||||||||
Indonesia — 3.4% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | 5,954 | |||||
Republic of Indonesia | IDR | 294,000,000 | 21,296 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 337,994 | |||||
Republic of Indonesia | IDR | 90,369,000,000 | 6,897,558 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 637,188 | |||||
Republic of Indonesia | IDR | 3,184,000,000 | 249,066 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 182,990 | |||||
Republic of Indonesia | IDR | 116,000,000 | 9,298 | |||||
Republic of Indonesia | IDR | 260,000,000 | 22,944 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 1,045,688 | |||||
Republic of Indonesia | IDR | 29,607,000,000 | 2,255,028 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 591,634 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 940,839 | |||||
13,197,477 | ||||||||
Mexico — 4.4% |
| |||||||
United Mexican States | MXN | 2,510,458 | 122,091 | |||||
United Mexican States | MXN | 3,219,153 | 161,422 | |||||
United Mexican States | MXN | 131,700,000 | 6,590,200 | |||||
United Mexican States | MXN | 162,280,000 | 7,823,425 | |||||
United Mexican States | MXN | 20,960,000 | 1,015,692 |
Security Description | Principal | Value (Note 2) | ||||||
Mexico (continued) |
| |||||||
United Mexican States | MXN | 17,060,000 | $ | 861,073 | ||||
United Mexican States | MXN | 14,210,000 | 714,488 | |||||
17,288,391 | ||||||||
Philippines — 0.6% |
| |||||||
Republic of the Philippines | PHP | 121,440,000 | 2,295,454 | |||||
South Korea — 4.8% |
| |||||||
Bank of Korea | KRW | 527,000,000 | 488,655 | |||||
Bank of Korea | KRW | 770,000,000 | 713,485 | |||||
Bank of Korea | KRW | 770,000,000 | 714,408 | |||||
Republic of South Korea | KRW | 1,600,000,000 | 1,467,871 | |||||
Republic of South Korea | KRW | 1,207,700,000 | 1,087,601 | |||||
Republic of South Korea | KRW | 3,790,000,000 | 3,503,061 | |||||
Republic of South Korea | KRW | 1,386,600,000 | 1,286,773 | |||||
Republic of South Korea | KRW | 257,000,000 | 234,308 | |||||
Republic of South Korea | KRW | 7,844,590,000 | 7,235,784 | |||||
Republic of South Korea | KRW | 579,100,000 | 550,714 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,373,479 | |||||
18,656,139 | ||||||||
Ukraine — 0.3% | ||||||||
Government of Ukraine VRS | 1,511,000 | 1,061,079 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $98,608,298) | 94,289,425 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $308,572,917) | 334,438,603 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 15.3% |
| |||||||
Foreign Government Obligations — 2.7% |
| |||||||
Republic of Argentina | ARS | 1,027,000 | 42,070 | |||||
3.10% due 10/12/2018 | ARS | 411,000 | 16,433 | |||||
3.75% due 02/08/2019(1) | ARS | 5,182,000 | 220,268 |
79 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) | ||||||||
25.10% due 09/19/2018 | ARS | 2,747,000 | 98,477 | |||||
25.23% due 10/17/2018 | ARS | 4,361,000 | $ | 152,569 | ||||
529,817 | ||||||||
United Mexican States | MXN | 19,631,000 | 979,952 | |||||
7.17% due 08/16/2018 | MXN | 10,332,100 | 509,662 | |||||
7.21% due 08/16/2018 | MXN | 7,943,600 | 391,842 | |||||
7.22% due 06/21/2018 | MXN | 2,450,300 | 122,316 | |||||
7.23% due 08/16/2018 | MXN | 2,743,900 | 135,351 | |||||
7.27% due 08/16/2018 | MXN | 875,100 | 43,167 | |||||
7.27% due 10/11/2018 | MXN | 14,119,100 | 688,114 | |||||
7.46% due 06/21/2018 | MXN | 8,531,900 | 425,901 | |||||
7.59% due 09/13/2018 | MXN | 24,005,000 | 1,176,982 | |||||
7.59% due 09/27/2018 | MXN | 18,670,500 | 912,675 | |||||
7.60% due 08/16/2018 | MXN | 7,413,400 | 365,688 | |||||
7.61% due 09/27/2018 | MXN | 4,017,400 | 196,384 | |||||
7.64% due 10/25/2018 | MXN | 28,925,300 | 1,406,587 | |||||
7.68% due 09/13/2018 | MXN | 7,726,200 | 378,821 | |||||
7.69% due 09/27/2018 | MXN | 8,704,900 | 425,524 | |||||
7.72% due 08/16/2018 | MXN | 2,244,200 | 110,702 | |||||
7.73% due 08/09/2018 | MXN | 6,873,800 | 339,877 | |||||
7.76% due 08/30/2018 | MXN | 2,062,100 | 101,409 | |||||
7.77% due 09/27/2018 | MXN | 2,062,100 | 100,802 | |||||
7.81% due 11/08/2018 | MXN | 12,198,700 | 590,936 | |||||
7.84% due 11/22/2018 | MXN | 9,103,400 | 440,034 | |||||
9,842,726 | ||||||||
10,372,543 | ||||||||
Registered Investment Companies — 3.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4) | 12,404,396 | 12,404,396 | ||||||
Time Deposits — 2.2% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. | 8,591,000 | 8,591,000 | ||||||
U.S. Government Agencies — 7.2% | ||||||||
Federal Home Loan Bank | 28,150,000 | 28,150,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $60,307,395) | 59,517,939 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $368,880,312)(6) | 101.1 | % | 393,956,542 | |||||
Liabilities in excess of other assets | (1.1 | ) | (4,319,036 | ) | ||||
NET ASSETS | 100.0 | % | $ | 389,637,506 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $1,061,079 representing 0.3% 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) | The rate shown is the 7-day yield as of May 31, 2018. |
(4) | At May 31, 2018, the Fund had loaned securities with a total value of $22,837,046. This was secured by collateral of $12,404,396, which was received in cash and subsequently invested in short-term investments currently valued at $12,404,396 as reported in the Portfolio of Investments. Additional collateral of $11,495,895 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,096,442 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 443,984 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 291,931 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 255,838 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 9,407,700 |
(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
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2018 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 (000’s) | 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 | 18,819 | 03/08/2027 | 3 Months USD - LIBOR/Quarterly | 2.46%/Semi-annually | $ | – | $ | 589,095 | ||||||||||||||
USD | 11,200 | 03/08/2047 | 3 Months USD - LIBOR/Quarterly | 2.70%/Semi-annually | – | 474,449 | ||||||||||||||||
USD | 1,012 | 02/20/2048 | 3 Months USD - LIBOR/Quarterly | 2.98%/Semi-annually | – | (16,654 | ) | |||||||||||||||
USD | 1,012 | 02/22/2048 | 3 Months USD - LIBOR/Quarterly | 3.00%/Semi-annually | – | (21,358 | ) | |||||||||||||||
USD | 1,012 | 02/23/2048 | 3 Months USD - LIBOR/Quarterly | 3.02%/Semi-annually | – | (24,952 | ) | |||||||||||||||
$ | 1,000,580 | |||||||||||||||||||||
USD—United States Dollar
LIBOR—London Interbank Offered rate
80 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 234,146 | USD | 287,274 | 06/07/2018 | $ | 13,493 | $ | – | |||||||||||||||||||
EUR | 1,816,617 | USD | 2,231,966 | 06/18/2018 | 106,053 | – | ||||||||||||||||||||||
EUR | 4,473,640 | USD | 5,422,633 | 06/29/2018 | 182,537 | – | ||||||||||||||||||||||
EUR | 1,085,049 | USD | 1,339,623 | 07/09/2018 | 67,664 | – | ||||||||||||||||||||||
EUR | 584,552 | USD | 704,467 | 08/16/2018 | 17,264 | – | ||||||||||||||||||||||
387,011 | – | |||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 94,051 | USD | 115,415 | 07/31/2018 | 4,981 | – | |||||||||||||||||||||
EUR | 183,000 | USD | 218,629 | 08/10/2018 | 3,592 | – | ||||||||||||||||||||||
EUR | 94,051 | USD | 110,920 | 08/31/2018 | 227 | – | ||||||||||||||||||||||
JPY | 24,850,000 | USD | 235,727 | 06/19/2018 | 7,069 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 377,107 | 07/11/2018 | 7,319 | – | ||||||||||||||||||||||
JPY | 78,940,000 | USD | 715,957 | 07/17/2018 | – | (11,861 | ) | |||||||||||||||||||||
JPY | 557,000,000 | USD | 5,161,876 | 08/08/2018 | 18,870 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 1,074,413 | 08/09/2018 | 1,143 | – | ||||||||||||||||||||||
JPY | 67,630,000 | USD | 623,634 | 08/29/2018 | – | (1,699 | ) | |||||||||||||||||||||
43,201 | (13,560 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 89,576 | USD | 111,173 | 06/13/2018 | 6,389 | – | |||||||||||||||||||||
EUR | 1,254,023 | BRL | 5,260,000 | 07/05/2018 | – | (61,303 | ) | |||||||||||||||||||||
EUR | 1,104,900 | USD | 1,331,040 | 08/06/2018 | 33,102 | – | ||||||||||||||||||||||
EUR | 1,906,904 | USD | 2,291,145 | 08/14/2018 | 49,719 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 289,015 | 06/08/2018 | – | (6,129 | ) | |||||||||||||||||||||
JPY | 79,600,000 | USD | 708,948 | 06/12/2018 | – | (23,111 | ) | |||||||||||||||||||||
JPY | 38,770,000 | USD | 354,939 | 06/20/2018 | – | (1,831 | ) | |||||||||||||||||||||
JPY | 80,345,200 | USD | 744,571 | 08/08/2018 | 2,712 | – | ||||||||||||||||||||||
JPY | 9,976,667 | USD | 91,475 | 08/13/2018 | – | (675 | ) | |||||||||||||||||||||
JPY | 9,976,666 | USD | 89,337 | 08/14/2018 | – | (2,819 | ) | |||||||||||||||||||||
JPY | 72,889,000 | USD | 676,728 | 01/25/2019 | – | (5,228 | ) | |||||||||||||||||||||
JPY | 280,651,280 | USD | 2,636,015 | 01/31/2019 | 8,852 | – | ||||||||||||||||||||||
JPY | 40,176,667 | USD | 379,231 | 02/14/2019 | 2,682 | – | ||||||||||||||||||||||
JPY | 29,930,000 | USD | 285,551 | 02/15/2019 | 5,013 | – | ||||||||||||||||||||||
KRW | 524,000,000 | USD | 492,620 | 06/20/2018 | 6,270 | – | ||||||||||||||||||||||
KRW | 2,989,000,000 | USD | 2,792,805 | 08/23/2018 | 11,609 | – | ||||||||||||||||||||||
KRW | 538,612,000 | USD | 505,739 | 10/16/2018 | 3,393 | – | ||||||||||||||||||||||
KRW | 1,051,000,000 | USD | 982,932 | 11/15/2018 | 1,385 | – | ||||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,166,932 | 11/21/2018 | 3,893 | – | ||||||||||||||||||||||
135,019 | (101,096 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 595,000 | USD | 712,971 | 06/04/2018 | 17,386 | – | |||||||||||||||||||||
EUR | 595,000 | USD | 713,122 | 06/07/2018 | 17,402 | – | ||||||||||||||||||||||
EUR | 270,464 | USD | 335,463 | 06/13/2018 | 19,081 | – | ||||||||||||||||||||||
EUR | 68,878 | USD | 81,219 | 06/22/2018 | 588 | – | ||||||||||||||||||||||
EUR | 68,877 | USD | 81,096 | 06/25/2018 | 445 | – | ||||||||||||||||||||||
EUR | 2,905,954 | USD | 3,629,406 | 06/29/2018 | 225,584 | – | ||||||||||||||||||||||
EUR | 595,000 | USD | 696,388 | 07/05/2018 | – | (899 | ) | |||||||||||||||||||||
EUR | 270,464 | USD | 336,431 | 07/12/2018 | 19,307 | – | ||||||||||||||||||||||
EUR | 3,247,000 | USD | 3,904,274 | 08/15/2018 | 87,373 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 157,705 | 08/24/2018 | 1,254 | – | ||||||||||||||||||||||
EUR | 2,907,096 | USD | 3,433,193 | 08/29/2018 | 12,205 | – | ||||||||||||||||||||||
JPY | 23,100,000 | USD | 217,426 | 06/13/2018 | 4,966 | – | ||||||||||||||||||||||
JPY | 43,140,000 | USD | 397,765 | 06/19/2018 | 811 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 394,036 | 06/22/2018 | – | (3,651 | ) | |||||||||||||||||||||
JPY | 39,300,000 | USD | 369,952 | 07/13/2018 | 7,707 | – | ||||||||||||||||||||||
JPY | 222,755,000 | USD | 2,046,459 | 08/16/2018 | – | (11,429 | ) | |||||||||||||||||||||
JPY | 459,286,000 | USD | 4,173,810 | 08/21/2018 | – | (70,654 | ) | |||||||||||||||||||||
JPY | 58,120,000 | USD | 535,920 | 01/24/2019 | – | (7,809 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 861,464 | 06/14/2018 | 7,744 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 861,746 | 11/19/2018 | 2,388 | – | ||||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,937,369 | 11/30/2018 | – | (1,808 | ) | |||||||||||||||||||||
USD | 694,722 | EUR | 595,000 | 06/04/2018 | 863 | – | ||||||||||||||||||||||
425,104 | (96,250 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 484,500 | USD | 600,126 | 06/20/2018 | 33,041 | – | |||||||||||||||||||||
EUR | 158,000 | USD | 197,326 | 06/29/2018 | 12,257 | – | ||||||||||||||||||||||
EUR | 484,500 | USD | 604,268 | 07/18/2018 | 35,927 | – | ||||||||||||||||||||||
EUR | 158,000 | USD | 186,600 | 08/29/2018 | 670 | – | ||||||||||||||||||||||
JPY | 45,170,000 | USD | 430,806 | 09/18/2018 | 12,536 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 105,090 | 01/11/2019 | – | (2,964 | ) | |||||||||||||||||||||
94,431 | (2,964 | ) | ||||||||||||||||||||||||||
81 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
HSBC Bank PLC | EUR | 517,579 | USD | 637,283 | 07/10/2018 | $ | 30,500 | $ | – | |||||||||||||||||||
EUR | 235,000 | USD | 282,596 | 08/14/2018 | 6,371 | – | ||||||||||||||||||||||
JPY | 24,050,000 | USD | 215,661 | 06/11/2018 | – | (5,503 | ) | |||||||||||||||||||||
JPY | 69,900,000 | USD | 623,050 | 06/13/2018 | – | (19,849 | ) | |||||||||||||||||||||
JPY | 43,210,000 | USD | 402,515 | 06/18/2018 | 4,947 | – | ||||||||||||||||||||||
JPY | 24,050,000 | USD | 216,958 | 09/11/2018 | – | (5,625 | ) | |||||||||||||||||||||
JPY | 67,990,000 | USD | 648,760 | 09/18/2018 | 19,179 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 744,789 | 10/11/2018 | 14,765 | – | ||||||||||||||||||||||
JPY | 379,935,000 | USD | 3,568,470 | 01/31/2019 | 11,917 | – | ||||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,396,858 | 06/20/2018 | 18,556 | – | ||||||||||||||||||||||
KRW | 1,093,958,907 | USD | 1,026,276 | 06/27/2018 | 10,671 | – | ||||||||||||||||||||||
KRW | 1,031,000,000 | USD | 974,526 | 07/24/2018 | 16,364 | – | ||||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,965,143 | 08/17/2018 | 13,449 | – | ||||||||||||||||||||||
KRW | 323,600,000 | USD | 304,479 | 10/18/2018 | 2,640 | – | ||||||||||||||||||||||
KRW | 2,644,000,000 | USD | 2,474,497 | 10/30/2018 | 6,981 | – | ||||||||||||||||||||||
156,340 | (30,977 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 4,076,000 | USD | 3,195,176 | 06/12/2018 | 112,579 | – | |||||||||||||||||||||
AUD | 4,807,000 | USD | 3,714,177 | 06/15/2018 | 78,670 | – | ||||||||||||||||||||||
AUD | 5,929,000 | USD | 4,674,957 | 06/20/2018 | 190,747 | – | ||||||||||||||||||||||
AUD | 1,740,000 | USD | 1,317,337 | 10/29/2018 | – | (22 | ) | |||||||||||||||||||||
EUR | 2,120,000 | USD | 2,543,788 | 06/07/2018 | 64,919 | – | ||||||||||||||||||||||
EUR | 98,652 | USD | 122,952 | 06/12/2018 | 7,560 | – | ||||||||||||||||||||||
EUR | 98,652 | USD | 117,899 | 06/14/2018 | 2,488 | – | ||||||||||||||||||||||
EUR | 145,167 | USD | 180,918 | 06/15/2018 | 11,077 | – | ||||||||||||||||||||||
EUR | 74,000 | USD | 87,166 | 06/22/2018 | 538 | – | ||||||||||||||||||||||
EUR | 145,167 | USD | 171,207 | 06/25/2018 | 1,226 | – | ||||||||||||||||||||||
EUR | 98,652 | USD | 121,903 | 07/10/2018 | 6,248 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 835,051 | 08/02/2018 | 29,440 | – | ||||||||||||||||||||||
EUR | 126,839 | USD | 152,166 | 08/09/2018 | 3,133 | – | ||||||||||||||||||||||
EUR | 84,559 | USD | 101,009 | 08/10/2018 | 1,646 | – | ||||||||||||||||||||||
EUR | 3,335,500 | USD | 3,955,846 | 08/20/2018 | 33,417 | – | ||||||||||||||||||||||
EUR | 145,167 | USD | 172,516 | 08/21/2018 | 1,792 | – | ||||||||||||||||||||||
EUR | 375,660 | USD | 446,092 | 08/24/2018 | 4,195 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 577,320 | 06/13/2018 | – | (18,304 | ) | |||||||||||||||||||||
JPY | 56,320,000 | USD | 515,102 | 06/14/2018 | – | (2,934 | ) | |||||||||||||||||||||
JPY | 27,300,000 | USD | 243,859 | 06/15/2018 | – | (7,268 | ) | |||||||||||||||||||||
JPY | 577,091,720 | USD | 5,473,343 | 06/22/2018 | 162,027 | – | ||||||||||||||||||||||
JPY | 152,440,000 | USD | 1,430,307 | 07/20/2018 | 24,547 | – | ||||||||||||||||||||||
JPY | 52,770,000 | USD | 480,120 | 07/23/2018 | – | (6,608 | ) | |||||||||||||||||||||
JPY | 116,200,000 | USD | 1,073,456 | 08/08/2018 | 534 | – | ||||||||||||||||||||||
JPY | 158,172,000 | USD | 1,486,558 | 08/15/2018 | 25,408 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 233,915 | 01/16/2019 | – | (4,011 | ) | |||||||||||||||||||||
JPY | 112,000,000 | USD | 1,038,971 | 01/25/2019 | – | (8,911 | ) | |||||||||||||||||||||
JPY | 316,250,000 | USD | 2,940,534 | 02/06/2019 | – | (21,407 | ) | |||||||||||||||||||||
JPY | 116,480,000 | USD | 1,091,700 | 02/12/2019 | 201 | – | ||||||||||||||||||||||
762,392 | (69,465 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 69,000 | USD | 85,539 | 06/19/2018 | 4,784 | – | |||||||||||||||||||||
EUR | 34,500 | USD | 40,772 | 06/21/2018 | 388 | – | ||||||||||||||||||||||
EUR | 59,000 | USD | 69,212 | 06/29/2018 | 104 | – | ||||||||||||||||||||||
EUR | 34,500 | USD | 40,878 | 07/23/2018 | 393 | – | ||||||||||||||||||||||
EUR | 59,000 | USD | 69,394 | 07/30/2018 | 123 | – | ||||||||||||||||||||||
5,792 | – | |||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 3,642,368 | USD | 4,492,269 | 06/06/2018 | 233,606 | – | |||||||||||||||||||||
EUR | 999,742 | USD | 1,220,040 | 07/31/2018 | 46,159 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,458,691 | 08/16/2018 | 36,208 | – | ||||||||||||||||||||||
EUR | 1,019,570 | USD | 1,203,409 | 08/29/2018 | 3,608 | – | ||||||||||||||||||||||
JPY | 116,210,000 | USD | 1,075,989 | 08/08/2018 | 2,975 | – | ||||||||||||||||||||||
322,556 | – | |||||||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 219,221 | 06/06/2018 | 12,352 | – | |||||||||||||||||||||
EUR | 1,679,100 | USD | 2,084,292 | 06/20/2018 | 118,984 | – | ||||||||||||||||||||||
EUR | 226,932 | USD | 280,045 | 07/09/2018 | 14,022 | – | ||||||||||||||||||||||
EUR | 1,679,100 | USD | 1,996,803 | 08/21/2018 | 22,090 | – | ||||||||||||||||||||||
EUR | 54,521 | USD | 64,593 | 08/22/2018 | 468 | – | ||||||||||||||||||||||
167,916 | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,499,762 | $ | (314,312 | ) | |||||||||||||||||||||||
82 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
AUD—Australian Dollar
BRL—Brazilian Real
EUR—Euro Currency
JPY—Japanese Yen
KRW—South Korean Won
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
United Kingdom | $ | 3,781,813 | $ | 31,306,704 | # | $ | — | $ | 35,008,517 | |||||||
Other Countries | 96,282,148 | 108,778,513 | ** | — | 205,060,661 | |||||||||||
Foreign Government Obligations | — | 94,289,425 | — | 94,289,425 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 12,404,396 | — | — | 12,404,396 | ||||||||||||
Other Short-Term Investment Securities | — | 47,113,543 | — | 47,113,543 | ||||||||||||
Total Investments at Value | $ | 112,468,357 | $ | 281,488,185 | $ | — | $ | 393,956,542 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 1,063,544 | $ | — | $ | 1,063,544 | ||||||||
Forward Foreign Currency Contracts | — | 2,499,762 | — | 2,499,762 | ||||||||||||
$ | — | $ | 3,563,306 | $ | — | $ | 3,563,306 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 62,964 | $ | — | $ | 62,964 | ||||||||
Forward Foreign Currency Contracts | — | 314,312 | — | 314,312 | ||||||||||||
Total Other Financial Instruments | $ | — | $ | 377,276 | $ | — | $ | 377,276 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
# | Amount includes $31,294,551 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
** | 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 $114,154,030 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 — May 31, 2018 (unaudited)
Industry Allocation*
U.S. Government Agencies | 75.1 | % | ||
U.S. Government Treasuries | 25.0 | |||
Repurchase Agreements | 0.1 | |||
100.2 | % | |||
Credit Quality†#
A-1+ | 99.9 | % | ||
A-1 | 0.1 | |||
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 — 39.3 days
84 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 100.1% |
| |||||||
U.S. Government Agencies — 75.1% |
| |||||||
Federal Farm Credit Bank | $ | 8,000,000 | $ | 7,992,300 | ||||
Federal Farm Credit Bank FRS |
| |||||||
1.78% (1 ML-0.15%) | 25,000,000 | 24,999,762 | ||||||
2.05% (1 ML+0.14%) | 5,500,000 | 5,502,858 | ||||||
2.07% (1 ML+0.12%) | 2,750,000 | 2,750,436 | ||||||
Federal Home Loan Bank |
| |||||||
1.63% due 06/04/2018 | 10,000,000 | 9,998,642 | ||||||
1.64% due 06/11/2018 | 6,395,000 | 6,392,087 | ||||||
1.65% due 06/08/2018 | 6,000,000 | 5,998,075 | ||||||
1.67% due 06/01/2018 | 11,000,000 | 11,000,000 | ||||||
1.67% due 06/15/2018 | 8,000,000 | 7,994,805 | ||||||
1.71% due 06/15/2018 | 1,400,000 | 1,399,069 | ||||||
1.71% due 06/21/2018 | 8,000,000 | 7,992,422 | ||||||
1.74% due 06/20/2018 | 5,000,000 | 4,995,408 | ||||||
1.75% due 06/25/2018 | 10,000,000 | 9,988,333 | ||||||
1.77% due 06/27/2018 | 8,000,000 | 7,989,773 | ||||||
1.77% due 06/29/2018 | 2,500,000 | 2,496,559 | ||||||
1.78% due 06/27/2018 | 8,600,000 | 8,588,944 | ||||||
1.78% due 07/05/2018 | 7,000,000 | 6,988,265 | ||||||
1.78% due 07/13/2018 | 1,970,000 | 1,965,932 | ||||||
1.81% due 07/05/2018 | 10,000,000 | 9,983,000 | ||||||
Federal Home Loan Bank FRS |
| |||||||
1.78% (1 ML-0.14%) | 8,000,000 | 7,999,897 | ||||||
1.82% (1 ML-0.13%) | 4,000,000 | 4,000,336 | ||||||
1.82% (1 ML-0.13%) | 3,000,000 | 3,000,000 | ||||||
1.83% (1 ML-0.12%) | 4,000,000 | 4,000,000 | ||||||
1.83% (1 ML-0.14%) | 10,000,000 | 10,000,000 | ||||||
Federal Home Loan Mtg. Corp. | 2,634,000 | 2,625,601 | ||||||
Federal National Mtg. Assoc. |
| |||||||
1.13% due 12/14/2018 | 3,000,000 | 2,989,168 | ||||||
1.53% due 06/01/2018 | 37,000,000 | 37,000,000 | ||||||
1.63% due 06/06/2018 | 7,000,000 | 6,998,415 | ||||||
1.68% due 06/19/2018 | 10,600,000 | 10,591,096 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $234,221,183) | 234,221,183 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 25.0% |
| |||||||
United States Treasury Bills |
| |||||||
1.69% due 06/28/2018 | $ | 5,000,000 | $ | 4,993,681 | ||||
1.70% due 07/05/2018 | 2,000,000 | 1,996,798 | ||||||
1.73% due 06/28/2018 | 5,900,000 | 5,892,363 | ||||||
1.74% due 07/19/2018 | 2,000,000 | 1,995,387 | ||||||
1.77% due 07/12/2018 | 5,000,000 | 4,989,918 | ||||||
1.82% due 08/09/2018 | 5,000,000 | 4,982,654 | ||||||
1.83% due 08/09/2018 | 3,500,000 | 3,487,764 | ||||||
1.84% due 08/02/2018 | 3,000,000 | 2,990,524 | ||||||
1.84% due 08/09/2018 | 3,000,000 | 2,989,449 | ||||||
1.89% due 08/23/2018 | 10,000,000 | 9,956,540 | ||||||
1.89% due 08/30/2018 | 13,500,000 | 13,436,550 | ||||||
1.92% due 09/06/2018 | 4,000,000 | 3,979,468 | ||||||
United States Treasury Notes |
| |||||||
1.13% due 01/31/2019 | 7,300,000 | 7,261,820 | ||||||
1.25% due 01/31/2019 | 3,000,000 | 2,987,120 | ||||||
1.38% due 12/31/2018 | 6,000,000 | 5,984,203 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $77,924,239) | 77,924,239 | |||||||
Total Short-Term Investment Securities — 100.1% | ||||||||
(amortized cost $312,145,422) | 312,145,422 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $126,001 collateralized by $130,000 of United States Treasury Notes, bearing interest at 2.63% due 02/28/2023 and having an approximate value of $130,665 | 126,000 | 126,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $312,271,422)(1) | 100.2 | % | 312,271,422 | |||||
Liabilities in excess of other assets | (0.2 | ) | (563,295 | ) | ||||
NET ASSETS | 100.0 | % | $ | 311,708,127 | ||||
(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 May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1ML—1 month USD LIBOR
The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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 | $ | — | $ | 312,145,422 | $ | — | $ | 312,145,422 | ||||||||
Repurchase Agreements | — | 126,000 | — | 126,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 312,271,422 | $ | — | $ | 312,271,422 | ||||||||
* | 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 Portfolio of Investments
85 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 35.7 | % | ||
Federal Home Loan Mtg. Corp. | 15.8 | |||
United States Treasury Notes | 15.4 | |||
United States Treasury Bonds | 9.2 | |||
Diversified Financial Services | 4.7 | |||
Repurchase Agreements | 3.5 | |||
Government National Mtg. Assoc. | 3.4 | |||
Sovereign | 1.8 | |||
Resolution Funding Corp | 1.6 | |||
Federal Farm Credit Bank | 1.3 | |||
Diversified Banking Institutions | 1.1 | |||
Airlines | 0.8 | |||
Oil Companies — Integrated | 0.8 | |||
Pipelines | 0.5 | |||
Multimedia | 0.4 | |||
Pharmacy Services | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Computers | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Brewery | 0.2 | |||
Medical Instruments | 0.2 | |||
Electric — Integrated | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Networking Products | 0.2 | |||
Cosmetics & Toiletries | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.2 | % | |||
Credit Quality†#
Aaa | 88.0 | % | ||
Aa | 2.1 | |||
A | 2.6 | |||
Baa | 2.9 | |||
Ba | 0.1 | |||
Not Rated@ | 4.3 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody's |
# | Calculated as a percentage of total debt issues, excluding short-term securities |
86 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 4.7% |
| |||||||
Diversified Financial Services — 4.7% |
| |||||||
BBCMS Trust | $ | 382,643 | $ | 363,235 | ||||
Cabela’s Credit Card Master Note Trust | 1,186,000 | 1,174,338 | ||||||
COMM Mtg. Trust VRS | 805,326 | 45,386 | ||||||
DBUBS Mtg. Trust | 123,430 | 124,503 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 399,099 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,083,041 | ||||||
Progress Residential Trust | 447,546 | 442,046 | ||||||
Progress Residential Trust | 299,039 | 290,403 | ||||||
Progress Residential Trust | 694,271 | 688,977 | ||||||
Tricon American Homes Trust | 563,724 | 547,203 | ||||||
UBS-BAMLL Trust | 217,000 | 216,520 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 319,250 | ||||||
Total Asset Backed Securities | ||||||||
(cost $5,831,308) | 5,694,001 | |||||||
U.S. CORPORATE BONDS & NOTES — 6.0% |
| |||||||
Airlines — 0.8% |
| |||||||
American Airlines Pass-Through Trust | 708,391 | 662,962 | ||||||
American Airlines Pass-Through Trust | 327,000 | 316,079 | ||||||
979,041 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
American Honda Finance Corp. | 135,000 | 123,333 | ||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch InBev Finance, Inc. | 288,000 | 283,918 | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow Chemical Co. | 200,000 | 210,591 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers — 0.3% |
| |||||||
Apple, Inc. | $ | 227,000 | $ | 219,644 | ||||
Apple, Inc. | 151,000 | 151,317 | ||||||
370,961 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Procter & Gamble Co. | 176,000 | 174,482 | ||||||
Diversified Banking Institutions — 0.7% |
| |||||||
Citigroup, Inc. | 400,000 | 381,121 | ||||||
Citigroup, Inc. | 162,000 | 168,049 | ||||||
Morgan Stanley | 319,000 | 312,428 | ||||||
861,598 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 228,545 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 102,569 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Jackson National Life Global Funding | 225,000 | 224,517 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 149,552 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 125,000 | 122,180 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 250,191 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 142,826 | ||||||
Multimedia — 0.4% |
| |||||||
Time Warner, Inc. | 500,000 | 483,021 | ||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 200,000 | 203,338 | ||||||
87 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | $ | 116,000 | $ | 115,513 | ||||
Pharmacy Services — 0.4% |
| |||||||
CVS Health Corp. | 440,000 | 437,794 | ||||||
Pipelines — 0.5% |
| |||||||
Buckeye Partners LP | 190,000 | 194,394 | ||||||
Enterprise Products Operating LLC | 127,000 | 125,538 | ||||||
Magellan Midstream Partners LP | 137,000 | 131,021 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 171,000 | 169,657 | ||||||
620,610 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 216,654 | ||||||
Retail - Drug Store — 0.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 323,458 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
QUALCOMM, Inc. | 439,000 | 412,783 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
AT&T, Inc. | 171,000 | 168,712 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 87,411 | ||||||
Norfolk Southern Corp. | 19,000 | 21,029 | ||||||
108,440 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $7,496,660) | 7,314,627 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 1.5% |
| |||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Johnson Controls International PLC | 200,000 | 207,302 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 200,476 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 355,530 | ||||||
556,006 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Allergen Funding SCS | $ | 126,000 | $ | 124,447 | ||||
Oil Companies - Integrated — 0.8% |
| |||||||
BP Capital Markets PLC | 250,000 | 249,258 | ||||||
Shell International Finance BV | 367,000 | 341,777 | ||||||
Shell International Finance BV | 403,000 | 383,223 | ||||||
974,258 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $1,929,381) | 1,862,013 | |||||||
U.S. GOVERNMENT AGENCIES — 57.8% |
| |||||||
Federal Farm Credit Bank — 1.3% |
| |||||||
3.35% due 10/21/2025 | 1,500,000 | 1,532,695 | ||||||
Federal Home Loan Mtg. Corp. — 15.8% |
| |||||||
3.50% due 06/01/2033 | 1,501,665 | 1,527,682 | ||||||
4.50% due 09/01/2019 | 11,356 | 11,442 | ||||||
4.50% due 09/01/2039 | 507,012 | 534,802 | ||||||
4.50% due 11/01/2039 | 257,834 | 271,973 | ||||||
4.50% due 02/01/2040 | 358,025 | 377,794 | ||||||
4.50% due 04/01/2040 | 32,968 | 34,710 | ||||||
4.50% due 06/01/2040 | 95,780 | 101,063 | ||||||
4.50% due 08/01/2040 | 404,137 | 426,415 | ||||||
4.50% due 03/01/2041 | 1,416,074 | 1,492,378 | ||||||
4.50% due 04/01/2041 | 164,342 | 172,274 | ||||||
4.50% due 06/01/2041 | 311,272 | 327,914 | ||||||
5.00% due 10/01/2034 | 23,102 | 24,468 | ||||||
5.50% due 12/01/2036 | 18,411 | 19,950 | ||||||
6.00% due 11/01/2033 | 59,544 | 66,130 | ||||||
6.50% due 02/01/2032 | 26,071 | 29,344 | ||||||
8.00% due 02/01/2030 | 1,201 | 1,204 | ||||||
8.00% due 08/01/2030 | 196 | 224 | ||||||
8.00% due 06/01/2031 | 1,444 | 1,606 | ||||||
Federal Home Loan Mtg. Corp. FRS | 14,508 | 15,241 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 1,035,947 | 1,008,639 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | 591,000 | 579,600 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass-Through Certs. | 430,000 | 426,061 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | 1,000,000 | 1,007,910 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 1,341,705 | 1,287,751 | ||||||
Series 4186, Class JE 2.00% due 03/15/2033(4) | 372,050 | 361,622 | ||||||
Series 4594, Class GN 2.50% due 02/15/2045(4) | 868,706 | 847,033 |
88 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Series 3981, Class PA 3.00% due 04/15/2031(4) | $ | 276,295 | $ | 272,239 | ||||
Series 4097, Class YK 3.00% due 08/15/2032(4) | 1,750,000 | 1,660,393 | ||||||
Series 4150, Class IG 3.00% due 01/15/2033(2)(4) | 4,263,812 | 403,476 | ||||||
Series 4365, Class HZ 3.00% due 01/15/2040(4) | 785,199 | 727,754 | ||||||
Series 4057, Class WY 3.50% due 06/15/2027(4) | 1,000,000 | 1,006,665 | ||||||
Series 3813, Class D 4.00% due 02/15/2026(4) | 1,000,000 | 1,038,593 | ||||||
Series 3917, Class B 4.50% due 08/15/2026(4) | 465,000 | 484,522 | ||||||
Series 3927, Class AY 4.50% due 09/15/2026(4) | 1,494,968 | 1,546,686 | ||||||
Series 3786, Class PB 4.50% due 07/15/2040(4) | 1,000,000 | 1,028,617 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 520,621 | 81,858 | ||||||
19,206,033 | ||||||||
Federal National Mtg. Assoc. — 35.7% |
| |||||||
Federal National Mtg. Assoc. | 4,250,000 | 4,111,265 | ||||||
2.63% due 12/01/2026 | 1,966,869 | 1,892,237 | ||||||
2.81% due 04/01/2025 | 800,000 | 783,213 | ||||||
2.94% due 01/01/2026 | 1,595,000 | 1,567,068 | ||||||
3.00% due 03/01/2043 | 1,193,009 | 1,167,802 | ||||||
4.00% due 09/01/2040 | 115,007 | 118,432 | ||||||
4.00% due 10/01/2040 | 82,875 | 85,211 | ||||||
4.00% due 12/01/2040 | 151,143 | 155,638 | ||||||
4.00% due 01/01/2041 | 314,530 | 323,903 | ||||||
4.00% due 02/01/2041 | 1,231,359 | 1,268,019 | ||||||
4.00% due 03/01/2041 | 1,779,282 | 1,832,285 | ||||||
4.00% due 06/01/2042 | 1,143,424 | 1,179,339 | ||||||
5.00% due 02/01/2019 | 5,084 | 5,163 | ||||||
5.00% due 12/01/2036 | 12,459 | 13,216 | ||||||
5.50% due 12/01/2033 | 21,902 | 23,746 | ||||||
5.50% due 10/01/2034 | 7,835 | 8,411 | ||||||
6.50% due 07/01/2032 | 5,968 | 6,686 | ||||||
7.00% due 09/01/2031 | 19,979 | 21,916 | ||||||
Federal National Mtg. Assoc. FRS | 10,494 | 10,863 | ||||||
3.17% (12 ML+1.30%) due 02/01/2035 | 2,028 | 2,097 | ||||||
3.45% (1 Yr USTYCR+2.20%) due 11/01/2034 | 15,512 | 16,375 | ||||||
Federal National Mtg. Assoc. STRIPS | 216,102 | 47,328 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2002-34, Class AO zero coupon due 05/18/2032(6) | 284,815 | 258,125 | ||||||
Series 2013-15, Class DC 2.00% due 03/25/2033(4) | 979,500 | 934,012 | ||||||
Series 2011-126, Class EC 2.00% due 04/25/2040(4) | 318,835 | 310,693 | ||||||
Series 2012-38, Class PA 2.00% due 09/25/2041(4) | 2,274,573 | 2,156,611 | ||||||
Series 2013-23, Class KJ 2.25% due 05/25/2042(4) | 1,672,332 | 1,600,561 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2012-93, Class ME 2.50% due 01/25/2042(4) | $ | 2,291,861 | $ | 2,232,242 | ||||
Series 2013-73, Class TD 2.50% due 09/25/2042(4) | 741,805 | 721,628 | ||||||
Series 2017-T1, Class A 2.90% due 06/25/2027(1) | 1,127,556 | 1,088,650 | ||||||
Series 2013-100, Class DE 3.00% due 11/25/2030(4) | 2,682,043 | 2,698,833 | ||||||
Series 2013-106, Class PY 3.00% due 10/25/2033(4) | 2,900,000 | 2,818,126 | ||||||
Series 2016-30, Class PA 3.00% due 04/25/2045(4) | 890,729 | 885,643 | ||||||
Series 2016-25, Class LA 3.00% due 07/25/2045(4) | 612,535 | 607,975 | ||||||
Series 2016-33, Class JA 3.00% due 07/25/2045(4) | 618,702 | 612,763 | ||||||
Series 2015-97, Class N 3.00% due 11/25/2045(4) | 2,000,000 | 1,858,716 | ||||||
Series 2016-38, Class NA 3.00% due 01/25/2046(4) | 1,119,200 | 1,109,200 | ||||||
Series 2016-30, Class LY 3.50% due 05/25/2036(4) | 800,000 | 796,497 | ||||||
Series 2012-50, Class VB 4.00% due 01/25/2029(4) | 1,355,000 | 1,402,109 | ||||||
Series 2012-47, Class VB 4.00% due 04/25/2031(4) | 2,000,000 | 2,050,990 | ||||||
Series 2004-90, Class GC 4.35% due 11/25/2034(4) | 276,607 | 278,966 | ||||||
Series 2010-117, Class DY 4.50% due 10/25/2025(4) | 974,930 | 1,005,805 | ||||||
Series 2010-134, Class MB 4.50% due 12/25/2040(4) | 250,000 | 267,554 | ||||||
Series 2007-116, Class PB 5.50% due 08/25/2035(4) | 75,455 | 82,010 | ||||||
Federal National Mtg. Assoc. REMIC VRS | 515,000 | 501,746 | ||||||
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3) | 1,239,000 | 1,216,695 | ||||||
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3) | 1,273,000 | 1,260,518 | ||||||
43,396,881 | ||||||||
Government National Mtg. Assoc. — 3.4% |
| |||||||
4.50% due 03/15/2038 | 20,094 | 20,958 | ||||||
4.50% due 03/15/2039 | 6,174 | 6,473 | ||||||
4.50% due 05/15/2039 | 178,945 | 188,590 | ||||||
4.50% due 06/15/2039 | 151,374 | 160,098 | ||||||
4.50% due 07/15/2039 | 298,945 | 315,633 | ||||||
4.50% due 09/15/2039 | 3,745 | 3,967 | ||||||
4.50% due 12/15/2039 | 65,892 | 68,635 | ||||||
4.50% due 04/15/2040 | 116,635 | 122,842 | ||||||
4.50% due 06/15/2040 | 304,284 | 322,279 | ||||||
4.50% due 08/15/2040 | 51,952 | 55,042 | ||||||
5.00% due 09/15/2035 | 1,592 | 1,706 | ||||||
5.00% due 02/15/2036 | 69,611 | 74,606 | ||||||
5.00% due 05/15/2036 | 6,254 | 6,578 | ||||||
6.00% due 01/15/2032 | 8,979 | 9,876 | ||||||
7.50% due 02/15/2029 | 4,586 | 4,695 | ||||||
7.50% due 07/15/2030 | 128 | 130 | ||||||
7.50% due 01/15/2031 | 5,072 | 5,546 | ||||||
Government National Mtg. Assoc. REMIC | 432,000 | 448,474 | ||||||
Series 2004-18, Class Z 4.50% due 03/16/2034(4) | 326,611 | 342,611 |
89 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Government National Mtg. Assoc. (continued) |
| |||||||
Series 2008-6, Class GL 4.50% due 02/20/2038(4) | $ | 1,000,000 | $ | 1,050,333 | ||||
Series 2005-21, Class Z 5.00% due 03/20/2035(4) | 568,385 | 617,589 | ||||||
Series 2009-91, Class PR 5.00% due 09/20/2038(4) | 278,759 | 282,140 | ||||||
4,108,801 | ||||||||
Resolution Funding Corp — 1.6% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,894,445 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $72,266,005) | 70,138,855 | |||||||
U.S. GOVERNMENT TREASURIES — 24.6% |
| |||||||
United States Treasury Bonds — 9.2% |
| |||||||
zero coupon due 08/15/2024 | 2,040,000 | 1,719,371 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 980,195 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,026,875 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 4,533,281 | ||||||
3.88% due 08/15/2040 | 2,500,000 | 2,880,469 | ||||||
11,140,191 | ||||||||
United States Treasury Notes — 15.4% |
| |||||||
1.75% due 05/15/2023 | 8,000,000 | 7,658,750 | ||||||
2.00% due 02/15/2022 | 5,000,000 | 4,893,750 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 2,973,047 | ||||||
2.63% due 08/15/2020 | 3,250,000 | 3,262,314 | ||||||
18,787,861 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $29,586,933) | 29,928,052 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.8% |
| |||||||
Sovereign — 1.8% |
| |||||||
Israel Government AID | 2,641,000 | 2,221,867 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $119,451,977) | 117,159,415 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 350,485 | 350,485 | ||||||
REPURCHASE AGREEMENTS — 3.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $4,206,033 and collateralized by $4,705,000 of United States Treasury Notes, bearing interest at 1.63%, due 02/15/2026 and having an approximate value of $4,336,194 (cost $4,206,000) | 4,206,000 | 4,206,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $124,008,462)(9) | 100.2 | % | 121,715,900 | |||||
Liabilities in excess of other assets | (0.2 | ) | (291,173 | ) | ||||
NET ASSETS | 100.0 | % | $ | 121,424,727 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $3,765,305 representing 3.1% 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) | 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. |
(4) | Collateralized Mortgage Obligation |
(5) | 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 May 31, 2018. |
(6) | Principal Only |
(7) | At May 31, 2018, the Fund had loaned securities with a total value of $2,176,283. This was secured by collateral of $350,485, which was received in cash and subsequently invested in short-term investments currently valued at $350,485 as reported in the Portfolio of Investments. Additional collateral of $1,893,111 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.00% to 25.72% | 06/15/2018 to 11/15/2047 | $ | 247,681 | ||||
Federal National Mtg. Assoc. | 1.25% to 16.32% | 07/25/2019 to 12/25/2047 | 321,006 | |||||
Government National Mtg. Assoc. | 1.11% to 27.85% | 11/20/2026 to 05/16/2059 | 464,335 | |||||
United States Treasury Bills | 0.00% | 07/05/2018 to 08/30/2018 | 36,470 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.38% | 10/31/2018 to 02/15/2047 | 823,619 |
(8) | The rate shown is the 7-day yield as of May 31, 2018 |
(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 May 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.
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
90 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | — | $ | 5,694,001 | $ | — | $ | 5,694,001 | ||||||||
U.S. Corporate Bonds & Notes | — | 7,314,627 | — | 7,314,627 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 1,862,013 | — | 1,862,013 | ||||||||||||
U.S. Government Agencies | — | 70,138,855 | — | 70,138,855 | ||||||||||||
U.S. Government Treasuries | — | 29,928,052 | — | 29,928,052 | ||||||||||||
Foreign Government Obligations | — | 2,221,867 | — | 2,221,867 | ||||||||||||
Short-Term Investment Securities | 350,485 | — | — | 350,485 | ||||||||||||
Repurchase Agreements | — | 4,206,000 | — | 4,206,000 | ||||||||||||
Total Investments at Value | $ | 350,485 | $ | 121,365,415 | $ | — | $ | 121,715,900 | ||||||||
* | 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
VALIC Company I Growth Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.3 | % | ||
Computers | 6.0 | |||
E-Commerce/Products | 5.9 | |||
Applications Software | 5.9 | |||
Internet Content — Entertainment | 5.6 | |||
Finance — Credit Card | 4.9 | |||
Medical — Biomedical/Gene | 4.2 | |||
Aerospace/Defense | 3.9 | |||
Medical Instruments | 3.2 | |||
Medical — HMO | 2.4 | |||
Retail — Discount | 2.2 | |||
Semiconductor Equipment | 2.0 | |||
Commercial Services — Finance | 1.8 | |||
Electronic Components — Semiconductors | 1.7 | |||
Medical — Drugs | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Registered Investment Companies | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Retail — Major Department Stores | 1.2 | |||
Retail — Apparel/Shoe | 1.2 | |||
Multimedia | 1.2 | |||
Entertainment Software | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Real Estate Investment Trusts | 1.0 | |||
Diversified Banking Institutions | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Tobacco | 0.8 | |||
Transport — Truck | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Computer Services | 0.8 | |||
Banks — Commercial | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Commercial Services | 0.8 | |||
Internet Security | 0.7 | |||
Athletic Footwear | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Cruise Lines | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Airlines | 0.7 | |||
Machinery — General Industrial | 0.6 | |||
Transport — Rail | 0.6 | |||
Casino Hotels | 0.6 | |||
Medical Products | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Electronic Forms | 0.5 | |||
Human Resources | 0.5 | |||
Internet Application Software | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Diagnostic Kits | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Computer Software | 0.5 | |||
Oil — Field Services | 0.4 | |||
Data Processing/Management | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Hotels/Motels | 0.4 | |||
Time Deposits | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Finance — Other Services | 0.4 | |||
Computer Aided Design | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Lighting Products & Systems | 0.3 |
Food — Misc./Diversified | 0.3 | % | ||
Networking Products | 0.3 | |||
Building Products — Cement | 0.3 | |||
E-Services/Consulting | 0.2 | |||
Instruments — Controls | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Decision Support Software | 0.2 | |||
Schools | 0.2 | |||
Medical Information Systems | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Exchange-Traded Funds | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Retail — Building Products | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Independent Power Producers | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Cellular Telecom | 0.2 | |||
Garden Products | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Radio | 0.1 | |||
Transactional Software | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Food — Retail | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Food — Catering | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Retail — Automobile | 0.1 | |||
Pharmacy Services | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Brewery | 0.1 | |||
Toys | 0.1 | |||
Metal — Copper | 0.1 | |||
Transport — Services | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Industrial Gases | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Satellite Telecom | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.9% |
| |||||||
Aerospace/Defense — 3.9% |
| |||||||
Boeing Co. | 84,030 | $ | 29,592,005 | |||||
Bombardier, Inc., Class B† | 453,490 | 1,706,796 | ||||||
General Dynamics Corp. | 4,212 | 849,602 | ||||||
Lockheed Martin Corp. | 39,745 | 12,501,392 | ||||||
Raytheon Co. | 10,474 | 2,194,303 | ||||||
46,844,098 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
Astronics Corp.† | 522 | 18,374 | ||||||
Curtiss-Wright Corp. | 13,905 | 1,769,411 | ||||||
United Technologies Corp. | 35,830 | 4,472,301 | ||||||
6,260,086 | ||||||||
Airlines — 0.7% |
| |||||||
Delta Air Lines, Inc. | 121,634 | 6,574,318 | ||||||
Ryanair Holdings PLC ADR†# | 13,390 | 1,552,035 | ||||||
8,126,353 | ||||||||
Apparel Manufacturers — 0.5% |
| |||||||
Columbia Sportswear Co. | 6,018 | 524,228 | ||||||
Kering SA | 2,870 | 1,656,004 | ||||||
Michael Kors Holdings, Ltd.† | 29,543 | 1,695,473 | ||||||
Oxford Industries, Inc. | 2,723 | 224,702 | ||||||
Under Armour, Inc., Class C†# | 81,010 | 1,532,709 | ||||||
5,633,116 | ||||||||
Applications Software — 5.9% |
| |||||||
Microsoft Corp. | 494,384 | 48,864,915 | ||||||
Red Hat, Inc.† | 14,390 | 2,337,224 | ||||||
salesforce.com, Inc.† | 118,160 | 15,281,633 | ||||||
Tableau Software, Inc., Class A† | 40,720 | 4,025,986 | ||||||
70,509,758 | ||||||||
Athletic Footwear — 0.7% |
| |||||||
adidas AG | 8,610 | 1,949,224 | ||||||
NIKE, Inc., Class B | 90,070 | 6,467,026 | ||||||
8,416,250 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Tesla, Inc.†# | 19,690 | 5,606,334 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Valeo SA | 17,168 | 1,087,871 | ||||||
WABCO Holdings, Inc.† | 58,597 | 7,086,135 | ||||||
8,174,006 | ||||||||
Banks - Commercial — 0.8% |
| |||||||
Banco do Brasil SA | 40,200 | 326,030 | ||||||
Bank Mandiri Persero Tbk PT | 2,202,300 | 1,113,517 | ||||||
CaixaBank SA | 68,610 | 291,669 | ||||||
Central Pacific Financial Corp. | 18,706 | 550,705 | ||||||
Chiba Bank, Ltd. | 91,000 | 698,073 | ||||||
Erste Group Bank AG | 38,102 | 1,577,563 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 143,570 | 760,585 | ||||||
HDFC Bank, Ltd. | 27,560 | 868,369 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 30,100 | 346,898 | ||||||
KBC Group NV | 17,050 | 1,319,648 | ||||||
Merchants Bancorp | 2,474 | 63,112 | ||||||
Standard Chartered PLC | 88,610 | 889,123 | ||||||
Swedbank AB, Class A | 32,850 | 683,228 | ||||||
9,488,520 | ||||||||
Banks - Super Regional — 0.3% |
| |||||||
US Bancorp | 71,460 | 3,572,285 | ||||||
Beverages - Non-alcoholic — 0.7% |
| |||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 20,900 | 875,460 |
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Non-alcoholic (continued) |
| |||||||
Coca-Cola Co. | 8,369 | $ | 359,867 | |||||
Coca-Cola HBC AG | 23,740 | 811,212 | ||||||
PepsiCo, Inc. | 60,806 | 6,095,801 | ||||||
8,142,340 | ||||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Constellation Brands, Inc., Class A | 39,005 | 8,701,236 | ||||||
Diageo PLC | 57,610 | 2,116,095 | ||||||
Treasury Wine Estates, Ltd. | 164,030 | 2,050,263 | ||||||
12,867,594 | ||||||||
Brewery — 0.1% |
| |||||||
Heineken NV | 11,422 | 1,145,120 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Daikin Industries, Ltd. | 9,000 | 1,035,810 | ||||||
Building Products - Cement — 0.3% |
| |||||||
CRH PLC | 44,640 | 1,649,300 | ||||||
HeidelbergCement AG | 16,140 | 1,430,648 | ||||||
3,079,948 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
PulteGroup, Inc. | 62,409 | 1,887,872 | ||||||
Toll Brothers, Inc. | 41,867 | 1,653,328 | ||||||
William Lyon Homes, Class A† | 6,513 | 155,335 | ||||||
3,696,535 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Comcast Corp., Class A | 24,379 | 760,137 | ||||||
DISH Network Corp., Class A† | 5,792 | 171,154 | ||||||
931,291 | ||||||||
Casino Hotels — 0.6% |
| |||||||
Las Vegas Sands Corp. | 84,646 | 6,823,314 | ||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 32,619 | 1,816,878 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
Arkema SA | 2,710 | 332,135 | ||||||
Huntsman Corp. | 11,936 | 381,594 | ||||||
LyondellBasell Industries NV, Class A | 42,532 | 4,768,688 | ||||||
Symrise AG | 13,530 | 1,099,417 | ||||||
6,581,834 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Kraton Corp.† | 9,869 | 478,844 | ||||||
Stepan Co. | 1,418 | 103,088 | ||||||
Umicore SA | 26,000 | 1,466,220 | ||||||
W.R. Grace & Co. | 9,135 | 653,975 | ||||||
2,702,127 | ||||||||
Commercial Services — 0.8% |
| |||||||
Care.com, Inc.† | 4,879 | 101,190 | ||||||
Ecolab, Inc. | 33,160 | 4,728,948 | ||||||
Intertek Group PLC | 20,885 | 1,517,889 | ||||||
Medifast, Inc. | 7,073 | 1,036,124 | ||||||
Nutrisystem, Inc.# | 20,191 | 753,124 | ||||||
Wirecard AG | 6,190 | 957,171 | ||||||
9,094,446 | ||||||||
Commercial Services - Finance — 1.8% |
| |||||||
PayPal Holdings, Inc.† | 184,882 | 15,173,266 | ||||||
S&P Global, Inc. | 20,734 | 4,094,965 | ||||||
Square, Inc., Class A† | 26,730 | 1,557,022 | ||||||
Total System Services, Inc. | 15,617 | 1,330,412 | ||||||
22,155,665 | ||||||||
93 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Aided Design — 0.3% |
| |||||||
Cadence Design Systems, Inc.† | 45,431 | $ | 1,928,546 | |||||
Synopsys, Inc.† | 20,298 | 1,787,645 | ||||||
3,716,191 | ||||||||
Computer Services — 0.8% |
| |||||||
Accenture PLC, Class A | 6,581 | 1,024,925 | ||||||
DXC Technology Co. | 51,141 | 4,710,598 | ||||||
International Business Machines Corp. | 22,828 | 3,225,825 | ||||||
Syntel, Inc.† | 11,121 | 350,311 | ||||||
Unisys Corp.†# | 33,448 | 403,048 | ||||||
9,714,707 | ||||||||
Computer Software — 0.5% |
| |||||||
InterXion Holding NV† | 15,640 | 998,770 | ||||||
Splunk, Inc.† | 41,027 | 4,546,202 | ||||||
5,544,972 | ||||||||
Computers — 6.0% |
| |||||||
Apple, Inc. | 383,739 | 71,709,307 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
Western Digital Corp. | 21,996 | 1,836,886 | ||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Kimberly-Clark Corp. | 21,163 | 2,134,289 | ||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Estee Lauder Cos., Inc., Class A | 71,249 | 10,647,451 | ||||||
Pola Orbis Holdings, Inc. | 23,800 | 1,173,619 | ||||||
Procter & Gamble Co. | 34,126 | 2,496,999 | ||||||
Shiseido Co., Ltd. | 18,000 | 1,419,838 | ||||||
Unilever NV CVA# | 23,670 | 1,318,875 | ||||||
17,056,782 | ||||||||
Cruise Lines — 0.7% |
| |||||||
Carnival PLC | 19,130 | 1,223,954 | ||||||
Royal Caribbean Cruises, Ltd. | 65,954 | 6,923,851 | ||||||
8,147,805 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
CSG Systems International, Inc. | 40,207 | 1,663,766 | ||||||
Fiserv, Inc.† | 45,700 | 3,317,820 | ||||||
4,981,586 | ||||||||
Decision Support Software — 0.2% |
| |||||||
MSCI, Inc. | 17,790 | 2,892,120 | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
Lonza Group AG | 9,410 | 2,525,615 | ||||||
Diagnostic Kits — 0.5% |
| |||||||
IDEXX Laboratories, Inc.† | 29,727 | 6,189,459 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Bunzl PLC | 45,880 | 1,396,852 | ||||||
Ferguson PLC | 19,300 | 1,495,783 | ||||||
2,892,635 | ||||||||
Diversified Banking Institutions — 0.9% |
| |||||||
Bank of America Corp. | 70,480 | 2,046,739 | ||||||
Credit Suisse Group AG | 69,410 | 1,054,416 | ||||||
JPMorgan Chase & Co. | 62,390 | 6,676,354 | ||||||
UniCredit SpA | 44,111 | 737,008 | ||||||
10,514,517 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
3M Co. | 6,991 | 1,378,835 | ||||||
Ingersoll-Rand PLC | 22,870 | 2,002,040 | ||||||
Lydall, Inc.† | 387 | 16,215 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Parker-Hannifin Corp. | 14,601 | $ | 2,495,311 | |||||
5,892,401 | ||||||||
E-Commerce/Products — 5.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 8,150 | 1,613,782 | ||||||
Amazon.com, Inc.† | 40,177 | 65,473,243 | ||||||
ASOS PLC† | 13,876 | 1,221,833 | ||||||
MonotaRO Co., Ltd.# | 22,400 | 898,451 | ||||||
Start Today Co., Ltd. | 51,900 | 1,796,019 | ||||||
71,003,328 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Booking Holdings, Inc.† | 10 | 21,089 | ||||||
Just Eat PLC† | 54,139 | 606,731 | ||||||
Shutterfly, Inc.† | 15,520 | 1,461,053 | ||||||
Stamps.com, Inc.† | 1,789 | 448,681 | ||||||
2,537,554 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
CyberAgent, Inc. | 19,700 | 1,024,604 | ||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 37,542 | 3,005,237 | ||||||
Electric Products - Misc. — 0.0% |
| |||||||
AMETEK, Inc. | 6,860 | 500,986 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Stoneridge, Inc.† | 788 | 24,846 | ||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
ams AG# | 23,710 | 2,042,589 | ||||||
Broadcom, Inc. | 39,826 | 10,038,940 | ||||||
Infineon Technologies AG | 35,290 | 969,779 | ||||||
NVIDIA Corp. | 3,772 | 951,261 | ||||||
Rohm Co., Ltd. | 11,300 | 1,039,682 | ||||||
Skyworks Solutions, Inc. | 7,465 | 736,124 | ||||||
Texas Instruments, Inc. | 16,471 | 1,843,269 | ||||||
Xilinx, Inc. | 37,000 | 2,520,070 | ||||||
20,141,714 | ||||||||
Electronic Forms — 0.5% |
| |||||||
Adobe Systems, Inc.† | 25,998 | 6,480,781 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 70,265 | 4,350,809 | ||||||
Engines - Internal Combustion — 0.3% |
| |||||||
Cummins, Inc. | 25,680 | 3,656,575 | ||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 53,910 | 3,822,758 | ||||||
Electronic Arts, Inc.† | 50,671 | 6,633,341 | ||||||
Take-Two Interactive Software, Inc.† | 14,627 | 1,639,394 | ||||||
UbiSoft Entertainment SA† | 8,330 | 910,013 | ||||||
13,005,506 | ||||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 14,581 | 1,356,033 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 27,600 | 1,302,720 | ||||||
Finance - Credit Card — 4.9% |
| |||||||
American Express Co. | 43,234 | 4,249,902 | ||||||
Mastercard, Inc., Class A | 94,413 | 17,949,800 | ||||||
Visa, Inc., Class A# | 284,274 | 37,160,297 | ||||||
59,359,999 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 66,001 | 3,670,976 | ||||||
94 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Nationstar Mtg. Holdings, Inc.† | 12,949 | $ | 232,046 | |||||
Finance - Other Services — 0.4% |
| |||||||
BGC Partners, Inc., Class A | 59,077 | 677,022 | ||||||
Deutsche Boerse AG | 10,630 | 1,422,335 | ||||||
London Stock Exchange Group PLC | 36,600 | 2,178,758 | ||||||
4,278,115 | ||||||||
Food - Catering — 0.1% |
| |||||||
Compass Group PLC | 58,585 | 1,259,845 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 1,119 | 100,755 | ||||||
Food - Dairy Products — 0.2% |
| |||||||
Danone SA | 26,120 | 1,993,007 | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
Associated British Foods PLC | 24,520 | 863,426 | ||||||
Chr. Hansen Holding A/S | 15,310 | 1,472,003 | ||||||
Kerry Group PLC, Class A | 8,280 | 874,901 | ||||||
3,210,330 | ||||||||
Food - Retail — 0.1% |
| |||||||
Jeronimo Martins SGPS SA | 34,700 | 544,786 | ||||||
Tesco PLC | 253,870 | 829,340 | ||||||
1,374,126 | ||||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Deckers Outdoor Corp.† | 20,992 | 2,375,455 | ||||||
Garden Products — 0.1% |
| |||||||
Scotts Miracle-Gro Co., Class A# | 197 | 16,771 | ||||||
Toro Co. | 30,892 | 1,791,736 | ||||||
1,808,507 | ||||||||
Home Furnishings — 0.0% |
| |||||||
Sleep Number Corp.† | 15,724 | 439,800 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Accor SA | 17,810 | 979,270 | ||||||
China Lodging Group, Ltd. ADR# | 19,520 | 859,075 | ||||||
Hilton Grand Vacations, Inc.† | 11,567 | 459,904 | ||||||
Marriott International, Inc., Class A | 18,107 | 2,450,964 | ||||||
4,749,213 | ||||||||
Human Resources — 0.5% |
| |||||||
ASGN, Inc.† | 9,801 | 754,677 | ||||||
Insperity, Inc. | 20,480 | 1,884,160 | ||||||
Kforce, Inc. | 4,215 | 141,835 | ||||||
Recruit Holdings Co., Ltd. | 47,900 | 1,327,309 | ||||||
Robert Half International, Inc. | 31,753 | 2,022,031 | ||||||
TrueBlue, Inc.† | 7,933 | 204,671 | ||||||
6,334,683 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
NRG Energy, Inc. | 57,571 | 1,970,655 | ||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp. | 28,130 | 1,285,822 | ||||||
Keyence Corp. | 5,300 | 3,239,818 | ||||||
Nordson Corp. | 12,370 | 1,554,043 | ||||||
Yaskawa Electric Corp. | 91,500 | 3,674,828 | ||||||
9,754,511 | ||||||||
Industrial Gases — 0.1% |
| |||||||
Praxair, Inc. | 6,165 | 963,343 | ||||||
Instruments - Controls — 0.2% |
| |||||||
Honeywell International, Inc. | 20,020 | 2,961,158 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
AIA Group, Ltd. | 297,800 | $ | 2,717,409 | |||||
Aviva PLC | 132,699 | 901,252 | ||||||
3,618,661 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Assurant, Inc. | 14,697 | 1,371,965 | ||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Infinity Property & Casualty Corp. | 14,575 | 2,109,003 | ||||||
Internet Application Software — 0.5% |
| |||||||
Tencent Holdings, Ltd. | 124,300 | 6,265,671 | ||||||
Internet Content - Entertainment — 5.6% |
| |||||||
Facebook, Inc., Class A† | 272,960 | 52,348,269 | ||||||
Netflix, Inc.† | 38,980 | 13,705,368 | ||||||
Twitter, Inc.† | 37,251 | 1,292,609 | ||||||
67,346,246 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
HealthStream, Inc. | 3,038 | 84,608 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 5,122 | 886,669 | ||||||
Internet Security — 0.7% |
| |||||||
Palo Alto Networks, Inc.† | 42,148 | 8,770,577 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Julius Baer Group, Ltd. | 19,730 | 1,148,069 | ||||||
Lighting Products & Systems — 0.3% |
| |||||||
Acuity Brands, Inc.# | 28,820 | 3,407,965 | ||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 20,873 | 3,170,817 | ||||||
Hyster-Yale Materials Handling, Inc. | 385 | 25,680 | ||||||
Komatsu, Ltd. | 40,300 | 1,318,314 | ||||||
4,514,811 | ||||||||
Machinery - General Industrial — 0.6% |
| |||||||
Hexagon AB, Class B | 22,840 | 1,287,519 | ||||||
Wabtec Corp.# | 64,480 | 6,287,445 | ||||||
7,574,964 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Weir Group PLC# | 53,800 | 1,567,586 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 45,618 | 2,722,482 | ||||||
Medical Instruments — 3.2% |
| |||||||
Boston Scientific Corp.† | 143,270 | 4,353,975 | ||||||
Edwards Lifesciences Corp.† | 86,383 | 11,861,250 | ||||||
Intuitive Surgical, Inc.† | 45,756 | 21,032,660 | ||||||
Sysmex Corp. | 15,400 | 1,380,707 | ||||||
38,628,592 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Quest Diagnostics, Inc. | 15,723 | 1,674,971 | ||||||
Medical Products — 0.6% |
| |||||||
ABIOMED, Inc.† | 11,793 | 4,494,784 | ||||||
Atrion Corp. | 154 | 90,860 | ||||||
Orthofix International NV† | 3,519 | 192,313 | ||||||
Penumbra, Inc.† | 11,600 | 1,866,440 | ||||||
6,644,397 | ||||||||
Medical - Biomedical/Gene — 4.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 18,025 | 2,093,243 | ||||||
Alnylam Pharmaceuticals, Inc.† | 13,840 | 1,376,665 | ||||||
Amgen, Inc. | 25,105 | 4,509,360 |
95 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Biogen, Inc.† | 28,731 | $ | 8,445,765 | |||||
Bluebird Bio, Inc.†# | 6,550 | 1,172,778 | ||||||
Celgene Corp.† | 106,190 | 8,355,029 | ||||||
CSL, Ltd. | 19,150 | 2,682,191 | ||||||
Exelixis, Inc.† | 52,377 | 1,085,775 | ||||||
Gilead Sciences, Inc. | 63,720 | 4,294,728 | ||||||
Illumina, Inc.† | 8,900 | 2,424,716 | ||||||
Ionis Pharmaceuticals, Inc.†# | 39,030 | 1,820,749 | ||||||
Regeneron Pharmaceuticals, Inc.† | 23,460 | 7,045,507 | ||||||
Sage Therapeutics, Inc.†# | 9,140 | 1,395,587 | ||||||
Vertex Pharmaceuticals, Inc.† | 25,594 | 3,941,476 | ||||||
50,643,569 | ||||||||
Medical - Drugs — 1.4% |
| |||||||
AbbVie, Inc. | 43,719 | 4,325,558 | ||||||
Allergan PLC | 10,098 | 1,522,778 | ||||||
AstraZeneca PLC | 24,330 | 1,775,905 | ||||||
Bristol-Myers Squibb Co. | 40,929 | 2,153,684 | ||||||
Eli Lilly & Co. | 23,182 | 1,971,397 | ||||||
Johnson & Johnson | 9,424 | 1,127,299 | ||||||
Zoetis, Inc. | 54,084 | 4,526,831 | ||||||
17,403,452 | ||||||||
Medical - HMO — 2.4% |
| |||||||
Cigna Corp. | 10,491 | 1,776,861 | ||||||
Tivity Health, Inc.† | 35,671 | 1,250,268 | ||||||
UnitedHealth Group, Inc. | 88,608 | 21,399,718 | ||||||
WellCare Health Plans, Inc.† | 22,127 | 4,904,892 | ||||||
29,331,739 | ||||||||
Metal - Copper — 0.1% |
| |||||||
First Quantum Minerals, Ltd. | 70,020 | 1,098,957 | ||||||
Multimedia — 1.2% |
| |||||||
Entravision Communications Corp., Class A | 79,058 | 316,232 | ||||||
FactSet Research Systems, Inc. | 5,800 | 1,165,858 | ||||||
Liberty Media Corp. — Liberty Formula One, Series C†# | 30,264 | 955,737 | ||||||
Time Warner, Inc. | 15,720 | 1,480,195 | ||||||
Vivendi SA | 36,630 | 921,597 | ||||||
Walt Disney Co. | 92,224 | 9,173,522 | ||||||
14,013,141 | ||||||||
Networking Products — 0.3% |
| |||||||
LogMeIn, Inc. | 29,603 | 3,194,164 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Concho Resources, Inc.†# | 26,810 | 3,681,281 | ||||||
EOG Resources, Inc. | 39,130 | 4,609,905 | ||||||
Lundin Petroleum AB | 35,770 | 1,134,893 | ||||||
9,426,079 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Royal Dutch Shell PLC, Class A | 42,192 | 1,468,000 | ||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Neste Oyj | 14,990 | 1,221,987 | ||||||
Oil - Field Services — 0.4% |
| |||||||
Halliburton Co. | 103,247 | 5,135,506 | ||||||
Pharmacy Services — 0.1% |
| |||||||
Express Scripts Holding Co.† | 15,738 | 1,193,098 | ||||||
Publishing - Newspapers — 0.0% |
| |||||||
tronc, Inc.† | 11,183 | 179,375 | ||||||
Radio — 0.1% |
| |||||||
Sirius XM Holdings, Inc. | 206,750 | 1,467,925 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Equity Residential | 49,599 | $ | 3,173,840 | |||||
PotlatchDeltic Corp. | 25,146 | 1,269,873 | ||||||
PS Business Parks, Inc. | 8,976 | 1,100,099 | ||||||
SBA Communications Corp.† | 44,044 | 6,962,035 | ||||||
12,505,847 | ||||||||
Real Estate Management/Services — 0.0% |
| |||||||
Newmark Group, Inc., Class A | 4,780 | 64,195 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Ashtead Group PLC | 21,198 | 654,130 | ||||||
Localiza Rent a Car SA | 135,300 | 895,232 | ||||||
McGrath RentCorp | 9,394 | 611,362 | ||||||
2,160,724 | ||||||||
Resort/Theme Parks — 0.2% |
| |||||||
Vail Resorts, Inc. | 8,919 | 2,147,606 | ||||||
Retail - Apparel/Shoe — 1.2% |
| |||||||
ANTA Sports Products, Ltd. | 173,000 | 995,162 | ||||||
Burlington Stores, Inc.† | 13,484 | 1,972,035 | ||||||
Lojas Renner SA | 43,100 | 341,880 | ||||||
Ross Stores, Inc. | 81,829 | 6,454,671 | ||||||
Tapestry, Inc. | 74,997 | 3,278,869 | ||||||
Zalando SE†* | 22,555 | 1,202,006 | ||||||
14,244,623 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 18,080 | 4,870,933 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Asbury Automotive Group, Inc.† | 17,529 | 1,219,142 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Home Depot, Inc. | 11,261 | 2,100,740 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
CP ALL PCL | 252,400 | 637,115 | ||||||
Retail - Discount — 2.2% |
| |||||||
B&M European Value Retail SA | 219,019 | 1,171,412 | ||||||
Costco Wholesale Corp. | 36,380 | 7,211,971 | ||||||
Dollar Tree, Inc.† | 84,246 | 6,957,877 | ||||||
Dollarama, Inc. | 4,740 | 547,078 | ||||||
Don Quijote Holdings Co., Ltd. | 16,700 | 886,301 | ||||||
Magazine Luiza SA | 19,300 | 558,521 | ||||||
Target Corp. | 90,152 | 6,571,179 | ||||||
Walmart, Inc. | 33,997 | 2,806,113 | ||||||
�� | ||||||||
26,710,452 | ||||||||
Retail - Drug Store — 0.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 58,178 | 3,629,725 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Nitori Holdings Co., Ltd. | 5,300 | 908,936 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Cie Financiere Richemont SA | 15,300 | 1,405,023 | ||||||
Retail - Major Department Stores — 1.2% |
| |||||||
TJX Cos., Inc. | 159,229 | 14,381,563 | ||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Ryohin Keikaku Co., Ltd. | 3,000 | 1,016,729 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
PetMed Express, Inc.# | 15,365 | 552,679 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 7,391 | 3,179,460 | ||||||
Darden Restaurants, Inc. | 53,198 | 4,650,037 | ||||||
McDonald’s Corp. | 2,735 | 437,627 |
96 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Ruth’s Hospitality Group, Inc. | 888 | $ | 23,577 | |||||
Starbucks Corp. | 130,450 | 7,392,602 | ||||||
15,683,303 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Cellnex Telecom SA#* | 34,180 | 871,071 | ||||||
Schools — 0.2% |
| |||||||
Cambium Learning Group, Inc.† | 6,713 | 67,197 | ||||||
Grand Canyon Education, Inc.† | 14,875 | 1,652,612 | ||||||
TAL Education Group ADR† | 25,230 | 1,071,266 | ||||||
2,791,075 | ||||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 24,050 | 2,337,179 | ||||||
Maxim Integrated Products, Inc. | 108,498 | 6,363,408 | ||||||
NXP Semiconductors NV† | 5,136 | 585,504 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 77,000 | 574,552 | ||||||
9,860,643 | ||||||||
Semiconductor Equipment — 2.0% |
| |||||||
Applied Materials, Inc. | 230,295 | 11,694,380 | ||||||
ASML Holding NV | 40,638 | 7,928,523 | ||||||
Lam Research Corp. | 13,216 | 2,619,147 | ||||||
MKS Instruments, Inc. | 12,051 | 1,352,122 | ||||||
23,594,172 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 62,397 | 2,929,539 | ||||||
Telecom Services — 0.0% |
| |||||||
Vonage Holdings Corp.† | 21,882 | 250,549 | ||||||
Tobacco — 0.8% |
| |||||||
Altria Group, Inc. | 95,038 | 5,297,418 | ||||||
British American Tobacco PLC | 16,180 | 832,338 | ||||||
Philip Morris International, Inc. | 46,752 | 3,718,654 | ||||||
9,848,410 | ||||||||
Toys — 0.1% |
| |||||||
Nintendo Co., Ltd. | 2,700 | 1,111,492 | ||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Group SA | 18,450 | 1,462,136 | ||||||
Transport - Rail — 0.6% |
| |||||||
Union Pacific Corp. | 51,057 | 7,288,897 | ||||||
Transport - Services — 0.1% |
| |||||||
DSV A/S | 13,140 | 1,091,700 | ||||||
Transport - Truck — 0.8% |
| |||||||
JB Hunt Transport Services, Inc. | 34,960 | 4,478,376 | ||||||
XPO Logistics, Inc.† | 50,522 | 5,317,440 | ||||||
9,795,816 | ||||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 11,082 | 1,445,536 | ||||||
Web Portals/ISP — 6.3% |
| |||||||
Alphabet, Inc., Class A† | 52,397 | 57,636,700 | ||||||
Alphabet, Inc., Class C† | 13,040 | 14,148,270 | ||||||
Baidu, Inc. ADR† | 12,000 | 2,910,720 | ||||||
Yandex NV, Class A† | 27,450 | 920,124 | ||||||
75,615,814 | ||||||||
Total Common Stocks |
| |||||||
(cost $893,466,621) | 1,189,990,611 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 0.2% |
| |||||||
iShares Russell 1000 Growth ETF | 14,940 | $ | 2,127,904 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $895,589,428) | 1,192,118,515 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.8% |
| |||||||
Registered Investment Companies — 1.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 16,963,764 | 16,963,764 | ||||||
Time Deposits — 0.4% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co | $ | 4,706,000 | 4,706,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $21,669,764) | 21,669,764 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $917,259,192)(3) | 100.9 | % | 1,213,788,279 | |||||
Liabilities in excess of other assets | (0.9 | ) | (11,139,067 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,202,649,212 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $2,073,077 representing 0.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $36,400,441. This was secured by collateral of $16,963,764, which was received in cash and subsequently invested in short-term investments currently valued at $16,963,764 as reported in the Portfolio of Investments. Additional collateral of $20,903,465 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,424,537 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 576,840 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 379,287 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 2,559,109 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 15,963,692 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVA—Certification Van Aandelen
97 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Credit Suisse | CHF | 938,134 | USD | 988,509 | 06/29/2018 | $ | 34,539 | $ | — | |||||||||||||||||||
JPY | 231,577,500 | USD | 2,191,212 | 06/29/2018 | 58,753 | — | ||||||||||||||||||||||
USD | 324,145 | CHF | 312,190 | 06/29/2018 | — | (6,685 | ) | |||||||||||||||||||||
USD | 243,645 | JPY | 26,222,175 | 06/29/2018 | — | (2,180 | ) | |||||||||||||||||||||
93,292 | (8,865 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 5,529,938 | USD | 6,859,023 | 06/29/2018 | 381,656 | — | |||||||||||||||||||||
USD | 1,004,223 | EUR | 809,261 | 06/29/2018 | — | (56,314 | ) | |||||||||||||||||||||
381,656 | (56,314 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 474,948 | $ | (65,179 | ) | |||||||||||||||||||||||
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 May 31, 2018 (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 | $ | 1,067,483,124 | $ | 122,507,487 | ** | $ | — | $ | 1,189,990,611 | |||||||
Exchange-Traded Funds | 2,127,904 | — | — | 2,127,904 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 16,963,764 | — | — | 16,963,764 | ||||||||||||
Time Deposits | — | 4,706,000 | — | 4,706,000 | ||||||||||||
Total Investments at Value | $ | 1,086,574,792 | $ | 127,213,487 | $ | — | $ | 1,213,788,279 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 474,948 | $ | — | $ | 474,948 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 65,179 | $ | — | $ | 65,179 | ||||||||
* | 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 $87,999,021 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 — May 31, 2018 (unaudited)
Industry Allocation*
Applications Software | 5.2 | % | ||
Medical — Drugs | 4.8 | |||
Computers | 4.7 | |||
Diversified Banking Institutions | 4.3 | |||
Electronic Components — Semiconductors | 3.6 | |||
Web Portals/ISP | 3.4 | |||
Oil Companies — Exploration & Production | 3.3 | |||
E-Commerce/Products | 3.0 | |||
Banks — Super Regional | 2.8 | |||
Electric — Integrated | 2.8 | |||
Medical — HMO | 2.4 | |||
Internet Content — Entertainment | 2.4 | |||
Chemicals — Diversified | 2.1 | |||
Real Estate Investment Trusts | 2.1 | |||
Medical — Biomedical/Gene | 2.1 | |||
Cable/Satellite TV | 2.0 | |||
Oil Companies — Integrated | 2.0 | |||
Finance — Credit Card | 2.0 | |||
Transport — Rail | 1.9 | |||
Time Deposits | 1.7 | |||
Retail — Building Products | 1.7 | |||
Insurance — Multi-line | 1.6 | |||
Beverages — Non-alcoholic | 1.6 | |||
Multimedia | 1.6 | |||
Aerospace/Defense | 1.5 | |||
Insurance — Property/Casualty | 1.5 | |||
Diversified Manufacturing Operations | 1.4 | |||
Medical Products | 1.4 | |||
Medical Instruments | 1.3 | |||
Instruments — Controls | 1.2 | |||
Tobacco | 1.1 | |||
Computer Services | 1.1 | |||
Banks — Fiduciary | 1.1 | |||
Cosmetics & Toiletries | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Tools — Hand Held | 1.0 | |||
Enterprise Software/Service | 0.9 | |||
Retail — Discount | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Retail — Auto Parts | 0.8 | |||
Data Processing/Management | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Telephone — Integrated | 0.6 | |||
Electronic Forms | 0.6 | |||
Diagnostic Equipment | 0.6 | |||
Oil Refining & Marketing | 0.6 | |||
Brewery | 0.6 | |||
Athletic Footwear | 0.6 | |||
Airlines | 0.6 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Finance — Other Services | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Apparel Manufacturers | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Building Products — Wood | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Hotels/Motels | 0.4 | |||
Banks — Commercial | 0.4 | |||
Commercial Services — Finance | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Retail — Consumer Electronics | 0.3 | |||
Electronic Security Devices | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Cellular Telecom | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 |
Pharmacy Services | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Networking Products | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Beverages — Wine/Spirits | 0.3 | |||
Pipelines | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Insurance Brokers | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Metal — Copper | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Machinery — Farming | 0.1 | |||
Radio | 0.1 | |||
Cruise Lines | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Electronic Connectors | 0.1 | |||
Gold Mining | 0.1 | |||
Entertainment Software | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
99 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
Boeing Co. | 1,224 | $ | 431,044 | |||||
General Dynamics Corp. | 3,914 | 789,493 | ||||||
Northrop Grumman Corp. | 2,308 | 755,293 | ||||||
1,975,830 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Harris Corp. | 614 | 92,389 | ||||||
United Technologies Corp. | 6,054 | 755,660 | ||||||
848,049 | ||||||||
Airlines — 0.6% |
| |||||||
Delta Air Lines, Inc. | 11,566 | 625,142 | ||||||
United Continental Holdings, Inc.† | 1,346 | 93,668 | ||||||
718,810 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
PVH Corp. | 3,636 | 581,760 | ||||||
Applications Software — 5.2% |
| |||||||
Intuit, Inc. | 1,657 | 334,051 | ||||||
Microsoft Corp. | 53,763 | 5,313,935 | ||||||
salesforce.com, Inc.† | 7,674 | 992,479 | ||||||
6,640,465 | ||||||||
Athletic Footwear — 0.6% |
| |||||||
NIKE, Inc., Class B | 10,044 | 721,159 | ||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Ford Motor Co. | 57,586 | 665,118 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 5,663 | 352,408 | ||||||
Auto/Truck Parts & Equipment-Original — 0.3% |
| |||||||
Aptiv PLC | 2,735 | 266,662 | ||||||
Delphi Technologies PLC | 2,965 | 148,547 | ||||||
415,209 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
BB&T Corp. | 6,876 | 360,990 | ||||||
SVB Financial Group† | 305 | 95,200 | ||||||
456,190 | ||||||||
Banks - Fiduciary — 1.1% |
| |||||||
Bank of New York Mellon Corp. | 7,664 | 419,604 | ||||||
State Street Corp. | 10,564 | 1,015,306 | ||||||
1,434,910 | ||||||||
Banks - Super Regional — 2.8% |
| |||||||
Capital One Financial Corp. | 9,214 | 866,116 | ||||||
Fifth Third Bancorp | 2,896 | 88,560 | ||||||
Huntington Bancshares, Inc. | 17,198 | 255,734 | ||||||
KeyCorp | 19,050 | 370,332 | ||||||
SunTrust Banks, Inc. | 6,740 | 455,017 | ||||||
Wells Fargo & Co. | 28,748 | 1,552,105 | ||||||
3,587,864 | ||||||||
Beverages - Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 16,628 | 715,004 | ||||||
PepsiCo, Inc. | 13,602 | 1,363,600 | ||||||
2,078,604 | ||||||||
Beverages - Wine/Spirits — 0.3% |
| |||||||
Constellation Brands, Inc., Class A | 1,478 | 329,712 | ||||||
Brewery — 0.6% | ||||||||
Molson Coors Brewing Co., Class B | 12,184 | 751,144 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building Products - Cement — 0.0% |
| |||||||
Vulcan Materials Co.# | 23 | $ | 2,938 | |||||
Building Products - Wood — 0.4% |
| |||||||
Masco Corp. | 12,848 | 478,845 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Lennar Corp., Class A | 6,898 | 356,903 | ||||||
Toll Brothers, Inc. | 1,950 | 77,005 | ||||||
433,908 | ||||||||
Cable/Satellite TV — 2.0% |
| |||||||
Charter Communications, Inc., Class A† | 3,684 | 961,671 | ||||||
Comcast Corp., Class A | 46,441 | 1,448,031 | ||||||
DISH Network Corp., Class A† | 7,258 | 214,474 | ||||||
2,624,176 | ||||||||
Cellular Telecom — 0.3% |
| |||||||
T-Mobile US, Inc.† | 6,350 | 353,695 | ||||||
Chemicals - Diversified — 2.1% |
| |||||||
Celanese Corp., Series A | 2,998 | 338,534 | ||||||
DowDuPont, Inc. | 24,506 | 1,571,080 | ||||||
Eastman Chemical Co. | 7,550 | 787,540 | ||||||
2,697,154 | ||||||||
Commercial Services - Finance — 0.3% |
| |||||||
H&R Block, Inc. | 2,239 | 61,460 | ||||||
Worldpay, Inc., Class A† | 4,938 | 392,423 | ||||||
453,883 | ||||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 7,009 | 1,091,581 | ||||||
International Business Machines Corp. | 2,535 | 358,221 | ||||||
1,449,802 | ||||||||
Computers — 4.7% |
| |||||||
Apple, Inc. | 26,598 | 4,970,368 | ||||||
Hewlett Packard Enterprise Co. | 33,700 | 513,588 | ||||||
HP, Inc. | 23,218 | 511,493 | ||||||
5,995,449 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Crown Holdings, Inc.† | 4,154 | 180,034 | ||||||
Containers - Paper/Plastic — 0.3% |
| |||||||
WestRock Co. | 5,820 | 342,682 | ||||||
Cosmetics & Toiletries — 1.1% |
| |||||||
Colgate-Palmolive Co. | 4,746 | 299,425 | ||||||
Estee Lauder Cos., Inc., Class A | 3,750 | 560,400 | ||||||
Procter & Gamble Co. | 6,768 | 495,215 | ||||||
1,355,040 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 1,290 | 135,424 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fidelity National Information Services, Inc. | 8,335 | 852,004 | ||||||
Diagnostic Equipment — 0.6% |
| |||||||
Danaher Corp. | 3,379 | 335,467 | ||||||
Thermo Fisher Scientific, Inc. | 2,185 | 455,070 | ||||||
790,537 | ||||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 5,213 | 277,488 | ||||||
Diversified Banking Institutions — 4.3% |
| |||||||
Bank of America Corp. | 87,410 | 2,538,387 | ||||||
Citigroup, Inc. | 25,748 | 1,717,134 |
100 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | 24,381 | $ | 1,222,463 | |||||
5,477,984 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
Eaton Corp. PLC | 10,222 | 782,801 | ||||||
Ingersoll-Rand PLC | 10,160 | 889,406 | ||||||
Parker-Hannifin Corp. | 720 | 123,048 | ||||||
1,795,255 | ||||||||
E-Commerce/Products — 3.0% |
| |||||||
Amazon.com, Inc.† | 2,351 | 3,831,237 | ||||||
E-Commerce/Services — 0.3% |
| |||||||
Booking Holdings, Inc.† | 129 | 272,051 | ||||||
Expedia Group, Inc. | 1,243 | 150,440 | ||||||
422,491 | ||||||||
Electric - Integrated — 2.8% |
| |||||||
American Electric Power Co., Inc. | 8,127 | 552,229 | ||||||
Exelon Corp. | 14,426 | 597,092 | ||||||
NextEra Energy, Inc. | 7,743 | 1,283,867 | ||||||
PG&E Corp. | 5,400 | 233,982 | ||||||
Public Service Enterprise Group, Inc. | 7,954 | 421,403 | ||||||
Xcel Energy, Inc. | 10,890 | 495,713 | ||||||
3,584,286 | ||||||||
Electronic Components - Semiconductors — 3.6% |
| |||||||
Broadcom, Inc. | 4,085 | 1,029,706 | ||||||
Intel Corp. | 5,274 | 291,125 | ||||||
Microchip Technology, Inc.# | 5,011 | 487,971 | ||||||
Micron Technology, Inc.† | 3,358 | 193,387 | ||||||
NVIDIA Corp. | 5,138 | 1,295,753 | ||||||
Texas Instruments, Inc. | 11,620 | 1,300,394 | ||||||
4,598,336 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
TE Connectivity, Ltd. | 1,138 | 105,925 | ||||||
Electronic Forms — 0.6% |
| |||||||
Adobe Systems, Inc.† | 3,248 | 809,661 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 1,811 | 112,137 | ||||||
Electronic Security Devices — 0.3% |
| |||||||
Allegion PLC | 4,946 | 378,023 | ||||||
Engines - Internal Combustion — 0.3% |
| |||||||
Cummins, Inc. | 3,086 | 439,416 | ||||||
Enterprise Software/Service — 0.9% |
| |||||||
Oracle Corp. | 16,424 | 767,329 | ||||||
Workday, Inc., Class A† | 2,889 | 378,344 | ||||||
1,145,673 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 943 | 66,868 | ||||||
Finance - Credit Card — 2.0% |
| |||||||
Alliance Data Systems Corp. | 557 | 117,426 | ||||||
American Express Co. | 1,434 | 140,962 | ||||||
Mastercard, Inc., Class A | 1,323 | 251,529 | ||||||
Visa, Inc., Class A# | 15,533 | 2,030,474 | ||||||
2,540,391 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 11,706 | 651,088 | ||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 784 | 127,714 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services (continued) |
| |||||||
Intercontinental Exchange, Inc. | 6,728 | $ | 476,948 | |||||
604,662 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Mondelez International, Inc., Class A | 26,784 | 1,051,808 | ||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 2,657 | 103,437 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hilton Worldwide Holdings, Inc. | 5,695 | 459,643 | ||||||
Instruments - Controls — 1.2% |
| |||||||
Honeywell International, Inc. | 9,720 | 1,437,685 | ||||||
Mettler-Toledo International, Inc.† | 138 | 76,002 | ||||||
1,513,687 | ||||||||
Insurance Brokers — 0.2% |
| |||||||
Arthur J. Gallagher & Co. | 1,048 | 69,462 | ||||||
Marsh & McLennan Cos., Inc. | 2,060 | 165,562 | ||||||
235,024 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Lincoln National Corp. | 6,087 | 403,507 | ||||||
Prudential Financial, Inc. | 1,980 | 191,743 | ||||||
595,250 | ||||||||
Insurance - Multi-line — 1.6% |
| |||||||
Chubb, Ltd. | 5,021 | 656,194 | ||||||
Hartford Financial Services Group, Inc. | 11,547 | 604,255 | ||||||
MetLife, Inc. | 13,901 | 639,307 | ||||||
Voya Financial, Inc. | 3,625 | 188,282 | ||||||
2,088,038 | ||||||||
Insurance - Property/Casualty ��� 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 9,798 | 1,876,611 | ||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Everest Re Group, Ltd. | 912 | 205,464 | ||||||
Internet Content - Entertainment — 2.4% |
| |||||||
Facebook, Inc., Class A† | 14,112 | 2,706,399 | ||||||
Netflix, Inc.† | 929 | 326,637 | ||||||
3,033,036 | ||||||||
Investment Management/Advisor Services — 0.3% |
| |||||||
BlackRock, Inc. | 680 | 363,276 | ||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 2,227 | 338,304 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 1,132 | 169,245 | ||||||
Medical Instruments — 1.3% |
| |||||||
Boston Scientific Corp.† | 28,090 | 853,655 | ||||||
Intuitive Surgical, Inc.† | 454 | 208,690 | ||||||
Medtronic PLC | 7,323 | 632,122 | ||||||
1,694,467 | ||||||||
Medical Products — 1.4% |
| |||||||
Abbott Laboratories | 11,905 | 732,515 | ||||||
Becton Dickinson and Co. | 2,023 | 448,276 | ||||||
Zimmer Biomet Holdings, Inc. | 5,335 | 594,906 | ||||||
1,775,697 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 1,021 | 118,569 | ||||||
Amgen, Inc. | 2,034 | 365,347 | ||||||
Biogen, Inc.† | 1,862 | 547,353 |
101 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Celgene Corp.† | 4,273 | $ | 336,200 | |||||
Gilead Sciences, Inc. | 9,497 | 640,098 | ||||||
Illumina, Inc.† | 826 | 225,035 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,612 | 402,248 | ||||||
2,634,850 | ||||||||
Medical - Drugs — 4.8% |
| |||||||
AbbVie, Inc. | 5,907 | 584,439 | ||||||
Allergan PLC | 2,994 | 451,495 | ||||||
Bristol-Myers Squibb Co. | 9,861 | 518,886 | ||||||
Eli Lilly & Co. | 9,064 | 770,802 | ||||||
Johnson & Johnson | 11,608 | 1,388,549 | ||||||
Merck & Co., Inc. | 14,761 | 878,722 | ||||||
Pfizer, Inc. | 43,099 | 1,548,547 | ||||||
Zoetis, Inc. | 734 | 61,436 | ||||||
6,202,876 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 4,542 | 174,685 | ||||||
Medical - HMO — 2.4% |
| |||||||
Cigna Corp. | 4,673 | 791,466 | ||||||
UnitedHealth Group, Inc. | 9,713 | 2,345,787 | ||||||
3,137,253 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 2,825 | 232,045 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Alcoa Corp.† | 1,308 | 62,876 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 10,903 | 184,261 | ||||||
Multimedia — 1.6% |
| |||||||
Time Warner, Inc. | 3,350 | 315,436 | ||||||
Twenty-First Century Fox, Inc., Class A | 16,272 | 627,286 | ||||||
Walt Disney Co. | 11,236 | 1,117,645 | ||||||
2,060,367 | ||||||||
Networking Products — 0.3% |
| |||||||
Cisco Systems, Inc. | 7,917 | 338,135 | ||||||
Oil Companies - Exploration & Production — 3.3% |
| |||||||
Concho Resources, Inc.†# | 3,215 | 441,452 | ||||||
Diamondback Energy, Inc. | 4,034 | 487,146 | ||||||
EOG Resources, Inc. | 10,813 | 1,273,879 | ||||||
EQT Corp. | 5,272 | 271,719 | ||||||
Occidental Petroleum Corp. | 8,381 | 705,680 | ||||||
Pioneer Natural Resources Co. | 5,257 | 1,015,127 | ||||||
4,195,003 | ||||||||
Oil Companies - Integrated — 2.0% |
| |||||||
Chevron Corp. | 12,047 | 1,497,442 | ||||||
Exxon Mobil Corp. | 13,211 | 1,073,262 | ||||||
2,570,704 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Andeavor | 1,890 | 272,972 | ||||||
Marathon Petroleum Corp. | 6,427 | 507,926 | ||||||
780,898 | ||||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 5,553 | 352,005 | ||||||
Pipelines — 0.2% |
| |||||||
ONEOK, Inc. | 4,616 | 314,627 | ||||||
Radio — 0.1% |
| |||||||
Sirius XM Holdings, Inc. | 21,604 | 153,388 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 2.1% |
| |||||||
AvalonBay Communities, Inc. | 3,109 | $ | 514,664 | |||||
Brixmor Property Group, Inc. | 3,100 | 49,228 | ||||||
Digital Realty Trust, Inc. | 866 | 93,077 | ||||||
Equinix, Inc. | 494 | 196,044 | ||||||
Equity Residential | 7,176 | 459,192 | ||||||
Federal Realty Investment Trust | 1,693 | 201,281 | ||||||
Prologis, Inc. | 1,982 | 127,542 | ||||||
Public Storage | 2,583 | 547,183 | ||||||
Ventas, Inc. | 1,800 | 98,388 | ||||||
Vornado Realty Trust | 5,259 | 366,605 | ||||||
2,653,204 | ||||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 351 | 56,009 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 5,914 | 466,496 | ||||||
Retail - Auto Parts — 0.8% |
| |||||||
AutoZone, Inc.† | 910 | 590,881 | ||||||
O’Reilly Automotive, Inc.† | 1,677 | 451,801 | ||||||
1,042,682 | ||||||||
Retail - Building Products — 1.7% |
| |||||||
Home Depot, Inc. | 8,194 | 1,528,591 | ||||||
Lowe’s Cos., Inc. | 6,746 | 640,937 | ||||||
2,169,528 | ||||||||
Retail - Consumer Electronics — 0.3% |
| |||||||
Best Buy Co., Inc. | 5,669 | 386,909 | ||||||
Retail - Discount — 0.8% |
| |||||||
Dollar General Corp. | 5,333 | 466,531 | ||||||
Dollar Tree, Inc.† | 7,176 | 592,666 | ||||||
1,059,197 | ||||||||
Retail - Drug Store — 0.4% |
| |||||||
Walgreens Boots Alliance, Inc. | 8,852 | 552,276 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 1,418 | 128,074 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Starbucks Corp. | 1,074 | 60,864 | ||||||
Yum! Brands, Inc. | 3,365 | 273,675 | ||||||
334,539 | ||||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Analog Devices, Inc. | 13,232 | 1,285,886 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
AT&T, Inc. | 10,558 | 341,235 | ||||||
Verizon Communications, Inc. | 10,138 | 483,278 | ||||||
824,513 | ||||||||
Tobacco — 1.1% |
| |||||||
Altria Group, Inc. | 4,155 | 231,600 | ||||||
Philip Morris International, Inc. | 15,339 | 1,220,064 | ||||||
1,451,664 | ||||||||
Tools - Hand Held — 1.0% |
| |||||||
Snap-on, Inc. | 2,602 | 384,628 | ||||||
Stanley Black & Decker, Inc. | 6,051 | 842,541 | ||||||
1,227,169 | ||||||||
Transport - Rail — 1.9% |
| |||||||
Norfolk Southern Corp. | 6,654 | 1,009,079 | ||||||
Union Pacific Corp. | 10,392 | 1,483,562 | ||||||
2,492,641 | ||||||||
102 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP — 3.4% |
| |||||||
Alphabet, Inc., Class A† | 2,039 | $ | 2,242,900 | |||||
Alphabet, Inc., Class C† | 1,967 | 2,134,175 | ||||||
4,377,075 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 567 | 60,862 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $99,183,410) | 126,009,408 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
Time Deposits — 1.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 (cost $2,173,000) | $ | 2,173,000 | 2,173,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $101,356,410)(1) | 100.0 | % | 128,182,408 | |||||
Liabilities in excess of other assets | 0.0 | (9,999 | ) | |||||
NET ASSETS | 100.0 | % | $ | 128,172,409 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2018, the Fund had loaned securities with a total value of $1,329,386. This was secured by collateral of $1,368,953 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 35,701 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 14,456 | |||||
Government National Mtg. Assoc. | 2.50% to 2.50% | 09/20/2046 to 11/20/2046 | 9,506 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 89,071 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 1,220,219 |
(1) | 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) | ||||||||||||||||
17 | Long | S&P 500 E-Mini Index | June 2018 | $ | 2,307,797 | $ | 2,299,675 | $ | (8,122 | ) | ||||||||||||
* | 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 May 31, 2018 (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 | $ | 126,009,408 | $ | — | $ | — | $ | 126,009,408 | ||||||||
Short-Term Investment Securities | — | 2,173,000 | — | 2,173,000 | ||||||||||||
Total Investments at Value | $ | 126,009,408 | $ | 2,173,000 | $ | — | $ | 128,182,408 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 8,122 | $ | — | $ | — | $ | 8,122 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
103 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 31.1 | % | ||
Medical — HMO | 17.0 | |||
Medical — Drugs | 13.7 | |||
Medical Products | 11.8 | |||
Medical Instruments | 5.9 | |||
Therapeutics | 5.5 | |||
Diagnostic Equipment | 4.0 | |||
Registered Investment Companies | 2.9 | |||
Electronic Measurement Instruments | 2.2 | |||
Medical — Hospitals | 2.0 | |||
Drug Delivery Systems | 1.1 | |||
Pharmacy Services | 1.1 | |||
Dental Supplies & Equipment | 1.0 | |||
Medical Information Systems | 0.7 | |||
Medical Labs & Testing Services | 0.6 | |||
Dialysis Centers | 0.5 | |||
Diagnostic Kits | 0.4 | |||
Instruments — Controls | 0.4 | |||
Patient Monitoring Equipment | 0.2 | |||
Medical Imaging Systems | 0.2 | |||
Applications Software | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
102.5 | % | |||
* | Calculated as a percentage of net assets |
104 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% | ||||||||
Dental Supplies & Equipment — 1.0% |
| |||||||
Align Technology, Inc.† | 22,332 | $ | 7,413,107 | |||||
Diagnostic Equipment — 4.0% | ||||||||
Danaher Corp. | 114,435 | 11,361,107 | ||||||
GenMark Diagnostics, Inc.†# | 209,342 | 1,534,477 | ||||||
Quanterix Corp.†# | 20,059 | 369,085 | ||||||
Quanterix Corp.†(2)(3) | 32,134 | 561,702 | ||||||
Thermo Fisher Scientific, Inc. | 83,700 | 17,432,199 | ||||||
31,258,570 | ||||||||
Diagnostic Kits — 0.4% | ||||||||
Quidel Corp.† | 54,371 | 3,409,062 | ||||||
Dialysis Centers — 0.5% | ||||||||
DaVita, Inc.† | 51,855 | 3,465,988 | ||||||
Drug Delivery Systems — 1.1% | ||||||||
DexCom, Inc.†# | 37,820 | 3,327,782 | ||||||
Nektar Therapeutics† | 63,700 | 5,113,199 | ||||||
8,440,981 | ||||||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 255,278 | 15,806,813 | ||||||
Sartorius AG (Preference Shares) | 7,833 | 1,147,628 | ||||||
16,954,441 | ||||||||
Instruments - Controls — 0.4% | ||||||||
Mettler-Toledo International, Inc.† | 5,640 | 3,106,173 | ||||||
Medical Imaging Systems — 0.2% | ||||||||
Lantheus Holdings, Inc.† | 107,423 | 1,503,922 | ||||||
Medical Information Systems — 0.7% |
| |||||||
athenahealth, Inc.† | 36,413 | 5,479,064 | ||||||
Medical Instruments — 5.9% | ||||||||
Bruker Corp. | 96,237 | 2,913,094 | ||||||
Intuitive Surgical, Inc.† | 77,946 | 35,829,438 | ||||||
Teleflex, Inc. | 24,100 | 6,438,556 | ||||||
45,181,088 | ||||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Teladoc, Inc.†# | 74,200 | 3,776,780 | ||||||
Medical Products — 11.4% |
| |||||||
AtriCure, Inc.† | 48,400 | 1,147,564 | ||||||
Becton Dickinson and Co. | 154,819 | 34,306,342 | ||||||
Cooper Cos., Inc. | 30,822 | 6,975,327 | ||||||
Glaukos Corp.†# | 32,439 | 1,225,221 | ||||||
Hologic, Inc.† | 250,900 | 9,506,601 | ||||||
K2M Group Holdings, Inc.†# | 88,575 | 2,098,342 | ||||||
Penumbra, Inc.† | 15,918 | 2,561,206 | ||||||
Stryker Corp. | 117,109 | 20,379,308 | ||||||
Terumo Corp. | 13,200 | 779,425 | ||||||
West Pharmaceutical Services, Inc. | 55,932 | 5,201,676 | ||||||
Wright Medical Group NV†# | 145,739 | 3,637,646 | ||||||
Wright Medical Group NV CVR† | 7,700 | 10,010 | ||||||
87,828,668 | ||||||||
Medical - Biomedical/Gene — 31.0% |
| |||||||
Abcam PLC | 51,398 | 829,022 | ||||||
Abeona Therapeutics, Inc.†# | 76,921 | 1,361,502 | ||||||
Acceleron Pharma, Inc.† | 64,073 | 2,277,154 | ||||||
Acerta Pharma BV, Class B†(1)(2)(3) | 9,771,120 | 683,978 | ||||||
Achillion Pharmaceuticals, Inc.† | 241,169 | 817,563 | ||||||
Aevi Genomic Medicine, Inc.† | 39,358 | 62,973 | ||||||
Alder Biopharmaceuticals, Inc.†# | 74,200 | 1,294,790 | ||||||
Alexion Pharmaceuticals, Inc.† | 154,147 | 17,901,091 | ||||||
Alnylam Pharmaceuticals, Inc.† | 72,215 | 7,183,226 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Amarin Corp. PLC ADR†# | 105,269 | $ | 348,440 | |||||
Amgen, Inc. | 44,100 | 7,921,242 | ||||||
Amicus Therapeutics, Inc.†# | 120,389 | 2,034,574 | ||||||
AnaptysBio, Inc.†# | 9,500 | 739,100 | ||||||
Arcus Biosciences, Inc.†# | 33,901 | 540,043 | ||||||
Argenx SE ADR† | 37,036 | 3,536,938 | ||||||
Assembly Biosciences, Inc.†# | 9,300 | 393,297 | ||||||
Atara Biotherapeutics, Inc.†# | 49,959 | 2,487,958 | ||||||
Audentes Therapeutics, Inc.† | 62,576 | 2,371,630 | ||||||
BeiGene, Ltd. ADR† | 32,184 | 6,440,662 | ||||||
Biogen, Inc.† | 36,349 | 10,685,152 | ||||||
BioMarin Pharmaceutical, Inc.†# | 83,330 | 7,528,032 | ||||||
Bluebird Bio, Inc.†# | 58,251 | 10,429,842 | ||||||
Blueprint Medicines Corp.† | 57,893 | 4,867,643 | ||||||
Celgene Corp.† | 24,380 | 1,918,218 | ||||||
Corvus Pharmaceuticals, Inc.†# | 37,693 | 517,525 | ||||||
Cymabay Therapeutics, Inc.†# | 36,100 | 468,217 | ||||||
CytomX Therapeutics, Inc.† | 31,400 | 806,038 | ||||||
Denali Therapeutics, Inc.†# | 19,300 | 371,139 | ||||||
Editas Medicine, Inc.†# | 24,579 | 941,867 | ||||||
Endocyte, Inc.†# | 160,649 | 2,196,072 | ||||||
Erytech Pharma SA†# | 8,009 | 149,105 | ||||||
Exact Sciences Corp.†# | 57,000 | 3,393,780 | ||||||
Exelixis, Inc.† | 104,179 | 2,159,631 | ||||||
Fate Therapeutics, Inc.†# | 41,400 | 453,330 | ||||||
FibroGen, Inc.† | 48,652 | 2,622,343 | ||||||
Five Prime Therapeutics, Inc.† | 22,400 | 393,344 | ||||||
Gilead Sciences, Inc. | 127,375 | 8,585,075 | ||||||
GlycoMimetics, Inc.†# | 59,347 | 1,060,531 | ||||||
Homology Medicines, Inc.†# | 25,988 | 523,138 | ||||||
HTG Molecular Diagnostics, Inc.†# | 104,920 | 401,844 | ||||||
Illumina, Inc.† | 18,615 | 5,071,471 | ||||||
ImmunoGen, Inc.†# | 66,600 | 763,236 | ||||||
Immunomedics, Inc.†# | 235,617 | 5,197,711 | ||||||
Incyte Corp.† | 154,151 | 10,523,889 | ||||||
Insmed, Inc.†# | 246,523 | 6,868,131 | ||||||
Ionis Pharmaceuticals, Inc.†# | 27,881 | 1,300,649 | ||||||
Iovance Biotherapeutics, Inc.†# | 99,300 | 1,449,780 | ||||||
Loxo Oncology, Inc.†# | 40,530 | 7,187,185 | ||||||
MacroGenics, Inc.† | 41,752 | 949,023 | ||||||
Ovid therapeutics, Inc.† | 13,672 | 107,872 | ||||||
Prothena Corp. PLC†# | 41,996 | 566,526 | ||||||
Radius Health, Inc.†# | 65,429 | 1,864,726 | ||||||
Regeneron Pharmaceuticals, Inc.† | 27,800 | 8,348,896 | ||||||
REGENXBIO, Inc.† | 15,700 | 850,940 | ||||||
Sage Therapeutics, Inc.†# | 116,526 | 17,792,355 | ||||||
Scholar Rock Holding Corp.†# | 9,950 | 174,026 | ||||||
Seattle Genetics, Inc.†# | 77,763 | 4,703,884 | ||||||
Shire PLC ADR | 48,608 | 7,983,378 | ||||||
Spark Therapeutics, Inc.†# | 61,302 | 4,891,287 | ||||||
Theravance Biopharma, Inc.†# | 43,183 | 1,051,074 | ||||||
Tocagen, Inc.† | 15,441 | 144,837 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 63,670 | 4,660,644 | ||||||
Vertex Pharmaceuticals, Inc.† | 159,281 | 24,529,274 | ||||||
WaVe Life Sciences, Ltd.†# | 18,380 | 855,589 | ||||||
Zai Lab, Ltd. ADR†# | 20,120 | 471,210 | ||||||
Zeneca, Inc. CVR†(1)(2)(3) | 23,110 | 14,213 | ||||||
238,018,855 | ||||||||
Medical - Drugs — 13.5% |
| |||||||
AbbVie, Inc. | 85,404 | 8,449,872 | ||||||
Aimmune Therapeutics, Inc.†# | 77,028 | 2,548,857 | ||||||
Alkermes PLC†# | 48,636 | 2,295,619 | ||||||
Allergan PLC | 55,360 | 8,348,288 | ||||||
Apellis Pharmaceuticals, Inc.†# | 19,510 | 398,199 |
105 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) |
| |||||||
Array BioPharma, Inc.†# | 141,995 | $ | 2,321,618 | |||||
Ascendis Pharma A/S ADR† | 51,593 | 3,715,728 | ||||||
Astellas Pharma, Inc. | 177,000 | 2,701,386 | ||||||
AstraZeneca PLC ADR# | 270,200 | 10,005,506 | ||||||
Bayer AG | 26,574 | 3,162,494 | ||||||
Bristol-Myers Squibb Co. | 144,370 | 7,596,749 | ||||||
Chugai Pharmaceutical Co., Ltd. | 34,300 | 1,931,444 | ||||||
Coherus Biosciences, Inc.†# | 19,613 | 305,963 | ||||||
Daiichi Sankyo Co., Ltd. | 75,200 | 2,409,177 | ||||||
Eisai Co., Ltd. | 47,000 | 3,390,905 | ||||||
Eli Lilly & Co. | 35,586 | 3,026,233 | ||||||
Enanta Pharmaceuticals, Inc.† | 26,609 | 2,655,312 | ||||||
Global Blood Therapeutics, Inc.†# | 37,857 | 1,822,815 | ||||||
Intra-Cellular Therapies, Inc.† | 50,000 | 1,164,000 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 218,053 | 4,051,425 | ||||||
Jazz Pharmaceuticals PLC† | 11,700 | 1,977,300 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 71,900 | 1,462,442 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 10,400 | 2,762,344 | ||||||
Merck & Co., Inc. | 203,401 | 12,108,462 | ||||||
Minerva Neurosciences, Inc.† | 58,380 | 513,744 | ||||||
MyoKardia, Inc.†# | 30,022 | 1,429,047 | ||||||
Myovant Sciences, Ltd.†# | 35,563 | 844,621 | ||||||
Pfizer, Inc. | 134,800 | 4,843,364 | ||||||
Rhythm Pharmaceuticals, Inc.†# | 10,683 | 343,245 | ||||||
Rocket Pharmaceuticals, Inc.†# | 24,103 | 468,562 | ||||||
TESARO, Inc.†# | 40,872 | 1,870,711 | ||||||
TherapeuticsMD, Inc.†# | 161,213 | 952,769 | ||||||
Zogenix, Inc.†# | 51,200 | 2,178,560 | ||||||
104,056,761 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 19,400 | 746,124 | ||||||
Medical - HMO — 17.0% |
| |||||||
Aetna, Inc. | 28,037 | 4,938,157 | ||||||
Anthem, Inc. | 84,700 | 18,754,274 | ||||||
Centene Corp.† | 127,271 | 14,911,070 | ||||||
Cigna Corp. | 92,250 | 15,624,383 | ||||||
Humana, Inc. | 41,514 | 12,079,744 | ||||||
Molina Healthcare, Inc.† | 48,036 | 4,079,697 | ||||||
UnitedHealth Group, Inc. | 230,480 | 55,663,226 | ||||||
WellCare Health Plans, Inc.† | 22,000 | 4,876,740 | ||||||
130,927,291 | ||||||||
Medical - Hospitals — 2.0% |
| |||||||
Acadia Healthcare Co., Inc.†# | 63,778 | 2,563,238 | ||||||
HCA Healthcare, Inc. | 106,716 | 11,006,688 | ||||||
Universal Health Services, Inc., Class B | 18,907 | 2,173,927 | ||||||
15,743,853 | ||||||||
Patient Monitoring Equipment — 0.2% |
| |||||||
Insulet Corp.†# | 18,300 | 1,716,357 | ||||||
Pharmacy Services — 0.9% |
| |||||||
CVS Health Corp. | 61,700 | 3,911,163 | ||||||
Express Scripts Holding Co.† | 28,400 | 2,153,004 | ||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3) | 36,095 | 552,654 | ||||||
6,616,821 | ||||||||
Therapeutics — 5.5% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 59,862 | 5,597,097 | ||||||
Aquinox Pharmaceuticals, Inc.†# | 93,017 | 1,333,864 | ||||||
Cara Therapeutics, Inc.†# | 23,000 | 359,720 | ||||||
Dyax Corp. CVR†(1)(2)(3) | 159,200 | 628,840 | ||||||
G1 Therapeutics, Inc.† | 36,335 | 1,573,669 | ||||||
GW Pharmaceuticals PLC ADR†# | 28,195 | 4,539,113 | ||||||
Merus NV† | 18,200 | 339,794 |
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics (continued) |
| |||||||
Mirati Therapeutics, Inc.†# | 9,600 | $ | 408,000 | |||||
Neurocrine Biosciences, Inc.†# | 151,892 | 14,621,124 | ||||||
Proteostasis Therapeutics, Inc.† | 7,750 | 37,510 | ||||||
Sarepta Therapeutics, Inc.†# | 96,162 | 9,024,803 | ||||||
Vital Therapies, Inc.†# | 29,200 | 148,920 | ||||||
Xencor, Inc.† | 100,675 | 4,028,007 | ||||||
42,640,461 | ||||||||
Total Common Stocks | ||||||||
(cost $575,140,807) | 758,284,367 | |||||||
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 | 279,223 | ||||||
Medical Instruments — 0.0% | ||||||||
RefleXion Medical, Inc. | 160,251 | 271,140 | ||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Tempus Labs, Inc. Series D†(1)(2)(3) | 60,677 | 568,780 | ||||||
Medical Products — 0.4% | ||||||||
Becton Dickinson and Co. | 26,711 | 1,555,115 | ||||||
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 | ||||||
2,644,918 | ||||||||
Medical - Biomedical/Gene — 0.1% | ||||||||
Moderna Therapeutics, Inc. | 43,581 | 438,425 | ||||||
Pharmacy Services — 0.2% | ||||||||
JAND, Inc. (dba Warby Parker), | 75,264 | 1,152,375 | ||||||
JAND, Inc. (dba Warby Parker), | 2,948 | 45,137 | ||||||
1,197,512 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $5,756,568) | 6,229,776 | |||||||
CONVERTIBLE BONDS & NOTES — 0.2% | ||||||||
Medical - Drugs — 0.2% | ||||||||
Ironwood Pharmaceuticals, Inc. | $ | 865,000 | 1,136,369 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $581,762,375) | 765,650,512 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.9% |
| |||||||
Registered Investment Companies — 2.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 500,001 | 500,001 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 18,251,278 | 18,251,278 |
106 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) | ||||||||
Registered Investment Companies (continued) | ||||||||
T. Rowe Price Government Reserve Fund 1.78%(5) | $ | 3,724,796 | $ | 3,724,796 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $22,476,075) | 22,476,075 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $604,238,450)(6) | 102.5 | % | 788,126,587 | |||||
Liabilities in excess of other assets | (2.5 | ) | (18,893,896 | ) | ||||
NET ASSETS | 100.0 | % | $ | 769,232,691 | ||||
† | 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) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, 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. | 2/2/2016 | 9,771,120 | $ | 249,853 | $ | 683,978 | $ | 0.07 | 0.09 | % | ||||||||||||||
Dyax Corp. CVR | 1/25/2016 | 159,200 | 176,712 | 628,840 | 3.95 | 0.08 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 33,706 | 387,123 | |||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | 552,654 | 15.31 | 0.07 | % | |||||||||||||||||||
Quanterix Corp. | 12/8/2017 | 32,134 | 415,285 | 561,702 | 17.48 | 0.07 | % | |||||||||||||||||
Zeneca, Inc. CVR | 7/19/2013 | 23,110 | 0 | 14,213 | 0.62 | 0.00 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | 4/10/2014 | 64,785 | 312,316 | 279,223 | 4.31 | 0.04 | % | |||||||||||||||||
Guardant Health, Inc. | 5/9/2017 | 32,953 | 276,594 | |||||||||||||||||||||
11/16/2017 | 687 | 5,649 | ||||||||||||||||||||||
33,640 | 282,243 | 276,591 | 8.22 | 0.04 | % |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 75,264 | $ | 864,430 | $ | 1,152,375 | $ | 15.31 | 0.15 | % | ||||||||||||||
JAND, Inc. (dba Warby Parker). | 3/9/2018 | 2,948 | 46,334 | 45,137 | 15.31 | 0.01 | % | |||||||||||||||||
Moderna Therapeutics, Inc. | 1/31/2018 | 43,581 | 438,425 | 438,425 | 10.06 | 0.06 | % | |||||||||||||||||
Outset Medical, Inc. | 4/19/2017 | 320,192 | 829,778 | 829,778 | 2.59 | 0.10 | % | |||||||||||||||||
RefleXion Medical, Inc. | 4/23/2018 | 160,251 | 271,145 | 271,140 | 1.69 | 0.04 | % | |||||||||||||||||
Shockwave Medical, Inc. | 9/25/2017 | 63,961 | 64,601 | 64,599 | 1.01 | 0.01 | % | |||||||||||||||||
Shockwave Medical, Inc. | 9/25/2017 | 1,306 | 1,319 | 1,319 | 1.01 | 0.00 | % | |||||||||||||||||
Shockwave Medical, Inc. | 11/10/2016 | 196,966 | 198,936 | |||||||||||||||||||||
9/27/2017 | 542,944 | 548,363 | ||||||||||||||||||||||
739,910 | 747,299 | 747,294 | 1.01 | 0.10 | % | |||||||||||||||||||
Tempus Labs, Inc. | 3/20/2018 | 60,677 | 568,780 | 568,780 | 9.37 | 0.07 | % | |||||||||||||||||
$ | 7,116,048 | 0.93 | % | |||||||||||||||||||||
(3) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $7,116,048 representing 0.9% of net assets. |
(4) | At May 31, 2018, the Fund had loaned securities with a total value of $145,714,805. This was secured by collateral of $18,251,278, which was received in cash and subsequently invested in short-term investments currently valued at $18,251,278 as reported in the Portfolio of Investments. Additional collateral of $128,799,046 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 10,205,601 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 4,132,571 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 2,717,269 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 6,883,103 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 104,860,502 |
(5) | The rate shown is the 7-day yield as of May 31, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
107 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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: | ||||||||||||||||
Diagnostic Equipment | $ | 30,696,868 | $ | 561,702 | $ | — | $ | 31,258,570 | ||||||||
Medical - Biomedical/Gene | 237,320,664 | — | 698,191 | 238,018,855 | ||||||||||||
Pharmacy Services | 6,064,167 | — | 552,654 | 6,616,821 | ||||||||||||
Therapeutics | 42,011,621 | — | 628,840 | 42,640,461 | ||||||||||||
Other Industries | 421,786,632 | 17,963,028 | ** | — | 439,749,660 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical Products | 1,555,115 | — | 1,089,803 | 2,644,918 | ||||||||||||
Other Industries | — | — | 3,584,858 | 3,584,858 | ||||||||||||
Convertible Bonds & Notes | — | 1,136,369 | — | 1,136,369 | ||||||||||||
Short-Term Investment Securities | 22,476,075 | — | — | 22,476,075 | ||||||||||||
Total Investments at Value | $ | 761,911,142 | $ | 19,661,099 | $ | 6,554,346 | $ | 788,126,587 | ||||||||
* | 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 $8,023,735 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
108 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
United States Treasury Notes | 35.1 | % | ||
United States Treasury Bonds | 18.3 | |||
Sovereign | 16.7 | |||
Diversified Banking Institutions | 13.1 | |||
Diversified Financial Services | 2.2 | |||
Registered Investment Companies | 2.0 | |||
Banks — Commercial | 2.0 | |||
Pipelines | 1.7 | |||
Insurance — Life/Health | 1.2 | |||
Federal Home Loan Mtg. Corp. | 0.9 | |||
Finance — Consumer Loans | 0.9 | |||
Banks — Super Regional | 0.9 | |||
Insurance — Multi-line | 0.7 | |||
Gold Mining | 0.7 | |||
Building Products — Cement | 0.6 | |||
Pharmacy Services | 0.5 | |||
Gas — Distribution | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Building Products — Wood | 0.4 | |||
Federal National Mtg. Assoc. | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Electric — Integrated | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Banks — Money Center | 0.2 | |||
Metal — Diversified | 0.2 | |||
Diversified Minerals | 0.1 | |||
Machinery — Farming | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Coatings/Paint | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
101.5 | % | |||
Credit Quality#†
Aaa | 63.7 | % | ||
Aa | 3.7 | |||
A | 10.2 | |||
Baa | 13.9 | |||
Ba | 4.5 | |||
B | 0.1 | |||
Not Rated@ | 3.9 | |||
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 — May 31, 2018
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 2.2% |
| |||||||
Diversified Financial Services — 2.2% |
| |||||||
BX Trust FRS | $ | 2,700,000 | $ | 2,679,777 | ||||
Chase Issuance Trust | 2,000,000 | 1,947,438 | ||||||
Chase Issuance Trust FRS | 2,000,000 | 2,005,490 | ||||||
DBCG Mtg. Trust FRS | 1,360,000 | 1,364,051 | ||||||
Park Avenue Mtg. Trust FRS | 5,000,000 | 5,004,634 | ||||||
Total Asset Backed Securities | ||||||||
(cost $13,040,675) | 13,001,390 | |||||||
U.S. CORPORATE BONDS & NOTES — 14.2% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | 692,000 | 664,761 | ||||||
Mosaic Co. | 57,000 | 52,996 | ||||||
717,757 | ||||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Ford Motor Credit Co. LLC FRS | 1,310,000 | 1,317,685 | ||||||
Ford Motor Credit Co. LLC FRS | 1,350,000 | 1,356,741 | ||||||
2,674,426 | ||||||||
Banks - Commercial — 0.2% |
| |||||||
Regions Financial Corp. | 959,000 | 929,485 | ||||||
Banks - Super Regional — 0.5% |
| |||||||
SunTrust Banks, Inc. | 1,256,000 | 1,269,942 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 1,998,000 | ||||||
3,267,942 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 411,000 | 355,144 | ||||||
Building Products - Cement — 0.6% |
| |||||||
CRH America Finance, Inc. | 887,000 | 859,248 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Building Products - Cement (continued) |
| |||||||
Vulcan Materials Co. FRS | $ | 2,512,000 | $ | 2,512,502 | ||||
3,371,750 | ||||||||
Building Products - Wood — 0.4% |
| |||||||
Masco Corp. | 2,512,000 | 2,362,891 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 577,000 | 538,170 | ||||||
Coatings/Paint — 0.1% |
| |||||||
RPM International, Inc. | 510,000 | 463,370 | ||||||
Diversified Banking Institutions — 8.7% |
| |||||||
Bank of America Corp. FRS | 2,000,000 | 1,929,300 | ||||||
Bank of America Corp. | 220,000 | 215,481 | ||||||
Bank of America Corp. | 2,504,000 | 2,475,532 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,634,000 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,900,600 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,954,000 | ||||||
Citigroup, Inc. FRS | 3,020,000 | 3,038,507 | ||||||
Citigroup, Inc. FRS | 1,475,000 | 1,504,821 | ||||||
Citigroup, Inc. | 2,082,000 | 1,990,440 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 4,030,400 | ||||||
Goldman Sachs Group, Inc. FRS | 2,424,000 | 2,456,806 | ||||||
Goldman Sachs Group, Inc. FRS | 1,096,000 | 1,112,283 |
110 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc. FRS | $ | 4,000,000 | $ | 3,991,904 | ||||
JPMorgan Chase & Co. FRS | 580,000 | 591,780 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,941,000 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,012,800 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 4,980,000 | ||||||
Morgan Stanley FRS | 1,260,000 | 1,279,181 | ||||||
Morgan Stanley | 2,415,000 | 2,410,007 | ||||||
Morgan Stanley FRS | 468,000 | 466,245 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,853,792 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,219,522 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,947,400 | ||||||
Morgan Stanley FRS | 664,000 | 675,494 | ||||||
Morgan Stanley & Co. LLC FRS | 2,000,000 | 2,020,000 | ||||||
51,631,295 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
FirstEnergy Corp. | 818,000 | 803,011 | ||||||
Finance - Consumer Loans — 0.9% |
| |||||||
SLM Corp. FRS | 2,017,000 | 1,986,745 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Finance - Consumer Loans (continued) |
| |||||||
SLM Corp. FRS | $ | 3,745,000 | $ | 3,718,785 | ||||
5,705,530 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 11,900 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 17,918 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 29,750 | ||||||
59,568 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Pacific Life Global Funding FRS | 300,000 | 300,750 | ||||||
Metal - Diversified — 0.2% |
| |||||||
Glencore Funding LLC | 616,000 | 579,432 | ||||||
Glencore Funding LLC | 338,000 | 328,779 | ||||||
908,211 | ||||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Marathon Oil Corp. | 1,062,000 | 1,077,292 | ||||||
Noble Energy, Inc. | 800,000 | 782,603 | ||||||
1,859,895 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Andeavor | 2,549,000 | 2,453,916 | ||||||
Pharmacy Services — 0.5% |
| |||||||
CVS Health Corp. | 3,164,000 | 3,156,363 | ||||||
Pipelines — 0.5% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 1,274,000 | 1,237,603 | ||||||
EnLink Midstream Partners LP | 1,299,000 | 1,302,186 | ||||||
ONEOK, Inc. | 303,000 | 296,338 | ||||||
2,836,127 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $84,921,324) | 84,395,601 | |||||||
111 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.7% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Syngenta Finance NV | $ | 430,000 | $ | 421,676 | ||||
Banks - Commercial — 1.7% |
| |||||||
ANZ New Zealand Int’l, Ltd. FRS | 1,300,000 | 1,318,502 | ||||||
Barclays Bank PLC FRS | 8,800,000 | 8,757,760 | ||||||
10,076,262 | ||||||||
Diversified Banking Institutions — 3.2% |
| |||||||
Barclays PLC FRS | 753,000 | 782,723 | ||||||
BNP Paribas SA FRS | 431,000 | 435,849 | ||||||
Credit Agricole SA | 2,548,000 | 2,351,146 | ||||||
Credit Agricole SA | 535,000 | 523,382 | ||||||
Credit Suisse Group Funding Guernsey, Ltd. FRS | 3,049,000 | 3,199,601 | ||||||
HSBC Holdings PLC FRS | 1,400,000 | 1,445,167 | ||||||
Royal Bank of Scotland Group PLC | 325,000 | 317,071 | ||||||
Societe Generale SA FRS | 10,000,000 | 9,615,000 | ||||||
UniCredit SpA | 738,000 | 672,357 | ||||||
19,342,296 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 757,000 | 711,454 | ||||||
Gas - Distribution — 0.5% |
| |||||||
National Grid PLC | GB | P 1,763,000 | 2,914,979 | |||||
Gold Mining — 0.7% |
| |||||||
Kinross Gold Corp. | 456,000 | 418,380 | ||||||
Newcrest Finance Pty, Ltd. | 1,497,000 | 1,505,595 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Gold Mining (continued) |
| |||||||
Newcrest Finance Pty, Ltd. | $ | 1,663,000 | $ | 1,743,206 | ||||
3,667,181 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 496,000 | 525,152 | ||||||
Machinery - Farming — 0.1% |
| |||||||
CNH Industrial NV | 663,000 | 631,816 | ||||||
Oil Companies - Integrated — 0.2% |
| |||||||
BP Capital Markets PLC FRS | 1,300,000 | 1,316,191 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $39,968,346) | 39,607,007 | |||||||
U.S. GOVERNMENT AGENCIES — 1.4% |
| |||||||
Federal Home Loan Mtg. Corp. — 0.9% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS |
| |||||||
Series 4012, Class NF 2.37% (1 ML+0.45%) due 12/15/2038(6) | 582,532 | 587,929 | ||||||
Series 3925, Class FL 2.37% (1 ML+0.45%) due 01/15/2041(6) | 682,093 | 685,572 | ||||||
Series 4001, Class FM 2.42% (1 ML+0.50%) due 02/15/2042(6) | 424,975 | 427,462 | ||||||
Series 3355, Class BF 2.62% (1 ML+0.70%) due 08/15/2037(6) | 450,082 | 456,545 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | ||||||||
Series 2014-DN2, Class M2 3.61% (1 ML+1.65%) due 04/25/2024(6) | 1,253,994 | 1,271,117 | ||||||
Series 2014-DN1, Class M2 4.16% (1 ML+2.20%) due 02/25/2024(6) | 1,293,656 | 1,332,571 | ||||||
Series 2014-HQ2, Class M2 4.16% (1 ML+2.20%) due 09/25/2024(6) | 841,647 | 865,353 | ||||||
Series 2015-HQ1, Class M2 4.16% (1 ML+2.20%) due 03/25/2025(6) | 208,649 | 209,903 | ||||||
5,836,452 | ||||||||
Federal National Mtg. Assoc. — 0.4% |
| |||||||
Fannie Mae Connecticut Avenue Securities FRS |
| |||||||
Series 2014-C01, Class M1 3.56% (1 ML+1.60%) due 01/25/2024(6) | 4,372 | 4,403 | ||||||
Series 2013-C01, Class M1 3.96% (1 ML+2.00%) due 10/25/2023(6) | 45,112 | 45,316 | ||||||
Federal National Mtg. Assoc. REMIC FRS |
| |||||||
Series 2012-93, Class BF 2.36% (1 ML+0.40%) due 09/25/2042(6) | 908,934 | 910,382 |
112 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2011-103, Class FD | $ | 1,086,488 | $ | 1,091,131 | ||||
2,051,232 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 398,537 | 401,190 | ||||||
Total U.S. Government Agencies |
| |||||||
(cost $8,220,718) | 8,288,874 | |||||||
U.S. GOVERNMENT TREASURIES — 53.4% |
| |||||||
United States Treasury Bonds — 18.3% |
| |||||||
United States Treasury Bonds TIPS(7) |
| |||||||
0.63% due 02/15/2043 | 2,002,489 | 1,881,925 | ||||||
0.75% due 02/15/2042 | 3,128,567 | 3,037,354 | ||||||
0.75% due 02/15/2045 | 8,311,282 | 7,996,885 | ||||||
0.88% due 02/15/2047 | 1,964,087 | 1,946,808 | ||||||
1.00% due 02/15/2046 | 7,276,776 | 7,437,901 | ||||||
1.38% due 02/15/2044 | 4,587,950 | 5,088,259 | ||||||
1.75% due 01/15/2028 | 4,049,808 | 4,426,924 | ||||||
2.00% due 01/15/2026 | 4,412,948 | 4,843,611 | ||||||
2.13% due 02/15/2040 | 2,770,824 | 3,470,862 | ||||||
2.13% due 02/15/2041 | 4,751,632 | 5,995,420 | ||||||
2.38% due 01/15/2025 | 3,971,460 | 4,414,580 | ||||||
2.38% due 01/15/2027 | 4,949,520 | 5,637,520 | ||||||
2.50% due 01/15/2029 | 9,879,210 | 11,617,110 | ||||||
3.63% due 04/15/2028 | 13,885,380 | 17,661,713 | ||||||
3.88% due 04/15/2029 | 17,835,560 | 23,545,930 | ||||||
109,002,802 | ||||||||
United States Treasury Notes — 35.1% |
| |||||||
United States Treasury Notes TIPS(7) |
| |||||||
0.13% due 04/15/2019 | 10,665,374 | 10,624,268 | ||||||
0.13% due 04/15/2020 | 29,000,553 | 28,769,281 | ||||||
0.13% due 04/15/2021 | 23,083,956 | 22,782,782 | ||||||
0.13% due 01/15/2022 | 5,633,826 | 5,549,645 | ||||||
0.13% due 04/15/2022 | 21,752,684 | 21,354,774 | ||||||
0.13% due 01/15/2023 | 28,701,652 | 28,124,870 | ||||||
0.13% due 07/15/2024 | 19,363,201 | 18,836,752 | ||||||
0.13% due 07/15/2026 | 6,643,125 | 6,361,728 | ||||||
0.25% due 01/15/2025 | 7,585,488 | 7,386,094 | ||||||
0.38% due 01/15/2027 | 5,929,535 | 5,757,580 | ||||||
0.38% due 07/15/2023 | 8,042,025 | 7,987,312 | ||||||
0.38% due 07/15/2025 | 7,320,152 | 7,194,891 | ||||||
0.38% due 07/15/2027 | 7,010,127 | 6,814,274 | ||||||
0.50% due 01/15/2028 | 7,486,136 | 7,317,698 | ||||||
0.63% due 01/15/2024 | 8,020,875 | 8,025,378 | ||||||
0.63% due 01/15/2026 | 5,943,760 | 5,913,941 | ||||||
1.13% due 01/15/2021 | 9,696,120 | 9,859,617 | ||||||
208,660,885 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $312,772,314) | 317,663,687 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 16.7% |
| |||||||
Sovereign — 16.7% |
| |||||||
Commonwealth of Australia | AUD | 15,187,800 | 11,497,920 | |||||
Commonwealth of Australia | AUD | 3,243,900 | 2,931,860 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Commonwealth of Australia | AUD | 16,203,280 | $ | 14,263,659 | ||||
Federative Republic of Brazil | BRL | 7,000,000 | 1,988,857 | |||||
Government of Canada | CAD | 11,036,964 | 9,684,199 | |||||
Government of France | EUR | 3,075,750 | 3,905,650 | |||||
Government of France | EUR | 3,374,400 | 4,686,562 | |||||
Government of New Zealand | NZD | 18,042,100 | 13,232,109 | |||||
Kingdom of Spain | EUR | 7,633,575 | 9,643,723 | |||||
Republic of Italy | EUR | 9,000,467 | 10,175,196 | |||||
Republic of Italy | EUR | 2,049,780 | 2,249,145 | |||||
United Kingdom Gilt Treasury | GBP | 3,342,120 | 4,627,849 | |||||
United Kingdom Gilt Treasury | GBP | 1,880,867 | 3,904,769 | |||||
United Kingdom Gilt Treasury | GBP | 3,351,984 | 4,816,024 | |||||
United Mexican States | MXN | 41,740,880 | 2,029,988 | |||||
Total Foreign Government Obligations | ||||||||
(cost $100,725,352) | 99,637,510 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Banco Santander SA FRS | 9,950 | 241,287 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.9% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Corestates Capital II FRS | $ | 669,000 | 636,386 | |||||
Banks - Money Center — 0.2% |
| |||||||
BBVA Bancomer SA | 1,145,000 | 1,030,512 | ||||||
Banks - Super Regional — 0.4% |
| |||||||
SunTrust Capital III FRS | 1,067,000 | 997,645 |
113 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) | ||||||||
Banks - Super Regional (continued) | ||||||||
Wachovia Capital Trust II FRS | $ | 1,039,000 | $ | 981,855 | ||||
1,979,500 | ||||||||
Diversified Banking Institutions — 1.2% |
| |||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,813,290 | ||||||
BankBoston Capital Trust IV FRS | 726,000 | 725,274 | ||||||
Goldman Sachs Group, Inc. | 2,539,000 | 2,414,589 | ||||||
HSBC Holdings PLC | 1,018,000 | 974,735 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 396,085 | ||||||
7,323,973 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
WEC Energy Group, Inc. FRS | 819,000 | 812,858 | ||||||
Insurance - Life/Health — 1.1% |
| |||||||
Prudential Financial, Inc. | 7,000,000 | 6,553,750 | ||||||
Insurance - Multi-line — 0.6% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 377,000 | ||||||
Hartford Financial Services Group, Inc. FRS | 3,202,000 | 3,041,900 | ||||||
3,418,900 | ||||||||
Pipelines — 1.2% |
| |||||||
Andeavor Logistics LP | 1,271,000 | 1,271,254 | ||||||
Enbridge, Inc. | 2,670,000 | 2,466,412 | ||||||
Energy Transfer Partners LP | 2,554,000 | 2,397,951 | ||||||
EnLink Midstream Partners LP | 475,000 | 433,438 | ||||||
Enterprise Products Operating LLC | 859,000 | 809,607 | ||||||
7,378,662 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $29,833,963) | 29,134,541 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $589,721,523) | 591,969,897 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 8,168,725 | $ | 8,168,725 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,643,758 | 3,643,758 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $11,812,482) | 11,812,483 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $601,534,005)(11) | 101.5 | % | 603,782,380 | |||||
Liabilities in excess of other assets | (1.5 | ) | (8,739,454 | ) | ||||
NET ASSETS | 100.0 | % | $ | 595,042,926 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $47,559,231 representing 8.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(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 May 31, 2018, the aggregate value of these securities was $9,615,000 representing 1.6% 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) | The rate shown is the 7-day yield as of May 31, 2018. |
(10) | At May 31, 2018, the Fund had loaned securities with a total value of $11,271,601. This was secured by collateral of $3,643,758, which was received in cash and subsequently invested in short-term investments currently valued at $3,643,758 as reported in the Portfolio of Investments. Additional collateral of $7,832,843 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||
United States Treasury Bills | 0.00% | 07/05/2018 to 08/30/2018 | $332,129 | |||
United States Treasury Notes/Bonds | 0.13% to 4.38% | 10/31/2018 to 02/15/2047 | 7,500,714 |
(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 May 31, 2018 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 — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 13,001,390 | $ | — | $ | 13,001,390 | ||||||||
U.S. Corporate Bonds & Notes | — | 84,395,601 | — | 84,395,601 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Banks - Commercial | — | 1,318,502 | 8,757,760 | 10,076,262 | ||||||||||||
Diversified Banking Institutions | — | 9,727,296 | 9,615,000 | 19,342,296 | ||||||||||||
Other Industries | — | 10,188,449 | — | 10,188,449 | ||||||||||||
U.S. Government Agencies | — | 8,288,874 | — | 8,288,874 | ||||||||||||
U.S. Government Treasuries | — | 317,663,687 | — | 317,663,687 | ||||||||||||
Foreign Government Obligations | — | 99,637,510 | — | 99,637,510 | ||||||||||||
Preferred Securities | 241,287 | — | — | 241,287 | ||||||||||||
Preferred Securities/Capital Securities | — | 29,134,541 | — | 29,134,541 | ||||||||||||
Short-Term Investment Securities | 11,812,483 | — | — | 11,812,483 | ||||||||||||
Total Investment at Value | $ | 12,053,770 | $ | 573,355,850 | $ | 18,372,760 | $ | 603,782,380 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
Balance as of 05/31/2017 | $ | 4,012,935 | $ | 9,420,000 | ||||
Accrued Discounts | — | 213 | ||||||
Accrued Premiums | (49,900 | ) | — | |||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 21,965 | 195,000 | ||||||
Change in unrealized depreciation(1) | — | (213 | ) | |||||
Net purchases | — | 8,757,760 | ||||||
Net sales | (3,985,000 | ) | — | |||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 05/31/2018 | $ | — | $ | 18,372,760 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | — | $ | 194,787 | |||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 05/31/2018 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Foreign Corporate Bonds & Notes | $ | 8,757,760 | Market Approach | Market Transaction Price* | $99.520000 | |||||
$ | 9,615,000 | Market Approach | Market Bid* | $96.150000 |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have an inverse relationship. |
See Notes to Financial Statements
115 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 6.8 | % | ||
Banks — Commercial | 6.0 | |||
Diversified Banking Institutions | 6.0 | |||
Registered Investment Companies | 5.3 | |||
Oil Companies — Integrated | 4.7 | |||
Auto — Cars/Light Trucks | 3.4 | |||
Cosmetics & Toiletries | 2.4 | |||
Telephone — Integrated | 2.3 | |||
Insurance — Life/Health | 2.3 | |||
Food — Misc./Diversified | 2.2 | |||
Insurance — Multi-line | 1.9 | |||
Chemicals — Diversified | 1.8 | |||
Electric — Integrated | 1.8 | |||
Real Estate Investment Trusts | 1.7 | |||
Tobacco | 1.3 | |||
Metal — Diversified | 1.3 | |||
Food — Retail | 1.2 | |||
Electronic Components — Misc. | 1.2 | |||
Real Estate Operations & Development | 1.2 | |||
Diversified Minerals | 1.1 | |||
Brewery | 1.1 | |||
Transport — Rail | 1.1 | |||
Import/Export | 1.0 | |||
Industrial Automated/Robotic | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Beverages — Wine/Spirits | 0.9 | |||
Cellular Telecom | 0.9 | |||
Machinery — Electrical | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Finance — Other Services | 0.8 | |||
Gas — Distribution | 0.8 | |||
Semiconductor Equipment | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Industrial Gases | 0.7 | |||
Commercial Services | 0.7 | |||
Real Estate Management/Services | 0.7 | |||
Transport — Services | 0.7 | |||
Computer Services | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Textile — Apparel | 0.6 | |||
Audio/Video Products | 0.6 | |||
U.S. Government Treasuries | 0.6 | |||
Rubber — Tires | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Steel — Producers | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Diversified Operations | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Electric — Generation | 0.5 | |||
Building Products — Cement | 0.5 | |||
Medical Products | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Retail — Jewelry | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Machinery — General Industrial | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Repurchase Agreements | 0.4 | |||
Casino Hotels | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Toys | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Office Automation & Equipment | 0.4 |
Investment Companies | 0.4 | % | ||
Telecom Services | 0.4 | |||
Investment Management/Advisor Services | 0.3 | |||
Dialysis Centers | 0.3 | |||
Human Resources | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Athletic Footwear | 0.3 | |||
Food — Dairy Products | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Paper & Related Products | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Food — Catering | 0.3 | |||
Exchange-Traded Funds | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Hotels/Motels | 0.3 | |||
Multimedia | 0.3 | |||
Medical Instruments | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Distribution/Wholesale | 0.2 | |||
Transactional Software | 0.2 | |||
Machinery — Farming | 0.2 | |||
Wireless Equipment | 0.2 | |||
Coatings/Paint | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Optical Supplies | 0.2 | |||
Advertising Services | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Networking Products | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Entertainment Software | 0.2 | |||
Retail — Discount | 0.2 | |||
Gold Mining | 0.2 | |||
Electric — Transmission | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Airport Development/Maintenance | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Security Services | 0.1 | |||
Water | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Transport — Marine | 0.1 | |||
Advertising Agencies | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Electric — Distribution | 0.1 | |||
Food — Confectionery | 0.1 | |||
Computer Aided Design | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Casino Services | 0.1 | |||
Television | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Private Equity | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Electronics — Military | 0.1 | |||
Travel Services | 0.1 | |||
Computer Data Security | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Cruise Lines | 0.1 | |||
Food — Meat Products | 0.1 |
116 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Misc./Diversified | 0.1 | % | ||
Agricultural Chemicals | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Fisheries | 0.1 | |||
Pipelines | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Applications Software | 0.1 | |||
Gas — Transportation | 0.1 | |||
Retail — Building Products | 0.1 | |||
Leisure Products | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Internet Security | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Respiratory Products | 0.1 | |||
103.9 | % | |||
Country Allocation*
Japan | 24.0 | % | ||
United Kingdom | 16.2 | |||
France | 9.8 | |||
Germany | 9.2 | |||
Switzerland | 7.3 | |||
United States | 6.7 | |||
Australia | 6.5 | |||
Netherlands | 4.4 | |||
Spain | 2.9 | |||
Hong Kong | 2.5 | |||
Sweden | 2.5 | |||
Italy | 1.8 | |||
Denmark | 1.7 | |||
Singapore | 1.3 | |||
Jersey | 1.2 | |||
Finland | 1.0 | |||
Belgium | 1.0 | |||
Cayman Islands | 0.7 | |||
Norway | 0.7 | |||
Ireland | 0.6 | |||
Israel | 0.5 | |||
Bermuda | 0.3 | |||
Luxembourg | 0.3 | |||
Austria | 0.2 | |||
New Zealand | 0.2 | |||
Portugal | 0.2 | |||
SupraNational | 0.1 | |||
Papua New Guinea | 0.1 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
117 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% |
| |||||||
Australia — 6.5% |
| |||||||
AGL Energy, Ltd. | 56,093 | $ | 935,207 | |||||
Alumina, Ltd. | 229,114 | 462,459 | ||||||
Amcor, Ltd. | 102,288 | 1,085,870 | ||||||
AMP, Ltd. | 256,324 | 755,029 | ||||||
APA Group | 98,054 | 642,910 | ||||||
Aristocrat Leisure, Ltd. | 47,316 | 1,071,355 | ||||||
ASX, Ltd. | 17,323 | 791,974 | ||||||
Aurizon Holdings, Ltd. | 174,338 | 567,172 | ||||||
AusNet Services | 152,535 | 187,018 | ||||||
Australia & New Zealand Banking Group, Ltd. | 253,031 | 5,191,818 | ||||||
Bank of Queensland, Ltd. | 32,315 | 246,585 | ||||||
Bendigo & Adelaide Bank, Ltd. | 39,002 | 316,068 | ||||||
BGP Holdings PLC†(1)(2) | 835,027 | 188 | ||||||
BHP Billiton, Ltd. | 275,311 | 6,840,245 | ||||||
BlueScope Steel, Ltd. | 49,261 | 644,953 | ||||||
Boral, Ltd. | 100,553 | 475,126 | ||||||
Brambles, Ltd. | 135,982 | 926,805 | ||||||
Caltex Australia, Ltd. | 23,714 | 526,223 | ||||||
Challenger, Ltd. | 50,164 | 486,862 | ||||||
CIMIC Group, Ltd. | 9,263 | 287,699 | ||||||
Coca-Cola Amatil, Ltd. | 51,621 | 345,859 | ||||||
Cochlear, Ltd. | 5,143 | 760,696 | ||||||
Commonwealth Bank of Australia | 148,521 | 7,772,444 | ||||||
Computershare, Ltd. | 42,634 | 557,542 | ||||||
Crown Resorts, Ltd. | 32,684 | 327,973 | ||||||
CSL, Ltd. | 38,986 | 5,460,465 | ||||||
Dexus | 83,813 | 625,624 | ||||||
Domino’s Pizza Enterprises, Ltd.# | 5,281 | 196,354 | ||||||
Flight Centre Travel Group, Ltd.# | 5,102 | 237,069 | ||||||
Fortescue Metals Group, Ltd. | 135,017 | 477,337 | ||||||
Goodman Group | 155,353 | 1,095,743 | ||||||
GPT Group | 151,680 | 575,811 | ||||||
Harvey Norman Holdings, Ltd.# | 47,985 | 130,216 | ||||||
Healthscope, Ltd.# | 141,473 | 250,937 | ||||||
Incitec Pivot, Ltd. | 149,777 | 388,771 | ||||||
Insurance Australia Group, Ltd. | 210,875 | 1,292,895 | ||||||
LendLease Group | 49,614 | 702,619 | ||||||
Macquarie Group, Ltd. | 27,816 | 2,396,534 | ||||||
Medibank Private, Ltd. | 243,700 | 538,699 | ||||||
Mirvac Group | 333,132 | 578,149 | ||||||
National Australia Bank, Ltd. | 230,569 | 4,660,454 | ||||||
Newcrest Mining, Ltd. | 67,606 | 1,058,111 | ||||||
OneMarket, Ltd.† | 8,523 | 9,862 | ||||||
Orica, Ltd. | 33,662 | 449,194 | ||||||
Origin Energy, Ltd.† | 152,142 | 1,099,164 | ||||||
QBE Insurance Group, Ltd. | 119,702 | 856,014 | ||||||
Ramsay Health Care, Ltd. | 12,004 | 555,223 | ||||||
REA Group, Ltd. | 4,821 | 312,022 | ||||||
Rio Tinto, Ltd. | 37,142 | 2,323,005 | ||||||
Santos, Ltd.† | 161,418 | 712,551 | ||||||
Scentre Group | 459,377 | 1,448,882 | ||||||
SEEK, Ltd. | 30,027 | 456,961 | ||||||
Sonic Healthcare, Ltd. | 34,370 | 611,417 | ||||||
South32, Ltd. | 453,201 | 1,269,461 | ||||||
Stockland | 209,356 | 655,549 | ||||||
Suncorp Group, Ltd. | 110,628 | 1,121,145 | ||||||
Sydney Airport# | 98,367 | 540,036 | ||||||
Tabcorp Holdings, Ltd. | 168,613 | 556,032 | ||||||
Telstra Corp., Ltd. | 354,349 | 748,881 | ||||||
TPG Telecom, Ltd.# | 29,457 | 123,826 | ||||||
Transurban Group | 175,486 | 1,572,252 | ||||||
Treasury Wine Estates, Ltd. | 63,801 | 797,469 | ||||||
Vicinity Centres | 294,065 | 592,788 | ||||||
Wesfarmers, Ltd. | 98,469 | 3,383,507 | ||||||
Westpac Banking Corp. | 291,355 | 6,117,197 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Woodside Petroleum, Ltd. | 72,301 | $ | 1,766,692 | |||||
Woolworths Group, Ltd. | 110,408 | 2,371,044 | ||||||
83,322,042 | ||||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 6,591 | 328,064 | ||||||
Erste Group Bank AG | 25,100 | 1,039,233 | ||||||
OMV AG | 13,003 | 741,035 | ||||||
Raiffeisen Bank International AG† | 12,801 | 400,870 | ||||||
voestalpine AG | 10,030 | 535,173 | ||||||
3,044,375 | ||||||||
Belgium — 1.0% |
| |||||||
Ageas | 16,108 | 816,091 | ||||||
Anheuser-Busch InBev SA | 65,675 | 6,154,987 | ||||||
Colruyt SA | 5,784 | 307,221 | ||||||
Groupe Bruxelles Lambert SA | 7,310 | 774,043 | ||||||
KBC Group NV | 21,729 | 1,681,797 | ||||||
Proximus SADP | 13,687 | 366,091 | ||||||
Solvay SA | 6,451 | 865,853 | ||||||
Telenet Group Holding NV† | 4,760 | 240,335 | ||||||
UCB SA | 11,270 | 887,437 | ||||||
Umicore SA | 16,667 | 939,903 | ||||||
13,033,758 | ||||||||
Bermuda — 0.3% |
| |||||||
CK Infrastructure Holdings, Ltd. | 57,500 | 433,157 | ||||||
First Pacific Co., Ltd. | 210,000 | 105,941 | ||||||
Hongkong Land Holdings, Ltd. | 101,700 | 737,405 | ||||||
Jardine Matheson Holdings, Ltd. | 18,586 | 1,159,738 | ||||||
Jardine Strategic Holdings, Ltd. | 18,761 | 668,916 | ||||||
Kerry Properties, Ltd. | 57,000 | 304,575 | ||||||
Kingston Financial Group, Ltd.# | 350,537 | 124,496 | ||||||
Li & Fung, Ltd. | 516,000 | 200,338 | ||||||
NWS Holdings, Ltd. | 132,000 | 244,990 | ||||||
Shangri-La Asia, Ltd. | 92,000 | 183,070 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 64,000 | 197,694 | ||||||
4,360,320 | ||||||||
Canada — 0.0% |
| |||||||
International Petroleum Corp.† | 4,460 | 29,505 | ||||||
Cayman Islands — 0.7% |
| |||||||
ASM Pacific Technology, Ltd. | 21,300 | 278,239 | ||||||
CK Asset Holdings, Ltd. | 224,808 | 1,874,623 | ||||||
CK Hutchison Holdings, Ltd. | 232,808 | 2,613,807 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 21,385 | 698,434 | ||||||
MGM China Holdings, Ltd. | 84,800 | 244,998 | ||||||
Minth Group, Ltd.# | 63,629 | 291,826 | ||||||
Sands China, Ltd. | 215,200 | 1,280,204 | ||||||
WH Group, Ltd.* | 754,500 | 773,073 | ||||||
Wharf Real Estate Investment Co., Ltd. | 105,000 | 809,173 | ||||||
Wynn Macau, Ltd. | 139,200 | 530,432 | ||||||
9,394,809 | ||||||||
Denmark — 1.7% |
| |||||||
AP Moller - Maersk A/S, Series A | 342 | 481,332 | ||||||
AP Moller - Maersk A/S, Series B | 551 | 823,679 | ||||||
Carlsberg A/S, Class B | 9,242 | 1,028,186 | ||||||
Chr. Hansen Holding A/S | 8,591 | 825,995 | ||||||
Coloplast A/S, Class B | 10,016 | 951,551 | ||||||
Danske Bank A/S | 63,640 | 2,114,808 | ||||||
DSV A/S | 16,276 | 1,352,246 | ||||||
Genmab A/S† | 4,900 | 738,246 | ||||||
H. Lundbeck A/S | 5,960 | 420,611 | ||||||
ISS A/S | 14,373 | 491,712 |
118 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Novo Nordisk A/S, Class B | 160,501 | $ | 7,633,548 | |||||
Novozymes A/S, Class B | 19,284 | 982,177 | ||||||
Orsted A/S* | 16,180 | 970,727 | ||||||
Pandora A/S# | 9,526 | 750,337 | ||||||
TDC A/S†# | 71,999 | 567,460 | ||||||
Tryg A/S | 9,673 | 222,755 | ||||||
Vestas Wind Systems A/S | 18,545 | 1,217,016 | ||||||
William Demant Holding A/S†# | 10,171 | 370,059 | ||||||
21,942,445 | ||||||||
Finland — 1.0% |
| |||||||
Elisa Oyj | 13,012 | 581,870 | ||||||
Fortum Oyj | 39,730 | 934,977 | ||||||
Kone Oyj, Class B | 29,650 | 1,469,910 | ||||||
Metso Oyj | 10,103 | 349,875 | ||||||
Neste Oyj | 11,361 | 926,151 | ||||||
Nokia Oyj | 499,536 | 2,879,322 | ||||||
Nokian Renkaat Oyj | 10,176 | 394,344 | ||||||
Orion Oyj, Class B | 8,985 | 265,660 | ||||||
Sampo Oyj, Class A | 38,833 | 1,907,131 | ||||||
Stora Enso Oyj, Class R | 49,706 | 1,019,090 | ||||||
UPM-Kymmene Oyj | 46,126 | 1,693,919 | ||||||
Wartsila Oyj Abp | 39,843 | 840,658 | ||||||
13,262,907 | ||||||||
France — 9.8% |
| |||||||
Accor SA | 15,319 | 842,304 | ||||||
Aeroports de Paris | 2,670 | 557,076 | ||||||
Air Liquide SA# | 36,626 | 4,503,503 | ||||||
Alstom SA | 13,320 | 629,589 | ||||||
Amundi SA* | 5,181 | 381,989 | ||||||
Arkema SA | 5,761 | 706,063 | ||||||
Atos SE | 8,106 | 1,107,500 | ||||||
AXA SA | 166,255 | 4,163,551 | ||||||
BioMerieux# | 3,492 | 309,375 | ||||||
BNP Paribas SA# | 96,860 | 6,039,199 | ||||||
Bollore SA | 76,245 | 377,696 | ||||||
Bouygues SA | 17,733 | 819,762 | ||||||
Bureau Veritas SA | 23,184 | 574,054 | ||||||
Capgemini SE# | 13,766 | 1,824,360 | ||||||
Carrefour SA | 48,506 | 878,382 | ||||||
Casino Guichard Perrachon SA# | 5,073 | 220,234 | ||||||
Cie de Saint-Gobain | 42,729 | 2,154,099 | ||||||
Cie Generale des Etablissements Michelin SCA# | 14,817 | 1,928,488 | ||||||
CNP Assurances | 15,499 | 362,288 | ||||||
Credit Agricole SA# | 96,260 | 1,327,198 | ||||||
Danone SA | 51,727 | 3,946,871 | ||||||
Dassault Aviation SA | 196 | 381,607 | ||||||
Dassault Systemes SE | 11,107 | 1,560,241 | ||||||
Edenred | 18,438 | 594,298 | ||||||
Eiffage SA | 6,363 | 716,148 | ||||||
Electricite de France SA | 47,299 | 628,930 | ||||||
Engie SA# | 157,189 | 2,500,700 | ||||||
Essilor International Cie Generale d’Optique SA | 17,737 | 2,424,110 | ||||||
Eurazeo SA | 4,183 | 327,169 | ||||||
Eutelsat Communications SA | 13,684 | 263,892 | ||||||
Faurecia SA | 6,489 | 554,493 | ||||||
Fonciere Des Regions | 2,560 | 267,819 | ||||||
Gecina SA | 3,988 | 689,105 | ||||||
Getlink | 42,304 | 573,725 | ||||||
Hermes International | 2,729 | 1,947,701 | ||||||
ICADE | 3,342 | 310,274 | ||||||
Iliad SA | 2,373 | 403,804 | ||||||
Imerys SA | 3,091 | 265,243 | ||||||
Ingenico Group SA | 4,813 | 386,968 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Ipsen SA | 3,228 | $ | 515,680 | |||||
JCDecaux SA# | 6,007 | 186,956 | ||||||
Kering SA | 6,518 | 3,760,918 | ||||||
Klepierre SA | 19,198 | 751,449 | ||||||
L’Oreal SA | 21,636 | 5,200,755 | ||||||
Lagardere SCA | 11,042 | 298,731 | ||||||
Legrand SA | 23,371 | 1,760,483 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 23,919 | 8,307,172 | ||||||
Natixis SA | 83,129 | 606,382 | ||||||
Orange SA# | 171,684 | 2,950,970 | ||||||
Pernod Ricard SA | 18,427 | 3,104,115 | ||||||
Peugeot SA | 50,463 | 1,181,540 | ||||||
Publicis Groupe SA | 17,516 | 1,223,702 | ||||||
Remy Cointreau SA | 2,166 | 322,402 | ||||||
Renault SA | 16,479 | 1,601,652 | ||||||
Rexel SA | 26,284 | 386,215 | ||||||
Safran SA | 28,613 | 3,417,267 | ||||||
Sanofi# | 97,585 | 7,486,200 | ||||||
Schneider Electric SE | 48,255 | 4,189,599 | ||||||
SCOR SE | 14,743 | 545,806 | ||||||
SEB SA | 1,939 | 349,836 | ||||||
Societe BIC SA# | 2,596 | 253,045 | ||||||
Societe Generale SA# | 66,250 | 2,866,348 | ||||||
Sodexo SA | 7,799 | 758,595 | ||||||
Suez# | 31,651 | 434,727 | ||||||
Teleperformance | 4,976 | 786,518 | ||||||
Thales SA | 9,024 | 1,146,829 | ||||||
TOTAL SA | 202,982 | 12,336,076 | ||||||
UbiSoft Entertainment SA† | 5,397 | 589,597 | ||||||
Unibail-Rodamco SE | 8,537 | 1,925,341 | ||||||
Valeo SA | 20,432 | 1,294,698 | ||||||
Veolia Environnement SA# | 39,667 | 904,651 | ||||||
Vinci SA | 43,271 | 4,227,381 | ||||||
Vivendi SA | 88,102 | 2,216,613 | ||||||
Wendel SA | 2,504 | 330,290 | ||||||
126,668,347 | ||||||||
Germany — 9.2% |
| |||||||
1&1 Drillisch AG† | 4,555 | 315,248 | ||||||
adidas AG | 16,262 | 3,681,565 | ||||||
Allianz SE | 38,583 | 7,960,915 | ||||||
Axel Springer SE | 3,577 | 259,778 | ||||||
BASF SE | 78,782 | 7,764,333 | ||||||
Bayer AG | 71,291 | 8,484,134 | ||||||
Bayerische Motoren Werke AG | 28,315 | 2,826,121 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 4,834 | 423,647 | ||||||
Beiersdorf AG | 9,086 | 1,043,634 | ||||||
Brenntag AG | 13,538 | 781,342 | ||||||
Commerzbank AG† | 93,986 | 961,378 | ||||||
Continental AG | 9,615 | 2,440,317 | ||||||
Covestro AG* | 10,407 | 949,112 | ||||||
Daimler AG | 82,962 | 5,984,788 | ||||||
Deutsche Bank AG | 177,417 | 1,899,989 | ||||||
Deutsche Boerse AG | 16,494 | 2,206,961 | ||||||
Deutsche Lufthansa AG | 21,323 | 579,872 | ||||||
Deutsche Post AG | 83,801 | 3,181,705 | ||||||
Deutsche Telekom AG | 285,828 | 4,418,409 | ||||||
Deutsche Wohnen SE | 30,520 | 1,432,107 | ||||||
E.ON SE | 188,727 | 2,002,267 | ||||||
Evonik Industries AG | 13,945 | 488,105 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,366 | 315,087 | ||||||
Fresenius Medical Care AG & Co. KGaA | 18,381 | 1,836,248 | ||||||
Fresenius SE & Co. KGaA | 35,772 | 2,750,982 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 6,560 | 344,107 | ||||||
GEA Group AG | 16,134 | 594,366 |
119 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) |
| |||||||
Hannover Rueck SE | 5,433 | $ | 686,228 | |||||
HeidelbergCement AG | 12,680 | 1,123,954 | ||||||
Henkel AG & Co. KGaA | 9,216 | 1,039,198 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 15,399 | 1,901,852 | ||||||
HOCHTIEF AG | 1,775 | 326,410 | ||||||
HUGO BOSS AG | 5,900 | 530,487 | ||||||
Infineon Technologies AG | 97,866 | 2,689,384 | ||||||
Innogy SE* | 11,920 | 502,526 | ||||||
K+S AG | 15,614 | 417,816 | ||||||
KION Group AG | 6,089 | 494,615 | ||||||
LANXESS AG | 8,308 | 657,915 | ||||||
Linde AG | 15,957 | 3,659,262 | ||||||
MAN SE | 3,164 | 344,392 | ||||||
Merck KGaA | 11,360 | 1,160,288 | ||||||
METRO AG | 14,638 | 197,125 | ||||||
MTU Aero Engines AG | 4,412 | 833,294 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 13,300 | 2,741,784 | ||||||
OSRAM Licht AG | 8,525 | 502,662 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 13,232 | 976,340 | ||||||
ProSiebenSat.1 Media SE | 19,343 | 569,242 | ||||||
Puma SE# | 543 | 329,458 | ||||||
RWE AG | 43,601 | 988,789 | ||||||
SAP SE | 84,778 | 9,550,765 | ||||||
Schaeffler AG (Preference Shares) | 14,471 | 216,774 | ||||||
Siemens AG | 65,969 | 8,604,385 | ||||||
Symrise AG | 10,902 | 885,872 | ||||||
Telefonica Deutschland Holding AG | 64,403 | 272,295 | ||||||
thyssenkrupp AG | 38,438 | 1,014,019 | ||||||
TUI AG | 38,073 | 882,682 | ||||||
Uniper SE | 17,207 | 546,011 | ||||||
United Internet AG | 10,599 | 677,171 | ||||||
Volkswagen AG | 2,804 | 521,656 | ||||||
Volkswagen AG (Preference Shares) | 15,916 | 2,995,730 | ||||||
Vonovia SE | 40,953 | 1,933,148 | ||||||
Wirecard AG | 10,105 | 1,562,555 | ||||||
Zalando SE†* | 9,569 | 509,953 | ||||||
118,772,554 | ||||||||
Hong Kong — 2.5% |
| |||||||
AIA Group, Ltd. | 1,039,400 | 9,484,471 | ||||||
Bank of East Asia, Ltd. | 104,000 | 430,979 | ||||||
BOC Hong Kong Holdings, Ltd. | 322,000 | 1,611,455 | ||||||
CLP Holdings, Ltd. | 143,500 | 1,506,209 | ||||||
Galaxy Entertainment Group, Ltd. | 206,000 | 1,808,852 | ||||||
Hang Lung Group, Ltd. | 74,000 | 228,790 | ||||||
Hang Lung Properties, Ltd. | 178,000 | 403,393 | ||||||
Hang Seng Bank, Ltd. | 66,200 | 1,654,304 | ||||||
Henderson Land Development Co., Ltd. | 103,580 | 680,511 | ||||||
Hong Kong & China Gas Co., Ltd. | 747,204 | 1,614,416 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 100,000 | 3,213,648 | ||||||
Hysan Development Co., Ltd. | 54,000 | 311,932 | ||||||
I-CABLE Communications, Ltd.† | 113,356 | 2,426 | ||||||
Link REIT | 190,000 | 1,679,396 | ||||||
MTR Corp., Ltd. | 126,500 | 711,328 | ||||||
New World Development Co., Ltd. | 494,000 | 756,948 | ||||||
PCCW, Ltd. | 359,000 | 211,344 | ||||||
Power Assets Holdings, Ltd. | 122,000 | 846,821 | ||||||
Sino Land Co., Ltd. | 262,000 | 452,216 | ||||||
SJM Holdings, Ltd. | 172,000 | 245,718 | ||||||
Sun Hung Kai Properties, Ltd. | 123,000 | 1,981,934 | ||||||
Swire Pacific, Ltd., Class A | 46,500 | 479,009 | ||||||
Swire Properties, Ltd. | 103,000 | 403,377 | ||||||
Techtronic Industries Co., Ltd. | 121,500 | 726,922 | ||||||
Wharf Holdings, Ltd. | 105,000 | 339,008 |
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong (continued) |
| |||||||
Wheelock & Co., Ltd. | 70,000 | $ | 525,813 | |||||
32,311,220 | ||||||||
Ireland — 0.6% |
| |||||||
AIB Group PLC | 69,982 | 382,444 | ||||||
Bank of Ireland Group PLC | 81,964 | 678,450 | ||||||
CRH PLC | 72,243 | 2,669,140 | ||||||
DCC PLC | 7,665 | 735,338 | ||||||
James Hardie Industries PLC CDI | 38,426 | 642,803 | ||||||
Kerry Group PLC, Class A# | 13,701 | 1,447,707 | ||||||
Paddy Power Betfair PLC | 6,866 | 837,145 | ||||||
7,393,027 | ||||||||
Israel — 0.5% |
| |||||||
Azrieli Group, Ltd. | 3,211 | 156,430 | ||||||
Bank Hapoalim B.M. | 94,588 | 652,309 | ||||||
Bank Leumi Le-Israel B.M. | 118,692 | 739,283 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 171,021 | 209,145 | ||||||
Check Point Software Technologies, Ltd.† | 11,272 | 1,097,442 | ||||||
Elbit Systems, Ltd. | 2,013 | 241,363 | ||||||
Frutarom Industries, Ltd. | 3,274 | 319,710 | ||||||
Israel Chemicals, Ltd. | 39,762 | 183,916 | ||||||
Mizrahi Tefahot Bank, Ltd. | 12,342 | 235,655 | ||||||
NICE, Ltd.† | 5,234 | 552,997 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 78,232 | 1,681,988 | ||||||
6,070,238 | ||||||||
Italy — 1.8% | ||||||||
Assicurazioni Generali SpA# | 108,037 | 1,838,618 | ||||||
Atlantia SpA# | 38,942 | 1,127,299 | ||||||
Davide Campari-Milano SpA | 49,117 | 366,602 | ||||||
Enel SpA | 702,278 | 3,856,842 | ||||||
Eni SpA# | 220,465 | 4,027,755 | ||||||
Intesa Sanpaolo SpA | 1,157,887 | 3,435,489 | ||||||
Intesa Sanpaolo SpA RSP | 84,245 | 253,651 | ||||||
Leonardo SpA# | 35,342 | 359,926 | ||||||
Luxottica Group SpA | 15,054 | 936,762 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 48,617 | 462,817 | ||||||
Poste Italiane SpA* | 45,203 | 390,264 | ||||||
Prysmian SpA | 16,919 | 474,656 | ||||||
Recordati SpA | 8,955 | 332,057 | ||||||
Snam SpA | 197,282 | 808,293 | ||||||
Telecom Italia SpA† | 977,633 | 796,163 | ||||||
Telecom Italia SpA RSP | 546,830 | 387,805 | ||||||
Terna Rete Elettrica Nazionale SpA | 122,837 | 650,146 | ||||||
UniCredit SpA | 172,605 | 2,883,891 | ||||||
UnipolSai Assicurazioni SpA# | 81,061 | 178,411 | ||||||
23,567,447 | ||||||||
Japan — 24.0% | ||||||||
ABC-Mart, Inc. | 2,800 | 171,975 | ||||||
Acom Co., Ltd.# | 35,800 | 149,792 | ||||||
Aeon Co., Ltd. | 53,000 | 1,047,434 | ||||||
AEON Financial Service Co., Ltd. | 9,900 | 230,287 | ||||||
Aeon Mall Co., Ltd. | 10,000 | 192,368 | ||||||
Air Water, Inc. | 13,900 | 269,445 | ||||||
Aisin Seiki Co., Ltd. | 15,300 | 767,581 | ||||||
Ajinomoto Co., Inc. | 46,300 | 883,002 | ||||||
Alfresa Holdings Corp. | 15,600 | 392,613 | ||||||
Alps Electric Co., Ltd. | 17,302 | 408,979 | ||||||
Amada Holdings Co., Ltd. | 30,100 | 325,916 | ||||||
ANA Holdings, Inc. | 10,500 | 421,628 | ||||||
Aozora Bank, Ltd. | 10,100 | 398,954 | ||||||
Asahi Glass Co., Ltd. | 17,800 | 726,559 | ||||||
Asahi Group Holdings, Ltd. | 32,900 | 1,717,643 |
120 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Asahi Kasei Corp. | 110,600 | $ | 1,513,080 | |||||
Asics Corp.# | 14,200 | 235,671 | ||||||
Astellas Pharma, Inc. | 177,900 | 2,715,121 | ||||||
Bandai Namco Holdings, Inc. | 17,200 | 729,229 | ||||||
Bank of Kyoto, Ltd. | 5,900 | 307,690 | ||||||
Benesse Holdings, Inc. | 5,800 | 210,403 | ||||||
Bridgestone Corp. | 56,700 | 2,265,802 | ||||||
Brother Industries, Ltd. | 20,900 | 434,643 | ||||||
Calbee, Inc. | 6,400 | 233,203 | ||||||
Canon, Inc.# | 92,700 | 3,161,647 | ||||||
Casio Computer Co., Ltd. | 18,600 | 283,227 | ||||||
Central Japan Railway Co. | 12,300 | 2,539,454 | ||||||
Chiba Bank, Ltd. | 65,000 | 498,623 | ||||||
Chubu Electric Power Co., Inc. | 57,600 | 890,936 | ||||||
Chugai Pharmaceutical Co., Ltd. | 19,800 | 1,114,945 | ||||||
Chugoku Electric Power Co., Inc. | 24,100 | 314,708 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 10,602 | 444,097 | ||||||
Concordia Financial Group, Ltd. | 102,000 | 572,323 | ||||||
Credit Saison Co., Ltd. | 13,100 | 216,594 | ||||||
CYBERDYNE, Inc.†# | 8,721 | 111,325 | ||||||
Dai Nippon Printing Co., Ltd. | 22,200 | 474,998 | ||||||
Dai-ichi Life Holdings, Inc. | 92,100 | 1,710,492 | ||||||
Daicel Corp. | 23,100 | 260,512 | ||||||
Daifuku Co., Ltd. | 8,491 | 437,851 | ||||||
Daiichi Sankyo Co., Ltd. | 48,900 | 1,566,606 | ||||||
Daikin Industries, Ltd. | 21,400 | 2,462,927 | ||||||
Daito Trust Construction Co., Ltd. | 5,900 | 961,251 | ||||||
Daiwa House Industry Co., Ltd. | 48,700 | 1,759,770 | ||||||
Daiwa House REIT Investment Corp. | 119 | 280,084 | ||||||
Daiwa Securities Group, Inc. | 146,000 | 844,633 | ||||||
DeNA Co., Ltd. | 9,100 | 174,406 | ||||||
Denso Corp. | 40,900 | 1,982,468 | ||||||
Dentsu, Inc. | 18,500 | 881,315 | ||||||
Disco Corp. | 2,500 | 469,140 | ||||||
Don Quijote Holdings Co., Ltd. | 10,500 | 557,255 | ||||||
East Japan Railway Co. | 28,400 | 2,801,598 | ||||||
Eisai Co., Ltd. | 22,900 | 1,652,164 | ||||||
Electric Power Development Co., Ltd. | 12,400 | 328,547 | ||||||
FamilyMart UNY Holdings Co., Ltd.# | 7,000 | 724,598 | ||||||
FANUC Corp. | 16,600 | 3,531,591 | ||||||
Fast Retailing Co., Ltd. | 4,500 | 1,963,666 | ||||||
Fuji Electric Co., Ltd. | 49,000 | 347,824 | ||||||
FUJIFILM Holdings Corp. | 35,600 | 1,362,761 | ||||||
Fujitsu, Ltd. | 170,000 | 1,037,406 | ||||||
Fukuoka Financial Group, Inc. | 67,000 | 357,015 | ||||||
Hachijuni Bank, Ltd. | 35,900 | 158,818 | ||||||
Hakuhodo DY Holdings, Inc. | 20,700 | 313,484 | ||||||
Hamamatsu Photonics KK | 12,200 | 528,526 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,200 | 831,082 | ||||||
Hikari Tsushin, Inc. | 1,700 | 300,571 | ||||||
Hino Motors, Ltd. | 22,300 | 249,011 | ||||||
Hirose Electric Co., Ltd. | 2,835 | 367,990 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,900 | 406,460 | ||||||
Hitachi Chemical Co., Ltd. | 9,200 | 197,489 | ||||||
Hitachi Construction Machinery Co., Ltd. | 9,600 | 351,909 | ||||||
Hitachi High-Technologies Corp. | 5,400 | 245,194 | ||||||
Hitachi Metals, Ltd. | 19,700 | 216,156 | ||||||
Hitachi, Ltd. | 417,000 | 3,038,011 | ||||||
Honda Motor Co., Ltd. | 148,500 | 4,719,215 | ||||||
Hoshizaki Corp. | 4,700 | 470,332 | ||||||
Hoya Corp. | 33,300 | 1,969,248 | ||||||
Hulic Co., Ltd. | 26,000 | 266,015 | ||||||
Idemitsu Kosan Co., Ltd. | 11,900 | 397,583 | ||||||
IHI Corp. | 13,500 | 505,906 | ||||||
Iida Group Holdings Co., Ltd. | 12,800 | 243,842 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Inpex Corp. | 84,000 | $ | 931,502 | |||||
Isetan Mitsukoshi Holdings, Ltd. | 29,600 | 364,289 | ||||||
Isuzu Motors, Ltd. | 47,600 | 635,472 | ||||||
ITOCHU Corp. | 129,100 | 2,417,299 | ||||||
J. Front Retailing Co., Ltd. | 21,200 | 332,793 | ||||||
Japan Airlines Co., Ltd. | 10,700 | 413,872 | ||||||
Japan Airport Terminal Co., Ltd. | 3,600 | 165,000 | ||||||
Japan Exchange Group, Inc. | 46,100 | 873,617 | ||||||
Japan Post Bank Co., Ltd. | 35,900 | 447,499 | ||||||
Japan Post Holdings Co., Ltd. | 139,000 | 1,590,330 | ||||||
Japan Prime Realty Investment Corp. | 68 | 246,718 | ||||||
Japan Real Estate Investment Corp. | 113 | 592,221 | ||||||
Japan Retail Fund Investment Corp. | 219 | 396,895 | ||||||
Japan Tobacco, Inc. | 95,100 | 2,563,154 | ||||||
JFE Holdings, Inc. | 43,800 | 902,819 | ||||||
JGC Corp. | 17,400 | 361,895 | ||||||
JSR Corp. | 15,800 | 307,202 | ||||||
JTEKT Corp. | 18,000 | 261,027 | ||||||
JXTG Holdings, Inc. | 263,700 | 1,694,514 | ||||||
Kajima Corp. | 76,000 | 617,966 | ||||||
Kakaku.com, Inc. | 13,100 | 283,621 | ||||||
Kamigumi Co., Ltd. | 9,100 | 198,227 | ||||||
Kaneka Corp. | 24,000 | 245,885 | ||||||
Kansai Electric Power Co., Inc. | 62,600 | 896,652 | ||||||
Kansai Paint Co., Ltd. | 17,600 | 376,304 | ||||||
Kao Corp. | 42,600 | 3,294,856 | ||||||
Kawasaki Heavy Industries, Ltd. | 12,700 | 384,075 | ||||||
KDDI Corp. | 157,200 | 4,243,696 | ||||||
Keihan Holdings Co., Ltd. | 8,700 | 293,724 | ||||||
Keikyu Corp. | 19,899 | 334,597 | ||||||
Keio Corp. | 10,000 | 463,499 | ||||||
Keisei Electric Railway Co., Ltd. | 11,500 | 389,238 | ||||||
Keyence Corp. | 8,500 | 5,195,934 | ||||||
Kikkoman Corp. | 12,000 | 564,662 | ||||||
Kintetsu Group Holdings Co., Ltd. | 16,200 | 676,930 | ||||||
Kirin Holdings Co., Ltd. | 74,900 | 2,119,793 | ||||||
Kobe Steel, Ltd. | 27,100 | 270,795 | ||||||
Koito Manufacturing Co., Ltd. | 9,800 | 718,079 | ||||||
Komatsu, Ltd. | 79,800 | 2,610,458 | ||||||
Konami Holdings Corp. | 8,800 | 411,579 | ||||||
Konica Minolta, Inc. | 43,100 | 391,585 | ||||||
Kose Corp. | 2,579 | 558,999 | ||||||
Kubota Corp. | 90,500 | 1,517,255 | ||||||
Kuraray Co., Ltd. | 30,700 | 468,498 | ||||||
Kurita Water Industries, Ltd. | 8,900 | 254,998 | ||||||
Kyocera Corp. | 27,800 | 1,649,227 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 22,000 | 447,479 | ||||||
Kyushu Electric Power Co., Inc. | 38,300 | 451,975 | ||||||
Kyushu Financial Group, Inc. | 30,200 | 144,155 | ||||||
Kyushu Railway Co. | 13,900 | 441,572 | ||||||
Lawson, Inc. | 4,200 | 273,278 | ||||||
LINE Corp.†# | 3,900 | 141,588 | ||||||
Lion Corp. | 19,200 | 350,365 | ||||||
LIXIL Group Corp. | 23,600 | 520,369 | ||||||
M3, Inc. | 17,300 | 720,809 | ||||||
Mabuchi Motor Co., Ltd. | 4,100 | 189,500 | ||||||
Makita Corp. | 19,200 | 853,594 | ||||||
Marubeni Corp. | 145,000 | 1,126,381 | ||||||
Marui Group Co., Ltd. | 17,900 | 361,570 | ||||||
Maruichi Steel Tube, Ltd. | 4,000 | 132,251 | ||||||
Mazda Motor Corp. | 48,300 | 606,411 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 5,700 | 286,460 | ||||||
Mebuki Financial Group, Inc. | 81,200 | 294,496 | ||||||
Medipal Holdings Corp. | 14,600 | 335,889 | ||||||
MEIJI Holdings Co., Ltd. | 10,500 | 892,968 |
121 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Minebea Mitsumi, Inc. | 32,500 | $ | 613,660 | |||||
MISUMI Group, Inc. | 23,700 | 682,496 | ||||||
Mitsubishi Chemical Holdings Corp. | 123,300 | 1,136,598 | ||||||
Mitsubishi Corp. | 130,200 | 3,613,291 | ||||||
Mitsubishi Electric Corp. | 167,000 | 2,361,158 | ||||||
Mitsubishi Estate Co., Ltd. | 107,900 | 1,953,384 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 16,200 | 411,783 | ||||||
Mitsubishi Heavy Industries, Ltd. | 26,900 | 1,015,029 | ||||||
Mitsubishi Materials Corp. | 9,700 | 268,506 | ||||||
Mitsubishi Motors Corp. | 57,900 | 437,120 | ||||||
Mitsubishi Tanabe Pharma Corp. | 19,800 | 354,044 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,023,700 | 6,116,656 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 44,300 | 263,933 | ||||||
Mitsui & Co., Ltd. | 147,600 | 2,591,329 | ||||||
Mitsui Chemicals, Inc. | 16,200 | 466,835 | ||||||
Mitsui Fudosan Co., Ltd. | 78,000 | 1,951,301 | ||||||
Mitsui OSK Lines, Ltd. | 9,599 | 252,907 | ||||||
Mixi, Inc. | 4,000 | 124,875 | ||||||
Mizuho Financial Group, Inc. | 2,077,900 | 3,612,853 | ||||||
MS&AD Insurance Group Holdings, Inc. | 41,000 | 1,301,653 | ||||||
Murata Manufacturing Co., Ltd. | 16,400 | 2,429,898 | ||||||
Nabtesco Corp. | 10,100 | 328,513 | ||||||
Nagoya Railroad Co., Ltd. | 14,400 | 369,181 | ||||||
NEC Corp. | 23,000 | 646,960 | ||||||
Nexon Co., Ltd.† | 33,800 | 557,772 | ||||||
NGK Insulators, Ltd. | 23,100 | 420,019 | ||||||
NGK Spark Plug Co., Ltd. | 13,700 | 373,537 | ||||||
NH Foods, Ltd. | 7,000 | 287,314 | ||||||
Nidec Corp. | 20,500 | 3,164,214 | ||||||
Nikon Corp. | 30,200 | 488,274 | ||||||
Nintendo Co., Ltd. | 9,700 | 3,993,137 | ||||||
Nippon Building Fund, Inc. | 121 | 676,683 | ||||||
Nippon Electric Glass Co., Ltd. | 6,700 | 180,671 | ||||||
Nippon Express Co., Ltd. | 7,400 | 555,236 | ||||||
Nippon Paint Holdings Co., Ltd.# | 13,900 | 579,238 | ||||||
Nippon Prologis REIT, Inc. | 156 | 324,994 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 65,800 | 1,375,211 | ||||||
Nippon Telegraph & Telephone Corp. | 59,700 | 2,795,612 | ||||||
Nippon Yusen KK | 14,100 | 286,304 | ||||||
Nissan Chemical Industries, Ltd. | 10,500 | 491,791 | ||||||
Nissan Motor Co., Ltd. | 201,500 | 1,995,398 | ||||||
Nisshin Seifun Group, Inc. | 18,700 | 394,096 | ||||||
Nissin Foods Holdings Co., Ltd. | 5,100 | 378,308 | ||||||
Nitori Holdings Co., Ltd. | 6,800 | 1,166,182 | ||||||
Nitto Denko Corp. | 13,900 | 1,086,264 | ||||||
NOK Corp. | 8,300 | 155,034 | ||||||
Nomura Holdings, Inc. | 310,600 | 1,602,487 | ||||||
Nomura Real Estate Holdings, Inc. | 10,900 | 254,959 | ||||||
Nomura Real Estate Master Fund, Inc. | 310 | 433,793 | ||||||
Nomura Research Institute, Ltd. | 11,600 | 581,872 | ||||||
NSK, Ltd. | 33,400 | 377,957 | ||||||
NTT Data Corp. | 54,000 | 602,127 | ||||||
NTT DOCOMO, Inc. | 118,700 | 3,068,409 | ||||||
Obayashi Corp. | 56,800 | 571,544 | ||||||
OBIC Co., Ltd. | 5,600 | 482,893 | ||||||
Odakyu Electric Railway Co., Ltd. | 25,399 | 548,456 | ||||||
Oji Holdings Corp. | 70,000 | 458,535 | ||||||
Olympus Corp. | 25,100 | 887,253 | ||||||
Omron Corp. | 16,500 | 862,481 | ||||||
Ono Pharmaceutical Co., Ltd. | 35,900 | 887,703 | ||||||
Oracle Corp. Japan† | 3,200 | 242,773 | ||||||
Oriental Land Co., Ltd. | 18,700 | 1,908,438 | ||||||
ORIX Corp. | 113,400 | 1,895,530 | ||||||
Osaka Gas Co., Ltd. | 33,100 | 720,810 | ||||||
Otsuka Corp. | 8,200 | 337,256 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Otsuka Holdings Co., Ltd. | 33,700 | $ | 1,669,143 | |||||
Panasonic Corp. | 189,630 | 2,583,285 | ||||||
Park24 Co., Ltd. | 8,800 | 237,268 | ||||||
Persol Holdings Co., Ltd.# | 15,274 | 326,197 | ||||||
Pola Orbis Holdings, Inc. | 7,632 | 376,347 | ||||||
Rakuten, Inc.# | 81,800 | 548,196 | ||||||
Recruit Holdings Co., Ltd. | 94,183 | 2,609,811 | ||||||
Renesas Electronics Corp.† | 43,000 | 425,050 | ||||||
Resona Holdings, Inc. | 189,200 | 1,051,259 | ||||||
Ricoh Co., Ltd. | 58,000 | 523,098 | ||||||
Rinnai Corp. | 3,100 | 295,188 | ||||||
Rohm Co., Ltd. | 8,200 | 754,459 | ||||||
Ryohin Keikaku Co., Ltd. | 1,914 | 648,673 | ||||||
Sankyo Co., Ltd. | 4,100 | 162,235 | ||||||
Santen Pharmaceutical Co., Ltd. | 32,400 | 561,261 | ||||||
SBI Holdings, Inc. | 17,600 | 477,427 | ||||||
Secom Co., Ltd. | 18,000 | 1,338,981 | ||||||
Sega Sammy Holdings, Inc. | 16,000 | 281,577 | ||||||
Seibu Holdings, Inc. | 19,100 | 313,322 | ||||||
Seiko Epson Corp. | 24,300 | 424,017 | ||||||
Sekisui Chemical Co., Ltd. | 34,000 | 556,805 | ||||||
Sekisui House, Ltd. | 52,500 | 933,981 | ||||||
Seven & i Holdings Co., Ltd. | 64,400 | 2,844,425 | ||||||
Seven Bank, Ltd. | 52,800 | 166,398 | ||||||
Sharp Corp.# | 12,900 | 341,177 | ||||||
Shimadzu Corp. | 21,800 | 598,276 | ||||||
Shimamura Co., Ltd. | 1,700 | 173,557 | ||||||
Shimano, Inc. | 6,400 | 903,010 | ||||||
Shimizu Corp. | 45,600 | 443,571 | ||||||
Shin-Etsu Chemical Co., Ltd. | 33,500 | 3,328,162 | ||||||
Shinsei Bank, Ltd. | 14,400 | 226,892 | ||||||
Shionogi & Co., Ltd. | 26,100 | 1,365,691 | ||||||
Shiseido Co., Ltd. | 31,900 | 2,516,268 | ||||||
Shizuoka Bank, Ltd. | 46,000 | 442,368 | ||||||
Showa Shell Sekiyu KK | 16,500 | 218,774 | ||||||
SMC Corp. | 4,900 | 1,854,975 | ||||||
SoftBank Group Corp. | 71,200 | 5,053,610 | ||||||
Sohgo Security Services Co., Ltd. | 6,200 | 283,030 | ||||||
Sompo Holdings, Inc. | 29,900 | 1,295,131 | ||||||
Sony Corp. | 109,100 | 5,144,151 | ||||||
Sony Financial Holdings, Inc. | 15,500 | 283,881 | ||||||
Stanley Electric Co., Ltd. | 12,400 | 421,061 | ||||||
Start Today Co., Ltd. | 16,593 | 574,207 | ||||||
Subaru Corp. | 52,700 | 1,608,424 | ||||||
SUMCO Corp. | 20,204 | 486,886 | ||||||
Sumitomo Chemical Co., Ltd. | 132,000 | 795,691 | ||||||
Sumitomo Corp. | 100,900 | 1,688,609 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.# | 13,900 | 288,028 | ||||||
Sumitomo Electric Industries, Ltd. | 65,200 | 978,318 | ||||||
Sumitomo Heavy Industries, Ltd. | 9,600 | 337,426 | ||||||
Sumitomo Metal Mining Co., Ltd. | 20,500 | 781,053 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 115,900 | 4,786,716 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 28,400 | 1,181,450 | ||||||
Sumitomo Realty & Development Co., Ltd. | 31,000 | 1,165,279 | ||||||
Sumitomo Rubber Industries, Ltd.# | 15,400 | 257,346 | ||||||
Sundrug Co., Ltd. | 6,380 | 289,079 | ||||||
Suntory Beverage & Food, Ltd. | 12,300 | 544,590 | ||||||
Suruga Bank, Ltd. | 15,000 | 172,291 | ||||||
Suzuken Co., Ltd. | 6,700 | 299,713 | ||||||
Suzuki Motor Corp. | 29,400 | 1,685,277 | ||||||
Sysmex Corp. | 13,500 | 1,210,360 | ||||||
T&D Holdings, Inc. | 47,100 | 738,726 | ||||||
Taiheiyo Cement Corp. | 10,400 | 383,442 | ||||||
Taisei Corp. | 18,000 | 985,062 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,700 | 285,975 |
122 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Taiyo Nippon Sanso Corp. | 11,500 | $ | 170,046 | |||||
Takashimaya Co., Ltd. | 26,000 | 216,632 | ||||||
Takeda Pharmaceutical Co., Ltd.# | 61,300 | 2,498,886 | ||||||
TDK Corp. | 11,300 | 1,012,629 | ||||||
Teijin, Ltd. | 16,400 | 317,206 | ||||||
Terumo Corp. | 27,800 | 1,641,517 | ||||||
THK Co., Ltd. | 9,900 | 349,693 | ||||||
Tobu Railway Co., Ltd. | 16,900 | 522,369 | ||||||
Toho Co., Ltd. | 9,800 | 339,172 | ||||||
Toho Gas Co., Ltd. | 7,100 | 223,469 | ||||||
Tohoku Electric Power Co., Inc. | 40,700 | 518,633 | ||||||
Tokio Marine Holdings, Inc. | 58,100 | 2,787,894 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 129,500 | 613,834 | ||||||
Tokyo Electron, Ltd. | 13,500 | 2,511,815 | ||||||
Tokyo Gas Co., Ltd. | 35,100 | 954,447 | ||||||
Tokyo Tatemono Co., Ltd. | 17,900 | 247,404 | ||||||
Tokyu Corp. | 45,600 | 808,987 | ||||||
Tokyu Fudosan Holdings Corp. | 42,700 | 313,700 | ||||||
Toppan Printing Co., Ltd. | 44,000 | 357,876 | ||||||
Toray Industries, Inc. | 128,400 | 1,047,667 | ||||||
Toshiba Corp.† | 357,000 | 1,001,260 | ||||||
Tosoh Corp. | 25,100 | 438,432 | ||||||
TOTO, Ltd. | 12,100 | 629,693 | ||||||
Toyo Seikan Group Holdings, Ltd. | 14,200 | 237,681 | ||||||
Toyo Suisan Kaisha, Ltd. | 7,000 | 249,361 | ||||||
Toyoda Gosei Co., Ltd. | 5,600 | 147,056 | ||||||
Toyota Industries Corp. | 14,400 | 838,341 | ||||||
Toyota Motor Corp. | 224,300 | 14,197,162 | ||||||
Toyota Tsusho Corp. | 18,700 | 643,274 | ||||||
Trend Micro, Inc. | 10,600 | 597,859 | ||||||
Tsuruha Holdings, Inc. | 3,104 | 460,161 | ||||||
Unicharm Corp. | 34,800 | 1,078,491 | ||||||
United Urban Investment Corp. | 259 | 396,847 | ||||||
USS Co., Ltd. | 19,799 | 373,700 | ||||||
West Japan Railway Co. | 14,600 | 1,048,102 | ||||||
Yahoo Japan Corp.# | 127,800 | 463,670 | ||||||
Yakult Honsha Co., Ltd. | 7,500 | 492,354 | ||||||
Yamada Denki Co., Ltd. | 59,300 | 306,635 | ||||||
Yamaguchi Financial Group, Inc. | 16,000 | 192,516 | ||||||
Yamaha Corp. | 14,700 | 765,585 | ||||||
Yamaha Motor Co., Ltd. | 23,400 | 674,348 | ||||||
Yamato Holdings Co., Ltd.# | 31,100 | 890,603 | ||||||
Yamazaki Baking Co., Ltd. | 10,500 | 227,073 | ||||||
Yaskawa Electric Corp. | 22,100 | 887,581 | ||||||
Yokogawa Electric Corp. | 18,700 | 339,991 | ||||||
Yokohama Rubber Co., Ltd.# | 8,700 | 188,030 | ||||||
308,605,123 | ||||||||
Jersey — 1.2% |
| |||||||
Experian PLC | 79,542 | 1,947,713 | ||||||
Ferguson PLC | 22,055 | 1,709,300 | ||||||
Glencore PLC | 1,049,033 | 5,190,397 | ||||||
Randgold Resources, Ltd. | 7,812 | 620,654 | ||||||
Shire PLC | 77,596 | 4,243,323 | ||||||
WPP PLC | 109,592 | 1,796,254 | ||||||
15,507,641 | ||||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal | 57,332 | 1,845,929 | ||||||
Eurofins Scientific SE | 947 | 489,172 | ||||||
Millicom International Cellular SA SDR | 5,889 | 371,535 | ||||||
RTL Group SA | 3,481 | 262,533 | ||||||
SES SA FDR# | 31,171 | 538,446 | ||||||
Tenaris SA | 42,231 | 758,666 | ||||||
4,266,281 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 629,900 | $ | 147,886 | |||||
Netherlands — 4.4% |
| |||||||
ABN AMRO Group NV CVA#* | 36,116 | 939,280 | ||||||
Aegon NV | 151,167 | 938,826 | ||||||
AerCap Holdings NV† | 11,911 | 658,797 | ||||||
Airbus SE | 49,610 | 5,692,416 | ||||||
Akzo Nobel NV | 21,757 | 1,906,758 | ||||||
Altice NV, Class A† | 41,160 | 145,382 | ||||||
ASML Holding NV | 33,351 | 6,506,820 | ||||||
Boskalis Westminster NV | 7,750 | 213,887 | ||||||
CNH Industrial NV | 88,171 | 1,028,728 | ||||||
EXOR NV | 8,981 | 661,436 | ||||||
Ferrari NV | 10,613 | 1,396,493 | ||||||
Fiat Chrysler Automobiles NV† | 92,414 | 2,094,131 | ||||||
Heineken Holding NV | 10,314 | 1,005,985 | ||||||
Heineken NV | 22,365 | 2,242,218 | ||||||
ING Groep NV | 334,901 | 4,866,861 | ||||||
Koninklijke Ahold Delhaize NV | 111,449 | 2,563,558 | ||||||
Koninklijke DSM NV | 15,554 | 1,545,048 | ||||||
Koninklijke KPN NV | 295,011 | 801,407 | ||||||
Koninklijke Philips NV | 80,505 | 3,287,021 | ||||||
Koninklijke Vopak NV# | 6,296 | 308,460 | ||||||
NN Group NV | 25,901 | 1,111,203 | ||||||
NXP Semiconductors NV† | 29,897 | 3,408,258 | ||||||
QIAGEN NV† | 18,416 | 668,043 | ||||||
Randstad NV | 10,254 | 613,359 | ||||||
RELX NV | 83,415 | 1,825,039 | ||||||
STMicroelectronics NV | 54,733 | 1,302,934 | ||||||
Unilever NV CVA# | 140,635 | 7,836,081 | ||||||
Wolters Kluwer NV | 26,148 | 1,471,491 | ||||||
57,039,920 | ||||||||
New Zealand — 0.2% |
| |||||||
Auckland International Airport, Ltd. | 87,262 | 402,253 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 48,839 | 452,774 | ||||||
Fletcher Building, Ltd.# | 76,484 | 352,698 | ||||||
Mercury NZ, Ltd.# | 59,213 | 133,712 | ||||||
Meridian Energy, Ltd. | 109,559 | 228,579 | ||||||
Ryman Healthcare, Ltd. | 33,839 | 269,657 | ||||||
Spark New Zealand, Ltd. | 164,001 | 419,242 | ||||||
2,258,915 | ||||||||
Norway — 0.7% |
| |||||||
DNB ASA | 84,364 | 1,507,691 | ||||||
Equinor ASA† | 97,969 | 2,571,925 | ||||||
Gjensidige Forsikring ASA | 18,149 | 280,430 | ||||||
Marine Harvest ASA# | 35,612 | 712,722 | ||||||
Norsk Hydro ASA | 120,524 | 754,827 | ||||||
Orkla ASA | 70,523 | 636,636 | ||||||
Schibsted ASA, Class B | 7,831 | 212,576 | ||||||
Telenor ASA | 66,333 | 1,366,146 | ||||||
Yara International ASA | 16,074 | 663,466 | ||||||
8,706,419 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 118,644 | 739,736 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 0 | ||||||
EDP - Energias de Portugal SA | 207,026 | 809,959 | ||||||
Galp Energia SGPS SA | 42,912 | 798,544 | ||||||
Jeronimo Martins SGPS SA | 22,353 | 350,939 | ||||||
1,959,442 | ||||||||
Singapore — 1.3% |
| |||||||
Ascendas Real Estate Investment Trust | 210,700 | 416,126 | ||||||
CapitaLand Commercial Trust | 178,700 | 227,612 |
123 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
CapitaLand Mall Trust | 216,000 | $ | 333,131 | |||||
CapitaLand, Ltd. | 228,000 | 587,204 | ||||||
City Developments, Ltd. | 35,900 | 299,455 | ||||||
ComfortDelGro Corp., Ltd. | 181,100 | 332,019 | ||||||
DBS Group Holdings, Ltd. | 153,100 | 3,229,379 | ||||||
Genting Singapore PLC | 543,500 | 509,169 | ||||||
Hutchison Port Holdings Trust | 507,600 | 138,750 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 235,342 | ||||||
Keppel Corp., Ltd. | 127,600 | 731,038 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 269,500 | 2,511,176 | ||||||
SATS, Ltd. | 56,300 | 216,423 | ||||||
Sembcorp Industries, Ltd. | 86,400 | 188,471 | ||||||
Singapore Airlines, Ltd. | 48,700 | 408,892 | ||||||
Singapore Exchange, Ltd. | 69,600 | 375,506 | ||||||
Singapore Press Holdings, Ltd.# | 142,800 | 279,693 | ||||||
Singapore Technologies Engineering, Ltd. | 138,000 | 357,447 | ||||||
Singapore Telecommunications, Ltd. | 701,400 | 1,714,401 | ||||||
StarHub, Ltd.# | 52,800 | 76,084 | ||||||
Suntec Real Estate Investment Trust | 200,400 | 268,399 | ||||||
United Overseas Bank, Ltd. | 111,600 | 2,335,977 | ||||||
UOL Group, Ltd. | 39,600 | 239,190 | ||||||
Wilmar International, Ltd. | 140,400 | 338,819 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 169,200 | 121,137 | ||||||
16,470,840 | ||||||||
Spain — 2.9% | ||||||||
Abertis Infraestructuras SA# | 59,632 | 1,280,036 | ||||||
ACS Actividades de Construccion y Servicios SA | 20,223 | 837,564 | ||||||
Aena SME SA* | 5,970 | 1,146,772 | ||||||
Amadeus IT Group SA | 38,264 | 3,032,368 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 572,774 | 3,910,215 | ||||||
Banco de Sabadell SA | 461,330 | 774,015 | ||||||
Banco Santander SA | 1,382,200 | 7,415,540 | ||||||
Bankia SA# | 87,009 | 331,812 | ||||||
Bankinter SA | 60,021 | 581,286 | ||||||
CaixaBank SA | 308,011 | 1,309,390 | ||||||
Enagas SA | 19,486 | 521,532 | ||||||
Endesa SA | 27,796 | 614,646 | ||||||
Ferrovial SA | 41,974 | 855,358 | ||||||
Gas Natural SDG SA | 31,192 | 764,371 | ||||||
Grifols SA# | 26,744 | 785,688 | ||||||
Iberdrola SA | 505,605 | 3,582,169 | ||||||
Industria de Diseno Textil SA | 94,264 | 2,970,922 | ||||||
International Consolidated Airlines Group SA | 54,895 | 497,377 | ||||||
Mapfre SA | 82,850 | 252,060 | ||||||
Red Electrica Corp. SA | 38,638 | 754,659 | ||||||
Repsol SA | 106,749 | 2,030,637 | ||||||
Siemens Gamesa Renewable Energy SA# | 20,517 | 314,888 | ||||||
Telefonica SA | 387,604 | 3,421,045 | ||||||
37,984,350 | ||||||||
SupraNational — 0.1% | ||||||||
HK Electric Investments & HK Electric Investments, Ltd.#* | 216,769 | 209,996 | ||||||
HKT Trust & HKT, Ltd. | 319,000 | 402,492 | ||||||
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI† | 62,871 | 699,407 | ||||||
1,311,895 | ||||||||
Sweden — 2.5% | ||||||||
Alfa Laval AB | 25,170 | 629,054 | ||||||
Arjo AB, Class B | 17,905 | 59,917 | ||||||
Assa Abloy AB, Class B | 86,683 | 1,864,884 | ||||||
Atlas Copco AB, Class A | 57,893 | 2,291,299 | ||||||
Atlas Copco AB, Class A(Redemption Shares)† | 57,893 | 52,509 | ||||||
Atlas Copco AB, Class B | 34,810 | 1,260,497 | ||||||
Atlas Copco AB, Class B(Redemption Shares)† | 34,810 | 31,545 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) | ||||||||
Boliden AB | 24,395 | $ | 860,447 | |||||
Boliden AB(Redemption Shares)† | 24,395 | 15,853 | ||||||
Electrolux AB, Series B | 21,626 | 533,359 | ||||||
Essity AB, Class B | 52,841 | 1,339,760 | ||||||
Getinge AB, Class B | 17,905 | 173,638 | ||||||
Hennes & Mauritz AB, Class B | 83,121 | 1,253,060 | ||||||
Hexagon AB, Class B | 22,849 | 1,288,026 | ||||||
Husqvarna AB, Class B | 36,460 | 358,556 | ||||||
ICA Gruppen AB | 6,868 | 211,989 | ||||||
Industrivarden AB, Class C | 14,317 | 300,910 | ||||||
Investor AB, Class B | 39,679 | 1,646,391 | ||||||
Kinnevik AB, Class B | 21,025 | 733,062 | ||||||
L E Lundbergforetagen AB | 6,172 | 199,483 | ||||||
Lundin Petroleum AB | 16,054 | 509,353 | ||||||
Nordea Bank AB | 262,793 | 2,528,774 | ||||||
Sandvik AB | 97,081 | 1,684,388 | ||||||
Securitas AB, Class B | 28,056 | 451,290 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 130,991 | 1,180,877 | ||||||
Skanska AB, Class B | 29,272 | 539,178 | ||||||
SKF AB, Class B | 32,673 | 635,060 | ||||||
Svenska Handelsbanken AB, Class A | 129,082 | 1,414,906 | ||||||
Swedbank AB, Class A | 78,926 | 1,641,535 | ||||||
Swedish Match AB | 15,412 | 730,906 | ||||||
Tele2 AB, Class B | 28,579 | 349,890 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 265,671 | 1,924,399 | ||||||
Telia Co AB | 229,442 | 1,073,859 | ||||||
Volvo AB, Class B | 135,410 | 2,332,198 | ||||||
32,100,852 | ||||||||
Switzerland — 7.3% | ||||||||
ABB, Ltd. | 158,068 | 3,592,794 | ||||||
Adecco Group AG# | 14,490 | 867,410 | ||||||
Baloise Holding AG | 4,243 | 621,254 | ||||||
Barry Callebaut AG | 197 | 344,417 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 10 | 756,457 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 87 | 557,209 | ||||||
Cie Financiere Richemont SA | 44,712 | 4,105,974 | ||||||
Clariant AG | 19,729 | 477,042 | ||||||
Coca-Cola HBC AG | 15,621 | 533,780 | ||||||
Credit Suisse Group AG | 209,225 | 3,178,363 | ||||||
Dufry AG# | 3,018 | 410,981 | ||||||
EMS-Chemie Holding AG | 739 | 463,230 | ||||||
Geberit AG | 3,176 | 1,369,380 | ||||||
Givaudan SA | 815 | 1,811,929 | ||||||
Julius Baer Group, Ltd. | 19,317 | 1,124,037 | ||||||
Kuehne & Nagel International AG | 4,873 | 732,712 | ||||||
LafargeHolcim, Ltd.# | 39,286 | 2,015,321 | ||||||
Lonza Group AG | 6,357 | 1,706,199 | ||||||
Nestle SA | 267,448 | 20,157,649 | ||||||
Novartis AG | 191,013 | 14,171,950 | ||||||
Pargesa Holding SA | 2,757 | 241,505 | ||||||
Partners Group Holding AG | 1,488 | 1,072,449 | ||||||
Roche Holding AG | 60,295 | 12,932,226 | ||||||
Schindler Holding AG | 1,916 | 393,113 | ||||||
Schindler Holding AG (Participation Certificate) | 3,440 | 728,246 | ||||||
SGS SA | 474 | 1,228,362 | ||||||
Sika AG | 185 | 1,472,894 | ||||||
Sonova Holding AG | 4,591 | 801,249 | ||||||
Straumann Holding AG | 818 | 540,583 | ||||||
Swatch Group AG | 4,452 | 396,347 | ||||||
Swatch Group AG BR | 2,655 | 1,288,289 | ||||||
Swiss Life Holding AG | 2,866 | 977,146 | ||||||
Swiss Prime Site AG | 5,850 | 545,531 | ||||||
Swiss Re AG | 27,104 | 2,346,069 |
124 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (continued) | ||||||||
Swisscom AG# | 2,262 | $ | 1,007,476 | |||||
UBS Group AG | 316,286 | 4,752,760 | ||||||
Vifor Pharma AG# | 4,215 | 655,760 | ||||||
Zurich Insurance Group AG | 13,025 | 3,868,438 | ||||||
94,246,531 | ||||||||
United Kingdom — 16.2% | ||||||||
3i Group PLC | 83,463 | 1,057,730 | ||||||
Admiral Group PLC | 18,161 | 464,930 | ||||||
Anglo American PLC# | 115,011 | 2,748,832 | ||||||
Antofagasta PLC | 35,163 | 491,732 | ||||||
Ashtead Group PLC | 42,799 | 1,320,696 | ||||||
Associated British Foods PLC | 31,019 | 1,092,276 | ||||||
AstraZeneca PLC | 109,160 | 7,967,851 | ||||||
Auto Trader Group PLC* | 86,570 | 405,837 | ||||||
Aviva PLC | 347,846 | 2,362,466 | ||||||
Babcock International Group PLC | 22,156 | 245,403 | ||||||
BAE Systems PLC | 274,689 | 2,335,415 | ||||||
Barclays PLC | 1,454,717 | 3,819,937 | ||||||
Barratt Developments PLC | 87,592 | 635,422 | ||||||
Berkeley Group Holdings PLC | 11,202 | 632,378 | ||||||
BHP Billiton PLC | 184,078 | 4,232,492 | ||||||
BP PLC | 1,688,117 | 12,936,842 | ||||||
British American Tobacco PLC | 196,807 | 10,124,224 | ||||||
British Land Co. PLC | 85,679 | 770,907 | ||||||
BT Group PLC | 724,373 | 1,973,255 | ||||||
Bunzl PLC | 30,099 | 916,388 | ||||||
Burberry Group PLC | 36,971 | 1,016,987 | ||||||
Capita PLC# | 59,319 | 106,555 | ||||||
Carnival PLC | 16,735 | 1,070,720 | ||||||
Centrica PLC | 468,325 | 908,381 | ||||||
Cobham PLC†# | 206,348 | 340,959 | ||||||
Coca-Cola European Partners PLC | 18,399 | 698,610 | ||||||
Compass Group PLC | 137,018 | 2,946,513 | ||||||
ConvaTec Group PLC* | 117,763 | 362,074 | ||||||
Croda International PLC | 11,280 | 699,235 | ||||||
Diageo PLC | 217,168 | 7,976,882 | ||||||
Direct Line Insurance Group PLC | 122,216 | 580,389 | ||||||
easyJet PLC | 14,520 | 329,302 | ||||||
Fresnillo PLC# | 19,415 | 342,943 | ||||||
G4S PLC | 136,683 | 490,556 | ||||||
GKN PLC | 149,120 | 951,200 | ||||||
GlaxoSmithKline PLC | 423,063 | 8,571,176 | ||||||
Hammerson PLC | 69,313 | 503,204 | ||||||
Hargreaves Lansdown PLC# | 21,429 | 542,002 | ||||||
HSBC Holdings PLC | 1,726,481 | 16,542,382 | ||||||
IMI PLC | 24,413 | 376,593 | ||||||
Imperial Brands PLC | 82,255 | 2,963,874 | ||||||
InterContinental Hotels Group PLC | 15,349 | 982,499 | ||||||
Intertek Group PLC | 14,600 | 1,061,105 | ||||||
Investec PLC | 56,442 | 417,000 | ||||||
ITV PLC | 314,144 | 677,685 | ||||||
J Sainsbury PLC | 139,226 | 589,250 | ||||||
John Wood Group PLC# | 58,171 | 517,553 | ||||||
Johnson Matthey PLC | 16,783 | 783,993 | ||||||
Kingfisher PLC | 190,968 | 773,692 | ||||||
Land Securities Group PLC | 65,798 | 811,657 | ||||||
Legal & General Group PLC | 514,887 | 1,847,182 | ||||||
Lloyds Banking Group PLC | 6,162,617 | 5,179,306 | ||||||
London Stock Exchange Group PLC | 27,572 | 1,641,331 | ||||||
Marks & Spencer Group PLC# | 144,358 | 544,265 | ||||||
Mediclinic International PLC# | 31,976 | 259,826 | ||||||
Meggitt PLC | 70,892 | 463,472 | ||||||
Merlin Entertainments PLC* | 57,170 | 278,806 | ||||||
Micro Focus International PLC# | 37,812 | 670,536 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Mondi PLC | 32,363 | $ | 898,958 | |||||
National Grid PLC | 297,555 | 3,289,263 | ||||||
Next PLC | 12,467 | 961,407 | ||||||
Old Mutual PLC | 434,547 | 1,385,651 | ||||||
Pearson PLC# | 73,394 | 879,840 | ||||||
Persimmon PLC | 27,145 | 1,022,119 | ||||||
Prudential PLC | 222,497 | 5,344,000 | ||||||
Reckitt Benckiser Group PLC | 57,252 | 4,385,230 | ||||||
RELX PLC | 92,728 | 2,037,424 | ||||||
Rio Tinto PLC | 105,945 | 5,973,617 | ||||||
Rolls-Royce Holdings PLC | 142,883 | 1,563,199 | ||||||
Rolls-Royce Holdings PLC, Class C (Entitlement Shares)† | 10,144,693 | 13,486 | ||||||
Royal Bank of Scotland Group PLC† | 303,869 | 1,111,544 | ||||||
Royal Dutch Shell PLC, Class A | 387,013 | 13,416,720 | ||||||
Royal Dutch Shell PLC, Class B | 322,909 | 11,495,097 | ||||||
Royal Mail PLC | 79,007 | 534,621 | ||||||
RSA Insurance Group PLC | 90,305 | 782,583 | ||||||
Sage Group PLC | 95,258 | 837,014 | ||||||
Schroders PLC | 11,277 | 484,391 | ||||||
Segro PLC | 85,241 | 741,907 | ||||||
Severn Trent PLC | 21,210 | 560,932 | ||||||
Sky PLC | 91,579 | 1,639,864 | ||||||
Smith & Nephew PLC | 77,956 | 1,418,479 | ||||||
Smiths Group PLC | 35,603 | 833,456 | ||||||
SSE PLC | 87,200 | 1,585,299 | ||||||
St James’s Place PLC | 45,882 | 727,246 | ||||||
Standard Chartered PLC | 285,813 | 2,867,881 | ||||||
Standard Life Aberdeen PLC | 232,721 | 1,082,462 | ||||||
Taylor Wimpey PLC | 287,464 | 726,765 | ||||||
Tesco PLC | 704,189 | 2,300,439 | ||||||
Travis Perkins PLC | 22,495 | 402,426 | ||||||
Unilever PLC | 108,326 | 5,972,217 | ||||||
United Utilities Group PLC | 60,120 | 620,155 | ||||||
Vodafone Group PLC | 2,296,997 | 5,876,772 | ||||||
Weir Group PLC# | 19,272 | 561,534 | ||||||
Whitbread PLC | 15,819 | 886,483 | ||||||
WM Morrison Supermarkets PLC | 187,531 | 612,435 | ||||||
208,187,624 | ||||||||
United States — 0.1% | ||||||||
Worldpay, Inc., Class A†# | 11,612 | 881,148 | ||||||
Total Common Stocks | ||||||||
(cost $1,145,880,189) | 1,253,587,597 | |||||||
EXCHANGE-TRADED FUNDS — 0.3% |
| |||||||
United States — 0.3% |
| |||||||
iShares MSCI EAFE ETF# | 47,500 | 3,296,500 | ||||||
RIGHTS — 0.0% |
| |||||||
Netherlands — 0.0% |
| |||||||
Altice NV† | 41,160 | 300,289 | ||||||
Spain — 0.0% |
| |||||||
Ferrovial SA† | 41,974 | 15,310 | ||||||
Total Rights | ||||||||
(cost $308,703) | 315,599 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,149,602,574) | 1,257,199,696 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.9% |
| |||||||
Registered Investment Companies — 5.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(3)(4) | 67,527,084 | 67,527,084 | ||||||
125 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 0.6% |
| |||||||
United States Treasury Bills | ||||||||
1.71% due 06/14/2018(5) | $ | 265,000 | $ | 264,849 | ||||
1.74% due 06/28/2018(5) | 420,000 | 419,454 | ||||||
1.76% due 07/19/2018(5) | 200,000 | 199,525 | ||||||
1.80% due 07/05/2018(5) | 1,000,000 | 998,345 | ||||||
1.82% due 08/23/2018(5) | 4,000,000 | 3,982,858 | ||||||
1.90% due 09/20/2018(5) | 2,000,000 | 1,988,268 | ||||||
7,853,299 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $75,380,730) | 75,380,383 | |||||||
REPURCHASE AGREEMENTS — 0.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $5,430,042 collateralized by $5,910,000 of U.S. Treasury Notes, bearing interest at 2.00% due 11/15/2026 and having an approximate value of $5,539,709 | 5,430,000 | 5,430,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,230,413,304)(6) | 103.9 | % | 1,338,010,079 | |||||
Liabilities in excess of other assets | (3.9 | ) | (50,023,427 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,287,986,652 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $7,820,409 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Illiquid security. At May 31, 2018, 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 May 31, 2018, the Fund had loaned securities with a total value of $73,439,680. This was secured by collateral of $67,527,084, which was received in cash and subsequently invested in short-term investments currently valued at $67,527,084 as reported in the Portfolio of Investments. Additional collateral of $9,840,239 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.75% to 3.50% | 11/01/2034 to 12/01/2047 | $ | 643,204 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.46% | 10/01/2032 to 11/01/2046 | 613,419 | |||||
Government National Mtg. Assoc. | 2.50% to 4.00% | 08/20/2044 to 04/16/2059 | 656,651 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 01/31/2019 | 227,175 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 05/15/2047 | 7,699,790 |
(4) | The rate shown is the 7-day yield as of May 31, 2018. |
(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 |
BR—Bearer Share
CDI—Chess | Depositary Interest |
CVA—Certification | Van Aandelen (Dutch Cert.) |
ETF—Exchange-Traded | Funds |
FDR—Fiduciary | Depositary Receipt |
RSP—Risparmio | Shares-Savings Shares on the Italian Stock Exchange |
SDR—Swedish | Depositary Receipt |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
241 | Long | mini MSCI EAFE Index | June 2018 | $ | 24,454,321 | $ | 23,943,350 | $ | (510,971 | ) | ||||||||||||
* | 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 May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | 9,862 | $ | 83,311,992 | ** | $ | 188 | $ | 83,322,042 | |||||||
Portugal | — | 1,959,442 | ** | 0 | 1,959,442 | |||||||||||
United Kingdom | 1,649,810 | 206,537,814 | *** | — | 208,187,624 | |||||||||||
Other Countries | 8,673,691 | 951,444,798 | ** | — | 960,118,489 | |||||||||||
Exchange-Traded Funds | 3,296,500 | — | — | 3,296,500 | ||||||||||||
Rights | 315,599 | — | — | 315,599 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 67,527,084 | — | — | 67,527,084 | ||||||||||||
U.S. Government Treasuries | — | 7,853,299 | — | 7,853,299 | ||||||||||||
Repurchase Agreements | — | 5,430,000 | — | 5,430,000 | ||||||||||||
Total Investments at Value | $ | 81,472,546 | $ | 1,256,537,345 | $ | 188 | $ | 1,338,010,079 | ||||||||
126 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 510,971 | $ | — | $ | — | $ | 510,971 | ||||||||
* | 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 $206,524,328 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 $1,208,050,452 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 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Sovereign | 71.2 | % | ||
United States Treasury Notes | 17.7 | |||
Registered Investment Companies | 3.1 | |||
United States Treasury Bonds | 2.2 | |||
Oil Companies — Integrated | 0.8 | |||
Electric — Distribution | 0.6 | |||
Banks — Commercial | 0.6 | |||
Platinum | 0.5 | |||
Cellular Telecom | 0.5 | |||
Banks — Export/Import | 0.3 | |||
Diversified Operations | 0.3 | |||
Electric — Generation | 0.3 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Transport — Marine | 0.2 | |||
Non-Ferrous Metals | 0.2 | |||
Diamonds/Precious Stones | 0.2 | |||
Gas — Distribution | 0.2 | |||
Finance — Commercial | 0.2 | |||
Real Estate Operations & Development | 0.1 | |||
Transport — Services | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Building Products — Cement | 0.1 | |||
Metal — Diversified | 0.1 | |||
Electric — Integrated | 0.1 | |||
Airlines | 0.1 | |||
100.0 | % | |||
Country Allocation*
United States | 23.5 | % | ||
Japan | 13.2 | |||
United Kingdom | 4.7 | |||
Germany | 4.6 | |||
France | 4.4 | |||
Italy | 4.1 | |||
Mexico | 3.6 | |||
Argentina | 3.0 | |||
Australia | 2.7 | |||
Indonesia | 2.1 | |||
Dominican Republic | 2.0 | |||
Sri Lanka | 1.7 | |||
Ecuador | 1.7 | |||
Turkey | 1.6 | |||
Colombia | 1.6 | |||
Netherlands | 1.6 | |||
Spain | 1.6 | |||
Russia | 1.3 | |||
Nigeria | 1.3 | |||
Ivory Coast | 1.3 | |||
Senegal | 1.2 | |||
Egypt | 1.1 | |||
South Africa | 1.1 | |||
Uruguay | 1.0 | |||
Sweden | 0.9 | |||
Ukraine | 0.9 | |||
Brazil | 0.9 | |||
Lebanon | 0.9 | |||
Lithuania | 0.8 | |||
Belgium | 0.8 | |||
Austria | 0.8 | |||
Poland | 0.8 | |||
Honduras | 0.7 | |||
Jordan | 0.7 | |||
Chile | 0.7 | |||
British Virgin Islands | 0.6 | |||
Romania | 0.5 |
Kazakhstan | 0.5 | |||
Malaysia | 0.5 | |||
Qatar | 0.5 | |||
Ireland | 0.4 | |||
Belarus | 0.4 | |||
Paraguay | 0.3 | |||
Luxembourg | 0.3 | |||
Bermuda | 0.3 | |||
Peru | 0.2 | |||
Cayman Islands | 0.2 | |||
Hungary | 0.2 | |||
Singapore | 0.1 | |||
China | 0.1 | |||
100.0 | % | |||
Credit Quality†#
Aaa | 28.4 | % | ||
Aa | 10.5 | |||
A | 19.9 | |||
Baa | 13.3 | |||
Ba | 9.0 | |||
B | 8.6 | |||
Caa | 0.6 | |||
Not Rated@ | 9.7 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities |
128 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 5.0% |
| |||||||
Argentina — 0.4% |
| |||||||
Capex SA | $ | 290,000 | $ | 273,554 | ||||
Genneia SA | 280,000 | 282,750 | ||||||
YPF SA | 290,000 | 268,612 | ||||||
824,916 | ||||||||
Bermuda — 0.3% |
| |||||||
China Resources Gas Group, Ltd. | 290,000 | 296,098 | ||||||
Geopark, Ltd. | 290,000 | 281,033 | ||||||
577,131 | ||||||||
British Virgin Islands — 0.6% |
| |||||||
State Grid Overseas Investment, Ltd. | 1,200,000 | 1,173,498 | ||||||
State Grid Overseas Investment, Ltd. | 200,000 | 204,106 | ||||||
1,377,604 | ||||||||
Cayman Islands — 0.2% |
| |||||||
Future Land Development Holdings, Ltd. | 300,000 | 293,449 | ||||||
Gol Finance, Inc. | 310,000 | 265,050 | ||||||
558,499 | ||||||||
Chile — 0.2% |
| |||||||
Codelco, Inc. | 400,000 | 380,528 | ||||||
China — 0.1% |
| |||||||
Bank of China, Ltd. | 220,000 | 225,481 | ||||||
Indonesia — 0.3% |
| |||||||
Pertamina Persero PT | 318,000 | 325,721 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 388,500 | ||||||
714,221 | ||||||||
Luxembourg — 0.3% |
| |||||||
Millicom International Cellular SA | 290,000 | 292,320 | ||||||
Rumo Luxembourg SARL | 280,000 | 289,660 | ||||||
581,980 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Mexico — 1.1% |
| |||||||
Comision Federal de Electricidad | $ | 200,000 | $ | 194,000 | ||||
Grupo KUO SAB De CV | 450,000 | 420,750 | ||||||
Grupo KUO SAB De CV | 290,000 | 271,150 | ||||||
Petroleos Mexicanos | 520,000 | 491,348 | ||||||
Petroleos Mexicanos | MXN | 15,000,000 | 669,840 | |||||
Unifin Financiera SAB de CV SOFOM ENR | 290,000 | 284,200 | ||||||
2,331,288 | ||||||||
Netherlands — 0.5% |
| |||||||
CIMPOR Financial Operations BV | 310,000 | 279,003 | ||||||
GTH Finance BV | 200,000 | 208,414 | ||||||
Petrobras Global Finance BV | 300,000 | 277,800 | ||||||
VEON Holdings BV | 355,000 | 335,120 | ||||||
1,100,337 | ||||||||
Nigeria — 0.3% |
| |||||||
Fidelity Bank PLC | 290,000 | 297,134 | ||||||
Zenith Bank PLC | 290,000 | 294,405 | ||||||
591,539 | ||||||||
Peru — 0.1% |
| |||||||
Banco Internacional del Peru SAA Interbank | 270,548 | 257,291 | ||||||
Singapore — 0.1% |
| |||||||
Medco Platinum Road Pte, Ltd. | 310,000 | 291,426 | ||||||
Turkey — 0.2% |
| |||||||
Petkim Petrokimya Holding AS | 300,000 | 279,600 | ||||||
Yapi ve Kredi Bankasi AS | 310,000 | 291,779 | ||||||
571,379 | ||||||||
United Kingdom — 0.3% |
| |||||||
Petra Diamonds US Treasury PLC | 300,000 | 297,600 |
129 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Vedanta Resources PLC | $ | 300,000 | $ | 278,830 | ||||
576,430 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,568,709) | 10,960,050 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 71.5% |
| |||||||
Argentina — 2.6% |
| |||||||
Republic of Argentina | 2,000,000 | 1,211,020 | ||||||
Republic of Argentina | 730,000 | 662,110 | ||||||
Republic of Argentina | EUR | 1,000,000 | 1,063,836 | |||||
Republic of Argentina | 80,000 | 76,600 | ||||||
Republic of Argentina | 690,000 | 602,025 | ||||||
Republic of Argentina | 600,000 | 606,000 | ||||||
Republic of Argentina | 1,000,000 | 820,000 | ||||||
Republic of Argentina | 300,000 | 264,750 | ||||||
Republic of Argentina | 140,204 | 140,416 | ||||||
Republic of Argentina | 280,407 | 280,831 | ||||||
5,727,588 | ||||||||
Australia — 2.7% |
| |||||||
Commonwealth of Australia | AUD | 1,700,000 | 1,277,653 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 769,170 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 733,029 | |||||
Commonwealth of Australia | AUD | 1,400,000 | 1,106,853 | |||||
Commonwealth of Australia | AUD | 900,000 | 716,021 | |||||
Commonwealth of Australia | AUD | 1,500,000 | 1,251,964 | |||||
5,854,690 | ||||||||
Austria — 0.8% |
| |||||||
Republic of Austria | EUR | 1,000,000 | 1,770,203 | |||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Belarus — 0.4% |
| |||||||
Republic of Belarus | $ | 900,000 | $ | 875,520 | ||||
Belgium — 0.8% |
| |||||||
Kingdom of Belgium | EUR | 1,500,000 | 1,827,086 | |||||
Brazil — 0.9% |
| |||||||
Federative Republic of Brazil | 600,000 | 486,000 | ||||||
Federative Republic of Brazil | 370,000 | 325,600 | ||||||
Federative Republic of Brazil | BRL | 2,000,000 | 524,214 | |||||
Federative Republic of Brazil | BRL | 2,000,000 | 582,162 | |||||
1,917,976 | ||||||||
Chile — 0.5% |
| |||||||
Republic of Chile | 630,000 | 603,484 | ||||||
Republic of Chile | 500,000 | 479,000 | ||||||
1,082,484 | ||||||||
Colombia — 1.6% |
| |||||||
Republic of Colombia | 600,000 | 573,000 | ||||||
Republic of Colombia | 600,000 | 609,900 | ||||||
Republic of Colombia | 400,000 | 386,000 | ||||||
Republic of Colombia | 1,100,000 | 1,364,000 | ||||||
Republic of Colombia | COP | 1,500,000,000 | 652,670 | |||||
3,585,570 | ||||||||
Dominican Republic — 2.0% |
| |||||||
Dominican Republic | 700,000 | 696,668 | ||||||
Dominican Republic | 1,500,000 | 1,536,855 | ||||||
Dominican Republic | 600,000 | 596,856 | ||||||
Dominican Republic | 500,000 | 534,025 | ||||||
Dominican Republic | 600,000 | 628,188 |
130 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Dominican Republic (continued) |
| |||||||
Dominican Republic | $ | 300,000 | $ | 343,500 | ||||
4,336,092 | ||||||||
Ecuador — 1.7% |
| |||||||
Republic of Ecuador | 1,900,000 | 1,672,000 | ||||||
Republic of Ecuador | 800,000 | 786,160 | ||||||
Republic of Ecuador | 700,000 | 687,190 | ||||||
Republic of Ecuador | 500,000 | 521,350 | ||||||
3,666,700 | ||||||||
Egypt — 1.1% |
| |||||||
Government of Egypt | 390,000 | 385,098 | ||||||
Government of Egypt | 650,000 | 634,330 | ||||||
Government of Egypt | 900,000 | 939,411 | ||||||
Government of Egypt | 535,000 | 567,121 | ||||||
2,525,960 | ||||||||
France — 4.4% |
| |||||||
Government of France | EUR | 2,000,000 | 2,380,477 | |||||
Government of France | EUR | 600,000 | 843,161 | |||||
Government of France | EUR | 350,000 | 690,711 | |||||
Government of France | EUR | 1,400,000 | 2,017,524 | |||||
Government of France | EUR | 450,347 | 792,189 | |||||
Government of France | EUR | 700,000 | 1,349,262 | |||||
Government of France | EUR | 1,000,000 | 1,665,794 | |||||
9,739,118 | ||||||||
Germany — 4.6% |
| |||||||
Federal Republic of Germany | EUR | 2,900,000 | 3,499,548 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Germany (continued) | ||||||||
Federal Republic of Germany | EUR | 1,700,000 | $ | 2,128,566 | ||||
Federal Republic of Germany | EUR | 800,000 | 1,038,491 | |||||
Federal Republic of Germany | EUR | 350,000 | 664,307 | |||||
Federal Republic of Germany | EUR | 750,000 | 1,414,375 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,465,697 | |||||
10,210,984 | ||||||||
Honduras — 0.7% |
| |||||||
Republic of Honduras | 850,000 | 853,621 | ||||||
Republic of Honduras | 600,000 | 647,850 | ||||||
1,501,471 | ||||||||
Hungary — 0.2% |
| |||||||
Republic of Hungary | HUF | 150,000,000 | 549,679 | |||||
Indonesia — 1.8% |
| |||||||
Republic of Indonesia | 810,000 | 772,940 | ||||||
Republic of Indonesia | 550,000 | 545,501 | ||||||
Republic of Indonesia | 800,000 | 732,948 | ||||||
Republic of Indonesia | 1,400,000 | 1,509,064 | ||||||
Republic of Indonesia | 300,000 | 351,832 | ||||||
3,912,285 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland | EUR | 750,000 | 923,096 | |||||
Italy — 4.1% |
| |||||||
Republic of Italy | EUR | 700,000 | 754,120 | |||||
Republic of Italy | EUR | 1,100,000 | 1,204,789 | |||||
Republic of Italy | EUR | 600,000 | 648,935 |
131 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 1,000,000 | $ | 1,086,724 | ||||
Republic of Italy | EUR | 700,000 | 719,096 | |||||
Republic of Italy | EUR | 1,000,000 | 1,243,019 | |||||
Republic of Italy | EUR | 750,000 | 975,719 | |||||
Republic of Italy | EUR | 500,000 | 723,825 | |||||
Republic of Italy | EUR | 600,000 | 911,885 | |||||
Republic of Italy | EUR | 532,912 | 834,472 | |||||
9,102,584 | ||||||||
Ivory Coast — 1.3% |
| |||||||
Republic of Ivory Coast | 1,200,000 | 1,105,200 | ||||||
Republic of Ivory Coast | 500,000 | 491,288 | ||||||
Republic of Ivory Coast | EUR | 1,000,000 | 1,153,364 | |||||
2,749,852 | ||||||||
Japan — 13.2% |
| |||||||
Government of Japan | JPY | 330,000,000 | 3,057,957 | |||||
Government of Japan | JPY | 200,000,000 | 1,852,167 | |||||
Government of Japan | JPY | 120,000,000 | 1,138,767 | |||||
Government of Japan | JPY | 150,000,000 | 1,442,501 | |||||
Government of Japan | JPY | 205,000,000 | 1,957,549 | |||||
Government of Japan | JPY | 185,000,000 | 1,744,835 | |||||
Government of Japan | JPY | 132,000,000 | 1,244,053 | |||||
Government of Japan | JPY | 200,000,000 | 1,900,906 | |||||
Government of Japan | JPY | 200,000,000 | 2,087,236 | |||||
Government of Japan | JPY | 125,000,000 | 1,349,209 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 100,000,000 | $ | 1,101,558 | ||||
Government of Japan | JPY | 53,000,000 | 591,022 | |||||
Government of Japan | JPY | 120,000,000 | 1,419,538 | |||||
Government of Japan | JPY | 85,000,000 | 1,012,421 | |||||
Government of Japan | JPY | 100,000,000 | 1,197,224 | |||||
Government of Japan | JPY | 60,000,000 | 660,720 | |||||
Government of Japan | JPY | 128,000,000 | 1,439,822 | |||||
Government of Japan | JPY | 60,000,000 | 684,491 | |||||
Government of Japan | JPY | 33,000,000 | 429,177 | |||||
Government of Japan | JPY | 230,000,000 | 2,808,311 | |||||
29,119,464 | ||||||||
Jordan — 0.7% |
| |||||||
Kingdom of Jordan | 1,050,000 | 997,500 | ||||||
Kingdom of Jordan | 500,000 | 491,250 | ||||||
1,488,750 | ||||||||
Kazakhstan — 0.5% |
| |||||||
Republic of Kazakhstan | 1,050,000 | 1,118,645 | ||||||
Lebanon — 0.9% |
| |||||||
Republic of Lebanon | 300,000 | 253,524 | ||||||
Republic of Lebanon | 500,000 | 407,480 | ||||||
Republic of Lebanon | 580,000 | 488,464 | ||||||
Republic of Lebanon | 760,000 | 754,680 | ||||||
1,904,148 | ||||||||
Lithuania — 0.8% |
| |||||||
Republic of Lithuania | 1,750,000 | 1,870,435 | ||||||
132 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Malaysia — 0.5% |
| |||||||
Government of Malaysia | MYR | 4,000,000 | $ | 1,003,021 | ||||
Mexico — 2.5% |
| |||||||
United Mexican States | 500,000 | 500,750 | ||||||
United Mexican States | 220,000 | 216,150 | ||||||
United Mexican States | 700,000 | 611,100 | ||||||
United Mexican States | 700,000 | 634,550 | ||||||
United Mexican States | MXN | 30,000,000 | 1,453,758 | |||||
United Mexican States | MXN | 10,000,000 | 491,666 | |||||
United Mexican States | MXN | 15,000,000 | 736,927 | |||||
United Mexican States | MXN | 14,000,000 | 781,634 | |||||
5,426,535 | ||||||||
Netherlands — 1.1% |
| |||||||
Kingdom of the Netherlands | EUR | 1,100,000 | 1,293,688 | |||||
Kingdom of the Netherlands | EUR | 900,000 | 1,155,234 | |||||
2,448,922 | ||||||||
Nigeria — 1.0% |
| |||||||
Republic of Nigeria | 510,000 | 503,166 | ||||||
Republic of Nigeria | 260,000 | 260,374 | ||||||
Republic of Nigeria | 800,000 | 787,466 | ||||||
Republic of Nigeria | 650,000 | 650,696 | ||||||
2,201,702 | ||||||||
Paraguay — 0.3% |
| |||||||
Republic of Paraguay | 650,000 | 654,063 | ||||||
Peru — 0.1% |
| |||||||
Republic of Peru | 270,000 | 311,175 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Poland — 0.8% |
| |||||||
Republic of Poland | $ | 730,000 | $ | 740,246 | ||||
Republic of Poland | PLN | 3,000,000 | 925,183 | |||||
1,665,429 | ||||||||
Qatar — 0.5% |
| |||||||
State of Qatar | 1,000,000 | 994,218 | ||||||
Romania — 0.5% |
| |||||||
Government of Romania | 550,000 | 639,753 | ||||||
Government of Romania | 500,000 | 545,000 | ||||||
1,184,753 | ||||||||
Russia — 1.3% |
| |||||||
Russian Federation | 600,000 | 580,500 | ||||||
Russian Federation | 800,000 | 831,880 | ||||||
Russian Federation | 800,000 | 759,494 | ||||||
Russian Federation | 600,000 | 635,262 | ||||||
2,807,136 | ||||||||
Senegal — 1.2% |
| |||||||
Republic of Senegal | EUR | 1,000,000 | 1,135,686 | |||||
Republic of Senegal | 1,000,000 | 924,712 | ||||||
Republic of Senegal | 540,000 | 486,259 | ||||||
2,546,657 | ||||||||
South Africa — 1.1% |
| |||||||
Republic of South Africa | 830,000 | 758,238 | ||||||
Republic of South Africa | 200,000 | 198,744 | ||||||
Republic of South Africa | 200,000 | 190,700 | ||||||
Republic of South Africa | 500,000 | 529,343 | ||||||
Republic of South Africa | ZAR | 9,100,000 | 796,912 | |||||
2,473,937 | ||||||||
133 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Spain — 1.6% |
| |||||||
Kingdom of Spain | EUR | 900,000 | $ | 1,095,473 | ||||
Kingdom of Spain | EUR | 1,000,000 | 1,303,281 | |||||
Kingdom of Spain | EUR | 750,000 | 1,047,740 | |||||
3,446,494 | ||||||||
Sri Lanka — 1.7% |
| |||||||
Republic of Sri Lanka | 580,000 | 570,906 | ||||||
Republic of Sri Lanka | 300,000 | 298,344 | ||||||
Republic of Sri Lanka | 550,000 | 560,937 | ||||||
Republic of Sri Lanka | 500,000 | 507,331 | ||||||
Republic of Sri Lanka | 1,740,000 | 1,729,696 | ||||||
3,667,214 | ||||||||
Sweden — 0.9% |
| |||||||
Kingdom of Sweden | SEK | 6,000,000 | 698,490 | |||||
Kingdom of Sweden | SEK | 10,000,000 | 1,320,647 | |||||
2,019,137 | ||||||||
Turkey — 1.4% |
| |||||||
Export Credit Bank of Turkey | 800,000 | 730,511 | ||||||
Republic of Turkey | 340,000 | 282,098 | ||||||
Republic of Turkey | 1,040,000 | 986,864 | ||||||
Republic of Turkey | 700,000 | 640,500 | ||||||
Republic of Turkey | 400,000 | 428,500 | ||||||
3,068,473 | ||||||||
Ukraine — 0.9% |
| |||||||
Government of Ukraine | 750,000 | 692,691 | ||||||
Government of Ukraine | 1,300,000 | 1,313,520 | ||||||
2,006,211 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United Kingdom — 4.4% |
| |||||||
United Kingdom Gilt Treasury | GBP | 600,000 | $ | 787,521 | ||||
United Kingdom Gilt Treasury | GBP | 700,000 | 921,794 | |||||
United Kingdom Gilt Treasury | GBP | 500,000 | 679,605 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 425,916 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 701,089 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 679,987 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 414,218 | |||||
United Kingdom Gilt Treasury | GBP | 1,400,000 | 2,366,256 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,866,408 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 885,323 | |||||
9,728,117 | ||||||||
Uruguay — 1.0% |
| |||||||
Oriental Republic of Uruguay | 850,000 | 864,875 | ||||||
Oriental Republic of Uruguay | 500,000 | 494,800 | ||||||
Oriental Republic of Uruguay | 600,000 | 779,550 | ||||||
2,139,225 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $160,110,092) | 157,152,799 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.5% |
| |||||||
United States — 0.5% |
| |||||||
Stillwater Mining Co. | 410,000 | 393,544 | ||||||
Stillwater Mining Co. | 630,000 | 604,715 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $1,049,315) | 998,259 | |||||||
134 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 19.9% |
| |||||||
United States — 19.9% |
| |||||||
United States Treasury Bonds | ||||||||
2.88% due 08/15/2045# | $ | 1,000,000 | $ | 980,195 | ||||
2.88% due 11/15/2046 | 800,000 | 782,906 | ||||||
3.00% due 05/15/2042 | 1,720,000 | 1,731,623 | ||||||
3.00% due 02/15/2048 | 700,000 | 702,023 | ||||||
3.75% due 11/15/2043 | 500,000 | 568,945 | ||||||
United States Treasury Notes | ||||||||
1.50% due 10/31/2019# | 2,000,000 | 1,976,328 | ||||||
1.50% due 08/15/2026 | 2,000,000 | 1,807,266 | ||||||
1.75% due 09/30/2019 | 3,000,000 | 2,976,914 | ||||||
1.75% due 12/31/2020 | 2,000,000 | 1,962,734 | ||||||
1.75% due 01/31/2023 | 1,000,000 | 960,508 | ||||||
1.75% due 05/15/2023 | 1,500,000 | 1,436,016 | ||||||
1.88% due 11/30/2021 | 2,000,000 | 1,952,500 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 1,936,328 | ||||||
2.00% due 01/15/2021 | 2,000,000 | 1,974,766 | ||||||
2.00% due 05/31/2024 | 2,000,000 | 1,918,906 | ||||||
2.00% due 02/15/2025# | 1,000,000 | 953,242 | ||||||
2.00% due 08/15/2025# | 1,000,000 | 949,180 | ||||||
2.13% due 05/15/2025 | 1,500,000 | 1,438,476 | ||||||
2.25% due 11/15/2025# | 2,000,000 | 1,927,266 | ||||||
2.25% due 02/15/2027 | 3,000,000 | 2,866,172 | ||||||
2.25% due 11/15/2027 | 1,500,000 | 1,427,344 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,006,678 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 2,961,680 | ||||||
2.63% due 11/15/2020 | 600,000 | 601,898 | ||||||
2.75% due 11/15/2023 | 2,000,000 | 2,005,781 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,202,391 | ||||||
3.38% due 11/15/2019 | 1,800,000 | 1,825,805 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $44,943,567) | 43,833,871 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $217,671,683) | 212,944,979 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.1% |
| |||||||
Registered Investment Companies — 3.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,286,097 | 4,286,097 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,584,000 | 2,584,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,870,097) | 6,870,097 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $224,541,780)(5) | 100.0 | % | 219,815,076 | |||||
Liabilities in excess of other assets | (0.0 | ) | (66,656 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 219,748,420 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $25,085,687 representing 11.5% 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) | Denominated in United States dollars unless otherwise indicated. |
(2) | “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2018. |
(3) | At May 31, 2018, the Fund had loaned securities with a total value of $11,351,435. This was secured by collateral of $2,584,000, which was received in cash and subsequently invested in short-term investments currently valued at $2,584,000 as reported in the Portfolio of Investments. Additional collateral of $9,292,309 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 2.00% to 25.72% | 06/15/2018 to 11/15/2047 | $ | 1,426,905 | ||||
Federal National Mtg. Assoc. | zero coupon to 16.32% | 08/25/2018 to 03/01/2048 | 3,084,466 | |||||
Government National Mtg. Assoc. | 1.11% to 27.85% | 04/16/2023 to 05/20/2067 | 4,780,938 |
(4) | The rate shown is the 7-day yield as of May 31, 2018. |
(5) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
BRL—Brazilian Real
COP—Colombian Peso
EUR—Euro Currency
GBP—British Pound
HUF—Hungarian Forint
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgt
PLN—Polish Zloty
SEK—Swedish Krona
ZAR—South African Rand
135 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | — | $ | 10,960,050 | $ | — | $ | 10,960,050 | ||||||||
Foreign Government Obligations: | — | 157,152,799 | — | 157,152,799 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 998,259 | — | 998,259 | ||||||||||||
U.S. Government Treasuries | — | 43,833,871 | — | 43,833,871 | ||||||||||||
Short-Term Investment Securities: | 6,870,097 | — | — | 6,870,097 | ||||||||||||
Total Investments at Value | $ | 6,870,097 | $ | 212,944,979 | $ | — | $ | 219,815,076 | ||||||||
* | 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 of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 investments at the end of the reporting period.
See Notes to Financial Statements
136 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Apparel Manufacturers | 15.1 | % | ||
Food — Misc./Diversified | 9.0 | |||
E-Commerce/Services | 8.9 | |||
Transport — Services | 7.3 | |||
Beverages — Wine/Spirits | 5.0 | |||
Medical — Biomedical/Gene | 5.0 | |||
Soap & Cleaning Preparation | 4.9 | |||
Computer Services | 4.7 | |||
Food — Confectionery | 4.6 | |||
Industrial Automated/Robotic | 4.2 | |||
E-Commerce/Products | 4.0 | |||
Schools | 3.3 | |||
Internet Application Software | 3.2 | |||
Electric — Transmission | 2.6 | |||
Beverages — Non-alcoholic | 2.6 | |||
Food — Dairy Products | 2.2 | |||
Registered Investment Companies | 2.0 | |||
Brewery | 2.0 | |||
Private Equity | 1.9 | |||
Consulting Services | 1.8 | |||
Insurance — Life/Health | 1.7 | |||
Home Furnishings | 0.7 | |||
96.7 | % | |||
Country Allocation*
United Kingdom | 14.4 | % | ||
France | 12.6 | |||
United States | 11.1 | |||
Cayman Islands | 10.5 | |||
Japan | 9.5 | |||
Denmark | 8.0 | |||
Italy | 7.3 | |||
Switzerland | 6.6 | |||
China | 3.5 | |||
Australia | 3.3 | |||
Bermuda | 2.6 | |||
Belgium | 2.0 | |||
Canada | 1.9 | |||
Sweden | 1.7 | |||
Hong Kong | 1.7 | |||
96.7 | % | |||
* | Calculated as a percentage of net assets |
137 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.7% |
| |||||||
Australia — 3.3% |
| |||||||
CSL, Ltd. | 114,792 | $ | 16,078,021 | |||||
Belgium — 2.0% |
| |||||||
Anheuser-Busch InBev SA | 107,527 | 10,077,309 | ||||||
Bermuda — 2.6% |
| |||||||
Brookfield Infrastructure Partners LP | 341,755 | 13,020,865 | ||||||
Canada — 1.9% |
| |||||||
Brookfield Asset Management, Inc., Class A# | 238,170 | 9,488,693 | ||||||
Cayman Islands — 10.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 99,865 | 19,774,269 | ||||||
TAL Education Group ADR† | 384,239 | 16,314,788 | ||||||
Tencent Holdings, Ltd. | 311,057 | 15,679,653 | ||||||
51,768,710 | ||||||||
China — 3.5% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,151,655 | 13,505,569 | ||||||
Oppein Home Group, Inc., Class A† | 154,314 | 3,447,945 | ||||||
16,953,514 | ||||||||
Denmark — 8.0% |
| |||||||
Chr. Hansen Holding A/S | 139,154 | 13,379,173 | ||||||
DSV A/S | 314,582 | 26,136,165 | ||||||
39,515,338 | ||||||||
France — 12.6% |
| |||||||
Danone SA | 142,310 | 10,858,531 | ||||||
Hermes International | 53,167 | 37,945,559 | ||||||
Pernod Ricard SA | 76,563 | 12,897,398 | ||||||
61,701,488 | ||||||||
Hong Kong — 1.7% |
| |||||||
AIA Group, Ltd. | 904,318 | 8,251,855 | ||||||
Italy — 7.3% |
| |||||||
Moncler SpA | 773,425 | 35,684,085 | ||||||
Japan — 9.5% |
| |||||||
Calbee, Inc.# | 474,700 | 17,297,111 | ||||||
Keyence Corp. | 33,800 | 20,661,480 | ||||||
Nihon M&A Center, Inc. | 260,900 | 8,534,197 | ||||||
46,492,788 | ||||||||
Sweden — 1.7% |
| |||||||
Vitrolife AB | 560,870 | 8,399,757 | ||||||
Switzerland — 6.6% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 299 | 22,618,063 | ||||||
Kuehne & Nagel International AG | 63,910 | 9,609,610 | ||||||
32,227,673 | ||||||||
United Kingdom — 14.4% |
| |||||||
Diageo PLC | 327,697 | 12,036,766 | ||||||
Fevertree Drinks PLC | 318,652 | 12,726,299 | ||||||
Reckitt Benckiser Group PLC | 311,372 | 23,849,607 | ||||||
Rightmove PLC | 337,355 | 22,032,251 | ||||||
70,644,923 | ||||||||
United States — 9.1% |
| |||||||
Booking Holdings, Inc.† | 10,109 | 21,319,072 | ||||||
EPAM Systems, Inc.† | 187,980 | 23,155,377 | ||||||
44,474,449 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $430,224,290) | 464,779,468 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | $ | 10,136,077 | $ | 10,136,077 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $440,360,367)(3) | 96.7 | % | 474,915,545 | |||||
Other assets less liabilities | 3.3 | 16,005,080 | ||||||
NET ASSETS | 100.0 | % | $ | 490,920,625 | ||||
† | 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 May 31, 2018. |
(2) | At May 31, 2018, the Fund had loaned securities with a total value of $29,558,622. This was secured by collateral of $10,136,077, which was received in cash and subsequently invested in short-term investments currently valued at $10,136,077 as reported in the Portfolio of Investments. Additional collateral of $20,444,673 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,994,223 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 807,524 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 530,968 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 08/30/2018 | 3,672,557 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.75% | 07/31/2018 to 02/15/2048 | 13,439,401 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
138 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 103,073,063 | $ | 361,706,405 | ** | $ | — | $ | 464,779,468 | |||||||
Short-Term Investment Securities | 10,136,077 | — | — | 10,136,077 | ||||||||||||
Total Investments at Value | $ | 113,209,140 | $ | 361,706,405 | $ | — | $ | 474,915,545 | ||||||||
* | 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 $224,680,929 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
139 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 6.4 | % | ||
Medical — Drugs | 5.1 | |||
Web Portals/ISP | 4.6 | |||
Computers | 4.4 | |||
Applications Software | 4.1 | |||
E-Commerce/Products | 3.0 | |||
Medical — Biomedical/Gene | 3.0 | |||
Repurchase Agreements | 3.0 | |||
Food — Misc./Diversified | 2.9 | |||
Internet Content — Entertainment | 2.8 | |||
Oil Companies — Exploration & Production | 2.8 | |||
Transport — Services | 2.7 | |||
Medical Instruments | 2.7 | |||
Tobacco | 2.4 | |||
Insurance — Property/Casualty | 2.4 | |||
Instruments — Controls | 2.4 | |||
Telephone — Integrated | 2.3 | |||
Finance — Credit Card | 2.3 | |||
Oil Companies — Integrated | 2.2 | |||
Real Estate Investment Trusts | 2.1 | |||
Banks — Super Regional | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Medical — HMO | 1.6 | |||
Networking Products | 1.6 | |||
Cable/Satellite TV | 1.6 | |||
Data Processing/Management | 1.5 | |||
Oil — Field Services | 1.5 | |||
Retail — Restaurants | 1.4 | |||
Apparel Manufacturers | 1.4 | |||
Retail — Building Products | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Banks — Fiduciary | 1.3 | |||
Insurance Brokers | 1.2 | |||
Entertainment Software | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Commercial Services — Finance | 1.1 | |||
Steel — Producers | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Coatings/Paint | 0.9 | |||
Food — Wholesale/Distribution | 0.8 | |||
Aerospace/Defense | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Medical Products | 0.8 | |||
Internet Security | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Electric — Integrated | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Cruise Lines | 0.6 | |||
Retail — Perfume & Cosmetics | 0.6 | |||
Pharmacy Services | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
E-Commerce/Services | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Airlines | 0.4 | |||
Retail — Discount | 0.4 | |||
Diversified Manufacturing Operations | 0.3 | |||
Cellular Telecom | 0.1 | |||
100.4% | ||||
* | Calculated as a percentage of net assets |
140 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Aerospace/Defense — 0.8% |
| |||||||
General Dynamics Corp. | 7,140 | $ | 1,440,209 | |||||
Agricultural Chemicals — 0.6% |
| |||||||
Mosaic Co. | 40,150 | 1,103,723 | ||||||
Airlines — 0.4% |
| |||||||
Southwest Airlines Co. | 14,512 | 741,273 | ||||||
Apparel Manufacturers — 1.4% |
| |||||||
PVH Corp. | 15,440 | 2,470,400 | ||||||
Applications Software — 4.1% |
| |||||||
Microsoft Corp. | 74,900 | 7,403,116 | ||||||
Banks - Fiduciary — 1.3% |
| |||||||
Bank of New York Mellon Corp. | 41,425 | 2,268,019 | ||||||
Banks - Super Regional — 2.1% |
| |||||||
US Bancorp | 29,195 | 1,459,458 | ||||||
Wells Fargo & Co. | 43,575 | 2,352,614 | ||||||
3,812,072 | ||||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
PepsiCo, Inc. | 8,402 | 842,301 | ||||||
Cable/Satellite TV — 1.6% |
| |||||||
Comcast Corp., Class A | 92,123 | 2,872,395 | ||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 4,790 | 266,803 | ||||||
Chemicals - Diversified — 1.3% |
| |||||||
DowDuPont, Inc. | 36,071 | 2,312,512 | ||||||
Coatings/Paint — 0.9% |
| |||||||
Sherwin-Williams Co. | 4,303 | 1,631,913 | ||||||
Commercial Services - Finance — 1.1% |
| |||||||
S&P Global, Inc. | 6,425 | 1,268,938 | ||||||
Total System Services, Inc. | 8,190 | 697,706 | ||||||
1,966,644 | ||||||||
Computers — 4.4% |
| |||||||
Apple, Inc. | 42,823 | 8,002,334 | ||||||
Containers - Paper/Plastic — 0.6% |
| |||||||
Sealed Air Corp.# | 24,680 | 1,075,061 | ||||||
Cruise Lines — 0.6% |
| |||||||
Royal Caribbean Cruises, Ltd. | 9,755 | 1,024,080 | ||||||
Data Processing/Management — 1.5% |
| |||||||
Fidelity National Information Services, Inc. | 20,755 | 2,121,576 | ||||||
First Data Corp., Class A† | 34,030 | 646,570 | ||||||
2,768,146 | ||||||||
Diversified Banking Institutions — 6.4% |
| |||||||
Citigroup, Inc. | 50,551 | 3,371,246 | ||||||
JPMorgan Chase & Co. | 54,310 | 5,811,713 | ||||||
Morgan Stanley | 46,765 | 2,344,797 | ||||||
11,527,756 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Eaton Corp. PLC | 8,147 | 623,897 | ||||||
E-Commerce/Products — 3.0% |
| |||||||
Amazon.com, Inc.† | 3,285 | 5,353,302 | ||||||
E-Commerce/Services — 0.4% |
| |||||||
Expedia Group, Inc. | 6,585 | 796,983 | ||||||
Electric Products - Misc. — 0.6% |
| |||||||
Emerson Electric Co. | 15,180 | 1,075,351 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated — 0.6% |
| |||||||
American Electric Power Co., Inc. | 16,095 | $ | 1,093,655 | |||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Broadcom, Inc. | 15,095 | 3,804,997 | ||||||
Entertainment Software — 1.2% |
| |||||||
Activision Blizzard, Inc. | 24,029 | 1,703,896 | ||||||
Electronic Arts, Inc.† | 2,950 | 386,185 | ||||||
2,090,081 | ||||||||
Finance - Credit Card — 2.3% |
| |||||||
Mastercard, Inc., Class A | 21,937 | 4,170,662 | ||||||
Food - Misc./Diversified — 2.9% |
| |||||||
Conagra Brands, Inc. | 31,535 | 1,168,687 | ||||||
General Mills, Inc. | 27,215 | 1,150,923 | ||||||
Mondelez International, Inc., Class A | 73,445 | 2,884,185 | ||||||
5,203,795 | ||||||||
Food - Wholesale/Distribution — 0.8% |
| |||||||
Sysco Corp. | 22,550 | 1,466,426 | ||||||
Instruments - Controls — 2.4% |
| |||||||
Honeywell International, Inc. | 28,866 | 4,269,570 | ||||||
Insurance Brokers — 1.2% |
| |||||||
Aon PLC | 15,177 | 2,122,807 | ||||||
Insurance - Property/Casualty — 2.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 22,599 | 4,328,386 | ||||||
Internet Content - Entertainment — 2.8% |
| |||||||
Facebook, Inc., Class A† | 26,510 | 5,084,088 | ||||||
Internet Security — 0.7% |
| |||||||
Palo Alto Networks, Inc.† | 6,395 | 1,330,736 | ||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
BlackRock, Inc. | 2,602 | 1,390,066 | ||||||
Medical Instruments — 2.7% |
| |||||||
Medtronic PLC | 56,574 | 4,883,468 | ||||||
Medical Products — 0.8% |
| |||||||
Abbott Laboratories | 22,261 | 1,369,719 | ||||||
Medical - Biomedical/Gene — 3.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 11,270 | 1,308,785 | ||||||
Biogen, Inc.† | 9,440 | 2,774,983 | ||||||
Celgene Corp.† | 2,284 | 179,705 | ||||||
Vertex Pharmaceuticals, Inc.† | 6,970 | 1,073,380 | ||||||
5,336,853 | ||||||||
Medical - Drugs — 5.1% |
| |||||||
Allergan PLC | 13,250 | 1,998,100 | ||||||
Johnson & Johnson | 30,508 | 3,649,367 | ||||||
Pfizer, Inc. | 100,470 | 3,609,887 | ||||||
9,257,354 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 8,445 | 1,869,892 | ||||||
Cigna Corp. | 6,209 | 1,051,618 | ||||||
2,921,510 | ||||||||
Networking Products — 1.6% |
| |||||||
Cisco Systems, Inc. | 67,335 | 2,875,878 | ||||||
Oil Companies - Exploration & Production — 2.8% |
| |||||||
Canadian Natural Resources, Ltd. | 79,415 | 2,744,582 | ||||||
EOG Resources, Inc. | 19,418 | 2,287,635 | ||||||
5,032,217 | ||||||||
141 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 2.2% |
| |||||||
Chevron Corp. | 31,685 | $ | 3,938,445 | |||||
Oil - Field Services — 1.5% |
| |||||||
Halliburton Co. | 53,628 | 2,667,457 | ||||||
Pharmacy Services — 0.5% |
| |||||||
CVS Health Corp. | 13,809 | 875,353 | ||||||
Real Estate Investment Trusts — 2.1% |
| |||||||
American Tower Corp. | 22,230 | 3,075,965 | ||||||
Equinix, Inc. | 1,910 | 757,984 | ||||||
3,833,949 | ||||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Tapestry, Inc. | 39,235 | 1,715,354 | ||||||
Retail - Auto Parts — 0.4% |
| |||||||
AutoZone, Inc.† | 1,184 | 768,795 | ||||||
Retail - Building Products — 1.3% |
| |||||||
Lowe’s Cos., Inc. | 25,410 | 2,414,204 | ||||||
Retail - Discount — 0.4% |
| |||||||
Dollar General Corp. | 7,717 | 675,083 | ||||||
Retail - Perfume & Cosmetics — 0.6% |
| |||||||
ULTA Beauty, Inc.† | 4,140 | 1,022,207 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
McDonald’s Corp. | 10,045 | 1,607,300 | ||||||
Starbucks Corp. | 15,395 | 872,435 | ||||||
2,479,735 | ||||||||
Semiconductor Equipment — 1.2% |
| |||||||
Applied Materials, Inc. | 40,973 | 2,080,609 | ||||||
Steel - Producers — 1.0% |
| |||||||
Nucor Corp. | 29,435 | 1,889,433 | ||||||
Telephone - Integrated — 2.3% |
| |||||||
AT&T, Inc. | 51,060 | 1,650,259 | ||||||
Verizon Communications, Inc. | 54,063 | 2,577,183 | ||||||
4,227,442 | ||||||||
Tobacco — 2.4% |
| |||||||
Philip Morris International, Inc. | 54,970 | 4,372,314 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Services — 2.7% |
| |||||||
FedEx Corp. | 19,913 | $ | 4,960,727 | |||||
Web Portals/ISP — 4.6% |
| |||||||
Alphabet, Inc., Class A† | 2,482 | 2,730,200 | ||||||
Alphabet, Inc., Class C† | 5,183 | 5,623,503 | ||||||
8,353,703 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $145,517,967) | 175,685,368 | |||||||
REPURCHASE AGREEMENTS — 3.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $5,333,041 collateralized by $5,685,000 of United States Treasury Notes, bearing interest at 2.25% due 08/15/2027 and having an approximate value of $5,442,808 | $ | 5,333,000 | 5,333,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $150,850,967)(1) | 100.4 | % | 181,018,368 | |||||
Liabilities in excess of other assets | (0.4 | ) | (669,172 | ) | ||||
NET ASSETS | 100.0 | % | $ | 180,349,196 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2018, the Fund had loaned securities with a total value of $996,217. This was secured by collateral of $1,046,274 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 406,432 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 164,577 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 108,214 | |||||
United States Treasury Notes/Bonds | 1.50% to 2.63% | 12/31/2018 to 09/30/2022 | 367,051 |
(1) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | 175,685,368 | $ | — | $ | — | $ | 175,685,368 | ||||||||
Repurchase Agreements | — | 5,333,000 | — | 5,333,000 | ||||||||||||
Total Investments at Value | $ | 175,685,368 | $ | 5,333,000 | $ | — | $ | 181,018,368 | ||||||||
* | 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
142 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.5 | % | ||
Cosmetics & Toiletries | 6.1 | |||
Computer Services | 5.7 | |||
Finance — Credit Card | 5.1 | |||
Applications Software | 4.3 | |||
Diagnostic Equipment | 4.2 | |||
Data Processing/Management | 4.1 | |||
Commercial Services — Finance | 3.3 | |||
Electronic Components — Semiconductors | 3.0 | |||
Computers | 2.9 | |||
Athletic Footwear | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.8 | |||
Retail — Restaurants | 2.6 | |||
Consulting Services | 2.5 | |||
Medical Products | 2.5 | |||
Insurance Brokers | 2.1 | |||
Retail — Major Department Stores | 2.0 | |||
Soap & Cleaning Preparation | 2.0 | |||
Cable/Satellite TV | 2.0 | |||
Textile — Apparel | 1.9 | |||
Commercial Services | 1.9 | |||
Private Equity | 1.8 | |||
Coatings/Paint | 1.8 | |||
Transport — Rail | 1.7 | |||
Chemicals — Diversified | 1.6 | |||
Medical — Drugs | 1.6 | |||
Apparel Manufacturers | 1.6 | |||
Electronic Connectors | 1.6 | |||
Entertainment Software | 1.5 | |||
Pharmacy Services | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Industrial Automated/Robotic | 1.3 | |||
Electronic Measurement Instruments | 1.2 | |||
Beverages — Wine/Spirits | 1.1 | |||
Gambling (Non-Hotel) | 1.1 | |||
Beverages — Non-alcoholic | 1.1 | |||
Instruments — Scientific | 1.1 | |||
E-Commerce/Products | 1.0 | |||
Instruments — Controls | 1.0 | |||
Oil — Field Services | 0.7 | |||
Multimedia | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Finance — Other Services | 0.7 | |||
Retail — Auto Parts | 0.6 | |||
Diversified Manufacturing Operations | 0.5 | |||
U.S. Government Agencies | 0.5 | |||
Dental Supplies & Equipment | 0.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
143 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace/Defense - Equipment — 1.5% | ||||||||
United Technologies Corp. | 53,388 | $ | 6,663,890 | |||||
Apparel Manufacturers — 1.6% | ||||||||
VF Corp. | 86,927 | 7,054,995 | ||||||
Applications Software — 4.3% | ||||||||
Microsoft Corp. | 194,993 | 19,273,108 | ||||||
Athletic Footwear — 2.8% | ||||||||
NIKE, Inc., Class B | 175,236 | 12,581,945 | ||||||
Beverages - Non-alcoholic — 1.1% | ||||||||
PepsiCo, Inc. | 48,027 | 4,814,707 | ||||||
Beverages - Wine/Spirits — 1.1% | ||||||||
Pernod Ricard SA | 29,942 | 5,043,871 | ||||||
Cable/Satellite TV — 2.0% | ||||||||
Comcast Corp., Class A | 282,609 | 8,811,748 | ||||||
Chemicals - Diversified — 1.6% | ||||||||
LyondellBasell Industries NV, Class A | 14,593 | 1,636,167 | ||||||
PPG Industries, Inc. | 55,835 | 5,634,868 | ||||||
7,271,035 | ||||||||
Coatings/Paint — 1.8% | ||||||||
Sherwin-Williams Co. | 20,865 | 7,913,051 | ||||||
Commercial Services — 1.9% | ||||||||
Ecolab, Inc. | 58,011 | 8,272,949 | ||||||
Commercial Services - Finance — 3.3% | ||||||||
Equifax, Inc. | 16,394 | 1,868,260 | ||||||
Experian PLC | 217,830 | 5,333,916 | ||||||
Moody’s Corp. | 44,583 | 7,604,523 | ||||||
14,806,699 | ||||||||
Computer Services — 5.7% | ||||||||
Accenture PLC, Class A | 108,569 | 16,908,536 | ||||||
Cognizant Technology Solutions Corp., Class A.. | 109,363 | 8,240,502 | ||||||
25,149,038 | ||||||||
Computers — 2.9% | ||||||||
Apple, Inc. | 68,270 | 12,757,615 | ||||||
Consulting Services — 2.5% | ||||||||
Verisk Analytics, Inc.† | 103,803 | 11,028,031 | ||||||
Cosmetics & Toiletries — 6.1% | ||||||||
Colgate-Palmolive Co. | 163,149 | 10,293,070 | ||||||
Coty, Inc., Class A# | 330,605 | 4,380,516 | ||||||
Estee Lauder Cos., Inc., Class A | 56,799 | 8,488,043 | ||||||
L’Oreal SA | 15,828 | 3,804,657 | ||||||
26,966,286 | ||||||||
Data Processing/Management — 4.1% | ||||||||
Fidelity National Information Services, Inc. | 90,285 | 9,228,933 | ||||||
Fiserv, Inc.† | 126,211 | 9,162,918 | ||||||
18,391,851 | ||||||||
Dental Supplies & Equipment — 0.2% | ||||||||
DENTSPLY SIRONA, Inc. | 22,820 | 999,744 | ||||||
Diagnostic Equipment — 4.2% | ||||||||
Danaher Corp. | 67,296 | 6,681,147 | ||||||
Thermo Fisher Scientific, Inc. | 56,964 | 11,863,892 | ||||||
18,545,039 | ||||||||
Diversified Manufacturing Operations — 0.5% | ||||||||
Colfax Corp.† | 73,880 | 2,259,250 | ||||||
E-Commerce/Products — 1.0% | ||||||||
Alibaba Group Holding, Ltd. ADR†# | 22,965 | 4,547,300 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors — 3.0% | ||||||||
Texas Instruments, Inc. | 117,409 | $ | 13,139,241 | |||||
Electronic Connectors — 1.6% | ||||||||
Amphenol Corp., Class A | 79,482 | 6,909,370 | ||||||
Electronic Measurement Instruments — 1.2% | ||||||||
Fortive Corp. | 72,220 | 5,249,672 | ||||||
Entertainment Software — 1.5% | ||||||||
Electronic Arts, Inc.† | 51,858 | 6,788,731 | ||||||
Finance - Credit Card — 5.1% | ||||||||
Mastercard, Inc., Class A | 50,735 | 9,645,738 | ||||||
Visa, Inc., Class A# | 100,526 | 13,140,759 | ||||||
22,786,497 | ||||||||
Finance - Investment Banker/Broker — 0.7% | ||||||||
Charles Schwab Corp. | 57,119 | 3,176,959 | ||||||
Finance - Other Services — 0.7% | ||||||||
CME Group, Inc. | 17,763 | 2,893,593 | ||||||
Gambling (Non-Hotel) — 1.1% | ||||||||
Paddy Power Betfair PLC | 41,202 | 4,983,812 | ||||||
Industrial Automated/Robotic — 1.3% | ||||||||
Nordson Corp. | 46,344 | 5,822,197 | ||||||
Instruments - Controls — 1.0% | ||||||||
Mettler-Toledo International, Inc.† | 8,081 | 4,450,530 | ||||||
Instruments - Scientific — 1.1% | ||||||||
Waters Corp.† | 24,565 | 4,731,710 | ||||||
Insurance Brokers — 2.1% | ||||||||
Aon PLC | 67,647 | 9,461,786 | ||||||
Medical Products — 2.5% | ||||||||
Abbott Laboratories | 129,963 | 7,996,623 | ||||||
Cooper Cos., Inc. | 13,044 | 2,951,988 | ||||||
10,948,611 | ||||||||
Medical - Drugs — 1.6% | ||||||||
Eli Lilly & Co. | 25,310 | 2,152,362 | ||||||
Zoetis, Inc. | 59,304 | 4,963,745 | ||||||
7,116,107 | ||||||||
Multimedia — 0.7% | ||||||||
Twenty-First Century Fox, Inc., Class A | 43,548 | 1,678,775 | ||||||
Walt Disney Co. | 15,301 | 1,521,991 | ||||||
3,200,766 | ||||||||
Oil - Field Services — 0.7% | ||||||||
Schlumberger, Ltd. | 48,286 | 3,315,800 | ||||||
Pharmacy Services — 1.5% | ||||||||
CVS Health Corp. | 57,924 | 3,671,802 | ||||||
Express Scripts Holding Co.† | 40,122 | 3,041,649 | ||||||
6,713,451 | ||||||||
Private Equity — 1.8% | ||||||||
Blackstone Group LP | 252,994 | 8,078,098 | ||||||
Retail - Auto Parts — 0.6% | ||||||||
AutoZone, Inc.† | 4,228 | 2,745,325 | ||||||
Retail - Major Department Stores — 2.0% | ||||||||
TJX Cos., Inc. | 98,602 | 8,905,733 | ||||||
Retail - Restaurants — 2.6% | ||||||||
Starbucks Corp. | 202,228 | 11,460,261 | ||||||
Semiconductor Components - Integrated Circuits — 2.8% | ||||||||
Analog Devices, Inc. | 74,617 | 7,251,280 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 130,207 | 5,039,011 | ||||||
12,290,291 | ||||||||
144 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Soap & Cleaning Preparation — 2.0% | ||||||||
Church & Dwight Co., Inc. | 55,799 | $ | 2,619,763 | |||||
Reckitt Benckiser Group PLC | 82,020 | 6,282,340 | ||||||
8,902,103 | ||||||||
Textile - Apparel — 1.9% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 23,898 | 8,299,879 | ||||||
Transport - Rail — 1.7% | ||||||||
Union Pacific Corp. | 54,316 | 7,754,152 | ||||||
Web Portals/ISP — 6.5% | ||||||||
Alphabet, Inc., Class A† | 26,357 | 28,992,700 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $320,409,275) | 442,269,527 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.5% | ||||||||
U.S. Government Agencies — 0.5% | ||||||||
Federal Home Loan Bank | ||||||||
(cost $2,170,000) | $ | 2,170,000 | 2,170,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $322,579,275)(1) | 100.0 | % | 444,439,527 | |||||
Other assets less liabilities | 0.0 | 193,167 | ||||||
NET ASSETS | 100.0 | % | $ | 444,632,694 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2018, the Fund had loaned securities with a total value of $21,834,010. This was secured by collateral of 22,482,650 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
United States Treasury Bills | 0.00% | 07/05/2018 to 11/08/2018 | $ | 455,543 | ||||
United States Treasury Notes/Bonds | 0.00% to 8.75% | 07/15/2018 to 02/15/2048 | 22,027,107 |
(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 May 31, 2018 (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 | $ | 408,521,052 | $ | 33,748,475 | ** | $ | — | $ | 442,269,527 | |||||||
Short-Term Investment Securities | — | 2,170,000 | — | 2,170,000 | ||||||||||||
Total Investments at Value | $ | 408,521,052 | $ | 35,918,475 | $ | — | $ | 444,439,527 | ||||||||
* | 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 $22,132,219 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
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.6 | % | ||
Banks — Commercial | 7.9 | |||
Electric — Integrated | 2.7 | |||
Registered Investment Companies | 2.5 | |||
Gas — Distribution | 2.5 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Data Processing/Management | 2.1 | |||
Chemicals — Specialty | 1.9 | |||
Retail — Restaurants | 1.9 | |||
Repurchase Agreements | 1.8 | |||
Steel — Producers | 1.7 | |||
Food — Misc./Diversified | 1.7 | |||
Insurance — Property/Casualty | 1.6 | |||
Machinery — General Industrial | 1.5 | |||
Medical Instruments | 1.5 | |||
Electronic Measurement Instruments | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Computer Services | 1.3 | |||
Transport — Truck | 1.2 | |||
Oil Refining & Marketing | 1.2 | |||
Medical Products | 1.1 | |||
Building — Residential/Commercial | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Oil & Gas Drilling | 1.0 | |||
Insurance — Multi-line | 1.0 | |||
Applications Software | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Electronic Parts Distribution | 0.9 | |||
Insurance — Reinsurance | 0.9 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Oil — Field Services | 0.8 | |||
Hotels/Motels | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
Retail — Automobile | 0.8 | |||
Medical — HMO | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Semiconductor Equipment | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Recreational Vehicles | 0.7 | |||
Distribution/Wholesale | 0.6 | |||
Electronic Components — Semiconductors | 0.6 | |||
Machinery — Pumps | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Garden Products | 0.5 | |||
Theaters | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Containers — Paper/Plastic | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Computer Data Security | 0.5 | |||
Medical — Drugs | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Finance — Other Services | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Medical — Hospitals | 0.5 | |||
Multimedia | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Building Products — Air & Heating | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Retail — Misc./Diversified | 0.4 | |||
Retail — Apparel/Shoe | 0.4 |
Batteries/Battery Systems | 0.4 | % | ||
Commercial Services | 0.4 | |||
Medical Information Systems | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Coatings/Paint | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Insurance Brokers | 0.3 | |||
Physical Therapy/Rehabilitation Centers | 0.3 | |||
Water | 0.3 | |||
Wireless Equipment | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Airlines | 0.3 | |||
Human Resources | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Gold Mining | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Networking Products | 0.3 | |||
Schools | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Building Products — Cement | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Transport — Marine | 0.3 | |||
Television | 0.3 | |||
Transport — Rail | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Patient Monitoring Equipment | 0.3 | |||
Building Products — Light Fixtures | 0.3 | |||
Multilevel Direct Selling | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Racetracks | 0.2 | |||
Physicians Practice Management | 0.2 | |||
Retail — Mail Order | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Machinery — Farming | 0.2 | |||
Instruments — Controls | 0.2 | |||
Computers — Other | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Computer Software | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Security Services | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Food — Baking | 0.2 | |||
Retail — Convenience Store | 0.2 | |||
Steel — Specialty | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Transport — Services | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Printing — Commercial | 0.2 | |||
Environmental Monitoring & Detection | 0.2 | |||
Casino Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Paper & Related Products | 0.2 | |||
Publishing — Books | 0.2 | |||
Publishing — Newspapers | 0.2 |
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Transactional Software | 0.2 | % | ||
Transport — Equipment & Leasing | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Retail — Bedding | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Brewery | 0.1 | |||
Quarrying | 0.1 | |||
Housewares | 0.1 | |||
Home Furnishings | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Poultry | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Retail — Discount | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Rubber — Tires | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
102.5 | % | |||
* | Calculated as a percentage of net assets |
147 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.0% | ||||||||
Aerospace/Defense — 0.5% | ||||||||
Esterline Technologies Corp.†# | 49,376 | $ | 3,601,979 | |||||
Teledyne Technologies, Inc.† | 67,389 | 13,576,188 | ||||||
17,178,167 | ||||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
Curtiss-Wright Corp. | 83,356 | 10,607,051 | ||||||
KLX, Inc.† | 95,079 | 7,019,682 | ||||||
Orbital ATK, Inc. | 109,111 | 14,590,323 | ||||||
32,217,056 | ||||||||
Airlines — 0.3% |
| |||||||
JetBlue Airways Corp.† | 607,607 | 11,477,696 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Carter’s, Inc. | 89,337 | 9,738,626 | ||||||
Applications Software — 1.0% |
| |||||||
CDK Global, Inc. | 238,778 | 15,365,365 | ||||||
PTC, Inc.† | 219,522 | 18,931,577 | ||||||
34,296,942 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s†# | 70,317 | 3,854,778 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Dana, Inc. | 274,174 | 6,114,080 | ||||||
Delphi Technologies PLC | 167,284 | 8,380,929 | ||||||
14,495,009 | ||||||||
Banks - Commercial — 7.9% |
| |||||||
Associated Banc-Corp. | 321,977 | 8,886,565 | ||||||
BancorpSouth Bank# | 158,654 | 5,314,909 | ||||||
Bank of Hawaii Corp.# | 79,901 | 6,785,992 | ||||||
Bank of the Ozarks# | 229,240 | 10,898,070 | ||||||
Cathay General Bancorp, Class B# | 143,947 | 6,073,124 | ||||||
Chemical Financial Corp.# | 134,601 | 7,553,808 | ||||||
Commerce Bancshares, Inc. | 177,282 | 11,448,872 | ||||||
Cullen/Frost Bankers, Inc.# | 109,400 | 12,496,762 | ||||||
East West Bancorp, Inc. | 272,869 | 18,958,938 | ||||||
First Horizon National Corp. | 616,997 | 11,439,124 | ||||||
FNB Corp.# | 610,639 | 8,090,967 | ||||||
Fulton Financial Corp.# | 330,912 | 5,774,414 | ||||||
Hancock Holding Co.† | 160,941 | 8,087,285 | ||||||
Home BancShares, Inc.# | 298,426 | 6,869,766 | ||||||
International Bancshares Corp. | 102,318 | 4,420,138 | ||||||
MB Financial, Inc. | 158,553 | 7,830,933 | ||||||
PacWest Bancorp | 237,444 | 12,598,779 | ||||||
Pinnacle Financial Partners, Inc.# | 139,682 | 9,365,678 | ||||||
Prosperity Bancshares, Inc.# | 131,829 | 9,548,374 | ||||||
Signature Bank† | 101,343 | 12,920,219 | ||||||
Synovus Financial Corp. | 224,047 | 12,123,183 | ||||||
TCF Financial Corp. | 322,743 | 8,491,368 | ||||||
Texas Capital Bancshares, Inc.†# | 93,731 | 9,030,982 | ||||||
Trustmark Corp.# | 128,027 | 4,118,629 | ||||||
UMB Financial Corp.# | 83,143 | 6,406,168 | ||||||
Umpqua Holdings Corp. | 416,146 | 9,796,077 | ||||||
United Bankshares, Inc.# | 198,299 | 7,227,998 | ||||||
Valley National Bancorp# | 499,615 | 6,350,107 | ||||||
Webster Financial Corp.# | 173,888 | 11,146,221 | ||||||
Wintrust Financial Corp. | 106,138 | 9,776,371 | ||||||
269,829,821 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
Energizer Holdings, Inc.# | 112,676 | 6,843,940 | ||||||
EnerSys | 79,118 | 6,322,320 | ||||||
13,166,260 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 16,641 | $ | 4,224,318 | |||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Louisiana-Pacific Corp. | 273,637 | 7,984,728 | ||||||
Building & Construction - Misc. — 0.5% |
| |||||||
EMCOR Group, Inc. | 110,197 | 8,367,258 | ||||||
nVent Electric PLC† | 312,713 | 8,468,268 | ||||||
16,835,526 | ||||||||
Building Products - Air & Heating — 0.4% |
| |||||||
Lennox International, Inc.# | 70,975 | 14,429,927 | ||||||
Building Products - Cement — 0.3% |
| |||||||
Eagle Materials, Inc.# | 91,795 | 9,948,742 | ||||||
Building Products - Light Fixtures — 0.3% |
| |||||||
Cree, Inc.†# | 185,260 | 8,636,821 | ||||||
Building - Heavy Construction — 0.3% |
| |||||||
Dycom Industries, Inc.†# | 58,877 | 5,484,981 | ||||||
Granite Construction, Inc.# | 75,305 | 4,282,596 | ||||||
9,767,577 | ||||||||
Building - Maintenance & Services — 0.3% |
| |||||||
Rollins, Inc.# | 181,253 | 9,020,962 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc.# | 92,513 | 8,566,704 | ||||||
Building - Residential/Commercial — 1.1% |
| |||||||
KB Home# | 159,392 | 4,198,385 | ||||||
NVR, Inc.† | 6,466 | 19,336,832 | ||||||
Toll Brothers, Inc. | 269,901 | 10,658,391 | ||||||
TRI Pointe Group, Inc.†# | 285,459 | 4,927,022 | ||||||
39,120,630 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
Cable One, Inc.# | 8,855 | 5,749,020 | ||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp. | 155,047 | 5,853,024 | ||||||
Casino Services — 0.2% |
| |||||||
Scientific Games Corp.†# | 100,204 | 5,942,097 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Olin Corp.# | 315,452 | 10,198,563 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp. | 152,701 | 6,401,226 | ||||||
Chemicals - Specialty — 1.9% |
| |||||||
Ashland Global Holdings, Inc.# | 117,476 | 9,130,235 | ||||||
Cabot Corp. | 116,680 | 7,029,970 | ||||||
Chemours Co. | 349,552 | 17,124,552 | ||||||
Minerals Technologies, Inc. | 66,894 | 4,883,262 | ||||||
NewMarket Corp.# | 17,344 | 6,665,126 | ||||||
Sensient Technologies Corp.# | 81,478 | 5,479,395 | ||||||
Valvoline, Inc.# | 377,686 | 7,719,902 | ||||||
Versum Materials, Inc. | 205,648 | 8,219,751 | ||||||
66,252,193 | ||||||||
Coatings/Paint — 0.4% |
| |||||||
RPM International, Inc.# | 252,335 | 12,490,582 | ||||||
Commercial Services — 0.4% |
| |||||||
CoreLogic, Inc.† | 153,830 | 8,065,307 | ||||||
Healthcare Services Group, Inc.# | 139,092 | 5,028,176 | ||||||
13,093,483 | ||||||||
148 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services - Finance — 1.1% |
| |||||||
MarketAxess Holdings, Inc.# | 70,955 | $ | 15,159,536 | |||||
Sabre Corp.# | 425,235 | 10,422,510 | ||||||
WEX, Inc.† | 75,550 | 13,282,445 | ||||||
38,864,491 | ||||||||
Computer Data Security — 0.5% |
| |||||||
Fortinet, Inc.†# | 272,789 | 16,689,231 | ||||||
Computer Services — 1.3% |
| |||||||
Convergys Corp. | 172,957 | 4,088,704 | ||||||
Leidos Holdings, Inc. | 268,770 | 16,142,326 | ||||||
MAXIMUS, Inc. | 123,128 | 7,498,495 | ||||||
Science Applications International Corp. | 80,734 | 7,140,922 | ||||||
Teradata Corp.†# | 230,312 | 9,182,540 | ||||||
44,052,987 | ||||||||
Computer Software — 0.2% |
| |||||||
j2 Global, Inc.# | 92,684 | 7,826,237 | ||||||
Computers - Integrated Systems — 0.5% |
| |||||||
NCR Corp.†# | 223,516 | 6,727,832 | ||||||
NetScout Systems, Inc.†# | 164,743 | 4,448,061 | ||||||
VeriFone Systems, Inc.† | 208,323 | 4,737,265 | ||||||
15,913,158 | ||||||||
Computers - Other — 0.2% |
| |||||||
Lumentum Holdings, Inc.†# | 133,773 | 7,859,164 | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Helen of Troy, Ltd.†# | 50,910 | 4,571,718 | ||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Greif, Inc., Class A# | 48,934 | 2,853,341 | ||||||
Owens-Illinois, Inc.† | 307,916 | 5,727,238 | ||||||
Silgan Holdings, Inc. | 139,618 | 3,800,402 | ||||||
12,380,981 | ||||||||
Containers - Paper/Plastic — 0.5% |
| |||||||
Bemis Co., Inc. | 171,745 | 7,264,813 | ||||||
Sonoco Products Co.# | 187,812 | 9,602,828 | ||||||
16,867,641 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Edgewell Personal Care Co.†# | 101,938 | 4,456,729 | ||||||
Data Processing/Management — 2.1% |
| |||||||
Acxiom Corp.† | 149,499 | 4,378,826 | ||||||
Broadridge Financial Solutions, Inc. | 220,220 | 25,424,399 | ||||||
CommVault Systems, Inc.† | 78,903 | 5,393,020 | ||||||
Dun & Bradstreet Corp. | 69,841 | 8,577,173 | ||||||
Fair Isaac Corp.† | 56,772 | 10,447,751 | ||||||
Jack Henry & Associates, Inc. | 145,856 | 18,240,751 | ||||||
�� | 72,461,920 | |||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 153,948 | 3,220,592 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
ICU Medical, Inc.† | 28,503 | 8,295,798 | ||||||
STERIS PLC# | 160,177 | 16,632,780 | ||||||
24,928,578 | ||||||||
Distribution/Wholesale — 0.6% |
| |||||||
Pool Corp.# | 76,260 | 10,899,079 | ||||||
Watsco, Inc.# | 60,421 | 11,118,673 | ||||||
22,017,752 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Carlisle Cos., Inc. | 116,646 | $ | 12,526,614 | |||||
Crane Co. | 95,708 | 7,954,292 | ||||||
ITT, Inc. | 166,127 | 8,575,476 | ||||||
Trinity Industries, Inc. | 284,725 | 9,820,165 | ||||||
38,876,547 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
Catalent, Inc.†# | 251,680 | 9,880,957 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Cars.com, Inc.†# | 135,114 | 3,469,728 | ||||||
Electric Products - Misc. — 0.3% |
| |||||||
Littelfuse, Inc.# | 46,874 | 10,174,002 | ||||||
Electric - Integrated — 2.7% |
| |||||||
ALLETE, Inc. | 96,014 | 7,375,796 | ||||||
Black Hills Corp.# | 101,083 | 5,878,987 | ||||||
Great Plains Energy, Inc. | 407,119 | 13,817,619 | ||||||
Hawaiian Electric Industries, Inc.# | 205,471 | 7,053,819 | ||||||
IDACORP, Inc. | 95,128 | 8,786,022 | ||||||
MDU Resources Group, Inc. | 368,696 | 10,249,749 | ||||||
NorthWestern Corp. | 93,252 | 5,080,369 | ||||||
OGE Energy Corp. | 377,002 | 13,202,610 | ||||||
PNM Resources, Inc. | 150,371 | 6,007,321 | ||||||
Westar Energy, Inc. | 268,508 | 15,224,404 | ||||||
92,676,696 | ||||||||
Electronic Components - Misc. — 0.8% |
| |||||||
Gentex Corp. | 518,054 | 12,448,838 | ||||||
Jabil, Inc. | 330,812 | 9,355,363 | ||||||
Vishay Intertechnology, Inc.# | 249,206 | 5,283,167 | ||||||
27,087,368 | ||||||||
Electronic Components - Semiconductors — 0.6% |
| |||||||
Monolithic Power Systems, Inc.# | 73,174 | 9,645,065 | ||||||
Silicon Laboratories, Inc.† | 80,626 | 8,514,106 | ||||||
Synaptics, Inc.†# | 65,127 | 2,737,939 | ||||||
20,897,110 | ||||||||
Electronic Measurement Instruments — 1.3% |
| |||||||
Keysight Technologies, Inc.† | 358,683 | 21,069,039 | ||||||
National Instruments Corp. | 203,105 | 8,453,230 | ||||||
Trimble, Inc.† | 468,678 | 15,494,495 | ||||||
45,016,764 | ||||||||
Electronic Parts Distribution — 0.9% |
| |||||||
Arrow Electronics, Inc.† | 165,579 | 12,272,716 | ||||||
Avnet, Inc. | 226,433 | 8,631,626 | ||||||
SYNNEX Corp. | 55,270 | 5,903,941 | ||||||
Tech Data Corp.† | 65,543 | 5,689,788 | ||||||
32,498,071 | ||||||||
Energy - Alternate Sources — 0.3% |
| |||||||
First Solar, Inc.† | 153,838 | 10,400,987 | ||||||
Engineering/R&D Services — 0.4% |
| |||||||
AECOM†# | 300,480 | 9,915,840 | ||||||
KBR, Inc. | 264,799 | 4,877,598 | ||||||
14,793,438 | ||||||||
Enterprise Software/Service — 1.3% |
| |||||||
Blackbaud, Inc.# | 90,762 | 8,846,572 | ||||||
Manhattan Associates, Inc.†# | 128,314 | 5,584,225 | ||||||
Tyler Technologies, Inc.† | 66,541 | 15,412,226 | ||||||
Ultimate Software Group, Inc.†# | 54,830 | 14,373,685 | ||||||
44,216,708 | ||||||||
149 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Environmental Monitoring & Detection — 0.2% |
| |||||||
MSA Safety, Inc.# | 64,225 | $ | 5,972,925 | |||||
Filtration/Separation Products — 0.3% |
| |||||||
Donaldson Co., Inc.# | 245,235 | 11,575,092 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
SLM Corp.†# | 818,456 | 9,354,952 | ||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Evercore, Inc., Class A# | 77,861 | 8,128,688 | ||||||
Interactive Brokers Group, Inc., Class A | 134,929 | 9,820,133 | ||||||
Stifel Financial Corp.# | 135,641 | 7,975,691 | ||||||
25,924,512 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
LendingTree, Inc.†# | 14,562 | 3,770,102 | ||||||
Finance - Other Services — 0.5% |
| |||||||
SEI Investments Co. | 246,436 | 15,717,688 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc.# | 349,878 | 7,102,523 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 36,655 | 1,066,660 | ||||||
Food - Misc./Diversified — 1.7% |
| |||||||
Hain Celestial Group, Inc.†# | 196,177 | 5,006,437 | ||||||
Ingredion, Inc. | 136,368 | 15,190,032 | ||||||
Lamb Weston Holdings, Inc. | 275,943 | 17,591,366 | ||||||
Lancaster Colony Corp.# | 36,795 | 4,639,849 | ||||||
Post Holdings, Inc.†# | 123,795 | 9,516,122 | ||||||
TreeHouse Foods, Inc.†# | 106,618 | 5,108,068 | ||||||
57,051,874 | ||||||||
Food - Retail — 0.1% |
| |||||||
Sprouts Farmers Market, Inc.†# | 233,627 | 5,069,706 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
United Natural Foods, Inc.†# | 95,147 | 4,336,800 | ||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Deckers Outdoor Corp.†# | 59,962 | 6,785,300 | ||||||
Skechers U.S.A., Inc., Class A† | 256,119 | 7,442,818 | ||||||
14,228,118 | ||||||||
Funeral Services & Related Items — 0.4% |
| |||||||
Service Corp. International | 349,261 | 12,814,386 | ||||||
Garden Products — 0.5% |
| |||||||
Scotts Miracle-Gro Co., Class A# | 75,223 | 6,403,734 | ||||||
Toro Co. | 202,361 | 11,736,938 | ||||||
18,140,672 | ||||||||
Gas - Distribution — 2.5% |
| |||||||
Atmos Energy Corp. | 209,467 | 18,686,551 | ||||||
National Fuel Gas Co.# | 161,978 | 8,526,522 | ||||||
New Jersey Resources Corp.# | 165,362 | 7,342,073 | ||||||
ONE Gas, Inc. | 98,674 | 7,405,484 | ||||||
Southwest Gas Holdings, Inc.# | 90,915 | 6,882,265 | ||||||
UGI Corp. | 326,617 | 16,484,360 | ||||||
Vectren Corp. | 156,763 | 11,076,874 | ||||||
WGL Holdings, Inc. | 96,956 | 8,551,519 | ||||||
84,955,648 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc.# | 123,564 | 11,078,748 | ||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Clean Harbors, Inc.†# | 97,074 | 5,144,922 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Home Furnishings — 0.1% |
| |||||||
Tempur Sealy International, Inc.†# | 87,172 | $ | 4,021,244 | |||||
Hotels/Motels — 0.8% |
| |||||||
ILG, Inc. | 199,301 | 6,824,066 | ||||||
Wyndham Worldwide Corp. | 188,258 | 20,414,698 | ||||||
27,238,764 | ||||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp. | 96,499 | 4,068,398 | ||||||
Human Resources — 0.3% |
| |||||||
ManpowerGroup, Inc. | 124,899 | 11,240,910 | ||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp.# | 327,631 | 14,976,013 | ||||||
Nordson Corp.# | 96,309 | 12,099,300 | ||||||
27,075,313 | ||||||||
Instruments - Controls — 0.2% |
| |||||||
Woodward, Inc.# | 104,104 | 7,887,960 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Brown & Brown, Inc. | 431,834 | 11,996,349 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
CNO Financial Group, Inc. | 315,030 | 6,306,901 | ||||||
Primerica, Inc. | 83,532 | 8,215,372 | ||||||
14,522,273 | ||||||||
Insurance - Multi-line — 1.0% |
| |||||||
American Financial Group, Inc. | 130,206 | 14,307,035 | ||||||
Genworth Financial, Inc., Class A† | 942,393 | 3,241,832 | ||||||
Kemper Corp.# | 92,295 | 7,148,248 | ||||||
Old Republic International Corp. | 472,882 | 9,921,064 | ||||||
34,618,179 | ||||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Alleghany Corp. | 29,055 | 16,577,621 | ||||||
First American Financial Corp. | 209,020 | 10,885,762 | ||||||
Hanover Insurance Group, Inc. | 80,232 | 9,727,328 | ||||||
Mercury General Corp.# | 68,941 | 3,247,810 | ||||||
WR Berkley Corp. | 181,264 | 13,861,258 | ||||||
54,299,779 | ||||||||
Insurance - Reinsurance — 0.9% |
| |||||||
Aspen Insurance Holdings, Ltd. | 112,275 | 4,872,735 | ||||||
Reinsurance Group of America, Inc. | 121,728 | 18,191,032 | ||||||
RenaissanceRe Holdings, Ltd.# | 75,558 | 9,276,256 | ||||||
32,340,023 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Eaton Vance Corp. | 226,671 | 12,194,900 | ||||||
Federated Investors, Inc., Class B# | 179,202 | 4,349,232 | ||||||
Janus Henderson Group PLC# | 340,508 | 10,518,292 | ||||||
Legg Mason, Inc.# | 159,595 | 5,948,106 | ||||||
33,010,530 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Coherent, Inc.†# | 46,853 | 7,826,794 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc.# | 153,994 | 5,733,197 | ||||||
Lincoln Electric Holdings, Inc. | 116,490 | 10,437,504 | ||||||
16,170,701 | ||||||||
Machinery - Construction & Mining — 0.5% |
| |||||||
Oshkosh Corp. | 140,917 | 10,251,712 | ||||||
Terex Corp.# | 137,842 | 5,455,786 | ||||||
15,707,498 | ||||||||
150 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 83,666 | $ | 6,647,264 | |||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp. | 124,644 | 7,927,358 | ||||||
Machinery - General Industrial — 1.5% |
| |||||||
IDEX Corp. | 144,483 | 20,036,903 | ||||||
Wabtec Corp.# | 161,447 | 15,742,697 | ||||||
Zebra Technologies Corp., Class A† | 100,526 | 15,431,746 | ||||||
51,211,346 | ||||||||
Machinery - Pumps — 0.6% |
| |||||||
Apergy Corp.† | 145,761 | 6,295,417 | ||||||
Graco, Inc. | 319,874 | 14,522,280 | ||||||
20,817,697 | ||||||||
Medical Information Systems — 0.4% |
| |||||||
Allscripts Healthcare Solutions, Inc.†# | 341,412 | 4,318,862 | ||||||
Medidata Solutions, Inc.†# | 111,820 | 8,628,031 | ||||||
12,946,893 | ||||||||
Medical Instruments — 1.5% |
| |||||||
Bio-Techne Corp. | 70,744 | 10,634,238 | ||||||
Halyard Health, Inc.†# | 88,576 | 4,862,823 | ||||||
LivaNova PLC†# | 82,056 | 7,717,367 | ||||||
NuVasive, Inc.†# | 96,763 | 4,960,071 | ||||||
Teleflex, Inc. | 85,044 | 22,720,355 | ||||||
50,894,854 | ||||||||
Medical Labs & Testing Services — 0.4% |
| |||||||
Charles River Laboratories International, Inc.† | 89,537 | 9,627,018 | ||||||
Syneos Health, Inc.†# | 106,371 | 4,573,953 | ||||||
14,200,971 | ||||||||
Medical Products — 1.1% |
| |||||||
Cantel Medical Corp. | 67,083 | 7,318,084 | ||||||
Globus Medical, Inc., Class A† | 136,845 | 7,601,740 | ||||||
Hill-Rom Holdings, Inc. | 124,924 | 11,493,008 | ||||||
West Pharmaceutical Services, Inc.# | 139,671 | 12,989,403 | ||||||
39,402,235 | ||||||||
Medical - Biomedical/Gene — 0.6% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 38,161 | 10,957,168 | ||||||
United Therapeutics Corp.† | 81,629 | 8,700,019 | ||||||
19,657,187 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
Akorn, Inc.†# | 177,347 | 2,477,538 | ||||||
Mallinckrodt PLC†# | 163,012 | 2,746,752 | ||||||
PRA Health Sciences, Inc.† | 94,508 | 8,023,729 | ||||||
Prestige Brands Holdings, Inc.†# | 100,127 | 3,347,246 | ||||||
16,595,265 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Endo International PLC†# | 379,460 | 2,386,803 | ||||||
Medical - HMO — 0.8% |
| |||||||
Molina Healthcare, Inc.†# | 86,820 | 7,373,623 | ||||||
WellCare Health Plans, Inc.† | 84,062 | 18,634,023 | ||||||
26,007,646 | ||||||||
Medical - Hospitals — 0.5% |
| |||||||
Acadia Healthcare Co., Inc.†# | 154,412 | 6,205,818 | ||||||
LifePoint Health, Inc.†# | 73,583 | 3,888,862 | ||||||
Tenet Healthcare Corp.†# | 152,698 | 5,410,090 | ||||||
15,504,770 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 129,385 | $ | 6,119,910 | |||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 82,556 | 3,958,560 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
AptarGroup, Inc. | 117,255 | 10,824,982 | ||||||
Multilevel Direct Selling — 0.3% |
| |||||||
Nu Skin Enterprises, Inc., Class A# | 105,058 | 8,603,200 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc.# | 73,670 | 14,808,407 | ||||||
Networking Products — 0.3% |
| |||||||
LogMeIn, Inc.# | 98,980 | 10,679,942 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc.# | 352,604 | 3,138,176 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 112,645 | 3,689,124 | ||||||
HNI Corp.# | 81,640 | 3,029,660 | ||||||
6,718,784 | ||||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 121,755 | 2,211,071 | ||||||
Ensco PLC, Class A# | 823,119 | 5,350,273 | ||||||
Nabors Industries, Ltd.# | 661,748 | 4,943,258 | ||||||
Patterson-UTI Energy, Inc. | 419,633 | 8,678,010 | ||||||
Rowan Cos. PLC, Class A†# | 214,533 | 3,346,715 | ||||||
Transocean, Ltd.†# | 823,025 | 10,411,266 | ||||||
34,940,593 | ||||||||
Oil Companies - Exploration & Production — 2.2% |
| |||||||
Callon Petroleum Co.†# | 422,559 | 5,003,099 | ||||||
Chesapeake Energy Corp.†# | 1,716,474 | 7,672,639 | ||||||
CNX Resources Corp.†# | 380,171 | 6,143,563 | ||||||
Energen Corp.† | 183,489 | 12,447,894 | ||||||
Gulfport Energy Corp.†# | 295,049 | 3,277,994 | ||||||
Matador Resources Co.†# | 195,315 | 5,482,492 | ||||||
Oasis Petroleum, Inc.†# | 500,010 | 6,515,130 | ||||||
QEP Resources, Inc.† | 454,839 | 5,499,003 | ||||||
SM Energy Co.# | 193,867 | 5,079,315 | ||||||
Southwestern Energy Co.†# | 964,783 | 4,563,424 | ||||||
WPX Energy, Inc.† | 751,732 | 13,689,040 | ||||||
75,373,593 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Murphy Oil Corp.# | 306,237 | 9,416,788 | ||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.†# | 71,993 | 3,459,264 | ||||||
Oil Refining & Marketing — 1.2% |
| |||||||
HollyFrontier Corp. | 334,827 | 25,841,948 | ||||||
Murphy USA, Inc.†# | 59,459 | 3,969,483 | ||||||
PBF Energy, Inc., Class A# | 208,927 | 9,857,176 | ||||||
39,668,607 | ||||||||
Oil - Field Services — 0.8% |
| |||||||
Core Laboratories NV# | 83,271 | 10,340,593 | ||||||
McDermott International, Inc.†# | 337,833 | 7,341,111 | ||||||
NOW, Inc.†# | 203,256 | 2,857,779 | ||||||
Oceaneering International, Inc.# | 185,873 | 4,429,354 | ||||||
Superior Energy Services, Inc.†# | 291,168 | 3,182,466 | ||||||
28,151,303 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 118,354 | 5,689,277 | ||||||
Patient Monitoring Equipment — 0.3% |
| |||||||
Masimo Corp.† | 89,680 | 8,882,804 | ||||||
151 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Physical Therapy/Rehabilitation Centers — 0.3% |
| |||||||
Encompass Health Corp.# | 185,267 | $ | 11,996,038 | |||||
Physicians Practice Management — 0.2% |
| |||||||
MEDNAX, Inc.† | 177,069 | 8,118,614 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 37,937 | 3,713,274 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc.# | 103,267 | 11,120,823 | ||||||
Printing - Commercial — 0.2% |
| |||||||
Deluxe Corp.# | 90,471 | 6,019,940 | ||||||
Publishing - Books — 0.2% |
| |||||||
John Wiley & Sons, Inc., Class A | 83,820 | 5,682,996 | ||||||
Publishing - Newspapers — 0.2% |
| |||||||
New York Times Co., Class A# | 241,515 | 5,494,466 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 74,806 | 3,766,482 | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 63,868 | 4,176,967 | ||||||
Racetracks — 0.2% |
| |||||||
Churchill Downs, Inc. | 21,422 | 6,413,747 | ||||||
International Speedway Corp., Class A | 46,251 | 1,928,666 | ||||||
8,342,413 | ||||||||
Real Estate Investment Trusts — 8.6% |
| |||||||
Alexander & Baldwin, Inc. | 127,683 | 2,720,925 | ||||||
American Campus Communities, Inc. | 257,676 | 10,332,808 | ||||||
Camden Property Trust | 174,934 | 15,394,192 | ||||||
CoreCivic, Inc. | 223,146 | 4,802,102 | ||||||
CoreSite Realty Corp.# | 64,644 | 6,862,607 | ||||||
Corporate Office Properties Trust | 191,205 | 5,334,620 | ||||||
Cousins Properties, Inc. | 792,865 | 7,468,788 | ||||||
CyrusOne, Inc. | 181,467 | 10,049,642 | ||||||
DCT Industrial Trust, Inc. | 176,901 | 11,521,562 | ||||||
Douglas Emmett, Inc. | 300,901 | 11,581,680 | ||||||
Education Realty Trust, Inc.# | 143,058 | 5,227,339 | ||||||
EPR Properties | 122,058 | 7,493,141 | ||||||
First Industrial Realty Trust, Inc. | 226,854 | 7,470,302 | ||||||
GEO Group, Inc.# | 234,148 | 5,806,870 | ||||||
Healthcare Realty Trust, Inc. | 235,768 | 6,422,320 | ||||||
Highwoods Properties, Inc. | 194,980 | 9,325,893 | ||||||
Hospitality Properties Trust | 310,259 | 8,981,998 | ||||||
JBG SMITH Properties | 176,281 | 6,503,006 | ||||||
Kilroy Realty Corp. | 186,366 | 14,191,771 | ||||||
Lamar Advertising Co., Class A | 158,270 | 10,955,449 | ||||||
LaSalle Hotel Properties | 213,736 | 7,331,145 | ||||||
Liberty Property Trust | 278,378 | 12,307,091 | ||||||
Life Storage, Inc. | 87,813 | 8,124,459 | ||||||
Mack-Cali Realty Corp. | 170,167 | 3,364,202 | ||||||
Medical Properties Trust, Inc.# | 688,473 | 9,342,579 | ||||||
National Retail Properties, Inc.# | 290,528 | 12,036,575 | ||||||
Omega Healthcare Investors, Inc.# | 374,899 | 11,490,654 | ||||||
PotlatchDeltic Corp. | 113,471 | 5,730,286 | ||||||
Quality Care Properties, Inc.†# | 177,095 | 3,710,140 | ||||||
Rayonier, Inc. | 243,686 | 9,472,075 | ||||||
Sabra Health Care REIT, Inc.# | 336,467 | 6,974,961 | ||||||
Senior Housing Properties Trust | 448,599 | 7,922,258 | ||||||
Tanger Factory Outlet Centers, Inc.# | 178,469 | 3,835,299 | ||||||
Taubman Centers, Inc.# | 114,984 | 6,276,977 | ||||||
Uniti Group, Inc.†# | 311,339 | 6,528,779 | ||||||
Urban Edge Properties | 199,820 | 4,370,063 | ||||||
Weingarten Realty Investors# | 225,509 | 6,611,924 | ||||||
293,876,482 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 0.4% |
| |||||||
Jones Lang LaSalle, Inc. | 85,723 | $ | 14,037,998 | |||||
Recreational Vehicles — 0.7% |
| |||||||
Brunswick Corp. | 165,291 | 10,512,508 | ||||||
Polaris Industries, Inc.# | 110,710 | 12,388,449 | ||||||
22,900,957 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 116,418 | 4,631,108 | ||||||
Avis Budget Group, Inc.†# | 134,483 | 5,243,492 | ||||||
9,874,600 | ||||||||
Resort/Theme Parks — 0.3% |
| |||||||
Six Flags Entertainment Corp.# | 148,445 | 9,577,671 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc. | 317,987 | 7,059,311 | ||||||
Urban Outfitters, Inc.†# | 151,220 | 6,281,679 | ||||||
13,340,990 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.† | 208,719 | 3,832,081 | ||||||
Retail - Automobile — 0.8% |
| |||||||
AutoNation, Inc.†# | 112,676 | 5,144,786 | ||||||
Copart, Inc.†# | 381,025 | 20,891,601 | ||||||
26,036,387 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 268,848 | 4,882,280 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 85,055 | 7,810,601 | ||||||
Retail - Convenience Store — 0.2% |
| |||||||
Casey’s General Stores, Inc.# | 70,881 | 6,861,281 | ||||||
Retail - Discount — 0.1% |
| |||||||
Big Lots, Inc.# | 79,350 | 3,246,208 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd.# | 114,139 | 4,907,977 | ||||||
Retail - Mail Order — 0.2% |
| |||||||
Williams-Sonoma, Inc.# | 146,194 | 8,094,762 | ||||||
Retail - Misc./Diversified — 0.4% |
| |||||||
Five Below, Inc.†# | 104,273 | 7,373,144 | ||||||
GameStop Corp., Class A# | 191,248 | 2,524,473 | ||||||
Sally Beauty Holdings, Inc.†# | 236,170 | 3,575,614 | ||||||
13,473,231 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc.# | 971,934 | 2,293,764 | ||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 127,699 | 2,666,355 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Dillard’s, Inc., Class A# | 38,811 | 3,160,380 | ||||||
Retail - Restaurants — 1.9% |
| |||||||
Brinker International, Inc.# | 82,788 | 3,620,319 | ||||||
Cheesecake Factory, Inc.# | 80,585 | 4,175,109 | ||||||
Cracker Barrel Old Country Store, Inc.# | 45,315 | 7,101,314 | ||||||
Domino’s Pizza, Inc.# | 82,561 | 20,762,440 | ||||||
Dunkin’ Brands Group, Inc.# | 155,287 | 9,943,027 | ||||||
Jack in the Box, Inc. | 55,751 | 4,497,433 | ||||||
Papa John’s International, Inc.# | 46,219 | 2,373,346 | ||||||
Texas Roadhouse, Inc.# | 123,930 | 7,679,942 | ||||||
Wendy’s Co.# | 338,975 | 5,460,887 | ||||||
65,613,817 | ||||||||
152 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc.# | 156,110 | $ | 5,713,626 | |||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co.# | 95,897 | 2,464,553 | ||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
New York Community Bancorp, Inc.# | 925,429 | 10,725,722 | ||||||
Sterling Bancorp# | 424,205 | 10,414,233 | ||||||
Washington Federal, Inc. | 163,037 | 5,290,550 | ||||||
26,430,505 | ||||||||
Schools — 0.3% |
| |||||||
Adtalem Global Education, Inc.† | 113,791 | 5,433,520 | ||||||
Graham Holdings Co., Class B | 8,735 | 5,073,725 | ||||||
10,507,245 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 95,476 | 7,566,473 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Cirrus Logic, Inc.†# | 119,623 | 4,483,470 | ||||||
Cypress Semiconductor Corp.# | 670,149 | 11,030,652 | ||||||
Integrated Device Technology, Inc.†# | 249,828 | 8,304,283 | ||||||
23,818,405 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
MKS Instruments, Inc. | 102,863 | 11,541,229 | ||||||
Teradyne, Inc.# | 368,921 | 13,985,795 | ||||||
25,527,024 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc.# | 42,840 | 6,261,066 | ||||||
Steel - Producers — 1.7% |
| |||||||
Carpenter Technology Corp.# | 88,568 | 5,308,766 | ||||||
Commercial Metals Co.# | 220,179 | 5,205,031 | ||||||
Reliance Steel & Aluminum Co. | 137,489 | 12,864,846 | ||||||
Steel Dynamics, Inc. | 445,656 | 22,028,776 | ||||||
United States Steel Corp.# | 332,033 | 12,242,057 | ||||||
57,649,476 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 237,224 | 6,765,628 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Ciena Corp.† | 272,448 | 6,279,926 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS International PLC† | 328,714 | 8,309,890 | ||||||
Plantronics, Inc. | 62,441 | 4,548,827 | ||||||
12,858,717 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 174,502 | 4,458,526 | ||||||
Television — 0.3% |
| |||||||
AMC Networks, Inc., Class A†# | 86,792 | 4,961,899 | ||||||
TEGNA, Inc. | 407,017 | 4,220,766 | ||||||
9,182,665 | ||||||||
Theaters — 0.5% |
| |||||||
Cinemark Holdings, Inc.# | 200,081 | 6,756,735 | ||||||
Live Nation Entertainment, Inc.†# | 255,439 | 10,889,365 | ||||||
17,646,100 | ||||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.†# | 218,806 | 5,284,165 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
GATX Corp.# | 71,737 | 5,157,890 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Marine — 0.3% |
| |||||||
Kirby Corp.†# | 101,427 | $ | 9,199,429 | |||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A†# | 116,948 | 9,134,808 | ||||||
Transport - Services — 0.2% |
| |||||||
Ryder System, Inc. | 100,012 | 6,708,805 | ||||||
Transport - Truck — 1.2% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 242,198 | 9,852,615 | ||||||
Landstar System, Inc.# | 79,271 | 8,989,331 | ||||||
Old Dominion Freight Line, Inc. | 129,073 | 20,130,225 | ||||||
Werner Enterprises, Inc.# | 84,801 | 3,324,199 | ||||||
42,296,370 | ||||||||
Water — 0.3% |
| |||||||
Aqua America, Inc.# | 335,559 | 11,643,897 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc.# | 79,158 | 4,374,271 | ||||||
Wireless Equipment — 0.3% |
| |||||||
InterDigital, Inc. | 65,369 | 5,154,346 | ||||||
ViaSat, Inc.†# | 103,384 | 6,472,872 | ||||||
11,627,218 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,355,493,706) | 3,366,311,178 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 86,679,316 | 86,679,316 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills |
| |||||||
1.75% due 06/14/2018(3) | $ | 1,000,000 | 999,429 | |||||
1.75% due 08/09/2018(3) | 250,000 | 249,110 | ||||||
1.81% due 07/05/2018(3) | 3,100,000 | 3,094,869 | ||||||
1.83% due 08/23/2018(3) | 1,000,000 | 995,715 | ||||||
1.86% due 08/16/2018(3) | 2,000,000 | 1,992,146 | ||||||
7,331,269 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $94,010,561) | 94,010,585 | |||||||
REPURCHASE AGREEMENTS — 1.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $59,960,466 collateralized by $66,860,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $61,160,987 | 59,960,000 | 59,960,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,509,464,267)(4) | 102.5 | % | 3,520,281,763 | |||||
Liabilities in excess of other assets | (2.5 | ) | (86,192,612 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,434,089,151 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
153 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $717,392,547. This was secured by collateral of $86,679,316, which was received in cash and subsequently invested in short-term investments currently valued at $86,679,316 as reported in the Portfolio of Investments. Additional collateral of $656,363,237 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 May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 103,737,131 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 42,006,448 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 27,620,290 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 58,976,789 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 424,022,579 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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) | ||||||||||||||||
362 | Long | S&P Mid Cap 400 E-Mini Index | June 2018 | $ | 69,885,621 | $ | 70,481,400 | $ | 595,779 | |||||||||||||
* | 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 May 31, 2018 (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 | $ | 3,366,311,178 | $ | — | $ | — | $ | 3,366,311,178 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 86,679,316 | — | — | 86,679,316 | ||||||||||||
U.S. Government Treasuries | — | 7,331,269 | — | 7,331,269 | ||||||||||||
Repurchase Agreements | — | 59,960,000 | — | 59,960,000 | ||||||||||||
Total Investments at Value | $ | 3,452,990,494 | $ | 67,291,269 | $ | — | $ | 3,520,281,763 | ||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 595,779 | $ | — | $ | — | $ | 595,779 | ||||||||
* | 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
154 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Commercial Services — Finance | 4.8 | % | ||
Electronic Components — Semiconductors | 4.6 | |||
Enterprise Software/Service | 3.9 | |||
Finance — Investment Banker/Broker | 3.9 | |||
Medical Products | 3.1 | |||
Medical Instruments | 3.0 | |||
Electronic Components — Misc. | 2.8 | |||
Semiconductor Equipment | 2.8 | |||
Real Estate Investment Trusts | 2.7 | |||
Commercial Services | 2.6 | |||
Consulting Services | 2.5 | |||
Electronic Measurement Instruments | 2.3 | |||
Electronic Connectors | 2.0 | |||
Computer Software | 2.0 | |||
E-Commerce/Services | 1.9 | |||
Drug Delivery Systems | 1.8 | |||
Instruments — Scientific | 1.7 | |||
Entertainment Software | 1.7 | |||
Unknown | 1.7 | |||
Transport — Truck | 1.7 | |||
Telecommunication Equipment | 1.7 | |||
Applications Software | 1.6 | |||
Data Processing/Management | 1.6 | |||
Computer Services | 1.6 | |||
Diversified Manufacturing Operations | 1.6 | |||
Disposable Medical Products | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Apparel Manufacturers | 1.2 | |||
Aerospace/Defense — Equipment | 1.2 | |||
Therapeutics | 1.2 | |||
Cruise Lines | 1.1 | |||
Banks — Commercial | 1.1 | |||
Motion Pictures & Services | 1.1 | |||
Computers — Memory Devices | 1.0 | |||
Insurance — Property/Casualty | 1.0 | |||
Aerospace/Defense | 1.0 | |||
Finance — Consumer Loans | 1.0 | |||
Medical Information Systems | 1.0 | |||
Insurance Brokers | 1.0 | |||
Medical — Biomedical/Gene | 1.0 | |||
Electric Products — Misc. | 0.9 | |||
Distribution/Wholesale | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Printing — Commercial | 0.9 | |||
Retail — Discount | 0.9 | |||
Diagnostic Kits | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Containers — Paper/Plastic | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Registered Investment Companies | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Beverages — Non-alcoholic | 0.7 | |||
Rental Auto/Equipment | 0.6 | |||
Auction Houses/Art Dealers | 0.6 | |||
Airlines | 0.6 | |||
Hotels/Motels | 0.6 | |||
Retail — Building Products | 0.5 | |||
Retail — Perfume & Cosmetics | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Home Decoration Products | 0.5 | |||
Wire & Cable Products | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Advertising Agencies | 0.5 | |||
Machinery — Electrical | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Decision Support Software | 0.4 |
Casino Hotels | 0.4 | |||
Lasers — System/Components | 0.4 | |||
Retail — Mail Order | 0.4 | |||
Recreational Vehicles | 0.3 | |||
Medical — Drugs | 0.3 | |||
Retail — Gardening Products | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Internet Content — Entertainment | 0.2 | |||
Retail — Petroleum Products | 0.2 | |||
Time Deposits | 0.2 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
155 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Omnicom Group, Inc.# | 18,846 | $ | 1,358,420 | |||||
Aerospace/Defense — 1.0% |
| |||||||
Teledyne Technologies, Inc.† | 14,236 | 2,867,985 | ||||||
Aerospace/Defense - Equipment — 1.2% |
| |||||||
Harris Corp. | 8,119 | 1,221,666 | ||||||
L3 Technologies, Inc. | 11,270 | 2,235,179 | ||||||
3,456,845 | ||||||||
Airlines — 0.6% |
| |||||||
Ryanair Holdings PLC ADR†# | 15,753 | 1,825,930 | ||||||
Apparel Manufacturers — 1.2% |
| |||||||
Carter’s, Inc. | 9,865 | 1,075,384 | ||||||
Gildan Activewear, Inc. | 87,484 | 2,530,912 | ||||||
3,606,296 | ||||||||
Applications Software — 1.6% |
| |||||||
Dropbox, Inc., Class B†(1)(2)(3) | 65,545 | 1,867,410 | ||||||
Intuit, Inc. | 5,810 | 1,171,296 | ||||||
PTC, Inc.† | 19,640 | 1,693,753 | ||||||
4,732,459 | ||||||||
Auction Houses/Art Dealers — 0.6% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 54,653 | 1,862,574 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Visteon Corp.† | 6,579 | 822,112 | ||||||
Banks - Commercial — 1.1% |
| |||||||
First Republic Bank | 18,720 | 1,864,512 | ||||||
SVB Financial Group† | 4,307 | 1,344,344 | ||||||
3,208,856 | ||||||||
Beverages - Non-alcoholic — 0.7% |
| |||||||
Monster Beverage Corp.† | 37,155 | 1,900,850 | ||||||
Casino Hotels — 0.4% |
| |||||||
MGM Resorts International | 35,550 | 1,118,047 | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
FMC Corp. | 27,265 | 2,374,509 | ||||||
Huntsman Corp. | 56,040 | 1,791,599 | ||||||
4,166,108 | ||||||||
Commercial Services — 2.6% |
| |||||||
CoStar Group, Inc.† | 8,354 | 3,184,712 | ||||||
Edenred | 46,618 | 1,502,602 | ||||||
ServiceMaster Global Holdings, Inc.† | 52,786 | 3,016,192 | ||||||
7,703,506 | ||||||||
�� | ||||||||
Commercial Services - Finance — 4.8% |
| |||||||
Equifax, Inc. | 13,298 | 1,515,440 | ||||||
Euronet Worldwide, Inc.† | 6,842 | 573,428 | ||||||
Global Payments, Inc. | 22,129 | 2,459,860 | ||||||
IHS Markit, Ltd.† | 23,675 | 1,166,704 | ||||||
MarketAxess Holdings, Inc. | 6,645 | 1,419,704 | ||||||
WEX, Inc.† | 23,223 | 4,082,836 | ||||||
Worldpay, Inc., Class A† | 36,558 | 2,905,264 | ||||||
14,123,236 | ||||||||
Computer Services — 1.6% |
| |||||||
Amdocs, Ltd. | 43,078 | 2,906,042 | ||||||
EPAM Systems, Inc.† | 13,905 | 1,712,818 | ||||||
4,618,860 | ||||||||
Computer Software — 2.0% |
| |||||||
GreenSky, Inc., Class A† | 22,075 | 590,948 | ||||||
Splunk, Inc.† | 16,825 | 1,864,378 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Software (continued) |
| |||||||
SS&C Technologies Holdings, Inc. | 66,915 | $ | 3,406,643 | |||||
5,861,969 | ||||||||
Computers - Memory Devices — 1.0% |
| |||||||
NetApp, Inc. | 43,965 | 3,003,689 | ||||||
Consulting Services — 2.5% |
| |||||||
Gartner, Inc.†# | 11,209 | 1,487,883 | ||||||
Verisk Analytics, Inc.† | 55,261 | 5,870,928 | ||||||
7,358,811 | ||||||||
Containers - Paper/Plastic — 0.8% |
| |||||||
Sealed Air Corp.# | 52,332 | 2,279,582 | ||||||
Cruise Lines — 1.1% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 31,141 | 1,629,920 | ||||||
Royal Caribbean Cruises, Ltd. | 15,725 | 1,650,810 | ||||||
3,280,730 | ||||||||
Data Processing/Management — 1.6% |
| |||||||
Broadridge Financial Solutions, Inc. | 10,691 | 1,234,276 | ||||||
Fidelity National Information Services, Inc. | 21,271 | 2,174,322 | ||||||
Jack Henry & Associates, Inc. | 9,825 | 1,228,714 | ||||||
4,637,312 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 7,099 | 1,154,084 | ||||||
Diagnostic Kits — 0.9% |
| |||||||
IDEXX Laboratories, Inc.† | 11,980 | 2,494,356 | ||||||
Disposable Medical Products — 1.5% |
| |||||||
ICU Medical, Inc.† | 5,831 | 1,697,113 | ||||||
STERIS PLC | 26,948 | 2,798,280 | ||||||
4,495,393 | ||||||||
Distribution/Wholesale — 0.9% |
| |||||||
Ferguson PLC | 15,710 | 1,217,552 | ||||||
LKQ Corp.† | 46,185 | 1,467,297 | ||||||
2,684,849 | ||||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
A.O. Smith Corp. | 45,607 | 2,876,434 | ||||||
Carlisle Cos., Inc. | 15,613 | 1,676,680 | ||||||
4,553,114 | ||||||||
Drug Delivery Systems — 1.8% |
| |||||||
Catalent, Inc.† | 38,497 | 1,511,392 | ||||||
DexCom, Inc.†# | 42,688 | 3,756,117 | ||||||
5,267,509 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
Wayfair, Inc., Class A†# | 7,973 | 736,307 | ||||||
E-Commerce/Services — 0.8% |
| |||||||
SurveyMonkey, Inc.†(1)(2)(3) | 44,965 | 466,287 | ||||||
Trade Desk, Inc., Class A†# | 21,685 | 1,854,718 | ||||||
2,321,005 | ||||||||
Electric Products - Misc. — 0.9% |
| |||||||
AMETEK, Inc. | 37,258 | 2,720,952 | ||||||
Electronic Components - Misc. — 2.8% |
| |||||||
Flex, Ltd.† | 250,300 | 3,476,667 | ||||||
Sensata Technologies Holding PLC†# | 90,606 | 4,629,061 | ||||||
8,105,728 | ||||||||
Electronic Components - Semiconductors — 4.6% |
| |||||||
Microchip Technology, Inc.# | 45,873 | 4,467,113 | ||||||
Monolithic Power Systems, Inc. | 9,580 | 1,262,740 |
156 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors (continued) |
| |||||||
ON Semiconductor Corp.† | 149,039 | $ | 3,745,350 | |||||
Xilinx, Inc. | 56,285 | 3,833,571 | ||||||
13,308,774 | ||||||||
Electronic Connectors — 2.0% |
| |||||||
TE Connectivity, Ltd. | 63,813 | 5,939,714 | ||||||
Electronic Measurement Instruments — 2.3% |
| |||||||
Agilent Technologies, Inc. | 38,195 | 2,365,035 | ||||||
National Instruments Corp. | 60,076 | 2,500,363 | ||||||
Trimble, Inc.† | 53,100 | 1,755,486 | ||||||
6,620,884 | ||||||||
Enterprise Software/Service — 3.9% |
| |||||||
Atlassian Corp. PLC, Class A† | 51,608 | 3,292,074 | ||||||
Constellation Software, Inc. | 5,181 | 4,080,627 | ||||||
Ultimate Software Group, Inc.†# | 6,703 | 1,757,192 | ||||||
Workday, Inc., Class A† | 16,965 | 2,221,736 | ||||||
11,351,629 | ||||||||
Entertainment Software — 1.7% |
| |||||||
Activision Blizzard, Inc. | 14,968 | 1,061,381 | ||||||
Take-Two Interactive Software, Inc.† | 23,995 | 2,689,359 | ||||||
Zynga, Inc., Class A† | 301,730 | 1,327,612 | ||||||
5,078,352 | ||||||||
Finance - Consumer Loans — 1.0% |
| |||||||
Synchrony Financial | 81,754 | 2,831,141 | ||||||
Finance - Investment Banker/Broker — 3.9% |
| |||||||
E*TRADE Financial Corp.† | 43,155 | 2,733,869 | ||||||
LPL Financial Holdings, Inc. | 49,092 | 3,376,057 | ||||||
TD Ameritrade Holding Corp. | 86,578 | 5,125,418 | ||||||
11,235,344 | ||||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Brands, Inc.# | 60,895 | 1,435,904 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Hyatt Hotels Corp., Class A | 20,010 | 1,635,417 | ||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Nordson Corp. | 11,330 | 1,423,388 | ||||||
Instruments - Scientific — 1.7% |
| |||||||
PerkinElmer, Inc.# | 39,278 | 2,919,534 | ||||||
Waters Corp.† | 11,212 | 2,159,655 | ||||||
5,079,189 | ||||||||
Insurance Brokers — 1.0% |
| |||||||
Aon PLC | 20,125 | 2,814,884 | ||||||
Insurance - Property/Casualty — 1.0% |
| |||||||
Intact Financial Corp. | 23,416 | 1,770,738 | ||||||
WR Berkley Corp. | 15,479 | 1,183,679 | ||||||
2,954,417 | ||||||||
Internet Content - Entertainment — 0.2% |
| |||||||
Snap, Inc., Class A†# | 61,100 | 695,929 | ||||||
Lasers - System/Components — 0.4% |
| |||||||
Coherent, Inc.† | 6,455 | 1,078,308 | ||||||
Machinery - Electrical — 0.4% |
| |||||||
BWX Technologies, Inc. | 18,150 | 1,211,331 | ||||||
Machinery - General Industrial — 0.7% |
| |||||||
Middleby Corp.†# | 9,963 | 992,514 | ||||||
Wabtec Corp.# | 10,671 | 1,040,529 | ||||||
2,033,043 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Information Systems — 1.0% |
| |||||||
athenahealth, Inc.† | 18,815 | $ | 2,831,093 | |||||
Medical Instruments — 3.0% |
| |||||||
Boston Scientific Corp.† | 105,958 | 3,220,064 | ||||||
Bruker Corp. | 56,875 | 1,721,606 | ||||||
Edwards Lifesciences Corp.† | 18,595 | 2,553,279 | ||||||
Teleflex, Inc. | 5,205 | 1,390,568 | ||||||
8,885,517 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
IQVIA Holdings, Inc.† | 20,388 | 2,016,985 | ||||||
Medical Products — 3.1% |
| |||||||
Cooper Cos., Inc. | 8,564 | 1,938,119 | ||||||
Globus Medical, Inc., Class A† | 21,565 | 1,197,936 | ||||||
Haemonetics Corp.† | 16,740 | 1,512,459 | ||||||
Henry Schein, Inc.†# | 13,741 | 950,877 | ||||||
Novocure, Ltd.† | 50,165 | 1,577,689 | ||||||
Varian Medical Systems, Inc.† | 16,525 | 1,947,802 | ||||||
9,124,882 | ||||||||
�� | ||||||||
Medical - Biomedical/Gene — 1.0% |
| |||||||
ACADIA Pharmaceuticals, Inc.† | 24,798 | 448,844 | ||||||
BeiGene, Ltd. ADR† | 2,003 | 400,840 | ||||||
Bluebird Bio, Inc.†# | 3,895 | 697,400 | ||||||
Celgene Corp.† | 13,561 | 1,066,979 | ||||||
Puma Biotechnology, Inc.†# | 3,441 | 182,201 | ||||||
2,796,264 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
Alkermes PLC†# | 14,803 | 698,702 | ||||||
DBV Technologies SA ADR†# | 11,807 | 265,657 | ||||||
964,359 | ||||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
Rexnord Corp.† | 68,378 | 1,995,270 | ||||||
Motion Pictures & Services — 1.1% |
| |||||||
Dolby Laboratories, Inc., Class A | 50,402 | 3,165,246 | ||||||
Non - Hazardous Waste Disposal — 0.8% |
| |||||||
Waste Connections, Inc. | 30,225 | 2,323,698 | ||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
Marathon Oil Corp. | 51,830 | 1,110,717 | ||||||
Parsley Energy, Inc., Class A† | 51,825 | 1,527,801 | ||||||
2,638,518 | ||||||||
Printing - Commercial — 0.9% |
| |||||||
Cimpress NV† | 18,353 | 2,555,288 | ||||||
Real Estate Investment Trusts — 2.7% |
| |||||||
Crown Castle International Corp. | 28,816 | 3,001,186 | ||||||
Equinix, Inc. | 3,948 | 1,566,764 | ||||||
Lamar Advertising Co., Class A | 46,752 | 3,236,174 | ||||||
7,804,124 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
CBRE Group, Inc., Class A† | 32,585 | 1,505,101 | ||||||
Recreational Vehicles — 0.3% |
| |||||||
Polaris Industries, Inc.# | 8,709 | 974,537 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
United Rentals, Inc.† | 11,805 | 1,883,724 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
lululemon athletica, Inc.† | 10,053 | 1,056,068 | ||||||
Tapestry, Inc. | 32,020 | 1,399,914 | ||||||
2,455,982 | ||||||||
157 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Building Products — 0.5% |
| |||||||
Floor & Decor Holdings, Inc., Class A†# | 34,140 | $ | 1,604,580 | |||||
Retail - Discount — 0.9% |
| |||||||
Dollar Tree, Inc.† | 30,250 | 2,498,347 | ||||||
Retail - Gardening Products — 0.3% |
| |||||||
Tractor Supply Co. | 12,733 | 946,189 | ||||||
Retail - Mail Order — 0.4% |
| |||||||
Williams-Sonoma, Inc.# | 19,017 | 1,052,971 | ||||||
Retail - Perfume & Cosmetics — 0.5% |
| |||||||
ULTA Beauty, Inc.† | 6,485 | 1,601,211 | ||||||
Retail - Petroleum Products — 0.2% |
| |||||||
World Fuel Services Corp. | 28,224 | 589,317 | ||||||
Retail - Restaurants — 0.8% |
| |||||||
Dunkin’ Brands Group, Inc.# | 34,660 | 2,219,280 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Marvell Technology Group, Ltd. | 55,085 | 1,186,531 | ||||||
Semiconductor Equipment — 2.8% |
| |||||||
Entegris, Inc. | 36,410 | 1,277,991 | ||||||
KLA-Tencor Corp. | 24,971 | 2,827,466 | ||||||
Lam Research Corp. | 11,567 | 2,292,348 | ||||||
MKS Instruments, Inc. | 14,960 | 1,678,512 | ||||||
8,076,317 | ||||||||
Telecommunication Equipment — 1.7% |
| |||||||
NICE, Ltd., ADR†# | 45,622 | 4,824,526 | ||||||
Therapeutics — 1.2% |
| |||||||
Neurocrine Biosciences, Inc.†# | 35,305 | 3,398,459 | ||||||
Transport - Truck — 1.7% |
| |||||||
Old Dominion Freight Line, Inc. | 11,205 | 1,747,532 | ||||||
XPO Logistics, Inc.†# | 30,815 | 3,243,279 | ||||||
4,990,811 | ||||||||
Wire & Cable Products — 0.4% |
| |||||||
Belden, Inc. | 22,766 | 1,258,049 | ||||||
Total Common Stocks | ||||||||
(cost $215,893,756) | 283,222,298 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.2% |
| |||||||
E-Commerce/Services — 1.1% |
| |||||||
Airbnb, Inc., Series D†(1)(2)(3) | 29,418 | 3,207,052 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 2,200 | 172,876 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,417,696) | 3,379,928 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $217,311,452) | 286,602,226 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
Commercial Paper — 1.7% |
| |||||||
Credit Agricole | $ | 5,000,000 | 4,999,765 | |||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(4)(5) | 2,232,493 | 2,232,493 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Time Deposits — 0.2% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18 | $ | 492,000 | $ | 492,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $7,724,493) | 7,724,258 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $225,035,945)(6) | 100.9 | % | 294,326,484 | |||||
Liabilities in excess of other assets | (0.9 | ) | (2,671,982 | ) | ||||
NET ASSETS | 100.0 | % | $ | 291,654,502 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, 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 | 65,545 | $ | 810,680 | $ | 1,867,410 | $ | 28.49 | 0.64% | |||||||||||||||
SurveyMonkey, Inc | 11/25/2014 | 44,965 | 739,674 | 466,287 | 10.37 | 0.16% | ||||||||||||||||||
Convertible Preferred Stocks | ||||||||||||||||||||||||
Airbnb, Inc. Series D | 4/16/2014 | 29,418 | 1,197,696 | 3,207,052 | 109.02 | 1.10% | ||||||||||||||||||
$ | 5,540,749 | 1.90% | ||||||||||||||||||||||
(3) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $5,540,749 representing 1.9% of net assets. |
(4) | At May 31, 2018, the Fund had loaned securities with a total value of $35,649,636. This was secured by collateral of $2,232,493, which was received in cash and subsequently invested in short-term investments currently valued at $2,232,493 as reported in the Portfolio of Investments. Additional collateral of $34,525,540 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 2,361,858 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 956,391 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 628,851 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 11/08/2018 | 2,827,850 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 27,750,590 |
(5) | The rate shown is the 7-day yield as of May 31, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
158 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2018 (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 | $ | 2,865,049 | $ | 1,867,410 | $ | — | $ | 4,732,459 | ||||||||
E-Commerce/Services | 1,854,718 | — | 466,287 | 2,321,005 | ||||||||||||
Other Industries | 273,448,680 | 2,720,154 | ** | — | 276,168,834 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Wire & Cable Products | 172,876 | — | — | 172,876 | ||||||||||||
Other Industries | — | — | 3,207,052 | 3,207,052 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 4,999,765 | — | 4,999,765 | ||||||||||||
Registered Investment Companies | 2,232,493 | — | — | 2,232,493 | ||||||||||||
Time Deposits | — | 492,000 | — | 492,000 | ||||||||||||
Total Investments at Value | $ | 280,573,816 | $ | 10,079,329 | $ | 3,673,339 | $ | 294,326,484 | ||||||||
* | 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 | — | 1,454,227 | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 29,677 | 118,162 | ||||||
Change in unrealized depreciation(1) | (72,392 | ) | (880,691 | ) | ||||
Net Purchases | — | — | ||||||
Net Sales | (810,680 | ) | (1,841,228 | ) | ||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 05/31/2018 | $ | 466,287 | $ | 3,207,052 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | (42,715 | ) | $ | (762,529 | ) | |||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 5/31/18 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 466,287 | Market Approach | 2017 Revenue Multiple* 2018 EBITIDA Multiple* 2018 Estimated Gross Profit Multiple* Discount for Lack of Marketability | 7.35x 20.2x 7.9x 10.0% | |||||
Convertible Preferred Securities | $ | 3,207,052 | Market Approach | Market Transaction Price* 2020 Estimated Revenue Multiple* 2020 Estimated Gross Profit Multiple* Discount for Lack of Marketability | $105.0000 5.3x 7.3x 10.0% |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship. |
See Notes to the Financial Statements
159 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Computers | 11.4 | % | ||
E-Commerce/Products | 10.3 | |||
Applications Software | 9.7 | |||
Web Portals/ISP | 9.3 | |||
Electronic Components — Semiconductors | 9.0 | |||
Internet Content — Entertainment | 7.3 | |||
Medical — Biomedical/Gene | 6.2 | |||
Repurchase Agreements | 4.6 | |||
Cable/Satellite TV | 2.8 | |||
Networking Products | 2.5 | |||
Commercial Services — Finance | 1.9 | |||
E-Commerce/Services | 1.8 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Food — Misc./Diversified | 1.5 | |||
Entertainment Software | 1.5 | |||
Electronic Forms | 1.5 | |||
Semiconductor Equipment | 1.4 | |||
Retail — Discount | 1.3 | |||
Retail — Restaurants | 1.0 | |||
Multimedia | 0.8 | |||
Retail — Drug Store | 0.7 | |||
Cellular Telecom | 0.7 | |||
Transport — Rail | 0.7 | |||
Data Processing/Management | 0.6 | |||
Computer Aided Design | 0.6 | |||
Medical Instruments | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Hotels/Motels | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Computer Services | 0.5 | |||
Pharmacy Services | 0.5 | |||
Computers — Memory Devices | 0.5 | |||
Dental Supplies & Equipment | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Radio | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Beverages — Non-alcoholic | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Medical Products | 0.3 | |||
Medical — Generic Drugs | 0.2 | |||
Airlines | 0.2 | |||
Casino Hotels | 0.2 | |||
Medical Information Systems | 0.2 | |||
Commercial Services | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Consulting Services | 0.2 | |||
Computer Data Security | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Computer Software | 0.2 | |||
Transport — Truck | 0.2 | |||
Internet Security | 0.2 | |||
Toys | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
160 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.1% |
| |||||||
Airlines — 0.2% |
| |||||||
American Airlines Group, Inc.# | 26,825 | $ | 1,167,961 | |||||
Applications Software — 9.7% |
| |||||||
Intuit, Inc. | 14,521 | 2,927,434 | ||||||
Microsoft Corp. | 436,553 | 43,148,898 | ||||||
46,076,332 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla, Inc.†# | 9,577 | 2,726,859 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 19,957 | 1,241,924 | ||||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Monster Beverage Corp.† | 31,975 | 1,635,841 | ||||||
Cable/Satellite TV — 2.8% |
| |||||||
Charter Communications, Inc., Class A† | 13,523 | 3,530,044 | ||||||
Comcast Corp., Class A | 262,793 | 8,193,886 | ||||||
DISH Network Corp., Class A† | 12,929 | 382,052 | ||||||
Liberty Global PLC, Class A† | 12,458 | 355,177 | ||||||
Liberty Global PLC, Class C† | 32,795 | 907,766 | ||||||
13,368,925 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Wynn Resorts, Ltd. | 5,841 | 1,144,894 | ||||||
Cellular Telecom — 0.7% |
| |||||||
T-Mobile US, Inc.† | 48,443 | 2,698,275 | ||||||
Vodafone Group PLC ADR# | 26,930 | 698,295 | ||||||
3,396,570 | ||||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 6,038 | 1,100,426 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
Automatic Data Processing, Inc. | 25,132 | 3,267,663 | ||||||
PayPal Holdings, Inc.† | 68,045 | 5,584,453 | ||||||
8,852,116 | ||||||||
Computer Aided Design — 0.6% |
| |||||||
Autodesk, Inc.† | 12,488 | 1,612,201 | ||||||
Cadence Design Systems, Inc.† | 16,038 | 680,813 | ||||||
Synopsys, Inc.† | 8,432 | 742,606 | ||||||
3,035,620 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 9,267 | 902,235 | ||||||
Computer Services — 0.5% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 33,341 | 2,512,244 | ||||||
Computer Software — 0.2% |
| |||||||
Citrix Systems, Inc.† | 7,719 | 815,281 | ||||||
Computers — 11.4% |
| |||||||
Apple, Inc. | 287,680 | 53,758,762 | ||||||
Computers - Memory Devices — 0.5% |
| |||||||
Seagate Technology PLC | 16,149 | 909,996 | ||||||
Western Digital Corp. | 16,871 | 1,408,897 | ||||||
2,318,893 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc.† | 9,356 | 993,981 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fiserv, Inc.† | 23,428 | 1,700,873 | ||||||
Paychex, Inc. | 20,365 | 1,335,537 | ||||||
3,036,410 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
Align Technology, Inc.† | 4,543 | $ | 1,508,049 | |||||
DENTSPLY SIRONA, Inc. | 13,022 | 570,494 | ||||||
2,078,543 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 4,940 | 1,028,557 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co.# | 16,309 | 868,128 | ||||||
E-Commerce/Products — 10.3% |
| |||||||
Amazon.com, Inc.† | 27,447 | 44,728,180 | ||||||
eBay, Inc.† | 57,382 | 2,164,449 | ||||||
JD.com, Inc. ADR†# | 52,290 | 1,839,562 | ||||||
48,732,191 | ||||||||
E-Commerce/Services — 1.8% |
| |||||||
Booking Holdings, Inc.† | 2,738 | 5,774,223 | ||||||
Ctrip.com International, Ltd. ADR† | 26,204 | 1,181,538 | ||||||
Expedia Group, Inc. | 7,883 | 954,080 | ||||||
MercadoLibre, Inc.# | 2,504 | 728,238 | ||||||
8,638,079 | ||||||||
Electronic Components - Semiconductors — 9.0% |
| |||||||
Broadcom, Inc. | 23,273 | 5,866,425 | ||||||
Intel Corp. | 264,660 | 14,609,232 | ||||||
Microchip Technology, Inc.# | 13,286 | 1,293,791 | ||||||
Micron Technology, Inc.† | 65,559 | 3,775,543 | ||||||
NVIDIA Corp. | 34,302 | 8,650,621 | ||||||
Skyworks Solutions, Inc. | 10,346 | 1,020,219 | ||||||
Texas Instruments, Inc. | 55,778 | 6,242,116 | ||||||
Xilinx, Inc. | 14,447 | 983,985 | ||||||
42,441,932 | ||||||||
Electronic Forms — 1.5% |
| |||||||
Adobe Systems, Inc.† | 27,871 | 6,947,683 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
CA, Inc. | 23,638 | 844,822 | ||||||
Workday, Inc., Class A† | 7,767 | 1,017,167 | ||||||
1,861,989 | ||||||||
Entertainment Software — 1.5% |
| |||||||
Activision Blizzard, Inc. | 43,012 | 3,049,981 | ||||||
Electronic Arts, Inc.† | 17,390 | 2,276,525 | ||||||
NetEase, Inc. ADR | 4,258 | 972,186 | ||||||
Take-Two Interactive Software, Inc.† | 6,486 | 726,951 | ||||||
7,025,643 | ||||||||
Food - Misc./Diversified — 1.5% |
| |||||||
Kraft Heinz Co. | 69,102 | 3,971,983 | ||||||
Mondelez International, Inc., Class A | 84,327 | 3,311,521 | ||||||
7,283,504 | ||||||||
Hotels/Motels — 0.6% |
| |||||||
Marriott International, Inc., Class A | 20,266 | 2,743,206 | ||||||
Internet Content - Entertainment — 7.3% |
| |||||||
Facebook, Inc., Class A† | 135,841 | 26,051,587 | ||||||
Netflix, Inc.† | 24,603 | 8,650,415 | ||||||
34,702,002 | ||||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp. | 35,239 | 732,266 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 18,857 | 1,125,386 | ||||||
161 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.6% |
| |||||||
Intuitive Surgical, Inc.† | 6,367 | $ | 2,926,719 | |||||
Medical Products — 0.3% |
| |||||||
Henry Schein, Inc.†# | 8,714 | 603,009 | ||||||
Hologic, Inc.† | 15,678 | 594,039 | ||||||
1,197,048 | ||||||||
Medical - Biomedical/Gene — 6.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 12,569 | 1,459,638 | ||||||
Amgen, Inc. | 40,854 | 7,338,196 | ||||||
Biogen, Inc.† | 11,995 | 3,526,050 | ||||||
BioMarin Pharmaceutical, Inc.†# | 9,983 | 901,864 | ||||||
Celgene Corp.† | 42,646 | 3,355,387 | ||||||
Gilead Sciences, Inc. | 74,271 | 5,005,866 | ||||||
Illumina, Inc.† | 8,334 | 2,270,515 | ||||||
Incyte Corp.† | 12,001 | 819,308 | ||||||
Regeneron Pharmaceuticals, Inc.† | 5,998 | 1,801,319 | ||||||
Shire PLC ADR | 3,973 | 652,526 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,395 | 2,216,830 | ||||||
29,347,499 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Mylan NV† | 30,414 | 1,169,723 | ||||||
Multimedia — 0.8% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 59,759 | 2,303,709 | ||||||
Twenty-First Century Fox, Inc., Class B | 45,274 | 1,728,109 | ||||||
4,031,818 | ||||||||
Networking Products — 2.5% |
| |||||||
Cisco Systems, Inc. | 273,138 | 11,665,724 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Express Scripts Holding Co.† | 31,997 | 2,425,693 | ||||||
Radio — 0.4% |
| |||||||
Sirius XM Holdings, Inc.# | 254,674 | 1,808,185 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 21,666 | 1,709,014 | ||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,744 | 1,278,081 | ||||||
Retail - Catalog Shopping — 0.1% |
| |||||||
Qurate Retail Group, Inc., Class A† | 25,476 | 517,927 | ||||||
Retail - Discount — 1.3% |
| |||||||
Costco Wholesale Corp. | 24,896 | 4,935,383 | ||||||
Dollar Tree, Inc.† | 13,443 | 1,110,257 | ||||||
6,045,640 | ||||||||
Retail - Drug Store — 0.7% |
| |||||||
Walgreens Boots Alliance, Inc. | 56,168 | 3,504,322 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
ULTA Beauty, Inc.† | 3,458 | 853,815 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
Starbucks Corp. | 79,693 | 4,516,202 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Analog Devices, Inc. | 20,967 | 2,037,573 | ||||||
Maxim Integrated Products, Inc. | 15,944 | 935,116 | ||||||
QUALCOMM, Inc. | 83,932 | 4,878,128 | ||||||
7,850,817 | ||||||||
Semiconductor Equipment — 1.4% |
| |||||||
Applied Materials, Inc. | 59,571 | 3,025,015 | ||||||
ASML Holding NV# | 4,190 | 823,964 | ||||||
KLA-Tencor Corp. | 8,880 | 1,005,482 | ||||||
Lam Research Corp. | 9,239 | 1,830,985 | ||||||
6,685,446 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 7,040 | $ | 610,720 | |||||
Transport - Rail — 0.7% |
| |||||||
CSX Corp. | 50,303 | 3,252,089 | ||||||
Transport - Truck — 0.2% |
| |||||||
JB Hunt Transport Services, Inc. | 6,223 | 797,166 | ||||||
Web Portals/ISP — 9.3% |
| |||||||
Alphabet, Inc., Class A† | 16,924 | 18,616,400 | ||||||
Alphabet, Inc., Class C† | 19,835 | 21,520,777 | ||||||
Baidu, Inc. ADR† | 15,917 | 3,860,827 | ||||||
43,998,004 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $174,272,125) | 450,486,035 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 2,851,552 | 2,851,552 | ||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | $ | 300,000 | 299,402 | |||||
1.82% due 08/23/2018(3) | 1,200,000 | 1,194,857 | ||||||
1,494,259 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $4,345,944) | 4,345,811 | |||||||
REPURCHASE AGREEMENTS — 4.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $21,667,169 collateralized by $24,160,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $22,100,650 (cost $21,667,000) | 21,667,000 | 21,667,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $200,285,069)(4) | 100.6 | % | 476,498,846 | |||||
Liabilities in excess of other assets | (0.6 | ) | (2,985,828 | ) | ||||
NET ASSETS | 100.0 | % | $ | 473,513,018 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $11,137,130. This was secured by collateral of $2,851,552, which was received in cash and subsequently invested in short-term investments currently valued at $2,851,552 as reported in the Portfolio of Investments. Additional collateral of $8,669,156 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,762,808 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 713,817 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 469,353 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | 165,023 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 5,558,155 |
162 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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) | ||||||||||||||||
168 | Long | NASDAQ 100 E-Mini Index | June 2018 | $ | 23,504,893 | $ | 23,442,720 | $ | (62,173 | ) | ||||||||||||
* | 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 May 31, 2018 (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 | $ | 450,486,035 | $ | — | $ | — | $ | 450,486,035 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,851,552 | — | — | 2,851,552 | ||||||||||||
U.S. Government Treasuries | — | 1,494,259 | — | 1,494,259 | ||||||||||||
Repurchase Agreements | — | 21,667,000 | — | 21,667,000 | ||||||||||||
Total Investments at Value | $ | 453,337,587 | $ | 23,161,259 | $ | — | $ | 476,498,846 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 62,173 | $ | — | $ | — | $ | 62,173 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.
See Notes to Financial Statements
163 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — May 31, 2018 — (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 13.9 | % | ||
Applications Software | 11.1 | |||
Internet Content — Entertainment | 8.1 | |||
Commercial Services — Finance | 6.9 | |||
Web Portals/ISP | 6.5 | |||
E-Commerce/Products | 6.5 | |||
Registered Investment Companies | 5.1 | |||
Semiconductor Components — Integrated Circuits | 4.0 | |||
E-Commerce/Services | 4.0 | |||
Enterprise Software/Service | 3.2 | |||
Internet Security | 2.6 | |||
Semiconductor Equipment | 2.5 | |||
Computers | 2.4 | |||
Computer Services | 2.3 | |||
Finance — Credit Card | 2.3 | |||
Time Deposits | 2.0 | |||
Computers — Memory Devices | 1.8 | |||
Electronic Components — Misc. | 1.7 | |||
Internet Application Software | 1.6 | |||
Photo Equipment & Supplies | 1.3 | |||
Auto — Cars/Light Trucks | 1.0 | |||
Computer Software | 1.0 | |||
Entertainment Software | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Medical — Drugs | 0.8 | |||
Networking Products | 0.6 | |||
Building Products — Light Fixtures | 0.5 | |||
Computer Aided Design | 0.5 | |||
Computer Data Security | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Chemicals — Diversified | 0.3 | |||
Metal Processors & Fabrication | 0.3 | |||
Lasers — System/Components | 0.3 | |||
Computers — Other | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Internet Content — Information/News | 0.3 | |||
Machinery — General Industrial | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Medical Instruments | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Industrial Automated/Robotic | 0.2 | |||
Circuit Boards | 0.2 | |||
Commercial Services | 0.2 | |||
Toys | 0.2 | |||
Medical Products | 0.2 | |||
Telephone — Integrated | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
IT Services | 0.1 | |||
Finance — Other Services | 0.1 | |||
Repurchase Agreements | 0.1 | |||
Web Hosting/Design | 0.1 | |||
B2B/E — Commerce | 0.1 | |||
Internet Telephone | 0.1 | |||
Transactional Software | 0.1 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
164 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.6% | ||||||||
Aerospace/Defense - Equipment — 0.3% | ||||||||
Harris Corp. | 24,663 | $ | 3,711,042 | |||||
Applications Software — 11.1% | ||||||||
Intuit, Inc. | 67,111 | 13,529,578 | ||||||
Microsoft Corp. | 498,885 | 49,309,793 | ||||||
RealPage, Inc.†# | 12,385 | 727,619 | ||||||
Red Hat, Inc.† | 90,063 | 14,628,032 | ||||||
salesforce.com, Inc.† | 296,790 | 38,383,851 | ||||||
ServiceNow, Inc.† | 180,831 | 32,117,394 | ||||||
Tableau Software, Inc., Class A† | 67,715 | 6,694,982 | ||||||
155,391,249 | ||||||||
Auto - Cars/Light Trucks — 1.0% | ||||||||
Tesla, Inc.†# | 51,796 | 14,747,875 | ||||||
B2B/E-Commerce — 0.1% | ||||||||
Cafe24 Corp.† | 5,969 | 951,472 | ||||||
Building Products - Light Fixtures — 0.5% | ||||||||
Cree, Inc.†# | 157,135 | 7,325,634 | ||||||
Cable/Satellite TV — 0.8% | ||||||||
Liberty Global PLC, Class C† | 418,214 | 11,576,164 | ||||||
Chemicals - Diversified — 0.3% | ||||||||
DowDuPont, Inc. | 77,000 | 4,936,470 | ||||||
Circuit Boards — 0.2% | ||||||||
Silergy Corp. | 105,000 | 2,396,647 | ||||||
Commercial Services — 0.2% | ||||||||
CoStar Group, Inc.† | 6,270 | 2,390,249 | ||||||
Commercial Services - Finance — 6.9% | ||||||||
FleetCor Technologies, Inc.† | 49,279 | 9,823,769 | ||||||
Global Payments, Inc. | 158,871 | 17,660,100 | ||||||
PayPal Holdings, Inc.† | 316,086 | 25,941,178 | ||||||
Square, Inc., Class A† | 337,855 | 19,680,054 | ||||||
Total System Services, Inc. | 102,591 | 8,739,727 | ||||||
TransUnion | 67,985 | 4,663,771 | ||||||
WEX, Inc.† | 59,346 | 10,433,620 | ||||||
96,942,219 | ||||||||
Computer Aided Design — 0.5% | ||||||||
Autodesk, Inc.† | 15,155 | 1,956,510 | ||||||
Synopsys, Inc.† | 59,200 | 5,213,744 | ||||||
7,170,254 | ||||||||
Computer Data Security — 0.4% | ||||||||
Sophos Group PLC* | 703,614 | 5,453,803 | ||||||
Computer Services — 2.3% | ||||||||
Accenture PLC, Class A | 25,393 | 3,954,706 | ||||||
Capgemini SE# | 9,505 | 1,259,664 | ||||||
Cognizant Technology Solutions Corp., Class A | 74,742 | 5,631,810 | ||||||
DXC Technology Co. | 169,205 | 15,585,472 | ||||||
Genpact, Ltd. | 197,592 | 5,933,688 | ||||||
32,365,340 | ||||||||
Computer Software — 1.0% | ||||||||
Dropbox, Inc., Class A† | 11,420 | 342,486 | ||||||
Dropbox, Inc., Class A (Common Lockup Shares)†(1)(3) | 135,156 | 3,850,662 | ||||||
MongoDB, Inc.†# | 100,910 | 4,755,888 | ||||||
Pivotal Software, Inc., Class A† | 133,735 | 2,405,893 | ||||||
Splunk, Inc.† | 24,115 | 2,672,183 | ||||||
14,027,112 | ||||||||
Computers — 2.4% | ||||||||
Apple, Inc. | 146,333 | 27,345,247 | ||||||
Nutanix, Inc., Class A† | 114,755 | 6,133,655 | ||||||
33,478,902 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Memory Devices — 1.8% | ||||||||
NetApp, Inc. | 349,245 | $ | 23,860,418 | |||||
Pure Storage, Inc., Class A†# | 77,695 | 1,667,335 | ||||||
25,527,753 | ||||||||
Computers - Other — 0.3% | ||||||||
Lumentum Holdings, Inc.†# | 72,666 | 4,269,128 | ||||||
Data Processing/Management — 0.0% | ||||||||
DocuSign, Inc.†# | 3,176 | 158,197 | ||||||
E-Commerce/Products — 6.5% | ||||||||
Alibaba Group Holding, Ltd. ADR†# | 70,921 | 14,043,067 | ||||||
Amazon.com, Inc.† | 46,979 | 76,557,918 | ||||||
Delivery Hero AG†* | 19,187 | 882,234 | ||||||
JD.com, Inc. ADR†# | 1,220 | 42,920 | ||||||
91,526,139 | ||||||||
E-Commerce/Services — 3.6% | ||||||||
51job, Inc. ADR† | 14,930 | 1,588,552 | ||||||
Booking Holdings, Inc.† | 8,771 | 18,497,337 | ||||||
Ctrip.com International, Ltd. ADR† | 597,232 | 26,929,191 | ||||||
GrubHub, Inc.†# | 8,045 | 862,505 | ||||||
TripAdvisor, Inc.†# | 24,087 | 1,255,896 | ||||||
Yume No Machi Souzou Iinkai Co., Ltd.# | 59,000 | 1,116,035 | ||||||
50,249,516 | ||||||||
E-Services/Consulting — 0.0% | ||||||||
CDW Corp. | 7,925 | 634,396 | ||||||
Electronic Components - Misc. — 1.7% | ||||||||
AAC Technologies Holdings, Inc. | 190,500 | 2,842,054 | ||||||
Bizlink Holding, Inc. | 202,725 | 1,418,268 | ||||||
Corning, Inc. | 74,700 | 2,029,599 | ||||||
Flex, Ltd.† | 609,439 | 8,465,108 | ||||||
LandMark Optoelectronics Corp. | 84,976 | 847,364 | ||||||
Sensata Technologies Holding PLC†# | 102,900 | 5,257,161 | ||||||
Tongda Group Holdings, Ltd.# | 4,170,000 | 990,797 | ||||||
Yageo Corp. | 63,000 | 1,984,401 | ||||||
23,834,752 | ||||||||
Electronic Components - Semiconductors — 13.9% | ||||||||
Advanced Micro Devices, Inc.†# | 546,334 | 7,501,166 | ||||||
ams AG | 60,758 | 5,234,232 | ||||||
Broadcom, Inc. | 134,346 | 33,864,596 | ||||||
Infineon Technologies AG | 185,550 | 5,098,965 | ||||||
IPG Photonics Corp.† | 15,222 | 3,672,612 | ||||||
Microchip Technology, Inc.# | 208,211 | 20,275,587 | ||||||
Micron Technology, Inc.† | 826,028 | 47,570,953 | ||||||
NVIDIA Corp. | 84,744 | 21,371,589 | ||||||
ON Semiconductor Corp.† | 155,005 | 3,895,276 | ||||||
Qorvo, Inc.† | 94,300 | 7,567,575 | ||||||
Samsung Electronics Co., Ltd. | 256,750 | 12,052,118 | ||||||
Sino-American Silicon Products, Inc. | 691,000 | 3,227,487 | ||||||
SK Hynix, Inc. | 103,785 | 8,947,245 | ||||||
Texas Instruments, Inc. | 106,045 | 11,867,496 | ||||||
Tower Semiconductor, Ltd.†# | 51,731 | 1,340,868 | ||||||
Win Semiconductors Corp. | 174,000 | 1,401,928 | ||||||
194,889,693 | ||||||||
Electronic Measurement Instruments — 0.2% | ||||||||
Chroma ATE, Inc. | 270,000 | 1,340,455 | ||||||
Itron, Inc.† | 26,781 | 1,529,195 | ||||||
2,869,650 | ||||||||
Enterprise Software/Service — 3.2% | ||||||||
Atlassian Corp. PLC, Class A†# | 14,160 | 903,267 | ||||||
Guidewire Software, Inc.† | 40,252 | 3,736,996 |
165 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) | ||||||||
Oracle Corp. | 14,420 | $ | 673,702 | |||||
Paycom Software, Inc.†# | 118,060 | 12,451,788 | ||||||
Temenos Group AG | 15,830 | 2,350,728 | ||||||
Veeva Systems, Inc., Class A† | 17,320 | 1,339,875 | ||||||
Workday, Inc., Class A† | 176,167 | 23,070,830 | ||||||
44,527,186 | ||||||||
Entertainment Software — 0.8% | ||||||||
Electronic Arts, Inc.† | 22,324 | 2,922,435 | ||||||
NetEase, Inc. ADR | 9,705 | 2,215,845 | ||||||
Nexon Co., Ltd.† | 187,200 | 3,089,196 | ||||||
Take-Two Interactive Software, Inc.† | 29,985 | 3,360,719 | ||||||
11,588,195 | ||||||||
Finance - Credit Card — 2.3% | ||||||||
Alliance Data Systems Corp. | 29,180 | 6,151,727 | ||||||
Mastercard, Inc., Class A | 12,075 | 2,295,699 | ||||||
Pagseguro Digital, Ltd., Class A† | 27,900 | 928,233 | ||||||
Visa, Inc., Class A# | 173,229 | 22,644,495 | ||||||
32,020,154 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% | ||||||||
Ellie Mae, Inc.†# | 27,100 | 2,880,459 | ||||||
Finance - Other Services — 0.1% | ||||||||
WageWorks, Inc.† | 32,082 | 1,522,291 | ||||||
Human Resources — 0.0% | ||||||||
Ceridian HCM Holding, Inc.† | 14,800 | 510,896 | ||||||
Industrial Automated/Robotic — 0.2% | ||||||||
Cognex Corp. | 55,280 | 2,526,849 | ||||||
Internet Application Software — 1.6% | ||||||||
Okta, Inc.†# | 185,000 | 10,398,850 | ||||||
Tencent Holdings, Ltd. | 222,267 | 11,203,958 | ||||||
Zendesk, Inc.† | 12,510 | 699,184 | ||||||
22,301,992 | ||||||||
Internet Content - Entertainment — 8.1% | ||||||||
Facebook, Inc., Class A† | 466,618 | 89,488,000 | ||||||
Netflix, Inc.† | 62,035 | 21,811,506 | ||||||
Twitter, Inc.† | 21,385 | 742,060 | ||||||
Weibo Corp. ADR†# | 18,043 | 1,838,762 | ||||||
113,880,328 | ||||||||
Internet Content - Information/News — 0.3% | ||||||||
Spotify Technology SA† | 17,054 | 2,689,586 | ||||||
Yelp, Inc.† | 22,535 | 965,625 | ||||||
3,655,211 | ||||||||
Internet Security — 2.6% | ||||||||
Palo Alto Networks, Inc.† | 78,760 | 16,389,169 | ||||||
Proofpoint, Inc.†# | 119,070 | 13,918,092 | ||||||
Symantec Corp. | 300,503 | 6,244,452 | ||||||
36,551,713 | ||||||||
Internet Telephone — 0.1% | ||||||||
RingCentral, Inc., Class A† | 10,125 | 766,969 | ||||||
Lasers - System/Components — 0.3% | ||||||||
Coherent, Inc.† | 27,602 | 4,610,914 | ||||||
Machinery - General Industrial — 0.2% | ||||||||
Zebra Technologies Corp., Class A† | 22,725 | 3,488,515 | ||||||
Medical Instruments — 0.2% | ||||||||
Intuitive Surgical, Inc.† | 6,540 | 3,006,242 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 0.2% | ||||||||
Becton Dickinson and Co. | 10,000 | $ | 2,215,900 | |||||
Medical - Biomedical/Gene — 0.2% | ||||||||
Shire PLC ADR# | 20,900 | 3,432,616 | ||||||
Medical - Drugs — 0.8% | ||||||||
Grifols SA ADR | 128,700 | 2,809,521 | ||||||
Roche Holding AG | 38,420 | 8,240,420 | ||||||
11,049,941 | ||||||||
Metal Processors & Fabrication — 0.3% | ||||||||
Catcher Technology Co., Ltd. | 418,000 | 4,837,954 | ||||||
Motion Pictures & Services — 0.0% | ||||||||
Dolby Laboratories, Inc., Class A | 9,480 | 595,344 | ||||||
Networking Products — 0.6% | ||||||||
Arista Networks, Inc.† | 35,940 | 9,041,066 | ||||||
Photo Equipment & Supplies — 1.3% | ||||||||
Largan Precision Co., Ltd. | 73,000 | 9,914,845 | ||||||
Sunny Optical Technology Group Co., Ltd. | 390,685 | 7,867,608 | ||||||
17,782,453 | ||||||||
Publishing - Newspapers — 0.2% | ||||||||
News Corp., Class A | 177,900 | 2,673,837 | ||||||
Retail - Apparel/Shoe — 0.4% | ||||||||
Zalando SE†* | 93,138 | 4,963,530 | ||||||
Retail - Vision Service Center — 0.0% | ||||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3) | 49,774 | 762,095 | ||||||
Semiconductor Components - Integrated Circuits — 4.0% | ||||||||
Integrated Device Technology, Inc.† | 129,089 | 4,290,918 | ||||||
Marvell Technology Group, Ltd. | 663,902 | 14,300,449 | ||||||
Maxim Integrated Products, Inc. | 60,100 | 3,524,865 | ||||||
Nanya Technology Corp. | 565,000 | 1,870,762 | ||||||
NXP Semiconductors NV† | 32,497 | 3,704,658 | ||||||
QUALCOMM, Inc. | 422,200 | 24,538,264 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 447,780 | 3,341,209 | ||||||
55,571,125 | ||||||||
Semiconductor Equipment — 2.5% | ||||||||
Applied Materials, Inc. | 67,897 | 3,447,810 | ||||||
ASML Holding NV# | 28,387 | 5,582,304 | ||||||
Axcelis Technologies, Inc.† | 71,508 | 1,519,545 | ||||||
FormFactor, Inc.† | 132,642 | 1,797,299 | ||||||
KLA-Tencor Corp. | 34,793 | 3,939,611 | ||||||
Kulicke & Soffa Industries, Inc.† | 68,739 | 1,655,235 | ||||||
Lam Research Corp. | 39,030 | 7,734,965 | ||||||
Teradyne, Inc. | 152,853 | 5,794,657 | ||||||
Tokyo Electron, Ltd. | 17,200 | 3,200,238 | ||||||
34,671,664 | ||||||||
Telephone - Integrated — 0.1% | ||||||||
SoftBank Group Corp. | 27,700 | 1,966,082 | ||||||
Toys — 0.2% | ||||||||
Nintendo Co., Ltd. | 5,600 | 2,305,316 | ||||||
Transactional Software — 0.1% | ||||||||
Amadeus IT Group SA | 9,080 | 719,577 | ||||||
Web Hosting/Design — 0.1% | ||||||||
Wix.com, Ltd.† | 12,671 | 1,101,743 | ||||||
Web Portals/ISP — 6.4% | ||||||||
Alphabet, Inc., Class A† | 26,591 | 29,250,100 | ||||||
Alphabet, Inc., Class C† | 32,373 | 35,124,381 | ||||||
Baidu, Inc. ADR† | 5,745 | 1,393,507 | ||||||
Mail.ru Group, Ltd. GDR† | 283,534 | 8,053,697 |
166 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Web Portals/ISP (continued) | ||||||||
NAVER Corp. | 20,186 | $ | 12,498,194 | |||||
Yandex NV, Class A† | 113,947 | 3,819,505 | ||||||
90,139,384 | ||||||||
Total Common Stocks | ||||||||
(cost $1,022,849,797) | 1,314,491,197 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.7% | ||||||||
E-Commerce/Services — 0.4% | ||||||||
Airbnb, Inc., Series E†(1)(2)(3) | 26,943 | 2,937,236 | ||||||
Uber Technologies, Inc., Series D†(1)(2)(3) | 36,257 | 1,450,280 | ||||||
Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)(3) | 11,731 | 567,311 | ||||||
4,954,827 | ||||||||
IT Services — 0.1% | ||||||||
Mesosphere, Inc., Series D†(1)(2)(3) | 151,129 | 1,670,656 | ||||||
Retail - Vision Service Center — 0.1% | ||||||||
JAND, Inc., (dba Warby Parker) Series E†(1)(2)(3) | 61,401 | 940,117 | ||||||
Web Portals/ISP — 0.1% | ||||||||
Pinterest, Inc., Series G†(1)(2)(3) | 205,650 | 1,421,041 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,504,511) | 8,986,641 | |||||||
REGISTERED INVESTMENT COMPANIES — 1.6% | ||||||||
Altaba, Inc.† | 287,400 | 22,175,784 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,040,673,398) | 1,345,653,622 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% | ||||||||
Registered Investment Companies — 3.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,000 | 500,000 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 20,379,343 | 20,379,343 | ||||||
T. Rowe Price Government Reserve Fund | 28,988,625 | 28,988,625 | ||||||
49,867,968 | ||||||||
Time Deposits — 2.0% | ||||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/2018 | $ | 27,905,000 | 27,905,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $77,772,968) | 77,772,968 | |||||||
REPURCHASE AGREEMENTS — 0.1% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $1,319,010 and collateralized by $1,410,000 of United States Treasury Notes, bearing interest at 2.25%, due 08/15/2027 and having an approximate value of $1,349,931 | 1,319,000 | 1,319,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,119,765,366)(6) | 101.5 | % | 1,424,745,590 | |||||
Liabilities in excess of other assets | (1.5 | ) | (21,312,816 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,403,432,774 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $11,299,567 representing 0.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Dropbox, Inc., | ||||||||||||||||||||||||
Class A (Common Lockup Shares) | | 05/01/2012 05/29/2012 |
| $
| 96,011 39,145 |
| $
| 1,303,392 531,345 |
| |||||||||||||||
135,156 | 1,834,737 | $ | 3,850,662 | $ | 28.49 | 0.28 | % | |||||||||||||||||
JAND, Inc., | ||||||||||||||||||||||||
(dba Warby Parker), Class A | 03/09/2018 | 49,774 | 782,298 | 762,095 | 15.31 | 0.05 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc. | ||||||||||||||||||||||||
Series E | 06/24/2015 | 16,260 | 1,513,715 | |||||||||||||||||||||
07/14/2015 | 10,683 | 994,527 | ||||||||||||||||||||||
26,943 | 2,508,242 | 2,937,236 | 109.02 | 0.21 | ||||||||||||||||||||
JAND, Inc., (dba Warby Parker) | 03/09/2018 | 61,401 | 965,040 | 940,117 | 15.31 | 0.07 | ||||||||||||||||||
Mesosphere, Inc. | ||||||||||||||||||||||||
Series D | 05/04/2018 | 151,129 | 1,670,656 | 1,670,656 | 11.05 | 0.12 | ||||||||||||||||||
Pinterest, Inc. | ||||||||||||||||||||||||
Series G | 03/19/2015 | 205,650 | 1,476,380 | 1,421,041 | 6.91 | 0.10 | ||||||||||||||||||
Uber Technologies, Inc. | ||||||||||||||||||||||||
Series D | 06/05/2014 | 36,257 | 562,457 | 1,450,280 | 40.00 | 0.10 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc. | ||||||||||||||||||||||||
Series A-17 | 10/19/2015 | 11,731 | 321,737 | 567,311 | 48.36 | 0.04 | ||||||||||||||||||
$ | 13,599,398 | 0.97 | % | |||||||||||||||||||||
(2) | Securities classified as Level 3 (see Note 2). |
(3) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $13,599,398 representing 1.0% of net assets. |
(4) | The rate shown is the 7-day yield as of May 31, 2018. |
(5) | At May 31, 2018, the Fund had loaned securities with a total value of $128,098,208. This was secured by collateral of $20,379,343, which was received in cash and subsequently invested in short-term investments currently valued at $20,379,343 as reported in the Portfolio of Investments. Additional collateral of $111,621,942 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. |
167 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 5,568,066 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 2,254,686 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 1,482,512 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 11/08/2018 | 10,683,825 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 91,632,853 |
(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 May 31, 2018 (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 | $ | 10,176,450 | $ | 3,850,662 | $ | — | $ | 14,027,112 | ||||||||
Retail - Vision Service Center | — | — | 762,095 | 762,095 | ||||||||||||
Other Industries | 1,155,833,506 | 143,868,484 | ** | — | 1,299,701,990 | |||||||||||
Convertible Preferred Securities | — | — | 8,986,641 | 8,986,641 | ||||||||||||
Registered Investment Companies | 22,175,784 | — | — | 22,175,784 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 49,867,968 | — | — | 49,867,968 | ||||||||||||
Time Deposits | — | 27,905,000 | — | 27,905,000 | ||||||||||||
Repurchase Agreements | — | 1,319,000 | — | 1,319,000 | ||||||||||||
Total Investments at Value | $ | 1,238,053,708 | $ | 176,943,146 | $ | 9,748,736 | $ | 1,424,745,590 | ||||||||
* | 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 $78,635,550 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 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 . . . . . . . . . . . . . . . . . . | 268,925 | 1,087,531 | ||||||
Realized Loss . . . . . . . . . . . . . . . . . . | — | — | ||||||
Change in unrealized appreciation(1) . | 16,205 | 217,782 | ||||||
Change in unrealized depreciation(1) . | (128,041 | ) | (2,045,601 | ) | ||||
Net Purchases . . . . . . . . . . . . . . . . . | 782,298 | 2,635,695 | ||||||
Net Sales . . . . . . . . . . . . . . . . . . . . . | (1,547,815 | ) | (3,697,389 | ) | ||||
Transfers into Level 3 . . . . . . . . . . . . | — | — | ||||||
Transfers out of Level 3 . . . . . . . . . . | — | — | ||||||
Balance as of 05/31/2018 . . . . . . . . | $ | 762,095 | $ | 8,986,641 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2018 includes: |
168 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Common Stocks | Convertible Preferred Securities | |||||||
$ | (20,203 | ) | $ | (144,383 | ) | |||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2018.
See Notes to Financial Statements
169 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — May 31, 2018 — (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 12.6 | % | ||
Registered Investment Companies | 3.9 | |||
Chemicals — Specialty | 3.4 | |||
Internet Telephone | 3.2 | |||
Computer Software | 3.1 | |||
Enterprise Software/Service | 2.9 | |||
Retail — Restaurants | 2.8 | |||
Repurchase Agreements | 2.7 | |||
Applications Software | 2.7 | |||
Commercial Services — Finance | 2.6 | |||
Medical Products | 2.5 | |||
Distribution/Wholesale | 2.5 | |||
Patient Monitoring Equipment | 2.4 | |||
Banks — Commercial | 2.4 | |||
Medical — Drugs | 2.3 | |||
Web Hosting/Design | 2.3 | |||
Electronic Components — Semiconductors | 2.1 | |||
Machinery — General Industrial | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Recreational Centers | 1.7 | |||
Therapeutics | 1.5 | |||
Transport — Truck | 1.5 | |||
Steel — Specialty | 1.5 | |||
Networking Products | 1.5 | |||
Data Processing/Management | 1.5 | |||
Schools | 1.5 | |||
Semiconductor Equipment | 1.5 | |||
Retail — Building Products | 1.4 | |||
Machine Tools & Related Products | 1.4 | |||
Internet Security | 1.4 | |||
Computer Services | 1.4 | |||
Footwear & Related Apparel | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Commercial Services | 1.1 | |||
Electric Products — Misc. | 1.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Casino Services | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Health Care Cost Containment | 1.0 | |||
Computers — Other | 1.0 | |||
Medical — HMO | 1.0 | |||
Retail — Automobile | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Airlines | 0.9 | |||
Retail — Discount | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Gambling (Non — Hotel) | 0.8 | |||
Advanced Materials | 0.8 | |||
Auto Repair Centers | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Oil — Field Services | 0.8 | |||
Finance — Mortgage Loan/Banker | 0.8 | |||
Rubber/Plastic Products | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Banks — Mortgage | 0.7 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Investment Management/Advisor Services | 0.5 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Medical Instruments | 0.4 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
170 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% |
| |||||||
Advanced Materials — 0.8% |
| |||||||
Hexcel Corp. | 18,233 | $ | 1,291,443 | |||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
HEICO Corp., Class A | 8,118 | 617,374 | ||||||
Airlines — 0.9% |
| |||||||
Azul SA ADR†# | 66,590 | 1,423,694 | ||||||
Applications Software — 2.7% |
| |||||||
HubSpot, Inc.†# | 14,490 | 1,756,188 | ||||||
MINDBODY, Inc., Class A†# | 61,620 | 2,427,828 | ||||||
4,184,016 | ||||||||
Auto Repair Centers — 0.8% |
| |||||||
Monro, Inc.# | 22,490 | 1,261,689 | ||||||
Auto/Truck Parts & Equipment - Original — 1.0% |
| |||||||
Delphi Technologies PLC | 32,560 | 1,631,256 | ||||||
Banks - Commercial — 2.4% |
| |||||||
Texas Capital Bancshares, Inc.† | 19,340 | 1,863,409 | ||||||
Western Alliance Bancorp† | 31,113 | 1,874,869 | ||||||
3,738,278 | ||||||||
Banks - Mortgage — 0.7% |
| |||||||
Walker & Dunlop, Inc. | 19,360 | 1,086,483 | ||||||
Building & Construction Products - Misc. — 0.9% |
| |||||||
Simpson Manufacturing Co., Inc. | 21,460 | 1,358,633 | ||||||
Building & Construction - Misc. — 0.9% |
| |||||||
TopBuild Corp.† | 17,010 | 1,427,990 | ||||||
Casino Services — 1.1% |
| |||||||
Eldorado Resorts, Inc.†# | 36,790 | 1,662,908 | ||||||
Chemicals - Specialty — 3.4% |
| |||||||
Ashland Global Holdings, Inc. | 25,310 | 1,967,093 | ||||||
Ferro Corp.† | 92,100 | 1,884,366 | ||||||
Versum Materials, Inc. | 38,630 | 1,544,041 | ||||||
5,395,500 | ||||||||
Commercial Services — 1.1% |
| |||||||
Weight Watchers International, Inc.† | 23,360 | 1,759,475 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
Euronet Worldwide, Inc.† | 28,588 | 2,395,960 | ||||||
WEX, Inc.† | 9,760 | 1,715,906 | ||||||
4,111,866 | ||||||||
Computer Services — 1.4% |
| |||||||
WNS Holdings, Ltd. ADR† | 42,130 | 2,154,528 | ||||||
Computer Software — 3.1% |
| |||||||
Cornerstone OnDemand, Inc.†# | 33,530 | 1,659,064 | ||||||
Envestnet, Inc.† | 18,110 | 958,019 | ||||||
InterXion Holding NV† | 35,824 | 2,287,721 | ||||||
4,904,804 | ||||||||
Computers - Other — 1.0% |
| |||||||
Lumentum Holdings, Inc.†# | 25,434 | 1,494,248 | ||||||
Data Processing/Management — 1.5% |
| |||||||
Fair Isaac Corp.† | 12,750 | 2,346,383 | ||||||
Distribution/Wholesale — 2.5% |
| |||||||
H&E Equipment Services, Inc. | 58,180 | 2,011,283 | ||||||
SiteOne Landscape Supply, Inc.†# | 25,490 | 1,928,318 | ||||||
3,939,601 | ||||||||
Diversified Manufacturing Operations — 1.3% |
| |||||||
Harsco Corp.† | 86,030 | 2,107,735 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 1.1% |
| |||||||
Littelfuse, Inc. | 8,032 | $ | 1,743,346 | |||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Monolithic Power Systems, Inc. | 14,995 | 1,976,491 | ||||||
Tower Semiconductor, Ltd.†# | 52,336 | 1,356,549 | ||||||
3,333,040 | ||||||||
Enterprise Software/Service — 2.9% |
| |||||||
Black Knight, Inc.† | 53,851 | 2,724,861 | ||||||
Coupa Software, Inc.†# | 33,990 | 1,814,386 | ||||||
4,539,247 | ||||||||
Finance - Mortgage Loan/Banker — 0.8% |
| |||||||
LendingTree, Inc.†# | 4,553 | 1,178,772 | ||||||
Food - Misc./Diversified — 2.0% |
| |||||||
Nomad Foods, Ltd.†# | 181,360 | 3,155,664 | ||||||
Footwear & Related Apparel — 1.3% |
| |||||||
Steven Madden, Ltd. | 40,005 | 2,114,264 | ||||||
Gambling (Non-Hotel) — 0.8% |
| |||||||
Red Rock Resorts, Inc., Class A | 38,280 | 1,318,363 | ||||||
Health Care Cost Containment — 1.0% |
| |||||||
HealthEquity, Inc.† | 20,990 | 1,559,767 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Primerica, Inc. | 11,230 | 1,104,471 | ||||||
Internet Security — 1.4% |
| |||||||
Proofpoint, Inc.†# | 18,672 | 2,182,570 | ||||||
Internet Telephone — 3.2% |
| |||||||
RingCentral, Inc., Class A†# | 65,651 | 4,973,063 | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
WisdomTree Investments, Inc. | 74,500 | 816,520 | ||||||
Machine Tools & Related Products — 1.4% |
| |||||||
Kennametal, Inc. | 59,420 | 2,212,207 | ||||||
Machinery - General Industrial — 2.1% |
| |||||||
Altra Industrial Motion Corp. | 39,930 | 1,651,105 | ||||||
Welbilt, Inc.† | 83,940 | 1,634,312 | ||||||
3,285,417 | ||||||||
Medical Instruments — 0.4% |
| |||||||
iRhythm Technologies, Inc.†# | 7,480 | 568,704 | ||||||
Medical Labs & Testing Services — 1.1% |
| |||||||
Teladoc, Inc.†# | 33,030 | 1,681,227 | ||||||
Medical Products — 2.5% |
| |||||||
Globus Medical, Inc., Class A† | 39,790 | 2,210,335 | ||||||
Penumbra, Inc.†# | 11,120 | 1,789,208 | ||||||
3,999,543 | ||||||||
Medical - Biomedical/Gene — 12.6% |
| |||||||
Amicus Therapeutics, Inc.†# | 132,907 | 2,246,128 | ||||||
Audentes Therapeutics, Inc.† | 27,420 | 1,039,218 | ||||||
Bluebird Bio, Inc.†# | 10,898 | 1,951,287 | ||||||
Blueprint Medicines Corp.† | 17,212 | 1,447,185 | ||||||
Celyad SA ADR†# | 19,356 | 580,293 | ||||||
Exact Sciences Corp.†# | 45,190 | 2,690,613 | ||||||
Five Prime Therapeutics, Inc.† | 43,232 | 759,154 | ||||||
Immunomedics, Inc.†# | 74,180 | 1,636,411 | ||||||
Iovance Biotherapeutics, Inc.†# | 94,508 | 1,379,817 | ||||||
Ligand Pharmaceuticals, Inc.†# | 9,999 | 1,922,108 | ||||||
Loxo Oncology, Inc.†# | 12,459 | 2,209,354 | ||||||
Sage Therapeutics, Inc.†# | 10,948 | 1,671,650 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 15,850 | 237,591 | ||||||
19,770,809 | ||||||||
171 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs — 2.3% |
| |||||||
Aimmune Therapeutics, Inc.†# | 26,830 | $ | 887,805 | |||||
Apellis Pharmaceuticals, Inc.†# | 29,300 | 598,013 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 8,030 | 2,132,848 | ||||||
3,618,666 | ||||||||
Medical - HMO — 1.0% |
| |||||||
WellCare Health Plans, Inc.† | 6,739 | 1,493,834 | ||||||
Networking Products — 1.5% |
| |||||||
LogMeIn, Inc. | 21,790 | 2,351,141 | ||||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
RSP Permian, Inc.† | 21,300 | 931,662 | ||||||
Oil - Field Services — 0.8% |
| |||||||
Newpark Resources, Inc.† | 111,800 | 1,213,030 | ||||||
Patient Monitoring Equipment — 2.4% |
| |||||||
Insulet Corp.† | 21,040 | 1,973,342 | ||||||
Masimo Corp.† | 18,950 | 1,876,997 | ||||||
3,850,339 | ||||||||
Power Converter/Supply Equipment — 0.6% |
| |||||||
Advanced Energy Industries, Inc.† | 13,690 | 897,106 | ||||||
Recreational Centers — 1.7% |
| |||||||
Planet Fitness, Inc., Class A† | 65,880 | 2,610,824 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Burlington Stores, Inc.† | 7,871 | 1,151,134 | ||||||
Retail - Automobile — 0.9% |
| |||||||
Lithia Motors, Inc., Class A# | 15,139 | 1,479,837 | ||||||
Retail - Building Products — 1.4% |
| |||||||
At Home Group, Inc.† | 27,070 | 936,893 | ||||||
Beacon Roofing Supply, Inc.† | 31,860 | 1,334,934 | ||||||
2,271,827 | ||||||||
Retail - Discount — 0.9% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 19,769 | 1,397,668 | ||||||
Retail - Restaurants — 2.8% |
| |||||||
Dine Brands Global, Inc.# | 24,010 | 1,523,434 | ||||||
Wendy’s Co. | 121,180 | 1,952,210 | ||||||
Wingstop, Inc. | 17,650 | 893,267 | ||||||
4,368,911 | ||||||||
Rubber/Plastic Products — 0.7% |
| |||||||
Proto Labs, Inc.† | 9,610 | 1,158,966 | ||||||
Schools — 1.5% |
| |||||||
Grand Canyon Education, Inc.†# | 21,064 | 2,340,210 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Cypress Semiconductor Corp.# | 75,600 | 1,244,376 | ||||||
Semiconductor Equipment — 1.5% |
| |||||||
MKS Instruments, Inc. | 20,400 | 2,288,880 | ||||||
Steel - Specialty — 1.5% |
| |||||||
Allegheny Technologies, Inc.†# | 83,800 | 2,389,976 | ||||||
Therapeutics �� 1.5% |
| |||||||
GW Pharmaceuticals PLC ADR†# | 12,220 | 1,967,298 | ||||||
Vital Therapies, Inc.†# | 86,914 | 443,261 | ||||||
2,410,559 | ||||||||
Transport - Truck — 1.5% |
| |||||||
Saia, Inc.† | 29,021 | 2,391,330 | ||||||
Web Hosting/Design — 2.3% |
| |||||||
Q2 Holdings, Inc.†# | 21,770 | 1,244,156 | ||||||
Wix.com, Ltd.† | 27,120 | 2,358,084 | ||||||
3,602,240 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $114,974,638) | 152,897,414 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 3.9% |
| |||||||
Registered Investment Companies — 3.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) (cost $6,199,310) | 6,199,310 | $ | 6,199,310 | |||||
REPURCHASE AGREEMENTS — 2.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $4,192,033 collateralized by $4,470,000 of United States Treasury Notes, bearing interest at 2.25% due 08/15/2027 and having an approximate value of $4,279,569 (cost $4,192,000) | 4,192,000 | 4,192,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $125,365,948)(3) | 103.9 | % | 163,288,724 | |||||
Liabilities in excess of other assets | (3.9 | ) | (6,118,899 | ) | ||||
NET ASSETS | 100.0 | % | $ | 157,169,825 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $33,479,960. This was secured by collateral of $6,199,310, which was received in cash and subsequently invested in short-term investments currently valued at $6,199,310 as reported in the Portfolio of Investments. Additional collateral of $27,391,881 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 3,841,952 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 1,555,728 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 1,022,930 | |||||
United States Treasury Bills | 0.00% | 07/05/2018 to 11/08/2018 | 345,672 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 08/15/2047 | 20,625,599 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
172 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | 152,897,414 | $ | — | $ | — | $ | 152,897,414 | ||||||||
Short-Term Investment Securities | 6,199,310 | — | — | 6,199,310 | ||||||||||||
Repurchase Agreements | — | 4,192,000 | — | 4,192,000 | ||||||||||||
Total Investments at Value | $ | 159,096,724 | $ | 4,192,000 | $ | — | $ | 163,288,724 | ||||||||
* | 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
173 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 10.6 | % | ||
Registered Investment Companies | 4.6 | |||
Real Estate Investment Trusts | 4.3 | |||
Enterprise Software/Service | 3.3 | |||
Distribution/Wholesale | 2.4 | |||
Medical — Biomedical/Gene | 2.4 | |||
Chemicals — Specialty | 2.1 | |||
Retail — Restaurants | 2.0 | |||
Medical — HMO | 1.8 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Medical — Drugs | 1.8 | |||
Insurance — Property/Casualty | 1.7 | |||
Medical Products | 1.7 | |||
Electric — Integrated | 1.7 | |||
Commercial Services | 1.6 | |||
Miscellaneous Manufacturing | 1.6 | |||
Recreational Vehicles | 1.5 | |||
Repurchase Agreements | 1.5 | |||
E-Commerce/Services | 1.5 | |||
Machinery — General Industrial | 1.5 | |||
Applications Software | 1.4 | |||
Garden Products | 1.4 | |||
Transport — Truck | 1.3 | |||
Food — Wholesale/Distribution | 1.3 | |||
Semiconductor Equipment | 1.2 | |||
Physical Therapy/Rehabilitation Centers | 1.2 | |||
Oil — Field Services | 1.2 | |||
Web Hosting/Design | 1.1 | |||
Drug Delivery Systems | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Real Estate Management/Services | 1.0 | |||
Medical Information Systems | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Computer Software | 0.9 | |||
Disposable Medical Products | 0.9 | |||
Multimedia | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Gas — Distribution | 0.8 | |||
Oil & Gas Drilling | 0.8 | |||
Identification Systems | 0.8 | |||
Educational Software | 0.8 | |||
Theaters | 0.7 | |||
Computer Aided Design | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Chemicals — Diversified | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Non-Hazardous Waste Disposal | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Golf | 0.6 | |||
Electronic Components — Semiconductors | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Finance — Consumer Loans | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Building Products — Doors & Windows | 0.5 | |||
Health Care Cost Containment | 0.5 | |||
Medical Instruments | 0.5 | |||
Hazardous Waste Disposal | 0.4 | |||
Internet Application Software | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Auto/Truck Parts & Equipment — Replacement | 0.4 | |||
Electric Products — Misc. | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Office Furnishings — Original | 0.4 |
Medical — Wholesale Drug Distribution | 0.4 | % | ||
Therapeutics | 0.4 | |||
Containers — Metal/Glass | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Security Services | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Finance — Other Services | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Hotels/Motels | 0.3 | |||
Consulting Services | 0.3 | |||
Water Treatment Systems | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Retail — Discount | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Auto Repair Centers | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Computers — Other | 0.3 | |||
Cable/Satellite TV | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Schools | 0.2 | |||
Water | 0.2 | |||
Gold Mining | 0.2 | |||
Storage/Warehousing | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Transport — Services | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Brewery | 0.2 | |||
Home Furnishings | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Telecom Services | 0.2 | |||
Internet Security | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Engines — Internal Combustion | 0.2 | |||
Casino Hotels | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Entertainment Software | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Computers — Integrated Systems | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Human Resources | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Computer Services | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Computer Graphics | 0.1 | |||
Recreational Centers | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Time Deposits | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Investment Companies | 0.1 | |||
Data Processing/Management | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Food — Confectionery | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Insurance Brokers | 0.1 | |||
Metal — Diversified | 0.1 |
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Superconductor Product & Systems | 0.1 | % | ||
Airlines | 0.1 | |||
Retail — Building Products | 0.1 | |||
Agricultural Operations | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Internet Telephone | 0.1 | |||
Pollution Control | 0.1 | |||
Food — Retail | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Steel — Producers | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Machinery — Farming | 0.1 | |||
Finance — Auto Loans | 0.1 | |||
Wireless Equipment | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Female Health Care Products | 0.1 | |||
Communications Software | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Transport — Rail | 0.1 | |||
Food — Canned | 0.1 | |||
104.5% | ||||
* | Calculated as a percentage of net assets |
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Core Molding Technologies, Inc. | 7,500 | $ | 108,150 | |||||
Advertising Agencies — 0.0% |
| |||||||
Telaria, Inc.† | 20,000 | 81,800 | ||||||
Aerospace/Defense — 0.6% |
| |||||||
Air Industries Group†# | 25,800 | 43,860 | ||||||
Cubic Corp. | 9,000 | 625,950 | ||||||
Teledyne Technologies, Inc.† | 6,400 | 1,289,344 | ||||||
1,959,154 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 13,149 | 380,532 | ||||||
CPI Aerostructures, Inc.† | 8,000 | 81,600 | ||||||
Moog, Inc., Class A | 3,800 | 309,814 | ||||||
771,946 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,860 | 89,804 | ||||||
Cadiz, Inc.†# | 14,400 | 186,480 | ||||||
276,284 | ||||||||
Airlines — 0.1% |
| |||||||
Hawaiian Holdings, Inc. | 7,500 | 277,500 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Carter’s, Inc. | 17,678 | 1,927,079 | ||||||
Cherokee, Inc.† | 6,400 | 4,992 | ||||||
Delta Apparel, Inc.† | 5,500 | 103,620 | ||||||
Lakeland Industries, Inc.† | 10,000 | 143,000 | ||||||
2,178,691 | ||||||||
Applications Software — 1.4% |
| |||||||
Brightcove, Inc.† | 9,000 | 92,250 | ||||||
BSQUARE Corp.† | 15,000 | 49,500 | ||||||
Descartes Systems Group, Inc.† | 24,200 | 721,160 | ||||||
Five9, Inc.† | 19,871 | 693,299 | ||||||
PDF Solutions, Inc.†# | 14,640 | 185,050 | ||||||
Tableau Software, Inc., Class A† | 27,581 | 2,726,933 | ||||||
Telenav, Inc.† | 28,000 | 149,800 | ||||||
4,617,992 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Clarus Corp.† | 16,400 | 120,540 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 5,000 | 28,000 | ||||||
Auto Repair Centers — 0.3% |
| |||||||
Monro, Inc.# | 14,925 | 837,292 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
REV Group, Inc. | 8,994 | 152,538 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Allison Transmission Holdings, Inc. | 26,393 | 1,090,295 | ||||||
Gentherm, Inc.† | 15,170 | 537,018 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 69,768 | ||||||
Strattec Security Corp. | 1,500 | 56,550 | ||||||
1,753,631 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.4% |
| |||||||
Douglas Dynamics, Inc. | 27,665 | 1,273,973 | ||||||
Banks - Commercial — 10.6% |
| |||||||
1st Constitution Bancorp | 6,400 | 137,600 | ||||||
Ameris Bancorp | 3,400 | 189,380 | ||||||
AmeriServ Financial, Inc. | 22,000 | 93,500 | ||||||
Anchor Bancorp, Inc.† | 3,000 | 76,500 | ||||||
Associated Banc-Corp. | 67,369 | 1,859,384 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Atlantic Capital Bancshares, Inc.† | 11,892 | $ | 249,732 | |||||
Bank of Commerce Holdings | 7,640 | 90,916 | ||||||
BankUnited, Inc. | 71,051 | 2,996,221 | ||||||
Blue Hills Bancorp, Inc. | 12,107 | 246,983 | ||||||
Bridge Bancorp, Inc. | 9,900 | 365,805 | ||||||
C&F Financial Corp. | 3,000 | 181,200 | ||||||
Cadence BanCorp | 19,814 | 578,767 | ||||||
Capstar Financial Holdings, Inc.†# | 7,500 | 151,875 | ||||||
Chemung Financial Corp. | 5,500 | 288,750 | ||||||
Citizens Holding Co. | 4,500 | 101,250 | ||||||
Codorus Valley Bancorp, Inc. | 3,307 | 99,210 | ||||||
Columbia Banking System, Inc. | 6,869 | 292,070 | ||||||
Commerce Bancshares, Inc. | 24,311 | 1,570,004 | ||||||
FB Financial Corp. | 11,109 | 454,580 | ||||||
First Bancorp, Inc. | 7,165 | 207,642 | ||||||
First Bancshares, Inc. | 1,500 | 51,525 | ||||||
First Bank | 10,000 | 136,000 | ||||||
First Financial Bancorp | 43,962 | 1,382,605 | ||||||
First Hawaiian, Inc. | 60,518 | 1,771,967 | ||||||
First Horizon National Corp. | 112,910 | 2,093,351 | ||||||
First Interstate BancSystem, Inc., Class A | 18,100 | 790,065 | ||||||
First Northwest Bancorp† | 6,500 | 106,015 | ||||||
Glacier Bancorp, Inc.# | 17,347 | 676,360 | ||||||
Great Western Bancorp, Inc. | 39,846 | 1,736,887 | ||||||
Guaranty Bancorp | 9,800 | 330,260 | ||||||
Hawthorn Bancshares, Inc. | 3,000 | 65,100 | ||||||
Heritage Commerce Corp. | 21,779 | 371,550 | ||||||
Heritage Financial Corp. | 10,300 | 331,145 | ||||||
Home BancShares, Inc. | 26,500 | 610,030 | ||||||
Hope Bancorp, Inc. | 14,300 | 257,257 | ||||||
IBERIABANK Corp. | 24,430 | 1,951,957 | ||||||
Live Oak Bancshares, Inc. | 10,767 | 318,165 | ||||||
MBT Financial Corp. | 15,300 | 162,180 | ||||||
MidSouth Bancorp, Inc. | 9,800 | 136,220 | ||||||
National Commerce Corp.† | 2,700 | 124,335 | ||||||
Northrim BanCorp, Inc. | 7,100 | 281,870 | ||||||
Ohio Valley Banc Corp. | 4,000 | 196,000 | ||||||
Origin Bancorp, Inc.†# | 2,532 | 98,343 | ||||||
Penns Woods Bancorp, Inc. | 3,200 | 147,680 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 192,209 | ||||||
Pinnacle Financial Partners, Inc. | 8,758 | 587,224 | ||||||
Premier Financial Bancorp, Inc. | 4,714 | 105,594 | ||||||
Prosperity Bancshares, Inc. | 6,800 | 492,524 | ||||||
SB One Bancorp | 6,000 | 181,500 | ||||||
Seacoast Banking Corp. of Florida† | 20,924 | 652,410 | ||||||
Shore Bancshares, Inc. | 8,000 | 151,040 | ||||||
Simmons First National Corp., Class A | 8,900 | 284,800 | ||||||
South State Corp. | 4,536 | 406,085 | ||||||
Sterling Bancorp, Inc. | 12,836 | 174,826 | ||||||
Texas Capital Bancshares, Inc.† | 3,950 | 380,583 | ||||||
Towne Bank | 11,900 | 376,635 | ||||||
United Security Bancshares | 23,355 | 249,899 | ||||||
Unity Bancorp, Inc. | 8,000 | 185,200 | ||||||
Univest Corp. of Pennsylvania | 10,171 | 295,976 | ||||||
Webster Financial Corp. | 7,515 | 481,711 | ||||||
Western Alliance Bancorp† | 43,463 | 2,619,080 | ||||||
Western New England Bancorp, Inc. | 8,000 | 86,800 | ||||||
Wintrust Financial Corp. | 20,830 | 1,918,651 | ||||||
34,180,983 | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 4,637 | 348,934 | ||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,700 | 685,395 | ||||||
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. — 0.9% |
| |||||||
Aspen Aerogels, Inc.† | 28,200 | $ | 141,564 | |||||
Gibraltar Industries, Inc.† | 12,755 | 505,736 | ||||||
Quanex Building Products Corp. | 10,784 | 181,171 | ||||||
Simpson Manufacturing Co., Inc. | 4,600 | 291,226 | ||||||
USG Corp.† | 42,432 | 1,760,079 | ||||||
2,879,776 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Lennox International, Inc. | 1,900 | 386,289 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc.# | 600 | 133,722 | ||||||
Building Products - Doors & Windows — 0.5% |
| |||||||
JELD-WEN Holding, Inc.† | 41,104 | 1,125,016 | ||||||
PGT Innovations , Inc.† | 17,690 | 366,183 | ||||||
1,491,199 | ||||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 22,000 | 121,000 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 137,025 | ||||||
Layne Christensen Co.†# | 10,000 | 152,400 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 124,936 | ||||||
414,361 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
New Home Co., Inc.† | 10,500 | 105,945 | ||||||
PICO Holdings, Inc. | 10,000 | 110,500 | ||||||
TRI Pointe Group, Inc.†# | 36,117 | 623,379 | ||||||
839,824 | ||||||||
Cable/Satellite TV — 0.2% |
| |||||||
Cable One, Inc.# | 1,197 | 777,140 | ||||||
Casino Hotels — 0.2% |
| |||||||
Monarch Casino & Resort, Inc.† | 13,156 | 585,968 | ||||||
Casino Services — 0.0% |
| |||||||
Gaming Partners International Corp. | 8,967 | 76,220 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†# | 50,000 | 114,500 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
Orion Engineered Carbons SA | 11,859 | 340,353 | ||||||
Quaker Chemical Corp. | 11,162 | 1,706,112 | ||||||
2,046,465 | ||||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 7,800 | 326,976 | ||||||
Chemicals - Specialty — 2.1% |
| |||||||
CSW Industrials, Inc.† | 3,500 | 170,100 | ||||||
GCP Applied Technologies, Inc.† | 71,887 | 2,275,224 | ||||||
KMG Chemicals, Inc. | 3,402 | 227,424 | ||||||
Minerals Technologies, Inc. | 5,600 | 408,800 | ||||||
Oil-Dri Corp. of America | 4,900 | 190,659 | ||||||
PQ Group Holdings, Inc.† | 96,270 | 1,580,753 | ||||||
Univar, Inc.† | 4,923 | 134,250 | ||||||
Valvoline, Inc.# | 87,645 | 1,791,464 | ||||||
6,778,674 | ||||||||
Commercial Services — 1.6% |
| |||||||
Acacia Research Corp.† | 40,000 | 154,000 | ||||||
Collectors Universe, Inc. | 7,200 | 107,280 | ||||||
CoreLogic, Inc.† | 27,016 | 1,416,449 | ||||||
Emerald Expositions Events, Inc.# | 20,438 | 417,957 | ||||||
Healthcare Services Group, Inc.# | 6,900 | 249,435 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) |
| |||||||
HMS Holdings Corp.† | 22,200 | $ | 480,186 | |||||
Intersections, Inc.†# | 12,500 | 28,250 | ||||||
Performant Financial Corp.† | 50,000 | 111,000 | ||||||
Reis, Inc. | 7,000 | 151,200 | ||||||
ServiceMaster Global Holdings, Inc.† | 25,697 | 1,468,327 | ||||||
ServiceSource International, Inc.† | 40,000 | 167,600 | ||||||
Team, Inc.†# | 11,900 | 252,875 | ||||||
5,004,559 | ||||||||
Commercial Services - Finance — 0.6% |
| |||||||
Cardtronics PLC, Class A† | 1,096 | 28,124 | ||||||
Euronet Worldwide, Inc.† | 1,000 | 83,810 | ||||||
Evo Payments, Inc., Class A† | 1,700 | 36,516 | ||||||
Liberty Tax, Inc.# | 9,000 | 94,500 | ||||||
Morningstar, Inc. | 12,134 | 1,456,201 | ||||||
PRGX Global, Inc.† | 26,500 | 255,725 | ||||||
1,954,876 | ||||||||
Communications Software — 0.1% |
| |||||||
Seachange International, Inc.† | 54,500 | 152,600 | ||||||
Computer Aided Design — 0.7% |
| |||||||
Aspen Technology, Inc.† | 23,627 | 2,203,454 | ||||||
Computer Graphics — 0.1% |
| |||||||
CyberArk Software, Ltd.† | 6,690 | 407,087 | ||||||
Computer Services — 0.1% |
| |||||||
Computer Task Group, Inc.† | 19,600 | 142,688 | ||||||
Conduent, Inc.† | 11,300 | 217,525 | ||||||
StarTek, Inc.† | 10,000 | 67,900 | ||||||
428,113 | ||||||||
Computer Software — 0.9% |
| |||||||
Cision, Ltd.†# | 115,649 | 1,704,666 | ||||||
Computer Modelling Group, Ltd. | 17,000 | 125,212 | ||||||
SS&C Technologies Holdings, Inc. | 21,700 | 1,104,747 | ||||||
Zuora, Inc., Class A† | 688 | 15,260 | ||||||
2,949,885 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Agilysys, Inc.† | 13,000 | 184,860 | ||||||
Cray, Inc.† | 8,700 | 216,630 | ||||||
Echelon Corp.† | 11,200 | 48,272 | ||||||
449,762 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
Quantum Corp.† | 600 | 1,812 | ||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.†# | 13,300 | 781,375 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Key Tronic Corp.† | 9,633 | 81,014 | ||||||
TransAct Technologies, Inc. | 7,500 | 81,375 | ||||||
162,389 | ||||||||
Consulting Services — 0.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 18,100 | 816,129 | ||||||
Information Services Group, Inc.†# | 27,400 | 110,422 | ||||||
926,551 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Acme United Corp. | 4,570 | 103,282 | ||||||
CSS Industries, Inc. | 4,500 | 72,675 | ||||||
Spectrum Brands Holdings, Inc.# | 18,632 | 1,484,784 | ||||||
1,660,741 | ||||||||
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Containers-Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 24,359 | $ | 1,055,719 | |||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Multi-Color Corp. | 1,241 | 86,125 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
CCA Industries, Inc.† | 3,421 | 10,263 | ||||||
Edgewell Personal Care Co.†# | 8,400 | 367,248 | ||||||
377,511 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Amber Road, Inc.† | 9,700 | 87,688 | ||||||
DocuSign, Inc.†# | 4,190 | 208,704 | ||||||
Innodata, Inc.† | 52,600 | 65,750 | ||||||
362,142 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Quidel Corp.† | 7,900 | 495,330 | ||||||
Direct Marketing — 0.0% |
| |||||||
EVINE Live, Inc.† | 90,000 | 106,200 | ||||||
Disposable Medical Products — 0.9% |
| |||||||
ICU Medical, Inc.† | 7,948 | 2,313,265 | ||||||
STERIS PLC | 6,300 | 654,192 | ||||||
2,967,457 | ||||||||
Distribution/Wholesale — 2.4% |
| |||||||
BlueLinx Holdings, Inc.† | 8,000 | 324,400 | ||||||
Core-Mark Holding Co., Inc. | 6,097 | 119,014 | ||||||
Educational Development Corp. | 8,000 | 180,800 | ||||||
Houston Wire & Cable Co.† | 14,739 | 121,597 | ||||||
KAR Auction Services, Inc. | 39,764 | 2,098,346 | ||||||
Pool Corp. | 28,595 | 4,086,797 | ||||||
SiteOne Landscape Supply, Inc.†# | 10,300 | 779,195 | ||||||
Watsco, Inc.# | 400 | 73,608 | ||||||
7,783,757 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
AZZ, Inc. | 10,100 | 436,825 | ||||||
Barnes Group, Inc. | 7,700 | 457,534 | ||||||
LSB Industries, Inc.†# | 17,500 | 88,725 | ||||||
Synalloy Corp. | 14,400 | 270,720 | ||||||
1,253,804 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
Smart Sand, Inc.†# | 15,000 | 91,800 | ||||||
Diversified Operations/Commercial Services — 0.2% |
| |||||||
Colliers International Group, Inc. | 4,800 | 346,080 | ||||||
Rentokil Initial PLC | 66,219 | 301,669 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 43,179 | ||||||
690,928 | ||||||||
Drug Delivery Systems — 1.0% |
| |||||||
Catalent, Inc.† | 84,835 | 3,330,622 | ||||||
E-Commerce/Products — 0.3% |
| |||||||
CafePress, Inc.† | 11,400 | 16,416 | ||||||
Chegg, Inc.†# | 26,680 | 746,240 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 34,200 | ||||||
796,856 | ||||||||
E-Commerce/Services — 1.4% |
| |||||||
A Place For Rover, Inc.†(1)(2)(3) | 513 | 3,476 | ||||||
Cargurus, Inc.†# | 15,891 | 526,946 | ||||||
GrubHub, Inc.†# | 31,496 | 3,376,686 | ||||||
Leaf Group, Ltd.† | 25,000 | 245,000 | ||||||
Quotient Technology, Inc.† | 13,390 | 179,426 |
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services (continued) |
| |||||||
SurveyMonkey, Inc.†(1)(2)(3) | 5,062 | $ | 52,493 | |||||
Zillow Group, Inc., Class A† | 800 | 46,592 | ||||||
Zillow Group, Inc., Class C†# | 1,200 | 69,996 | ||||||
4,500,615 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
Marin Software, Inc.† | 13,571 | 79,390 | ||||||
Educational Software — 0.8% |
| |||||||
2U, Inc.†# | 4,444 | 421,291 | ||||||
Instructure, Inc.†# | 42,046 | 1,807,978 | ||||||
Rosetta Stone, Inc.† | 14,000 | 227,080 | ||||||
2,456,349 | ||||||||
Electric Products - Misc. — 0.4% |
| |||||||
Graham Corp. | 5,800 | 147,958 | ||||||
Littelfuse, Inc. | 500 | 108,525 | ||||||
Novanta, Inc.† | 15,389 | 997,977 | ||||||
1,254,460 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 12,500 | 69,750 | ||||||
Electric - Integrated — 1.7% |
| |||||||
NorthWestern Corp. | 37,954 | 2,067,734 | ||||||
PNM Resources, Inc. | 17,500 | 699,125 | ||||||
Portland General Electric Co. | 56,204 | 2,397,663 | ||||||
SCANA Corp. | 6,400 | 232,320 | ||||||
5,396,842 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 115,800 | ||||||
CTS Corp. | 8,900 | 289,250 | ||||||
Sparton Corp.† | 5,900 | 109,445 | ||||||
Sypris Solutions, Inc.† | 7,000 | 11,830 | ||||||
526,325 | ||||||||
Electronic Components - Semiconductors — 0.6% |
| |||||||
DSP Group, Inc.† | 11,500 | 147,200 | ||||||
EMCORE Corp.† | 9,200 | 46,920 | ||||||
GSI Technology, Inc.† | 19,800 | 150,876 | ||||||
Impinj, Inc.†# | 11,000 | 196,900 | ||||||
Inphi Corp.†# | 11,400 | 385,092 | ||||||
Lattice Semiconductor Corp.† | 37,916 | 218,017 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 11,800 | 266,090 | ||||||
Monolithic Power Systems, Inc. | 847 | 111,643 | ||||||
Pixelworks, Inc.† | 22,000 | 91,300 | ||||||
Richardson Electronics, Ltd. | 15,000 | 146,100 | ||||||
1,760,138 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
CyberOptics Corp.†# | 6,700 | 114,905 | ||||||
ESCO Technologies, Inc. | 11,878 | 666,356 | ||||||
National Instruments Corp. | 12,297 | 511,801 | ||||||
1,293,062 | ||||||||
Electronics - Military — 0.0% |
| |||||||
Arotech Corp.† | 34,800 | 132,240 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
Aemetis, Inc.† | 17,800 | 28,302 | ||||||
Amyris, Inc.†# | 35,887 | 185,536 | ||||||
Clean Energy Fuels Corp.† | 85,000 | 268,600 | ||||||
NextEra Energy Partners LP | 6,300 | 283,248 | ||||||
765,686 | ||||||||
Engines - Internal Combustion — 0.2% |
| |||||||
Gates Industrial Corp. PLC† | 42,150 | 626,349 | ||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service — 3.3% |
| |||||||
Blackbaud, Inc. | 19,014 | $ | 1,853,295 | |||||
Coupa Software, Inc.†# | 8,600 | 459,068 | ||||||
Guidewire Software, Inc.†# | 27,731 | 2,574,546 | ||||||
Manhattan Associates, Inc.† | 32,814 | 1,428,065 | ||||||
MicroStrategy, Inc., Class A† | 7,545 | 977,606 | ||||||
Paycom Software, Inc.†# | 500 | 52,735 | ||||||
SailPoint Technologies Holding, Inc.† | 33,400 | 871,406 | ||||||
Tyler Technologies, Inc.† | 9,665 | 2,238,607 | ||||||
10,455,328 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Zynga, Inc., Class A† | 113,500 | 499,400 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Ecology and Environment, Inc., Class A | 6,000 | 77,700 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 3,600 | 334,800 | ||||||
Female Health Care Products — 0.1% |
| |||||||
Juniper Pharmaceuticals, Inc.† | 17,700 | 153,105 | ||||||
Finance - Auto Loans — 0.1% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 96,040 | ||||||
Santander Consumer USA Holdings, Inc. | 4,800 | 85,968 | ||||||
182,008 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 5,100 | 93,534 | ||||||
Finance - Consumer Loans — 0.5% |
| |||||||
Asta Funding, Inc. | 13,200 | 48,180 | ||||||
Encore Capital Group, Inc.†# | 7,500 | 295,875 | ||||||
PRA Group, Inc.†# | 18,200 | 702,520 | ||||||
Regional Management Corp.† | 8,200 | 292,658 | ||||||
SLM Corp.† | 32,108 | 366,994 | ||||||
1,706,227 | ||||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
JMP Group LLC | 16,300 | 83,456 | ||||||
Lazard, Ltd., Class A | 25,331 | 1,303,027 | ||||||
Moelis & Co., Class A | 22,252 | 1,318,431 | ||||||
2,704,914 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp(3) | 11,000 | 171,600 | ||||||
Marlin Business Services Corp. | 7,500 | 220,125 | ||||||
391,725 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellie Mae, Inc.†# | 5,142 | 546,543 | ||||||
PennyMac Financial Services, Inc., Class A† | 6,000 | 120,600 | ||||||
667,143 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
CBOE Global Markets, Inc. | 8,882 | 866,528 | ||||||
DLP Payments Holdings, Ltd.†(1)(2)(3) | 132 | 150,795 | ||||||
1,017,323 | ||||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Radian Group, Inc. | 22,700 | 360,930 | ||||||
Food - Canned — 0.1% |
| |||||||
Seneca Foods Corp., Class A† | 5,000 | 135,500 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Simply Good Foods Co.†# | 22,090 | 292,693 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 34,170 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Cal-Maine Foods, Inc.† | 18,751 | $ | 900,986 | |||||
Lancaster Colony Corp. | 1,000 | 126,100 | ||||||
Pinnacle Foods, Inc. | 9,600 | 613,824 | ||||||
Post Holdings, Inc.†# | 8,000 | 614,960 | ||||||
TreeHouse Foods, Inc.† | 10,400 | 498,264 | ||||||
2,754,134 | ||||||||
Food - Wholesale/Distribution — 1.3% |
| |||||||
AMCON Distributing Co.(3) | 500 | 42,900 | ||||||
Performance Food Group Co.† | 110,850 | 3,962,887 | ||||||
4,005,787 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Rocky Brands, Inc. | 10,711 | 302,050 | ||||||
Gambling (Non-Hotel) — 0.0% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.† | 43,334 | 71,068 | ||||||
Garden Products — 1.4% |
| |||||||
Toro Co. | 75,618 | 4,385,844 | ||||||
Gas - Distribution — 0.8% |
| |||||||
Chesapeake Utilities Corp. | 5,600 | 447,160 | ||||||
ONE Gas, Inc. | 14,500 | 1,088,225 | ||||||
South Jersey Industries, Inc.# | 15,617 | 517,235 | ||||||
Southwest Gas Holdings, Inc. | 8,500 | 643,450 | ||||||
2,696,070 | ||||||||
Gold Mining — 0.2% |
| |||||||
Franco-Nevada Corp. | 2,500 | 176,288 | ||||||
Gold Resource Corp. | 37,100 | 231,504 | ||||||
Northern Star Resources, Ltd. | 26,436 | 124,890 | ||||||
Osisko Gold Royalties, Ltd. | 18,000 | 184,220 | ||||||
716,902 | ||||||||
Golf — 0.6% |
| |||||||
Acushnet Holdings Corp.# | 74,350 | 1,777,708 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Heritage-Crystal Clean, Inc.† | 5,700 | 115,710 | ||||||
US Ecology, Inc. | 21,049 | 1,275,569 | ||||||
1,391,279 | ||||||||
Health Care Cost Containment — 0.5% |
| |||||||
HealthEquity, Inc.†# | 20,003 | 1,486,423 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 105,000 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 26,100 | ||||||
131,100 | ||||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.†# | 14,500 | 668,885 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Hilton Grand Vacations, Inc.† | 16,690 | 663,594 | ||||||
ILG, Inc. | 7,700 | 263,648 | ||||||
927,242 | ||||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 8,000 | 87,200 | ||||||
Human Resources — 0.1% |
| |||||||
Ceridian HCM Holding, Inc.† | 598 | 20,643 | ||||||
Cross Country Healthcare, Inc.† | 14,191 | 172,988 | ||||||
Edgewater Technology, Inc.† | 14,600 | 78,986 | ||||||
Paylocity Holding Corp.† | 1,000 | 59,750 | ||||||
RCM Technologies, Inc. | 20,000 | 105,200 | ||||||
437,567 | ||||||||
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Identification Systems — 0.8% |
| |||||||
Brady Corp., Class A | 64,763 | $ | 2,525,757 | |||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 40,000 | 50,800 | ||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Ballantyne Strong, Inc.†(3) | 14,000 | 74,552 | ||||||
Iteris, Inc.†# | 26,210 | 134,457 | ||||||
209,009 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Hurco Cos., Inc. | 3,000 | 143,850 | ||||||
Instruments - Controls — 0.0% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | 80,800 | ||||||
Instruments - Scientific — 0.1% |
| |||||||
Fluidigm Corp.†# | 27,000 | 150,390 | ||||||
Insurance Brokers — 0.1% |
| |||||||
eHealth, Inc.† | 10,000 | 213,100 | ||||||
Goosehead Insurance, Inc., Class A† | 4,384 | 70,802 | ||||||
283,902 | ||||||||
Insurance - Life/Health — 0.0% |
| |||||||
Health Insurance Innovations, Inc., Class A†# | 3,500 | 111,650 | ||||||
Insurance - Multi-line — 0.0% |
| |||||||
Assurant, Inc. | 900 | 84,015 | ||||||
Insurance - Property/Casualty — 1.7% |
| |||||||
Federated National Holding Co. | 7,600 | 172,976 | ||||||
First Acceptance Corp.† | 2,558 | 2,763 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 128,180 | ||||||
Hanover Insurance Group, Inc. | 5,900 | 715,316 | ||||||
Kinsale Capital Group, Inc.# | 17,487 | 926,112 | ||||||
ProAssurance Corp. | 32,668 | 1,254,451 | ||||||
RLI Corp. | 13,080 | 859,094 | ||||||
Safety Insurance Group, Inc. | 3,358 | 288,788 | ||||||
Selective Insurance Group, Inc. | 14,400 | 818,640 | ||||||
State Auto Financial Corp. | 8,350 | 259,017 | ||||||
5,425,337 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Axis Capital Holdings, Ltd. | 5,350 | 304,148 | ||||||
Essent Group, Ltd.† | 4,200 | 144,060 | ||||||
448,208 | ||||||||
Internet Application Software — 0.4% |
| |||||||
Okta, Inc.†# | 9,900 | 556,479 | ||||||
Tucows, Inc., Class A†# | 2,466 | 154,495 | ||||||
Zendesk, Inc.† | 10,800 | 603,612 | ||||||
1,314,586 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
PC-Tel, Inc. | 21,200 | 140,980 | ||||||
Internet Security — 0.2% |
| |||||||
iPass, Inc.†# | 49,900 | 22,106 | ||||||
Proofpoint, Inc.† | 5,200 | 607,828 | ||||||
629,934 | ||||||||
Internet Telephone — 0.1% |
| |||||||
RingCentral, Inc., Class A† | 3,266 | 247,400 | ||||||
Investment Companies — 0.1% |
| |||||||
B. Riley Financial, Inc.# | 3,858 | 81,790 | ||||||
KCAP Financial, Inc. | 16,700 | 53,106 | ||||||
Medallion Financial Corp.†# | 17,100 | 84,816 | ||||||
Triangle Capital Corp. | 12,783 | 144,831 | ||||||
364,543 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Eaton Vance Corp. | 24,346 | $ | 1,309,815 | |||||
Manning & Napier, Inc. | 8,400 | 26,040 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 159,000 | ||||||
1,494,855 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 74,880 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
L.S. Starrett Co., Class A | 8,000 | 53,600 | ||||||
Lincoln Electric Holdings, Inc. | 17,227 | 1,543,539 | ||||||
1,597,139 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
BWX Technologies, Inc. | 15,473 | 1,032,668 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 2,023 | 186,541 | ||||||
Machinery - General Industrial — 1.5% |
| |||||||
Altra Industrial Motion Corp. | 30,621 | 1,266,178 | ||||||
Applied Industrial Technologies, Inc. | 23,279 | 1,623,710 | ||||||
Chart Industries, Inc.† | 18,300 | 1,179,069 | ||||||
Gencor Industries, Inc.† | 8,650 | 135,373 | ||||||
Intevac, Inc.† | 6,100 | 28,670 | ||||||
Twin Disc, Inc.† | 5,000 | 138,600 | ||||||
Welbilt, Inc.† | 11,700 | 227,799 | ||||||
Xerium Technologies, Inc.† | 15,586 | 115,025 | ||||||
4,714,424 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Graco, Inc. | 9,600 | 435,840 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Digirad Corp. | 25,000 | 41,250 | ||||||
Medical Information Systems — 1.0% |
| |||||||
Cotiviti Holdings, Inc.† | 40,576 | 1,384,047 | ||||||
Medidata Solutions, Inc.†# | 23,309 | 1,798,523 | ||||||
3,182,570 | ||||||||
Medical Instruments — 0.5% |
| |||||||
Bovie Medical Corp.†# | 25,000 | 98,000 | ||||||
Bruker Corp. | 14,890 | 450,720 | ||||||
Halyard Health, Inc.† | 12,400 | 680,760 | ||||||
Navidea Biopharmaceuticals, Inc.† | 85,500 | 18,981 | ||||||
TransEnterix, Inc.†# | 50,000 | 177,500 | ||||||
1,425,961 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 1,100 | 46,200 | ||||||
IRIDEX Corp.† | 8,100 | 57,510 | ||||||
�� | 103,710 | |||||||
Medical Products — 1.7% |
| |||||||
AtriCure, Inc.† | 5,700 | 135,147 | ||||||
Electromed, Inc.†(3) | 13,900 | 64,774 | ||||||
InfuSystem Holdings, Inc.† | 25,000 | 81,250 | ||||||
InVivo Therapeutics Holdings Corp.†# | 972 | 6,308 | ||||||
K2M Group Holdings, Inc.†# | 31,196 | 739,033 | ||||||
Micron Solutions, Inc.† | 6,425 | 23,580 | ||||||
NanoString Technologies, Inc.† | 20,000 | 257,800 | ||||||
OrthoPediatrics Corp.†# | 6,500 | 136,890 | ||||||
Sientra, Inc.†# | 21,000 | 379,260 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 185,250 | ||||||
West Pharmaceutical Services, Inc. | 31,580 | 2,936,940 | ||||||
Wright Medical Group NV†# | 19,193 | 479,058 | ||||||
5,425,290 | ||||||||
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene — 2.4% |
| |||||||
Abeona Therapeutics, Inc.†# | 3,300 | $ | 58,410 | |||||
Acceleron Pharma, Inc.†# | 5,400 | 191,916 | ||||||
Allena Pharmaceuticals, Inc.†# | 13,000 | 186,420 | ||||||
Alpine Immune Sciences, Inc.† | 3,750 | 33,975 | ||||||
Amicus Therapeutics, Inc.†# | 3,201 | 54,097 | ||||||
Aptevo Therapeutics, Inc.† | 10,100 | 56,156 | ||||||
Aratana Therapeutics, Inc.† | 3,000 | 15,300 | ||||||
Argenx SE ADR† | 1,784 | 170,372 | ||||||
ArQule, Inc.†# | 55,000 | 266,750 | ||||||
Arsanis, Inc.†# | 5,000 | 86,100 | ||||||
Asterias Biotherapeutics, Inc.†# | 9,454 | 14,181 | ||||||
Audentes Therapeutics, Inc.† | 1,800 | 68,220 | ||||||
AVEO Pharmaceuticals, Inc.†# | 66,464 | 146,886 | ||||||
BeiGene, Ltd. ADR† | 305 | 61,037 | ||||||
Blueprint Medicines Corp.† | 4,229 | 355,574 | ||||||
Corvus Pharmaceuticals, Inc.†# | 3,722 | 51,103 | ||||||
CytomX Therapeutics, Inc.† | 5,000 | 128,350 | ||||||
Eiger BioPharmaceuticals, Inc.†# | 20,000 | 285,000 | ||||||
Endocyte, Inc.† | 25,000 | 341,750 | ||||||
Exelixis, Inc.† | 8,200 | 169,986 | ||||||
Five Prime Therapeutics, Inc.† | 1,624 | 28,518 | ||||||
GlycoMimetics, Inc.†# | 4,328 | 77,341 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 198,000 | ||||||
Infinity Pharmaceuticals, Inc.†# | 100,000 | 203,000 | ||||||
Insmed, Inc.†# | 17,392 | 484,541 | ||||||
Loxo Oncology, Inc.†# | 1,400 | 248,262 | ||||||
MacroGenics, Inc.†# | 2,343 | 53,256 | ||||||
Mustang Bio, Inc.† | 12,500 | 92,750 | ||||||
OvaScience, Inc.†# | 50,000 | 45,555 | ||||||
Ovid therapeutics, Inc.†# | 14,000 | 110,460 | ||||||
Pacific Biosciences of California, Inc.†# | 50,000 | 126,500 | ||||||
Palatin Technologies, Inc.† | 100,000 | 111,000 | ||||||
Pfenex, Inc.† | 14,000 | 72,100 | ||||||
Protalix BioTherapeutics, Inc.† | 22,016 | 10,695 | ||||||
Radius Health, Inc.†# | 14,200 | 404,700 | ||||||
Sage Therapeutics, Inc.†# | 7,471 | 1,140,747 | ||||||
Scholar Rock Holding Corp.†# | 924 | 16,161 | ||||||
Seattle Genetics, Inc.†# | 4,200 | 254,058 | ||||||
Spark Therapeutics, Inc.†# | 3,520 | 280,861 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 400 | 29,280 | ||||||
Veracyte, Inc.†# | 19,300 | 147,645 | ||||||
Verastem, Inc.† | 63,300 | 353,847 | ||||||
VolitionRX, Ltd.†# | 29,400 | 69,678 | ||||||
WaVe Life Sciences, Ltd.†# | 5,344 | 248,763 | ||||||
XOMA Corp.† | 6,500 | 139,425 | ||||||
7,688,726 | ||||||||
Medical - Drugs — 1.8% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 109,140 | ||||||
Aeglea BioTherapeutics, Inc.† | 25,000 | 267,000 | ||||||
Aimmune Therapeutics, Inc.†# | 6,575 | 217,567 | ||||||
Alimera Sciences, Inc.†# | 115,025 | 90,180 | ||||||
Alkermes PLC†# | 4,833 | 228,117 | ||||||
Ascendis Pharma A/S ADR† | 4,233 | 304,861 | ||||||
BioSpecifics Technologies Corp.† | 3,300 | 142,758 | ||||||
Chiasma, Inc.† | 45,000 | 67,500 | ||||||
Chimerix, Inc.† | 30,800 | 140,756 | ||||||
Conatus Pharmaceuticals, Inc.†# | 19,500 | 83,850 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 164,298 | ||||||
Dicerna Pharmaceuticals, Inc.†# | 8,300 | 118,150 | ||||||
Gemphire Therapeutics, Inc.†# | 14,000 | 86,800 | ||||||
Global Blood Therapeutics, Inc.†# | 4,530 | 218,119 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 20,600 | 382,748 | ||||||
Kadmon Holdings, Inc.†# | 37,000 | 133,570 | ||||||
Melinta Therapeutics, Inc.†# | 8,000 | 52,400 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Minerva Neurosciences, Inc.† | 20,300 | $ | 178,640 | |||||
MyoKardia, Inc.†# | 3,253 | 154,843 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 101,250 | ||||||
Pacira Pharmaceuticals, Inc.†# | 7,900 | 270,575 | ||||||
Pain Therapeutics, Inc.†# | 8,157 | 80,999 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 2,900 | 6,728 | ||||||
Prestige Brands Holdings, Inc.† | 41,826 | 1,398,243 | ||||||
scPharmaceuticals, Inc.† | 11,500 | 114,310 | ||||||
Spero Therapeutics, Inc.†# | 6,200 | 65,968 | ||||||
TESARO, Inc.†# | 3,379 | 154,657 | ||||||
TherapeuticsMD, Inc.†# | 60,771 | 359,157 | ||||||
VIVUS, Inc.†# | 75,000 | 56,625 | ||||||
5,749,809 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Teligent, Inc.†# | 25,000 | 69,750 | ||||||
Medical - HMO — 1.8% |
| |||||||
Centene Corp.† | 7,200 | 843,552 | ||||||
Magellan Health, Inc.† | 10,312 | 943,032 | ||||||
Molina Healthcare, Inc.†# | 25,812 | 2,192,213 | ||||||
WellCare Health Plans, Inc.† | 8,231 | 1,824,566 | ||||||
5,803,363 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.†# | 13,953 | 560,771 | ||||||
LifePoint Health, Inc.† | 4,300 | 227,255 | ||||||
Quorum Health Corp.† | 20,500 | 84,050 | ||||||
872,076 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Genesis Healthcare, Inc.†# | 100,000 | 210,000 | ||||||
Medical - Wholesale Drug Distribution — 0.4% |
| |||||||
Premier, Inc., Class A†# | 36,079 | 1,176,897 | ||||||
Metal Processors & Fabrication — 1.0% |
| |||||||
Haynes International, Inc. | 9,000 | 383,220 | ||||||
RBC Bearings, Inc.†# | 20,180 | 2,536,828 | ||||||
Sun Hydraulics Corp. | 4,277 | 212,823 | ||||||
3,132,871 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 127,215 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Constellium NV, Class A† | 10,700 | 130,005 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Luxfer Holdings PLC | 14,900 | 282,951 | ||||||
Miscellaneous Manufacturing — 1.6% |
| |||||||
AptarGroup, Inc. | 43,933 | 4,055,895 | ||||||
John Bean Technologies Corp. | 10,717 | 946,311 | ||||||
5,002,206 | ||||||||
Multimedia — 0.9% |
| |||||||
E.W. Scripps Co., Class A | 105,604 | 1,318,994 | ||||||
FactSet Research Systems, Inc.# | 7,976 | 1,603,256 | ||||||
2,922,250 | ||||||||
Networking Products — 0.0% |
| |||||||
Black Box Corp. | 45,000 | 108,000 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Uranium Energy Corp.† | 100,500 | 150,750 | ||||||
Non-Hazardous Waste Disposal — 0.6% |
| |||||||
Advanced Disposal Services, Inc.† | 48,670 | 1,137,905 | ||||||
Waste Connections, Inc. | 10,650 | 818,772 | ||||||
1,956,677 | ||||||||
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Office Furnishings - Original — 0.4% |
| |||||||
Herman Miller, Inc. | 38,058 | $ | 1,246,399 | |||||
Oil & Gas Drilling — 0.8% |
| |||||||
Parker Drilling Co.† | 46,000 | 20,240 | ||||||
Patterson-UTI Energy, Inc. | 128,812 | 2,663,832 | ||||||
2,684,072 | ||||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Advantage Oil & Gas, Ltd.† | 23,891 | 71,308 | ||||||
Approach Resources, Inc.†# | 77,300 | 232,673 | ||||||
Centennial Resource Development, Inc., Class A†# | 13,748 | 241,965 | ||||||
Comstock Resources, Inc.†# | 34,000 | 391,000 | ||||||
Contango Oil & Gas Co.† | 21,600 | 97,200 | ||||||
Crew Energy, Inc.† | 60,201 | 111,896 | ||||||
Diamondback Energy, Inc. | 3,900 | 470,964 | ||||||
Earthstone Energy, Inc., Class A† | 9,400 | 83,096 | ||||||
Evolution Petroleum Corp. | 23,100 | 219,450 | ||||||
Jagged Peak Energy, Inc.†# | 17,800 | 214,490 | ||||||
Jones Energy, Inc., Class A†# | 42,311 | 22,412 | ||||||
Kosmos Energy, Ltd.†# | 7,864 | 61,103 | ||||||
Lonestar Resources US, Inc., Class A† | 30,000 | 211,200 | ||||||
Matador Resources Co.† | 10,390 | 291,647 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 104,250 | ||||||
PetroQuest Energy, Inc.†# | 50,250 | 11,558 | ||||||
SRC Energy, Inc.† | 196,257 | 2,539,566 | ||||||
VAALCO Energy, Inc.† | 30,000 | 66,900 | ||||||
Venture Global LNG, Inc. Series B †(1)(2)(3) | 4 | 20,260 | ||||||
Venture Global LNG, Inc. Series C †(1)(2)(3) | 59 | 298,835 | ||||||
Yuma Energy, Inc.†# | 25,270 | 10,118 | ||||||
5,771,891 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Dril-Quip, Inc.† | 4,400 | 211,420 | ||||||
Gulf Island Fabrication, Inc. | 8,400 | 88,200 | ||||||
Mitcham Industries, Inc.† | 22,400 | 89,824 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 170,570 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 115,651 | ||||||
Thermon Group Holdings, Inc.† | 13,800 | 318,228 | ||||||
993,893 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 146,379 | ||||||
Oil - Field Services — 1.2% |
| |||||||
Core Laboratories NV# | 22,126 | 2,747,607 | ||||||
Era Group, Inc.† | 15,000 | 193,950 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 132,486 | ||||||
Key Energy Services, Inc.† | 11,000 | 186,230 | ||||||
NCS Multistage Holdings, Inc.†# | 1,943 | 29,572 | ||||||
Nuverra Environmental Solutions, Inc.† | 6,300 | 85,365 | ||||||
PHI, Inc.† | 14,000 | 159,600 | ||||||
Pioneer Energy Services Corp.† | 48,900 | 268,950 | ||||||
3,803,760 | ||||||||
Paper & Related Products — 0.0% |
| |||||||
Orchids Paper Products Co.†# | 5,500 | 21,890 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.†# | 30,000 | 397,200 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.†# | 35,000 | 92,750 | ||||||
Physical Therapy/Rehabilitation Centers — 1.2% |
| |||||||
AAC Holdings, Inc.†# | 18,000 | 193,680 | ||||||
Encompass Health Corp. | 49,791 | 3,223,967 | ||||||
U.S. Physical Therapy, Inc. | 5,110 | 477,019 | ||||||
3,894,666 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pollution Control — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 14,000 | $ | 155,260 | |||||
Fuel Tech, Inc.† | 75,000 | 86,250 | ||||||
241,510 | ||||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Generac Holdings, Inc.† | 30,230 | 1,514,221 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc.†# | 84,700 | 215,985 | ||||||
Quarrying — 0.0% |
| |||||||
Compass Minerals International, Inc.# | 1,100 | 71,940 | ||||||
Radio — 0.0% |
| |||||||
Saga Communications, Inc., Class A | 123 | 4,766 | ||||||
Salem Media Group, Inc. | 10,000 | 38,000 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 68,530 | ||||||
111,296 | ||||||||
Real Estate Investment Trusts — 4.3% |
| |||||||
Acadia Realty Trust | 6,600 | 169,950 | ||||||
Alexander & Baldwin, Inc. | 14,576 | 310,615 | ||||||
American Campus Communities, Inc. | 12,400 | 497,240 | ||||||
CubeSmart | 33,100 | 1,009,550 | ||||||
EastGroup Properties, Inc. | 32,482 | 3,028,297 | ||||||
Equity Commonwealth† | 13,400 | 416,874 | ||||||
First Industrial Realty Trust, Inc. | 3,700 | 121,841 | ||||||
National Retail Properties, Inc. | 64,905 | 2,689,014 | ||||||
Outfront Media, Inc. | 77,741 | 1,542,381 | ||||||
Paramount Group, Inc. | 32,827 | 493,061 | ||||||
PS Business Parks, Inc. | 6,856 | 840,271 | ||||||
Regency Centers Corp. | 4,135 | 240,161 | ||||||
Retail Opportunity Investments Corp.# | 19,400 | 351,528 | ||||||
RLJ Lodging Trust | 87,734 | 2,052,976 | ||||||
Urban Edge Properties | 8,000 | 174,960 | ||||||
13,938,719 | ||||||||
Real Estate Management/Services — 1.0% |
| |||||||
FirstService Corp. | 9,400 | 661,666 | ||||||
HFF, Inc., Class A | 35,125 | 1,184,415 | ||||||
RE/MAX Holdings, Inc., Class A | 4,179 | 217,726 | ||||||
Realogy Holdings Corp.# | 50,048 | 1,190,642 | ||||||
3,254,449 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Consolidated-Tomoka Land Co. | 3,100 | 186,217 | ||||||
Maui Land & Pineapple Co., Inc.† | 10,000 | 121,000 | ||||||
Stratus Properties, Inc.† | 3,000 | 93,900 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 69,800 | ||||||
470,917 | ||||||||
Recreational Centers — 0.1% |
| |||||||
Town Sports International Holdings, Inc.† | 35,000 | 399,000 | ||||||
Recreational Vehicles — 1.5% |
| |||||||
Brunswick Corp. | 43,452 | 2,763,547 | ||||||
LCI Industries | 18,483 | 1,620,959 | ||||||
Malibu Boats, Inc., Class A† | 11,013 | 472,238 | ||||||
4,856,744 | ||||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Aaron’s, Inc. | 5,100 | 202,878 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Peak Resorts, Inc. | 23,600 | 118,000 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Burlington Stores, Inc.† | 5,200 | 760,500 | ||||||
Chico’s FAS, Inc. | 38,610 | 326,640 |
182 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Apparel/Shoe (continued) |
| |||||||
Destination Maternity Corp.†# | 7,800 | $ | 24,726 | |||||
Francesca’s Holdings Corp.† | 28,500 | 168,435 | ||||||
New York & Co., Inc.† | 33,029 | 137,401 | ||||||
Tilly’s, Inc., Class A | 8,068 | 111,016 | ||||||
1,528,718 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.† | 15,600 | 286,416 | ||||||
Retail - Automobile — 0.0% |
| |||||||
America’s Car-Mart, Inc.† | 500 | 31,200 | ||||||
Retail - Building Products — 0.1% |
| |||||||
GMS, Inc.† | 9,239 | 276,708 | ||||||
Retail - Discount — 0.3% |
| |||||||
Citi Trends, Inc. | 3,500 | 105,035 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 10,666 | 754,086 | ||||||
859,121 | ||||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Kirkland’s, Inc.† | 12,200 | 156,526 | ||||||
RH†# | 3,752 | 366,683 | ||||||
Tuesday Morning Corp.†# | 39,900 | 105,735 | ||||||
628,944 | ||||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.† | 35,000 | 268,100 | ||||||
Five Below, Inc.† | 3,700 | 261,627 | ||||||
Gaia, Inc.†# | 9,400 | 178,600 | ||||||
708,327 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America LLC† | 20,000 | 65,000 | ||||||
Retail - Restaurants — 2.0% |
| |||||||
Chuy’s Holdings, Inc.† | 9,170 | 270,056 | ||||||
Denny’s Corp.† | 43,000 | 655,750 | ||||||
Dunkin’ Brands Group, Inc.# | 11,800 | 755,554 | ||||||
Famous Dave’s of America, Inc.†# | 8,250 | 56,512 | ||||||
Fiesta Restaurant Group, Inc.† | 12,719 | 316,067 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 156,000 | ||||||
Jack in the Box, Inc. | 1,900 | 153,273 | ||||||
Jamba, Inc.†# | 13,420 | 133,529 | ||||||
Kona Grill, Inc.†# | 7,700 | 21,945 | ||||||
Luby’s, Inc.† | 25,000 | 67,250 | ||||||
Papa John’s International, Inc. | 32,066 | 1,646,589 | ||||||
Potbelly Corp.† | 10,000 | 133,000 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 8,339 | 419,869 | ||||||
Sonic Corp.# | 24,107 | 585,318 | ||||||
Wingstop, Inc. | 14,500 | 733,845 | ||||||
Zoe’s Kitchen, Inc.†# | 31,207 | 283,360 | ||||||
6,387,917 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Zumiez, Inc.†# | 4,300 | 104,275 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 64,000 | ||||||
Retail - Vision Service Center — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker)†(1)(2)(3) | 4,462 | 68,318 | ||||||
National Vision Holdings, Inc.† | 2,611 | 95,040 | ||||||
163,358 | ||||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Proto Labs, Inc.† | 8,460 | 1,020,276 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Beneficial Bancorp, Inc. | 21,065 | 344,413 | ||||||
Capitol Federal Financial, Inc. | 25,240 | 331,654 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Entegra Financial Corp.† | 6,000 | $ | 171,000 | |||||
ESSA Bancorp, Inc. | 9,000 | 142,920 | ||||||
First Financial Northwest, Inc. | 10,000 | 173,800 | ||||||
Investors Bancorp, Inc. | 25,200 | 336,168 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 173,000 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 100,320 | ||||||
Meridian Bancorp, Inc. | 19,372 | 378,722 | ||||||
Pacific Premier Bancorp, Inc.† | 8,100 | 334,530 | ||||||
Provident Financial Holdings, Inc. | 6,714 | 123,202 | ||||||
SI Financial Group, Inc. | 8,500 | 127,925 | ||||||
Southern Missouri Bancorp, Inc. | 5,000 | 182,800 | ||||||
Territorial Bancorp, Inc. | 4,500 | 137,610 | ||||||
WSFS Financial Corp. | 4,400 | 230,340 | ||||||
3,288,404 | ||||||||
Schools — 0.2% |
| |||||||
American Public Education, Inc.† | 5,872 | 250,147 | ||||||
Bridgepoint Education, Inc.† | 14,500 | 99,905 | ||||||
Bright Horizons Family Solutions, Inc.† | 2,516 | 254,619 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 36,600 | ||||||
Universal Technical Institute, Inc.† | 37,000 | 115,810 | ||||||
757,081 | ||||||||
Security Services — 0.3% |
| |||||||
Brink’s Co. | 12,965 | 1,027,476 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 34,927 | 247,983 | ||||||
Geospace Technologies Corp.† | 8,900 | 98,701 | ||||||
346,684 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Integrated Device Technology, Inc.† | 10,700 | 355,668 | ||||||
Semiconductor Equipment — 1.2% |
| |||||||
Cabot Microelectronics Corp. | 29,358 | 3,322,445 | ||||||
Entegris, Inc. | 11,500 | 403,650 | ||||||
MKS Instruments, Inc. | 1,900 | 213,180 | ||||||
3,939,275 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
J2 Acquisition, Ltd.†* | 27,696 | 256,188 | ||||||
Steel Pipe & Tube — 0.3% |
| |||||||
Mueller Water Products, Inc., Class A | 33,800 | 402,558 | ||||||
Valmont Industries, Inc. | 4,048 | 591,615 | ||||||
994,173 | ||||||||
Steel - Producers — 0.1% |
| |||||||
Friedman Industries, Inc. | 10,000 | 61,800 | ||||||
Shiloh Industries, Inc.† | 13,600 | 141,168 | ||||||
202,968 | ||||||||
Storage/Warehousing — 0.2% |
| |||||||
WillscotCorp.†# | 58,270 | 710,894 | ||||||
Superconductor Product & Systems — 0.1% |
| |||||||
American Superconductor Corp.†# | 40,000 | 278,400 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Clearfield, Inc.† | 10,000 | 108,000 | ||||||
Finisar Corp.†# | 11,295 | 183,092 | ||||||
KVH Industries, Inc.† | 14,357 | 158,645 | ||||||
449,737 | ||||||||
Telecom Services — 0.2% |
| |||||||
Consolidated Communications Holdings, Inc. | 1 | 11 | ||||||
GTT Communications, Inc.†# | 5,424 | 254,928 | ||||||
Hawaiian Telcom Holdco, Inc.† | 5,900 | 155,111 |
183 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecom Services (continued) |
| |||||||
Ooma, Inc.† | 6,500 | $ | 77,025 | |||||
Spok Holdings, Inc. | 9,800 | 150,920 | ||||||
637,995 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Aware, Inc.† | 14,500 | 56,550 | ||||||
Communications Systems, Inc. | 30,000 | 121,500 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 121,828 | ||||||
299,878 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 127,820 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Tandy Leather Factory, Inc.† | 15,000 | 110,250 | ||||||
Textile - Products — 0.0% |
| |||||||
Dixie Group, Inc.† | 10,000 | 24,000 | ||||||
Theaters — 0.7% |
| |||||||
Cinemark Holdings, Inc. | 67,475 | 2,278,631 | ||||||
Therapeutics — 0.4% |
| |||||||
Actinium Pharmaceuticals, Inc.† | 32,100 | 12,355 | ||||||
Agios Pharmaceuticals, Inc.† | 2,333 | 218,136 | ||||||
Aquinox Pharmaceuticals, Inc.†# | 3,947 | 56,600 | ||||||
Calithera Biosciences, Inc.† | 16,600 | 85,490 | ||||||
Histogenics Corp.† | 50,000 | 115,500 | ||||||
Sarepta Therapeutics, Inc.†# | 500 | 46,925 | ||||||
Vital Therapies, Inc.†# | 22,800 | 116,280 | ||||||
Xencor, Inc.† | 8,933 | 357,409 | ||||||
Zafgen, Inc.† | 15,000 | 106,050 | ||||||
1,114,745 | ||||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
General Finance Corp.† | 10,034 | 107,866 | ||||||
Willis Lease Finance Corp.† | 7,000 | 223,230 | ||||||
331,096 | ||||||||
Transport - Marine — 0.0% |
| |||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | 127,400 | ||||||
Transport - Rail — 0.1% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 1,800 | 140,598 | ||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 15,800 | 540,992 | ||||||
Radiant Logistics, Inc.† | 37,800 | 153,090 | ||||||
694,082 | ||||||||
Transport - Truck — 1.3% |
| |||||||
Knight-Swift Transportation Holdings, Inc. | 36,736 | 1,494,421 | ||||||
Landstar System, Inc. | 18,987 | 2,153,126 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 55,094 | ||||||
Patriot Transportation Holding, Inc.† | 5,000 | 93,750 | ||||||
Schneider National, Inc., Class B# | 8,888 | 262,018 | ||||||
XPO Logistics, Inc.†# | 1 | 105 | ||||||
4,058,514 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 14,000 | 143,920 | ||||||
Water — 0.2% |
| |||||||
California Water Service Group | 11,600 | 466,900 | ||||||
Global Water Resources, Inc. | 14,500 | 132,530 | ||||||
Middlesex Water Co. | 2,786 | 123,810 | ||||||
723,240 | ||||||||
Water Treatment Systems — 0.3% |
| |||||||
Evoqua Water Technologies Corp.†# | 47,870 | 923,412 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Hosting/Design — 1.1% |
| |||||||
Q2 Holdings, Inc.†# | 50,166 | $ | 2,866,987 | |||||
Wix.com, Ltd.† | 6,428 | 558,914 | ||||||
3,425,901 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.†# | 44,000 | 83,600 | ||||||
Wireless Equipment — 0.1% |
| |||||||
ID Systems, Inc.† | 12,000 | 68,640 | ||||||
TESSCO Technologies, Inc. | 5,900 | 106,790 | ||||||
175,430 | ||||||||
Total Common Stocks | ||||||||
(cost $258,400,614) | 314,823,451 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.2% |
| |||||||
Computer Software — 0.0% |
| |||||||
Checkr, Inc. †(1)(2)(3) | 2,998 | 40,926 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmers Business Network, Inc.†(1)(2)(3) | 8,287 | 153,012 | ||||||
Vroom, Inc. | 5,863 | 100,009 | ||||||
253,021 | ||||||||
Enterprise Software/Service — 0.0% |
| |||||||
Plex Systems, Inc., Series B†(1)(2)(3) | 50,422 | 107,399 | ||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. | 618 | 218,507 | ||||||
Gas - Distribution — 0.0% |
| |||||||
South Jersey Industries, Inc.† | 2,633 | 145,341 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
A Place For Rover, Inc. | 7,335 | 55,221 | ||||||
Retail - Vision Service Center — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker)†(1)(2)(3) | 5,505 | 84,288 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $901,530) | 904,703 | |||||||
WARRANTS†— 0.0% |
| |||||||
Food - Confectionery — 0.0% |
| |||||||
Simply Good Foods Co. | 4,766 | 17,158 | ||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
J2 Acquisition, Ltd. | 27,696 | 12,463 | ||||||
Total Warrants | ||||||||
(cost $9,854) | 29,621 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $259,311,998) | 315,757,775 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 4.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund Premier Class | 688,636 | 688,636 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 13,969,862 | 13,969,862 | ||||||
T. Rowe Price Government Reserve Fund | 116,970 | 116,970 | ||||||
Total Registered Investment Companies | ||||||||
(cost $14,775,468) | 14,775,468 | |||||||
184 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Time Deposits — 0.1% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. | $ | 390,000 | $ | 390,000 | ||||
Total Short-Term Investment Securities | ||||||||
(cost $15,165,468) | 15,165,468 | |||||||
REPURCHASE AGREEMENTS — 1.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,399,904 collateralized by $2,555,000 of United States Treasury Bonds, bearing interest at 2.75% due 11/15/2042 and having an approximate value of $2,477,882 | 2,399,884 | 2,399,884 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,432,134 collateralized by $2,190,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $2,482,139 | 2,432,116 | 2,432,116 | ||||||
Total Repurchase Agreements | ||||||||
(cost $4,832,000) | 4,832,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $279,309,466)(6) | 104.5 | % | 335,755,243 | |||||
Liabilities in excess of other assets | (4.5 | ) | (14,519,034 | ) | ||||
NET ASSETS | 100.0 | % | $ | 321,236,209 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2018, the aggregate value of these securities was $256,188 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) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2018, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares/ Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||
A Place for Rover, Inc. | 05/25/2018 | 513 | $ | 3,476 | $ | 3,476 | $ | 6.78 | 0.00 | % | ||||||||||||||
DLP Payments Holdings, Ltd. | 07/10/2017 | 132 | 124,794 | 150,795 | 1142.39 | 0.05 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker) | 03/09/2018 | 4,462 | 70,129 | 68,318 | 15.31 | 0.02 | ||||||||||||||||||
SurveyMonkey, Inc. | 11/25/2014 | 5,062 | 83,270 | 52,493 | 10.37 | 0.02 | ||||||||||||||||||
Venture Global LNG, Inc., Series B | 03/08/2018 | 4 | 12,080 | 20,260 | 5,065 | 0.01 | ||||||||||||||||||
Venture Global LNG, Inc., Series C | 05/25/2017 | 28 | 99,904 | |||||||||||||||||||||
10/16/2017 | 27 | 101,817 | ||||||||||||||||||||||
03/08/2018 | 4 | 12,080 | ||||||||||||||||||||||
59 | 213,801 | 298,835 | 5,065 | 0.09 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
A Place For Rover, Inc., Series G | 05/11/2018 | 7,335 | 55,221 | 55,221 | 7.53 | 0.02 | ||||||||||||||||||
Checkr, Inc. | 04/10/2018 | 2,998 | 40,926 | 40,926 | 13.65 | 0.01 | ||||||||||||||||||
Farmers Business Network, Inc. | 11/03/2017 | 8,287 | 153,012 | 153,012 | 18.46 | 0.05 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker) | 03/09/2018 | 5,505 | 86,522 | 84,288 | 15.31 | 0.03 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 107,399 | 2.13 | 0.03 | ||||||||||||||||||
Roofoods, Ltd., Series F | 09/12/2017 | 618 | 218,506 | 218,507 | 353.57 | 0.07 | ||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 5,863 | 100,009 | 100,009 | 17.06 | 0.03 | ||||||||||||||||||
$ | 1,353,539 | 0.43 | % | |||||||||||||||||||||
(3) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $1,707,365 representing 0.5% of net assets. |
(4) | At May 31, 2018, the Fund had loaned securities with a total value of $52,627,995. This was secured by collateral of $13,969,862, which was received in cash and subsequently invested in short-term investments currently valued at $13,969,862 as reported in the Portfolio of Investments. Additional collateral of $40,480,412 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 3,482,745 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 1,410,274 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 927,290 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 11/08/2018 | 3,958,829 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 30,701,274 |
(5) | The rate shown is the 7-day yield as of May 31, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
See Notes to Financial Statements
185 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
E-Commerce/Services | $ | 4,444,646 | $ | — | $ | 55,969 | $ | 4,500,615 | ||||||||
Finance - Other Services | 866,528 | — | 150,795 | 1,017,323 | ||||||||||||
Oil Companies - Exploration & Production | 5,452,796 | — | 319,095 | 5,771,891 | ||||||||||||
Retail - Vision Service Center | 163,358 | — | 68,318 | 231,676 | ||||||||||||
Other Industries | 302,875,387 | 426,559 | ** | — | 303,301,946 | |||||||||||
Convertible Preferred Securities | 145,341 | — | 759,362 | 904,703 | ||||||||||||
Warrants | 29,621 | — | — | 29,621 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,775,468 | — | — | 14,775,468 | ||||||||||||
Time Deposits | — | 390,000 | — | 390,000 | ||||||||||||
Repurchase Agreements | — | 4,832,000 | — | 4,832,000 | ||||||||||||
Total Investments at Value | $ | 328,753,145 | $ | 5,648,559 | $ | 1,353,539 | $ | 335,755,243 | ||||||||
* | 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
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 9.2 | % | ||
Real Estate Investment Trusts | 6.4 | |||
Registered Investment Companies | 4.8 | |||
Medical — Biomedical/Gene | 4.8 | |||
Repurchase Agreements | 4.4 | |||
Medical — Drugs | 2.0 | |||
Medical Products | 1.9 | |||
Savings & Loans/Thrifts | 1.7 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Retail — Restaurants | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Electric — Integrated | 1.3 | |||
Computer Services | 1.3 | |||
Electronic Components — Semiconductors | 1.1 | |||
Insurance — Property/Casualty | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
E-Commerce/Services | 1.1 | |||
Gas — Distribution | 1.1 | |||
Oil — Field Services | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Medical Instruments | 1.0 | |||
Building & Construction Products — Misc. | 0.9 | |||
Human Resources | 0.9 | |||
Drug Delivery Systems | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Applications Software | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Diversified Manufacturing Operations | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Transport — Truck | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Computer Software | 0.7 | |||
Therapeutics | 0.6 | |||
Data Processing/Management | 0.6 | |||
Schools | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Commercial Services | 0.6 | |||
Metal Processors & Fabrication | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Footwear & Related Apparel | 0.5 | |||
U.S. Government Treasuries | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Medical Information Systems | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Food — Wholesale/Distribution | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Telecom Equipment — Fiber Optics | 0.4 | |||
Internet Telephone | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Transport — Marine | 0.4 | |||
Wireless Equipment | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.4 | |||
Printing — Commercial | 0.4 | |||
Television | 0.4 | |||
Medical — HMO | 0.4 | |||
Racetracks | 0.4 | |||
Steel — Producers | 0.4 | |||
Insurance — Multi-line | 0.3 |
Internet Security | 0.3 | % | ||
E-Commerce/Products | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Office Furnishings — Original | 0.3 | |||
Physical Therapy/Rehabilitation Centers | 0.3 | |||
Consulting Services | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Water | 0.3 | |||
Internet Application Software | 0.3 | |||
Retail — Automobile | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Instruments — Controls | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Coal | 0.3 | |||
Computer Aided Design | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Airlines | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Retail — Building Products | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Telecom Services | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Computers — Other | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Computers | 0.3 | |||
Educational Software | 0.3 | |||
Hotels/Motels | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Casino Hotels | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Casino Services | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Firearms & Ammunition | 0.2 | |||
Networking Products | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Computer Data Security | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Building Products — Light Fixtures | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Security Services | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Auto/Truck Parts & Equipment — Replacement | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Health Care Cost Containment | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Recreational Vehicles | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Web Hosting/Design | 0.2 |
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Medical — Generic Drugs | 0.2 | % | ||
Building Products — Wood | 0.2 | |||
Transport — Services | 0.2 | |||
Independent Power Producers | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Diversified Minerals | 0.2 | |||
Tobacco | 0.2 | |||
Steel — Specialty | 0.2 | |||
Recreational Centers | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Transactional Software | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Environmental Monitoring & Detection | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Precious Metals | 0.1 | |||
Golf | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Satellite Telecom | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Finance — Other Services | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Metal — Iron | 0.1 | |||
Private Equity | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Home Furnishings | 0.1 | |||
Pipelines | 0.1 | |||
Brewery | 0.1 | |||
Quarrying | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Building Products — Cement | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Multimedia | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Circuit Boards | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Agricultural Operations | 0.1 | |||
Publishing — Books | 0.1 | |||
Poultry | 0.1 | |||
Food — Retail | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Machinery — Farming | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Identification Systems | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Appliances | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
E-Marketing/Info | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Food — Confectionery | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Motion Pictures & Services | 0.1 |
Athletic Equipment | 0.1 | % | ||
Banks — Mortgage | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Diversified Operations | 0.1 | |||
Theaters | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Pharmacy Services | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Rubber — Tires | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Finance — Commercial | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Diversified Financial Services | 0.1 | |||
Optical Supplies | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Radio | 0.1 | |||
Auto — Truck Trailers | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
105.0 | % | |||
* | Calculated as a percentage of net assets |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.3% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Core Molding Technologies, Inc. | 4,071 | $ | 58,704 | |||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A† | 31,589 | 131,094 | ||||||
Advertising Sales — 0.0% |
| |||||||
Clear Channel Outdoor Holdings, Inc., Class A | 20,424 | 88,844 | ||||||
Yext, Inc.†# | 13,186 | 202,933 | ||||||
291,777 | ||||||||
Aerospace/Defense — 0.3% |
| |||||||
AeroVironment, Inc.† | 11,644 | 673,722 | ||||||
Cubic Corp. | 14,001 | 973,769 | ||||||
Esterline Technologies Corp.† | 14,522 | 1,059,380 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 47,477 | 531,268 | ||||||
National Presto Industries, Inc.# | 2,750 | 310,475 | ||||||
3,548,614 | ||||||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
AAR Corp. | 18,054 | 806,833 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 38,350 | 1,109,849 | ||||||
Astronics Corp.† | 11,592 | 408,039 | ||||||
Curtiss-Wright Corp. | 24,521 | 3,120,297 | ||||||
Ducommun, Inc.† | 5,837 | 197,057 | ||||||
Kaman Corp. | 15,322 | 1,084,338 | ||||||
KLX, Inc.† | 27,951 | 2,063,623 | ||||||
Moog, Inc., Class A | 17,676 | 1,441,124 | ||||||
Triumph Group, Inc.# | 27,081 | 574,117 | ||||||
10,805,277 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 2,645 | 49,911 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 53,204 | 238,354 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc.# | 1,723 | 54,102 | ||||||
Andersons, Inc. | 14,963 | 483,305 | ||||||
Cadiz, Inc.†# | 11,870 | 153,717 | ||||||
Limoneira Co. | 6,702 | 162,322 | ||||||
Tejon Ranch Co.† | 10,229 | 251,633 | ||||||
1,105,079 | ||||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co.# | 7,022 | 1,062,780 | ||||||
Hawaiian Holdings, Inc. | 28,125 | 1,040,625 | ||||||
SkyWest, Inc. | 28,142 | 1,604,094 | ||||||
3,707,499 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
Columbia Sportswear Co. | 16,189 | 1,410,224 | ||||||
Delta Apparel, Inc.† | 3,659 | 68,936 | ||||||
Oxford Industries, Inc. | 9,134 | 753,738 | ||||||
Sequential Brands Group, Inc.†# | 22,036 | 45,394 | ||||||
Superior Uniform Group, Inc. | 4,727 | 111,793 | ||||||
2,390,085 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 1,584 | 44,400 | ||||||
iRobot Corp.†# | 14,918 | 931,032 | ||||||
975,432 | ||||||||
Applications Software — 0.9% |
| |||||||
Appfolio, Inc., Class A† | 5,226 | 309,379 | ||||||
Brightcove, Inc.† | 19,066 | 195,427 | ||||||
Ebix, Inc.# | 13,330 | 994,418 | ||||||
Five9, Inc.† | 29,543 | 1,030,755 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
HubSpot, Inc.†# | 19,331 | $ | 2,342,917 | |||||
Immersion Corp.†# | 16,145 | 244,920 | ||||||
MINDBODY, Inc., Class A†# | 23,802 | 937,799 | ||||||
New Relic, Inc.† | 16,956 | 1,722,560 | ||||||
Park City Group, Inc.†# | 7,337 | 53,927 | ||||||
PDF Solutions, Inc.†# | 15,476 | 195,617 | ||||||
Progress Software Corp. | 25,481 | 965,220 | ||||||
RealPage, Inc.† | 32,547 | 1,912,136 | ||||||
Telenav, Inc.† | 15,940 | 85,279 | ||||||
Upland Software, Inc.† | 4,505 | 161,189 | ||||||
11,151,543 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Clarus Corp.† | 11,392 | 83,731 | ||||||
Nautilus, Inc.† | 16,751 | 250,428 | ||||||
Vista Outdoor, Inc.† | 31,715 | 537,252 | ||||||
871,411 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s† | 21,129 | 1,158,292 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Daktronics, Inc. | 19,686 | 157,685 | ||||||
Universal Electronics, Inc.†# | 7,834 | 232,278 | ||||||
VOXX International Corp.† | 11,120 | 62,272 | ||||||
452,235 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc.# | 17,596 | 987,136 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.†# | 6,507 | 122,006 | ||||||
Navistar International Corp.† | 27,581 | 1,032,633 | ||||||
REV Group, Inc.# | 16,904 | 286,692 | ||||||
1,441,331 | ||||||||
Auto - Truck Trailers — 0.1% |
| |||||||
Wabash National Corp. | 32,388 | 648,084 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 54,762 | 866,335 | ||||||
Cooper-Standard Holding, Inc.† | 9,551 | 1,186,234 | ||||||
Dana, Inc. | 80,661 | 1,798,740 | ||||||
Gentherm, Inc.† | 20,318 | 719,257 | ||||||
Horizon Global Corp.†# | 13,792 | 91,717 | ||||||
Meritor, Inc.† | 46,455 | 963,941 | ||||||
Miller Industries, Inc. | 6,110 | 162,832 | ||||||
Modine Manufacturing Co.† | 27,409 | 493,362 | ||||||
Spartan Motors, Inc. | 18,947 | 293,678 | ||||||
Superior Industries International, Inc. | 13,659 | 239,033 | ||||||
Tenneco, Inc. | 28,259 | 1,248,483 | ||||||
Titan International, Inc. | 27,622 | 320,691 | ||||||
Tower International, Inc. | 10,957 | 322,136 | ||||||
8,706,439 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.2% |
| |||||||
Commercial Vehicle Group, Inc.† | 13,955 | 110,663 | ||||||
Dorman Products, Inc.† | 14,939 | 963,864 | ||||||
Douglas Dynamics, Inc. | 12,247 | 563,975 | ||||||
Motorcar Parts of America, Inc.†# | 10,567 | 226,662 | ||||||
Standard Motor Products, Inc.# | 11,947 | 540,602 | ||||||
2,405,766 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 7,174 | 652,475 | ||||||
TechTarget, Inc.† | 10,877 | 291,939 | ||||||
944,414 | ||||||||
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial — 9.2% |
| |||||||
1st Source Corp. | 8,936 | $ | 475,216 | |||||
Access National Corp. | 8,236 | 235,797 | ||||||
ACNB Corp. | 3,824 | 120,456 | ||||||
Allegiance Bancshares, Inc.† | 6,347 | 276,412 | ||||||
American National Bankshares, Inc. | 4,529 | 179,801 | ||||||
Ameris Bancorp | 20,139 | 1,121,742 | ||||||
Ames National Corp. | 4,749 | 143,657 | ||||||
Arrow Financial Corp. | 6,568 | 245,643 | ||||||
Atlantic Capital Bancshares, Inc.† | 11,576 | 243,096 | ||||||
BancFirst Corp. | 9,316 | 556,631 | ||||||
Bancorp, Inc.† | 27,270 | 308,696 | ||||||
BancorpSouth Bank | 47,202 | 1,581,267 | ||||||
Bank of Commerce Holdings | 8,587 | 102,185 | ||||||
Bank of Marin Bancorp | 3,729 | 288,998 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 29,832 | 1,424,478 | ||||||
Bankwell Financial Group, Inc. | 3,327 | 103,104 | ||||||
Banner Corp. | 18,023 | 1,080,479 | ||||||
Bar Harbor Bankshares | 8,340 | 251,368 | ||||||
BCB Bancorp, Inc. | 6,994 | 109,106 | ||||||
Blue Hills Bancorp, Inc. | 13,213 | 269,545 | ||||||
Bridge Bancorp, Inc. | 10,455 | 386,312 | ||||||
Bryn Mawr Bank Corp. | 10,543 | 494,994 | ||||||
Byline Bancorp, Inc.†# | 9,312 | 201,325 | ||||||
C&F Financial Corp. | 1,812 | 109,445 | ||||||
Cadence BanCorp | 16,106 | 470,456 | ||||||
Camden National Corp. | 8,487 | 388,026 | ||||||
Capital City Bank Group, Inc. | 6,129 | 138,148 | ||||||
Capstar Financial Holdings, Inc.†# | 4,929 | 99,812 | ||||||
Carolina Financial Corp. | 10,496 | 459,410 | ||||||
Cass Information Systems, Inc. | 6,641 | 412,871 | ||||||
Cathay General Bancorp, Class B | 42,274 | 1,783,540 | ||||||
CBTX, Inc.# | 1,546 | 45,777 | ||||||
CenterState Bank Corp. | 33,544 | 1,031,478 | ||||||
Central Pacific Financial Corp. | 16,200 | 476,928 | ||||||
Central Valley Community Bancorp | 5,493 | 117,880 | ||||||
Century Bancorp, Inc., Class A | 1,622 | 129,598 | ||||||
Chemical Financial Corp. | 39,319 | 2,206,582 | ||||||
Chemung Financial Corp. | 1,770 | 92,925 | ||||||
Citizens & Northern Corp. | 6,518 | 166,665 | ||||||
City Holding Co. | 8,412 | 624,927 | ||||||
Civista Bancshares, Inc.# | 5,501 | 133,289 | ||||||
CNB Financial Corp. | 8,188 | 248,833 | ||||||
CoBiz Financial, Inc. | 21,351 | 476,554 | ||||||
Codorus Valley Bancorp, Inc. | 4,731 | 141,930 | ||||||
Columbia Banking System, Inc. | 40,013 | 1,701,353 | ||||||
Community Bank System, Inc. | 27,232 | 1,630,652 | ||||||
Community Financial Corp. | 2,194 | 80,717 | ||||||
Community Trust Bancorp, Inc. | 8,539 | 435,916 | ||||||
ConnectOne Bancorp, Inc. | 16,748 | 439,635 | ||||||
County Bancorp, Inc. | 2,596 | 71,572 | ||||||
Customers Bancorp, Inc.† | 16,010 | 485,263 | ||||||
CVB Financial Corp. | 57,430 | 1,331,802 | ||||||
DNB Financial Corp. | 1,720 | 62,006 | ||||||
Eagle Bancorp, Inc.† | 17,488 | 1,058,898 | ||||||
Enterprise Bancorp, Inc. | 5,244 | 210,284 | ||||||
Enterprise Financial Services Corp. | 12,273 | 670,106 | ||||||
Equity Bancshares, Inc., Class A† | 6,014 | 239,417 | ||||||
Evans Bancorp, Inc. | 2,562 | 119,261 | ||||||
Farmers & Merchants Bancorp, Inc. | 4,916 | 203,277 | ||||||
Farmers Capital Bank Corp. | 4,078 | 216,338 | ||||||
Farmers National Banc Corp. | 14,216 | 224,613 | ||||||
FB Financial Corp. | 7,222 | 295,524 | ||||||
FCB Financial Holdings, Inc., Class A† | 20,333 | 1,239,296 | ||||||
Fidelity Southern Corp. | 12,274 | 299,731 | ||||||
Financial Institutions, Inc. | 8,286 | 263,909 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
First Bancorp, Inc./Maine | 5,658 | $ | 163,969 | |||||
First Bancorp, Inc./North Carolina | 15,595 | 648,908 | ||||||
First BanCorp./Puerto Rico† | 106,542 | 825,700 | ||||||
First Bancshares, Inc. | 5,763 | 197,959 | ||||||
First Busey Corp. | 22,586 | 725,236 | ||||||
First Business Financial Services, Inc. | 4,561 | 118,039 | ||||||
First Citizens BancShares, Inc., Class A | 4,113 | 1,806,800 | ||||||
First Commonwealth Financial Corp. | 53,667 | 842,035 | ||||||
First Community Bancshares, Inc. | 9,212 | 317,353 | ||||||
First Connecticut Bancorp, Inc. | 7,819 | 200,557 | ||||||
First Financial Bancorp | 53,184 | 1,672,637 | ||||||
First Financial Bankshares, Inc.# | 35,180 | 1,850,468 | ||||||
First Financial Corp. | 5,864 | 255,670 | ||||||
First Foundation, Inc.† | 16,520 | 320,323 | ||||||
First Guaranty Bancshares, Inc.# | 2,501 | 67,552 | ||||||
First Internet Bancorp | 4,419 | 155,991 | ||||||
First Interstate BancSystem, Inc., Class A | 14,290 | 623,758 | ||||||
First Merchants Corp. | 22,726 | 1,033,806 | ||||||
First Mid-Illinois Bancshares, Inc. | 5,650 | 211,649 | ||||||
First Midwest Bancorp, Inc. | 56,635 | 1,487,801 | ||||||
First Northwest Bancorp† | 5,469 | 89,199 | ||||||
First of Long Island Corp. | 13,249 | 337,850 | ||||||
FNB Bancorp | 2,990 | 113,112 | ||||||
Franklin Financial Network, Inc.† | 6,605 | 241,413 | ||||||
Fulton Financial Corp. | 95,117 | 1,659,792 | ||||||
German American Bancorp, Inc. | 11,752 | 423,895 | ||||||
Glacier Bancorp, Inc. | 43,413 | 1,692,673 | ||||||
Great Southern Bancorp, Inc. | 6,019 | 346,093 | ||||||
Great Western Bancorp, Inc. | 32,843 | 1,431,626 | ||||||
Green Bancorp, Inc. | 13,499 | 303,053 | ||||||
Guaranty Bancorp | 13,637 | 459,567 | ||||||
Guaranty Bancshares, Inc. | 4,377 | 142,471 | ||||||
Hancock Holding Co.† | 46,757 | 2,349,539 | ||||||
Hanmi Financial Corp. | 17,481 | 523,556 | ||||||
HarborOne Bancorp, Inc.† | 7,319 | 135,036 | ||||||
Heartland Financial USA, Inc. | 13,618 | 746,947 | ||||||
Heritage Commerce Corp. | 20,075 | 342,480 | ||||||
Heritage Financial Corp. | 16,321 | 524,720 | ||||||
Hilltop Holdings, Inc. | 40,659 | 953,454 | ||||||
Home BancShares, Inc. | 87,369 | 2,011,234 | ||||||
HomeStreet, Inc.† | 14,969 | 401,169 | ||||||
Hope Bancorp, Inc. | 71,968 | 1,294,704 | ||||||
Horizon Bancorp | 12,736 | 399,528 | ||||||
Howard Bancorp, Inc.† | 4,882 | 84,459 | ||||||
IBERIABANK Corp. | 28,053 | 2,241,435 | ||||||
Independent Bank Corp./Massachusetts | 15,005 | 1,175,642 | ||||||
Independent Bank Corp./Michigan | 11,266 | 287,846 | ||||||
International Bancshares Corp. | 30,372 | 1,312,070 | ||||||
Investar Holding Corp. | 4,531 | 123,923 | ||||||
Kearny Financial Corp. | 55,946 | 808,420 | ||||||
Lakeland Bancorp, Inc. | 24,888 | 500,249 | ||||||
Lakeland Financial Corp. | 13,398 | 653,688 | ||||||
LCNB Corp. | 4,917 | 96,127 | ||||||
LegacyTexas Financial Group, Inc. | 26,212 | 1,100,642 | ||||||
Live Oak Bancshares, Inc. | 12,924 | 381,904 | ||||||
Luther Burbank Corp. | 7,808 | 95,648 | ||||||
Macatawa Bank Corp. | 14,402 | 174,120 | ||||||
MB Financial, Inc. | 44,941 | 2,219,636 | ||||||
MBT Financial Corp. | 9,886 | 104,792 | ||||||
Mercantile Bank Corp. | 8,935 | 322,554 | ||||||
Merchants Bancorp | 4,026 | 102,703 | ||||||
Metropolitan Bank Holding Corp.† | 1,997 | 101,967 | ||||||
Middlefield Banc Corp. | 1,451 | 76,830 | ||||||
Midland States Bancorp, Inc. | 8,597 | 278,887 | ||||||
MidSouth Bancorp, Inc. | 8,081 | 112,326 |
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
MidWestOne Financial Group, Inc. | 6,189 | $ | 206,279 | |||||
National Bankshares, Inc.# | 3,755 | 180,803 | ||||||
National Commerce Corp.† | 6,656 | 306,509 | ||||||
NBT Bancorp, Inc. | 23,668 | 901,751 | ||||||
Nicolet Bankshares, Inc.† | 4,898 | 278,353 | ||||||
Northeast Bancorp | 4,113 | 89,663 | ||||||
Northrim BanCorp, Inc. | 3,758 | 149,193 | ||||||
Norwood Financial Corp. | 3,177 | 99,186 | ||||||
OFG Bancorp | 23,989 | 338,245 | ||||||
Ohio Valley Banc Corp. | 2,263 | 110,887 | ||||||
Old Line Bancshares, Inc. | 6,291 | 216,285 | ||||||
Old National Bancorp | 74,514 | 1,337,526 | ||||||
Old Point Financial Corp. | 2,010 | 53,627 | ||||||
Old Second Bancorp, Inc. | 16,040 | 239,798 | ||||||
Opus Bank | 11,091 | 328,294 | ||||||
Orrstown Financial Services, Inc. | 4,111 | 106,680 | ||||||
Pacific Mercantile Bancorp† | 8,577 | 84,055 | ||||||
Park National Corp. | 7,410 | 850,816 | ||||||
PCSB Financial Corp. | 10,035 | 205,115 | ||||||
Peapack Gladstone Financial Corp. | 9,856 | 340,032 | ||||||
Penns Woods Bancorp, Inc.# | 2,556 | 117,959 | ||||||
People’s Utah Bancorp | 7,738 | 282,050 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,578 | 81,903 | ||||||
Peoples Bancorp, Inc. | 9,106 | 341,748 | ||||||
Peoples Financial Services Corp. | 3,799 | 178,629 | ||||||
Preferred Bank | 7,466 | 475,584 | ||||||
Premier Financial Bancorp, Inc. | 5,217 | 116,861 | ||||||
Provident Bancorp, Inc.† | 2,435 | 57,466 | ||||||
QCR Holdings, Inc. | 6,722 | 322,992 | ||||||
RBB Bancorp | 4,530 | 137,667 | ||||||
Reliant Bancorp, Inc. | 3,844 | 98,483 | ||||||
Renasant Corp. | 25,122 | 1,203,846 | ||||||
Republic Bancorp, Inc., Class A | 5,341 | 234,523 | ||||||
Republic First Bancorp, Inc.† | 27,016 | 232,338 | ||||||
S&T Bancorp, Inc. | 19,065 | 861,166 | ||||||
Sandy Spring Bancorp, Inc. | 17,913 | 744,285 | ||||||
Seacoast Banking Corp. of Florida† | 23,659 | 737,688 | ||||||
ServisFirst Bancshares, Inc.# | 25,657 | 1,077,851 | ||||||
Shore Bancshares, Inc. | 6,937 | 130,971 | ||||||
Sierra Bancorp | 7,472 | 211,009 | ||||||
Simmons First National Corp., Class A | 45,961 | 1,470,752 | ||||||
SmartFinancial, Inc.† | 3,972 | 94,573 | ||||||
South State Corp. | 20,028 | 1,793,007 | ||||||
Southern First Bancshares, Inc.† | 3,662 | 173,213 | ||||||
Southern National Bancorp of Virginia, Inc. | 11,882 | 207,579 | ||||||
Southside Bancshares, Inc. | 15,361 | 524,578 | ||||||
State Bank Financial Corp. | 20,807 | 698,075 | ||||||
Sterling Bancorp, Inc. | 9,664 | 131,624 | ||||||
Stock Yards Bancorp, Inc. | 12,103 | 480,489 | ||||||
Summit Financial Group, Inc. | 6,059 | 156,201 | ||||||
Texas Capital Bancshares, Inc.† | 27,637 | 2,662,825 | ||||||
Tompkins Financial Corp.# | 8,118 | 684,104 | ||||||
Towne Bank | 35,384 | 1,119,904 | ||||||
TriCo Bancshares | 11,331 | 441,003 | ||||||
TriState Capital Holdings, Inc.† | 12,386 | 318,320 | ||||||
Triumph Bancorp, Inc.† | 9,715 | 398,801 | ||||||
TrustCo Bank Corp. | 51,243 | 445,814 | ||||||
Trustmark Corp. | 37,422 | 1,203,866 | ||||||
Two River Bancorp# | 3,995 | 71,231 | ||||||
UMB Financial Corp. | 25,110 | 1,934,725 | ||||||
Umpqua Holdings Corp. | 122,868 | 2,892,313 | ||||||
Union Bankshares Corp. | 31,041 | 1,275,785 | ||||||
United Bankshares, Inc.# | 55,487 | 2,022,501 | ||||||
United Community Banks, Inc. | 40,578 | 1,317,162 | ||||||
United Security Bancshares | 7,220 | 77,254 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Unity Bancorp, Inc. | 4,277 | $ | 99,013 | |||||
Univest Corp. of Pennsylvania | 15,836 | 460,828 | ||||||
Valley National Bancorp# | 143,279 | 1,821,076 | ||||||
Veritex Holdings, Inc.† | 8,972 | 275,799 | ||||||
Washington Trust Bancorp, Inc. | 8,315 | 507,215 | ||||||
WesBanco, Inc. | 23,349 | 1,087,830 | ||||||
West Bancorporation, Inc. | 8,807 | 219,735 | ||||||
Westamerica Bancorporation# | 14,117 | 807,916 | ||||||
Western New England Bancorp, Inc. | 15,336 | 166,396 | ||||||
Wintrust Financial Corp. | 30,770 | 2,834,225 | ||||||
118,983,990 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 46,240 | 786,080 | ||||||
Parke Bancorp, Inc.# | 3,534 | 77,571 | ||||||
Union Bankshares, Inc. | 2,160 | 109,620 | ||||||
973,271 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 15,392 | 863,799 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 11,041 | 830,835 | ||||||
National Bank Holdings Corp., Class A | 13,799 | 537,333 | ||||||
1,368,168 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 23,363 | 1,866,937 | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Bottling Co. Consolidated | 2,609 | 332,413 | ||||||
National Beverage Corp.†# | 6,512 | 613,951 | ||||||
Primo Water Corp.† | 14,034 | 238,297 | ||||||
1,184,661 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
MGP Ingredients, Inc.# | 7,158 | 633,841 | ||||||
Bicycle Manufacturing — 0.1% |
| |||||||
Fox Factory Holding Corp.† | 19,430 | 772,342 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A† | 4,617 | 1,172,026 | ||||||
Craft Brew Alliance, Inc.† | 7,034 | 138,218 | ||||||
1,310,244 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Hemisphere Media Group, Inc.†# | 8,038 | 97,662 | ||||||
MSG Networks, Inc., Class A† | 33,224 | 641,223 | ||||||
738,885 | ||||||||
Building & Construction Products - Misc. — 0.9% |
| |||||||
American Woodmark Corp.† | 7,731 | 797,066 | ||||||
Armstrong Flooring, Inc.† | 12,022 | 157,488 | ||||||
Builders FirstSource, Inc.† | 61,213 | 1,198,551 | ||||||
Caesarstone, Ltd.# | 12,576 | 196,814 | ||||||
Forterra, Inc.†# | 10,350 | 89,735 | ||||||
Gibraltar Industries, Inc.† | 17,610 | 698,236 | ||||||
Louisiana-Pacific Corp. | 80,682 | 2,354,301 | ||||||
NCI Building Systems, Inc.† | 23,709 | 454,027 | ||||||
Patrick Industries, Inc.† | 13,462 | 815,797 | ||||||
Quanex Building Products Corp. | 19,401 | 325,937 | ||||||
Simpson Manufacturing Co., Inc. | 22,862 | 1,447,393 | ||||||
Summit Materials, Inc., Class A† | 61,374 | 1,744,249 | ||||||
Trex Co., Inc.† | 16,385 | 1,930,645 | ||||||
12,210,239 | ||||||||
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction - Misc. — 0.5% |
| |||||||
Aegion Corp.† | 17,912 | $ | 460,338 | |||||
Comfort Systems USA, Inc. | 20,435 | 957,380 | ||||||
EMCOR Group, Inc. | 32,700 | 2,482,911 | ||||||
Hill International, Inc.† | 18,918 | 104,995 | ||||||
IES Holdings, Inc.† | 4,808 | 84,861 | ||||||
MYR Group, Inc.† | 8,861 | 345,933 | ||||||
TopBuild Corp.† | 19,665 | 1,650,877 | ||||||
6,087,295 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 22,974 | 700,707 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 21,072 | 637,428 | ||||||
US Concrete, Inc.†# | 8,787 | 535,568 | ||||||
1,172,996 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 15,502 | 676,662 | ||||||
Griffon Corp. | 16,257 | 369,034 | ||||||
JELD-WEN Holding, Inc.† | 37,412 | 1,023,967 | ||||||
Masonite International Corp.† | 15,740 | 1,040,414 | ||||||
PGT Innovations , Inc.† | 26,833 | 555,443 | ||||||
3,665,520 | ||||||||
Building Products - Light Fixtures — 0.2% |
| |||||||
Cree, Inc.†# | 54,174 | 2,525,592 | ||||||
LSI Industries, Inc. | 13,648 | 75,064 | ||||||
2,600,656 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 21,454 | 1,023,356 | ||||||
Universal Forest Products, Inc. | 33,280 | 1,224,038 | ||||||
2,247,394 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Dycom Industries, Inc.†# | 16,731 | 1,558,660 | ||||||
Granite Construction, Inc. | 22,019 | 1,252,221 | ||||||
Layne Christensen Co.†# | 10,009 | 152,537 | ||||||
MasTec, Inc.† | 36,930 | 1,722,785 | ||||||
Orion Group Holdings, Inc.† | 15,240 | 118,262 | ||||||
Primoris Services Corp. | 21,870 | 570,151 | ||||||
Sterling Construction Co., Inc.† | 14,327 | 182,096 | ||||||
Tutor Perini Corp.† | 20,745 | 410,751 | ||||||
5,967,463 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 31,014 | 882,658 | ||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 4,738 | 983,609 | ||||||
Winnebago Industries, Inc. | 17,472 | 633,360 | ||||||
1,616,969 | ||||||||
Building - Residential/Commercial — 0.7% |
| |||||||
AV Homes, Inc.†# | 6,752 | 123,899 | ||||||
Beazer Homes USA, Inc.† | 17,344 | 261,894 | ||||||
Century Communities, Inc.† | 11,327 | 340,943 | ||||||
Green Brick Partners, Inc.† | 13,178 | 155,500 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 68,514 | 121,955 | ||||||
Installed Building Products, Inc.† | 11,964 | 725,617 | ||||||
KB Home | 47,147 | 1,241,852 | ||||||
LGI Homes, Inc.†# | 9,588 | 584,005 | ||||||
M/I Homes, Inc.† | 14,681 | 407,838 | ||||||
MDC Holdings, Inc. | 24,915 | 786,816 | ||||||
Meritage Homes Corp.† | 21,353 | 966,223 | ||||||
New Home Co., Inc.† | 6,846 | 69,076 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) |
| |||||||
PICO Holdings, Inc. | 12,322 | $ | 136,158 | |||||
Taylor Morrison Home Corp., Class A† | 61,646 | 1,325,389 | ||||||
TRI Pointe Group, Inc.† | 83,203 | 1,436,084 | ||||||
William Lyon Homes, Class A† | 17,774 | 423,910 | ||||||
9,107,159 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
Global Eagle Entertainment, Inc.†# | 27,994 | 63,266 | ||||||
WideOpenWest, Inc.†# | 15,094 | 133,582 | ||||||
196,848 | ||||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp.† | 30,721 | 613,806 | ||||||
Casino Hotels — 0.2% |
| |||||||
Boyd Gaming Corp. | 46,085 | 1,739,709 | ||||||
Caesars Entertainment Corp.†# | 75,715 | 919,937 | ||||||
Century Casinos, Inc.† | 14,062 | 119,386 | ||||||
Monarch Casino & Resort, Inc.† | 6,068 | 270,269 | ||||||
3,049,301 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.†# | 25,963 | 1,173,528 | ||||||
Scientific Games Corp.† | 29,518 | 1,750,417 | ||||||
2,923,945 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
ATN International, Inc. | 5,821 | 313,344 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Aceto Corp. | 16,582 | 43,776 | ||||||
AdvanSix, Inc.† | 16,616 | 606,650 | ||||||
Codexis, Inc.†# | 22,614 | 339,210 | ||||||
Innophos Holdings, Inc. | 10,730 | 509,997 | ||||||
Innospec, Inc. | 13,290 | 1,019,343 | ||||||
Koppers Holdings, Inc.† | 11,442 | 461,113 | ||||||
Quaker Chemical Corp. | 7,206 | 1,101,437 | ||||||
4,081,526 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 27,509 | 492,686 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 15,923 | 343,141 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
A. Schulman, Inc. | 15,846 | 693,262 | ||||||
Landec Corp.† | 14,898 | 210,062 | ||||||
PolyOne Corp. | 44,629 | 1,870,848 | ||||||
2,774,172 | ||||||||
Chemicals - Specialty — 1.1% |
| |||||||
AgroFresh Solutions, Inc.† | 12,217 | 86,374 | ||||||
Balchem Corp. | 17,570 | 1,694,275 | ||||||
CSW Industrials, Inc.† | 8,032 | 390,355 | ||||||
Ferro Corp.† | 46,443 | 950,224 | ||||||
GCP Applied Technologies, Inc.† | 39,773 | 1,258,815 | ||||||
H.B. Fuller Co. | 27,979 | 1,442,317 | ||||||
Hawkins, Inc. | 5,346 | 167,597 | ||||||
Ingevity Corp.† | 23,593 | 1,796,371 | ||||||
KMG Chemicals, Inc. | 7,262 | 485,465 | ||||||
Kraton Corp.† | 16,624 | 806,597 | ||||||
Minerals Technologies, Inc. | 19,498 | 1,423,354 | ||||||
Oil-Dri Corp. of America | 2,781 | 108,209 | ||||||
OMNOVA Solutions, Inc.† | 23,958 | 244,372 | ||||||
PQ Group Holdings, Inc.† | 16,246 | 266,759 | ||||||
Sensient Technologies Corp. | 24,128 | 1,622,608 | ||||||
Stepan Co. | 11,070 | 804,789 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Specialty (continued) |
| |||||||
Tronox, Ltd., Class A | 49,854 | $ | 915,818 | |||||
Valhi, Inc. | 14,022 | 90,161 | ||||||
14,554,460 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 10,678 | 220,714 | ||||||
TTM Technologies, Inc.† | 51,240 | 923,857 | ||||||
1,144,571 | ||||||||
Coal — 0.3% |
| |||||||
Arch Coal, Inc., Class A# | 10,656 | 875,497 | ||||||
Cloud Peak Energy, Inc.† | 41,006 | 148,442 | ||||||
Hallador Energy Co. | 8,989 | 67,328 | ||||||
NACCO Industries, Inc., Class A | 2,259 | 86,633 | ||||||
Peabody Energy Corp. | 37,001 | 1,601,033 | ||||||
Ramaco Resources, Inc.†# | 3,404 | 27,504 | ||||||
SunCoke Energy, Inc.† | 35,725 | 483,716 | ||||||
Warrior Met Coal, Inc.# | 18,338 | 498,243 | ||||||
3,788,396 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 12,579 | 311,204 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 4,816 | 140,627 | ||||||
Commercial Services — 0.6% |
| |||||||
Acacia Research Corp.† | 27,440 | 105,644 | ||||||
Care.com, Inc.† | 7,615 | 157,935 | ||||||
Collectors Universe, Inc. | 4,197 | 62,535 | ||||||
Emerald Expositions Events, Inc. | 10,053 | 205,584 | ||||||
Healthcare Services Group, Inc.# | 39,521 | 1,428,684 | ||||||
HMS Holdings Corp.† | 46,510 | 1,006,011 | ||||||
Medifast, Inc. | 5,876 | 860,775 | ||||||
National Research Corp., Class A | 5,787 | 199,362 | ||||||
Nutrisystem, Inc.# | 16,472 | 614,406 | ||||||
Reis, Inc. | 5,026 | 108,562 | ||||||
RPX Corp. | 25,487 | 266,339 | ||||||
ServiceSource International, Inc.† | 42,755 | 179,144 | ||||||
SP Plus Corp.† | 9,650 | 347,400 | ||||||
Team, Inc.†# | 16,228 | 344,845 | ||||||
Weight Watchers International, Inc.† | 19,725 | 1,485,687 | ||||||
7,372,913 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics PLC, Class A† | 25,280 | 648,685 | ||||||
CBIZ, Inc.† | 28,358 | 585,593 | ||||||
CPI Card Group, Inc.# | 2,266 | 6,027 | ||||||
Everi Holdings, Inc.† | 35,991 | 269,573 | ||||||
EVERTEC, Inc. | 33,548 | 731,346 | ||||||
Green Dot Corp., Class A† | 25,709 | 1,832,280 | ||||||
Liberty Tax, Inc.# | 3,802 | 39,921 | ||||||
MoneyGram International, Inc.† | 16,141 | 107,015 | ||||||
Travelport Worldwide, Ltd. | 68,853 | 1,207,682 | ||||||
5,428,122 | ||||||||
Communications Software — 0.0% |
| |||||||
Digi International, Inc.† | 14,942 | 174,822 | ||||||
pdvWireless, Inc.†# | 5,241 | 132,859 | ||||||
Ribbon Communications, Inc.† | 26,320 | 159,499 | ||||||
467,180 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Aspen Technology, Inc.† | 40,566 | 3,783,185 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Data Security — 0.2% |
| |||||||
ForeScout Technologies, Inc.† | 3,029 | $ | 91,112 | |||||
OneSpan, Inc.† | 16,788 | 363,460 | ||||||
Qualys, Inc.† | 17,832 | 1,372,173 | ||||||
Varonis Systems, Inc.† | 10,978 | 852,442 | ||||||
2,679,187 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 23,065 | 498,204 | ||||||
Computer Services — 1.3% |
| |||||||
CACI International, Inc., Class A† | 13,543 | 2,256,941 | ||||||
Carbonite, Inc.† | 13,929 | 540,445 | ||||||
Convergys Corp. | 51,170 | 1,209,659 | ||||||
Engility Holdings, Inc.† | 10,004 | 314,526 | ||||||
EPAM Systems, Inc.† | 27,628 | 3,403,217 | ||||||
ExlService Holdings, Inc.† | 18,150 | 1,028,923 | ||||||
Fluent, Inc.†# | 12,324 | 34,507 | ||||||
Insight Enterprises, Inc.† | 19,754 | 926,463 | ||||||
KeyW Holding Corp.†# | 26,723 | 252,532 | ||||||
MAXIMUS, Inc. | 35,623 | 2,169,441 | ||||||
Presidio, Inc.†# | 17,494 | 234,070 | ||||||
Science Applications International Corp. | 23,769 | 2,102,368 | ||||||
SecureWorks Corp., Class A†# | 4,575 | 47,534 | ||||||
StarTek, Inc.† | 5,721 | 38,845 | ||||||
Sykes Enterprises, Inc.† | 21,752 | 612,319 | ||||||
Syntel, Inc.† | 18,332 | 577,458 | ||||||
TTEC Holdings, Inc. | 7,701 | 271,845 | ||||||
Unisys Corp.†# | 27,920 | 336,436 | ||||||
Virtusa Corp.† | 14,992 | 727,862 | ||||||
17,085,391 | ||||||||
Computer Software — 0.7% |
| |||||||
Avid Technology, Inc.† | 18,532 | 94,513 | ||||||
Box, Inc., Class A† | 44,888 | 1,152,724 | ||||||
Cloudera, Inc.† | 54,852 | 889,699 | ||||||
Cornerstone OnDemand, Inc.† | 29,428 | 1,456,097 | ||||||
Envestnet, Inc.† | 24,150 | 1,277,535 | ||||||
j2 Global, Inc. | 25,771 | 2,176,103 | ||||||
Red Violet, Inc.†# | 1,642 | 11,905 | ||||||
SendGrid, Inc.† | 4,732 | 125,587 | ||||||
Simulations Plus, Inc. | 6,063 | 116,410 | ||||||
Tintri, Inc.†# | 7,563 | 3,338 | ||||||
TiVo Corp. | 66,472 | 957,197 | ||||||
Veritone, Inc.†# | 1,607 | 32,783 | ||||||
Workiva, Inc.† | 14,154 | 368,004 | ||||||
8,661,895 | ||||||||
Computers — 0.3% |
| |||||||
Nutanix, Inc., Class A† | 60,848 | 3,252,326 | ||||||
Computers - Integrated Systems — 0.5% |
| |||||||
Agilysys, Inc.† | 8,505 | 120,941 | ||||||
Cray, Inc.† | 22,239 | 553,751 | ||||||
Diebold Nixdorf, Inc.# | 41,920 | 482,080 | ||||||
Maxwell Technologies, Inc.†# | 20,212 | 104,092 | ||||||
Mercury Systems, Inc.† | 25,987 | 959,700 | ||||||
MTS Systems Corp. | 9,913 | 519,441 | ||||||
NetScout Systems, Inc.† | 46,802 | 1,263,654 | ||||||
Radisys Corp.† | 20,440 | 15,201 | ||||||
Super Micro Computer, Inc.†# | 21,607 | 520,729 | ||||||
USA Technologies, Inc.† | 26,881 | 361,549 | ||||||
VeriFone Systems, Inc.† | 61,078 | 1,388,914 | ||||||
6,290,052 | ||||||||
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Memory Devices — 0.1% |
| |||||||
Pure Storage, Inc., Class A† | 53,822 | $ | 1,155,020 | |||||
Quantum Corp.† | 15,773 | 47,635 | ||||||
1,202,655 | ||||||||
Computers - Other — 0.3% |
| |||||||
3D Systems Corp.†# | 60,604 | 749,066 | ||||||
ExOne Co.†# | 6,170 | 41,771 | ||||||
Lumentum Holdings, Inc.†# | 34,280 | 2,013,950 | ||||||
PlayAGS, Inc.† | 5,742 | 145,387 | ||||||
Stratasys, Ltd.†# | 28,014 | 521,060 | ||||||
3,471,234 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 25,252 | 844,175 | ||||||
Mitek Systems, Inc.† | 17,885 | 154,705 | ||||||
998,880 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 16,042 | 433,455 | ||||||
Consulting Services — 0.3% |
| |||||||
CRA International, Inc. | 4,377 | 236,796 | ||||||
Forrester Research, Inc. | 5,647 | 238,586 | ||||||
Franklin Covey Co.† | 5,383 | 150,993 | ||||||
FTI Consulting, Inc.† | 20,981 | 1,300,612 | ||||||
Hackett Group, Inc. | 13,004 | 209,365 | ||||||
Huron Consulting Group, Inc.† | 12,156 | 492,318 | ||||||
ICF International, Inc. | 9,942 | 702,402 | ||||||
Information Services Group, Inc.† | 17,972 | 72,427 | ||||||
Navigant Consulting, Inc.† | 25,417 | �� | 619,158 | |||||
Vectrus, Inc.† | 6,160 | 197,551 | ||||||
4,220,208 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Central Garden & Pet Co.† | 5,856 | 239,100 | ||||||
Central Garden & Pet Co., Class A† | 19,569 | 743,818 | ||||||
CSS Industries, Inc. | 4,947 | 79,894 | ||||||
Helen of Troy, Ltd.† | 15,120 | 1,357,776 | ||||||
WD-40 Co.# | 7,663 | 1,054,046 | ||||||
3,474,634 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 14,162 | 825,786 | ||||||
Greif, Inc., Class B | 3,119 | 197,589 | ||||||
1,023,375 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
KapStone Paper and Packaging Corp. | 48,223 | 1,658,871 | ||||||
Multi-Color Corp. | 7,579 | 525,983 | ||||||
UFP Technologies, Inc.† | 3,580 | 109,548 | ||||||
2,294,402 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
e.l.f. Beauty, Inc.†# | 11,630 | 219,225 | ||||||
Inter Parfums, Inc. | 9,592 | 511,254 | ||||||
Revlon, Inc., Class A† | 6,546 | 112,919 | ||||||
843,398 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 11,121 | 133,452 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Acxiom Corp.† | 43,952 | 1,287,354 | ||||||
Amber Road, Inc.† | 11,120 | 100,525 | ||||||
Bottomline Technologies (de), Inc.†# | 22,066 | 1,049,459 | ||||||
CommVault Systems, Inc.† | 21,524 | 1,471,166 |
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management (continued) |
| |||||||
CSG Systems International, Inc. | 18,498 | $ | 765,447 | |||||
Fair Isaac Corp.† | 16,543 | 3,044,408 | ||||||
7,718,359 | ||||||||
Decision Support Software — 0.0% |
| |||||||
Castlight Health, Inc., Class B† | 35,478 | 127,721 | ||||||
QAD, Inc., Class A | 5,535 | 286,990 | ||||||
414,711 | ||||||||
Diagnostic Equipment — 0.2% |
| |||||||
Accelerate Diagnostics, Inc.†# | 14,607 | 297,983 | ||||||
BioTelemetry, Inc.†# | 17,619 | 744,403 | ||||||
GenMark Diagnostics, Inc.†# | 28,267 | 207,197 | ||||||
Genomic Health, Inc.† | 11,092 | 442,793 | ||||||
Oxford Immunotec Global PLC†# | 14,036 | 202,399 | ||||||
Quanterix Corp.†# | 2,754 | 50,673 | ||||||
Quotient, Ltd.†# | 14,824 | 106,881 | ||||||
Repligen Corp.† | 20,825 | 909,636 | ||||||
2,961,965 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Foundation Medicine, Inc.†# | 8,028 | 795,976 | ||||||
Meridian Bioscience, Inc. | 23,094 | 341,791 | ||||||
OraSure Technologies, Inc.† | 31,379 | 533,757 | ||||||
Quidel Corp.† | 15,754 | 987,776 | ||||||
2,659,300 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 5,380 | 77,687 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
ICU Medical, Inc.† | 8,481 | 2,468,395 | ||||||
Merit Medical Systems, Inc.† | 26,985 | 1,384,331 | ||||||
Utah Medical Products, Inc. | 1,894 | 198,207 | ||||||
4,050,933 | ||||||||
Distribution/Wholesale — 0.6% |
| |||||||
Anixter International, Inc.† | 16,103 | 986,309 | ||||||
Core-Mark Holding Co., Inc. | 25,295 | 493,758 | ||||||
EnviroStar, Inc. | 2,027 | 78,039 | ||||||
Essendant, Inc. | 20,727 | 289,971 | ||||||
Fossil Group, Inc.†# | 24,556 | 537,285 | ||||||
G-III Apparel Group, Ltd.† | 24,011 | 1,006,061 | ||||||
H&E Equipment Services, Inc. | 17,474 | 604,076 | ||||||
Huttig Building Products, Inc.†# | 13,209 | 74,631 | ||||||
Nexeo Solutions, Inc.† | 14,564 | 140,980 | ||||||
ScanSource, Inc.† | 13,891 | 543,833 | ||||||
SiteOne Landscape Supply, Inc.†# | 18,826 | 1,424,187 | ||||||
Systemax, Inc. | 6,369 | 210,304 | ||||||
Titan Machinery, Inc.† | 10,420 | 188,498 | ||||||
Triton International, Ltd. | 26,091 | 908,228 | ||||||
Veritiv Corp.† | 6,368 | 211,736 | ||||||
7,697,896 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
Ladder Capital Corp. | 43,754 | 679,062 | ||||||
Diversified Manufacturing Operations — 0.7% |
| |||||||
Actuant Corp., Class A | 33,038 | 771,437 | ||||||
AZZ, Inc. | 14,399 | 622,757 | ||||||
Barnes Group, Inc. | 27,877 | 1,656,451 | ||||||
Chase Corp. | 3,963 | 471,399 | ||||||
EnPro Industries, Inc. | 11,734 | 864,326 | ||||||
Fabrinet† | 20,126 | 707,026 | ||||||
Federal Signal Corp. | 32,723 | 781,753 | ||||||
GP Strategies Corp.† | 6,961 | 133,999 | ||||||
Harsco Corp.† | 44,589 | 1,092,431 |
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
LSB Industries, Inc.†# | 12,056 | $ | 61,124 | |||||
Lydall, Inc.† | 9,263 | 388,120 | ||||||
NL Industries, Inc.† | 4,633 | 42,855 | ||||||
Raven Industries, Inc. | 20,048 | 757,814 | ||||||
Standex International Corp. | 6,993 | 697,552 | ||||||
Tredegar Corp. | 14,326 | 341,675 | ||||||
9,390,719 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Fairmount Santrol Holdings, Inc.†# | 86,029 | 484,343 | ||||||
Smart Sand, Inc.†# | 12,123 | 74,193 | ||||||
United States Lime & Minerals, Inc. | 1,095 | 86,505 | ||||||
US Silica Holdings, Inc.# | 45,303 | 1,401,222 | ||||||
2,046,263 | ||||||||
Diversified Operations — 0.1% |
| |||||||
HRG Group, Inc.† | 65,961 | 836,385 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 11,212 | 593,115 | ||||||
Drug Delivery Systems — 0.9% |
| |||||||
Antares Pharma, Inc.†# | 79,665 | 207,926 | ||||||
Catalent, Inc.† | 74,189 | 2,912,660 | ||||||
Depomed, Inc.† | 31,981 | 198,922 | ||||||
Heron Therapeutics, Inc.†# | 30,104 | 981,390 | ||||||
Nektar Therapeutics† | 83,415 | 6,695,722 | ||||||
Revance Therapeutics, Inc.† | 14,922 | 416,324 | ||||||
11,412,944 | ||||||||
E-Commerce/Products — 0.3% |
| |||||||
1-800-flowers.com, Inc., Class A† | 14,771 | 186,115 | ||||||
Chegg, Inc.†# | 53,859 | 1,506,436 | ||||||
Etsy, Inc.† | 67,037 | 2,167,976 | ||||||
FTD Cos., Inc.† | 9,364 | 53,375 | ||||||
Lands’ End, Inc.† | 7,365 | 145,459 | ||||||
Overstock.com, Inc.† | 9,307 | 311,086 | ||||||
4,370,447 | ||||||||
E-Commerce/Services — 1.1% |
| |||||||
Cars.com, Inc.† | 39,930 | 1,025,402 | ||||||
Carvana Co.†# | 13,743 | 396,486 | ||||||
ChannelAdvisor Corp.† | 14,197 | 210,116 | ||||||
Groupon, Inc.†# | 188,387 | 906,142 | ||||||
GrubHub, Inc.†# | 47,649 | 5,108,449 | ||||||
Leaf Group, Ltd.† | 7,889 | 77,312 | ||||||
Quotient Technology, Inc.† | 41,943 | 562,036 | ||||||
Shutterfly, Inc.† | 18,061 | 1,700,263 | ||||||
Shutterstock, Inc.† | 10,289 | 487,596 | ||||||
Stamps.com, Inc.† | 9,063 | 2,273,000 | ||||||
Trade Desk, Inc., Class A†# | 13,474 | 1,152,431 | ||||||
TrueCar, Inc.†# | 39,010 | 382,688 | ||||||
14,281,921 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Cardlytics, Inc.†# | 3,025 | 61,771 | ||||||
Liquidity Services, Inc.† | 14,399 | 81,354 | ||||||
New Media Investment Group, Inc. | 28,362 | 473,645 | ||||||
QuinStreet, Inc.† | 20,634 | 282,892 | ||||||
Rubicon Project, Inc.† | 24,603 | 57,817 | ||||||
957,479 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 19,035 | 497,004 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Educational Software — 0.3% |
| |||||||
2U, Inc.†# | 26,674 | $ | 2,528,695 | |||||
Instructure, Inc.† | 12,136 | 521,848 | ||||||
Rosetta Stone, Inc.† | 9,400 | 152,468 | ||||||
3,203,011 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
Graham Corp. | 5,294 | 135,050 | ||||||
Littelfuse, Inc. | 13,391 | 2,906,516 | ||||||
Novanta, Inc.† | 17,761 | 1,151,801 | ||||||
4,193,367 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B | 7,483 | 41,755 | ||||||
Spark Energy, Inc., Class A# | 6,468 | 64,680 | ||||||
Unitil Corp. | 8,096 | 390,794 | ||||||
497,229 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Atlantic Power Corp.†# | 63,535 | 130,247 | ||||||
Electric - Integrated — 1.3% |
| |||||||
ALLETE, Inc. | 28,383 | 2,180,382 | ||||||
Ameresco, Inc., Class A† | 10,357 | 123,766 | ||||||
Avista Corp. | 35,708 | 1,872,527 | ||||||
Black Hills Corp.# | 29,672 | 1,725,723 | ||||||
El Paso Electric Co. | 22,428 | 1,314,281 | ||||||
IDACORP, Inc. | 28,028 | 2,588,666 | ||||||
MGE Energy, Inc. | 19,384 | 1,156,256 | ||||||
NorthWestern Corp. | 27,552 | 1,501,033 | ||||||
Otter Tail Corp. | 21,813 | 1,007,761 | ||||||
PNM Resources, Inc. | 44,268 | 1,768,507 | ||||||
Portland General Electric Co. | 49,624 | 2,116,960 | ||||||
17,355,862 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Applied Optoelectronics, Inc.†# | 10,387 | 485,800 | ||||||
AVX Corp. | 25,561 | 390,828 | ||||||
Bel Fuse, Inc., Class B | 5,333 | 102,927 | ||||||
Benchmark Electronics, Inc. | 27,732 | 768,176 | ||||||
CTS Corp. | 17,724 | 576,030 | ||||||
Kimball Electronics, Inc.† | 14,481 | 270,795 | ||||||
Knowles Corp.† | 48,892 | 708,934 | ||||||
Methode Electronics, Inc. | 19,854 | 797,138 | ||||||
Microvision, Inc.†# | 43,637 | 71,128 | ||||||
NVE Corp. | 2,646 | 292,515 | ||||||
OSI Systems, Inc.† | 9,800 | 672,084 | ||||||
Plexus Corp.† | 18,625 | 1,083,044 | ||||||
Rogers Corp.† | 10,003 | 1,139,942 | ||||||
Sanmina Corp.† | 39,268 | 1,130,918 | ||||||
Sparton Corp.† | 5,348 | 99,205 | ||||||
Stoneridge, Inc.† | 14,926 | 470,617 | ||||||
Vishay Intertechnology, Inc.# | 73,487 | 1,557,924 | ||||||
Vishay Precision Group, Inc.† | 5,630 | 211,407 | ||||||
ZAGG, Inc.† | 15,075 | 229,140 | ||||||
11,058,552 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Alpha & Omega Semiconductor, Ltd.† | 11,085 | 172,150 | ||||||
Ambarella, Inc.†# | 17,998 | 879,382 | ||||||
Amkor Technology, Inc.† | 56,504 | 514,186 | ||||||
AXT, Inc.† | 20,634 | 149,597 | ||||||
CEVA, Inc.† | 12,120 | 408,444 | ||||||
Diodes, Inc.† | 21,614 | 740,063 | ||||||
DSP Group, Inc.† | 12,113 | 155,046 | ||||||
EMCORE Corp.† | 15,145 | 77,240 |
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Components - Semiconductors (continued) |
| |||||||
GSI Technology, Inc.† | 8,263 | $ | 62,964 | |||||
Impinj, Inc.†# | 10,097 | 180,736 | ||||||
Inphi Corp.†# | 23,302 | 787,142 | ||||||
Kopin Corp.†# | 34,140 | 120,514 | ||||||
Lattice Semiconductor Corp.† | 68,086 | 391,495 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 22,491 | 507,172 | ||||||
Monolithic Power Systems, Inc. | 22,143 | 2,918,669 | ||||||
Pixelworks, Inc.† | 15,813 | 65,624 | ||||||
Rambus, Inc.† | 60,138 | 809,458 | ||||||
Semtech Corp.† | 36,341 | 1,758,904 | ||||||
Silicon Laboratories, Inc.† | 23,275 | 2,457,840 | ||||||
SMART Global Holdings, Inc.†# | 5,282 | 235,207 | ||||||
Synaptics, Inc.†# | 19,109 | 803,342 | ||||||
Xperi Corp. | 27,146 | 536,134 | ||||||
14,731,309 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc. | 15,564 | 680,925 | ||||||
CyberOptics Corp.†# | 3,811 | 65,359 | ||||||
ESCO Technologies, Inc. | 14,132 | 792,805 | ||||||
FARO Technologies, Inc.† | 9,191 | 493,097 | ||||||
Fitbit, Inc., Class A†# | 107,461 | 583,513 | ||||||
Itron, Inc.† | 18,954 | 1,082,274 | ||||||
Mesa Laboratories, Inc.# | 1,800 | 286,344 | ||||||
3,984,317 | ||||||||
Electronic Parts Distribution — 0.3% |
| |||||||
SYNNEX Corp. | 16,089 | 1,718,627 | ||||||
Tech Data Corp.† | 19,460 | 1,689,323 | ||||||
3,407,950 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Napco Security Technologies, Inc.† | 6,602 | 78,234 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
Clean Energy Fuels Corp.† | 75,694 | 239,193 | ||||||
FutureFuel Corp. | 13,878 | 186,937 | ||||||
Green Plains, Inc.# | 21,594 | 461,032 | ||||||
Pacific Ethanol, Inc.† | 23,919 | 80,129 | ||||||
Pattern Energy Group, Inc., Class A# | 43,615 | 810,367 | ||||||
Plug Power, Inc.†# | 126,688 | 236,906 | ||||||
Renewable Energy Group, Inc.†# | 21,110 | 376,813 | ||||||
REX American Resources Corp.† | 3,226 | 245,240 | ||||||
Sunrun, Inc.†# | 47,728 | 577,509 | ||||||
TerraForm Power, Inc., Class A | 25,197 | 279,939 | ||||||
TPI Composites, Inc.† | 5,925 | 155,827 | ||||||
Vivint Solar, Inc.† | 14,986 | 59,944 | ||||||
3,709,836 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 8,060 | 311,922 | ||||||
Exponent, Inc. | 14,223 | 1,398,121 | ||||||
KBR, Inc. | 78,009 | 1,436,926 | ||||||
Mistras Group, Inc.† | 9,592 | 184,646 | ||||||
NV5 Global, Inc.†# | 4,473 | 280,904 | ||||||
VSE Corp. | 4,787 | 236,526 | ||||||
3,849,045 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 23,146 | 427,044 | ||||||
Enterprise Software/Service — 1.4% |
| |||||||
Alteryx, Inc., Class A†# | 13,023 | 443,042 | ||||||
American Software, Inc., Class A | 15,191 | 200,066 | ||||||
Apptio, Inc., Class A†# | 12,932 | 427,144 | ||||||
Benefitfocus, Inc.†# | 8,811 | 295,609 | ||||||
Blackbaud, Inc. | 26,449 | 2,577,984 | ||||||
Blackline, Inc.† | 15,702 | 653,517 |
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service (continued) |
| |||||||
Coupa Software, Inc.† | 17,914 | $ | 956,249 | |||||
Donnelley Financial Solutions, Inc.† | 18,578 | 285,358 | ||||||
Everbridge, Inc.†# | 9,512 | 438,218 | ||||||
Evolent Health, Inc., Class A†# | 33,142 | 677,754 | ||||||
Hortonworks, Inc.† | 28,642 | 509,255 | ||||||
LivePerson, Inc.† | 30,609 | 592,284 | ||||||
Majesco† | 3,080 | 17,556 | ||||||
ManTech International Corp., Class A | 14,287 | 770,212 | ||||||
MicroStrategy, Inc., Class A† | 5,268 | 682,575 | ||||||
MobileIron, Inc.† | 31,682 | 136,233 | ||||||
Model N, Inc.† | 13,167 | 235,031 | ||||||
Omnicell, Inc.† | 20,792 | 967,868 | ||||||
Paycom Software, Inc.†# | 27,342 | 2,883,761 | ||||||
Pegasystems, Inc. | 20,324 | 1,257,039 | ||||||
PROS Holdings, Inc.†# | 14,786 | 522,537 | ||||||
SailPoint Technologies Holding, Inc.† | 11,204 | 292,312 | ||||||
SPS Commerce, Inc.† | 9,359 | 696,590 | ||||||
Verint Systems, Inc.† | 35,275 | 1,488,605 | ||||||
18,006,799 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.† | 58,559 | 330,273 | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 31,005 | 1,703,725 | ||||||
Environmental Monitoring & Detection — 0.1% |
| |||||||
MSA Safety, Inc. | 18,484 | 1,719,012 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 28,130 | 515,904 | ||||||
NewStar Financial, Inc. CVR†(1)(2) | 17,919 | 9,676 | ||||||
On Deck Capital, Inc.† | 27,782 | 184,473 | ||||||
710,053 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Curo Group Holdings Corp.†# | 4,295 | 98,828 | ||||||
Elevate Credit, Inc.†# | 9,606 | 73,582 | ||||||
Encore Capital Group, Inc.† | 13,311 | 525,119 | ||||||
Enova International, Inc.† | 18,334 | 616,022 | ||||||
LendingClub Corp.†# | 181,184 | 596,095 | ||||||
Nelnet, Inc., Class A | 10,572 | 649,544 | ||||||
Ocwen Financial Corp.† | 59,791 | 261,287 | ||||||
PRA Group, Inc.†# | 24,776 | 956,353 | ||||||
Regional Management Corp.† | 5,655 | 201,827 | ||||||
World Acceptance Corp.† | 3,374 | 363,886 | ||||||
4,342,543 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
Blackhawk Network Holdings, Inc.† | 30,333 | 1,364,985 | ||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Cowen, Inc.†# | 14,368 | 214,802 | ||||||
Diamond Hill Investment Group, Inc. | 1,758 | 344,463 | ||||||
Evercore, Inc., Class A | 21,346 | 2,228,522 | ||||||
GAIN Capital Holdings, Inc.# | 18,970 | 156,123 | ||||||
Greenhill & Co., Inc.# | 13,490 | 355,462 | ||||||
Houlihan Lokey, Inc. | 14,846 | 725,821 | ||||||
INTL. FCStone, Inc.† | 8,401 | 420,050 | ||||||
Investment Technology Group, Inc. | 18,226 | 399,878 | ||||||
Ladenburg Thalmann Financial Services, Inc. | 57,090 | 203,811 | ||||||
Moelis & Co., Class A | 17,318 | 1,026,092 | ||||||
Oppenheimer Holdings, Inc., Class A | 5,362 | 150,940 | ||||||
Piper Jaffray Cos. | 7,979 | 596,829 | ||||||
PJT Partners, Inc., Class A | 10,033 | 554,524 | ||||||
Stifel Financial Corp. | 36,969 | 2,173,777 | ||||||
Virtu Financial, Inc., Class A | 19,247 | 597,619 | ||||||
10,148,713 | ||||||||
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 26,385 | $ | 563,583 | |||||
Marlin Business Services Corp. | 4,871 | 142,964 | ||||||
706,547 | ||||||||
Finance - Mortgage Loan/Banker — 0.4% |
| |||||||
Arlington Asset Investment Corp., Class A# | 15,266 | 174,643 | ||||||
Ellie Mae, Inc.†# | 18,775 | 1,995,595 | ||||||
Federal Agricultural Mtg. Corp., Class C | 4,888 | 457,077 | ||||||
Granite Point Mtg. Trust, Inc.# | 23,910 | 437,314 | ||||||
Impac Mortgage Holdings, Inc.† | 5,378 | 45,767 | ||||||
LendingTree, Inc.†# | 3,533 | 914,693 | ||||||
Nationstar Mtg. Holdings, Inc.†# | 16,221 | 290,680 | ||||||
PennyMac Financial Services, Inc., Class A† | 8,815 | 177,181 | ||||||
PHH Corp.† | 17,771 | 191,927 | ||||||
TPG RE Finance Trust, Inc. | 11,471 | 234,238 | ||||||
4,919,115 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
R1 RCM, Inc.† | 55,609 | 440,979 | ||||||
WageWorks, Inc.† | 22,059 | 1,046,700 | ||||||
1,487,679 | ||||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MBIA, Inc.†# | 49,300 | 403,274 | ||||||
MGIC Investment Corp.† | 205,391 | 2,134,013 | ||||||
NMI Holdings, Inc., Class A† | 31,608 | 526,273 | ||||||
Radian Group, Inc. | 120,198 | 1,911,148 | ||||||
4,974,708 | ||||||||
Firearms & Ammunition — 0.2% |
| |||||||
American Outdoor Brands Corp.†# | 29,805 | 375,245 | ||||||
Axon Enterprise, Inc.† | 28,913 | 1,841,180 | ||||||
Sturm Ruger & Co., Inc.# | 9,384 | 574,770 | ||||||
2,791,195 | ||||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 3,860 | 104,606 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Hostess Brands, Inc.† | 44,386 | 604,981 | ||||||
Tootsie Roll Industries, Inc.# | 9,535 | 277,469 | ||||||
882,450 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co. | 50,423 | 482,548 | ||||||
Lifeway Foods, Inc.† | 2,604 | 13,280 | ||||||
495,828 | ||||||||
Food - Misc./Diversified — 0.5% |
| |||||||
B&G Foods, Inc.# | 36,453 | 1,026,152 | ||||||
Cal-Maine Foods, Inc.† | 15,937 | 765,773 | ||||||
Darling Ingredients, Inc.† | 91,048 | 1,710,792 | ||||||
J&J Snack Foods Corp. | 8,356 | 1,183,376 | ||||||
John B. Sanfilippo & Son, Inc. | 4,756 | 322,552 | ||||||
Lancaster Colony Corp. | 10,431 | 1,315,349 | ||||||
6,323,994 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 7,813 | 224,233 | ||||||
Smart & Final Stores, Inc.† | 12,534 | 57,657 | ||||||
SUPERVALU, Inc.†# | 21,268 | 393,245 | ||||||
Village Super Market, Inc., Class A | 4,420 | 128,357 | ||||||
Weis Markets, Inc. | 5,306 | 289,336 | ||||||
1,092,828 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,890 | $ | 782,320 | |||||
Chefs’ Warehouse, Inc.†# | 11,743 | 319,410 | ||||||
Fresh Del Monte Produce, Inc. | 17,967 | 806,898 | ||||||
Performance Food Group Co.† | 56,440 | 2,017,730 | ||||||
SpartanNash Co. | 20,323 | 503,197 | ||||||
United Natural Foods, Inc.† | 28,128 | 1,282,074 | ||||||
5,711,629 | ||||||||
Footwear & Related Apparel — 0.5% |
| |||||||
Crocs, Inc.† | 38,594 | 688,517 | ||||||
Deckers Outdoor Corp.† | 17,539 | 1,984,713 | ||||||
Iconix Brand Group, Inc.† | 27,758 | 17,765 | ||||||
Steven Madden, Ltd. | 32,784 | 1,732,635 | ||||||
Weyco Group, Inc. | 3,428 | 118,849 | ||||||
Wolverine World Wide, Inc. | 51,674 | 1,732,629 | ||||||
6,275,108 | ||||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc.# | 8,213 | 206,557 | ||||||
Matthews International Corp., Class A | 17,351 | 954,305 | ||||||
1,160,862 | ||||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Golden Entertainment, Inc.†# | 9,861 | 300,958 | ||||||
Pinnacle Entertainment, Inc.† | 29,339 | 994,885 | ||||||
Red Rock Resorts, Inc., Class A | 38,258 | 1,317,606 | ||||||
2,613,449 | ||||||||
Gas - Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,770 | 700,285 | ||||||
New Jersey Resources Corp. | 48,330 | 2,145,852 | ||||||
Northwest Natural Gas Co. | 15,764 | 942,687 | ||||||
ONE Gas, Inc. | 28,965 | 2,173,823 | ||||||
RGC Resources, Inc. | 3,706 | 98,024 | ||||||
South Jersey Industries, Inc.# | 44,293 | 1,466,984 | ||||||
Southwest Gas Holdings, Inc. | 26,345 | 1,994,317 | ||||||
Spire, Inc. | 26,197 | 1,866,536 | ||||||
WGL Holdings, Inc. | 28,421 | 2,506,732 | ||||||
13,895,240 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp. | 29,094 | 181,547 | ||||||
Klondex Mines, Ltd.†# | 98,810 | 238,132 | ||||||
419,679 | ||||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 17,485 | 418,066 | ||||||
Callaway Golf Co. | 51,867 | 982,361 | ||||||
Drive Shack, Inc.† | 34,466 | 225,063 | ||||||
1,625,490 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,983 | 162,055 | ||||||
US Ecology, Inc. | 12,117 | 734,290 | ||||||
896,345 | ||||||||
Health Care Cost Containment — 0.2% |
| |||||||
CorVel Corp.† | 5,148 | 259,974 | ||||||
HealthEquity, Inc.†# | 27,990 | 2,079,937 | ||||||
2,339,911 | ||||||||
Heart Monitors — 0.0% |
| |||||||
FONAR Corp.† | 3,428 | 91,528 | ||||||
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Home Furnishings — 0.1% |
| |||||||
Ethan Allen Interiors, Inc. | 13,782 | $ | 323,188 | |||||
Flexsteel Industries, Inc. | 4,220 | 157,279 | ||||||
Hooker Furniture Corp. | 6,398 | 238,645 | ||||||
Sleep Number Corp.† | 21,779 | 609,159 | ||||||
1,328,271 | ||||||||
Hotels/Motels — 0.2% |
| |||||||
Belmond, Ltd., Class A† | 49,624 | 593,007 | ||||||
Bluegreen Vacations Corp.# | 4,186 | 84,139 | ||||||
ILG, Inc. | 58,996 | 2,020,023 | ||||||
Marcus Corp. | 10,366 | 327,047 | ||||||
Red Lion Hotels Corp.† | 9,189 | 100,160 | ||||||
3,124,376 | ||||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc. | 12,156 | 79,135 | ||||||
Lifetime Brands, Inc. | 5,493 | 59,874 | ||||||
139,009 | ||||||||
Human Resources — 0.9% |
| |||||||
AMN Healthcare Services, Inc.† | 26,159 | 1,477,984 | ||||||
ASGN, Inc.† | 27,741 | 2,136,057 | ||||||
Barrett Business Services, Inc. | 3,923 | 338,241 | ||||||
BG Staffing, Inc. | 3,839 | 70,906 | ||||||
Cross Country Healthcare, Inc.† | 19,635 | 239,351 | ||||||
Heidrick & Struggles International, Inc. | 10,175 | 384,615 | ||||||
Insperity, Inc. | 20,104 | 1,849,568 | ||||||
Kelly Services, Inc., Class A | 16,926 | 379,312 | ||||||
Kforce, Inc. | 12,852 | 432,470 | ||||||
Korn/Ferry International | 29,171 | 1,595,070 | ||||||
Paylocity Holding Corp.† | 14,695 | 878,026 | ||||||
Resources Connection, Inc. | 16,802 | 279,753 | ||||||
TriNet Group, Inc.† | 22,942 | 1,230,609 | ||||||
TrueBlue, Inc.† | 22,640 | 584,112 | ||||||
Willdan Group, Inc.†# | 4,258 | 121,353 | ||||||
11,997,427 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 25,766 | 1,004,874 | ||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 49,678 | 63,091 | ||||||
Independent Power Producers — 0.2% |
| |||||||
NRG Yield, Inc., Class A | 19,336 | 337,800 | ||||||
NRG Yield, Inc., Class C | 36,187 | 633,272 | ||||||
Ormat Technologies, Inc. | 22,379 | 1,159,680 | ||||||
2,130,752 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Akoustis Technologies, Inc.†# | 6,649 | 44,016 | ||||||
GoPro, Inc., Class A† | 60,498 | 335,159 | ||||||
Iteris, Inc.†# | 14,112 | 72,395 | ||||||
451,570 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,437 | 164,804 | ||||||
Ichor Holdings, Ltd.†# | 10,337 | 257,185 | ||||||
421,989 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Allied Motion Technologies, Inc. | 3,671 | 177,530 | ||||||
Control4 Corp.† | 14,365 | 356,108 | ||||||
Watts Water Technologies, Inc., Class A | 15,438 | 1,187,954 | ||||||
Woodward, Inc. | 29,549 | 2,238,928 | ||||||
3,960,520 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 21,496 | $ | 119,733 | |||||
Insurance Brokers — 0.0% |
| |||||||
Crawford & Co., Class B | 6,630 | 52,775 | ||||||
eHealth, Inc.† | 8,719 | 185,802 | ||||||
238,577 | ||||||||
Insurance - Life/Health — 0.6% |
| |||||||
American Equity Investment Life Holding Co. | 48,005 | 1,701,297 | ||||||
CNO Financial Group, Inc. | 92,467 | 1,851,189 | ||||||
FBL Financial Group, Inc., Class A | 5,488 | 431,357 | ||||||
Health Insurance Innovations, Inc., Class A† | 6,545 | 208,786 | ||||||
Independence Holding Co. | 3,334 | 123,858 | ||||||
National Western Life Group, Inc., Class A | 1,255 | 390,506 | ||||||
Primerica, Inc. | 24,575 | 2,416,951 | ||||||
Trupanion, Inc.†# | 12,603 | 400,397 | ||||||
7,524,341 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Citizens, Inc.†# | 25,835 | 191,437 | ||||||
Genworth Financial, Inc., Class A† | 278,860 | 959,279 | ||||||
Horace Mann Educators Corp. | 22,676 | 1,002,279 | ||||||
Kemper Corp. | 21,984 | 1,702,661 | ||||||
United Fire Group, Inc. | 11,741 | 629,787 | ||||||
4,485,443 | ||||||||
Insurance - Property/Casualty — 1.1% |
| |||||||
Ambac Financial Group, Inc.† | 25,182 | 466,623 | ||||||
AMERISAFE, Inc. | 10,598 | 632,171 | ||||||
AmTrust Financial Services, Inc. | 47,292 | 631,821 | ||||||
Atlas Financial Holdings, Inc.† | 5,846 | 62,845 | ||||||
Baldwin & Lyons, Inc., Class B | 5,172 | 120,508 | ||||||
Donegal Group, Inc., Class A | 4,887 | 68,320 | ||||||
EMC Insurance Group, Inc. | 4,859 | 125,216 | ||||||
Employers Holdings, Inc. | 17,633 | 698,267 | ||||||
Enstar Group, Ltd.† | 6,236 | 1,267,467 | ||||||
Federated National Holding Co. | 6,569 | 149,511 | ||||||
Global Indemnity, Ltd. | 4,589 | 173,602 | ||||||
Hallmark Financial Services, Inc.† | 7,390 | 72,865 | ||||||
HCI Group, Inc. | 4,362 | 180,849 | ||||||
Heritage Insurance Holdings, Inc.# | 11,998 | 202,526 | ||||||
Infinity Property & Casualty Corp. | 5,912 | 855,466 | ||||||
Investors Title Co. | 812 | 150,220 | ||||||
James River Group Holdings, Ltd. | 14,157 | 536,975 | ||||||
Kingstone Cos., Inc. | 5,030 | 87,774 | ||||||
Kinsale Capital Group, Inc. | 8,021 | 424,792 | ||||||
National General Holdings Corp. | 27,229 | 745,530 | ||||||
Navigators Group, Inc. | 11,419 | 671,437 | ||||||
NI Holdings, Inc.† | 5,593 | 91,390 | ||||||
RLI Corp. | 21,375 | 1,403,910 | ||||||
Safety Insurance Group, Inc. | 8,104 | 696,944 | ||||||
Selective Insurance Group, Inc. | 31,919 | 1,814,595 | ||||||
State Auto Financial Corp. | 8,817 | 273,503 | ||||||
Stewart Information Services Corp. | 11,690 | 493,201 | ||||||
Third Point Reinsurance, Ltd.† | 50,984 | 680,636 | ||||||
Tiptree, Inc. | 14,230 | 93,918 | ||||||
United Insurance Holdings Corp.# | 11,422 | 236,321 | ||||||
Universal Insurance Holdings, Inc. | 17,265 | 615,497 | ||||||
14,724,700 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd.† | 18,182 | 1,104,556 | ||||||
Blue Capital Reinsurance Holdings, Ltd.# | 3,269 | 36,286 | ||||||
Essent Group, Ltd.† | 45,127 | 1,547,856 | ||||||
Greenlight Capital Re, Ltd., Class A† | 16,722 | 239,125 |
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Reinsurance (continued) |
| |||||||
Maiden Holdings, Ltd. | 38,875 | $ | 340,156 | |||||
WMIH Corp.† | 107,322 | 144,885 | ||||||
3,412,864 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Okta, Inc.†# | 10,790 | 606,506 | ||||||
RealNetworks, Inc.† | 13,469 | 47,815 | ||||||
Tucows, Inc., Class A†# | 5,042 | 315,881 | ||||||
VirnetX Holding Corp.†# | 28,504 | 91,213 | ||||||
Zendesk, Inc.† | 55,284 | 3,089,823 | ||||||
4,151,238 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 21,095 | 453,754 | ||||||
Cogent Communications Holdings, Inc. | 23,306 | 1,193,267 | ||||||
Internap Corp.†# | 11,244 | 121,885 | ||||||
1,768,906 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.† | 50,855 | 249,189 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 26,887 | 61,840 | ||||||
HealthStream, Inc. | 14,297 | 398,171 | ||||||
XO Group, Inc.† | 13,643 | 442,852 | ||||||
Yelp, Inc.† | 44,314 | 1,898,855 | ||||||
2,801,718 | ||||||||
Internet Gambling — 0.0% |
| |||||||
Inspired Entertainment, Inc.† | 5,346 | 35,016 | ||||||
Internet Security — 0.3% |
| |||||||
Corindus Vascular Robotics, Inc.†# | 56,516 | 42,393 | ||||||
Imperva, Inc.† | 18,875 | 915,437 | ||||||
Proofpoint, Inc.†# | 24,203 | 2,829,089 | ||||||
Rapid7, Inc.† | 15,295 | 484,393 | ||||||
Zix Corp.† | 30,179 | 163,268 | ||||||
4,434,580 | ||||||||
Internet Telephone — 0.4% |
| |||||||
8x8, Inc.† | 49,627 | 928,025 | ||||||
RingCentral, Inc., Class A† | 36,075 | 2,732,681 | ||||||
Twilio, Inc., Class A† | 34,479 | 1,860,832 | ||||||
5,521,538 | ||||||||
Investment Companies — 0.0% |
| |||||||
B. Riley Financial, Inc. | 11,509 | 243,991 | ||||||
Ominto, Inc.† | 7,755 | 7,988 | ||||||
Rafael Holdings, Inc., Class B† | 4,822 | 44,362 | ||||||
296,341 | ||||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Altisource Portfolio Solutions SA†# | 6,051 | 177,778 | ||||||
Artisan Partners Asset Management, Inc., Class A | 25,346 | 818,676 | ||||||
Associated Capital Group, Inc., Class A# | 2,163 | 83,924 | ||||||
BrightSphere Investment Group PLC | 41,793 | 648,210 | ||||||
Cohen & Steers, Inc. | 11,835 | 460,737 | ||||||
Financial Engines, Inc. | 32,469 | 1,449,741 | ||||||
GAMCO Investors, Inc., Class A | 2,887 | 74,369 | ||||||
Hamilton Lane, Inc., Class A | 7,818 | 365,570 | ||||||
Medley Management, Inc., Class A# | 2,910 | 12,077 | ||||||
Pzena Investment Management, Inc., Class A | 9,372 | 84,254 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 3,958 | 62,932 | ||||||
Virtus Investment Partners, Inc. | 3,813 | 478,722 | ||||||
Waddell & Reed Financial, Inc., Class A# | 44,573 | 864,716 | ||||||
Westwood Holdings Group, Inc. | 4,500 | 261,135 | ||||||
WisdomTree Investments, Inc. | 63,966 | 701,067 | ||||||
6,543,908 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Lasers - System/Components — 0.1% |
| |||||||
Electro Scientific Industries, Inc.† | 17,966 | $ | 352,493 | |||||
II-VI, Inc.† | 33,303 | 1,463,667 | ||||||
1,816,160 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,885 | 84,744 | ||||||
Johnson Outdoors, Inc., Class A | 2,682 | 203,510 | ||||||
Marine Products Corp. | 4,337 | 72,905 | ||||||
361,159 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Revolution Lighting Technologies, Inc.†# | 6,924 | 29,496 | ||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 8,476 | 1,505,338 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Kennametal, Inc. | 45,099 | 1,679,036 | ||||||
Milacron Holdings Corp.† | 37,488 | 738,888 | ||||||
2,417,924 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 11,814 | 691,237 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,726 | 381,924 | ||||||
1,073,161 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 162,756 | 402,007 | ||||||
Franklin Electric Co., Inc. | 25,688 | 1,188,070 | ||||||
1,590,077 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,257 | 484,748 | ||||||
Lindsay Corp. | 5,813 | 572,115 | ||||||
1,056,863 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Albany International Corp., Class A | 15,919 | 979,018 | ||||||
Altra Industrial Motion Corp. | 15,896 | 657,300 | ||||||
Applied Industrial Technologies, Inc. | 21,243 | 1,481,699 | ||||||
Chart Industries, Inc.† | 17,000 | 1,095,310 | ||||||
DXP Enterprises, Inc.† | 8,740 | 341,035 | ||||||
Gencor Industries, Inc.† | 4,859 | 76,043 | ||||||
Intevac, Inc.† | 11,094 | 52,142 | ||||||
Kadant, Inc. | 6,016 | 586,861 | ||||||
Manitowoc Co, Inc.† | 17,679 | 432,959 | ||||||
Tennant Co. | 9,780 | 770,664 | ||||||
Twin Disc, Inc.† | 4,733 | 131,199 | ||||||
6,604,230 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 12,214 | 506,026 | ||||||
Machinery - Pumps — 0.2% |
| |||||||
Cactus, Inc., Class A† | 12,885 | 434,482 | ||||||
Gorman-Rupp Co. | 9,784 | 326,492 | ||||||
NN, Inc. | 15,021 | 324,454 | ||||||
SPX FLOW, Inc.† | 22,976 | 1,001,064 | ||||||
2,086,492 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 31,495 | 158,262 | ||||||
SEACOR Marine Holdings, Inc.† | 9,005 | 211,438 | ||||||
369,700 | ||||||||
Medical Imaging Systems — 0.1% |
| |||||||
Analogic Corp. | 6,957 | 581,953 | ||||||
Lantheus Holdings, Inc.† | 16,914 | 236,796 | ||||||
818,749 | ||||||||
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Information Systems — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 100,746 | $ | 1,274,437 | |||||
Computer Programs & Systems, Inc. | 6,302 | 205,130 | ||||||
Cotiviti Holdings, Inc.† | 20,356 | 694,343 | ||||||
Inovalon Holdings, Inc., Class A†# | 35,544 | 369,658 | ||||||
Medidata Solutions, Inc.†# | 31,266 | 2,412,485 | ||||||
NantHealth, Inc.† | 8,805 | 30,113 | ||||||
Quality Systems, Inc.† | 29,407 | 517,563 | ||||||
Tabula Rasa HealthCare, Inc.†# | 6,751 | 368,267 | ||||||
5,871,996 | ||||||||
Medical Instruments — 1.0% |
| |||||||
Abaxis, Inc. | 12,163 | 1,007,096 | ||||||
AngioDynamics, Inc.† | 20,253 | 425,921 | ||||||
Cardiovascular Systems, Inc.† | 18,040 | 543,004 | ||||||
CONMED Corp. | 15,223 | 1,045,059 | ||||||
CryoLife, Inc.† | 17,811 | 490,693 | ||||||
Endologix, Inc.†# | 45,594 | 255,782 | ||||||
Halyard Health, Inc.† | 25,932 | 1,423,667 | ||||||
Integra LifeSciences Holdings Corp.† | 35,279 | 2,276,907 | ||||||
iRhythm Technologies, Inc.† | 7,907 | 601,169 | ||||||
LivaNova PLC† | 26,919 | 2,531,732 | ||||||
Natus Medical, Inc.† | 16,928 | 624,643 | ||||||
NuVasive, Inc.†# | 28,152 | 1,443,072 | ||||||
Obalon Therapeutics, Inc.†# | 4,956 | 12,489 | ||||||
12,681,234 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Evolus, Inc.†# | 2,801 | 68,625 | ||||||
Invitae Corp.†# | 23,631 | 174,869 | ||||||
Medpace Holdings, Inc.† | 5,223 | 220,202 | ||||||
Natera, Inc.†# | 17,702 | 206,405 | ||||||
Syneos Health, Inc.† | 30,281 | 1,302,083 | ||||||
Teladoc, Inc.†# | 32,202 | 1,639,082 | ||||||
3,611,266 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 7,331 | 307,902 | ||||||
Medical Products — 1.9% |
| |||||||
Accuray, Inc.†# | 46,391 | 204,120 | ||||||
AtriCure, Inc.† | 17,801 | 422,062 | ||||||
Atrion Corp. | 775 | 457,250 | ||||||
AxoGen, Inc.†# | 15,601 | 766,009 | ||||||
Cantel Medical Corp. | 20,161 | 2,199,364 | ||||||
Cerus Corp.† | 70,502 | 464,608 | ||||||
ConforMIS, Inc.†# | 30,838 | 42,865 | ||||||
Glaukos Corp.†# | 15,881 | 599,825 | ||||||
Globus Medical, Inc., Class A† | 39,119 | 2,173,060 | ||||||
Haemonetics Corp.† | 29,865 | 2,698,303 | ||||||
Inogen, Inc.† | 9,572 | 1,748,709 | ||||||
Integer Holdings Corp.† | 17,399 | 1,148,334 | ||||||
Intersect ENT, Inc.† | 14,743 | 628,789 | ||||||
Invacare Corp.# | 18,051 | 297,842 | ||||||
K2M Group Holdings, Inc.† | 22,852 | 541,364 | ||||||
LeMaitre Vascular, Inc. | 8,426 | 287,158 | ||||||
Luminex Corp. | 22,621 | 640,627 | ||||||
MiMedx Group, Inc.†# | 57,474 | 483,931 | ||||||
NanoString Technologies, Inc.† | 11,420 | 147,204 | ||||||
Nevro Corp.†# | 15,539 | 1,222,764 | ||||||
Novocure, Ltd.† | 32,463 | 1,020,961 | ||||||
NxStage Medical, Inc.† | 36,007 | 995,233 | ||||||
Orthofix International NV† | 9,646 | 527,154 | ||||||
OrthoPediatrics Corp.†# | 2,576 | 54,251 | ||||||
Penumbra, Inc.†# | 16,253 | 2,615,108 | ||||||
Pulse Biosciences, Inc.†# | 5,054 | 79,803 | ||||||
Restoration Robotics, Inc.†# | 2,027 | 6,527 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Rockwell Medical, Inc.†# | 26,567 | $ | 142,930 | |||||
Sientra, Inc.†# | 8,038 | 145,166 | ||||||
Surmodics, Inc.† | 7,153 | 370,525 | ||||||
Tactile Systems Technology, Inc.†# | 7,194 | 357,038 | ||||||
Viveve Medical, Inc.†# | 11,237 | 29,890 | ||||||
Wright Medical Group NV†# | 58,773 | 1,466,974 | ||||||
24,985,748 | ||||||||
Medical - Biomedical/Gene — 4.8% |
| |||||||
Abeona Therapeutics, Inc.†# | 15,600 | 276,120 | ||||||
Acceleron Pharma, Inc.† | 20,813 | 739,694 | ||||||
Achillion Pharmaceuticals, Inc.† | 75,167 | 254,816 | ||||||
Acorda Therapeutics, Inc.† | 24,022 | 630,577 | ||||||
Aduro Biotech, Inc.†# | 24,960 | 219,648 | ||||||
Advaxis, Inc.†# | 20,867 | 37,978 | ||||||
Agenus, Inc.†# | 42,168 | 141,263 | ||||||
Aileron Therapeutics, Inc.†# | 2,957 | 15,258 | ||||||
Alder Biopharmaceuticals, Inc.†# | 35,148 | 613,333 | ||||||
Allena Pharmaceuticals, Inc.†# | 2,988 | 42,848 | ||||||
AMAG Pharmaceuticals, Inc.†# | 19,447 | 475,479 | ||||||
Amicus Therapeutics, Inc.†# | 103,355 | 1,746,699 | ||||||
AnaptysBio, Inc.†# | 9,897 | 769,987 | ||||||
Anavex Life Sciences Corp.†# | 21,865 | 60,129 | ||||||
ANI Pharmaceuticals, Inc.† | 4,448 | 281,514 | ||||||
Aratana Therapeutics, Inc.†# | 22,951 | 117,050 | ||||||
Ardelyx, Inc.† | 18,517 | 73,605 | ||||||
Arena Pharmaceuticals, Inc.†# | 26,602 | 1,216,243 | ||||||
ARMO BioSciences, Inc.† | 3,796 | 189,800 | ||||||
Arsanis, Inc.†# | 2,577 | 44,376 | ||||||
Assembly Biosciences, Inc.† | 9,024 | 381,625 | ||||||
Asterias Biotherapeutics, Inc.†# | 16,401 | 24,602 | ||||||
Atara Biotherapeutics, Inc.†# | 18,242 | 908,452 | ||||||
Athersys, Inc.†# | 56,616 | 138,143 | ||||||
Audentes Therapeutics, Inc.† | 11,127 | 421,713 | ||||||
Axovant Sciences, Ltd.†# | 17,980 | 30,386 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 15,064 | 121,717 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 54,323 | 349,297 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.†# | 17,609 | 616,315 | ||||||
BioTime, Inc.†# | 48,019 | 107,563 | ||||||
Bluebird Bio, Inc.†# | 27,134 | 4,858,343 | ||||||
Blueprint Medicines Corp.† | 23,581 | 1,982,690 | ||||||
Cambrex Corp.† | 18,013 | 815,989 | ||||||
Celcuity, Inc.†# | 1,546 | 29,343 | ||||||
Celldex Therapeutics, Inc.† | 72,933 | 42,316 | ||||||
ChemoCentryx, Inc.† | 13,699 | 177,813 | ||||||
Clearside Biomedical, Inc.†# | 11,463 | 113,025 | ||||||
Corium International, Inc.†# | 11,280 | 96,331 | ||||||
Corvus Pharmaceuticals, Inc.†# | 4,672 | 64,147 | ||||||
Cue Biopharma, Inc.†# | 4,941 | 63,294 | ||||||
Curis, Inc.†# | 14,663 | 40,764 | ||||||
CytomX Therapeutics, Inc.† | 16,107 | 413,467 | ||||||
Deciphera Pharmaceuticals, Inc.†# | 4,575 | 117,669 | ||||||
Denali Therapeutics, Inc.†# | 8,948 | 172,070 | ||||||
Dynavax Technologies Corp.†# | 33,747 | 533,203 | ||||||
Edge Therapeutics, Inc.†# | 11,013 | 10,265 | ||||||
Editas Medicine, Inc.†# | 20,564 | 788,012 | ||||||
Emergent BioSolutions, Inc.† | 18,577 | 957,830 | ||||||
Enzo Biochem, Inc.† | 24,403 | 158,620 | ||||||
Epizyme, Inc.†# | 27,158 | 473,907 | ||||||
Esperion Therapeutics, Inc.†# | 9,593 | 369,235 | ||||||
Exact Sciences Corp.†# | 65,217 | 3,883,020 | ||||||
Fate Therapeutics, Inc.†# | 26,769 | 293,121 | ||||||
FibroGen, Inc.† | 38,641 | 2,082,750 | ||||||
Five Prime Therapeutics, Inc.† | 18,236 | 320,224 | ||||||
Fortress Biotech, Inc.†# | 18,267 | 63,021 |
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Genocea Biosciences, Inc.† | 45,712 | $ | 42,530 | |||||
Geron Corp.†# | 82,430 | 333,842 | ||||||
Halozyme Therapeutics, Inc.†# | 66,165 | 1,217,436 | ||||||
Idera Pharmaceuticals, Inc.†# | 78,211 | 160,333 | ||||||
ImmunoGen, Inc.†# | 55,376 | 634,609 | ||||||
Immunomedics, Inc.†# | 56,673 | 1,250,206 | ||||||
Innoviva, Inc.† | 41,575 | 614,894 | ||||||
Inovio Pharmaceuticals, Inc.†# | 45,164 | 214,981 | ||||||
Insmed, Inc.†# | 42,420 | 1,181,821 | ||||||
Intellia Therapeutics, Inc.†# | 9,240 | 250,404 | ||||||
Iovance Biotherapeutics, Inc.† | 40,862 | 596,585 | ||||||
Karyopharm Therapeutics, Inc.† | 19,699 | 366,007 | ||||||
Kura Oncology, Inc.†# | 11,929 | 198,618 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 23,891 | 277,136 | ||||||
Ligand Pharmaceuticals, Inc.†# | 11,365 | 2,184,694 | ||||||
Loxo Oncology, Inc.†# | 12,673 | 2,247,303 | ||||||
MacroGenics, Inc.† | 18,795 | 427,210 | ||||||
Matinas BioPharma Holdings, Inc.†# | 36,242 | 20,328 | ||||||
Medicines Co.†# | 38,651 | 1,308,723 | ||||||
Menlo Therapeutics, Inc.†# | 3,566 | 29,847 | ||||||
Merrimack Pharmaceuticals, Inc.†# | 7,114 | 62,390 | ||||||
Myriad Genetics, Inc.†# | 36,203 | 1,321,772 | ||||||
NantKwest, Inc.†# | 16,376 | 59,936 | ||||||
NeoGenomics, Inc.†# | 31,393 | 364,159 | ||||||
NewLink Genetics Corp.†# | 16,097 | 84,670 | ||||||
Novavax, Inc.†# | 173,214 | 282,339 | ||||||
Novelion Therapeutics, Inc.† | 8,387 | 35,225 | ||||||
Nymox Pharmaceutical Corp.† | 17,508 | 61,628 | ||||||
Omeros Corp.†# | 25,221 | 515,013 | ||||||
Oncocyte Corp.†# | 2,130 | 6,923 | ||||||
Organovo Holdings, Inc.†# | 58,024 | 114,307 | ||||||
Otonomy, Inc.† | 15,630 | 68,772 | ||||||
Ovid therapeutics, Inc.† | 6,799 | 53,644 | ||||||
Pacific Biosciences of California, Inc.†# | 63,994 | 161,905 | ||||||
PDL BioPharma, Inc.† | 84,531 | 225,698 | ||||||
Pieris Pharmaceuticals, Inc.† | 22,203 | 124,781 | ||||||
Prothena Corp. PLC† | 21,529 | 290,426 | ||||||
PTC Therapeutics, Inc.† | 22,230 | 753,597 | ||||||
Puma Biotechnology, Inc.†# | 16,171 | 856,254 | ||||||
Radius Health, Inc.†# | 21,208 | 604,428 | ||||||
REGENXBIO, Inc.† | 15,418 | 835,656 | ||||||
resTORbio, Inc.†# | 3,650 | 35,734 | ||||||
Retrophin, Inc.†# | 21,826 | 611,346 | ||||||
Rigel Pharmaceuticals, Inc.† | 82,009 | 266,529 | ||||||
RTI Surgical, Inc.† | 30,298 | 137,856 | ||||||
Sage Therapeutics, Inc.†# | 23,352 | 3,565,617 | ||||||
Sangamo Therapeutics, Inc.†# | 46,486 | 764,695 | ||||||
Selecta Biosciences, Inc.†# | 7,810 | 93,486 | ||||||
Seres Therapeutics, Inc.†# | 11,339 | 91,279 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 8,373 | 125,511 | ||||||
Solid Biosciences, Inc.†# | 5,033 | 108,612 | ||||||
Spark Therapeutics, Inc.†# | 15,323 | 1,222,622 | ||||||
Spectrum Pharmaceuticals, Inc.† | 48,175 | 929,296 | ||||||
Stemline Therapeutics, Inc.†# | 14,725 | 289,346 | ||||||
Strongbridge Biopharma PLC† | 15,534 | 100,971 | ||||||
Syndax Pharmaceuticals, Inc.†# | 6,528 | 56,989 | ||||||
Theravance Biopharma, Inc.†# | 23,477 | 571,430 | ||||||
Tobira Therapeutics, Inc. CVR†(1)(2) | 4,989 | 0 | ||||||
Tocagen, Inc.†# | 9,873 | 92,609 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 24,704 | 1,808,333 | ||||||
VBI Vaccines, Inc.†# | 19,154 | 59,569 | ||||||
Veracyte, Inc.†# | 13,131 | 100,452 | ||||||
Versartis, Inc.† | 18,293 | 25,610 | ||||||
WaVe Life Sciences, Ltd.†# | 6,588 | 306,671 | ||||||
XBiotech, Inc.†# | 10,711 | 46,057 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Zeneca, Inc. CVR†(1)(2) | 3,950 | $ | 2,429 | |||||
ZIOPHARM Oncology, Inc.†# | 72,845 | 356,940 | ||||||
62,177,718 | ||||||||
Medical - Drugs — 2.0% |
| |||||||
Achaogen, Inc.†# | 18,941 | 234,868 | ||||||
Aclaris Therapeutics, Inc.†# | 12,888 | 232,886 | ||||||
Adamas Pharmaceuticals, Inc.†# | 9,530 | 272,939 | ||||||
Aerie Pharmaceuticals, Inc.†# | 18,867 | 967,877 | ||||||
Aimmune Therapeutics, Inc.†# | 19,711 | 652,237 | ||||||
Akcea Therapeutics, Inc.†# | 8,315 | 201,556 | ||||||
Apellis Pharmaceuticals, Inc.†# | 6,133 | 125,175 | ||||||
Array BioPharma, Inc.†# | 110,377 | 1,804,664 | ||||||
Athenex, Inc.† | 4,236 | 67,861 | ||||||
BioSpecifics Technologies Corp.† | 3,133 | 135,534 | ||||||
Catalyst Pharmaceuticals, Inc.† | 48,513 | 186,290 | ||||||
Chimerix, Inc.† | 26,099 | 119,272 | ||||||
Clovis Oncology, Inc.†# | 24,363 | 1,144,086 | ||||||
Coherus Biosciences, Inc.†# | 21,961 | 342,592 | ||||||
Collegium Pharmaceutical, Inc.†# | 13,892 | 314,237 | ||||||
Conatus Pharmaceuticals, Inc.†# | 14,574 | 62,668 | ||||||
Corbus Pharmaceuticals Holdings, Inc.† | 27,230 | 168,826 | ||||||
Corcept Therapeutics, Inc.†# | 50,536 | 934,916 | ||||||
Cytokinetics, Inc.† | 23,033 | 207,297 | ||||||
Durect Corp.† | 79,539 | 152,715 | ||||||
Eagle Pharmaceuticals, Inc.†# | 4,457 | 300,446 | ||||||
Enanta Pharmaceuticals, Inc.† | 8,604 | 858,593 | ||||||
Global Blood Therapeutics, Inc.†# | 21,593 | 1,039,703 | ||||||
Horizon Pharma PLC† | 90,533 | 1,475,688 | ||||||
Immune Design Corp.† | 17,768 | 79,956 | ||||||
Insys Therapeutics, Inc.†# | 13,538 | 88,268 | ||||||
Intra-Cellular Therapies, Inc.† | 23,530 | 547,778 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 74,667 | 1,387,313 | ||||||
Jounce Therapeutics, Inc.†# | 8,026 | 90,293 | ||||||
Kala Pharmaceuticals, Inc.†# | 7,909 | 120,533 | ||||||
Keryx Biopharmaceuticals, Inc.†# | 49,653 | 261,671 | ||||||
Lannett Co., Inc.†# | 15,790 | 261,325 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 2,621 | 696,164 | ||||||
MediciNova, Inc.†# | 21,501 | 199,099 | ||||||
Melinta Therapeutics, Inc.†# | 8,386 | 54,928 | ||||||
Minerva Neurosciences, Inc.† | 14,692 | 129,290 | ||||||
Miragen Therapeutics, Inc.† | 9,451 | 66,819 | ||||||
MyoKardia, Inc.†# | 10,884 | 518,078 | ||||||
Neos Therapeutics, Inc.†# | 13,720 | 92,610 | ||||||
Ocular Therapeutix, Inc.†# | 15,988 | 108,239 | ||||||
Odonate Therapeutics, Inc.†# | 3,748 | 89,915 | ||||||
Optinose, Inc.†# | 3,011 | 69,464 | ||||||
Pacira Pharmaceuticals, Inc.†# | 22,046 | 755,075 | ||||||
Paratek Pharmaceuticals, Inc.†# | 14,786 | 154,514 | ||||||
PRA Health Sciences, Inc.† | 27,491 | 2,333,986 | ||||||
Prestige Brands Holdings, Inc.† | 29,566 | 988,391 | ||||||
Progenics Pharmaceuticals, Inc.†# | 39,219 | 298,064 | ||||||
Protagonist Therapeutics, Inc.† | 6,319 | 46,002 | ||||||
Ra Pharmaceuticals, Inc.†# | 8,961 | 61,831 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 6,273 | 222,629 | ||||||
Rhythm Pharmaceuticals, Inc.†# | 4,567 | 146,738 | ||||||
scPharmaceuticals, Inc.† | 4,086 | 40,615 | ||||||
Spero Therapeutics, Inc.† | 3,345 | 35,591 | ||||||
Supernus Pharmaceuticals, Inc.† | 26,780 | 1,509,053 | ||||||
Synergy Pharmaceuticals, Inc.†# | 137,871 | 219,215 | ||||||
Syros Pharmaceuticals, Inc.†# | 8,572 | 106,550 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 28,528 | 106,409 | ||||||
TG Therapeutics, Inc.†# | 28,468 | 381,471 | ||||||
TherapeuticsMD, Inc.†# | 91,846 | 542,810 | ||||||
Trevena, Inc.†# | 32,458 | 60,696 |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Vanda Pharmaceuticals, Inc.† | 24,417 | $ | 429,739 | |||||
Voyager Therapeutics, Inc.†# | 9,454 | 187,851 | ||||||
vTv Therapeutics, Inc., Class A†# | 3,932 | 6,999 | ||||||
Zogenix, Inc.†# | 18,977 | 807,471 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 6,467 | 69,003 | ||||||
26,375,372 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 40,702 | 803,457 | ||||||
Amphastar Pharmaceuticals, Inc.† | 20,121 | 317,912 | ||||||
Dova Pharmaceuticals, Inc.† | 3,464 | 76,173 | ||||||
Momenta Pharmaceuticals, Inc.† | 41,916 | 989,218 | ||||||
Teligent, Inc.†# | 22,799 | 63,609 | ||||||
2,250,369 | ||||||||
Medical - HMO — 0.4% |
| |||||||
Magellan Health, Inc.† | 13,364 | 1,222,138 | ||||||
Molina Healthcare, Inc.† | 25,563 | 2,171,065 | ||||||
Tivity Health, Inc.†# | 20,475 | 717,649 | ||||||
Triple-S Management Corp., Class B† | 12,669 | 464,319 | ||||||
4,575,171 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.†# | 52,762 | 215,797 | ||||||
Select Medical Holdings Corp.† | 59,556 | 1,077,964 | ||||||
Surgery Partners, Inc.† | 10,461 | 169,991 | ||||||
Tenet Healthcare Corp.† | 45,085 | 1,597,361 | ||||||
3,061,113 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Ensign Group, Inc. | 27,115 | 992,680 | ||||||
Genesis Healthcare, Inc.†# | 25,167 | 52,851 | ||||||
Kindred Healthcare, Inc.† | 47,243 | 422,825 | ||||||
National HealthCare Corp. | 6,223 | 413,207 | ||||||
1,881,563 | ||||||||
Medical - Outpatient/Home Medical — 0.5% |
| |||||||
Addus HomeCare Corp.† | 4,148 | 237,473 | ||||||
Amedisys, Inc.† | 15,800 | 1,206,330 | ||||||
Chemed Corp. | 8,725 | 2,844,350 | ||||||
Civitas Solutions, Inc.† | 8,911 | 143,467 | ||||||
LHC Group, Inc.† | 15,209 | 1,170,637 | ||||||
Providence Service Corp.† | 6,272 | 451,584 | ||||||
6,053,841 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Owens & Minor, Inc. | 33,710 | 549,473 | ||||||
Metal Processors & Fabrication — 0.5% |
| |||||||
Ampco-Pittsburgh Corp.† | 4,822 | 52,560 | ||||||
CIRCOR International, Inc. | 9,160 | 440,871 | ||||||
DMC Global, Inc. | 7,824 | 350,906 | ||||||
Global Brass & Copper Holdings, Inc. | 12,026 | 377,617 | ||||||
Haynes International, Inc. | 6,881 | 292,993 | ||||||
LB Foster Co., Class A† | 4,616 | 107,091 | ||||||
Mueller Industries, Inc. | 31,590 | 954,018 | ||||||
Park-Ohio Holdings Corp. | 4,887 | 192,792 | ||||||
RBC Bearings, Inc.† | 12,972 | 1,630,710 | ||||||
Rexnord Corp.† | 57,745 | 1,684,999 | ||||||
Sun Hydraulics Corp. | 15,251 | 758,890 | ||||||
6,843,447 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Lawson Products, Inc.† | 3,570 | 85,859 | ||||||
Olympic Steel, Inc. | 5,093 | 117,801 | ||||||
Worthington Industries, Inc. | 24,150 | 1,157,992 | ||||||
1,361,652 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Metal Products - Fasteners — 0.1% |
| |||||||
Eastern Co. | 3,095 | $ | 94,552 | |||||
TriMas Corp.† | 25,247 | 722,064 | ||||||
816,616 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 27,647 | 489,905 | ||||||
Kaiser Aluminum Corp. | 9,188 | 1,013,069 | ||||||
1,502,974 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1)(2) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.†# | 165,281 | 1,398,277 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc. | 4,025 | 163,697 | ||||||
FreightCar America, Inc. | 6,728 | 115,183 | ||||||
Hillenbrand, Inc. | 35,121 | 1,638,394 | ||||||
John Bean Technologies Corp. | 17,419 | 1,538,098 | ||||||
3,455,372 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 17,020 | 229,770 | ||||||
IMAX Corp.† | 31,090 | 649,781 | ||||||
879,551 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,514 | 260,528 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 32,074 | 400,604 | ||||||
Entravision Communications Corp., Class A | 36,725 | 146,900 | ||||||
Liberty Media Corp. - Liberty Braves, Series A† | 5,519 | 137,754 | ||||||
Liberty Media Corp. - Liberty Braves, Series C†# | 19,024 | 475,220 | ||||||
Media General, Inc. CVR†#(1)(2) | 61,443 | 0 | ||||||
1,160,478 | ||||||||
Networking Products — 0.2% |
| |||||||
A10 Networks, Inc.† | 27,746 | 178,407 | ||||||
Calix, Inc.† | 24,062 | 163,622 | ||||||
Extreme Networks, Inc.† | 63,343 | 545,383 | ||||||
Infinera Corp.†# | 81,802 | 719,858 | ||||||
NeoPhotonics Corp.†# | 18,279 | 119,179 | ||||||
NETGEAR, Inc.† | 17,350 | 1,048,807 | ||||||
2,775,256 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 5,034 | 160,836 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Materion Corp. | 11,050 | 602,777 | ||||||
Uranium Energy Corp.† | 75,676 | 113,514 | ||||||
716,291 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Advanced Disposal Services, Inc.† | 34,743 | 812,291 | ||||||
Casella Waste Systems, Inc., Class A† | 21,694 | 511,545 | ||||||
Covanta Holding Corp. | 65,006 | 1,059,598 | ||||||
2,383,434 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Eastman Kodak Co.† | 9,154 | 46,685 | ||||||
Office Furnishings - Original — 0.3% |
| |||||||
CompX International, Inc. | 915 | 12,993 | ||||||
Herman Miller, Inc. | 33,096 | 1,083,894 | ||||||
HNI Corp. | 24,033 | 891,865 | ||||||
Interface, Inc. | 33,112 | 751,642 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Office Furnishings - Original (continued) |
| |||||||
Kimball International, Inc., Class B | 20,219 | $ | 328,559 | |||||
Knoll, Inc. | 26,818 | 541,724 | ||||||
Steelcase, Inc., Class A | 46,764 | 673,401 | ||||||
4,284,078 | ||||||||
Office Supplies & Forms — 0.1% |
| |||||||
ACCO Brands Corp. | 58,340 | 752,586 | ||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 35,874 | 651,472 | ||||||
Ensco PLC, Class A# | 237,122 | 1,541,293 | ||||||
Noble Corp. PLC†# | 135,437 | 753,030 | ||||||
Parker Drilling Co.† | 74,474 | 32,768 | ||||||
Rowan Cos. PLC, Class A† | 64,701 | 1,009,336 | ||||||
3,987,899 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Abraxas Petroleum Corp.† | 85,054 | 229,646 | ||||||
Approach Resources, Inc.†# | 23,857 | 71,810 | ||||||
Bonanza Creek Energy, Inc.† | 11,268 | 414,437 | ||||||
California Resources Corp.†# | 23,642 | 868,607 | ||||||
Callon Petroleum Co.†# | 111,806 | 1,323,783 | ||||||
Carrizo Oil & Gas, Inc.†# | 42,905 | 1,083,780 | ||||||
Contango Oil & Gas Co.† | 13,089 | 58,901 | ||||||
Denbury Resources, Inc.†# | 220,492 | 937,091 | ||||||
DLB Oil & Gas, Inc.†(1)(2) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A†# | 10,212 | 90,274 | ||||||
Eclipse Resources Corp.† | 48,455 | 78,497 | ||||||
Energy XXI Gulf Coast, Inc.† | 16,399 | 123,320 | ||||||
EP Energy Corp., Class A†# | 21,343 | 61,895 | ||||||
Evolution Petroleum Corp. | 14,039 | 133,371 | ||||||
Gastar Exploration, Inc.†# | 100,012 | 66,008 | ||||||
Halcon Resources Corp.† | 76,268 | 369,137 | ||||||
HighPoint Resources Corp.†# | 55,107 | 393,464 | ||||||
Isramco, Inc.† | 406 | 45,634 | ||||||
Jagged Peak Energy, Inc.†# | 31,796 | 383,142 | ||||||
Jones Energy, Inc., Class A†# | 28,089 | 14,879 | ||||||
Lilis Energy, Inc.†# | 23,718 | 140,885 | ||||||
Matador Resources Co.†# | 53,906 | 1,513,141 | ||||||
Midstates Petroleum Co., Inc.† | 6,207 | 81,808 | ||||||
Oasis Petroleum, Inc.† | 148,112 | 1,929,899 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,708 | 181,562 | ||||||
PDC Energy, Inc.† | 36,666 | 2,217,926 | ||||||
Penn Virginia Corp.† | 7,912 | 545,612 | ||||||
Resolute Energy Corp.†# | 12,036 | 429,204 | ||||||
Ring Energy, Inc.† | 27,707 | 382,634 | ||||||
Rosehill Resources, Inc.†# | 1,397 | 10,645 | ||||||
Sanchez Energy Corp.†# | 40,203 | 158,400 | ||||||
SandRidge Energy, Inc.†# | 19,363 | 281,538 | ||||||
SilverBow Resources, Inc.† | 3,867 | 111,215 | ||||||
SRC Energy, Inc.†# | 133,892 | 1,732,562 | ||||||
Talos Energy, Inc.† | 10,820 | 347,538 | ||||||
Ultra Petroleum Corp.†# | 108,213 | 192,619 | ||||||
Unit Corp.† | 28,719 | 627,223 | ||||||
W&T Offshore, Inc.† | 52,002 | 356,214 | ||||||
WildHorse Resource Development Corp.†# | 26,977 | 724,602 | ||||||
18,712,903 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 21,011 | 1,009,579 | ||||||
Exterran Corp.† | 17,807 | 490,761 | ||||||
Flotek Industries, Inc.†# | 30,679 | 96,025 | ||||||
Forum Energy Technologies, Inc.† | 44,702 | 632,533 | ||||||
Gulf Island Fabrication, Inc. | 7,575 | 79,538 | ||||||
Natural Gas Services Group, Inc.† | 6,876 | 158,492 | ||||||
Thermon Group Holdings, Inc.† | 17,870 | 412,082 | ||||||
2,879,010 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,202 | $ | 53,092 | |||||
CVR Energy, Inc.# | 8,757 | 330,402 | ||||||
Delek US Holdings, Inc. | 44,370 | 2,474,959 | ||||||
Par Pacific Holdings, Inc.† | 17,626 | 313,919 | ||||||
Trecora Resources† | 10,896 | 151,999 | ||||||
3,324,371 | ||||||||
Oil - Field Services — 1.0% |
| |||||||
Archrock, Inc. | 74,059 | 855,381 | ||||||
Basic Energy Services, Inc.† | 9,654 | 127,529 | ||||||
Bristow Group, Inc. | 17,949 | 212,337 | ||||||
C&J Energy Services, Inc.† | 27,868 | 750,207 | ||||||
CARBO Ceramics, Inc.†# | 12,730 | 122,463 | ||||||
Era Group, Inc.† | 10,918 | 141,170 | ||||||
Frank’s International NV# | 27,632 | 203,924 | ||||||
FTS International, Inc.† | 12,563 | 237,943 | ||||||
Helix Energy Solutions Group, Inc.† | 77,999 | 592,792 | ||||||
Independence Contract Drilling, Inc.† | 19,001 | 80,944 | ||||||
Keane Group, Inc.†# | 29,578 | 433,318 | ||||||
Key Energy Services, Inc.† | 5,720 | 96,840 | ||||||
Liberty Oilfield Services, Inc., Class A†# | 8,201 | 174,353 | ||||||
Mammoth Energy Services, Inc.† | 4,462 | 168,485 | ||||||
Matrix Service Co.† | 14,559 | 282,445 | ||||||
McDermott International, Inc.†# | 95,452 | 2,074,172 | ||||||
MRC Global, Inc.† | 49,565 | 1,023,517 | ||||||
NCS Multistage Holdings, Inc.†# | 5,881 | 89,509 | ||||||
Newpark Resources, Inc.† | 46,686 | 506,543 | ||||||
Nine Energy Service, Inc.†# | 4,510 | 157,038 | ||||||
NOW, Inc.†# | 59,347 | 834,419 | ||||||
Oil States International, Inc.† | 28,180 | 997,572 | ||||||
PHI, Inc.† | 6,470 | 73,758 | ||||||
Pioneer Energy Services Corp.† | 42,230 | 232,265 | ||||||
ProPetro Holding Corp.†# | 31,626 | 514,555 | ||||||
Quintana Energy Services, Inc.† | 3,394 | 28,815 | ||||||
Ranger Energy Services, Inc.† | 3,284 | 32,183 | ||||||
SEACOR Holdings, Inc.† | 9,119 | 476,285 | ||||||
Select Energy Services, Inc., Class A† | 14,847 | 211,867 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A†# | 10,247 | 158,214 | ||||||
Superior Energy Services, Inc.† | 84,447 | 923,006 | ||||||
TETRA Technologies, Inc.† | 63,492 | 267,936 | ||||||
13,081,785 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Digimarc Corp.†# | 5,716 | 167,193 | ||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.† | 22,675 | 674,581 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 8,981 | 215,993 | ||||||
Neenah, Inc. | 9,227 | 748,771 | ||||||
Orchids Paper Products Co.†# | 5,056 | 20,123 | ||||||
P.H. Glatfelter Co. | 24,086 | 421,264 | ||||||
Schweitzer-Mauduit International, Inc. | 16,886 | 739,776 | ||||||
Verso Corp., Class A† | 19,061 | 385,604 | ||||||
2,531,531 | ||||||||
Pastoral & Agricultural — 0.0% |
| |||||||
Phibro Animal Health Corp., Class A | 10,955 | 495,166 | ||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Insulet Corp.† | 32,238 | 3,023,602 | ||||||
Masimo Corp.† | 24,872 | 2,463,572 | ||||||
5,487,174 | ||||||||
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Pharmacy Services — 0.1% |
| |||||||
BioScrip, Inc.†# | 64,402 | $ | 170,665 | |||||
Diplomat Pharmacy, Inc.† | 26,924 | 633,791 | ||||||
804,456 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.3% |
| |||||||
AAC Holdings, Inc.†# | 6,352 | 68,347 | ||||||
Encompass Health Corp. | 54,621 | 3,536,710 | ||||||
U.S. Physical Therapy, Inc. | 6,711 | 626,472 | ||||||
4,231,529 | ||||||||
Pipelines — 0.1% |
| |||||||
SemGroup Corp., Class A# | 36,831 | 931,824 | ||||||
Tellurian, Inc.†# | 33,994 | 380,393 | ||||||
1,312,217 | ||||||||
Pollution Control — 0.0% |
| |||||||
Advanced Emissions Solutions, Inc.# | 10,967 | 121,624 | ||||||
CECO Environmental Corp. | 16,555 | 94,529 | ||||||
Hudson Technologies, Inc.†# | 20,582 | 45,280 | ||||||
261,433 | ||||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc. | 11,174 | 1,093,711 | ||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Advanced Energy Industries, Inc.† | 22,029 | 1,443,560 | ||||||
Energous Corp.†# | 10,438 | 192,372 | ||||||
Generac Holdings, Inc.† | 33,761 | 1,691,089 | ||||||
Powell Industries, Inc. | 4,887 | 165,230 | ||||||
SPX Corp.† | 23,616 | 809,084 | ||||||
SunPower Corp.†# | 33,139 | 278,036 | ||||||
Vicor Corp.† | 9,291 | 407,410 | ||||||
4,986,781 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 102,770 | 828,326 | ||||||
Hecla Mining Co. | 218,600 | 821,936 | ||||||
1,650,262 | ||||||||
Printing - Commercial — 0.4% |
| |||||||
ARC Document Solutions, Inc.† | 22,170 | 43,231 | ||||||
Cimpress NV†# | 13,639 | 1,898,958 | ||||||
Deluxe Corp. | 26,611 | 1,770,696 | ||||||
Ennis, Inc. | 13,877 | 253,255 | ||||||
LSC Communications, Inc. | 19,036 | 240,996 | ||||||
Quad/Graphics, Inc. | 17,401 | 344,018 | ||||||
RR Donnelley & Sons Co. | 38,904 | 242,761 | ||||||
4,793,915 | ||||||||
Private Equity — 0.1% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 67,133 | 1,369,513 | ||||||
Publishing - Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.† | 57,355 | 390,014 | ||||||
Scholastic Corp. | 15,699 | 706,298 | ||||||
1,096,312 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Daily Journal Corp.†# | 616 | 139,216 | ||||||
Gannett Co., Inc. | 62,351 | 659,050 | ||||||
New York Times Co., Class A# | 69,638 | 1,584,265 | ||||||
tronc, Inc.† | 11,109 | 178,188 | ||||||
2,560,719 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 21,949 | 1,105,132 | ||||||
Value Line, Inc. | 608 | 12,263 | ||||||
1,117,395 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 18,800 | $ | 1,229,520 | |||||
Racetracks — 0.4% |
| |||||||
Churchill Downs, Inc. | 7,473 | 2,237,416 | ||||||
Empire Resorts, Inc.†# | 1,888 | 42,858 | ||||||
International Speedway Corp., Class A | 13,409 | 559,155 | ||||||
Penn National Gaming, Inc.† | 46,998 | 1,601,692 | ||||||
Speedway Motorsports, Inc. | 6,453 | 107,765 | ||||||
4,548,886 | ||||||||
Radio — 0.1% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 2,707 | 30,589 | ||||||
Entercom Communications Corp., Class A# | 70,325 | 481,726 | ||||||
Saga Communications, Inc., Class A | 2,092 | 81,065 | ||||||
Salem Media Group, Inc. | 6,437 | 24,461 | ||||||
Townsquare Media, Inc., Class A | 4,877 | 30,384 | ||||||
648,225 | ||||||||
Real Estate Investment Trusts — 6.4% |
| |||||||
Acadia Realty Trust | 46,003 | 1,184,577 | ||||||
AG Mtg. Investment Trust, Inc. | 15,545 | 293,490 | ||||||
Agree Realty Corp. | 15,700 | 831,158 | ||||||
Alexander & Baldwin, Inc. | 37,811 | 805,752 | ||||||
Alexander’s, Inc. | 1,181 | 457,638 | ||||||
American Assets Trust, Inc. | 22,397 | 814,131 | ||||||
Americold Realty Trust | 29,184 | 601,190 | ||||||
Anworth Mtg. Asset Corp. | 53,934 | 273,445 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 59,636 | 1,108,633 | ||||||
Ares Commercial Real Estate Corp. | 14,854 | 205,282 | ||||||
Armada Hoffler Properties, Inc. | 24,794 | 357,034 | ||||||
ARMOUR Residential REIT, Inc.# | 23,094 | 535,088 | ||||||
Ashford Hospitality Trust, Inc. | 42,635 | 314,220 | ||||||
Bluerock Residential Growth REIT, Inc.# | 12,735 | 113,087 | ||||||
Braemar Hotels & Resorts, Inc. | 14,706 | 161,766 | ||||||
Capstead Mtg. Corp. | 52,904 | 484,072 | ||||||
CareTrust REIT, Inc. | 41,823 | 689,661 | ||||||
CatchMark Timber Trust, Inc., Class A | 24,023 | 305,092 | ||||||
CBL & Associates Properties, Inc.# | 93,502 | 473,120 | ||||||
Cedar Realty Trust, Inc. | 48,901 | 214,675 | ||||||
Chatham Lodging Trust | 24,770 | 514,968 | ||||||
Cherry Hill Mtg. Investment Corp. | 6,505 | 116,960 | ||||||
Chesapeake Lodging Trust | 32,812 | 1,057,531 | ||||||
City Office REIT, Inc. | 19,510 | 241,924 | ||||||
Clipper Realty, Inc.# | 8,734 | 77,995 | ||||||
CorEnergy Infrastructure Trust, Inc. | 6,596 | 238,709 | ||||||
CorePoint Lodging, Inc.† | 22,624 | 630,983 | ||||||
Cousins Properties, Inc. | 231,917 | 2,184,658 | ||||||
CYS Investments, Inc. | 85,829 | 628,268 | ||||||
DiamondRock Hospitality Co. | 110,941 | 1,412,279 | ||||||
Dynex Capital, Inc. | 28,947 | 187,577 | ||||||
Easterly Government Properties, Inc.# | 23,391 | 473,668 | ||||||
EastGroup Properties, Inc. | 18,872 | 1,759,437 | ||||||
Education Realty Trust, Inc. | 42,210 | 1,542,353 | ||||||
Ellington Residential Mortgage REIT# | 5,067 | 58,575 | ||||||
Exantas Capital Corp.# | 16,736 | 168,866 | ||||||
First Industrial Realty Trust, Inc. | 65,991 | 2,173,084 | ||||||
Four Corners Property Trust, Inc. | 34,212 | 783,113 | ||||||
Franklin Street Properties Corp.# | 57,970 | 448,688 | ||||||
Front Yard Residential Corp. | 27,518 | 289,489 | ||||||
GEO Group, Inc. | 67,894 | 1,683,771 | ||||||
Getty Realty Corp. | 17,160 | 448,048 | ||||||
Gladstone Commercial Corp. | 15,569 | 292,697 | ||||||
Global Medical REIT, Inc. | 10,076 | 90,079 | ||||||
Global Net Lease, Inc.# | 37,595 | 742,125 | ||||||
Government Properties Income Trust# | 54,059 | 785,477 | ||||||
Gramercy Property Trust | 88,783 | 2,447,747 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Great Ajax Corp.# | 8,700 | $ | 114,927 | |||||
Healthcare Realty Trust, Inc. | 68,053 | 1,853,764 | ||||||
Hersha Hospitality Trust | 21,517 | 457,667 | ||||||
Independence Realty Trust, Inc. | 46,515 | 451,196 | ||||||
Industrial Logistics Properties Trust | 11,204 | 238,421 | ||||||
InfraREIT, Inc.† | 23,541 | 502,836 | ||||||
Invesco Mtg. Capital, Inc. | 62,363 | 1,012,152 | ||||||
Investors Real Estate Trust | 66,871 | 372,472 | ||||||
iStar, Inc.†# | 36,517 | 395,479 | ||||||
Jernigan Capital, Inc.# | 7,310 | 144,373 | ||||||
Kite Realty Group Trust | 45,931 | 720,657 | ||||||
KKR Real Estate Finance Trust, Inc.# | 8,583 | 174,664 | ||||||
LaSalle Hotel Properties | 63,136 | 2,165,565 | ||||||
Lexington Realty Trust | 120,154 | 1,036,929 | ||||||
LTC Properties, Inc. | 21,827 | 897,963 | ||||||
Mack-Cali Realty Corp. | 50,222 | 992,889 | ||||||
MedEquities Realty Trust, Inc. | 15,893 | 166,559 | ||||||
Monmouth Real Estate Investment Corp. | 41,200 | 636,540 | ||||||
MTGE Investment Corp. | 25,378 | 506,291 | ||||||
National Health Investors, Inc. | 22,331 | 1,648,474 | ||||||
National Storage Affiliates Trust | 27,920 | 785,110 | ||||||
New Senior Investment Group, Inc. | 45,528 | 340,549 | ||||||
New York Mortgage Trust, Inc.# | 61,808 | 380,737 | ||||||
NexPoint Residential Trust, Inc. | 9,638 | 267,165 | ||||||
NorthStar Realty Europe Corp. | 30,193 | 423,004 | ||||||
One Liberty Properties, Inc. | 8,124 | 207,325 | ||||||
Orchid Island Capital, Inc.# | 28,131 | 207,325 | ||||||
Owens Realty Mortgage, Inc.# | 5,432 | 91,312 | ||||||
Pebblebrook Hotel Trust# | 38,194 | 1,559,079 | ||||||
Pennsylvania Real Estate Investment Trust# | 37,971 | 418,061 | ||||||
PennyMac Mtg. Investment Trust | 33,643 | 629,797 | ||||||
Physicians Realty Trust | 99,864 | 1,519,930 | ||||||
PotlatchDeltic Corp. | 33,380 | 1,685,690 | ||||||
Preferred Apartment Communities, Inc., Class A | 21,260 | 311,884 | ||||||
PS Business Parks, Inc. | 10,965 | 1,343,870 | ||||||
QTS Realty Trust, Inc., Class A | 27,352 | 1,031,991 | ||||||
Quality Care Properties, Inc.† | 52,434 | 1,098,492 | ||||||
Ramco-Gershenson Properties Trust# | 43,597 | 536,243 | ||||||
Redwood Trust, Inc. | 42,486 | 695,071 | ||||||
Retail Opportunity Investments Corp. | 60,066 | 1,088,396 | ||||||
Rexford Industrial Realty, Inc.# | 42,879 | 1,340,826 | ||||||
RLJ Lodging Trust | 94,107 | 2,202,104 | ||||||
Ryman Hospitality Properties, Inc. | 24,525 | 2,057,157 | ||||||
Sabra Health Care REIT, Inc.# | 98,405 | 2,039,936 | ||||||
Saul Centers, Inc. | 6,292 | 311,832 | ||||||
Select Income REIT | 35,126 | 758,722 | ||||||
Seritage Growth Properties, Class A# | 14,171 | 590,364 | ||||||
STAG Industrial, Inc. | 52,549 | 1,399,905 | ||||||
Summit Hotel Properties, Inc. | 57,501 | 879,190 | ||||||
Sunstone Hotel Investors, Inc. | 125,175 | 2,176,793 | ||||||
Sutherland Asset Management Corp. | 9,749 | 152,084 | ||||||
Terreno Realty Corp. | 30,153 | 1,149,131 | ||||||
Tier REIT, Inc. | 26,451 | 580,864 | ||||||
UMH Properties, Inc. | 17,243 | 253,645 | ||||||
Universal Health Realty Income Trust | 7,032 | 437,179 | ||||||
Urban Edge Properties | 57,353 | 1,254,310 | ||||||
Urstadt Biddle Properties, Inc., Class A | 16,381 | 357,925 | ||||||
Washington Prime Group, Inc.# | 103,455 | 752,118 | ||||||
Washington Real Estate Investment Trust | 43,759 | 1,255,008 | ||||||
Western Asset Mtg. Capital Corp.# | 22,659 | 239,506 | ||||||
Whitestone REIT# | 20,657 | 252,842 | ||||||
Xenia Hotels & Resorts, Inc. | 59,701 | 1,502,674 | ||||||
82,757,144 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 0.2% |
| |||||||
Farmland Partners, Inc.# | 17,615 | $ | 149,904 | |||||
Griffin Industrial Realty, Inc. | 385 | 15,916 | ||||||
HFF, Inc., Class A | 20,379 | 687,180 | ||||||
Marcus & Millichap, Inc.† | 8,890 | 333,019 | ||||||
Newmark Group, Inc., Class A | 12,885 | 173,045 | ||||||
RE/MAX Holdings, Inc., Class A | 9,879 | 514,696 | ||||||
Redfin Corp.†# | 32,294 | 713,697 | ||||||
Safety Income and Growth, Inc.# | 5,742 | 110,132 | ||||||
2,697,589 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Community Healthcare Trust, Inc.# | 9,538 | 264,203 | ||||||
Consolidated-Tomoka Land Co. | 2,155 | 129,451 | ||||||
Forestar Group, Inc.† | 5,827 | 136,352 | ||||||
FRP Holdings, Inc.† | 3,635 | 206,468 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,722 | 45,036 | ||||||
RMR Group, Inc., Class A | 3,895 | 294,462 | ||||||
St. Joe Co.†# | 24,608 | 438,022 | ||||||
Stratus Properties, Inc.† | 3,272 | 102,414 | ||||||
Transcontinental Realty Investors, Inc.† | 930 | 32,559 | ||||||
Trinity Place Holdings, Inc.†# | 10,060 | 70,219 | ||||||
1,719,186 | ||||||||
Recreational Centers — 0.1% |
| |||||||
Planet Fitness, Inc., Class A† | 47,983 | 1,901,566 | ||||||
Recreational Vehicles — 0.2% |
| |||||||
Camping World Holdings, Inc., Class A# | 17,609 | 334,571 | ||||||
LCI Industries | 13,445 | 1,179,127 | ||||||
Malibu Boats, Inc., Class A† | 11,420 | 489,690 | ||||||
MCBC Holdings, Inc.† | 10,201 | 300,827 | ||||||
2,304,215 | ||||||||
Recycling — 0.0% |
| |||||||
Aqua Metals, Inc.†# | 12,615 | 43,774 | ||||||
Rental Auto/Equipment — 0.4% |
| |||||||
Aaron’s, Inc. | 35,152 | 1,398,347 | ||||||
Avis Budget Group, Inc.† | 40,151 | 1,565,487 | ||||||
CAI International, Inc.† | 9,079 | 217,987 | ||||||
Herc Holdings, Inc.† | 13,432 | 734,059 | ||||||
Hertz Global Holdings, Inc.† | 30,346 | 457,921 | ||||||
McGrath RentCorp | 12,992 | 845,519 | ||||||
Rent-A-Center, Inc.# | 23,752 | 225,406 | ||||||
Textainer Group Holdings, Ltd.†# | 15,043 | 254,979 | ||||||
5,699,705 | ||||||||
Resorts/Theme Parks — 0.2% |
| |||||||
Marriott Vacations Worldwide Corp.# | 11,870 | 1,427,249 | ||||||
SeaWorld Entertainment, Inc.†# | 37,954 | 673,683 | ||||||
2,100,932 | ||||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Abercrombie & Fitch Co., Class A | 37,888 | 903,629 | ||||||
American Eagle Outfitters, Inc. | 89,997 | 1,997,933 | ||||||
Ascena Retail Group, Inc.†# | 95,686 | 311,936 | ||||||
Boot Barn Holdings, Inc.† | 10,889 | 257,852 | ||||||
Buckle, Inc.# | 15,951 | 402,763 | ||||||
Caleres, Inc. | 23,338 | 827,566 | ||||||
Cato Corp., Class A | 12,627 | 288,274 | ||||||
Chico’s FAS, Inc. | 70,406 | 595,635 | ||||||
Children’s Place, Inc.# | 9,568 | 1,231,880 | ||||||
DSW, Inc., Class A# | 36,433 | 870,020 | ||||||
Duluth Holdings, Inc., Class B†# | 5,324 | 92,318 | ||||||
Express, Inc.† | 42,786 | 364,109 | ||||||
Finish Line, Inc., Class A | 22,054 | 300,155 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Apparel/Shoe (continued) |
| |||||||
Francesca’s Holdings Corp.†# | 20,177 | $ | 119,246 | |||||
Genesco, Inc.† | 10,790 | 471,523 | ||||||
Guess?, Inc. | 33,238 | 651,465 | ||||||
J. Jill, Inc.† | 7,944 | 62,281 | ||||||
Shoe Carnival, Inc. | 6,378 | 205,435 | ||||||
Tailored Brands, Inc. | 27,240 | 893,744 | ||||||
Tilly’s, Inc., Class A | 7,277 | 100,132 | ||||||
Vera Bradley, Inc.† | 10,898 | 126,962 | ||||||
Winmark Corp. | 1,197 | 171,410 | ||||||
11,246,268 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 10,431 | 241,478 | ||||||
Retail - Automobile — 0.3% |
| |||||||
America’s Car-Mart, Inc.† | 3,821 | 238,430 | ||||||
Asbury Automotive Group, Inc.† | 10,287 | 715,461 | ||||||
Group 1 Automotive, Inc. | 11,010 | 773,562 | ||||||
Lithia Motors, Inc., Class A# | 13,056 | 1,276,224 | ||||||
Rush Enterprises, Inc., Class A† | 16,890 | 726,777 | ||||||
Rush Enterprises, Inc., Class B† | 2,831 | 119,921 | ||||||
Sonic Automotive, Inc., Class A# | 13,989 | 297,966 | ||||||
4,148,341 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 21,416 | 135,777 | ||||||
Barnes & Noble, Inc. | 32,987 | 192,974 | ||||||
328,751 | ||||||||
Retail - Building Products — 0.3% |
| |||||||
At Home Group, Inc.† | 6,044 | 209,183 | ||||||
Beacon Roofing Supply, Inc.† | 37,814 | 1,584,407 | ||||||
BMC Stock Holdings, Inc.† | 36,310 | 738,908 | ||||||
Foundation Building Materials, Inc.† | 8,233 | 126,377 | ||||||
GMS, Inc.† | 18,036 | 540,178 | ||||||
Lumber Liquidators Holdings, Inc.†# | 15,602 | 330,138 | ||||||
Tile Shop Holdings, Inc. | 22,300 | 160,560 | ||||||
3,689,751 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,414 | 189,790 | ||||||
PCM, Inc.†# | 5,232 | 63,831 | ||||||
253,621 | ||||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc.# | 23,636 | 966,949 | ||||||
Citi Trends, Inc. | 7,379 | 221,444 | ||||||
Fred’s, Inc., Class A# | 19,947 | 28,125 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 26,403 | 1,866,692 | ||||||
3,083,210 | ||||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 19,707 | 340,734 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 5,638 | 155,891 | ||||||
Haverty Furniture Cos., Inc. | 10,420 | 208,400 | ||||||
Kirkland’s, Inc.† | 8,495 | 108,991 | ||||||
La-Z-Boy, Inc. | 25,961 | 809,983 | ||||||
Pier 1 Imports, Inc. | 44,365 | 105,589 | ||||||
RH†# | 11,144 | 1,089,103 | ||||||
2,477,957 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc.# | 8,420 | 413,422 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 11,745 | $ | 275,420 | |||||
Party City Holdco, Inc.†# | 19,406 | 285,268 | ||||||
560,688 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
J.C. Penney Co., Inc.†# | 172,050 | 416,361 | ||||||
Sears Holdings Corp.†# | 6,593 | 18,526 | ||||||
434,887 | ||||||||
Retail - Misc./Diversified — 0.3% |
| |||||||
Container Store Group, Inc.†# | 8,879 | 68,013 | ||||||
Five Below, Inc.† | 29,966 | 2,118,896 | ||||||
Gaia, Inc.†# | 4,859 | 92,321 | ||||||
Hudson, Ltd., Class A† | 22,082 | 386,876 | ||||||
PriceSmart, Inc. | 12,255 | 1,037,386 | ||||||
3,703,492 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 284,075 | 670,417 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
EZCORP, Inc., Class A†# | 27,685 | 343,294 | ||||||
FirstCash, Inc. | 25,713 | 2,333,455 | ||||||
2,676,749 | ||||||||
Retail - Pet Food & Supplies — 0.1% |
| |||||||
Freshpet, Inc.†# | 13,780 | 314,184 | ||||||
PetIQ, Inc.†# | 4,324 | 82,805 | ||||||
PetMed Express, Inc.# | 10,953 | 393,979 | ||||||
790,968 | ||||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Dillard’s, Inc., Class A# | 7,548 | 614,634 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Biglari Holdings, Inc., Class A† | 56 | 59,920 | ||||||
Biglari Holdings, Inc., Class B† | 564 | 121,367 | ||||||
BJ’s Restaurants, Inc. | 11,170 | 625,520 | ||||||
Bloomin’ Brands, Inc. | 50,246 | 1,066,220 | ||||||
Bojangles’, Inc.† | 9,720 | 143,856 | ||||||
Brinker International, Inc.# | 25,820 | 1,129,109 | ||||||
Cannae Holdings, Inc.† | 34,280 | 685,257 | ||||||
Carrols Restaurant Group, Inc.† | 19,135 | 244,928 | ||||||
Cheesecake Factory, Inc. | 23,768 | 1,231,420 | ||||||
Chuy’s Holdings, Inc.† | 9,199 | 270,911 | ||||||
Cracker Barrel Old Country Store, Inc.# | 10,665 | 1,671,312 | ||||||
Dave & Buster’s Entertainment, Inc.†# | 22,591 | 940,689 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 11,727 | 155,383 | ||||||
Del Taco Restaurants, Inc.† | 18,288 | 220,188 | ||||||
Denny’s Corp.† | 35,505 | 541,451 | ||||||
Dine Brands Global, Inc.# | 9,547 | 605,757 | ||||||
El Pollo Loco Holdings, Inc.† | 11,274 | 119,504 | ||||||
Fiesta Restaurant Group, Inc.† | 14,311 | 355,628 | ||||||
Habit Restaurants, Inc., Class A†# | 11,198 | 98,542 | ||||||
J Alexander’s Holdings, Inc.† | 7,144 | 85,728 | ||||||
Jack in the Box, Inc. | 16,328 | 1,317,180 | ||||||
Nathan’s Famous, Inc. | 1,579 | 135,084 | ||||||
Noodles & Co.† | 6,494 | 56,173 | ||||||
Papa John’s International, Inc. | 14,407 | 739,800 | ||||||
Potbelly Corp.† | 12,690 | 168,777 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,140 | 359,499 | ||||||
Ruth’s Hospitality Group, Inc. | 16,216 | 430,535 | ||||||
Shake Shack, Inc., Class A†# | 12,378 | 737,976 | ||||||
Sonic Corp.# | 20,656 | 501,528 | ||||||
Texas Roadhouse, Inc. | 37,125 | 2,300,636 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Wingstop, Inc. | 16,111 | $ | 815,378 | |||||
Zoe’s Kitchen, Inc.†# | 10,589 | 96,148 | ||||||
18,031,404 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp.# | 11,273 | 92,439 | ||||||
Hibbett Sports, Inc.†# | 10,612 | 280,687 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 20,067 | 103,947 | ||||||
Zumiez, Inc.† | 10,219 | 247,811 | ||||||
724,884 | ||||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 7,544 | 60,352 | ||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 16,902 | 615,233 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A†# | 37,610 | 120,352 | ||||||
Vitamin Shoppe, Inc.†# | 11,833 | 60,348 | ||||||
180,700 | ||||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.† | 13,615 | 148,540 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co.# | 28,534 | 733,324 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 12,969 | 254,192 | ||||||
Proto Labs, Inc.† | 13,756 | 1,658,974 | ||||||
Trinseo SA | 24,620 | 1,780,026 | ||||||
3,693,192 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Globalstar, Inc.†# | 315,627 | 171,165 | ||||||
Intelsat SA†# | 20,114 | 359,035 | ||||||
Iridium Communications, Inc.†# | 46,472 | 706,374 | ||||||
Loral Space & Communications, Inc.† | 7,128 | 273,715 | ||||||
1,510,289 | ||||||||
Savings & Loans/Thrifts — 1.7% |
| |||||||
Banc of California, Inc.# | 24,106 | 467,656 | ||||||
BankFinancial Corp. | 7,821 | 139,292 | ||||||
Beneficial Bancorp, Inc. | 37,696 | 616,330 | ||||||
Berkshire Hills Bancorp, Inc. | 22,154 | 870,652 | ||||||
BofI Holding, Inc.†# | 32,791 | 1,351,317 | ||||||
Brookline Bancorp, Inc. | 41,641 | 757,866 | ||||||
BSB Bancorp, Inc.† | 4,632 | 156,793 | ||||||
Capitol Federal Financial, Inc. | 71,253 | 936,264 | ||||||
Charter Financial Corp. | 6,826 | 167,442 | ||||||
Community Bankers Trust Corp.† | 11,901 | 116,035 | ||||||
Dime Community Bancshares, Inc. | 17,564 | 357,427 | ||||||
Entegra Financial Corp.† | 3,719 | 105,992 | ||||||
ESSA Bancorp, Inc. | 4,919 | 78,114 | ||||||
First Defiance Financial Corp. | 5,503 | 343,993 | ||||||
First Financial Northwest, Inc. | 4,487 | 77,984 | ||||||
Flagstar Bancorp, Inc.† | 11,818 | 411,148 | ||||||
Flushing Financial Corp. | 15,401 | 411,053 | ||||||
Greene County Bancorp, Inc.# | 1,687 | 50,863 | ||||||
Hingham Institution for Savings | 719 | 154,053 | ||||||
Home Bancorp, Inc. | 3,637 | 160,101 | ||||||
HomeTrust Bancshares, Inc.† | 9,249 | 248,798 | ||||||
Investors Bancorp, Inc. | 141,874 | 1,892,599 | ||||||
Malvern Bancorp, Inc.† | 3,563 | 94,063 | ||||||
Meridian Bancorp, Inc. | 26,556 | 519,170 | ||||||
Meta Financial Group, Inc. | 5,147 | 582,383 | ||||||
MutualFirst Financial, Inc. | 3,398 | 130,483 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Northfield Bancorp, Inc. | 23,869 | $ | 390,019 | |||||
Northwest Bancshares, Inc.# | 52,498 | 905,066 | ||||||
OceanFirst Financial Corp. | 22,171 | 650,054 | ||||||
Oconee Federal Financial Corp.# | 690 | 20,183 | ||||||
Oritani Financial Corp. | 21,935 | 348,766 | ||||||
Pacific Premier Bancorp, Inc.† | 21,733 | 897,573 | ||||||
Provident Financial Holdings, Inc. | 3,051 | 55,986 | ||||||
Provident Financial Services, Inc. | 34,204 | 955,660 | ||||||
Prudential Bancorp, Inc. | 4,503 | 78,307 | ||||||
Riverview Bancorp, Inc. | 11,857 | 103,749 | ||||||
SI Financial Group, Inc. | 6,227 | 93,716 | ||||||
Southern Missouri Bancorp, Inc. | 3,763 | 137,575 | ||||||
Sterling Bancorp | 118,261 | 2,903,308 | ||||||
Territorial Bancorp, Inc. | 4,276 | 130,760 | ||||||
Timberland Bancorp, Inc. | 3,450 | 112,608 | ||||||
United Community Financial Corp. | 27,165 | 284,146 | ||||||
United Financial Bancorp, Inc. | 28,060 | 488,805 | ||||||
Washington Federal, Inc. | 47,690 | 1,547,540 | ||||||
Waterstone Financial, Inc. | 14,163 | 245,728 | ||||||
WSFS Financial Corp. | 16,758 | 877,281 | ||||||
22,424,701 | ||||||||
Schools — 0.6% |
| |||||||
Adtalem Global Education, Inc.† | 33,429 | 1,596,235 | ||||||
American Public Education, Inc.† | 8,767 | 373,474 | ||||||
Bridgepoint Education, Inc.† | 14,552 | 100,263 | ||||||
Cambium Learning Group, Inc.† | 7,665 | 76,727 | ||||||
Capella Education Co. | 6,380 | 605,781 | ||||||
Career Education Corp.† | 37,511 | 577,294 | ||||||
Grand Canyon Education, Inc.† | 26,020 | 2,890,822 | ||||||
K12, Inc.† | 21,340 | 344,428 | ||||||
Laureate Education, Inc., Class A† | 30,671 | 497,790 | ||||||
Strayer Education, Inc. | 5,888 | 643,558 | ||||||
7,706,372 | ||||||||
Security Services — 0.2% |
| |||||||
Alarm.com Holdings, Inc.†# | 11,465 | 509,390 | ||||||
Ascent Capital Group, Inc., Class A† | 6,106 | 11,968 | ||||||
Brink’s Co. | 25,436 | 2,015,803 | ||||||
2,537,161 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 7,268 | 80,602 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Aquantia Corp.†# | 3,957 | 47,326 | ||||||
Cirrus Logic, Inc.† | 35,297 | 1,322,932 | ||||||
Integrated Device Technology, Inc.† | 74,318 | 2,470,330 | ||||||
MaxLinear, Inc.†# | 34,138 | 626,432 | ||||||
Power Integrations, Inc. | 15,909 | 1,195,561 | ||||||
Sigma Designs, Inc.† | 21,136 | 131,043 | ||||||
5,793,624 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||
Axcelis Technologies, Inc.† | 16,991 | 361,059 | ||||||
Brooks Automation, Inc. | 38,572 | 1,260,533 | ||||||
Cabot Microelectronics Corp. | 13,999 | 1,584,267 | ||||||
Cohu, Inc. | 15,420 | 370,388 | ||||||
Entegris, Inc. | 78,803 | 2,765,985 | ||||||
FormFactor, Inc.† | 39,922 | 540,943 | ||||||
MKS Instruments, Inc. | 29,896 | 3,354,331 | ||||||
Nanometrics, Inc.† | 13,524 | 567,602 | ||||||
Photronics, Inc.† | 37,071 | 322,518 | ||||||
Rudolph Technologies, Inc.† | 17,317 | 580,120 | ||||||
Ultra Clean Holdings, Inc.† | 20,970 | 369,491 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment (continued) |
| |||||||
Veeco Instruments, Inc.† | 26,166 | $ | 446,130 | |||||
Xcerra Corp.† | 30,023 | 413,417 | ||||||
12,936,784 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Advanced Drainage Systems, Inc. | 19,991 | 579,739 | ||||||
Atkore International Group, Inc.† | 18,383 | 397,073 | ||||||
Mueller Water Products, Inc., Class A | 85,483 | 1,018,103 | ||||||
Northwest Pipe Co.† | 5,288 | 111,312 | ||||||
Omega Flex, Inc. | 1,616 | 112,377 | ||||||
TimkenSteel Corp.†# | 21,980 | 385,309 | ||||||
2,603,913 | ||||||||
Steel - Producers — 0.4% |
| |||||||
AK Steel Holding Corp.†# | 174,955 | 790,797 | ||||||
Carpenter Technology Corp. | 25,718 | 1,541,537 | ||||||
Commercial Metals Co. | 64,118 | 1,515,749 | ||||||
Ryerson Holding Corp.† | 8,869 | 109,532 | ||||||
Schnitzer Steel Industries, Inc., Class A | 14,667 | 456,877 | ||||||
Shiloh Industries, Inc.† | 8,020 | 83,248 | ||||||
4,497,740 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 69,700 | 1,987,844 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 24,378 | 1,111,637 | ||||||
Wesco Aircraft Holdings, Inc.† | 30,914 | 355,511 | ||||||
1,467,148 | ||||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 16,815 | 447,783 | ||||||
Telecom Equipment - Fiber Optics — 0.4% |
| |||||||
Acacia Communications, Inc.† | 10,445 | 337,791 | ||||||
Ciena Corp.† | 79,563 | 1,833,927 | ||||||
Clearfield, Inc.† | 6,379 | 68,893 | ||||||
Finisar Corp.†# | 63,237 | 1,025,072 | ||||||
Harmonic, Inc.† | 44,581 | 171,637 | ||||||
KVH Industries, Inc.† | 8,635 | 95,417 | ||||||
Oclaro, Inc.† | 93,034 | 796,371 | ||||||
Viavi Solutions, Inc.† | 126,959 | 1,207,380 | ||||||
5,536,488 | ||||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc.# | 36,254 | 406,407 | ||||||
GTT Communications, Inc.†# | 17,174 | 807,178 | ||||||
Hawaiian Telcom Holdco, Inc.† | 3,312 | 87,072 | ||||||
HC2 Holdings, Inc.† | 23,059 | 141,813 | ||||||
Ooma, Inc.† | 9,754 | 115,585 | ||||||
ORBCOMM, Inc.† | 37,660 | 363,796 | ||||||
RigNet, Inc.† | 7,393 | 87,607 | ||||||
Spok Holdings, Inc. | 11,009 | 169,539 | ||||||
Vonage Holdings Corp.† | 114,115 | 1,306,617 | ||||||
3,485,614 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 26,939 | 375,799 | ||||||
Casa Systems, Inc.† | 3,865 | 74,247 | ||||||
Comtech Telecommunications Corp. | 12,731 | 398,480 | ||||||
Plantronics, Inc. | 18,266 | 1,330,678 | ||||||
Preformed Line Products Co. | 1,692 | 130,369 | ||||||
2,309,573 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Cincinnati Bell, Inc.† | 23,284 | 286,393 | ||||||
Frontier Communications Corp.# | 43,621 | 324,104 |
Security Description | Shares | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
IDT Corp., Class B | 9,645 | $ | 47,261 | |||||
Shenandoah Telecommunications Co.# | 25,763 | 821,840 | ||||||
Windstream Holdings, Inc.# | 20,299 | 111,847 | ||||||
1,591,445 | ||||||||
Television — 0.4% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 45,712 | 173,706 | ||||||
Gray Television, Inc.† | 44,588 | 490,468 | ||||||
Nexstar Media Group, Inc., Class A# | 24,321 | 1,612,482 | ||||||
Sinclair Broadcast Group, Inc., Class A# | 39,582 | 1,084,547 | ||||||
World Wrestling Entertainment, Inc., Class A# | 23,440 | 1,356,941 | ||||||
4,718,144 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Perry Ellis International, Inc.† | 7,102 | 195,305 | ||||||
Unifi, Inc.† | 8,535 | 268,938 | ||||||
464,243 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,074 | 188,598 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 29,550 | 437,340 | ||||||
National CineMedia, Inc. | 34,317 | 254,289 | ||||||
Reading International, Inc., Class A† | 9,204 | 143,950 | ||||||
835,579 | ||||||||
Therapeutics — 0.6% |
| |||||||
Akebia Therapeutics, Inc.† | 24,816 | 243,693 | ||||||
Anika Therapeutics, Inc.† | 7,971 | 324,101 | ||||||
Calithera Biosciences, Inc.† | 16,982 | 87,457 | ||||||
Cara Therapeutics, Inc.†# | 14,814 | 231,691 | ||||||
Concert Pharmaceuticals, Inc.† | 9,935 | 202,972 | ||||||
Dyax Corp. CVR†(1)(2) | 82,437 | 325,626 | ||||||
Flexion Therapeutics, Inc.†# | 18,169 | 492,561 | ||||||
G1 Therapeutics, Inc.† | 7,491 | 324,435 | ||||||
La Jolla Pharmaceutical Co.†# | 9,693 | 302,422 | ||||||
Mersana Therapeutics, Inc.†# | 6,202 | 129,808 | ||||||
Portola Pharmaceuticals, Inc.†# | 31,521 | 1,265,568 | ||||||
Recro Pharma, Inc.† | 7,553 | 41,164 | ||||||
Sarepta Therapeutics, Inc.†# | 33,882 | 3,179,826 | ||||||
Xencor, Inc.†# | 21,114 | 844,771 | ||||||
7,996,095 | ||||||||
Tobacco — 0.2% |
| |||||||
Turning Point Brands, Inc. | 2,855 | 77,313 | ||||||
Universal Corp. | 13,719 | 907,512 | ||||||
Vector Group, Ltd. | 54,440 | 1,056,136 | ||||||
2,040,961 | ||||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 5,835 | 58,000 | ||||||
Transactional Software — 0.1% |
| |||||||
ACI Worldwide, Inc.† | 64,653 | 1,561,370 | ||||||
InnerWorkings, Inc.† | 25,536 | 224,461 | ||||||
1,785,831 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 32,604 | 684,684 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 12,912 | 879,953 | ||||||
1,564,637 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 21,209 | 1,524,927 | ||||||
Greenbrier Cos., Inc.# | 15,344 | 762,597 | ||||||
Willis Lease Finance Corp.† | 1,912 | 60,974 | ||||||
2,348,498 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Marine — 0.4% |
| |||||||
Ardmore Shipping Corp.† | 17,888 | $ | 144,893 | |||||
Costamare, Inc. | 28,172 | 205,374 | ||||||
DHT Holdings, Inc.# | 47,391 | 196,199 | ||||||
Dorian LPG, Ltd.† | 12,452 | 100,612 | ||||||
Eagle Bulk Shipping, Inc.† | 21,308 | 122,947 | ||||||
Frontline, Ltd.# | 42,693 | 245,058 | ||||||
GasLog, Ltd. | 22,663 | 407,934 | ||||||
Genco Shipping & Trading, Ltd.† | 4,261 | 78,104 | ||||||
Gener8 Maritime, Inc.†# | 26,169 | 174,809 | ||||||
Golar LNG, Ltd.# | 53,291 | 1,384,500 | ||||||
International Seaways, Inc.†# | 16,313 | 340,942 | ||||||
Navios Maritime Acquisition Corp.# | 45,735 | 34,553 | ||||||
Navios Maritime Holdings, Inc.†# | 50,817 | 41,335 | ||||||
Nordic American Tankers, Ltd.# | 77,203 | 182,971 | ||||||
Overseas Shipholding Group, Inc., Class A† | 25,106 | 91,386 | ||||||
Safe Bulkers, Inc.†# | 27,293 | 97,436 | ||||||
Scorpio Bulkers, Inc. | 33,366 | 245,240 | ||||||
Scorpio Tankers, Inc.# | 149,415 | 433,303 | ||||||
Ship Finance International, Ltd.# | 33,182 | 472,843 | ||||||
Teekay Corp.# | 34,844 | 278,055 | ||||||
Teekay Tankers, Ltd., Class A# | 112,797 | 125,205 | ||||||
5,403,699 | ||||||||
Transport - Services — 0.2% |
| |||||||
Echo Global Logistics, Inc.† | 14,644 | 407,103 | ||||||
Hub Group, Inc., Class A† | 18,099 | 904,045 | ||||||
Matson, Inc. | 23,390 | 800,874 | ||||||
Radiant Logistics, Inc.† | 20,763 | 84,090 | ||||||
2,196,112 | ||||||||
Transport - Truck — 0.7% |
| |||||||
ArcBest Corp. | 14,366 | 681,667 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,586 | 198,107 | ||||||
Daseke, Inc.† | 18,252 | 173,759 | ||||||
Forward Air Corp. | 16,404 | 973,085 | ||||||
Heartland Express, Inc.# | 26,222 | 489,827 | ||||||
Knight-Swift Transportation Holdings, Inc. | 69,603 | 2,831,450 | ||||||
Marten Transport, Ltd. | 21,615 | 492,822 | ||||||
Roadrunner Transportation Systems, Inc.† | 16,945 | 30,671 | ||||||
Saia, Inc.† | 14,036 | 1,156,566 | ||||||
Schneider National, Inc., Class B# | 23,177 | 683,258 | ||||||
Universal Logistics Holdings, Inc. | 4,631 | 115,312 | ||||||
Werner Enterprises, Inc. | 26,445 | 1,036,644 | ||||||
YRC Worldwide, Inc.† | 18,321 | 196,401 | ||||||
9,059,569 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 40,285 | 590,175 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 11,231 | 147,688 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,641 | 389,368 | ||||||
Kindred Biosciences, Inc.† | 14,104 | 143,861 | ||||||
Neogen Corp.† | 27,815 | 2,105,874 | ||||||
2,639,103 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 4,999 | 51,390 | ||||||
Natural Health Trends Corp. | 4,073 | 89,769 | ||||||
Nature’s Sunshine Products, Inc.† | 5,953 | 53,874 | ||||||
USANA Health Sciences, Inc.† | 6,292 | 736,164 | ||||||
931,197 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Water — 0.3% |
| |||||||
American States Water Co. | 20,137 | $ | 1,133,310 | |||||
Artesian Resources Corp., Class A | 4,354 | 169,806 | ||||||
California Water Service Group | 26,641 | 1,072,300 | ||||||
Connecticut Water Service, Inc. | 6,586 | 424,929 | ||||||
Consolidated Water Co., Ltd. | 8,100 | 106,515 | ||||||
Global Water Resources, Inc. | 5,626 | 51,422 | ||||||
Middlesex Water Co. | 8,815 | 391,739 | ||||||
SJW Group | 9,070 | 572,589 | ||||||
York Water Co. | 7,116 | 233,049 | ||||||
4,155,659 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
AquaVenture Holdings, Ltd.† | 6,421 | 93,554 | ||||||
Energy Recovery, Inc.†# | 20,104 | 167,064 | ||||||
Evoqua Water Technologies Corp.† | 27,577 | 531,960 | ||||||
Pure Cycle Corp.† | 9,487 | 88,704 | ||||||
881,282 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.† | 31,594 | 282,766 | ||||||
NIC, Inc. | 35,564 | 545,907 | ||||||
Q2 Holdings, Inc.† | 17,684 | 1,010,641 | ||||||
Web.com Group, Inc.† | 21,281 | 416,044 | ||||||
2,255,358 | ||||||||
Web Portals/ISP — 0.1% |
| |||||||
Blucora, Inc.† | 24,568 | 932,356 | ||||||
Meet Group, Inc.†# | 37,131 | 135,528 | ||||||
1,067,884 | ||||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 23,337 | 1,289,603 | ||||||
Encore Wire Corp. | 11,239 | 543,968 | ||||||
General Cable Corp.# | 27,856 | 825,930 | ||||||
Insteel Industries, Inc. | 10,090 | 315,615 | ||||||
2,975,116 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Aerohive Networks, Inc.† | 17,758 | 71,210 | ||||||
CalAmp Corp.† | 19,181 | 407,021 | ||||||
Gogo, Inc.†# | 31,610 | 162,159 | ||||||
InterDigital, Inc. | 19,206 | 1,514,393 | ||||||
Quantenna Communications, Inc.† | 12,242 | 195,872 | ||||||
Ubiquiti Networks, Inc.†# | 12,437 | 1,027,172 | ||||||
ViaSat, Inc.†# | 30,200 | 1,890,822 | ||||||
5,268,649 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Dermira, Inc.†# | 21,131 | 183,417 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 20,894 | 772,242 | ||||||
ViewRay, Inc.†# | 16,956 | 122,253 | ||||||
894,495 | ||||||||
Total Common Stocks | ||||||||
(cost $818,381,429) | 1,233,819,171 | |||||||
WARRANTS — 0.0% | ||||||||
Finance - Other Services — 0.0% | ||||||||
Emergent Capital, Inc.† | 1,320 | 0 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $818,381,429) | 1,233,819,171 | |||||||
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.3% | ||||||||
Registered Investment Companies — 4.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 62,404,238 | $ | 62,404,238 | |||||
U.S. Government Treasuries — 0.5% | ||||||||
United States Treasury Bills | ||||||||
1.80% due 07/05/2018(5) | $ | 2,000,000 | 1,996,690 | |||||
1.82% due 08/23/2018(5) | 3,000,000 | 2,987,144 | ||||||
1.84% due 08/09/2018(5) | 740,000 | 737,365 | ||||||
1.92% due 10/04/2018(5) | 500,000 | 496,645 | ||||||
6,217,844 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $68,622,329) | 68,622,082 | |||||||
REPURCHASE AGREEMENTS — 4.4% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $57,103,444 collateralized by $63,675,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $58,247,470 | 57,103,000 | 57,103,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $944,106,758)(6) | 105.0 | % | 1,359,544,253 | |||||
Liabilities in excess of other assets | (5.0 | ) | (65,114,429 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,294,429,824 | ||||
† | 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 May 31, 2018, the aggregate value of these securities was $337,731 representing 0.0% of net assets. |
(3) | At May 31, 2018, the Fund had loaned securities with a total value of $219,314,268. This was secured by collateral of $62,404,238, which was received in cash and subsequently invested in short-term investments currently valued at $62,404,238 as reported in the Portfolio of Investments. Additional collateral of $163,923,930 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $9,336,165 | |||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 3,780,509 | |||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 2,485,779 | |||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 14,275,543 | |||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 134,045,934 |
(4) | The rate shown is the 7-day yield as of May 31, 2018. |
(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) | ||||||||||||||||
786 | Long | Russell 2000 Mini Index | June 2018 | $ | 62,652,621 | $ | 64,224,060 | $ | 1,571,439 | |||||||||||||
* | 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 May 31, 2018 (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: | ||||||||||||||||
Finance - Commercial | $ | 700,377 | $ | — | $ | 9,676 | $ | 710,053 | ||||||||
Medical - Biomedical/Gene | 62,175,289 | — | 2,429 | 62,177,718 | ||||||||||||
Metal - Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 1,160,478 | — | 0 | 1,160,478 | ||||||||||||
Oil Companies - Exploration & Production | 18,712,903 | — | 0 | 18,712,903 | ||||||||||||
Therapeutics | 7,670,469 | — | 325,626 | 7,996,095 | ||||||||||||
Other Industries | 1,143,061,924 | — | — | 1,143,061,924 | ||||||||||||
Warrants | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 62,404,238 | — | — | 62,404,238 | ||||||||||||
U.S. Government Treasuries | — | 6,217,844 | — | 6,217,844 | ||||||||||||
Repurchase Agreements | — | 57,103,000 | — | 57,103,000 | ||||||||||||
Total Investment at Value | $ | 1,295,885,678 | $ | 63,320,844 | $ | 337,731 | $ | 1,359,544,253 | ||||||||
210 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 1,571,439 | $ | — | $ | — | $ | 1,571,439 | ||||||||
* | 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
211 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 11.7 | % | ||
Chemicals — Specialty | 4.4 | |||
Retail — Restaurants | 4.4 | |||
Paper & Related Products | 3.5 | |||
Metal Processors & Fabrication | 3.3 | |||
Real Estate Investment Trusts | 3.2 | |||
Chemicals — Diversified | 3.2 | |||
Electric — Integrated | 2.8 | |||
Building & Construction Products — Misc. | 2.8 | |||
Time Deposits | 2.7 | |||
Printing — Commercial | 2.6 | |||
Consumer Products — Misc. | 2.5 | |||
Food — Misc./Diversified | 2.3 | |||
Investment Management/Advisor Services | 2.3 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Insurance — Property/Casualty | 2.1 | |||
Diversified Operations | 2.1 | |||
Building Products — Cement | 1.9 | |||
Computer Services | 1.8 | |||
Machinery — Electrical | 1.8 | |||
Oil — Field Services | 1.7 | |||
Chemicals — Plastics | 1.7 | |||
Electronic Measurement Instruments | 1.5 | |||
Containers — Metal/Glass | 1.5 | |||
Wire & Cable Products | 1.4 | |||
Auto/Truck Parts & Equipment — Replacement | 1.4 | |||
Medical Imaging Systems | 1.4 | |||
Batteries/Battery Systems | 1.4 | |||
Investment Companies | 1.2 | |||
Miscellaneous Manufacturing | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
Steel Pipe & Tube | 1.2 | |||
Electric Products — Misc. | 1.1 | |||
Identification Systems | 1.1 | |||
Oil & Gas Drilling | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Footwear & Related Apparel | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Quarrying | 0.9 | |||
Diversified Operations/Commercial Services | 0.9 | |||
Office Supplies & Forms | 0.9 | |||
Publishing — Newspapers | 0.9 | |||
Medical — Drugs | 0.9 | |||
Registered Investment Companies | 0.7 | |||
E-Marketing/Info | 0.7 | |||
Networking Products | 0.7 | |||
Human Resources | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Lasers — System/Components | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Retail — Apparel/Shoe | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Apparel Manufacturers | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Food — Confectionery | 0.3 | |||
Food — Retail | 0.3 | |||
Medical Products | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Telecom Services | 0.3 | |||
Cosmetics & Toiletries | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
X-Ray Equipment | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Commercial Services — Finance | 0.1 | |||
Textile — Products | 0.1 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
212 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 70,428 | $ | 1,326,864 | |||||
Auto/Truck Parts & Equipment - Replacement — 1.4% |
| |||||||
Douglas Dynamics, Inc. | 93,678 | 4,313,872 | ||||||
Banks - Commercial — 11.7% |
| |||||||
Associated Banc-Corp. | 164,978 | 4,553,393 | ||||||
First Citizens BancShares, Inc., Class A | 18,706 | 8,217,359 | ||||||
Fulton Financial Corp. | 57,713 | 1,007,092 | ||||||
Hancock Holding Co.† | 77,642 | 3,901,510 | ||||||
IBERIABANK Corp. | 43,530 | 3,478,047 | ||||||
Renasant Corp. | 114,314 | 5,477,927 | ||||||
South State Corp. | 21,193 | 1,897,303 | ||||||
UMB Financial Corp. | 87,883 | 6,771,385 | ||||||
35,304,016 | ||||||||
Batteries/Battery Systems — 1.4% |
| |||||||
EnerSys | 51,589 | 4,122,477 | ||||||
Beverages - Non-alcoholic — 0.9% |
| |||||||
Cott Corp. | 179,331 | 2,829,843 | ||||||
Building & Construction Products - Misc. — 2.8% |
| |||||||
Quanex Building Products Corp. | 24,468 | 411,063 | ||||||
Simpson Manufacturing Co., Inc. | 125,001 | 7,913,813 | ||||||
8,324,876 | ||||||||
Building Products - Cement — 1.9% |
| |||||||
Eagle Materials, Inc.# | 53,128 | 5,758,013 | ||||||
Building Products - Doors & Windows — 0.2% |
| |||||||
Griffon Corp. | 20,925 | 474,997 | ||||||
Chemicals - Diversified — 3.2% |
| |||||||
Innophos Holdings, Inc. | 17,761 | 844,180 | ||||||
Innospec, Inc. | 85,960 | 6,593,132 | ||||||
Quaker Chemical Corp. | 14,423 | 2,204,556 | ||||||
9,641,868 | ||||||||
Chemicals - Plastics — 1.7% |
| |||||||
A. Schulman, Inc. | 79,000 | 3,456,250 | ||||||
PolyOne Corp. | 40,550 | 1,699,856 | ||||||
5,156,106 | ||||||||
Chemicals - Specialty — 4.4% |
| |||||||
CSW Industrials, Inc.† | 87,445 | 4,249,827 | ||||||
KMG Chemicals, Inc. | 65,923 | 4,406,953 | ||||||
PQ Group Holdings, Inc.† | 80,327 | 1,318,969 | ||||||
Sensient Technologies Corp. | 49,974 | 3,360,751 | ||||||
13,336,500 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Liberty Tax, Inc.# | 39,268 | 412,314 | ||||||
Computer Services — 1.8% |
| |||||||
Conduent, Inc.† | 113,542 | 2,185,684 | ||||||
MAXIMUS, Inc. | 9,386 | 571,607 | ||||||
Sykes Enterprises, Inc.† | 92,156 | 2,594,191 | ||||||
5,351,482 | ||||||||
Computers - Integrated Systems — 0.6% |
| |||||||
NCR Corp.†# | 55,677 | 1,675,878 | ||||||
Consumer Products - Misc. — 2.5% |
| |||||||
Central Garden & Pet Co.†# | 79,096 | 3,229,490 | ||||||
Helen of Troy, Ltd.† | 47,879 | 4,299,534 | ||||||
7,529,024 | ||||||||
Containers - Metal/Glass — 1.5% |
| |||||||
Silgan Holdings, Inc. | 164,661 | 4,482,072 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Edgewell Personal Care Co.†# | 14,342 | $ | 627,032 | |||||
Dental Supplies & Equipment — 0.5% |
| |||||||
Patterson Cos., Inc.# | 66,549 | 1,392,205 | ||||||
Diversified Operations — 1.5% |
| |||||||
HRG Group, Inc.† | 357,923 | 4,538,464 | ||||||
Diversified Operations/Commercial Services — 0.9% |
| |||||||
Viad Corp. | 49,648 | 2,626,379 | ||||||
E-Marketing/Info — 0.7% |
| |||||||
New Media Investment Group, Inc. | 132,578 | 2,214,053 | ||||||
Electric Products - Misc. — 1.1% |
| |||||||
Novanta, Inc.† | 52,747 | 3,420,643 | ||||||
Electric - Integrated — 2.8% |
| |||||||
Hawaiian Electric Industries, Inc.# | 155,107 | 5,324,823 | ||||||
IDACORP, Inc. | 33,531 | 3,096,923 | ||||||
8,421,746 | ||||||||
Electronic Components - Misc. — 0.6% |
| |||||||
AVX Corp. | 125,319 | 1,916,128 | ||||||
Electronic Components - Semiconductors — 0.4% |
| |||||||
DSP Group, Inc.† | 87,660 | 1,122,048 | ||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
Badger Meter, Inc.# | 35,084 | 1,534,925 | ||||||
Orbotech, Ltd.† | 47,425 | 3,037,097 | ||||||
4,572,022 | ||||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Aircastle, Ltd. | 39,098 | 835,133 | ||||||
Food - Confectionery — 0.3% |
| |||||||
Hostess Brands, Inc.† | 71,340 | 972,364 | ||||||
Food - Misc./Diversified — 2.3% |
| |||||||
Nomad Foods, Ltd.† | 265,195 | 4,614,393 | ||||||
TreeHouse Foods, Inc.†# | 50,757 | 2,431,768 | ||||||
7,046,161 | ||||||||
Food - Retail — 0.3% |
| |||||||
SUPERVALU, Inc.†# | 52,530 | 971,280 | ||||||
Footwear & Related Apparel — 0.9% |
| |||||||
Steven Madden, Ltd. | 53,655 | 2,835,667 | ||||||
Human Resources — 0.6% |
| |||||||
Korn/Ferry International | 35,170 | 1,923,096 | ||||||
Identification Systems — 1.1% |
| |||||||
Brady Corp., Class A | 87,192 | 3,400,488 | ||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
ProAssurance Corp. | 79,797 | 3,064,205 | ||||||
Stewart Information Services Corp. | 78,385 | 3,307,063 | ||||||
6,371,268 | ||||||||
Insurance - Reinsurance — 1.0% |
| |||||||
Aspen Insurance Holdings, Ltd. | 67,765 | 2,941,001 | ||||||
Investment Companies — 1.2% |
| |||||||
Apollo Investment Corp.# | 312,723 | 1,779,394 | ||||||
GlassBridge Enterprises, Inc.†(3) | 58,692 | 40,497 | ||||||
New Mountain Finance Corp.# | 132,479 | 1,841,458 | ||||||
3,661,349 | ||||||||
Investment Management/Advisor Services — 2.3% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 107,245 | 3,464,013 | ||||||
Westwood Holdings Group, Inc. | 58,250 | 3,380,248 | ||||||
6,844,261 | ||||||||
213 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Lasers - System/Components — 0.6% |
| |||||||
Coherent, Inc.† | 10,739 | $ | 1,793,950 | |||||
Machinery - Electrical — 1.8% |
| |||||||
Franklin Electric Co., Inc. | 114,401 | 5,291,046 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Kadant, Inc. | 36,584 | 3,568,769 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
NN, Inc. | 38,088 | 822,701 | ||||||
Medical Imaging Systems — 1.4% |
| |||||||
Analogic Corp. | 51,395 | 4,299,192 | ||||||
Medical Products — 0.3% |
| |||||||
Hanger, Inc.† | 51,935 | 899,514 | ||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Cambrex Corp.† | 2,619 | 118,641 | ||||||
Innoviva, Inc.† | 83,781 | 1,239,121 | ||||||
1,357,762 | ||||||||
Medical - Drugs — 0.9% |
| |||||||
Prestige Brands Holdings, Inc.† | 76,625 | 2,561,574 | ||||||
Metal Processors & Fabrication — 3.3% |
| |||||||
Global Brass & Copper Holdings, Inc. | 98,152 | 3,081,973 | ||||||
Mueller Industries, Inc. | 224,747 | 6,787,359 | ||||||
9,869,332 | ||||||||
Miscellaneous Manufacturing — 1.2% |
| |||||||
Hillenbrand, Inc. | 76,777 | 3,581,647 | ||||||
Networking Products — 0.7% |
| |||||||
NETGEAR, Inc.† | 36,446 | 2,203,161 | ||||||
Office Supplies & Forms — 0.9% |
| |||||||
ACCO Brands Corp. | 201,527 | 2,599,698 | ||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Patterson-UTI Energy, Inc. | 143,115 | 2,959,618 | ||||||
Oil Companies - Exploration & Production — 2.2% |
| |||||||
QEP Resources, Inc.† | 187,743 | 2,269,813 | ||||||
WPX Energy, Inc.† | 231,629 | 4,217,964 | ||||||
6,487,777 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Forum Energy Technologies, Inc.† | 37,085 | 524,753 | ||||||
Oil - Field Services — 1.7% |
| |||||||
C&J Energy Services, Inc.† | 64,012 | 1,723,203 | ||||||
Oil States International, Inc.† | 61,995 | 2,194,623 | ||||||
TETRA Technologies, Inc.† | 301,414 | 1,271,967 | ||||||
5,189,793 | ||||||||
Paper & Related Products — 3.5% |
| |||||||
Neenah, Inc. | 87,072 | 7,065,893 | ||||||
Schweitzer-Mauduit International, Inc. | 79,012 | 3,461,516 | ||||||
10,527,409 | ||||||||
Printing - Commercial — 2.6% |
| |||||||
Deluxe Corp. | 57,717 | 3,840,489 | ||||||
Ennis, Inc. | 192,524 | 3,513,563 | ||||||
LSC Communications, Inc. | 43,741 | 553,761 | ||||||
7,907,813 | ||||||||
Publishing - Newspapers — 0.9% |
| |||||||
A.H. Belo Corp., Class A | 224,875 | 1,068,156 | ||||||
Gannett Co., Inc. | 143,233 | 1,513,973 | ||||||
2,582,129 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Quarrying — 0.9% |
| |||||||
Compass Minerals International, Inc.# | 40,556 | $ | 2,652,362 | |||||
Real Estate Investment Trusts — 3.2% |
| |||||||
Acadia Realty Trust | 41,077 | 1,057,733 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 128,126 | 2,381,862 | ||||||
LaSalle Hotel Properties | 102,009 | 3,498,909 | ||||||
Washington Real Estate Investment Trust | 94,800 | 2,718,864 | ||||||
9,657,368 | ||||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Buckle, Inc.# | 53,269 | 1,345,042 | ||||||
Christopher & Banks Corp.†# | 191,134 | 160,323 | ||||||
1,505,365 | ||||||||
Retail - Restaurants — 4.4% |
| |||||||
Denny’s Corp.† | 324,752 | 4,952,468 | ||||||
Dine Brands Global, Inc.# | 81,654 | 5,180,946 | ||||||
Wendy’s Co. | 190,574 | 3,070,147 | ||||||
13,203,561 | ||||||||
Steel Pipe & Tube — 1.2% |
| |||||||
Atkore International Group, Inc.† | 164,616 | 3,555,706 | ||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc.# | 71,172 | 797,838 | ||||||
Textile - Products — 0.1% |
| |||||||
Dixie Group, Inc.† | 101,112 | 242,669 | ||||||
Wire & Cable Products — 1.4% |
| |||||||
Belden, Inc. | 78,176 | 4,320,006 | ||||||
X-Ray Equipment — 0.2% |
| |||||||
Varex Imaging Corp.† | 13,317 | 492,196 | ||||||
Total Common Stocks | ||||||||
(cost $251,225,682) | 290,147,699 | |||||||
PREFERRED SECURITIES — 0.6% | ||||||||
Diversified Operations — 0.6% |
| |||||||
Steel Partners Holdings LP† | 87,498 | 1,776,210 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $253,497,677) | 291,923,909 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.4% |
| |||||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,243,097 | 2,243,097 | ||||||
Time Deposits — 2.7% |
| |||||||
Euro Time Deposit with State Street Bank and Trust Co. 0.28% due 06/01/18 | $ | 8,024,000 | 8,024,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $10,267,097) | 10,267,097 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $263,764,774)(4) | 100.5 | % | 302,191,006 | |||||
Liabilities in excess of other assets | (0.5 | ) | (1,445,750 | ) | ||||
NET ASSETS | 100.0 | % | $ | 300,745,256 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $27,087,606. This was secured by collateral of $2,243,097, which was received in cash and subsequently invested in short-term investments currently valued at $2,243,097 as reported in the Portfolio of Investments. Additional collateral of $25,801,734 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. |
214 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 164,994 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 66,811 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 43,930 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 3,517,883 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 22,008,116 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(3) | Illiquid security. At May 31, 2018, the aggregate value of these securities was $40,497 representing 0.0% of net assets. |
(4) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2018 (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 | $ | 290,147,699 | $ | — | $ | — | $ | 290,147,699 | ||||||||
Preferred Securities | 1,776,210 | — | — | 1,776,210 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,243,097 | — | — | 2,243,097 | ||||||||||||
Time Deposits | — | 8,024,000 | — | 8,024,000 | ||||||||||||
Total Investments at Value | $ | 294,167,006 | $ | 8,024,000 | $ | — | $ | 302,191,006 | ||||||||
* | 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
215 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Medical Products | 5.1 | % | ||
Registered Investment Companies | 4.7 | |||
Retail — Restaurants | 4.6 | |||
Medical — Biomedical/Gene | 4.4 | |||
Enterprise Software/Service | 4.0 | |||
Banks — Commercial | 4.0 | |||
Commercial Services — Finance | 3.6 | |||
Computer Software | 3.3 | |||
Finance — Investment Banker/Broker | 3.0 | |||
Therapeutics | 2.7 | |||
Web Hosting/Design | 2.6 | |||
Aerospace/Defense — Equipment | 2.5 | |||
Medical — Drugs | 2.3 | |||
Building & Construction Products — Misc. | 2.1 | |||
Machinery — Pumps | 2.1 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Office Supplies & Forms | 1.8 | |||
Schools | 1.8 | |||
Electronic Components — Misc. | 1.8 | |||
Power Converter/Supply Equipment | 1.7 | |||
Medical Instruments | 1.7 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Decision Support Software | 1.7 | |||
Miscellaneous Manufacturing | 1.7 | |||
Retail — Apparel/Shoe | 1.6 | |||
Consulting Services | 1.6 | |||
Applications Software | 1.5 | |||
Transport — Truck | 1.5 | |||
Apparel Manufacturers | 1.5 | |||
Electronic Measurement Instruments | 1.5 | |||
Machinery — General Industrial | 1.3 | |||
E-Commerce/Services | 1.2 | |||
Internet Security | 1.2 | |||
Hotels/Motels | 1.2 | |||
Commercial Services | 1.2 | |||
Finance — Consumer Loans | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Building — Residential/Commercial | 1.0 | |||
Disposable Medical Products | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Beverages — Wine/Spirits | 1.0 | |||
Resorts/Theme Parks | 1.0 | |||
Retail — Misc./Diversified | 0.9 | |||
Medical — Hospitals | 0.8 | |||
Footwear & Related Apparel | 0.8 | |||
Medical Information Systems | 0.8 | |||
Diagnostic Kits | 0.8 | |||
Instruments — Scientific | 0.8 | |||
Veterinary Diagnostics | 0.8 | |||
Real Estate Investment Trusts | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
Entertainment Software | 0.7 | |||
Data Processing/Management | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Food — Misc./Diversified | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Insurance — Life/Health | 0.4 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
216 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.6% |
| |||||||
Aerospace/Defense - Equipment — 2.5% |
| |||||||
HEICO Corp.# | 7,927 | $ | 728,174 | |||||
HEICO Corp., Class A | 7,828 | 595,320 | ||||||
L3 Technologies, Inc. | 8,006 | 1,587,830 | ||||||
2,911,324 | ||||||||
Apparel Manufacturers — 1.5% |
| |||||||
PVH Corp. | 11,179 | 1,788,640 | ||||||
Applications Software — 1.5% |
| |||||||
PTC, Inc.† | 21,119 | 1,821,302 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Delphi Technologies PLC | 10,885 | 545,338 | ||||||
Banks - Commercial — 4.0% |
| |||||||
Eagle Bancorp, Inc.† | 28,763 | 1,741,600 | ||||||
First Republic Bank | 24,475 | 2,437,710 | ||||||
Glacier Bancorp, Inc. | 15,397 | 600,329 | ||||||
4,779,639 | ||||||||
Beverages - Wine/Spirits — 1.0% |
| |||||||
MGP Ingredients, Inc. | 13,123 | 1,162,042 | ||||||
Building & Construction Products - Misc. — 2.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 22,455 | 1,261,297 | ||||||
Summit Materials, Inc., Class A† | 45,210 | 1,284,868 | ||||||
2,546,165 | ||||||||
Building - Residential/Commercial — 1.0% |
| |||||||
M/I Homes, Inc.† | 43,147 | 1,198,624 | ||||||
Chemicals - Specialty — 1.1% |
| |||||||
Ashland Global Holdings, Inc. | 15,841 | 1,231,162 | ||||||
Valvoline, Inc. | 2,940 | 60,094 | ||||||
1,291,256 | ||||||||
Commercial Services — 1.2% |
| |||||||
Healthcare Services Group, Inc.# | 38,202 | 1,381,002 | ||||||
Commercial Services - Finance — 3.6% |
| |||||||
Evo Payments, Inc., Class A† | 5,070 | 108,904 | ||||||
Global Payments, Inc. | 18,339 | 2,038,563 | ||||||
Square, Inc., Class A†# | 13,855 | 807,054 | ||||||
Total System Services, Inc. | 14,832 | 1,263,538 | ||||||
4,218,059 | ||||||||
Computer Software — 3.3% |
| |||||||
InterXion Holding NV†# | 32,632 | 2,083,879 | ||||||
Splunk, Inc.† | 16,218 | 1,797,117 | ||||||
3,880,996 | ||||||||
Consulting Services — 1.6% |
| |||||||
Gartner, Inc.†# | 14,175 | 1,881,589 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Broadridge Financial Solutions, Inc. | 6,438 | 743,267 | ||||||
Decision Support Software — 1.7% |
| |||||||
MSCI, Inc. | 12,138 | 1,973,275 | ||||||
Diagnostic Kits — 0.8% |
| |||||||
IDEXX Laboratories, Inc.† | 4,503 | 937,570 | ||||||
Disposable Medical Products — 1.0% |
| |||||||
ICU Medical, Inc.† | 4,077 | 1,186,611 | ||||||
Distribution/Wholesale — 0.7% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 11,353 | 858,854 | ||||||
E-Commerce/Services — 1.2% |
| |||||||
IAC/InterActiveCorp† | 9,503 | 1,474,295 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. — 1.8% |
| |||||||
Sensata Technologies Holding PLC†# | 41,275 | $ | 2,108,740 | |||||
Electronic Components - Semiconductors — 0.7% |
| |||||||
Advanced Micro Devices, Inc.†# | 43,850 | 602,061 | ||||||
Xilinx, Inc. | 3,575 | 243,493 | ||||||
845,554 | ||||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
Badger Meter, Inc.# | 26,575 | 1,162,656 | ||||||
Keysight Technologies, Inc.† | 9,958 | 584,933 | ||||||
1,747,589 | ||||||||
Enterprise Software/Service — 4.0% |
| |||||||
Black Knight, Inc.† | 59,944 | 3,033,166 | ||||||
Ultimate Software Group, Inc.†# | 6,731 | 1,764,532 | ||||||
4,797,698 | ||||||||
Entertainment Software — 0.7% |
| |||||||
Take-Two Interactive Software, Inc.† | 7,107 | 796,553 | ||||||
Finance-Consumer Loans — 1.1% |
| |||||||
SLM Corp.† | 113,753 | 1,300,197 | ||||||
Finance - Investment Banker/Broker — 3.0% |
| |||||||
Evercore, Inc., Class A | 8,858 | 924,775 | ||||||
Lazard, Ltd., Class A | 51,047 | 2,625,858 | ||||||
3,550,633 | ||||||||
Food - Misc./Diversified — 0.5% |
| |||||||
McCormick & Co., Inc. | 5,535 | 559,035 | ||||||
Footwear & Related Apparel — 0.8% |
| |||||||
Skechers U.S.A., Inc., Class A† | 33,394 | 970,430 | ||||||
Hotels/Motels — 1.2% |
| |||||||
Choice Hotels International, Inc. | 17,904 | 1,438,586 | ||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp. | 15,048 | 687,844 | ||||||
Instruments - Scientific — 0.8% |
| |||||||
PerkinElmer, Inc.# | 11,991 | 891,291 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
Trupanion, Inc.†# | 14,572 | 462,952 | ||||||
Internet Security — 1.2% |
| |||||||
Proofpoint, Inc.†# | 12,420 | 1,451,774 | ||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Affiliated Managers Group, Inc. | 7,386 | 1,176,294 | ||||||
Machinery - General Industrial — 1.3% |
| |||||||
IDEX Corp. | 6,894 | 956,060 | ||||||
Welbilt, Inc.† | 29,489 | 574,151 | ||||||
1,530,211 | ||||||||
Machinery - Pumps — 2.1% |
| |||||||
Gorman-Rupp Co. | 19,724 | 658,190 | ||||||
Graco, Inc. | 15,701 | 712,825 | ||||||
Xylem, Inc. | 15,257 | 1,074,093 | ||||||
2,445,108 | ||||||||
Medical Information Systems — 0.8% |
| |||||||
athenahealth, Inc.† | 6,274 | 944,049 | ||||||
Medical Instruments — 1.7% |
| |||||||
Teleflex, Inc. | 7,656 | 2,045,377 | ||||||
Medical Products — 5.1% |
| |||||||
ABIOMED, Inc.† | 6,865 | 2,616,526 | ||||||
Cooper Cos., Inc. | 3,436 | 777,601 | ||||||
Nevro Corp.†# | 17,826 | 1,402,728 | ||||||
West Pharmaceutical Services, Inc. | 13,071 | 1,215,603 | ||||||
6,012,458 | ||||||||
217 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene — 4.4% |
| |||||||
Acceleron Pharma, Inc.†# | 17,149 | $ | 609,475 | |||||
Alder Biopharmaceuticals, Inc.†# | 46,274 | 807,481 | ||||||
Bluebird Bio, Inc.†# | 4,486 | 803,218 | ||||||
Evelo Biosciences, Inc.†# | 20,677 | 328,558 | ||||||
Exelixis, Inc.† | 56,150 | 1,163,990 | ||||||
Seattle Genetics, Inc.†# | 19,553 | 1,182,761 | ||||||
UNITY Biotechnology, Inc.†# | 24,814 | 369,729 | ||||||
5,265,212 | ||||||||
Medical - Drugs — 2.3% |
| |||||||
Alkermes PLC†# | 30,612 | 1,444,887 | ||||||
PRA Health Sciences, Inc.† | 9,077 | 770,637 | ||||||
TESARO, Inc.†# | 11,142 | 509,969 | ||||||
2,725,493 | ||||||||
Medical - Hospitals — 0.8% |
| |||||||
Acadia Healthcare Co., Inc.†# | 24,210 | 973,000 | ||||||
Miscellaneous Manufacturing — 1.7% |
| |||||||
John Bean Technologies Corp. | 22,278 | 1,967,147 | ||||||
Office Supplies & Forms — 1.8% |
| |||||||
Avery Dennison Corp. | 20,514 | 2,154,585 | ||||||
Oil Companies - Exploration & Production — 1.7% |
| |||||||
Diamondback Energy, Inc.# | 5,512 | 665,629 | ||||||
RSP Permian, Inc.† | 17,087 | 747,385 | ||||||
WPX Energy, Inc.† | 33,002 | 600,967 | ||||||
2,013,981 | ||||||||
Power Converter/Supply Equipment — 1.7% |
| |||||||
Hubbell, Inc. | 19,091 | 2,055,910 | ||||||
Real Estate Investment Trusts — 0.7% |
| |||||||
SBA Communications Corp.† | 5,456 | 862,430 | ||||||
Resort/Theme Parks — 1.0% |
| |||||||
Vail Resorts, Inc. | 4,787 | 1,152,662 | ||||||
Retail - Apparel/Shoe — 1.6% |
| |||||||
Burlington Stores, Inc.† | 13,337 | 1,950,536 | ||||||
Retail - Misc./Diversified — 0.9% |
| |||||||
Five Below, Inc.† | 15,621 | 1,104,561 | ||||||
Retail - Restaurants — 4.6% |
| |||||||
Domino’s Pizza, Inc. | 2,078 | 522,575 | ||||||
Dunkin’ Brands Group, Inc.# | 48,490 | 3,104,815 | ||||||
Wingstop, Inc. | 36,226 | 1,833,398 | ||||||
5,460,788 | ||||||||
Schools — 1.8% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 20,973 | 2,122,468 | ||||||
Semiconductor Components - Integrated Circuits — 1.8% |
| |||||||
Marvell Technology Group, Ltd. | 101,217 | 2,180,214 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
MKS Instruments, Inc. | 10,390 | 1,165,758 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics — 2.7% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 15,255 | $ | 1,426,343 | |||||
Neurocrine Biosciences, Inc.† | 12,954 | 1,246,952 | ||||||
Sarepta Therapeutics, Inc.†# | 5,979 | 561,129 | ||||||
3,234,424 | ||||||||
Transport - Truck — 1.5% |
| |||||||
Old Dominion Freight Line, Inc. | 11,630 | 1,813,815 | ||||||
Veterinary Diagnostics — 0.8% |
| |||||||
Neogen Corp.† | 11,722 | 887,473 | ||||||
Web Hosting/Design — 2.6% |
| |||||||
GoDaddy, Inc., Class A†# | 35,223 | 2,521,614 | ||||||
Wix.com, Ltd.†# | 6,065 | 527,352 | ||||||
3,048,966 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $93,423,768) | 114,481,644 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.7% |
| |||||||
Registered Investment Companies — 4.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.42%(2) | 3,596,695 | 3,596,695 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(1)(2) | 2,000,045 | 2,000,045 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,596,740) | 5,596,740 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $99,020,508)(3) | 101.3 | % | 120,078,384 | |||||
Liabilities in excess of other assets | (1.3 | ) | (1,556,319 | ) | ||||
NET ASSETS | 100.0 | % | $ | 118,522,065 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $18,737,980. This was secured by collateral of $2,000,045, which was received in cash and subsequently invested in short-term investments currently valued at $2,000,045 as reported in the Portfolio of Investments. Additional collateral of $17,134,255 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 2,915,634 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 1,180,633 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 776,295 | |||||
United States Treasury Bills | 0.00% | 06/14/2018 to 11/08/2018 | 1,198,917 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 11,062,776 |
(2) | The rate shown is the 7 day yield as of May 31, 2018. |
(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 May 31, 2018 (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 | $ | 114,481,644 | $ | — | $ | — | $ | 114,481,644 | ||||||||
Short-Term Investment Securities: | 5,596,740 | — | — | 5,596,740 | ||||||||||||
Total Investments at Value | $ | 120,078,384 | $ | — | $ | — | $ | 120,078,384 | ||||||||
*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
218 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 4.7 | % | ||
Computers | 4.3 | |||
Diversified Banking Institutions | 4.1 | |||
Applications Software | 4.0 | |||
Electronic Components — Semiconductors | 3.3 | |||
E-Commerce/Products | 2.9 | |||
Web Portals/ISP | 2.8 | |||
Real Estate Investment Trusts | 2.6 | |||
Internet Content — Entertainment | 2.6 | |||
Oil Companies — Integrated | 2.5 | |||
Electric — Integrated | 2.4 | |||
Banks — Super Regional | 2.3 | |||
Finance — Credit Card | 2.2 | |||
Aerospace/Defense | 2.1 | |||
Medical — Biomedical/Gene | 2.0 | |||
Insurance — Property/Casualty | 1.9 | |||
Medical — HMO | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Telephone — Integrated | 1.8 | |||
Diversified Manufacturing Operations | 1.7 | |||
Beverages — Non-alcoholic | 1.5 | |||
Medical Products | 1.4 | |||
Commercial Services — Finance | 1.3 | |||
Retail — Building Products | 1.3 | |||
Multimedia | 1.2 | |||
Retail — Discount | 1.2 | |||
Computer Services | 1.2 | |||
Repurchase Agreements | 1.2 | |||
Cosmetics & Toiletries | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Medical Instruments | 1.0 | |||
Chemicals — Diversified | 1.0 | |||
Insurance — Multi-line | 1.0 | |||
Tobacco | 1.0 | |||
Transport — Rail | 1.0 | |||
Networking Products | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Oil — Field Services | 0.7 | |||
Transport — Services | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Enterprise Software/Service | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Diagnostic Equipment | 0.6 | |||
Banks — Commercial | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Insurance — Life/Health | 0.5 | |||
Instruments — Controls | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Electronic Forms | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Finance — Other Services | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Insurance Brokers | 0.5 | |||
Pharmacy Services | 0.5 | |||
Entertainment Software | 0.5 | |||
Airlines | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Athletic Footwear | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Data Processing/Management | 0.4 | |||
Pipelines | 0.3 | |||
Industrial Gases | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Hotels/Motels | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Commercial Services | 0.3 |
Computer Aided Design | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Electronic Connectors | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Electric — Distribution | 0.2 | |||
Cruise Lines | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Machinery — Farming | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Dental Supplies & Equipment | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Casino Hotels | 0.1 | |||
Coatings/Paint | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Building Products — Cement | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Food — Meat Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Consulting Services | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Computer Software | 0.1 | |||
Advertising Agencies | 0.1 | |||
Food — Confectionery | 0.1 | |||
Agricultural Operations | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Metal — Copper | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Paper & Related Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Food — Retail | 0.1 | |||
Gold Mining | 0.1 | |||
Steel — Producers | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Registered Investment Companies | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Medical Information Systems | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Wireless Equipment | 0.1 | |||
Television | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Toys | 0.1 | |||
Water | 0.1 | |||
Respiratory Products | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Decision Support Software | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Containers — Metal/Glass | 0.1 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Textile — Home Furnishings | 0.1 | % | ||
Internet Security | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Retail — Automobile | 0.1 | |||
Building Products — Wood | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Home Decoration Products | 0.1 | |||
Brewery | 0.1 | |||
99.5 | % | |||
* | Calculated as a percentage of net assets |
220 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 81,128 | $ | 1,833,493 | |||||
Omnicom Group, Inc.# | 48,589 | 3,502,295 | ||||||
5,335,788 | ||||||||
Aerospace/Defense — 2.1% |
| |||||||
Boeing Co. | 116,728 | 41,106,932 | ||||||
General Dynamics Corp. | 58,271 | 11,753,843 | ||||||
Lockheed Martin Corp. | 52,425 | 16,489,760 | ||||||
Northrop Grumman Corp. | 36,733 | 12,020,874 | ||||||
Raytheon Co. | 60,878 | 12,753,941 | ||||||
Rockwell Collins, Inc. | 34,594 | 4,757,021 | ||||||
TransDigm Group, Inc. | 10,243 | 3,422,289 | ||||||
102,304,660 | ||||||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
Arconic, Inc. | 89,646 | 1,582,252 | ||||||
Harris Corp. | 25,053 | 3,769,725 | ||||||
L3 Technologies, Inc. | 16,506 | 3,273,635 | ||||||
United Technologies Corp. | 156,949 | 19,590,374 | ||||||
28,215,986 | ||||||||
Agricultural Chemicals — 0.3% |
| |||||||
CF Industries Holdings, Inc. | 49,218 | 2,024,829 | ||||||
Monsanto Co. | 93,014 | 11,855,564 | ||||||
Mosaic Co. | 73,971 | 2,033,463 | ||||||
15,913,856 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 118,009 | 5,159,353 | ||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc.# | 25,954 | 1,578,263 | ||||||
American Airlines Group, Inc.# | 88,856 | 3,868,790 | ||||||
Delta Air Lines, Inc. | 137,234 | 7,417,498 | ||||||
Southwest Airlines Co. | 114,140 | 5,830,271 | ||||||
United Continental Holdings, Inc.† | 51,064 | 3,553,544 | ||||||
22,248,366 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Hanesbrands, Inc.# | 76,016 | 1,385,772 | ||||||
Michael Kors Holdings, Ltd.† | 32,091 | 1,841,703 | ||||||
PVH Corp. | 16,233 | 2,597,280 | ||||||
Ralph Lauren Corp. | 11,692 | 1,573,509 | ||||||
Under Armour, Inc., Class A†# | 39,096 | 817,106 | ||||||
Under Armour, Inc., Class C†# | 38,898 | 735,950 | ||||||
VF Corp. | 69,476 | 5,638,672 | ||||||
14,589,992 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp.# | 14,916 | 2,159,091 | ||||||
Applications Software — 4.0% |
| |||||||
Intuit, Inc. | 51,340 | 10,350,144 | ||||||
Microsoft Corp. | 1,624,749 | 160,590,191 | ||||||
Red Hat, Inc.† | 37,350 | 6,066,387 | ||||||
salesforce.com, Inc.† | 146,093 | 18,894,208 | ||||||
195,900,930 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 273,867 | 19,663,651 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Ford Motor Co. | 823,475 | 9,511,136 | ||||||
General Motors Co. | 266,453 | 11,377,543 | ||||||
20,888,679 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 74,274 | 4,622,071 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Aptiv PLC | 56,095 | $ | 5,469,263 | |||||
BorgWarner, Inc. | 41,763 | 2,037,199 | ||||||
7,506,462 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
BB&T Corp. | 164,033 | 8,611,733 | ||||||
Citizens Financial Group, Inc. | 102,831 | 4,200,646 | ||||||
M&T Bank Corp. | 31,689 | 5,453,043 | ||||||
Regions Financial Corp. | 236,875 | 4,320,600 | ||||||
SVB Financial Group† | 11,157 | 3,482,435 | ||||||
Zions Bancorporation | 41,467 | 2,272,806 | ||||||
28,341,263 | ||||||||
Banks - Fiduciary — 0.5% |
| |||||||
Bank of New York Mellon Corp. | 213,069 | 11,665,528 | ||||||
Northern Trust Corp. | 44,892 | 4,602,328 | ||||||
State Street Corp. | 77,579 | 7,456,117 | ||||||
23,723,973 | ||||||||
Banks - Super Regional — 2.3% |
| |||||||
Capital One Financial Corp. | 102,612 | 9,645,528 | ||||||
Comerica, Inc. | 36,466 | 3,438,379 | ||||||
Fifth Third Bancorp | 146,401 | 4,476,943 | ||||||
Huntington Bancshares, Inc. | 232,606 | 3,458,851 | ||||||
KeyCorp | 223,818 | 4,351,022 | ||||||
PNC Financial Services Group, Inc. | 99,511 | 14,270,872 | ||||||
SunTrust Banks, Inc. | 98,817 | 6,671,136 | ||||||
US Bancorp | 331,143 | 16,553,838 | ||||||
Wells Fargo & Co. | 926,339 | 50,013,043 | ||||||
112,879,612 | ||||||||
Beverages - Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Co. | 810,142 | 34,836,106 | ||||||
Dr Pepper Snapple Group, Inc. | 37,928 | 4,524,810 | ||||||
Monster Beverage Corp.† | 87,248 | 4,463,608 | ||||||
PepsiCo, Inc. | 300,089 | 30,083,922 | ||||||
73,908,446 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 55,188 | 3,121,433 | ||||||
Constellation Brands, Inc., Class A | 36,163 | 8,067,242 | ||||||
11,188,675 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 39,017 | 2,405,398 | ||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery Communications, Inc., Class A†# | 32,836 | 692,511 | ||||||
Discovery Communications, Inc., Class C† | 71,740 | 1,418,300 | ||||||
2,110,811 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 32,063 | 1,800,979 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 195,423 | 6,558,396 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 13,252 | 2,953,473 | ||||||
Vulcan Materials Co.# | 27,955 | 3,570,972 | ||||||
6,524,445 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 66,129 | 2,464,628 | ||||||
Building - Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 72,185 | 3,046,929 | ||||||
Lennar Corp., Class A | 57,621 | 2,981,310 |
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building - Residential/Commercial (continued) |
| |||||||
PulteGroup, Inc. | 55,612 | $ | 1,682,263 | |||||
7,710,502 | ||||||||
Cable/Satellite TV — 0.9% |
| |||||||
Charter Communications, Inc., Class A† | 39,256 | 10,247,386 | ||||||
Comcast Corp., Class A | 978,055 | 30,495,755 | ||||||
DISH Network Corp., Class A† | 48,119 | 1,421,917 | ||||||
42,165,058 | ||||||||
Casino Hotels — 0.1% |
| |||||||
MGM Resorts International | 107,559 | 3,382,731 | ||||||
Wynn Resorts, Ltd. | 17,851 | 3,498,974 | ||||||
6,881,705 | ||||||||
Chemicals - Diversified — 1.0% |
| |||||||
DowDuPont, Inc. | 493,766 | 31,655,338 | ||||||
Eastman Chemical Co. | 30,168 | 3,146,824 | ||||||
FMC Corp. | 28,345 | 2,468,566 | ||||||
LyondellBasell Industries NV, Class A | 68,270 | 7,654,433 | ||||||
PPG Industries, Inc. | 53,698 | 5,419,202 | ||||||
50,344,363 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Corp.# | 23,346 | 2,182,151 | ||||||
International Flavors & Fragrances, Inc. | 16,655 | 2,034,075 | ||||||
4,216,226 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 17,454 | 6,619,429 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 18,201 | 3,317,132 | ||||||
Ecolab, Inc. | 54,857 | 7,823,157 | ||||||
Nielsen Holdings PLC | 70,741 | 2,134,256 | ||||||
Quanta Services, Inc.† | 32,442 | 1,168,236 | ||||||
14,442,781 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
Automatic Data Processing, Inc. | 93,535 | 12,161,421 | ||||||
Equifax, Inc. | 25,338 | 2,887,518 | ||||||
Global Payments, Inc. | 33,581 | 3,732,864 | ||||||
H&R Block, Inc.# | 44,113 | 1,210,902 | ||||||
IHS Markit, Ltd.† | 76,389 | 3,764,450 | ||||||
Moody’s Corp. | 35,082 | 5,983,937 | ||||||
PayPal Holdings, Inc.† | 238,053 | 19,537,010 | ||||||
S&P Global, Inc. | 53,576 | 10,581,260 | ||||||
Total System Services, Inc. | 34,895 | 2,972,705 | ||||||
Western Union Co. | 96,916 | 1,927,659 | ||||||
64,759,726 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
ANSYS, Inc.† | 17,698 | 2,881,234 | ||||||
Autodesk, Inc.† | 46,479 | 6,000,439 | ||||||
Cadence Design Systems, Inc.† | 59,689 | 2,533,798 | ||||||
Synopsys, Inc.† | 31,383 | 2,763,901 | ||||||
14,179,372 | ||||||||
Computer Services — 1.2% |
| |||||||
Accenture PLC, Class A | 130,124 | 20,265,512 | ||||||
Cognizant Technology Solutions Corp., Class A | 124,075 | 9,349,051 | ||||||
DXC Technology Co. | 60,195 | 5,544,561 | ||||||
International Business Machines Corp. | 180,771 | 25,544,750 | ||||||
60,703,874 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 35,879 | 2,704,559 | ||||||
Citrix Systems, Inc.† | 27,293 | 2,882,687 | ||||||
5,587,246 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 4.3% |
| |||||||
Apple, Inc. | 1,070,678 | $ | 200,077,598 | |||||
Hewlett Packard Enterprise Co. | 330,656 | 5,039,197 | ||||||
HP, Inc. | 345,525 | 7,611,916 | ||||||
212,728,711 | ||||||||
Computers - Memory Devices — 0.3% |
| |||||||
NetApp, Inc. | 56,535 | 3,862,471 | ||||||
Seagate Technology PLC | 60,102 | 3,386,748 | ||||||
Western Digital Corp. | 62,789 | 5,243,509 | ||||||
12,492,728 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.†# | 19,167 | 2,544,227 | ||||||
Verisk Analytics, Inc.† | 32,732 | 3,477,448 | ||||||
6,021,675 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Clorox Co. | 27,306 | 3,299,384 | ||||||
Kimberly-Clark Corp. | 74,003 | 7,463,202 | ||||||
10,762,586 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp.# | 73,866 | 2,729,349 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Packaging Corp. of America | 19,909 | 2,339,307 | ||||||
Sealed Air Corp.# | 35,318 | 1,538,452 | ||||||
WestRock Co. | 53,829 | 3,169,452 | ||||||
7,047,211 | ||||||||
Cosmetics & Toiletries — 1.2% |
| |||||||
Colgate-Palmolive Co. | 184,705 | 11,653,038 | ||||||
Coty, Inc., Class A# | 99,636 | 1,320,177 | ||||||
Estee Lauder Cos., Inc., Class A | 47,384 | 7,081,065 | ||||||
Procter & Gamble Co. | 531,962 | 38,923,660 | ||||||
58,977,940 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 85,665 | 5,335,216 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 43,507 | 2,277,157 | ||||||
Royal Caribbean Cruises, Ltd. | 36,083 | 3,787,993 | ||||||
11,400,366 | ||||||||
Data Processing/Management — 0.4% |
| |||||||
Fidelity National Information Services, Inc. | 69,883 | 7,143,440 | ||||||
Fiserv, Inc.† | 87,194 | 6,330,285 | ||||||
Paychex, Inc. | 67,455 | 4,423,699 | ||||||
17,897,424 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 18,979 | 3,085,416 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 15,219 | 5,051,947 | ||||||
DENTSPLY SIRONA, Inc. | 48,466 | 2,123,295 | ||||||
7,175,242 | ||||||||
Diagnostic Equipment — 0.6% |
| |||||||
Danaher Corp. | 129,532 | 12,859,937 | ||||||
Thermo Fisher Scientific, Inc. | 84,781 | 17,657,339 | ||||||
30,517,276 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 18,384 | 3,827,733 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 30,723 | 2,053,525 | ||||||
222 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 60,697 | $ | 3,230,901 | |||||
LKQ Corp.† | 65,324 | 2,075,344 | ||||||
WW Grainger, Inc.# | 10,773 | 3,328,749 | ||||||
8,634,994 | ||||||||
Diversified Banking Institutions — 4.1% |
| |||||||
Bank of America Corp. | 2,018,793 | 58,625,749 | ||||||
Citigroup, Inc. | 542,315 | 36,166,987 | ||||||
Goldman Sachs Group, Inc. | 74,549 | 16,839,128 | ||||||
JPMorgan Chase & Co. | 724,185 | 77,495,037 | ||||||
Morgan Stanley | 291,138 | 14,597,659 | ||||||
203,724,560 | ||||||||
Diversified Manufacturing Operations — 1.7% |
| |||||||
3M Co. | 125,658 | 24,783,527 | ||||||
A.O. Smith Corp. | 30,695 | 1,935,934 | ||||||
Dover Corp. | 32,585 | 2,515,888 | ||||||
Eaton Corp. PLC | 92,888 | 7,113,363 | ||||||
General Electric Co. | 1,832,128 | 25,796,362 | ||||||
Illinois Tool Works, Inc. | 64,863 | 9,320,813 | ||||||
Ingersoll-Rand PLC | 52,725 | 4,615,547 | ||||||
Parker-Hannifin Corp. | 28,075 | 4,798,017 | ||||||
Pentair PLC | 34,954 | 1,525,393 | ||||||
Textron, Inc. | 55,237 | 3,677,679 | ||||||
86,082,523 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Nektar Therapeutics† | 33,557 | 2,693,620 | ||||||
E-Commerce/Products — 2.9% |
| |||||||
Amazon.com, Inc.† | 84,787 | 138,170,591 | ||||||
eBay, Inc.† | 198,612 | 7,491,645 | ||||||
145,662,236 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Booking Holdings, Inc.† | 10,291 | 21,702,896 | ||||||
Cars.com, Inc.† | 1 | 26 | ||||||
Expedia Group, Inc. | 25,817 | 3,124,631 | ||||||
TripAdvisor, Inc.†# | 22,899 | 1,193,954 | ||||||
26,021,507 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 48,814 | 3,564,886 | ||||||
Emerson Electric Co. | 133,958 | 9,489,585 | ||||||
13,054,471 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 90,951 | 2,376,550 | ||||||
PPL Corp.# | 146,453 | 4,001,096 | ||||||
Sempra Energy | 53,876 | 5,739,410 | ||||||
12,117,056 | ||||||||
Electric - Integrated — 2.4% |
| |||||||
AES Corp. | 139,372 | 1,776,993 | ||||||
Alliant Energy Corp. | 48,819 | 2,022,083 | ||||||
Ameren Corp. | 51,199 | 3,030,469 | ||||||
American Electric Power Co., Inc. | 103,819 | 7,054,501 | ||||||
CMS Energy Corp. | 59,594 | 2,749,071 | ||||||
Consolidated Edison, Inc. | 65,498 | 5,025,662 | ||||||
Dominion Energy, Inc. | 137,480 | 8,824,841 | ||||||
DTE Energy Co. | 37,853 | 3,877,283 | ||||||
Duke Energy Corp. | 147,728 | 11,398,692 | ||||||
Edison International | 68,750 | 4,273,500 | ||||||
Entergy Corp. | 38,145 | 3,086,312 | ||||||
Eversource Energy | 66,867 | 3,816,768 | ||||||
Exelon Corp. | 203,633 | 8,428,370 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) | ||||||||
FirstEnergy Corp.# | 94,334 | $ | 3,246,976 | |||||
NextEra Energy, Inc. | 99,260 | 16,458,301 | ||||||
PG&E Corp. | 108,665 | 4,708,454 | ||||||
Pinnacle West Capital Corp. | 23,591 | 1,878,080 | ||||||
Public Service Enterprise Group, Inc. | 106,512 | 5,643,006 | ||||||
SCANA Corp. | 30,098 | 1,092,557 | ||||||
Southern Co. | 212,734 | 9,551,757 | ||||||
WEC Energy Group, Inc. | 66,584 | 4,204,780 | ||||||
Xcel Energy, Inc. | 107,208 | 4,880,108 | ||||||
117,028,564 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Corning, Inc. | 183,382 | 4,982,489 | ||||||
Garmin, Ltd.# | 23,343 | 1,402,681 | ||||||
6,385,170 | ||||||||
Electronic Components - Semiconductors — 3.3% |
| |||||||
Advanced Micro Devices, Inc.†# | 173,820 | 2,386,548 | ||||||
Broadcom, Inc. | 86,618 | 21,833,799 | ||||||
Intel Corp. | 987,537 | 54,512,042 | ||||||
IPG Photonics Corp.† | 7,985 | 1,926,541 | ||||||
Microchip Technology, Inc.# | 49,449 | 4,815,344 | ||||||
Micron Technology, Inc.† | 243,996 | 14,051,730 | ||||||
NVIDIA Corp. | 127,662 | 32,195,080 | ||||||
Qorvo, Inc.† | 26,692 | 2,142,033 | ||||||
Skyworks Solutions, Inc. | 38,506 | 3,797,077 | ||||||
Texas Instruments, Inc. | 207,591 | 23,231,509 | ||||||
Xilinx, Inc. | 53,769 | 3,662,206 | ||||||
164,553,909 | ||||||||
Electronic Connectors — 0.3% |
| |||||||
Amphenol Corp., Class A | 64,461 | 5,603,595 | ||||||
TE Connectivity, Ltd. | 74,109 | 6,898,065 | ||||||
12,501,660 | ||||||||
Electronic Forms — 0.5% |
| |||||||
Adobe Systems, Inc.† | 103,729 | 25,857,565 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc. | 68,097 | 4,216,566 | ||||||
FLIR Systems, Inc. | 29,314 | 1,580,025 | ||||||
Fortive Corp. | 64,626 | 4,697,664 | ||||||
10,494,255 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 20,085 | 1,535,097 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 29,522 | 1,438,902 | ||||||
Jacobs Engineering Group, Inc. | 25,410 | 1,646,568 | ||||||
3,085,470 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 32,863 | 4,679,363 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
CA, Inc. | 65,982 | 2,358,197 | ||||||
Oracle Corp. | 637,659 | 29,791,428 | ||||||
32,149,625 | ||||||||
Entertainment Software — 0.5% |
| |||||||
Activision Blizzard, Inc. | 160,081 | 11,351,344 | ||||||
Electronic Arts, Inc.† | 64,723 | 8,472,888 | ||||||
Take-Two Interactive Software, Inc.† | 24,139 | 2,705,499 | ||||||
22,529,731 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Navient Corp. | 55,499 | 766,441 |
223 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Consumer Loans (continued) |
| |||||||
Synchrony Financial | 150,790 | $ | 5,221,858 | |||||
5,988,299 | ||||||||
Finance - Credit Card — 2.2% |
| |||||||
Alliance Data Systems Corp. | 10,182 | 2,146,569 | ||||||
American Express Co. | 152,021 | 14,943,664 | ||||||
Discover Financial Services | 74,858 | 5,529,012 | ||||||
Mastercard, Inc., Class A | 194,796 | 37,034,616 | ||||||
Visa, Inc., Class A# | 380,376 | 49,722,751 | ||||||
109,376,612 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Charles Schwab Corp. | 252,869 | 14,064,574 | ||||||
E*TRADE Financial Corp.† | 56,200 | 3,560,270 | ||||||
Raymond James Financial, Inc. | 27,347 | 2,640,626 | ||||||
20,265,470 | ||||||||
Finance - Other Services — 0.5% |
| |||||||
CBOE Holdings, Inc. | 23,782 | 2,320,172 | ||||||
CME Group, Inc. | 71,825 | 11,700,292 | ||||||
Intercontinental Exchange, Inc. | 122,871 | 8,710,325 | ||||||
Nasdaq, Inc. | 24,602 | 2,259,940 | ||||||
24,990,729 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 29,726 | 2,676,529 | ||||||
J.M. Smucker Co. | 23,968 | 2,576,560 | ||||||
5,253,089 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 56,992 | 2,045,443 | ||||||
Tyson Foods, Inc., Class A | 62,796 | 4,236,846 | ||||||
6,282,289 | ||||||||
Food - Misc./Diversified — 0.7% |
| |||||||
Campbell Soup Co.# | 40,596 | 1,365,649 | ||||||
Conagra Brands, Inc. | 84,544 | 3,133,201 | ||||||
General Mills, Inc. | 120,075 | 5,077,972 | ||||||
Kellogg Co. | 52,529 | 3,382,342 | ||||||
Kraft Heinz Co. | 126,027 | 7,244,032 | ||||||
McCormick & Co., Inc. | 25,553 | 2,580,853 | ||||||
Mondelez International, Inc., Class A | 313,844 | 12,324,654 | ||||||
35,108,703 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 185,978 | 4,524,845 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 101,321 | 6,588,905 | ||||||
Gas - Distribution — 0.0% |
| |||||||
NiSource, Inc. | 71,198 | 1,801,309 | ||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 112,570 | 4,382,350 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Stericycle, Inc.† | 18,051 | 1,146,238 | ||||||
Home Decoration Products — 0.1% |
| |||||||
Newell Brands, Inc.# | 102,383 | 2,414,191 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 27,904 | 1,152,435 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 59,751 | 4,822,503 | ||||||
Marriott International, Inc., Class A | 63,356 | 8,575,868 | ||||||
Wyndham Worldwide Corp. | 21,043 | 2,281,903 | ||||||
15,680,274 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 26,221 | $ | 1,669,753 | |||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 63,674 | 2,179,561 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 26,964 | 4,729,755 | ||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 46,199 | 7,456,981 | ||||||
Praxair, Inc. | 60,589 | 9,467,637 | ||||||
16,924,618 | ||||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 158,682 | 23,470,655 | ||||||
Mettler-Toledo International, Inc.† | 5,375 | 2,960,227 | ||||||
26,430,882 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 23,318 | 1,733,227 | ||||||
Waters Corp.† | 16,624 | 3,202,115 | ||||||
4,935,342 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 51,947 | 7,265,827 | ||||||
Arthur J. Gallagher & Co. | 38,283 | 2,537,397 | ||||||
Marsh & McLennan Cos., Inc. | 107,114 | 8,608,752 | ||||||
Willis Towers Watson PLC | 27,883 | 4,214,516 | ||||||
22,626,492 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Aflac, Inc. | 164,456 | 7,410,387 | ||||||
Brighthouse Financial, Inc.† | 20,219 | 952,517 | ||||||
Lincoln National Corp. | 46,055 | 3,052,986 | ||||||
Principal Financial Group, Inc. | 56,843 | 3,171,839 | ||||||
Prudential Financial, Inc. | 89,047 | 8,623,312 | ||||||
Torchmark Corp. | 22,388 | 1,899,174 | ||||||
Unum Group | 46,689 | 1,812,000 | ||||||
26,922,215 | ||||||||
Insurance - Multi-line — 1.0% |
| |||||||
Allstate Corp. | 74,795 | 6,991,837 | ||||||
American International Group, Inc.(1) | 189,691 | 10,013,788 | ||||||
Assurant, Inc. | 11,073 | 1,033,664 | ||||||
Chubb, Ltd. | 97,929 | 12,798,341 | ||||||
Cincinnati Financial Corp. | 31,489 | 2,184,392 | ||||||
Hartford Financial Services Group, Inc. | 75,327 | 3,941,862 | ||||||
Loews Corp. | 56,897 | 2,780,556 | ||||||
MetLife, Inc. | 218,744 | 10,060,037 | ||||||
49,804,477 | ||||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 406,116 | 77,783,398 | ||||||
Progressive Corp. | 122,872 | 7,629,122 | ||||||
Travelers Cos., Inc. | 57,275 | 7,360,983 | ||||||
XL Group, Ltd. | 54,212 | 3,013,103 | ||||||
95,786,606 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 8,618 | 1,941,549 | ||||||
Internet Content - Entertainment — 2.6% |
| |||||||
Facebook, Inc., Class A† | 505,568 | 96,957,831 | ||||||
Netflix, Inc.† | 91,568 | 32,195,309 | ||||||
129,153,140 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 13,050 | 2,259,085 | ||||||
224 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 130,824 | $ | 2,718,523 | |||||
Investment Companies — 0.0% |
| |||||||
Jefferies Financial Group, Inc. | 66,157 | 1,447,515 | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Affiliated Managers Group, Inc. | 11,499 | 1,831,331 | ||||||
Ameriprise Financial, Inc. | 30,878 | 4,280,617 | ||||||
BlackRock, Inc. | 26,114 | 13,950,882 | ||||||
Franklin Resources, Inc. | 68,686 | 2,305,789 | ||||||
Invesco, Ltd. | 85,913 | 2,347,143 | ||||||
T. Rowe Price Group, Inc. | 51,613 | 6,266,851 | ||||||
30,982,613 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Acuity Brands, Inc.# | 8,896 | 1,051,952 | ||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Caterpillar, Inc. | 126,106 | 19,156,762 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 68,323 | 10,214,972 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc. | 21,698 | 5,984,091 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp.# | 27,600 | 1,140,984 | ||||||
Xylem, Inc. | 37,960 | 2,672,384 | ||||||
3,813,368 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 66,673 | 3,979,045 | ||||||
Medical Instruments — 1.0% |
| |||||||
Boston Scientific Corp.† | 290,123 | 8,816,838 | ||||||
Edwards Lifesciences Corp.† | 44,318 | 6,085,305 | ||||||
Intuitive Surgical, Inc.† | 23,696 | 10,892,340 | ||||||
Medtronic PLC | 285,976 | 24,685,448 | ||||||
50,479,931 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 30,760 | 3,043,087 | ||||||
Laboratory Corp. of America Holdings† | 21,502 | 3,883,046 | ||||||
Quest Diagnostics, Inc. | 28,621 | 3,048,995 | ||||||
9,975,128 | ||||||||
Medical Products — 1.4% |
| |||||||
Abbott Laboratories | 367,288 | 22,599,231 | ||||||
Baxter International, Inc. | 104,858 | 7,428,141 | ||||||
Becton Dickinson and Co. | 56,180 | 12,448,926 | ||||||
Cooper Cos., Inc. | 10,344 | 2,340,951 | ||||||
Henry Schein, Inc.†# | 32,431 | 2,244,225 | ||||||
Hologic, Inc.† | 58,351 | 2,210,919 | ||||||
Stryker Corp. | 67,986 | 11,830,924 | ||||||
Varian Medical Systems, Inc.† | 19,265 | 2,270,765 | ||||||
Zimmer Biomet Holdings, Inc. | 42,866 | 4,779,988 | ||||||
68,154,070 | ||||||||
Medical - Biomedical/Gene — 2.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 46,777 | 5,432,213 | ||||||
Amgen, Inc. | 141,054 | 25,336,120 | ||||||
Biogen, Inc.† | 44,642 | 13,122,962 | ||||||
Celgene Corp.† | 158,718 | 12,487,932 | ||||||
Gilead Sciences, Inc. | 276,419 | 18,630,641 | ||||||
Illumina, Inc.† | 31,019 | 8,450,816 | ||||||
Incyte Corp.† | 37,071 | 2,530,837 | ||||||
Regeneron Pharmaceuticals, Inc.† | 16,295 | 4,893,715 | ||||||
Vertex Pharmaceuticals, Inc.† | 53,574 | 8,250,396 | ||||||
99,135,632 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 4.7% |
| |||||||
AbbVie, Inc. | 336,373 | $ | 33,280,745 | |||||
Allergan PLC | 69,702 | 10,511,062 | ||||||
Bristol-Myers Squibb Co. | 344,495 | 18,127,327 | ||||||
Eli Lilly & Co. | 203,442 | 17,300,708 | ||||||
Johnson & Johnson | 566,125 | 67,719,872 | ||||||
Merck & Co., Inc. | 568,929 | 33,868,343 | ||||||
Pfizer, Inc. | 1,256,126 | 45,132,607 | ||||||
Zoetis, Inc. | 102,824 | 8,606,369 | ||||||
234,547,033 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 108,625 | 4,177,718 | ||||||
Perrigo Co. PLC# | 27,639 | 2,022,069 | ||||||
6,199,787 | ||||||||
Medical - HMO — 1.9% |
| |||||||
Aetna, Inc. | 68,989 | 12,151,033 | ||||||
Anthem, Inc. | 53,960 | 11,947,823 | ||||||
Centene Corp.† | 41,710 | 4,886,744 | ||||||
Cigna Corp. | 51,250 | 8,680,212 | ||||||
Humana, Inc. | 29,053 | 8,453,842 | ||||||
UnitedHealth Group, Inc. | 204,189 | 49,313,685 | ||||||
95,433,339 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Envision Healthcare Corp.†# | 25,530 | 1,094,727 | ||||||
HCA Healthcare, Inc. | 59,067 | 6,092,170 | ||||||
Universal Health Services, Inc., Class B | 18,356 | 2,110,573 | ||||||
9,297,470 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
AmerisourceBergen Corp. | 34,301 | 2,817,484 | ||||||
Cardinal Health, Inc. | 66,407 | 3,459,141 | ||||||
McKesson Corp. | 43,540 | 6,180,067 | ||||||
12,456,692 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 284,127 | 4,801,746 | ||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 35,537 | 1,459,860 | ||||||
Multimedia — 1.2% |
| |||||||
Time Warner, Inc. | 164,558 | 15,494,781 | ||||||
Twenty-First Century Fox, Inc., Class A | 222,409 | 8,573,867 | ||||||
Twenty-First Century Fox, Inc., Class B | 92,674 | 3,537,367 | ||||||
Viacom, Inc., Class B | 74,468 | 2,018,083 | ||||||
Walt Disney Co. | 317,294 | 31,561,234 | ||||||
61,185,332 | ||||||||
Networking Products — 0.9% |
| |||||||
Cisco Systems, Inc. | 1,016,554 | 43,417,021 | ||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 47,525 | 3,204,611 | ||||||
Waste Management, Inc. | 84,190 | 6,963,355 | ||||||
10,167,966 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 45,141 | 1,226,932 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 18,554 | 1,948,727 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 22,972 | 1,524,881 | ||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Anadarko Petroleum Corp. | 108,740 | 7,590,052 |
225 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Apache Corp.# | 80,490 | $ | 3,219,600 | |||||
Cabot Oil & Gas Corp. | 97,231 | 2,221,728 | ||||||
Cimarex Energy Co. | 20,139 | 1,871,316 | ||||||
Concho Resources, Inc.† | 31,455 | 4,319,086 | ||||||
ConocoPhillips | 247,850 | 16,702,612 | ||||||
Devon Energy Corp. | 111,013 | 4,614,810 | ||||||
EOG Resources, Inc. | 122,099 | 14,384,483 | ||||||
EQT Corp. | 51,662 | 2,662,659 | ||||||
Hess Corp. | 56,508 | 3,414,213 | ||||||
Marathon Oil Corp. | 179,289 | 3,842,163 | ||||||
Newfield Exploration Co.† | 42,144 | 1,232,291 | ||||||
Noble Energy, Inc. | 103,858 | 3,707,731 | ||||||
Occidental Petroleum Corp. | 161,456 | 13,594,595 | ||||||
Pioneer Natural Resources Co. | 35,936 | 6,939,242 | ||||||
Range Resources Corp.# | 47,725 | 755,964 | ||||||
91,072,545 | ||||||||
Oil Companies - Integrated — 2.5% |
| |||||||
Chevron Corp. | 403,086 | 50,103,590 | ||||||
Exxon Mobil Corp. | 894,114 | 72,637,821 | ||||||
122,741,411 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 80,193 | 3,321,594 | ||||||
Oil Refining & Marketing — 0.7% |
| |||||||
Andeavor | 29,851 | 4,311,380 | ||||||
Marathon Petroleum Corp. | 100,102 | 7,911,061 | ||||||
Phillips 66 | 88,593 | 10,320,199 | ||||||
Valero Energy Corp. | 91,405 | 11,078,286 | ||||||
33,620,926 | ||||||||
Oil - Field Services — 0.7% |
| |||||||
Baker Hughes a GE Co., LLC | 89,170 | 3,084,390 | ||||||
Halliburton Co. | 184,117 | 9,157,980 | ||||||
Schlumberger, Ltd. | 292,027 | 20,053,494 | ||||||
TechnipFMC PLC | 92,517 | 2,881,904 | ||||||
35,177,768 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 87,136 | 4,661,776 | ||||||
Pharmacy Services — 0.5% |
| |||||||
CVS Health Corp. | 214,079 | 13,570,468 | ||||||
Express Scripts Holding Co.† | 119,084 | 9,027,758 | ||||||
22,598,226 | ||||||||
Pipelines — 0.3% |
| |||||||
Kinder Morgan, Inc. | 400,336 | 6,677,605 | ||||||
ONEOK, Inc. | 86,649 | 5,905,996 | ||||||
Williams Cos., Inc. | 174,576 | 4,689,111 | ||||||
17,272,712 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 80,816 | 1,214,665 | ||||||
News Corp., Class B | 25,696 | 397,003 | ||||||
1,611,668 | ||||||||
Real Estate Investment Trusts — 2.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 21,363 | 2,668,666 | ||||||
American Tower Corp. | 93,025 | 12,871,869 | ||||||
Apartment Investment & Management Co., Class A | 33,199 | 1,355,515 | ||||||
AvalonBay Communities, Inc. | 29,137 | 4,823,339 | ||||||
Boston Properties, Inc. | 32,568 | 3,965,805 | ||||||
Crown Castle International Corp. | 87,501 | 9,113,229 | ||||||
Digital Realty Trust, Inc. | 43,351 | 4,659,366 | ||||||
Duke Realty Corp. | 75,329 | 2,118,252 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Equinix, Inc. | 16,718 | $ | 6,634,538 | |||||
Equity Residential | 77,688 | 4,971,255 | ||||||
Essex Property Trust, Inc. | 13,935 | 3,330,883 | ||||||
Extra Space Storage, Inc. | 26,596 | 2,559,865 | ||||||
Federal Realty Investment Trust | 15,445 | 1,836,256 | ||||||
GGP, Inc. | 133,282 | 2,702,959 | ||||||
HCP, Inc. | 99,058 | 2,374,420 | ||||||
Host Hotels & Resorts, Inc. | 154,906 | 3,350,617 | ||||||
Iron Mountain, Inc. | 59,387 | 1,976,993 | ||||||
Kimco Realty Corp. | 89,776 | 1,387,937 | ||||||
Macerich Co.# | 22,886 | 1,273,148 | ||||||
Mid-America Apartment Communities, Inc. | 23,977 | 2,243,288 | ||||||
Prologis, Inc. | 112,481 | 7,238,152 | ||||||
Public Storage | 31,615 | 6,697,322 | ||||||
Realty Income Corp.# | 59,973 | 3,196,561 | ||||||
Regency Centers Corp. | 31,354 | 1,821,040 | ||||||
SBA Communications Corp.† | 24,585 | 3,886,151 | ||||||
Simon Property Group, Inc. | 65,660 | 10,520,045 | ||||||
SL Green Realty Corp.# | 19,060 | 1,858,731 | ||||||
UDR, Inc. | 56,585 | 2,063,655 | ||||||
Ventas, Inc. | 75,160 | 4,108,246 | ||||||
Vornado Realty Trust | 36,481 | 2,543,091 | ||||||
Welltower, Inc. | 78,150 | 4,505,348 | ||||||
Weyerhaeuser Co. | 159,361 | 5,948,946 | ||||||
130,605,488 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 63,760 | 2,945,074 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
United Rentals, Inc.† | 17,833 | 2,845,612 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 30,159 | 3,100,647 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Foot Locker, Inc. | 25,576 | 1,380,337 | ||||||
Gap, Inc. | 45,967 | 1,286,157 | ||||||
L Brands, Inc. | 51,818 | 1,757,148 | ||||||
Ross Stores, Inc. | 80,637 | 6,360,646 | ||||||
Tapestry, Inc. | 60,114 | 2,628,184 | ||||||
13,412,472 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 15,610 | 2,007,758 | ||||||
AutoZone, Inc.† | 5,750 | 3,733,590 | ||||||
Genuine Parts Co. | 30,963 | 2,811,131 | ||||||
O’Reilly Automotive, Inc.† | 17,656 | 4,756,703 | ||||||
13,309,182 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.†# | 38,161 | 2,630,056 | ||||||
Retail - Building Products — 1.3% |
| |||||||
Home Depot, Inc. | 246,409 | 45,967,599 | ||||||
Lowe’s Cos., Inc. | 175,132 | 16,639,291 | ||||||
62,606,890 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 53,665 | 3,662,636 | ||||||
Retail - Discount — 1.2% |
| |||||||
Costco Wholesale Corp. | 92,657 | 18,368,324 | ||||||
Dollar General Corp. | 54,438 | 4,762,236 | ||||||
Dollar Tree, Inc.† | 50,030 | 4,131,978 | ||||||
Target Corp. | 114,700 | 8,360,483 | ||||||
Walmart, Inc. | 306,298 | 25,281,837 | ||||||
60,904,858 | ||||||||
226 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 179,777 | $ | 11,216,287 | |||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 26,401 | 1,961,858 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 21,504 | 2,812,293 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc. | 24,667 | 1,209,423 | ||||||
TJX Cos., Inc. | 133,424 | 12,050,856 | ||||||
13,260,279 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
ULTA Beauty, Inc.† | 12,227 | 3,018,969 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp.# | 35,451 | 2,366,354 | ||||||
Macy’s, Inc. | 64,316 | 2,245,272 | ||||||
4,611,626 | ||||||||
Retail - Restaurants — 1.1% |
| |||||||
Chipotle Mexican Grill, Inc.† | 5,186 | 2,230,914 | ||||||
Darden Restaurants, Inc. | 26,067 | 2,278,517 | ||||||
McDonald’s Corp. | 168,216 | 26,916,242 | ||||||
Starbucks Corp. | 296,538 | 16,804,808 | ||||||
Yum! Brands, Inc. | 70,164 | 5,706,438 | ||||||
53,936,919 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 50,713 | 1,238,919 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 73,245 | 1,348,440 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Analog Devices, Inc. | 78,033 | 7,583,247 | ||||||
QUALCOMM, Inc. | 312,374 | 18,155,177 | ||||||
25,738,424 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Applied Materials, Inc. | 221,708 | 11,258,332 | ||||||
KLA-Tencor Corp. | 33,049 | 3,742,138 | ||||||
Lam Research Corp. | 34,385 | 6,814,420 | ||||||
21,814,890 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 9,582 | 2,118,293 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 51,475 | 2,416,751 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 67,084 | 4,306,122 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 72,537 | 1,932,386 | ||||||
Telephone - Integrated — 1.8% |
| |||||||
AT&T, Inc. | 1,295,614 | 41,874,244 | ||||||
CenturyLink, Inc. | 205,271 | 3,740,038 | ||||||
Verizon Communications, Inc. | 871,050 | 41,522,954 | ||||||
87,137,236 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 72,830 | 3,668,447 | ||||||
Textile - Home Furnishings — 0.1% |
| |||||||
Mohawk Industries, Inc.† | 13,349 | 2,723,730 | ||||||
Tobacco — 1.0% |
| |||||||
Altria Group, Inc. | 401,018 | 22,352,744 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco (continued) | ||||||||
Philip Morris International, Inc. | 327,732 | $ | 26,067,803 | |||||
48,420,547 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 11,969 | 1,769,258 | ||||||
Stanley Black & Decker, Inc. | 32,359 | 4,505,667 | ||||||
6,274,925 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 23,845 | 2,068,554 | ||||||
Mattel, Inc.# | 72,572 | 1,126,317 | ||||||
3,194,871 | ||||||||
Transport - Rail — 1.0% |
| |||||||
CSX Corp. | 187,218 | 12,103,644 | ||||||
Kansas City Southern | 21,746 | 2,330,084 | ||||||
Norfolk Southern Corp. | 59,961 | 9,093,086 | ||||||
Union Pacific Corp. | 166,102 | 23,712,721 | ||||||
47,239,535 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc. | 29,489 | 2,565,543 | ||||||
Expeditors International of Washington, Inc. | 37,252 | 2,774,529 | ||||||
FedEx Corp. | 52,006 | 12,955,735 | ||||||
United Parcel Service, Inc., Class B | 145,229 | 16,863,991 | ||||||
35,159,798 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 18,064 | 2,313,998 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 37,677 | 3,132,466 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 20,225 | 2,638,149 | ||||||
Web Portals/ISP — 2.8% |
| |||||||
Alphabet, Inc., Class A† | 62,986 | 69,284,600 | ||||||
Alphabet, Inc., Class C† | 64,225 | 69,683,483 | ||||||
138,968,083 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 34,184 | 3,669,311 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,235,471,019) | 4,864,989,045 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.72%(2)(3) | 4,199,226 | 4,199,226 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills |
| |||||||
1.74% due 06/14/2018(4) | $ | 1,200,000 | 1,199,316 | |||||
1.80% due 08/02/2018(4) | 50,000 | 49,841 | ||||||
1.80% due 07/05/2018(4) | 1,700,000 | 1,697,186 | ||||||
1.82% due 08/23/2018(4) | 500,000 | 497,857 | ||||||
1.86% due 08/16/2018(4) | 700,000 | 697,251 | ||||||
4,141,451 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $8,340,593) | 8,340,677 | |||||||
227 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.2% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount $60,475,470 collateralized by $67,435,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2026 and having an approximate value of $61,686,975 | $ | 60,475,000 | $ | 60,475,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,304,286,612)(5) | 99.5 | % | 4,933,804,722 | |||||
Other assets less liabilities | 0.5 | 24,697,932 | ||||||
NET ASSETS | 100.0 | % | $ | 4,958,502,654 | ||||
# | 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 May 31, 2018, the Fund had loaned securities with a total value of $98,906,520. This was secured by collateral of $4,199,226, which was received in cash and subsequently invested in short-term investments currently valued at $4,199,226 as reported in the Portfolio of Investments. Additional collateral of $97,519,766 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 10,282,526 | ||||
Federal National Mtg. Assoc. | 3.50% to 4.00% | 11/01/2047 to 05/01/2048 | 4,163,721 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 to 11/20/2046 | 2,737,750 | |||||
United States Treasury Bills | 0.00% | 06/07/2018 to 11/08/2018 | 2,643,564 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 77,692,205 |
(3) | The rate shown is the 7-day yield as of May 31, 2018. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(5) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
546 | Long | S&P 500 E-Mini Index | June 2018 | $ | 74,307,508 | $ | 73,860,150 | $ | (447,358 | ) | ||||||||||||
* | 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 May 31, 2018 (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 | $ | 4,864,989,045 | $ | — | $ | — | $ | 4,864,989,045 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||||||
Registered Investment Companies | 4,199,226 | — | — | 4,199,226 | ||||||||||||||||
U.S. Government Treasuries | — | 4,141,451 | — | 4,141,451 | ||||||||||||||||
Repurchase Agreements | — | 60,475,000 | — | 60,475,000 | ||||||||||||||||
Total Investments at Value | $ | 4,869,188,271 | $ | 64,616,451 | $ | — | $ | 4,933,804,722 | ||||||||||||
LIABILITIES: | ||||||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||||||
Futures Contracts | $ | 447,358 | $ | — | $ | — | $ | 447,358 | ||||||||||||
* | 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
228 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO PROFILE — May 31, 2018 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.3 | % | ||
Medical — Drugs | 8.0 | |||
Oil Companies — Exploration & Production | 6.3 | |||
Banks — Super Regional | 5.0 | |||
Oil Companies — Integrated | 4.2 | |||
Electric — Integrated | 3.4 | |||
Semiconductor Components — Integrated Circuits | 3.1 | |||
Diversified Manufacturing Operations | 3.1 | |||
Networking Products | 2.9 | |||
Electronic Components — Semiconductors | 2.6 | |||
Repurchase Agreements | 2.5 | |||
Investment Management/Advisor Services | 2.5 | |||
Insurance — Multi-line | 2.4 | |||
Tobacco | 2.1 | |||
Real Estate Investment Trusts | 2.0 | |||
Aerospace/Defense — Equipment | 1.8 | |||
Medical Instruments | 1.7 | |||
Transport — Rail | 1.6 | |||
Chemicals — Diversified | 1.5 | |||
Medical — HMO | 1.5 | |||
Telephone — Integrated | 1.5 | |||
Hotels/Motels | 1.5 | |||
Oil — Field Services | 1.4 | |||
Banks — Commercial | 1.4 | |||
Computers — Memory Devices | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Machinery — Construction & Mining | 1.3 | |||
Paper & Related Products | 1.3 | |||
Finance — Other Services | 1.3 | |||
Insurance Brokers | 1.2 | |||
Retail — Major Department Stores | 1.2 | |||
Building & Construction Products — Misc. | 1.1 | |||
Food — Wholesale/Distribution | 1.1 | |||
Retail — Building Products | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Applications Software | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Wireless Equipment | 1.0 | |||
Medical Products | 0.9 | |||
Building — Residential/Commercial | 0.9 | |||
Retail — Catalog Shopping | 0.9 | |||
Cosmetics & Toiletries | 0.9 | |||
Computer Services | 0.9 | |||
Cruise Lines | 0.8 | |||
Insurance — Life/Health | 0.7 | |||
Television | 0.7 | |||
Home Decoration Products | 0.6 | |||
Multimedia | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Transport — Truck | 0.3 | |||
99.6 | % | |||
* | Calculated as a percentage of net assets |
229 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% | ||||||||
Aerospace/Defense - Equipment — 1.8% |
| |||||||
Triumph Group, Inc.# | 16,700 | $ | 354,040 | |||||
United Technologies Corp. | 14,200 | 1,772,444 | ||||||
2,126,484 | ||||||||
Applications Software — 1.1% |
| |||||||
Microsoft Corp. | 12,904 | 1,275,431 | ||||||
Banks - Commercial — 1.4% |
| |||||||
M&T Bank Corp. | 9,320 | 1,603,786 | ||||||
Banks - Super Regional — 5.0% |
| |||||||
PNC Financial Services Group, Inc. | 20,293 | 2,910,219 | ||||||
Wells Fargo & Co. | 52,756 | 2,848,297 | ||||||
5,758,516 | ||||||||
Building & Construction Products - Misc. — 1.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 23,260 | 1,306,514 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
PulteGroup, Inc. | 35,170 | 1,063,893 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 41,158 | 1,283,306 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
DowDuPont, Inc. | 27,603 | 1,769,628 | ||||||
Computer Services — 0.9% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 13,110 | 987,839 | ||||||
Computers - Memory Devices — 1.3% |
| |||||||
NetApp, Inc. | 22,480 | 1,535,834 | ||||||
Cosmetics & Toiletries — 0.9% |
| |||||||
Unilever NV | 17,810 | 993,264 | ||||||
Cruise Lines — 0.8% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 18,180 | 951,541 | ||||||
Diversified Banking Institutions — 10.3% |
| |||||||
Bank of America Corp. | 85,420 | 2,480,597 | ||||||
Citigroup, Inc. | 45,410 | 3,028,393 | ||||||
Goldman Sachs Group, Inc. | 5,732 | 1,294,744 | ||||||
JPMorgan Chase & Co. | 47,637 | 5,097,635 | ||||||
11,901,369 | ||||||||
Diversified Manufacturing Operations — 3.1% |
| |||||||
Eaton Corp. PLC | 23,905 | 1,830,645 | ||||||
Ingersoll-Rand PLC | 19,414 | 1,699,502 | ||||||
3,530,147 | ||||||||
Electric - Integrated — 3.4% |
| |||||||
Dominion Energy, Inc. | 8,860 | 568,723 | ||||||
Edison International | 17,374 | 1,079,968 | ||||||
Eversource Energy | 23,674 | 1,351,312 | ||||||
NextEra Energy, Inc. | 5,245 | 869,674 | ||||||
3,869,677 | ||||||||
Electronic Components - Misc. — 1.1% |
| |||||||
Koninklijke Philips NV | 30,419 | 1,242,008 | ||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Intel Corp. | 55,182 | 3,046,046 | ||||||
Finance - Other Services — 1.3% |
| |||||||
Nasdaq, Inc. | 16,050 | 1,474,353 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Kraft Heinz Co.# | 9,881 | 567,960 | ||||||
Mondelez International, Inc., Class A | 24,640 | 967,613 | ||||||
1,535,573 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Wholesale/Distribution — 1.1% |
| |||||||
US Foods Holding Corp.† | 36,270 | $ | 1,294,114 | |||||
Home Decoration Products — 0.6% |
| |||||||
Newell Brands, Inc.# | 28,290 | 667,078 | ||||||
Hotels/Motels — 1.5% |
| |||||||
Hilton Worldwide Holdings, Inc. | 21,169 | 1,708,550 | ||||||
Insurance Brokers — 1.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 17,765 | 1,427,773 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Principal Financial Group, Inc. | 14,939 | 833,596 | ||||||
Insurance - Multi-line — 2.4% |
| |||||||
Chubb, Ltd. | 12,344 | 1,613,237 | ||||||
MetLife, Inc. | 24,160 | 1,111,119 | ||||||
2,724,356 | ||||||||
Investment Management/Advisor Services — 2.5% |
| |||||||
BlackRock, Inc. | 2,948 | 1,574,910 | ||||||
Invesco, Ltd. | 46,210 | 1,262,457 | ||||||
2,837,367 | ||||||||
Machinery - Construction & Mining — 1.3% |
| |||||||
Caterpillar, Inc. | 9,850 | 1,496,314 | ||||||
Medical Instruments — 1.7% |
| |||||||
Medtronic PLC | 22,495 | 1,941,768 | ||||||
Medical Products — 0.9% |
| |||||||
Zimmer Biomet Holdings, Inc. | 9,720 | 1,083,877 | ||||||
Medical - Drugs — 8.0% |
| |||||||
Allergan PLC | 7,660 | 1,155,128 | ||||||
AstraZeneca PLC ADR# | 35,330 | 1,308,270 | ||||||
Bristol-Myers Squibb Co. | 26,100 | 1,373,382 | ||||||
Eli Lilly & Co. | 16,420 | 1,396,357 | ||||||
Merck & Co., Inc. | 41,438 | 2,466,804 | ||||||
Roche Holding AG | 6,910 | 1,482,074 | ||||||
9,182,015 | ||||||||
Medical - HMO — 1.5% |
| |||||||
UnitedHealth Group, Inc. | 7,325 | 1,769,061 | ||||||
Multimedia — 0.6% |
| |||||||
Viacom, Inc., Class B | 24,170 | 655,007 | ||||||
Networking Products — 2.9% |
| |||||||
Cisco Systems, Inc. | 79,599 | 3,399,673 | ||||||
Oil Companies - Exploration & Production — 6.3% |
| |||||||
Canadian Natural Resources, Ltd. | 45,590 | 1,575,590 | ||||||
EOG Resources, Inc. | 16,150 | 1,902,631 | ||||||
Marathon Oil Corp. | 78,378 | 1,679,641 | ||||||
Occidental Petroleum Corp. | 10,110 | 851,262 | ||||||
Pioneer Natural Resources Co. | 6,450 | 1,245,495 | ||||||
7,254,619 | ||||||||
Oil Companies - Integrated — 4.2% |
| |||||||
Chevron Corp. | 27,201 | 3,381,085 | ||||||
Exxon Mobil Corp. | 18,647 | 1,514,882 | ||||||
4,895,967 | ||||||||
Oil - Field Services — 1.4% |
| |||||||
Halliburton Co. | 32,830 | 1,632,964 | ||||||
Paper & Related Products — 1.3% |
| |||||||
International Paper Co. | 27,615 | 1,477,403 | ||||||
Real Estate Investment Trusts — 2.0% |
| |||||||
Brixmor Property Group, Inc. | 40,240 | 639,011 |
230 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2018 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) |
| |||||||
Park Hotels & Resorts, Inc.# | 50,329 | $ | 1,621,601 | |||||
2,260,612 | ||||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
L Brands, Inc. | 18,850 | 639,204 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 6,924 | 1,291,672 | ||||||
Retail - Catalog Shopping — 0.9% |
| |||||||
Qurate Retail Group, Inc., Class A† | 51,780 | 1,052,687 | ||||||
Retail - Major Department Stores — 1.2% |
| |||||||
TJX Cos., Inc. | 15,460 | 1,396,347 | ||||||
Semiconductor Components - Integrated Circuits — 3.1% |
| |||||||
Analog Devices, Inc. | 8,809 | 856,058 | ||||||
Maxim Integrated Products, Inc. | 21,515 | 1,261,855 | ||||||
QUALCOMM, Inc. | 26,090 | 1,516,351 | ||||||
3,634,264 | ||||||||
Telephone - Integrated — 1.5% |
| |||||||
Verizon Communications, Inc. | 36,755 | 1,752,111 | ||||||
Television — 0.7% |
| |||||||
CBS Corp., Class B | 16,275 | 819,772 | ||||||
Tobacco — 2.1% |
| |||||||
British American Tobacco PLC | 16,875 | 868,090 | ||||||
Philip Morris International, Inc. | 20,270 | 1,612,276 | ||||||
2,480,366 | ||||||||
Transport - Rail — 1.6% |
| |||||||
Union Pacific Corp. | 12,670 | 1,808,769 | ||||||
Transport - Truck — 0.3% |
| |||||||
Schneider National, Inc., Class B# | 11,428 | 336,897 | ||||||
Wireless Equipment — 1.0% |
| |||||||
Nokia OYJ ADR# | 193,690 | 1,121,465 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $84,246,379) | 112,130,877 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% | ||||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 29,408 | $ | 29,408 | |||||
REPURCHASE AGREEMENTS — 2.5% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.28%, dated 05/31/2018, to be repurchased 06/01/2018 in the amount of $2,887,022 and collateralized by $3,080,000 of United States Treasury Notes, bearing interest at 2.25%, due 08/15/2027 and having an approximate value of $2,948,786 | $ | 2,887,000 | 2,887,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $87,162,787)(3) | 99.6 | % | 115,047,285 | |||||
Other assets less liabilities | 0.4 | 426,445 | ||||||
NET ASSETS | 100.0 | % | $ | 115,473,730 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At May 31, 2018, the Fund had loaned securities with a total value of $6,030,288. This was secured by collateral of $29,408, which was received in cash and subsequently invested in short-term investments currently valued at $29,408 as reported in the Portfolio of Investments. Additional collateral of $6,311,238 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2018 | |||||
United States Treasury Bills | 0.00% | 06/21/2018 to 11/08/2018 | $ | 793,277 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2018 to 02/15/2048 | 5,517,961 |
(2) | The rate shown is the 7-day yield as of May 31, 2018. |
(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 May 31, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 108,538,705 | $ | 3,592,172 | ** | $ | — | $ | 112,130,877 | |||||||
Short-Term Investment Securities | 29,408 | — | — | 29,408 | ||||||||||||
Repurchase Agreements | — | 2,887,000 | — | 2,887,000 | ||||||||||||
Total Investments at Value | $ | 108,568,113 | $ | 6,479,172 | $ | — | $ | 115,047,285 | ||||||||
* | 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 1). |
The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $2,350,165 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
231 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 170,700,465 | $ | 782,580,350 | $ | 59,664,173 | $ | 256,868,394 | $ | 251,461,360 | $ | 885,685,918 | $ | 46,407,951 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 199,213,447 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 2,580,000 | – | |||||||||||||||||||||
Cash | 1 | – | 931 | – | 23,719 | 17,062 | – | |||||||||||||||||||||
Foreign cash* | 176,686 | – | – | – | – | 34,265 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 860,000 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 297 | 331,747 | 10,949 | 36,364 | 311 | 634,717 | 6,087 | |||||||||||||||||||||
Dividends and interest | 471,922 | 577,573 | 115,506 | 1,370,770 | 538,559 | 2,373,851 | 201,323 | |||||||||||||||||||||
Investments sold | – | 4,149,210 | 306,995 | 1,159,973 | 1,647,164 | 1,560,318 | 103,417 | |||||||||||||||||||||
Investments sold on an extended settlement basis | 461,417 | – | – | – | – | – | 2,972,172 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 6,703 | 10,689 | 1,023 | 2,011 | 466 | 17,317 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 28,588 | 20,518 | 7,799 | 17,642 | 23,666 | 21,405 | 8,935 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 3,575 | – | 38,830 | – | 1,568 | |||||||||||||||||||||
Variation margin on futures contracts | 156,874 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 89,875 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | �� | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 172,952,828 | 787,670,087 | 60,110,951 | 259,455,154 | 253,734,075 | 892,924,853 | 248,914,900 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 383,731 | 4,758,000 | 33,460 | 99,757 | 210,488 | 525,414 | 135,302 | |||||||||||||||||||||
Investments purchased | – | 2,039,233 | 297,319 | 203,444 | 290,674 | 1,668,148 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 480,722 | – | – | 278,972 | – | – | 3,095,244 | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 71,450 | 478,503 | 35,904 | 107,380 | 172,401 | 530,716 | 52,120 | |||||||||||||||||||||
Administrative service fee | 9,588 | 44,341 | 3,441 | 14,429 | 14,473 | 50,389 | 2,521 | |||||||||||||||||||||
Transfer agent fees and expenses | 187 | 624 | 251 | 438 | 187 | 437 | 125 | |||||||||||||||||||||
Directors’ fees and expenses | 7,442 | 15,382 | 1,154 | 7,003 | 17,617 | 16,480 | 3,040 | |||||||||||||||||||||
Other accrued expenses | 114,821 | 103,402 | 53,164 | 82,150 | 67,722 | 109,348 | 67,279 | |||||||||||||||||||||
Variation margin on futures contracts | 27,655 | – | – | – | – | – | 657,133 | |||||||||||||||||||||
Collateral upon return of securities loaned | 5,301,092 | 328,350 | 154,712 | 3,577,298 | – | 5,843,635 | – | |||||||||||||||||||||
Due to custodian | – | 566,253 | – | – | – | – | 41,948 | |||||||||||||||||||||
Due to broker | 97,307 | – | – | – | – | – | 778,095 | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 250,108 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 793,474 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 7,287,469 | 8,334,088 | 579,405 | 4,370,871 | 773,562 | 8,744,567 | 5,082,915 | |||||||||||||||||||||
NET ASSETS | $ | 165,665,359 | $ | 779,335,999 | $ | 59,531,546 | $ | 255,084,283 | $ | 252,960,513 | $ | 884,180,286 | $ | 243,831,985 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 146,241 | $ | 373,968 | $ | 37,418 | $ | 267,288 | $ | 109,109 | $ | 713,480 | $ | 199,832 | ||||||||||||||
Additional paid-in capital | 147,990,652 | 327,566,649 | 40,967,338 | 255,596,387 | 168,215,770 | 721,665,987 | 216,502,204 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 2,454,469 | (252,978 | ) | 723,659 | 5,706,003 | 2,752,068 | 16,814,640 | 2,736,239 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 10,832,600 | 90,696,853 | 4,103,732 | (1,534,130 | ) | 28,224,188 | 92,132,659 | 7,650,019 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 4,471,190 | 360,951,479 | 13,699,438 | (4,951,265 | ) | 53,659,378 | 52,856,780 | 17,206,128 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | 391,561 | – | – | – | – | – | (462,437 | ) | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (621,354 | ) | 28 | (39 | ) | – | – | (3,260 | ) | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 165,665,359 | $ | 779,335,999 | $ | 59,531,546 | $ | 255,084,283 | $ | 252,960,513 | $ | 884,180,286 | $ | 243,831,985 | ||||||||||||||
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 | 14,624,066 | 37,396,838 | 3,741,809 | 26,728,791 | 10,910,870 | 71,347,996 | 19,983,240 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.33 | $ | 20.84 | $ | 15.91 | $ | 9.54 | $ | 23.18 | $ | 12.39 | $ | 12.20 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 166,229,275 | $ | 421,628,871 | $ | 45,964,735 | $ | 261,819,659 | $ | 197,801,982 | $ | 832,829,138 | $ | 47,657,221 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 180,758,049 | ||||||||||||||
Foreign cash | $ | 91,538 | $ | – | $ | – | $ | – | $ | – | $ | 34,197 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 386,878 | ||||||||||||||
† Including securities on loan | $ | 10,790,906 | $ | 36,089,358 | $ | 4,822,472 | $ | 10,232,245 | $ | 4,190,624 | $ | 56,887,045 | $ | – | ||||||||||||||
See Notes to Financial Statements
232 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (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)*† | $ | 841,069,480 | $ | 903,588,485 | $ | 365,601,317 | $ | 416,014,856 | $ | 393,956,542 | $ | 312,145,422 | $ | 117,509,900 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 11,071,000 | – | 126,000 | 4,206,000 | |||||||||||||||||||||
Cash | 868,976 | 977 | 324 | 1,384 | 45,727 | 533 | 306 | |||||||||||||||||||||
Foreign cash* | 4,324,910 | 401,115 | 454,686 | 2,279,130 | 1,480,164 | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | 1,572,698 | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 273,929 | 33,153 | 117,994 | 950 | 2,299 | 29,780 | 315 | |||||||||||||||||||||
Dividends and interest | 1,207,904 | 4,716,117 | 1,104,821 | 1,332,269 | 2,481,712 | 147,382 | 431,828 | |||||||||||||||||||||
Investments sold | 12,814,648 | 1,209,588 | 498,311 | 50,490 | – | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | 655,384 | 2,686,632 | 4,432,975 | 238,044 | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | 146,836 | – | – | |||||||||||||||||||||
Securites lending income | 25,491 | 60,852 | 12,576 | 1,611 | 24,846 | – | 268 | |||||||||||||||||||||
Prepaid expenses and other assets | 21,129 | 32,662 | 14,794 | 25,098 | 20,521 | 34,181 | 29,254 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 2,499,762 | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | 1,063,544 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 861,261,851 | 912,729,581 | 372,237,798 | 431,014,832 | 403,294,651 | 312,483,298 | 122,177,871 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 1,616,799 | 1,352,353 | 427,162 | 1,386,720 | 194,714 | 521,163 | 269,984 | |||||||||||||||||||||
Investments purchased | 18,951,829 | 1,192,189 | 2,954,227 | – | 43,648 | – | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 2,650,289 | 2,026,394 | 5,174,238 | 147,880 | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | 201,293 | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 1,134,029 | 84,383 | – | – | 77,603 | – | – | |||||||||||||||||||||
Investment advisory and management fees | 535,463 | 508,394 | 226,384 | 184,211 | 168,084 | 106,283 | 51,274 | |||||||||||||||||||||
Administrative service fee | 47,589 | 50,750 | 20,681 | 24,718 | 22,554 | 17,827 | 6,880 | |||||||||||||||||||||
Transfer agent fees and expenses | 204 | 501 | 438 | 375 | 187 | 738 | 779 | |||||||||||||||||||||
Directors’ fees and expenses | 15,305 | 26,648 | 8,317 | 17,037 | 13,711 | 24,867 | 6,586 | |||||||||||||||||||||
Other accrued expenses | 319,286 | 207,452 | 92,762 | 94,776 | 153,679 | 104,293 | 67,156 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 129,880 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 18,758,752 | 37,864,074 | 110,500 | 573,385 | 12,404,396 | – | 350,485 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | 3,867 | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | 314,312 | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | 62,964 | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 44,029,545 | 43,313,138 | 9,014,709 | 2,562,849 | 13,657,145 | 775,171 | 753,144 | |||||||||||||||||||||
NET ASSETS | $ | 817,232,306 | $ | 869,416,443 | $ | 363,223,089 | $ | 428,451,983 | $ | 389,637,506 | $ | 311,708,127 | $ | 121,424,727 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 918,755 | $ | 815,044 | $ | 473,134 | $ | 163,308 | $ | 324,209 | $ | 3,117,229 | $ | 118,900 | ||||||||||||||
Additional paid-in capital | 703,492,108 | 802,735,213 | 339,705,353 | 331,177,204 | 332,565,467 | 308,604,525 | 123,450,306 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 12,631,070 | 17,095,451 | 7,590,684 | 4,725,034 | 3,015,978 | 3,467 | 3,151,564 | |||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | (39,848,092 | ) | (23,008,048 | ) | (4,567,332 | ) | 88,144 | 25,661,799 | (17,094 | ) | (3,003,481 | ) | ||||||||||||||||
Unrealized appreciation (depreciation) on investments | 141,161,876 | 71,898,877 | 20,037,120 | 92,533,274 | 25,076,230 | – | (2,292,562 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | – | – | (175,051 | ) | 1,000,580 | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | 10,618 | (35,711 | ) | (15,870 | ) | (59,930 | ) | 2,070,846 | – | – | ||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (1,134,029 | ) | (84,383 | ) | – | – | (77,603 | ) | – | – | ||||||||||||||||||
NET ASSETS | $ | 817,232,306 | $ | 869,416,443 | $ | 363,223,089 | $ | 428,451,983 | $ | 389,637,506 | $ | 311,708,127 | $ | 121,424,727 | ||||||||||||||
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 | 91,875,495 | 81,504,400 | 47,313,441 | 16,330,752 | 32,420,915 | 311,722,893 | 11,890,009 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.89 | $ | 10.67 | $ | 7.68 | $ | 26.24 | $ | 12.02 | $ | 1.00 | $ | 10.21 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 699,907,604 | $ | 831,689,608 | $ | 345,564,197 | $ | 323,481,582 | $ | 368,880,312 | $ | 312,145,422 | $ | 119,802,462 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 4,329,011 | $ | 400,882 | $ | 455,264 | $ | 2,331,652 | $ | 1,549,904 | $ | – | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 86,453,286 | $ | 55,055,412 | $ | 14,081,864 | $ | 12,418,282 | $ | 22,837,046 | $ | – | $ | 2,176,283 | ||||||||||||||
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (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)*† | $ | 1,213,788,279 | $ | 128,182,408 | $ | 788,126,587 | $ | 603,782,380 | $ | 1,332,580,079 | $ | 219,815,076 | $ | 474,915,545 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 5,430,000 | – | – | |||||||||||||||||||||
Cash | 5,191,781 | 111 | 2,767 | 6,186 | 753 | 32 | 30,913,120 | |||||||||||||||||||||
Foreign cash* | 52,834 | – | 106,147 | 65,254 | 4,468,493 | 623,867 | 358,067 | |||||||||||||||||||||
Cash collateral for futures contracts | – | 105,000 | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 498,942 | 35,036 | 29,025 | 200,916 | 6,071,116 | 113,546 | 7,282 | |||||||||||||||||||||
Dividends and interest | 1,611,334 | 235,718 | 376,037 | 2,099,857 | 7,283,107 | 2,367,683 | 1,814,829 | |||||||||||||||||||||
Investments sold | 1,316,573 | 2,942,595 | 2,086,948 | 7,644,053 | 92,879 | 3,984,712 | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | 184,041 | – | – | – | 1,138,155 | 1,398,193 | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 26,565 | 570 | 37,004 | 3,063 | 92,545 | 3,941 | 4,209 | |||||||||||||||||||||
Prepaid expenses and other assets | 42,486 | 12,791 | 20,089 | 16,383 | 47,696 | 15,393 | 29,063 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 50,824 | 5,051 | 21,581 | – | – | – | 82,007 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 474,948 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 1,223,238,607 | 131,519,280 | 790,806,185 | 613,818,092 | 1,357,204,823 | 228,322,443 | 508,124,122 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 838,646 | 281,869 | 582,099 | 380,682 | 77,186 | 98,640 | 5,575,138 | |||||||||||||||||||||
Investments purchased | 1,756,279 | 2,898,890 | 1,617,737 | 14,376,283 | – | 3,797,692 | 941,428 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | 317,721 | – | 706,147 | 1,902,131 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 8,519 | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 701,501 | 81,471 | 634,174 | 233,534 | 322,460 | 91,074 | 379,647 | |||||||||||||||||||||
Administrative service fee | 68,201 | 7,288 | 43,288 | 33,827 | 75,892 | 12,223 | 27,513 | |||||||||||||||||||||
Transfer agent fees and expenses | 313 | 375 | 251 | 438 | 721 | 438 | 438 | |||||||||||||||||||||
Directors’ fees and expenses | 33,510 | 5,997 | 14,642 | 10,843 | 34,469 | 7,650 | 22,337 | |||||||||||||||||||||
Other accrued expenses | 153,483 | 56,636 | 112,304 | 95,801 | 358,532 | 80,175 | 120,919 | |||||||||||||||||||||
Variation margin on futures contracts | – | 14,345 | – | – | 115,680 | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 16,963,764 | – | 18,251,278 | 3,643,758 | 67,527,084 | 2,584,000 | 10,136,077 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 65,179 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 20,589,395 | 3,346,871 | 21,573,494 | 18,775,166 | 69,218,171 | 8,574,023 | 17,203,497 | |||||||||||||||||||||
NET ASSETS | $ | 1,202,649,212 | $ | 128,172,409 | $ | 769,232,691 | $ | 595,042,926 | $ | 1,287,986,652 | $ | 219,748,420 | $ | 490,920,625 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 692,794 | $ | 57,666 | $ | 375,827 | $ | 546,971 | $ | 1,738,544 | $ | 188,747 | $ | 327,067 | ||||||||||||||
Additional paid-in capital | 815,588,042 | 88,191,323 | 523,519,845 | 580,361,536 | 1,164,836,714 | 223,420,062 | 345,479,744 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,291,422 | 1,105,142 | (1,187,769 | ) | 11,145,565 | 29,011,970 | 2,323,924 | 2,570,852 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 85,148,023 | 12,000,402 | 62,638,953 | 759,998 | (14,616,184 | ) | (1,419,269 | ) | 107,996,635 | |||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 296,529,087 | 26,825,998 | 183,888,137 | 2,248,375 | 107,596,775 | (4,726,704 | ) | 34,555,178 | ||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | 469,901 | (8,122 | ) | – | – | (510,971 | ) | – | – | |||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | (61,538 | ) | – | (2,302 | ) | (19,519 | ) | (70,196 | ) | (38,340 | ) | (8,851 | ) | |||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | (8,519 | ) | – | – | – | – | – | – | ||||||||||||||||||||
NET ASSETS | $ | 1,202,649,212 | $ | 128,172,409 | $ | 769,232,691 | $ | 595,042,926 | $ | 1,287,986,652 | $ | 219,748,420 | $ | 490,920,625 | ||||||||||||||
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 | 69,279,380 | 5,766,622 | 37,582,690 | 54,697,088 | 173,854,365 | 18,874,712 | 32,706,716 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 17.36 | $ | 22.23 | $ | 20.47 | $ | 10.88 | $ | 7.41 | $ | 11.64 | $ | 15.01 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 917,259,192 | $ | 101,356,410 | $ | 604,238,450 | $ | 601,534,005 | $ | 1,224,983,304 | $ | 224,541,780 | $ | 440,360,367 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 52,722 | $ | – | $ | 105,304 | $ | 66,764 | $ | 4,472,431 | $ | 624,622 | $ | 362,692 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 36,400,441 | $ | 1,329,386 | $ | 145,714,805 | $ | 11,271,601 | $ | 73,439,680 | $ | 11,351,435 | $ | 29,558,622 | ||||||||||||||
See Notes to Financial Statements
234 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (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)*† | $ | 175,685,368 | $ | 444,439,527 | $ | 3,460,321,763 | $ | 294,326,484 | $ | 454,831,846 | $ | 1,423,426,590 | $ | 159,096,724 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 5,333,000 | – | 59,960,000 | – | 21,667,000 | 1,319,000 | 4,192,000 | |||||||||||||||||||||
Cash | 770 | 64,614 | 449 | 17,223 | 114 | 473,041 | 218 | |||||||||||||||||||||
Foreign cash* | – | – | – | 2 | – | 955,823 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 1,200 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 617 | 953 | 1,468,534 | 985 | 2,178 | 185,388 | 350,919 | |||||||||||||||||||||
Dividends and interest | 214,310 | 556,153 | 4,161,719 | 264,481 | 512,633 | 951,068 | 48,078 | |||||||||||||||||||||
Investments sold | 820,675 | – | 31,218,492 | – | – | 14,228,936 | 662,044 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 120 | 2,121 | 149,101 | 7,188 | 11,014 | 61,446 | 5,956 | |||||||||||||||||||||
Prepaid expenses and other assets | 11,335 | 18,719 | 123,050 | 14,605 | 14,090 | 55,374 | 9,951 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 7,962 | – | 1,686 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 182,066,195 | 445,082,087 | 3,557,403,108 | 294,630,968 | 477,048,037 | 1,441,656,666 | 164,367,576 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 381,002 | 89,544 | 4,812,133 | 358,260 | 425,540 | 531,617 | 11,477 | |||||||||||||||||||||
Investments purchased | 1,152,510 | – | 29,743,878 | 132,566 | – | 16,010,116 | 808,610 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 107,503 | 241,157 | 747,951 | 170,010 | 155,177 | 1,019,132 | 110,432 | |||||||||||||||||||||
Administrative service fee | 10,304 | 25,282 | 193,926 | 16,453 | 26,651 | 78,777 | 8,718 | |||||||||||||||||||||
Transfer agent fees and expenses | 408 | 313 | 1,126 | 438 | 905 | 904 | 187 | |||||||||||||||||||||
Directors’ fees and expenses | 4,266 | 12,629 | 105,589 | 8,465 | 7,674 | 47,345 | 2,743 | |||||||||||||||||||||
Other accrued expenses | 61,006 | 80,468 | 303,035 | 57,781 | 33,080 | 156,658 | 56,274 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 727,003 | – | 34,440 | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 86,679,316 | 2,232,493 | 2,851,552 | 20,379,343 | 6,199,310 | |||||||||||||||||||||
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 | 1,716,999 | 449,393 | 123,313,957 | 2,976,466 | 3,535,019 | 38,223,892 | 7,197,751 | |||||||||||||||||||||
NET ASSETS | $ | 180,349,196 | $ | 444,632,694 | $ | 3,434,089,151 | $ | 291,654,502 | $ | 473,513,018 | $ | 1,403,432,774 | $ | 157,169,825 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 154,079 | $ | 296,126 | $ | 1,224,659 | $ | 184,037 | $ | 338,907 | $ | 450,640 | $ | 95,599 | ||||||||||||||
Additional paid-in capital | 135,559,491 | 289,747,133 | 2,098,341,533 | 195,518,705 | 187,957,682 | 836,632,174 | 98,030,267 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,588,331 | 2,738,696 | 42,905,038 | (79,640 | ) | 2,116,085 | (1,536,490 | ) | (307,413 | ) | ||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 12,879,894 | 29,991,247 | 280,204,646 | 26,741,825 | 6,948,740 | 262,865,704 | 21,428,596 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on investments | 30,167,401 | 121,860,252 | 1,010,817,496 | 69,290,539 | 276,213,777 | 304,980,224 | 37,922,776 | |||||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | – | 595,779 | – | (62,173 | ) | – | – | ||||||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | (760 | ) | – | (964 | ) | – | 40,522 | – | |||||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
NET ASSETS | $ | 180,349,196 | $ | 444,632,694 | $ | 3,434,089,151 | $ | 291,654,502 | $ | 473,513,018 | $ | 1,403,432,774 | $ | 157,169,825 | ||||||||||||||
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 | 15,407,916 | 29,612,648 | 122,465,863 | 18,403,677 | 33,890,674 | 45,064,014 | 9,559,931 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.70 | $ | 15.01 | $ | 28.04 | $ | 15.85 | $ | 13.97 | $ | 31.14 | $ | 16.44 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 145,517,967 | $ | 322,579,275 | $ | 2,449,504,267 | $ | 225,035,945 | $ | 178,618,069 | $ | 1,118,446,366 | $ | 121,173,948 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | 2 | $ | – | $ | 913,780 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 996,217 | $ | 21,834,010 | $ | 717,392,547 | $ | 35,649,636 | $ | 11,137,130 | $ | 128,098,208 | $ | 33,479,960 | ||||||||||||||
See Notes to Financial Statements
235 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2018 — (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)*† | $ | 330,923,243 | $ | 1,302,441,253 | $ | 302,191,006 | $ | 120,078,384 | $ | 4,863,315,934 | $ | 112,160,285 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 10,013,788 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | 4,832,000 | 57,103,000 | – | – | 60,475,000 | 2,887,000 | ||||||||||||||||||
Cash | – | 36 | 645 | – | 270 | 57 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 49 | 278,087 | 2,223 | 973 | 21,268,511 | 65 | ||||||||||||||||||
Dividends and interest | 180,741 | 797,356 | 390,524 | 84,427 | 9,972,635 | 392,102 | ||||||||||||||||||
Investments sold | 346,880 | – | 1,698,651 | 977,835 | – | 219,583 | ||||||||||||||||||
Investments sold on an extended settlement basis | – | 978,262 | – | – | – | – | ||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Securites lending income | 32,804 | 168,280 | 5,826 | 4,300 | 12,640 | 1,598 | ||||||||||||||||||
Prepaid expenses and other assets | 26,239 | 44,136 | 12,522 | 9,960 | 264,021 | 11,045 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 29,888 | – | – | 7,012 | – | 8,650 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 336,371,844 | 1,361,810,410 | 304,301,397 | 121,162,891 | 4,965,322,799 | 115,680,385 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 265,062 | 3,121,503 | 515,759 | 237,856 | 248,849 | 32,250 | ||||||||||||||||||
Investments purchased | 498,138 | – | 515,232 | 250,180 | – | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | – | 598,179 | – | – | – | – | ||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 240,792 | 311,806 | 192,282 | 85,140 | 1,006,453 | 76,774 | ||||||||||||||||||
Administrative service fee | 18,170 | 72,286 | 17,199 | 6,720 | 280,663 | 6,604 | ||||||||||||||||||
Transfer agent fees and expenses | 188 | 878 | 375 | 187 | 1,454 | 438 | ||||||||||||||||||
Directors’ fees and expenses | 19,350 | 37,356 | 7,449 | 3,439 | 184,558 | 4,506 | ||||||||||||||||||
Other accrued expenses | 87,298 | 229,120 | 64,748 | 57,259 | 377,512 | 56,675 | ||||||||||||||||||
Variation margin on futures contracts | – | 605,220 | – | – | 521,430 | – | ||||||||||||||||||
Collateral upon return of securities loaned | 13,969,862 | 62,404,238 | 2,243,097 | 2,000,045 | 4,199,226 | 29,408 | ||||||||||||||||||
Due to custodian | 36,775 | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 15,135,635 | 67,380,586 | 3,556,141 | 2,640,826 | 6,820,145 | 206,655 | ||||||||||||||||||
NET ASSETS | $ | 321,236,209 | $ | 1,294,429,824 | $ | 300,745,256 | $ | 118,522,065 | $ | 4,958,502,654 | $ | 115,473,730 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 278,364 | $ | 567,504 | $ | 217,302 | $ | 85,621 | $ | 1,256,440 | $ | 64,615 | ||||||||||||
Additional paid-in capital | 238,629,119 | 774,186,606 | 230,972,450 | 82,826,298 | 2,181,374,150 | 86,021,615 | ||||||||||||||||||
Accumulated undistributed net investment income (loss) | 1,175,274 | 12,288,741 | 3,186,244 | (46,343 | ) | 74,632,055 | 1,662,027 | |||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, swap contracts and foreign exchange transactions | 24,707,675 | 90,378,039 | 27,943,028 | 14,598,613 | 72,169,257 | (158,164 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) on investments | 56,445,777 | 415,437,495 | 38,426,232 | 21,057,876 | 2,629,518,110 | 27,884,498 | ||||||||||||||||||
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts | – | 1,571,439 | – | – | (447,358 | ) | – | |||||||||||||||||
Unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | (861 | ) | |||||||||||||||||
Accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
NET ASSETS | $ | 321,236,209 | $ | 1,294,429,824 | $ | 300,745,256 | $ | 118,522,065 | $ | 4,958,502,654 | $ | 115,473,730 | ||||||||||||
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 | 27,836,421 | 56,750,393 | 21,730,228 | 8,562,063 | 125,643,965 | 6,461,498 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.54 | $ | 22.81 | $ | 13.84 | $ | 13.84 | $ | 39.46 | $ | 17.87 | ||||||||||||
*Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 274,477,466 | $ | 887,003,758 | $ | 263,764,774 | $ | 99,020,508 | $ | 2,237,168,083 | $ | 84,275,787 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 6,643,529 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 52,627,995 | $ | 219,314,268 | $ | 27,087,606 | $ | 18,737,980 | $ | 98,906,520 | $ | 6,030,288 | ||||||||||||
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,790,692 | $ | 5,417,360 | $ | 1,225,406 | $ | 21,243 | $ | 4,726,599 | $ | 23,313,953 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | 2,326,668 | |||||||||||||||||||||
Securities lending income | 89,562 | 109,030 | 7,571 | 23,846 | 12,126 | 141,306 | – | |||||||||||||||||||||
Interest (unaffiliated) | 697,404 | 39,702 | 1,830 | 6,619,983 | 1,992 | 48,934 | 902,670 | |||||||||||||||||||||
Total investment income* | 3,577,658 | 5,566,092 | 1,234,807 | 6,665,072 | 4,740,717 | 23,504,193 | 3,229,338 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 840,768 | 5,329,979 | 421,750 | 1,217,535 | 2,020,043 | 5,805,279 | 632,213 | |||||||||||||||||||||
Administrative service fee | 113,060 | 493,985 | 40,510 | 163,762 | 169,987 | 549,972 | 32,475 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,115 | 2,976 | 1,488 | 2,604 | 1,115 | 2,594 | 744 | |||||||||||||||||||||
Custodian fees | 86,655 | 41,316 | 23,035 | 43,395 | 40,864 | 54,166 | 20,741 | |||||||||||||||||||||
Reports to shareholders | 20,448 | 90,325 | 7,289 | 30,801 | 31,948 | 99,686 | 32,554 | |||||||||||||||||||||
Audit and tax fees | 48,155 | 35,829 | 35,578 | 49,468 | 35,615 | 35,340 | 35,565 | |||||||||||||||||||||
Legal fees | 26,911 | 27,072 | 11,988 | 15,932 | 22,804 | 31,512 | 16,718 | |||||||||||||||||||||
Directors’ fees and expenses | 8,226 | 36,216 | 2,935 | 12,062 | 13,094 | 40,724 | 12,437 | |||||||||||||||||||||
Interest expense | 7,955 | – | – | – | 525 | – | – | |||||||||||||||||||||
License fee | 603 | 603 | 603 | 603 | 603 | 603 | 603 | |||||||||||||||||||||
Other expenses | 62,303 | 27,694 | 11,752 | 14,408 | 15,538 | 30,801 | 11,890 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,216,199 | 6,085,995 | 556,928 | 1,550,570 | 2,352,136 | 6,650,677 | 795,940 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (44,802 | ) | – | (398,640 | ) | – | (17,791 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (3,008 | ) | (2,682 | ) | (1,505 | ) | – | – | – | – | ||||||||||||||||||
Net expenses | 1,213,191 | 6,083,313 | 510,621 | 1,550,570 | 1,953,496 | 6,650,677 | 778,149 | |||||||||||||||||||||
Net investment income (loss) | 2,364,467 | (517,221 | ) | 724,186 | 5,114,502 | 2,787,221 | 16,853,516 | 2,451,189 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 12,720,555 | 91,973,741 | 4,376,538 | 113,239 | 29,358,901 | 94,280,945 | (5,393,859 | ) | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 4,135,197 | |||||||||||||||||||||
Futures contracts | (1,744,065 | ) | – | – | – | – | – | 15,930,405 | ||||||||||||||||||||
Forward contracts | 271,109 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (4,572,490 | ) | ||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | 4,344,017 | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (181,236 | ) | 400 | 1 | – | 847 | (297 | ) | – | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 11,066,363 | 91,974,141 | 4,376,539 | 113,239 | 29,359,748 | 94,280,648 | 14,443,270 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 911,691 | 87,961,509 | 613,597 | (7,502,995 | ) | 3,928,974 | (55,236,217 | ) | (774,796 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 9,996,363 | |||||||||||||||||||||
Futures contracts | 499,470 | – | – | – | – | – | (3,001,210 | ) | ||||||||||||||||||||
Forward contracts | (703,599 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (6,479 | ) | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 96,512 | 59 | (39 | ) | – | – | (7,074 | ) | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 804,074 | 87,961,568 | 613,558 | (7,502,995 | ) | 3,928,974 | (55,243,291 | ) | 6,213,878 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 11,870,437 | 179,935,709 | 4,990,097 | (7,389,756 | ) | 33,288,722 | 39,037,357 | 20,657,148 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,234,904 | $ | 179,418,488 | $ | 5,714,283 | $ | (2,275,254 | ) | $ | 36,075,943 | $ | 55,890,873 | $ | 23,108,337 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 123,737 | $ | 3,063 | $ | 4,802 | $ | 1,529 | $ | 37,344 | $ | 357,588 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
237 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (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) | $ | 21,765,943 | $ | 23,579,260 | $ | 11,970,272 | $ | 8,839,210 | $ | 6,226,068 | $ | – | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 256,263 | 386,813 | 66,551 | 26,055 | 87,218 | – | 3,174 | |||||||||||||||||||||
Interest (unaffiliated) | 33,252 | 292,003 | 40,551 | 68,969 | 8,160,613 | 3,977,894 | 3,703,652 | |||||||||||||||||||||
Total investment income* | 22,055,458 | 24,258,076 | 12,077,374 | 8,934,234 | 14,473,899 | 3,977,894 | 3,706,826 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 6,123,833 | 5,980,498 | 2,772,846 | 2,166,407 | 2,058,146 | 1,299,792 | 664,562 | |||||||||||||||||||||
Administrative service fee | 544,457 | 598,244 | 254,289 | 291,324 | 276,755 | 218,468 | 89,356 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,500 | 2,976 | 2,604 | 2,231 | 1,115 | 4,450 | 3,347 | |||||||||||||||||||||
Custodian fees | 541,002 | 215,410 | 53,464 | 57,668 | 164,723 | 11,554 | 33,686 | |||||||||||||||||||||
Reports to shareholders | 97,171 | 111,246 | 47,197 | 53,376 | 52,112 | 36,680 | 17,401 | |||||||||||||||||||||
Audit and tax fees | 58,123 | 46,446 | 37,414 | 44,322 | 49,243 | 40,753 | 42,395 | |||||||||||||||||||||
Legal fees | 63,562 | 39,862 | 20,401 | 21,047 | 34,218 | 18,367 | 13,793 | |||||||||||||||||||||
Directors’ fees and expenses | 39,368 | 43,608 | 18,139 | 21,314 | 20,290 | 19,639 | 6,540 | |||||||||||||||||||||
Interest expense | 152 | – | 21 | 667 | 1,585 | – | – | |||||||||||||||||||||
License fee | 603 | 603 | 603 | 603 | 603 | 603 | 603 | |||||||||||||||||||||
Other expenses | 31,807 | 32,930 | 27,285 | 25,405 | 26,930 | 10,731 | 11,605 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 7,502,578 | 7,071,823 | 3,234,263 | 2,684,364 | 2,685,720 | 1,661,037 | 883,288 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Fees paid indirectly (Note 7) | (3,537 | ) | (6,242 | ) | (2,335 | ) | – | (1,925 | ) | – | – | |||||||||||||||||
Net expenses | 7,499,041 | 7,065,581 | 3,231,928 | 2,684,364 | 2,683,795 | 1,661,037 | 883,288 | |||||||||||||||||||||
Net investment income (loss) | 14,556,417 | 17,192,495 | 8,845,446 | 6,249,870 | 11,790,104 | 2,316,857 | 2,823,538 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 61,436,314 | (3,117,021 | ) | 8,430,927 | 5,947,506 | 27,369,528 | (17,092 | ) | 77,920 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 654,846 | – | – | 3,986,541 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | (5,672,060 | ) | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | (496,055 | ) | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (482,590 | ) | 89,995 | 4,567 | 28,747 | (178,114 | ) | – | – | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | (337 | ) | – | ||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | 337 | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 61,608,570 | (3,027,026 | ) | 8,435,494 | 9,962,794 | 21,023,299 | (17,092 | ) | 77,920 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 14,774,676 | 12,368,524 | 5,635,120 | 33,934,412 | (19,263,246 | ) | – | (4,504,096 | ) | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | (622,735 | ) | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | 3,945,640 | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | 2,479,345 | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (20,593 | ) | (10,745 | ) | (6,710 | ) | (63,529 | ) | (136,496 | ) | – | – | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 488,583 | 109,954 | – | – | 17,425 | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 15,242,666 | 12,467,733 | 5,628,410 | 33,248,148 | (12,957,332 | ) | – | (4,504,096 | ) | |||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 76,851,236 | 9,440,707 | 14,063,904 | 43,210,942 | 8,065,967 | (17,092 | ) | (4,426,176 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 91,407,653 | $ | 26,633,202 | $ | 22,909,350 | $ | 49,460,812 | $ | 19,856,071 | $ | 2,299,765 | $ | (1,602,638 | ) | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 2,884,381 | $ | 2,404,540 | $ | 814,285 | $ | 596,766 | $ | 899,592 | $ | – | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 868,251 | $ | 385,875 | $ | – | $ | – | $ | 84,269 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
238 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)
GROWTH FUND | GROWTH & FUND | HEALTH FUND | INFLATION FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 12,951,761 | $ | 2,175,842 | $ | 5,647,953 | $ | 221,507 | $ | 37,922,350 | $ | – | $ | 7,025,972 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 213,277 | 7,581 | 505,394 | 26,150 | 443,589 | 17,943 | 83,108 | |||||||||||||||||||||
Interest (unaffiliated) | 10,292 | 2,729 | 60,309 | 17,597,386 | 375,509 | 5,237,696 | 13,381 | |||||||||||||||||||||
Total investment income* | 13,175,330 | 2,186,152 | 6,213,656 | 17,845,043 | 38,741,448 | 5,255,639 | 7,122,461 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 7,852,028 | 948,814 | 7,420,241 | 2,874,485 | 3,707,192 | 979,113 | 4,253,685 | |||||||||||||||||||||
Administrative service fee | 761,962 | 85,062 | 507,477 | 420,184 | 870,612 | 131,651 | 308,448 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,860 | 2,231 | 1,488 | 2,604 | 4,835 | 2,602 | 2,604 | |||||||||||||||||||||
Custodian fees | 99,153 | 17,220 | 44,650 | 34,556 | 239,221 | 38,780 | 134,244 | |||||||||||||||||||||
Reports to shareholders | 119,462 | 15,436 | 93,224 | 82,298 | 158,899 | 22,338 | 95,176 | |||||||||||||||||||||
Audit and tax fees | 37,575 | 37,891 | 37,841 | 44,407 | 44,394 | 54,061 | 46,963 | |||||||||||||||||||||
Legal fees | 42,998 | 13,418 | 48,227 | 27,811 | 45,367 | 14,966 | 61,241 | |||||||||||||||||||||
Directors’ fees and expenses | 55,810 | 6,269 | 37,106 | 31,514 | 64,016 | 9,385 | 22,526 | |||||||||||||||||||||
Interest expense | 160 | 79 | – | – | 3,130 | 367 | 846 | |||||||||||||||||||||
License fee | 603 | 603 | 603 | 603 | 258,933 | 603 | 603 | |||||||||||||||||||||
Other expenses | 35,646 | 13,372 | 30,246 | 19,331 | 13,939 | 13,965 | 24,960 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 9,007,257 | 1,140,395 | 8,221,103 | 3,537,793 | 5,410,538 | 1,267,831 | 4,951,296 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (566,566 | ) | (64,993 | ) | (235,556 | ) | – | – | – | (475,198 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (1,027 | ) | (5,963 | ) | – | – | – | (238 | ) | ||||||||||||||||||
Net expenses | 8,440,691 | 1,074,375 | 7,979,584 | 3,537,793 | 5,410,538 | 1,267,831 | 4,475,860 | |||||||||||||||||||||
Net investment income (loss) | 4,734,639 | 1,111,777 | (1,765,928 | ) | 14,307,250 | 33,330,910 | 3,987,808 | 2,646,601 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 89,965,410 | 12,117,909 | 65,314,208 | 3,064,532 | 7,152,455 | 1,699,638 | 116,232,693 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 181,409 | – | – | 10,131,091 | – | – | |||||||||||||||||||||
Forward contracts | (467,043 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | 147,404 | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (21,497 | ) | 30 | (31,823 | ) | (68,540 | ) | 99,287 | 29,922 | (85,293 | ) | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 89,476,870 | 12,299,348 | 65,429,789 | 2,995,992 | 17,382,833 | 1,729,560 | 116,147,400 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 117,901,875 | 1,023,616 | 70,758,897 | (9,895,271 | ) | 45,090,885 | (5,920,829 | ) | (41,370,768 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | (13,249 | ) | – | – | (4,944,384 | ) | – | – | |||||||||||||||||||
Forward contracts | 469,901 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 2,419 | – | (2,883 | ) | (21,863 | ) | (48,504 | ) | (64,350 | ) | 63,408 | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 8,844 | – | – | – | – | – | 55,603 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 118,383,039 | 1,010,367 | 70,756,014 | (9,917,134 | ) | 40,097,997 | (5,985,179 | ) | (41,251,757 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 207,859,909 | 13,309,715 | 136,185,803 | (6,921,142 | ) | 57,480,830 | (4,255,619 | ) | 74,895,643 | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 212,594,548 | $ | 14,421,492 | $ | 134,419,875 | $ | 7,386,108 | $ | 90,811,740 | $ | (267,811 | ) | $ | 77,542,244 | |||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 209,642 | $ | 146 | $ | 79,245 | $ | 4 | $ | 3,820,028 | $ | 3,810 | $ | 1,007,960 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 111,822 | ||||||||||||||
See Notes to Financial Statements
239 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (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) | $ | 3,071,617 | $ | 6,232,668 | $ | 52,271,828 | $ | 2,211,121 | $ | 4,282,761 | $ | 7,218,363 | $ | 439,287 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 2,635 | 26,986 | 1,971,752 | 104,102 | 73,144 | 534,163 | 66,654 | |||||||||||||||||||||
Interest (unaffiliated) | 7,332 | 23,211 | 857,182 | 39,269 | 51,747 | 401,604 | 5,835 | |||||||||||||||||||||
Total investment income* | 3,081,584 | 6,282,865 | 55,100,762 | 2,354,492 | 4,407,652 | 8,154,130 | 511,776 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,253,718 | 2,777,277 | 8,866,514 | 1,925,641 | 1,687,762 | 10,976,365 | 1,140,493 | |||||||||||||||||||||
Administrative service fee | 120,429 | 291,781 | 2,308,396 | 186,267 | 289,816 | 848,575 | 90,224 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,761 | 1,860 | 6,695 | 2,604 | 5,317 | 5,298 | 1,115 | |||||||||||||||||||||
Custodian fees | 24,980 | 23,649 | 117,269 | 14,841 | 30,332 | 100,264 | 25,111 | |||||||||||||||||||||
Reports to shareholders | 22,603 | 53,229 | 431,388 | 33,449 | 53,451 | 157,649 | 15,729 | |||||||||||||||||||||
Audit and tax fees | 35,907 | 35,383 | 37,150 | 36,019 | 37,511 | 38,167 | 35,901 | |||||||||||||||||||||
Legal fees | 14,720 | 20,159 | 70,910 | 23,002 | 20,252 | 57,175 | 13,363 | |||||||||||||||||||||
Directors’ fees and expenses | 8,877 | 21,491 | 169,092 | 13,675 | 21,386 | 62,257 | 6,615 | |||||||||||||||||||||
Interest expense | – | 126 | 18,391 | 111 | 813 | 419 | – | |||||||||||||||||||||
License fee | 603 | 603 | 34,333 | 603 | 172,396 | 603 | 603 | |||||||||||||||||||||
Other expenses | 14,714 | 16,962 | 91,949 | 25,405 | 15,493 | 41,806 | 12,364 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,499,312 | 3,242,520 | 12,152,087 | 2,261,617 | 2,334,529 | 12,288,578 | 1,341,518 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (49,470 | ) | – | (13,178 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (7,779 | ) | (2,026 | ) | – | (7,086 | ) | – | (50,725 | ) | (8,706 | ) | ||||||||||||||||
Net expenses | 1,491,533 | 3,240,494 | 12,152,087 | 2,254,531 | 2,285,059 | 12,237,853 | 1,319,634 | |||||||||||||||||||||
Net investment income (loss) | 1,590,051 | 3,042,371 | 42,948,675 | 99,961 | 2,122,593 | (4,083,723 | ) | (807,858 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 14,035,715 | 29,838,796 | 283,267,296 | 27,092,773 | 3,900,866 | 275,857,797 | 22,882,394 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 14,504,706 | – | 4,823,174 | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 337 | (6,373 | ) | 3,349 | (199 | ) | – | (65,401 | ) | – | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 14,036,052 | 29,832,423 | 297,775,351 | 27,092,574 | 8,724,040 | 275,792,396 | 22,882,394 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||||||
Investments (unaffiliated) | 406,370 | 31,584,857 | 127,393,100 | 21,133,461 | 72,404,796 | 59,618,629 | 20,365,970 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 1,657,940 | – | (1,218,166 | ) | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (272 | ) | – | (1,723 | ) | – | 2,295 | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 406,370 | 31,584,585 | 129,051,040 | 21,131,738 | 71,186,630 | 59,620,924 | 20,365,970 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 14,442,422 | 61,417,008 | 426,826,391 | 48,224,312 | 79,910,670 | 335,413,320 | 43,248,364 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 16,032,473 | $ | 64,459,379 | $ | 469,775,066 | $ | 48,324,273 | $ | 82,033,263 | $ | 331,329,597 | $ | 42,440,506 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 9,654 | $ | 103,409 | $ | 37,385 | $ | 27,880 | $ | 1,062 | $ | 229,888 | $ | 465 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
240 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2018 — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 3,676,436 | $ | 14,541,909 | $ | 5,728,930 | $ | 778,072 | $ | 92,495,733 | $ | 2,607,139 | ||||||||||||
Dividends (affiliated) | – | – | – | – | 245,170 | – | ||||||||||||||||||
Securities lending income | 509,143 | 2,450,956 | 109,470 | 40,348 | 231,998 | 12,816 | ||||||||||||||||||
Interest (unaffiliated) | 24,796 | 426,463 | 24,427 | 29,682 | 232,608 | 4,005 | ||||||||||||||||||
Total investment income* | 4,210,375 | 17,419,328 | 5,862,827 | 848,102 | 93,205,509 | 2,623,960 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 2,807,345 | 3,623,608 | 2,297,982 | 975,593 | 11,511,713 | 880,489 | ||||||||||||||||||
Administrative service fee | 212,171 | 840,108 | 206,017 | 77,173 | 3,198,607 | 75,896 | ||||||||||||||||||
Transfer agent fees and expenses | 1,116 | 5,951 | 2,231 | 1,115 | 7,739 | 2,604 | ||||||||||||||||||
Custodian fees | 65,762 | 98,207 | 15,085 | 19,495 | 144,461 | 21,138 | ||||||||||||||||||
Reports to shareholders | 49,427 | 158,245 | 55,891 | 14,486 | 592,319 | 13,560 | ||||||||||||||||||
Audit and tax fees | 36,223 | 41,300 | 35,642 | 35,506 | 38,080 | 35,333 | ||||||||||||||||||
Legal fees | 29,862 | 39,318 | 17,145 | 15,165 | 117,566 | 13,194 | ||||||||||||||||||
Directors’ fees and expenses | 15,388 | 61,306 | 14,939 | 5,669 | 235,240 | 5,545 | ||||||||||||||||||
Interest expense | 1,016 | 7,226 | – | – | 3,286 | – | ||||||||||||||||||
License fee | 603 | 99,955 | 603 | 603 | 47,571 | 603 | ||||||||||||||||||
Other expenses | 22,158 | 28,406 | 17,198 | 12,233 | 102,080 | 12,310 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,241,071 | 5,003,630 | 2,662,733 | 1,157,038 | 15,998,662 | 1,060,672 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (306,270 | ) | – | – | (65,651 | ) | – | (101,165 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (2,537 | ) | – | (7,828 | ) | (1,985 | ) | – | (99 | ) | ||||||||||||||
Net expenses | 2,932,264 | 5,003,630 | 2,654,905 | 1,089,402 | 15,998,662 | 959,408 | ||||||||||||||||||
Net investment income (loss) | 1,278,111 | 12,415,698 | 3,207,922 | (241,300 | ) | 77,206,847 | 1,664,552 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 25,065,767 | 79,257,547 | 29,873,945 | 15,097,200 | 106,285,943 | 7,088,214 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | 444,648 | – | ||||||||||||||||||
Futures contracts | – | 13,134,631 | – | – | 9,398,110 | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 151 | 935 | – | – | – | (444 | ) | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net increase from payment by affiliates (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 25,065,918 | 92,393,113 | 29,873,945 | 15,097,200 | 116,128,701 | 7,087,770 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: |
| |||||||||||||||||||||||
Investments (unaffiliated) | 25,943,654 | 124,671,369 | 11,101,173 | 6,033,180 | 428,276,841 | 1,025,911 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | (2,477,513 | ) | – | |||||||||||||||||
Futures contracts | – | 2,703,583 | – | – | (2,101,656 | ) | – | |||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | – | (385 | ) | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 25,943,654 | 127,374,952 | 11,101,173 | 6,033,180 | 423,697,672 | 1,025,526 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 51,009,572 | 219,768,065 | 40,975,118 | 21,130,380 | 539,826,373 | 8,113,296 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 52,287,683 | $ | 232,183,763 | $ | 44,183,040 | $ | 20,889,080 | $ | 617,033,220 | $ | 9,777,848 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 11,954 | $ | 3,917 | $ | 6,449 | $ | – | $ | – | $ | 31,811 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements |
241 |
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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,364,467 | $ | 2,437,879 | $ | (517,221 | ) | $ | 355,196 | $ | 724,186 | $ | 887,507 | $ | 5,114,502 | $ | 3,943,075 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 11,066,363 | 10,916,788 | 91,974,141 | 49,329,475 | 4,376,539 | 3,940,610 | 113,239 | 928,673 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 804,074 | (370,413 | ) | 87,961,568 | 84,131,290 | 613,558 | 4,178,983 | (7,502,995 | ) | (1,108,002 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 14,234,904 | 12,984,254 | 179,418,488 | 133,815,961 | 5,714,283 | 9,007,100 | (2,275,254 | ) | 3,763,746 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (2,578,966 | ) | (3,749,061 | ) | (464,379 | ) | – | (982,133 | ) | (839,373 | ) | (4,881,977 | ) | (4,826,517 | ) | |||||||||||||||||
Net realized gain on securities | (6,784,258 | ) | – | (44,264,812 | ) | (61,428,180 | ) | (3,917,301 | ) | (1,743,826 | ) | (651,712 | ) | (235,095 | ) | |||||||||||||||||
Total distributions to shareholders | (9,363,224 | ) | (3,749,061 | ) | (44,729,191 | ) | (61,428,180 | ) | (4,899,434 | ) | (2,583,199 | ) | (5,533,689 | ) | (5,061,612 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (973,761 | ) | (11,826,251 | ) | (34,869,574 | ) | (8,798,151 | ) | 2,377,357 | (7,414,245 | ) | 27,829,989 | 299,597 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 3,897,919 | (2,591,058 | ) | 99,819,723 | 63,589,630 | 3,192,206 | (990,344 | ) | 20,021,046 | (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† | $ | 165,665,359 | $ | 161,767,440 | $ | 779,335,999 | $ | 679,516,276 | $ | 59,531,546 | $ | 56,339,340 | $ | 255,084,283 | $ | 235,063,237 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,454,469 | $ | 2,551,254 | $ | (252,978 | ) | $ | 457,600 | $ | 723,659 | $ | 981,605 | $ | 5,706,003 | $ | 4,868,838 | |||||||||||||||
See Notes to Financial Statements
242 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,787,221 | $ | 2,792,149 | $ | 16,853,516 | $ | 15,412,484 | $ | 2,451,189 | $ | 3,211,511 | $ | 14,556,417 | $ | 12,131,676 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 29,359,748 | 21,390,666 | 94,280,648 | 34,301,350 | 14,443,270 | 8,068,775 | 61,608,570 | 16,584,685 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 3,928,974 | 13,642,477 | (55,243,291 | ) | 58,651,023 | 6,213,878 | 16,762,629 | 15,242,666 | 140,258,367 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 36,075,943 | 37,825,292 | 55,890,873 | 108,364,857 | 23,108,337 | 28,042,915 | 91,407,653 | 168,974,728 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (2,794,422 | ) | (2,640,815 | ) | (15,413,785 | ) | (14,380,753 | ) | (3,194,315 | ) | (4,599,119 | ) | (12,115,507 | ) | (10,536,617 | ) | ||||||||||||||||
Net realized gain on securities | (18,944,197 | ) | (8,018,311 | ) | (29,853,796 | ) | (62,126,737 | ) | (9,660,962 | ) | (1,781,175 | ) | – | – | ||||||||||||||||||
Total distributions to shareholders | (21,738,619 | ) | (10,659,126 | ) | (45,267,581 | ) | (76,507,490 | ) | (12,855,277 | ) | (6,380,294 | ) | (12,115,507 | ) | (10,536,617 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (3,023,337 | ) | (15,156,317 | ) | 64,858,084 | 191,336,067 | (15,050,927 | ) | (21,478,836 | ) | 29,067,088 | 33,423,753 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 11,313,987 | 12,009,849 | 75,481,376 | 223,193,434 | (4,797,867 | ) | 183,785 | 108,359,234 | 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† | $ | 252,960,513 | $ | 241,646,526 | $ | 884,180,286 | $ | 808,698,910 | $ | 243,831,985 | $ | 248,629,852 | $ | 817,232,306 | $ | 708,873,072 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,752,068 | $ | 2,754,271 | $ | 16,814,640 | $ | 15,394,858 | $ | 2,736,239 | $ | 3,177,521 | $ | 12,631,070 | $ | 11,292,948 | ||||||||||||||||
See Notes to Financial Statements
243 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
FOREIGN VALUE FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 17,192,495 | $ | 17,144,443 | $ | 8,845,446 | $ | 9,409,821 | $ | 6,249,870 | $ | 5,996,785 | $ | 11,790,104 | $ | 12,182,304 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (3,027,026 | ) | 8,380,019 | 8,435,494 | 6,417,509 | 9,962,794 | 1,793,194 | 21,023,299 | (5,229,298 | ) | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 12,467,733 | 144,235,636 | 5,628,410 | 1,523,403 | 33,248,148 | 49,848,490 | (12,957,332 | ) | 47,386,963 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 26,633,202 | 169,760,098 | 22,909,350 | 17,350,733 | 49,460,812 | 57,638,469 | 19,856,071 | 54,339,969 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (17,026,333 | ) | (16,256,905 | ) | (14,266,046 | ) | (17,674,291 | ) | (7,163,295 | ) | (6,885,357 | ) | – | (3,879,612 | ) | |||||||||||||||||
Net realized gain on securities | – | – | (4,316,905 | ) | (21,783,749 | ) | – | – | (5,241,605 | ) | (7,886,684 | ) | ||||||||||||||||||||
Total distributions to shareholders | (17,026,333 | ) | (16,256,905 | ) | (18,582,951 | ) | (39,458,040 | ) | (7,163,295 | ) | (6,885,357 | ) | (5,241,605 | ) | (11,766,296 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (16,355,367 | ) | (96,331,571 | ) | (28,240,730 | ) | (81,469,700 | ) | (30,409,838 | ) | (11,302,466 | ) | (44,302,111 | ) | (55,183,593 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,748,498 | ) | 57,171,622 | (23,914,331 | ) | (103,577,007 | ) | 11,887,679 | 39,450,646 | (29,687,645 | ) | (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† | $ | 869,416,443 | $ | 876,164,941 | $ | 363,223,089 | $ | 387,137,420 | $ | 428,451,983 | $ | 416,564,304 | $ | 389,637,506 | $ | 419,325,151 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 17,095,451 | $ | 16,165,501 | $ | 7,590,684 | $ | 7,775,776 | $ | 4,725,034 | $ | 5,587,557 | $ | 3,015,978 | $ | (1,639,271 | ) | |||||||||||||||
See Notes to Financial Statements
244 |
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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,316,857 | $ | 268,576 | $ | 2,823,538 | $ | 2,921,477 | $ | 4,734,639 | $ | 6,420,603 | $ | 1,111,777 | $ | 1,175,130 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (17,092 | ) | 1,733 | 77,920 | (149,273 | ) | 89,476,870 | 51,872,322 | 12,299,348 | 5,137,182 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | – | – | (4,504,096 | ) | (2,521,467 | ) | 118,383,039 | 115,472,198 | 1,010,367 | 11,806,559 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,299,765 | 270,309 | (1,602,638 | ) | 250,737 | 212,594,548 | 173,765,123 | 14,421,492 | 18,118,871 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (2,316,563 | ) | (268,820 | ) | (3,355,071 | ) | (3,446,180 | ) | (6,747,775 | ) | (7,513,594 | ) | (1,175,306 | ) | (1,374,711 | ) | ||||||||||||||||
Net realized gain on securities | – | – | – | – | (42,390,653 | ) | (63,915,770 | ) | (4,424,201 | ) | (3,584,783 | ) | ||||||||||||||||||||
Total distributions to shareholders | (2,316,563 | ) | (268,820 | ) | (3,355,071 | ) | (3,446,180 | ) | (49,138,428 | ) | (71,429,364 | ) | (5,599,507 | ) | (4,959,494 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (19,057,602 | ) | (12,709,237 | ) | (19,077,336 | ) | (6,331,462 | ) | 37,932,412 | (51,072,851 | ) | (1,165,023 | ) | (6,528,757 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (19,074,400 | ) | (12,707,748 | ) | (24,035,045 | ) | (9,526,905 | ) | 201,388,532 | 51,262,908 | 7,656,962 | 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† | $ | 311,708,127 | $ | 330,782,527 | $ | 121,424,727 | $ | 145,459,772 | $ | 1,202,649,212 | $ | 1,001,260,680 | $ | 128,172,409 | $ | 120,515,447 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 3,467 | $ | 1,440 | $ | 3,151,564 | $ | 3,341,751 | $ | 4,291,422 | $ | 6,540,673 | $ | 1,105,142 | $ | 1,168,641 | ||||||||||||||||
See Notes to Financial Statements
245 |
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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (1,765,928 | ) | $ | (1,538,441 | ) | $ | 14,307,250 | $ | 11,927,697 | $ | 33,330,910 | $ | 25,472,050 | $ | 3,987,808 | $ | 4,246,824 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 65,429,789 | 89,352,738 | 2,995,992 | 1,835,128 | 17,382,833 | 11,696,178 | 1,729,560 | (2,336,867 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 70,756,014 | (25,675,693 | ) | (9,917,134 | ) | 3,882,055 | 40,097,997 | 114,541,212 | (5,985,179 | ) | 1,045,461 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 134,419,875 | 62,138,604 | 7,386,108 | 17,644,880 | 90,811,740 | 151,709,440 | (267,811 | ) | 2,955,418 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | – | – | (11,648,724 | ) | (1,390,412 | ) | (27,087,828 | ) | (26,884,852 | ) | (1,811,048 | ) | – | |||||||||||||||||||
Net realized gain on securities | (88,495,403 | ) | (80,156,432 | ) | (5,573,938 | ) | (809,676 | ) | – | – | (65,830 | ) | – | |||||||||||||||||||
Total distributions to shareholders | (88,495,403 | ) | (80,156,432 | ) | (17,222,662 | ) | (2,200,088 | ) | (27,087,828 | ) | (26,884,852 | ) | (1,876,878 | ) | – | |||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 25,669,542 | (87,745,879 | ) | (26,672,263 | ) | 160,276,892 | 130,397,633 | (22,338,993 | ) | 35,950,420 | (18,265,364 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 71,594,014 | (105,763,707 | ) | (36,508,817 | ) | 175,721,684 | 194,121,545 | 102,485,595 | 33,805,731 | (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† | $ | 769,232,691 | $ | 697,638,677 | $ | 595,042,926 | $ | 631,551,743 | $ | 1,287,986,652 | $ | 1,093,865,107 | $ | 219,748,420 | $ | 185,942,689 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | (1,187,769 | ) | $ | (1,025,460 | ) | $ | 11,145,565 | $ | 6,339,477 | $ | 29,011,970 | $ | 22,575,686 | $ | 2,323,924 | $ | 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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,646,601 | $ | 5,052,441 | $ | 1,590,051 | $ | 1,654,580 | $ | 3,042,371 | $ | 2,984,850 | $ | 42,948,675 | $ | 36,466,276 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 116,147,400 | 14,817,501 | 14,036,052 | 11,527,172 | 29,832,423 | 21,452,846 | 297,775,351 | 232,691,034 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (41,251,757 | ) | 33,668,087 | 406,370 | 9,292,977 | 31,584,585 | 36,140,697 | 129,051,040 | 226,259,381 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 77,542,244 | 53,538,029 | 16,032,473 | 22,474,729 | 64,459,379 | 60,578,393 | 469,775,066 | 495,416,691 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (5,977,648 | ) | (6,105,866 | ) | (1,779,731 | ) | (1,531,285 | ) | (2,630,596 | ) | (2,819,369 | ) | (36,471,433 | ) | (40,127,114 | ) | ||||||||||||||||
Net realized gain on securities | (6,729,054 | ) | – | (8,879,021 | ) | (11,933,336 | ) | (21,486,112 | ) | (12,909,541 | ) | (215,450,609 | ) | (274,781,465 | ) | |||||||||||||||||
Total distributions to shareholders | (12,706,702 | ) | (6,105,866 | ) | (10,658,752 | ) | (13,464,621 | ) | (24,116,708 | ) | (15,728,910 | ) | (251,922,042 | ) | (314,908,579 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (13,137,209 | ) | (129,221,618 | ) | 3,348,553 | (1,443,520 | ) | (11,275,883 | ) | (22,346,368 | ) | (176,502,281 | ) | 232,753,026 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 51,698,333 | (81,789,455 | ) | 8,722,274 | 7,566,588 | 29,066,788 | 22,503,115 | 41,350,743 | 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† | $ | 490,920,625 | $ | 439,222,292 | $ | 180,349,196 | $ | 171,626,922 | $ | 444,632,694 | $ | 415,565,906 | $ | 3,434,089,151 | $ | 3,392,738,408 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 2,570,852 | $ | 3,974,297 | $ | 1,588,331 | $ | 1,099,730 | $ | 2,738,696 | $ | 3,038,879 | $ | 42,905,038 | $ | 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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 99,961 | $ | 307,709 | $ | 2,122,593 | $ | 2,279,650 | $ | (4,083,723 | ) | $ | (564,365 | ) | $ | (807,858 | ) | $ | (350,830 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 27,092,574 | 17,351,762 | 8,724,040 | 18,938,474 | 275,792,396 | 125,390,369 | 22,882,394 | 10,769,588 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 21,131,738 | 24,396,211 | 71,186,630 | 66,265,956 | 59,620,924 | 154,346,198 | 20,365,970 | 14,511,833 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 48,324,273 | 42,055,682 | 82,033,263 | 87,484,080 | 331,329,597 | 279,172,202 | 42,440,506 | 24,930,591 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (248,682 | ) | – | (2,280,197 | ) | (2,548,994 | ) | – | – | – | – | |||||||||||||||||||||
Net realized gain on securities | (12,917,552 | ) | (16,552,587 | ) | (19,817,681 | ) | (15,905,846 | ) | (111,885,016 | ) | (75,551,571 | ) | (3,794,440 | ) | (4,966,733 | ) | ||||||||||||||||
Total distributions to shareholders | (13,166,234 | ) | (16,552,587 | ) | (22,097,878 | ) | (18,454,840 | ) | (111,885,016 | ) | (75,551,571 | ) | (3,794,440 | ) | (4,966,733 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (3,673,803 | ) | (13,951,366 | ) | 19,177,671 | 6,148,827 | 53,829,175 | (4,217,806 | ) | 6,132,843 | (10,112,494 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 31,484,236 | 11,551,729 | 79,113,056 | 75,178,067 | 273,273,756 | 199,402,825 | 44,778,909 | 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† | $ | 291,654,502 | $ | 260,170,266 | $ | 473,513,018 | $ | 394,399,962 | $ | 1,403,432,774 | $ | 1,130,159,018 | $ | 157,169,825 | $ | 112,390,916 | ||||||||||||||||
† Includes accumulated undistributed net investment | $ | (79,640 | ) | $ | 300,630 | $ | 2,116,085 | $ | 2,273,689 | $ | (1,536,490 | ) | $ | (322,566 | ) | $ | (307,413 | ) | $ | (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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,278,111 | $ | 859,638 | $ | 12,415,698 | $ | 11,856,400 | $ | 3,207,922 | $ | 3,983,382 | $ | (241,300 | ) | $ | (275,975 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 25,065,918 | 50,585,582 | 92,393,113 | 72,720,791 | 29,873,945 | 28,006,395 | 15,097,200 | 7,107,906 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 25,943,654 | (9,366,280 | ) | 127,374,952 | 113,648,565 | 11,101,173 | 10,166,719 | 6,033,180 | 4,818,492 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 52,287,683 | 42,078,940 | 232,183,763 | 198,225,756 | 44,183,040 | 42,156,496 | 20,889,080 | 11,650,423 | ||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Net investment income | (802,743 | ) | (929,086 | ) | (11,889,979 | ) | (12,810,826 | ) | (3,850,441 | ) | (2,881,769 | ) | – | – | ||||||||||||||||||
Net realized gain on securities | (49,119,253 | ) | (24,123,077 | ) | (67,299,926 | ) | (61,138,835 | ) | (23,961,128 | ) | (18,510,911 | ) | (4,235,032 | ) | (5,263,258 | ) | ||||||||||||||||
Total distributions to shareholders | (49,921,996 | ) | (25,052,163 | ) | (79,189,905 | ) | (73,949,661 | ) | (27,811,569 | ) | (21,392,680 | ) | (4,235,032 | ) | (5,263,258 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 8,166,293 | (7,056,638 | ) | (55,773,275 | ) | 87,100,051 | 1,765,218 | 22,956,498 | (5,521,385 | ) | (9,227,703 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 10,531,980 | 9,970,139 | 97,220,583 | 211,376,146 | 18,136,689 | 43,720,314 | 11,132,663 | (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† | $ | 321,236,209 | $ | 310,704,229 | $ | 1,294,429,824 | $ | 1,197,209,241 | $ | 300,745,256 | $ | 282,608,567 | $ | 118,522,065 | $ | 107,389,402 | ||||||||||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 1,175,274 | $ | 728,259 | $ | 12,288,741 | $ | 11,486,222 | $ | 3,186,244 | $ | 3,894,387 | $ | (46,343 | ) | $ | (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 Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2017 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 77,206,847 | $ | 74,666,064 | 1,664,552 | $ | 1,700,288 | |||||||||
Net realized gain (loss) on investments and foreign currencies | 116,128,701 | 181,428,128 | 7,087,770 | 6,451,425 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 423,697,672 | 417,182,753 | 1,025,526 | 5,477,630 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | 617,033,220 | 673,276,945 | 9,777,848 | 13,629,343 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income | (78,723,465 | ) | (67,280,698 | ) | (1,701,685 | ) | (1,894,530 | ) | ||||||||
Net realized gain on securities | (172,328,332 | ) | (197,356,088 | ) | – | – | ||||||||||
Total distributions to shareholders | (251,051,797 | ) | (264,636,786 | ) | (1,701,685 | ) | (1,894,530 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 50,187,343 | 8,364,477 | (2,934,952 | ) | (9,538,316 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 416,168,766 | 417,004,636 | 5,141,211 | �� | 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† | $ | 4,958,502,654 | $ | 4,542,333,888 | $ | 115,473,730 | $ | 110,332,519 | ||||||||
† Includes accumulated undistributed net investment income (loss) | $ | 74,632,055 | $ | 76,001,307 | $ | 1,662,027 | $ | 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 Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. 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 May 31, 2018, 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 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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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 and Dynamic Allocation 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 Emerging Economies Fund, Global Social Awareness Fund, Growth & Income Fund, International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund, used futures contracts to increase or decrease exposure to equity 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 May 31, 2018, 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 year ended May 31, 2018. 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 May 31, 2018, 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 | $ | — | $ | — | $ | 156,874 | $ | — | $ | 89,875 | $ | 246,749 | ||||||||||||
Dynamic Allocation | — | — | — | 1,065,174 | — | 1,065,174 | ||||||||||||||||||
Global Social Awareness | — | — | — | — | — | — | ||||||||||||||||||
Global Strategy | — | 1,063,544 | — | — | 2,499,762 | 3,563,306 | ||||||||||||||||||
Growth | — | — | — | — | 474,948 | 474,948 | ||||||||||||||||||
Growth & Income | — | — | — | — | — | — | ||||||||||||||||||
International Equities Index | — | — | — | — | — | — | ||||||||||||||||||
Mid Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Nasdaq-100 Index | — | — | — | — | — | — | ||||||||||||||||||
Small Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Stock Index | — | — | — | — | — | — |
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 | $ | — | $ | — | $ | 27,655 | $ | — | $ | 793,474 | $ | 821,129 | ||||||||||||
Dynamic Allocation | — | — | 657,133 | 250,108 | — | 907,241 | ||||||||||||||||||
Global Social Awareness | — | — | 129,880 | — | — | 129,880 | ||||||||||||||||||
Global Strategy | — | 62,964 | — | — | 314,312 | 377,276 | ||||||||||||||||||
Growth | — | — | — | — | 65,179 | 65,179 | ||||||||||||||||||
Growth & Income | — | — | 14,345 | — | — | 14,345 | ||||||||||||||||||
International Equities Index | — | — | 115,680 | — | — | 115,680 | ||||||||||||||||||
Mid Cap Index | — | — | 727,003 | — | — | 727,003 | ||||||||||||||||||
Nasdaq-100 Index | — | — | 34,440 | — | — | 34,440 | ||||||||||||||||||
Small Cap Index | — | — | 605,220 | — | — | 605,220 | ||||||||||||||||||
Stock Index | — | — | 521,430 | — | — | 521,430 |
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 Appreciation (Depreciation) | |||
Asset Allocation | $ | 391,561 | ||
Dynamic Allocation | (599,206 | ) | ||
Global Social Awareness | (175,051 | ) | ||
Growth & Income | (8,122 | ) | ||
International Equities Index | (510,971 | ) | ||
Mid Cap Index | 595,779 | |||
Nasdaq-100 Index | (62,173 | ) | ||
Small Cap Index | 1,571,439 | |||
Stock Index | (447,358 | ) |
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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 | ||||||||||||||||||||||
Portfolio | Futures Contracts(1) | Swap Contracts(2) | Futures Contracts(1) | Options* | Foreign Exchange Contracts(3) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | (1,744,065 | ) | $ | — | $ | 271,109 | $ | (1,472,956 | ) | ||||||||||
Dynamic Allocation | — | — | 15,930,405 | (9,621,789 | ) | — | 6,308,616 | |||||||||||||||||
Emerging Economies | — | — | 654,846 | — | — | 654,846 | ||||||||||||||||||
Global Social Awareness | — | — | 3,986,541 | — | — | 3,986,541 | ||||||||||||||||||
Global Strategy | — | (496,055 | ) | — | — | (5,672,060 | ) | (6,168,115 | ) | |||||||||||||||
Growth | — | — | — | — | (467,043 | ) | (467,043 | ) | ||||||||||||||||
Growth & Income | — | — | 181,409 | — | — | 181,409 | ||||||||||||||||||
Health Sciences | — | — | — | 147,404 | — | 147,404 | ||||||||||||||||||
International Equities Index | — | — | 10,131,091 | — | — | 10,131,091 | ||||||||||||||||||
Mid Cap Index | — | — | 14,504,706 | — | — | 14,504,706 | ||||||||||||||||||
Nasdaq-100 Index | — | — | 4,823,174 | — | — | 4,823,174 | ||||||||||||||||||
Small Cap Index | — | — | 13,134,631 | — | — | 13,134,631 | ||||||||||||||||||
Stock Index | — | — | 9,398,110 | — | — | 9,398,110 |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Portfolio | Futures Contracts(4) | Swap Contracts(5) | Futures Contracts(4) | Options* | Foreign Exchange Contracts(6) | Total | ||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | 499,470 | $ | — | $ | (703,599 | ) | $ | (204,129 | ) | ||||||||||
Dynamic Allocation | — | — | (3,001,210 | ) | 468,851 | — | (2,532,359 | ) | ||||||||||||||||
Emerging Economies | — | — | — | — | — | — | ||||||||||||||||||
Global Social Awareness | — | — | (622,735 | ) | — | — | (622,735 | ) | ||||||||||||||||
Global Strategy | — | 2,479,345 | — | — | 3,945,640 | 6,424,985 | ||||||||||||||||||
Growth | — | — | — | — | 469,901 | 469,901 | ||||||||||||||||||
Growth & Income | — | — | (13,249 | ) | — | — | (13,249 | ) | ||||||||||||||||
Health Sciences | — | — | — | — | — | — | ||||||||||||||||||
International Equities Index | — | — | (4,944,384 | ) | — | — | (4,944,384 | ) | ||||||||||||||||
Mid Cap Index | — | — | 1,657,940 | — | — | 1,657,940 | ||||||||||||||||||
Nasdaq-100 Index | — | — | (1,218,166 | ) | — | — | (1,218,166 | ) | ||||||||||||||||
Small Cap Index | — | — | 2,703,583 | — | — | 2,703,583 | ||||||||||||||||||
Stock Index | — | — | (2,101,656 | ) | — | — | (2,101,656 | ) |
* | 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 | $ | (5,049,299 | ) | $ | (4,572,490 | ) | $ | 475,330 | $ | (6,479 | ) | |||||
Health Sciences Fund | — | 147,404 | — | — |
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 year ended May 31, 2018.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Portfolio | Futures Contracts(2) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | |||||||||||||||
Asset Allocation | $ | 36,848,438 | $ | 20,947,469 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 126,387,763 | — | 1,175,563 | 604,381 | — | |||||||||||||||
Emerging Economies | 3,121,710 | — | — | — | — | |||||||||||||||
Global Social Awareness | 23,937,897 | — | — | — | — | |||||||||||||||
Global Strategy | — | 143,926,626 | — | — | 33,648,250 | |||||||||||||||
Growth | — | 4,660,177 | — | — | — | |||||||||||||||
Growth & Income | 1,532,361 | — | — | — | — | |||||||||||||||
Health Sciences | — | — | — | 38,357 | — | |||||||||||||||
International Equities Index | 79,351,861 | — | — | — | — | |||||||||||||||
Mid Cap Index | 121,074,949 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 22,736,055 | — | — | — | — | |||||||||||||||
Small Cap Index | 63,372,454 | — | — | — | — | |||||||||||||||
Stock Index | 56,757,817 | — | — | — | — |
(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 May 31, 2018. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2018, 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. | $ | 89,875 | $ | — | $ | — | $ | 89,875 | $ | 793,474 | $ | — | $ | — | $ | 793,474 | $ | (703,599 | ) | $ | 703,599 | $ | — | |||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||
Bank of America N.A. | $ | — | $ | — | $ | 157,157 | $ | 157,157 | $ | — | $ | — | $ | 36,901 | $ | 36,901 | $ | 120,256 | $ | — | $ | 120,256 | ||||||||||||||||||||||||||
Citibank N.A. | — | — | 192,080 | 192,080 | — | — | 45,102 | 45,102 | 146,978 | (146,978 | ) | — | ||||||||||||||||||||||||||||||||||||
Deutsche Bank | — | — | 314,314 | 314,314 | — | — | 73,802 | 73,802 | 240,512 | (240,512 | ) | — | ||||||||||||||||||||||||||||||||||||
Goldman Sachs International | — | — | 261,928 | 261,928 | — | — | 61,502 | 61,502 | 200,426 | (200,426 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 139,695 | 139,695 | — | — | 32,801 | 32,801 | 106,894 | — | 106,894 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1,065,174 | $ | 1,065,174 | $ | — | $ | — | $ | 250,108 | $ | 250,108 | $ | 815,066 | $ | (587,916 | ) | $ | 227,150 | |||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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Global Strategy Fund | 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. | $ | 387,011 | $ | — | $ | — | $ | 387,011 | $ | — | $ | — | $ | — | $ | — | $ | 387,011 | $ | — | $ | 387,011 | ||||||||||||||||||||||||||
Barclays Bank PLC | 43,201 | — | — | 43,201 | 13,560 | — | — | 13,560 | 29,641 | — | 29,641 | |||||||||||||||||||||||||||||||||||||
Citibank N.A. | 135,019 | — | — | 135,019 | 101,096 | — | — | 101,096 | 33,923 | — | 33,923 | |||||||||||||||||||||||||||||||||||||
Deutsche Bank AG | 425,104 | — | — | 425,104 | 96,250 | — | — | 96,250 | 328,854 | — | 328,854 | |||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 94,431 | — | — | 94,431 | 2,964 | — | — | 2,964 | 91,467 | — | 91,467 | |||||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 156,340 | — | — | 156,340 | 30,977 | — | — | 30,977 | 125,363 | — | 125,363 | |||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 762,392 | — | — | 762,392 | 69,465 | — | — | 69,465 | 692,927 | — | 692,927 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 5,792 | — | — | 5,792 | — | — | — | — | 5,792 | — | 5,792 | |||||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 322,556 | — | — | 322,556 | — | — | — | — | 322,556 | — | 322,556 | |||||||||||||||||||||||||||||||||||||
UBS AG | 167,916 | — | — | 167,916 | — | — | — | — | 167,916 | — | 167,916 | |||||||||||||||||||||||||||||||||||||
Total | $ | 2,499,762 | $ | — | $ | — | $ | 2,499,762 | $ | 314,312 | $ | — | $ | — | $ | 314,312 | $ | 2,185,450 | $ | — | $ | 2,185,450 | ||||||||||||||||||||||||||
(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 | $ | 93,292 | $ | — | $ — | $ | 93,292 | $ | 8,865 | $ | — | $ | — | $ | 8,865 | $ | 84,427 | $ | — | $ | 84,427 | |||||||||||||||||||||||||||
UBS AG | 381,656 | — | — | 381,656 | 56,314 | — | — | 56,314 | 325,342 | — | 325,342 | |||||||||||||||||||||||||||||||||||||
Total | $ | 474,948 | $ | — | $ | — | $ | 474,948 | $ | 65,179 | $ | — | $ | — | $ | 65,179 | $ | 409,769 | $ | — | $ | 409,769 | ||||||||||||||||||||||||||
(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 year ended May 31, 2018, 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. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.
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 year ended May 31, 2018, the Capital Conservation Fund and the Emerging Economies Fund purchased and/or sold when-issued securities. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.
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.
Unsettled 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 2015 — 2017 or expected to be taken in each Fund’s 2018 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 2015.
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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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. |
** | Effective March 8, 2018, 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: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter. Prior to March 8, 2018, VALIC 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 Dynamic Allocation 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 year ended May 31, 2018, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 269,626 | ||
Dynamic Allocation | 24,290 | |||
Growth | 566,566 | |||
Health Sciences | 235,556 | |||
International Growth | 428,593 | |||
Small-Mid Growth | 61,048 |
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.
Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.
BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.
Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.
Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core Fund.
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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 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.
Morgan Stanley Investment Management, Inc. (“MSIM”)*—subadviser for 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.
* | Effective March 8, 2018, MSIM replaced American Century, Invesco and MFS as subadviser for the International Growth 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 year ended May 31, 2018, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 44,802 | ||
Core Equity | 129,014 | |||
Dynamic Allocation | 3,726 | |||
Growth & Income | 64,993 | |||
International Growth | 46,605 | |||
Nasdaq-100® Index | 49,470 | |||
Small Cap Aggressive Growth | 13,178 | |||
Small Cap | 306,270 | |||
Small-Mid Growth† | 4,603 | |||
Value | 101,165 |
† | Prior to October 1, 2017, VALIC agreed to contractually waives fees and/or reimburse expenses to the extent necessary that the Small-Mid Growth Fund’s total annual fund operating expenses after expense reimbursement did not exceed 1.00%. |
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NOTES TO FINANCIAL STATEMENTS — (continued)
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 year ended May 31, 2018, 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 year ended May 31, 2018, the amount recouped by VALIC for the Dynamic Allocation Fund was $10,225.
At May 31, 2018, there were no expenses previously waived and/or reimbursed by VALIC that are subject to recoupment.
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee@: 0.0075% on the first $75 billion; 0.0060% on the next $25 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the year ended May 31, 2018, 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 year ended May 31, 2018, 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 year ended May 31, 2018, certain Directors of VC I have deferred $34,838 of director compensation.
At May 31, 2018, 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 | — | 94.78 | 0.90 | 1.68 | 0.04 | 2.59 | |||||||||||||||||||||
Broad Cap Value Income | — | — | 83.67 | 16.33 | — | — | — | |||||||||||||||||||||
Capital Conservation | — | — | 67.02 | 6.31 | 5.30 | 7.03 | 14.34 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 91.97 | 1.00 | 2.45 | 0.94 | 3.64 | |||||||||||||||||||||
Dynamic Allocation | 1.02 | — | 98.98 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.01 | 0.00 | 95.64 | 0.35 | 1.92 | 0.50 | 1.58 | |||||||||||||||||||||
Foreign Value | 0.01 | — | 89.62 | 0.90 | 3.85 | 1.39 | 4.23 | |||||||||||||||||||||
Global Real Estate | — | — | 83.63 | 0.52 | 6.36 | 2.45 | 7.04 | |||||||||||||||||||||
Global Social Awareness | 0.23 | — | 99.77 | — | — | — | — | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 5.31 | 0.00 | 94.69 | — | — | — | — | |||||||||||||||||||||
Government Securities | 0.74 | — | 85.78 | 7.56 | 5.92 | — | — | |||||||||||||||||||||
Growth | — | — | 99.25 | 0.75 | — | — | — | |||||||||||||||||||||
Growth & Income | 2.45 | — | 94.42 | 3.13 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.01 | — | 99.99 | — | — | — | — |
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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 | |||||||||||||||||||||
Inflation Protected | — | % | — | % | 82.79 | % | 0.66 | % | 5.55 | % | 3.22 | % | 7.78 | % | ||||||||||||||
International Equities Index | 2.49 | 0.02 | 88.87 | 0.38 | 3.72 | 1.20 | 3.32 | |||||||||||||||||||||
International Government Bond | — | — | 79.67 | 0.44 | 5.29 | 5.26 | 9.34 | |||||||||||||||||||||
International Growth | — | — | 90.47 | 1.66 | 3.54 | 0.73 | 3.60 | |||||||||||||||||||||
Large Cap Core | — | — | 86.17 | 4.35 | 3.31 | 1.50 | 4.67 | |||||||||||||||||||||
Large Capital Growth | — | — | 98.18 | 1.82 | — | — | — | |||||||||||||||||||||
Mid Cap Index | 0.65 | 0.04 | 97.41 | 0.12 | 0.65 | 0.22 | 0.91 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 93.88 | — | 2.60 | 0.29 | 3.23 | |||||||||||||||||||||
Nasdaq-100® Index | 2.58 | 0.06 | 92.05 | — | 1.91 | 0.42 | 2.98 | |||||||||||||||||||||
Science & Technology | 0.46 | 0.00 | 97.32 | — | 0.81 | 0.17 | 1.24 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 1.90 | 0.10 | 95.05 | — | 1.12 | 0.27 | 1.56 | |||||||||||||||||||||
Small Cap Special Values | — | — | 76.80 | — | 7.78 | 3.98 | 11.44 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.20 | 0.03 | 93.34 | 0.61 | 0.59 | 0.14 | 0.81 | |||||||||||||||||||||
Value | — | — | 74.95 | 8.52 | 5.86 | 1.46 | 9.21 |
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 year ended May 31, 2018, 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 5/31/2018 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 9,575,898 | $ | 5,344 | $ | 509,374 | $ | 580,126 | $ | 4,991,741 | $ | 938,706 | $ | 928,955 | $ | 7,031,944 | ||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 9,817,862 | 159,915 | 637,833 | 1,228,413 | 1,500,579 | 316,290 | (139,435 | ) | 9,722,551 | |||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 14,886,761 | 310,727 | 41,480 | 3,681,948 | 1,963,286 | (5,435 | ) | (498,690 | ) | 16,101,298 | ||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 9,904,681 | 166,427 | 322,339 | 562,891 | 1,923,935 | 61,027 | 235,932 | 8,840,596 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 3,232,313 | 43,387 | — | 67,713 | 868,116 | 151,153 | 265,053 | 2,848,116 | ||||||||||||||||||||||||
VALIC Co. I Foreign Value Fund | 9,203,786 | 153,420 | — | 220,219 | 1,723,036 | (93,377 | ) | 235,088 | 7,842,680 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 2,000,544 | 75,493 | 22,844 | 114,555 | 245,411 | (4,758 | ) | 25,743 | 1,890,673 | |||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 7,977,773 | 208,439 | — | 2,516,767 | 1,004,725 | (19,356 | ) | (286,782 | ) | 9,183,677 | ||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,198,136 | 39,350 | 148,123 | 219,909 | 714,822 | 227,606 | 79,758 | 4,010,587 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 10,833,584 | 54,050 | 339,551 | 468,998 | 3,895,359 | 559,372 | 1,077,264 | 9,043,859 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 2,970,572 | 65,779 | 31,476 | 1,425,791 | 410,851 | (791 | ) | (63,417 | ) | 3,921,304 | ||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 5,159,905 | 99,592 | — | 140,137 | 763,527 | 47,479 | 249,585 | 4,833,579 | ||||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 1,078,287 | 9,021 | 328 | 17,458 | 122,705 | (783 | ) | (3,232 | ) | 969,025 | ||||||||||||||||||||||
VALIC Co. I International Growth Fund | 9,602,010 | 106,280 | 119,640 | 292,718 | 3,033,036 | 66,255 | 1,214,314 | 8,142,261 | ||||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 8,388,747 | 80,354 | 400,885 | 546,109 | 1,381,643 | (241,278 | ) | 529,380 | 7,841,315 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,441,878 | 49,495 | 404,262 | 518,628 | 1,681,643 | 33,713 | 773,782 | 8,086,358 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 4,156,906 | 45,886 | 271,067 | 349,389 | 701,822 | 113,630 | 146,262 | 4,064,365 | ||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 30,276,639 | 500,136 | 1,094,815 | 1,838,218 | 4,581,162 | 1,008,597 | 1,485,365 | 30,027,657 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 9,852,980 | 153,573 | — | 484,662 | 1,227,054 | 379,693 | 349,738 | 9,840,019 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 7,269,350 | — | — | 56,763 | 1,408,938 | 420,013 | 852,518 | 7,189,706 | ||||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 14,713,271 | — | — | 1,113,524 | 1,717,876 | 64,891 | (123,867 | ) | 14,049,943 | |||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 2,958,227 | — | — | 22,022 | 1,052,728 | 7,468 | 58,994 | 1,993,983 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,128,050 | — | — | 16,218 | 542,411 | 87,655 | 330,738 | 2,020,250 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 1,894,581 | — | — | 166,218 | 255,411 | (24,452 | ) | 230,500 | 2,011,436 | |||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | — | — | — | 4,220,652 | 165,897 | (2,548 | ) | (67,403 | ) | 3,984,804 | ||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | — | — | — | 2,112,363 | 245,625 | 14,143 | 120,134 | 2,001,015 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 4,294,684 | — | — | 32,436 | 1,655,822 | 158,691 | 1,290,568 | 4,120,557 | ||||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 3,522,405 | — | — | 582,435 | 526,822 | (72,476 | ) | 619,838 | 4,125,380 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 5,028,676 | — | — | 35,182 | 1,613,098 | (55,931 | ) | 79,680 | 3,474,509 | |||||||||||||||||||||||
$ | 203,368,506 | $ | 2,326,668 | $ | 4,344,017 | $ | 23,632,462 | $ | 41,919,081 | $ | 4,135,197 | $ | 9,996,363 | $ | 199,213,447 | |||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
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 05/31/2018 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 12,657,025 | $ | 245,170 | $ | — | $ | 327,746 | $ | 938,118 | $ | 444,648 | $ | (2,477,513 | ) | $ | 10,013,788 | |||||||||||||||
During the year ended May 31, 2018, 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 | ||||||||||||
Goldman Sachs & Co. | $ | 393 | $ | — | $ | — | $ | 214 | ||||||||
Morgan Stanley & Co | — | — | 1,078 | — | ||||||||||||
Nomura Securities | — | 1,106 | — | — |
On February 1, 2018, the Government Money Market I Fund purchased $3,000,000 principal amount of 1.50% U.S. Treasury Notes with a maturity date of January 31, 2019, causing the Fund to exceed the Rule 2a-7 limitation of maintaining a weighted average maturity of sixty days or less. On February 2, 2018, the securities were sold, bringing the weighted average maturity of the Fund to below sixty days. The sale resulted in a loss to the Fund of $337, which was reimbursed by SunAmerica.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended May 31, 2018 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 | $ | 143,200,312 | $ | 126,493,993 | $ | — | $ | — | ||||||||
Blue Chip Growth | 179,091,838 | 255,156,346 | — | — | ||||||||||||
Broad Cap Value Income | 14,291,137 | 15,411,671 | — | — | ||||||||||||
Capital Conservation | 91,174,186 | 74,849,073 | 85,821,650 | 49,104,207 | ||||||||||||
Core Equity | 126,090,101 | 143,694,852 | — | — | ||||||||||||
Dividend Value | 466,362,992 | 424,745,611 | — | — | ||||||||||||
Dynamic Allocation | 16,961,776 | 41,919,081 | 19,994,636 | 16,982,276 | ||||||||||||
Emerging Economies | 427,893,724 | 418,226,201 | — | — | ||||||||||||
Foreign Value | 254,011,771 | 285,012,728 | 3,294,936 | 3,295,000 | ||||||||||||
Global Real Estate | 184,679,535 | 219,895,614 | — | — | ||||||||||||
Global Social Awareness | 19,164,731 | 34,203,363 | — | — | ||||||||||||
Global Strategy | 109,314,479 | 163,406,631 | 1,899,963 | 1,900,000 | ||||||||||||
Government Securities | 2,193,770 | 1,526,949 | 2,142,739 | 15,224,466 | ||||||||||||
Growth | 650,156,841 | 655,171,378 | — | — | ||||||||||||
Growth & Income | 53,622,243 | 60,517,656 | — | — | ||||||||||||
Health Sciences | 329,113,706 | 391,446,711 | — | — | ||||||||||||
Inflation Protected | 120,380,314 | 110,731,225 | 91,906,265 | 116,133,078 | ||||||||||||
International Equities Index | 395,220,137 | 206,020,180 | — | — | ||||||||||||
International Government Bond | 197,338,343 | 164,830,637 | 23,572,223 | 18,413,418 | ||||||||||||
International Growth | 572,290,409 | 609,292,220 | — | — | ||||||||||||
Large Cap Core | 102,305,396 | 105,725,937 | — | — | ||||||||||||
Large Capital Growth | 89,147,901 | 112,891,433 | — | — | ||||||||||||
Mid Cap Index | 489,614,884 | 580,623,009 | — | — | ||||||||||||
Mid Cap Strategic Growth | 108,930,434 | 125,907,452 | — | — | ||||||||||||
Nasdaq-100® Index | 11,677,291 | 11,235,560 | — | — | ||||||||||||
Science & Technology | 1,011,856,983 | 1,083,433,063 | — | — | ||||||||||||
Small Cap Aggressive Growth | 97,304,533 | 98,160,912 | — | — | ||||||||||||
Small Cap | 77,158,924 | 105,308,922 | — | — | ||||||||||||
Small Cap Index | 237,456,049 | 195,431,608 | — | — | ||||||||||||
Small Cap Special Values | 108,611,695 | 126,546,023 | — | — | ||||||||||||
Small-Mid Growth | 68,433,359 | 79,622,357 | — | — | ||||||||||||
Stock Index | 123,964,477 | 195,056,826 | — | — | ||||||||||||
Value | 21,433,394 | 26,816,111 | �� | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, 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 May 31, 2018.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 167,118,586 | $ | 12,773,110 | $ | (9,162,447 | ) | $ | 3,610,663 | |||||||
Blue Chip Growth | 422,281,163 | 364,606,438 | (4,307,251 | ) | 360,299,187 | |||||||||||
Broad Cap Value Income | 46,165,759 | 16,117,634 | (2,619,220 | ) | 13,498,414 | |||||||||||
Capital Conservation | 261,921,249 | 1,124,975 | (6,177,830 | ) | (5,052,855 | ) | ||||||||||
Core Equity | 198,443,977 | 57,899,652 | (4,882,269 | ) | 53,017,383 | |||||||||||
Dividend Value | 837,925,448 | 102,311,095 | (51,970,625 | ) | 50,340,470 | |||||||||||
Dynamic Allocation | 229,525,577 | 20,740,862 | (4,508,271 | ) | 16,232,591 | |||||||||||
Emerging Economies | 701,840,588 | 168,681,449 | (29,453,847 | ) | 139,227,602 | |||||||||||
Foreign Value | 835,465,227 | 115,230,852 | (47,107,594 | ) | 68,123,258 | |||||||||||
Global Real Estate | 355,888,658 | 30,178,908 | (20,466,249 | ) | 9,712,659 | |||||||||||
Global Social Awareness | 336,535,945 | 114,846,639 | (24,296,728 | ) | 90,549,911 | |||||||||||
Global Strategy | 370,781,086 | 46,490,968 | (22,314,068 | ) | 24,176,900 | |||||||||||
Government Money Market I | 312,271,422 | — | — | — | ||||||||||||
Government Securities | 124,008,462 | 1,136,748 | (3,429,310 | ) | (2,292,562 | ) | ||||||||||
Growth | 921,765,845 | 315,436,963 | (23,414,529 | ) | 292,022,434 | |||||||||||
Growth & Income | 101,600,405 | 29,748,283 | (3,166,280 | ) | 26,582,003 | |||||||||||
Health Sciences | 607,456,526 | 213,764,708 | (33,094,649 | ) | 180,670,059 | |||||||||||
Inflation Protected | 601,503,450 | 14,396,494 | (12,117,564 | ) | 2,278,930 | |||||||||||
International Equities Index | 1,249,455,444 | 203,988,080 | (115,433,444 | ) | 88,554,636 | |||||||||||
International Government Bond* | 224,598,534 | 3,161,440 | (7,944,898 | ) | (4,783,458 | ) | ||||||||||
International Growth | 440,288,165 | 41,334,355 | (6,706,975 | ) | 34,627,380 | |||||||||||
Large Cap Core | 151,294,193 | 33,307,026 | (3,582,850 | ) | 29,724,176 | |||||||||||
Large Capital Growth | 322,952,277 | 130,119,044 | (8,631,794 | ) | 121,487,250 | |||||||||||
Mid Cap Index | 2,527,746,184 | 1,166,759,166 | (174,223,586 | ) | 992,535,580 | |||||||||||
Mid Cap Strategic Growth | 225,287,050 | 74,850,326 | (5,810,892 | ) | 69,039,434 | |||||||||||
Nasdaq-100® Index | 200,855,252 | 281,856,873 | (6,213,279 | ) | 275,643,594 | |||||||||||
Science & Technology | 1,124,445,573 | 322,852,433 | (22,552,416 | ) | 300,300,017 | |||||||||||
Small Cap Aggressive Growth | 125,971,242 | 41,123,000 | (3,805,518 | ) | 37,317,482 | |||||||||||
Small Cap | 279,694,525 | 71,870,258 | (15,809,540 | ) | 56,060,718 | |||||||||||
Small Cap Index | 946,629,806 | 499,651,412 | (86,736,964 | ) | 412,914,448 | |||||||||||
Small Cap Special Values | 265,884,316 | 54,325,871 | (18,019,181 | ) | 36,306,690 | |||||||||||
Small-Mid Growth | 99,413,275 | 23,462,333 | (2,797,224 | ) | 20,665,109 | |||||||||||
Stock Index | 2,344,708,594 | 2,716,687,179 | (127,591,051 | ) | 2,589,096,128 | |||||||||||
Value | 87,320,948 | 31,507,093 | (3,780,756 | ) | 27,726,337 |
@ | Includes amounts for derivatives. |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2017. |
The tax basis distributable earnings at May 31, 2018 and the tax character of distributions paid during the year ended May 31, 2018 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2018 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 7,940,796 | $ | 6,332,042 | $ | 3,692,908 | $ | 5,223,476 | $ | 4,139,748 | ||||||||||
Blue Chip Growth | 377,657 | 91,325,072 | 360,299,215 | 464,379 | 44,264,812 | |||||||||||||||
Broad Cap Value Income | 726,807 | 5,016,076 | 13,498,375 | 1,311,931 | 3,587,503 | |||||||||||||||
Capital Conservation | 5,692,352 | (406,776 | ) | (5,052,855 | ) | 5,533,689 | — | |||||||||||||
Core Equity | 4,819,532 | 26,833,666 | 53,017,383 | 2,805,524 | 18,933,095 |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2018 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Dividend Value | $ | 38,481,123 | $ | 73,011,368 | $ | 50,337,210 | $ | 17,733,293 | $ | 27,534,288 | ||||||||||
Dynamic Allocation | 9,659,610 | 6,000,962 | 16,232,591 | 6,981,384 | 5,873,893 | |||||||||||||||
Emerging Economies | 12,932,082 | (37,915,107 | ) | 138,104,191 | 12,115,507 | — | ||||||||||||||
Foreign Value | 21,077,701 | (17,185,268 | ) | 68,002,382 | 17,026,333 | — | ||||||||||||||
Global Real Estate | 15,501,553 | (2,115,439 | ) | 9,696,789 | 16,353,390 | 2,229,561 | ||||||||||||||
Global Social Awareness | 6,681,051 | — | 90,489,982 | 7,163,295 | — | |||||||||||||||
Global Strategy | 7,679,415 | 27,336,221 | 23,984,693 | — | 5,241,605 | |||||||||||||||
Government Money Market I | 13,702 | — | — | 2,316,563 | — | |||||||||||||||
Government Securities | 3,165,086 | (2,813,278 | ) | (2,292,562 | ) | 3,355,071 | — | |||||||||||||
Growth | 23,129,952 | 71,291,451 | 292,013,045 | 16,911,039 | 32,227,389 | |||||||||||||||
Growth & Income | 1,526,608 | 11,821,661 | 26,582,003 | 1,458,895 | 4,140,612 | |||||||||||||||
Health Sciences | 17,887,289 | 47,556,071 | 180,667,949 | — | 88,495,403 | |||||||||||||||
Inflation Protected | 11,717,351 | 163,608 | 2,259,411 | 12,914,381 | 4,308,281 | |||||||||||||||
International Equities Index | 34,834,299 | — | 88,484,440 | 27,087,828 | — | |||||||||||||||
International Government Bond* | 1,876,878 | — | 2,263,637 | — | — | |||||||||||||||
International Growth | 16,283,656 | 94,862,398 | 34,618,529 | 5,977,648 | 6,729,054 | |||||||||||||||
Large Cap Core | 1,590,555 | 13,332,022 | 29,724,175 | 1,779,731 | 8,879,021 | |||||||||||||||
Large Capital Growth | 4,246,182 | 28,866,161 | 121,486,490 | 4,066,557 | 20,050,151 | |||||||||||||||
Mid Cap Index | 59,566,500 | 282,474,072 | 992,535,580 | 47,986,438 | 203,935,604 | |||||||||||||||
Mid Cap Strategic Growth | 4,667,422 | 22,367,523 | 69,038,470 | 2,479,175 | 10,687,059 | |||||||||||||||
Nasdaq-100® Index | 3,552,162 | 6,027,819 | 275,643,594 | 2,953,557 | 19,144,321 | |||||||||||||||
Science & Technology | 82,873,430 | 184,672,479 | 300,340,539 | 48,763,832 | 63,121,184 | |||||||||||||||
Small Cap Aggressive Growth | 4,240,510 | 17,793,380 | 37,317,482 | — | 3,794,440 | |||||||||||||||
Small Cap | 8,108,469 | 18,202,222 | 56,060,718 | 8,155,637 | 41,766,359 | |||||||||||||||
Small Cap Index | 26,150,639 | 80,645,698 | 412,914,448 | 15,724,664 | 63,465,241 | |||||||||||||||
Small Cap Special Values | 6,438,233 | 26,863,113 | 36,306,690 | 7,353,760 | 20,457,809 | |||||||||||||||
Small-Mid Growth | 1,518,503 | 13,472,877 | 20,665,109 | — | 4,235,032 | |||||||||||||||
Stock Index | 80,198,668 | 107,947,237 | 2,589,096,128 | 83,554,505 | 167,497,292 | |||||||||||||||
Value | 1,664,301 | — | 27,725,476 | 1,701,685 | — |
* | 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. |
The tax character of distributions paid during the year ended May 31, 2017 were as follows:
Tax Distributions | ||||||||
Ordinary Income | Long-Term Capital Gains | |||||||
Asset Allocation | $ | 3,749,061 | $ | — | ||||
Blue Chip Growth | — | 61,428,180 | ||||||
Broad Cap Value Income | 874,094 | 1,709,105 | ||||||
Capital Conservation | 4,839,811 | 221,801 | ||||||
Core Equity | 2,640,815 | 8,018,311 | ||||||
Dividend Value | 14,380,753 | 62,126,737 | ||||||
Dynamic Allocation | 4,599,119 | 1,781,175 | ||||||
Emerging Economies | 10,536,617 | — | ||||||
Foreign Value | 16,256,905 | — | ||||||
Global Real Estate | 17,674,291 | 21,783,749 | ||||||
Global Social Awareness | 6,885,357 | — | ||||||
Global Strategy | 3,949,653 | 7,816,643 | ||||||
Government Money Market I | 268,820 | — | ||||||
Government Securities | 3,446,180 | — | ||||||
Growth | 7,513,594 | 63,915,770 | ||||||
Growth & Income | 1,374,711 | 3,584,783 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Tax Distributions | ||||||||
Ordinary Income | Long-Term Capital Gains | |||||||
Health Sciences | $ | 10,754,522 | $ | 69,401,910 | ||||
Inflation Protected | 1,518,378 | 681,710 | ||||||
International Equities Index | 26,884,852 | — | ||||||
International Government Bond | — | — | ||||||
International Growth | 6,105,866 | — | ||||||
Large Cap Core | 1,531,285 | 11,933,336 | ||||||
Large Capital Growth | 2,819,369 | 12,909,541 | ||||||
Mid Cap Index | 40,127,114 | 274,781,465 | ||||||
Mid Cap Strategic Growth | — | 16,552,587 | ||||||
Nasdaq-100 Index® | 2,785,946 | 15,668,894 | ||||||
Science & Technology | — | 75,551,571 | ||||||
Small Cap Aggressive Growth | — | 4,966,733 | ||||||
Small Cap | 1,169,737 | 23,882,426 | ||||||
Small Cap Index | 13,971,762 | 59,977,899 | ||||||
Small Cap Special Values | 2,881,769 | 18,510,911 | ||||||
Small-Mid Growth | — | 5,263,258 | ||||||
Stock Index | 68,427,662 | 196,209,124 | ||||||
Value | 1,894,530 | — |
As of May 31, 2018, 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 | ST | LT | ||||||
Asset Allocation | $ | — | $ | — | ||||
Blue Chip Growth | — | — | ||||||
Broad Cap Value Income | — | — | ||||||
Capital Conservation | 51,240 | 355,536 | ||||||
Core Equity | — | — | ||||||
Dividend Value | — | — | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | 37,915,107 | — | ||||||
Foreign Value | 758,697 | 16,426,571 | ||||||
Global Real Estate | 335,299 | 1,780,140 | ||||||
Global Social Awareness | — | — | ||||||
Global Strategy | — | — | ||||||
Government Money Market I | — | — | ||||||
Government Securities | 1,183,254 | 1,630,024 | ||||||
Growth | — | — | ||||||
Growth & Income | — | — | ||||||
Health Sciences | — | — | ||||||
Inflation Protected | — | — | ||||||
International Equities Index | — | — | ||||||
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 | — | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Capital Loss Carryforward Unlimited | ||||||||
Fund | ST | LT | ||||||
Small-Mid Growth | $ | — | $ | — | ||||
Stock Index | — | — | ||||||
Value | — | — |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.
The Funds indicated below utilized or expired capital loss carryforwards, which offset net taxable gains realized in the current year.
Fund | Capital Loss Carryforward Utilized | Capital Loss Carryforward Expired | ||||||
Asset Allocation | $ | — | $ | — | ||||
Blue Chip Growth | — | — | ||||||
Broad Cap Value Income | — | — | ||||||
Capital Conservation | — | — | ||||||
Core Equity | — | — | ||||||
Dividend Value | — | — | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | 62,510,013 | 71,874,688 | ||||||
Foreign Value | 1,341,909 | 18,699,216 | ||||||
Global Real Estate | — | — | ||||||
Global Social Awareness | 9,273,386 | 28,063,251 | ||||||
Global Strategy | — | — | ||||||
Government Money Market I | — | — | ||||||
Government Securities | — | — | ||||||
Growth | — | — | ||||||
Growth & Income | — | — | ||||||
Health Sciences | — | — | ||||||
Inflation Protected | — | — | ||||||
International Equities Index | 114,350,533 | 13,561,678 | ||||||
International Government Bond* | 660,801 | — | ||||||
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 | 7,065,010 | 14,907,344 |
* | The capital loss carryforward utilized is for the tax period ended September 30, 2017. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2018, 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 | $ | 401,556 | $ | — | $ | — | ||||||
Blue Chip Growth | 245,117 | 353,584 | — | |||||||||
Broad Cap Value Income | — | 713,852 | — | |||||||||
Capital Conservation | — | 850,938 | 147,019 | |||||||||
Core Equity | — | — | — | |||||||||
Dividend Value | 8,745 | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 264,440 | — | — | |||||||||
Foreign Value | — | 5,822,773 | — | |||||||||
Global Real Estate | — | — | — | |||||||||
Global Social Awareness | 50,884 | — | — | |||||||||
Global Strategy | 1,130,502 | — | — | |||||||||
Government Money Market I | — | 17,092 | — | |||||||||
Government Securities | — | 21,251 | 168,952 | |||||||||
Growth | 44,595 | — | — | |||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 766,530 | — | — | |||||||||
Inflation Protected | — | — | — | |||||||||
International Equities Index | — | — | 1,536,069 | |||||||||
International Government Bond* | 1,784,114 | — | — | |||||||||
International Growth | 582,280 | — | — | |||||||||
Large Cap Core | — | 8,900 | — | |||||||||
Large Capital Growth | 2,928 | — | — | |||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 117,286 | — | — | |||||||||
Nasdaq-100 Index® | — | — | — | |||||||||
Science & Technology | 1,514,218 | — | — | |||||||||
Small Cap Aggressive Growth | 306,022 | — | — | |||||||||
Small Cap | — | — | — | |||||||||
Small Cap Index | 16,267 | — | — | |||||||||
Small Cap Special Values | — | — | — | |||||||||
Small-Mid Growth | 44,557 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Value | 25 | — | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2017. |
For the year ended May 31, 2018, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to the tax treatment of net investment losses, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:
Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | ||||||||||
Asset Allocation | $ | 117,714 | $ | (117,714 | ) | $ | — | |||||
Blue Chip Growth | 271,022 | (271,022 | ) | — | ||||||||
Broad Cap Value Income | 1 | (1 | ) | — | ||||||||
Capital Conservation | 604,640 | (604,640 | ) | — | ||||||||
Core Equity | 4,998 | (4,998 | ) | — | ||||||||
Dividend Value | (19,949 | ) | 19,949 | — | ||||||||
Dynamic Allocation | 301,844 | (301,844 | ) | — | ||||||||
Emerging Economies | (1,102,788 | ) | 72,977,476 | (71,874,688 | ) | |||||||
Foreign Value | 763,788 | 17,935,428 | (18,699,216 | ) | ||||||||
Global Real Estate | 5,235,508 | (5,235,508 | ) | — |
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NOTES TO FINANCIAL STATEMENTS — (continued)
Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | ||||||||||
Global Social Awareness | $ | 50,902 | $ | 28,012,349 | $ | (28,063,251 | ) | |||||
Global Strategy | (7,134,855 | ) | 7,134,845 | 10 | ||||||||
Government Money Market I | 1,733 | (1,733 | ) | — | ||||||||
Government Securities | 341,346 | (341,346 | ) | — | ||||||||
Growth | (236,115 | ) | 236,115 | — | ||||||||
Growth & Income | 30 | (30 | ) | — | ||||||||
Health Sciences | 1,603,619 | (1,603,619 | ) | — | ||||||||
Inflation Protected | 2,147,562 | (2,147,562 | ) | — | ||||||||
International Equities Index | 193,202 | 114,157,331 | (114,350,533 | ) | ||||||||
International Government Bond* | (1,900,124 | ) | 1,900,124 | — | ||||||||
International Growth | 1,927,602 | (1,927,602 | ) | — | ||||||||
Large Cap Core | 678,281 | (678,281 | ) | — | ||||||||
Large Capital Growth | (711,958 | ) | 711,958 | — | ||||||||
Mid Cap Index | 4,425 | (4,425 | ) | — | ||||||||
Mid Cap Strategic Growth | (231,549 | ) | 231,549 | — | ||||||||
Nasdaq-100 Index® | — | — | — | |||||||||
Science & Technology | 2,869,799 | (2,869,799 | ) | — | ||||||||
Small Cap Aggressive Growth | 543,695 | (543,695 | ) | — | ||||||||
Small Cap | (28,353 | ) | 28,353 | — | ||||||||
Small Cap Index | 276,800 | (276,800 | ) | — | ||||||||
Small Cap Special Values | (65,624 | ) | 65,624 | — | ||||||||
Small-Mid Growth | 202,973 | (202,973 | ) | — | ||||||||
Stock Index | 147,366 | (147,366 | ) | — | ||||||||
Value | (444 | ) | 14,907,788 | (14,907,344 | ) |
* | The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2017. |
On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Management is currently evaluating the impact, if any, on the financial statements and the accompanying notes to financial statements.
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,477,919 | $ | 17,297,353 | 639,514 | $ | 6,939,594 | 1,402,202 | $ | 27,963,804 | 787,112 | $ | 12,719,087 | ||||||||||||||||||||
Reinvested dividends |
| 807,871 |
| 9,363,224 | 343,321 | 3,749,061 | 2,156,663 | 44,729,191 | 3,917,614 | 61,428,180 | ||||||||||||||||||||||
Shares redeemed | (2,366,644 | ) | (27,634,338 | ) | (2,102,413 | ) | (22,514,906 | ) | (5,504,750 | ) | (107,562,569 | ) | (5,157,961 | ) | (82,945,418 | ) | ||||||||||||||||
Net increase (decrease) | (80,854 | ) | $ | (973,761 | ) | (1,119,578 | ) | $ | (11,826,251 | ) | (1,945,885 | ) | $ | (34,869,574 | ) | (453,235 | ) | $ | (8,798,151 | ) | ||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 471,995 | $ | 7,967,286 | 289,996 | $ | 4,313,629 | 5,166,082 | $ | 50,616,708 | 6,288,851 | $ | 61,842,904 | ||||||||||||||||||||
Reinvested dividends |
| 300,948 |
| 4,899,434 | 167,523 | 2,583,199 | 581,881 | 5,533,689 | 523,976 | 5,061,612 | ||||||||||||||||||||||
Shares redeemed | (633,963 | ) | (10,489,363 | ) | (959,167 | ) | (14,311,073 | ) | (2,885,164 | ) | (28,320,408 | ) | (6,662,495 | ) | (66,604,919 | ) | ||||||||||||||||
Net increase (decrease) | 138,980 | $ | 2,377,357 | (501,648 | ) | $ | (7,414,245 | ) | 2,862,799 | $ | 27,829,989 | 150,332 | $ | 299,597 | ||||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 63,025 | $ | 1,482,383 | 62,835 | $ | 1,343,781 | 16,353,827 | $ | 214,300,559 | 14,869,050 | $ | 178,495,306 | ||||||||||||||||||||
Reinvested dividends |
| 935,799 |
| 21,738,619 | 494,623 | 10,659,126 | 3,550,399 | 45,267,581 | 6,494,694 | 76,507,490 | ||||||||||||||||||||||
Shares redeemed | (1,110,958 | ) | (26,244,339 | ) | (1,305,438 | ) | (27,159,224 | ) | (15,437,811 | ) | (194,710,056 | ) | (5,208,927 | ) | (63,666,729 | ) | ||||||||||||||||
Net increase (decrease) | (112,134 | ) | $ | (3,023,337 | ) | (747,980 | ) | $ | (15,156,317 | ) | 4,466,415 | $ | 64,858,084 | 16,154,817 | $ | 191,336,067 | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 297,704 | $ | 3,682,534 | 323,258 | $ | 3,584,678 | 13,286,176 | $ | 125,666,190 | 25,277,464 | $ | 174,874,589 | ||||||||||||||||||||
Reinvested dividends | 1,036,716 | 12,855,277 | 568,147 | 6,380,294 | 1,246,451 | 12,115,507 | 1,423,867 | 10,536,617 | ||||||||||||||||||||||||
Shares redeemed | (2,524,653 | ) | (31,588,738 | ) | (2,812,860 | ) | (31,443,808 | ) | (11,989,224 | ) | (108,714,609 | ) | (20,987,633 | ) | (151,987,453 | ) | ||||||||||||||||
Net increase (decrease) | (1,190,233 | ) | $ | (15,050,927 | ) | (1,921,455 | ) | $ | (21,478,836 | ) | 2,543,403 | $ | 29,067,088 | 5,713,698 | $ | 33,423,753 | ||||||||||||||||
Foreign Value | Global Real Estate | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,803,770 | $ | 63,996,631 | 1,282,458 | $ | 12,183,333 | 2,831,665 | $ | 22,115,683 | 5,201,772 | $ | 42,336,412 | ||||||||||||||||||||
Reinvested dividends | 1,585,320 | 17,026,333 | 1,624,066 | 16,256,905 | 2,494,356 | 18,582,951 | 5,375,755 | 39,458,040 | ||||||||||||||||||||||||
Shares redeemed | (8,987,230 | ) | (97,378,331 | ) | (13,048,096 | ) | (124,771,809 | ) | (8,742,964 | ) | (68,939,364 | ) | (21,037,081 | ) | (163,264,152 | ) | ||||||||||||||||
Net increase (decrease) | (1,598,140 | ) | $ | (16,355,367 | ) | (10,141,572 | ) | $ | (96,331,571 | ) | (3,416,943 | ) | $ | (28,240,730 | ) | (10,459,554 | ) | $ | (81,469,700 | ) | ||||||||||||
Global Social Awareness | Global Strategy | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 605,245 | $ | 15,284,134 | 2,237,905 | $ | 48,168,063 | 810,154 | $ | 9,881,993 | 774,030 | $ | 8,435,160 | ||||||||||||||||||||
Reinvested dividends | 270,824 | 7,163,295 | 306,288 | 6,885,357 | 428,586 | 5,241,605 | 1,040,344 | 11,766,296 | ||||||||||||||||||||||||
Shares redeemed | (2,060,012 | ) | (52,857,267 | ) | (2,978,335 | ) | (66,355,886 | ) | (4,887,981 | ) | (59,425,709 | ) | (6,951,809 | ) | (75,385,049 | ) | ||||||||||||||||
Net increase (decrease) | (1,183,943 | ) | $ | (30,409,838 | ) | (434,142 | ) | $ | (11,302,466 | ) | (3,649,241 | ) | $ | (44,302,111 | ) | (5,137,435 | ) | $ | (55,183,593 | ) | ||||||||||||
Government Money Market I | Government Securities | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 103,855,256 | $ | 103,855,257 | 86,386,929 | $ | 86,386,929 | 2,573,832 | $ | 27,061,492 | 4,554,912 | $ | 48,820,781 | ||||||||||||||||||||
Reinvested dividends | 2,316,563 | 2,316,563 | 268,820 | 268,820 | 330,549 | 3,355,071 | 329,778 | 3,446,180 | ||||||||||||||||||||||||
Shares redeemed | (125,229,422 | ) | (125,229,422 | ) | (99,364,986 | ) | (99,364,986 | ) | (4,702,908 | ) | (49,493,899 | ) | (5,474,502 | ) | (58,598,423 | ) | ||||||||||||||||
Net increase (decrease) | (19,057,603 | ) | $ | (19,057,602 | ) | (12,709,237 | ) | $ | (12,709,237 | ) | (1,798,527 | ) | $ | (19,077,336 | ) | (589,812 | ) | $ | (6,331,462 | ) | ||||||||||||
Growth | Growth & Income | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,645,533 | $ | 106,156,304 | 4,532,907 | $ | 64,529,429 | 848,244 | $ | 18,840,853 | 727,302 | $ | 14,311,561 | ||||||||||||||||||||
Reinvested dividends | 2,838,731 | 49,138,428 | 5,172,293 | 71,429,364 | 248,646 | 5,599,507 | 248,846 | 4,959,494 | ||||||||||||||||||||||||
Shares redeemed | (6,962,819 | ) | (117,362,320 | ) | (13,484,332 | ) | (187,031,644 | ) | (1,152,101 | ) | (25,605,383 | ) | (1,330,276 | ) | (25,799,812 | ) | ||||||||||||||||
Net increase (decrease) | 2,521,445 | $ | 37,932,412 | (3,779,132 | ) | $ | (51,072,851 | ) | (55,211 | ) | $ | (1,165,023 | ) | (354,128 | ) | $ | (6,528,757 | ) | ||||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 858,067 | $ | 17,907,657 | 836,086 | $ | 16,514,251 | 5,920,191 | $ | 65,685,432 | 19,083,511 | $ | 207,943,248 | ||||||||||||||||||||
Reinvested dividends | 4,331,640 | 88,495,403 | 4,337,469 | 80,156,432 | 1,581,512 | 17,222,662 | 201,843 | 2,200,088 | ||||||||||||||||||||||||
Shares redeemed | (3,822,352 | ) | (80,733,518 | ) | (9,367,198 | ) | (184,416,562 | ) | (9,870,891 | ) | (109,580,357 | ) | (4,564,198 | ) | (49,866,444 | ) | ||||||||||||||||
Net increase (decrease) | 1,367,355 | $ | 25,669,542 | (4,193,643 | ) | $ | (87,745,879 | ) | (2,369,188 | ) | $ | (26,672,263 | ) | 14,721,156 | $ | 160,276,892 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS — (continued)
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 52,755,829 | $ | 394,356,148 | 26,997,085 | $ | 172,298,960 | 6,443,883 | $ | 76,886,003 | 3,810,570 | $ | 44,773,986 | ||||||||||||||||||||
Reinvested dividends | 3,611,710 | 27,087,828 | 4,187,672 | 26,884,852 | 157,192 | 1,876,878 | — | — | ||||||||||||||||||||||||
Shares redeemed | (38,309,717 | ) | (291,046,343 | ) | (34,769,309 | ) | (221,522,805 | ) | (3,605,707 | ) | (42,812,461 | ) | (5,532,137 | ) | (63,039,350 | ) | ||||||||||||||||
Net increase (decrease) | 18,057,822 | $ | 130,397,633 | (3,584,552 | ) | $ | (22,338,993 | ) | 2,995,368 | $ | 35,950,420 | (1,721,567 | ) | $ | (18,265,364 | ) | ||||||||||||||||
International Growth | Large Cap Core | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,741,488 | $ | 39,692,685 | 1,349,887 | $ | 15,720,662 | 1,214,266 | $ | 14,496,114 | 1,619,279 | $ | 18,026,992 | ||||||||||||||||||||
Reinvested dividends | 898,000 | 12,706,702 | 517,446 | 6,105,866 | 887,490 | 10,658,752 | 1,244,420 | 13,464,621 | ||||||||||||||||||||||||
Shares redeemed | (4,620,939 | ) | (65,536,596 | ) | (12,970,367 | ) | (151,048,146 | ) | (1,813,851 | ) | (21,806,313 | ) | (2,983,363 | ) | (32,935,133 | ) | ||||||||||||||||
Net increase (decrease) | (981,451 | ) | $ | (13,137,209 | ) | (11,103,034 | ) | $ | (129,221,618 | ) | 287,905 | $ | 3,348,553 | (119,664 | ) | $ | (1,443,520 | ) | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 331,446 | $ | 4,858,302 | 288,450 | $ | 3,595,327 | 3,798,494 | $ | 105,244,851 | 6,511,352 | $ | 176,473,522 | ||||||||||||||||||||
Reinvested dividends | 1,598,191 | 24,116,708 | 1,248,326 | 15,728,910 | 9,144,176 | 251,922,042 | 11,928,355 | 314,908,579 | ||||||||||||||||||||||||
Shares redeemed | (2,743,999 | ) | (40,250,893 | ) | (3,296,178 | ) | (41,670,605 | ) | (18,855,439 | ) | (533,669,174 | ) | (9,847,402 | ) | (258,629,075 | ) | ||||||||||||||||
Net increase (decrease) | (814,362 | ) | $ | (11,275,883 | ) | (1,759,402 | ) | $ | (22,346,368 | ) | (5,912,769 | ) | $ | (176,502,281 | ) | 8,592,305 | $ | 232,753,026 | ||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 645,972 | $ | 10,110,629 | 442,064 | $ | 5,843,559 | 3,384,690 | $ | 44,985,893 | 3,207,472 | $ | 35,346,657 | ||||||||||||||||||||
Reinvested dividends | 828,065 | 13,166,234 | 1,259,710 | 16,552,587 | 1,584,077 | 22,097,878 | 1,680,769 | 18,454,840 | ||||||||||||||||||||||||
Shares redeemed | (1,761,437 | ) | (26,950,666 | ) | (2,774,761 | ) | (36,347,512 | ) | (3,636,392 | ) | (47,906,100 | ) | (4,493,576 | ) | (47,652,670 | ) | ||||||||||||||||
Net increase (decrease) | (287,400 | ) | $ | (3,673,803 | ) | (1,072,987 | ) | $ | (13,951,366 | ) | 1,332,375 | $ | 19,177,671 | 394,665 | $ | 6,148,827 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,501,571 | $ | 44,774,878 | 899,289 | $ | 21,234,601 | 1,187,625 | $ | 17,632,301 | 1,102,152 | $ | 12,376,396 | ||||||||||||||||||||
Reinvested dividends | 3,617,362 | 111,885,016 | 3,263,567 | 75,551,571 | 238,195 | 3,794,440 | 428,536 | 4,966,733 | ||||||||||||||||||||||||
Shares redeemed | (3,516,184 | ) | (102,830,719 | ) | (4,395,711 | ) | (101,003,978 | ) | (1,041,626 | ) | (15,293,898 | ) | (2,439,323 | ) | (27,455,623 | ) | ||||||||||||||||
Net increase (decrease) | 1,602,749 | $ | 53,829,175 | (232,855 | ) | $ | (4,217,806 | ) | 384,194 | $ | 6,132,843 | (908,635 | ) | $ | (10,112,494 | ) | ||||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 239,863 | $ | 2,855,785 | 494,865 | $ | 5,623,704 | 6,358,551 | $ | 139,248,745 | 6,466,617 | $ | 129,013,439 | ||||||||||||||||||||
Reinvested dividends | 4,461,304 | 49,921,996 | 2,154,098 | 25,052,163 | 3,615,977 | 79,189,905 | 3,610,823 | 73,949,661 | ||||||||||||||||||||||||
Shares redeemed | (3,679,924 | ) | (44,611,488 | ) | (3,264,726 | ) | (37,732,505 | ) | (12,414,186 | ) | (274,211,925 | ) | (5,916,273 | ) | (115,863,049 | ) | ||||||||||||||||
Net increase (decrease) | 1,021,243 | $ | 8,166,293 | (615,763 | ) | $ | (7,056,638 | ) | (2,439,658 | ) | $ | (55,773,275 | ) | 4,161,167 | $ | 87,100,051 | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS — (continued)
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,047,892 | $ | 27,586,219 | 3,577,535 | $ | 47,897,609 | 312,837 | $ | 4,059,510 | 148,590 | $ | 1,710,150 | ||||||||||||||||||||
Reinvested dividends | 2,064,704 | 27,811,569 | 1,576,469 | 21,392,680 | 303,804 | 4,235,032 | 464,952 | 5,263,258 | ||||||||||||||||||||||||
Shares redeemed | (3,835,432 | ) | (53,632,570 | ) | (3,532,424 | ) | (46,333,791 | ) | (1,048,429 | ) | (13,815,927 | ) | (1,431,201 | ) | (16,201,111 | ) | ||||||||||||||||
Net increase (decrease) | 277,164 | $ | 1,765,218 | 1,621,580 | $ | 22,956,498 | (431,788 | ) | $ | (5,521,385 | ) | (817,659 | ) | $ | (9,227,703 | ) | ||||||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2018 | For the year ended May 31, 2017 | For the year ended May 31, 2018 | For the year ended May 31, 2017 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 7,731,176 | $ | 305,031,584 | 5,640,604 | $ | 200,316,711 | 595,935 | $ | 10,684,832 | 348,690 | $ | 5,408,947 | ||||||||||||||||||||
Reinvested dividends | 6,306,250 | 251,051,797 | 7,556,733 | 264,636,786 | 93,499 | 1,701,685 | 115,309 | 1,894,530 | ||||||||||||||||||||||||
Shares redeemed | (12,953,890 | ) | (505,896,038 | ) | (13,120,318 | ) | (456,589,020 | ) | (867,818 | ) | (15,321,469 | ) | (1,065,469 | ) | (16,841,793 | ) | ||||||||||||||||
Net increase (decrease) | 1,083,536 | $ | 50,187,343 | 77,019 | $ | 8,364,477 | (178,384 | ) | $ | (2,934,952 | ) | (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 year ended May 31, 2018, 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
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NOTES TO FINANCIAL STATEMENTS — (continued)
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 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 year ended May 31, 2018, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Core Equity | 41 | $ | 525 | $ | 168,953 | 2.72% | ||||||||||
Emerging Economies | 1 | 152 | 2,207,282 | 2.48% | ||||||||||||
Global Real Estate | 1 | 21 | 283,699 | 2.66% | ||||||||||||
Global Strategy | 1 | 1,585 | 22,989,011 | 2.48% | ||||||||||||
Growth | 3 | 160 | 681,208 | 2.81% | ||||||||||||
International Equities Index | 1 | 2,207 | 25,241,673 | 3.15% | ||||||||||||
International Government Bond | 28 | 367 | 960,691 | 2.48% | ||||||||||||
International Growth | 25 | 846 | 474,090 | 2.55% | ||||||||||||
Large Capital Growth | 5 | 126 | 363,775 | �� | 2.51% | |||||||||||
Mid Cap Index | 16 | 16,144 | 12,888,363 | 2.83% | ||||||||||||
Mid Cap Strategic Growth | 10 | 111 | 147,588 | 2.64% | ||||||||||||
Science & Technology | 12 | 419 | 409,126 | 3.06% | ||||||||||||
Small Cap | 80 | 1,016 | 157,416 | 2.87% | ||||||||||||
Small Cap Index | 2 | 6,102 | 41,704,058 | 2.66% | ||||||||||||
Stock Index | 11 | 1,973 | 2,483,852 | 2.67% |
As of May 31, 2018, 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 year ended May 31, 2018, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2018, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Blue Chip Growth | $ | 461,405 | $ | — | $ | — | ||||||
Growth | 11,188,868 | 9,043,757 | 852,073 | |||||||||
International Growth | 34,239 | 219,045 | 7,498 | |||||||||
Large Capital Growth | — | 800,310 | (46,806 | ) | ||||||||
Science & Technology | 1,697,779 | — | — | |||||||||
Small Cap | 65,233 | 279,897 | (144,897 | ) |
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.16 | 0.23 | 0.23 | 0.25 | (0.01 | ) | 0.01 | (0.02 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.83 | 0.71 | (0.66 | ) | 0.53 | 1.17 | 4.82 | 3.46 | (0.24 | ) | 2.62 | 3.66 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.99 | 0.87 | (0.43 | ) | 0.76 | 1.42 | 4.81 | 3.47 | (0.26 | ) | 2.60 | 3.64 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.26 | ) | (0.24 | ) | (0.27 | ) | (0.23 | ) | (0.01 | ) | – | – | – | (0.03 | ) | |||||||||||||||||||||||
Net realized gain on securities | (0.48 | ) | – | (1.32 | ) | (0.78 | ) | (0.72 | ) | (1.23 | ) | (1.68 | ) | (2.22 | ) | (1.76 | ) | (0.68 | ) | |||||||||||||||||||||
Total distributions | (0.66 | ) | (0.26 | ) | (1.56 | ) | (1.05 | ) | (0.95 | ) | (1.24 | ) | (1.68 | ) | (2.22 | ) | (1.76 | ) | (0.71 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | ||||||||||||||||||||
TOTAL RETURN(a) | 8.91 | % | 8.35 | % | (2.16 | )% | 6.24 | % | 12.04 | % | 27.87 | % | 23.49 | % | 0.17 | % | 15.61 | % | 25.69 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | ||||||||||||||||||||
Portfolio turnover rate | 84 | % | 161 | % | 102 | % | 131 | % | 99 | % | 24 | % | 27 | % | 30 | % | 30 | % | 34 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,624 | 14,705 | 15,824 | 14,473 | 13,917 | 37,397 | 39,343 | 39,796 | 36,354 | 35,957 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 179,126 | $ | 176,344 | $ | 779,336 | $ | 679,516 | $ | 615,927 | $ | 652,819 | $ | 615,447 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
277 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.24 | 0.22 | 0.21 | 0.31 | 0.20 | 0.18 | 0.18 | 0.17 | 0.19 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.45 | 2.16 | (1.11 | ) | 1.38 | 2.06 | (0.29 | ) | (0.04 | ) | 0.06 | 0.10 | 0.07 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.65 | 2.40 | (0.89 | ) | 1.59 | 2.37 | (0.09 | ) | 0.14 | 0.24 | 0.27 | 0.26 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.26 | ) | (0.20 | ) | (0.19 | ) | (0.23 | ) | (0.19 | ) | (0.19 | ) | (0.29 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.10 | ) | (0.49 | ) | (0.96 | ) | (0.49 | ) | – | (0.03 | ) | (0.01 | ) | (0.02 | ) | – | (0.14 | ) | ||||||||||||||||||||||
Total distributions | (1.38 | ) | (0.73 | ) | (1.17 | ) | (0.75 | ) | (0.20 | ) | (0.22 | ) | (0.24 | ) | (0.21 | ) | (0.19 | ) | (0.43 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | ||||||||||||||||||||
TOTAL RETURN(a) | 10.34 | % | 17.25 | % | (4.47 | )% | 10.70 | % | 18.24 | % | (0.94 | )% | 1.45 | % | 2.47 | % | 2.76 | % | 2.73 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.95 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.20 | % | 1.57 | % | 1.49 | % | 1.33 | % | 2.14 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.13 | % | 1.49 | % | 1.42 | % | 1.26 | % | 2.04 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | ||||||||||||||||||||
Portfolio turnover rate | 24 | % | 20 | % | 26 | % | 23 | % | 27 | % | 53 | % | 56 | % | 71 | % | 193 | % | 129 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,742 | 3,603 | 4,104 | 3,906 | 3,533 | 26,729 | 23,866 | 23,716 | 25,822 | 19,965 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 62,619 | $ | 53,675 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 256,043 | $ | 196,550 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
278 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.26 | 0.25 | 0.21 | 0.19 | 0.16 | 0.26 | 0.25 | 0.31 | 0.28 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.13 | 3.14 | (0.87 | ) | 1.74 | 3.07 | 0.74 | 1.62 | (0.24 | ) | 0.85 | 1.59 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.39 | 3.39 | (0.66 | ) | 1.93 | 3.23 | 1.00 | 1.87 | 0.07 | 1.13 | 1.87 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.24 | ) | (0.25 | ) | (0.32 | ) | (0.28 | ) | (0.26 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.85 | ) | (0.74 | ) | – | – | – | (0.46 | ) | (1.07 | ) | (1.44 | ) | (0.85 | ) | – | ||||||||||||||||||||||||
Total distributions | (2.13 | ) | (0.98 | ) | (0.21 | ) | (0.18 | ) | (0.21 | ) | (0.70 | ) | (1.32 | ) | (1.76 | ) | (1.13 | ) | (0.26 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | ||||||||||||||||||||
TOTAL RETURN(a) | 15.42 | % | 17.48 | % | (3.07 | )% | 10.41 | % | 20.78 | % | 8.14 | % | 16.51 | % | 2.20 | % | 8.69 | % | 16.22 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.93 | % | 0.81 | % | 0.83 | % | 0.83 | % | 0.82 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.10 | % | 1.19 | % | 1.11 | % | 0.94 | % | 0.95 | % | 2.06 | % | 2.13 | % | 2.55 | % | 2.06 | % | 2.20 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.94 | % | 1.06 | % | 0.99 | % | 0.82 | % | 0.82 | % | 2.06 | % | 2.12 | % | 2.54 | % | 2.05 | % | 2.19 | % | ||||||||||||||||||||
Portfolio turnover rate | 50 | % | 36 | % | 41 | % | 40 | % | 39 | % | 54 | % | 41 | % | 45 | % | 35 | % | 37 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 10,911 | 11,023 | 11,771 | 13,047 | 14,433 | 71,348 | 66,882 | 50,727 | 48,504 | 46,936 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 252,961 | $ | 241,647 | $ | 229,637 | $ | 265,955 | $ | 268,866 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 641,719 | $ | 621,033 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
279 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.15 | 0.17 | 0.16 | 0.18 | 0.16 | 0.13 | 0.13 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.00 | 1.13 | (0.79 | ) | 0.32 | 0.92 | 0.92 | 1.74 | (1.61 | ) | (0.30 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.12 | 1.28 | (0.62 | ) | 0.48 | 1.10 | 1.08 | 1.87 | (1.48 | ) | (0.12 | ) | 0.15 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | – | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | (0.12 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.50 | ) | (0.08 | ) | (0.44 | ) | (0.20 | ) | (0.04 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (0.66 | ) | (0.30 | ) | (0.66 | ) | (0.37 | ) | (0.04 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | (0.12 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | ||||||||||||||||||||
TOTAL RETURN(a) | 9.45 | % | 11.98 | % | (4.70 | )% | 4.04 | % | 10.11 | % | 13.50 | % | 30.41 | % | (18.60 | )% | (1.35 | )% | 1.97 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.31 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | 0.95 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.34 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | 0.95 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.97 | % | 1.30 | % | 1.50 | % | 1.33 | % | 1.65 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.96 | % | 1.30 | % | 1.51 | % | 1.33 | % | 1.63 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | ||||||||||||||||||||
Portfolio turnover rate | 15 | % | 14 | % | 20 | % | 31 | % | 9 | % | 53 | % | 69 | % | 64 | % | 65 | % | 55 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,983 | 21,173 | 23,095 | 22,646 | 21,373 | 91,875 | 89,332 | 83,618 | 82,682 | 83,593 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 243,832 | $ | 248,630 | $ | 248,446 | $ | 272,705 | $ | 255,001 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 648,339 | $ | 678,406 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
280 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Foreign Value Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.21 | 0.20 | 0.18 | 0.20 | 0.27 | 0.18 | 0.16 | 0.18 | 0.21 | 0.22 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.13 | 1.75 | (1.64 | ) | (0.94 | ) | 1.78 | 0.28 | 0.21 | (0.14 | ) | 0.28 | 0.48 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.34 | 1.95 | (1.46 | ) | (0.74 | ) | 2.05 | 0.46 | 0.37 | 0.04 | 0.49 | 0.70 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.31 | ) | (0.34 | ) | (0.26 | ) | (0.23 | ) | (0.49 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.10 | ) | (0.42 | ) | (0.36 | ) | (0.24 | ) | (0.58 | ) | |||||||||||||||||||||||||
Total distributions | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | (0.41 | ) | (0.76 | ) | (0.62 | ) | (0.47 | ) | (1.07 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.19 | % | 22.36 | % | (13.72 | )% | (6.23 | )% | 21.39 | % | 6.19 | % | 4.98 | % | 1.53 | % | 5.61 | % | 8.76 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 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 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | ||||||||||||||||||||
Portfolio turnover rate | 30 | % | 40 | % | 21 | % | 31 | % | 27 | % | 50 | % | 47 | % | 71 | % | 44 | % | 41 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 81,504 | 83,103 | 93,244 | 94,932 | 94,131 | 47,313 | 50,730 | 61,190 | 59,795 | 48,168 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 990,964 | $ | 1,077,192 | $ | 363,223 | $ | 387,137 | $ | 490,714 | $ | 514,347 | $ | 413,082 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
281 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Social Awareness Fund | Global Strategy Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.37 | 0.32 | 0.34 | 0.35 | 0.42 | 0.35 | 0.33 | 0.27 | 0.30 | 0.39 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.52 | 2.84 | (1.02 | ) | 1.20 | 3.49 | 0.20 | 1.14 | (1.80 | ) | (0.03 | ) | 1.53 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.89 | 3.16 | (0.68 | ) | 1.55 | 3.91 | 0.55 | 1.47 | (1.53 | ) | 0.27 | 1.92 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | – | (0.10 | ) | (0.72 | ) | (0.37 | ) | (0.46 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.16 | ) | (0.22 | ) | (0.85 | ) | (0.44 | ) | – | ||||||||||||||||||||||||||
Total distributions | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | (0.16 | ) | (0.32 | ) | (1.57 | ) | (0.81 | ) | (0.46 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | ||||||||||||||||||||
TOTAL RETURN(a) | 12.16 | % | 15.15 | % | (2.83 | )% | 7.45 | % | 22.60 | % | 4.72 | % | 14.16 | % | (10.23 | )% | 2.14 | % | 15.32 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||
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) | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | ||||||||||||||||||||
Portfolio turnover rate | 5 | % | 23 | % | 0 | % | 88 | % | 99 | % | 30 | % | 35 | % | 26 | % | 28 | % | 25 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,331 | 17,515 | 17,949 | 19,139 | 20,949 | 32,421 | 36,070 | 41,208 | 37,891 | 39,108 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 428,452 | $ | 416,564 | $ | 377,114 | $ | 423,242 | $ | 439,972 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 514,564 | $ | 552,074 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
282 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Money Market I Fund | Government Securities Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.23 | 0.21 | 0.22 | 0.22 | 0.24 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | 0.00 | 0.00 | 0.00 | – | (0.37 | ) | (0.18 | ) | 0.08 | 0.11 | (0.17 | ) | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | (0.14 | ) | 0.03 | 0.30 | 0.33 | 0.07 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.25 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | (0.04 | ) | |||||||||||||||||||||||||||||
Total distributions | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | ||||||||||||||||||||
TOTAL RETURN(a) | 0.72 | %(f) | 0.08 | % | 0.01 | %(e) | 0.01 | %(e) | 0.01 | % | (1.32 | )% | 0.35 | % | 2.74 | % | 3.07 | % | 0.67 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.51 | % | 0.45 | % | 0.26 | % | 0.14 | % | 0.16 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.51 | % | 0.53 | % | 0.51 | % | 0.51 | % | 0.51 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.71 | % | 0.08 | % | 0.01 | % | 0.01 | % | 0.01 | % | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.71 | % | (0.00 | )% | (0.24 | )% | (0.36 | )% | (0.34 | )% | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | ||||||||||||||||||||
Portfolio turnover rate | N/A | N/A | N/A | N/A | N/A | 3 | % | 15 | % | 17 | % | 7 | % | 28 | % | |||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 311,723 | 330,780 | 343,490 | 343,881 | 367,402 | 11,890 | 13,689 | 14,278 | 14,967 | 15,115 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 311,708 | $ | 330,783 | $ | 343,490 | $ | 343,363 | $ | 366,768 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 161,977 | $ | 162,121 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
(f) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (See Note 3). |
See Notes to Financial Statements
283 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Growth Fund | Growth & Income Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.10 | 0.12 | 0.10 | 0.10 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.02 | 2.56 | (0.52 | ) | 1.67 | 2.87 | 2.34 | 2.94 | (0.34 | ) | 1.94 | 2.91 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.09 | 2.66 | (0.40 | ) | 1.77 | 2.97 | 2.53 | 3.14 | (0.14 | ) | 2.14 | 3.09 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.18 | ) | (0.13 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.63 | ) | (1.01 | ) | (2.43 | ) | (2.02 | ) | – | (0.79 | ) | (0.64 | ) | (0.88 | ) | – | – | |||||||||||||||||||||||
Total distributions | (0.73 | ) | (1.13 | ) | (2.53 | ) | (2.13 | ) | (0.14 | ) | (1.00 | ) | (0.88 | ) | (1.12 | ) | (0.18 | ) | (0.13 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | ||||||||||||||||||||
TOTAL RETURN(a) | 20.60 | % | 20.48 | % | (0.63 | )% | 10.89 | % | 21.34 | % | 12.17 | % | 17.22 | % | 0.08 | % | 12.11 | % | 20.97 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | % | 0.76 | % | 0.79 | % | 0.80 | % | 0.81 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.79 | % | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | 0.90 | % | 0.91 | % | 0.91 | % | 0.90 | % | 0.93 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.42 | % | 0.71 | % | 0.78 | % | 0.60 | % | 0.65 | % | 0.88 | % | 1.03 | % | 1.08 | % | 1.05 | % | 1.10 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.37 | % | 0.66 | % | 0.77 | % | 0.60 | % | 0.65 | % | 0.83 | % | 0.97 | % | 1.02 | % | 1.00 | % | 1.02 | % | ||||||||||||||||||||
Portfolio turnover rate | 58 | % | 71 | % | 102 | % | 99 | % | 90 | % | 43 | % | 34 | % | 33 | % | 38 | % | 169 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 69,279 | 66,758 | 70,537 | 62,664 | 60,543 | 5,767 | 5,822 | 6,176 | 6,180 | 6,449 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 | $ | 1,027,988 | $ | 1,014,642 | $ | 128,172 | $ | 120,515 | $ | 113,885 | $ | 121,742 | $ | 114,405 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
284 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.05 | ) | (0.04 | ) | (0.09 | ) | (0.14 | ) | (0.12 | ) | 0.26 | 0.25 | 0.15 | 0.12 | 0.24 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.86 | 1.80 | (3.83 | ) | 9.66 | 5.43 | (0.14 | ) | 0.10 | (0.16 | ) | (0.30 | ) | (0.17 | ) | |||||||||||||||||||||||||
Total income (loss) from investment operations | 3.81 | 1.76 | (3.92 | ) | 9.52 | 5.31 | 0.12 | 0.35 | (0.01 | ) | (0.18 | ) | 0.07 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | (0.21 | ) | (0.03 | ) | (0.13 | ) | (0.21 | ) | (0.22 | ) | |||||||||||||||||||||||||
Net realized gain on securities | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.10 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.05 | ) | ||||||||||||||||||||
Total distributions | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | (0.31 | ) | (0.04 | ) | (0.15 | ) | (0.23 | ) | (0.27 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | ||||||||||||||||||||
TOTAL RETURN(a) | 19.80 | % | 9.37 | % | (13.12 | )% | 47.50 | % | 32.09 | % | 1.11 | % | 3.29 | % | (0.09 | )% | (1.57 | )% | 0.73 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.06 | % | 1.07 | % | 1.06 | % | 1.09 | % | 1.11 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.11 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.23 | )% | (0.21 | )% | (0.40 | )% | (0.59 | )% | (0.59 | )% | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.27 | )% | (0.23 | )% | (0.43 | )% | (0.59 | )% | (0.59 | )% | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | ||||||||||||||||||||
Portfolio turnover rate | 44 | % | 30 | % | 31 | % | 26 | % | 59 | % | 34 | % | 42 | % | 33 | % | 33 | % | 45 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 37,583 | 36,215 | 40,409 | 34,776 | 27,492 | 54,697 | 57,066 | 42,345 | 44,644 | 41,413 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 939,311 | $ | 580,157 | $ | 595,043 | $ | 631,552 | $ | 455,830 | $ | 487,477 | $ | 469,056 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
285 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.19 | 0.17 | 0.16 | 0.19 | 0.23 | 0.24 | 0.24 | 0.27 | 0.32 | 0.33 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.35 | 0.81 | (0.89 | ) | (0.25 | ) | 0.92 | (0.20 | ) | 0.04 | 0.23 | (0.98 | ) | 0.15 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.54 | 0.98 | (0.73 | ) | (0.06 | ) | 1.15 | 0.04 | 0.28 | 0.50 | (0.66 | ) | 0.48 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.11 | ) | – | (0.29 | ) | (0.29 | ) | (0.22 | ) | |||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.04 | ) | (0.03 | ) | (0.14 | ) | |||||||||||||||||||||||||||
Total distributions | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | (0.11 | ) | – | (0.33 | ) | (0.32 | ) | (0.36 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | ||||||||||||||||||||
TOTAL RETURN(a) | 7.63 | % | 15.98 | % | (9.99 | )% | (0.57 | )% | 17.90 | % | 0.32 | % | 2.45 | % | 4.61 | % | (5.43 | )% | 4.12 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | ||||||||||||||||||||
Portfolio turnover rate | 17 | % | 11 | % | 4 | % | 40 | % | 60 | % | 95 | % | 70 | % | 95 | % | 43 | % | 42 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 173,854 | 155,797 | 159,381 | 151,718 | 157,825 | 18,875 | 15,879 | 17,601 | 15,220 | 15,459 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 1,081,174 | $ | 1,174,840 | $ | 219,748 | $ | 185,943 | $ | 201,253 | $ | 171,312 | $ | 189,241 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
286 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.14 | 0.15 | 0.16 | 0.16 | 0.11 | 0.12 | 0.12 | 0.11 | 0.15 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.29 | 1.45 | (1.58 | ) | 0.17 | 1.87 | 0.98 | 1.44 | (0.25 | ) | 1.84 | 2.40 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.37 | 1.59 | (1.43 | ) | 0.33 | 2.03 | 1.09 | 1.56 | (0.13 | ) | 1.95 | 2.55 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.20 | ) | (0.25 | ) | (0.12 | ) | (0.11 | ) | (0.45 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.21 | ) | – | (0.95 | ) | (0.09 | ) | – | (0.62 | ) | (0.87 | ) | (2.39 | ) | (2.30 | ) | (1.01 | ) | ||||||||||||||||||||||
Total distributions | (0.40 | ) | (0.18 | ) | (1.12 | ) | (0.29 | ) | (0.25 | ) | (0.74 | ) | (0.98 | ) | (2.84 | ) | (2.46 | ) | (1.15 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | ||||||||||||||||||||
TOTAL RETURN(a) | 18.38 | % | 13.81 | % | (9.20 | )% | 2.48 | % | 16.48 | % | 9.46 | % | 14.97 | % | 1.84 | % | 14.34 | % | 20.28 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.08 | % | 1.10 | % | 1.06 | % | 1.06 | % | 1.06 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.58 | % | 1.15 | % | 1.21 | % | 1.15 | % | 1.22 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.47 | % | 1.06 | % | 1.16 | % | 1.11 | % | 1.17 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | ||||||||||||||||||||
Portfolio turnover rate | 130 | % | 39 | % | 36 | % | 44 | % | 53 | % | 59 | % | 54 | % | 53 | % | 64 | % | 76 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 32,707 | 33,688 | 44,791 | 43,817 | 45,685 | 15,408 | 15,120 | 15,240 | 13,111 | 12,606 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 621,387 | $ | 646,032 | $ | 180,349 | $ | 171,627 | $ | 164,060 | $ | 180,201 | $ | 179,649 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
287 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.10 | 0.09 | 0.11 | 0.08 | 0.35 | 0.30 | 0.32 | 0.32 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.09 | 1.87 | 0.04 | 1.35 | 2.58 | 3.45 | 3.91 | (1.06 | ) | 2.86 | 3.99 | |||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.19 | 1.97 | 0.13 | 1.46 | 2.66 | 3.80 | 4.21 | (0.74 | ) | 3.18 | 4.27 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.09 | ) | (0.11 | ) | (0.08 | ) | (0.07 | ) | (0.32 | ) | (0.34 | ) | (0.34 | ) | (0.29 | ) | (0.31 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.75 | ) | (0.43 | ) | (0.56 | ) | (2.60 | ) | (1.08 | ) | (1.87 | ) | (2.31 | ) | (2.57 | ) | (1.61 | ) | (1.16 | ) | ||||||||||||||||||||
Total distributions | (0.84 | ) | (0.52 | ) | (0.67 | ) | (2.68 | ) | (1.15 | ) | (2.19 | ) | (2.65 | ) | (2.91 | ) | (1.90 | ) | (1.47 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | ||||||||||||||||||||
TOTAL RETURN(a) | 16.00 | % | 16.50 | % | 1.73 | % | 11.01 | % | 21.79 | % | 14.51 | % | 16.94 | % | (0.69 | )% | 11.92 | % | 17.69 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | ||||||||||||||||||||
Portfolio turnover rate | 21 | % | 23 | % | 24 | % | 26 | % | 137 | % | 15 | % | 14 | % | 15 | % | 13 | % | 11 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 29,613 | 30,427 | 32,186 | 33,071 | 29,214 | 122,466 | 128,379 | 119,786 | 116,969 | 116,691 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 421,567 | $ | 408,050 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 | $ | 3,335,644 | $ | 3,179,031 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
288 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.01 | 0.02 | 0.00 | (0.03 | ) | (0.01 | ) | 0.06 | 0.07 | 0.08 | 0.07 | 0.10 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.66 | 2.24 | (0.82 | ) | 1.83 | 2.12 | 2.48 | 2.73 | (0.02 | ) | 1.79 | 1.74 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.67 | 2.26 | (0.82 | ) | 1.80 | 2.11 | 2.54 | 2.80 | 0.06 | 1.86 | 1.84 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | – | – | – | (0.08 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | (0.09 | ) | (0.07 | ) | |||||||||||||||||||||||
Net realized gain on securities | (0.73 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.20 | ) | (0.61 | ) | (0.53 | ) | (0.43 | ) | (0.12 | ) | (0.04 | ) | ||||||||||||||||||||
Total distributions | (0.74 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.28 | ) | (0.68 | ) | (0.61 | ) | (0.50 | ) | (0.21 | ) | (0.11 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | ||||||||||||||||||||
TOTAL RETURN(a) | 19.17 | % | 18.43 | % | (2.91 | )% | 11.60 | % | 14.78 | % | | 20.94 | % | 28.88 | % | 1.18 | % | 21.42 | % | 26.44 | % | |||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | 0.82 | % | 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 | % | 0.54 | % | 0.55 | % | 0.56 | % | 0.54 | % | 0.57 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | – | – | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.49 | % | 0.67 | % | 0.80 | % | 0.72 | % | 1.28 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.48 | % | 0.66 | % | 0.78 | % | 0.71 | % | 1.25 | % | ||||||||||||||||||||
Portfolio turnover rate | 40 | % | 38 | % | 95 | % | 47 | % | 65 | % | 3 | % | 4 | % | 8 | % | 7 | % | 8 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,404 | 18,691 | 19,764 | 18,777 | 18,583 | 33,891 | 32,558 | 32,164 | 31,854 | 29,275 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 288,138 | $ | 297,068 | $ | 473,513 | $ | 394,400 | $ | 319,222 | $ | 330,077 | $ | 255,120 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
289 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7.89 | 6.56 | (0.71 | ) | 4.70 | 5.71 | 4.68 | 2.67 | (2.61 | ) | 4.01 | 2.50 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 7.80 | 6.55 | (0.73 | ) | 4.67 | 5.67 | 4.59 | 2.63 | (2.64 | ) | 3.95 | 2.39 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | (0.03 | ) | – | – | – | – | – | |||||||||||||||||||||||||||||
Net realized gain on securities | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | – | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | (1.45 | ) | |||||||||||||||||||||
Total distributions | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | (0.03 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | (1.45 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | ||||||||||||||||||||
TOTAL RETURN(a) | 30.08 | % | 31.82 | % | 0.39 | % | 19.52 | % | 29.55 | % | 37.58 | % | 26.17 | % | (16.21 | )% | 30.24 | % | 17.46 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.00 | % | 1.02 | % | 1.01 | % | 1.01 | % | 1.02 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | – | – | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | (0.61 | )% | (0.33 | )% | (0.24 | )% | (0.42 | )% | (0.70 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | (0.62 | )% | (0.36 | )% | (0.26 | )% | (0.44 | )% | (0.72 | )% | ||||||||||||||||||||
Portfolio turnover rate | 84 | % | 92 | % | 107 | % | 101 | % | 102 | % | 74 | % | 82 | % | 101 | % | 94 | % | 111 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 45,064 | 43,461 | 43,694 | 38,035 | 37,726 | 9,560 | 9,176 | 10,084 | 7,959 | 7,180 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 1,014,902 | $ | 936,688 | $ | 157,170 | $ | 112,391 | $ | 102,540 | $ | 115,869 | $ | 101,410 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
290 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.03 | 0.04 | 0.02 | 0.00 | 0.22 | 0.21 | 0.24 | 0.24 | 0.21 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.97 | 1.58 | (1.17 | ) | 1.55 | 2.31 | 3.85 | 3.43 | (1.86 | ) | 1.99 | 2.80 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.02 | 1.61 | (1.13 | ) | 1.57 | 2.31 | 4.07 | 3.64 | (1.62 | ) | 2.23 | 3.01 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.04 | ) | (0.03 | ) | – | (0.05 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.23 | ) | (0.26 | ) | |||||||||||||||||||||
Net realized gain on securities | (2.03 | ) | (0.94 | ) | (2.06 | ) | (2.39 | ) | (0.72 | ) | (1.27 | ) | (1.09 | ) | (1.45 | ) | (1.17 | ) | (0.48 | ) | ||||||||||||||||||||
Total distributions | (2.07 | ) | (0.98 | ) | (2.09 | ) | (2.39 | ) | (0.77 | ) | (1.49 | ) | (1.32 | ) | (1.70 | ) | (1.40 | ) | (0.74 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | ||||||||||||||||||||
TOTAL RETURN(a) | 17.95 | % | 14.64 | % | (5.20 | )% | 11.10 | % | 17.13 | % | 20.42 | % | 20.25 | % | (6.05 | )% | 11.23 | % | 16.64 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.03 | % | 1.02 | % | 1.01 | % | 1.00 | % | 1.01 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.40 | % | 0.27 | % | 0.29 | % | 0.15 | % | 0.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.31 | % | 0.18 | % | 0.21 | % | 0.08 | % | (0.07 | )% | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | ||||||||||||||||||||
Portfolio turnover rate | 25 | % | 82 | % | 29 | % | 32 | % | 32 | % | 17 | % | 12 | % | 13 | % | 14 | % | 13 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 27,836 | 26,815 | 27,431 | 24,990 | 24,251 | 56,750 | 59,190 | 55,029 | 52,734 | 54,260 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 354,294 | $ | 363,807 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 | $ | 1,119,463 | $ | 1,106,865 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.15 | 0.19 | 0.16 | 0.18 | 0.12 | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | (0.07 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.84 | 1.97 | (0.24 | ) | 0.92 | 2.53 | 2.43 | 1.34 | (1.07 | ) | 2.72 | 2.45 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.99 | 2.16 | (0.08 | ) | 1.10 | 2.65 | 2.40 | 1.31 | (1.11 | ) | 2.66 | 2.38 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.14 | ) | (0.21 | ) | (0.14 | ) | (0.10 | ) | – | – | – | – | (0.01 | ) | ||||||||||||||||||||||||
Net realized gain on securities | (1.14 | ) | (0.90 | ) | (1.40 | ) | (1.09 | ) | – | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | (0.50 | ) | |||||||||||||||||||||
Total distributions | (1.32 | ) | (1.04 | ) | (1.61 | ) | (1.23 | ) | (0.10 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | (0.51 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | ||||||||||||||||||||
TOTAL RETURN(a) | 15.39 | % | 17.65 | % | 1.49 | % | 8.16 | % | 23.43 | % | 20.07 | % | 11.94 | % | (6.27 | )% | 19.75 | % | 18.77 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.95 | % | 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 | % | 1.01 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.03 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | (0.21 | )% | (0.26 | )% | (0.33 | )% | (0.41 | )% | (0.50 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | (0.27 | )% | (0.27 | )% | (0.33 | )% | (0.41 | )% | (0.52 | )% | ||||||||||||||||||||
Portfolio turnover rate | 37 | % | 46 | % | 74 | % | 52 | % | 65 | % | 62 | % | 61 | % | 64 | % | 55 | % | 148 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 21,730 | 21,453 | 19,831 | 17,394 | 17,993 | 8,562 | 8,994 | 9,812 | 9,713 | 8,584 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 238,986 | $ | 249,579 | $ | 118,522 | $ | 107,389 | $ | 110,230 | $ | 131,771 | $ | 124,839 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.63 | 0.61 | 0.63 | 0.62 | 0.55 | 0.26 | 0.25 | 0.26 | 0.21 | 0.19 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.49 | 4.96 | (0.59 | ) | 3.29 | 5.38 | 1.27 | 1.72 | (0.57 | ) | 1.29 | 1.81 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 5.12 | 5.57 | 0.04 | 3.91 | 5.93 | 1.53 | 1.97 | (0.31 | ) | 1.50 | 2.00 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.67 | ) | (0.57 | ) | (0.89 | ) | (0.60 | ) | (0.56 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.46 | ) | (1.67 | ) | (2.61 | ) | (1.36 | ) | (0.79 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (2.13 | ) | (2.24 | ) | (3.50 | ) | (1.96 | ) | (1.35 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | ||||||||||||||||||||
TOTAL RETURN(a) | 13.99 | % | 17.08 | % | 1.38 | % | 11.41 | % | 20.01 | % | 9.15 | % | 13.22 | % | (1.80 | )% | 10.65 | % | 16.26 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.35 | % | 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 | % | 0.94 | % | 0.94 | % | 0.93 | % | 0.93 | % | 0.93 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.47 | % | 1.54 | % | 1.78 | % | 1.33 | % | 1.46 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.38 | % | 1.46 | % | 1.69 | % | 1.25 | % | 1.38 | % | ||||||||||||||||||||
Portfolio turnover rate | 3 | % | 3 | % | 3 | % | 3 | % | 4 | % | 19 | % | 15 | % | 15 | % | 16 | % | 16 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 125,644 | 124,560 | 124,483 | 123,499 | 129,109 | 6,461 | 6,640 | 7,241 | 7,559 | 8,595 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 4,519,626 | $ | 4,473,003 | $ | 115,474 | $ | 110,333 | $ | 108,136 | $ | 116,875 | $ | 121,864 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of VALIC Company I and
Shareholders of each of the thirty-four funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (thirty-four funds constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2018, the related statements of operations for the year ended May 31, 2018, the statements of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2018, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2018 and each of the financial highlights for each of the five years in the period ended May 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
VALIC Company I
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 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
July 27, 2018
We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on October 23-24, 2017 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Morgan Stanley Investment Management Inc. (“MSIM”) with respect to the International Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with MSIM, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and each of the Fund’s prior sub-advisers, American Century Investment Management, Inc. (“American Century”), Invesco Advisers, Inc. (“Invesco”) and Massachusetts Financial Services Company (“MFS”) with respect to the Fund.
In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by MSIM; (2) the sub-advisory fees proposed to be charged in connection with MSIM’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of a composite of other accounts managed by MSIM using the same strategy that would be applied to the Fund, compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and against the Fund’s benchmark (“Benchmark”), and the performance of comparable funds managed by MSIM against the Benchmark; (4) the costs of services and the benefits potentially to be derived by MSIM; (5) whether the Fund will benefit from possible economies of scale from engaging MSIM; (6) information regarding MSIM’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.
In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from MSIM who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by MSIM. The Board reviewed information provided by MSIM relating to its operations and personnel. The Board also noted that MSIM’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by MSIM. The Board noted that MSIM will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio securities (or arrange for another entity to provide a trading desk and to place orders) with brokers or dealers selected by MSIM, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed MSIM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of MSIM’s investment personnel who would provide services to the Fund. The Board also reviewed MSIM’s brokerage practices. The Board also noted that it received information on MSIM’s financial condition and compliance function of MSIM. The Board also considered MSIM’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of the sub-advisory services to be provided by MSIM were expected to be satisfactory and that there was a reasonable basis to conclude that MSIM would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board also considered expense information of a comparable fund managed by MSIM; however, the Board noted that MSIM served as the investment adviser to the comparable fund and, thus, the services provided to the comparable fund were different than the proposed services to be provided to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with MSIM at arm’s length. The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of MSIM will result in a reduction to the management fee paid by the Fund to VALIC.
The Board considered that a composite of the sub-advisory fees paid to the Fund’s previous sub-advisers, which were paid at a higher rate than the sub-advisory fee payable to MSIM, was above the median of its Subadvisory Expense Group/Universe. The Board also considered that the sub-advisory fee rate payable to MSIM contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended August 31, 2017. The Board also considered the performance of another fund managed by MSIM using a similar investment strategy as that which MSIM will use to manage the Fund. The Board noted that such comparable fund outperformed the Benchmark for the year-to-date, one-year, and three-year periods ended September 30, 2017, and since-inception on December 28, 2010.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a
{W0317821; 2}{W0317821; 2}
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
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 the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of the Fund’s previous sub-advisers with MSIM. The Board also noted that VALIC would waive a greater portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if MSIM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with MSIM at arm’s length. In considering the anticipated profitability to MSIM in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of MSIM from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to MSIM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in MSIM’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the fee under the Sub-Advisory Agreement has breakpoints.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the terms of the Sub-Advisory Agreement and the terms of the current sub-advisory agreements between VALIC and each of American Century, Invesco, and MFS are otherwise substantially similar, except that the Sub-Advisory Agreement differs in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) terms relating to the compliance with federal securities laws, including the Internal Revenue Code of 1986, as amended, as well as compliance with the terms of the Fund’s registration statement, and its policies and procedures; (iv) express terms permitting MSIM to delegate its duties and obligations to any affiliate, subject to VALIC and Board approval; (v) express terms relating to VALIC’s voting of proxies; and (vi) terms permitting an indemnifying party to participate and direct the defense of a claim against an indemnified party. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that MSIM possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.
{W0317821; 2}{W0317821; 2}
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2018 (unaudited)
Name, Age and Address at May 31, 2018* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown | Director | | 2005- Present | | Retired | 49 | Trustee, Virtus Series Fund (2011-Present). | |||||||
Dr. Judith L. Craven | Director | | 1998- Present |
| Retired | 77 | Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-Present); Director, Luby’s Restaurant (1998-Present). | |||||||
William F. Devin | Chairman and Director(5) | | 2001- Present | Retired | 77 | None | ||||||||
Dr. Timothy J. Ebner | Director | | 1998- Present |
| Professor and Head, Department of Neuroscience Medical School (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-2013); Pickworth Chair (2000-Present) and Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014). | 49 | Trustee, Minnesota Medical Foundation (2003-2013). | |||||||
Judge Gustavo E. Gonzales, Jr. | Director | | 1998- Present |
| Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004). | 49 | None. | |||||||
Kenneth J. Lavery | Director | | 2001- Present |
| Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013). | 49 | None. | |||||||
Dr. John E. Maupin, Jr. | Director | | 1998- Present |
| Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014). | 49 | Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present). | |||||||
Interested Directors | ||||||||||||||
Peter A. Harbeck(1) | Director | | 2001- Present |
| President, CEO and Director, SunAmerica (1995-Present); Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc. (2004-2016) | 158 | None. | |||||||
Eric S. Levy | Director | | 2017- Present | | Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015). | 49 | None | |||||||
Officers | ||||||||||||||
John T. Genoy | President and Principal Executive Officer | | 2014- Present |
| Chief Financial Officer (2002-Present), Senior Vice President, (2003-Present), Chief Operating Officer (2006-Present) and Director (2014 to Present), SunAmerica. | N/A | N/A |
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2018 (unaudited) — (continued)
Name, Age and Address at May 31, 2017* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Officers | ||||||||||||||
John Packs | Vice President and Senior Investment Officer | | 2001- Present |
| Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present). | N/A | N/A | |||||||
Gregory R. Kingston | Treasurer and Principal Financial Officer | | 2000- Present |
| Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica. | | N/A | N/A | ||||||
Gregory N. Bressler | Vice President | | 2005- Present |
| Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica. | N/A | N/A | |||||||
Christopher Joe | Chief Compliance Officer | | 2017 to Present | | Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015). | N/A | N/A | |||||||
Matthew J. Hackethal | Anti-Money Laundering (“AML”) Compliance Officer | | 2007- Present |
| Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||
Thomas M. Ward | Vice President | | 2008- Present |
| Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc. | N/A | N/A | |||||||
Kathleen D. Fuentes | Chief Legal Officer, Vice President and Secretary | | 2015- Present |
| Vice President and Deputy General Counsel, SunAmerica (2006-Present). | N/A | N/A | |||||||
Shawn Parry | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica. | N/A | N/A | |||||||
Donna McManus | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A |
* | The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019. |
(1) | Mr. Harbeck is an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because Mr. Harbeck is an officer of SunAmerica, which is an affiliate VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC. |
(2) | The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Speciality Series (7 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Series Trust (61 portfolios), and VALIC Company II (15 funds). |
(3) | Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act. |
(4) | Directors serve until their successors are duly elected and qualified. |
(5) | Effective July 27, 2005, Mr. Devin became Chairman of the Board. |
Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.
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VALIC Company I
SHAREHOLDER TAX INFORMATION (unaudited)
Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2018.
During the year ended May 31, 2018, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
Fund | Net Long-term Capital Gains | Foreign Tax Credit* | Foreign Source Income | Qualifying % for the Dividends Received Deduction | ||||||||||||
Asset Allocation | $ | 4,139,748 | $ | — | $ | — | 20.22 | % | ||||||||
Blue Chip Growth | 44,264,812 | — | — | 100.00 | ||||||||||||
Broad Cap Value Income | 3,587,503 | — | — | 71.15 | ||||||||||||
Capital Conservation | — | — | — | — | ||||||||||||
Core Equity | 18,933,095 | — | — | 100.00 | ||||||||||||
Dividend Value | 27,534,288 | — | — | 96.35 | ||||||||||||
Dynamic Allocation* | 5,873,893 | 31,489 | 339,473 | 19.76 | ||||||||||||
Emerging Economies* | — | 2,170,272 | 23,300,741 | — | ||||||||||||
Foreign Value* | — | 1,656,094 | 16,629,811 | 1.53 | ||||||||||||
Global Real Estate* | 2,229,561 | 468,106 | 7,025,080 | 0.03 | ||||||||||||
Global Social Awareness | — | — | — | 40.15 | ||||||||||||
Global Strategy* | 5,241,605 | 725,364 | 11,469,816 | 100.00 | ||||||||||||
Government Money Market I | — | — | — | — | ||||||||||||
Government Securities | — | — | — | — | ||||||||||||
Growth | 32,227,389 | — | — | 56.48 | ||||||||||||
Growth & Income | 4,140,612 | — | — | 100.00 | ||||||||||||
Health Sciences | 88,495,403 | — | — | — | ||||||||||||
Inflation Protected | 4,308,281 | — | — | 0.81 | ||||||||||||
International Equities Index* | — | 2,408,487 | 29,428,418 | — | ||||||||||||
International Government Bond | — | — | — | — | ||||||||||||
International Growth* | 6,729,054 | 690,821 | 6,366,532 | — | ||||||||||||
Large Cap Core | 8,879,021 | — | — | 100.00 | ||||||||||||
Large Capital Growth | 20,050,151 | — | — | 85.53 | ||||||||||||
Mid Cap Index | 203,935,604 | — | — | 51.94 | ||||||||||||
Mid Cap Strategic Growth | 10,687,059 | — | — | 44.99 | ||||||||||||
Nasdaq-100® Index | 19,144,321 | — | — | 100.00 | ||||||||||||
Science & Technology | 63,121,184 | — | — | 10.52 | ||||||||||||
Small Cap Aggressive Growth | 3,794,440 | — | — | — | ||||||||||||
Small Cap | 41,766,359 | — | — | 30.74 | ||||||||||||
Small Cap Index | 63,465,241 | — | — | 50.38 | ||||||||||||
Small Cap Special Values | 20,457,809 | — | — | 64.95 | ||||||||||||
Small-Mid Growth | 4,235,032 | — | — | — | ||||||||||||
Stock Index | 167,497,292 | — | — | 85.08 | ||||||||||||
Value | — | — | — | 100.00 |
* | The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders. |
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VALIC Company I
COMPARISONS: FUNDS VS. INDEXES (unaudited)
In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.
Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.
Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Pinebridge Investments, LLC
The Asset Allocation Fund posted a return of 8.91% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.24% for the FTSE Treasury Bill 3 Month Index, and 7.78% for the Blended Index.
Benchmark allocations are: 55% equity, 35% fixed income, and 10% cash. The Fund outperformed the Blended Index benchmark primarily due to its allocations in U.S. financial equities and U.S. small cap value equities. U.S. government bonds also contributed to performance. The Fund does not have exposure to U.S. government bonds, which underperformed this past year.
In contrast, the U.S. large cap equities category detracted from performance. The Fund does not have exposure to this broad equity category, which gained over the past 12 months. Selective allocations are made within U.S. equities, rather than acquiring large exposure. The Fund has selective convictions in Brazilian equities, through which it gains exposure to the Brazilian Real. The currency declined, so its overweight relative to the benchmark detracted from performance. Another detractor was exposure to the Euro. The Fund has selective exposure to European financial and small cap equities through which it gains currency exposure. As the Euro declined, the Fund’s overweight relative to the benchmark detracted from performance.
Equity index futures were used for hedging and efficient portfolio management. These derivatives detracted from performance.
For the year ended May 31, 2018, the Asset Allocation Fund returned 8.91% compared to 14.38% for the S&P 500® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.24% for the FTSE Treasury Bill 3 Month Index and 7.78% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%). |
*** | 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 FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
8.91% | 6.56% | 6.71% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Blue Chip Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Blue Chip Growth Fund posted a return of 27.87% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500® Index.
The Fund’s relative outperformance was driven by stock selection. Sector allocation also boosted relative results.
On the positive side, the information technology sector contributed the most to relative results due to both a beneficial overweight position and effective stock selection. Favorable stock selection in the consumer discretionary sector boosted relative returns. An underweight to the consumer staples sector added to relative performance.
The top performing names in the Fund included Amazon.com, Inc., Microsoft Corp. and Boeing Co.
Conversely, lack of exposure to the energy sector detracted the most from relative performance.
The bottom performing names in the Fund included Alaska Air Group, Inc., American Airlines Group, Inc., and Tesla, Inc.
For the year ended May 31, 2018, the Blue Chip Growth Fund returned 27.87% compared to 14.38% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
27.87% | 18.11% | 12.03% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Broad Cap Value Income Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC
The Broad Cap Value Income Fund posted a return of 10.34% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000® Value Index.
The Fund’s relative outperformance was driven by sector allocation. Stock selection also boosted relative results.
Stock selection in the energy sector was the largest relative positive contributor for the period. Underweighting the lagging consumer staples and utilities sectors and stock selection in the financial sector also resulted in positive contributions to performance.
The largest detractors for the period included stock selection within the information technology, consumer staples, healthcare, and consumer discretionary sectors.
Top relative contributors for the year included E*TRADE Financial Corp., Spirit AeroSystems Holdings, Inc., Class A, and UnitedHealth Group, Inc.
The largest relative detractors for the period were Micro Focus International PLC ADR, Newell Brands, Inc., and Altria Group, Inc.
For the year ended May 31, 2018, the Broad Cap Value Income Fund returned 10.34% compared to 8.25% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
10.34% | 10.10% | 8.15% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Capital Conservation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Capital Conservation Fund posted a return of -0.94% for the twelve-month period ended May 31, 2018, compared to a return of -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index.
In aggregate, sector selection had a positive effect on the relative performance of the fund. An underweight allocation to U.S. Treasuries and overweight allocations to the utilities sector and fixed rate agency mortgage backed securities “MBS” contributed to performance. The fund’s underweight in government related local authorities and cash detracted from performance.
Security selection within the financial, MBS and utilities sectors were the largest contributions to performance for the period.
The largest individual contributors were Regions Financial Corp. (7.38% due 12/10/2037), AT&T, Inc. (4.90% due 8/15/2037) and Marathon Oil Corp. (6.60% due 10/1/2037).
Among the greatest detractors were Telecom Italia Capital SA (7.72% due 6/4/2038), UniCredit SpA (5.86% due 6/19/2032) and Owens Corning (4.30% due 7/15/2047).
For the year ended May 31, 2018, the Capital Conservation Fund returned -0.94% compared to -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index.
* | 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. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
-0.94% | 1.69% | 3.54% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Core Equity Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with BlackRock Investment Management, LLC
The Core Equity Fund posted a return of 15.42% for the twelve-month period ended May 31, 2018, compared to a return of 14.60% for the Fund’s benchmark, the Russell 1000® Index.
The Fund outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.
Stock selection within the health care, financials, and energy sectors were the biggest contributors to performance for the period.
The top individual contributors to performance included Urban Outfitters, Inc., Microsoft Corp., and JPMorgan Chase & Co.
Stock selection within the consumer discretionary and information technology sectors, in addition to an overweight position in the health care sector, were the largest detractors from performance during the period.
The top individual detractors from performance included Comcast Corp., Class A, an underweight position in Amazon.com, Inc., and Altria Group, Inc.
For the year ended May 31, 2018, the Core Equity Fund returned 15.42% compared to 14.60% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
15.42% | 11.89% | 7.82% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dividend Value Fund posted a return of 8.14% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000® Value Index.
A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the Russell 1000® Value Index for the twelve-month period. Overall, stock selection provided the largest contributor to relative returns during the annual period. Sector allocation also boosted relative results. Selection was especially strong in the healthcare, energy, and consumer staples sectors.
The largest detractors from relative performance during the year were stock selection in the consumer discretionary and financials sectors. Another significant detractor was the cash exposure not being fully invested.
Top individual contributors included Microsoft Corp., Royal Dutch Shell PLC, and Suncor Energy, Inc.
Larger individual detractors included Comcast Corp., PG&E Corp., and lacking exposure to strong performer Intel Corp.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the Russell 1000® Value Index for the twelve-month period. On a sector basis, the primary driver of underperformance during the fiscal period was asset allocation. Stock selection contributed to relative results.
Overweights to poor-performing sectors consumer staples and telecommunication services were significant detractors. Lack of exposure to the strong financial sector was another larger detractor.
The largest positive contributions came from the industrials, healthcare, and materials sectors, highlighted by strong stock selection in the healthcare and materials sectors.
In terms of individual holdings, Altria Group, Inc., L Brands, Inc., and Campbell Soup Co. were the larger detractors on a relative basis. Top contributors were positions in Foot Locker, Inc., Boeing Co., and AbbVie, Inc.
For the year ended May 31, 2018, the Dividend Value Fund returned 8.14% compared to 8.25% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
8.14% | 10.22% | 7.72% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dynamic Allocation Fund posted a return of 9.45% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 8.36% for the blended benchmark.
The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.
A discussion with Alliance Bernstein, L.P.—regarding their portion of the Fund (the “portfolio”)
The overlay portfolio, the process to manage the Fund’s net equity exposure, underperformed the Fund’s blended benchmark during the period.
The volatility of the overlay component (the process to manage the portfolio’s net equity exposure using futures) was the largest contributor. The options hedging program, designed to protect against large and unexpected market declines, detracted from performance. In addition, the underlying cash assets invested in longer duration U.S. Treasury bonds detracted modestly from performance.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
The fund-of-funds component outperformed the Fund’s blended benchmark during the period. Within equities, exposure to funds investing primarily in U.S. large cap growth and U.S. small cap equities contributed the most to this outperformance. Exposure to U.S. large cap value equities and international equities held back returns during the period.
An underweight to fixed income provided a large contribution to the outperformance versus the blended benchmark. Within fixed income, exposure to high yield securities contributed to outperformance while exposure to U.S. government securities detracted.
Leading individual contributors to performance included the VC I Blue Chip Growth, VC II Small Cap Growth, and VC I Growth Funds. Detractors included the VC I Foreign Value, VC I Value, and VC I Dividend Value Funds.
For the year ended May 31, 2018, the Dynamic Allocation Fund returned 9.45% compared to 14.38% for the S&P 500® Index, -0.37% for the Bloomberg Barclays U.S. Aggregate Bond Index and 8.36% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). |
*** | 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. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | Since Inception* | ||
9.45% | 6.00% | 7.12% |
* | Inception date of Fund: December 19, 2012 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Emerging Economies Fund posted a return of 13.50% for the twelve-month period ended May 31, 2018, compared to a return of 14.03% for the MSCI Emerging Markets Index (net).
A combination of an underweight and positive stock selection in the consumer discretionary sector provided a significant contribution. Stock selection in the financial and materials sectors were additional drivers of performance. An underweight to the weak Mexico market and positive stock selection in South Africa and Brazil added to performance.
Weighing on relative performance were an overweight to the weak market in Turkey and a slight underweight to the strong China market. Performance was also offset by stock selection in the information technology and utilities sectors.
Among the positive individual performers were Yageo Corp., Vale SA ADR, and SK Hynix, Inc. Positions in Turkiye Halk Bankasi AS and Petkim Petrokimya Holding AS were among the larger detractors. Additionally, an underweight to strong-performing Alibaba Group Holding, Ltd. ADR weighed on performance.
For the year ended May 31, 2018, the Emerging Economies Fund returned 13.50% compared to 14.03% for the MSCI Emerging Markets Index (net).
* | 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. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
13.50% | 3.92% | 0.00% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Foreign Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Templeton Global Advisors, Limited
The Foreign Value Fund posted a return of 3.19% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net).
The Fund’s underperformance overall was primarily due to stock selection during the period. Selection was weakest in the industrials sector. Weak stock selection in the consumer discretionary and materials sectors also detracted significantly from relative returns. An overweight to the strong energy sector and stock selection in both the consumer staples and financials sectors were strong contributors to performance.
From a regional standpoint, the Fund’s exposure to off-benchmark lagging countries Canada and China detracted significantly from relative performance. Stock selection in Sweden was a large detractor as well. On the positive side, underweighting lagging countries Spain and Switzerland contributed to relative performance. Stock selection in Italy was another contributor.
Among individual performers, some of the largest detractors were Precision Drilling Corp., Tahoe Resources, Inc., and Barrick Gold Corp. Sizeable contributions to performance came from Baidu, Inc., BP PLC, and Samsung Electronics Co., Ltd.
For the year ended May 31, 2018, the Foreign Value Fund returned 3.19% compared to 7.97% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
3.19% | 4.39% | 2.42% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Real Estate Fund posted a return of 6.19% for the twelve-month period ended May 31, 2018, compared to a return of 5.98% for the FTSE EPRA/NAREIT Developed Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the benchmark for the twelve-month period. Stock selection was a positive contributor to performance while industry allocation was a detractor from performance for the period.
Stock selection within the information technology services, technology hardware stores, and software industries were the biggest contributors to performance for the period. Stock selection within the diversified and office industries, as well as industry allocation in healthcare, were the biggest contributors to performance for the period.
On a country basis, a lack of holdings in Netherlands, Switzerland, and Israel were the top contributors to relative performance. The top individual contributors to performance included Prologis, Inc., Weyerhaeuser Co., and Extra Space Storage., Inc.
Industry allocation within the diversified industry, and stock selection in the healthcare and retail industries, were the largest detractors from performance for the period.
On a country basis, an overweight in the United States as well as a lack of exposure in Hong Kong and Germany, were the largest detractors from relative performance for the period. The top individual detractors from performance included Equinix, Inc., QTS Realty Trust, Inc., and Healthcare Realty Trust, Inc.
A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period, driven primarily by stock selection.
On a country basis, an underweight allocation to the United States was the top contributor to the portfolio’s relative performance, followed by the United Kingdom and Hong Kong. The top individual contributors to performance included Vonovia SE, Sumitomo Realty & Development Co., Ltd., and UNITE Group PLC.
Conversely, the Netherlands was the largest detractor from performance, followed by France and Singapore. The top individual detractors from performance included Unibail-Rodamco SE, Nomura Real Estate Master Fund, Inc., and Hongkong Land Holdings, Ltd.
For the year ended May 31, 2018, the Global Real Estate Fund returned 6.19% compared to 5.98% for the FTSE EPRA/NAREIT Developed Index.
* | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
6.19% | 5.39% | 3.95% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Social Awareness Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Global Social Awareness Fund posted a return of 12.16% for the twelve-month period ended May 31, 2018, compared to a return of 11.57% for the MSCI World Index (net).
The Fund outperformed the benchmark for the twelve-month period, driven primarily by sector allocation. Stock selection was also a positive contributor to performance during the period.
Stock selection within the health care sector, an underweight to the consumer staples sector, and an overweight to the information technology sector were the biggest contributors to performance for the period.
Top individual contributors to performance included Microsoft Corp., NVIDIA Corp., and Intel Corp.
Stock selection within the consumer discretionary and materials sectors, in addition to an overweight position to the real estate sector, were the largest detractors from performance during the period.
Biggest individual detractors included an underweight position in Facebook, Inc., Class A, Kimberly-Clark Corp., and PPL Corp.
The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the MSCI World Index (net). During the twelve-month period, stock index futures contributed to relative performance.
For the year ended May 31, 2018, the Global Social Awareness Fund returned 12.16% compared to 11.57% for MSCI World Index (net).
* | The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
12.16% | 10.58% | 6.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Strategy Fund posted a return of 4.72% for the twelve-month period ended May 31, 2018, compared to a return of 11.84% for the MSCI ACWI (net), 1.77% for the JPMorgan GBI Global Index (unhedged) and 7.79% for the Blended Index.
A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)
During the twelve-month period, the portfolio underperformed relative to the benchmark MSCI ACWI (net). From a sector perspective, stock selection was responsible for the underperformance. Specifically, selection in the health care, information technology, and consumer discretionary sectors detracted from relative returns. Key contributors included an underweight in the lagging consumer staples sector, stock selection in the real estate sector, and both an overweight and stock selection in the energy sector.
From a regional perspective, stock selection accounted for the majority of the underperformance. Selection in China and Canada were large detractors from relative returns. Another large detractor was an underweight to the U.S. Stock selection in the United Kingdom was a significant contributor. In addition, an underweight to Spain and an overweight to Norway benefited relative results.
Some large individual detractors during the period were Walgreens Boots Alliance, Inc., SoftBank Group Corp., and Vodafone Group PLC ADR. Significant individual contributors included BP PLC, Voya Financial, Inc., and Royal Dutch Shell PLC, Class B.
A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)
The portfolio underperformed the benchmark JPMorgan GBI Global Index (unhedged) for the twelve-month period. The portfolio’s fixed income benchmark index consists solely of investment-grade global government bonds, while the portfolio’s holdings include investment-grade and below investment-grade global government bonds, sovereign debt and cash. The portfolio also invests in currency-related transactions.
The portfolio’s total return was influenced by various factors, including interest rate and foreign exchange rate movements across local-currency markets. During the period, interest-rate strategies, including interest rate swap contracts, and sovereign credit exposures contributed to relative performance. However, currency positions, including forward foreign currency contacts, were a large detractor from performance, resulting in the portfolio’s overall underperformance versus the benchmark.
Among currencies, the strategy’s underweighted position in the Euro was a large detractor from relative performance, in addition to overweighted currency positions in the Brazilian Real and the Argentine Peso. Additional significant detractors included duration exposures in Argentina and select underweighted duration exposures in Europe.
On the positive side, the portfolio’s negative duration exposure to U. S. Treasuries was a large contributor to relative performance. Additionally, duration exposures in Brazil and select duration exposures in Africa contributed to relative performance.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2018, the Global Strategy Fund returned 4.72% compared to 11.84% for the MSCI ACWI (net), 1.77% for the JPMorgan GBI Global Index (unhedged) and 7.79% for the Blended Index.
* | The MSCI ACWI (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 24 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand and Turkey, and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%). |
*** | The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
4.72% | 4.80% | 5.82% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Money Market I Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Government Money Market I Fund posted a return of 0.72% for the twelve-month period ended May 31, 2018, compared to a return of 1.24% for the FTSE Treasury Bill 3 Month Index.*
The Fund held an overweight position in U.S. Government Agencies and the positions in Federal Home Loan Bank and Federal National Mortgage Association positively contributed to performance. Positions in U.S. Government Treasuries also positively contributed to performance, mainly due to the rise in rates throughout the year and increase in supply that helped push Treasury yields higher.
Conversely, positions in Federal Farm Credit Bank investments detracted from the Fund’s performance. While the securities had positive returns, the returns were the lowest in the Fund.
* | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
0.72% | 0.17% | 0.22% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Securities Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Government Securities Fund posted a return of -1.32% for the twelve-month period ended May 31, 2018, compared to a return of -0.80% for the Bloomberg Barclays U.S. Government Index.
The Fund’s shorter duration position was positive for performance, while the yield curve positioning detracted from performance. During the period, the Fund maintained an overweight in the belly of the curve (5-10 years), underweight in the 20-plus year bucket, and maintained a shorter duration than the index. The Fund continued to have a yield advantage over the benchmark, which contributed to results over the period.
The Fund’s allocation in spread sectors, specifically mortgage-backed securities, credit and commercial mortgage-backed securities, were positives as those sectors outpaced comparable-duration U. S. Treasuries. The Fund’s cash position was a slight drag on returns.
For the year ended May 31, 2018, the Government Securities Fund returned -1.32% compared to -0.80% for the Bloomberg Barclays U.S. Government Index.
* | The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
-1.32% | 1.09% | 2.58% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with American Century Investment Management, Inc.
The Growth Fund posted a return of 20.60% for the twelve-month period ended May 31, 2018, compared to return of 21.02% for the Russell 1000® Growth Index.
The Fund’s relative outperformance was driven predominately by strong stock selection. Sector allocation was slightly negative for the period.
From a sector perspective, information technology, real estate (and the underweight allocation) and healthcare added the most to relative performance.
The top performing names in the Fund included CVS Health Corp., Intuitive Surgical, Inc. and Activision Blizzard, Inc.
Conversely, the overweight allocation to the financials sector, stock selection within the consumer discretionary sector and not remaining fully invested (reflected by a cash position) were the largest drag to relative performance.
The bottom performing names included O’Reilly Automotive, Inc., NVIDIA Corp., and Microsoft Corp.
For the year ended May 31, 2018, the Growth Fund returned 20.60% compared to 21.02% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
20.60% | 14.20% | 9.57% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth & Income Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management Inc.
The Growth & Income Fund posted a return of 12.17% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500® Index.
The Fund underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation showed little to no impact to relative performance.
Stock selection within the technology, energy, and utilities sectors were the biggest contributors to performance for the period.
Top performing names included Adobe Systems, Inc, Unitedhealth Group, Inc., and Union Pacific Corp.
Stock selection within the telecommunications, industrial cyclical, and consumer staples sectors were the largest detractors from performance during the period.
The bottom performing names included Boeing Co, Netflix, Inc. and Abbvie, Inc.
For the year ended May 31, 2018, the Growth & Income Fund returned 12.17% compared to 14.38% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
12.17% | 12.28% | 6.98% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Health Sciences Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Health Sciences Fund posted a return of 19.80% for the twelve-month period ended May 31, 2018, compared to a return of 10.27% for the S&P 500® Health Care Index.
The Fund outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.
Stock selection within the biotechnology and products & devices industries, in addition to industry allocation within the pharmaceuticals industry, were the biggest contributors to performance for the period.
The top individual contributors to performance included Unitedhealth Group, Inc., Intuitive Surgical, Inc. and Neurocrine Biosciences, Inc.
Sector allocation within the biotechnology industry and stock selection within the pharmaceuticals and life sciences industries were the largest detractors from performance during the period.
The top individual detractors from performance included Incyte Corp., TESARO, Inc. and Allergan PLC.
For the year ended May 31, 2018, the Health Sciences Fund returned 19.80% compared to 10.27% for the S&P 500® Health Care Index.
* | The S&P 500® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500® Index and is designed to measure the performance of the healthcare sector. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
19.80% | 17.27% | 16.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Inflation Protected Fund posted a return of 1.11% for the twelve-month period ended May 31, 2018, compared to a return of 0.74% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.
The Fund’s outperformance was mainly driven by yield curve positioning and foreign currency allocation.
The Fund had a strong contribution from its asset allocation to credit during the last twelve months, mainly in the financial sector. The Fund had exposure to credit in sectors such as financials, industrials and utilities which all posted positive returns as credit spreads tightened during the year.
In addition, the Fund had positive performance from its yield curve positioning that came from the exposure to foreign rate markets such as the New Zealand, Australia, the United Kingdom, Brazil and Mexico. Security selection within U. S. TIPS contributed to performance as well. The Fund’s short duration positioning also contributed to performance as rates rose during the period.
Among the top individual contributors were Societe Generale SA (3.60% due 5/3/2023) and Vale Overseas, Ltd. (6.25% due 8/10/2026).
Among the largest detractors were Kingdom of Spain Senior Notes (1.00% due 11/30/2030), U. S. Treasury Notes (0.13% due 4/15/2019) and Monumental Global Funding III (4.38% due 05/22/2018).
For the year ended May 31, 2018, the Inflation Protected Fund returned 1.11% compared to 0.74% for the Bloomberg Barclays U.S. TIPS Index.
* | The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
1.11% | 0.67% | 2.95% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Equities Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Equities Index Fund posted a return of 7.63% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net).
This fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.
Consumer staples, industrials, and consumer discretionary holdings led the MSCI EAFE Index (net) higher during the twelve-month period, while utilities, materials, and financial companies were prominent laggards.
Top individual contributors to performance included Royal Dutch Shell PLC, Class A, BP PLC, Royal Dutch Shell PLC, Class B, Toyota Motor Corp. and HSBC Holdings PLC.
The top individual detractors from performance included Reckitt Benckiser Group PLC, Nestle SA, Sanofi, Roche Holding AG, and British American Tobacco PLC.
The Fund uses stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the MSCI EAFE Index (net). During the twelve-month period, stock index futures contributed to relative performance.
For the year ended May 31, 2018, the International Equities Index Fund returned 7.63% compared to 7.97% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
7.63% | 5.66% | 1.49% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
For the year ended May 31, 2018, the International Government Bond Fund posted a return of 0.32% compared to -0.56% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 2.06% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 1.28% for the Blended Index.
Overall, security selection was the primary driver of performance over the course of the reporting period. Security selection within Mexico, Venezuela and Spain contributed to performance.
Country selection was a positive contributor to performance during the year. An underweight in Italy and an overweight in Belarus and Slovenia were the primary contributors.
Overall, sector selection had a negative effect on the relative performance of the fund. An underweight allocation to developed markets and an overweight allocation to emerging markets detracted from performance. In addition, the fund’s underweight position at the long end of the U.S. yield curve detracted from performance as the curve flattened during the period. The fund’s underweight in the U.S. Dollar detracted from performance as the U.S. Dollar appreciated during the period.
Among individual holdings, Kingdom of Spain Notes (2.90% due 10/31/2046), Federative Republic of Brazil Notes (10.25% due 1/10/2028) and United Mexican States Notes Mexico (3.38% due 2/23/2031) were the largest contributors.
Republic of Italy Notes (4.25% due 9/1/2019), Republic of Argentina Notes (2.50% due 12/31/2038) and Kingdom of Spain Notes (5.50% due 4/30/2021) were among the largest individual detractors.
For the year ended May 31, 2018, the International Government Bond Fund returned 0.32% compared to -0.56% for the JP Morgan EMBI Global Diversified Index, 2.06% for the FTSE WGBI Index (unhedged) and 1.28% for the Blended Index.
* | The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets. |
** | The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
*** | The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
0.32% | 1.15% | 2.97% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The International Growth Fund posted a return of 18.38% for the twelve-month period ended May 31, 2018, compared to a return of 7.97% for the MSCI EAFE Index (net) and 9.67% for the MSCI ACWI ex USA Index (net).
A discussion with Morgan Stanley Investment Management, Inc. “MSIM”
Effective March 8, 2018, MSIM became subadvisor for the International Growth Fund. The portfolio outperfomed the benchmark, the MSCI ACWI ex USA Index (net) during the period of March 8, 2018 through May 31, 2018.
Stock selection and sector allocation contributed to the relative outperformance. Stock selection in the consumer discretionary sector was additive to performance. Stock selection and the underweight allocation to the financials sector was additive as well. Further bolstering performance was the overweight allocation and stock selection within the consumer staples sector.
From a geographic perspective, France, Italy and China added to the Fund’s outperformance.
The top performing names included Hermes International SCA., Moncler SpA and Foshan Haitian Flavouring & Food Co., Ltd.
Conversely, not holding firms in the energy and real estate sectors detracted from overall performance, as did stock selection within utilities.
Geographically, the underweight allocation (and minimal stock selection effects) were negative for Canada. Selection within Hong Kong and Belgium further detracted from overall performance results.
The bottom performing names included Tencent Holdings, Ltd., Anheuser-Busch InBev SA/NV. and Brookfield Infrastructure Partners L.P.
A discussion with American Century Investment Management, Inc. “American Century” — regarding their portion of the Fund (the “portfolio”)
Effective March 8, 2018, MSIM replaced American Century as subadviser to the International Growth Fund.
For the period June 1, 2017 through March 7, 2018, the portfolio outperformed the benchmark, the MSCI EAFE Index (net) during the period.
Stock selection and sector allocation contributed to the relative outperformance. Stock selection in the information technology, healthcare and financials sectors bolstered performance, while currency factors detracted slightly.
From a geographic perspective, holding Chinese firms, which are not part of the benchmark, added to performance. Stock selection in Japan was positive, albeit offset by the underweight allocation.
The top performing names included Alibaba Group Holdings, Ltd. ADR, Tencent Holdings Ltd. and Kering SA.
Conversely, stock selection and the underweight allocation in both the energy and materials sectors detracted from returns.
Geographically, holdings in Italy and India (not held in the benchmark) proved detrimental.
The bottom performing names included British American Tobacco PLC, Tata Motors, Ltd. and Rakuten, Inc.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
Effective March 8, 2018, MSIM replaced Invesco Advisers, Inc. as subadviser of the International Growth Fund. For the period June 1, 2017 through March 7, 2018, the portfolio slightly underperformed the benchmark, the MSCI EAFE Index (net).
At the sector level, stock selection in the financials and consumer staples sectors were the leading contributors to relative performance. An underweight allocation in the telecommunication services sector also helped relative performance.
Geographically, overweight exposure in China was the leading contributor to relative performance. Portfolio exposure in Brazil, a country not in the benchmark, also helped relative performance. Security selection in Germany contributed to relative performance as well.
The top preforming names included Kweichow Moutai Co., Ltd., Deutsche Boerse AG, and Brasil Bolsa Balcao.
At the sector level, security selection and the underweight positioning in the materials sector was the leading detractor from relative performance. Stock selection in the consumer discretionary sector detracted from both absolute and relative performance. Cash not being fully invested was also a drag on relative performance as well.
From a geographic perspective, underweight exposure in Japan was the leading detractor from both absolute and relative performance, security selection was also negative. Security selection in the United Kingdom was also a drag on relative performance. Security selection and allocation effects were negative in Israel.
The bottom performing names included Teva Pharmaceutical Industries, Ltd., British American Tobacco PLC.and Japan Tobacco, Inc.
A discussion with Massachusetts Financial Services Company “MFS” — regarding their portion of the Fund (the “portfolio”)
Effective March 8, 2018, MSIM replaced MFS as subadviser of the International Growth Fund. For the period June 1, 2017 through March 7, 2018, the portfolio slightly underperformed the benchmark, the MSCI EAFE Index (net). Sector allocation contributed to the relative outperformance, while stock selection detracted. Positioning in the financials and information technology sectors bolstered performance, while currency factors detracted overall.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
From a geographic perspective, holding Chinese firms, which are not part of the benchmark, as well as security selection in France and Spain enhanced returns.
The top performing names included Hermes International, TAL Education Group ADR, and Foshan Haitian Flavouring & Food Co., Ltd.
Conversely, stock selection in the consumer discretionary sector detracted from returns. Stock selection and an overweight positioning within the energy sector also detracted from results
Geographically, stock selection in Germany and the United Kingdom and an underweight position in Japan hampered results.
The bottom performing names included Brookfield Infrastructure Partners LP, Booking Holdings, Inc., and Anheuser-Busch InBev SA.
For the year ended May 31, 2018, the International Growth Fund returned 18.38% compared to 7.97% for the MSCI EAFE Index (net) and 9.67% for the MSCI ACWI ex USA Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | Effective March 8, 2018, the Fund changed its benchmark against which it measures its performance from the MSCI EAFE Index (net) to the MSCI ACWI ex USA Index (net). Fund management believes that the MSCI ACWI ex USA Index (net) is more representative of the securities in which the Fund invests. The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
18.38% | 7.86% | 4.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Cap Core Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Columbia Management Investment Advisers, LLC
The Large Cap Core Fund posted a return of 9.46% for the twelve-month period ended May 31, 2018, compared to a return of 14.60% for the Russell 1000® Index.
The Fund underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation positively contributed to relative performance.
Sector allocation within the real estate and utilities sectors, in addition to stock selection in financials, were the biggest contributors to performance for the period.
The top individual contributors to performance included Mastercard Inc., Class A, PVH Corp., and an underweight position in General Electric Co.
Stock selection within the health care, consumer discretionary, and consumer staples sectors were the biggest detractors to relative performance for the period.
Biggest individual detractors included Philip Morris International, Inc., Comcast Corp., Class A and Allergan PLC.
For the year ended May 31, 2018, the Large Cap Core Fund returned 9.46% compared to 14.60% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
9.46% | 12.02% | 10.72% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Capital Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Massachusetts Financial Services Company
The Large Capital Growth Fund posted a return of 16.00% for the twelve-month period ended May 31, 2018, compared to a return of 21.02% for the Russell 1000® Growth Index.
The Fund’s underperformance was driven by weak stock selection as well as sector allocation.
Stock selection and overweight positioning within both the consumer staples and financials sector was the most additive to performance.
The top performing names in the Fund included; Estee Lauder Cos., Inc., Nike, Inc. and Texas Instruments, Inc.
Weak selection in the consumer discretionary and information technology sectors (and the underweight allocation) detracted from overall results.
The bottom performing names included lack of positioning in Amazon.com, Inc., Boeing Co., and Netflix, Inc.
For the year ended May 31, 2018, the Large Capital Growth Fund returned 16.00% compared to 21.02% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
16.00% | 13.20% | 7.88% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Mid Cap Index Fund posted a return of 14.51% for the twelve-month period ended May 31, 2018, compared to a return of 14.86% for the S&P MidCap 400® Index.
The Fund is passively managed to match the S&P MidCap 400® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of sectors, financials, information technology, and industrials led the mid-cap benchmark higher, while the telecommunication services and consumer staples sectors were the most notable laggards.
Among individual holdings, positions in ABIOMED, Inc., HollyFrontier Corp., and SVB Financial Group were the top contributors to relative performance during the fiscal period.
Conversely, Mallinckrodt Plc, Cirrus Logic, Inc., and TreeHouse Foods, Inc. were among the constituent holdings to detract the most from performance during the twelve-month period.
For the year ended May 31, 2018, the Mid Cap Index Fund returned 14.51% compared to 14.86% for the S&P MidCap 400® Index.
* | The S&P MidCap 400® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®, “S&P®,” and “S&P MidCap 400®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
14.51% | 11.86% | 9.63% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Strategic Growth Fund posted a return of 19.17% for the twelve-month period ended May 31, 2018, compared to a return of 18.42% for the Russell Midcap® Growth Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).
Stock selection was the primary driver of underperformance relative to the benchmark for the period. Sector allocation had negligible effects on returns.
Positive stock selection in the consumer staples, industrials and health care sectors added the most to relative performance.
The top performing names in the portfolio included Xpo Logistics, Inc., E* Trade Financial Corp. and Netapp, Inc.
Conversely, stock selection in the consumer discretionary, information technology and financial sectors detracted from relative returns.
The bottom performing names for the portfolio included Burlington Stores, Inc., Vulcan Matls Co., and Owens Corning.
A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).
The portfolio’s outperformance relative to the benchmark was driven by strong stock selection; sector allocation was also additive for the period.
Stock selection as well as the overweight allocation to the information technology sector added the most to relative performance. An underweight allocation to consumer discretionary, further aided by strong stock selection also was also beneficial. The financials sector was also additive, relatively speaking, from both an overweight allocation perspective as well as stock selection.
The top performing names in the portfolio included TD Ameritrade Holding Co., Wex, Inc., and LPL Financials Holdings, Inc.
Conversely, stock selection in the energy sector detracted from relative performance. The overweight allocation to healthcare as well as stock selection also detracted. Additionally, having access cash on hand proved detrimental to relative performance.
The bottom performing names for the portfolio included Celgene Corp., Puma Biotechnology, Inc., and Flex, Ltd.
For the year ended May 31, 2018, the Mid Cap Strategic Growth Fund returned 19.17% compared to 18.42% for the Russell Midcap® Growth Index.
* | The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
19.17% | 11.93% | 7.48% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Nasdaq-100® Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Nasdaq-100® Index Fund posted a return of 20.94% for the twelve-month period ended May 31, 2018, compared to a return of 21.66% for the Nasdaq-100® Index.
The Fund is passively managed to match the NASDAQ 100® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of sectors, information technology and consumer discretionary led the benchmark higher. Consumer staples and telecommunication services sectors were the most notable laggards.
Top-contributing index holdings during the fiscal period included Amazon.com, Inc., Microsoft Corp. and Apple, Inc. Conversely, Comcast Corp., Class A, Kraft Heinz Co., and Celgene Corp. were the index holdings which detracted most significantly from the Fund’s performance.
For the year ended May 31, 2018, the Nasdaq-100® Index Fund returned 20.94% compared to 21.66% for the Nasdaq-100® Index.
* | The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. |
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
20.94% | 19.35% | 13.76% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Science & Technology Fund posted a return of 30.08% for the twelve-month period ended May 31, 2018, compared to a return of 31.37% for the S&P® North American Technology Sector Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period, driven primarily by stock selection. Sector allocation was a detractor from performance for the period.
Stock selection within the information technology services, technology hardware stores, and software industries sectors were the biggest contributors to performance for the period.
The top individual contributors to performance included Square, Inc, ServiceNow, Inc, and Netapp, Inc.
Stock selection within the semiconductors, an underweight to internet & direct marketing retail, and an overweight to the automobiles industries were the largest detractors from performance for the period.
The top individual detractors from performance included underweights to Amazon.com, Inc., Intel Corp., and Adobe Systems, Inc.
A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the benchmark for the twelve-month period. Industry allocation was a positive contributor to performance while stock selection was a detractor from performance for the period.
Stock selection within the information technology software and healthcare industries, and industry allocation in the media industry, were the biggest contributors to performance for the period.
The top individual contributors to performance included Amazon.com, Inc, Red Hat, Inc, and Microsoft Corp.
Stock selection within the media and semiconductors industries, and sector allocation in healthcare, were the largest detractors from performance for the period.
The top individual detractors from performance included Coherent, Inc., Roche Holdings AG and Symantec Corp.
A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period, driven primarily by industry allocation. Sector allocation also detracted from performance for the period.
Stock selection within the electronic equipment, software, and information technology services industries were the biggest contributors to performance for the period.
The top individual contributors to performance included Sunny Optical Technology Group Co., Ltd., Alphabet, Inc. and IBM Corp.
Stock selection within the semiconductor industry, and sector allocation within the internet & direct marketing retail and electronic equipment industries, were the largest detractors from performance for the period.
The top individual detractors from performance included an underweight in Amazon.com, Inc, and overweights in MACOM Technology Solutions Holdings, Inc. and Flex Ltd.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2018, the Science & Technology Fund returned 30.08% compared to 31.37% for the S&P® North American Technology Sector Index.
* | The S&P® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
30.08% | 21.65% | 13.52% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Aggressive Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Victory Capital Management, Inc.
The Small Cap Aggressive Growth Fund posted a return of 37.58% for the twelve-month period ended May 31, 2018, compared to a return of 25.08% for the Russell 2000® Growth Index.
The Fund’s outperformance was driven by both stock selection and sector allocation from a relative perspective.
Stock selection in the healthcare, information technology and consumer discretionary sectors contributed the most to performance.
The top performing names included Loco Oncology, Inc., RingCentral, Inc., Class A., and Ignyta, Inc.
Conversely, stock selection in the consumer staples sector was slightly negative. However, not being fulling invested (cash on hand) hindered performance the most.
The bottom performing names included Euronet Worldwide, Inc., Amedisys, Inc. and Five Prime Therapeutics, Inc.
For the year ended May 31, 2018, the Small Cap Aggressive Growth Fund returned 37.58% compared to 25.08% for the Russell 2000® Growth Index.
* | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
37.58% | 17.35% | 12.85% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Small Cap Fund posted a return of 17.95% for the twelve-month period ended May 31, 2018, compared to a return of 20.76% for the Russell 2000® Index.
A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period. Both stock selection and sector allocation were negative contributors for the period.
Stock selection and sector allocation within information technology as well as stock selection in utilities were the biggest contributors to performance for the period.
Top individual contributors to performance included Novanta, Inc, Grubhub, Inc, and Chegg, Inc.
Stock selection within the health care and energy sectors, in addition to sector allocation to consumer staples, were the largest detractors from performance during the period.
Biggest individual detractors from performance included Prothena Corp PLC, Tesaro, Inc, and Tile Shop Holdings, Inc.
A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period. Sector allocation was the larger contributor to relative performance, while stock selection also provided a positive contribution.
Stock selection within the health care and materials sectors, in addition to an underweight in the real estate sector, were the biggest contributors to performance for the period.
Top individual contributors to performance included Endocyte, Inc., CareDx, Inc. and Fate Therapeutics, Inc.
Stock selection within the information technology, consumer staples, and utilities sectors were the biggest detractors from performance for the period.
Biggest individual detractors from performance included Spark Networks SE ADR, Genocea Biosciences, Inc. and Edge Therapeutics, Inc.
A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).
The portfolio underperformed the benchmark for the twelve-month period. Stock selection was the primary driver of underperformance during the period. Sector allocation was also a detractor to relative performance.
Stock selection within the information technology, financials, and energy sectors were the biggest contributors to performance for the period.
The top individual contributors to performance included Grubhub, Inc, Src Energy, Inc, Cabot Microelectronics Corp.
Stock selection within the health care, consumer discretionary, and materials sectors were the biggest detractors from performance during the period.
Biggest individual detractors from performance included Spectrum Brands Holdings, Inc., Toro Co. and Papa John’s International, Inc.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2018, the Small Cap Fund returned 17.95% compared to 20.76% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
17.95% | 10.78% | 9.58% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Small Cap Index Fund posted a return of 20.42% for the twelve-month period ended May 31, 2018, compared to a return of 20.76% for the Russell 2000® Index.
The Fund is passively managed to match the Russell 2000® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
By sector, healthcare, financials, and information technology led the small-cap benchmark higher, while telecommunication services and real estate were the notable laggards.
Top-performing index holdings during the fiscal period included Nektar Therapeutics, Kite Pharma, Inc., and GrubHub, Inc.
Conversely, Cirrus Logic, Inc., MACOM Technology Solutions Holdings, Inc. and Ultra Petroleum Corp. detracted from performance for the period.
The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the Russell 2000 and, therefore, have no material impact on the portfolio performance. During the twelve-month period, stock index futures contributed to relative performance.
For the year ended May 31, 2018, the Small Cap Index Fund returned 20.42% compared to 20.76% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
The Russell 2000® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
20.42% | 12.03% | 9.46% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Special Values Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated
The Small Cap Special Values Fund posted a return of 15.39% for the twelve-month period ended May 31, 2018, compared to a return of 16.35% for the Russell 2000® Value Index.
Stock selection in the information technology and industrials sectors provided strong contributions to performance. An underweight to the lagging real estate sector also added to relative performance over the twelve month period.
Weak stock selection in the healthcare, materials, and consumer staples sectors were primary detractors from performance relative to the Index.
Large individual contributors were Novanta, Inc., Simpson Manufacturing Co., Inc., and Korn/Ferry International. TreeHouse Foods, Inc. was the largest individual detractor. Additional large individual detractors were HRG Group, Inc. and Patterson Cos., Inc.
For the year ended May 31, 2018, the Small Cap Special Values Fund returned 15.39% compared to 16.35% for the Russell 2000® Value Index.
* | The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
15.39% | 12.96% | 8.99% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small-Mid Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Goldman Sachs Asset Management, L.P.
The Small-Mid Growth Fund posted a return of 20.07% for the twelve-month period ended May 31, 2018, compared to a return of 23.27% for the Russell 2500 Growth® Index.
The portfolio underperformed the benchmark during the period, predominantly due to weak stock selection. Sector allocation was slightly negative to neutral.
During the reporting period, an underweight to real estate and stock selection in consumer staples contributed to relative returns.
The top performing names in the Fund included ABIOMED, Inc., Wingstop, Inc. and MGP Ingredients, Inc.
Conversely, underperformance of the Fund was due to weak stock selection in the healthcare, industrials and information technology sectors.
The bottom performing names in the Fund included Tesaro, Inc. and lack of positions in both Electronics For Imaging, Inc. and Middleby Corp.
For the year ended May 31, 2018, the Small-Mid Growth Fund returned 20.07% compared to 23.27% for the Russell 2500® Growth Index.
* | The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
20.07% | 12.37% | 9.05% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Stock Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Stock Index Fund posted a return of 13.99% for the twelve-month period ended May 31, 2018, compared to a return of 14.38% for the S&P 500® Index.
The Fund is passively managed to match the S&P 500® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
By sector, information technology, financials, and consumer discretionary outperformed, while consumer staples and telecommunication services underperformed.
Top-performing index holdings during the fiscal period included Microsoft Corp., Amazon.com Inc., and Apple Inc.
Conversely, General Electric Co., Philip Morris International, Inc., and Comcast Corp., Class A hindered performance the most during the twelve-month period.
For the year ended May 31, 2018, the Stock Index Fund returned 13.99% compared to 14.38% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®,” “S&P®,” and “S&P 500®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
13.99% | 12.59% | 8.78% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wellington Management Company LLP
The Value Fund posted a return of 9.15% for the twelve-month period ended May 31, 2018, compared to a return of 8.25% for the Russell 1000® Value Index.
Stock selection in the information technology sector provided a large contribution to outperformance during the period. An underweight to the lagging consumer staples sector and an overweight to the strong information technology sector were additional significant contributors.
On the negative side, stock selection in the consumer staples, consumer discretionary, and healthcare sectors were large detractors. Additionally, an overweight to the flat industrials sector weighed on relative returns.
Top individual contributors to benchmark-relative returns were NetApp, Inc., Marathon Oil Corp. and UnitedHealth Group, Inc. Top detractors were Roche Holding AG, British American Tobacco PLC, and Comcast Corp., Class A.
For the year ended May 31, 2018, the Value Fund returned 9.15% compared to 8.25% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2018 | ||||
1 Year | 5 Years | 10 Years | ||
9.15% | 9.32% | 6.83% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC COMPANY I
(the “Registrant”)
SUPPLEMENT DATED MARCH 9, 2018, TO THE REGISTRANT’S PROSPECTUS DATED OCTOBER 1, 2017, AS SUPPLEMENTED AND AMENDED TO DATE
Effective immediately, the last paragraph of the section entitled “ACCOUNT INFORMATION – Buying and Selling Shares” is deleted in its entirety and replaced with the following:
Your redemption proceeds typically will be sent within three business days after your request is submitted, but in any event, within seven days. Under normal circumstances, VC I expects to meet redemption requests by using cash or cash equivalents in a Fund’s portfolio or by selling portfolio assets to generate cash. During periods of stressed market conditions, a Fund may be more likely to limit cash redemptions and may determine to pay redemption proceeds by borrowing under a line of credit.
Additionally, shares of the International Growth Fund are offered through a separate prospectus. Therefore, the shares of the International Growth Fund are no longer offered through this Prospectus and all references to the International Growth Fund are hereby deleted from this Prospectus.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
VALIC COMPANY I
(the “Registrant”)
Supplement dated March 9, 2018, to the Registrant’s Statement of Additional Information (“SAI”)
dated October 1, 2017, as Supplemented and amended to date
The shares of the International Growth Fund are offered through a separate amendment to the Registrant’s registration statement. Therefore, all references to the International Growth Fund are hereby deleted from this SAI.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the SAI.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC COMPANY I
Growth Fund
(the “Fund”)
Supplement dated March 9, 2018, to the Fund’s Prospectus dated October 1, 2017, as amended
In the section entitled “Fund Summary: Growth Fund – Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:
Name and Title | Portfolio Manager of the Fund Since | |||
Scott Wilson, CFA Vice President and Portfolio Manager | 2016 | |||
Richard Weiss Chief Investment Officer, Multi-Asset Strategies, Senior Vice President and Senior Portfolio Manager | 2016 | |||
Gregory J. Woodhams, CFA Co-Chief Investment Officer, Growth Equity, Senior Vice President and Senior Portfolio Manager | 2007 | |||
Justin M. Brown, CFA Vice President and Portfolio Manager | 2016 | |||
Keith Lee, CFA Vice President and Senior Portfolio Manager | 2016 | |||
Michael Li Vice President and Portfolio Manager | 2016 | |||
Jeffrey Bourke, CFA Portfolio Manager | 2016 | |||
Yulin Long, CFA Vice President, Portfolio Manager, and Senior Quantitative Analyst | 2016 | |||
Tsuyoshi Ozaki Portfolio Manager | 2017 | |||
Rajesh Gandhi, CFA Vice President and Senior Portfolio Manager | 2016 | |||
James G. Gendelman Vice President and Portfolio Manager | 2016 | |||
Jim Zhao Vice President and Portfolio Manager | 2018 |
In the section entitled “Management – Investment Sub-Advisers,” the ninth paragraph on page 156 of the Prospectus is deleted in its entirety and replaced with the following:
American Century’s International Growth Strategy is managed by Rajesh Gandhi, James G. Gendelman and Jim Zhao. Mr. Gandhi, Vice President and Senior Portfolio Manager, has been a member of the International Growth team since joining American Century in 2002 and has been a portfolio manager since 2008. He is a CFA charterholder. Mr. Gendelman, Vice President and Portfolio Manager, has been a member of the International Growth team since joining American Century in 2015. Prior to joining American Century, he was a fund co-manager at Marsico Capital Management, LLC. Mr. Zhao, Vice President and Portfolio Manager, has been a member of the team that manages the fund since joining American Century in 2009 as a senior investment analyst. He became a vice president and senior investment analyst in 2016 and a vice president and portfolio manager in 2017.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC COMPANY I
Growth Fund
(the “Fund”)
Supplement dated March 9, 2018, to the Fund’s
Statement of Additional Information dated October 1, 2017, as amended
In the section entitled “Portfolio Managers – Other Accounts,” the information with respect to American Century Investment Management, Inc. (“American Century”) is supplemented with the following:
Other Accounts* | ||||||||||||||||||||||||||||
Registered Investment Companies | Pooled Investment Vehicles | Other Accounts | ||||||||||||||||||||||||||
Subadviser | Portfolio Manager | No. of Accounts | Assets (in $ millions) | No. of Accounts | Total Assets (in $ millions) | No. of Accounts | Total Assets (in $ millions) | |||||||||||||||||||||
American Century | Jim Zhao | 6 | 3,500 | 8 | 2,800 | 11 | 2,700 |
* | As of November 24, 2017 |
Capitalized terms used but not defined herein shall have the meanings assigned to them by the SAI.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC COMPANY I
Emerging Economies Fund
(the “Fund”)
Supplement dated March 28, 2018, to the Fund’s
Prospectus and Statement of Additional Information (“SAI”)
dated October 1, 2017, as supplemented and amended to date
All information with respect to George Iwanicki, a portfolio manager of the Fund associated with J.P. Morgan Investment Management Inc., is hereby deleted in its entirety.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus or SAI, as applicable.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC COMPANY I
Global Social Awareness Fund
(the “Fund”)
Supplement dated May 7, 2018, to the Fund’s Prospectus dated October 1, 2017, as amended
Effective May 7, 2018:
In the section entitled “Fund Summary: Global Social Awareness Fund – Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:
Name and Title | Portfolio Manager of the Fund Since | |||
Timothy Campion Senior Vice President and Lead Portfolio Manager | 2014 | |||
Jane Bayar Algieri Vice President and Co-Portfolio Manager | 2015 |
In the section entitled “Management – Investment Subadvisers,” the fourth paragraph with respect to SunAmerica Asset Management, LLC (“SunAmerica”) on page 162 of the Prospectus is deleted in its entirety and replaced with the following:
The Global Social Awareness Fund is managed by a team consisting of Timothy Campion and Jane Bayar Algieri, with Mr. Campion serving as team leader. Ms. Bayar Algieri joined SunAmerica in 2004 and is a Vice President and Portfolio Manager in the Investment Department. Prior to her current role, she served as an investment analyst for both equity and fixed income portfolios. Ms. Bayar Algieri received her B.A. from Baruch College and her M.B.A. from Rutgers School of Business. Her investment experience dates from 2004. Please see above for the biography of Mr. Campion.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC Company I
Value Fund
(the “Fund”)
Supplement dated May 24, 2018, to the Fund’s
Prospectus and Statement of Additional Information (“SAI”) dated October 1, 2017, as supplemented and amended to date
Karen H. Grimes, CFA, has announced her plan to retire and withdraw from the partnership of Wellington Management Group LLP, the ultimate holding company of Wellington Management Company LLP (“Wellington Management”), as of December 31, 2018. Accordingly, she will no longer serve as a portfolio manager to the Fund as of December 31, 2018. It is anticipated that Ms. Grimes’ portfolio manager responsibilities will transition by December 31, 2018 to Adam H. Illfelder, CFA, Managing Director and Equity Research Analyst of Wellington Management. Mr. Illfelder joined Wellington Management as an investment professional in 2005.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus or SAI, as applicable.
Please retain this supplement for future reference.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS (Continued)
THE SUPPLEMENTS ARE NOT PART OF THE ANNUAL REPORT.
VALIC Company I
Global Real Estate Fund
(the “Fund”)
Supplement dated May 29, 2018, to the Fund’s
Prospectus dated October 1, 2017, as amended
Effective October 1, 2018, Grant Jackson, Portfolio Manager, will be added as a portfolio manager of the Fund’s domestic real estate securities. Mr. Jackson has been associated with Invesco Advisers, Inc. and/or its affiliates since 2005.
Additionally, effective immediately, in the section entitled “Fund Summary: Global Real Estate Fund – Investment Adviser,” the table under the heading “Portfolio Managers” with respect to Goldman Sachs Asset Management, L.P. (“GSAM”) is deleted in its entirety and replaced with the following:
Name and Title | Portfolio Manager of the Fund Since | |||
Frankie Chun Wah Lee Vice President and Lead Portfolio Manager | 2011 | |||
Abhinav Zutshi, CFA Vice President | 2018 |
In the section entitled “Management – Investment Subadvisers,” the second paragraph with respect to GSAM on page 158 of the Prospectus is hereby deleted in its entirety and replaced with the following:
GSAM manages the portion of the Global Real Estate Fund that invests in international real estate securities. GSAM’s portion is managed by Frankie Chun Wah Lee and Abhinav Zutshi, CFA. Mr. Lee is a Vice President and Portfolio Manager on GSAM’s Real Estate Securities team and has been with GSAM since 2010. Prior to joining GSAM, Mr. Lee worked at Henderson Global Investors from 2006 to 2010 where he managed the Asia-Pacific real estate securities portfolio. Mr. Zutshi is a Research Analyst on the Global Real Assets team and has been with GSAM since 2009. Prior to joining GSAM, Mr. Zutshi worked as a software consultant at Zensar Technologies for two years from 2005.
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
Morgan Stanley Investment Management, Inc.
522 Fifth Avenue, 5th Floor
New York, NY 10036
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.
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VALIC.com — Account access
Manage your account online
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With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.
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• | Follow steps to create a security profile |
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Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (“VFA”), member FINRA, SIPC and an SEC-registered investment advisor. VFA registered representatives offer securities and other products under retirement plans and IRAs, and to clients outside of such arrangements.
Annuities issued by The Variable Annuity Life Insurance Company (“VALIC”). Variable annuities distributed by its affiliate, AIG Capital Services, Inc. (“ACS”), member FINRA. VALIC, VFA and ACS are members of American International Group, Inc. (“AIG”).
Copyright © The Variable Annuity Life Insurance Company. All rights reserved.
VC 23800 (06/2017) J102011 EE
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 | PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 | |||
VC 9530 [05/2018] J101997
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Item 2. | Code of Ethics. |
VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2018, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2018 | 2017 | |||||||
(a) Audit Fees | $ | 925,575 | $ | 898,615 | ||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:
2018 | 2017 | |||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 269,506 | $ | 296,820 |
All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE16 report and Third Party Assurance report.
(e) (1) | The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the |
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registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter. |
(2) | No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2018 and 2017 were $295,961 and $322,505 respectively. |
(h) | Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a) | (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics. |
(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(b) | Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: August 7, 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: August 7, 2018
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: August 7, 2018