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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5
185 Hudson Street,
Suite 3300
Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: November 30, 2018
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Item 1. Reports to Stockholders
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This disclosure does not apply to investors who own fund shares beneficially through a variable insurance contract. Each applicable insurance company will provide information regarding delivery of fund shareholder reports to its contract owners.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Registrant’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Registrant. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Registrant or VALIC Retirement Services Company (VRSCO), as your retirement plan recordkeeper, electronically by contacting us at1-800-448-2542 or logging into your account at VALIC Online at www.valic.com.
You may elect to receive all future reports in paper free of charge. You can inform the Registrant or VRSCO that you wish to continue receiving paper copies of your shareholder reports by contacting1-866-345-5954 or visiting FundReports.com and providing the20-digit unique ID located above or below your mailing address. Your election to receive reports in paper will apply to all funds held within your employer-sponsored retirement plan account with VRSCO.
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VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2018
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VALIC Company I
Dear Valued Investor:
We are pleased to provide you with the Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for thesix-month period ended November 30, 2018. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.
Domestically, the total return for the S&P 500® Index,* widely regarded as the best single gauge of the U.S. equity market, rose 3.02% over thesix-month period. The U.S. economy accelerated in 2018, with real GDP growth reaching 3.0% by the third quarter, attributed partially to the corporate tax cuts implemented in 2018. Corporate profits continued to be strong and appeared to help fuel the market’s advance before the October sell off began. Furthermore, the economy has seen wage growth in response to a tight labor market; as of November the unemployment rate has fallen to 3.7% and wage growth has risen to 3.25%. Additionally, the corporate tax cuts seemed to have helped stimulate consumer spending and the S&P 500 began thesix-month reporting period with a strong start. It was the best August in four years for U.S. equities and the best third quarter in five years, as U.S. stocks lifted major stock market indices of large, mid, and small caps to record levels. Though profit growth and a strong labor market have appeared to boost sentiment to start the period, investor sentiment waned amid a multitude of conflicting currents in navigating the markets.
As anticipated, the Federal Reserve (the “Fed”) continued to increase the federal funds target rate, increasing the rate from 1.75% at the start of the period to 2.25% over 2 rate hikes during the reporting period. With the Federal Reserve committed to continuing to increase interest rates into 2019 as well as the ongoing threat of a burgeoning trade war between the U.S. and China, the tides changed in October and the markets entered into a sell off, with the S&P 500® Index declining 6.84% during the month. Volatility began to climb in the period and spiked in October. Several technology and internet names led the selloff in the period, with theso-called FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google parent Alphabet) all entering a bear market — down at least 20% from recent highs — during the month.
Fixed income markets were mixed across most of the spectrum, with the Bloomberg Barclays U.S. Aggregate Bond Index,** a broad measure of the U.S. bond market, falling 0.30%. The treasury yield curve continued to flatten, a result of the federal funds rate increases and continued unwinding of quantitative easing, narrowing the spread between2- and10-Year Treasuries. Short-term yields rose while long-term yields fell significantly. Long Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Long Index,*** declined 3.89% for the period. Risk assets, predominantly high yield assets, slightly gained ground as evidenced by the 0.22% return of the FTSE High Yield Market Index.****
The MSCI EAFE Index (net),***** designed to measure the equity market performance of developed foreign markets (Europe, Australasia, Far East), excluding the U.S. and Canada, declined 7.97%. The pace of global expansion slowed throughout the world. Several weather related disruptions as well as continued political turmoil in select countries (most notably Italy and France) disrupted the upward momentum The MSCI Emerging Markets Index (net),****** designed to measure equity market performance in global emerging markets, declined 9.89%. Several emerging market countries, had sharp declines in consumer confidence and currencies (amongst the backdrop of a rising U.S. dollar). The growing trade war implications further complicated matters.
Planning for your financial future in such an uncertain world should be a top priority. We believe your investment with VALIC Company I is an important step that may help you reach your long-term financial goals. Another important step is to meet with your financial advisor periodically to ensure that you maintain a diversified portfolio appropriate for your goals and risk tolerance.
We appreciate being part of your investment program and thank you for your ongoing confidence in us. We look forward to helping you meet your investment goals in the years ahead.
Sincerely,
John T. Genoy, President
VALIC Company I
* | The S&P 500® Index is an index of the stocks of 500 majorlarge-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
*** | The Bloomberg Barclays U.S. Treasury Long Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. |
**** | The FTSE High Yield Market Index measures the performance of high-yield debt issued by corporations domiciled in the US or Canada, includingcash-pay, deferred interest securities, and debt issued under Rule 144A in unregistered form. |
***** | 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 tonon-resident institutional investors who do not benefit from double taxation treaties. |
****** | The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable tonon-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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VALIC Company I
EXPENSE EXAMPLE —November 30, 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 June 1, 2018 and held until November 30, 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 November 30, 2018” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 November 30, 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 November 30, 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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VALIC Company I
EXPENSE EXAMPLE —November 30, 2018 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2018 | Ending Account Value Using Actual Return at November 30, 2018 | Expenses Paid During the Six Months Ended November 30, 2018 | Beginning Account Value at June 1, 2018 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2018 | Expenses Paid During the Six Months Ended November 30, 2018 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 952.34 | $ | 3.82 | $ | 1,000.00 | $ | 1,021.16 | $ | 3.95 | 0.78 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,001.44 | $ | 4.11 | $ | 1,000.00 | $ | 1,020.96 | $ | 4.15 | 0.82 | % | ||||||||||||||
Broad Cap Value Income# | $ | 1,000.00 | $ | 1,006.91 | $ | 4.28 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 992.66 | $ | 3.25 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,023.30 | $ | 3.75 | $ | 1,000.00 | $ | 1,021.36 | $ | 3.75 | 0.74 | % | ||||||||||||||
Dividend Value | $ | 1,000.00 | $ | 1,046.01 | $ | 4.15 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 989.34 | $ | 1.55 | $ | 1,000.00 | $ | 1,023.51 | $ | 1.57 | 0.31 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 883.01 | $ | 4.34 | $ | 1,000.00 | $ | 1,020.46 | $ | 4.66 | 0.92 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 993.49 | $ | 4.25 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Global Social Awareness | $ | 1,000.00 | $ | 979.04 | $ | 3.13 | $ | 1,000.00 | $ | 1,021.91 | $ | 3.19 | 0.63 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 979.20 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
Government Money Market I | $ | 1,000.00 | $ | 1,007.46 | $ | 2.57 | $ | 1,000.00 | $ | 1,022.51 | $ | 2.59 | 0.51 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 999.02 | $ | 3.36 | $ | 1,000.00 | $ | 1,021.71 | $ | 3.40 | 0.67 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 989.06 | $ | 3.69 | $ | 1,000.00 | $ | 1,021.36 | $ | 3.75 | 0.74 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,030.59 | $ | 4.33 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 1,070.35 | $ | 5.40 | $ | 1,000.00 | $ | 1,019.85 | $ | 5.27 | 1.04 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 984.38 | $ | 2.84 | $ | 1,000.00 | $ | 1,022.21 | $ | 2.89 | 0.57 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 920.38 | $ | 2.02 | $ | 1,000.00 | $ | 1,022.96 | $ | 2.13 | 0.42 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 970.79 | $ | 3.21 | $ | 1,000.00 | $ | 1,021.81 | $ | 3.29 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 894.07 | $ | 4.37 | $ | 1,000.00 | $ | 1,020.46 | $ | 4.66 | 0.92 | % | ||||||||||||||
International Value#† | $ | 1,000.00 | $ | 897.84 | $ | 3.66 | $ | 1,000.00 | $ | 1,021.21 | $ | 3.90 | 0.77 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,025.64 | $ | 4.21 | $ | 1,000.00 | $ | 1,020.91 | $ | 4.20 | 0.83 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,047.97 | $ | 3.80 | $ | 1,000.00 | $ | 1,021.36 | $ | 3.75 | 0.74 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 971.82 | $ | 1.73 | $ | 1,000.00 | $ | 1,023.31 | $ | 1.78 | 0.35 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 985.49 | $ | 4.03 | $ | 1,000.00 | $ | 1,021.01 | $ | 4.10 | 0.81 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 999.28 | $ | 2.66 | $ | 1,000.00 | $ | 1,022.41 | $ | 2.69 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 938.02 | $ | 4.71 | $ | 1,000.00 | $ | 1,020.21 | $ | 4.91 | 0.97 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 923.36 | $ | 4.77 | $ | 1,000.00 | $ | 1,020.10 | $ | 5.01 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 982.67 | $ | 4.62 | $ | 1,000.00 | $ | 1,020.41 | $ | 4.71 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 943.88 | $ | 1.95 | $ | 1,000.00 | $ | 1,023.06 | $ | 2.03 | 0.40 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 944.36 | $ | 4.19 | $ | 1,000.00 | $ | 1,020.76 | $ | 4.36 | 0.86 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 983.38 | $ | 4.57 | $ | 1,000.00 | $ | 1,020.46 | $ | 4.66 | 0.92 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,028.38 | $ | 1.68 | $ | 1,000.00 | $ | 1,023.41 | $ | 1.67 | 0.33 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,008.39 | $ | 4.28 | $ | 1,000.00 | $ | 1,020.81 | $ | 4.31 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 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 November 30, 2018” and the “Annualized Expense Ratio” would have been lower. |
† | See Note 1 to Financial Statements |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Registered Investment Companies | 22.3 | % | ||
Exchanged — Traded Funds | 9.0 | |||
Diversified Financial Services | 7.7 | |||
Diversified Banking Institutions | 4.3 | |||
Banks — Commercial | 4.2 | |||
Sovereign | 2.5 | |||
Computer Services | 2.0 | |||
Telephone — Integrated | 1.9 | |||
Applications Software | 1.7 | |||
Banks — Super Regional | 1.5 | |||
Private Equity | 1.3 | |||
Diversified Manufacturing Operations | 1.3 | |||
Enterprise Software/Service | 1.2 | |||
United States Treasury Notes | 1.1 | |||
Finance — Credit Card | 1.0 | |||
Pharmacy Services | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Gas — Distribution | 1.0 | |||
Electronic Components — Semiconductors | 1.0 | |||
Networking Products | 0.9 | |||
Soap & Cleaning Preparation | 0.8 | |||
Diversified Minerals | 0.8 | |||
U.S. Government Treasuries | 0.8 | |||
Metal — Diversified | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Investment Companies | 0.7 | |||
Industrial Automated/Robotic | 0.7 | |||
Investment Management/Advisor Services | 0.6 | |||
Electric — Integrated | 0.6 | |||
Steel — Producers | 0.6 | |||
Medical — Drugs | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Web Hosting/Design | 0.5 | |||
Web Portals/ISP | 0.5 | |||
Software Tools | 0.4 | |||
Electronic Components-Misc. | 0.4 | |||
Internet Security | 0.4 | |||
Computer Data Security | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Instruments — Controls | 0.3 | |||
Satellite Telecom | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Oil — Field Services | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Medical Instruments | 0.3 | |||
Water | 0.3 | |||
Telecom Services | 0.2 | |||
Transport — Services | 0.2 | |||
Computers | 0.2 | |||
Cellular Telecom | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Computer Software | 0.2 | |||
Retail — Discount | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Real Estate Operation & Development | 0.2 |
Internet Infrastructure Software | 0.2 | |||
Commercial Services | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Medical Products | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Metal — Copper | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Human Resources | 0.2 | |||
Consulting Services | 0.2 | |||
Food — Retail | 0.2 | |||
Medical — HMO | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Airlines | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Tobacco | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
United States Treasury Bonds | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Retail — Building Products | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Import/Export | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Brewery | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Retail — Automobile | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Audio/Video Products | 0.1 | |||
Finance — Other Services | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Venture Capital | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Entertainment Software | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Beverages —Non-alcoholic | 0.1 | |||
Athletic Equipment | 0.1 | |||
Paper & Related Products | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Computer Aided Design | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Multimedia | 0.1 | |||
Electronic Forms | 0.1 | |||
Appliances | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Publishing — Books | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Toys | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Publishing — Newspapers | 0.1 | % | ||
Disposable Medical Products | 0.1 | |||
Hotels/Motels | 0.1 | |||
Building Products — Wood | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Advertising Agencies | 0.1 | |||
Schools | 0.1 | |||
97.3 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 48.1% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Omnicom Group, Inc. | 835 | $ | 64,270 | |||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 196 | 15,014 | ||||||
Boeing Co. | 383 | 132,809 | ||||||
Dassault Aviation SA | 29 | 44,334 | ||||||
Kawasaki Heavy Industries, Ltd. | 3,400 | 79,215 | ||||||
Lockheed Martin Corp. | 118 | 35,451 | ||||||
National Presto Industries, Inc. | 140 | 17,987 | ||||||
Raytheon Co. | 35 | 6,137 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 29 | 2,374 | ||||||
333,321 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
AAR Corp. | 1,019 | 44,520 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 646 | 22,746 | ||||||
Barnes Group, Inc. | 425 | 25,521 | ||||||
Kaman Corp. | 852 | 48,368 | ||||||
L3 Technologies, Inc. | 955 | 175,042 | ||||||
Moog, Inc., Class A | 670 | 58,592 | ||||||
Triumph Group, Inc.# | 1,861 | 31,283 | ||||||
406,072 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 283 | 11,940 | ||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 1,125 | 37,193 | ||||||
Archer-Daniels-Midland Co. | 58 | 2,669 | ||||||
39,862 | ||||||||
Airlines — 0.1% |
| |||||||
Allegiant Travel Co. | 113 | 15,188 | ||||||
Delta Air Lines, Inc. | 716 | 43,468 | ||||||
Hawaiian Holdings, Inc. | 1,603 | 64,345 | ||||||
SkyWest, Inc. | 1,571 | 90,615 | ||||||
Southwest Airlines Co. | 5 | 273 | ||||||
213,889 | ||||||||
Airport Development/Maintenance — 0.0% |
| |||||||
Flughafen Zurich AG | 244 | 39,968 | ||||||
Apparel Manufacturers — 0.1% |
| |||||||
Christian Dior SE | 117 | 43,705 | ||||||
Matsuoka Corp. | 600 | 17,249 | ||||||
Michael Kors Holdings, Ltd.† | 125 | 5,469 | ||||||
Moncler SpA | 2,268 | 74,156 | ||||||
Oxford Industries, Inc. | 566 | 45,501 | ||||||
PVH Corp. | 28 | 3,094 | ||||||
Ralph Lauren Corp. | 71 | 7,909 | ||||||
197,083 | ||||||||
Appliances — 0.1% |
| |||||||
iRobot Corp.†# | 260 | 24,804 | ||||||
Rational AG | 38 | 21,621 | ||||||
SEB SA | 316 | 45,499 | ||||||
91,924 | ||||||||
Applications Software — 1.7% |
| |||||||
CDK Global, Inc. | 4,748 | 239,299 | ||||||
Ebix, Inc. | 228 | 10,766 | ||||||
Intuit, Inc. | 418 | 89,674 | ||||||
Microsoft Corp. | 6,476 | 718,124 | ||||||
Nemetschek SE | 211 | 25,591 | ||||||
PTC, Inc.† | 400 | 34,596 | ||||||
Red Hat, Inc.† | 108 | 19,284 | ||||||
salesforce.com, Inc.† | 5,809 | 829,293 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
ServiceNow, Inc.† | 2,774 | $ | 513,939 | |||||
Tableau Software, Inc., Class A† | 300 | 37,392 | ||||||
2,517,958 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Amer Sports Oyj | 1,543 | 57,785 | ||||||
Fox Factory Holding Corp.† | 360 | 22,936 | ||||||
Vista Outdoor, Inc.† | 2,202 | 25,103 | ||||||
105,824 | ||||||||
Athletic Footwear — 0.0% |
| |||||||
NIKE, Inc., Class B | 87 | 6,535 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Sony Corp. | 2,300 | 121,755 | ||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc.# | 1,009 | 82,052 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Suzuki Motor Corp. | 1,900 | 94,653 | ||||||
Toyota Motor Corp. | 2,500 | 150,467 | ||||||
245,120 | ||||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
PACCAR, Inc. | 135 | 8,400 | ||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 855 | 13,287 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Allison Transmission Holdings, Inc. | 835 | 39,337 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 3,696 | 46,015 | ||||||
BorgWarner, Inc. | 230 | 9,103 | ||||||
Brembo SpA# | 1,650 | 18,398 | ||||||
Cooper-Standard Holdings, Inc.† | 565 | 41,313 | ||||||
Garrett Motion, Inc.†# | 1,274 | 14,651 | ||||||
Gentherm, Inc.† | 981 | 45,548 | ||||||
Hella GmbH & Co. KGaA | 575 | 23,815 | ||||||
Koito Manufacturing Co., Ltd. | 1,500 | 80,474 | ||||||
Lear Corp. | 238 | 32,427 | ||||||
Methode Electronics, Inc. | 939 | 28,452 | ||||||
Plastic Omnium SA | 832 | 22,119 | ||||||
Schaeffler AG (Preference Shares) | 2,160 | 18,588 | ||||||
420,240 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.0% |
| |||||||
Standard Motor Products, Inc. | 556 | 29,284 | ||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 139 | 11,363 | ||||||
Banks - Commercial — 3.5% |
| |||||||
ABN AMRO Group NV CVA* | 4,657 | 119,268 | ||||||
AIB Group PLC | 24,646 | 108,225 | ||||||
Ameris Bancorp | 891 | 38,162 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 48,874 | 278,839 | ||||||
Banco de Sabadell SA | 7,548 | 9,674 | ||||||
BancorpSouth Bank | 66 | 2,032 | ||||||
Bank of Hawaii Corp.# | 232 | 18,502 | ||||||
Bank of Ireland Group PLC | 12,232 | 77,457 | ||||||
Bank OZK | 370 | 10,027 | ||||||
Bankia SA# | 10,564 | 35,024 | ||||||
Banner Corp. | 816 | 48,960 | ||||||
BB&T Corp. | 4,313 | 220,394 | ||||||
CaixaBank SA | 26,607 | 109,933 | ||||||
Cathay General Bancorp | 134 | 5,302 | ||||||
Central Pacific Financial Corp. | 914 | 25,629 | ||||||
Chemical Financial Corp. | 113 | 5,334 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Chiba Bank, Ltd. | 3,900 | $ | 25,616 | |||||
Citizens Financial Group, Inc. | 4,607 | 167,510 | ||||||
City Holding Co. | 15 | 1,151 | ||||||
Columbia Banking System, Inc. | 1,650 | 67,122 | ||||||
Commerzbank AG† | 1,976 | 17,019 | ||||||
Community Bank System, Inc.# | 1,454 | 95,470 | ||||||
Cullen/Frost Bankers, Inc.# | 297 | 29,795 | ||||||
Customers Bancorp, Inc.† | 923 | 18,008 | ||||||
CVB Financial Corp. | 1,936 | 44,993 | ||||||
Danske Bank A/S | 4,199 | 83,842 | ||||||
DNB ASA | 5,319 | 91,671 | ||||||
East West Bancorp, Inc. | 770 | 41,341 | ||||||
Erste Group Bank AG | 1,343 | 53,010 | ||||||
Fidelity Southern Corp. | 2,003 | 47,531 | ||||||
FinecoBank Banca Fineco SpA | 5,111 | 54,834 | ||||||
First BanCorp./Puerto Rico | 6,951 | 62,907 | ||||||
First Commonwealth Financial Corp. | 1,663 | 23,182 | ||||||
First Financial Bancorp | 2,168 | 60,531 | ||||||
First Financial Bankshares, Inc.# | 1,070 | 70,106 | ||||||
First Midwest Bancorp, Inc. | 3,303 | 77,918 | ||||||
Fulton Financial Corp. | 356 | 6,198 | ||||||
Glacier Bancorp, Inc. | 1,382 | 65,258 | ||||||
Great Western Bancorp, Inc. | 1,915 | 71,468 | ||||||
Hancock Holding Co.† | 82 | 3,298 | ||||||
Hanmi Financial Corp. | 873 | 19,590 | ||||||
Home BancShares, Inc. | 600 | 11,766 | ||||||
Hope Bancorp, Inc. | 4,716 | 71,683 | ||||||
Independent Bank Corp./Massachusetts | 537 | 43,159 | ||||||
ING Groep NV | 30,079 | 366,130 | ||||||
International Bancshares Corp. | 52 | 1,996 | ||||||
Intesa Sanpaolo SpA | 108,747 | 252,302 | ||||||
Jyske Bank A/S | 925 | 36,379 | ||||||
KBC Group NV | 2,345 | 168,764 | ||||||
Komercni Banka AS | 978 | 38,432 | ||||||
LegacyTexas Financial Group, Inc. | 486 | 18,862 | ||||||
M&T Bank Corp. | 1,300 | 219,713 | ||||||
MB Financial, Inc. | 220 | 10,094 | ||||||
NBT Bancorp, Inc. | 1,561 | 60,832 | ||||||
Nordea Bank Abp | 15,906 | 141,157 | ||||||
OFG Bancorp | 2,004 | 36,433 | ||||||
Old National Bancorp | 4,649 | 87,076 | ||||||
Opus Bank | 66 | 1,426 | ||||||
PacWest Bancorp | 432 | 17,384 | ||||||
Raiffeisen Bank International AG | 2,695 | 79,610 | ||||||
Regions Financial Corp. | 13,837 | 227,619 | ||||||
S&T Bancorp, Inc. | 1,436 | 60,700 | ||||||
ServisFirst Bancshares, Inc. | 501 | 19,724 | ||||||
Simmons First National Corp., Class A | 2,962 | 87,083 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 6,399 | 66,730 | ||||||
Southside Bancshares, Inc. | 1,871 | 63,857 | ||||||
SVB Financial Group† | 114 | 29,048 | ||||||
Svenska Handelsbanken AB, Class A | 12,527 | 138,006 | ||||||
Swedbank AB, Class A | 4,024 | 93,589 | ||||||
Sydbank A/S | 916 | 22,602 | ||||||
Synovus Financial Corp. | 3,291 | 124,433 | ||||||
TCF Financial Corp. | 6 | 135 | ||||||
Texas Capital Bancshares, Inc.† | 76 | 4,534 | ||||||
Tompkins Financial Corp.# | 52 | 4,252 | ||||||
TrustCo Bank Corp. | 5,146 | 40,602 | ||||||
Trustmark Corp. | 72 | 2,328 | ||||||
UMB Financial Corp. | 94 | 6,361 | ||||||
Umpqua Holdings Corp. | 632 | 12,160 | ||||||
Unione di Banche Italiane SpA | 12,074 | 38,915 | ||||||
United Bankshares, Inc. | 361 | 13,057 | ||||||
United Community Banks, Inc. | 1,786 | 46,168 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Valley National Bancorp# | 661 | $ | 7,152 | |||||
Westamerica Bancorporation | 1,019 | 64,401 | ||||||
5,248,785 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 5,465 | 280,409 | ||||||
Boston Private Financial Holdings, Inc. | 4,429 | 56,204 | ||||||
Northern Trust Corp. | 470 | 46,638 | ||||||
State Street Corp. | 1,103 | 80,541 | ||||||
463,792 | ||||||||
Banks - Mortgage — 0.0% |
| |||||||
Walker & Dunlop, Inc. | 455 | 21,490 | ||||||
Banks - Super Regional — 1.5% |
| |||||||
Comerica, Inc. | 1,986 | 157,251 | ||||||
Fifth Third Bancorp | 8,328 | 232,601 | ||||||
KeyCorp | 5,809 | 106,537 | ||||||
National Bank Holdings Corp., Class A | 705 | 26,247 | ||||||
PNC Financial Services Group, Inc. | 2,008 | 272,646 | ||||||
SunTrust Banks, Inc. | 3,650 | 228,819 | ||||||
US Bancorp | 5,975 | 325,399 | ||||||
Wells Fargo & Co. | 15,958 | 866,200 | ||||||
2,215,700 | ||||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Co. | 373 | 18,799 | ||||||
PepsiCo, Inc. | 717 | 87,431 | ||||||
106,230 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Davide Campari-Milano SpA | 5,882 | 49,157 | ||||||
Brewery — 0.1% |
| |||||||
Asahi Group Holdings, Ltd. | 2,000 | 83,760 | ||||||
Molson Coors Brewing Co., Class B | 56 | 3,683 | ||||||
Royal Unibrew A/S | 579 | 41,938 | ||||||
129,381 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
American Woodmark Corp.† | 176 | 11,773 | ||||||
Gibraltar Industries, Inc.† | 1,197 | 43,283 | ||||||
Imerys SA | 423 | 22,709 | ||||||
Nichias Corp. | 1,200 | 23,289 | ||||||
Patrick Industries, Inc.† | 283 | 11,241 | ||||||
Quanex Building Products Corp. | 788 | 12,442 | ||||||
Simpson Manufacturing Co., Inc. | 386 | 22,581 | ||||||
Trex Co., Inc.† | 535 | 34,096 | ||||||
Wienerberger AG | 1,530 | 34,337 | ||||||
215,751 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Comfort Systems USA, Inc. | 359 | 18,905 | ||||||
HOCHTIEF AG | 236 | 33,486 | ||||||
MYR Group, Inc.† | 569 | 17,810 | ||||||
Penta-Ocean Construction Co., Ltd. | 5,600 | 35,349 | ||||||
TopBuild Corp.† | 383 | 19,514 | ||||||
125,064 | ||||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Daikin Industries, Ltd. | 900 | 100,077 | ||||||
Johnson Controls International PLC | 469 | 16,312 | ||||||
Nibe Industrier AB, Class B | 4,404 | 45,743 | ||||||
162,132 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 347 | $ | 12,648 | |||||
PGT Innovations, Inc.† | 740 | 14,260 | ||||||
26,908 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 1,369 | 36,388 | ||||||
Universal Forest Products, Inc. | 1,401 | 38,752 | ||||||
75,140 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Ackermans & van Haaren NV | 287 | 46,124 | ||||||
Aegion Corp.† | 1,737 | 33,177 | ||||||
Arcosa, Inc.† | 1,775 | 48,528 | ||||||
Boskalis Westminster NV# | 1,092 | 30,363 | ||||||
158,192 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 2,095 | 66,370 | ||||||
Building - Mobile Home/Manufactured Housing — 0.0% |
| |||||||
Cavco Industries, Inc.† | 86 | 14,152 | ||||||
LCI Industries | 267 | 20,661 | ||||||
34,813 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
M/I Homes, Inc.† | 854 | 20,103 | ||||||
MDC Holdings, Inc. | 1,021 | 30,068 | ||||||
Meritage Homes Corp.† | 942 | 36,032 | ||||||
Open House Co., Ltd. | 1,000 | 35,590 | ||||||
PulteGroup, Inc. | 278 | 7,373 | ||||||
129,166 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications, Inc., Class A† | 24 | 7,901 | ||||||
Comcast Corp., Class A | 1,370 | 53,444 | ||||||
DISH Network Corp., Class A† | 100 | 3,276 | ||||||
Telenet Group Holding NV | 669 | 33,199 | ||||||
97,820 | ||||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp. | 603 | 12,349 | ||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd. | 6 | 656 | ||||||
Cellular Telecom — 0.2% |
| |||||||
1&1 Drillisch AG | 614 | 30,818 | ||||||
8x8, Inc.† | 2,011 | 39,637 | ||||||
ATN International, Inc. | 1,911 | 161,594 | ||||||
Sprint Corp.† | 1,783 | 11,197 | ||||||
Sunrise Communications Group AG* | 410 | 35,929 | ||||||
Tele2 AB, Class B | 4,563 | 57,126 | ||||||
336,301 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
AdvanSix, Inc.† | 481 | 13,810 | ||||||
DowDuPont, Inc. | 49 | 2,835 | ||||||
Eastman Chemical Co. | 555 | 43,745 | ||||||
Innophos Holdings, Inc. | 600 | 16,644 | ||||||
Innospec, Inc. | 569 | 41,958 | ||||||
Kureha Corp. | 300 | 21,026 | ||||||
LyondellBasell Industries NV, Class A | 721 | 67,276 | ||||||
Quaker Chemical Corp. | 249 | 51,354 | ||||||
Westlake Chemical Corp. | 23 | 1,667 | ||||||
260,315 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 1,266 | $ | 18,673 | |||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. CVR†(1)(2) | 1,774 | 2,581 | ||||||
Sumitomo Bakelite Co., Ltd. | 1,500 | 54,500 | ||||||
57,081 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Balchem Corp. | 618 | 53,581 | ||||||
Fuchs Petrolub SE (Preference Shares) | 905 | 37,431 | ||||||
H.B. Fuller Co. | 1,147 | 55,331 | ||||||
Hawkins, Inc. | 418 | 17,447 | ||||||
IMCD NV | 684 | 45,476 | ||||||
Ingevity Corp.† | 383 | 37,538 | ||||||
Kraton Corp.† | 474 | 12,419 | ||||||
Nolato AB | 220 | 9,588 | ||||||
Rogers Corp.† | 173 | 22,258 | ||||||
Shin-Etsu Chemical Co., Ltd. | 800 | 71,427 | ||||||
Stepan Co. | 654 | 52,856 | ||||||
Toray Industries, Inc. | 6,700 | 52,582 | ||||||
467,934 | ||||||||
Circuit Boards — 0.0% |
| |||||||
TTM Technologies, Inc.† | 965 | 11,474 | ||||||
Coal — 0.0% |
| |||||||
CONSOL Energy, Inc.† | 313 | 10,755 | ||||||
SunCoke Energy, Inc.† | 1,735 | 16,933 | ||||||
27,688 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Sherwin-Williams Co. | 30 | 12,722 | ||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 8 | 1,499 | ||||||
HMS Holdings Corp.† | 1,837 | 65,654 | ||||||
Medifast, Inc. | 108 | 16,038 | ||||||
Nutrisystem, Inc.# | 354 | 13,165 | ||||||
Team, Inc.†# | 939 | 15,691 | ||||||
Wirecard AG | 1,106 | 167,235 | ||||||
279,282 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Automatic Data Processing, Inc. | 35 | 5,160 | ||||||
Cardtronics PLC, Class A† | 1,280 | 41,523 | ||||||
EVERTEC, Inc. | 1,509 | 41,241 | ||||||
Experian PLC | 14,299 | 348,718 | ||||||
FleetCor Technologies, Inc.† | 26 | 5,028 | ||||||
Green Dot Corp., Class A† | 425 | 35,419 | ||||||
Morningstar, Inc. | 128 | 15,122 | ||||||
PayPal Holdings, Inc.† | 55 | 4,720 | ||||||
Travelport Worldwide, Ltd. | 3,944 | 60,264 | ||||||
557,195 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 725 | 104,762 | ||||||
Computer Data Security — 0.4% |
| |||||||
Check Point Software Technologies, Ltd.† | 1,932 | 216,017 | ||||||
Fortinet, Inc.† | 4,107 | 303,261 | ||||||
OneSpan, Inc.† | 901 | 15,290 | ||||||
Qualys, Inc.† | 304 | 23,943 | ||||||
558,511 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 721 | 12,437 | ||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Services — 2.0% |
| |||||||
Accenture PLC, Class A | 3,112 | $ | 511,986 | |||||
Amdocs, Ltd. | 346 | 22,459 | ||||||
Atos SE | 1,666 | 142,009 | ||||||
CACI International, Inc., Class A† | 712 | 117,416 | ||||||
Capgemini SE | 1,720 | 200,801 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,691 | 262,910 | ||||||
DXC Technology Co. | 3,016 | 190,129 | ||||||
Engility Holdings, Inc.† | 503 | 15,729 | ||||||
ExlService Holdings, Inc.† | 308 | 17,852 | ||||||
Fujitsu, Ltd. | 2,300 | 141,568 | ||||||
Insight Enterprises, Inc.† | 1,146 | 51,089 | ||||||
International Business Machines Corp. | 4,054 | 503,790 | ||||||
Leidos Holdings, Inc. | 994 | 62,622 | ||||||
NEC Corp. | 6,600 | 204,729 | ||||||
Nihon Unisys, Ltd. | 2,500 | 63,758 | ||||||
Nomura Research Institute, Ltd. | 1,700 | 74,997 | ||||||
NTT Data Corp. | 16,900 | 196,520 | ||||||
Perspecta, Inc. | 3,500 | 73,885 | ||||||
SCSK Corp. | 2,200 | 87,367 | ||||||
Sopra Steria Group | 214 | 21,898 | ||||||
Sykes Enterprises, Inc.† | 1,561 | 43,115 | ||||||
Unisys Corp.†# | 1,003 | 13,560 | ||||||
Virtusa Corp.† | 329 | 14,584 | ||||||
3,034,773 | ||||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 29 | 1,994 | ||||||
Citrix Systems, Inc. | 88 | 9,589 | ||||||
Software AG | 669 | 27,255 | ||||||
Splunk, Inc.† | 1,880 | 210,052 | ||||||
TiVo Corp. | 4,049 | 40,085 | ||||||
288,975 | ||||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 1,675 | 299,121 | ||||||
Hewlett Packard Enterprise Co. | 87 | 1,305 | ||||||
HP, Inc. | 1,612 | 37,076 | ||||||
337,502 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Agilysys, Inc.† | 660 | 10,883 | ||||||
Cray, Inc.† | 1,535 | 40,232 | ||||||
Cubic Corp. | 556 | 34,022 | ||||||
Ingenico Group SA | 2,310 | 166,990 | ||||||
Mercury Systems, Inc.† | 454 | 23,522 | ||||||
MTS Systems Corp. | 521 | 26,805 | ||||||
OBIC Co., Ltd. | 700 | 60,544 | ||||||
Otsuka Corp. | 2,700 | 90,929 | ||||||
453,927 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
NetApp, Inc. | 64 | 4,280 | ||||||
Computers - Other — 0.0% |
| |||||||
3D Systems Corp.† | 3,676 | 45,509 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Electronics For Imaging, Inc.† | 1,496 | 41,409 | ||||||
Consulting Services — 0.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,300 | 66,703 | ||||||
FTI Consulting, Inc.† | 1,131 | 79,453 | ||||||
Kelly Services, Inc., Class A | 855 | 19,596 | ||||||
Link And Motivation, Inc. | 2,300 | 21,284 | ||||||
Navigant Consulting, Inc. | 1,786 | 45,757 | ||||||
232,793 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Central Garden & Pet Co., Class A† | 627 | $ | 19,500 | |||||
Kimberly-Clark Corp. | 492 | 56,762 | ||||||
WD-40 Co.# | 239 | 41,748 | ||||||
118,010 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Gerresheimer AG | 409 | 29,128 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Packaging Corp. of America | 154 | 15,064 | ||||||
Rengo Co., Ltd. | 6,200 | 52,616 | ||||||
67,680 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc.† | 15,433 | 32,718 | ||||||
Colgate-Palmolive Co. | 1,502 | 95,407 | ||||||
Fancl Corp. | 1,100 | 28,733 | ||||||
Kao Corp. | 500 | 36,841 | ||||||
Pola Orbis Holdings, Inc. | 2,100 | 59,347 | ||||||
Procter & Gamble Co. | 712 | 67,291 | ||||||
320,337 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Carnival Corp. | 934 | 56,311 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 8 | 410 | ||||||
56,721 | ||||||||
Data Processing/Management — 0.0% |
| |||||||
Bottomline Technologies, Inc.† | 324 | 17,843 | ||||||
Broadridge Financial Solutions, Inc. | 69 | 7,305 | ||||||
CSG Systems International, Inc. | 869 | 30,476 | ||||||
Fidelity National Information Services, Inc. | 27 | 2,914 | ||||||
58,538 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 3 | 690 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
BioTelemetry, Inc.† | 321 | 22,772 | ||||||
Repligen Corp.†# | 387 | 25,027 | ||||||
47,799 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
DiaSorin SpA | 246 | 20,924 | ||||||
Meridian Bioscience, Inc. | 775 | 14,678 | ||||||
OraSure Technologies, Inc.† | 945 | 12,002 | ||||||
47,604 | ||||||||
Direct Marketing — 0.0% |
| |||||||
DKSH Holding AG | 410 | 27,793 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
CONMED Corp. | 604 | 41,048 | ||||||
ICU Medical, Inc.† | 23 | 5,531 | ||||||
Merit Medical Systems, Inc.† | 505 | 31,840 | ||||||
78,419 | ||||||||
Distribution/Wholesale — 0.2% |
| |||||||
Anixter International, Inc.† | 893 | 57,117 | ||||||
Copart, Inc.† | 217 | 11,106 | ||||||
Core-Mark Holding Co., Inc. | 1,482 | 38,947 | ||||||
Dorman Products, Inc.† | 607 | 53,331 | ||||||
Fossil Group, Inc.†# | 1,034 | 19,987 | ||||||
G-III Apparel Group, Ltd.† | 1,351 | 54,148 | ||||||
ScanSource, Inc.† | 1,021 | 38,839 | ||||||
WW Grainger, Inc. | 181 | 56,841 | ||||||
330,316 | ||||||||
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Banking Institutions — 4.3% |
| |||||||
Banco Santander SA | 118,745 | $ | 565,438 | |||||
Bank of America Corp. | 49,708 | 1,411,707 | ||||||
BNP Paribas SA | 8,408 | 423,465 | ||||||
Citigroup, Inc. | 8,765 | 567,884 | ||||||
Credit Agricole SA | 7,284 | 90,501 | ||||||
Credit Suisse Group AG | 20,544 | 243,259 | ||||||
Deutsche Bank AG | 8,934 | 81,583 | ||||||
Goldman Sachs Group, Inc. | 883 | 168,379 | ||||||
JPMorgan Chase & Co. | 17,190 | 1,911,356 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 15,200 | 82,940 | ||||||
Morgan Stanley | 4,919 | 218,354 | ||||||
Natixis SA | 13,591 | 75,432 | ||||||
Societe Generale SA | 4,009 | 147,639 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 2,900 | 106,483 | ||||||
UBS Group AG | 22,847 | 310,003 | ||||||
UniCredit SpA | 10,449 | 134,806 | ||||||
6,539,229 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
Cembra Money Bank AG | 366 | 30,584 | ||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
3M Co. | 178 | 37,010 | ||||||
Aalberts Industries NV | 1,248 | 44,050 | ||||||
Actuant Corp., Class A | 1,561 | 39,962 | ||||||
Eaton Corp. PLC | 688 | 52,935 | ||||||
EnPro Industries, Inc. | 234 | 16,469 | ||||||
Fabrinet† | 1,202 | 63,381 | ||||||
Federal Signal Corp. | 1,572 | 36,879 | ||||||
General Electric Co. | 1,330 | 9,975 | ||||||
Harsco Corp.† | 763 | 20,410 | ||||||
Ingersoll-Rand PLC | 228 | 23,602 | ||||||
Parker-Hannifin Corp. | 7 | 1,204 | ||||||
Siemens AG | 2,494 | 288,859 | ||||||
Standex International Corp. | 189 | 15,063 | ||||||
Textron, Inc. | 27 | 1,516 | ||||||
Tredegar Corp. | 865 | 14,411 | ||||||
665,726 | ||||||||
Diversified Minerals — 0.8% |
| |||||||
Anglo American PLC | 8,875 | 177,347 | ||||||
BHP Billiton, Ltd. | 27,055 | 601,207 | ||||||
BHP Group PLC | 17,792 | 341,935 | ||||||
Lundin Mining Corp. | 5,544 | 24,160 | ||||||
Sumitomo Metal Mining Co., Ltd. | 3,700 | 107,814 | ||||||
1,252,463 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 310 | 15,608 | ||||||
Drug Delivery Systems — 0.0% |
| |||||||
Nektar Therapeutics† | 7 | 283 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Amazon.com, Inc.† | 121 | 204,511 | ||||||
Delivery Hero SE†* | 1,388 | 50,932 | ||||||
eBay, Inc.† | 92 | 2,746 | ||||||
258,189 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Booking Holdings, Inc.† | 44 | 83,243 | ||||||
Expedia Group, Inc. | 92 | 11,113 | ||||||
Scout24 AG* | 1,265 | 52,711 | ||||||
Shutterfly, Inc.†# | 646 | 32,293 | ||||||
SMS Co., Ltd. | 2,400 | 39,570 | ||||||
Stamps.com, Inc.† | 161 | 27,605 | ||||||
246,535 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Marketing/Info — 0.0% |
| |||||||
New Media Investment Group, Inc. | 2,356 | $ | 31,099 | |||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 1 | 93 | ||||||
Perficient, Inc.† | 1,581 | 40,015 | ||||||
40,108 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 271 | 19,899 | ||||||
Casio Computer Co., Ltd# | 4,200 | 58,604 | ||||||
Mabuchi Motor Co., Ltd.# | 800 | 27,873 | ||||||
106,376 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
CenterPoint Energy, Inc. | 2,169 | 60,754 | ||||||
Electric - Generation — 0.0% |
| |||||||
CEZ AS | 2,115 | 50,406 | ||||||
Electric - Integrated — 0.6% |
| |||||||
A2A SpA | 20,392 | 34,319 | ||||||
AES Corp. | 3,853 | 59,683 | ||||||
American Electric Power Co., Inc. | 84 | 6,530 | ||||||
Avista Corp# | 7,785 | 404,976 | ||||||
Edison International | 569 | 31,477 | ||||||
El Paso Electric Co. | 4,098 | 226,824 | ||||||
Entergy Corp. | 581 | 50,582 | ||||||
Hawaiian Electric Industries, Inc. | 249 | 9,542 | ||||||
Southern Co. | 632 | 29,912 | ||||||
853,845 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Benchmark Electronics, Inc. | 1,649 | 39,312 | ||||||
Comtech Telecommunications Corp. | 711 | 18,159 | ||||||
Hoya Corp. | 800 | 49,108 | ||||||
Knowles Corp.† | 3,095 | 47,168 | ||||||
Minebea Mitsumi, Inc. | 5,600 | 90,871 | ||||||
Nidec Corp. | 800 | 106,559 | ||||||
Omron Corp. | 2,900 | 127,597 | ||||||
OSI Systems, Inc.† | 427 | 30,915 | ||||||
Plexus Corp.† | 1,001 | 61,101 | ||||||
Sanmina Corp.† | 2,150 | 58,136 | ||||||
628,926 | ||||||||
Electronic Components - Semiconductors — 1.0% |
| |||||||
Broadcom, Inc. | 888 | 210,820 | ||||||
CEVA, Inc.† | 424 | 11,020 | ||||||
CTS Corp. | 467 | 13,548 | ||||||
Diodes, Inc.† | 1,403 | 48,866 | ||||||
Intel Corp. | 1,673 | 82,496 | ||||||
IPG Photonics Corp.†# | 232 | 32,979 | ||||||
Megachips Corp# | 700 | 16,970 | ||||||
Melexis NV | 222 | 13,124 | ||||||
Microchip Technology, Inc.# | 896 | 67,200 | ||||||
Micron Technology, Inc.† | 205 | 7,905 | ||||||
NVIDIA Corp. | 945 | 154,441 | ||||||
ON Semiconductor Corp.† | 8,740 | 167,633 | ||||||
Photronics, Inc.† | 2,157 | 20,923 | ||||||
Qorvo, Inc.† | 57 | 3,751 | ||||||
Rambus, Inc.† | 1,558 | 13,586 | ||||||
Semtech Corp.† | 1,190 | 63,475 | ||||||
SOITEC† | 207 | 12,716 | ||||||
STMicroelectronics NV# | 5,500 | 81,160 | ||||||
Texas Instruments, Inc. | 3,579 | 357,363 | ||||||
Xilinx, Inc. | 1,071 | 99,046 | ||||||
1,479,022 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 0.0% |
| |||||||
TE Connectivity, Ltd. | 294 | $ | 22,617 | |||||
Electronic Forms — 0.1% |
| |||||||
Adobe, Inc.† | 377 | 94,586 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc. | 349 | 19,370 | ||||||
FARO Technologies, Inc.† | 247 | 12,281 | ||||||
FLIR Systems, Inc. | 720 | 33,019 | ||||||
Itron, Inc.† | 810 | 43,870 | ||||||
National Instruments Corp. | 2,300 | 112,608 | ||||||
Sartorius AG (Preference Shares) | 443 | 56,613 | ||||||
Trimble, Inc.† | 1,047 | 39,817 | ||||||
Yokogawa Electric Corp. | 3,800 | 69,830 | ||||||
387,408 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 713 | 36,256 | ||||||
dormakaba Holding AG | 38 | 27,150 | ||||||
Resideo Technologies, Inc.† | 477 | 9,841 | ||||||
73,247 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Green Plains, Inc# | 1,050 | 17,062 | ||||||
Renewable Energy Group, Inc.†# | 1,240 | 33,418 | ||||||
REX American Resources Corp.† | 223 | 15,519 | ||||||
SolarEdge Technologies, Inc.†# | 834 | 32,468 | ||||||
98,467 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
Altran Technologies SA# | 2,235 | 22,229 | ||||||
COMSYS Holdings Corp. | 1,600 | 41,323 | ||||||
Exponent, Inc. | 452 | 22,744 | ||||||
86,296 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 2,049 | 30,571 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
Donnelley Financial Solutions, Inc.† | 964 | 16,060 | ||||||
Guidewire Software, Inc.† | 2,100 | 195,216 | ||||||
LivePerson, Inc.† | 1,472 | 27,777 | ||||||
ManTech International Corp., Class A | 937 | 52,753 | ||||||
MicroStrategy, Inc., Class A† | 241 | 31,243 | ||||||
Omnicell, Inc.† | 364 | 28,112 | ||||||
Oracle Corp. | 819 | 39,935 | ||||||
Oracle Corp. Japan | 900 | 58,474 | ||||||
Progress Software Corp. | 476 | 16,736 | ||||||
SPS Commerce, Inc.† | 188 | 16,023 | ||||||
Tyler Technologies, Inc.† | 1,300 | 250,588 | ||||||
Ultimate Software Group, Inc.† | 1,000 | 263,920 | ||||||
Veeva Systems, Inc., Class A† | 3,130 | 300,981 | ||||||
Workday, Inc., Class A† | 2,742 | 449,688 | ||||||
1,747,506 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 279 | 13,916 | ||||||
Capcom Co., Ltd. | 4,700 | 92,476 | ||||||
106,392 | ||||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Tetra Tech, Inc. | 932 | 56,815 | ||||||
Filtration/Separation Products — 0.0% |
| |||||||
ESCO Technologies, Inc. | 260 | 18,273 | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Enova International, Inc.† | 1,294 | 28,649 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Consumer Loans (continued) |
| |||||||
PRA Group, Inc.†# | 1,517 | $ | 46,299 | |||||
Synchrony Financial | 200 | 5,196 | ||||||
World Acceptance Corp.† | 165 | 17,975 | ||||||
98,119 | ||||||||
Finance - Credit Card — 0.2% |
| |||||||
Capital One Financial Corp. | 785 | 70,399 | ||||||
Discover Financial Services | 449 | 32,014 | ||||||
Mastercard, Inc., Class A | 325 | 65,348 | ||||||
Visa, Inc., Class A | 1,070 | 151,629 | ||||||
319,390 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 76 | 3,405 | ||||||
E*TRADE Financial Corp. | 756 | 39,531 | ||||||
INTL. FCStone, Inc.† | 462 | 18,000 | ||||||
Investment Technology Group, Inc. | 1,350 | 40,675 | ||||||
Piper Jaffray Cos. | 511 | 36,470 | ||||||
138,081 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
GRENKE AG | 329 | 28,064 | ||||||
Tokyo Century Corp. | 900 | 43,012 | ||||||
71,076 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Aareal Bank AG | 779 | 25,550 | ||||||
LendingTree, Inc.†# | 21 | 5,467 | ||||||
Zenkoku Hosho Co., Ltd. | 1,200 | 41,044 | ||||||
72,061 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
Bolsas y Mercados Espanoles | 957 | 27,919 | ||||||
Cboe Global Markets, Inc. | 92 | 9,901 | ||||||
Euronext NV* | 692 | 40,526 | ||||||
HomeStreet, Inc.† | 973 | 25,901 | ||||||
WageWorks, Inc.† | 467 | 15,565 | ||||||
119,812 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
NMI Holdings, Inc., Class A† | 761 | 14,870 | ||||||
Firearms & Ammunition — 0.0% |
| |||||||
Axon Enterprise, Inc.† | 517 | 22,474 | ||||||
Sturm Ruger & Co., Inc. | 231 | 12,384 | ||||||
34,858 | ||||||||
Fisheries — 0.0% |
| |||||||
Salmar ASA | 560 | 31,662 | ||||||
Food - Baking — 0.0% |
| |||||||
Aryzta AG† | 1,192 | 1,598 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Barry Callebaut AG | 29 | 49,110 | ||||||
Hershey Co. | 3 | 325 | ||||||
49,435 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.# | 2,419 | 12,192 | ||||||
Glanbia PLC | 2,639 | 47,574 | ||||||
59,766 | ||||||||
Food - Meat Products — 0.0% |
| |||||||
Tyson Foods, Inc., Class A | 8 | 472 | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
Axfood AB | 1,152 | 20,025 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Misc./Diversified (continued) |
| |||||||
B&G Foods, Inc.# | 1,194 | $ | 36,214 | |||||
Cal-Maine Foods, Inc.# | 702 | 32,797 | ||||||
Conagra Brands, Inc. | 1,791 | 57,921 | ||||||
Corbion NV | 650 | 18,851 | ||||||
Darling Ingredients, Inc.† | 3,211 | 70,257 | ||||||
Fuji Oil Co., Ltd. | 1,200 | 38,374 | ||||||
General Mills, Inc. | 58 | 2,454 | ||||||
Ingredion, Inc. | 194 | 20,265 | ||||||
J&J Snack Foods Corp. | 134 | 21,021 | ||||||
John B. Sanfilippo & Son, Inc. | 263 | 16,364 | ||||||
Kellogg Co. | 149 | 9,484 | ||||||
Kraft Heinz Co. | 78 | 3,987 | ||||||
Mondelez International, Inc., Class A | 11 | 495 | ||||||
Viscofan SA | 508 | 29,041 | ||||||
377,550 | ||||||||
Food - Retail — 0.2% |
| |||||||
Colruyt SA# | 739 | 47,231 | ||||||
Distribuidora Internacional de Alimentacion SA# | 6,779 | 5,083 | ||||||
ICA Gruppen AB | 1,006 | 36,478 | ||||||
Kesko Oyj, Class B | 890 | 51,990 | ||||||
Kroger Co. | 129 | 3,826 | ||||||
Seven & i Holdings Co., Ltd. | 1,900 | 82,919 | ||||||
227,527 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Calavo Growers, Inc.# | 157 | 15,430 | ||||||
Chefs’ Warehouse, Inc.† | 307 | 11,700 | ||||||
SpartanNash Co. | 963 | 18,056 | ||||||
Sysco Corp. | 827 | 55,740 | ||||||
United Natural Foods, Inc.† | 1,663 | 35,937 | ||||||
136,863 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Crocs, Inc.† | 693 | 19,265 | ||||||
Steven Madden, Ltd. | 1,578 | 50,859 | ||||||
Wolverine World Wide, Inc. | 2,934 | 101,517 | ||||||
171,641 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Matthews International Corp., Class A | 1,087 | 45,795 | ||||||
Gambling(Non-Hotel) — 0.0% |
| |||||||
International Game Technology PLC# | 122 | 2,100 | ||||||
Gas- Distribution — 1.0% |
| |||||||
Italgas SpA | 6,366 | 34,116 | ||||||
Northwest Natural Holding Co. | 3,526 | 233,879 | ||||||
Rubis SCA | 934 | 50,488 | ||||||
South Jersey Industries, Inc#. | 10,341 | 322,639 | ||||||
Spire, Inc. | 10,649 | 840,313 | ||||||
1,481,435 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,615 | 27,665 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
US Ecology, Inc. | 185 | 12,889 | ||||||
Home Furnishings — 0.0% |
| |||||||
Ethan Allen Interiors, Inc. | 871 | 18,099 | ||||||
Sleep Number Corp.† | 384 | 14,723 | ||||||
32,822 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Belmond, Ltd., Class A† | 3,063 | 55,746 | ||||||
Marcus Corp. | 508 | 21,570 | ||||||
77,316 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Human Resources — 0.2% |
| |||||||
AMN Healthcare Services, Inc.† | 446 | $ | 28,410 | |||||
Heidrick & Struggles International, Inc. | 512 | 18,770 | ||||||
Insperity, Inc. | 332 | 33,214 | ||||||
Korn/Ferry International | 529 | 25,905 | ||||||
ManpowerGroup, Inc. | 73 | 5,926 | ||||||
Recruit Holdings Co., Ltd. | 1,800 | 49,568 | ||||||
Resources Connection, Inc. | 1,192 | 20,073 | ||||||
Robert Half International, Inc. | 212 | 13,108 | ||||||
TrueBlue, Inc.† | 1,652 | 41,713 | ||||||
236,687 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 1,067 | 46,479 | ||||||
Import/Export — 0.1% |
| |||||||
ITOCHU Corp. | 4,700 | 83,533 | ||||||
Mitsui & Co., Ltd. | 3,400 | 53,433 | ||||||
136,966 | ||||||||
Industrial Automated/Robotic — 0.7% |
| |||||||
Cognex Corp. | 733 | 32,267 | ||||||
FANUC Corp. | 900 | 155,129 | ||||||
Harmonic Drive Systems, Inc.# | 3,000 | 101,373 | ||||||
Keyence Corp. | 800 | 434,128 | ||||||
Rockwell Automation, Inc. | 1,109 | 193,343 | ||||||
THK Co., Ltd. | 2,000 | 45,826 | ||||||
Yaskawa Electric Corp. | 1,300 | 40,589 | ||||||
1,002,655 | ||||||||
Instruments - Controls — 0.3% |
| |||||||
Honeywell International, Inc. | 3,146 | 461,676 | ||||||
Watts Water Technologies, Inc., Class A | 633 | 46,690 | ||||||
508,366 | ||||||||
Insurance - Life/Health — 0.2% |
| |||||||
Aflac, Inc. | 885 | 40,480 | ||||||
American Equity Investment Life Holding Co. | 2,765 | 94,369 | ||||||
Athene Holding, Ltd., Class A† | 62 | 2,696 | ||||||
Dai-ichi Life Holdings, Inc. | 6,800 | 118,605 | ||||||
Prudential Financial, Inc. | 80 | 7,501 | ||||||
Unum Group | 47 | 1,688 | ||||||
265,339 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Allstate Corp. | 831 | 74,117 | ||||||
ASR Nederland NV | 1,913 | 82,793 | ||||||
CNA Financial Corp. | 48 | 2,252 | ||||||
Hartford Financial Services Group, Inc. | 805 | 35,573 | ||||||
Horace Mann Educators Corp. | 1,362 | 54,861 | ||||||
Loews Corp. | 1,079 | 51,857 | ||||||
Mapfre SA | 12,943 | 37,019 | ||||||
Storebrand ASA | 6,091 | 47,962 | ||||||
United Fire Group, Inc. | 823 | 44,335 | ||||||
430,769 | ||||||||
Insurance - Property/Casualty — 0.5% |
| |||||||
Ambac Financial Group, Inc.† | 1,549 | 27,076 | ||||||
American National Insurance Co. | 103 | 13,144 | ||||||
AMERISAFE, Inc. | 342 | 22,090 | ||||||
Berkshire Hathaway, Inc., Class B† | 614 | 133,999 | ||||||
Employers Holdings, Inc. | 903 | 40,590 | ||||||
Fidelity National Financial, Inc. | 27 | 907 | ||||||
Gjensidige Forsikring ASA | 2,457 | 38,480 | ||||||
James River Group Holdings, Ltd. | 477 | 18,155 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,900 | 118,422 | ||||||
Navigators Group, Inc. | 469 | 32,581 |
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
ProAssurance Corp. | 1,038 | $ | 45,392 | |||||
Progressive Corp. | 789 | 52,303 | ||||||
RLI Corp. | 732 | 55,500 | ||||||
Safety Insurance Group, Inc. | 364 | 31,966 | ||||||
Selective Insurance Group, Inc. | 913 | 60,596 | ||||||
Stewart Information Services Corp. | 1,160 | 48,790 | ||||||
Tryg A/S | 1,571 | 39,179 | ||||||
Universal Insurance Holdings, Inc. | 344 | 15,098 | ||||||
794,268 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Cogent Communications Holdings, Inc. | 2,119 | 102,750 | ||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Facebook, Inc., Class A† | 672 | 94,490 | ||||||
Netflix, Inc.† | 46 | 13,162 | ||||||
107,652 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
SINA Corp.† | 2,897 | 187,639 | ||||||
Internet Gambling — 0.0% |
| |||||||
Kindred Group PLC SDR | 2,994 | 29,242 | ||||||
Internet Infrastructure Software — 0.2% |
| |||||||
F5 Networks, Inc.† | 1,625 | 279,451 | ||||||
Internet Security — 0.4% |
| |||||||
Palo Alto Networks, Inc.† | 1,663 | 287,616 | ||||||
Symantec Corp. | 10,023 | 221,608 | ||||||
Trend Micro, Inc. | 1,800 | 103,229 | ||||||
612,453 | ||||||||
Investment Companies — 0.7% |
| |||||||
Apollo Investment Corp. | 13,674 | 71,789 | ||||||
Barings BDC, Inc. | 2,256 | 22,605 | ||||||
BlackRock TCP Capital Corp. | 3,700 | 53,169 | ||||||
Corporate Capital Trust, Inc.# | 8,667 | 120,298 | ||||||
FS Investment Corp.# | 15,460 | 92,296 | ||||||
Goldman Sachs BDC, Inc.# | 2,537 | 53,353 | ||||||
Golub Capital BDC, Inc.# | 3,763 | 69,653 | ||||||
L E Lundbergforetagen AB, Class B | 967 | 28,986 | ||||||
Main Street Capital Corp.# | 3,408 | 130,356 | ||||||
Medley Capital Corp. | 2,286 | 7,955 | ||||||
New Mountain Finance Corp.# | 4,472 | 60,864 | ||||||
Oaktree Specialty Lending Corp. | 7,940 | 37,794 | ||||||
Pargesa Holding SA | 494 | 34,290 | ||||||
Prospect Capital Corp.# | 21,016 | 144,170 | ||||||
Solar Capital, Ltd. | 2,754 | 58,357 | ||||||
Solar Senior Capital, Ltd. | 4 | 62 | ||||||
Stellus Capital Investment Corp. | 4 | 55 | ||||||
TCG BDC, Inc#. | 3,940 | 61,070 | ||||||
1,047,122 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Affiliated Managers Group, Inc. | 56 | 6,223 | ||||||
Ameriprise Financial, Inc. | 246 | 31,919 | ||||||
Amundi SA* | 642 | 36,797 | ||||||
Ares Management Corp., Class A | 5,730 | 128,581 | ||||||
Azimut Holding SpA# | 1,521 | 18,756 | ||||||
BlackRock, Inc. | 96 | 41,089 | ||||||
Blucora, Inc.† | 1,964 | 60,805 | ||||||
Hamilton Lane, Inc., Class A | 1,470 | 55,595 | ||||||
Partners Group Holding AG | 710 | 466,610 | ||||||
Virtus Investment Partners, Inc. | 336 | 31,920 | ||||||
Waddell & Reed Financial, Inc., Class A | 2,658 | 54,117 | ||||||
WisdomTree Investments, Inc. | 1,502 | 10,649 | ||||||
943,061 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Lasers - System/Components — 0.0% |
| |||||||
II-VI, Inc.† | 542 | $ | 20,282 | |||||
Leisure Products — 0.0% |
| |||||||
Yamaha Corp. | 1,100 | 47,386 | ||||||
Lighting Products & Systems — 0.0% |
| |||||||
Signify NV* | 1,319 | 35,088 | ||||||
Linen Supply & Related Items — 0.0% |
| |||||||
UniFirst Corp. | 317 | 48,948 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 922 | 32,888 | ||||||
Caterpillar, Inc. | 99 | 13,431 | ||||||
Komatsu, Ltd. | 2,300 | 61,454 | ||||||
107,773 | ||||||||
Machinery - Electrical — 0.5% |
| |||||||
ABB, Ltd. | 11,757 | 238,902 | ||||||
Disco Corp. | 400 | 58,318 | ||||||
Franklin Electric Co., Inc. | 845 | 38,236 | ||||||
Fuji Electric Co., Ltd. | 2,800 | 87,936 | ||||||
Hitachi, Ltd. | 6,200 | 179,585 | ||||||
Konecranes OYJ | 871 | 29,688 | ||||||
Mitsubishi Electric Corp. | 6,800 | 89,818 | ||||||
722,483 | ||||||||
Machinery - Farming — 0.0% |
| |||||||
Husqvarna AB, Class B | 5,390 | 42,520 | ||||||
Machinery - General Industrial — 0.3% |
| |||||||
Albany International Corp., Class A | 275 | 19,899 | ||||||
Applied Industrial Technologies, Inc. | 1,203 | 78,472 | ||||||
Bucher Industries AG | 84 | 22,892 | ||||||
Chart Industries, Inc.† | 971 | 61,717 | ||||||
Duerr AG | 637 | 23,665 | ||||||
DXP Enterprises, Inc.† | 465 | 16,847 | ||||||
Hexagon AB, Class B | 2,842 | 142,053 | ||||||
OC Oerlikon Corp. AG | 2,520 | 29,644 | ||||||
Shima Seiki Manufacturing, Ltd. | 1,100 | 34,111 | ||||||
Stabilus SA | 271 | 19,498 | ||||||
Tennant Co. | 607 | 36,329 | ||||||
Zardoya Otis SA | 2,066 | 14,742 | ||||||
499,869 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Daifuku Co., Ltd. | 3,000 | 153,548 | ||||||
Dover Corp. | 687 | 58,319 | ||||||
211,867 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
SPX FLOW, Inc.† | 1,419 | 53,255 | ||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Nissei ASB Machine Co., Ltd. | 700 | 25,225 | ||||||
Medical Information Systems — 0.0% |
| |||||||
athenahealth, Inc.† | 48 | 6,389 | ||||||
Cerner Corp.† | 259 | 14,998 | ||||||
Tabula Rasa HealthCare, Inc.†# | 181 | 13,662 | ||||||
35,049 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Ambu A/S, Class B | 1,961 | 39,397 | ||||||
AngioDynamics, Inc.† | 1,184 | 25,444 | ||||||
Edwards Lifesciences Corp.† | 261 | 42,285 | ||||||
Getinge AB, Class B | 2,904 | 30,135 | ||||||
Intuitive Surgical, Inc.† | 42 | 22,297 | ||||||
Medtronic PLC | 403 | 39,305 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments (continued) |
| |||||||
Natus Medical, Inc.† | 1,027 | $ | 36,335 | |||||
Shimadzu Corp. | 3,600 | 84,244 | ||||||
Sysmex Corp. | 300 | 16,010 | ||||||
Topcon Corp. | 2,700 | 41,695 | ||||||
377,147 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
BioMerieux | 555 | 39,213 | ||||||
PeptiDream, Inc.†# | 1,300 | 53,318 | ||||||
Quest Diagnostics, Inc. | 284 | 25,154 | ||||||
117,685 | ||||||||
Medical Products — 0.2% |
| |||||||
Abbott Laboratories | 396 | 29,324 | ||||||
ABIOMED, Inc.† | 72 | 23,953 | ||||||
Baxter International, Inc. | 60 | 4,113 | ||||||
CryoLife, Inc.† | 1,087 | 32,958 | ||||||
CYBERDYNE, Inc.† | 1,700 | 12,111 | ||||||
GN Store Nord A/S | 1,761 | 61,832 | ||||||
Integer Holdings Corp.† | 282 | 24,979 | ||||||
Luminex Corp#. | 498 | 14,626 | ||||||
Orthofix Medical, Inc.† | 248 | 14,942 | ||||||
Stryker Corp. | 10 | 1,755 | ||||||
Tactile Systems Technology, Inc.† | 187 | 10,517 | ||||||
William Demant Holding A/S†# | 1,415 | 41,333 | ||||||
272,443 | ||||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Acorda Therapeutics, Inc.† | 1,080 | 22,064 | ||||||
AMAG Pharmaceuticals, Inc.†# | 974 | 17,581 | ||||||
Amgen, Inc. | 604 | 125,783 | ||||||
Biogen, Inc.† | 230 | 76,756 | ||||||
Cambrex Corp.† | 661 | 31,616 | ||||||
Celgene Corp.† | 16 | 1,156 | ||||||
Emergent BioSolutions, Inc.† | 425 | 30,957 | ||||||
Gilead Sciences, Inc. | 223 | 16,043 | ||||||
H. Lundbeck A/S | 803 | 33,091 | ||||||
Illumina, Inc.† | 71 | 23,962 | ||||||
Innoviva, Inc.†# | 771 | 14,078 | ||||||
Medicines Co.†# | 1,567 | 34,678 | ||||||
Myriad Genetics, Inc.†# | 686 | 22,117 | ||||||
Regeneron Pharmaceuticals, Inc.† | 13 | 4,753 | ||||||
REGENXBIO, Inc.†# | 641 | 38,402 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 1,101 | 15,920 | ||||||
Swedish Orphan Biovitrum AB† | 2,146 | 46,364 | ||||||
555,321 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
AbbVie, Inc. | 1,051 | 99,078 | ||||||
Allergan PLC | 76 | 11,902 | ||||||
Bristol-Myers Squibb Co. | 957 | 51,161 | ||||||
Corcept Therapeutics, Inc.†# | 1,120 | 15,602 | ||||||
Enanta Pharmaceuticals, Inc.† | 167 | 13,216 | ||||||
Ipsen SA | 474 | 61,144 | ||||||
Jazz Pharmaceuticals PLC† | 204 | 30,845 | ||||||
Johnson & Johnson | 798 | 117,226 | ||||||
Merck & Co., Inc. | 582 | 46,176 | ||||||
Pfizer, Inc. | 1,775 | 82,058 | ||||||
Phibro Animal Health Corp., Class A | 355 | 12,034 | ||||||
Recordati SpA | 1,325 | 42,710 | ||||||
Shionogi & Co., Ltd. | 2,400 | 158,846 | ||||||
Supernus Pharmaceuticals, Inc.† | 496 | 23,520 | ||||||
Vanda Pharmaceuticals, Inc.† | 627 | 15,700 | ||||||
Zoetis, Inc. | 385 | 36,140 | ||||||
817,358 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Endo International PLC† | 6,074 | $ | 73,070 | |||||
Momenta Pharmaceuticals, Inc.† | 894 | 10,585 | ||||||
83,655 | ||||||||
Medical- HMO — 0.2% |
| |||||||
Centene Corp.† | 89 | 12,660 | ||||||
Cigna Corp. | 224 | 50,037 | ||||||
Humana, Inc. | 6 | 1,977 | ||||||
Magellan Health, Inc.† | 806 | 43,943 | ||||||
Tivity Health, Inc.†# | 410 | 16,794 | ||||||
UnitedHealth Group, Inc. | 323 | 90,879 | ||||||
WellCare Health Plans, Inc.† | 8 | 2,039 | ||||||
218,329 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Community Health Systems, Inc.†# | 3,712 | 17,632 | ||||||
HCA Healthcare, Inc. | 23 | 3,312 | ||||||
Select Medical Holdings Corp.† | 2,100 | 40,698 | ||||||
61,642 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 977 | 44,326 | ||||||
Medical - Outpatient/Home Medical — 0.0% |
| |||||||
Amedisys, Inc.† | 263 | 35,834 | ||||||
LHC Group, Inc.† | 261 | 27,371 | ||||||
63,205 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 559 | 30,650 | ||||||
Diplomat Pharmacy, Inc.† | 1,343 | 20,790 | ||||||
Owens & Minor, Inc.# | 1,831 | 13,971 | ||||||
Premier, Inc., Class A† | 237 | 9,399 | ||||||
74,810 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Aurubis AG | 492 | 26,774 | ||||||
AZZ, Inc. | 920 | 43,921 | ||||||
China Zhongwang Holdings, Ltd. | 14,000 | 6,459 | ||||||
CIRCOR International, Inc.# | 538 | 17,808 | ||||||
Mueller Industries, Inc. | 1,974 | 47,020 | ||||||
NORMA Group | 350 | 20,223 | ||||||
VAT Group AG* | 281 | 29,350 | ||||||
191,555 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Alumina, Ltd. | 20,621 | 33,620 | ||||||
Aluminum Corp of China, Ltd.† | 34,000 | 12,239 | ||||||
Kaiser Aluminum Corp. | 571 | 55,804 | ||||||
Norsk Hydro ASA | 11,329 | 53,425 | ||||||
155,088 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Antofagasta PLC | 3,322 | 33,921 | ||||||
First Quantum Minerals, Ltd. | 5,808 | 53,331 | ||||||
Freeport-McMoRan, Inc. | 11,594 | 138,432 | ||||||
Jiangxi Copper Co., Ltd. | 11,000 | 13,285 | ||||||
Turquoise Hill Resources, Ltd.† | 8,476 | 15,183 | ||||||
254,152 | ||||||||
Metal - Diversified — 0.8% |
| |||||||
Boliden AB | 2,305 | 51,681 | ||||||
China Molybdenum Co, Ltd., Class H | 33,000 | 13,451 | ||||||
Glencore PLC | 97,207 | 359,888 | ||||||
MMG, Ltd.† | 20,000 | 9,916 | ||||||
Rio Tinto PLC | 10,005 | 454,192 |
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Metal - Diversified (continued) |
| |||||||
Rio Tinto, Ltd. | 3,474 | $ | 186,312 | |||||
South32, Ltd. | 43,200 | 98,510 | ||||||
1,173,950 | ||||||||
Metal - Iron — 0.0% |
| |||||||
Fortescue Metals Group, Ltd.# | 13,115 | 38,352 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,140 | 50,513 | ||||||
John Bean Technologies Corp. | 283 | 23,359 | ||||||
73,872 | ||||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 87 | 3,679 | ||||||
Yamaha Motor Co., Ltd. | 2,200 | 45,254 | ||||||
48,933 | ||||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 699 | 12,323 | ||||||
Twenty-First Century Fox, Inc., Class B | 299 | 14,660 | ||||||
Viacom, Inc., Class B | 348 | 10,739 | ||||||
Walt Disney Co. | 507 | 58,554 | ||||||
96,276 | ||||||||
Networking Products — 0.9% |
| |||||||
Arista Networks, Inc.† | 1,234 | 294,284 | ||||||
Cisco Systems, Inc. | 15,994 | 765,633 | ||||||
LogMeIn, Inc. | 2,500 | 230,575 | ||||||
NETGEAR, Inc.† | 1,035 | 57,339 | ||||||
1,347,831 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Materion Corp. | 811 | 42,886 | ||||||
Mitsubishi Materials Corp. | 900 | 25,329 | ||||||
68,215 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 900 | 161,820 | ||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 723 | 11,713 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 530 | 51,092 | ||||||
Societe BIC SA | 338 | 36,310 | ||||||
87,402 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Noble Corp. PLC† | 8,621 | 35,950 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Aker BP ASA | 1,407 | 40,063 | ||||||
Bonanza Creek Energy, Inc.† | 575 | 15,255 | ||||||
Carrizo Oil & Gas, Inc.†# | 2,814 | 48,147 | ||||||
ConocoPhillips | 355 | 23,494 | ||||||
Continental Resources, Inc.† | 2 | 91 | ||||||
Denbury Resources, Inc.† | 15,120 | 34,171 | ||||||
Inpex Corp. | 4,100 | 43,590 | ||||||
Laredo Petroleum, Inc.† | 2,662 | 11,633 | ||||||
Lundin Petroleum AB | 2,405 | 63,506 | ||||||
Occidental Petroleum Corp. | 247 | 17,357 | ||||||
PDC Energy, Inc.† | 2,097 | 71,172 | ||||||
SRC Energy, Inc.†# | 7,941 | 45,820 | ||||||
Unit Corp.† | 1,967 | 40,914 | ||||||
455,213 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Chevron Corp. | 1,386 | 164,851 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Exxon Mobil Corp. | 1,477 | $ | 117,421 | |||||
282,272 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Exterran Corp.† | 1,285 | 28,912 | ||||||
National Oilwell Varco, Inc. | 754 | 24,211 | ||||||
US Silica Holdings, Inc.# | 2,678 | 38,001 | ||||||
91,124 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
HollyFrontier Corp. | 313 | 19,553 | ||||||
Marathon Petroleum Corp. | 604 | 39,357 | ||||||
Phillips 66 | 453 | 42,365 | ||||||
Valero Energy Corp. | 48 | 3,835 | ||||||
105,110 | ||||||||
Oil- Field Services — 0.3% |
| |||||||
Archrock, Inc. | 4,350 | 44,370 | ||||||
C&J Energy Services, Inc.† | 2,032 | 34,910 | ||||||
Halliburton Co. | 32 | 1,006 | ||||||
Helix Energy Solutions Group, Inc.† | 4,787 | 39,253 | ||||||
KLX Energy Services Holdings, Inc.† | 497 | 10,034 | ||||||
Matrix Service Co.† | 787 | 16,086 | ||||||
Newpark Resources, Inc.† | 2,592 | 19,932 | ||||||
Oil States International, Inc.† | 2,050 | 45,961 | ||||||
ProPetro Holding Corp.†# | 798 | 12,944 | ||||||
Saipem SpA† | 7,487 | 32,780 | ||||||
SBM Offshore NV | 2,275 | 34,672 | ||||||
Schlumberger, Ltd. | 173 | 7,802 | ||||||
SEACOR Holdings, Inc.† | 455 | 18,901 | ||||||
Subsea 7 SA | 3,355 | 36,258 | ||||||
Superior Energy Services, Inc.† | 5,640 | 30,738 | ||||||
TechnipFMC PLC | 224 | 5,172 | ||||||
TGS NOPEC Geophysical Co. ASA | 1,330 | 37,377 | ||||||
428,196 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
BillerudKorsnas AB | 2,302 | 30,794 | ||||||
Clearwater Paper Corp.† | 537 | 16,545 | ||||||
Domtar Corp. | 67 | 2,920 | ||||||
Neenah, Inc. | 209 | 14,396 | ||||||
P.H. Glatfelter Co. | 1,166 | 14,866 | ||||||
Schweitzer-Mauduit International, Inc. | 922 | 26,286 | ||||||
105,807 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
CVS Health Corp. | 58 | 4,671 | ||||||
Express Scripts Holding Co.† | 211 | 21,410 | ||||||
26,081 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
Encompass Health Corp. | 413 | 31,062 | ||||||
U.S. Physical Therapy, Inc. | 148 | 17,610 | ||||||
48,672 | ||||||||
Pipelines — 0.0% |
| |||||||
Koninklijke Vopak NV | 862 | 37,847 | ||||||
ONEOK, Inc. | 54 | 3,317 | ||||||
Williams Cos., Inc. | 132 | 3,342 | ||||||
44,506 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Powell Industries, Inc. | 390 | 11,922 | ||||||
Schneider Electric SE | 1,810 | 131,802 | ||||||
SPX Corp.† | 1,653 | 48,896 | ||||||
192,620 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Private Equity — 1.3% |
| |||||||
3i Group PLC | 25,280 | $ | 269,508 | |||||
AURELIUS Equity Opportunities SE & Co. KGaA | 1,450 | 63,683 | ||||||
Brookfield Asset Management, Inc., Class A# | 14,840 | 650,496 | ||||||
Eurazeo SE | 2,652 | 198,984 | ||||||
Intermediate Capital Group PLC | 12,530 | 162,175 | ||||||
KKR & Co, Inc. Class A# | 21,920 | 502,406 | ||||||
Onex Corp. | 2,660 | 164,967 | ||||||
2,012,219 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Lagardere SCA | 1,359 | 38,452 | ||||||
Scholastic Corp. | 971 | 44,870 | ||||||
83,322 | ||||||||
Publishing - Newspapers — 0.1% |
| |||||||
Gannett Co., Inc.# | 4,100 | 42,517 | ||||||
Schibsted ASA, Class A# | 1,038 | 37,734 | ||||||
80,251 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Axel Springer SE | 605 | 38,577 | ||||||
Radio — 0.0% |
| |||||||
Sirius XM Holdings, Inc.# | 569 | 3,545 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
Acadia Realty Trust | 2,492 | 71,446 | ||||||
Agree Realty Corp. | 380 | 22,637 | ||||||
Alexandria Real Estate Equities, Inc. | 150 | 18,675 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 3,078 | 58,297 | ||||||
ARMOUR Residential REIT, Inc.# | 1,241 | 27,476 | ||||||
Capstead Mtg. Corp. | 5,970 | 46,148 | ||||||
CareTrust REIT, Inc. | 2,118 | 42,402 | ||||||
CBL & Associates Properties, Inc.# | 5,544 | 14,470 | ||||||
Cedar Realty Trust, Inc. | 3,744 | 13,441 | ||||||
Chatham Lodging Trust | 2,654 | 53,053 | ||||||
Chesapeake Lodging Trust | 1,457 | 43,083 | ||||||
Cofinimmo SA | 267 | 32,530 | ||||||
Community Healthcare Trust, Inc. | 747 | 23,560 | ||||||
Covivio | 448 | 43,722 | ||||||
DiamondRock Hospitality Co. | 6,618 | 69,754 | ||||||
Easterly Government Properties, Inc. | 1,143 | 20,825 | ||||||
EastGroup Properties, Inc. | 266 | 26,605 | ||||||
Extra Space Storage, Inc. | 196 | 18,812 | ||||||
Franklin Street Properties Corp.# | 5,733 | 44,144 | ||||||
Government Properties Income Trust# | 3,754 | 33,035 | ||||||
Hersha Hospitality Trust | 2,029 | 38,754 | ||||||
Host Hotels & Resorts, Inc. | 2,185 | 41,515 | ||||||
Independence Realty Trust, Inc. | 4,918 | 49,672 | ||||||
Inmobiliaria Colonial SA | 2,867 | 28,822 | ||||||
Invesco Mtg. Capital, Inc. | 1,995 | 31,162 | ||||||
Kite Realty Group Trust | 3,198 | 52,799 | ||||||
Lexington Realty Trust | 2,461 | 21,608 | ||||||
LTC Properties, Inc. | 793 | 36,827 | ||||||
Merlin Properties Socimi SA | 4,752 | 60,094 | ||||||
National Storage Affiliates Trust | 751 | 21,005 | ||||||
New York Mortgage Trust, Inc.# | 7,369 | 45,688 | ||||||
Pennsylvania Real Estate Investment Trust | 4,286 | 35,102 | ||||||
PennyMac Mtg. Investment Trust | 1,512 | 31,828 | ||||||
PS Business Parks, Inc. | 144 | 20,307 | ||||||
Public Storage | 10 | 2,133 | ||||||
Redwood Trust, Inc. | 1,953 | 32,596 | ||||||
Retail Opportunity Investments Corp. | 2,515 | 45,522 | ||||||
RPT Realty# | 1,595 | 22,793 | ||||||
Simon Property Group, Inc. | 486 | 90,245 | ||||||
Summit Hotel Properties, Inc. | 1,348 | 15,030 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Urstadt Biddle Properties, Inc., Class A | 1,199 | $ | 24,675 | |||||
Washington Prime Group, Inc.# | 6,736 | 42,100 | ||||||
Weyerhaeuser Co. | 113 | 2,984 | ||||||
1,517,376 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 261 | 11,400 | ||||||
Entra ASA* | 1,311 | 17,281 | ||||||
Fabege AB | 3,646 | 45,499 | ||||||
Fastighets AB Balder, Class B† | 1,276 | 35,289 | ||||||
HFF, Inc., Class A | 396 | 15,998 | ||||||
RE/MAX Holdings, Inc., Class A | 1,083 | 35,707 | ||||||
161,174 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
Aroundtown SA | 7,374 | 63,228 | ||||||
Castellum AB | 3,557 | 62,381 | ||||||
LEG Immobilien AG | 694 | 79,794 | ||||||
Mitsui Fudosan Co., Ltd. | 4,500 | 107,629 | ||||||
Tokyo Tatemono Co., Ltd. | 2,300 | 26,219 | ||||||
Whitestone REIT | 1,356 | 19,092 | ||||||
358,343 | ||||||||
Rental Auto/Equipment — 0.0% |
| |||||||
Rent-A-Center, Inc.† | 1,196 | 17,557 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Abercrombie & Fitch Co., Class A | 2,490 | 52,066 | ||||||
Ascena Retail Group, Inc.† | 4,583 | 13,841 | ||||||
Buckle, Inc.# | 857 | 16,369 | ||||||
Burlington Stores, Inc.† | 94 | 15,581 | ||||||
Caleres, Inc. | 1,579 | 47,733 | ||||||
Chico’s FAS, Inc. | 5,032 | 27,173 | ||||||
Children’s Place, Inc.# | 173 | 22,428 | ||||||
DSW, Inc., Class A | 2,338 | 64,856 | ||||||
Express, Inc.†# | 2,243 | 13,996 | ||||||
Foot Locker, Inc. | 18 | 1,015 | ||||||
Gap, Inc. | 137 | 3,739 | ||||||
Genesco, Inc.† | 841 | 35,120 | ||||||
Guess?, Inc. | 2,033 | 48,385 | ||||||
Lululemon Athletica, Inc.† | 127 | 16,834 | ||||||
Ross Stores, Inc. | 82 | 7,183 | ||||||
Tailored Brands, Inc.# | 1,203 | 27,549 | ||||||
413,868 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
AutoZone, Inc.† | 46 | 37,217 | ||||||
O’Reilly Automotive, Inc.† | 8 | 2,774 | ||||||
39,991 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
Asbury Automotive Group, Inc.† | 745 | 51,495 | ||||||
Group 1 Automotive, Inc. | 616 | 34,619 | ||||||
Lithia Motors, Inc., Class A# | 498 | 41,264 | ||||||
127,378 | ||||||||
Retail - Building Products — 0.1% |
| |||||||
Home Depot, Inc. | 762 | 137,404 | ||||||
Lowe’s Cos., Inc. | 108 | 10,192 | ||||||
147,596 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 106 | 6,847 | ||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 18 | 4,163 | ||||||
Dollar General Corp. | 461 | 51,166 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount (continued) |
| |||||||
Don Quijote Holdings Co., Ltd#. | 2,300 | $ | 139,605 | |||||
Target Corp. | 630 | 44,705 | ||||||
Walmart, Inc. | 486 | 47,458 | ||||||
287,097 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
Walgreens Boots Alliance, Inc. | 126 | 10,668 | ||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 21 | 1,998 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 966 | 17,649 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Haverty Furniture Cos., Inc. | 813 | 16,658 | ||||||
La-Z-Boy, Inc. | 1,161 | 33,936 | ||||||
Nitori Holdings Co., Ltd. | 400 | 53,612 | ||||||
RH†# | 186 | 21,602 | ||||||
125,808 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc. | 421 | 15,846 | ||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
GameStop Corp., Class A# | 3,356 | 45,843 | ||||||
Retail - Office Supplies — 0.0% |
| |||||||
Office Depot, Inc. | 18,274 | 59,025 | ||||||
Retail - Pawn Shops — 0.0% |
| |||||||
EZCORP, Inc., Class A†# | 1,631 | 15,527 | ||||||
FirstCash, Inc. | 391 | 34,819 | ||||||
50,346 | ||||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 18 | 5,360 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp. | 108 | 7,254 | ||||||
Macy’s, Inc. | 58 | 1,985 | ||||||
9,239 | ||||||||
Retail - Restaurants — 0.2% |
| |||||||
BJ’s Restaurants, Inc. | 240 | 13,037 | ||||||
Cannae Holdings, Inc.† | 4,080 | 71,114 | ||||||
Chuy’s Holdings, Inc.† | 731 | 15,643 | ||||||
Dave & Buster’s Entertainment, Inc.# | 386 | 21,948 | ||||||
Dine Brands Global, Inc.# | 404 | 36,029 | ||||||
Fiesta Restaurant Group, Inc.† | 753 | 14,194 | ||||||
McDonald’s Corp. | 203 | 38,268 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 406 | 14,084 | ||||||
Shake Shack, Inc., Class A†# | 283 | 15,721 | ||||||
Sonic Corp. | 726 | 31,545 | ||||||
Wingstop, Inc. | 286 | 18,767 | ||||||
Yum! Brands, Inc. | 6 | 553 | ||||||
290,903 | ||||||||
Rubber & Vinyl — 0.0% |
| |||||||
Wacker Chemie AG | 226 | 21,738 | ||||||
Rubber - Tires — 0.0% |
| |||||||
Cooper Tire & Rubber Co.# | 1,714 | 58,619 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Hexpol AB | 3,318 | 29,323 | ||||||
Proto Labs, Inc.† | 245 | 31,529 | ||||||
Raven Industries, Inc. | 407 | 16,423 | ||||||
Sekisui Plastics Co., Ltd. | 2,100 | 19,998 | ||||||
97,273 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Satellite Telecom — 0.3% |
| |||||||
Cellnex Telecom SA* | 1,989 | $ | 55,266 | |||||
Eutelsat Communications SA | 1,798 | 38,393 | ||||||
Iridium Communications, Inc.†# | 17,187 | 410,426 | ||||||
504,085 | ||||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
Axos Financial, Inc.†# | 759 | 23,681 | ||||||
Banc of California, Inc.# | 1,275 | 21,930 | ||||||
Berkshire Hills Bancorp, Inc. | 745 | 25,442 | ||||||
Brookline Bancorp, Inc. | 1,053 | 16,300 | ||||||
Dime Community Bancshares, Inc. | 1,022 | 18,652 | ||||||
New York Community Bancorp, Inc#. | 3,499 | 37,194 | ||||||
Northfield Bancorp, Inc. | 1,545 | 21,769 | ||||||
Northwest Bancshares, Inc. | 2,886 | 51,746 | ||||||
Oritani Financial Corp. | 177 | 2,759 | ||||||
People’s United Financial, Inc. | 11 | 186 | ||||||
Provident Financial Services, Inc. | 1,692 | 43,451 | ||||||
Washington Federal, Inc. | 456 | 13,137 | ||||||
276,247 | ||||||||
Schools — 0.1% |
| |||||||
Career Education Corp.† | 905 | 12,208 | ||||||
Strategic Education, Inc. | 375 | 51,184 | ||||||
63,392 | ||||||||
Security Services — 0.0% |
| |||||||
Loomis AB, Series B | 936 | 31,542 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Analog Devices, Inc. | 1,482 | 136,225 | ||||||
Marvell Technology Group, Ltd. | 7,685 | 123,805 | ||||||
Maxim Integrated Products, Inc. | 2,472 | 138,234 | ||||||
MaxLinear, Inc.†# | 653 | 13,321 | ||||||
NXP Semiconductors NV | 3,402 | 283,625 | ||||||
Power Integrations, Inc. | 640 | 40,550 | ||||||
QUALCOMM, Inc.# | 4,498 | 262,054 | ||||||
Renesas Electronics Corp.† | 13,400 | 63,692 | ||||||
1,061,506 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Advanced Energy Industries, Inc.† | 388 | 18,252 | ||||||
ASM International NV | 609 | 26,065 | ||||||
ASM Pacific Technology, Ltd. | 15,900 | 163,105 | ||||||
BE Semiconductor Industries NV | 989 | 21,471 | ||||||
Brooks Automation, Inc. | 678 | 20,584 | ||||||
Cabot Microelectronics Corp. | 232 | 24,935 | ||||||
Cohu, Inc. | 664 | 13,014 | ||||||
FormFactor, Inc.† | 1,004 | 16,556 | ||||||
KLA-Tencor Corp. | 170 | 16,755 | ||||||
Kulicke & Soffa Industries, Inc. | 732 | 15,811 | ||||||
Lam Research Corp. | 35 | 5,494 | ||||||
Siltronic AG | 270 | 24,316 | ||||||
Teradyne, Inc. | 3,800 | 135,622 | ||||||
501,980 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 118 | 25,429 | ||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A† | 3,910 | 654,299 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Maruichi Steel Tube, Ltd. | 500 | 14,853 | ||||||
Steel - Producers — 0.6% |
| |||||||
AK Steel Holding Corp.†# | 11,098 | 34,182 | ||||||
Angang Steel Co., Ltd. | 10,000 | 8,166 | ||||||
ArcelorMittal | 5,596 | 126,965 | ||||||
BlueScope Steel, Ltd. | 4,635 | 38,336 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Steel - Producers (continued) |
| |||||||
JFE Holdings, Inc. | 6,600 | $ | 116,443 | |||||
Kobe Steel, Ltd. | 2,600 | 21,393 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 6,500 | 118,971 | ||||||
Nucor Corp. | 3,423 | 206,783 | ||||||
Steel Dynamics, Inc. | 1,996 | 70,259 | ||||||
thyssenkrupp AG | 3,672 | 68,707 | ||||||
voestalpine AG | 966 | 32,135 | ||||||
842,340 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Hitachi Metals, Ltd. | 1,800 | 20,283 | ||||||
Outokumpu Oyj | 4,183 | 17,417 | ||||||
37,700 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 875 | 35,368 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Finisar Corp.† | 3,666 | 85,601 | ||||||
Harmonic, Inc.† | 2,849 | 16,012 | ||||||
Oclaro, Inc.† | 3,747 | 30,238 | ||||||
Viavi Solutions, Inc.† | 4,106 | 41,635 | ||||||
173,486 | ||||||||
Telecom Services — 0.2% |
| |||||||
Consolidated Communications Holdings, Inc. | 12,793 | 176,032 | ||||||
Spok Holdings, Inc. | 4,259 | 62,053 | ||||||
Vonage Holdings Corp.† | 11,424 | 120,980 | ||||||
359,065 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
Juniper Networks, Inc. | 8,372 | 240,360 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
AT&T, Inc. | 1,997 | 62,386 | ||||||
CenturyLink, Inc. | 609 | 11,449 | ||||||
Cincinnati Bell, Inc.† | 9,203 | 114,301 | ||||||
Freenet AG | 1,668 | 34,316 | ||||||
Frontier Communications Corp. | 20,257 | 72,318 | ||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 123,684 | ||||||
SoftBank Group Corp. | 1,400 | 117,486 | ||||||
Telefonica Deutschland Holding AG | 8,254 | 33,500 | ||||||
Verizon Communications, Inc. | 944 | 56,923 | ||||||
626,363 | ||||||||
Television — 0.0% |
| |||||||
ION Media Networks, Inc.†(1)(2)(3) | 18 | 14,999 | ||||||
RTL Group SA | 501 | 30,043 | ||||||
45,042 | ||||||||
Theaters — 0.0% |
| |||||||
Cinemark Holdings, Inc. | 329 | 12,624 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 1,556 | 85,315 | ||||||
Philip Morris International, Inc. | 626 | 54,168 | ||||||
Universal Corp. | 765 | 48,501 | ||||||
187,984 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc.# | 218 | 36,240 | ||||||
Toys — 0.1% |
| |||||||
Bandai Namco Holdings, Inc. | 1,200 | 50,457 | ||||||
Nintendo Co., Ltd. | 100 | 30,517 | ||||||
80,974 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transactional Software — 0.0% |
| |||||||
SimCorp A/S | 529 | $ | 33,761 | |||||
Transport- Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 857 | 45,635 | ||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
Greenbrier Cos., Inc. | 1,048 | 51,258 | ||||||
Transport - Marine — 0.0% |
| |||||||
Dfds A/S | 344 | 12,924 | ||||||
Transport - Rail — 0.0% |
| |||||||
CSX Corp. | 495 | 35,952 | ||||||
Kansas City Southern | 80 | 8,244 | ||||||
Norfolk Southern Corp. | 63 | 10,757 | ||||||
Union Pacific Corp. | 54 | 8,304 | ||||||
63,257 | ||||||||
Transport - Services — 0.2% |
| |||||||
bpost SA | 1,276 | 16,498 | ||||||
C.H. Robinson Worldwide, Inc. | 163 | 15,050 | ||||||
Echo Global Logistics, Inc.† | 751 | 19,053 | ||||||
Expeditors International of Washington, Inc. | 204 | 15,522 | ||||||
Forward Air Corp. | 292 | 19,062 | ||||||
Hub Group, Inc., Class A† | 1,125 | 49,995 | ||||||
Matson, Inc. | 1,380 | 54,303 | ||||||
Sankyu, Inc. | 1,400 | 65,649 | ||||||
SG Holdings Co., Ltd. | 4,000 | 98,268 | ||||||
353,400 | ||||||||
Transport - Truck — 0.0% |
| |||||||
ArcBest Corp. | 922 | 37,120 | ||||||
Old Dominion Freight Line, Inc. | 17 | 2,324 | ||||||
Saia, Inc.† | 258 | 15,560 | ||||||
55,004 | ||||||||
Travel Services — 0.0% |
| |||||||
HIS Co., Ltd.# | 1,700 | 57,319 | ||||||
Venture Capital — 0.1% |
| |||||||
Hercules Capital, Inc. | 5,297 | 64,411 | ||||||
Jafco Co., Ltd. | 1,200 | 43,871 | ||||||
108,282 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 481 | 31,198 | ||||||
Water — 0.3% |
| |||||||
American States Water Co. | 2,908 | 195,069 | ||||||
California Water Service Group | 3,818 | 174,559 | ||||||
369,628 | ||||||||
Web Hosting/Design — 0.5% |
| |||||||
GoDaddy, Inc., Class A† | 5,009 | 326,887 | ||||||
NIC, Inc. | 2,164 | 28,132 | ||||||
Shopify, Inc., Class A†# | 2,400 | 366,384 | ||||||
721,403 | ||||||||
Web Portals/ISP — 0.5% |
| |||||||
Alphabet, Inc., Class A† | 46 | 51,044 | ||||||
Alphabet, Inc., Class C† | 149 | 163,070 | ||||||
Baidu, Inc. ADR† | 1,484 | 279,407 | ||||||
United Internet AG | 4,092 | 184,218 | ||||||
677,739 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Encore Wire Corp. | 767 | 38,319 | ||||||
Insteel Industries, Inc. | 576 | 15,863 | ||||||
54,182 | ||||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(9) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
X-Ray Equipment — 0.0% |
| |||||||
Varex Imaging Corp.†# | 542 | $ | 14,282 | |||||
Total Common Stocks | ||||||||
(cost $76,706,842) | 72,568,637 | |||||||
EXCHANGE-TRADED FUNDS — 9.0% | ||||||||
iShares Core S&PSmall-Cap ETF | 784 | 62,171 | ||||||
iShares MSCI Brazil ETF | 125,900 | 5,010,820 | ||||||
iShares MSCI Europe Financials ETF# | 72,700 | 1,339,861 | ||||||
iShares MSCI EuropeSmall-Cap ETF | 55,000 | 2,652,650 | ||||||
iShares MSCI India ETF | 113,700 | 3,791,895 | ||||||
iShares Russell 1000 Growth ETF | 105 | 15,049 | ||||||
iShares Russell 1000 Value ETF | 124 | 15,312 | ||||||
iShares S&P SmallCap 600 Value ETF | 85 | 12,852 | ||||||
iShares US Telecommunications ETF# | 9,600 | 275,616 | ||||||
iShares US Utilities ETF# | 2,600 | 365,846 | ||||||
SPDR S&P 500 ETF Trust | 153 | 42,174 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $14,508,132) | 13,584,246 | |||||||
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# | 722 | 46,567 | ||||||
ASSET BACKED SECURITIES — 7.7% |
| |||||||
Diversified Financial Services — 7.7% |
| |||||||
BMW Vehicle Lease Trust | 555,000 | 549,906 | ||||||
Capital One Multi-Asset Execution Trust | 1,000,000 | 988,794 | ||||||
Citibank Credit Card Issuance Trust | 200,000 | 199,167 | ||||||
Discover Card Execution Note Trust | 1,400,000 | 1,376,155 | ||||||
Hyundai Auto Receivables Trust | 1,000,000 | 984,886 | ||||||
Kingsland VIII, Ltd. FRS | 7,500,000 | 7,370,625 | ||||||
Toyota Auto Receivables Owner Trust | 75,000 | 74,962 | ||||||
Total Asset Backed Securities | ||||||||
(cost $11,736,012) | 11,544,495 | |||||||
U.S. CORPORATE BONDS & NOTES — 3.3% |
| |||||||
Finance - Credit Card — 0.8% |
| |||||||
American Express Credit Corp. FRS | 1,290,000 | 1,290,462 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 893 |
Security Description | Principal Amount(9) | Value (Note 2) | ||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Lehman Brothers Holdings, Inc. | $ | 71,000 | $ | 7 | ||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
907 | ||||||||
Pharmacy Services — 1.0% |
| |||||||
CVS Health Corp. FRS | 1,500,000 | 1,501,120 | ||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc. FRS | 1,000,000 | 1,005,445 | ||||||
Verizon Communications, Inc. FRS | 1,216,000 | 1,218,626 | ||||||
2,224,071 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $5,037,015) | 5,016,560 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 2.4% |
| |||||||
Banks - Commercial — 0.7% |
| |||||||
Royal Bank of Canada FRS | 1,100,000 | 1,100,913 | ||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Siemens Financieringsmaatschappij NV FRS | 1,290,000 | 1,291,443 | ||||||
Soap & Cleaning Preparation — 0.8% |
| |||||||
Reckitt Benckiser Treasury Services PLC FRS | 1,295,000 | 1,284,204 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $3,696,550) | 3,676,560 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 2.5% |
| |||||||
Sovereign — 2.5% |
| |||||||
Commonwealth of Australia | AUD | 52,000 | 37,144 | |||||
Commonwealth of Australia | AUD | 33,000 | 25,008 | |||||
Commonwealth of Australia | AUD | 47,000 | 38,300 | |||||
Commonwealth of Australia | AUD | 52,000 | 45,820 | |||||
Government of Canada | CAD | 60,000 | 42,763 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(9) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Government of Canada | CAD | 103,000 | $ | 75,105 | ||||
Government of Canada | CAD | 69,000 | 49,952 | |||||
Government of Canada | CAD | 63,000 | 45,364 | |||||
Government of Canada | CAD | 60,000 | 40,766 | |||||
Government of Canada | CAD | 57,000 | 41,605 | |||||
Government of Canada | CAD | 54,000 | 38,539 | |||||
Government of Canada | CAD | 61,000 | 45,057 | |||||
Government of Canada | CAD | 34,000 | 25,347 | |||||
Government of Canada | CAD | 54,000 | 39,688 | |||||
Government of Canada | CAD | 53,000 | 39,902 | |||||
Government of Canada | CAD | 56,000 | 42,740 | |||||
Government of Canada | CAD | 51,000 | 39,083 | |||||
Government of Canada | CAD | 44,000 | 43,699 | |||||
Government of Canada | CAD | 49,000 | 52,256 | |||||
Government of Japan | JPY | 3,300,000 | 28,667 | |||||
Government of Japan | JPY | 13,400,000 | 119,359 | |||||
Government of Japan | JPY | 12,900,000 | 114,665 | |||||
Government of Japan | JPY | 3,800,000 | 33,706 | |||||
Government of Japan | JPY | 11,000,000 | 99,832 | |||||
Kingdom of Belgium | EUR | 36,000 | 58,694 | |||||
Kingdom of Belgium | EUR | 58,000 | 98,769 |
Security Description | Principal Amount(9) | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Kingdom of Spain | EUR | 80,000 | $ | 132,939 | ||||
Kingdom of Spain | EUR | 73,000 | 117,398 | |||||
Portuguese Republic | EUR | 27,000 | 36,913 | |||||
Portuguese Republic | EUR | 15,000 | 20,397 | |||||
Republic of Ireland | EUR | 22,000 | 25,381 | |||||
Republic of Ireland | EUR | 36,000 | 42,628 | |||||
Republic of Italy | EUR | 90,000 | 107,646 | |||||
Republic of Italy | EUR | 60,000 | 71,811 | |||||
Republic of Italy | EUR | 38,000 | 45,508 | |||||
Republic of Italy | EUR | 92,000 | 112,938 | |||||
Republic of Italy | EUR | 22,000 | 28,453 | |||||
Republic of Italy | EUR | 40,000 | 51,033 | |||||
Republic of Italy | EUR | 30,000 | 42,087 | |||||
United Kingdom | GBP | 91,000 | 160,971 | |||||
United Mexican States | MXN | 15,000,000 | 708,157 | |||||
United Mexican States | MXN | 16,000,000 | 711,338 | |||||
Total Foreign Government Obligations | ||||||||
(cost $4,018,966) | 3,777,428 | |||||||
RIGHTS — 0.0% | ||||||||
Real Estate Operations & Development — 0.0% |
| |||||||
Buwog AG | ||||||||
(cost $50,472) | 1,461 | 48,049 | ||||||
U.S. GOVERNMENT TREASURIES — 1.2% |
| |||||||
United States Treasury Bonds — 0.1% |
| |||||||
2.75% due 02/15/2028 | 82,000 | 80,302 | ||||||
2.88% due 05/15/2043 | 110,000 | 101,982 | ||||||
182,284 | ||||||||
United States Treasury Notes — 1.1% |
| |||||||
1.63% due 08/31/2022 | 90,000 | 86,087 | ||||||
1.75% due 05/31/2022 | 85,000 | 81,912 |
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(9) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) |
| |||||||
1.88% due 04/30/2022 | $ | 64,000 | $ | 61,988 | ||||
1.88% due 07/31/2022 | 25,000 | 24,154 | ||||||
2.00% due 10/31/2022# | 126,000 | 122,033 | ||||||
2.00% due 02/15/2023 | 151,000 | 145,839 | ||||||
2.00% due 08/15/2025 | 149,000 | 140,595 | ||||||
2.13% due 12/31/2022 | 138,000 | 134,119 | ||||||
2.13% due 05/15/2025 | 112,000 | 106,750 | ||||||
2.25% due 08/15/2027 | 121,000 | 114,123 | ||||||
2.25% due 11/15/2027 | 126,000 | 118,583 | ||||||
2.38% due 01/31/2023 | 114,000 | 111,871 | ||||||
2.50% due 03/31/2023 | 116,000 | 114,342 | ||||||
2.75% due 04/30/2023 | 130,000 | 129,446 | ||||||
3.00% due 09/30/2025 | 116,000 | 116,544 | ||||||
1,608,386 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $1,785,837) | 1,790,670 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $117,589,867) | 112,053,217 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 23.1% |
| |||||||
Registered Investment Companies — 22.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 30,089,723 | 30,089,723 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,637,123 | 3,637,123 | ||||||
33,726,846 | ||||||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills | 1,220,000 | 1,219,784 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $34,946,501) | 34,946,630 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $152,536,368)(8) | 97.3 | % | 146,999,847 | |||||
Other assets less liabilities | 2.7 | 4,073,757 | ||||||
NET ASSETS | 100.0 | % | $ | 151,073,604 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $10,721,271 representing 7.1% 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) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $17,599 representing 0.0% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. |
As of November 30, 2018, the Fund held the following restricted securities:
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
ION Media Networks, Inc. | 3/5/2014 | 18 | $ | 0 | $ | 14,999 | 833.28 | 0.01 | % | |||||||||||||||
(4) | At November 30, 2018, the Fund had loaned securities with a total value of $8,414,631. This was secured by collateral of $3,637,123, which was received in cash and subsequently invested in short-term investments currently valued at $3,637,123 as reported in the Portfolio of Investments. Additional collateral of $5,035,589 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 242,048 | ||||
Federal National Mtg. Assoc. | zero coupon to 4.50% | 02/01/2019 to 06/01/2048 | 365,899 | |||||
Government National Mtg. Assoc. | 1.89% to 14.55% | 04/16/2025 to 11/20/2068 | 145,097 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 06/20/2019 | 180,283 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 4,102,262 |
(5) | The rate shown is the7-day yield as of November 30, 2018. |
(6) | Collateralized Loan Obligation |
(7) | The security or a portion thereof was pledge as collateral to cover margin requirements for open future contract. |
(8) | See Note 5 for cost of investments on a tax basis. |
(9) | Denominated in United States dollars unless otherwise indicated. |
ADR—American Depositary Receipt
AUD—Australian Dollar
CAD—Canadian Dollar
CVA—Certification Van Aadelen (Dutch Cert.)
ETF—Exchange-Traded Funds
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
SDR—Swedish Depositary Receipt
FRS—Floating Rate Security
The rates shown on the FRS is the current interest rates as of November 30, 2018, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
3 ML—3 Month USD LIBOR
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
5 | Long | MSCI Europe Index | December 2018 | $ | 303,461 | $ | 304,075 | $ | 614 | |||||||||||||||
1 | Long | Nikkei 225 Index | December 2018 | 107,754 | 112,100 | 4,346 | ||||||||||||||||||
52 | Long | Russell 1000E-mini Value Index | December 2018 | 3,241,079 | 3,152,500 | (88,579 | ) | |||||||||||||||||
18 | Short | Russell 1000 Growth Index | December 2018 | 1,392,937 | 1,296,180 | 96,757 | ||||||||||||||||||
15 | Short | Russell 2000 Mini Index | December 2018 | 1,123,757 | 1,150,950 | (27,193 | ) | |||||||||||||||||
198 | Long | SGX Nifty 50 Index | December 2018 | 4,289,560 | 4,320,360 | 30,800 | ||||||||||||||||||
29 | Short | S&P 500E-mini Index | December 2018 | 4,199,346 | 3,999,535 | 199,811 | ||||||||||||||||||
124 | Long | U.S. Treasury 5 Year Notes | March 2019 | 14,002,602 | 14,007,156 | 4,554 | ||||||||||||||||||
106 | Long | U.S. Treasury 10 Year Notes | March 2019 | 12,641,424 | 12,662,029 | 20,605 | ||||||||||||||||||
$ | 241,715 | |||||||||||||||||||||||
* | 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 & Co. International PLC | AUD | 136,300 | USD | 98,843 | 12/19/2018 | $ | – | $ | (805 | ) | ||||||||||||||||||
AUD | 62,800 | USD | 45,873 | 03/20/2019 | – | (112 | ) | |||||||||||||||||||||
CAD | 986,400 | USD | 752,111 | 12/19/2018 | 9,375 | – | ||||||||||||||||||||||
EUR | 843,900 | USD | 992,861 | 12/19/2018 | 36,108 | – | ||||||||||||||||||||||
EUR | 108,100 | USD | 125,080 | 03/20/2019 | 1,522 | – | ||||||||||||||||||||||
GBP | 225,300 | USD | 295,864 | 12/19/2018 | 8,525 | – | ||||||||||||||||||||||
JPY | 68,071,800 | USD | 618,500 | 12/19/2018 | 17,971 | – | ||||||||||||||||||||||
USD | 79,265 | CAD | 104,500 | 12/19/2018 | – | (579 | ) | |||||||||||||||||||||
USD | 87,505 | EUR | 74,500 | 12/19/2018 | – | (3,043 | ) | |||||||||||||||||||||
USD | 124,665 | GBP | 96,900 | 12/19/2018 | – | (1,082 | ) | |||||||||||||||||||||
USD | 212,842 | JPY | 23,690,700 | 12/19/2018 | – | (3,842 | ) | |||||||||||||||||||||
73,501 | (9,463 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services Inc | AUD | 1,500,000 | USD | 1,083,408 | 12/19/2018 | – | (13,227 | ) | ||||||||||||||||||||
GBP | 1,020,000 | USD | 1,318,494 | 12/19/2018 | 17,627 | – | ||||||||||||||||||||||
JPY | 758,500,000 | USD | 6,764,792 | 12/19/2018 | 73,312 | – | ||||||||||||||||||||||
USD | 541,712 | AUD | 750,000 | 12/19/2018 | 6,605 | – | ||||||||||||||||||||||
USD | 13,109,094 | EUR | 11,190,000 | 12/19/2018 | – | (422,673 | ) | |||||||||||||||||||||
USD | 3,171,418 | GBP | 2,460,000 | 12/19/2018 | – | (34,033 | ) | |||||||||||||||||||||
USD | 1,006,286 | INR | 73,800,000 | 12/19/2018 | 50,806 | – | ||||||||||||||||||||||
USD | 21,769,552 | JPY | 2,434,680,000 | 12/19/2018 | – | (290,828 | ) | |||||||||||||||||||||
148,350 | (760,761 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 221,851 | $ | (770,224 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
INR—Indian Rupee
JPY—Japanese Yen
USD—United States Dollar
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Chemicals-Plastics | $ | 54,500 | — | $ | 2,581 | $ | 57,081 | |||||||||
Television | 30,043 | — | 14,999 | 45,042 | ||||||||||||
Other Industries | 50,119,086 | 22,347,428 | ** | — | 72,466,514 | |||||||||||
Exchange-Traded Funds | 13,584,246 | — | — | 13,584,246 | ||||||||||||
Preferred Securities/Capital Securities | — | — | 5 | 5 | ||||||||||||
Closed End Investment Trust | — | 46,567 | ** | — | 46,567 | |||||||||||
Asset Backed Securities | — | 11,544,495 | — | 11,544,495 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 893 | 14 | 907 | ||||||||||||
Other Industries | — | 5,015,653 | — | 5,015,653 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 3,676,560 | — | 3,676,560 | ||||||||||||
Foreign Government Obligations | — | 3,777,428 | — | 3,777,428 | ||||||||||||
Rights | — | 48,049 | — | 48,049 | ||||||||||||
U.S. Government Treasuries | — | 1,790,670 | — | 1,790,670 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 33,726,846 | — | — | 33,726,846 | ||||||||||||
U.S. Government Treasuries | — | 1,219,784 | — | 1,219,784 | ||||||||||||
Total Investments at Value | $ | 97,514,721 | $ | 49,467,527 | $ | 17,599 | $ | 146,999,847 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 357,487 | — | — | $ | 357,487 | ||||||||||
Forward Foreign Currency Contracts | — | 221,851 | — | 221,851 | ||||||||||||
$ | 357,487 | $ | 221,851 | $ | — | $ | 579,338 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 115,772 | — | $ | — | $ | 115,772 | |||||||||
Forward Foreign Currency Contracts | — | 770,224 | — | 770,224 | ||||||||||||
$ | 115,772 | $ | 770,224 | $ | — | $ | 885,996 | |||||||||
* | 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. |
At the beginning and the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
23 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
E-Commerce/Products | 13.4 | % | ||
Applications Software | 11.7 | |||
Medical — HMO | 8.1 | |||
Finance — Credit Card | 6.2 | |||
Web Portals/ISP | 5.7 | |||
Internet Content — Entertainment | 4.8 | |||
Aerospace/Defense | 4.4 | |||
Medical Products | 4.3 | |||
Commercial Services — Finance | 3.5 | |||
E-Commerce/Services | 3.3 | |||
Medical — Biomedical/Gene | 2.7 | |||
Finance — Investment Banker/Broker | 2.3 | |||
Diagnostic Equipment | 2.1 | |||
Internet Application Software | 2.0 | |||
Diversified Banking Institutions | 1.8 | |||
Medical Instruments | 1.7 | |||
Airlines | 1.3 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Data Processing/Management | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Hotels/Motels | 1.0 | |||
Medical — Drugs | 1.0 | |||
Transport — Rail | 1.0 | |||
Insurance Brokers | 0.9 | |||
Retail — Discount | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Machinery — General Industrial | 0.8 | |||
Finance — Other Services | 0.8 | |||
Computers | 0.7 | |||
Instruments — Controls | 0.7 | |||
Registered Investment Companies | 0.6 | |||
Cruise Lines | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Software Tools | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Computer Software | 0.3 | |||
Entertainment Software | 0.3 | |||
Coatings/Paint | 0.3 | |||
Medical — Hospitals | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Commercial Services | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Insurance — Property/Casualty | 0.1 | |||
Electric — Distribution | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Electric — Integrated | 0.1 | |||
Industrial Gases | 0.1 | |||
Wireless Equipment | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
24 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.4% |
| |||||||
Aerospace/Defense — 4.4% |
| |||||||
Boeing Co. | 84,325 | $ | 29,240,537 | |||||
Northrop Grumman Corp. | 20,249 | 5,262,310 | ||||||
34,502,847 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
Harris Corp. | 20,277 | 2,898,597 | ||||||
L3 Technologies, Inc. | 600 | 109,974 | ||||||
3,008,571 | ||||||||
Airlines — 1.3% |
| |||||||
Alaska Air Group, Inc.# | 16,710 | 1,224,175 | ||||||
American Airlines Group, Inc. | 42,180 | 1,693,949 | ||||||
Delta Air Lines, Inc. | 60,408 | 3,667,370 | ||||||
United Continental Holdings, Inc.† | 41,978 | 4,059,272 | ||||||
10,644,766 | ||||||||
Applications Software — 11.7% |
| |||||||
Intuit, Inc. | 58,537 | 12,557,943 | ||||||
Microsoft Corp. | 402,097 | 44,588,536 | ||||||
Red Hat, Inc.† | 40,329 | 7,201,146 | ||||||
salesforce.com, Inc.† | 108,670 | 15,513,729 | ||||||
ServiceNow, Inc.† | 67,746 | 12,551,302 | ||||||
92,412,656 | ||||||||
Auto - Cars/Light Trucks — 1.3% |
| |||||||
Ferrari NV# | 7,700 | 843,920 | ||||||
Tesla, Inc.†# | 25,825 | 9,051,146 | ||||||
9,895,066 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Aptiv PLC | 52,378 | 3,765,978 | ||||||
Banks - Fiduciary — 0.2% |
| |||||||
Northern Trust Corp. | 1,100 | 109,153 | ||||||
State Street Corp. | 22,049 | 1,610,018 | ||||||
1,719,171 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Constellation Brands, Inc., Class A | 1,700 | 332,792 | ||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd. | 1,008 | 110,275 | ||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 4,900 | 2,077,943 | ||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 4,378 | 820,350 | ||||||
CoStar Group, Inc.† | 1,467 | 541,895 | ||||||
1,362,245 | ||||||||
Commercial Services - Finance — 3.5% |
| |||||||
FleetCor Technologies, Inc.† | 6,438 | 1,245,109 | ||||||
Global Payments, Inc. | 71,221 | 7,963,220 | ||||||
IHS Markit, Ltd.† | 2,216 | 118,268 | ||||||
PayPal Holdings, Inc.† | 140,880 | 12,088,913 | ||||||
S&P Global, Inc. | 11,200 | 2,048,032 | ||||||
Worldpay, Inc., Class A† | 46,804 | 4,016,251 | ||||||
27,479,793 | ||||||||
Computer Software — 0.3% |
| |||||||
Splunk, Inc.† | 22,600 | 2,525,098 | ||||||
Computers — 0.7% |
| |||||||
Apple, Inc. | 29,400 | 5,250,252 | ||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Ball Corp.# | 26,938 | 1,322,925 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cruise Lines — 0.6% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 16,451 | $ | 844,265 | |||||
Royal Caribbean Cruises, Ltd. | 34,856 | 3,941,168 | ||||||
4,785,433 | ||||||||
Data Processing/Management — 1.2% |
| |||||||
Fidelity National Information Services, Inc. | 38,018 | 4,104,043 | ||||||
Fiserv, Inc.† | 72,457 | 5,733,523 | ||||||
9,837,566 | ||||||||
Diagnostic Equipment — 2.1% |
| |||||||
Danaher Corp. | 72,438 | 7,934,859 | ||||||
Thermo Fisher Scientific, Inc. | 35,429 | 8,841,307 | ||||||
16,776,166 | ||||||||
Diversified Banking Institutions — 1.8% |
| |||||||
Citigroup, Inc. | 3,600 | 233,244 | ||||||
Goldman Sachs Group, Inc. | 200 | 38,138 | ||||||
JPMorgan Chase & Co. | 39,388 | 4,379,552 | ||||||
Morgan Stanley | 207,325 | 9,203,157 | ||||||
13,854,091 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
Ant International Co., Ltd., Class C†(1)(2)(3) | 273,650 | 1,535,177 | ||||||
E-Commerce/Products — 13.4% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 153,924 | 24,760,215 | ||||||
Amazon.com, Inc.† | 47,625 | 80,494,346 | ||||||
105,254,561 | ||||||||
E-Commerce/Services — 3.3% |
| |||||||
Booking Holdings, Inc.† | 12,922 | 24,446,873 | ||||||
Ctrip.com International, Ltd. ADR† | 1,380 | 39,813 | ||||||
IAC/InterActiveCorp† | 7,900 | 1,405,884 | ||||||
25,892,570 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Sempra Energy | 8,482 | 977,296 | ||||||
Electric - Integrated — 0.1% |
| |||||||
NextEra Energy, Inc. | 4,241 | 770,632 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Corning, Inc. | 4,935 | 159,006 | ||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Broadcom, Inc. | 843 | 200,137 | ||||||
Microchip Technology, Inc.# | 1,432 | 107,400 | ||||||
NVIDIA Corp. | 18,095 | 2,957,266 | ||||||
Texas Instruments, Inc. | 36,200 | 3,614,570 | ||||||
Xilinx, Inc. | 21,020 | 1,943,929 | ||||||
8,823,302 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 5,000 | 361,750 | ||||||
Fortive Corp. | 38,990 | 2,965,969 | ||||||
3,327,719 | ||||||||
Enterprise Software/Service — 1.1% |
| |||||||
Workday, Inc., Class A† | 52,285 | 8,574,740 | ||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 29,685 | 1,480,688 | ||||||
Electronic Arts, Inc.† | 8,598 | 722,834 | ||||||
2,203,522 | ||||||||
Finance - Credit Card — 6.2% |
| |||||||
Mastercard, Inc., Class A | 110,551 | 22,228,490 | ||||||
Visa, Inc., Class A# | 190,864 | 27,047,337 | ||||||
49,275,827 | ||||||||
25 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Investment Banker/Broker — 2.3% |
| |||||||
Charles Schwab Corp. | 135,159 | $ | 6,055,123 | |||||
TD Ameritrade Holding Corp. | 219,946 | 11,835,294 | ||||||
17,890,417 | ||||||||
Finance - Other Services — 0.8% |
| |||||||
Intercontinental Exchange, Inc. | 72,594 | 5,932,382 | ||||||
Hotels/Motels — 1.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 36,505 | 2,757,588 | ||||||
Marriott International, Inc., Class A | 46,423 | 5,340,037 | ||||||
8,097,625 | ||||||||
Industrial Gases — 0.1% |
| |||||||
Air Products & Chemicals, Inc. | 4,400 | 707,828 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Honeywell International, Inc. | 35,255 | 5,173,671 | ||||||
Insurance Brokers — 0.9% |
| |||||||
Marsh & McLennan Cos., Inc. | 14,318 | 1,270,007 | ||||||
Willis Towers Watson PLC | 37,265 | 5,941,904 | ||||||
7,211,911 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Chubb, Ltd. | 11,036 | 1,475,955 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 16,084 | 1,066,208 | ||||||
Internet Application Software — 2.0% |
| |||||||
Tencent Holdings, Ltd. | 386,900 | 15,519,016 | ||||||
Internet Content - Entertainment — 4.8% |
| |||||||
Facebook, Inc., Class A† | 201,794 | 28,374,254 | ||||||
Netflix, Inc.† | 31,942 | 9,139,565 | ||||||
37,513,819 | ||||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 300 | 38,925 | ||||||
Raymond James Financial, Inc. | 9,729 | 775,693 | ||||||
814,618 | ||||||||
Machinery - General Industrial — 0.8% |
| |||||||
Roper Technologies, Inc. | 20,100 | 5,981,559 | ||||||
Medical Instruments — 1.7% |
| |||||||
Intuitive Surgical, Inc.† | 25,377 | 13,471,888 | ||||||
Medical Products — 4.3% |
| |||||||
Abbott Laboratories | 29,600 | 2,191,880 | ||||||
Becton Dickinson and Co. | 63,457 | 16,038,757 | ||||||
Stryker Corp. | 89,360 | 15,679,105 | ||||||
33,909,742 | ||||||||
Medical - Biomedical/Gene — 2.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 59,057 | 7,272,870 | ||||||
Biogen, Inc.† | 107 | 35,708 | ||||||
Celgene Corp.† | 555 | 40,082 | ||||||
Illumina, Inc.† | 2,473 | 834,637 | ||||||
Vertex Pharmaceuticals, Inc.† | 73,515 | 13,290,777 | ||||||
21,474,074 | ||||||||
Medical - Drugs — 1.0% |
| |||||||
Eli Lilly & Co. | 30,194 | 3,582,216 | ||||||
Merck & Co., Inc. | 42,585 | 3,378,694 | ||||||
Pfizer, Inc. | 10,600 | 490,038 | ||||||
Zoetis, Inc. | 6,800 | 638,316 | ||||||
8,089,264 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Medical- HMO — 8.1% |
| |||||||
Anthem, Inc. | 40,336 | $ | 11,700,263 | |||||
Centene Corp.† | 33,392 | 4,750,012 | ||||||
Cigna Corp. | 59,433 | 13,276,143 | ||||||
Humana, Inc. | 15,540 | 5,119,964 | ||||||
UnitedHealth Group, Inc. | 91,494 | 25,742,752 | ||||||
WellCare Health Plans, Inc.† | 12,611 | 3,214,292 | ||||||
63,803,426 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 13,700 | 1,972,663 | ||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
American Tower Corp. | 4,902 | 806,330 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Ross Stores, Inc. | 76,742 | 6,722,599 | ||||||
Retail - Discount — 0.9% |
| |||||||
Dollar General Corp. | 63,603 | 7,059,297 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 1,765 | 525,599 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
McDonald’s Corp. | 18,408 | 3,470,092 | ||||||
Restaurant Brands International, Inc. | 35,559 | 2,074,157 | ||||||
Yum! Brands, Inc. | 37,606 | 3,468,025 | ||||||
9,012,274 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Maxim Integrated Products, Inc. | 59,587 | 3,332,105 | ||||||
Semiconductor Equipment — 0.0% |
| |||||||
Lam Research Corp. | 400 | 62,784 | ||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A† | 19,943 | 3,337,262 | ||||||
Tobacco — 0.0% |
| |||||||
Philip Morris International, Inc. | 1,000 | 86,530 | ||||||
Transport - Rail — 1.0% |
| |||||||
Canadian Pacific Railway, Ltd. | 10,302 | 2,179,285 | ||||||
CSX Corp. | 48,000 | 3,486,240 | ||||||
Kansas City Southern | 2,500 | 257,625 | ||||||
Norfolk Southern Corp. | 3,200 | 546,368 | ||||||
Union Pacific Corp. | 8,281 | 1,273,452 | ||||||
7,742,970 | ||||||||
Web Portals/ISP — 5.7% |
| |||||||
Alphabet, Inc., Class A† | 11,265 | 12,500,207 | ||||||
Alphabet, Inc., Class C† | 29,969 | 32,798,973 | ||||||
45,299,180 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 4,654 | 610,838 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $462,161,465) | 783,161,820 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.15%(4) | $ | 500,000 | 500,000 | |||||
T. Rowe Price Government Reserve Fund 2.26%(4) | 4,748,651 | 4,748,651 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,248,651) | 5,248,651 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $467,410,116)(5) | 100.0 | % | 788,410,471 | |||||
Liabilities in excess of other assets | 0.0 | (319,465 | ) | |||||
NET ASSETS | 100.0 | % | $ | 788,091,006 | ||||
26 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with a total value of $31,104,989. Additional collateral of $31,172,098 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 411,226 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 639,632 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 142,211 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 2,500,890 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2018 to 05/15/2048 | 27,478,139 |
† | 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 November 30, 2018, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Ant International Co., Ltd., | 06/07/2018 | 273,650 | $ | 1,535,177 | $ | 1,535,177 | $ | 5.61 | 0.19 | % | ||||||||||||||
(3) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $1,535,177 representing 0.2% of net assets. |
(4) | The rate shown is the7-day yield as of November 30, 2018. |
(5) | See Note 5 for cost of investment on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Diversified Financial Services | $ | — | $ | — | $ | 1,535,177 | 1,535,177 | |||||||||
Other Industries | 766,107,627 | 15,519,016 | ** | — | 781,626,643 | |||||||||||
Short-Term Investment Securities: | 5,248,651 | — | — | 5,248,651 | ||||||||||||
Total Investments at Value | $ | 771,356,278 | $ | 15,519,016 | $ | 1,535,177 | $ | 788,410,471 | ||||||||
* | 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. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
27 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Oil Companies — Exploration & Production | 7.7 | % | ||
Medical — HMO | 5.5 | |||
Banks — Super Regional | 4.1 | |||
Medical — Drugs | 4.0 | |||
Electronic Components — Semiconductors | 3.7 | |||
Electric — Integrated | 3.3 | |||
Industrial Gases | 3.1 | |||
Oil Companies — Integrated | 3.1 | |||
Pharmacy Services | 3.1 | |||
Cruise Lines | 3.0 | |||
Banks — Fiduciary | 3.0 | |||
Insurance — Property/Casualty | 2.6 | |||
Finance — Consumer Loans | 2.5 | |||
Retail — Auto Parts | 2.5 | |||
Finance — Investment Banker/Broker | 2.5 | |||
Oil Refining & Marketing | 2.4 | |||
Chemicals — Diversified | 2.3 | |||
Finance — Credit Card | 2.2 | |||
Tobacco | 2.1 | |||
Real Estate Investment Trusts | 2.1 | |||
Diversified Banking Institutions | 2.0 | |||
Retail — Discount | 2.0 | |||
Medical Instruments | 1.9 | |||
Retail — Building Products | 1.8 | |||
Cable/Satellite TV | 1.8 | |||
Insurance Brokers | 1.6 | |||
Applications Software | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Tools — Hand Held | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Beverages —Non-alcoholic | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Machinery — General Industrial | 1.3 | |||
Rental Auto/Equipment | 1.2 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Building Products — Air & Heating | 1.1 | |||
Registered Investment Companies | 1.1 | |||
Commercial Services | 1.1 | |||
Food — Catering | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Building — Residential/Commercial | 0.8 | |||
Computers | 0.8 | |||
Apparel Manufacturers | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Casino Hotels | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
28 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Aerospace/Defense — 1.4% |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A | 9,462 | $ | 774,749 | |||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 6,598 | 803,900 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Hanesbrands, Inc.# | 24,044 | 382,540 | ||||||
Applications Software — 1.6% |
| |||||||
Microsoft Corp. | 7,812 | 866,273 | ||||||
Banks - Fiduciary — 3.0% |
| |||||||
Bank of New York Mellon Corp. | 16,927 | 868,524 | ||||||
State Street Corp. | 10,302 | 752,252 | ||||||
1,620,776 | ||||||||
Banks - Super Regional — 4.1% |
| |||||||
KeyCorp | 38,542 | 706,860 | ||||||
US Bancorp | 11,150 | 607,229 | ||||||
Wells Fargo & Co. | 17,385 | 943,658 | ||||||
2,257,747 | ||||||||
Beverages -Non-alcoholic — 1.4% |
| |||||||
Coca-Cola European Partners PLC | 16,273 | 789,891 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Owens Corning | 10,372 | 540,900 | ||||||
Building Products - Air & Heating — 1.1% |
| |||||||
Johnson Controls International PLC | 17,843 | 620,579 | ||||||
Building - Residential/Commercial — 0.8% |
| |||||||
Lennar Corp., Class A | 10,545 | 450,588 | ||||||
Cable/Satellite TV — 1.8% |
| |||||||
Comcast Corp., Class A | 25,478 | 993,897 | ||||||
Casino Hotels — 0.3% |
| |||||||
MGM Resorts International | 6,513 | 175,590 | ||||||
Chemicals - Diversified — 2.3% |
| |||||||
DowDuPont, Inc. | 12,860 | 743,951 | ||||||
LyondellBasell Industries NV, Class A | 5,231 | 488,105 | ||||||
1,232,056 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Versum Materials, Inc. | 4,681 | 162,150 | ||||||
Commercial Services — 1.1% |
| |||||||
Nielsen Holdings PLC | 21,405 | 581,574 | ||||||
Computers — 0.8% |
| |||||||
Hewlett Packard Enterprise Co. | 27,970 | 419,550 | ||||||
Cruise Lines — 3.0% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 15,684 | 804,903 | ||||||
Royal Caribbean Cruises, Ltd. | 7,478 | 845,537 | ||||||
1,650,440 | ||||||||
Diversified Banking Institutions — 2.0% |
| |||||||
JPMorgan Chase & Co. | 10,044 | 1,116,792 | ||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
General Electric Co. | 69,716 | 522,870 | ||||||
Electric - Integrated — 3.3% |
| |||||||
Dominion Energy, Inc. | 12,338 | 919,181 | ||||||
Exelon Corp. | 19,643 | 911,239 | ||||||
1,830,420 | ||||||||
Electronic Components - Semiconductors — 3.7% |
| |||||||
Broadcom, Inc. | 3,325 | 789,388 | ||||||
Microchip Technology, Inc.# | 8,260 | 619,500 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Texas Instruments, Inc. | 6,041 | $ | 603,194 | |||||
2,012,082 | ||||||||
Enterprise Software/Service — 1.5% |
| |||||||
Oracle Corp. | 16,976 | 827,750 | ||||||
Finance - Consumer Loans — 2.5% |
| |||||||
Navient Corp. | 35,885 | 412,678 | ||||||
SLM Corp.† | 94,067 | 966,068 | ||||||
1,378,746 | ||||||||
Finance - Credit Card — 2.2% |
| |||||||
American Express Co. | 10,511 | 1,180,070 | ||||||
Finance - Investment Banker/Broker — 2.5% |
| |||||||
E*TRADE Financial Corp. | 13,717 | 717,262 | ||||||
Jefferies Financial Group, Inc. | 28,973 | 633,060 | ||||||
1,350,322 | ||||||||
Food - Catering — 1.0% |
| |||||||
Aramark | 14,629 | 556,780 | ||||||
Industrial Gases — 3.1% |
| |||||||
Air Products & Chemicals, Inc. | 5,414 | 870,950 | ||||||
Linde PLC | 5,355 | 851,713 | ||||||
1,722,663 | ||||||||
Insurance Brokers — 1.6% |
| |||||||
Willis Towers Watson PLC | 5,516 | 879,526 | ||||||
Insurance - Property/Casualty — 2.6% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 4,405 | 961,347 | ||||||
Fidelity National Financial, Inc. | 13,951 | 468,754 | ||||||
1,430,101 | ||||||||
Machinery - General Industrial — 1.3% |
| |||||||
Wabtec Corp.# | 7,671 | 725,677 | ||||||
Medical Instruments — 1.9% |
| |||||||
Medtronic PLC | 10,582 | 1,032,062 | ||||||
Medical - Drugs — 4.0% |
| |||||||
Merck & Co., Inc. | 6,680 | 529,991 | ||||||
Pfizer, Inc. | 22,796 | 1,053,859 | ||||||
Sanofi ADR | 12,852 | 582,838 | ||||||
2,166,688 | ||||||||
Medical - Generic Drugs — 0.7% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 16,535 | 356,164 | ||||||
Medical - HMO — 5.5% |
| |||||||
Anthem, Inc. | 3,846 | 1,115,609 | ||||||
Cigna Corp. | 3,686 | 823,379 | ||||||
UnitedHealth Group, Inc. | 3,766 | 1,059,602 | ||||||
2,998,590 | ||||||||
Oil Companies - Exploration & Production — 7.7% |
| |||||||
ConocoPhillips | 14,040 | 929,167 | ||||||
Hess Corp. | 18,536 | 998,905 | ||||||
Kosmos Energy, Ltd.†# | 73,580 | 395,861 | ||||||
Occidental Petroleum Corp. | 11,897 | 836,002 | ||||||
Parsley Energy, Inc., Class A† | 22,686 | 456,669 | ||||||
Vermilion Energy, Inc.# | 24,583 | 611,625 | ||||||
4,228,229 | ||||||||
Oil Companies - Integrated — 3.1% |
| |||||||
BP PLC ADR | 21,320 | 860,262 | ||||||
Chevron Corp. | 7,250 | 862,315 | ||||||
1,722,577 | ||||||||
29 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Refining & Marketing — 2.4% |
| |||||||
Phillips 66 | 8,810 | $ | 823,911 | |||||
Valero Energy Corp. | 6,211 | 496,259 | ||||||
1,320,170 | ||||||||
Pharmacy Services — 3.1% |
| |||||||
CVS Health Corp. | 12,520 | 1,004,104 | ||||||
Express Scripts Holding Co.† | 7,046 | 714,958 | ||||||
1,719,062 | ||||||||
Real Estate Investment Trusts — 2.1% |
| |||||||
Liberty Property Trust | 13,319 | 603,217 | ||||||
MGM Growth Properties LLC, Class A | 18,996 | 541,196 | ||||||
1,144,413 | ||||||||
Rental Auto/Equipment — 1.2% |
| |||||||
AMERCO | 1,835 | 635,736 | ||||||
Retail - Auto Parts — 2.5% |
| |||||||
Advance Auto Parts, Inc. | 4,759 | 845,722 | ||||||
O’Reilly Automotive, Inc.† | 1,535 | 532,307 | ||||||
1,378,029 | ||||||||
Retail - Building Products — 1.8% |
| |||||||
Lowe’s Cos., Inc. | 10,554 | 995,981 | ||||||
Retail - Discount — 2.0% |
| |||||||
Dollar General Corp. | 9,912 | 1,100,133 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
New York Community Bancorp, Inc.# | 51,941 | 552,133 | ||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
QUALCOMM, Inc.# | 10,750 | 626,295 | ||||||
Tobacco — 2.1% |
| |||||||
Altria Group, Inc. | 9,890 | 542,269 | ||||||
Philip Morris International, Inc. | 6,993 | 605,104 | ||||||
1,147,373 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Tools - Hand Held — 1.5% |
| |||||||
Stanley Black & Decker, Inc. | 6,288 | $ | 822,784 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $44,997,027) | 53,803,418 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 1.1% |
| |||||||
State Street Navigator Securities Lending Government | 592,358 | 592,358 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $45,589,385)(3) | 99.3 | % | 54,395,776 | |||||
Other assets less liabilities | 0.7 | 387,832 | ||||||
NET ASSETS | 100.0 | % | $ | 54,783,608 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $3,045,864. This was secured by collateral of $592,358, which was received in cash and subsequently invested in short-term investments currently valued at $592,358 as reported in the Portfolio of Investments. Additional collateral of $2,514,448 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/25/2019 | $ | 94,386 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 2,420,062 |
(2) | The rate shown is the7-day yield as of November 30, 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 November 30, 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 | $ | 53,803,418 | $ | — | $ | — | $ | 53,803,418 | ||||||||
Short-Term Investment Securities | 592,358 | — | — | 592,358 | ||||||||||||
Total Investments at Value | $ | 54,395,776 | $ | — | $ | — | $ | 54,395,776 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
30 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 23.1 | % | ||
Federal Home Loan Mtg. Corp. | 13.5 | |||
United States Treasury Notes | 13.0 | |||
United States Treasury Bonds | 6.5 | |||
Diversified Banking Institutions | 5.7 | |||
Government National Mtg. Assoc. | 4.4 | |||
Banks — Commercial | 3.6 | |||
Diversified Financial Services | 3.3 | |||
Electric — Integrated | 2.8 | |||
Telephone — Integrated | 1.4 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Pipelines | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Real Estate Investment Trusts | 0.7 | |||
Oil Companies — Integrated | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Medical — HMO | 0.7 | |||
Medical Labs & Testing Services | 0.6 | |||
Brewery | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Machinery — Farming | 0.6 | |||
Insurance — Life/Health | 0.5 | |||
Medical — Drugs | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Computer Services | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Paper & Related Products | 0.4 | |||
Networking Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Cellular Telecom | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Computers | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Transport — Rail | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Electric — Distribution | 0.2 | |||
Pharmacy Services | 0.2 | |||
Retail — Mail Order | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Retail — Discount | 0.2 | |||
Beverages —Non-alcoholic | 0.2 | |||
Electric — Generation | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Office Supplies & Forms | 0.2 | |||
Insurance — Property/Casualty | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Trucking/Leasing | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical Instruments | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Aerospace/Defense | 0.1 | |||
SupraNational Banks | 0.1 | |||
Commercial Services | 0.1 | |||
Transport — Services | 0.1 | |||
Television | 0.1 | |||
Retail — Restaurants | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 |
Agricultural Chemicals | 0.1 | % | ||
Chemicals — Specialty | 0.1 | |||
Sovereign | 0.1 | |||
Building Societies | 0.1 | |||
Retail — Automobile | 0.1 | |||
Transport — Marine | 0.1 | |||
Data Processing/Management | 0.1 | |||
Petrochemicals | 0.1 | |||
Diversified Minerals | 0.1 | |||
Retail — Building Products | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Telecom Services | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Insurance Brokers | 0.1 | |||
Multimedia | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Gold Mining | 0.1 | |||
Advertising Agencies | 0.1 | |||
100.4 | % | |||
Credit Quality#†
Aaa | 64.8 | % | ||
Aa | 3.1 | |||
A | 11.0 | |||
Baa | 16.6 | |||
Ba | 2.6 | |||
Not Rated@ | 1.9 | |||
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. |
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.1% |
| |||||||
Diversified Financial Services — 3.1% |
| |||||||
American Express Credit Account Master Trust | $ | 125,000 | $ | 124,685 | ||||
Avis Budget Rental Car Funding AESOP LLC | 100,000 | 98,612 | ||||||
BA Credit Card Trust | 262,000 | 261,249 | ||||||
Benchmark Mtg. Trust | 186,000 | 186,324 | ||||||
CarMax Auto Owner Trust | 230,000 | 224,004 | ||||||
CarMax Auto Owner Trust | 250,000 | 250,712 | ||||||
Chase Mtg. Finance Trust VRS | 258,174 | 253,699 | ||||||
Citibank Credit Card Issuance Trust | 115,000 | 113,297 | ||||||
Citibank Credit Card Issuance Trust | 200,000 | 199,167 | ||||||
COMM Mtg. Trust VRS | 125,000 | 121,829 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,735,268 | ||||||
CSMC Trust | 450,613 | 454,926 | ||||||
Discover Card Execution Note Trust | 350,000 | 344,039 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 122,067 | ||||||
Ford Credit Auto Owner Trust/Ford Credit | 300,000 | 298,650 | ||||||
Ford Credit Floorplan Master Owner Trust | 287,000 | 282,291 | ||||||
GM Financial Consumer Automobile Receivables Trust | 200,000 | 195,057 | ||||||
GS Mtg. Securities Trust | 240,000 | 239,227 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 390,000 | 388,325 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 32,933 | ||||||
MSDB Trust VRS | 790,000 | 754,600 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Nissan Auto Receivables Owner Trust | $ | 162,840 | $ | 161,227 | ||||
Synchrony Credit Card Master Note Trust | 100,000 | 97,491 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 224,886 | ||||||
Verizon Owner Trust | 100,000 | 99,289 | ||||||
Total Asset Backed Securities | ||||||||
(cost $7,460,268) | 7,263,854 | |||||||
U.S. CORPORATE BONDS & NOTES — 26.2% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 116,000 | 114,806 | ||||||
Aerospace/Defense — 0.1% |
| |||||||
General Dynamics Corp. | 311,000 | 310,173 | ||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
Harris Corp. | 437,000 | 431,090 | ||||||
L3 Technologies, Inc. | 156,000 | 155,239 | ||||||
United Technologies Corp. | 213,000 | 208,363 | ||||||
United Technologies Corp. | 154,000 | 152,119 | ||||||
United Technologies Corp. | 221,000 | 216,390 | ||||||
1,163,201 | ||||||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
BMW US Capital LLC | 490,000 | 483,388 | ||||||
Daimler Finance North America LLC# | 445,000 | 424,556 | ||||||
Daimler Finance North America LLC | 261,000 | 256,876 | ||||||
Daimler Finance North America LLC | 252,000 | 251,117 | ||||||
Ford Motor Credit Co. LLC | 627,000 | 605,255 | ||||||
Nissan Motor Acceptance Corp. | 333,000 | 316,596 | ||||||
Toyota Motor Credit Corp. | 320,000 | 316,785 | ||||||
2,654,573 | ||||||||
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial — 2.0% |
| |||||||
Associated Bank NA | $ | 274,000 | $ | 271,743 | ||||
BankUnited, Inc. | 973,000 | 984,768 | ||||||
Citizens Financial Group, Inc. | 540,000 | 534,826 | ||||||
Discover Bank | 268,000 | 263,905 | ||||||
First Horizon National Corp. | 541,000 | 538,095 | ||||||
First Tennessee Bank NA | 258,000 | 256,550 | ||||||
Regions Bank | 364,000 | 361,868 | ||||||
Regions Financial Corp. | 632,000 | 793,571 | ||||||
Santander Holdings USA, Inc. | 334,000 | 316,355 | ||||||
SunTrust Bank | 226,000 | 223,920 | ||||||
ZB NA | 250,000 | 248,886 | ||||||
4,794,487 | ||||||||
Banks - Super Regional — 0.9% |
| |||||||
Citibank NA | 429,000 | 418,219 | ||||||
Huntington National Bank | 254,000 | 250,934 | ||||||
Wells Fargo & Co. | 734,000 | 687,536 | ||||||
Wells Fargo & Co. | 397,000 | 383,317 | ||||||
Wells Fargo & Co. | 19,000 | 17,968 | ||||||
Wells Fargo Bank NA | 429,000 | 421,472 | ||||||
2,179,446 | ||||||||
Beverages-Non-alcoholic — 0.2% |
| |||||||
Keurig Dr Pepper, Inc. | 144,000 | 141,847 | ||||||
Keurig Dr Pepper, Inc. | 370,000 | 363,282 | ||||||
505,129 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Brewery — 0.6% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | $ | 274,000 | $ | 258,481 | ||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 129,000 | 121,347 | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 430,000 | 399,714 | ||||||
Anheuser-Busch InBev Finance, Inc. | 403,000 | 394,839 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 185,000 | 165,982 | ||||||
1,340,363 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications LLC | 267,000 | 260,987 | ||||||
Discovery Communications LLC | 271,000 | 262,590 | ||||||
523,577 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 436,000 | 332,492 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Toll Brothers Finance Corp. | 180,000 | 157,950 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 39,000 | 35,522 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 135,000 | 125,732 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 129,000 | 131,698 | ||||||
Comcast Corp. | 401,000 | 398,309 | ||||||
Comcast Corp. | 84,000 | 75,470 | ||||||
Comcast Corp. | 308,000 | 301,350 | ||||||
Comcast Corp. | 263,000 | 256,087 | ||||||
1,324,168 | ||||||||
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom — 0.2% |
| |||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | $ | 580,000 | $ | 576,375 | ||||
Chemicals - Diversified — 0.4% |
| |||||||
Dow Chemical Co. | 221,000 | 221,472 | ||||||
DowDuPont, Inc. | 636,000 | 644,575 | ||||||
866,047 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Lubrizol Corp. | 179,000 | 223,561 | ||||||
Coatings/Paint — 0.0% |
| |||||||
RPM International, Inc. | 26,000 | 20,931 | ||||||
Commercial Services — 0.1% |
| |||||||
Ecolab, Inc. | 290,000 | 277,503 | ||||||
Computer Services — 0.5% |
| |||||||
IBM Credit LLC | 794,000 | 781,151 | ||||||
International Business Machines Corp.# | 351,000 | 338,380 | ||||||
1,119,531 | ||||||||
Computers — 0.3% |
| |||||||
Apple, Inc. | 238,000 | 236,308 | ||||||
Diamond 1 Finance Corp./Diamond 2 Finance Corp. | 440,000 | 474,675 | ||||||
Hewlett Packard Enterprise Co. | 39,000 | 37,652 | ||||||
748,635 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Fiserv, Inc. | 204,000 | 201,186 | ||||||
Diversified Banking Institutions — 3.0% |
| |||||||
Bank of America Corp. | 396,000 | 388,256 | ||||||
Bank of America Corp. | 321,000 | 317,672 | ||||||
Bank of America Corp. | 868,000 | 828,648 | ||||||
Bank of America Corp. | 334,000 | 363,885 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. | $ | 304,000 | $ | 291,467 | ||||
Citigroup, Inc. | 533,000 | 514,539 | ||||||
Citigroup, Inc. | 215,000 | 205,157 | ||||||
Citigroup, Inc. | 114,000 | 104,783 | ||||||
Citigroup, Inc. | 131,000 | 141,752 | ||||||
Goldman Sachs Group, Inc. | 266,000 | 254,880 | ||||||
Goldman Sachs Group, Inc. | 308,000 | 268,962 | ||||||
Goldman Sachs Group, Inc. | 295,000 | 284,513 | ||||||
Goldman Sachs Group, Inc. | 514,000 | 587,060 | ||||||
JPMorgan Chase & Co. | 408,000 | 399,639 | ||||||
JPMorgan Chase & Co. | 457,000 | 407,067 | ||||||
Morgan Stanley | 1,601,000 | 1,621,444 | ||||||
6,979,724 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Oglethorpe Power Corp. | 517,000 | 504,506 | ||||||
Electric - Generation — 0.0% |
| |||||||
Basin Electric Power Cooperative | 77,000 | 77,413 | ||||||
Electric - Integrated — 2.4% |
| |||||||
Ameren Illinois Co. | 257,000 | 258,645 | ||||||
American Electric Power Co., Inc. | 208,000 | 207,305 | ||||||
Consumers Energy Co. | 180,000 | 177,981 | ||||||
Dominion Resources, Inc. | 300,000 | 315,309 | ||||||
Duke Energy Carolinas LLC | 262,000 | 263,181 | ||||||
Duke Energy Progress LLC | 190,000 | 185,875 |
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Exelon Corp. | $ | 267,000 | $ | 258,885 | ||||
Exelon Generation Co. LLC | 165,000 | 163,950 | ||||||
FirstEnergy Corp. | 242,000 | 231,588 | ||||||
FirstEnergy Corp. | 329,000 | 316,275 | ||||||
FirstEnergy Corp. | 726,000 | 916,280 | ||||||
Georgia Power Co. | 177,000 | 172,162 | ||||||
Massachusetts Electric Co. | 324,000 | 290,835 | ||||||
Nevada Power Co. | 207,000 | 206,299 | ||||||
Niagara Mohawk Power Corp. | 252,000 | 253,229 | ||||||
Pacific Gas & Electric Co. | 266,000 | 219,364 | ||||||
Public Service Co. of Colorado | 281,000 | 278,974 | ||||||
Public Service Co. of Colorado | 193,000 | 185,551 | ||||||
South Carolina Electric & Gas Co. | 127,000 | 120,315 | ||||||
South Carolina Electric & Gas Co. | 439,000 | 427,893 | ||||||
Southern California Edison Co.# | 176,000 | 157,021 | ||||||
Tucson Electric Power Co. | 168,000 | 168,892 | ||||||
5,775,809 | ||||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Intel Corp. | 378,000 | 374,455 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Trimble, Inc. | 28,000 | 28,276 | ||||||
Trimble, Inc. | 530,000 | 521,665 | ||||||
549,941 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion US Holding Co., Inc. | $ | 83,000 | $ | 77,338 | ||||
Enterprise Software/Service — 0.3% |
| |||||||
Oracle Corp. | 640,000 | 611,376 | ||||||
Finance - Credit Card — 0.3% |
| |||||||
American Express Co. | 499,000 | 475,900 | ||||||
American Express Co. | 156,000 | 156,290 | ||||||
Capital One Financial Corp. | 205,000 | 186,184 | ||||||
818,374 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | 174,000 | 150,820 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 1,807 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
152,647 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 352,000 | 345,023 | ||||||
National Rural Utilities Cooperative Finance Corp. | 192,000 | 184,042 | ||||||
National Rural Utilities Cooperative Finance Corp. | 146,000 | 140,807 | ||||||
669,872 | ||||||||
Food - Meat Products — 0.0% |
| |||||||
Smithfield Foods, Inc. | 111,000 | 105,425 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Conagra Brands, Inc. | 286,000 | 284,247 | ||||||
Kraft Heinz Foods Co. | 254,000 | 254,765 | ||||||
Nestle Holdings, Inc. | 297,000 | 294,525 | ||||||
833,537 | ||||||||
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance Brokers — 0.1% |
| |||||||
Willis North America, Inc. | $ | 164,000 | $ | 155,428 | ||||
Insurance - Life/Health — 0.1% |
| |||||||
AXA Equitable Holdings, Inc. | 94,000 | 82,819 | ||||||
Brighthouse Financial, Inc. | 230,000 | 172,120 | ||||||
254,939 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 165,000 | 184,885 | ||||||
Metropolitan Life Global Funding I | 485,000 | 483,894 | ||||||
668,779 | ||||||||
Insurance - Mutual — 0.3% |
| |||||||
MassMutual Global Funding II | 200,000 | 189,828 | ||||||
New York Life Global Funding | 498,000 | 485,612 | ||||||
675,440 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 273,000 | 267,091 | ||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar Financial Services Corp. | 198,000 | 189,942 | ||||||
Caterpillar Financial Services Corp. | 133,000 | 132,345 | ||||||
Caterpillar Financial Services Corp. | 286,000 | 283,255 | ||||||
605,542 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | 341,000 | 339,309 | ||||||
Machinery - Farming — 0.4% |
| |||||||
CNH Industrial Capital LLC | 465,000 | 459,848 | ||||||
John Deere Capital Corp. | 238,000 | 232,988 | ||||||
John Deere Capital Corp. | 144,000 | 144,158 | ||||||
836,994 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
Roper Technologies, Inc. | $ | 471,000 | $ | 459,486 | ||||
Medical Instruments — 0.1% |
| |||||||
Medtronic, Inc. | 318,000 | 315,301 | ||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings | 322,000 | 306,934 | ||||||
Roche Holdings, Inc. | 404,000 | 385,137 | ||||||
Roche Holdings, Inc. | 548,000 | 544,166 | ||||||
Roche Holdings, Inc. | 268,000 | 264,608 | ||||||
1,500,845 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Celgene Corp. | 175,000 | 169,674 | ||||||
Celgene Corp. | 178,000 | 154,139 | ||||||
323,813 | ||||||||
Medical - Drugs — 0.2% |
| |||||||
AbbVie, Inc. | 206,000 | 187,594 | ||||||
GlaxoSmithKline Capital, Inc. | 215,000 | 212,736 | ||||||
Pfizer, Inc.# | 144,000 | 143,696 | ||||||
544,026 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Actavis, Inc. | 156,000 | 150,857 | ||||||
Medical - HMO — 0.7% |
| |||||||
Halfmoon Parent, Inc. | 238,000 | 229,018 | ||||||
Halfmoon Parent, Inc. | 234,000 | 222,779 | ||||||
UnitedHealth Group, Inc. | 957,000 | 917,279 | ||||||
UnitedHealth Group, Inc. | 172,000 | 171,244 | ||||||
1,540,320 | ||||||||
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Multimedia — 0.1% |
| |||||||
Time Warner, Inc. | $ | 174,000 | $ | 153,708 | ||||
Networking Products — 0.4% |
| |||||||
Cisco Systems, Inc. | 933,000 | 911,240 | ||||||
Office Supplies & Forms — 0.2% |
| |||||||
Avery Dennison Corp. | 358,000 | 356,689 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Anadarko Petroleum Corp. | 392,000 | 417,047 | ||||||
Continental Resources, Inc. | 295,000 | 288,402 | ||||||
Hess Corp. | 319,000 | 279,114 | ||||||
Marathon Oil Corp. | 134,000 | 144,643 | ||||||
1,129,206 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 720,000 | 707,234 | ||||||
Paper & Related Products — 0.4% |
| |||||||
Domtar Corp. | 380,000 | 378,315 | ||||||
Georgia - Pacific LLC | 368,000 | 367,679 | ||||||
Georgia - Pacific LLC | 235,000 | 242,104 | ||||||
988,098 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 202,000 | 198,268 | ||||||
Pharmacy Services — 0.2% |
| |||||||
CVS Health Corp. | 213,000 | 203,209 | ||||||
CVS Pass-Through Trust | 117,710 | 115,874 | ||||||
CVS Pass-Through Trust | 123,265 | 129,673 | ||||||
CVS Pass-Through Trust | 122,025 | 130,018 | ||||||
578,774 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines — 0.9% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | $ | 386,000 | $ | 348,099 | ||||
Enable Midstream Partners LP | 208,000 | 195,801 | ||||||
Energy Transfer Partners LP | 48,000 | 42,618 | ||||||
Energy Transfer Partners LP | 281,000 | 287,085 | ||||||
EnLink Midstream Partners LP | 170,000 | 155,178 | ||||||
EnLink Midstream Partners LP | 36,000 | 27,368 | ||||||
Kinder Morgan Energy Partners LP | 247,000 | 244,781 | ||||||
Kinder Morgan Energy Partners LP | 260,000 | 288,614 | ||||||
MPLX LP | 166,000 | 153,683 | ||||||
MPLX LP | 122,000 | 119,986 | ||||||
Sunoco Logistics Partners Operations LP | 90,000 | 77,940 | ||||||
Western Gas Partners LP | 219,000 | 209,023 | ||||||
2,150,176 | ||||||||
Real Estate Investment Trusts — 0.7% |
| |||||||
Boston Properties LP | 365,000 | 363,855 | ||||||
EPR Properties | 89,000 | 86,646 | ||||||
ERP Operating LP | 168,000 | 167,867 | ||||||
Kimco Realty Corp. | 116,000 | 99,311 | ||||||
National Retail Properties, Inc. | 88,000 | 83,129 | ||||||
Simon Property Group LP | 293,000 | 297,438 | ||||||
UDR, Inc. | 98,000 | 90,991 | ||||||
UDR, Inc. | 252,000 | 250,715 | ||||||
Washington Prime Group LP# | 135,000 | 125,304 |
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Welltower, Inc. | $ | 158,000 | $ | 157,210 | ||||
1,722,466 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 226,000 | 209,802 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Home Depot, Inc. | 177,000 | 176,891 | ||||||
Retail - Discount — 0.2% |
| |||||||
Wal-Mart Stores, Inc. | 535,000 | 516,101 | ||||||
Retail - Mail Order — 0.2% |
| |||||||
QVC, Inc. | 583,000 | 571,362 | ||||||
Retail - Restaurants — 0.1% |
| |||||||
McDonald’s Corp. | 270,000 | 252,389 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
First Niagara Financial Group, Inc. | 658,000 | 684,145 | ||||||
First Niagara Financial Group, Inc. | 400,000 | 437,383 | ||||||
New York Community Bancorp, Inc. | 483,000 | 483,639 | ||||||
1,605,167 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
QUALCOMM, Inc. | 265,000 | 252,278 | ||||||
Telephone - Integrated — 0.8% |
| |||||||
AT&T, Inc. | 660,000 | 584,346 | ||||||
AT&T, Inc. | 569,000 | 516,662 | ||||||
Verizon Communications, Inc. | 96,000 | 90,995 | ||||||
Verizon Communications, Inc. | 766,000 | 787,353 | ||||||
1,979,356 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp. | 276,000 | 266,320 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | $ | 370,000 | $ | 369,947 | ||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 211,000 | 202,828 | ||||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 123,000 | 118,882 | ||||||
Norfolk Southern Corp. | 248,000 | 236,203 | ||||||
355,085 | ||||||||
Transport - Services — 0.1% |
| |||||||
FedEx Corp. | 157,000 | 132,410 | ||||||
FedEx Corp.# | 143,000 | 138,550 | ||||||
270,960 | ||||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 338,000 | 328,891 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $63,606,800) | 61,855,957 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.2% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Syngenta Finance NV | 240,000 | 230,791 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Hyundai Capital Services, Inc. | 239,000 | 229,219 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Toyota Industries Corp. | 740,000 | 729,425 | ||||||
Banks - Commercial — 1.4% |
| |||||||
AIB Group PLC | 449,000 | 441,264 | ||||||
Canadian Imperial Bank of Commerce | 486,000 | 474,711 | ||||||
Credit Suisse AG | 405,000 | 396,383 | ||||||
Danske Bank A/S | 239,000 | 228,322 | ||||||
ING Groep NV | 220,000 | 219,067 | ||||||
Intesa Sanpaolo SpA | 471,000 | 379,943 |
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
National Australia Bank, Ltd. | $ | 351,000 | $ | 348,301 | ||||
Royal Bank of Canada | 193,000 | 192,141 | ||||||
Toronto - Dominion Bank | 296,000 | 289,111 | ||||||
United Overseas Bank, Ltd. | 206,000 | 205,047 | ||||||
Westpac Banking Corp.# | 203,000 | 202,131 | ||||||
3,376,421 | ||||||||
Building Societies — 0.1% |
| |||||||
Nationwide Building Society | 250,000 | 219,097 | ||||||
Cellular Telecom — 0.1% |
| |||||||
SK Telecom Co., Ltd. | 200,000 | 198,140 | ||||||
Vodafone Group PLC | 107,000 | 104,388 | ||||||
302,528 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 192,280 | ||||||
Diversified Banking Institutions — 1.9% |
| |||||||
Banco Santander SA | 200,000 | 192,712 | ||||||
BNP Paribas SA | 276,000 | 267,008 | ||||||
Credit Suisse Group AG | 258,000 | 254,768 | ||||||
Deutsche Bank AG | 182,000 | 179,326 | ||||||
HSBC Holdings PLC | 329,000 | 320,277 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 278,000 | 277,508 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 100,000 | 98,925 | ||||||
Mizuho Financial Group, Inc. | 1,213,000 | 1,201,521 | ||||||
Royal Bank of Scotland Group PLC | 200,000 | 190,541 | ||||||
Royal Bank of Scotland Group PLC | 270,000 | 262,839 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Royal Bank of Scotland Group PLC | $ | 257,000 | $ | 245,496 | ||||
UBS Group Funding Switzerland AG | 625,000 | 606,555 | ||||||
UniCredit SpA# | 531,000 | 449,690 | ||||||
4,547,166 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. ULC | 469,000 | 446,020 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Siemens Financieringsmaatschappij NV | 398,000 | 392,880 | ||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 207,000 | 186,353 | ||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 315,000 | 284,941 | ||||||
Electricite de France SA | 122,000 | 118,351 | ||||||
403,292 | ||||||||
Electric - Integrated — 0.3% |
| |||||||
EDP Finance BV | 393,000 | 368,593 | ||||||
Enel Finance International NV | 416,000 | 358,278 | ||||||
726,871 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
Aircastle, Ltd. | 116,000 | 114,430 | ||||||
Gold Mining — 0.1% |
| |||||||
Kinross Gold Corp. | 156,000 | 134,550 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Athene Holding, Ltd. | 244,000 | 222,202 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 183,000 | 186,003 | ||||||
Insurance - Property/Casualty — 0.0% |
| |||||||
Enstar Group, Ltd. | 97,000 | 97,005 | ||||||
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial NV | $ | 250,000 | $ | 229,741 | ||||
CNH Industrial NV | 163,000 | 163,000 | ||||||
392,741 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Nvent Finance SARL | 175,000 | 169,408 | ||||||
Medical - Drugs — 0.3% |
| |||||||
Shire Acquisitions Investments Ireland DAC | 192,000 | 179,657 | ||||||
Takeda Pharmaceutical Co., Ltd. | 515,000 | 519,340 | ||||||
698,997 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC | 335,000 | 330,554 | ||||||
Cenovus Energy, Inc.# | 278,000 | 247,846 | ||||||
Petroleos Mexicanos | 100,000 | 91,880 | ||||||
Petroleos Mexicanos | 210,000 | 173,775 | ||||||
Suncor Energy, Inc. | 124,000 | 136,678 | ||||||
980,733 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
International Bank for Reconstruction & Development | 300,000 | 302,376 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
British Telecommunications PLC | 227,000 | 226,402 | ||||||
Telecom Italia Capital SA# | 626,000 | 613,480 | ||||||
Telefonica Emisiones SAU | 362,000 | 319,833 | ||||||
Telefonica Emisiones SAU | 204,000 | 184,410 | ||||||
1,344,125 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Canadian National Railway Co. | 204,000 | 201,051 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Rail (continued) |
| |||||||
Canadian Pacific Railway Co. | $ | 140,000 | $ | 158,135 | ||||
359,186 | ||||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $17,848,996) |
| 16,984,099 | ||||||
U.S. GOVERNMENT AGENCIES — 41.1% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | 250,000 | 311,874 | ||||||
Federal Home Loan Mtg. Corp. — 13.5% |
| |||||||
2.50% due 01/01/2028 | 205,551 | 200,723 | ||||||
2.50% due 04/01/2028 | 501,875 | 490,088 | ||||||
2.50% due 03/01/2031 | 661,578 | 637,672 | ||||||
2.50% due 10/01/2032 | 875,219 | 843,501 | ||||||
3.00% due 08/01/2027 | 137,577 | 136,490 | ||||||
3.00% due 10/01/2042 | 471,036 | 453,118 | ||||||
3.00% due 11/01/2042 | 590,822 | 568,281 | ||||||
3.00% due 04/01/2043 | 641,645 | 616,611 | ||||||
3.00% due 05/01/2043 | 819,969 | 788,107 | ||||||
3.00% due 08/01/2043 | 616,544 | 592,490 | ||||||
3.00% due 07/01/2045 | 832,434 | 796,048 | ||||||
3.00% due 10/01/2045 | 412,399 | 394,037 | ||||||
3.00% due 08/01/2046 | 2,478,283 | 2,365,240 | ||||||
3.50% due 01/01/2032 | 1,488,155 | 1,494,271 | ||||||
3.50% due 11/01/2041 | 557,241 | 551,325 | ||||||
3.50% due 03/01/2042 | 192,697 | 190,652 | ||||||
3.50% due 04/01/2042 | 1,083,624 | 1,072,123 | ||||||
3.50% due 06/01/2042 | 1,252,680 | 1,239,382 | ||||||
3.50% due 08/01/2042 | 242,079 | 239,510 | ||||||
3.50% due 03/01/2045 | 904,219 | 890,723 | ||||||
3.50% due 07/01/2045 | 1,105,945 | 1,089,063 | ||||||
3.50% due 08/01/2045 | 648,198 | 638,303 | ||||||
3.50% due 11/01/2045 | 428,636 | 422,092 | ||||||
3.50% due 12/01/2046 | 833,147 | 819,234 | ||||||
3.50% due 11/01/2047 | 6,375,118 | 6,254,953 | ||||||
4.00% due 09/01/2040 | 272,225 | 276,408 | ||||||
4.00% due 10/01/2045 | 778,379 | 784,265 | ||||||
4.00% due 11/01/2045 | 896,706 | 903,392 | ||||||
4.50% due 04/01/2044 | 150,933 | 155,413 | ||||||
4.50% due 03/01/2046 | 224,897 | 231,556 | ||||||
5.00% due 10/01/2033 | 391 | 411 | ||||||
5.00% due 06/01/2039 | 357,698 | 378,669 | ||||||
5.00% due 11/01/2043 | 445,010 | 472,017 | ||||||
5.50% due 02/01/2035 | 68,982 | 73,273 | ||||||
6.00% due 10/01/2033 | 94,782 | 102,523 | ||||||
6.00% due 03/01/2040 | 541 | 594 | ||||||
6.50% due 02/01/2035 | 1,813 | 1,988 | ||||||
6.75% due 09/15/2029 | 500,000 | 653,251 | ||||||
6.75% due 03/15/2031 | 250,000 | 334,005 | ||||||
Federal Home Loan Mtg. Corp. FRS | 37,906 | 38,981 | ||||||
4.22% (12 ML+1.89%) | 364,199 | 383,599 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 751,025 | 736,237 | ||||||
Series 4800, Class KG | 100,000 | 97,247 | ||||||
Series 3820, Class DA | 425,331 | 428,176 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 203,061 | 21,389 |
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | $ | 684,415 | $ | 687,359 | ||||
Series 2015 - DNA1, Class M2 | 248,273 | 251,753 | ||||||
Series 2014 - DN1, Class M2 | 384,641 | 392,938 | ||||||
Series 2014 - HQ2, Class M2 | 509,384 | 520,698 | ||||||
Series 2016 - HQA1, Class M2 | 278,875 | �� | 283,408 | |||||
Series 2015 - HQA2, Class M2 | 21,844 | 22,312 | ||||||
32,015,899 | ||||||||
Federal National Mtg. Assoc. — 23.1% |
| |||||||
2.50% due 04/01/2028 | 292,471 | 285,083 | ||||||
2.50% due 01/01/2032 | 704,085 | 679,344 | ||||||
3.00% due 10/01/2027 | 81,115 | 80,666 | ||||||
3.00% due 12/01/2027 | 705,061 | 698,112 | ||||||
3.00% due 01/01/2028 | 605,343 | 601,990 | ||||||
3.00% due 03/01/2030 | 2,564,519 | 2,539,276 | ||||||
3.00% due 10/01/2030 | 487,610 | 482,806 | ||||||
3.00% due 03/01/2042 | 672,157 | 646,794 | ||||||
3.00% due 12/01/2042 | 662,533 | 637,504 | ||||||
3.00% due 02/01/2045 | 578,534 | 554,761 | ||||||
3.00% due 09/01/2046 | 96,038 | 91,675 | ||||||
3.00% due 01/01/2047 | 1,365,320 | 1,303,143 | ||||||
3.00% due 04/01/2047 | 4,269,500 | 4,074,985 | ||||||
3.50% due 08/01/2026 | 127,803 | 128,234 | ||||||
3.50% due 09/01/2026 | 36,723 | 36,847 | ||||||
3.50% due 08/01/2027 | 42,605 | 42,748 | ||||||
3.50% due 10/01/2028 | 406,445 | 409,254 | ||||||
3.50% due 03/01/2033 | 1,460,267 | 1,465,183 | ||||||
3.50% due 12/01/2041 | 410,585 | 406,213 | ||||||
3.50% due 08/01/2042 | 1,236,515 | 1,219,889 | ||||||
3.50% due 07/01/2045 | 438,068 | 431,372 | ||||||
3.50% due 08/01/2045 | 502,549 | 494,861 | ||||||
3.50% due 09/01/2045 | 426,859 | 420,329 | ||||||
3.50% due 10/01/2045 | 696,854 | 686,194 | ||||||
3.50% due 11/01/2045 | 323,220 | 318,075 | ||||||
3.50% due 12/01/2045 | 2,421,821 | 2,384,771 | ||||||
3.50% due 02/01/2046 | 718,314 | 707,252 | ||||||
3.50% due 03/01/2046 | 388,439 | 381,819 | ||||||
3.50% due 07/01/2046 | 1,643,802 | 1,618,656 | ||||||
3.50% due 01/01/2047 | 2,549,038 | 2,505,813 | ||||||
3.50% due 04/01/2048 | 2,531,595 | 2,486,552 | ||||||
4.00% due 07/01/2040 | 106,121 | 107,002 | ||||||
4.00% due 10/01/2040 | 72,776 | 73,733 | ||||||
4.00% due 12/01/2040 | 986,978 | 999,825 | ||||||
4.00% due 10/01/2041 | 480,919 | 487,241 | ||||||
4.00% due 11/01/2041 | 466,814 | 473,097 | ||||||
4.00% due 01/01/2043 | 555,886 | 563,256 | ||||||
4.00% due 10/01/2043 | 736,289 | 744,962 | ||||||
4.00% due 10/01/2044 | 1,005,814 | 1,013,819 | ||||||
4.00% due 02/01/2045 | 1,114,145 | 1,127,372 | ||||||
4.00% due 06/01/2046 | 321,373 | 323,487 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
4.00% due 01/01/2047 | $ | 655,687 | $ | 659,807 | ||||
4.00% due 05/01/2047 | 865,172 | 870,520 | ||||||
4.00% due 07/01/2047 | 2,547,573 | 2,563,190 | ||||||
4.00% due 08/01/2047 | 2,126,077 | 2,139,001 | ||||||
4.50% due 11/01/2022 | 45,500 | 46,473 | ||||||
4.50% due 10/01/2024 | 169,532 | 174,192 | ||||||
4.50% due 11/01/2040 | 161,691 | 168,194 | ||||||
4.50% due 12/01/2040 | 299,438 | 311,477 | ||||||
4.50% due 05/01/2041 | 235,159 | 244,509 | ||||||
4.50% due 08/01/2045 | 2,154,131 | 2,247,615 | ||||||
4.50% due 11/01/2047 | 2,724,012 | 2,803,193 | ||||||
4.50% due 06/01/2048 | 1,858,918 | 1,912,881 | ||||||
5.00% due 10/01/2033 | 2,363 | 2,507 | ||||||
5.00% due 03/01/2034 | 38,469 | 40,798 | ||||||
5.00% due 05/01/2040 | 89,441 | 94,843 | ||||||
5.00% due 06/01/2040 | 52,628 | 55,761 | ||||||
5.00% due 02/01/2045 | 296,255 | 314,165 | ||||||
5.50% due 12/01/2029 | 60,549 | 64,490 | ||||||
5.50% due 04/01/2033 | 52,148 | 56,100 | ||||||
5.50% due 12/01/2033 | 44,012 | 47,370 | ||||||
5.50% due 07/01/2037 | 252,047 | 270,375 | ||||||
5.50% due 08/01/2037 | 172,694 | 185,688 | ||||||
5.50% due 06/01/2038 | 23,411 | 25,178 | ||||||
6.00% due 12/01/2020 | 1,033 | 1,044 | ||||||
6.00% due 12/01/2036 | 309,518 | 338,475 | ||||||
6.00% due 11/01/2038 | 87,922 | 96,185 | ||||||
6.00% due 06/01/2040 | 64,821 | 70,893 | ||||||
6.50% due 10/01/2037 | 22,741 | 24,845 | ||||||
Federal National Mtg. Assoc. FRS | 254,582 | 265,841 | ||||||
4.01% (12 ML+1.57%) | 59,173 | 61,672 | ||||||
4.04% (6 ML+1.54%) | 290,724 | 300,343 | ||||||
4.04% (12 ML+1.76%) | 334,965 | 349,482 | ||||||
4.20% (1 Yr USTYCR+2.21%) | 317,620 | 334,542 | ||||||
4.25% (1 Yr USTYCR+2.26%) | 135,599 | 143,130 | ||||||
4.45% (12 ML+1.91%) | 185,195 | 194,983 | ||||||
4.57% (12 ML+1.82%) | 67,266 | 70,300 | ||||||
4.67% (12 ML+1.83%) | 195,492 | 204,482 | ||||||
Federal National Mtg. Assoc. REMIC | 463,581 | 454,311 | ||||||
Series2017-100, Class NP | 281,163 | 268,083 | ||||||
Series2018-27, Class EA | 1,328,861 | 1,274,313 | ||||||
54,485,246 | ||||||||
Government National Mtg. Assoc. — 4.4% |
| |||||||
3.00% due 02/20/2045 | 524,344 | 508,896 | ||||||
3.00% due 05/20/2045 | 406,333 | 392,686 | ||||||
3.00% due 07/20/2045 | 67,534 | 65,252 | ||||||
3.00% due 11/20/2045 | 1,368,265 | 1,321,462 | ||||||
3.00% due 12/20/2045 | 641,570 | 619,558 | ||||||
3.00% due 09/20/2047 | 2,059,733 | 1,984,203 | ||||||
3.50% due 03/20/2045 | 352,283 | 349,121 | ||||||
3.50% due 04/20/2045 | 673,975 | 667,925 |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Government National Mtg. Assoc. (continued) | ||||||||
3.50% due 07/20/2045 | $ | 147,185 | $ | 145,863 | ||||
3.50% due 03/20/2047 | 566,163 | 560,025 | ||||||
4.00% due 07/20/2045 | 208,515 | 212,156 | ||||||
4.00% due 10/20/2045 | 3,237,907 | 3,302,900 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 185,502 | ||||||
10,315,549 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $100,351,202) | 97,128,568 | |||||||
U.S. GOVERNMENT TREASURIES — 19.5% |
| |||||||
United States Treasury Bonds — 6.5% |
| |||||||
2.75% due 11/15/2042 | 423,000 | 384,038 | ||||||
2.75% due 08/15/2047 | 1,000,000 | 895,117 | ||||||
2.88% due 08/15/2028 | 108,000 | 106,709 | ||||||
2.88% due 11/15/2046# | 400,000 | 367,953 | ||||||
3.00% due 05/15/2045 | 1,500,000 | 1,418,437 | ||||||
3.00% due 11/15/2045 | 2,800,000 | 2,645,344 | ||||||
3.00% due 05/15/2047 | 1,500,000 | 1,412,930 | ||||||
3.13% due 11/15/2041 | 2,398,000 | 2,337,207 | ||||||
3.13% due 02/15/2042 | 408,000 | 397,290 | ||||||
3.13% due 05/15/2048 | 2,519,100 | 2,428,275 | ||||||
3.63% due 02/15/2044 | 700,000 | 737,516 | ||||||
3.88% due 08/15/2040 | 174,000 | 190,788 | ||||||
4.25% due 05/15/2039 | 267,000 | 308,510 | ||||||
4.38% due 05/15/2040 | 200,000 | 234,844 | ||||||
4.75% due 02/15/2037 | 587,000 | 717,745 | ||||||
5.00% due 05/15/2037 | 159,000 | 200,265 | ||||||
5.25% due 11/15/2028 | 369,000 | 439,124 | ||||||
8.13% due 08/15/2019 | 92,000 | 95,443 | ||||||
15,317,535 | ||||||||
United States Treasury Notes — 13.0% |
| |||||||
1.38% due 02/28/2019 | 6,547,000 | 6,530,831 | ||||||
1.63% due 08/15/2022 | 2,390,000 | 2,286,838 | ||||||
1.63% due 08/31/2022 | 2,000,000 | 1,913,047 | ||||||
1.63% due 02/15/2026 | 1,979,000 | 1,810,708 | ||||||
1.63% due 05/15/2026 | 427,000 | 389,387 | ||||||
1.75% due 09/30/2022 | 5,287,000 | 5,075,727 | ||||||
2.00% due 02/15/2025 | 1,800,000 | 1,706,273 | ||||||
2.00% due 11/15/2026 | 3,400,000 | 3,167,312 | ||||||
2.13% due 07/31/2024 | 882,000 | 846,754 | ||||||
2.25% due 11/15/2024# | 620,000 | 597,695 | ||||||
2.25% due 08/15/2027 | 1,200,000 | 1,131,797 | ||||||
2.25% due 11/15/2027 | 1,400,000 | 1,317,586 | ||||||
2.38% due 01/31/2023 | 450,000 | 441,598 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 2,941,406 | ||||||
2.88% due 07/31/2025 | 512,000 | 510,520 | ||||||
3.13% due 05/15/2019 | 11,000 | 11,027 | ||||||
3.63% due 08/15/2019 | 27,000 | 27,174 | ||||||
30,705,680 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $47,722,602) |
| 46,023,215 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.1% |
| |||||||
Sovereign — 0.1% |
| |||||||
United Mexican States | 250,000 | 220,000 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric-Distribution — 0.0% |
| |||||||
Entergy Louisiana LLC | $ | 7,100 | $ | 150,094 | ||||
Telecom Services — 0.1% |
| |||||||
Qwest Corp. | 8,425 | 165,972 | ||||||
Total Preferred Securities |
| |||||||
(cost $388,087) |
| 316,066 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.9% |
| |||||||
Banks-Commercial — 0.2% |
| |||||||
Cooperatieve Rabobank UA | 431,000 | 448,240 | ||||||
Banks-Super Regional — 0.1% |
| |||||||
Huntington Bancshares, Inc. | 192,000 | 182,880 | ||||||
Wells Fargo Capital X | 89,000 | 92,560 | ||||||
275,440 | ||||||||
Diversified Banking Institutions — 0.8% |
| |||||||
Bank of Nova Scotia | 560,000 | 508,928 | ||||||
HSBC Holdings PLC | 351,000 | 319,410 | ||||||
HSBC Holdings PLC | 337,000 | 317,926 | ||||||
JPMorgan Chase & Co.# | 271,000 | 275,404 | ||||||
JPMorgan Chase & Co.# | 450,000 | 400,218 | ||||||
1,821,886 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. | 142,000 | 142,895 | ||||||
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 | 194,025 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
Hanwha Life Insurance Co., Ltd. | 447,000 | 422,994 | ||||||
Prudential Financial, Inc.# | 118,000 | 104,430 | ||||||
Prudential Financial, Inc. | 260,000 | 260,975 | ||||||
788,399 | ||||||||
Pipelines — 0.1% |
| |||||||
Enterprise Products Operating LLC | 140,000 | 119,085 | ||||||
TransCanada Trust# | 141,000 | 124,926 | ||||||
TransCanada Trust | 108,000 | 100,494 | ||||||
344,505 | ||||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Tools - Hand Held — 0.2% |
| |||||||
Stanley Black & Decker, Inc. | $ | 396,000 | $ | 394,020 | ||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $4,651,175) | 4,409,418 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $242,270,922) | 234,201,177 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,991,955 | 1,991,955 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 800,043 | 800,043 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,791,998) | 2,791,998 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $245,062,920)(11) | 100.4 | % | 236,993,175 | |||||
Liabilities in excess of other assets | (0.4 | ) | (882,872 | ) | ||||
NET ASSETS | 100.0 | % | $ | 236,110,303 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $22,397,918 representing 9.5% 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). |
† | 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 November 30, 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 November 30, 2018. |
(8) | Perpetual maturity — maturity date reflects the next call date. |
(9) | At November 30, 2018, the Fund had loaned securities with a total value of $4,316,810. This was secured by collateral of $800,043, which was received in cash and subsequently invested in short-term investments currently valued at $800,043 as reported in the Portfolio of Investments. Additional collateral of $3,606,253 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.20% | 06/15/2027 to 10/15/2058 | $ | 303,342 | ||||
Federal National Mtg. Assoc. | 1.75% to 17.14% | 02/25/2031 to 10/25/2058 | 683,462 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 03/21/2019 | 134,807 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 01/31/2019 to 02/15/2047 | 2,484,642 |
(10) | The rate shown is the7-day yield as of November 30, 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 November 30, 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 November 30, 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 | $ | — | $ | 7,263,854 | $ | — | $ | 7,263,854 | ||||||||
U.S Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 152,627 | 20 | 152,647 | ||||||||||||
Other Industries | — | 61,703,310 | — | 61,703,310 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 16,984,099 | — | 16,984,099 | ||||||||||||
U.S. Government Agencies | — | 97,128,568 | — | 97,128,568 | ||||||||||||
U.S. Government Treasuries | — | 46,023,215 | — | 46,023,215 | ||||||||||||
Foreign Government Obligations | — | 220,000 | — | 220,000 | ||||||||||||
Preferred Securities | 316,066 | — | — | 316,066 |
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Preferred Securities/Capital Securities: | ||||||||||||||||
Finance-Investment Banker/Broker | $ | — | $ | — | $ | 8 | $ | 8 | ||||||||
Other Industries | — | 4,409,410 | — | 4,409,410 | ||||||||||||
Short-Term Investment Securities | 2,791,998 | — | — | 2,791,998 | ||||||||||||
Total Investments at Value | $ | 3,108,064 | $ | 233,885,083 | $ | 28 | $ | 236,993,175 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
44 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — November 30, 2018(unaudited)
Industry Allocation*
Computers | 7.4 | % | ||
Medical-HMO | 6.5 | |||
Diversified Banking Institutions | 5.9 | |||
Oil Companies-Integrated | 5.8 | |||
Medical-Drugs | 5.5 | |||
Applications Software | 5.1 | |||
Web Portals/ISP | 4.7 | |||
Cable/Satellite TV | 3.9 | |||
Banks-Super Regional | 3.6 | |||
Retail-Discount | 3.2 | |||
Medical-Biomedical/Gene | 3.2 | |||
Networking Products | 3.0 | |||
Electric-Integrated | 2.9 | |||
Computer Services | 2.8 | |||
Building-Residential/Commercial | 2.2 | |||
Tobacco | 2.2 | |||
Transport-Rail | 2.1 | |||
Retail-Building Products | 2.0 | |||
Chemicals-Diversified | 1.9 | |||
Medical Labs & Testing Services | 1.8 | |||
E-Services/Consulting | 1.8 | |||
Airlines | 1.7 | |||
Cruise Lines | 1.6 | |||
Retail-Auto Parts | 1.5 | |||
Medical Products | 1.4 | |||
Containers-Paper/Plastic | 1.3 | |||
Electric Products-Misc. | 1.3 | |||
Distribution/Wholesale | 1.2 | |||
Food-Confectionery | 1.2 | |||
Electronic Measurement Instruments | 1.1 | |||
Finance-Auto Loans | 1.1 | |||
Finance-Investment Banker/Broker | 1.1 | |||
Financial Guarantee Insurance | 1.0 | |||
Semiconductor Components-Integrated Circuits | 0.9 | |||
Insurance-Multi-line | 0.9 | |||
Metal-Copper | 0.9 | |||
Retail-Apparel/Shoe | 0.8 | |||
Finance-Consumer Loans | 0.8 | |||
Banks-Commercial | 0.7 | |||
Oil Companies-Exploration & Production | 0.6 | |||
Pharmacy Services | 0.6 | |||
Metal-Diversified | 0.4 | |||
Repurchase Agreements | 0.3 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
45 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018(unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Airlines — 1.7% |
| |||||||
Delta Air Lines, Inc. | 67,991 | $ | 4,127,734 | |||||
Applications Software — 5.1% |
| |||||||
Microsoft Corp. | 112,432 | 12,467,585 | ||||||
Banks-Commercial — 0.7% |
| |||||||
Regions Financial Corp. | 109,177 | 1,795,962 | ||||||
Banks-Super Regional — 3.6% |
| |||||||
SunTrust Banks, Inc. | 65,208 | 4,087,890 | ||||||
US Bancorp | 86,801 | 4,727,182 | ||||||
8,815,072 | ||||||||
Building-Residential/Commercial — 2.2% |
| |||||||
D.R. Horton, Inc. | 111,222 | 4,139,683 | ||||||
Lennar Corp., Class A | 30,266 | 1,293,266 | ||||||
5,432,949 | ||||||||
Cable/Satellite TV — 3.9% |
| |||||||
Comcast Corp., Class A | 177,622 | 6,929,034 | ||||||
DISH Network Corp., Class A† | 82,462 | 2,701,455 | ||||||
9,630,489 | ||||||||
Chemicals-Diversified — 1.9% |
| |||||||
DowDuPont, Inc. | 79,772 | 4,614,810 | ||||||
Computer Services — 2.8% |
| |||||||
Amdocs, Ltd. | 29,954 | 1,944,314 | ||||||
Cognizant Technology Solutions Corp., Class A | 70,148 | 4,996,642 | ||||||
6,940,956 | ||||||||
Computers — 7.4% |
| |||||||
Apple, Inc. | 73,588 | 13,141,345 | ||||||
Dell Technologies, Inc., Class V† | 48,496 | 5,115,358 | ||||||
18,256,703 | ||||||||
Containers-Paper/Plastic — 1.3% |
| |||||||
Packaging Corp. of America | 33,625 | 3,289,198 | ||||||
Cruise Lines — 1.6% |
| |||||||
Carnival Corp. | 64,935 | 3,914,931 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
KAR Auction Services, Inc. | 52,829 | 3,018,649 | ||||||
Diversified Banking Institutions — 5.9% |
| |||||||
Bank of America Corp. | 216,641 | 6,152,604 | ||||||
JPMorgan Chase & Co. | 75,441 | 8,388,285 | ||||||
14,540,889 | ||||||||
E-Services/Consulting — 1.8% |
| |||||||
CDW Corp. | 47,240 | 4,378,203 | ||||||
Electric Products-Misc. — 1.3% |
| |||||||
Emerson Electric Co. | 46,544 | 3,142,651 | ||||||
Electric-Integrated — 2.9% |
| |||||||
AES Corp. | 170,128 | 2,635,283 | ||||||
FirstEnergy Corp.# | 120,191 | 4,546,825 | ||||||
7,182,108 | ||||||||
Electronic Measurement Instruments — 1.1% |
| |||||||
Fortive Corp. | 36,532 | 2,778,989 | ||||||
Finance-Auto Loans — 1.1% |
| |||||||
Ally Financial, Inc. | 101,093 | 2,697,161 | ||||||
Finance-Consumer Loans — 0.8% |
| |||||||
SLM Corp.† | 188,207 | 1,932,886 | ||||||
Finance-Investment Banker/Broker — 1.1% |
| |||||||
E*TRADE Financial Corp. | 50,444 | 2,637,717 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Financial Guarantee Insurance — 1.0% |
| |||||||
Assured Guaranty, Ltd. | 58,099 | $ | 2,371,601 | |||||
Food-Confectionery — 1.2% |
| |||||||
J.M. Smucker Co. | 26,905 | 2,811,842 | ||||||
Insurance-Multi-line — 0.9% |
| |||||||
Hartford Financial Services Group, Inc. | 50,507 | 2,231,904 | ||||||
Medical Labs & Testing Services — 1.8% |
| |||||||
Laboratory Corp. of America Holdings† | 31,006 | 4,515,714 | ||||||
Medical Products — 1.4% |
| |||||||
Baxter International, Inc. | 50,046 | 3,430,653 | ||||||
Medical-Biomedical/Gene — 3.2% |
| |||||||
Biogen, Inc.† | 14,766 | 4,927,709 | ||||||
Gilead Sciences, Inc. | 38,689 | 2,783,287 | ||||||
7,710,996 | ||||||||
Medical-Drugs — 5.5% |
| |||||||
Novartis AG ADR | 23,469 | 2,148,118 | ||||||
Novo Nordisk A/S ADR | 63,797 | 2,974,216 | ||||||
Pfizer, Inc. | 178,091 | 8,233,147 | ||||||
13,355,481 | ||||||||
Medical-HMO — 6.5% |
| |||||||
Centene Corp.† | 25,727 | 3,659,666 | ||||||
Humana, Inc. | 16,554 | 5,454,046 | ||||||
UnitedHealth Group, Inc. | 23,967 | 6,743,355 | ||||||
15,857,067 | ||||||||
Metal-Copper — 0.9% |
| |||||||
Freeport-McMoRan, Inc. | 174,449 | 2,082,921 | ||||||
Metal-Diversified — 0.4% |
| |||||||
Rio Tinto PLC ADR# | 19,133 | 894,659 | ||||||
Networking Products — 3.0% |
| |||||||
Cisco Systems, Inc. | 153,551 | 7,350,486 | ||||||
Oil Companies-Exploration & Production — 0.6% |
| |||||||
Marathon Oil Corp. | 92,733 | 1,547,714 | ||||||
Oil Companies-Integrated — 5.8% |
| |||||||
BP PLC ADR | 100,452 | 4,053,238 | ||||||
Chevron Corp. | 45,244 | 5,381,321 | ||||||
Suncor Energy, Inc. | 148,572 | 4,797,390 | ||||||
14,231,949 | ||||||||
Pharmacy Services — 0.6% |
| |||||||
CVS Health Corp. | 18,086 | 1,450,497 | ||||||
Retail-Apparel/Shoe — 0.8% |
| |||||||
Urban Outfitters, Inc.† | 52,152 | 1,986,470 | ||||||
Retail-Auto Parts — 1.5% |
| |||||||
O’Reilly Automotive, Inc.† | 10,784 | 3,739,676 | ||||||
Retail-Building Products — 2.0% |
| |||||||
Lowe’s Cos., Inc. | 52,093 | 4,916,016 | ||||||
Retail-Discount — 3.2% |
| |||||||
Dollar General Corp. | 13,526 | 1,501,251 | ||||||
Walmart, Inc. | 65,846 | 6,429,862 | ||||||
7,931,113 | ||||||||
Semiconductor Components-Integrated Circuits — 0.9% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 60,452 | 2,272,391 | ||||||
Tobacco — 2.2% |
| |||||||
Altria Group, Inc. | 96,648 | 5,299,210 | ||||||
Transport-Rail — 2.1% |
| |||||||
Norfolk Southern Corp. | 29,958 | 5,115,029 | ||||||
46 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018(unaudited) —(continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP — 4.7% |
| |||||||
Alphabet, Inc., Class A† | 5,144 | $ | 5,708,039 | |||||
Alphabet, Inc., Class C† | 5,304 | 5,804,857 | ||||||
11,512,896 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $191,815,929) | 244,211,927 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1) | ||||||||
(cost $79,920) | 79,920 | 79,920 | ||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $745,026 collateralized by $765,000 of United States Treasury Notes, bearing interest at 2.88% due 5/31/2025 and having an approximate value of $761,982 | $ | 745,000 | 745,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $192,640,849)(2) | 99.9 | % | 245,036,847 | |||||
Other assets less liabilities | 0.1 | 313,830 | ||||||
NET ASSETS | 100.0 | % | $ | 245,350,677 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $4,643,385. This was secured by collateral of $79,920, which was received in cash and subsequently invested in short-term investments currently valued at $79,920 as reported in the Portfolio of Investments. Additional collateral of $4,593,306 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 12/13/2018 to 03/28/2019 | $ | 4,040,285 | ||||
United States Treasury Notes/Bonds | 0.13% to 2.88% | 02/15/2019 to 02/15/2044 | 553,021 |
(2) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 244,211,927 | $ | — | $ | — | $ | 244,211,927 | ||||||||
Short-Term Investment Securities | 79,920 | — | — | 79,920 | ||||||||||||
Repurchase Agreements | — | 745,000 | — | 745,000 | ||||||||||||
Total Investments at Value | $ | 244,291,847 | $ | 745,000 | $ | — | $ | 245,036,847 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Portfolio of Investments
47 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 10.5 | % | ||
Diversified Banking Institutions | 7.5 | |||
Oil Companies — Integrated | 5.2 | |||
Retail — Apparel/Shoe | 4.2 | |||
Telephone — Integrated | 4.0 | |||
Food — Misc./Diversified | 3.4 | |||
Tobacco | 3.2 | |||
Banks — Super Regional | 2.9 | |||
Medical — HMO | 2.9 | |||
Advertising Agencies | 2.7 | |||
Semiconductor Equipment | 2.4 | |||
Cosmetics & Toiletries | 2.3 | |||
Electric — Integrated | 2.3 | |||
Beverages —Non-alcoholic | 2.0 | |||
Medical — Wholesale Drug Distribution | 2.0 | |||
Pharmacy Services | 2.0 | |||
Pipelines | 2.0 | |||
Enterprise Software/Service | 1.9 | |||
Insurance — Multi-line | 1.8 | |||
Chemicals — Diversified | 1.7 | |||
Networking Products | 1.7 | |||
Commercial Services — Finance | 1.5 | |||
Applications Software | 1.5 | |||
Computer Services | 1.4 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Commercial Services | 1.3 | |||
Medical — Biomedical/Gene | 1.3 | |||
Medical Products | 1.2 | |||
Retail — Regional Department Stores | 1.2 | |||
Apparel Manufacturers | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Computers — Memory Devices | 1.0 | |||
Insurance Brokers | 1.0 | |||
Medical Instruments | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Aerospace/Defense | 0.7 | |||
Instruments — Controls | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Wireless Equipment | 0.7 | |||
Oil Refining & Marketing | 0.6 | |||
Beverages — Wine/Spirits | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Banks — Fiduciary | 0.5 | |||
Retail — Building Products | 0.4 | |||
Home Decoration Products | 0.4 | |||
Building Products — Cement | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
Transport — Rail | 0.3 | |||
E-Services/Consulting | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Computers | 0.2 | |||
Toys | 0.2 | |||
Retail — Discount | 0.2 | |||
Paper & Related Products | 0.2 | |||
Water Treatment Systems | 0.2 | |||
Telecom Services | 0.2 | |||
95.6 | % | |||
* | Calculated as a percentage of net assets |
48 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.3% |
| |||||||
Advertising Agencies — 2.7% |
| |||||||
Interpublic Group of Cos., Inc. | 492,567 | $ | 11,575,324 | |||||
Omnicom Group, Inc. | 161,477 | 12,428,885 | ||||||
24,004,209 | ||||||||
Aerospace/Defense — 0.7% |
| |||||||
BAE Systems PLC | 195,638 | 1,228,703 | ||||||
Lockheed Martin Corp. | 6,087 | 1,828,717 | ||||||
Northrop Grumman Corp. | 13,296 | 3,455,365 | ||||||
6,512,785 | ||||||||
Apparel Manufacturers — 1.1% |
| |||||||
Hanesbrands, Inc.# | 632,548 | 10,063,839 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 116,901 | 12,963,152 | ||||||
Banks - Fiduciary — 0.5% |
| |||||||
State Street Corp. | 61,197 | 4,468,605 | ||||||
Banks - Super Regional — 2.9% |
| |||||||
US Bancorp | 124,684 | 6,790,290 | ||||||
Wells Fargo & Co. | 349,392 | 18,964,998 | ||||||
25,755,288 | ||||||||
Beverages -Non-alcoholic — 2.0% |
| |||||||
Coca-Cola Co. | 244,038 | 12,299,515 | ||||||
PepsiCo, Inc. | 47,153 | 5,749,837 | ||||||
18,049,352 | ||||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Diageo PLC | 132,759 | 4,782,980 | ||||||
Building Products - Air & Heating — 0.5% |
| |||||||
Johnson Controls International PLC | 129,713 | 4,511,418 | ||||||
Building Products - Cement — 0.3% |
| |||||||
CRH PLC | 109,211 | 2,999,512 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 246,207 | 9,604,535 | ||||||
Chemicals - Diversified — 1.7% |
| |||||||
DowDuPont, Inc. | 87,138 | 5,040,933 | ||||||
LyondellBasell Industries NV, Class A | 105,168 | 9,813,226 | ||||||
14,854,159 | ||||||||
Commercial Services — 1.3% |
| |||||||
Nielsen Holdings PLC | 423,048 | 11,494,214 | ||||||
Commercial Services - Finance — 1.5% |
| |||||||
Experian PLC | 55,135 | 1,344,608 | ||||||
H&R Block, Inc.# | 436,519 | 11,790,378 | ||||||
13,134,986 | ||||||||
Computer Services — 1.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 41,822 | 2,978,981 | ||||||
International Business Machines Corp. | 77,174 | 9,590,413 | ||||||
12,569,394 | ||||||||
Computers — 0.2% |
| |||||||
Lenovo Group, Ltd. | 2,702,000 | 1,960,049 | ||||||
Computers - Memory Devices — 1.0% |
| |||||||
Western Digital Corp. | 197,027 | 8,943,056 | ||||||
Cosmetics & Toiletries — 2.3% |
| |||||||
Procter & Gamble Co. | 183,486 | 17,341,262 | ||||||
Unilever NV | 59,794 | 3,319,165 | ||||||
20,660,427 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 7.5% |
| |||||||
Bank of America Corp. | 561,792 | $ | 15,954,893 | |||||
Citigroup, Inc. | 260,867 | 16,901,573 | ||||||
Goldman Sachs Group, Inc. | 25,163 | 4,798,332 | ||||||
JPMorgan Chase & Co. | 193,296 | 21,492,582 | ||||||
Morgan Stanley | 158,986 | 7,057,389 | ||||||
66,204,769 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
3M Co. | 17,274 | 3,591,610 | ||||||
General Electric Co. | 316,325 | 2,372,437 | ||||||
Siemens AG | 18,620 | 2,156,596 | ||||||
8,120,643 | ||||||||
E-Services/Consulting — 0.3% |
| |||||||
CDW Corp. | 31,287 | 2,899,679 | ||||||
Electric - Integrated — 2.3% |
| |||||||
Edison International | 7,390 | 408,815 | ||||||
FirstEnergy Corp.# | 181,478 | 6,865,312 | ||||||
NextEra Energy, Inc. | 29,927 | 5,438,035 | ||||||
PG&E Corp.† | 117,710 | 3,105,190 | ||||||
Public Service Enterprise Group, Inc. | 83,202 | 4,650,992 | ||||||
20,468,344 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
nVent Electric PLC | 7,375 | 184,523 | ||||||
Electronic Components - Semiconductors — 0.3% |
| |||||||
Samsung Electronics Co., Ltd. GDR | 3,146 | 2,945,860 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Constellation Software, Inc. | 3,593 | 2,464,301 | ||||||
Oracle Corp. | 284,843 | 13,888,944 | ||||||
16,353,245 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | �� | 47,359 | 2,121,683 | |||||
Food - Misc./Diversified — 3.4% |
| |||||||
General Mills, Inc. | 236,989 | 10,027,004 | ||||||
Kellogg Co. | 54,089 | 3,442,765 | ||||||
Kraft Heinz Co. | 196,373 | 10,038,588 | ||||||
Mondelez International, Inc., Class A | 47,560 | 2,139,249 | ||||||
Nestle SA | 50,450 | 4,307,923 | ||||||
29,955,529 | ||||||||
Home Decoration Products — 0.4% |
| |||||||
Newell Brands, Inc.# | 148,223 | 3,468,418 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Honeywell International, Inc. | 42,773 | 6,276,938 | ||||||
Insurance Brokers — 1.0% |
| |||||||
Arthur J. Gallagher & Co. | 54,464 | 4,197,540 | ||||||
Marsh & McLennan Cos., Inc. | 48,267 | 4,281,283 | ||||||
8,478,823 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
AXA Equitable Holdings, Inc. | 129,293 | 2,544,486 | ||||||
Brighthouse Financial, Inc.† | 11,464 | 461,541 | ||||||
Prudential Financial, Inc. | 28,667 | 2,687,818 | ||||||
5,693,845 | ||||||||
Insurance - Multi-line — 1.8% |
| |||||||
Hartford Financial Services Group, Inc. | 60,210 | 2,660,680 | ||||||
MetLife, Inc. | 299,509 | 13,367,087 | ||||||
16,027,767 | ||||||||
49 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty — 0.7% |
| |||||||
Travelers Cos., Inc. | 45,624 | $ | 5,948,001 | |||||
Medical Instruments — 0.9% |
| |||||||
Medtronic PLC | 84,875 | 8,277,859 | ||||||
Medical Products — 1.2% |
| |||||||
Koninklijke Philips NV | 288,141 | 10,907,340 | ||||||
Medical - Biomedical/Gene — 1.3% |
| |||||||
Gilead Sciences, Inc. | 155,019 | 11,152,067 | ||||||
Medical - Drugs — 10.5% |
| |||||||
AstraZeneca PLC | 136,443 | 10,665,271 | ||||||
Bayer AG | 51,838 | 3,786,057 | ||||||
Johnson & Johnson | 81,921 | 12,034,195 | ||||||
Merck & Co., Inc. | 283,712 | 22,509,710 | ||||||
Novartis AG ADR | 54,682 | 5,005,044 | ||||||
Novo Nordisk A/S ADR | 83,881 | 3,910,532 | ||||||
Pfizer, Inc. | 756,332 | 34,965,228 | ||||||
92,876,037 | ||||||||
Medical - HMO — 2.9% |
| |||||||
Anthem, Inc. | 53,827 | 15,613,598 | ||||||
Humana, Inc. | 8,033 | 2,646,632 | ||||||
UnitedHealth Group, Inc. | 25,789 | 7,255,993 | ||||||
25,516,223 | ||||||||
Medical - Wholesale Drug Distribution — 2.0% |
| |||||||
Cardinal Health, Inc. | 249,655 | 13,688,584 | ||||||
McKesson Corp. | 32,962 | 4,103,769 | ||||||
17,792,353 | ||||||||
Networking Products — 1.7% |
| |||||||
Cisco Systems, Inc. | 307,880 | 14,738,216 | ||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
Anadarko Petroleum Corp. | 45,778 | 2,421,656 | ||||||
Devon Energy Corp. | 132,308 | �� | 3,576,285 | |||||
Hess Corp. | 69,395 | 3,739,697 | ||||||
Marathon Oil Corp. | 105,353 | 1,758,342 | ||||||
11,495,980 | ||||||||
Oil Companies - Integrated — 5.2% |
| |||||||
BP PLC | 1,486,911 | 9,859,913 | ||||||
Chevron Corp. | 98,187 | 11,678,362 | ||||||
Exxon Mobil Corp. | 137,565 | 10,936,418 | ||||||
Suncor Energy, Inc. | 360,604 | 11,643,903 | ||||||
TOTAL SA ADR | 37,920 | 2,108,731 | ||||||
46,227,327 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Marathon Petroleum Corp. | 85,874 | 5,595,550 | ||||||
Paper & Related Products — 0.2% |
| |||||||
International Paper Co. | 33,576 | 1,550,875 | ||||||
Pharmacy Services — 2.0% |
| |||||||
CVS Health Corp. | 219,360 | 17,592,710 | ||||||
Pipelines — 2.0% |
| |||||||
Enterprise Products Partners LP | 273,579 | 7,181,449 | ||||||
ONEOK, Inc. | 62,265 | 3,824,939 | ||||||
Williams Cos., Inc. | 256,454 | 6,493,415 | ||||||
17,499,803 | ||||||||
Retail - Apparel/Shoe — 4.2% |
| |||||||
Foot Locker, Inc. | 228,975 | 12,914,190 | ||||||
Gap, Inc. | 388,940 | 10,614,172 | ||||||
L Brands, Inc. | 405,351 | 13,421,172 | ||||||
36,949,534 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Building Products — 0.4% |
| |||||||
Lowe’s Cos., Inc. | 41,290 | $ | 3,896,537 | |||||
Retail - Discount — 0.2% |
| |||||||
Dollar General Corp. | 15,975 | 1,773,065 | ||||||
Retail - Regional Department Stores — 1.2% |
| |||||||
Macy’s, Inc. | 312,407 | 10,690,568 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
QUALCOMM, Inc.# | 109,122 | 6,357,448 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 69,978 | 2,630,473 | ||||||
8,987,921 | ||||||||
Semiconductor Equipment — 2.4% |
| |||||||
KLA-Tencor Corp. | 106,353 | 10,482,152 | ||||||
Lam Research Corp. | 70,490 | 11,064,110 | ||||||
21,546,262 | ||||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 31,513 | 1,351,277 | ||||||
Telephone - Integrated — 4.0% |
| |||||||
Verizon Communications, Inc. | 584,033 | 35,217,190 | ||||||
Tobacco — 3.2% |
| |||||||
Altria Group, Inc. | 291,117 | 15,961,945 | ||||||
Philip Morris International, Inc. | 143,409 | 12,409,181 | ||||||
28,371,126 | ||||||||
Toys — 0.2% |
| |||||||
Mattel, Inc.†# | 131,059 | 1,821,720 | ||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 18,909 | 2,907,826 | ||||||
Water Treatment Systems — 0.2% |
| |||||||
Pentair PLC | 31,934 | 1,363,582 | ||||||
Wireless Equipment — 0.7% |
| |||||||
Motorola Solutions, Inc. | 43,203 | 5,670,394 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $793,928,206) | 844,249,369 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 259,635 | 259,635 | ||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $2,740,096 collateralized by $2,840,000 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $2,795,236 | $ | 2,740,000 | 2,740,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $796,927,841)(3) | 95.6 | % | 847,249,004 | |||||
Other assets less liabilities | 4.4 | 38,818,466 | ||||||
NET ASSETS | 100.0 | % | $ | 886,067,470 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $30,324,326. This was secured by collateral of $259,635, which was received in cash and subsequently invested in short-term investments currently valued at $259,635 as reported in the Portfolio of Investments. Additional collateral of $31,058,153 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly |
50 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/25/2019 | $ | 2,240,444 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 28,817,709 |
(2) | The rate shown is the7-day yield as of November 30, 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 November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 787,304,557 | $ | 56,944,812 | ** | $ | — | $ | 844,249,369 | |||||||
Short-Term Investment Securities | 259,635 | — | — | 259,635 | ||||||||||||
Repurchase Agreements | — | 2,740,000 | — | 2,740,000 | ||||||||||||
Total Investments at Value | $ | 787,564,192 | $ | 59,684,812 | $ | — | $ | 847,249,004 | ||||||||
* | 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). |
See Notes to Financial Statements
51 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 51.5 | % | ||
Domestic Fixed Income Investment Companies | 20.6 | |||
United States Treasury Notes | 10.2 | |||
International Equity Investment Companies | 9.4 | |||
United States Treasury Bonds | 5.4 | |||
Registered Investment Companies | 2.5 | |||
International Fixed Income Investment Companies | 0.4 | |||
Options — Purchased | 0.4 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.9%(1)@ |
| |||||||
Domestic Equity Investment Companies — 51.5% | ||||||||
VALIC Co. I Blue Chip Growth Fund | 313,150 | $ | 6,535,444 | |||||
VALIC Co. I Broad Cap Value Income Fund | 565,741 | 9,063,176 | ||||||
VALIC Co. I Dividend Value Fund | 661,732 | 8,576,049 | ||||||
VALIC Co. I Growth & Income Fund | 167,623 | 3,840,244 | ||||||
VALIC Co. I Growth Fund | 469,899 | 8,068,171 | ||||||
VALIC Co. I Large Cap Core Fund | 620,931 | 7,451,171 | ||||||
VALIC Co. I Large Capital Growth Fund | 475,754 | 7,483,616 | ||||||
VALIC Co. I Mid Cap Index Fund | 147,704 | 4,024,938 | ||||||
VALIC Co. I Stock Index Fund | 687,351 | 27,892,682 | ||||||
VALIC Co. I Value Fund | 510,029 | 9,190,729 | ||||||
VALIC Co. II Capital Appreciation Fund | 346,776 | 6,443,089 | ||||||
VALIC Co. II Large Cap Value Fund | 169,995 | 3,700,790 | ||||||
VALIC Co. II Mid Cap Growth Fund | 268,423 | 2,614,435 | ||||||
VALIC Co. II Mid Cap Value Fund | 128,724 | 2,619,543 | ||||||
VALIC Co. II Small Cap Growth Fund | 187,823 | 3,763,969 | ||||||
VALIC Co. II Small Cap Value Fund | 275,535 | 3,840,957 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $100,481,249) | 115,109,003 | |||||||
Domestic Fixed Income Investment Companies — 20.6% | ||||||||
VALIC Co. I Capital Conservation Fund | 1,593,900 | 15,094,235 | ||||||
VALIC Co. I Government Securities Fund | 888,912 | 9,066,900 | ||||||
VALIC Co. I Inflation Protected Fund | 332,895 | 3,565,300 | ||||||
VALIC Co. II Core Bond Fund | 1,244,710 | 13,181,479 | ||||||
VALIC Co. II High Yield Bond Fund | 249,777 | 1,843,357 | ||||||
VALIC Co. II Strategic Bond Fund | 297,306 | 3,181,170 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $47,659,809) | 45,932,441 | |||||||
International Equity Investment Companies — 9.4% | ||||||||
VALIC Co. I Emerging Economies Fund | 295,335 | 2,318,378 | ||||||
VALIC Co. I Global Real Estate Fund | 226,822 | 1,730,653 | ||||||
VALIC Co. I International Equities Index Fund | 601,060 | 4,099,230 | ||||||
VALIC Co. I International Growth Fund | 430,825 | 5,781,670 | ||||||
VALIC Co. I International Value Fund | 607,845 | 5,823,157 | ||||||
VALIC Co. II International Opportunities Fund | 72,170 | 1,335,149 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $20,544,565) | 21,088,237 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund | 76,753 | 867,304 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $169,582,099) | 182,996,985 | |||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 15.6% | ||||||||
United States Treasury Bonds — 5.4% | ||||||||
2.75% due 02/15/2028 | $ | 2,872,100 | $ | 2,812,639 | ||||
2.88% due 05/15/2028 | 2,501,400 | 2,472,966 | ||||||
2.88% due 08/15/2028 | 3,001,400 | 2,965,524 | ||||||
3.13% due 11/15/2028 | 2,408,000 | 2,430,951 | ||||||
6.13% due 11/15/2027 | 316,000 | 392,914 | ||||||
6.38% due 08/15/2027 | 328,000 | 412,691 | ||||||
6.63% due 02/15/2027 | 32,500 | 41,144 | ||||||
6.75% due 08/15/2026 | 421,000 | 531,233 | ||||||
12,060,062 | ||||||||
United States Treasury Notes — 10.2% | ||||||||
1.50% due 08/15/2026# | 3,594,000 | 3,235,161 | ||||||
1.63% due 02/15/2026# | 2,187,000 | 2,001,019 | ||||||
1.63% due 05/15/2026# | 3,043,100 | 2,775,046 | ||||||
2.00% due 11/15/2026 | 3,052,600 | 2,843,688 | ||||||
2.25% due 02/15/2027 | 3,744,000 | 3,546,562 | ||||||
2.25% due 08/15/2027 | 2,709,500 | 2,555,503 | ||||||
2.25% due 11/15/2027 | 2,771,700 | 2,608,538 | ||||||
2.38% due 05/15/2027 | 3,436,000 | 3,281,514 | ||||||
22,847,031 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $36,095,837) | 34,907,093 | |||||||
OPTIONS PURCHASED—0.4% | ||||||||
Options - Purchased(2) | 33,000 | 827,976 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $206,975,180) | 218,732,054 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.5% | ||||||||
Registered Investment Companies — 2.5% | ||||||||
AllianceBernstein Government Portfolio, Class AB | 5,765,290 | 5,765,290 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $212,740,470)(4) | 100.4 | % | 224,497,344 | |||||
Liabilities in excess of other assets | (0.4 | ) | (969,879 | ) | ||||
NET ASSETS | 100.0 | % | $ | 223,527,465 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com. |
# | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | See Note 3 |
(2) | Options — Purchased |
Over the Counter Purchased Put Options | ||||||||||||||||||||||||||||
Issue | Counter Party | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Paid | Value at November 30, 2018 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
S&P 500 Index | Citibank NA | February 2019 | $ | 2,525 | 8,000 | $ | 22,081,360 | $ | 227,538 | $ | 200,721 | $ | (26,817 | ) | ||||||||||||||
S&P 500 Index | Deutsche Bank AG | February 2019 | 2,525 | 11,000 | 30,361,870 | 466,169 | 275,992 | (190,177 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2019 | 2,525 | 5,000 | 13,800,850 | 201,451 | 125,451 | (76,000 | ) | |||||||||||||||||||
S&P 500 Index | UBS AG | February 2019 | 2,525 | 9,000 | 24,841,530 | 402,086 | 225,812 | (176,274 | ) | |||||||||||||||||||
33,000 | $ | 91,085,610 | $ | 1,297,244 | $ | 827,976 | $ | (469,268 | ) | |||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
53 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(3) | The rate shown is the7-day yield as of November 30, 2018. |
(4) | See Note 5 for cost of investments on a tax basis |
Over the Counter Written Call Options | ||||||||||||||||||||||||||||
Issue | CounterParty | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Received | Value at November 30, 2018 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
S&P 500 Index | Citibank NA | February 2019 | $ | 2,990 | 8,000 | $ | 22,081,360 | $ | 100,690 | $ | 51,460 | $ | 49,230 | |||||||||||||||
S&P 500 Index | Deutsche Bank AG | February 2019 | 2,990 | 11,000 | 30,361,870 | 58,300 | 70,757 | (12,457 | ) | |||||||||||||||||||
S&P 500 Index | Goldman Sachs International | February 2019 | 2,990 | 5,000 | 13,800,850 | 29,274 | 32,162 | (2,888 | ) | |||||||||||||||||||
S&P 500 Index | UBS AG | February 2019 | 2,990 | 9,000 | 24,841,530 | 27,000 | 57,893 | (30,893 | ) | |||||||||||||||||||
33,000 | $ | 91,085,610 | $ | 215,264 | $ | 212,272 | $ | 2,992 | ||||||||||||||||||||
* | 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) | ||||||||||||||||
220 | Long | S&P 500E-Mini Index | December 2018 | $ | 29,892,134 | $ | 30,341,300 | $ | 449,166 | |||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 182,996,985 | $ | — | $ | — | $ | 182,996,985 | ||||||||
U.S. Government Treasuries | — | 34,907,093 | — | 34,907,093 | ||||||||||||
Options Purchased | — | 827,976 | — | 827,976 | ||||||||||||
Short-Term Investment Securities | 5,765,290 | — | — | 5,765,290 | ||||||||||||
Total Investments at Value | $ | 188,762,275 | $ | 35,735,069 | $ | — | $ | 224,497,344 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 449,166 | $ | — | $ | — | $ | 449,166 | ||||||||
Over the Counter Written Call Options | — | 49,230 | — | 49,230 | ||||||||||||
$ | 449,166 | $ | 49,230 | $ | — | $ | 498,396 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Over the Counter Written Call Options | $ | — | $ | 46,238 | $ | — | $ | 46,238 | ||||||||
* | 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. |
See Notes to Financial Statements
54 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 15.0 | % | ||
Oil Companies — Integrated | 6.2 | |||
Diversified Financial Services | 5.6 | |||
Internet Application Software | 5.6 | |||
Electronic Components — Semiconductors | 5.6 | |||
Semiconductor Components — Integrated Circuits | 5.4 | |||
E-Commerce/Products | 3.1 | |||
Chemicals — Diversified | 2.6 | |||
Computer Services | 2.3 | |||
Registered Investment Companies | 2.2 | |||
Insurance — Multi-line | 2.0 | |||
Electronic Components — Misc. | 2.0 | |||
Finance — Mortgage Loan/Banker | 1.9 | |||
Metal — Iron | 1.9 | |||
Web Portals/ISP | 1.8 | |||
Building Products — Cement | 1.8 | |||
Real Estate Operations & Development | 1.7 | |||
Oil Refining & Marketing | 1.4 | |||
Schools | 1.3 | |||
Tobacco | 1.3 | |||
Building — Heavy Construction | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
Applications Software | 1.1 | |||
Metal — Diversified | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Steel — Producers | 1.0 | |||
Cellular Telecom | 1.0 | |||
Building — Residential/Commercial | 1.0 | |||
Diamonds/Precious Stones | 0.8 | |||
Coal | 0.8 | |||
Food — Retail | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Banks — Special Purpose | 0.7 | |||
Retail — Convenience Store | 0.7 | |||
Diversified Banking Institutions | 0.7 | |||
Retail — Hypermarkets | 0.6 | |||
Diversified Operations | 0.6 | |||
Finance — Other Services | 0.6 | |||
Circuit Boards | 0.6 | |||
Gold Mining | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Insurance — Reinsurance | 0.5 | |||
Airlines | 0.5 | |||
Banks — Money Center | 0.5 | |||
Food — Confectionery | 0.5 | |||
Diversified Operations/Commercial Services | 0.5 | |||
Distribution/Wholesale | 0.5 | |||
Textile — Products | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Retail — Apparel/Shoe | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Metal — Copper | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Medical — Drugs | 0.3 | |||
Petrochemicals | 0.3 | |||
Paper & Related Products | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Computers — Periphery Equipment | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Chemicals — Fibers | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Retail — Automobile | 0.2 | |||
Food — Flour & Grain | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Data Processing/Management | 0.2 | |||
Beverages — Wine/Spirits | 0.2 |
Electric — Integrated | 0.1 | |||
Electric — Distribution | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Transport — Rail | 0.1 | |||
Appliances | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
97.7 | % | |||
Country Allocation*
China | 16.9 | % | ||
Cayman Islands | 14.9 | |||
South Korea | 14.2 | |||
Taiwan | 14.1 | |||
Brazil | 8.5 | |||
Russia | 7.1 | |||
India | 4.7 | |||
Thailand | 4.4 | |||
United States | 3.3 | |||
South Africa | 2.8 | |||
Turkey | 1.9 | |||
Hungary | 1.9 | |||
Poland | 0.9 | |||
Indonesia | 0.8 | |||
Mexico | 0.6 | |||
United Kingdom | 0.3 | |||
Hong Kong | 0.2 | |||
Cyprus | 0.2 | |||
97.7 | % | |||
* | Calculated as a percentage of net assets |
55 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.5% |
| |||||||
Brazil — 8.5% |
| |||||||
B3 SA - Brasil Bolsa Balcao | 586,060 | $ | 4,273,828 | |||||
Banco do Brasil SA | 679,473 | 7,841,965 | ||||||
Banco Santander Brasil SA | 617,349 | 6,820,054 | ||||||
Cia Brasileira de Distribuicao (Preference Shares) | 106,720 | 2,301,918 | ||||||
Estacio Participacoes SA | 787,412 | 5,039,681 | ||||||
IRB Brasil Resseguros S/A | 185,916 | 3,598,607 | ||||||
Itau Unibanco Holding SA ADR | 1,149,287 | 10,722,843 | ||||||
Kroton Educacional SA | 1,191,630 | 3,235,613 | ||||||
MRV Engenharia e Participacoes SA | 971,651 | 3,047,873 | ||||||
Vale SA ADR# | 847,726 | 11,613,846 | ||||||
58,496,228 | ||||||||
Cayman Islands — 14.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 133,693 | 21,505,856 | ||||||
ANTA Sports Products, Ltd. | 538,000 | 2,455,138 | ||||||
Baidu, Inc. ADR† | 66,275 | 12,478,257 | ||||||
Chailease Holding Co., Ltd. | 462,000 | 1,440,032 | ||||||
China Conch Venture Holdings, Ltd. | 1,030,500 | 3,193,638 | ||||||
China Maple Leaf Educational Systems, Ltd. | 2,426,000 | 1,052,089 | ||||||
China Resources Cement Holdings, Ltd. | 3,314,000 | 3,235,073 | ||||||
Country Garden Holdings Co., Ltd.# | 3,726,000 | 4,606,720 | ||||||
Geely Automobile Holdings, Ltd. | 1,414,000 | 2,783,342 | ||||||
Nexteer Automotive Group, Ltd. | 912,000 | 1,379,039 | ||||||
Tencent Holdings, Ltd. | 964,100 | 38,671,190 | ||||||
Tingyi Cayman Islands Holding Corp. | 954,000 | 1,242,398 | ||||||
Uni-President China Holdings, Ltd. | 2,185,000 | 1,996,786 | ||||||
Want Want China Holdings, Ltd. | 4,366,000 | 3,219,308 | ||||||
Zhen Ding Technology Holding, Ltd. | 957,000 | 2,443,092 | ||||||
Zhongsheng Group Holdings, Ltd. | 670,000 | 1,369,282 | ||||||
103,071,240 | ||||||||
China — 16.9% |
| |||||||
Anhui Conch Cement Co., Ltd. | 1,159,000 | 6,049,801 | ||||||
Anhui Jinhe Industrial Co., Ltd., Class A | 213,100 | 488,534 | ||||||
Anhui Kouzi Distillery Co., Ltd., Class A | 101,700 | 533,136 | ||||||
Bank of Nanjing Co., Ltd., Class A | 644,200 | 647,264 | ||||||
Baoshan Iron & Steel Co., Ltd., Class A | 1,834,100 | 1,779,935 | ||||||
BOE Technology Group Co., Ltd., Class A | 4,033,000 | 1,621,568 | ||||||
China Construction Bank Corp. | 20,932,000 | 17,899,490 | ||||||
China Merchants Bank Co., Ltd. | 2,185,000 | 9,070,153 | ||||||
China Petroleum & Chemical Corp. | 6,248,000 | 5,307,198 | ||||||
China Railway Construction Corp., Ltd. | 2,677,500 | 3,440,940 | ||||||
China Railway Group, Ltd., Class H | 3,711,000 | 3,425,681 | ||||||
China Shenhua Energy Co., Ltd. | 1,472,500 | 3,281,794 | ||||||
China Vanke Co., Ltd. | 2,087,800 | 7,213,104 | ||||||
Chongqing Department Store Co., Ltd., Class A | 138,900 | 601,469 | ||||||
Daqin Railway Co., Ltd., Class A | 535,200 | 597,397 | ||||||
Grandblue Environment Co., Ltd., Class A | 337,200 | 652,798 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A† | 111,500 | 591,855 | ||||||
Huayu Automotive Systems Co., Ltd., Class A | 190,000 | 465,439 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd. | 128,800 | 686,744 | ||||||
Industrial & Commercial Bank of China, Ltd. | 19,023,000 | 13,556,645 | ||||||
PetroChina Co., Ltd. | 8,786,000 | 6,124,339 | ||||||
Ping An Insurance Group Co. of China, Ltd.# | 1,451,000 | 14,079,685 | ||||||
Postal Savings Bank of China Co., Ltd.* | 5,738,000 | 3,468,620 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 552,700 | 641,201 | ||||||
Shanghai International Airport Co., Ltd., Class A | 80,300 | 585,104 | ||||||
Shenzhen Expressway Co., Ltd. | 2,102,000 | 2,073,877 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. Class A | 2,577,400 | 1,862,578 | ||||||
Wangfujing Group Co., Ltd., Class A | 242,400 | 512,795 | ||||||
Weichai Power Co., Ltd.# | 2,227,000 | 2,398,822 | ||||||
Weifu High-Technology Group Co., Ltd., Class A | 212,293 | 549,736 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 68,900 | 522,156 | ||||||
XCMG Construction Machinery Co., Ltd., Class A | 1,153,300 | 554,412 | ||||||
Yanzhou Coal Mining Co., Ltd. | 2,148,000 | 1,926,940 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.* | 364,400 | $ | 1,331,879 | |||||
Zijin Mining Group Co., Ltd., Class H | 5,692,000 | 2,145,951 | ||||||
116,689,040 | ||||||||
Cyprus — 0.2% |
| |||||||
Ros Agro PLC GDR | 108,087 | 1,182,472 | ||||||
Hong Kong — 0.2% |
| |||||||
Sinotruk Hong Kong, Ltd.# | 843,500 | 1,396,607 | ||||||
Hungary — 1.9% |
| |||||||
MOL Hungarian Oil & Gas PLC | 373,314 | 4,132,753 | ||||||
OTP Bank PLC | 218,186 | 8,733,836 | ||||||
12,866,589 | ||||||||
India — 4.7% |
| |||||||
Firstsource Solutions, Ltd. | 1,533,220 | 1,143,572 | ||||||
Graphite India, Ltd. | 150,715 | 2,025,404 | ||||||
HCL Technologies, Ltd. | 546,075 | 7,956,067 | ||||||
HDFC Bank, Ltd. ADR | 19,073 | 1,934,384 | ||||||
HEG, Ltd. | 24,040 | 1,442,135 | ||||||
Housing Development Finance Corp., Ltd. | 462,400 | 13,247,979 | ||||||
NIIT Technologies, Ltd. | 196,262 | 3,082,584 | ||||||
Oil & Natural Gas Corp., Ltd. | 891,590 | 1,783,734 | ||||||
32,615,859 | ||||||||
Indonesia — 0.8% |
| |||||||
Bank Rakyat Indonesia Persero Tbk PT | 23,192,900 | 5,897,421 | ||||||
Mexico — 0.6% |
| |||||||
Wal-Mart de Mexico SAB de CV | 1,822,420 | 4,514,471 | ||||||
Poland — 0.9% |
| |||||||
Polski Koncern Naftowy Orlen SA | 213,735 | 6,209,317 | ||||||
Russia — 7.1% |
| |||||||
Alrosa PJSC | 3,570,405 | 5,275,141 | ||||||
Lukoil PJSC ADR | 151,449 | 11,086,067 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 1,941,115 | 1,329,809 | ||||||
MMC Norilsk Nickel PJSC ADR# | 402,931 | 7,542,868 | ||||||
Novatek PJSC GDR | 14,756 | 2,509,996 | ||||||
Novolipetsk Steel GDR | 64,892 | 1,527,558 | ||||||
RusHydro PJSC | 124,226,698 | 964,496 | ||||||
Sberbank of Russia PJSC ADR# | 812,654 | 9,629,950 | ||||||
Severstal PJSC GDR | 132,568 | 1,947,424 | ||||||
Surgutneftegas OJSC (Preference Shares) | 3,703,870 | 2,063,663 | ||||||
Tatneft PJSC ADR# | 78,179 | 4,972,184 | ||||||
48,849,156 | ||||||||
South Africa — 2.8% |
| |||||||
AngloGold Ashanti, Ltd. | 198,970 | 1,992,519 | ||||||
Mondi, Ltd. | 76,582 | 1,689,194 | ||||||
Nedbank Group, Ltd. | 280,731 | 5,386,229 | ||||||
Sasol, Ltd. | 255,963 | 7,522,175 | ||||||
SPAR Group, Ltd.# | 218,594 | 3,088,951 | ||||||
19,679,068 | ||||||||
South Korea — 14.2% |
| |||||||
Daelim Industrial Co., Ltd. | 20,190 | 1,711,210 | ||||||
GS Engineering & Construction Corp. | 37,055 | 1,441,276 | ||||||
Hana Financial Group, Inc. | 208,086 | 7,003,569 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 56,998 | 2,036,460 | ||||||
Industrial Bank of Korea | 385,475 | 5,105,359 | ||||||
Korea Kumho Petrochemical Co., Ltd. | 17,810 | 1,469,301 | ||||||
KT&G Corp. | 97,999 | 9,090,822 | ||||||
LG Corp. | 48,628 | 3,137,606 | ||||||
LG Uplus Corp. | 228,150 | 3,602,529 | ||||||
Samsung Electro-Mechanics Co., Ltd.# | 29,310 | 3,174,325 |
56 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea (continued) |
| |||||||
Samsung Electronics Co., Ltd. | 931,460 | $ | 34,970,490 | |||||
Samsung SDS Co., Ltd. | 19,220 | 3,378,434 | ||||||
Shinhan Financial Group Co., Ltd. | 228,467 | 8,417,756 | ||||||
SK Holdings Co Ltd | 8,488 | 2,138,193 | ||||||
SK Innovation Co., Ltd. | 19,090 | 3,358,618 | ||||||
SK Telecom Co., Ltd. | 12,730 | 3,281,581 | ||||||
Woori Bank | 328,138 | 4,592,760 | ||||||
97,910,289 | ||||||||
Taiwan — 14.1% |
| |||||||
AU Optronics Corp. | 8,024,000 | 3,287,381 | ||||||
Catcher Technology Co., Ltd. | 600,000 | 5,144,113 | ||||||
Chilisin Electronics Corp. | 276,960 | 775,944 | ||||||
Chipbond Technology Corp. | 768,000 | 1,494,970 | ||||||
CTBC Financial Holding Co., Ltd. | 11,560,000 | 7,699,453 | ||||||
E.Sun Financial Holding Co., Ltd. | 2,935,000 | 1,980,697 | ||||||
Far Eastern New Century Corp. | 2,921,000 | 2,713,082 | ||||||
FLEXium Interconnect, Inc. | 669,072 | 1,765,841 | ||||||
Fubon Financial Holding Co., Ltd. | 4,720,000 | 7,473,134 | ||||||
Globalwafers Co., Ltd. | 337,000 | 3,993,299 | ||||||
Largan Precision Co., Ltd. | 15,000 | 1,655,076 | ||||||
Micro-Star International Co., Ltd. | 692,000 | 1,626,633 | ||||||
Novatek Microelectronics Corp. | 763,000 | 3,238,447 | ||||||
President Chain Store Corp. | 451,000 | 4,672,699 | ||||||
Sino-American Silicon Products, Inc. | 1,299,000 | 3,607,969 | ||||||
Taishin Financial Holding Co., Ltd. | 3,055,000 | 1,343,040 | ||||||
Taiwan Cement Corp. | 2,350,500 | 2,645,113 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 865,077 | 32,518,244 | ||||||
Uni-President Enterprises Corp. | 2,033,000 | 4,777,579 | ||||||
Yageo Corp. | 129,981 | 1,581,868 | ||||||
Yuanta Financial Holding Co., Ltd. | 6,901,000 | 3,520,427 | ||||||
97,515,009 | ||||||||
Thailand — 4.4% |
| |||||||
Indorama Ventures PCL | 866,800 | 1,423,252 | ||||||
Kiatnakin Bank PCL | 635,000 | 1,395,021 | ||||||
Krung Thai Bank PCL | 6,651,400 | 4,085,391 | ||||||
Land & Houses PCL | 6,285,300 | 1,930,263 | ||||||
PTT Exploration & Production PCL | 781,100 | 3,135,088 | ||||||
PTT Global Chemical PCL | 2,587,600 | 6,137,067 | ||||||
PTT PCL | 6,287,500 | 9,511,308 | ||||||
Quality Houses PCL | 13,251,900 | 1,192,721 | ||||||
Tisco Financial Group PCL | 568,200 | 1,382,166 | ||||||
30,192,277 | ||||||||
Turkey — 1.9% |
| |||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,542,213 | 2,239,668 | ||||||
Ford Otomotiv Sanayi AS | 123,880 | 1,281,719 | ||||||
KOC Holding AS | 810,937 | 2,394,849 | ||||||
Petkim Petrokimya Holding AS | 2,139,470 | 2,166,286 | ||||||
Tekfen Holding AS | 492,807 | 1,890,585 | ||||||
Turk Hava Yollari AO† | 1,081,239 | 3,511,407 | ||||||
13,484,514 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom — 0.3% |
| |||||||
Antofagasta PLC | 221,306 | $ | 2,259,732 | |||||
United States — 1.1% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 103,631 | 7,381,636 | ||||||
Vietnam — 0.0% |
| |||||||
Hoa Phat Group JSC† | 2 | 3 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $615,562,772) | 660,210,928 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Registered Investment Companies — 2.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) | 15,435,384 | 15,435,384 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $630,998,156)(3) | 97.7 | % | 675,646,312 | |||||
Other assets less liabilities | 2.3 | 15,950,530 | ||||||
NET ASSETS | 100.0 | % | $ | 691,596,842 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,800,499 representing 0.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $45,308,305. This was secured by collateral of $15,435,384, which was received in cash and subsequently invested in short-term investments currently valued at $15,435,384 as reported in the Portfolio of Investments. Additional collateral of $31,861,433 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 12/13/2018 to 04/04/2019 | $ | 9,907,198 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 02/15/2048 | 21,954,235 |
(2) | The rate shown is the7-day yield as of November 30, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
132 | Long | MSCI Emerging Markets Index | December 2018 | $ | 6,632,888 | $ | 6,597,360 | $ | (35,528 | ) | ||||||||||||
* | 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. |
57 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 39,216,046 | $ | 9,633,110 | $ | — | $ | 48,849,156 | ||||||||
Other Countries | 170,203,826 | 441,157,946 | ** | — | 611,361,772 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 15,435,384 | — | — | 15,435,384 | ||||||||||||
Total Investments at Value | $ | 224,855,256 | $ | 450,791,056 | $ | — | $ | 675,646,312 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 35,528 | $ | — | $ | — | $ | 35,528 | ||||||||
* | 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. |
See Notes to Financial Statements
58 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 71.3 | % | ||
Real Estate Operations & Development | 15.6 | |||
Real Estate Management/Services | 9.0 | |||
Registered Investment Companies | 1.5 | |||
Hotels/Motels | 1.2 | |||
98.6 | % | |||
Country Allocation*
United States | 48.0 | % | ||
Japan | 12.8 | |||
United Kingdom | 5.5 | |||
France | 5.1 | |||
Germany | 4.6 | |||
Australia | 4.6 | |||
Hong Kong | 4.3 | |||
Cayman Islands | 3.5 | |||
Canada | 3.3 | |||
Spain | 1.3 | |||
Singapore | 1.2 | |||
Sweden | 1.2 | |||
Switzerland | 1.0 | |||
Ireland | 0.9 | |||
Norway | 0.8 | |||
Bermuda | 0.5 | |||
98.6 | % | |||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% | ||||||||
Australia — 4.6% | ||||||||
BGP Holdings PLC†(1)(2) | 479,213 | $ | 104 | |||||
GPT Group | 1,647,307 | 6,352,809 | ||||||
Mirvac Group | 3,307,662 | 5,310,022 | ||||||
Propertylink Group | 3,398,188 | 2,934,517 | ||||||
Scentre Group | 1,240,138 | 3,538,854 | ||||||
18,136,306 | ||||||||
Bermuda — 0.5% | ||||||||
Hongkong Land Holdings, Ltd. (OTC) | 1,700 | 10,812 | ||||||
Hongkong Land Holdings, Ltd. (SGX) | 324,000 | 2,110,581 | ||||||
2,121,393 | ||||||||
Canada — 3.3% | ||||||||
Allied Properties Real Estate Investment Trust | 134,788 | 4,575,275 | ||||||
Canadian Apartment Properties REIT | 98,864 | 3,479,382 | ||||||
Chartwell Retirement Residences | 451,918 | 5,125,807 | ||||||
13,180,464 | ||||||||
Cayman Islands — 3.5% | ||||||||
CK Asset Holdings, Ltd. | 1,666,000 | 12,034,535 | ||||||
Wharf Real Estate Investment Co., Ltd. | 325,000 | 1,960,286 | ||||||
13,994,821 | ||||||||
France — 5.1% | ||||||||
Covivio | 32,811 | 3,202,120 | ||||||
Gecina SA | 37,528 | 5,260,885 | ||||||
Klepierre SA | 194,266 | 6,377,997 | ||||||
Unibail-Rodamco-Westfield† (Euronext Paris) | 1,379 | 237,047 | ||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 30,258 | 5,206,192 | ||||||
20,284,241 | ||||||||
Germany — 4.6% | ||||||||
Instone Real Estate Group AG†* | 41,559 | 875,017 | ||||||
Vonovia SE | 357,068 | 17,277,139 | ||||||
18,152,156 | ||||||||
Hong Kong — 4.3% | ||||||||
Link REIT | 547,000 | 5,207,942 | ||||||
Sun Hung Kai Properties, Ltd. | 810,504 | 11,580,068 | ||||||
16,788,010 | ||||||||
Ireland — 0.9% | ||||||||
Green REIT PLC | 2,300,522 | 3,733,722 | ||||||
Japan — 12.8% | ||||||||
Activia Properties, Inc.# | 1,067 | 4,485,695 | ||||||
Daiwa House REIT Investment Corp. | 2,130 | 4,827,987 | ||||||
GLPJ-REIT | 5,167 | 5,198,279 | ||||||
Invincible Investment Corp.# | 9,919 | 4,119,331 | ||||||
Japan Retail Fund Investment Corp. | 1,575 | 3,022,406 | ||||||
Kenedix Retail REIT Corp. | 467 | 1,003,943 | ||||||
Mitsubishi Estate Co., Ltd. | 679,500 | 10,905,050 | ||||||
Mitsui Fudosan Co., Ltd. | 285,300 | 6,823,675 | ||||||
Sumitomo Realty & Development Co., Ltd. | 272,000 | 10,087,353 | ||||||
50,473,719 | ||||||||
Norway — 0.8% |
| |||||||
Entra ASA* | 223,963 | 2,952,259 | ||||||
Singapore — 1.2% |
| |||||||
Ascendas India Trust# | 3,065,100 | 2,325,178 | ||||||
City Developments, Ltd. | 382,800 | 2,363,376 | ||||||
4,688,554 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 1.3% |
| |||||||
Aedas Homes SAU†* | 50,988 | $ | 1,268,801 | |||||
Merlin Properties Socimi SA | 319,410 | 4,039,244 | ||||||
5,308,045 | ||||||||
Sweden — 1.2% |
| |||||||
Castellum AB | 265,090 | 4,649,041 | ||||||
Switzerland — 1.0% |
| |||||||
PSP Swiss Property AG | 40,188 | 3,903,689 | ||||||
United Kingdom — 5.5% |
| |||||||
Big Yellow Group PLC | 369,262 | 4,113,885 | ||||||
British Land Co. PLC | 392,170 | 2,822,738 | ||||||
Derwent London PLC | 118,169 | 4,307,602 | ||||||
Tritax Big Box REIT PLC | 2,239,409 | 3,864,747 | ||||||
Tritax EuroBox PLC†* (GBP) | 672,689 | 840,367 | ||||||
Tritax EuroBox PLC†* (EUR) | 598,267 | 739,418 | ||||||
UNITE Group PLC | 459,752 | 4,887,780 | ||||||
21,576,537 | ||||||||
United States — 46.5% |
| |||||||
Alexandria Real Estate Equities, Inc. | 28,338 | 3,528,081 | ||||||
American Assets Trust, Inc. | 10,162 | 422,942 | ||||||
American Campus Communities, Inc. | 58,964 | 2,584,392 | ||||||
American Homes 4 Rent, Class A | 38,504 | 802,038 | ||||||
American Tower Corp. | 89,562 | 14,732,053 | ||||||
AvalonBay Communities, Inc. | 36,079 | 6,875,575 | ||||||
Boston Properties, Inc. | 47,460 | 6,226,752 | ||||||
Corporate Office Properties Trust | 37,196 | 910,186 | ||||||
Cousins Properties, Inc. | 60,590 | 511,985 | ||||||
Crown Castle International Corp. | 80,810 | 9,285,069 | ||||||
CyrusOne, Inc. | 33,791 | 1,894,999 | ||||||
Digital Realty Trust, Inc. | 12,440 | 1,431,098 | ||||||
Duke Realty Corp. | 58,581 | 1,667,215 | ||||||
EastGroup Properties, Inc.# | 9,003 | 900,480 | ||||||
Empire State Realty Trust, Inc., Class A | 72,162 | 1,168,303 | ||||||
Equinix, Inc. | 23,311 | 8,981,262 | ||||||
Equity LifeStyle Properties, Inc. | 22,620 | 2,251,369 | ||||||
Equity Residential | 69,967 | 4,985,149 | ||||||
Essex Property Trust, Inc. | 11,954 | 3,138,045 | ||||||
Extra Space Storage, Inc. | 33,482 | 3,213,602 | ||||||
Federal Realty Investment Trust | 19,514 | 2,577,604 | ||||||
HCP, Inc. | 46,679 | 1,365,828 | ||||||
Healthcare Realty Trust, Inc. | 135,310 | 4,194,610 | ||||||
Highwoods Properties, Inc. | 43,585 | 1,890,281 | ||||||
Hilton Worldwide Holdings, Inc. | 31,405 | 2,372,334 | ||||||
Host Hotels & Resorts, Inc. | 67,418 | 1,280,942 | ||||||
Hudson Pacific Properties, Inc. | 101,917 | 3,145,159 | ||||||
Invitation Homes, Inc.# | 158,802 | 3,407,891 | ||||||
Kilroy Realty Corp. | 40,543 | 2,841,659 | ||||||
Liberty Property Trust | 46,264 | 2,095,297 | ||||||
Macerich Co. | 36,694 | 1,845,341 | ||||||
Mid-America Apartment Communities, Inc. | 48,053 | 4,976,369 | ||||||
National Health Investors, Inc. | 22,606 | 1,762,816 | ||||||
National Retail Properties, Inc. | 50,527 | 2,529,382 | ||||||
Park Hotels & Resorts, Inc. | 109,407 | 3,371,924 | ||||||
Pebblebrook Hotel Trust# | 24,328 | 849,534 | ||||||
PotlatchDeltic Corp. | 58,377 | 2,165,787 | ||||||
Prologis, Inc. | 143,747 | 9,679,923 | ||||||
Public Storage | 29,887 | 6,373,702 | ||||||
QTS Realty Trust, Inc., Class A | 17,150 | 696,118 | ||||||
Rayonier, Inc. | 17,020 | 538,343 | ||||||
Realty Income Corp. | 70,903 | 4,544,173 | ||||||
Regency Centers Corp. | 18,415 | 1,172,299 | ||||||
Retail Opportunity Investments Corp. | 180,918 | 3,274,616 | ||||||
SBA Communications Corp.† | 33,551 | 5,730,846 |
60 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Simon Property Group, Inc. | 52,315 | $ | 9,714,372 | |||||
STAG Industrial, Inc. | 34,252 | 917,611 | ||||||
Sun Communities, Inc. | 24,242 | 2,523,592 | ||||||
Sunstone Hotel Investors, Inc. | 146,133 | 2,229,990 | ||||||
Terreno Realty Corp. | 16,988 | 662,702 | ||||||
Ventas, Inc. | 41,390 | 2,627,851 | ||||||
VICI Properties, Inc. | 113,733 | 2,475,967 | ||||||
Washington Real Estate Investment Trust | 91,804 | 2,475,036 | ||||||
Weingarten Realty Investors | 66,411 | 1,916,621 | ||||||
Welltower, Inc. | 40,037 | 2,895,876 | ||||||
Weyerhaeuser Co. | 201,358 | 5,317,865 | ||||||
183,950,856 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $373,044,119) | 383,893,813 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.90%(3) | $ | 5,820,621 | 5,820,621 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(3)(4) | 107,189 | 107,189 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $5,927,810) | 5,927,810 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $378,971,929)(5) | 98.6 | % | 389,821,623 | |||||
Other assets less liabilities | 1.4 | 5,609,403 | ||||||
NET ASSETS — | 100.0 | % | $ | 395,431,026 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified |
institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $6,675,862 representing 1.7% 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 November 30, 2018, the aggregate value of these securities was $104 representing 0.0% of net assets. |
(3) | The rate shown is the7-day yield as of November 30, 2018. |
(4) | At November 30, 2018, the Fund had loaned securities with a total value of $5,421,927. This was secured by collateral of $107,189, which was received in cash and subsequently invested in short-term investments currently valued at $107,189 as reported in the Portfolio of Investments. Additional collateral of $5,483,175 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 41,594 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 64,697 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 14,384 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/04/2019 | 42,492 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 5,320,008 |
(5) | See Note 5 for cost of investments on a tax basis. |
EUR—Euro Currency
GBP—British Pound
OTC—Over the Counter
SGX—Singapore Exchange
Euronext Paris—Euronext Stock Exchange, Paris
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 18,136,202 | ** | $ | 104 | $ | 18,136,306 | |||||||
Other Countries | 197,379,179 | 168,378,328 | ** | — | 365,757,507 | |||||||||||
Short-Term Investment Securities | 5,927,810 | — | — | 5,927,810 | ||||||||||||
Total Investments at Value | $ | 203,306,989 | $ | 186,514,530 | $ | 104 | $ | 389,821,623 | ||||||||
* | 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). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of thePortfolio. There were no transfers during the reporting period.
See Notes to Financial Statements
61 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 4.3 | % | ||
Applications Software | 3.5 | |||
Banks — Commercial | 3.3 | |||
Medical — Drugs | 2.7 | |||
Finance — Credit Card | 2.6 | |||
Insurance — Property/Casualty | 2.5 | |||
Insurance — Multi-line | 2.5 | |||
Medical — Biomedical/Gene | 2.4 | |||
Web Portals/ISP | 2.3 | |||
Insurance — Life/Health | 2.3 | |||
Oil Companies — Exploration & Production | 2.2 | |||
Cosmetics & Toiletries | 2.1 | |||
Transport — Rail | 2.0 | |||
Electronic Components — Semiconductors | 2.0 | |||
Investment Management/Advisor Services | 1.7 | |||
Computers | 1.6 | |||
Telephone — Integrated | 1.4 | |||
Commercial Services — Finance | 1.4 | |||
Banks — Super Regional | 1.3 | |||
Finance — Other Services | 1.3 | |||
Beverages —Non-alcoholic | 1.2 | |||
Medical Products | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Multimedia | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Commercial Services | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Networking Products | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Computer Services | 1.0 | |||
Cable/Satellite TV | 0.9 | |||
Transport — Services | 0.9 | |||
Electric — Integrated | 0.9 | |||
Gas — Distribution | 0.9 | |||
Insurance — Reinsurance | 0.8 | |||
Real Estate Management/Services | 0.8 | |||
Consumer Products — Misc. | 0.8 | |||
Data Processing/Management | 0.8 | |||
Pipelines | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Distribution/Wholesale | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Investment Companies | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Food — Retail | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Machinery — Farming | 0.6 | |||
Oil Companies — Integrated | 0.5 | |||
Import/Export | 0.5 | |||
Diversified Banking Institutions | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Internet Content — Entertainment | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Insurance Brokers | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Electronic Forms | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Advertising Agencies | 0.4 | |||
Private Equity | 0.4 |
Medical Labs & Testing Services | 0.4 | |||
Airport Development/Maintenance | 0.4 | |||
Telecom Services | 0.4 | |||
Steel — Producers | 0.4 | |||
Electric — Distribution | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Cellular Telecom | 0.4 | |||
Retail — Major Department Stores | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Industrial Gases | 0.3 | |||
Oil — Field Services | 0.3 | |||
Water | 0.3 | |||
Hotels/Motels | 0.3 | |||
Medical — HMO | 0.3 | |||
Food — Dairy Products | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Consulting Services | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Paper & Related Products | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Audio/Video Products | 0.3 | |||
Diversified Operations | 0.3 | |||
Computer Aided Design | 0.3 | |||
Food — Catering | 0.2 | |||
Retail — Building Products | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Entertainment Software | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Television | 0.2 | |||
Toys | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Medical Instruments | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Machinery — Material Handling | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Rubber — Tires | 0.2 | |||
Retail — Discount | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Building Products — Cement | 0.2 | |||
Electric — Transmission | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Food — Meat Products | 0.2 | |||
Medical Information Systems | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Gold Mining | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Satellite Telecom | 0.2 | |||
Optical Supplies | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Wireless Equipment | 0.1 | |||
Metal — Copper | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Transactional Software | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Coatings/Paint | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 |
62 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Apparel Manufacturers | 0.1 | % | ||
Decision Support Software | 0.1 | |||
Transport — Truck | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Printing — Commercial | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Security Services | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Respiratory Products | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Electronic Connectors | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Dialysis Centers | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Computer Software | 0.1 | |||
Gas — Transportation | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Computer Data Security | 0.1 | |||
Airlines | 0.1 | |||
Retail — Automobile | 0.1 | |||
Fisheries | 0.1 | |||
Radio | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Metal — Diversified | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Steel — Specialty | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Food — Baking | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Building Products — Wood | 0.1 | |||
Electric — Generation | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
United States | 58.3 | % | ||
Japan | 9.2 | |||
United Kingdom | 4.6 | |||
Canada | 3.6 | |||
Switzerland | 3.0 | |||
France | 2.9 | |||
Germany | 2.6 | |||
Australia | 2.2 | |||
Netherlands | 1.6 | |||
Hong Kong | 1.5 | |||
Spain | 1.4 | |||
Ireland | 1.2 | |||
Sweden | 1.1 | |||
Bermuda | 0.8 | |||
Singapore | 0.7 | |||
Finland | 0.7 | |||
Denmark | 0.7 | |||
Belgium | 0.6 | |||
Jersey | 0.6 | |||
Italy | 0.6 | |||
Norway | 0.5 | |||
Portugal | 0.2 | |||
Curacao | 0.2 | |||
Austria | 0.2 | |||
SupraNational | 0.2 | |||
Luxembourg | 0.2 | |||
Cayman Islands | 0.2 | |||
New Zealand | 0.1 | |||
Israel | 0.1 | |||
Papua New Guinea | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
63 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Australia — 2.2% |
| |||||||
Amcor, Ltd. | 22,626 | $ | 222,511 | |||||
APA Group | 49,311 | 317,987 | ||||||
ASX, Ltd. | 15,070 | 666,607 | ||||||
BGP Holdings PLC†(1)(2) | 60,919 | 13 | ||||||
Coles Group, Ltd.† | 11,407 | 97,631 | ||||||
Computershare, Ltd. | 16,388 | 218,344 | ||||||
CSL, Ltd. | 7,914 | 1,030,556 | ||||||
Dexus | 63,132 | 483,354 | ||||||
Fortescue Metals Group, Ltd. | 41,195 | 120,467 | ||||||
Goodman Group | 33,750 | 253,460 | ||||||
GPT Group | 103,827 | 400,407 | ||||||
Insurance Australia Group, Ltd. | 91,121 | 486,439 | ||||||
Macquarie Group, Ltd. | 1,658 | 139,535 | ||||||
Origin Energy, Ltd.† | 22,646 | 107,280 | ||||||
QBE Insurance Group, Ltd. | 23,435 | 194,421 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 249,571 | ||||||
Santos, Ltd. | 125,876 | 509,954 | ||||||
Scentre Group | 70,481 | 201,124 | ||||||
Sonic Healthcare, Ltd. | 11,410 | 190,807 | ||||||
Stockland | 80,658 | 214,992 | ||||||
Sydney Airport | 38,727 | 192,674 | ||||||
Transurban Group | 93,111 | 775,762 | ||||||
Vicinity Centres | 94,165 | 183,990 | ||||||
Wesfarmers, Ltd. | 11,407 | 263,715 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 347,135 | ||||||
Woolworths Group, Ltd. | 11,583 | 245,520 | ||||||
8,114,256 | ||||||||
Austria — 0.2% |
| |||||||
Erste Group Bank AG | 7,963 | 314,313 | ||||||
OMV AG | 6,429 | 326,070 | ||||||
voestalpine AG | 5,591 | 185,990 | ||||||
826,373 | ||||||||
Belgium — 0.6% |
| |||||||
Ageas | 5,216 | 251,909 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 462,800 | ||||||
KBC Group NV | 3,665 | 263,762 | ||||||
Proximus SADP | 11,201 | 310,050 | ||||||
UCB SA | 8,212 | 690,541 | ||||||
Umicore SA | 7,391 | 320,914 | ||||||
2,299,976 | ||||||||
Bermuda — 0.8% |
| |||||||
Arch Capital Group, Ltd.† | 15,420 | 441,320 | ||||||
Axalta Coating Systems, Ltd.† | 5,302 | 132,709 | ||||||
Axis Capital Holdings, Ltd. | 3,374 | 186,751 | ||||||
Everest Re Group, Ltd. | 2,318 | 514,781 | ||||||
Hongkong Land Holdings, Ltd. | 29,900 | 194,773 | ||||||
IHS Markit, Ltd.† | 7,676 | 409,668 | ||||||
Invesco, Ltd. | 12,366 | 251,648 | ||||||
Jardine Matheson Holdings, Ltd. | 4,000 | 264,907 | ||||||
Jardine Strategic Holdings, Ltd. | 6,000 | 231,547 | ||||||
Li & Fung, Ltd. | 380,000 | 78,061 | ||||||
NWS Holdings, Ltd. | 20,000 | 42,097 | ||||||
RenaissanceRe Holdings, Ltd. | 1,124 | 149,054 | ||||||
Shangri-La Asia, Ltd. | 70,000 | 99,298 | ||||||
2,996,614 | ||||||||
Canada — 3.6% |
| |||||||
Agnico Eagle Mines, Ltd. | 5,318 | 187,040 | ||||||
Alimentation Couche-Tard, Inc., Class B | 4,191 | 219,951 | ||||||
AltaGas, Ltd. | 7,389 | 80,361 | ||||||
ARC Resources, Ltd. | 19,368 | 132,653 | ||||||
Bank of Montreal | 7,598 | 566,884 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) |
| |||||||
BCE, Inc. | 9,210 | $ | 394,769 | |||||
Brookfield Asset Management, Inc., Class A | 14,200 | 622,442 | ||||||
Cameco Corp. | 16,563 | 196,589 | ||||||
Canadian Imperial Bank of Commerce | 2,567 | 215,422 | ||||||
Canadian National Railway Co. | 7,893 | 678,181 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 275,229 | ||||||
CGI Group, Inc., Class A† | 5,081 | 325,056 | ||||||
CI Financial Corp. | 13,200 | 199,890 | ||||||
Crescent Point Energy Corp. | 28,760 | 85,285 | ||||||
Encana Corp. | 32,765 | 220,710 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 401,404 | ||||||
First Capital Realty, Inc. | 29,984 | 445,478 | ||||||
First Quantum Minerals, Ltd. | 13,768 | 126,421 | ||||||
Fortis, Inc. | 8,562 | 297,397 | ||||||
Franco-Nevada Corp. | 2,469 | 170,962 | ||||||
Great-West Lifeco, Inc. | 22,215 | 509,458 | ||||||
IGM Financial, Inc. | 10,180 | 261,118 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 5,774 | 211,074 | ||||||
Intact Financial Corp. | 8,048 | 644,312 | ||||||
Keyera Corp. | 8,694 | 190,415 | ||||||
Manulife Financial Corp. | 31,548 | 521,665 | ||||||
National Bank of Canada | 5,260 | 239,910 | ||||||
Onex Corp. | 3,661 | 227,047 | ||||||
Open Text Corp. | 6,092 | 208,760 | ||||||
Pembina Pipeline Corp. | 10,586 | 356,943 | ||||||
Power Corp. of Canada | 15,066 | 300,492 | ||||||
Power Financial Corp. | 11,025 | 233,254 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 147,935 | ||||||
Rogers Communications, Inc., Class B | 5,695 | 303,770 | ||||||
Saputo, Inc. | 6,025 | 187,237 | ||||||
Seven Generations Energy, Ltd., Class A† | 3,485 | 26,571 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 553,339 | ||||||
Shopify, Inc., Class A† | 480 | 73,063 | ||||||
Sun Life Financial, Inc. | 8,746 | 322,548 | ||||||
Suncor Energy, Inc. | 12,839 | 413,971 | ||||||
Thomson Reuters Corp. | 13,378 | 675,918 | ||||||
Tourmaline Oil Corp. | 6,974 | 96,580 | ||||||
Turquoise Hill Resources, Ltd.† | 54,175 | 97,043 | ||||||
Vermilion Energy, Inc. | 5,604 | 139,441 | ||||||
Waste Connections, Inc. | 3,708 | 291,004 | ||||||
Wheaton Precious Metals Corp. | 7,836 | 123,026 | ||||||
13,198,018 | ||||||||
Cayman Islands — 0.2% |
| |||||||
CK Asset Holdings, Ltd. | 30,808 | 222,545 | ||||||
Minth Group, Ltd. | 10,000 | 33,736 | ||||||
WH Group, Ltd.* | 232,000 | 169,290 | ||||||
Wharf Real Estate Investment Co., Ltd. | 18,000 | 108,570 | ||||||
534,141 | ||||||||
Curacao — 0.2% |
| |||||||
Schlumberger, Ltd. | 19,117 | 862,177 | ||||||
Denmark — 0.7% |
| |||||||
Chr. Hansen Holding A/S | 2,648 | 239,146 | ||||||
DSV A/S | 5,415 | 414,442 | ||||||
Genmab A/S† | 894 | 135,880 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 1,129,686 | ||||||
Novozymes A/S, Class B | 7,595 | 353,785 | ||||||
Pandora A/S | 1,457 | 78,714 | ||||||
Vestas Wind Systems A/S | 728 | 54,531 | ||||||
William Demant Holding A/S† | 2,899 | 84,681 | ||||||
2,490,865 | ||||||||
64 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finland — 0.7% |
| |||||||
Elisa Oyj | 8,794 | $ | 352,728 | |||||
Kone Oyj, Class B | 3,953 | 195,891 | ||||||
Metso Oyj | 7,856 | 224,646 | ||||||
Nokia Oyj | 74,983 | 413,717 | ||||||
Nokian Renkaat Oyj | 5,042 | 161,443 | ||||||
Nordea Bank Abp | 21,352 | 189,487 | ||||||
Orion Oyj, Class B | 5,436 | 182,018 | ||||||
Sampo Oyj, Class A | 11,249 | 502,351 | ||||||
Stora Enso Oyj, Class R | 13,189 | 168,173 | ||||||
UPM-Kymmene Oyj | 10,130 | 270,027 | ||||||
2,660,481 | ||||||||
France — 2.9% |
| |||||||
Accor SA | 4,597 | 204,108 | ||||||
Aeroports de Paris | 2,815 | 547,404 | ||||||
Air Liquide SA | 4,601 | 556,325 | ||||||
Arkema SA | 2,361 | 224,166 | ||||||
Atos SE | 2,660 | 226,737 | ||||||
AXA SA | 24,468 | 596,375 | ||||||
Bureau Veritas SA | 12,706 | 281,454 | ||||||
Capgemini SE | 2,743 | 320,231 | ||||||
Casino Guichard Perrachon SA | 3,259 | 147,332 | ||||||
Cie de Saint-Gobain | 5,254 | 194,799 | ||||||
CNP Assurances | 12,364 | 283,701 | ||||||
Covivio | 2,037 | 198,797 | ||||||
Credit Agricole SA | 21,290 | 264,519 | ||||||
Danone SA | 8,969 | 671,254 | ||||||
Dassault Systemes SE | 2,614 | 314,998 | ||||||
EssilorLuxottica SA | 5,692 | 723,007 | ||||||
Eutelsat Communications SA | 9,358 | 199,823 | ||||||
Gecina SA | 2,109 | 295,651 | ||||||
ICADE | 2,531 | 200,653 | ||||||
Iliad SA | 890 | 120,469 | ||||||
Klepierre SA | 8,921 | 292,888 | ||||||
L’Oreal SA | 5,556 | 1,313,377 | ||||||
Legrand SA | 5,384 | 329,829 | ||||||
Orange SA | 14,471 | 248,849 | ||||||
Schneider Electric SE | 4,708 | 342,830 | ||||||
SCOR SE | 8,324 | 400,230 | ||||||
Societe BIC SA | 1,493 | 160,385 | ||||||
Sodexo SA | 5,101 | 528,339 | ||||||
Veolia Environnement SA | 10,211 | 218,123 | ||||||
Wendel SA | 1,751 | 212,805 | ||||||
10,619,458 | ||||||||
Germany — 2.6% |
| |||||||
Allianz SE | 5,828 | 1,230,892 | ||||||
Beiersdorf AG | 7,692 | 822,714 | ||||||
Brenntag AG | 5,411 | 250,156 | ||||||
Commerzbank AG† | 9,190 | 79,153 | ||||||
Continental AG | 1,377 | 206,094 | ||||||
Covestro AG* | 976 | 56,145 | ||||||
Deutsche Wohnen SE | 5,229 | 250,725 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,354 | 246,623 | ||||||
Fresenius SE & Co. KGaA | 4,930 | 279,840 | ||||||
FUCHS PETROLUB SE (Preference Shares) | 5,308 | 219,541 | ||||||
Hannover Rueck SE | 2,979 | 413,861 | ||||||
Henkel AG & Co. KGaA | 1,677 | 172,703 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 3,268 | 377,047 | ||||||
Infineon Technologies AG | 13,282 | 278,268 | ||||||
LANXESS AG | 4,176 | 229,062 | ||||||
Merck KGaA | 5,817 | 641,459 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,369 | 730,955 | ||||||
SAP SE | 14,724 | 1,514,495 | ||||||
Siemens AG | 4,524 | 523,976 |
Security Description | Shares | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Symrise AG | 4,994 | $ | 402,909 | |||||
Telefonica Deutschland Holding AG | 42,775 | 173,605 | ||||||
TUI AG | 12,628 | 179,865 | ||||||
Vonovia SE | 9,834 | 475,829 | ||||||
9,755,917 | ||||||||
Hong Kong — 1.5% |
| |||||||
AIA Group, Ltd. | 135,400 | 1,110,578 | ||||||
Bank of East Asia, Ltd. | 76,000 | 256,595 | ||||||
BOC Hong Kong Holdings, Ltd. | 61,000 | 238,553 | ||||||
Hang Lung Properties, Ltd. | 92,000 | 186,246 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 409,718 | ||||||
Henderson Land Development Co., Ltd. | 41,367 | 212,518 | ||||||
Hong Kong & China Gas Co., Ltd. | 448,226 | 903,964 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 12,100 | 354,378 | ||||||
Link REIT | 62,500 | 595,057 | ||||||
PCCW, Ltd. | 360,000 | 211,184 | ||||||
Power Assets Holdings, Ltd. | 20,000 | 135,470 | ||||||
Sun Hung Kai Properties, Ltd. | 15,000 | 214,312 | ||||||
Swire Pacific, Ltd., Class A | 16,500 | 182,402 | ||||||
Swire Properties, Ltd. | 113,600 | 397,059 | ||||||
5,408,034 | ||||||||
Ireland — 1.2% |
| |||||||
Accenture PLC, Class A | 8,675 | 1,427,211 | ||||||
Alkermes PLC†# | 3,693 | 134,573 | ||||||
CRH PLC | 8,730 | 241,266 | ||||||
DCC PLC | 4,121 | 311,306 | ||||||
Jazz Pharmaceuticals PLC† | 1,834 | 277,301 | ||||||
Johnson Controls International PLC | 14,883 | 517,631 | ||||||
Kerry Group PLC, Class A | 6,361 | 657,541 | ||||||
Pentair PLC | 4,813 | 205,515 | ||||||
Perrigo Co. PLC | 2,305 | 143,555 | ||||||
Seagate Technology PLC | 1,507 | 64,937 | ||||||
Willis Towers Watson PLC | 3,025 | 482,336 | ||||||
4,463,172 | ||||||||
Israel — 0.1% |
| |||||||
Check Point Software Technologies, Ltd.† | 2,287 | 255,709 | ||||||
NICE, Ltd.† | 1,980 | 229,989 | ||||||
485,698 | ||||||||
Italy — 0.6% |
| |||||||
Assicurazioni Generali SpA | 34,830 | 588,739 | ||||||
Intesa Sanpaolo SpA | 146,572 | 340,068 | ||||||
Luxottica Group SpA | 3,520 | 205,271 | ||||||
Recordati SpA | 8,189 | 263,965 | ||||||
Snam SpA | 61,634 | 270,174 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | 340,962 | ||||||
UniCredit SpA | 19,456 | 251,009 | ||||||
2,260,188 | ||||||||
Japan — 9.2% |
| |||||||
Aeon Co., Ltd. | 14,600 | 349,968 | ||||||
Ajinomoto Co., Inc. | 11,000 | 190,173 | ||||||
Amada Holdings Co., Ltd. | 8,800 | 95,579 | ||||||
Aozora Bank, Ltd. | 5,200 | 170,967 | ||||||
Astellas Pharma, Inc. | 32,800 | 504,071 | ||||||
Bridgestone Corp. | 7,800 | 316,262 | ||||||
Canon, Inc. | 17,600 | 499,056 | ||||||
Central Japan Railway Co. | 1,900 | 391,518 | ||||||
Chiba Bank, Ltd. | 27,000 | 177,342 | ||||||
Chubu Electric Power Co., Inc. | 12,500 | 187,420 | ||||||
Chugai Pharmaceutical Co., Ltd. | 5,000 | 342,430 | ||||||
Concordia Financial Group, Ltd. | 45,800 | 215,206 |
65 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) |
| |||||||
Dai Nippon Printing Co., Ltd. | 8,000 | $ | 185,155 | |||||
Dai-ichi Life Holdings, Inc. | 16,600 | 289,536 | ||||||
Daiichi Sankyo Co., Ltd. | 15,200 | 557,974 | ||||||
Daikin Industries, Ltd. | 2,200 | 244,633 | ||||||
Daito Trust Construction Co., Ltd. | 200 | 26,141 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 299,401 | ||||||
Denso Corp. | 13,700 | 633,255 | ||||||
Dentsu, Inc. | 3,800 | 170,067 | ||||||
East Japan Railway Co. | 5,600 | 509,113 | ||||||
Eisai Co., Ltd. | 3,900 | 359,084 | ||||||
FANUC Corp. | 2,800 | 482,623 | ||||||
FUJIFILM Holdings Corp. | 4,600 | 182,890 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 162,798 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 3,000 | 191,605 | ||||||
Hitachi Chemical Co., Ltd. | 9,900 | 157,724 | ||||||
Hitachi Metals, Ltd. | 17,700 | 199,447 | ||||||
Hitachi, Ltd. | 8,800 | 254,895 | ||||||
Hoya Corp. | 10,300 | 632,271 | ||||||
Idemitsu Kosan Co., Ltd. | 7,100 | 258,551 | ||||||
Inpex Corp. | 24,600 | 261,541 | ||||||
Isuzu Motors, Ltd. | 15,000 | 213,701 | ||||||
JFE Holdings, Inc. | 14,000 | 247,000 | ||||||
JTEKT Corp. | 14,000 | 178,237 | ||||||
JXTG Holdings, Inc. | 91,800 | 555,626 | ||||||
Kajima Corp. | 500 | 6,925 | ||||||
Kao Corp. | 4,600 | 338,939 | ||||||
KDDI Corp. | 23,700 | 556,198 | ||||||
Keikyu Corp. | 13,000 | 207,549 | ||||||
Keio Corp. | 4,700 | 260,018 | ||||||
Keyence Corp. | 900 | 488,394 | ||||||
Kintetsu Group Holdings Co., Ltd. | 4,200 | 175,079 | ||||||
Komatsu, Ltd. | 10,600 | 283,221 | ||||||
Kubota Corp. | 25,000 | 426,947 | ||||||
Kyocera Corp. | 5,600 | 302,422 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 10,000 | 204,995 | ||||||
LIXIL Group Corp. | 10,600 | 137,477 | ||||||
Marubeni Corp. | 51,300 | 383,365 | ||||||
Mazda Motor Corp. | 15,000 | 159,985 | ||||||
MEIJI Holdings Co., Ltd. | 1,700 | 133,736 | ||||||
Mitsubishi Chemical Holdings Corp. | 39,800 | 325,581 | ||||||
Mitsubishi Corp. | 16,100 | 434,600 | ||||||
Mitsubishi Electric Corp. | 29,000 | 383,049 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 160,486 | ||||||
Mitsui & Co., Ltd. | 29,600 | 465,181 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 287,011 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,100 | 245,954 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 246,379 | ||||||
Nagoya Railroad Co., Ltd. | 6,200 | 155,474 | ||||||
NGK Insulators, Ltd. | 10,000 | 148,262 | ||||||
NGK Spark Plug Co., Ltd. | 1,800 | 36,978 | ||||||
Nidec Corp. | 3,500 | 466,194 | ||||||
Nikon Corp. | 1,400 | 21,973 | ||||||
Nintendo Co., Ltd. | 1,100 | 335,689 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 12,600 | 230,621 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 564,824 | ||||||
Nitori Holdings Co., Ltd. | 1,400 | 187,640 | ||||||
NOK Corp. | 10,500 | 159,189 | ||||||
NSK, Ltd. | 29,500 | 277,289 | ||||||
NTT DOCOMO, Inc. | 24,700 | 571,942 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,900 | 142,805 | ||||||
Oriental Land Co., Ltd. | 3,800 | 378,322 | ||||||
ORIX Corp. | 19,200 | 310,897 | ||||||
Osaka Gas Co., Ltd. | 9,200 | 167,685 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 297,638 | ||||||
Panasonic Corp. | 27,800 | 285,188 | ||||||
Rakuten, Inc. | 17,000 | 136,881 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Resona Holdings, Inc. | 74,600 | $ | 395,809 | |||||
Ryohin Keikaku Co., Ltd. | 700 | 189,288 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 284,137 | ||||||
Secom Co., Ltd. | 4,000 | 338,493 | ||||||
Sekisui House, Ltd. | 11,400 | 171,831 | ||||||
Shimano, Inc. | 900 | 131,813 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 598,198 | ||||||
Shionogi & Co., Ltd. | 4,000 | 264,744 | ||||||
Shiseido Co., Ltd. | 1,400 | 89,182 | ||||||
Shizuoka Bank, Ltd. | 18,000 | 161,582 | ||||||
SMC Corp. | 700 | 237,290 | ||||||
SoftBank Group Corp. | 12,800 | 1,074,156 | ||||||
Sony Corp. | 12,900 | 682,888 | ||||||
Sumitomo Chemical Co., Ltd. | 43,000 | 233,344 | ||||||
Sumitomo Corp. | 34,800 | 534,894 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 7,400 | 242,428 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 14,200 | 521,398 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,800 | 232,717 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 205,584 | ||||||
Sysmex Corp. | 2,700 | 144,093 | ||||||
Terumo Corp. | 5,100 | 300,344 | ||||||
Tobu Railway Co., Ltd. | 8,000 | 229,163 | ||||||
Tohoku Electric Power Co., Inc. | 14,100 | 184,332 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 513,882 | ||||||
Tokyo Electron, Ltd. | 300 | 41,955 | ||||||
Tokyo Gas Co., Ltd. | 9,200 | 237,021 | ||||||
Tokyu Corp. | 13,500 | 235,000 | ||||||
Toppan Printing Co., Ltd. | 10,000 | 161,150 | ||||||
Toray Industries, Inc. | 28,000 | 219,746 | ||||||
TOTO, Ltd. | 2,900 | 112,376 | ||||||
Toyoda Gosei Co., Ltd. | 4,100 | 78,919 | ||||||
Toyota Industries Corp. | 7,200 | 369,149 | ||||||
Toyota Motor Corp. | 18,700 | 1,125,496 | ||||||
Toyota Tsusho Corp. | 8,500 | 293,529 | ||||||
Unicharm Corp. | 1,000 | 31,327 | ||||||
West Japan Railway Co. | 4,500 | 313,531 | ||||||
Yahoo Japan Corp. | 40,100 | 114,809 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 256,089 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 196,924 | ||||||
Yamazaki Baking Co., Ltd. | 9,000 | 188,935 | ||||||
34,119,788 | ||||||||
Jersey — 0.6% |
| |||||||
Aptiv PLC | 3,496 | 251,362 | ||||||
Experian PLC | 8,984 | 219,098 | ||||||
Ferguson PLC | 4,000 | 257,129 | ||||||
Randgold Resources, Ltd. | 3,036 | 243,079 | ||||||
Shire PLC | 16,732 | 973,699 | ||||||
WPP PLC | 28,561 | 315,853 | ||||||
2,260,220 | ||||||||
Luxembourg — 0.2% |
| |||||||
RTL Group SA | 4,902 | 293,951 | ||||||
SES SA FDR | 7,843 | 170,038 | ||||||
Tenaris SA | 13,542 | 163,726 | ||||||
627,715 | ||||||||
Netherlands — 1.6% |
| |||||||
Aegon NV | 70,452 | 392,485 | ||||||
AerCap Holdings NV† | 3,448 | 182,296 | ||||||
Akzo Nobel NV | 3,724 | 313,903 | ||||||
ASML Holding NV | 3,981 | 676,909 | ||||||
CNH Industrial NV | 27,566 | 268,581 | ||||||
EXOR NV | 4,981 | 292,786 | ||||||
Ferrari NV | 1,458 | 159,472 | ||||||
Koninklijke Ahold Delhaize NV | 21,039 | 542,685 |
66 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Netherlands (continued) |
| |||||||
Koninklijke DSM NV | 3,564 | $ | 318,309 | |||||
Koninklijke KPN NV | 50,803 | 150,888 | ||||||
Koninklijke Vopak NV | 4,605 | 202,185 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 619,018 | ||||||
NN Group NV | 13,556 | 577,177 | ||||||
NXP Semiconductors NV | 2,921 | 243,524 | ||||||
QIAGEN NV† | 4,979 | 175,640 | ||||||
STMicroelectronics NV | 5,602 | 82,483 | ||||||
Wolters Kluwer NV | 11,114 | 671,056 | ||||||
5,869,397 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 22,556 | 112,014 | ||||||
Fletcher Building, Ltd.† | 37,047 | 121,643 | ||||||
Spark New Zealand, Ltd. | 95,487 | 278,301 | ||||||
511,958 | ||||||||
Norway — 0.5% |
| |||||||
Equinor ASA† | 7,937 | 185,447 | ||||||
Gjensidige Forsikring ASA | 23,102 | 361,805 | ||||||
Marine Harvest ASA | 10,328 | 241,717 | ||||||
Orkla ASA | 35,200 | 291,609 | ||||||
Telenor ASA | 11,202 | 217,695 | ||||||
Yara International ASA | 8,507 | 343,046 | ||||||
1,641,319 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 36,637 | 196,823 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 126,030 | 0 | ||||||
EDP - Energias de Portugal SA | 93,029 | 325,131 | ||||||
Galp Energia SGPS SA | 33,940 | 557,913 | ||||||
883,044 | ||||||||
Singapore — 0.7% |
| |||||||
CapitaLand, Ltd. | 80,000 | 182,673 | ||||||
City Developments, Ltd. | 29,500 | 182,131 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 243,706 | ||||||
DBS Group Holdings, Ltd. | 27,000 | 482,301 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 236,845 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 873,324 | ||||||
United Overseas Bank, Ltd. | 27,000 | 496,803 | ||||||
2,697,783 | ||||||||
Spain — 1.4% |
| |||||||
Aena SME SA* | 1,353 | 215,192 | ||||||
Amadeus IT Group SA | 6,764 | 485,897 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,461 | 527,514 | ||||||
Banco de Sabadell SA | 138,750 | 177,827 | ||||||
Banco Santander SA | 182,417 | 868,629 | ||||||
Bankia SA | 5,878 | 19,488 | ||||||
Bankinter SA | 27,525 | 230,791 | ||||||
CaixaBank SA | 80,880 | 334,176 | ||||||
Enagas SA | 7,953 | 218,594 | ||||||
Grifols SA | 10,560 | 296,245 | ||||||
Red Electrica Corp. SA | 13,704 | 295,784 | ||||||
Repsol SA | 47,733 | 824,658 | ||||||
Telefonica SA | 60,355 | 542,222 | ||||||
5,037,017 | ||||||||
SupraNational — 0.2% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd.* | 191,000 | 183,085 | ||||||
HKT Trust & HKT, Ltd. | 123,000 | 178,056 | ||||||
Unibail-Rodamco-Westfield | 2,019 | 347,389 | ||||||
708,530 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Sweden — 1.1% |
| |||||||
Assa Abloy AB, Class B | 30,513 | $ | 568,042 | |||||
Atlas Copco AB, Class A | 11,320 | 278,993 | ||||||
Atlas Copco AB, Class B | 7,859 | 178,520 | ||||||
Boliden AB | 9,577 | 214,728 | ||||||
Epiroc AB, Class A† | 11,320 | 92,900 | ||||||
Epiroc AB, Class B† | 7,859 | 63,486 | ||||||
Essity AB, Class B | 6,725 | 172,704 | ||||||
Hennes & Mauritz AB, Class B | 7,515 | 138,793 | ||||||
Hexagon AB, Class B | 5,022 | 251,018 | ||||||
Industrivarden AB, Class C | 11,313 | 232,769 | ||||||
Investor AB, Class B | 16,914 | 742,979 | ||||||
Sandvik AB | 14,312 | 212,412 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 20,839 | 217,315 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 424,781 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 275,581 | ||||||
4,065,021 | ||||||||
Switzerland — 3.0% |
| |||||||
ABB, Ltd. | 28,594 | 581,029 | ||||||
Baloise Holding AG | 1,739 | 256,377 | ||||||
Chubb, Ltd. | 13,729 | 1,836,116 | ||||||
Coca-Cola HBC AG | 11,386 | 338,772 | ||||||
EMS-Chemie Holding AG | 379 | 204,319 | ||||||
Garmin, Ltd. | 4,306 | 287,038 | ||||||
Geberit AG | 1,734 | 676,718 | ||||||
Givaudan SA | 203 | 500,106 | ||||||
Kuehne & Nagel International AG | 1,294 | 182,310 | ||||||
Pargesa Holding SA | 6,739 | 467,766 | ||||||
Partners Group Holding AG | 508 | 333,856 | ||||||
Schindler Holding AG (Participation Certificate) | 1,303 | 261,096 | ||||||
Schindler Holding AG | 1,585 | 300,738 | ||||||
SGS SA | 169 | 401,364 | ||||||
Sika AG | 3,120 | 386,538 | ||||||
Sonova Holding AG | 3,591 | 582,414 | ||||||
Swatch Group AG | 670 | 200,146 | ||||||
Swiss Life Holding AG | 909 | 356,799 | ||||||
Swiss Prime Site AG | 12,310 | 1,015,579 | ||||||
Swiss Re AG | 4,613 | 421,623 | ||||||
Swisscom AG | 1,889 | 906,595 | ||||||
Vifor Pharma AG | 1,560 | 192,428 | ||||||
Zurich Insurance Group AG | 1,749 | 549,155 | ||||||
11,238,882 | ||||||||
United Kingdom — 4.6% |
| |||||||
3i Group PLC | 53,962 | 575,284 | ||||||
Admiral Group PLC | 4,576 | 121,777 | ||||||
Antofagasta PLC | 29,780 | 304,080 | ||||||
Aon PLC | 3,253 | 537,103 | ||||||
Ashtead Group PLC | 12,566 | 281,984 | ||||||
Auto Trader Group PLC* | 37,662 | 210,890 | ||||||
Aviva PLC | 77,931 | 404,428 | ||||||
British Land Co. PLC | 35,934 | 258,644 | ||||||
BT Group PLC | 174,256 | 581,954 | ||||||
Bunzl PLC | 33,711 | 1,040,188 | ||||||
Burberry Group PLC | 11,844 | 268,339 | ||||||
Compass Group PLC | 25,390 | 543,303 | ||||||
Croda International PLC | 4,382 | 273,392 | ||||||
Direct Line Insurance Group PLC | 85,325 | 357,231 | ||||||
Fresnillo PLC | 16,790 | 161,348 | ||||||
Hammerson PLC | 52,725 | 259,447 | ||||||
Hargreaves Lansdown PLC | 10,788 | 262,520 | ||||||
InterContinental Hotels Group PLC | 7,447 | 398,801 | ||||||
Intertek Group PLC | 10,773 | 646,468 | ||||||
Investec PLC | 31,544 | 191,768 | ||||||
ITV PLC | 74,244 | 137,732 |
67 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United Kingdom (continued) |
| |||||||
Johnson Matthey PLC | 5,956 | $ | 223,125 | |||||
Kingfisher PLC | 40,468 | 129,186 | ||||||
Land Securities Group PLC | 19,687 | 204,071 | ||||||
Legal & General Group PLC | 161,043 | 502,852 | ||||||
Liberty Global PLC, Class A† | 6,033 | 149,799 | ||||||
Liberty Global PLC, Class C† | 7,042 | 171,050 | ||||||
London Stock Exchange Group PLC | 7,068 | 363,443 | ||||||
Marks & Spencer Group PLC | 41,696 | 155,567 | ||||||
Mediclinic International PLC | 12,171 | 54,955 | ||||||
Melrose Industries PLC | 84,584 | 191,550 | ||||||
Merlin Entertainments PLC* | 36,892 | 158,462 | ||||||
Mondi PLC | 10,072 | 219,576 | ||||||
National Grid PLC | 70,378 | 747,684 | ||||||
Next PLC | 6,024 | 376,309 | ||||||
Nielsen Holdings PLC | 6,062 | 164,705 | ||||||
Pearson PLC | 26,239 | 322,287 | ||||||
Persimmon PLC | 2,734 | 66,229 | ||||||
RELX PLC† | 58,177 | 1,213,992 | ||||||
Royal Mail PLC | 26,021 | 106,272 | ||||||
Sage Group PLC | 25,297 | 187,906 | ||||||
Schroders PLC | 9,585 | 309,904 | ||||||
Segro PLC | 54,440 | 419,591 | ||||||
Smith & Nephew PLC | 25,446 | 462,831 | ||||||
Smiths Group PLC | 18,020 | 320,108 | ||||||
SSE PLC | 33,488 | 467,990 | ||||||
St James’s Place PLC | 33,593 | 430,752 | ||||||
TechnipFMC PLC | 8,742 | 201,853 | ||||||
Travis Perkins PLC | 8,814 | 124,313 | ||||||
United Utilities Group PLC | 43,128 | 418,424 | ||||||
Weir Group PLC | 9,425 | 177,187 | ||||||
Whitbread PLC | 4,680 | 274,391 | ||||||
17,133,045 | ||||||||
United States — 57.7% |
| |||||||
A.O. Smith Corp. | 4,170 | 197,575 | ||||||
Abbott Laboratories | 11,386 | 843,133 | ||||||
AbbVie, Inc. | 20,175 | 1,901,897 | ||||||
Activision Blizzard, Inc. | 9,737 | 485,682 | ||||||
Acuity Brands, Inc.# | 725 | 94,265 | ||||||
Adobe, Inc.† | 6,278 | 1,575,087 | ||||||
Advance Auto Parts, Inc. | 1,590 | 282,559 | ||||||
Advanced Micro Devices, Inc.† | 6,209 | 132,252 | ||||||
Affiliated Managers Group, Inc. | 2,068 | 229,796 | ||||||
Aflac, Inc. | 19,838 | 907,390 | ||||||
Agilent Technologies, Inc. | 8,640 | 625,104 | ||||||
AGNC Investment Corp. | 9,173 | 162,362 | ||||||
Air Products & Chemicals, Inc. | 5,168 | 831,376 | ||||||
Akamai Technologies, Inc.† | 1,244 | 85,525 | ||||||
Albemarle Corp.# | 3,348 | 322,479 | ||||||
Alexion Pharmaceuticals, Inc.† | 2,695 | 331,889 | ||||||
Align Technology, Inc.† | 1,208 | 277,707 | ||||||
Alleghany Corp. | 398 | 251,150 | ||||||
Alliance Data Systems Corp. | 920 | 184,331 | ||||||
Allstate Corp. | 13,980 | 1,246,876 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 938 | 76,128 | ||||||
Alphabet, Inc., Class A† | 4,082 | 4,529,591 | ||||||
Alphabet, Inc., Class C† | 3,636 | 3,979,347 | ||||||
American Express Co. | 15,233 | 1,710,209 | ||||||
American Tower Corp. | 10,755 | 1,769,090 | ||||||
American Water Works Co., Inc. | 5,568 | 531,243 | ||||||
Ameriprise Financial, Inc. | 4,466 | 579,463 | ||||||
AMETEK, Inc. | 4,930 | 362,010 | ||||||
Amgen, Inc. | 12,489 | 2,600,834 | ||||||
Amphenol Corp., Class A | 3,249 | 285,717 | ||||||
Anadarko Petroleum Corp. | 8,297 | 438,911 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Analog Devices, Inc. | 3,632 | $ | 333,853 | |||||
Annaly Capital Management, Inc. | 16,295 | 163,602 | ||||||
Antero Resources Corp.† | 6,732 | 88,391 | ||||||
Apache Corp. | 11,520 | 404,698 | ||||||
Apple, Inc. | 27,842 | 4,972,024 | ||||||
Applied Materials, Inc. | 11,871 | 442,551 | ||||||
Arista Networks, Inc.† | 107 | 25,517 | ||||||
Assurant, Inc. | 2,911 | 283,066 | ||||||
Atmos Energy Corp. | 4,547 | 435,011 | ||||||
Autodesk, Inc.† | 4,061 | 586,814 | ||||||
Automatic Data Processing, Inc. | 9,124 | 1,345,060 | ||||||
AvalonBay Communities, Inc. | 1,148 | 218,774 | ||||||
Avery Dennison Corp. | 3,669 | 353,692 | ||||||
Baker Hughes a GE Co., LLC | 4,989 | 113,849 | ||||||
Ball Corp.# | 6,352 | 311,947 | ||||||
Bank of New York Mellon Corp. | 9,097 | 466,767 | ||||||
Baxter International, Inc. | 9,257 | 634,567 | ||||||
BB&T Corp. | 10,844 | 554,128 | ||||||
Berkshire Hathaway, Inc., Class B† | 17,072 | 3,725,793 | ||||||
Best Buy Co., Inc. | 3,967 | 256,229 | ||||||
Biogen, Inc.† | 2,412 | 804,933 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,122 | 299,806 | ||||||
BlackRock, Inc. | 2,225 | 952,322 | ||||||
Booking Holdings, Inc.† | 616 | 1,165,398 | ||||||
Boston Properties, Inc. | 1,856 | 243,507 | ||||||
Broadcom, Inc. | 4,530 | 1,075,467 | ||||||
C.H. Robinson Worldwide, Inc. | 4,142 | 382,431 | ||||||
Cabot Oil & Gas Corp. | 10,408 | 261,865 | ||||||
Campbell Soup Co.# | 2,840 | 111,328 | ||||||
Capital One Financial Corp. | 8,990 | 806,223 | ||||||
CarMax, Inc.†# | 3,715 | 245,450 | ||||||
Caterpillar, Inc. | 4,114 | 558,146 | ||||||
CBRE Group, Inc., Class A† | 6,735 | 294,185 | ||||||
CBS Corp., Class B | 8,634 | 467,790 | ||||||
Celanese Corp. | 5,247 | 529,580 | ||||||
Celgene Corp.† | 10,195 | 736,283 | ||||||
Centene Corp.† | 3,324 | 472,839 | ||||||
CenterPoint Energy, Inc. | 9,924 | 277,971 | ||||||
CenturyLink, Inc. | 23,530 | 442,364 | ||||||
Cerner Corp.† | 10,843 | 627,918 | ||||||
CF Industries Holdings, Inc. | 2,753 | 116,149 | ||||||
Charles Schwab Corp. | 16,947 | 759,226 | ||||||
Cheniere Energy, Inc.† | 4,155 | 253,954 | ||||||
Chipotle Mexican Grill, Inc.† | 435 | 205,846 | ||||||
Church & Dwight Co., Inc. | 5,892 | 389,991 | ||||||
Cincinnati Financial Corp. | 7,048 | 576,033 | ||||||
Cintas Corp. | 2,934 | 549,773 | ||||||
Cisco Systems, Inc. | 67,029 | 3,208,678 | ||||||
CIT Group, Inc. | 5,817 | 270,083 | ||||||
Citizens Financial Group, Inc. | 9,141 | 332,367 | ||||||
Citrix Systems, Inc.† | 1,735 | 189,063 | ||||||
Clorox Co. | 7,198 | 1,192,133 | ||||||
CME Group, Inc. | 5,673 | 1,078,324 | ||||||
CMS Energy Corp. | 10,564 | 550,279 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,995 | 640,714 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,078,824 | ||||||
Comcast Corp., Class A | 72,044 | 2,810,436 | ||||||
Comerica, Inc. | 4,468 | 353,776 | ||||||
Concho Resources, Inc.† | 2,390 | 311,513 | ||||||
Continental Resources, Inc.† | 5,768 | 263,713 | ||||||
Cooper Cos., Inc. | 1,050 | 292,772 | ||||||
Corning, Inc. | 14,840 | 478,145 | ||||||
Crown Castle International Corp. | 8,215 | 943,903 | ||||||
CSX Corp. | 17,593 | 1,277,780 | ||||||
D.R. Horton, Inc. | 5,759 | 214,350 |
68 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) |
| |||||||
Danaher Corp. | 15,390 | $ | 1,685,821 | |||||
Deere & Co. | 8,676 | 1,343,739 | ||||||
Dell Technologies, Inc., Class V† | 2,600 | 274,248 | ||||||
DENTSPLY SIRONA, Inc. | 5,808 | 219,426 | ||||||
Devon Energy Corp. | 32,561 | 880,124 | ||||||
Diamondback Energy, Inc.# | 2,143 | 236,544 | ||||||
Digital Realty Trust, Inc. | 2,876 | 330,855 | ||||||
Discover Financial Services | 7,023 | 500,740 | ||||||
Discovery, Inc., Class C† | 16,153 | 451,153 | ||||||
DISH Network Corp., Class A† | 5,080 | 166,421 | ||||||
Dollar Tree, Inc.† | 4,673 | 405,476 | ||||||
Dover Corp. | 9,002 | 764,180 | ||||||
DXC Technology Co. | 3,569 | 224,990 | ||||||
E*TRADE Financial Corp. | 7,743 | 404,881 | ||||||
Eaton Vance Corp. | 4,012 | 163,409 | ||||||
eBay, Inc.† | 16,919 | 505,032 | ||||||
Ecolab, Inc. | 6,409 | 1,028,580 | ||||||
Edwards Lifesciences Corp.† | 4,134 | 669,749 | ||||||
Electronic Arts, Inc.† | 4,406 | 370,412 | ||||||
Emerson Electric Co. | 22,504 | 1,519,470 | ||||||
EOG Resources, Inc. | 6,297 | 650,543 | ||||||
Equinix, Inc. | 1,497 | 576,764 | ||||||
Equity Residential | 4,349 | 309,866 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 789,623 | ||||||
Eversource Energy | 9,632 | 658,251 | ||||||
Expedia Group, Inc. | 2,598 | 313,812 | ||||||
Expeditors International of Washington, Inc. | 10,857 | 826,109 | ||||||
Extra Space Storage, Inc. | 3,906 | 374,898 | ||||||
Fastenal Co.# | 8,190 | 485,339 | ||||||
Federal Realty Investment Trust | 3,058 | 403,931 | ||||||
Fidelity National Financial, Inc. | 7,583 | 254,789 | ||||||
Fidelity National Information Services, Inc. | 8,745 | 944,023 | ||||||
Fifth Third Bancorp | 15,741 | 439,646 | ||||||
First Republic Bank | 3,876 | 384,305 | ||||||
Fiserv, Inc.† | 13,280 | 1,050,846 | ||||||
FleetCor Technologies, Inc.† | 1,152 | 222,797 | ||||||
Flowserve Corp. | 4,021 | 195,059 | ||||||
Ford Motor Co. | 46,034 | 433,180 | ||||||
Fortive Corp. | 7,695 | 585,359 | ||||||
Franklin Resources, Inc.# | 7,712 | 261,360 | ||||||
Gartner, Inc.†# | 1,580 | 242,040 | ||||||
General Mills, Inc. | 20,561 | 869,936 | ||||||
Genuine Parts Co. | 3,093 | 320,775 | ||||||
Gilead Sciences, Inc. | 16,851 | 1,212,261 | ||||||
Hanesbrands, Inc.# | 9,177 | 146,006 | ||||||
Hasbro, Inc.# | 4,481 | 407,771 | ||||||
HCA Healthcare, Inc. | 3,556 | 512,028 | ||||||
HCP, Inc. | 7,868 | 230,218 | ||||||
HD Supply Holdings, Inc.† | 3,493 | 139,371 | ||||||
Helmerich & Payne, Inc. | 2,696 | 163,378 | ||||||
Hess Corp. | 6,603 | 355,836 | ||||||
Hewlett Packard Enterprise Co. | 19,643 | 294,645 | ||||||
HollyFrontier Corp. | 3,459 | 216,084 | ||||||
Hormel Foods Corp.# | 10,317 | 465,194 | ||||||
Host Hotels & Resorts, Inc. | 16,843 | 320,017 | ||||||
HP, Inc. | 24,752 | 569,296 | ||||||
Humana, Inc. | 1,960 | 645,761 | ||||||
IAC/InterActiveCorp† | 1,569 | 279,219 | ||||||
Illinois Tool Works, Inc. | 2,451 | 340,812 | ||||||
Illumina, Inc.† | 1,489 | 502,538 | ||||||
Incyte Corp.† | 2,512 | 161,396 | ||||||
Ingredion, Inc. | 1,834 | 191,580 | ||||||
Intel Corp. | 57,070 | 2,814,122 | ||||||
Intercontinental Exchange, Inc. | 16,675 | 1,362,681 | ||||||
International Flavors & Fragrances, Inc. | 4,707 | 666,652 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
International Paper Co. | 7,172 | $ | 331,275 | |||||
Interpublic Group of Cos., Inc. | 10,654 | 250,369 | ||||||
Intuit, Inc. | 3,458 | 741,845 | ||||||
IPG Photonics Corp.†# | 449 | 63,825 | ||||||
IQVIA Holdings, Inc.† | 2,810 | 351,447 | ||||||
Iron Mountain, Inc. | 4,511 | 153,239 | ||||||
J.M. Smucker Co. | 1,985 | 207,452 | ||||||
JB Hunt Transport Services, Inc. | 3,516 | 373,962 | ||||||
Jones Lang LaSalle, Inc. | 2,807 | 401,962 | ||||||
Juniper Networks, Inc. | 7,205 | 206,856 | ||||||
Kansas City Southern | 2,001 | 206,203 | ||||||
KeyCorp | 16,491 | 302,445 | ||||||
Kimberly-Clark Corp. | 15,783 | 1,820,885 | ||||||
Kinder Morgan, Inc. | 22,465 | 383,478 | ||||||
KLA-Tencor Corp. | 417 | 41,100 | ||||||
Kohl’s Corp. | 3,164 | 212,526 | ||||||
Kraft Heinz Co. | 7,293 | 372,818 | ||||||
Kroger Co. | 19,449 | 576,857 | ||||||
L Brands, Inc. | 4,771 | 157,968 | ||||||
Laboratory Corp. of America Holdings† | 3,264 | 475,369 | ||||||
Lam Research Corp. | 2,596 | 407,468 | ||||||
Lear Corp. | 2,301 | 313,511 | ||||||
Liberty Media Corp. — Liberty SiriusXM, Series C† | 5,871 | 235,545 | ||||||
Lincoln National Corp. | 4,705 | 296,274 | ||||||
LKQ Corp.† | 10,988 | 305,906 | ||||||
Loews Corp. | 5,566 | 267,502 | ||||||
Lowe’s Cos., Inc. | 9,390 | 886,134 | ||||||
M&T Bank Corp. | 3,811 | 644,097 | ||||||
Macerich Co. | 2,125 | 106,866 | ||||||
Marathon Oil Corp. | 50,149 | 836,987 | ||||||
Markel Corp.† | 439 | 502,277 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 690,707 | ||||||
Martin Marietta Materials, Inc.# | 905 | 172,574 | ||||||
Masco Corp. | 5,856 | 185,577 | ||||||
Mastercard, Inc., Class A | 14,855 | 2,986,895 | ||||||
Mattel, Inc.†# | 7,944 | 110,422 | ||||||
McCormick & Co., Inc. | 2,150 | 322,500 | ||||||
MercadoLibre, Inc.# | 575 | 202,383 | ||||||
Microchip Technology, Inc. | 1,466 | 109,950 | ||||||
Micron Technology, Inc.† | 15,142 | 583,876 | ||||||
Microsoft Corp. | 91,520 | 10,148,653 | ||||||
Mid-America Apartment Communities, Inc. | 1,694 | 175,431 | ||||||
Monster Beverage Corp.† | 6,084 | 363,093 | ||||||
Mosaic Co. | 6,964 | 250,704 | ||||||
Motorola Solutions, Inc. | 952 | 124,950 | ||||||
MSCI, Inc. | 2,388 | 375,131 | ||||||
Nasdaq, Inc. | 6,716 | 613,305 | ||||||
National Oilwell Varco, Inc. | 13,658 | 438,558 | ||||||
NetApp, Inc. | 3,588 | 239,930 | ||||||
Netflix, Inc.† | 5,011 | 1,433,797 | ||||||
New York Community Bancorp, Inc.# | 12,075 | 128,357 | ||||||
Newell Brands, Inc.# | 7,862 | 183,971 | ||||||
Newfield Exploration Co.† | 19,725 | 334,339 | ||||||
NiSource, Inc. | 13,830 | 365,389 | ||||||
Noble Energy, Inc. | 12,199 | 289,604 | ||||||
Norfolk Southern Corp. | 4,381 | 748,012 | ||||||
Northern Trust Corp. | 5,252 | 521,156 | ||||||
Nucor Corp. | 9,846 | 594,797 | ||||||
NVIDIA Corp. | 5,928 | 968,813 | ||||||
O’Reilly Automotive, Inc.† | 1,151 | 399,144 | ||||||
Occidental Petroleum Corp. | 6,941 | 487,744 | ||||||
OGE Energy Corp. | 6,618 | 262,205 | ||||||
Omnicom Group, Inc. | 11,877 | 914,173 | ||||||
ONEOK, Inc. | 7,889 | 484,621 | ||||||
Oracle Corp. | 40,001 | 1,950,449 |
69 |
Table of Contents
VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
United States (continued) |
| |||||||
PACCAR, Inc. | 4,720 | $ | 293,678 | |||||
Parker-Hannifin Corp. | 4,152 | 714,310 | ||||||
Parsley Energy, Inc., Class A† | 2,061 | 41,488 | ||||||
Paychex, Inc. | 9,280 | 656,653 | ||||||
PayPal Holdings, Inc.† | 14,841 | 1,273,506 | ||||||
People’s United Financial, Inc. | 22,008 | 371,055 | ||||||
PepsiCo, Inc. | 28,141 | 3,431,514 | ||||||
Pioneer Natural Resources Co. | 1,932 | 285,453 | ||||||
Plains GP Holdings LP, Class A | 3,826 | 84,669 | ||||||
PNC Financial Services Group, Inc. | 10,505 | 1,426,369 | ||||||
PPL Corp. | 31,005 | 948,443 | ||||||
Principal Financial Group, Inc. | 9,465 | 466,814 | ||||||
Procter & Gamble Co. | 38,851 | 3,671,808 | ||||||
Progressive Corp. | 10,826 | 717,656 | ||||||
Prologis, Inc. | 6,021 | 405,454 | ||||||
Prudential Financial, Inc. | 8,857 | 830,432 | ||||||
Public Storage | 1,999 | 426,307 | ||||||
QUALCOMM, Inc.# | 16,331 | 951,444 | ||||||
Quest Diagnostics, Inc. | 6,487 | 574,554 | ||||||
Qurate Retail, Inc.† | 15,276 | 339,433 | ||||||
Raymond James Financial, Inc. | 5,302 | 422,728 | ||||||
Red Hat, Inc.† | 2,356 | 420,687 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,040 | 380,276 | ||||||
Regions Financial Corp. | 21,191 | 348,592 | ||||||
Republic Services, Inc. | 6,786 | 524,829 | ||||||
ResMed, Inc. | 2,871 | 320,949 | ||||||
Robert Half International, Inc. | 478 | 29,555 | ||||||
Rockwell Automation, Inc. | 4,117 | 717,758 | ||||||
Roper Technologies, Inc. | 4,838 | 1,439,740 | ||||||
Ross Stores, Inc. | 6,969 | 610,484 | ||||||
S&P Global, Inc. | 4,248 | 776,789 | ||||||
salesforce.com, Inc.† | 8,590 | 1,226,308 | ||||||
SBA Communications Corp.† | 5,672 | 968,834 | ||||||
Sealed Air Corp. | 3,953 | 144,403 | ||||||
Seattle Genetics, Inc.†# | 1,644 | 102,882 | ||||||
SEI Investments Co. | 4,295 | 230,642 | ||||||
ServiceNow, Inc.† | 1,324 | 245,297 | ||||||
Simon Property Group, Inc. | 3,310 | 614,634 | ||||||
Snap-on, Inc.# | 2,120 | 352,429 | ||||||
Southwest Airlines Co. | 4,588 | 250,551 | ||||||
Square, Inc., Class A†# | 2,156 | 150,575 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 457,713 | ||||||
Starbucks Corp. | 23,035 | 1,536,895 | ||||||
Stryker Corp. | 4,534 | 795,536 | ||||||
SunTrust Banks, Inc. | 10,302 | 645,832 | ||||||
SVB Financial Group† | 1,283 | 326,921 | ||||||
Synchrony Financial | 10,798 | 280,532 | ||||||
T-Mobile US, Inc.† | 2,928 | 200,422 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 681,212 | ||||||
Take-Two Interactive Software, Inc.† | 576 | 63,170 | ||||||
Tapestry, Inc. | 5,861 | 228,169 | ||||||
Targa Resources Corp. | 5,071 | 226,319 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 450,013 | ||||||
Texas Instruments, Inc. | 11,801 | 1,178,330 | ||||||
Thermo Fisher Scientific, Inc. | 8,190 | 2,043,814 | ||||||
Tiffany & Co. | 3,930 | 357,630 | ||||||
TJX Cos., Inc. | 26,650 | 1,301,852 | ||||||
Toll Brothers, Inc. | 6,710 | 221,229 | ||||||
Torchmark Corp. | 7,853 | 678,578 | ||||||
Total System Services, Inc. | 1,713 | 149,665 | ||||||
Tractor Supply Co. | 1,874 | 178,274 | ||||||
TransDigm Group, Inc.† | 831 | 300,548 | ||||||
Travelers Cos., Inc. | 9,938 | 1,295,617 | ||||||
TripAdvisor, Inc.† | 2,793 | 178,920 | ||||||
Twitter, Inc.† | 7,166 | 225,371 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) |
| |||||||
UGI Corp. | 5,791 | $ | 332,693 | |||||
Ulta Beauty, Inc.† | 1,451 | 432,093 | ||||||
Union Pacific Corp. | 11,975 | 1,841,515 | ||||||
United Parcel Service, Inc., Class B | 13,351 | 1,539,237 | ||||||
United Rentals, Inc.† | 2,725 | 319,179 | ||||||
United Therapeutics Corp.† | 1,305 | 154,121 | ||||||
US Bancorp | 30,198 | 1,644,583 | ||||||
Vail Resorts, Inc. | 1,362 | 380,243 | ||||||
Valero Energy Corp. | 4,416 | 352,838 | ||||||
Varian Medical Systems, Inc.† | 3,147 | 388,308 | ||||||
Veeva Systems, Inc., Class A† | 1,246 | 119,815 | ||||||
Ventas, Inc. | 5,335 | 338,719 | ||||||
VeriSign, Inc.† | 2,698 | 421,050 | ||||||
Verisk Analytics, Inc.† | 4,082 | 503,392 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,672 | 844,651 | ||||||
Viacom, Inc., Class B | 7,902 | 243,856 | ||||||
Visa, Inc., Class A# | 27,304 | 3,869,250 | ||||||
Vornado Realty Trust | 3,640 | 261,934 | ||||||
Voya Financial, Inc. | 7,253 | 326,022 | ||||||
Vulcan Materials Co.# | 2,163 | 228,651 | ||||||
Walgreens Boots Alliance, Inc. | 10,661 | 902,667 | ||||||
Walt Disney Co. | 21,553 | 2,489,156 | ||||||
Waters Corp.† | 1,325 | 263,119 | ||||||
WEC Energy Group, Inc. | 6,906 | 500,547 | ||||||
Welltower, Inc. | 4,073 | 294,600 | ||||||
Western Digital Corp. | 3,913 | 177,611 | ||||||
Western Union Co. | 11,620 | 217,643 | ||||||
WestRock Co. | 4,699 | 221,370 | ||||||
Weyerhaeuser Co. | 7,956 | 210,118 | ||||||
Whirlpool Corp.# | 1,088 | 137,229 | ||||||
Workday, Inc., Class A† | 1,287 | 211,068 | ||||||
Worldpay, Inc., Class A† | 3,592 | 308,230 | ||||||
WR Berkley Corp. | 1,772 | 139,598 | ||||||
WW Grainger, Inc. | 518 | 162,673 | ||||||
Xerox Corp. | 5,582 | 150,267 | ||||||
Yum! Brands, Inc. | 5,094 | 469,769 | ||||||
Zoetis, Inc. | 6,582 | 617,852 | ||||||
213,180,178 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $295,266,910) | 367,146,088 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
U.S. Government Treasuries — 0.3% |
| |||||||
United States Treasury Bills | $ | 200,000 | 199,431 | |||||
2.44% due 04/18/2019(3) | 800,000 | 792,641 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $992,021) | 992,072 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $1,081,038 collateralized by $1,125,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $1,107,268. | 1,081,000 | 1,081,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $297,339,931)(4) | 99.9 | % | 369,219,160 | |||||
Other assets less liabilities | 0.1 | 442,972 | ||||||
NET ASSETS | 100.0 | % | $ | 369,662,132 | ||||
70 |
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VALIC Company I Global Social Awareness Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $993,064 representing 0.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with a total value of $9,604,711. This was secured by collateral of $9,786,497 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.
The Components of the fixed income pooled securities referenced above as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $486,051 | |||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 756,018 | |||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 168,087 | |||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 859,961 | |||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 7,516,380 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $13 representing 0% of net assets. |
(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. |
FDR—Fiduciary Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
28 | Long | S&P 500E-Mini Index | December 2018 | $ | 3,864,511 | $ | 3,861,620 | $ | (2,891 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 97,631 | $ | 8,016,612 | ** | $ | 13 | $ | 8,114,256 | |||||||
Portugal | — | 883,044 | ** | 0 | 883,044 | |||||||||||
Other Countries | 237,668,423 | 120,480,365 | ** | — | 358,148,788 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
U.S. Government Treasuries | — | 992,072 | — | 992,072 | ||||||||||||
Repurchase Agreements | — | 1,081,000 | — | 1,081,000 | ||||||||||||
Total Investments at Value | $ | 237,766,054 | $ | 131,453,093 | $ | 13 | $ | 369,219,160 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,891 | $ | — | $ | — | $ | 2,891 | ||||||||
* | 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. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
71 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Sovereign | 22.4 | % | ||
U.S. Government Agencies | 6.8 | |||
Medical — Drugs | 5.6 | |||
Foreign Government Obligations | 5.5 | |||
U.S. Government Treasuries | 5.0 | |||
Oil Companies — Integrated | 4.9 | |||
Diversified Banking Institutions | 4.6 | |||
Medical — Biomedical/Gene | 3.4 | |||
Banks — Commercial | 3.2 | |||
Cellular Telecom | 1.7 | |||
Telecom Services | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Web Portals/ISP | 1.2 | |||
Chemicals — Diversified | 1.2 | |||
Medical — Generic Drugs | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Finance — Credit Card | 1.0 | |||
Transport — Services | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Beverages —Non-alcoholic | 0.9 | |||
Diversified Financial Services | 0.8 | |||
Water | 0.8 | |||
Diversified Operations | 0.8 | |||
Electric — Generation | 0.8 | |||
Food — Retail | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Energy — Alternate Sources | 0.8 | |||
Real Estate Operations & Development | 0.7 | |||
Banks — Super Regional | 0.7 | |||
Building Products — Cement | 0.7 | |||
Retail — Building Products | 0.7 | |||
Agricultural Chemicals | 0.6 | |||
Telephone — Integrated | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Audio/Video Products | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Retail — Auto Parts | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Satellite Telecom | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Toys | 0.5 | |||
Finance — Auto Loans | 0.5 | |||
Telecommunication Equipment | 0.4 | |||
Rubber — Tires | 0.4 | |||
Medical Instruments | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Precious Metals | 0.4 | |||
Diagnostic Kits | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Gold Mining | 0.2 | |||
Central Bank | 0.2 | |||
98.0% | ||||
Country Allocation*
United States | 29.5 | % | ||
Mexico | 7.5 | |||
South Korea | 7.1 | |||
United Kingdom | 6.3 | |||
France | 4.7 | |||
Japan | 4.4 | |||
Brazil | 4.0 | |||
Germany | 3.8 | |||
India | 3.6 | |||
Indonesia | 3.5 | |||
Ireland | 2.7 | |||
Switzerland | 2.3 | |||
Netherlands | 1.9 | |||
Argentina | 1.7 | |||
China | 1.5 | |||
Colombia | 1.4 | |||
Cayman Islands | 1.4 | |||
Canada | 1.1 | |||
Israel | 1.0 | |||
Jersey | 1.0 | |||
Italy | 0.9 | |||
Hong Kong | 0.9 | |||
Thailand | 0.8 | |||
Denmark | 0.8 | |||
Singapore | 0.7 | |||
Taiwan | 0.7 | |||
Norway | 0.6 | |||
Philippines | 0.6 | |||
Ghana | 0.6 | |||
Luxembourg | 0.6 | |||
Bermuda | 0.3 | |||
Ukraine | 0.1 | |||
98.0 | % | |||
* | Calculated as a percentage of net assets |
72 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 58.1% |
| |||||||
Bermuda — 0.3% |
| |||||||
Kunlun Energy Co., Ltd. | 854,000 | $ | 1,037,807 | |||||
Canada — 1.1% |
| |||||||
Alamos Gold, Inc., Class A# | 243,830 | 785,133 | ||||||
Husky Energy, Inc. | 154,000 | 1,912,467 | ||||||
Wheaton Precious Metals Corp. | 86,700 | 1,361,203 | ||||||
4,058,803 | ||||||||
Cayman Islands — 1.4% |
| |||||||
Baidu, Inc. ADR† | 10,420 | 1,961,878 | ||||||
CK Hutchison Holdings, Ltd. | 283,000 | 2,966,141 | ||||||
4,928,019 | ||||||||
China — 1.5% |
| |||||||
China Life Insurance Co., Ltd. | 966,000 | 2,077,247 | ||||||
China Telecom Corp., Ltd. | 5,952,000 | 3,225,950 | ||||||
5,303,197 | ||||||||
Denmark — 0.8% |
| |||||||
Vestas Wind Systems A/S | 37,633 | 2,818,920 | ||||||
France — 4.7% |
| |||||||
AXA SA | 110,454 | 2,692,167 | ||||||
BNP Paribas SA | 75,217 | 3,788,271 | ||||||
Cie de Saint-Gobain | 54,289 | 2,012,840 | ||||||
Cie Generale des Etablissements Michelin SCA | 14,571 | 1,525,772 | ||||||
Sanofi | 42,471 | 3,843,864 | ||||||
Veolia Environnement SA | 139,077 | 2,970,902 | ||||||
16,833,816 | ||||||||
Germany — 3.8% |
| |||||||
Bayer AG | 40,433 | 2,953,077 | ||||||
E.ON SE | 287,426 | 2,934,162 | ||||||
LANXESS AG | 31,853 | 1,747,200 | ||||||
Merck KGaA | 23,620 | 2,604,650 | ||||||
Siemens AG ADR | 55,543 | 3,223,716 | ||||||
13,462,805 | ||||||||
Hong Kong — 0.9% |
| |||||||
China Mobile, Ltd. | 308,000 | 3,070,407 | ||||||
Ireland — 2.7% |
| |||||||
Allergan PLC | 22,465 | 3,518,019 | ||||||
Bank of Ireland Group PLC | 334,174 | 2,116,092 | ||||||
CRH PLC | 91,117 | 2,518,149 | ||||||
Medtronic PLC | 15,500 | 1,511,715 | ||||||
9,663,975 | ||||||||
Israel — 1.0% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR | 170,770 | 3,678,386 | ||||||
Italy — 0.9% |
| |||||||
Eni SpA | 204,179 | 3,293,940 | ||||||
Japan — 4.4% |
| |||||||
IHI Corp. | 29,900 | 910,052 | ||||||
Mitsui Fudosan Co., Ltd. | 109,600 | 2,621,363 | ||||||
Omron Corp. | 38,000 | 1,671,960 | ||||||
Panasonic Corp. | 211,300 | 2,167,633 | ||||||
Seven & i Holdings Co., Ltd. | 67,200 | 2,932,702 | ||||||
SoftBank Group Corp. | 25,900 | 2,173,487 | ||||||
Suntory Beverage & Food, Ltd. | 73,500 | 3,083,758 | ||||||
15,560,955 | ||||||||
Jersey — 1.0% |
| |||||||
Shire PLC | 59,447 | 3,459,450 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 0.6% |
| |||||||
SES SA FDR | 93,887 | $ | 2,035,489 | |||||
Netherlands — 1.9% |
| |||||||
ING Groep NV | 223,312 | 2,718,490 | ||||||
LyondellBasell Industries NV, Class A | 11,300 | 1,054,403 | ||||||
NXP Semiconductors NV | 22,200 | 1,850,814 | ||||||
QIAGEN NV† | 32,394 | 1,142,738 | ||||||
6,766,445 | ||||||||
Norway — 0.6% |
| |||||||
Yara International ASA | 57,111 | 2,303,008 | ||||||
Singapore — 0.7% |
| |||||||
Singapore Telecommunications, Ltd. | 1,156,300 | 2,597,966 | ||||||
South Korea — 2.0% |
| |||||||
Hana Financial Group, Inc. | 40,192 | 1,352,746 | ||||||
KB Financial Group, Inc. ADR | 38,428 | 1,618,203 | ||||||
Samsung Electronics Co., Ltd. | 112,178 | 4,211,581 | ||||||
7,182,530 | ||||||||
Switzerland — 2.3% |
| |||||||
Novartis AG | 14,267 | 1,302,386 | ||||||
Roche Holding AG | 12,515 | 3,247,378 | ||||||
UBS Group AG | 254,605 | 3,454,641 | ||||||
8,004,405 | ||||||||
Taiwan — 0.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 348,914 | 2,550,669 | ||||||
Thailand — 0.8% |
| |||||||
Bangkok Bank PCL NVDR | 465,100 | 2,949,333 | ||||||
United Kingdom — 6.3% |
| |||||||
BAE Systems PLC | 221,053 | 1,388,322 | ||||||
Barclays PLC | 333,662 | 695,474 | ||||||
BP PLC | 755,262 | 5,008,247 | ||||||
HSBC Holdings PLC# | 277,983 | 2,381,641 | ||||||
Kingfisher PLC | 733,961 | 2,343,019 | ||||||
Royal Dutch Shell PLC, Class B | 131,885 | 4,033,706 | ||||||
Standard Chartered PLC | 440,376 | 3,422,824 | ||||||
Vodafone Group PLC ADR | 140,547 | 3,020,355 | ||||||
22,293,588 | ||||||||
United States — 17.7% |
| |||||||
Advance Auto Parts, Inc. | 11,900 | 2,114,749 | ||||||
Ally Financial, Inc. | 66,300 | 1,768,884 | ||||||
Alphabet, Inc., Class A† | 2,000 | 2,219,300 | ||||||
Amgen, Inc. | 14,590 | 3,038,367 | ||||||
Apache Corp. | 32,160 | 1,129,781 | ||||||
Capital One Financial Corp. | 38,320 | 3,436,538 | ||||||
Celgene Corp.† | 27,390 | 1,978,106 | ||||||
Citigroup, Inc. | 62,830 | 4,070,756 | ||||||
Comcast Corp., Class A | 85,630 | 3,340,426 | ||||||
CommScope Holding Co., Inc.† | 88,000 | 1,592,800 | ||||||
Coty, Inc., Class A# | 164,200 | 1,369,428 | ||||||
Eastman Chemical Co. | 17,040 | 1,343,093 | ||||||
Eli Lilly & Co. | 18,330 | 2,174,671 | ||||||
Exxon Mobil Corp. | 45,100 | 3,585,450 | ||||||
Gilead Sciences, Inc. | 44,450 | 3,197,733 | ||||||
JPMorgan Chase & Co. | 15,420 | 1,714,550 | ||||||
Kellogg Co. | 34,100 | 2,170,465 | ||||||
Knowles Corp.† | 81,440 | 1,241,146 | ||||||
Mattel, Inc.†# | 135,100 | 1,877,890 | ||||||
Oracle Corp. | 109,060 | 5,317,765 | ||||||
Tapestry, Inc. | 50,600 | 1,969,858 | ||||||
United Parcel Service, Inc., Class B | 29,400 | 3,389,526 | ||||||
Voya Financial, Inc. | 67,550 | 3,036,372 |
73 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Walgreens Boots Alliance, Inc. | 41,700 | $ | 3,530,739 | |||||
Wells Fargo & Co. | 47,800 | 2,594,584 | ||||||
63,202,977 | ||||||||
Total Common Stocks | ||||||||
(cost $204,042,956) | 207,056,890 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 22.6% |
| |||||||
Argentina — 1.1% | ||||||||
Republic of Argentina | ARS | 5,000 | 164 | |||||
Republic of Argentina | 439,000 | 411,563 | ||||||
Republic of Argentina | ARS | 79,847,000 | 1,603,013 | |||||
Republic of Argentina | ARS | 43,574,000 | 949,859 | |||||
Republic of Argentina | ARS | 40,723,000 | 874,220 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 77,919 | |||||
Republic of Argentina FRS | ARS | 10,000 | 309 | |||||
3,917,047 | ||||||||
Brazil — 4.0% |
| |||||||
Federative Republic of Brazil | BRL | 1,650,000 | 380,936 | |||||
Federative Republic of Brazil | BRL | 10,680,000 | 2,248,243 | |||||
Federative Republic of Brazil | BRL | 10,720,000 | 2,893,105 | |||||
Federative Republic of Brazil | BRL | 3,660,000 | 1,021,112 | |||||
Federative Republic of Brazil | BRL | 11,195,000 | 3,106,594 | |||||
Federative Republic of Brazil | BRL | 15,050,000 | 4,140,766 | |||||
Federative Republic of Brazil | BRL | 2,160,000 | 588,332 | |||||
14,379,088 | ||||||||
Colombia — 1.4% |
| |||||||
Republic of Colombia | COP | 64,000,000 | 18,920 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Colombia (continued) |
| |||||||
Republic of Colombia | COP | 2,472,300,000 | $ | 713,267 | ||||
Republic of Colombia | COP | 6,500,700,000 | 2,094,070 | |||||
Republic of Colombia | COP | 329,000,000 | 106,116 | |||||
Republic of Colombia | COP | 4,849,000,000 | 1,566,693 | |||||
Republic of Colombia | COP | 1,269,000,000 | 459,032 | |||||
4,958,098 | ||||||||
Ghana — 0.6% |
| |||||||
Republic of Ghana | GHS | 1,400,000 | 278,920 | |||||
Republic of Ghana | GHS | 4,210,000 | 747,722 | |||||
Republic of Ghana | GHS | 1,400,000 | 279,187 | |||||
Republic of Ghana | GHS | 4,210,000 | 783,053 | |||||
Republic of Ghana | GHS | 50,000 | 10,527 | |||||
Republic of Ghana | GHS | 50,000 | 11,205 | |||||
Republic of Ghana | GHS | 50,000 | 11,182 | |||||
Republic of Ghana | GHS | 50,000 | 11,255 | |||||
2,133,051 | ||||||||
India — 3.6% |
| |||||||
Republic of India | INR | 380,000,000 | 5,130,662 | |||||
Republic of India | INR | 40,000,000 | 562,451 | |||||
Republic of India | INR | 150,000,000 | 2,117,799 | |||||
Republic of India | INR | 128,000,000 | 1,846,675 | |||||
Republic of India | INR | 142,000,000 | 2,078,605 | |||||
Republic of India | INR | 60,000,000 | 878,973 | |||||
12,615,165 | ||||||||
74 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Indonesia — 3.5% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | $ | 5,590 | ||||
Republic of Indonesia | IDR | 294,000,000 | 20,122 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 322,097 | |||||
Republic of Indonesia | IDR | 90,369,000,000 | 6,441,615 | |||||
Republic of Indonesia | IDR | 8,380,000,000 | 595,169 | |||||
Republic of Indonesia | IDR | 3,184,000,000 | 233,691 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 170,577 | |||||
Republic of Indonesia | IDR | 116,000,000 | 8,684 | |||||
Republic of Indonesia | IDR | 260,000,000 | 21,478 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 993,508 | |||||
Republic of Indonesia | IDR | 29,607,000,000 | 2,130,837 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 554,793 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 873,670 | |||||
12,371,831 | ||||||||
Mexico — 2.8% |
| |||||||
United Mexican States | MXN | 2,578,086 | 121,577 | |||||
United Mexican States | MXN | 3,305,871 | 161,334 | |||||
United Mexican States | MXN | 162,280,000 | 7,698,070 | |||||
United Mexican States | MXN | 20,960,000 | 979,326 | |||||
United Mexican States | MXN | 17,060,000 | 831,872 | |||||
9,792,179 | ||||||||
Philippines — 0.6% |
| |||||||
Republic of the Philippines | PHP | 121,440,000 | 2,256,947 | |||||
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
South Korea — 4.9% |
| |||||||
Bank of Korea | KRW | 770,000,000 | $ | 686,917 | ||||
Republic of South Korea | KRW | 2,127,000,000 | 1,887,409 | |||||
Republic of South Korea | KRW | 1,207,700,000 | 1,060,598 | |||||
Republic of South Korea | KRW | 3,790,000,000 | 3,375,732 | |||||
Republic of South Korea | KRW | 1,386,600,000 | 1,236,953 | |||||
Republic of South Korea | KRW | 257,000,000 | 228,559 | |||||
Republic of South Korea | KRW | 7,844,590,000 | 7,012,096 | |||||
Republic of South Korea | KRW | 579,100,000 | 542,995 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,319,231 | |||||
17,350,490 | ||||||||
Ukraine — 0.1% |
| |||||||
Government of Ukraine VRS | 956,000 | 532,809 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $90,484,578) | 80,306,705 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $294,527,534) | 287,363,595 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 17.3% |
| |||||||
Foreign Government Obligations — 5.5% |
| |||||||
Republic of Argentina | ARS | 28,494,000 | 830,494 | |||||
0.73% due 10/31/2019 | ARS | 15,508,000 | 433,887 | |||||
1.16% due 04/30/2019 | ARS | 5,601,000 | 158,093 | |||||
2.73% due 05/31/2019 | ARS | 12,704,000 | 351,208 | |||||
3.00% due 04/30/2020 | ARS | 8,069,000 | 224,940 | |||||
3.75% due 02/08/2019(1) | ARS | 5,194,000 | 187,833 | |||||
2,186,455 | ||||||||
Republic of South Korea | KRW | 768,000,000 | 684,701 | |||||
United Mexican States | MXN | 21,201,400 | 1,040,262 | |||||
7.90% due 01/31/2019 | MXN | 7,067,100 | 342,415 | |||||
7.91% due 03/28/2019 | MXN | 14,134,300 | 676,002 | |||||
7.92% due 03/28/2019 | MXN | 24,735,000 | 1,183,002 | |||||
7.93% due 03/28/2019 | MXN | 7,067,100 | 337,999 | |||||
7.94% due 05/23/2019 | MXN | 21,201,300 | 1,000,756 | |||||
7.95% due 05/23/2019 | MXN | 5,300,400 | 250,193 | |||||
7.99% due 01/31/2019 | MXN | 5,299,500 | 256,771 | |||||
8.00% due 01/31/2019 | MXN | 8,043,200 | 389,709 | |||||
8.00% due 02/14/2019 | MXN | 12005400 | 579,810 | |||||
8.00% due 03/28/2019 | MXN | 3,533,000 | 168,973 | |||||
8.01% due 02/14/2019 | MXN | 984,700 | 47,557 |
75 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) |
| |||||||
8.01% due 05/23/2019 | MXN | 43,511,200 | $ | 2,053,842 | ||||
8.02% due 05/23/2019 | MXN | 4,946,200 | 233,474 | |||||
8.03% due 02/28/2019 | MXN | 7,003,200 | 337,120 | |||||
8.03% due 03/28/2019 | MXN | 4,083,200 | 195,287 | |||||
8.05% due 02/28/2019 | MXN | 1,107,700 | 53,323 | |||||
8.05% due 09/12/2019 | MXN | 5,959,000 | 274,195 | |||||
8.06% due 03/14/2019 | MXN | 4,001,800 | 192,018 | |||||
8.06% due 05/23/2019 | MXN | 6,124,800 | 289,107 | |||||
8.07% due 02/14/2019 | MXN | 11461300 | 553,532 | |||||
8.07% due 05/23/2019 | MXN | 2,633,800 | 124,322 | |||||
8.08% due 07/18/2019 | MXN | 3,028,800 | 141,146 | |||||
8.09% due 05/23/2019 | MXN | 6,824,800 | 322,148 | |||||
8.09% due 07/04/2019 | MXN | 2,107,000 | 98,501 | |||||
8.09% due 07/18/2019 | MXN | 16,332,800 | 761,129 | |||||
8.10% due 07/04/2019 | MXN | 8,603,000 | 402,187 | |||||
8.11% due 05/23/2019 | MXN | 1,316,900 | 62,161 | |||||
8.11% due 07/04/2019 | MXN | 7,113,900 | 332,572 | |||||
8.11% due 09/12/2019 | MXN | 6,124,900 | 281,829 | |||||
8.13% due 05/23/2019 | MXN | 4,001,800 | 188,895 | |||||
8.13% due 09/12/2019 | MXN | 2,633,800 | 121,191 | |||||
8.14% due 07/18/2019 | MXN | 8,694,700 | 405,184 | |||||
8.14% due 09/12/2019 | MXN | 3,028,800 | 139,366 | |||||
8.15% due 09/12/2019 | MXN | 4,001,800 | 184,137 | |||||
8.17% due 04/25/2019 | MXN | 29,534,400 | 1,403,329 | |||||
8.19% due 01/31/2019 | MXN | 3,603,900 | 174,616 | |||||
8.24% due 03/28/2019 | MXN | 8,543,200 | 408,596 | |||||
8.25% due 03/28/2019 | MXN | 4,239,800 | 202,777 | |||||
8.26% due 03/28/2019 | MXN | 9,178,900 | 439,000 | |||||
8.45% due 07/18/2019 | MXN | 3,179,900 | 148,187 | |||||
16,796,620 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $20,082,042) | 19,667,776 | |||||||
U.S. Government Agencies — 6.8% |
| |||||||
Federal Home Loan Bank | 24,115,000 | 24,115,000 | ||||||
U.S. Government Treasuries — 5.0% |
| |||||||
United States Treasury Bills | 18,080,000 | 17,978,741 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $62,169,257) | 61,761,517 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $356,696,791)(4) | 98.0 | % | 349,125,112 | |||||
Other assets less liabilities | 2.0 | 7,106,317 | ||||||
NET ASSETS | 100.0 | % | $ | 356,231,429 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with a total value of $5,668,171. Additional collateral of $5,861,432 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/25/2019 | $ | 73,352 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 5,788,080 |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $532,809 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | 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) | Denominated on United States Dollars unless otherwise indicated. |
(4) | 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 November 30, 2018 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
ARLLMONP—Argentina Blended Policy Rate
BADLARPP—Argentina Deposit Rates Badlar30-35 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 | $ | – | $ | 784,086 | ||||||||||||||||||
USD | 11,200 | 03/08/2047 | 3 Months USD—LIBOR/Quarterly | 2.70%/Semi-annually | – | 981,486 | ||||||||||||||||||||
USD | 1,012 | 02/20/2048 | 3 Months USD—LIBOR/Quarterly | 2.98%/Semi-annually | – | 33,502 | ||||||||||||||||||||
USD | 1,012 | 02/22/2048 | 3 Months USD—LIBOR/Quarterly | 3.00%/Semi-annually | – | 29,129 | ||||||||||||||||||||
USD | 1,012 | 02/23/2048 | 3 Months USD—LIBOR/Quarterly | 3.02%/Semi-annually | – | 25,718 | ||||||||||||||||||||
$ | 1,853,921 | |||||||||||||||||||||||||
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
USD—United States Dollar
LIBOR—London Interbank Offered rate
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 1,085,049 | USD | 1,258,005 | 12/05/2018 | $ | 29,529 | $ | – | |||||||||||||||||||
EUR | 234,146 | USD | 273,978 | 12/07/2018 | 8,842 | – | ||||||||||||||||||||||
EUR | 605,539 | USD | 711,312 | 12/18/2018 | 24,873 | – | ||||||||||||||||||||||
EUR | 584,552 | USD | 680,495 | 01/16/2019 | 15,909 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,571,448 | 01/28/2019 | 25,854 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,558,727 | 01/30/2019 | 12,712 | – | ||||||||||||||||||||||
EUR | 1,211,078 | USD | 1,380,241 | 02/19/2019 | – | (550 | ) | |||||||||||||||||||||
EUR | 1,085,049 | USD | 1,244,117 | 03/04/2019 | – | – | ||||||||||||||||||||||
USD | 1,234,243 | EUR | 1,085,049 | 12/05/2018 | – | (5,766 | ) | |||||||||||||||||||||
117,719 | (6,316 | ) | ||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 183,000 | USD | 209,110 | 12/10/2018 | 1,841 | – | |||||||||||||||||||||
EUR | 47,026 | USD | 55,815 | 12/28/2018 | 2,447 | – | ||||||||||||||||||||||
EUR | 94,051 | USD | 107,995 | 01/31/2019 | 935 | – | ||||||||||||||||||||||
EUR | 47,026 | USD | 53,910 | 02/28/2019 | 254 | – | ||||||||||||||||||||||
JPY | 116,230,000 | USD | 1,032,183 | 12/10/2018 | 7,842 | – | ||||||||||||||||||||||
JPY | 78,940,000 | USD | 711,931 | 01/17/2019 | 13,486 | – | ||||||||||||||||||||||
JPY | 12,425,000 | USD | 111,534 | 01/22/2019 | 1,557 | – | ||||||||||||||||||||||
JPY | 557,000,000 | USD | 4,982,579 | 02/08/2019 | 45,778 | – | ||||||||||||||||||||||
JPY | 40,123,600 | USD | 358,548 | 02/13/2019 | 2,784 | – | ||||||||||||||||||||||
JPY | 67,630,000 | USD | 599,458 | 02/28/2019 | – | (907 | ) | |||||||||||||||||||||
JPY | 12,425,000 | USD | 110,880 | 05/20/2019 | – | (186 | ) | |||||||||||||||||||||
76,924 | (1,093 | ) | ||||||||||||||||||||||||||
BNP Paribas SA | EUR | 118,000 | USD | 134,183 | 02/28/2019 | – | (455 | ) | ||||||||||||||||||||
Citibank N.A. | EUR | 89,576 | USD | 104,439 | 12/13/2018 | 2,953 | – | |||||||||||||||||||||
EUR | 1,906,904 | USD | 2,224,613 | 01/15/2019 | 56,805 | – | ||||||||||||||||||||||
EUR | 1,104,900 | USD | 1,267,541 | 02/01/2019 | 9,703 | – | ||||||||||||||||||||||
EUR | 1,082,037 | BRL | 5,260,000 | 04/01/2019 | 111,597 | – | ||||||||||||||||||||||
JPY | 32,100,000 | USD | 290,945 | 12/10/2018 | 8,046 | – | ||||||||||||||||||||||
JPY | 79,600,000 | USD | 720,382 | 12/11/2018 | 18,815 | – | ||||||||||||||||||||||
JPY | 72,889,000 | USD | 676,728 | 01/25/2019 | 31,413 | – | ||||||||||||||||||||||
JPY | 280,651,280 | USD | 2,636,015 | 01/31/2019 | 150,120 | – | ||||||||||||||||||||||
JPY | 9,976,667 | USD | 88,859 | 02/13/2019 | 399 | – | ||||||||||||||||||||||
JPY | 40,176,667 | USD | 379,231 | 02/14/2019 | 22,969 | – | ||||||||||||||||||||||
JPY | 29,930,000 | USD | 285,551 | 02/15/2019 | 20,129 | – | ||||||||||||||||||||||
JPY | 38,770,000 | USD | 350,273 | 03/20/2019 | 5,524 | – | ||||||||||||||||||||||
JPY | 9,976,666 | USD | 90,138 | 04/15/2019 | 1,226 | – | ||||||||||||||||||||||
JPY | 80,345,200 | USD | 724,307 | 05/07/2019 | 6,917 | – | ||||||||||||||||||||||
KRW | 524,000,000 | USD | 487,465 | 12/20/2018 | 19,774 | – | ||||||||||||||||||||||
KRW | 2,989,000,000 | USD | 2,656,653 | 02/25/2019 | – | (18,547 | ) | |||||||||||||||||||||
KRW | 538,612,000 | USD | 474,423 | 04/16/2019 | – | (8,785 | ) | |||||||||||||||||||||
KRW | 1,051,000,000 | USD | 928,527 | 05/15/2019 | – | (15,670 | ) | |||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,108,341 | 05/21/2019 | – | (10,462 | ) | |||||||||||||||||||||
466,390 | (53,464 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 595,000 | USD | 696,263 | 12/07/2018 | 22,510 | – | |||||||||||||||||||||
EUR | 270,464 | USD | 316,053 | 12/12/2018 | 9,664 | – | ||||||||||||||||||||||
EUR | 595,000 | USD | 692,553 | 01/07/2019 | 16,591 | – | ||||||||||||||||||||||
EUR | 270,464 | USD | 315,580 | 01/15/2019 | 8,111 | – | ||||||||||||||||||||||
EUR | 68,878 | USD | 79,830 | 01/22/2019 | 1,483 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 153,883 | 01/24/2019 | 2,573 | – | ||||||||||||||||||||||
EUR | 68,877 | USD | 79,568 | 01/25/2019 | 1,203 | – | ||||||||||||||||||||||
EUR | 2,905,954 | USD | 3,334,873 | 01/31/2019 | 26,956 | – | ||||||||||||||||||||||
EUR | 3,247,000 | USD | 3,697,067 | 02/19/2019 | – | (4,950 | ) | |||||||||||||||||||||
EUR | 2,907,096 | USD | 3,312,825 | 02/28/2019 | – | (4,162 | ) | |||||||||||||||||||||
JPY | 23,100,000 | USD | 209,264 | 12/12/2018 | 5,644 | – | ||||||||||||||||||||||
JPY | 43,140,000 | USD | 396,282 | 12/18/2018 | 15,746 | – | ||||||||||||||||||||||
JPY | 58,120,000 | USD | 535,920 | 01/24/2019 | 21,401 | – | ||||||||||||||||||||||
JPY | 222,755,000 | USD | 2,037,474 | 02/19/2019 | 61,438 | – | ||||||||||||||||||||||
JPY | 459,286,000 | USD | 4,218,936 | 02/21/2019 | 144,015 | – | ||||||||||||||||||||||
JPY | 43,210,000 | USD | 389,395 | 03/26/2019 | 4,967 | – | ||||||||||||||||||||||
JPY | 39,300,000 | USD | 354,807 | 04/15/2019 | 4,565 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 866,249 | 12/11/2018 | 45,422 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 816,798 | 05/16/2019 | – | (9,751 | ) | |||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,849,623 | 05/29/2019 | – | (15,764 | ) | |||||||||||||||||||||
392,289 | (34,627 | ) | ||||||||||||||||||||||||||
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs International | EUR | 161,487 | USD | 186,453 | 12/24/2018 | $ | 3,267 | $ | – | |||||||||||||||||||
EUR | 161,526 | USD | 187,130 | 01/22/2019 | 3,397 | – | ||||||||||||||||||||||
EUR | 79,216 | USD | 91,122 | 01/29/2019 | 964 | – | ||||||||||||||||||||||
EUR | 484,500 | USD | 552,427 | 02/19/2019 | 32 | – | ||||||||||||||||||||||
EUR | 161,487 | USD | 186,422 | 02/21/2019 | 2,274 | – | ||||||||||||||||||||||
EUR | 236,784 | USD | 270,663 | 02/28/2019 | 494 | – | ||||||||||||||||||||||
JPY | 15,058,476 | USD | 135,875 | 12/18/2018 | 3,045 | – | ||||||||||||||||||||||
JPY | 11,563,000 | USD | 105,090 | 01/11/2019 | 2,831 | – | ||||||||||||||||||||||
JPY | 15,055,762 | USD | 133,937 | 02/19/2019 | 379 | – | ||||||||||||||||||||||
JPY | 15,055,762 | USD | 136,255 | 04/18/2019 | 2,043 | – | ||||||||||||||||||||||
18,726 | – | |||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 517,579 | USD | 598,839 | 01/11/2019 | 10,638 | – | |||||||||||||||||||||
EUR | 235,000 | USD | 270,519 | 02/14/2019 | 2,700 | – | ||||||||||||||||||||||
JPY | 48,100,000 | USD | 435,373 | 12/11/2018 | 11,436 | – | ||||||||||||||||||||||
JPY | 69,900,000 | USD | 633,152 | 12/12/2018 | 17,005 | – | ||||||||||||||||||||||
JPY | 111,200,000 | USD | 1,007,851 | 12/18/2018 | 26,962 | – | ||||||||||||||||||||||
JPY | 78,700,000 | USD | 700,561 | 01/11/2019 | 4,570 | – | ||||||||||||||||||||||
JPY | 379,935,000 | USD | 3,568,470 | 01/31/2019 | 203,159 | – | ||||||||||||||||||||||
KRW | 1,031,000,000 | USD | 913,238 | 01/24/2019 | – | (8,271 | ) | |||||||||||||||||||||
KRW | 2,644,000,000 | USD | 2,331,261 | 01/30/2019 | – | (32,507 | ) | |||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,839,628 | 02/19/2019 | 508 | – | ||||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,385,714 | 03/20/2019 | 55,185 | – | ||||||||||||||||||||||
KRW | 323,600,000 | USD | 287,083 | 04/18/2019 | – | (3,258 | ) | |||||||||||||||||||||
KRW | 1,093,958,907 | USD | 974,530 | 04/29/2019 | – | (7,508 | ) | |||||||||||||||||||||
332,163 | (51,544 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 1,019,000 | USD | 719,789 | 01/11/2019 | – | (25,485 | ) | ||||||||||||||||||||
AUD | 2,038,000 | USD | 1,447,612 | 01/14/2019 | – | (43,014 | ) | |||||||||||||||||||||
AUD | 2,403,500 | USD | 1,711,977 | 01/15/2019 | – | (46,011 | ) | |||||||||||||||||||||
AUD | 5,929,000 | USD | 4,233,602 | 01/22/2019 | – | (103,559 | ) | |||||||||||||||||||||
AUD | 1,740,000 | USD | 1,233,951 | 01/29/2019 | – | (39,042 | ) | |||||||||||||||||||||
AUD | 1,019,000 | USD | 722,726 | 02/13/2019 | – | (22,971 | ) | |||||||||||||||||||||
AUD | 2,403,500 | USD | 1,753,828 | 02/15/2019 | – | (5,096 | ) | |||||||||||||||||||||
EUR | 2,120,000 | USD | 2,479,033 | 12/07/2018 | 78,435 | – | ||||||||||||||||||||||
EUR | 197,305 | USD | 227,507 | 01/11/2019 | 3,281 | – | ||||||||||||||||||||||
EUR | 74,000 | USD | 85,523 | 01/23/2019 | 1,342 | – | ||||||||||||||||||||||
EUR | 145,167 | USD | 167,763 | 01/25/2019 | 2,598 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 786,631 | 01/31/2019 | 5,741 | – | ||||||||||||||||||||||
EUR | 126,839 | USD | 145,181 | 02/08/2019 | 701 | – | ||||||||||||||||||||||
EUR | 84,559 | USD | 96,843 | 02/11/2019 | 499 | – | ||||||||||||||||||||||
EUR | 243,819 | USD | 277,270 | 02/19/2019 | – | (717 | ) | |||||||||||||||||||||
EUR | 3,335,500 | USD | 3,837,426 | 02/20/2019 | 34,188 | – | ||||||||||||||||||||||
EUR | 520,827 | USD | 600,495 | 02/21/2019 | 6,583 | – | ||||||||||||||||||||||
JPY | 56,320,000 | USD | 509,328 | 12/14/2018 | 12,767 | – | ||||||||||||||||||||||
JPY | 27,300,000 | USD | 245,652 | 12/18/2018 | 4,840 | – | ||||||||||||||||||||||
JPY | 64,760,000 | USD | 578,400 | 01/15/2019 | 5,508 | – | ||||||||||||||||||||||
JPY | 25,450,000 | USD | 233,915 | 01/16/2019 | 8,757 | – | ||||||||||||||||||||||
JPY | 112,000,000 | USD | 1,038,971 | 01/25/2019 | 47,391 | – | ||||||||||||||||||||||
JPY | 116,200,000 | USD | 1,038,093 | 02/01/2019 | 8,759 | – | ||||||||||||||||||||||
JPY | 316,250,000 | USD | 2,940,534 | 02/06/2019 | 137,990 | – | ||||||||||||||||||||||
JPY | 116,480,000 | USD | 1,091,700 | 02/12/2019 | 58,988 | – | ||||||||||||||||||||||
JPY | 158,172,000 | USD | 1,446,210 | 02/15/2019 | 43,526 | – | ||||||||||||||||||||||
JPY | 152,440,000 | USD | 1,376,141 | 04/22/2019 | 16,780 | – | ||||||||||||||||||||||
JPY | 629,861,720 | USD | 5,690,913 | 04/23/2019 | 73,730 | – | ||||||||||||||||||||||
552,404 | (285,895 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 69,000 | USD | 79,961 | 01/22/2019 | 1,475 | – | |||||||||||||||||||||
EUR | 69,000 | USD | 79,723 | 01/23/2019 | 1,230 | – | ||||||||||||||||||||||
2,705 | – | |||||||||||||||||||||||||||
Standard Chartered Bank | EUR | 3,642,368 | USD | 4,233,408 | 12/06/2018 | 109,258 | – | |||||||||||||||||||||
EUR | 1,210,000 | USD | 1,413,710 | 01/17/2019 | 37,929 | – | ||||||||||||||||||||||
EUR | 999,742 | USD | 1,143,505 | 01/30/2019 | 5,569 | – | ||||||||||||||||||||||
EUR | 1,019,570 | USD | 1,164,145 | 02/28/2019 | 819 | – | ||||||||||||||||||||||
JPY | 116,210,000 | USD | 1,038,517 | 02/01/2019 | 9,094 | – | ||||||||||||||||||||||
162,669 | – | |||||||||||||||||||||||||||
78 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 207,134 | 12/07/2018 | $ | 6,784 | $ | – | |||||||||||||||||||
EUR | 226,932 | USD | 263,820 | 01/09/2019 | 5,966 | – | ||||||||||||||||||||||
EUR | 1,679,100 | USD | 1,946,698 | 01/22/2019 | 36,759 | – | ||||||||||||||||||||||
EUR | 1,733,621 | USD | 1,998,336 | 02/21/2019 | 21,443 | – | ||||||||||||||||||||||
70,952 | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,192,941 | $ | (433,394 | ) | |||||||||||||||||||||||
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 November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 88,699,269 | $ | 118,357,621 | ** | $ | — | $ | 207,056,890 | |||||||
Foreign Government Obligations | — | 80,306,705 | — | 80,306,705 | ||||||||||||
Short-Term Investment Securities: | — | 61,761,517 | — | 61,761,517 | ||||||||||||
Total Investments at Value | $ | 88,699,269 | $ | 260,425,843 | $ | — | $ | 349,125,112 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 1,853,921 | $ | — | $ | 1,853,921 | ||||||||
Forward Foreign Currency Contracts | — | 2,192,941 | — | 2,192,941 | ||||||||||||
$ | — | $ | 4,046,862 | $ | — | $ | 4,046,862 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 433,394 | $ | — | $ | 433,394 | ||||||||
* | 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. |
See Notes to Financial Statements
79 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
U.S. Government Agencies | 53.6 | % | ||
U.S. Government Treasuries | 46.3 | |||
99.9 | % | |||
Credit Quality†#
A-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 — 40.1 days
80 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 99.9% |
| |||||||
U.S. Government Agencies — 53.6% |
| |||||||
Federal Farm Credit Bank FRS | $ | 3,000,000 | $ | 3,000,002 | ||||
Federal Home Loan Bank | ||||||||
2.19% due 12/10/2018 | 9,000,000 | 8,995,140 | ||||||
2.19% due 12/14/2018 | 1,100,000 | 1,099,142 | ||||||
2.22% due 12/06/2018 | 13,000,000 | 12,996,055 | ||||||
2.22% due 12/10/2018 | 1,500,000 | 1,499,179 | ||||||
2.23% due 12/19/2018 | 10,000,000 | 9,989,000 | ||||||
2.26% due 12/27/2018 | 10,000,000 | 9,983,931 | ||||||
2.27% due 12/28/2018 | 5,000,000 | 4,991,638 | ||||||
2.28% due 12/28/2018 | 700,000 | 698,821 | ||||||
2.30% due 01/02/2019 | 9,000,000 | 8,981,928 | ||||||
2.33% due 01/09/2019 | 8,000,000 | 7,980,153 | ||||||
2.36% due 01/30/2019 | 14,000,000 | 13,945,983 | ||||||
2.37% due 01/30/2019 | 7,800,000 | 7,769,840 | ||||||
2.37% due 02/19/2019 | 7,500,000 | 7,461,333 | ||||||
2.42% due 02/22/2019 | 11,000,000 | 10,939,767 | ||||||
Federal Home Loan Bank FRS | 10,000,000 | 10,000,000 | ||||||
2.23% (1 ML-0.08%) due 02/04/2019 | 3,000,000 | 3,000,012 | ||||||
2.52% (3ML-0.16%) due 05/24/2019 | 7,000,000 | 7,001,503 | ||||||
Federal Home Loan Mtg. Corp. | 6,000,000 | 5,981,760 | ||||||
Federal National Mtg. Assoc. | 3,000,000 | 2,999,282 | ||||||
2.06% due 12/03/2018 | 28,000,000 | 27,996,842 | ||||||
2.22% due 12/19/2018 | 13,000,000 | 12,985,765 | ||||||
Federal National Mtg. Assoc. FRS | 3,000,000 | 3,000,595 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $183,297,671) | 183,297,671 | |||||||
U.S. Government Treasuries — 46.3% |
| |||||||
United States Treasury Bills | ||||||||
2.09% due 12/06/2018 | 4,500,000 | 4,498,698 | ||||||
2.10% due 12/27/2018 | 7,000,000 | 6,989,454 | ||||||
2.15% due 12/20/2018 | 9,000,000 | 8,989,844 |
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries (continued) |
| |||||||
2.16% due 12/11/2018 | $ | 5,000,000 | $ | 4,997,006 | ||||
2.17% due 12/06/2018 | 12,000,000 | 11,996,396 | ||||||
2.17% due 12/11/2018 | 8,000,000 | 7,995,182 | ||||||
2.18% due 12/27/2018 | 7,000,000 | 6,989,050 | ||||||
2.19% due 12/27/2018 | 5,000,000 | 4,992,124 | ||||||
2.24% due 01/02/2019 | 10,000,000 | 9,980,124 | ||||||
2.25% due 12/26/2018 | 9,000,000 | 8,985,938 | ||||||
2.29% due 01/22/2019 | 500,000 | 498,352 | ||||||
2.32% due 02/07/2019 | 10,000,000 | 9,956,442 | ||||||
2.37% due 02/21/2019 | 13,000,000 | 12,930,340 | ||||||
2.39% due 04/04/2019 | 5,000,000 | 4,959,252 | ||||||
2.40% due 04/04/2019 | 10,000,000 | 9,918,143 | ||||||
2.43% due 04/18/2019 | 8,000,000 | 7,926,492 | ||||||
United States Treasury Notes | ||||||||
1.13% due 01/31/2019 | 7,300,000 | 7,290,455 | ||||||
1.25% due 12/15/2018 | 5,000,000 | 4,998,132 | ||||||
1.25% due 12/31/2018 | 7,000,000 | 6,994,268 | ||||||
1.25% due 01/31/2019 | 3,000,000 | 2,996,780 | ||||||
1.38% due 12/31/2018 | 6,000,000 | 5,997,775 | ||||||
1.50% due 01/31/2019 | 7,300,000 | 7,290,148 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $158,170,395) | 158,170,395 | |||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $341,468,066)(1) | 99.9 | % | 341,468,066 | |||||
Other assets less liabilities | 0.1 | 469,904 | ||||||
NET ASSETS | 100.0 | % | $ | 341,937,970 | ||||
(1) | See Note 2 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 2018 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1ML—1 month USD LIBOR
3ML—3 month USD LIBOR
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Total Investments at Value | $ | — | $ | 341,468,066 | $ | — | $ | 341,468,066 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
81 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 33.6 | % | ||
United States Treasury Notes | 19.6 | |||
Federal Home Loan Mtg. Corp. | 14.9 | |||
United States Treasury Bonds | 11.2 | |||
Diversified Financial Services | 5.9 | |||
Repurchase Agreements | 4.5 | |||
Government National Mtg. Assoc. | 2.7 | |||
Sovereign | 1.6 | |||
Resolution Funding Corp | 1.4 | |||
Diversified Banking Institutions | 1.0 | |||
Federal Farm Credit Bank | 0.7 | |||
Airlines | 0.7 | |||
Pipelines | 0.4 | |||
Multimedia | 0.3 | |||
Pharmacy Services | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Brewery | 0.2 | |||
Medical Instruments | 0.2 | |||
Electric — Integrated | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Chemicals — Diversified | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Networking Products | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
100.9 | % | |||
Credit Quality Allocation†#
Aaa | 91.5 | % | ||
Aa | 0.9 | |||
A | 1.4 | |||
Baa | 2.5 | |||
Ba | 0.1 | |||
Not Rated@ | 3.6 | |||
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. |
82 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.9% |
| |||||||
Diversified Financial Services — 5.9% |
| |||||||
BBCMS Trust | $ | 361,441 | $ | 347,988 | ||||
Cabela’s Credit Card Master Note Trust | 1,186,000 | 1,178,070 | ||||||
COMM Mtg. Trust VRS | 795,643 | 39,277 | ||||||
DBUBS Mtg. Trust | 102,088 | 102,333 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 393,372 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,055,885 | ||||||
Progress Residential Trust | 447,242 | 440,131 | ||||||
Progress Residential Trust | 299,039 | 289,165 | ||||||
Progress Residential Trust | 693,893 | 685,341 | ||||||
Sofi Professional Loan Program Trust | 1,000,000 | 985,030 | ||||||
Tricon American Homes Trust | 562,581 | 540,463 | ||||||
UBS Commercial Mortgage Trust | 1,500,000 | 1,544,995 | ||||||
UBS - BAMLL Trust | 217,000 | 215,718 | ||||||
WF - RBS Commercial Mtg. Trust | 310,000 | 315,811 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $8,311,507) | 8,133,579 | |||||||
U.S. CORPORATE BONDS & NOTES — 4.2% |
| |||||||
Airlines — 0.7% |
| |||||||
American Airlines Pass-Through Trust | 689,785 | 646,917 | ||||||
American Airlines Pass-Through Trust | 318,151 | 305,395 | ||||||
952,312 | ||||||||
Brewery — 0.2% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 288,000 | 271,687 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Dow Chemical Co. | 200,000 | 204,741 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Citigroup, Inc. | $ | 400,000 | $ | 371,971 | ||||
Citigroup, Inc. | 162,000 | 164,785 | ||||||
Morgan Stanley | 319,000 | 310,193 | ||||||
846,949 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 227,165 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 101,265 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 149,331 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 125,000 | 120,688 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 246,333 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 139,452 | ||||||
Multimedia — 0.3% |
| |||||||
Time Warner, Inc. | 500,000 | 468,721 | ||||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 200,000 | 200,802 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 110,917 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 427,620 | ||||||
Pipelines — 0.4% |
| |||||||
Buckeye Partners LP | 190,000 | 192,604 | ||||||
Enterprise Products Operating LLC | 127,000 | 122,204 | ||||||
Magellan Midstream Partners LP | 137,000 | 130,639 |
83 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Pipelines (continued) |
| |||||||
Plains All American Pipeline LP/PAA Finance Corp. | $ | 171,000 | $ | 169,110 | ||||
614,557 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 214,705 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 317,008 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
AT&T, Inc. | 171,000 | 165,041 | ||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 86,278 | ||||||
Norfolk Southern Corp. | 19,000 | 20,702 | ||||||
106,980 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $6,094,723) | 5,886,274 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.6% |
| |||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 200,000 | 203,611 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 197,761 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 353,755 | ||||||
551,516 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Allergan Funding SCS | 126,000 | 123,202 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $912,084) | 878,329 | |||||||
U.S. GOVERNMENT AGENCIES — 53.3% |
| |||||||
Federal Farm Credit Bank — 0.7% |
| |||||||
3.35% due 10/21/2025 | 1,000,000 | 1,008,087 | ||||||
Federal Home Loan Mtg. Corp. — 14.9% |
| |||||||
3.50% due 06/01/2033 | 1,410,236 | 1,416,657 | ||||||
4.50% due 09/01/2019 | 5,824 | 5,933 | ||||||
4.50% due 09/01/2039 | 451,671 | 469,815 | ||||||
4.50% due 11/01/2039 | 239,712 | 249,317 | ||||||
4.50% due 02/01/2040 | 331,259 | 344,575 | ||||||
4.50% due 04/01/2040 | 31,074 | 32,324 | ||||||
4.50% due 06/01/2040 | 82,392 | 85,620 | ||||||
4.50% due 08/01/2040 | 367,206 | 381,932 | ||||||
4.50% due 03/01/2041 | 1,392,342 | 1,446,459 | ||||||
4.50% due 04/01/2041 | 148,601 | 154,572 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
4.50% due 06/01/2041 | $ | 283,922 | $ | 294,688 | ||||
5.00% due 10/01/2034 | 22,551 | 23,584 | ||||||
5.50% due 12/01/2036 | 17,962 | 19,367 | ||||||
6.00% due 11/01/2033 | 56,265 | 61,735 | ||||||
6.50% due 02/01/2032 | 23,925 | 26,256 | ||||||
8.00% due 02/01/2030 | 735 | 737 | ||||||
8.00% due 08/01/2030 | 186 | 214 | ||||||
8.00% due 06/01/2031 | 1,406 | 1,546 | ||||||
Federal Home Loan Mtg. Corp. FRS | 11,858 | 12,445 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 949,342 | 916,729 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | 591,000 | 577,839 | ||||||
Series K049, Class A2 | 430,000 | 420,522 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | 1,000,000 | 994,031 | ||||||
Federal Home Loan Mtg. Corp. REMIC | 1,214,167 | 1,161,346 | ||||||
Series 4186, Class JE | 340,338 | 328,265 | ||||||
Series 4594, Class GN | 811,967 | 785,821 | ||||||
Series 3981, Class PA | 245,293 | 239,881 | ||||||
Series 4097, Class YK | 1,750,000 | 1,638,305 | ||||||
Series 4150, Class IG | 3,781,585 | 344,076 | ||||||
Series 4838, Class CY | 1,000,000 | 916,560 | ||||||
Series 4365, Class HZ | 797,051 | 736,734 | ||||||
Series 4599, Class PA | 1,467,250 | 1,436,757 | ||||||
Series 4057, Class WY | 1,000,000 | 995,428 | ||||||
Series 3813, Class D | 1,000,000 | 1,033,483 | ||||||
Series 3917, Class B | 465,000 | 479,894 | ||||||
Series 3927, Class AY | 1,494,968 | 1,529,346 | ||||||
Series 3786, Class PB | 1,000,000 | 1,019,148 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 482,356 | 71,618 | ||||||
20,653,559 | ||||||||
Federal National Mtg. Assoc. — 33.6% |
| |||||||
2.63% due 12/01/2026 | 1,953,705 | 1,858,074 | ||||||
2.81% due 04/01/2025 | 800,000 | 775,509 | ||||||
2.94% due 01/01/2026 | 1,595,000 | 1,549,193 | ||||||
3.00% due 03/01/2043 | 973,529 | 932,286 | ||||||
3.12% due 07/01/2029 | 3,500,000 | 3,329,923 |
84 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.30% due 02/01/2030 | $ | 3,000,000 | $ | 2,900,594 | ||||
3.64% due 07/01/2028 | 1,500,000 | 1,502,209 | ||||||
3.69% due 05/01/2030 | 1,517,812 | 1,517,740 | ||||||
4.00% due 09/01/2040 | 106,750 | 108,147 | ||||||
4.00% due 10/01/2040 | 78,698 | 79,732 | ||||||
4.00% due 12/01/2040 | 136,338 | 138,129 | ||||||
4.00% due 01/01/2041 | 292,591 | 296,436 | ||||||
4.00% due 02/01/2041 | 1,106,678 | 1,121,220 | ||||||
4.00% due 03/01/2041 | 1,647,656 | 1,669,313 | ||||||
4.00% due 06/01/2042 | 950,543 | 959,608 | ||||||
4.00% due 03/01/2043 | 2,530,327 | 2,561,044 | ||||||
5.00% due 02/01/2019 | 909 | 940 | ||||||
5.00% due 12/01/2036 | 12,076 | 12,631 | ||||||
5.50% due 12/01/2033 | 21,015 | 22,586 | ||||||
5.50% due 10/01/2034 | 7,694 | 8,195 | ||||||
6.50% due 07/01/2032 | 5,321 | 5,931 | ||||||
7.00% due 09/01/2031 | 18,244 | 19,696 | ||||||
Federal National Mtg. Assoc. FRS | 1,984 | 2,049 | ||||||
4.00% (6 ML+1.50%) | 9,037 | 9,340 | ||||||
4.70% (1 Yr USTYCR+2.20%) | 15,086 | 15,955 | ||||||
Federal National Mtg. Assoc. Grantor Trust | 1,126,748 | 1,050,556 | ||||||
Federal National Mtg. Assoc. REMIC | 252,258 | 228,049 | ||||||
Series2013-15, Class DC | 893,881 | 847,336 | ||||||
Series2011-126, Class EC | 279,652 | 271,487 | ||||||
Series2013-23, Class KJ | 1,551,620 | 1,476,147 | ||||||
Series2012-93, Class ME | 2,047,984 | 1,982,045 | ||||||
Series2013-73, Class TD | 672,011 | 649,774 | ||||||
Series2013-100, Class DE | 2,421,266 | 2,415,598 | ||||||
Series2013-106, Class PY | 2,900,000 | 2,768,640 | ||||||
Series2016-30, Class PA | 823,676 | 808,778 | ||||||
Series2016-25, Class LA | 571,034 | 562,109 | ||||||
Series2016-33, Class JA | 576,740 | 566,364 | ||||||
Series2015-97, Class N | 2,000,000 | 1,816,458 | ||||||
Series2016-38, Class NA | 1,037,654 | 1,012,117 | ||||||
Series2016-30, Class LY | 800,000 | 782,508 | ||||||
Series2012-50, Class VB | 1,355,000 | 1,385,744 | ||||||
Series2012-47, Class VB | 2,000,000 | 2,027,180 | ||||||
Series2004-90, Class GC | 199,602 | 200,164 | ||||||
Series2010-117, Class DY | 974,930 | 999,328 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series2010-134, Class MB | $ | 250,000 | $ | 262,065 | ||||
Series2007-116, Class PB | 66,708 | 71,904 | ||||||
Federal National Mtg. Assoc. REMIC VRS | 515,000 | 494,559 | ||||||
Series2016-M1, Class A2 | 1,239,000 | 1,196,079 | ||||||
Series2014-M13, Class A2 | 1,273,000 | 1,250,555 | ||||||
Federal National Mtg. Assoc. STRIPS | 195,800 | 44,027 | ||||||
46,566,051 | ||||||||
Government National Mtg. Assoc. — 2.7% |
| |||||||
4.50% due 03/15/2038 | 19,730 | 20,452 | ||||||
4.50% due 03/15/2039 | 5,817 | 6,059 | ||||||
4.50% due 05/15/2039 | 159,053 | 165,497 | ||||||
4.50% due 06/15/2039 | 133,683 | 139,049 | ||||||
4.50% due 07/15/2039 | 288,285 | 299,924 | ||||||
4.50% due 09/15/2039 | 3,552 | 3,699 | ||||||
4.50% due 12/15/2039 | 64,999 | 67,101 | ||||||
4.50% due 04/15/2040 | 104,615 | 108,904 | ||||||
4.50% due 06/15/2040 | 277,184 | 288,620 | ||||||
4.50% due 08/15/2040 | 47,002 | 48,955 | ||||||
5.00% due 09/15/2035 | 1,459 | 1,551 | ||||||
5.00% due 02/15/2036 | 65,828 | 69,963 | ||||||
5.00% due 05/15/2036 | 6,148 | 6,410 | ||||||
6.00% due 01/15/2032 | 8,742 | 9,440 | ||||||
7.50% due 02/15/2029 | 4,292 | 4,375 | ||||||
7.50% due 07/15/2030 | 125 | 127 | ||||||
7.50% due 01/15/2031 | 4,895 | 5,299 | ||||||
Government National Mtg. Assoc. REMIC | 432,000 | 436,061 | ||||||
Series2004-18, Class Z | 297,017 | 309,459 | ||||||
Series2008-6, Class GL | 976,734 | 1,014,157 | ||||||
Series2005-21, Class Z | 523,694 | 554,672 | ||||||
Series2009-91, Class PR | 165,124 | 166,410 | ||||||
3,726,184 | ||||||||
Resolution Funding Corp — 1.4% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,909,264 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $76,545,590) | 73,863,145 | |||||||
U.S. GOVERNMENT TREASURIES — 30.8% |
| |||||||
United States Treasury Bonds — 11.2% |
| |||||||
zero coupon due 08/15/2024 | 2,040,000 | 1,727,793 | ||||||
2.88% due 08/15/2028 | 5,000,000 | 4,940,234 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 922,070 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 969,570 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 4,302,344 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,074,883 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 1,644,727 | ||||||
15,581,621 | ||||||||
85 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes — 19.6% |
| |||||||
1.75% due 05/15/2023 | $ | 8,000,000 | $ | 7,628,125 | ||||
2.00% due 02/15/2022 | 7,500,000 | 7,308,105 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 2,952,188 | ||||||
2.63% due 08/15/2020 | 6,750,000 | 6,727,324 | ||||||
2.75% due 02/15/2024 | 2,500,000 | 2,484,082 | ||||||
27,099,824 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $43,003,033) | 42,681,445 | |||||||
�� | ||||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.6% |
| |||||||
Sovereign — 1.6% |
| |||||||
Israel Government AID | 2,641,000 | 2,240,009 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $137,233,470) | 133,682,781 | |||||||
REPURCHASE AGREEMENTS — 4.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $6,222,218 collateralized by $6,435,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $6,409,614 | 6,222,000 | 6,222,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $143,455,470)(7) | 100.9 | % | 139,904,781 | |||||
Liabilities in excess of other assets | (0.9 | ) | (1,196,759 | ) | ||||
NET ASSETS | 100.0 | % | $ | 138,708,022 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,736,370 representing 3.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with a total value of $1,041,847. This was secured by collateral of $1,062,640 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.20% | 06/15/2027 to 10/15/2058 | $ | 291,643 | ||||
Federal National Mtg. Assoc. | 1.75% to 17.14% | 02/25/2031 to 10/25/2058 | 657,104 | |||||
United States Treasury Bills | 0.00% | 03/21/2019 to 03/21/2019 | 1,206 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/30/2019 to 02/15/2047 | 112,687 |
(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 November 30, 2018. |
(6) | Principal Only |
(7) | See Note 5 for cost of investments on a tax basis. |
(8) | Securities classified as Level 3 (see Note 2). |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of November 30, 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
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 6,588,584 | $ | 1,544,995 | $ | 8,133,579 | ||||||||
U.S. Corporate Bonds & Notes | — | 5,886,274 | — | 5,886,274 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 878,329 | — | 878,329 | ||||||||||||
U.S. Government Agencies | — | 73,863,145 | — | 73,863,145 | ||||||||||||
U.S. Government Treasuries | — | 42,681,445 | — | 42,681,445 | ||||||||||||
Foreign Government Obligations | — | 2,240,009 | — | 2,240,009 | ||||||||||||
Repurchase Agreements | — | 6,222,000 | — | 6,222,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 138,359,786 | $ | 1,544,995 | $ | 139,904,781 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
86 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Asset Backed Securities | ||||
Balance as of 05/31/2018 | $ | — | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized Gain | — | |||
Realized Loss | — | |||
Change in unrealized appreciation | — | |||
Change in unrealized depreciation | — | |||
Net Purchases | 1,544,995 | |||
Net Sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of 11/30/2018 | $ | 1,544,995 | ||
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/18 | Valuation Technique(s) | Unobservable Input | Range (weighted average) | ||||||
Asset Backed Security | $ | 1,544,995 | Market Approach | Purchase Price | $102.999660 |
See Notes to Financial Statements
87 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Applications Software | 7.0 | % | ||
E-Commerce/Products | 6.5 | |||
Web Portals/ISP | 6.3 | |||
Finance — Credit Card | 6.1 | |||
Computers | 6.0 | |||
Medical — Biomedical/Gene | 4.7 | |||
Internet Content — Entertainment | 4.2 | |||
Aerospace/Defense | 3.7 | |||
Medical — HMO | 2.7 | |||
Medical Instruments | 2.4 | |||
Commercial Services — Finance | 2.0 | |||
Medical — Drugs | 1.9 | |||
Retail — Apparel/Shoe | 1.5 | |||
Retail — Discount | 1.5 | |||
Retail — Major Department Stores | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Electronic Components — Semiconductors | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Athletic Footwear | 1.3 | |||
Semiconductor Equipment | 1.2 | |||
Multimedia | 1.0 | |||
Beverages — Wine/Spirits | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Tobacco | 1.0 | |||
Real Estate Investment Trusts | 0.9 | |||
Commercial Services | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Transport — Truck | 0.8 | |||
Retail — Auto Parts | 0.8 | |||
Cruise Lines | 0.8 | |||
Banks — Commercial | 0.7 | |||
Exchange — Traded Funds | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Transport — Rail | 0.7 | |||
Medical Products | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Airlines | 0.6 | |||
Entertainment Software | 0.6 | |||
Computer Software | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Diversified Banking Institutions | 0.6 | |||
Electronic Forms | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Data Processing/Management | 0.5 | |||
Human Resources | 0.4 | |||
Beverages —Non-alcoholic | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Internet Security | 0.4 | |||
Banks — Super Regional | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Internet Application Software | 0.4 | |||
Lighting Products & Systems | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Oil — Field Services | 0.3 | |||
Finance — Other Services | 0.3 | |||
E-Services/Consulting | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Casino Hotels | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Networking Products | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Decision Support Software | 0.3 |
Oil Companies — Integrated | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Computers — Memory Devices | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Medical Information Systems | 0.2 | |||
Food — Dairy Products | 0.2 | |||
Software Tools | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Retail — Building Products | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Computer Services | 0.2 | |||
Steel — Producers | 0.2 | |||
Computer Aided Design | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Hotels/Motels | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Transactional Software | 0.1 | |||
Electronics — Military | 0.1 | |||
Building Products — Cement | 0.1 | |||
Food — Catering | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Food — Retail | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Audio/Video Products | 0.1 | |||
Satellite Telecom | 0.1 | |||
Brewery | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Coatings/Paint | 0.1 | |||
Casino Services | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Transport �� Services | 0.1 | |||
98.9 | % | |||
* | Calculated as a percentage of net assets |
88 |
Table of Contents
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Aerospace/Defense — 3.7% |
| |||||||
Boeing Co. | 90,202 | $ | 31,278,445 | |||||
Lockheed Martin Corp. | 36,102 | 10,846,124 | ||||||
MSA Safety, Inc. | 11,803 | 1,286,409 | ||||||
Raytheon Co. | 15,778 | 2,766,515 | ||||||
46,177,493 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
Astronics Corp.† | 522 | 16,944 | ||||||
Astronics Corp., Class B† | 78 | 2,498 | ||||||
United Technologies Corp. | 35,680 | 4,347,251 | ||||||
4,366,693 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 14,220 | 732,485 | ||||||
Airlines — 0.6% |
| |||||||
Delta Air Lines, Inc. | 125,823 | 7,638,714 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Burberry Group PLC | 25,920 | 587,245 | ||||||
Canada Goose Holdings, Inc.† | 21,710 | 1,462,168 | ||||||
Columbia Sportswear Co. | 19,923 | 1,819,568 | ||||||
Kering SA | 2,690 | 1,178,142 | ||||||
Oxford Industries, Inc. | 2,723 | 218,902 | ||||||
Under Armour, Inc., Class C†# | 132,390 | 2,956,269 | ||||||
8,222,294 | ||||||||
Applications Software — 7.0% |
| |||||||
Immersion Corp.† | 25,733 | 244,206 | ||||||
Intuit, Inc. | 13,322 | 2,857,969 | ||||||
Microsoft Corp. | 533,403 | 59,149,059 | ||||||
salesforce.com, Inc.† | 124,486 | 17,771,621 | ||||||
Tableau Software, Inc., Class A† | 50,554 | 6,301,050 | ||||||
86,323,905 | ||||||||
Athletic Footwear — 1.3% |
| |||||||
adidas AG | 6,820 | 1,504,233 | ||||||
NIKE, Inc., Class B | 196,282 | 14,744,704 | ||||||
16,248,937 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Sony Corp. | 23,300 | 1,233,433 | ||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Peugeot SA | 37,520 | 824,808 | ||||||
Tesla, Inc.†# | 20,220 | 7,086,706 | ||||||
7,911,514 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
WABCO Holdings, Inc.† | 67,783 | 8,232,245 | ||||||
Banks - Commercial — 0.7% |
| |||||||
Bank Central Asia Tbk PT | 137,800 | 250,983 | ||||||
CaixaBank SA | 258,380 | 1,067,562 | ||||||
Central Pacific Financial Corp. | 51,336 | 1,439,461 | ||||||
Erste Group Bank AG | 43,722 | 1,725,783 | ||||||
HDFC Bank, Ltd. | 24,410 | 741,994 | ||||||
Independent Bank Corp./Michigan | 8,910 | 204,752 | ||||||
KBC Group NV | 19,560 | 1,407,690 | ||||||
Merchants Bancorp | 772 | 18,443 | ||||||
Standard Chartered PLC | 94,130 | 731,626 | ||||||
Swedbank AB, Class A | 64,900 | 1,509,423 | ||||||
United Community Banks, Inc. | 5,051 | 130,568 | ||||||
9,228,285 | ||||||||
Banks - Super Regional — 0.4% |
| |||||||
Comerica, Inc. | 12,945 | 1,024,985 | ||||||
US Bancorp | 73,210 | 3,987,017 | ||||||
5,012,002 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages-Non-alcoholic — 0.4% |
| |||||||
Coca-Cola Co. | 70,017 | $ | 3,528,857 | |||||
Coca-Cola HBC AG | 27,240 | 810,482 | ||||||
PepsiCo, Inc. | 8,775 | 1,070,023 | ||||||
5,409,362 | ||||||||
Beverages - Wine/Spirits — 1.0% |
| |||||||
Constellation Brands, Inc., Class A | 42,465 | 8,312,948 | ||||||
Diageo PLC | 79,590 | 2,867,432 | ||||||
Treasury Wine Estates, Ltd. | 150,600 | 1,569,539 | ||||||
12,749,919 | ||||||||
Brewery — 0.1% |
| |||||||
Heineken NV | 11,322 | 1,036,359 | ||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Daikin Industries, Ltd. | 6,500 | 722,779 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 4,821 | 137,784 | ||||||
CRH PLC | 48,860 | 1,350,316 | ||||||
1,488,100 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
NVR, Inc.† | 34 | 83,300 | ||||||
PulteGroup, Inc. | 72,886 | 1,932,937 | ||||||
2,016,237 | ||||||||
Casino Hotels — 0.3% |
| |||||||
Las Vegas Sands Corp. | 68,469 | 3,761,687 | ||||||
Casino Services — 0.1% |
| |||||||
Aristocrat Leisure, Ltd. | 44,260 | 765,633 | ||||||
Cellular Telecom — 0.0% |
| |||||||
T-Mobile US, Inc.† | 3,813 | 261,000 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Symrise AG | 21,770 | 1,756,374 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Novozymes A/S, Class B | 12,550 | 584,595 | ||||||
Umicore SA | 34,790 | 1,510,568 | ||||||
2,095,163 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Akzo Nobel NV | 7,230 | 609,430 | ||||||
Sherwin-Williams Co. | 403 | 170,900 | ||||||
780,330 | ||||||||
Commercial Services — 0.8% |
| |||||||
CoStar Group, Inc.† | 5,452 | 2,013,914 | ||||||
Ecolab, Inc. | 33,010 | 5,297,775 | ||||||
Intertek Group PLC | 29,265 | 1,756,139 | ||||||
Medifast, Inc. | 7,073 | 1,050,341 | ||||||
Wirecard AG | 2,580 | 390,113 | ||||||
10,508,282 | ||||||||
Commercial Services - Finance — 2.0% |
| |||||||
EVERTEC, Inc. | 17,921 | 489,781 | ||||||
PayPal Holdings, Inc.† | 216,036 | 18,538,049 | ||||||
S&P Global, Inc. | 18,855 | 3,447,825 | ||||||
Square, Inc., Class A†# | 31,540 | 2,202,754 | ||||||
24,678,409 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Cadence Design Systems, Inc.† | 39,561 | 1,781,827 | ||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 4,385 | 323,788 | ||||||
89 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computer Services — 0.2% |
| |||||||
Accenture PLC, Class A | 1,353 | $ | 222,595 | |||||
Teradata Corp.† | 46,728 | 1,758,375 | ||||||
1,980,970 | ||||||||
Computer Software — 0.6% |
| |||||||
Akamai Technologies, Inc.† | 19,722 | 1,355,887 | ||||||
Cornerstone OnDemand, Inc.† | 6,526 | 356,450 | ||||||
InterXion Holding NV† | 23,370 | 1,455,250 | ||||||
Splunk, Inc.† | 36,779 | 4,109,318 | ||||||
7,276,905 | ||||||||
Computers — 6.0% |
| |||||||
Apple, Inc. | 413,892 | 73,912,833 | ||||||
Computers - Integrated Systems — 0.1% |
| |||||||
OBIC Co., Ltd. | 8,600 | 743,828 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 27,363 | 1,829,764 | ||||||
TDK Corp. | 14,500 | 1,156,250 | ||||||
2,986,014 | ||||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Estee Lauder Cos., Inc., Class A | 62,698 | 8,944,497 | ||||||
Procter & Gamble Co. | 55,290 | 5,225,458 | ||||||
Shiseido Co., Ltd. | 35,600 | 2,267,772 | ||||||
Unicharm Corp. | 29,300 | 917,881 | ||||||
17,355,608 | ||||||||
Cruise Lines — 0.8% |
| |||||||
Royal Caribbean Cruises, Ltd. | 83,534 | 9,445,189 | ||||||
Data Processing/Management — 0.5% |
| |||||||
DocuSign, Inc.†# | 50,740 | 2,118,903 | ||||||
Fidelity National Information Services, Inc. | 18,563 | 2,003,876 | ||||||
Fiserv, Inc.† | 25,703 | 2,033,878 | ||||||
�� | 6,156,657 | |||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 20,340 | 3,195,211 | ||||||
Diagnostic Equipment — 0.4% |
| |||||||
Lonza Group AG | 10,210 | 3,310,784 | ||||||
Thermo Fisher Scientific, Inc. | 8,067 | 2,013,120 | ||||||
5,323,904 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
Genomic Health, Inc.† | 5,686 | 449,478 | ||||||
IDEXX Laboratories, Inc.† | 19,832 | 4,040,969 | ||||||
QIAGEN NV† | 19,255 | 682,397 | ||||||
5,172,844 | ||||||||
Disposable Medical Products — 0.2% |
| |||||||
CONMED Corp. | 4,461 | 303,169 | ||||||
ICU Medical, Inc.† | 7,526 | 1,809,928 | ||||||
2,113,097 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
Bunzl PLC | 60,700 | 1,872,963 | ||||||
HD Supply Holdings, Inc.† | 1,276 | 50,912 | ||||||
WW Grainger, Inc. | 5,671 | 1,780,921 | ||||||
3,704,796 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
JPMorgan Chase & Co. | 61,370 | 6,823,730 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Lydall, Inc.† | 387 | 8,564 | ||||||
Parker-Hannifin Corp. | 2,378 | 409,111 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Textron, Inc. | 7,056 | $ | 396,124 | |||||
813,799 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
DexCom, Inc.† | 10,598 | 1,373,395 | ||||||
E-Commerce/Products — 6.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 9,350 | 1,504,041 | ||||||
Amazon.com, Inc.† | 43,930 | 74,249,168 | ||||||
ASOS PLC† | 9,586 | 608,254 | ||||||
eBay, Inc.† | 68,100 | 2,032,785 | ||||||
MonotaRO Co., Ltd.# | 43,300 | 1,174,193 | ||||||
ZOZO, Ltd. | 59,600 | 1,327,031 | ||||||
80,895,472 | ||||||||
E-Commerce/Services — 0.0% |
| |||||||
Booking Holdings, Inc.† | 10 | 18,919 | ||||||
Just Eat PLC† | 60,149 | 446,966 | ||||||
Stamps.com, Inc.† | 159 | 27,262 | ||||||
493,147 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
CyberAgent, Inc. | 22,500 | 1,027,072 | ||||||
QuinStreet, Inc.† | 16,269 | 262,582 | ||||||
1,289,654 | ||||||||
E-Services/Consulting — 0.3% |
| |||||||
CDW Corp. | 42,686 | 3,956,138 | ||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Anritsu Corp. | 59,800 | 981,309 | ||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Advanced Micro Devices, Inc.† | 9,543 | 203,266 | ||||||
Broadcom, Inc. | 43,184 | 10,252,313 | ||||||
Intel Corp. | 41,867 | 2,064,462 | ||||||
NVIDIA Corp. | 149 | 24,351 | ||||||
Qorvo, Inc.† | 8,449 | 556,029 | ||||||
Xilinx, Inc. | 36,750 | 3,398,640 | ||||||
16,499,061 | ||||||||
Electronic Forms — 0.5% |
| |||||||
Adobe, Inc.† | 25,738 | 6,457,407 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 32,766 | 2,370,620 | ||||||
FLIR Systems, Inc. | 25,820 | 1,184,105 | ||||||
National Instruments Corp. | 34,089 | 1,668,998 | ||||||
Stoneridge, Inc.† | 788 | 21,079 | ||||||
5,244,802 | ||||||||
Electronics - Military — 0.1% |
| |||||||
Thales SA | 12,260 | 1,508,649 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Cummins, Inc. | 32,570 | 4,920,024 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Ultimate Software Group, Inc.† | 7,685 | 2,028,225 | ||||||
Entertainment Software — 0.6% |
| |||||||
Electronic Arts, Inc.† | 53,462 | 4,494,550 | ||||||
Take-Two Interactive Software, Inc.† | 17,671 | 1,937,979 | ||||||
Ubisoft Entertainment SA† | 14,630 | 1,198,126 | ||||||
7,630,655 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 27,600 | 1,546,704 | ||||||
90 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 27,561 | $ | 716,035 | |||||
Finance - Credit Card — 6.1% |
| |||||||
American Express Co. | 56,908 | 6,389,061 | ||||||
Discover Financial Services | 27,473 | 1,958,825 | ||||||
Mastercard, Inc., Class A | 99,172 | 19,940,514 | ||||||
Visa, Inc., Class A# | 333,888 | 47,315,269 | ||||||
75,603,669 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 83,507 | 3,741,114 | ||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Mr. Cooper Group, Inc.† | 829 | 12,543 | ||||||
Finance - Other Services — 0.3% |
| |||||||
BGC Partners, Inc., Class A | 774 | 8,158 | ||||||
Deutsche Boerse AG | 12,440 | 1,590,002 | ||||||
London Stock Exchange Group PLC | 47,790 | 2,457,407 | ||||||
4,055,567 | ||||||||
Food - Catering — 0.1% |
| |||||||
Compass Group PLC | 67,225 | 1,438,503 | ||||||
Food - Dairy Products — 0.2% |
| |||||||
Danone SA | 32,020 | 2,396,428 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Associated British Foods PLC | 42,210 | 1,304,723 | ||||||
Chr. Hansen Holding A/S | 17,570 | 1,586,780 | ||||||
Kerry Group PLC, Class A | 12,530 | 1,295,235 | ||||||
Mondelez International, Inc., Class A | 131,259 | 5,904,030 | ||||||
10,090,768 | ||||||||
Food - Retail — 0.1% |
| |||||||
Tesco PLC | 531,840 | 1,341,355 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
US Foods Holding Corp.† | 37,206 | 1,234,495 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Deckers Outdoor Corp.† | 16,131 | 2,149,294 | ||||||
Garden Products — 0.0% |
| |||||||
ScottsMiracle-Gro Co. | 197 | 14,968 | ||||||
Health Care Cost Containment — 0.1% |
| |||||||
HealthEquity, Inc.† | 19,176 | 1,700,719 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Accor SA | 25,660 | 1,139,313 | ||||||
Huazhu Group, Ltd. ADR | 17,991 | 567,436 | ||||||
1,706,749 | ||||||||
Human Resources — 0.4% |
| |||||||
ASGN, Inc.† | 436 | 30,193 | ||||||
BG Staffing, Inc. | 12,333 | 305,612 | ||||||
Insperity, Inc. | 9,438 | 944,177 | ||||||
Kforce, Inc. | 20,642 | 654,145 | ||||||
Recruit Holdings Co., Ltd. | 54,900 | 1,511,817 | ||||||
Robert Half International, Inc. | 31,753 | 1,963,288 | ||||||
TrueBlue, Inc.† | 1,696 | 42,824 | ||||||
5,452,056 | ||||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp. | 35,850 | 1,578,117 | ||||||
Keyence Corp. | 5,600 | 3,038,893 | ||||||
Yaskawa Electric Corp. | 72,500 | 2,263,648 | ||||||
6,880,658 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
AIA Group, Ltd. | 400,600 | $ | 3,285,802 | |||||
Aviva PLC | 125,709 | 652,376 | ||||||
3,938,178 | ||||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Progressive Corp. | 41,045 | 2,720,873 | ||||||
Travelers Cos., Inc. | 14,613 | 1,905,097 | ||||||
4,625,970 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Essent Group, Ltd.† | 17,951 | 692,191 | ||||||
Internet Application Software — 0.4% |
| |||||||
Tencent Holdings, Ltd. | 113,900 | 4,568,664 | ||||||
Internet Content - Entertainment — 4.2% |
| |||||||
Facebook, Inc., Class A† | 269,759 | 37,930,813 | ||||||
Netflix, Inc.† | 42,767 | 12,236,922 | ||||||
Twitter, Inc.† | 63,953 | 2,011,322 | ||||||
52,179,057 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
HealthStream, Inc. | 6,828 | 168,242 | ||||||
Spotify Technology SA† | 2,630 | 358,679 | ||||||
526,921 | ||||||||
Internet Security — 0.4% |
| |||||||
Palo Alto Networks, Inc.† | 29,245 | 5,057,923 | ||||||
Investment Companies — 0.0% |
| |||||||
Melrose Industries PLC | 235,860 | 534,133 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Blucora, Inc.† | 10,318 | 319,445 | ||||||
LPL Financial Holdings, Inc. | 5,818 | 373,341 | ||||||
692,786 | ||||||||
Lighting Products & Systems — 0.4% |
| |||||||
Acuity Brands, Inc. | 34,750 | 4,518,195 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Epiroc AB, Class A† | 90,416 | 742,022 | ||||||
Hyster-Yale Materials Handling, Inc. | 385 | 25,206 | ||||||
Komatsu, Ltd. | 22,500 | 601,176 | ||||||
1,368,404 | ||||||||
Machinery - General Industrial — 0.7% |
| |||||||
Hexagon AB, Class B | 26,210 | 1,310,071 | ||||||
Nordson Corp. | 10,360 | 1,247,447 | ||||||
Wabtec Corp.# | 64,470 | 6,098,862 | ||||||
8,656,380 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
athenahealth, Inc.† | 713 | 94,900 | ||||||
Cerner Corp.† | 40,472 | 2,343,734 | ||||||
2,438,634 | ||||||||
Medical Instruments — 2.4% |
| |||||||
Boston Scientific Corp.† | 157,906 | 5,948,319 | ||||||
Edwards Lifesciences Corp.† | 35,285 | 5,716,523 | ||||||
Intuitive Surgical, Inc.† | 31,831 | 16,898,123 | ||||||
Sysmex Corp. | 14,900 | 795,179 | ||||||
29,358,144 | ||||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Eurofins Scientific SE | 1,510 | 657,137 | ||||||
ICON PLC† | 2,210 | 319,831 | ||||||
Quest Diagnostics, Inc. | 59,681 | 5,285,946 | ||||||
6,262,914 | ||||||||
91 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Products — 0.7% |
| |||||||
ABIOMED, Inc.† | 11,399 | $ | 3,792,219 | |||||
Integer Holdings Corp.† | 6,667 | 590,563 | ||||||
Penumbra, Inc.†# | 11,349 | 1,580,008 | ||||||
Straumann Holding AG | 1,580 | 967,133 | ||||||
Surmodics, Inc.† | 1,857 | 112,516 | ||||||
Terumo Corp. | 24,000 | 1,413,381 | ||||||
8,455,820 | ||||||||
Medical - Biomedical/Gene — 4.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 25,910 | 3,190,817 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 21,850 | 1,773,346 | ||||||
Amgen, Inc. | 20,942 | 4,361,172 | ||||||
Biogen, Inc.† | 42,413 | 14,154,066 | ||||||
Bluebird Bio, Inc.†# | 11,410 | 1,402,175 | ||||||
Celgene Corp.† | 102,346 | 7,391,428 | ||||||
CSL, Ltd. | 20,690 | 2,694,238 | ||||||
Exelixis, Inc.† | 85,295 | 1,732,341 | ||||||
Illumina, Inc.† | 8,452 | 2,852,550 | ||||||
Incyte Corp.† | 17,332 | 1,113,581 | ||||||
Ionis Pharmaceuticals, Inc.†# | 41,030 | 2,391,639 | ||||||
Regeneron Pharmaceuticals, Inc.† | 20,690 | 7,565,298 | ||||||
Sage Therapeutics, Inc.†# | 15,480 | 1,784,689 | ||||||
Vertex Pharmaceuticals, Inc.† | 34,297 | 6,200,555 | ||||||
58,607,895 | ||||||||
Medical - Drugs — 1.9% |
| |||||||
AbbVie, Inc. | 49,611 | 4,676,829 | ||||||
Allergan PLC | 10,797 | 1,690,810 | ||||||
AstraZeneca PLC | 41,380 | 3,234,530 | ||||||
Bristol-Myers Squibb Co. | 48,690 | 2,602,967 | ||||||
Eli Lilly & Co. | 23,143 | 2,745,686 | ||||||
Novartis AG | 18,030 | 1,645,897 | ||||||
Novo Nordisk A/S, Class B | 25,385 | 1,183,194 | ||||||
Zoetis, Inc. | 58,778 | 5,517,491 | ||||||
23,297,404 | ||||||||
Medical- HMO — 2.7% |
| |||||||
Tivity Health, Inc.†# | 35,671 | 1,461,084 | ||||||
UnitedHealth Group, Inc. | 90,021 | 25,328,309 | ||||||
WellCare Health Plans, Inc.† | 24,902 | 6,347,022 | ||||||
33,136,415 | ||||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Ensign Group, Inc. | 12,520 | 568,032 | ||||||
Metal Processors & Fabrication — 0.0% |
| |||||||
Global Brass & Copper Holdings, Inc. | 3,832 | 124,042 | ||||||
Multimedia — 1.0% |
| |||||||
Entravision Communications Corp., Class A | 1,181 | 3,815 | ||||||
Liberty Media Corp. — Liberty Formula One, Series C† | 32,794 | 977,917 | ||||||
Vivendi SA | 36,600 | 913,716 | ||||||
Walt Disney Co. | 95,141 | 10,987,834 | ||||||
12,883,282 | ||||||||
Networking Products — 0.3% |
| |||||||
Arista Networks, Inc.† | 8,618 | 2,055,221 | ||||||
LogMeIn, Inc. | 174 | 16,048 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 183,270 | 1,532,104 | ||||||
3,603,373 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Republic Services, Inc. | 26,669 | 2,062,580 | ||||||
Waste Management, Inc. | 13,565 | 1,271,719 | ||||||
3,334,299 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
Concho Resources, Inc.† | 59,429 | $ | 7,745,976 | |||||
Continental Resources, Inc.† | 32,462 | 1,484,163 | ||||||
EOG Resources, Inc. | 61,645 | 6,368,545 | ||||||
Lundin Petroleum AB | 41,050 | 1,083,958 | ||||||
16,682,642 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Royal Dutch Shell PLC, Class A | 68,742 | 2,078,995 | ||||||
TOTAL SA | 19,000 | 1,057,694 | ||||||
3,136,689 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
CVR Energy, Inc. | 46,253 | 1,745,588 | ||||||
Neste Oyj | 17,200 | 1,345,681 | ||||||
3,091,269 | ||||||||
Oil- Field Services — 0.3% |
| |||||||
Halliburton Co. | 137,308 | 4,315,590 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Express Scripts Holding Co.† | 329 | 33,384 | ||||||
Real Estate Investment Trusts — 0.9% |
| |||||||
Equity Residential | 54,436 | 3,878,565 | ||||||
GEO Group, Inc. | 11,073 | 257,336 | ||||||
SBA Communications Corp.† | 41,123 | 7,024,220 | ||||||
Tanger Factory Outlet Centers, Inc.# | 11,165 | 264,052 | ||||||
11,424,173 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Aroundtown SA | 102,810 | 881,533 | ||||||
Recreational Vehicles — 0.0% |
| |||||||
MasterCraft Boat Holdings, Inc.† | 7,648 | 198,160 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Localiza Rent a Car SA | 193,100 | 1,343,760 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
ANTA Sports Products, Ltd. | 308,000 | 1,405,544 | ||||||
Burlington Stores, Inc.† | 14,014 | 2,322,961 | ||||||
Fast Retailing Co., Ltd. | 2,300 | 1,196,247 | ||||||
HUGO BOSS AG | 6,240 | 430,791 | ||||||
Ross Stores, Inc. | 82,689 | 7,243,557 | ||||||
Tailored Brands, Inc.# | 30,767 | 704,564 | ||||||
Tapestry, Inc. | 147,056 | 5,724,890 | ||||||
19,028,554 | ||||||||
Retail - Auto Parts — 0.8% |
| |||||||
AutoZone, Inc.† | 3,113 | 2,518,635 | ||||||
O’Reilly Automotive, Inc.† | 19,974 | 6,926,584 | ||||||
9,445,219 | ||||||||
Retail - Building Products — 0.2% |
| |||||||
Home Depot, Inc. | 11,843 | 2,135,530 | ||||||
Retail - Discount — 1.5% |
| |||||||
B&M European Value Retail SA | 313,384 | 1,395,366 | ||||||
Costco Wholesale Corp. | 35,860 | 8,293,701 | ||||||
Don Quijote Holdings Co., Ltd. | 20,200 | 1,226,096 | ||||||
Magazine Luiza SA | 26,200 | 1,115,414 | ||||||
Target Corp. | 39,956 | 2,835,278 | ||||||
Walmart, Inc. | 39,328 | 3,840,379 | ||||||
18,706,234 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
Walgreens Boots Alliance, Inc. | 427 | 36,154 | ||||||
Retail - Major Department Stores — 1.4% |
| |||||||
TJX Cos., Inc. | 363,438 | 17,753,946 | ||||||
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Restaurants — 1.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 13,311 | $ | 6,298,898 | |||||
Darden Restaurants, Inc. | 22,223 | 2,456,531 | ||||||
Ruth’s Hospitality Group, Inc. | 13,077 | 319,994 | ||||||
Starbucks Corp. | 90,361 | 6,028,886 | ||||||
Texas Roadhouse, Inc. | 17,476 | 1,153,940 | ||||||
16,258,249 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Cellnex Telecom SA* | 39,220 | 1,089,763 | ||||||
Schools — 0.0% |
| |||||||
Cambium Learning Group, Inc.† | 2,520 | 36,490 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Analog Devices, Inc. | 59,710 | 5,488,543 | ||||||
Maxim Integrated Products, Inc. | 104,267 | 5,830,611 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 127,000 | 928,409 | ||||||
12,247,563 | ||||||||
Semiconductor Equipment — 1.2% |
| |||||||
Applied Materials, Inc. | 219,362 | 8,177,815 | ||||||
ASML Holding NV | 42,696 | 7,259,812 | ||||||
15,437,627 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 18,828 | 1,246,226 | ||||||
Reckitt Benckiser Group PLC | 16,000 | 1,331,168 | ||||||
2,577,394 | ||||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A† | 13,636 | 2,281,848 | ||||||
Steel-Producers — 0.2% |
| |||||||
Steel Dynamics, Inc. | 53,002 | 1,865,670 | ||||||
Telecom Services — 0.0% |
| |||||||
Vonage Holdings Corp.† | 2,426 | 25,691 | ||||||
Tobacco — 1.0% |
| |||||||
Altria Group, Inc. | 194,102 | 10,642,613 | ||||||
Swedish Match AB | 28,900 | 1,130,030 | ||||||
11,772,643 | ||||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Group SA | 21,180 | 1,521,479 | ||||||
Transport - Rail — 0.7% |
| |||||||
Canadian Pacific Railway, Ltd. | 4,430 | 936,947 | ||||||
Union Pacific Corp. | 49,697 | 7,642,404 | ||||||
8,579,351 | ||||||||
Transport - Services — 0.1% |
| |||||||
DSV A/S | 8,634 | 660,811 | ||||||
Transport - Truck — 0.8% |
| |||||||
ArcBest Corp. | 33,206 | 1,336,874 | ||||||
JB Hunt Transport Services, Inc. | 37,540 | 3,992,754 | ||||||
XPO Logistics, Inc.† | 57,107 | 4,332,137 | ||||||
9,661,765 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.† | 18,342 | 2,862,453 | ||||||
Web Portals/ISP — 6.3% |
| |||||||
Alphabet, Inc., Class A† | 54,129 | 60,064,245 | ||||||
Alphabet, Inc., Class C† | 13,500 | 14,774,805 | ||||||
Baidu, Inc. ADR† | 12,030 | 2,265,008 | ||||||
Yandex NV, Class A† | 29,120 | 859,040 | ||||||
77,963,098 | ||||||||
Total Common Stocks | ||||||||
(cost $973,171,705) | 1,214,311,985 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
EXCHANGE-TRADED FUNDS — 0.7% |
| |||||||
iShares Russell 1000 Growth ETF | 62,357 | $ | 8,937,005 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $982,308,511) | 1,223,248,990 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 749,194 | 749,194 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $983,057,705)(3) | 98.9 | % | 1,223,998,184 | |||||
Other assets less liabilities | 1.1 | 13,899,929 | ||||||
NET ASSETS | 100.0 | % | $ | 1,237,898,113 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $1,089,763 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $24,704,184 This was secured by collateral of $749,194, which was received in cash and subsequently invested in short-term investments currently valued at $749,194 as reported in the Portfolio of Investments. Additional collateral of $24,056,531 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 179,788 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 279,648 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 62,174 | |||||
United States Treasury Bills | 0.00% | 12/13/2018 to 04/25/2019 | 1,696,852 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 02/15/2048 | 21,838,069 |
(2) | The rate shown is the7-day yield as of November 30, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Funds
93 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | JPY | 192,040,275 | USD | 1,714,984 | 12/28/2018 | $ | 19,002 | $ | – | |||||||||||||||||||
USD | 441,233 | JPY | 49,446,250 | 12/28/2018 | – | (4,554 | ) | |||||||||||||||||||||
19,002 | (4,554 | ) | ||||||||||||||||||||||||||
Credit Suisse | EUR | 5,514,262 | USD | 6,480,854 | 12/31/2018 | 220,655 | – | |||||||||||||||||||||
USD | 1,457,698 | EUR | 1,269,163 | 12/31/2018 | – | (16,850 | ) | |||||||||||||||||||||
220,655 | (16,850 | ) | ||||||||||||||||||||||||||
UBS AG | CHF | 653,260 | USD | 681,712 | 12/31/2018 | 25,713 | – | |||||||||||||||||||||
USD | 658,195 | CHF | 653,260 | 12/31/2018 | – | (2,196 | ) | |||||||||||||||||||||
25,713 | (2,196 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 265,370 | $ | (23,600 | ) | |||||||||||||||||||||||
CHF—Swiss Franc
EUR—Euro Currency
JPY—Japanese Yen
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 1,093,410,975 | $ | 120,901,010 | ** | $ | — | $ | 1,214,311,985 | |||||||
Exchange-Traded Funds | 8,937,005 | — | — | 8,937,005 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 749,194 | — | — | 749,194 | ||||||||||||
Total Investments at Value | $ | 1,103,097,174 | $ | 120,901,010 | $ | — | $ | 1,223,998,184 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 265,370 | $ | — | $ | 265,370 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 23,600 | $ | — | $ | 23,600 | ||||||||
* | 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. |
See Notes to Financial Statements
94 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Applications Software | 5.7 | % | ||
Medical — Drugs | 5.4 | |||
Computers | 4.2 | |||
Diversified Banking Institutions | 3.8 | |||
Web Portals/ISP | 3.4 | |||
Medical — HMO | 3.3 | |||
E-Commerce/Products | 3.3 | |||
Electronic Components — Semiconductors | 2.8 | |||
Electric — Integrated | 2.7 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Finance — Credit Card | 2.6 | |||
Medical — Biomedical/Gene | 2.5 | |||
Banks — Super Regional | 2.3 | |||
Beverages —Non-alcoholic | 2.3 | |||
Real Estate Investment Trusts | 2.2 | |||
Medical Instruments | 2.1 | |||
Transport — Rail | 2.0 | |||
Chemicals — Diversified | 1.8 | |||
Oil Companies — Integrated | 1.8 | |||
Cable/Satellite TV | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Insurance — Property/Casualty | 1.7 | |||
Aerospace/Defense | 1.6 | |||
Telephone — Integrated | 1.6 | |||
Retail — Building Products | 1.4 | |||
Retail — Auto Parts | 1.4 | |||
Insurance — Multi-line | 1.4 | |||
Tobacco | 1.4 | |||
Internet Content — Entertainment | 1.4 | |||
Multimedia | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Instruments — Controls | 1.0 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Medical Products | 1.0 | |||
Food — Misc./Diversified | 0.9 | |||
Cosmetics & Toiletries | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Tools — Hand Held | 0.8 | |||
Retail — Discount | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Diagnostic Equipment | 0.7 | |||
Data Processing/Management | 0.7 | |||
Finance — Other Services | 0.7 | |||
Insurance — Life/Health | 0.6 | |||
Electronic Forms | 0.6 | |||
Machinery — Construction & Mining | 0.6 | |||
Airlines | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Pharmacy Services | 0.5 | |||
Electric — Distribution | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Cellular Telecom | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Brewery | 0.4 | |||
Retail — Consumer Electronics | 0.4 | |||
Entertainment Software | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Pipelines | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Building Products — Wood | 0.3 | |||
Hotels/Motels | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Networking Products | 0.3 |
Building — Residential/Commercial | 0.2 | |||
Banks — Commercial | 0.2 | |||
Computer Services | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Machinery — Farming | 0.2 | |||
Electronic Connectors | 0.2 | |||
Retail — Regional Department Stores | 0.2 | |||
Insurance Brokers | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Computer Software | 0.1 | |||
Cruise Lines | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Metal — Copper | 0.1 | |||
Industrial Gases | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Gold Mining | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Wireless Equipment | 0.1 | |||
Commercial Services | 0.1 | |||
99.2 | % | |||
* | Calculated as a percentage of net assets |
95 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Aerospace/Defense — 1.6% |
| |||||||
Boeing Co. | 1,481 | $ | 513,551 | |||||
General Dynamics Corp. | 5,545 | 1,025,215 | ||||||
Northrop Grumman Corp. | 1,602 | 416,328 | ||||||
1,955,094 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
United Technologies Corp. | 5,026 | 612,368 | ||||||
Airlines — 0.5% |
| |||||||
Delta Air Lines, Inc. | 8,844 | 536,919 | ||||||
United Continental Holdings, Inc.† | 1,288 | 124,550 | ||||||
661,469 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
PVH Corp. | 3,976 | 439,388 | ||||||
Applications Software — 5.7% |
| |||||||
Microsoft Corp. | 51,892 | 5,754,304 | ||||||
salesforce.com, Inc.† | 9,092 | 1,297,974 | ||||||
7,052,278 | ||||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
Ford Motor Co. | 27,645 | 260,139 | ||||||
Auto - Heavy Duty Trucks — 0.5% |
| |||||||
PACCAR, Inc. | 9,001 | 560,042 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Aptiv PLC | 2,076 | 149,264 | ||||||
BorgWarner, Inc. | 2,358 | 93,330 | ||||||
Magna International, Inc. | 6,233 | 310,840 | ||||||
553,434 | ||||||||
Banks - Commercial — 0.2% |
| |||||||
Citizens Financial Group, Inc. | 3,128 | 113,734 | ||||||
Regions Financial Corp. | 9,876 | 162,460 | ||||||
276,194 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 2,323 | 119,193 | ||||||
State Street Corp. | 4,015 | 293,175 | ||||||
412,368 | ||||||||
Banks - Super Regional — 2.3% |
| |||||||
Huntington Bancshares, Inc.# | 13,491 | 196,834 | ||||||
KeyCorp | 38,066 | 698,130 | ||||||
SunTrust Banks, Inc. | 10,124 | 634,674 | ||||||
Wells Fargo & Co. | 25,435 | 1,380,612 | ||||||
2,910,250 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
Energizer Holdings, Inc.# | 987 | 44,247 | ||||||
Beverages-Non-alcoholic — 2.3% |
| |||||||
Coca-Cola Co. | 29,372 | 1,480,349 | ||||||
PepsiCo, Inc. | 11,479 | 1,399,749 | ||||||
2,880,098 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 389 | 76,151 | ||||||
Brewery — 0.4% |
| |||||||
Molson Coors Brewing Co., Class B | 8,253 | 542,800 | ||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery, Inc., Class A†# | 8,724 | 268,001 | ||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 12,297 | 389,692 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial — 0.2% | ||||||||
Lennar Corp., Class A | 6,603 | $ | 282,146 | |||||
Cable/Satellite TV — 1.7% | ||||||||
Charter Communications, Inc., Class A† | 2,690 | 885,548 | ||||||
Comcast Corp., Class A | 30,523 | 1,190,702 | ||||||
DISH Network Corp., Class A† | 3,166 | 103,718 | ||||||
2,179,968 | ||||||||
Cellular Telecom — 0.4% | ||||||||
T-Mobile US, Inc.† | 8,101 | 554,513 | ||||||
Chemicals - Diversified — 1.8% | ||||||||
Celanese Corp. | 3,267 | 329,739 | ||||||
DowDuPont, Inc. | 23,859 | 1,380,243 | ||||||
Eastman Chemical Co. | 7,238 | 570,499 | ||||||
2,280,481 | ||||||||
Commercial Services — 0.1% | ||||||||
Cintas Corp. | 334 | 62,585 | ||||||
Commercial Services - Finance — 1.7% | ||||||||
Automatic Data Processing, Inc. | 7,504 | 1,106,240 | ||||||
H&R Block, Inc.# | 2,143 | 57,882 | ||||||
PayPal Holdings, Inc.† | 11,162 | 957,811 | ||||||
2,121,933 | ||||||||
Computer Services — 0.2% | ||||||||
Accenture PLC, Class A | 1,676 | 275,736 | ||||||
Computer Software — 0.1% | ||||||||
Citrix Systems, Inc. | 1,195 | 130,219 | ||||||
Computers — 4.2% | ||||||||
Apple, Inc. | 23,582 | 4,211,274 | ||||||
Hewlett Packard Enterprise Co. | 32,255 | 483,825 | ||||||
HP, Inc. | 22,223 | 511,129 | ||||||
5,206,228 | ||||||||
Containers - Paper/Plastic — 0.3% | ||||||||
Packaging Corp. of America | 697 | 68,180 | ||||||
WestRock Co. | 7,388 | 348,049 | ||||||
416,229 | ||||||||
Cosmetics & Toiletries — 0.9% | ||||||||
Estee Lauder Cos., Inc., Class A | 3,697 | 527,414 | ||||||
Procter & Gamble Co. | 6,478 | 612,236 | ||||||
1,139,650 | ||||||||
Cruise Lines — 0.1% | ||||||||
Royal Caribbean Cruises, Ltd. | 1,150 | 130,031 | ||||||
Data Processing/Management — 0.7% | ||||||||
Fidelity National Information Services, Inc. | 6,828 | 737,083 | ||||||
First Data Corp., Class A† | 5,212 | 99,445 | ||||||
836,528 | ||||||||
Diagnostic Equipment — 0.7% | ||||||||
Danaher Corp. | 3,234 | 354,252 | ||||||
Thermo Fisher Scientific, Inc. | 2,092 | 522,059 | ||||||
876,311 | ||||||||
Distribution/Wholesale — 0.1% | ||||||||
HD Supply Holdings, Inc.† | 3,132 | 124,967 | ||||||
Diversified Banking Institutions — 3.8% | ||||||||
Bank of America Corp. | 71,407 | 2,027,959 | ||||||
Citigroup, Inc. | 19,274 | 1,248,763 | ||||||
Goldman Sachs Group, Inc. | 2,090 | 398,542 | ||||||
Morgan Stanley | 24,649 | 1,094,169 | ||||||
4,769,433 | ||||||||
96 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Manufacturing Operations — 1.1% | ||||||||
Eaton Corp. PLC | 10,764 | $ | 828,182 | |||||
Ingersoll-Rand PLC | 4,714 | 487,993 | ||||||
1,316,175 | ||||||||
Drug Delivery Systems — 0.0% | ||||||||
Nektar Therapeutics† | 1,020 | 41,198 | ||||||
E-Commerce/Products — 3.3% | ||||||||
Amazon.com, Inc.† | 2,455 | 4,149,367 | ||||||
E-Commerce/Services — 0.5% | ||||||||
Booking Holdings, Inc.† | 107 | 202,431 | ||||||
Expedia Group, Inc. | 3,773 | 455,741 | ||||||
658,172 | ||||||||
Electric - Distribution — 0.5% | ||||||||
Sempra Energy# | 5,241 | 603,868 | ||||||
Electric - Integrated — 2.7% | ||||||||
Ameren Corp. | 2,407 | 165,168 | ||||||
Evergy, Inc. | 1,547 | 91,845 | ||||||
Exelon Corp. | 18,171 | 842,953 | ||||||
NextEra Energy, Inc. | 6,833 | 1,241,625 | ||||||
PG&E Corp.† | 1,548 | 40,836 | ||||||
Public Service Enterprise Group, Inc. | 2,609 | 145,843 | ||||||
Xcel Energy, Inc. | 15,941 | 836,106 | ||||||
3,364,376 | ||||||||
Electronic Components - Semiconductors — 2.8% | ||||||||
Broadcom, Inc. | 2,753 | 653,589 | ||||||
Intel Corp. | 5,048 | 248,917 | ||||||
Microchip Technology, Inc.# | 1,639 | 122,925 | ||||||
Micron Technology, Inc.† | 2,455 | 94,665 | ||||||
NVIDIA Corp. | 5,714 | 933,839 | ||||||
Texas Instruments, Inc. | 14,920 | 1,489,762 | ||||||
3,543,697 | ||||||||
Electronic Connectors — 0.2% | ||||||||
TE Connectivity, Ltd. | 3,163 | 243,330 | ||||||
Electronic Forms — 0.6% | ||||||||
Adobe, Inc.† | 3,075 | 771,487 | ||||||
Electronic Measurement Instruments — 0.1% | ||||||||
Agilent Technologies, Inc. | 1,733 | 125,383 | ||||||
Engines - Internal Combustion — 0.3% | ||||||||
Cummins, Inc. | 2,457 | 371,154 | ||||||
Enterprise Software/Service — 0.9% | ||||||||
Oracle Corp. | 14,606 | 712,189 | ||||||
Workday, Inc., Class A† | 2,289 | 375,396 | ||||||
1,087,585 | ||||||||
Entertainment Software — 0.4% | ||||||||
Electronic Arts, Inc.† | 5,293 | 444,983 | ||||||
Finance - Credit Card — 2.6% | ||||||||
Alliance Data Systems Corp. | 1,084 | 217,190 | ||||||
American Express Co. | 1,774 | 199,167 | ||||||
Capital One Financial Corp. | 9,499 | 851,871 | ||||||
Mastercard, Inc., Class A | 1,784 | 358,709 | ||||||
Visa, Inc., Class A | 11,282 | 1,598,772 | ||||||
3,225,709 | ||||||||
Finance - Investment Banker/Broker — 0.8% | ||||||||
Charles Schwab Corp. | 11,203 | 501,894 | ||||||
TD Ameritrade Holding Corp. | 8,375 | 450,659 | ||||||
952,553 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services — 0.7% | ||||||||
CME Group, Inc. | 1,258 | $ | 239,121 | |||||
Intercontinental Exchange, Inc. | 7,273 | 594,349 | ||||||
833,470 | ||||||||
Food - Misc./Diversified — 0.9% | ||||||||
Mondelez International, Inc., Class A | 25,635 | 1,153,062 | ||||||
Gold Mining — 0.1% | ||||||||
Newmont Mining Corp. | 2,543 | 82,241 | ||||||
Hotels/Motels — 0.3% | ||||||||
Hilton Worldwide Holdings, Inc. | 4,941 | 373,243 | ||||||
Industrial Gases — 0.1% | ||||||||
Linde PLC | 768 | 122,150 | ||||||
Instruments - Controls — 1.0% | ||||||||
Honeywell International, Inc. | 8,879 | 1,302,993 | ||||||
Insurance Brokers — 0.1% | ||||||||
Marsh & McLennan Cos., Inc. | 1,972 | 174,916 | ||||||
Insurance - Life/Health — 0.6% | ||||||||
Lincoln National Corp. | 6,824 | 429,707 | ||||||
Principal Financial Group, Inc. | 2,600 | 128,232 | ||||||
Prudential Financial, Inc. | 2,525 | 236,744 | ||||||
794,683 | ||||||||
Insurance - Multi-line — 1.4% | ||||||||
Chubb, Ltd. | 4,264 | 570,268 | ||||||
Hartford Financial Services Group, Inc. | 10,083 | 445,568 | ||||||
MetLife, Inc. | 15,645 | 698,236 | ||||||
1,714,072 | ||||||||
Insurance - Property/Casualty — 1.7% | ||||||||
Berkshire Hathaway, Inc., Class B† | 9,578 | 2,090,303 | ||||||
Insurance - Reinsurance — 0.2% | ||||||||
Everest Re Group, Ltd. | 1,165 | 258,723 | ||||||
Internet Content - Entertainment — 1.4% | ||||||||
Facebook, Inc., Class A† | 6,899 | 970,068 | ||||||
Netflix, Inc.† | 2,539 | 726,484 | ||||||
1,696,552 | ||||||||
Investment Management/Advisor Services — 0.4% | ||||||||
T. Rowe Price Group, Inc. | 5,497 | 546,182 | ||||||
Machinery - Construction & Mining — 0.6% | ||||||||
Caterpillar, Inc. | 5,211 | 706,976 | ||||||
Machinery - Farming — 0.2% | ||||||||
Deere & Co. | 1,639 | 253,848 | ||||||
Medical Instruments — 2.1% | ||||||||
Boston Scientific Corp.† | 32,213 | 1,213,464 | ||||||
Intuitive Surgical, Inc.† | 434 | 230,397 | ||||||
Medtronic PLC | 12,041 | 1,174,359 | ||||||
2,618,220 | ||||||||
Medical Products — 1.0% | ||||||||
Becton Dickinson and Co. | 1,570 | 396,817 | ||||||
Zimmer Biomet Holdings, Inc. | 7,045 | 824,406 | ||||||
1,221,223 | ||||||||
Medical - Biomedical/Gene — 2.5% | ||||||||
Alexion Pharmaceuticals, Inc.† | 3,306 | 407,134 | ||||||
Amgen, Inc. | 1,817 | 378,390 | ||||||
Biogen, Inc.† | 1,596 | 532,617 | ||||||
Celgene Corp.† | 5,299 | 382,694 | ||||||
Gilead Sciences, Inc. | 8,248 | 593,361 |
97 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Illumina, Inc.† | 791 | $ | 266,962 | |||||
Vertex Pharmaceuticals, Inc.† | 2,987 | 540,020 | ||||||
3,101,178 | ||||||||
Medical - Drugs — 5.4% | ||||||||
AbbVie, Inc. | 3,016 | 284,318 | ||||||
Allergan PLC | 2,239 | 350,627 | ||||||
Bristol-Myers Squibb Co. | 7,313 | 390,953 | ||||||
Eli Lilly & Co. | 7,684 | 911,630 | ||||||
Johnson & Johnson | 11,019 | 1,618,691 | ||||||
Merck & Co., Inc. | 15,915 | 1,262,696 | ||||||
Pfizer, Inc. | 41,251 | 1,907,034 | ||||||
Zoetis, Inc. | 702 | 65,897 | ||||||
6,791,846 | ||||||||
Medical - Generic Drugs — 0.1% | ||||||||
Mylan NV† | 2,826 | 95,688 | ||||||
Medical- HMO — 3.3% | ||||||||
Anthem, Inc. | 2,353 | 682,535 | ||||||
Cigna Corp. | 5,490 | 1,226,356 | ||||||
UnitedHealth Group, Inc. | 7,966 | 2,241,314 | ||||||
4,150,205 | ||||||||
Metal - Copper — 0.1% | ||||||||
Freeport-McMoRan, Inc. | 10,435 | 124,594 | ||||||
Multimedia — 1.1% | ||||||||
Walt Disney Co. | 11,976 | 1,383,108 | ||||||
Networking Products — 0.3% | ||||||||
Cisco Systems, Inc. | 7,578 | 362,759 | ||||||
Office Supplies & Forms — 0.1% | ||||||||
Avery Dennison Corp. | 1,616 | 155,782 | ||||||
Oil Companies - Exploration & Production — 2.6% | ||||||||
Concho Resources, Inc.† | 1,267 | 165,141 | ||||||
Diamondback Energy, Inc.# | 4,933 | 544,504 | ||||||
EOG Resources, Inc. | 9,635 | 995,392 | ||||||
Occidental Petroleum Corp. | 11,914 | 837,197 | ||||||
Pioneer Natural Resources Co. | 4,878 | 720,724 | ||||||
3,262,958 | ||||||||
Oil Companies - Integrated — 1.8% | ||||||||
Chevron Corp. | 14,152 | 1,683,239 | ||||||
Exxon Mobil Corp. | 7,241 | 575,659 | ||||||
2,258,898 | ||||||||
Oil Refining & Marketing — 0.7% | ||||||||
Marathon Petroleum Corp. | 13,537 | 882,071 | ||||||
Pharmacy Services — 0.5% | ||||||||
CVS Health Corp. | 7,550 | 605,510 | ||||||
Pipelines — 0.3% | ||||||||
ONEOK, Inc. | 6,991 | 429,457 | ||||||
Real Estate Investment Trusts — 2.2% | ||||||||
AvalonBay Communities, Inc. | 2,975 | 566,946 | ||||||
Digital Realty Trust, Inc. | 828 | 95,253 | ||||||
Equinix, Inc. | 473 | 182,237 | ||||||
Equity Residential | 1,606 | 114,428 | ||||||
Federal Realty Investment Trust | 2,025 | 267,482 | ||||||
Host Hotels & Resorts, Inc. | 6,487 | 123,253 | ||||||
Prologis, Inc. | 10,297 | 693,400 | ||||||
Ventas, Inc. | 4,236 | 268,944 | ||||||
Vornado Realty Trust | 6,500 | 467,740 | ||||||
2,779,683 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Rental Auto/Equipment — 0.0% | ||||||||
United Rentals, Inc.† | 336 | $ | 39,356 | |||||
Retail - Apparel/Shoe — 0.8% | ||||||||
Ross Stores, Inc. | 10,809 | 946,868 | ||||||
Retail - Auto Parts — 1.4% | ||||||||
Advance Auto Parts, Inc. | 1,439 | 255,725 | ||||||
AutoZone, Inc.† | 1,084 | 877,032 | ||||||
O’Reilly Automotive, Inc.† | 1,870 | 648,478 | ||||||
1,781,235 | ||||||||
Retail - Building Products — 1.4% | ||||||||
Home Depot, Inc. | 7,312 | 1,318,500 | ||||||
Lowe’s Cos., Inc. | 5,051 | 476,663 | ||||||
1,795,163 | ||||||||
Retail - Consumer Electronics — 0.4% | ||||||||
Best Buy Co., Inc. | 7,062 | 456,135 | ||||||
Retail - Discount — 0.7% | ||||||||
Dollar General Corp. | 6,179 | 685,807 | ||||||
Dollar Tree, Inc.† | 2,412 | 209,289 | ||||||
895,096 | ||||||||
Retail - Regional Department Stores — 0.2% | ||||||||
Macy’s, Inc. | 5,426 | 185,678 | ||||||
Retail - Restaurants — 0.5% | ||||||||
Yum! Brands, Inc. | 6,091 | 561,712 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% | ||||||||
Analog Devices, Inc. | 14,155 | 1,301,128 | ||||||
Telephone - Integrated — 1.6% | ||||||||
AT&T, Inc. | 12,924 | 403,746 | ||||||
Verizon Communications, Inc. | 25,555 | 1,540,966 | ||||||
1,944,712 | ||||||||
Tobacco — 1.4% | ||||||||
Altria Group, Inc. | 8,660 | 474,828 | ||||||
Philip Morris International, Inc. | 14,216 | 1,230,110 | ||||||
1,704,938 | ||||||||
Tools - Hand Held — 0.8% | ||||||||
Snap-on, Inc.# | 2,490 | 413,938 | ||||||
Stanley Black & Decker, Inc. | 3,986 | 521,568 | ||||||
935,506 | ||||||||
Transport - Rail — 2.0% | ||||||||
Norfolk Southern Corp. | 6,556 | 1,119,371 | ||||||
Union Pacific Corp. | 9,275 | 1,426,310 | ||||||
2,545,681 | ||||||||
Web Portals/ISP — 3.4% | ||||||||
Alphabet, Inc., Class A† | 1,945 | 2,158,269 | ||||||
Alphabet, Inc., Class C† | 1,882 | 2,059,718 | ||||||
4,217,987 | ||||||||
Wireless Equipment — 0.1% | ||||||||
Motorola Solutions, Inc. | 543 | 71,269 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $100,822,351)(1) | 99.2 | % | 123,889,066 | |||||
Other assets less liabilities | 0.8 | 1,013,536 | ||||||
NET ASSETS | 100.0 | % | $ | 124,902,602 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
98 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
At November 30, 2018, the Fund had loaned securities with a total value of $2,170,846. This was secured by collateral of $2,220,322 received in the form offixed of of fixed income pooled securities, which the Fund cannot sell or repledge.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 349,138 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 543,059 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 120,739 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/04/2019 | 12,447 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 1,194,939 |
(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) | ||||||||||||||||
7 | Long | S&P 500E-Mini Index | December 2018 | $ | 944,114 | $ | 965,405 | $ | 21,291 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 123,889,066 | $ | — | $ | — | $ | 123,889,066 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 21,291 | $ | — | $ | — | $ | 21,291 | ||||||||
* | 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. |
See Notes to Financial Statements
99 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 26.3 | % | ||
Medical — HMO | 19.3 | |||
Medical — Drugs | 16.2 | |||
Medical Products | 11.6 | |||
Medical Instruments | 6.2 | |||
Diagnostic Equipment | 4.7 | |||
Therapeutics | 4.4 | |||
Medical — Hospitals | 2.5 | |||
Electronic Measurement Instruments | 2.0 | |||
Registered Investment Companies | 1.4 | |||
Pharmacy Services | 1.3 | |||
Medical — Generic Drugs | 0.9 | |||
Medical Labs & Testing Services | 0.7 | |||
Drug Delivery Systems | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Diagnostic Kits | 0.4 | |||
Instruments — Controls | 0.4 | |||
Dialysis Centers | 0.2 | |||
Patient Monitoring Equipment | 0.2 | |||
Applications Software | 0.2 | |||
Veterinary Diagnostics | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
100 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Dental Supplies & Equipment — 0.5% |
| |||||||
Align Technology, Inc.† | 16,832 | $ | 3,869,509 | |||||
Diagnostic Equipment — 4.7% |
| |||||||
Danaher Corp. | 107,135 | 11,735,568 | ||||||
GenMark Diagnostics, Inc.†# | 180,542 | 940,624 | ||||||
Lonza Group AG | 3,054 | 990,317 | ||||||
Quanterix Corp.†# | 50,393 | 944,364 | ||||||
Thermo Fisher Scientific, Inc. | 93,400 | 23,307,970 | ||||||
37,918,843 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
Quidel Corp.† | 52,671 | 3,203,450 | ||||||
Dialysis Centers — 0.2% |
| |||||||
DaVita, Inc.† | 26,355 | 1,741,011 | ||||||
Disposable Medical Products — 0.5% |
| |||||||
ICU Medical, Inc.† | 17,741 | 4,266,533 | ||||||
Drug Delivery Systems — 0.5% |
| |||||||
DexCom, Inc.† | 21,815 | 2,827,006 | ||||||
Nektar Therapeutics† | 37,129 | 1,499,640 | ||||||
4,326,646 | ||||||||
Electronic Measurement Instruments — 2.0% |
| |||||||
Agilent Technologies, Inc. | 205,678 | 14,880,803 | ||||||
Sartorius AG (Preference Shares) | 11,484 | 1,467,600 | ||||||
16,348,403 | ||||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Tandem Diabetes Care, Inc.† | 9,500 | 349,790 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Mettler - Toledo International, Inc.† | 4,736 | 3,015,222 | ||||||
Insurance - Life/Health — 0.0% |
| |||||||
Trupanion, Inc.†# | 10,400 | 311,272 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 50,468 | 946,275 | ||||||
Medical Instruments — 6.2% |
| |||||||
Bruker Corp. | 93,137 | 3,086,560 | ||||||
Intuitive Surgical, Inc.† | 73,735 | 39,143,699 | ||||||
NuVasive, Inc.† | 20,975 | 1,335,898 | ||||||
SI-BONE, Inc.† | 15,050 | 270,298 | ||||||
Teleflex, Inc. | 22,047 | 6,072,185 | ||||||
49,908,640 | ||||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Catalent, Inc.† | 13,800 | 547,170 | ||||||
Neuronetics, Inc.† | 6,100 | 108,824 | ||||||
Teladoc Health, Inc.†# | 51,472 | 3,214,426 | ||||||
3,870,420 | ||||||||
Medical Products — 11.2% |
| |||||||
ABIOMED, Inc.† | 7,248 | 2,411,265 | ||||||
AtriCure, Inc.† | 40,000 | 1,339,600 | ||||||
Becton Dickinson and Co. | 144,924 | 36,629,541 | ||||||
Cooper Cos., Inc. | 23,875 | 6,657,066 | ||||||
Hologic, Inc.† | 207,112 | 9,197,844 | ||||||
Integer Holdings Corp.† | 6,000 | 531,480 | ||||||
Nevro Corp.† | 24,100 | 1,000,391 | ||||||
Novocure, Ltd.†# | 56,200 | 1,928,784 | ||||||
Penumbra, Inc.†# | 16,218 | 2,257,870 | ||||||
Stryker Corp. | 109,865 | 19,276,913 | ||||||
West Pharmaceutical Services, Inc. | 45,332 | 4,966,574 | ||||||
Wright Medical Group NV† | 123,770 | 3,460,609 | ||||||
Wright Medical Group NV CVR† | 7,700 | 11,319 | ||||||
89,669,256 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene — 26.2% |
| |||||||
Abcam PLC | 66,769 | $ | 969,926 | |||||
Abeona Therapeutics, Inc.†# | 57,239 | 469,360 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 152,393 | 2,904,611 | ||||||
Acceleron Pharma, Inc.†# | 98,210 | 5,198,255 | ||||||
Acerta Pharma BV, Class B(1)(3) | 9,771,120 | 683,978 | ||||||
Achillion Pharmaceuticals, Inc.† | 228,069 | 659,119 | ||||||
Alder Biopharmaceuticals, Inc.†# | 164,061 | 2,195,136 | ||||||
Alexion Pharmaceuticals, Inc.† | 144,881 | 17,842,095 | ||||||
Allakos, Inc.†# | 14,885 | 876,875 | ||||||
Allogene Therapeutics, Inc.†# | 19,784 | 618,844 | ||||||
Allogene Therapeutics, Inc.(2)(3) | 35,304 | 1,049,094 | ||||||
Alnylam Pharmaceuticals, Inc.†# | 39,100 | 3,173,356 | ||||||
Amarin Corp. PLC ADR†# | 233,908 | 4,210,344 | ||||||
Amgen, Inc. | 31,700 | 6,601,525 | ||||||
AnaptysBio, Inc.†# | 12,646 | 943,139 | ||||||
Aptinyx, Inc.† | 12,131 | 269,430 | ||||||
Arcus Biosciences, Inc.†# | 19,301 | 220,417 | ||||||
Argenx SE ADR†# | 39,221 | 3,795,416 | ||||||
Atara Biotherapeutics, Inc.†# | 48,859 | 1,951,917 | ||||||
Audentes Therapeutics, Inc.† | 33,546 | 820,200 | ||||||
Autolus Therapeutics PLC ADR†# | 11,079 | 432,303 | ||||||
Avrobio, Inc.† | 18,331 | 491,087 | ||||||
BeiGene, Ltd. ADR† | 21,084 | 3,232,388 | ||||||
Biogen, Inc.† | 27,049 | 9,026,792 | ||||||
BioMarin Pharmaceutical, Inc.† | 76,730 | 7,368,382 | ||||||
Bluebird Bio, Inc.†# | 42,891 | 5,270,875 | ||||||
Blueprint Medicines Corp.† | 48,364 | 2,774,643 | ||||||
Cara Therapeutics, Inc.†# | 39,161 | 711,947 | ||||||
Celgene Corp.† | 61,080 | 4,411,198 | ||||||
CRISPR Therapeutics AG† | 13,300 | 509,789 | ||||||
Cymabay Therapeutics, Inc.†# | 6,353 | 56,732 | ||||||
CytomX Therapeutics, Inc.† | 38,121 | 526,070 | ||||||
Denali Therapeutics, Inc.†# | 19,100 | 366,147 | ||||||
Dicerna Pharmaceuticals, Inc.† | 16,500 | 246,015 | ||||||
Editas Medicine, Inc.†# | 23,379 | 728,490 | ||||||
Exact Sciences Corp.†# | 56,950 | 4,440,961 | ||||||
Exelixis, Inc.† | 54,830 | 1,113,597 | ||||||
Fate Therapeutics, Inc.†# | 45,466 | 698,358 | ||||||
FibroGen, Inc.† | 48,087 | 2,085,052 | ||||||
Five Prime Therapeutics, Inc.† | 21,800 | 279,912 | ||||||
Forty Seven, Inc.†# | 15,425 | 286,596 | ||||||
Gilead Sciences, Inc. | 75,096 | 5,402,406 | ||||||
GlycoMimetics, Inc.†# | 70,692 | 812,251 | ||||||
Guardant Health, Inc.† | 15,703 | 561,068 | ||||||
Guardant Health, Inc.(2)(3) | 24,819 | 842,444 | ||||||
Homology Medicines, Inc.†# | 25,988 | 571,476 | ||||||
HTG Molecular Diagnostics, Inc.†# | 104,120 | 370,667 | ||||||
Illumina, Inc.† | 18,515 | 6,248,812 | ||||||
ImmunoGen, Inc.† | 54,000 | 297,540 | ||||||
Immunomedics, Inc.†# | 281,197 | 5,649,248 | ||||||
Incyte Corp.† | 114,451 | 7,353,477 | ||||||
Insmed, Inc.†# | 126,336 | 2,262,678 | ||||||
Ionis Pharmaceuticals, Inc.†# | 22,197 | 1,293,863 | ||||||
Iovance Biotherapeutics, Inc.†# | 102,953 | 995,556 | ||||||
Krystal Biotech, Inc.†# | 7,897 | 200,426 | ||||||
Loxo Oncology, Inc.†# | 38,230 | 5,368,257 | ||||||
MacroGenics, Inc.† | 39,752 | 684,132 | ||||||
Menlo Therapeutics, Inc.† | 30,000 | 180,300 | ||||||
Novavax, Inc.†# | 132,800 | 274,896 | ||||||
Orchard Therapeutics PLC ADR† | 32,777 | 493,622 | ||||||
Prothena Corp. PLC†# | 23,296 | 279,785 | ||||||
PTC Therapeutics, Inc.† | 61,481 | 2,183,805 | ||||||
Regeneron Pharmaceuticals, Inc.† | 19,755 | 7,223,416 | ||||||
REGENXBIO, Inc.†# | 20,700 | 1,240,137 | ||||||
Sage Therapeutics, Inc.†# | 113,626 | 13,099,942 |
101 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Scholar Rock Holding Corp.†# | 13,978 | $ | 340,504 | |||||
Seattle Genetics, Inc.†# | 70,647 | 4,421,089 | ||||||
Shire PLC ADR | 21,624 | 3,796,742 | ||||||
Spark Therapeutics, Inc.†# | 43,540 | 1,834,340 | ||||||
Theravance Biopharma, Inc.†# | 35,363 | 976,372 | ||||||
Tocagen, Inc.†# | 35,125 | 453,112 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 53,670 | 2,880,469 | ||||||
Vertex Pharmaceuticals, Inc.† | 160,681 | 29,049,518 | ||||||
WaVe Life Sciences, Ltd.†# | 14,980 | 716,793 | ||||||
Y-mAbs Therapeutics, Inc.†# | 19,510 | 486,189 | ||||||
Zai Lab, Ltd. ADR†# | 24,240 | 478,013 | ||||||
Zeneca, Inc. CVR†(1)(3) | 23,110 | 14,213 | ||||||
209,847,929 | ||||||||
Medical - Drugs — 16.1% |
| |||||||
AbbVie, Inc. | 41,961 | 3,955,664 | ||||||
AC Immune SA†# | 14,070 | 156,458 | ||||||
Aimmune Therapeutics, Inc.†# | 75,528 | 1,793,790 | ||||||
Alkermes PLC†# | 37,923 | 1,381,914 | ||||||
Allergan PLC | 34,789 | 5,447,957 | ||||||
Apellis Pharmaceuticals, Inc.† | 19,510 | 299,283 | ||||||
Array BioPharma, Inc.† | 136,295 | 2,171,179 | ||||||
Ascendis Pharma A/S ADR†# | 59,571 | 4,021,638 | ||||||
Astellas Pharma, Inc. | 75,400 | 1,158,748 | ||||||
AstraZeneca PLC ADR# | 243,900 | 9,712,098 | ||||||
Bristol - Myers Squibb Co. | 80,039 | 4,278,885 | ||||||
Chugai Pharmaceutical Co., Ltd. | 34,100 | 2,335,370 | ||||||
Corvus Pharmaceuticals, Inc.†# | 36,893 | 220,620 | ||||||
Daiichi Sankyo Co., Ltd. | 89,200 | 3,274,425 | ||||||
Eisai Co., Ltd. | 30,900 | 2,845,049 | ||||||
Eli Lilly & Co. | 127,600 | 15,138,464 | ||||||
Enanta Pharmaceuticals, Inc.† | 30,209 | 2,390,740 | ||||||
Global Blood Therapeutics, Inc.†# | 36,553 | 1,152,882 | ||||||
Intra - Cellular Therapies, Inc.† | 14,937 | 215,840 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 90,021 | 1,244,090 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 47,400 | 971,676 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 6,620 | 765,603 | ||||||
Marinus Pharmaceuticals, Inc.†# | 26,800 | 125,156 | ||||||
Merck & Co., Inc. | 192,350 | 15,261,049 | ||||||
Minerva Neurosciences, Inc.† | 56,480 | 446,757 | ||||||
MyoKardia, Inc.†# | 33,522 | 2,080,711 | ||||||
Myovant Sciences, Ltd.†# | 41,476 | 765,647 | ||||||
Novartis AG | 134,078 | 12,239,523 | ||||||
Odonate Therapeutics, Inc.†# | 14,205 | 223,871 | ||||||
Pfizer, Inc. | 469,500 | 21,704,985 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 32,614 | 92,950 | ||||||
Principia Biopharma, Inc.† | 16,431 | 457,768 | ||||||
ProQR Therapeutics NV†# | 20,400 | 388,824 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 12,265 | 774,535 | ||||||
Rhythm Pharmaceuticals, Inc.† | 13,527 | 399,452 | ||||||
Roche Holding AG | 14,325 | 3,717,035 | ||||||
Rocket Pharmaceuticals, Inc.†# | 22,925 | 369,322 | ||||||
TESARO, Inc.†# | 23,472 | 1,088,631 | ||||||
TherapeuticsMD, Inc.†# | 134,113 | 674,588 | ||||||
Tricida, Inc.†# | 21,836 | 651,805 | ||||||
Zogenix, Inc.†# | 56,100 | 2,305,149 | ||||||
128,700,131 | ||||||||
Medical - Generic Drugs — 0.9% | ||||||||
Amneal Pharmaceuticals, Inc.†# | 114,133 | 2,021,295 | ||||||
Momenta Pharmaceuticals, Inc.† | 28,200 | 333,888 | ||||||
Mylan NV† | 57,100 | 1,933,406 | ||||||
Perrigo Co. PLC# | 51,600 | 3,213,648 | ||||||
7,502,237 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Medical - HMO — 19.3% | ||||||||
Anthem, Inc. | 86,472 | $ | 25,082,933 | |||||
Centene Corp.† | 118,957 | 16,921,633 | ||||||
Cigna Corp. | 109,600 | 24,482,448 | ||||||
Humana, Inc. | 38,414 | 12,656,261 | ||||||
Molina Healthcare, Inc.† | 42,493 | 5,936,697 | ||||||
UnitedHealth Group, Inc. | 219,134 | 61,655,542 | ||||||
WellCare Health Plans, Inc.† | 32,858 | 8,374,847 | ||||||
155,110,361 | ||||||||
Medical - Hospitals — 2.5% | ||||||||
Acadia Healthcare Co., Inc.†# | 48,178 | 1,636,606 | ||||||
HCA Healthcare, Inc. | 114,216 | 16,445,962 | ||||||
Universal Health Services, Inc., Class B | 12,707 | 1,753,439 | ||||||
19,836,007 | ||||||||
Patient Monitoring Equipment — 0.2% | ||||||||
CareDx, Inc.† | 15,899 | 465,364 | ||||||
Insulet Corp.†# | 14,100 | 1,183,413 | ||||||
1,648,777 | ||||||||
Pharmacy Services — 1.1% | ||||||||
CVS Health Corp. | 82,349 | 6,604,386 | ||||||
Express Scripts Holding Co.† | 15,200 | 1,542,344 | ||||||
JAND, Inc. (dba Warby Parker), Class A(1)(2)(3) | 36,095 | 552,218 | ||||||
8,698,948 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.1% | ||||||||
Encompass Health Corp. | 8,200 | 616,722 | ||||||
Therapeutics — 4.4% | ||||||||
Agios Pharmaceuticals, Inc.†# | 36,562 | 2,405,780 | ||||||
G1 Therapeutics, Inc.†# | 50,799 | 1,942,046 | ||||||
GW Pharmaceuticals PLC ADR†# | 13,510 | 1,662,000 | ||||||
Merus NV† | 15,600 | 193,596 | ||||||
Mirati Therapeutics, Inc.†# | 15,200 | 586,568 | ||||||
Neurocrine Biosciences, Inc.† | 129,279 | 11,411,457 | ||||||
Proteostasis Therapeutics, Inc.† | 51,279 | 259,984 | ||||||
Sarepta Therapeutics, Inc.†# | 94,134 | 12,187,529 | ||||||
Xencor, Inc.†# | 105,098 | 4,415,167 | ||||||
Zafgen, Inc.† | 53,200 | 268,128 | ||||||
35,332,255 | ||||||||
Veterinary Diagnostics — 0.1% | ||||||||
Elanco Animal Health, Inc.† | 29,688 | 991,876 | ||||||
X-Ray Equipment — 0.1% | ||||||||
ViewRay, Inc.†# | 62,026 | 416,196 | ||||||
Total Common Stocks | ||||||||
(cost $586,752,805) | 788,446,709 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.1% |
| |||||||
Applications Software — 0.2% |
| |||||||
Outset Medical, Inc | 320,192 | 995,797 | ||||||
Outset Medical, Inc. | 171,126 | 532,202 | ||||||
1,527,999 | ||||||||
Medical Information Systems — 0.0% |
| |||||||
Doximity, Inc. | 64,785 | 323,277 | ||||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. | 160,251 | 271,140 | ||||||
102 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Tempus Labs, Inc. | 60,677 | $ | 980,474 | |||||
Tempus Labs, Inc. | 39,722 | 665,057 | ||||||
1,645,531 | ||||||||
Medical Products — 0.4% |
| |||||||
Becton Dickinson and Co. | 26,711 | 1,687,334 | ||||||
Kardium, Inc. | 542,402 | 525,544 | ||||||
Shockwave Medical, Inc. | 63,961 | 72,107 | ||||||
Shockwave Medical, Inc. | 1,306 | 1,472 | ||||||
Shockwave Medical, Inc. | 739,910 | 834,145 | ||||||
3,120,602 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Moderna Therapeutics, Inc. | 43,581 | 459,801 | ||||||
Pharmacy Services — 0.2% |
| |||||||
JAND, Inc. (dba Warby Parker) | 75,264 | 1,151,464 | ||||||
JAND, Inc. (dba Warby Parker) | 2,948 | 45,102 | ||||||
1,196,566 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,202,767) | 8,544,916 | |||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Medical - Drugs — 0.1% |
| |||||||
Ironwood Pharmaceuticals, Inc. | $ | 865,000 | 926,870 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $594,820,572) | 797,918,495 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.4% |
| |||||||
Registered Investment Companies — 1.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,830 | 500,830 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 6,017,356 | 6,017,356 | ||||||
T. Rowe Price Government Reserve Fund | 5,188,416 | 5,188,416 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $11,706,602) | 11,706,602 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $606,527,174)(6) | 100.9 | % | 809,625,097 | |||||
Liabilities in excess of other assets | (0.9 | ) | (7,448,777 | ) | ||||
NET ASSETS | 100.0 | % | $ | 802,176,320 | ||||
† | 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 November 30, 2018, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Allogene Therapeutics, Inc. | 10/15/2018 | 35,304 | $ | 540,155 | $ | 1,049,094 | $ | 29.72 | 0.13 | % | ||||||||||||||
Guardant Health, Inc. | 10/9/2018 | 24,819 | 276,594 | 842,444 | 33.94 | 0.11 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker) | ||||||||||||||||||||||||
Class A | 4/23/2015 | 33,706 | 387,123 | |||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | 552,218 | 15.30 | 0.07 | % | |||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | ||||||||||||||||||||||||
Series C | 4/10/2014 | 64,785 | 312,316 | 323,277 | 4.99 | 0.04 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker) | ||||||||||||||||||||||||
Series D | 4/23/2015 | 75,264 | 864,430 | 1,151,464 | 15.30 | 0.14 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker) | ||||||||||||||||||||||||
Series E | 3/9/2018 | 2,948 | 46,334 | 45,102 | 15.30 | 0.01 | % | |||||||||||||||||
Kardium, Inc. | ||||||||||||||||||||||||
SeriesD-5 | 11/29/2018 | 542,402 | 525,533 | 525,544 | 0.97 | 0.07 | % | |||||||||||||||||
Moderna Therapeutics, Inc. | ||||||||||||||||||||||||
Series G | 1/31/2018 | 43,581 | 438,425 | 459,801 | 10.55 | 0.06 | % | |||||||||||||||||
Outset Medical, Inc. | ||||||||||||||||||||||||
Series C | 4/19/2017 | 320,192 | 829,778 | 995,797 | 3.11 | 0.12 | % | |||||||||||||||||
Outset Medical, Inc. | ||||||||||||||||||||||||
Series D | 8/20/2018 | 171,126 | 532,202 | 532,202 | 3.11 | 0.07 | % | |||||||||||||||||
RefleXion Medical, Inc. | ||||||||||||||||||||||||
Series C | 4/23/2018 | 160,251 | 271,145 | 271,140 | 1.69 | 0.03 | % | |||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series A1 | 9/25/2017 | 63,961 | 64,601 | 72,107 | 1.13 | 0.01 | % | |||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series B | 9/25/2017 | 1,306 | 1,319 | 1,472 | 1.13 | 0.00 | % | |||||||||||||||||
Shockwave Medical, Inc. | ||||||||||||||||||||||||
Series C | 11/10/2016 | 196,966 | 198,936 | |||||||||||||||||||||
9/27/2017 | 542,944 | 548,363 | ||||||||||||||||||||||
739,910 | 747,299 | 834,145 | 1.13 | 0.10 | % | |||||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series D | 3/20/2018 | 60,677 | 568,780 | 980,474 | 16.16 | 0.12 | % | |||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series E | 8/23/2018 | 39,772 | 665,058 | 665,057 | 16.72 | 0.08 | % | |||||||||||||||||
$ | 9,301,338 | 1.16 | % | |||||||||||||||||||||
(3) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $9,999,529 representing 1.2% of net assets. |
103 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(4) | At November 30, 2018, the Fund had loaned securities with a total value of $134,821,710. This was secured by collateral of $6,017,356, which was received in cash and subsequently invested in short-term investments currently valued at $6,017,356 as reported in the Portfolio of Investments. Additional collateral of $131,714,216 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 925,372 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 1,439,351 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 320,014 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 2,923,740 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 126,105,739 |
(5) | The rate shown is the7-day yield as of November 30, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2- Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Medical - Biomedical/Gene | $ | 206,288,274 | $ | 2,861,464 | # | $ | 698,191 | $ | 209,847,929 | |||||||
Pharmacy Services | 8,146,730 | — | 552,218 | 8,698,948 | ||||||||||||
Other Industries | 540,900,090 | 28,999,742 | ** | — | 569,899,832 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical Products | 1,687,334 | — | 1,433,268 | 3,120,602 | ||||||||||||
Other Industries | — | — | 5,424,314 | 5,424,314 | ||||||||||||
Convertible Bonds & Notes | — | 926,870 | — | 926,870 | ||||||||||||
Short-Term Investment Securities | 11,706,602 | — | — | 11,706,602 | ||||||||||||
Total Investments at Value | $ | 768,729,030 | $ | 32,788,076 | $ | 8,107,991 | $ | 809,625,097 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
# | Amount includes $969,926 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). |
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 May 31, 2018 | $ | 1,879,685 | $ | 4,674,661 | ||||
Accrued Discounts | ||||||||
Accrued Premiums | ||||||||
Realized Gain | 460,088 | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | — | 737,669 | ||||||
Change in unrealized depreciation(1) | (452,564 | ) | (946 | ) | ||||
Net purchases | — | 1,722,792 | ||||||
Net sales | (636,800 | ) | (276,594 | ) | ||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of November 30, 2018 | $ | 1,250,409 | $ | 6,857,582 | ||||
104 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | (417 | ) | $ | 736,719 | ||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2018.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/18 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 552,218 | Market Approach | Secondary Market Transactions* | $15.7170 | |||||
Market Transaction Price* | $15.7170 | |||||||||
Company Repurchase Price* | $12.3500 | |||||||||
$ | 698,191 | Income Approach | Estimated Future Cash Distribution* | $0.07 - $0.615 ($0.3425) | ||||||
Convertible Preferred Securities | $ | 3,897,464 | Market Approach | Market Transaction Price* | $0.96892 - $16.7428 ($3.62572) | |||||
$ | 980,474 | Market Approach | Market Transaction Price* | $16.7428 | ||||||
Discount for Future Cumulative Dividend Variance | 3.5% | |||||||||
$ | 459,801 | Market Approach | Announced IPO price Range* | $22.00 - $24.00 ($23.00) | ||||||
$ | 1,196,566 | Market Approach | Secondary Market Transactions* | $15.7170 | ||||||
Market Transaction Price* | $15.7170 | |||||||||
Company Repurchase Price* | $12.3500 | |||||||||
$ | 323,277 | Market Approach | Market Transaction Price* | $4.3100 | ||||||
2018 Estimated Revenue Multiple* | 8.9x | |||||||||
2019 Estimated Revenue Multiple* | 7.7x | |||||||||
2018 Estimated Gross Profit Multiple* | 11.1x | |||||||||
Discount for Lack of Marketability | 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 an inverse relationship. |
See Notes to Financial Statements
105 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
United States Treasury Notes | 32.4 | % | ||
United States Treasury Bonds | 19.9 | |||
Sovereign | 18.3 | |||
Diversified Banking Institutions | 11.5 | |||
Diversified Financial Services | 3.8 | |||
Registered Investment Companies | 2.1 | |||
Pipelines | 2.1 | |||
Banks — Commercial | 1.8 | |||
Insurance — Life/Health | 0.9 | |||
Finance — Consumer Loans | 0.9 | |||
Banks — Super Regional | 0.7 | |||
Chemicals — Diversified | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Gold Mining | 0.5 | |||
Federal Home Loan Mtg. Corp. | 0.5 | |||
Pharmacy Services | 0.4 | |||
Gas — Distribution | 0.4 | |||
Building Products — Cement | 0.4 | |||
Oil Refining & Marketing | 0.3 | |||
Building Products — Wood | 0.3 | |||
Electric — Integrated | 0.3 | |||
Medical — Drugs | 0.3 | |||
Federal National Mtg. Assoc. | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Machinery — Farming | 0.2 | |||
Banks — Money Center | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Diversified Minerals | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
100.1 | % | |||
Credit Quality#†
Aaa | 66.5 | % | ||
Aa | 1.7 | |||
A | 8.7 | |||
Baa | 13.8 | |||
Ba | 3.5 | |||
B | 0.1 | |||
Not Rated@ | 5.7 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
106 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.8% |
| |||||||
Diversified Financial Services — 3.8% |
| |||||||
Benchmark Mtg. Trust | $ | 6,000,000 | $ | 6,057,234 | ||||
Benchmark Mtg. Trust | 6,000,000 | 6,272,862 | ||||||
BX Trust FRS | 2,700,000 | 2,681,447 | ||||||
Chase Issuance Trust | 2,000,000 | 1,950,292 | ||||||
COMM Mtg. Trust | 6,000,000 | 6,100,177 | ||||||
DBCG Mtg. Trust FRS | 1,360,000 | 1,356,588 | ||||||
Store Master FundingI-VII | 1,697,073 | 1,705,159 | ||||||
Total Asset Backed Securities | ||||||||
(cost $26,063,558) | 26,123,759 | |||||||
U.S. CORPORATE BONDS & NOTES — 13.1% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ford Motor Credit Co. LLC FRS | 350,000 | 349,849 | ||||||
Banks - Commercial — 0.3% |
| |||||||
Regions Financial Corp. | 1,978,000 | 1,959,345 | ||||||
Banks - Super Regional — 0.4% |
| |||||||
SunTrust Banks, Inc. | 506,000 | 502,820 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 1,961,000 | ||||||
2,463,820 | ||||||||
Building Products - Cement — 0.4% |
| |||||||
Vulcan Materials Co. FRS | 2,512,000 | 2,506,275 | ||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 2,512,000 | 2,279,536 | ||||||
Cable/Satellite TV — 0.1% |
| |||||||
Comcast Corp. | 906,000 | 886,437 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
DowDuPont, Inc. | 2,213,000 | 2,235,404 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Chemicals - Diversified (continued) |
| |||||||
DowDuPont, Inc. | $ | 2,000,000 | $ | 2,026,965 | ||||
4,262,369 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
RPM International, Inc. | 372,000 | 299,478 | ||||||
Diversified Banking Institutions — 7.5% |
| |||||||
Bank of America Corp. FRS | 2,000,000 | 1,822,500 | ||||||
Bank of America Corp. | 220,000 | 210,026 | ||||||
Bank of America Corp. | 2,504,000 | 2,327,760 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,602,000 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,804,800 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,832,200 | ||||||
Citigroup, Inc. FRS | 3,020,000 | 2,993,761 | ||||||
Citigroup, Inc. FRS | 1,475,000 | 1,488,277 | ||||||
Citigroup, Inc. | 2,673,000 | 2,550,629 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 3,921,200 | ||||||
Goldman Sachs Group, Inc. FRS | 596,000 | 599,552 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 3,864,900 | ||||||
Goldman Sachs Group, Inc. FRS | 724,000 | 726,674 | ||||||
JPMorgan Chase & Co. | 2,200,000 | 2,067,701 |
107 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. FRS | $ | 2,000,000 | $ | 1,910,400 | ||||
JPMorgan Chase & Co. FRS | 580,000 | 582,773 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,000,800 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 4,924,000 | ||||||
Morgan Stanley FRS | 1,260,000 | 1,263,946 | ||||||
Morgan Stanley | 1,015,000 | 998,147 | ||||||
Morgan Stanley FRS | 468,000 | 451,035 | ||||||
Morgan Stanley FRS | 1,402,000 | 1,349,425 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,815,266 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,200,246 | ||||||
Morgan Stanley FRS | 2,000,000 | 2,005,000 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,840,975 | ||||||
Morgan Stanley FRS | 664,000 | 655,700 | ||||||
50,809,693 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
FirstEnergy Corp. | 1,318,000 | 1,261,294 | ||||||
Finance - Consumer Loans — 0.9% |
| |||||||
SLM Corp. FRS | 2,017,000 | 2,022,042 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Finance - Consumer Loans (continued) |
| |||||||
SLM Corp. FRS | $ | 3,745,000 | $ | 3,763,725 | ||||
5,785,767 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 7,880 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 11,733 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 19,700 | ||||||
39,313 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
Bayer US Finance II LLC | 1,761,000 | 1,714,661 | ||||||
Metal - Diversified — 0.0% |
| |||||||
Glencore Funding LLC | 338,000 | 320,399 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Apache Corp. | 678,000 | 636,567 | ||||||
Noble Energy, Inc. | 800,000 | 729,322 | ||||||
1,365,889 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Marathon Petroleum Corp. | 2,549,000 | 2,342,555 | ||||||
Pharmacy Services — 0.4% |
| |||||||
CVS Health Corp. | 3,164,000 | 3,018,564 | ||||||
Pipelines — 1.1% |
| |||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 1,274,000 | 1,186,572 | ||||||
Enable Midstream Partners LP | 887,000 | 834,979 | ||||||
Energy Transfer Partners LP | 1,067,000 | 1,005,697 | ||||||
EnLink Midstream Partners LP | 1,299,000 | 1,185,738 | ||||||
Enterprise Products Operating LLC | 3,026,000 | 2,950,014 | ||||||
7,163,000 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $91,358,265) | 88,828,244 | |||||||
108 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 5.8% |
| |||||||
Banks - Commercial — 1.4% |
| |||||||
Barclays Bank PLC FRS | $ | 9,800,000 | $ | 9,520,700 | ||||
Diversified Banking Institutions — 3.1% |
| |||||||
Barclays PLC FRS | 753,000 | 776,705 | ||||||
BNP Paribas SA FRS | 431,000 | 425,074 | ||||||
Credit Agricole SA | 2,548,000 | 2,315,005 | ||||||
Credit Suisse Group Funding Guernsey, Ltd. FRS | 2,379,000 | 2,459,860 | ||||||
HSBC Holdings PLC FRS | 1,400,000 | 1,417,018 | ||||||
Royal Bank of Scotland Group PLC | 325,000 | 309,629 | ||||||
Royal Bank of Scotland Group PLC | 3,145,000 | 3,061,591 | ||||||
Societe Generale SA VRS | 10,000,000 | 9,635,000 | ||||||
UniCredit SpA | 738,000 | 624,993 | ||||||
21,024,875 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 757,000 | 681,492 | ||||||
Gas- Distribution — 0.4% |
| |||||||
National Grid PLC | GBP | 1,763,000 | 2,819,767 | |||||
Gold Mining — 0.5% |
| |||||||
Kinross Gold Corp. | 456,000 | 393,300 | ||||||
Newcrest Finance Pty, Ltd. | 1,497,000 | 1,499,697 | ||||||
Newcrest Finance Pty, Ltd. | 1,663,000 | 1,648,537 | ||||||
3,541,534 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
XLIT, Ltd. | 496,000 | 504,140 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial NV | $ | 1,163,000 | $ | 1,068,757 | ||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $40,315,691) | 39,161,265 | |||||||
U.S. GOVERNMENT AGENCIES — 0.8% |
| |||||||
Federal Home Loan Mtg. Corp. — 0.5% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 484,525 | 488,866 | ||||||
Series 3925, Class FL | 1,118,894 | 1,124,636 | ||||||
Series 4001, Class FM | 395,766 | 397,672 | ||||||
Series 3355, Class BF | 407,018 | 412,952 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | 697,786 | 713,285 | ||||||
Series2015-HQ1, Class M2 | 49,758 | 49,841 | ||||||
3,187,252 | ||||||||
Federal National Mtg. Assoc. — 0.2% |
| |||||||
Fannie Mae Connecticut Avenue Securities FRS | 2,654 | 2,664 | ||||||
Series2013-C01, Class M1 | 283 | 283 | ||||||
Federal National Mtg. Assoc. REMIC FRS | 802,234 | 803,490 | ||||||
Series2011-103, Class FD | 889,286 | 893,304 | ||||||
1,699,741 | ||||||||
Government National Mtg. Assoc. — 0.1% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 364,637 | 367,071 | ||||||
Total U.S. Government Agencies | 5,254,064 | |||||||
U.S. GOVERNMENT TREASURIES — 52.3% |
| |||||||
United States Treasury Bonds — 19.9% |
| |||||||
United States Treasury Bonds TIPS(7) | ||||||||
0.63% due 02/15/2043 | 6,417,459 | 5,556,534 | ||||||
0.75% due 02/15/2042 | 3,164,858 | 2,836,875 | ||||||
0.75% due 02/15/2045 | 8,407,675 | 7,425,575 | ||||||
0.88% due 02/15/2047 | 3,555,448 | 3,222,680 | ||||||
1.00% due 02/15/2046 | 7,361,142 | 6,898,196 | ||||||
1.00% due 02/15/2048 | 5,425,345 | 5,070,508 |
109 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Bonds (continued) |
| |||||||
1.38% due 02/15/2044 | $ | 4,641,126 | $ | 4,743,799 | ||||
1.75% due 01/15/2028 | 13,736,202 | 14,533,009 | ||||||
2.00% due 01/15/2026 | 4,464,123 | 4,757,060 | ||||||
2.13% due 02/15/2040 | 2,802,960 | 3,260,850 | ||||||
2.13% due 02/15/2041 | 4,806,717 | 5,621,856 | ||||||
2.38% due 01/15/2025 | 4,017,510 | 4,341,260 | ||||||
2.38% due 01/15/2027 | 5,006,920 | 5,514,432 | ||||||
2.50% due 01/15/2029 | 9,993,705 | 11,329,452 | ||||||
3.63% due 04/15/2028 | 22,474,224 | 27,499,905 | ||||||
3.88% due 04/15/2029 | 18,042,360 | 22,889,600 | ||||||
135,501,591 | ||||||||
United States Treasury Notes — 32.4% |
| |||||||
United States Treasury Notes TIPS(7) | ||||||||
0.13% due 04/15/2019 | 24,239,025 | 23,937,615 | ||||||
0.13% due 04/15/2020 | 2,155,860 | 2,113,894 | ||||||
0.13% due 04/15/2021 | 21,221,520 | 20,655,336 | ||||||
0.13% due 01/15/2022 | 5,699,132 | 5,532,481 | ||||||
0.13% due 04/15/2022 | 16,815,114 | 16,251,107 | ||||||
0.13% due 07/15/2022 | 2,524,687 | 2,449,204 | ||||||
0.13% due 01/15/2023 | 27,940,970 | 26,911,123 | ||||||
0.13% due 07/15/2024 | 19,587,617 | 18,700,440 | ||||||
0.13% due 07/15/2026 | 6,720,147 | 6,290,600 | ||||||
0.25% due 01/15/2025 | 7,566,896 | 7,224,442 | ||||||
0.38% due 07/15/2023 | 8,135,250 | 7,927,028 | ||||||
0.38% due 07/15/2025 | 7,405,022 | 7,125,502 | ||||||
0.38% due 01/15/2027 | 5,998,300 | 5,676,360 | ||||||
0.38% due 07/15/2027 | 15,346,863 | 14,519,571 | ||||||
0.50% due 01/15/2028 | 11,768,755 | 11,180,624 | ||||||
0.63% due 04/15/2023 | 12,906,502 | 12,662,993 | ||||||
0.63% due 01/15/2024 | 8,113,875 | 7,955,407 | ||||||
0.63% due 01/15/2026 | 6,012,639 | 5,840,010 | ||||||
0.75% due 07/15/2028 | 16,291,206 | 15,858,683 | ||||||
1.13% due 01/15/2021 | 1,817,471 | 1,815,386 | ||||||
220,627,806 | ||||||||
Total U.S. Government Treasuries |
| 356,129,397 | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 18.3% |
| |||||||
Sovereign — 18.3% |
| |||||||
Commonwealth of Australia | AUD | 15,409,500 | 11,201,848 | |||||
Commonwealth of Australia | AUD | 3,274,425 | 2,842,628 | |||||
Commonwealth of Australia | AUD | 16,356,040 | 13,748,414 | |||||
Federative Republic of Brazil | BRL | 7,000,000 | 1,889,155 | |||||
Government of Canada | CAD | 11,706,080 | 12,313,829 | |||||
Government of Canada | CAD | 23,579,908 | 19,569,735 | |||||
Government of France | EUR | 3,101,670 | 3,712,843 | |||||
Government of France | EUR | 5,954,918 | 7,768,317 |
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Government of New Zealand | NZD | 22,455,300 | $ | 16,298,000 | ||||
Kingdom of Spain | EUR | 7,776,675 | 9,367,113 | |||||
Republic of Italy | EUR | 9,106,551 | 9,915,292 | |||||
Republic of Italy | EUR | 2,074,420 | 2,052,547 | |||||
Republic of Italy | EUR | 2,531,138 | 2,962,613 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 5,799,408 | 9,046,345 | |||||
United Mexican States | MXN | 42,865,307 | 2,021,438 | |||||
Total Foreign Government Obligations | ||||||||
(cost $129,306,041) |
| 124,710,117 | ||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Banco Santander SA FRS | 9,950 | 194,622 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.9% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Corestates Capital II FRS | 669,000 | 602,100 | ||||||
Banks - Money Center — 0.1% |
| |||||||
BBVA Bancomer SA | 1,145,000 | 956,075 | ||||||
Banks - Super Regional — 0.3% |
| |||||||
SunTrust Capital III FRS | 1,067,000 | 952,297 | ||||||
Wachovia Capital Trust II FRS | 1,039,000 | 924,710 | ||||||
1,877,007 | ||||||||
Diversified Banking Institutions — 0.9% |
| |||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,477,434 | ||||||
Goldman Sachs Group, Inc. | 2,539,000 | 2,234,320 | ||||||
HSBC Holdings PLC | 1,018,000 | 926,380 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 376,980 | ||||||
6,015,114 | ||||||||
110 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Electric - Integrated — 0.1% |
| |||||||
WEC Energy Group, Inc. FRS | 819,000 | $ | 702,293 | |||||
Insurance - Life/Health — 0.9% |
| |||||||
Prudential Financial, Inc. | 7,000,000 | 6,195,000 | ||||||
Insurance - Multi-line — 0.5% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 472,000 | ||||||
Hartford Financial Services Group, Inc. FRS | 3,202,000 | 2,681,675 | ||||||
3,153,675 | ||||||||
Pipelines — 1.0% |
| |||||||
Andeavor Logistics LP | 1,271,000 | 1,169,320 | ||||||
Enbridge, Inc. | 2,670,000 | 2,288,811 | ||||||
Energy Transfer Partners LP | 2,554,000 | 2,247,520 | ||||||
EnLink Midstream Partners LP | 475,000 | 380,213 | ||||||
Enterprise Products Operating LLC | 859,000 | 730,671 | ||||||
6,816,535 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $29,208,611) |
| 26,317,799 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $680,784,444) |
| 666,719,267 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% | ||||||||
Registered Investment Companies — 2.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 9,892,513 | 9,892,513 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,107,740 | 4,107,740 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $14,000,253) |
| 14,000,253 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $694,784,697)(11) | 100.1 | % | 680,719,520 | |||||
Liabilities in excess of other assets | (0.1 | ) | (478,638 | ) | ||||
NET ASSETS | 100.0 | % | $ | 680,240,882 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $45,427,948 representing 6.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | Commercial Mortgage Backed Security |
(3) | Securities classified as Level 3 (see Note 2). |
(4) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $9,635,000 representing 1.4% 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 the7-day yield as of November 30, 2018. |
(10) | At November 30, 2018, the Fund had loaned securities with a total value of $8,364,062. This was secured by collateral of $4,107,740, which was received in cash and subsequently invested in short-term investments currently valued at $4,107,740 as reported in the Portfolio of Investments. Additional collateral of $4,463,646 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 03/21/2019 | $ | 267,952 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 01/31/2019 to 02/15/2047 | 4,195,694 |
(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
VRS—Variable Rate Security
FRS—Floating Rate Security
The rates shown on FRS and VRS are the current interest rates at November 30, 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
111 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 26,123,759 | $ | — | $ | 26,123,759 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 49,460,268 | 1,349,425 | 50,809,693 | ||||||||||||
Other Industries | — | 38,018,551 | — | 38,018,551 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Banks - Commercial | — | — | 9,520,700 | 9,520,700 | ||||||||||||
Diversified Banking Institutions | — | 11,389,875 | 9,635,000 | 21,024,875 | ||||||||||||
Other Industries | — | 8,615,690 | — | 8,615,690 | ||||||||||||
U.S. Government Agencies | — | 5,254,064 | — | 5,254,064 | ||||||||||||
U.S. Government Treasuries | — | 356,129,397 | — | 356,129,397 | ||||||||||||
Foreign Government Obligations | — | 124,710,117 | — | 124,710,117 | ||||||||||||
Preferred Securities | 194,622 | — | — | 194,622 | ||||||||||||
Preferred Securities/Capital Securities | — | 26,317,799 | — | 26,317,799 | ||||||||||||
Short-Term Investment Securities | 14,000,253 | — | — | 14,000,253 | ||||||||||||
Total Investment at Value | $ | 14,194,875 | $ | 646,019,520 | $ | 20,505,125 | $ | 680,719,520 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
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 05/31/2018 | $ | — | $ | 18,372,760 | ||||
Accrued Discounts | — | 4,025 | ||||||
Accrued Premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | — | 20,000 | ||||||
Change in unrealized depreciation(1) | (52,575 | ) | (239,585 | ) | ||||
Net purchases | 1,402,000 | 998,500 | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of 11/30/2018 | $ | 1,349,425 | $ | 19,155,700 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes: |
U.S. Corporate Bonds & Notes | Foreign Corporate Bonds & Notes | |||||||
$ | (52,575 | ) | $ | (219,585 | ) | |||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2018.
The Fund’s securities classified as Level 3, with a fair value of $20,505,125 at November 30, 2018, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).
See Notes to Financial Statements
112 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 7.5 | % | ||
Banks — Commercial | 5.7 | |||
Diversified Banking Institutions | 5.6 | |||
Oil Companies — Integrated | 4.7 | |||
Auto — Cars/Light Trucks | 3.1 | |||
Telephone — Integrated | 2.6 | |||
Exchange — Traded Funds | 2.6 | |||
Food — Misc./Diversified | 2.6 | |||
Cosmetics & Toiletries | 2.3 | |||
Registered Investment Companies | 2.1 | |||
Insurance — Life/Health | 2.1 | |||
Insurance — Multi-line | 2.0 | |||
Electric — Integrated | 1.9 | |||
Chemicals — Diversified | 1.7 | |||
Real Estate Investment Trusts | 1.7 | |||
Food — Retail | 1.3 | |||
Transport — Rail | 1.3 | |||
Real Estate Operations & Development | 1.1 | |||
Repurchase Agreements | 1.1 | |||
Tobacco | 1.1 | |||
Diversified Minerals | 1.1 | |||
Brewery | 1.1 | |||
Metal — Diversified | 1.1 | |||
Beverages — Wine/Spirits | 1.0 | |||
Import/Export | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Industrial Automated/Robotic | 1.0 | |||
Electronic Components — Misc. | 0.9 | |||
Medical — Biomedical/Gene | 0.9 | |||
Machinery — Electrical | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Medical Products | 0.9 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Chemicals — Specialty | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Gas — Distribution | 0.8 | |||
Finance — Other Services | 0.8 | |||
Cellular Telecom | 0.7 | |||
Commercial Services | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Audio/Video Products | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Computer Services | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Textile — Apparel | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Diversified Operations | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Real Estate Management/Services | 0.5 | |||
Transport — Services | 0.5 | |||
Electric — Generation | 0.5 | |||
Building Products — Cement | 0.5 | |||
Food — Dairy Products | 0.5 | |||
Investment Companies | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Rubber — Tires | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Steel — Producers | 0.4 | |||
Industrial Gases | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Multimedia | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Telecom Services | 0.4 |
Toys | 0.4 | % | ||
Aerospace/Defense | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Athletic Footwear | 0.3 | |||
Human Resources | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Food — Catering | 0.3 | |||
Dialysis Centers | 0.3 | |||
Paper & Related Products | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Hotels/Motels | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Machinery — General Industrial | 0.2 | |||
Casino Hotels | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Transactional Software | 0.2 | |||
Wireless Equipment | 0.2 | |||
Coatings/Paint | 0.2 | |||
Machinery — Farming | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Beverages —Non-alcoholic | 0.2 | |||
Optical Supplies | 0.2 | |||
Networking Products | 0.2 | |||
Finance — Leasing Companies | 0.2 | |||
Advertising Services | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Medical Instruments | 0.2 | |||
Photo Equipment & Supplies | 0.2 | |||
Electric — Distribution | 0.2 | |||
Gold Mining | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Electric — Transmission | 0.2 | |||
Airport Development/Maintenance | 0.1 | |||
Security Services | 0.1 | |||
Water | 0.1 | |||
Airlines | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Transport — Marine | 0.1 | |||
Food — Confectionery | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Entertainment Software | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Computer Aided Design | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Computer Data Security | 0.1 | |||
Casino Services | 0.1 | |||
Advertising Agencies | 0.1 | |||
Private Equity | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Electronics — Military | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Fisheries | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Satellite Telecom | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Bicycle Manufacturing | 0.1 |
113 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Cruise Lines | 0.1 | % | ||
Retail — Home Furnishings | 0.1 | |||
Pipelines | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Printing — Commercial | 0.1 | |||
Gas — Transportation | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Food — Meat Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Retail — Discount | 0.1 | |||
Travel Services | 0.1 | |||
Applications Software | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Internet Security | 0.1 | |||
Retail — Building Products | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Leisure Products | 0.1 | |||
Motorcycle/Motor Scooter | 0.1 | |||
101.2 | % | |||
* | Calculated as a percentage of net assets |
Country Allocation*
Japan | 23.6 | % | ||
United Kingdom | 15.3 | |||
France | 9.5 | |||
Germany | 8.4 | |||
Switzerland | 8.3 | |||
Australia | 6.5 | |||
United States | 5.9 | |||
Netherlands | 4.2 | |||
Spain | 2.9 | |||
Hong Kong | 2.5 | |||
Sweden | 2.3 | |||
Italy | 1.8 | |||
Denmark | 1.6 | |||
Singapore | 1.2 | |||
Finland | 1.2 | |||
Jersey | 1.1 | |||
Belgium | 1.0 | |||
Norway | 0.7 | |||
Cayman Islands | 0.6 | |||
Ireland | 0.5 | |||
Israel | 0.5 | |||
Bermuda | 0.4 | |||
Luxembourg | 0.3 | |||
SupraNational | 0.2 | |||
Austria | 0.2 | |||
New Zealand | 0.2 | |||
Portugal | 0.2 | |||
Papua New Guinea | 0.1 | |||
101.2 | % | |||
114 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.3% |
| |||||||
Australia — 6.5% |
| |||||||
AGL Energy, Ltd. | 49,529 | $ | 681,008 | |||||
Alumina, Ltd. | 202,302 | 329,825 | ||||||
Amcor, Ltd. | 90,318 | 888,214 | ||||||
AMP, Ltd. | 226,329 | 403,112 | ||||||
APA Group | 86,579 | 558,314 | ||||||
Aristocrat Leisure, Ltd. | 44,028 | 761,620 | ||||||
ASX, Ltd. | 15,296 | 676,604 | ||||||
Aurizon Holdings, Ltd. | 153,937 | 475,418 | ||||||
AusNet Services | 134,686 | 152,419 | ||||||
Australia & New Zealand Banking Group, Ltd. | 220,638 | 4,334,889 | ||||||
Bank of Queensland, Ltd. | 28,533 | 207,110 | ||||||
Bendigo & Adelaide Bank, Ltd. | 34,438 | 269,267 | ||||||
BGP Holdings PLC†(1)(2) | 835,027 | 182 | ||||||
BHP Billiton, Ltd. | 245,334 | 5,451,728 | ||||||
BlueScope Steel, Ltd. | 43,496 | 359,751 | ||||||
Boral, Ltd. | 88,786 | 332,297 | ||||||
Brambles, Ltd. | 120,069 | 904,111 | ||||||
Caltex Australia, Ltd. | 20,939 | 422,165 | ||||||
Challenger, Ltd. | 44,293 | 309,663 | ||||||
CIMIC Group, Ltd. | 8,179 | 244,003 | ||||||
Coca-Cola Amatil, Ltd. | 38,634 | 243,998 | ||||||
Cochlear, Ltd. | 4,542 | 565,601 | ||||||
Coles Group, Ltd.† | 86,946 | 744,157 | ||||||
Commonwealth Bank of Australia | 133,562 | 6,966,732 | ||||||
Computershare, Ltd. | 37,645 | 501,559 | ||||||
Crown Resorts, Ltd. | 28,859 | 247,566 | ||||||
CSL, Ltd. | 34,424 | 4,482,671 | ||||||
Dexus | 74,005 | 566,600 | ||||||
Domino’s Pizza Enterprises, Ltd.# | 4,663 | 157,224 | ||||||
Flight Centre Travel Group, Ltd.# | 4,505 | 161,429 | ||||||
Fortescue Metals Group, Ltd. | 119,217 | 348,628 | ||||||
Goodman Group | 124,972 | 938,529 | ||||||
GPT Group | 133,930 | 516,499 | ||||||
Harvey Norman Holdings, Ltd.# | 42,370 | 97,903 | ||||||
Healthscope, Ltd. | 124,918 | 206,397 | ||||||
Incitec Pivot, Ltd. | 132,250 | 365,199 | ||||||
Insurance Australia Group, Ltd. | 181,729 | 970,139 | ||||||
LendLease Group | 43,808 | 406,403 | ||||||
Macquarie Group, Ltd. | 24,560 | 2,066,942 | ||||||
Medibank Private, Ltd. | 215,182 | 382,255 | ||||||
Mirvac Group | 294,148 | 472,216 | ||||||
National Australia Bank, Ltd. | 207,109 | 3,736,499 | ||||||
Newcrest Mining, Ltd. | 59,695 | 906,641 | ||||||
Orica, Ltd. | 29,723 | 382,010 | ||||||
Origin Energy, Ltd.† | 134,338 | 636,393 | ||||||
QBE Insurance Group, Ltd. | 105,694 | 876,857 | ||||||
Ramsay Health Care, Ltd. | 10,600 | 421,720 | ||||||
REA Group, Ltd. | 4,257 | 237,743 | ||||||
Rio Tinto, Ltd. | 31,588 | 1,694,074 | ||||||
Santos, Ltd. | 142,529 | 577,419 | ||||||
Scentre Group | 405,621 | 1,157,479 | ||||||
SEEK, Ltd. | 26,513 | 359,409 | ||||||
Sonic Healthcare, Ltd. | 30,348 | 507,504 | ||||||
South32, Ltd. | 400,166 | 912,511 | ||||||
Stockland | 184,857 | 492,732 | ||||||
Suncorp Group, Ltd. | 97,683 | 954,843 | ||||||
Sydney Airport | 86,856 | 432,124 | ||||||
Tabcorp Holdings, Ltd. | 148,882 | 468,851 | ||||||
Telstra Corp., Ltd. | 312,883 | 670,987 | ||||||
TPG Telecom, Ltd.# | 26,010 | 137,017 | ||||||
Transurban Group | 199,348 | 1,660,885 | ||||||
Treasury Wine Estates, Ltd. | 56,335 | 587,118 | ||||||
Vicinity Centres | 259,653 | 507,338 | ||||||
Wesfarmers, Ltd. | 86,946 | 2,010,082 | ||||||
Westpac Banking Corp. | 259,594 | 4,940,693 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Woodside Petroleum, Ltd. | 71,364 | $ | 1,625,096 | |||||
Woolworths Group, Ltd. | 100,117 | 2,122,138 | ||||||
68,186,510 | ||||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 5,819 | 280,049 | ||||||
Erste Group Bank AG | 22,163 | 874,812 | ||||||
OMV AG | 11,482 | 582,350 | ||||||
Raiffeisen Bank International AG | 11,303 | 333,889 | ||||||
voestalpine AG | 8,856 | 294,604 | ||||||
2,365,704 | ||||||||
Belgium — 1.0% |
| |||||||
Ageas | 14,223 | 686,906 | ||||||
Anheuser-Busch InBev SA# | 57,989 | 4,463,329 | ||||||
Colruyt SA | 5,107 | 326,401 | ||||||
Groupe Bruxelles Lambert SA | 6,455 | 581,314 | ||||||
KBC Group NV | 19,186 | 1,380,774 | ||||||
Proximus SADP | 12,086 | 334,547 | ||||||
Solvay SA | 5,696 | 616,285 | ||||||
Telenet Group Holding NV | 4,203 | 208,574 | ||||||
UCB SA | 9,951 | 836,773 | ||||||
Umicore SA | 16,021 | 695,626 | ||||||
10,130,529 | ||||||||
Bermuda — 0.4% |
| |||||||
CK Infrastructure Holdings, Ltd. | 50,500 | 384,012 | ||||||
Dairy Farm International Holdings, Ltd. | 26,026 | 229,210 | ||||||
Hongkong Land Holdings, Ltd. | 89,800 | 584,970 | ||||||
Jardine Matheson Holdings, Ltd. | 16,486 | 1,091,812 | ||||||
Jardine Strategic Holdings, Ltd. | 16,561 | 639,109 | ||||||
Kerry Properties, Ltd. | 50,000 | 172,168 | ||||||
Li & Fung, Ltd.# | 456,000 | 93,673 | ||||||
NWS Holdings, Ltd. | 116,000 | 244,160 | ||||||
Shangri-La Asia, Ltd. | 82,000 | 116,321 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 56,500 | 164,281 | ||||||
3,719,716 | ||||||||
Cayman Islands — 0.6% |
| |||||||
ASM Pacific Technology, Ltd. | 23,200 | 237,990 | ||||||
CK Asset Holdings, Ltd. | 198,808 | 1,436,112 | ||||||
CK Hutchison Holdings, Ltd. | 205,808 | 2,157,087 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 18,882 | 341,198 | ||||||
MGM China Holdings, Ltd.# | 74,800 | 128,435 | ||||||
Minth Group, Ltd. | 55,629 | 187,668 | ||||||
Sands China, Ltd. | 190,000 | 826,464 | ||||||
WH Group, Ltd.* | 666,500 | 486,345 | ||||||
Wharf Real Estate Investment Co., Ltd. | 93,000 | 560,943 | ||||||
Wynn Macau, Ltd. | 123,200 | 281,907 | ||||||
6,644,149 | ||||||||
Denmark — 1.6% |
| |||||||
AP Moller-Maersk A/S, Series A | 302 | 399,600 | ||||||
AP Moller-Maersk A/S, Series B# | 487 | 693,214 | ||||||
Carlsberg A/S, Class B | 8,160 | 903,791 | ||||||
Chr. Hansen Holding A/S | 7,586 | 685,106 | ||||||
Coloplast A/S, Class B | 8,844 | 843,499 | ||||||
Danske Bank A/S | 56,193 | 1,122,012 | ||||||
DSV A/S | 14,372 | 1,099,975 | ||||||
Genmab A/S† | 4,680 | 711,316 | ||||||
H. Lundbeck A/S | 5,263 | 216,883 | ||||||
ISS A/S | 12,692 | 411,555 | ||||||
Novo Nordisk A/S, Class B | 138,508 | 6,455,853 | ||||||
Novozymes A/S, Class B | 17,028 | 793,186 | ||||||
Orsted A/S* | 14,286 | 931,192 | ||||||
Pandora A/S# | 8,411 | 454,403 |
115 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Tryg A/S | 8,541 | $ | 213,002 | |||||
Vestas Wind Systems A/S | 14,897 | 1,115,868 | ||||||
William Demant Holding A/S†# | 7,696 | 224,805 | ||||||
17,275,260 | ||||||||
Finland — 1.2% |
| |||||||
Elisa Oyj | 11,489 | 460,825 | ||||||
Fortum Oyj | 35,081 | 731,534 | ||||||
Kone Oyj, Class B | 26,180 | 1,297,352 | ||||||
Metso Oyj | 8,920 | 255,071 | ||||||
Neste Oyj | 10,032 | 784,876 | ||||||
Nokia Oyj | 429,687 | 2,370,786 | ||||||
Nokian Renkaat Oyj | 8,985 | 287,697 | ||||||
Nordea Bank Abp | 232,041 | 2,059,239 | ||||||
Orion Oyj, Class B | 7,933 | 265,627 | ||||||
Sampo Oyj, Class A | 34,288 | 1,531,212 | ||||||
Stora Enso Oyj, Class R | 43,889 | 559,630 | ||||||
UPM-Kymmene Oyj | 40,729 | 1,085,678 | ||||||
Wartsila Oyj Abp | 35,181 | 573,367 | ||||||
12,262,894 | ||||||||
France — 9.5% |
| |||||||
Accor SA | 13,526 | 600,559 | ||||||
Aeroports de Paris# | 2,358 | 458,536 | ||||||
Air Liquide SA | 32,340 | 3,910,353 | ||||||
Alstom SA | 11,761 | 516,270 | ||||||
Amundi SA* | 4,575 | 262,223 | ||||||
Arkema SA | 5,087 | 482,987 | ||||||
Atos SE | 7,157 | 610,059 | ||||||
AXA SA | 146,800 | 3,578,052 | ||||||
BioMerieux | 3,083 | 217,826 | ||||||
BNP Paribas SA | 85,525 | 4,307,428 | ||||||
Bollore SA | 67,322 | 295,728 | ||||||
Bouygues SA | 16,706 | 642,712 | ||||||
Bureau Veritas SA | 20,471 | 453,459 | ||||||
Capgemini SE | 12,155 | 1,419,033 | ||||||
Carrefour SA | 42,830 | 772,191 | ||||||
Casino Guichard Perrachon SA# | 4,479 | 202,485 | ||||||
Cie de Saint-Gobain | 37,729 | 1,398,855 | ||||||
Cie Generale des Etablissements Michelin SCA | 13,083 | 1,369,959 | ||||||
CNP Assurances | 13,685 | 314,012 | ||||||
Covivio | 2,799 | 273,162 | ||||||
Credit Agricole SA | 84,996 | 1,056,039 | ||||||
Danone SA | 46,941 | 3,513,139 | ||||||
Dassault Aviation SA | 173 | 264,473 | ||||||
Dassault Systemes SE | 9,807 | 1,181,785 | ||||||
Edenred | 17,948 | 686,484 | ||||||
Eiffage SA | 6,095 | 581,542 | ||||||
Electricite de France SA | 44,632 | 735,390 | ||||||
Engie SA | 138,795 | 1,957,735 | ||||||
EssilorLuxottica SA | 15,662 | 1,989,411 | ||||||
Eurazeo SE | 3,693 | 277,092 | ||||||
Eutelsat Communications SA | 12,083 | 258,011 | ||||||
Faurecia SA | 5,730 | 224,766 | ||||||
Gecina SA | 3,521 | 493,594 | ||||||
Getlink | 37,353 | 485,674 | ||||||
Hermes International | 2,410 | 1,309,336 | ||||||
ICADE | 2,951 | 233,950 | ||||||
Iliad SA | 2,096 | 283,711 | ||||||
Imerys SA | 2,729 | 146,509 | ||||||
Ingenico Group SA | 4,250 | 307,233 | ||||||
Ipsen SA | 2,850 | 367,635 | ||||||
JCDecaux SA | 5,304 | 180,246 | ||||||
Kering SA | 5,755 | 2,520,522 | ||||||
Klepierre SA | 15,797 | 518,635 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
L’Oreal SA | 19,104 | $ | 4,515,973 | |||||
Legrand SA | 20,636 | 1,264,180 | ||||||
LVMH Moet Hennessy Louis Vuitton SE# | 21,271 | 6,121,406 | ||||||
Natixis SA | 73,401 | 407,384 | ||||||
Orange SA | 151,593 | 2,606,848 | ||||||
Pernod Ricard SA# | 16,270 | 2,602,492 | ||||||
Peugeot SA | 44,558 | 979,526 | ||||||
Publicis Groupe SA | 15,466 | 917,225 | ||||||
Remy Cointreau SA | 1,912 | 221,536 | ||||||
Renault SA | 14,551 | 1,023,103 | ||||||
Rexel SA | 23,208 | 278,488 | ||||||
Safran SA | 25,265 | 3,169,891 | ||||||
Sanofi | 86,166 | 7,798,507 | ||||||
Schneider Electric SE | 41,636 | 3,031,880 | ||||||
SCOR SE | 13,018 | 625,925 | ||||||
SEB SA | 1,712 | 246,501 | ||||||
Societe BIC SA | 2,293 | 246,325 | ||||||
Societe Generale SA | 58,498 | 2,154,296 | ||||||
Sodexo SA | 6,886 | 713,222 | ||||||
Suez | 27,947 | 416,170 | ||||||
Teleperformance | 4,394 | 729,461 | ||||||
Thales SA | 7,968 | 980,499 | ||||||
TOTAL SA | 182,397 | 10,153,697 | ||||||
Ubisoft Entertainment SA† | 5,994 | 490,880 | ||||||
Valeo SA | 18,041 | 518,076 | ||||||
Veolia Environnement SA | 40,591 | 867,087 | ||||||
Vinci SA | 38,207 | 3,345,027 | ||||||
Vivendi SA | 77,792 | 1,942,072 | ||||||
Wendel SA | 2,211 | 268,711 | ||||||
100,295,189 | ||||||||
Germany — 8.4% |
| |||||||
1&1 Drillisch AG | 4,022 | 201,873 | ||||||
adidas AG | 14,359 | 3,167,050 | ||||||
Allianz SE | 33,672 | 7,111,634 | ||||||
Axel Springer SE | 3,159 | 201,432 | ||||||
BASF SE | 70,019 | 5,100,290 | ||||||
Bayer AG | 71,090 | 5,192,152 | ||||||
Bayerische Motoren Werke AG | 25,002 | 2,044,031 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 4,268 | 309,885 | ||||||
Beiersdorf AG | 8,023 | 858,117 | ||||||
Brenntag AG | 11,954 | 552,644 | ||||||
Commerzbank AG† | 76,465 | 658,587 | ||||||
Continental AG | 8,490 | 1,270,687 | ||||||
Covestro AG* | 14,695 | 845,335 | ||||||
Daimler AG | 69,501 | 3,909,919 | ||||||
Delivery Hero SE†* | 7,040 | 258,330 | ||||||
Deutsche Bank AG | 149,819 | 1,368,115 | ||||||
Deutsche Boerse AG | 14,564 | 1,861,478 | ||||||
Deutsche Lufthansa AG | 18,828 | 457,778 | ||||||
Deutsche Post AG | 75,261 | 2,393,424 | ||||||
Deutsche Telekom AG | 252,380 | 4,425,574 | ||||||
Deutsche Wohnen SE | 26,949 | 1,292,176 | ||||||
E.ON SE | 166,642 | 1,701,149 | ||||||
Evonik Industries AG | 12,313 | 330,753 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,972 | 218,534 | ||||||
Fresenius Medical Care AG & Co. KGaA | 16,230 | 1,319,833 | ||||||
Fresenius SE & Co. KGaA | 31,586 | 1,792,909 | ||||||
Fuchs Petrolub SE (Preference Shares) | 5,792 | 239,560 | ||||||
GEA Group AG | 14,246 | 384,680 | ||||||
Hannover Rueck SE | 4,797 | 666,428 | ||||||
HeidelbergCement AG | 11,196 | 743,964 | ||||||
Henkel AG & Co. KGaA | 8,138 | 838,076 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 13,597 | 1,568,761 | ||||||
HOCHTIEF AG | 1,568 | 222,483 |
116 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
HUGO BOSS AG | 5,210 | $ | 359,683 | |||||
Infineon Technologies AG | 86,414 | 1,810,439 | ||||||
Innogy SE* | 10,525 | 481,334 | ||||||
K+S AG | 13,787 | 241,957 | ||||||
KION Group AG | 5,376 | 301,205 | ||||||
LANXESS AG | 6,662 | 365,424 | ||||||
MAN SE | 2,793 | 285,617 | ||||||
Merck KGaA | 10,031 | 1,106,149 | ||||||
METRO AG | 12,925 | 198,364 | ||||||
MTU Aero Engines AG | 3,896 | 810,514 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 11,399 | 2,473,184 | ||||||
OSRAM Licht AG | 7,527 | 344,681 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 11,683 | 747,662 | ||||||
ProSiebenSat.1 Media SE | 17,080 | 346,553 | ||||||
Puma SE | 636 | 319,047 | ||||||
RWE AG | 38,499 | 832,359 | ||||||
SAP SE | 74,857 | 7,699,710 | ||||||
Sartorius AG (Preference Shares) | 2,710 | 346,325 | ||||||
Schaeffler AG (Preference Shares) | 12,778 | 109,964 | ||||||
Siemens AG | 58,250 | 6,746,600 | ||||||
Siemens Healthineers AG†* | 11,408 | 493,895 | ||||||
Symrise AG | 9,627 | 776,693 | ||||||
Telefonica Deutschland Holding AG | 56,867 | 230,799 | ||||||
thyssenkrupp AG | 33,940 | 635,057 | ||||||
TUI AG | 33,617 | 478,819 | ||||||
Uniper SE | 15,193 | 390,587 | ||||||
United Internet AG | 9,359 | 421,333 | ||||||
Volkswagen AG | 2,476 | 408,916 | ||||||
Volkswagen AG (Preference Shares) | 14,054 | 2,368,548 | ||||||
Vonovia SE | 37,014 | 1,790,964 | ||||||
Wirecard AG | 8,922 | 1,349,065 | ||||||
Zalando SE†* | 8,449 | 262,095 | ||||||
89,041,183 | ||||||||
Hong Kong — 2.5% |
| |||||||
AIA Group, Ltd. | 917,800 | 7,527,982 | ||||||
Bank of East Asia, Ltd. | 91,800 | 309,940 | ||||||
BOC Hong Kong Holdings, Ltd. | 284,500 | 1,112,597 | ||||||
CLP Holdings, Ltd. | 127,000 | 1,399,939 | ||||||
Galaxy Entertainment Group, Ltd. | 182,000 | 1,124,942 | ||||||
Hang Lung Group, Ltd. | 65,000 | 180,271 | ||||||
Hang Lung Properties, Ltd. | 157,000 | 317,833 | ||||||
Hang Seng Bank, Ltd. | 58,500 | 1,354,152 | ||||||
Henderson Land Development Co., Ltd. | 99,938 | 513,420 | ||||||
Hong Kong & China Gas Co., Ltd. | 703,924 | 1,419,646 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 90,000 | 2,635,868 | ||||||
Hysan Development Co., Ltd. | 47,000 | 224,653 | ||||||
Link REIT | 167,500 | 1,594,754 | ||||||
MTR Corp., Ltd. | 111,500 | 578,544 | ||||||
New World Development Co., Ltd. | 436,000 | 586,144 | ||||||
PCCW, Ltd. | 317,000 | 185,959 | ||||||
Power Assets Holdings, Ltd. | 108,000 | 731,539 | ||||||
Sino Land Co., Ltd. | 230,000 | 395,622 | ||||||
SJM Holdings, Ltd. | 151,000 | 136,034 | ||||||
Sun Hung Kai Properties, Ltd. | 122,500 | 1,750,218 | ||||||
Swire Pacific, Ltd., Class A | 41,000 | 453,240 | ||||||
Swire Properties, Ltd. | 90,800 | 317,367 | ||||||
Techtronic Industries Co., Ltd. | 107,500 | 581,511 | ||||||
Wharf Holdings, Ltd. | 93,000 | 249,637 | ||||||
Wheelock & Co., Ltd. | 62,000 | 356,886 | ||||||
26,038,698 | ||||||||
Ireland — 0.5% |
| |||||||
AIB Group PLC | 61,793 | 271,344 | ||||||
Bank of Ireland Group PLC | 72,372 | 458,282 |
Security Description | Shares | Value (Note 2) | ||||||
Ireland (continued) |
| |||||||
CRH PLC | 63,789 | $ | 1,762,900 | |||||
DCC PLC | 6,768 | 511,264 | ||||||
James Hardie Industries PLC CDI | 33,930 | 397,675 | ||||||
Kerry Group PLC, Class A | 12,098 | 1,250,578 | ||||||
Paddy Power Betfair PLC | 6,479 | 582,557 | ||||||
Smurfit Kappa Group PLC | 17,156 | 463,599 | ||||||
5,698,199 | ||||||||
Isle of Man — 0.0% |
| |||||||
GVC Holdings PLC | 41,433 | 391,515 | ||||||
Israel — 0.5% |
| |||||||
Azrieli Group, Ltd. | 2,835 | 142,465 | ||||||
Bank Hapoalim B.M. | 83,519 | 574,455 | ||||||
Bank LeumiLe-Israel B.M. | 104,803 | 689,416 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 151,008 | 174,710 | ||||||
Check Point Software Technologies, Ltd.† | 9,953 | 1,112,845 | ||||||
Elbit Systems, Ltd. | 1,778 | 218,820 | ||||||
Israel Chemicals, Ltd. | 54,467 | 320,909 | ||||||
Mizrahi Tefahot Bank, Ltd. | 10,898 | 198,322 | ||||||
NICE, Ltd.† | 4,621 | 536,756 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR | 73,740 | 1,588,360 | ||||||
5,557,058 | ||||||||
Italy — 1.8% |
| |||||||
Assicurazioni Generali SpA | 89,354 | 1,510,370 | ||||||
Atlantia SpA | 37,666 | 773,645 | ||||||
Davide Campari-Milano SpA | 43,370 | 362,450 | ||||||
Enel SpA | 620,097 | 3,364,281 | ||||||
Eni SpA | 194,666 | 3,140,470 | ||||||
Intesa Sanpaolo SpA | 1,134,376 | 2,631,917 | ||||||
Leonardo SpA | 31,206 | 309,038 | ||||||
Luxottica Group SpA | 13,293 | 775,188 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 47,292 | 418,191 | ||||||
Moncler SpA | 13,639 | 445,950 | ||||||
Pirelli & C SpA†* | 30,626 | 216,068 | ||||||
Poste Italiane SpA* | 39,914 | 303,890 | ||||||
Prysmian SpA | 18,311 | 335,399 | ||||||
Recordati SpA | 7,907 | 254,875 | ||||||
Snam SpA | 174,196 | 763,592 | ||||||
Telecom Italia SpA† | 863,229 | 562,117 | ||||||
Telecom Italia SpA (RSP) | 482,839 | 272,599 | ||||||
Terna Rete Elettrica Nazionale SpA# | 108,462 | 606,521 | ||||||
UniCredit SpA | 152,406 | 1,966,243 | ||||||
19,012,804 | ||||||||
Japan — 23.6% |
| |||||||
ABC-Mart, Inc.# | 2,500 | 140,510 | ||||||
Acom Co., Ltd.# | 31,600 | 116,083 | ||||||
Aeon Co., Ltd. | 46,800 | 1,121,815 | ||||||
AEON Financial Service Co., Ltd. | 8,700 | 168,612 | ||||||
Aeon Mall Co., Ltd. | 8,800 | 158,224 | ||||||
AGC, Inc. | 14,200 | 482,236 | ||||||
Air Water, Inc. | 12,300 | 199,218 | ||||||
Aisin Seiki Co., Ltd. | 12,400 | 490,836 | ||||||
Ajinomoto Co., Inc. | 35,100 | 606,825 | ||||||
Alfresa Holdings Corp. | 13,800 | 368,834 | ||||||
Alps Electric Co., Ltd. | 15,202 | 352,345 | ||||||
Amada Holdings Co., Ltd. | 26,600 | 288,909 | ||||||
ANA Holdings, Inc. | 9,300 | 331,888 | ||||||
Aozora Bank, Ltd. | 8,900 | 292,616 | ||||||
Asahi Group Holdings, Ltd. | 27,700 | 1,160,074 | ||||||
Asahi Kasei Corp. | 97,700 | 1,070,547 | ||||||
Asics Corp. | 12,500 | 180,072 | ||||||
Astellas Pharma, Inc. | 143,400 | 2,203,773 | ||||||
Bandai Namco Holdings, Inc. | 15,100 | 634,914 |
117 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Bank of Kyoto, Ltd. | 4,000 | $ | 192,397 | |||||
Benesse Holdings, Inc. | 5,100 | 151,407 | ||||||
Bridgestone Corp. | 46,400 | 1,881,352 | ||||||
Brother Industries, Ltd. | 18,500 | 309,481 | ||||||
Calbee, Inc. | 5,700 | 188,803 | ||||||
Canon, Inc. | 76,800 | 2,177,699 | ||||||
Casio Computer Co., Ltd. | 16,500 | 230,228 | ||||||
Central Japan Railway Co. | 10,900 | 2,246,078 | ||||||
Chiba Bank, Ltd. | 45,900 | 301,482 | ||||||
Chubu Electric Power Co., Inc. | 46,600 | 698,702 | ||||||
Chugai Pharmaceutical Co., Ltd. | 17,500 | 1,198,504 | ||||||
Chugoku Electric Power Co., Inc. | 21,300 | 269,158 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 9,402 | 269,185 | ||||||
Concordia Financial Group, Ltd. | 90,000 | 422,895 | ||||||
Credit Saison Co., Ltd. | 11,500 | 147,713 | ||||||
CyberAgent, Inc. | 7,749 | 353,724 | ||||||
CYBERDYNE, Inc.† | 7,721 | 55,005 | ||||||
Dai Nippon Printing Co., Ltd. | 19,600 | 453,629 | ||||||
Dai-ichi Life Holdings, Inc. | 81,300 | 1,418,027 | ||||||
Daicel Corp. | 20,400 | 228,234 | ||||||
Daifuku Co., Ltd. | 7,491 | 383,409 | ||||||
Daiichi Sankyo Co., Ltd. | 43,200 | 1,585,820 | ||||||
Daikin Industries, Ltd. | 18,900 | 2,101,620 | ||||||
Daito Trust Construction Co., Ltd. | 5,600 | 731,962 | ||||||
Daiwa House Industry Co., Ltd. | 43,000 | 1,355,182 | ||||||
Daiwa House REIT Investment Corp. | 129 | 292,399 | ||||||
Daiwa Securities Group, Inc. | 128,900 | 714,294 | ||||||
DeNA Co., Ltd. | 8,000 | 148,484 | ||||||
Denso Corp. | 33,200 | 1,534,602 | ||||||
Dentsu, Inc. | 16,400 | 733,974 | ||||||
Disco Corp. | 2,200 | 320,751 | ||||||
Don Quijote Holdings Co., Ltd. | 9,300 | 564,489 | ||||||
East Japan Railway Co. | 23,600 | 2,145,549 | ||||||
Eisai Co., Ltd. | 19,100 | 1,758,590 | ||||||
Electric Power Development Co., Ltd. | 11,000 | 283,152 | ||||||
FamilyMart UNY Holdings Co., Ltd. | 4,800 | 681,520 | ||||||
FANUC Corp. | 14,700 | 2,533,772 | ||||||
Fast Retailing Co., Ltd. | 4,400 | 2,288,473 | ||||||
Fuji Electric Co., Ltd. | 8,700 | 273,228 | ||||||
FUJIFILM Holdings Corp. | 29,500 | 1,172,880 | ||||||
Fujitsu, Ltd. | 15,100 | 929,425 | ||||||
Fukuoka Financial Group, Inc. | 11,700 | 267,100 | ||||||
Hakuhodo DY Holdings, Inc. | 18,300 | 280,420 | ||||||
Hamamatsu Photonics KK | 10,800 | 376,077 | ||||||
Hankyu Hanshin Holdings, Inc. | 17,800 | 603,709 | ||||||
Hikari Tsushin, Inc. | 1,600 | 255,261 | ||||||
Hino Motors, Ltd. | 19,700 | 201,313 | ||||||
Hirose Electric Co., Ltd. | 2,535 | 267,526 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,400 | 281,020 | ||||||
Hitachi Chemical Co., Ltd. | 8,100 | 129,047 | ||||||
Hitachi Construction Machinery Co., Ltd. | 8,500 | 234,749 | ||||||
Hitachi High-Technologies Corp. | 4,700 | 167,641 | ||||||
Hitachi Metals, Ltd. | 17,400 | 196,067 | ||||||
Hitachi, Ltd. | 73,600 | 2,131,849 | ||||||
Honda Motor Co., Ltd. | 124,300 | 3,507,644 | ||||||
Hoshizaki Corp. | 4,200 | 326,105 | ||||||
Hoya Corp. | 29,400 | 1,804,735 | ||||||
Hulic Co., Ltd. | 23,000 | 210,316 | ||||||
Idemitsu Kosan Co., Ltd. | 10,500 | 382,363 | ||||||
IHI Corp. | 11,900 | 362,194 | ||||||
Iida Group Holdings Co., Ltd. | 11,300 | 199,391 | ||||||
Inpex Corp. | 78,000 | 829,277 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 26,100 | 301,892 | ||||||
Isuzu Motors, Ltd. | 42,000 | 598,362 | ||||||
ITOCHU Corp. | 107,900 | 1,917,701 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
J. Front Retailing Co., Ltd. | 18,700 | $ | 256,239 | |||||
Japan Airlines Co., Ltd. | 9,500 | 342,624 | ||||||
Japan Airport Terminal Co., Ltd. | 3,200 | 124,318 | ||||||
Japan Exchange Group, Inc. | 40,700 | 733,848 | ||||||
Japan Post Bank Co., Ltd. | 31,700 | 370,453 | ||||||
Japan Post Holdings Co., Ltd. | 122,800 | 1,495,445 | ||||||
Japan Prime Realty Investment Corp. | 60 | 234,418 | ||||||
Japan Real Estate Investment Corp. | 99 | 547,033 | ||||||
Japan Retail Fund Investment Corp. | 193 | 370,365 | ||||||
Japan Tobacco, Inc. | 84,000 | 2,089,363 | ||||||
JFE Holdings, Inc. | 38,700 | 682,778 | ||||||
JGC Corp. | 15,300 | 223,648 | ||||||
JSR Corp. | 13,900 | 223,818 | ||||||
JTEKT Corp. | 15,900 | 202,426 | ||||||
JXTG Holdings, Inc. | 248,700 | 1,505,275 | ||||||
Kajima Corp. | 33,600 | 465,392 | ||||||
Kakaku.com, Inc. | 11,500 | 231,591 | ||||||
Kamigumi Co., Ltd. | 8,000 | 179,746 | ||||||
Kaneka Corp. | 4,200 | 157,248 | ||||||
Kansai Electric Power Co., Inc. | 55,300 | 830,121 | ||||||
Kansai Paint Co., Ltd. | 15,500 | 290,697 | ||||||
Kao Corp. | 37,600 | 2,770,462 | ||||||
Kawasaki Heavy Industries, Ltd. | 11,200 | 260,943 | ||||||
KDDI Corp. | 135,100 | 3,170,562 | ||||||
Keihan Holdings Co., Ltd. | 7,700 | 321,526 | ||||||
Keikyu Corp. | 17,599 | 280,974 | ||||||
Keio Corp. | 7,900 | 437,052 | ||||||
Keisei Electric Railway Co., Ltd. | 10,100 | 327,593 | ||||||
Keyence Corp. | 7,400 | 4,015,681 | ||||||
Kikkoman Corp. | 10,600 | 618,174 | ||||||
Kintetsu Group Holdings Co., Ltd. | 13,300 | 554,418 | ||||||
Kirin Holdings Co., Ltd. | 62,900 | 1,476,708 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 3,601 | 250,828 | ||||||
Kobe Steel, Ltd. | 23,900 | 196,649 | ||||||
Koito Manufacturing Co., Ltd. | 8,000 | 429,194 | ||||||
Komatsu, Ltd. | 70,400 | 1,881,013 | ||||||
Konami Holdings Corp. | 7,800 | 350,925 | ||||||
Konica Minolta, Inc. | 38,100 | 343,023 | ||||||
Kose Corp. | 2,279 | 340,290 | ||||||
Kubota Corp. | 75,300 | 1,285,963 | ||||||
Kuraray Co., Ltd. | 24,100 | 374,509 | ||||||
Kurita Water Industries, Ltd. | 7,900 | 212,105 | ||||||
Kyocera Corp. | 24,500 | 1,323,096 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 19,400 | 397,690 | ||||||
Kyushu Electric Power Co., Inc. | 29,100 | 341,807 | ||||||
Kyushu Railway Co. | 12,300 | 406,508 | ||||||
Lawson, Inc. | 3,700 | 242,230 | ||||||
LINE Corp.†# | 5,500 | 195,077 | ||||||
Lion Corp. | 16,900 | 333,340 | ||||||
LIXIL Group Corp. | 20,800 | 269,766 | ||||||
M3, Inc. | 32,800 | 533,783 | ||||||
Mabuchi Motor Co., Ltd. | 3,600 | 125,428 | ||||||
Makita Corp. | 16,900 | 663,256 | ||||||
Marubeni Corp. | 120,300 | 899,003 | ||||||
Marui Group Co., Ltd. | 15,800 | 340,730 | ||||||
Maruichi Steel Tube, Ltd. | 3,500 | 103,969 | ||||||
Mazda Motor Corp. | 42,700 | 455,424 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 5,000 | 224,199 | ||||||
Mebuki Financial Group, Inc. | 71,700 | 216,808 | ||||||
Medipal Holdings Corp. | 12,900 | 296,729 | ||||||
MEIJI Holdings Co., Ltd. | 9,300 | 731,613 | ||||||
Minebea Mitsumi, Inc. | 28,700 | 465,713 | ||||||
MISUMI Group, Inc. | 20,900 | 477,282 | ||||||
Mitsubishi Chemical Holdings Corp. | 97,800 | 800,045 | ||||||
Mitsubishi Corp. | 103,000 | 2,780,362 |
118 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Mitsubishi Electric Corp. | 139,200 | $ | 1,838,635 | |||||
Mitsubishi Estate Co., Ltd. | 90,200 | 1,447,587 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 12,500 | 205,451 | ||||||
Mitsubishi Heavy Industries, Ltd. | 23,800 | 905,119 | ||||||
Mitsubishi Materials Corp. | 8,500 | 239,223 | ||||||
Mitsubishi Motors Corp. | 51,100 | 314,971 | ||||||
Mitsubishi Tanabe Pharma Corp. | 17,500 | 268,709 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 903,900 | 4,932,226 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 31,100 | 169,589 | ||||||
Mitsui & Co., Ltd. | 126,200 | 1,983,307 | ||||||
Mitsui Chemicals, Inc. | 14,300 | 365,041 | ||||||
Mitsui Fudosan Co., Ltd. | 68,900 | 1,647,919 | ||||||
Mitsui OSK Lines, Ltd. | 8,499 | 199,831 | ||||||
Mizuho Financial Group, Inc. | 1,834,700 | 3,044,691 | ||||||
MS&AD Insurance Group Holdings, Inc. | 36,200 | 1,099,201 | ||||||
Murata Manufacturing Co., Ltd. | 13,700 | 2,109,622 | ||||||
Nabtesco Corp. | 8,900 | 246,471 | ||||||
Nagoya Railroad Co., Ltd. | 12,700 | 318,471 | ||||||
NEC Corp. | 20,400 | 632,798 | ||||||
Nexon Co., Ltd.† | 33,600 | 397,227 | ||||||
NGK Insulators, Ltd. | 20,400 | 302,455 | ||||||
NGK Spark Plug Co., Ltd. | 12,100 | 248,577 | ||||||
NH Foods, Ltd. | 6,200 | 230,054 | ||||||
Nidec Corp. | 17,000 | 2,264,370 | ||||||
Nikon Corp. | 26,700 | 419,062 | ||||||
Nintendo Co., Ltd. | 8,500 | 2,593,962 | ||||||
Nippon Building Fund, Inc. | 107 | 666,423 | ||||||
Nippon Electric Glass Co., Ltd. | 5,900 | 158,525 | ||||||
Nippon Express Co., Ltd. | 5,700 | 343,461 | ||||||
Nippon Paint Holdings Co., Ltd.# | 11,200 | 397,128 | ||||||
Nippon Prologis REIT, Inc. | 138 | 285,848 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 58,100 | 1,063,419 | ||||||
Nippon Telegraph & Telephone Corp. | 52,700 | 2,172,717 | ||||||
Nippon Yusen KK | 12,500 | 212,197 | ||||||
Nissan Chemical Corp. | 9,300 | 505,092 | ||||||
Nissan Motor Co., Ltd. | 178,000 | 1,564,556 | ||||||
Nisshin Seifun Group, Inc. | 16,500 | 346,672 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,500 | 290,578 | ||||||
Nitori Holdings Co., Ltd. | 6,000 | 804,171 | ||||||
Nitto Denko Corp. | 12,300 | 672,904 | ||||||
NOK Corp. | 7,300 | 110,674 | ||||||
Nomura Holdings, Inc. | 264,400 | 1,185,414 | ||||||
Nomura Real Estate Holdings, Inc. | 9,700 | 191,676 | ||||||
Nomura Real Estate Master Fund, Inc. | 274 | 366,294 | ||||||
Nomura Research Institute, Ltd. | 8,500 | 374,983 | ||||||
NSK, Ltd. | 29,500 | 277,289 | ||||||
NTT Data Corp. | 47,700 | 554,676 | ||||||
NTT DOCOMO, Inc. | 100,900 | 2,336,393 | ||||||
Obayashi Corp. | 50,200 | 500,960 | ||||||
OBIC Co., Ltd. | 4,900 | 423,809 | ||||||
Odakyu Electric Railway Co., Ltd. | 22,399 | 502,360 | ||||||
Oji Holdings Corp. | 61,500 | 359,957 | ||||||
Olympus Corp. | 22,100 | 622,499 | ||||||
Omron Corp. | 14,600 | 642,385 | ||||||
Ono Pharmaceutical Co., Ltd. | 29,000 | 701,921 | ||||||
Oracle Corp. Japan | 2,800 | 181,919 | ||||||
Oriental Land Co., Ltd. | 15,200 | 1,513,289 | ||||||
ORIX Corp. | 100,100 | 1,620,875 | ||||||
Osaka Gas Co., Ltd. | 29,200 | 532,219 | ||||||
Otsuka Corp. | 7,200 | 242,477 | ||||||
Otsuka Holdings Co., Ltd. | 29,700 | 1,449,155 | ||||||
Panasonic Corp. | 167,430 | 1,717,590 | ||||||
Park24 Co., Ltd. | 7,800 | 210,706 | ||||||
Persol Holdings Co., Ltd.# | 13,474 | 252,567 | ||||||
Pola Orbis Holdings, Inc. | 6,732 | 190,247 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Rakuten, Inc. | 65,600 | $ | 528,198 | |||||
Recruit Holdings Co., Ltd. | 83,183 | 2,290,664 | ||||||
Renesas Electronics Corp.† | 64,000 | 304,199 | ||||||
Resona Holdings, Inc. | 167,100 | 886,592 | ||||||
Ricoh Co., Ltd. | 51,200 | 497,048 | ||||||
Rinnai Corp. | 2,700 | 193,726 | ||||||
Rohm Co., Ltd. | 7,200 | 501,079 | ||||||
Ryohin Keikaku Co., Ltd. | 1,814 | 490,527 | ||||||
Sankyo Co., Ltd. | 3,600 | 144,044 | ||||||
Santen Pharmaceutical Co., Ltd. | 28,600 | 489,537 | ||||||
SBI Holdings, Inc. | 17,100 | 388,051 | ||||||
Secom Co., Ltd. | 15,900 | 1,345,509 | ||||||
Sega Sammy Holdings, Inc. | 14,100 | 200,014 | ||||||
Seibu Holdings, Inc. | 16,800 | 310,678 | ||||||
Seiko Epson Corp. | 21,500 | 341,682 | ||||||
Sekisui Chemical Co., Ltd. | 30,000 | 486,808 | ||||||
Sekisui House, Ltd. | 46,400 | 699,382 | ||||||
Seven & i Holdings Co., Ltd. | 56,900 | 2,483,196 | ||||||
Seven Bank, Ltd. | 46,700 | 144,857 | ||||||
SG Holdings Co., Ltd. | 7,228 | 177,571 | ||||||
Sharp Corp. | 13,300 | 197,306 | ||||||
Shimadzu Corp. | 17,000 | 397,821 | ||||||
Shimamura Co., Ltd. | 1,600 | 136,218 | ||||||
Shimano, Inc. | 5,700 | 834,818 | ||||||
Shimizu Corp. | 40,200 | 345,097 | ||||||
Shin-Etsu Chemical Co., Ltd. | 28,000 | 2,499,934 | ||||||
Shinsei Bank, Ltd. | 12,700 | 174,446 | ||||||
Shionogi & Co., Ltd. | 21,400 | 1,416,378 | ||||||
Shiseido Co., Ltd. | 29,000 | 1,847,343 | ||||||
Shizuoka Bank, Ltd. | 34,500 | 309,699 | ||||||
Showa Denko KK# | 10,300 | 412,853 | ||||||
Showa Shell Sekiyu KK | 14,600 | 226,432 | ||||||
SMC Corp. | 4,400 | 1,491,539 | ||||||
SoftBank Group Corp. | 62,900 | 5,278,469 | ||||||
Sohgo Security Services Co., Ltd. | 5,500 | 258,856 | ||||||
Sompo Holdings, Inc. | 25,400 | 982,070 | ||||||
Sony Corp. | 96,400 | 5,103,129 | ||||||
Sony Financial Holdings, Inc. | 13,700 | 287,508 | ||||||
Stanley Electric Co., Ltd. | 11,000 | 320,266 | ||||||
Subaru Corp. | 46,600 | 1,036,338 | ||||||
SUMCO Corp.# | 17,804 | 272,906 | ||||||
Sumitomo Chemical Co., Ltd. | 116,400 | 631,656 | ||||||
Sumitomo Corp. | 85,900 | 1,320,328 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 12,300 | 402,955 | ||||||
Sumitomo Electric Industries, Ltd. | 57,600 | 808,737 | ||||||
Sumitomo Heavy Industries, Ltd. | 8,500 | 281,923 | ||||||
Sumitomo Metal Mining Co., Ltd. | 18,100 | 527,416 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 102,300 | 3,756,268 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 25,100 | 1,007,103 | ||||||
Sumitomo Realty & Development Co., Ltd. | 27,500 | 1,019,861 | ||||||
Sumitomo Rubber Industries, Ltd.# | 13,600 | 181,864 | ||||||
Sundrug Co., Ltd. | 5,680 | 192,488 | ||||||
Suntory Beverage & Food, Ltd. | 10,900 | 457,319 | ||||||
Suzuken Co., Ltd. | 5,900 | 317,755 | ||||||
Suzuki Motor Corp. | 25,900 | 1,290,266 | ||||||
Sysmex Corp. | 12,700 | 677,770 | ||||||
T&D Holdings, Inc. | 41,600 | 591,656 | ||||||
Taiheiyo Cement Corp. | 9,200 | 311,219 | ||||||
Taisei Corp. | 15,900 | 699,450 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,700 | 312,064 | ||||||
Taiyo Nippon Sanso Corp. | 9,900 | 166,841 | ||||||
Takashimaya Co., Ltd. | 11,400 | 165,798 | ||||||
Takeda Pharmaceutical Co., Ltd.# | 54,100 | 2,041,335 | ||||||
TDK Corp. | 9,900 | 789,440 | ||||||
Teijin, Ltd. | 14,500 | 250,507 |
119 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Terumo Corp. | 23,100 | $ | 1,360,380 | |||||
THK Co., Ltd. | 8,700 | 199,345 | ||||||
Tobu Railway Co., Ltd. | 15,000 | 429,682 | ||||||
Toho Co., Ltd. | 8,600 | 299,383 | ||||||
Toho Gas Co., Ltd. | 6,200 | 250,698 | ||||||
Tohoku Electric Power Co., Inc. | 32,200 | 420,956 | ||||||
Tokio Marine Holdings, Inc. | 51,300 | 2,534,820 | ||||||
Tokyo Century Corp. | 3,216 | 153,695 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 114,300 | 693,765 | ||||||
Tokyo Electron, Ltd. | 11,900 | 1,664,207 | ||||||
Tokyo Gas Co., Ltd. | 31,000 | 798,657 | ||||||
Tokyo Tatemono Co., Ltd. | 15,800 | 180,110 | ||||||
Tokyu Corp. | 40,200 | 699,777 | ||||||
Tokyu Fudosan Holdings Corp. | 37,700 | 212,390 | ||||||
Toppan Printing Co., Ltd. | 19,400 | 312,631 | ||||||
Toray Industries, Inc. | 106,700 | 837,388 | ||||||
Toshiba Corp.† | 50,000 | 1,550,456 | ||||||
Tosoh Corp. | 19,700 | 277,887 | ||||||
TOTO, Ltd. | 10,700 | 414,627 | ||||||
Toyo Seikan Group Holdings, Ltd. | 12,500 | 284,841 | ||||||
Toyo Suisan Kaisha, Ltd. | 6,200 | 212,465 | ||||||
Toyoda Gosei Co., Ltd. | 4,900 | 94,318 | ||||||
Toyota Industries Corp. | 11,100 | 569,105 | ||||||
Toyota Motor Corp. | 174,500 | 10,502,626 | ||||||
Toyota Tsusho Corp. | 16,500 | 569,793 | ||||||
Trend Micro, Inc. | 9,400 | 539,083 | ||||||
Tsuruha Holdings, Inc. | 2,704 | 266,971 | ||||||
Unicharm Corp. | 30,800 | 964,871 | ||||||
United Urban Investment Corp. | 229 | 364,536 | ||||||
USS Co., Ltd. | 17,499 | 310,715 | ||||||
West Japan Railway Co. | 12,900 | 898,790 | ||||||
Yahoo Japan Corp. | 112,800 | 322,953 | ||||||
Yakult Honsha Co., Ltd. | 8,400 | 632,692 | ||||||
Yamada Denki Co., Ltd. | 52,300 | 253,010 | ||||||
Yamaguchi Financial Group, Inc. | 14,100 | 146,139 | ||||||
Yamaha Corp. | 10,500 | 452,319 | ||||||
Yamaha Motor Co., Ltd. | 20,600 | 423,741 | ||||||
Yamato Holdings Co., Ltd.# | 23,500 | 621,222 | ||||||
Yamazaki Baking Co., Ltd. | 9,300 | 195,233 | ||||||
Yaskawa Electric Corp. | 18,400 | 574,498 | ||||||
Yokogawa Electric Corp. | 16,500 | 303,211 | ||||||
Yokohama Rubber Co., Ltd. | 7,700 | 161,170 | ||||||
ZOZO, Ltd. | 14,693 | 327,149 | ||||||
�� | 249,194,370 | |||||||
Jersey — 1.1% |
| |||||||
Experian PLC | 70,234 | 1,712,836 | ||||||
Ferguson PLC | 17,711 | 1,138,501 | ||||||
Glencore PLC | 881,071 | 3,261,975 | ||||||
Randgold Resources, Ltd. | 6,898 | 552,292 | ||||||
Shire PLC | 69,481 | 4,043,367 | ||||||
WPP PLC | 96,767 | 1,070,135 | ||||||
11,779,106 | ||||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal | 50,623 | 1,148,563 | ||||||
Eurofins Scientific SE | 836 | 363,818 | ||||||
Millicom International Cellular SA SDR | 5,199 | 306,921 | ||||||
RTL Group SA | 3,073 | 184,274 | ||||||
SES SA FDR | 27,523 | 596,704 | ||||||
Tenaris SA | 37,289 | 450,833 | ||||||
3,051,113 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 556,200 | 99,712 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 4.2% |
| |||||||
ABN AMRO Group NV CVA* | 31,890 | $ | 816,716 | |||||
Aegon NV | 133,477 | 743,594 | ||||||
AerCap Holdings NV† | 9,536 | 504,168 | ||||||
Airbus SE | 44,314 | 4,771,166 | ||||||
Akzo Nobel NV | 19,211 | 1,619,330 | ||||||
ASML Holding NV | 31,305 | 5,322,944 | ||||||
CNH Industrial NV | 77,853 | 758,536 | ||||||
EXOR NV# | 7,930 | 466,130 | ||||||
Ferrari NV | 9,371 | 1,024,977 | ||||||
Fiat Chrysler Automobiles NV† | 81,599 | 1,351,720 | ||||||
Heineken Holding NV | 9,107 | 807,275 | ||||||
Heineken NV | 19,748 | 1,807,632 | ||||||
ING Groep NV | 295,710 | 3,599,828 | ||||||
Koninklijke Ahold Delhaize NV | 95,348 | 2,459,430 | ||||||
Koninklijke DSM NV | 13,734 | 1,226,615 | ||||||
Koninklijke KPN NV | 260,489 | 773,667 | ||||||
Koninklijke Philips NV | 71,084 | 2,690,826 | ||||||
Koninklijke Vopak NV | 5,559 | 244,071 | ||||||
NN Group NV | 22,870 | 973,741 | ||||||
NXP Semiconductors NV | 26,399 | 2,200,885 | ||||||
QIAGEN NV† | 16,261 | 573,627 | ||||||
Randstad NV | 9,054 | 440,894 | ||||||
STMicroelectronics NV | 52,110 | 767,260 | ||||||
Unilever NV CVA | 118,072 | 6,557,016 | ||||||
Wolters Kluwer NV | 22,275 | 1,344,950 | ||||||
43,846,998 | ||||||||
New Zealand — 0.2% |
| |||||||
a2 Milk Co., Ltd.†# | 55,931 | 398,137 | ||||||
Auckland International Airport, Ltd. | 77,050 | 382,634 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 43,124 | 396,283 | ||||||
Fletcher Building, Ltd.†# | 67,534 | 221,745 | ||||||
Meridian Energy, Ltd. | 96,738 | 220,145 | ||||||
Ryman Healthcare, Ltd. | 29,879 | 238,082 | ||||||
Spark New Zealand, Ltd. | 144,809 | 422,052 | ||||||
2,279,078 | ||||||||
Norway — 0.7% |
| |||||||
Aker BP ASA | 8,199 | 233,461 | ||||||
DNB ASA | 74,492 | 1,283,844 | ||||||
Equinor ASA† | 88,591 | 2,069,915 | ||||||
Gjensidige Forsikring ASA | 16,025 | 250,971 | ||||||
Marine Harvest ASA | 31,445 | 735,940 | ||||||
Norsk Hydro ASA | 106,420 | 501,855 | ||||||
Orkla ASA | 62,271 | 515,875 | ||||||
Schibsted ASA, Class B | 6,915 | 232,497 | ||||||
Telenor ASA | 58,571 | 1,138,246 | ||||||
Yara International ASA | 14,193 | 572,334 | ||||||
7,534,938 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 104,760 | 562,796 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1)(2) | 213,818 | 0 | ||||||
EDP - Energias de Portugal SA | 195,414 | 682,961 | ||||||
Galp Energia SGPS SA | 37,890 | 622,843 | ||||||
Jeronimo Martins SGPS SA | 19,737 | 235,180 | ||||||
1,540,984 | ||||||||
Singapore — 1.2% |
| |||||||
Ascendas Real Estate Investment Trust | 186,000 | 348,766 | ||||||
CapitaLand Commercial Trust | 199,700 | 253,923 | ||||||
CapitaLand Mall Trust | 190,700 | 313,240 | ||||||
CapitaLand, Ltd. | 201,300 | 459,650 | ||||||
City Developments, Ltd. | 31,700 | 195,713 |
120 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
ComfortDelGro Corp., Ltd. | 159,900 | $ | 245,085 | |||||
DBS Group Holdings, Ltd. | 135,200 | 2,415,079 | ||||||
Genting Singapore, Ltd. | 479,900 | 339,686 | ||||||
Jardine Cycle & Carriage, Ltd. | 8,100 | 208,527 | ||||||
Keppel Corp., Ltd. | 112,600 | 499,896 | ||||||
Oversea - Chinese Banking Corp., Ltd. | 238,000 | 1,960,860 | ||||||
SATS, Ltd. | 49,700 | 173,656 | ||||||
Sembcorp Industries, Ltd. | 76,300 | 145,924 | ||||||
Singapore Airlines, Ltd. | 43,000 | 298,966 | ||||||
Singapore Exchange, Ltd. | 61,400 | 328,725 | ||||||
Singapore Press Holdings, Ltd.# | 126,100 | 243,125 | ||||||
Singapore Technologies Engineering, Ltd. | 121,800 | 316,089 | ||||||
Singapore Telecommunications, Ltd. | 619,300 | 1,391,438 | ||||||
Suntec Real Estate Investment Trust | 176,900 | 227,555 | ||||||
United Overseas Bank, Ltd. | 101,600 | 1,869,451 | ||||||
UOL Group, Ltd. | 34,900 | 156,161 | ||||||
Venture Corp., Ltd. | 20,552 | 225,537 | ||||||
Wilmar International, Ltd. | 143,500 | 318,289 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 149,400 | 135,745 | ||||||
13,071,086 | ||||||||
Spain — 2.9% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 19,257 | 741,697 | ||||||
Aena SME SA* | 5,271 | 838,343 | ||||||
Amadeus IT Group SA | 33,787 | 2,427,112 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 505,747 | 2,885,419 | ||||||
Banco de Sabadell SA | 407,344 | 522,066 | ||||||
Banco Santander SA | 1,232,635 | 5,869,535 | ||||||
Bankia SA# | 93,986 | 311,605 | ||||||
Bankinter SA | 52,997 | 444,368 | ||||||
CaixaBank SA | 271,968 | 1,123,704 | ||||||
Enagas SA | 17,206 | 472,918 | ||||||
Endesa SA | 24,543 | 547,032 | ||||||
Ferrovial SA | 37,062 | 764,292 | ||||||
Grifols SA | 23,614 | 662,456 | ||||||
Iberdrola SA | 454,348 | 3,397,596 | ||||||
Industria de Diseno Textil SA | 83,233 | 2,553,770 | ||||||
International Consolidated Airlines Group SA# | 48,471 | 388,498 | ||||||
Mapfre SA | 73,155 | 209,234 | ||||||
Naturgy Energy Group SA# | 27,542 | 682,960 | ||||||
Red Electrica Corp. SA | 34,117 | 736,375 | ||||||
Repsol SA | 103,820 | 1,793,644 | ||||||
Siemens Gamesa Renewable Energy SA†# | 18,116 | 256,598 | ||||||
Telefonica SA | 356,118 | 3,199,321 | ||||||
30,828,543 | ||||||||
SupraNational — 0.2% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd.# | 191,269 | 183,343 | ||||||
HKT Trust & HKT, Ltd. | 282,000 | 408,225 | ||||||
Unibail-Rodamco-Westfield | 10,514 | 1,809,039 | ||||||
2,400,607 | ||||||||
Sweden — 2.3% |
| |||||||
Alfa Laval AB | 22,224 | 478,297 | ||||||
Assa Abloy AB, Class B | 76,539 | 1,424,880 | ||||||
Atlas Copco AB, Class A | 51,118 | 1,259,856 | ||||||
Atlas Copco AB, Class B | 30,737 | 698,204 | ||||||
Boliden AB | 21,540 | 482,954 | ||||||
Electrolux AB, Series B | 19,095 | 435,057 | ||||||
Epiroc AB, Class A† | 51,118 | 419,513 | ||||||
Epiroc AB, Class B† | 30,737 | 248,296 | ||||||
Essity AB, Class B | 46,657 | 1,198,195 | ||||||
Hennes & Mauritz AB, Class B | 67,123 | 1,239,679 | ||||||
Hexagon AB, Class B | 20,175 | 1,008,420 | ||||||
Husqvarna AB, Class B | 32,194 | 253,967 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
ICA Gruppen AB | 6,065 | $ | 219,917 | |||||
Industrivarden AB, Class C | 12,641 | 260,093 | ||||||
Investor AB, Class B | 35,036 | 1,539,021 | ||||||
Kinnevik AB, Class B | 18,565 | 472,135 | ||||||
L E Lundbergforetagen AB, Class B | 5,449 | 163,337 | ||||||
Lundin Petroleum AB | 14,176 | 374,329 | ||||||
Sandvik AB | 85,721 | 1,272,230 | ||||||
Securitas AB, Class B | 24,773 | 418,363 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 124,105 | 1,294,200 | ||||||
Skanska AB, Class B | 25,847 | 407,515 | ||||||
SKF AB, Class B | 28,849 | 455,733 | ||||||
Svenska Handelsbanken AB, Class A | 113,977 | 1,255,647 | ||||||
Swedbank AB, Class A | 69,690 | 1,620,827 | ||||||
Swedish Match AB | 13,609 | 532,131 | ||||||
Tele2 AB, Class B | 25,234 | 315,915 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 234,582 | 1,961,063 | ||||||
Telia Co AB | 212,368 | 980,795 | ||||||
Volvo AB, Class B | 119,564 | 1,671,753 | ||||||
24,362,322 | ||||||||
Switzerland — 8.3% |
| |||||||
ABB, Ltd. | 139,571 | 2,836,078 | ||||||
Adecco Group AG# | 12,795 | 635,917 | ||||||
Baloise Holding AG | 3,746 | 552,265 | ||||||
Barry Callebaut AG | 174 | 294,661 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 8 | 642,788 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 77 | 526,499 | ||||||
Cie Financiere Richemont SA | 39,479 | 2,570,047 | ||||||
Clariant AG | 15,166 | 300,402 | ||||||
Coca-Cola HBC AG | 15,358 | 456,952 | ||||||
Credit Suisse Group AG | 195,213 | 2,311,491 | ||||||
Dufry AG# | 2,665 | 283,236 | ||||||
EMS-Chemie Holding AG | 652 | 351,493 | ||||||
Geberit AG | 2,805 | 1,094,690 | ||||||
Givaudan SA | 719 | 1,771,311 | ||||||
Julius Baer Group, Ltd. | 17,056 | 690,791 | ||||||
Kuehne & Nagel International AG | 4,303 | 606,244 | ||||||
LafargeHolcim, Ltd. | 37,169 | 1,668,927 | ||||||
Lonza Group AG | 5,613 | 1,820,121 | ||||||
Nestle SA | 237,333 | 20,265,854 | ||||||
Novartis AG | 165,273 | 15,087,208 | ||||||
Pargesa Holding SA | 2,435 | 169,018 | ||||||
Partners Group Holding AG | 1,314 | 863,556 | ||||||
Roche Holding AG | 53,644 | 13,919,486 | ||||||
Schindler Holding AG | 1,692 | 321,040 | ||||||
Schindler Holding AG (Participation Certificate) | 3,038 | 608,756 | ||||||
SGS SA | 418 | 992,723 | ||||||
Sika AG | 9,801 | 1,214,251 | ||||||
Sonova Holding AG | 4,054 | 657,506 | ||||||
Straumann Holding AG | 787 | 481,730 | ||||||
Swatch Group AG (TRQX) | 3,931 | 230,856 | ||||||
Swatch Group AG (XEGT) | 2,345 | 700,511 | ||||||
Swiss Life Holding AG | 2,530 | 993,071 | ||||||
Swiss Prime Site AG | 5,165 | 426,114 | ||||||
Swiss Re AG | 23,932 | 2,187,359 | ||||||
Swisscom AG | 1,997 | 958,428 | ||||||
Temenos AG | 4,606 | 574,172 | ||||||
UBS Group AG | 294,205 | 3,991,959 | ||||||
Vifor Pharma AG# | 3,468 | 427,781 | ||||||
Zurich Insurance Group AG | 11,501 | 3,611,111 | ||||||
88,096,403 | ||||||||
121 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom — 15.3% |
| |||||||
3i Group PLC | 73,696 | $ | 785,666 | |||||
Admiral Group PLC | 16,036 | 426,753 | ||||||
Anglo American PLC# | 80,414 | 1,606,894 | ||||||
Antofagasta PLC | 31,048 | 317,028 | ||||||
Ashtead Group PLC | 37,791 | 848,038 | ||||||
Associated British Foods PLC | 27,389 | 846,602 | ||||||
AstraZeneca PLC | 96,386 | 7,534,156 | ||||||
Auto Trader Group PLC* | 76,440 | 428,030 | ||||||
Aviva PLC | 307,141 | 1,593,930 | ||||||
Babcock International Group PLC# | 19,564 | 142,092 | ||||||
BAE Systems PLC | 242,545 | 1,523,303 | ||||||
Barclays PLC | 1,303,689 | 2,717,366 | ||||||
Barratt Developments PLC | 77,342 | 455,854 | ||||||
Berkeley Group Holdings PLC | 9,892 | 407,771 | ||||||
BHP Group PLC | 162,537 | 3,123,712 | ||||||
BP PLC | 1,519,773 | 10,077,826 | ||||||
British American Tobacco PLC | 174,949 | 6,102,907 | ||||||
British Land Co. PLC | 75,653 | 544,531 | ||||||
BT Group PLC | 639,606 | 2,136,059 | ||||||
Bunzl PLC | 26,577 | 820,061 | ||||||
Burberry Group PLC | 32,644 | 739,585 | ||||||
Carnival PLC | 13,929 | 811,364 | ||||||
Centrica PLC | 413,521 | 732,382 | ||||||
Coca-Cola European Partners PLC | 16,246 | 788,581 | ||||||
Compass Group PLC | 120,984 | 2,588,855 | ||||||
ConvaTec Group PLC* | 103,982 | 201,413 | ||||||
Croda International PLC | 9,960 | 621,402 | ||||||
Diageo PLC | 187,809 | 6,766,296 | ||||||
Direct Line Insurance Group PLC | 107,914 | 451,805 | ||||||
easyJet PLC | 12,821 | 182,176 | ||||||
Fresnillo PLC | 17,143 | 164,741 | ||||||
G4S PLC | 120,688 | 298,776 | ||||||
GlaxoSmithKline PLC | 378,365 | 7,829,343 | ||||||
Hammerson PLC | 61,202 | 301,161 | ||||||
Hargreaves Lansdown PLC | 21,725 | 528,666 | ||||||
HSBC Holdings PLC | 1,524,446 | 12,915,633 | ||||||
Imperial Brands PLC | 72,630 | 2,234,535 | ||||||
Informa PLC | 95,351 | 841,767 | ||||||
InterContinental Hotels Group PLC | 13,553 | 725,789 | ||||||
Intertek Group PLC | 12,891 | 773,565 | ||||||
Investec PLC | 49,838 | 302,984 | ||||||
ITV PLC | 277,383 | 514,580 | ||||||
J Sainsbury PLC | 133,982 | 520,893 | ||||||
John Wood Group PLC# | 51,363 | 417,679 | ||||||
Johnson Matthey PLC | 14,819 | 555,152 | ||||||
Kingfisher PLC# | 168,621 | 538,288 | ||||||
Land Securities Group PLC | 58,098 | 602,230 | ||||||
Legal & General Group PLC | 454,635 | 1,419,583 | ||||||
Lloyds Banking Group PLC | 5,507,147 | 3,886,978 | ||||||
London Stock Exchange Group PLC | 24,346 | 1,251,894 | ||||||
Marks & Spencer Group PLC | 127,465 | 475,570 | ||||||
Mediclinic International PLC# | 28,234 | 127,483 | ||||||
Meggitt PLC | 62,596 | 413,685 | ||||||
Melrose Industries PLC | 370,599 | 839,265 | ||||||
Merlin Entertainments PLC#* | 50,480 | 216,826 | ||||||
Micro Focus International PLC | 33,387 | 657,021 | ||||||
Mondi PLC | 28,576 | 622,975 | ||||||
National Grid PLC | 258,441 | 2,745,635 | ||||||
Next PLC | 11,009 | 687,713 | ||||||
NMC Health PLC# | 7,968 | 336,597 | ||||||
Pearson PLC | 59,761 | 734,029 | ||||||
Persimmon PLC | 23,969 | 580,634 | ||||||
Prudential PLC | 196,460 | 3,860,005 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Reckitt Benckiser Group PLC | 50,552 | $ | 4,205,826 | |||||
RELX PLC (Euronext Amsterdam)† | 73,654 | 1,536,953 | ||||||
RELX PLC (LSE) | 81,877 | 1,707,756 | ||||||
Rio Tinto PLC | 90,535 | 4,109,974 | ||||||
Rolls-Royce Holdings PLC | 126,163 | 1,371,768 | ||||||
Rolls-Royce Holdings PLC (Entitlement Shares)† | 6,131,110 | 7,813 | ||||||
Royal Bank of Scotland Group PLC | 366,745 | 1,022,900 | ||||||
Royal Dutch Shell PLC, Class A | 350,754 | 10,634,298 | ||||||
Royal Dutch Shell PLC, Class B | 285,122 | 8,720,462 | ||||||
Royal Mail PLC | 69,762 | 284,915 | ||||||
RSA Insurance Group PLC | 79,738 | 551,644 | ||||||
Sage Group PLC | 84,111 | 624,778 | ||||||
Schroders PLC | 9,957 | 321,932 | ||||||
Segro PLC | 75,266 | 580,105 | ||||||
Severn Trent PLC | 18,728 | 437,230 | ||||||
Smith & Nephew PLC | 68,833 | 1,251,985 | ||||||
Smiths Group PLC | 31,436 | 558,430 | ||||||
SSE PLC | 76,995 | 1,075,994 | ||||||
St James’s Place PLC | 40,513 | 519,485 | ||||||
Standard Chartered PLC | 214,031 | 1,663,557 | ||||||
Standard Life Aberdeen PLC | 179,802 | 610,330 | ||||||
Taylor Wimpey PLC | 253,825 | 434,453 | ||||||
Tesco PLC | 743,375 | 1,874,868 | ||||||
Travis Perkins PLC# | 19,863 | 280,148 | ||||||
Unilever PLC | 93,087 | 5,040,237 | ||||||
United Utilities Group PLC | 53,084 | 515,016 | ||||||
Vodafone Group PLC | 2,028,199 | 4,364,416 | ||||||
Weir Group PLC | 17,016 | 319,896 | ||||||
Whitbread PLC | 13,967 | 818,893 | ||||||
WM Morrison Supermarkets PLC | 165,586 | 502,311 | ||||||
161,192,486 | ||||||||
United States — 0.0% |
| |||||||
International Flavors & Fragrances, Inc. | 719 | 101,895 | ||||||
Total Common Stocks | ||||||||
(cost $1,029,027,771) | 1,006,561,845 | |||||||
EXCHANGE-TRADED FUNDS — 2.6% |
| |||||||
United States — 2.6% |
| |||||||
iShares MSCI EAFE ETF | 430,000 | 26,991,100 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,055,788,520) | 1,033,552,945 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 22,539,862 | 22,539,862 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
2.24% due 01/03/2019(5) | $ | 500,000 | 499,036 | |||||
2.41% due 04/04/2019(5) | 200,000 | 198,380 | ||||||
2.42% due 04/11/2019(5) | 100,000 | 99,132 | ||||||
2.50% due 05/23/2019(5) | 100,000 | 98,829 | ||||||
2.54% due 07/18/2019(5) | 385,000 | 378,889 | ||||||
1,274,266 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $23,814,019) | 23,814,128 | |||||||
122 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $11,474,402 collateralized by $11,895,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $11,707,511 (cost $11,474,000) | $ | 11,474,000 | $ | 11,474,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,091,076,539)(6) | 101.2 | % | 1,068,841,073 | |||||
Liabilities in excess of other assets | (1.2 | ) | (12,387,674 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,056,453,399 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $7,042,035 representing 0.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $182 representing 0.0% of net assets. |
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At November 30, 2018, the Fund had loaned securities with a total value of $26,457,673. This was secured by collateral of $22,539,862, which was received in cash and subsequently invested in short-term investments currently valued at $22,539,862 as reported in the Portfolio of Investments. Additional collateral of $5,646,743 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 3.50% | 01/15/2041 to 12/01/2047 | $ | 80,412 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.00% | 11/25/2040 to 05/01/2048 | 32,030 | |||||
Government National Mtg. Assoc. | 4.50% | 05/20/2048 to 06/20/2048 | 20,997 | |||||
United States Treasury Bills | 0.00% | 12/13/2018 to 06/20/2019 | 270,644 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.50% | 12/31/2018 to 05/15/2048 | 5,242,660 |
(4) | The rate shown is the7-day yield as of November 30, 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
CVA—Certification Van Aandelen (Dutch Cert.)
FDR—Fiduciary Depositary Receipt
LSE—London Stock Exchange
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR—Swedish Depositary Receipt
TRQX—Turquoise Stock Exchange
XEGT—Equiduct Stock Exchange
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
233 | Long | mini MSCI EAFE Index | December 2018 | $ | 21,220,115 | $ | 21,159,895 | $ | (60,220 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 744,157 | $ | 67,442,171 | ** | $ | 182 | $ | 68,186,510 | |||||||
Portugal | — | 1,540,984 | ** | 0 | 1,540,984 | |||||||||||
United Kingdom | 788,581 | 160,403,905 | *** | — | 161,192,486 | |||||||||||
Other Countries | 7,908,590 | 767,733,275 | ** | — | 775,641,865 | |||||||||||
Exchange-Traded Funds | 26,991,100 | — | — | 26,991,100 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 22,539,862 | — | — | 22,539,862 | ||||||||||||
U.S. Government Treasuries | — | 1,274,266 | — | 1,274,266 | ||||||||||||
Repurchase Agreements | — | 11,474,000 | — | 11,474,000 | ||||||||||||
Total Investments at Value | $ | 58,972,290 | $ | 1,009,868,601 | $ | 182 | $ | 1,068,841,073 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 60,220 | $ | — | $ | — | $ | 60,220 | ||||||||
123 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
*** | Amount includes $160,396,092 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. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
124 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Sovereign | 64.8 | % | ||
United States Treasury Notes | 22.2 | |||
United States Treasury Bonds | 4.3 | |||
Registered Investment Companies | 1.7 | |||
Oil Companies — Integrated | 1.3 | |||
Electric — Distribution | 0.8 | |||
Banks — Commercial | 0.6 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Diversified Banking Institutions | 0.3 | |||
Non-Ferrous Metals | 0.2 | |||
Transport — Marine | 0.2 | |||
Gas — Distribution | 0.2 | |||
Paper & Related Products | 0.2 | |||
Transport — Services | 0.2 | |||
Diamonds/Precious Stones | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Chemicals — Diversified | 0.1 | |||
Platinum | 0.1 | |||
Finance — Commercial | 0.1 | |||
Metal — Diversified | 0.1 | |||
Electric — Integrated | 0.1 | |||
Gas — Transportation | 0.1 | |||
Cellular Telecom | 0.1 | |||
98.5 | % | |||
Country Allocation*
United States | 28.3 | % | ||
Japan | 11.7 | |||
United Kingdom | 4.9 | |||
Italy | 4.9 | |||
Germany | 4.4 | |||
France | 3.8 | |||
Spain | 3.4 | |||
Argentina | 2.5 | |||
Mexico | 2.3 | |||
Indonesia | 1.8 | |||
Turkey | 1.6 | |||
Sri Lanka | 1.5 | |||
Colombia | 1.5 | |||
Canada | 1.5 | |||
Ivory Coast | 1.4 | |||
Australia | 1.3 | |||
Qatar | 1.3 | |||
Oman | 1.3 | |||
Chile | 1.1 | |||
South Africa | 1.2 | |||
Netherlands | 1.1 | |||
Egypt | 1.0 | |||
Poland | 1.0 | |||
Uruguay | 1.0 | |||
Dominican Republic | 1.0 | |||
Belgium | 0.9 | |||
Singapore | 0.9 | |||
Austria | 0.9 | |||
Ireland | 0.8 | |||
Honduras | 0.8 | |||
British Virgin Islands | 0.7 | |||
Nigeria | 0.6 | |||
Senegal | 0.7 | |||
Lebanon | 0.6 | |||
Ukraine | 0.6 | |||
United Arab Emirates | 0.6 | |||
Paraguay | 0.6 | |||
Costa Rica | 0.4 | |||
Ecuador | 0.4 | |||
Malaysia | 0.3 | |||
Romania | 0.3 |
Angola | 0.3 | % | ||
South Korea | 0.3 | |||
Luxembourg | 0.3 | |||
Peru | 0.2 | |||
Bermuda | 0.2 | |||
Cayman Islands | 0.2 | |||
China | 0.1 | |||
98.5 | % | |||
Credit Quality†#
Aaa | 35.1 | % | ||
Aa | 10.1 | |||
A | 17.4 | |||
Baa | 17.5 | |||
Ba | 5.9 | |||
B | 7.2 | |||
Caa | 0.6 | |||
Not Rated@ | 6.2 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities |
125 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 5.4% | ||||||||
Argentina — 0.2% | ||||||||
Capex SA | $ | 290,000 | $ | 242,541 | ||||
YPF SA | 145,000 | 122,888 | ||||||
365,429 | ||||||||
Bermuda — 0.2% | ||||||||
China Resources Gas Group, Ltd. | 290,000 | 294,086 | ||||||
British Virgin Islands — 0.7% | ||||||||
State Grid Overseas Investment, Ltd. | 1,200,000 | 1,164,883 | ||||||
State Grid Overseas Investment, Ltd. | 200,000 | 201,264 | ||||||
1,366,147 | ||||||||
Cayman Islands — 0.2% | ||||||||
Fibria Overseas Finance, Ltd. | 290,000 | 290,072 | ||||||
Chile — 0.3% | ||||||||
Banco de Credito e Inversiones SA | 310,000 | 273,966 | ||||||
Codelco, Inc. | 400,000 | 372,576 | ||||||
646,542 | ||||||||
China — 0.1% | ||||||||
Bank of China, Ltd. | 220,000 | 224,173 | ||||||
Indonesia — 0.4% | ||||||||
Pertamina Persero PT | 318,000 | 319,582 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 372,000 | ||||||
691,582 | ||||||||
Luxembourg — 0.3% | ||||||||
Millicom International Cellular SA | 200,000 | 202,000 | ||||||
Rumo Luxembourg SARL | 280,000 | 288,680 | ||||||
490,680 | ||||||||
Malaysia — 0.3% | ||||||||
Petronas Capital, Ltd. | 600,000 | 590,212 | ||||||
Mexico — 1.3% | ||||||||
Comision Federal de Electricidad | 200,000 | 181,250 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Mexico (continued) | ||||||||
El Puerto de Liverpool SAB de CV | $ | 300,000 | $ | 269,250 | ||||
Petroleos Mexicanos | 500,000 | 402,325 | ||||||
Petroleos Mexicanos | 500,000 | 459,400 | ||||||
Petroleos Mexicanos | 520,000 | 430,300 | ||||||
Petroleos Mexicanos | MXN | 15,000,000 | 589,553 | |||||
Unifin Financiera SAB de CV SOFOM ENR | 290,000 | 260,179 | ||||||
2,592,257 | ||||||||
Netherlands — 0.1% | ||||||||
Petrobras Global Finance BV | 150,000 | 140,872 | ||||||
Nigeria — 0.1% | ||||||||
Zenith Bank PLC | 290,000 | 284,843 | ||||||
Peru — 0.2% | ||||||||
Banco Internacional del Peru SAA Interbank | 270,547 | 256,344 | ||||||
Transportadora de Gas del Peru SA | 220,000 | 209,825 | ||||||
466,169 | ||||||||
Singapore — 0.1% | ||||||||
Medco Platinum Road Pte, Ltd. | 310,000 | 268,155 | ||||||
South Korea — 0.3% | ||||||||
Woori Bank | 555,000 | 555,501 | ||||||
Turkey — 0.3% | ||||||||
Petkim Petrokimya Holding AS | 300,000 | 271,500 | ||||||
Yapi ve Kredi Bankasi AS | 310,000 | 280,550 | ||||||
552,050 | ||||||||
United Kingdom — 0.3% | ||||||||
Petra Diamonds US Treasury PLC | 300,000 | 277,125 | ||||||
Vedanta Resources PLC | 300,000 | 256,052 | ||||||
533,177 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,175,374) | 10,351,947 | |||||||
126 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 64.8% | ||||||||
Angola — 0.3% | ||||||||
Republic of Angola | $ | 530,000 | $ | 559,193 | ||||
Argentina — 2.3% | ||||||||
Republic of Argentina | 730,000 | 609,185 | ||||||
Republic of Argentina | EUR | 1,000,000 | 854,736 | |||||
Republic of Argentina | 80,000 | 70,760 | ||||||
Republic of Argentina | 690,000 | 516,472 | ||||||
Republic of Argentina | 1,250,000 | 1,006,887 | ||||||
Republic of Argentina | 1,612,344 | 1,364,865 | ||||||
4,422,905 | ||||||||
Australia — 1.3% | ||||||||
Commonwealth of Australia | AUD | 1,000,000 | 746,876 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 718,249 | |||||
Commonwealth of Australia | AUD | 1,400,000 | 1,074,639 | |||||
2,539,764 | ||||||||
Austria — 0.9% | ||||||||
Republic of Austria | EUR | 1,000,000 | 1,688,657 | |||||
Belgium — 0.9% | ||||||||
Kingdom of Belgium | EUR | 1,500,000 | 1,765,910 | |||||
Canada — 1.5% | ||||||||
Government of Canada | CAD | 2,000,000 | 1,505,754 | |||||
Government of Canada | CAD | 1,400,000 | 1,343,522 | |||||
2,849,276 | ||||||||
Chile — 0.8% | ||||||||
Republic of Chile | 700,000 | 669,242 | ||||||
Republic of Chile | 1,000,000 | 942,500 | ||||||
1,611,742 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Colombia — 1.5% | ||||||||
Republic of Colombia | $ | 600,000 | $ | 567,906 | ||||
Republic of Colombia | 600,000 | 606,900 | ||||||
Republic of Colombia | 400,000 | 373,600 | ||||||
Republic of Colombia | 1,100,000 | 1,309,000 | ||||||
2,857,406 | ||||||||
Costa Rica — 0.4% | ||||||||
Republic of Costa Rica | 960,000 | 856,800 | ||||||
Dominican Republic — 1.0% | ||||||||
Dominican Republic | 780,000 | 783,214 | ||||||
Dominican Republic | 600,000 | 574,500 | ||||||
Dominican Republic | 500,000 | 507,750 | ||||||
1,865,464 | ||||||||
Ecuador — 0.4% | ||||||||
Republic of Ecuador | 800,000 | 744,240 | ||||||
Egypt — 1.0% | ||||||||
Government of Egypt | 650,000 | 583,809 | ||||||
Government of Egypt | 900,000 | 866,844 | ||||||
Government of Egypt | 535,000 | 487,423 | ||||||
1,938,076 | ||||||||
France — 3.8% | ||||||||
Government of France | EUR | 2,000,000 | 2,311,362 | |||||
Government of France | EUR | 350,000 | 655,763 | |||||
Government of France | EUR | 1,400,000 | 1,924,485 | |||||
Government of France | EUR | 450,347 | 757,823 | |||||
Government of France | EUR | 1,000,000 | 1,581,420 | |||||
7,230,853 | ||||||||
127 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Germany — 4.4% | ||||||||
Federal Republic of Germany | EUR | 2,900,000 | $ | 3,401,223 | ||||
Federal Republic of Germany | EUR | 1,700,000 | 2,062,120 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,000,432 | |||||
Federal Republic of Germany | EUR | 350,000 | 640,184 | |||||
Federal Republic of Germany | EUR | 800,000 | 1,399,466 | |||||
8,503,425 | ||||||||
Honduras — 0.8% | ||||||||
Republic of Honduras | 850,000 | 824,712 | ||||||
Republic of Honduras | 600,000 | 637,824 | ||||||
1,462,536 | ||||||||
Indonesia — 1.4% | ||||||||
Republic of Indonesia | 810,000 | 768,163 | ||||||
Republic of Indonesia | 550,000 | 541,978 | ||||||
Republic of Indonesia | 400,000 | 348,159 | ||||||
Republic of Indonesia | 700,000 | 738,436 | ||||||
Republic of Indonesia | 300,000 | 338,263 | ||||||
2,734,999 | ||||||||
Ireland — 0.8% | ||||||||
Republic of Ireland | EUR | 600,000 | 698,768 | |||||
Republic of Ireland | EUR | 750,000 | 888,075 | |||||
1,586,843 | ||||||||
Italy — 4.9% | ||||||||
Republic of Italy | EUR | 700,000 | 735,324 | |||||
Republic of Italy | EUR | 1,100,000 | 1,156,983 | |||||
Republic of Italy | EUR | 600,000 | 624,831 | |||||
Republic of Italy | EUR | 1,100,000 | 1,203,592 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Italy (continued) | ||||||||
Republic of Italy | EUR | 700,000 | $ | 665,204 | ||||
Republic of Italy | EUR | 750,000 | 931,257 | |||||
Republic of Italy | EUR | 1,000,000 | 1,320,086 | |||||
Republic of Italy | EUR | 600,000 | 855,596 | |||||
Republic of Italy | EUR | 750,000 | 1,071,326 | |||||
Republic of Italy | EUR | 532,912 | 788,212 | |||||
9,352,411 | ||||||||
Ivory Coast — 1.4% | ||||||||
Republic of Ivory Coast | 1,200,000 | 1,003,411 | ||||||
Republic of Ivory Coast | 800,000 | 719,632 | ||||||
Republic of Ivory Coast | EUR | 1,000,000 | 975,191 | |||||
2,698,234 | ||||||||
Japan — 11.7% | ||||||||
Government of Japan | JPY | 330,000,000 | 2,928,327 | |||||
Government of Japan | JPY | 200,000,000 | 1,771,502 | |||||
Government of Japan | JPY | 300,000,000 | 2,650,275 | |||||
Government of Japan | JPY | 150,000,000 | 1,376,171 | |||||
Government of Japan | JPY | 132,000,000 | 1,185,052 | |||||
Government of Japan | JPY | 60,000,000 | 592,769 | |||||
Government of Japan | JPY | 125,000,000 | 1,279,996 | |||||
Government of Japan | JPY | 100,000,000 | 1,044,073 | |||||
Government of Japan | JPY | 53,000,000 | 559,508 | |||||
Government of Japan | JPY | 120,000,000 | 1,333,526 | |||||
Government of Japan | JPY | 85,000,000 | 952,855 |
128 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Japan (continued) | ||||||||
Government of Japan | JPY | 100,000,000 | $ | 1,125,966 | ||||
Government of Japan | JPY | 60,000,000 | 626,846 | |||||
Government of Japan | JPY | 128,000,000 | 1,364,198 | |||||
Government of Japan | JPY | 60,000,000 | 647,962 | |||||
Government of Japan | JPY | 33,000,000 | 400,276 | |||||
Government of Japan | JPY | 230,000,000 | 2,649,027 | |||||
22,488,329 | ||||||||
Lebanon — 0.6% | ||||||||
Lebanese Republic | 1,000,000 | 759,870 | ||||||
Lebanese Republic | 580,000 | 445,150 | ||||||
1,205,020 | ||||||||
Mexico — 1.0% | ||||||||
United Mexican States | 500,000 | 492,755 | ||||||
United Mexican States | 220,000 | 210,115 | ||||||
United Mexican States | 700,000 | 581,000 | ||||||
United Mexican States | 700,000 | 603,057 | ||||||
1,886,927 | ||||||||
Netherlands — 1.0% | ||||||||
Kingdom of the Netherlands | EUR | 1,700,000 | 1,992,562 | |||||
Nigeria — 0.5% | ||||||||
Republic of Nigeria | 260,000 | 227,271 | ||||||
Republic of Nigeria | 300,000 | 257,586 | ||||||
Republic of Nigeria | 550,000 | 530,838 | ||||||
1,015,695 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Oman — 1.3% | ||||||||
Sultanate of Oman | $ | 1,400,000 | $ | 1,260,280 | ||||
Sultanate of Oman | 1,400,000 | 1,221,500 | ||||||
2,481,780 | ||||||||
Paraguay — 0.6% | ||||||||
Republic of Paraguay | 600,000 | 594,000 | ||||||
Republic of Paraguay | 500,000 | 498,750 | ||||||
1,092,750 | ||||||||
Poland — 1.0% | ||||||||
Republic of Poland | 600,000 | 585,108 | ||||||
Republic of Poland | PLN | 4,500,000 | 1,343,353 | |||||
1,928,461 | ||||||||
Qatar — 1.3% | ||||||||
State of Qatar | 950,000 | 902,827 | ||||||
State of Qatar | 450,000 | 459,865 | ||||||
State of Qatar | 1,100,000 | 1,121,450 | ||||||
2,484,142 | ||||||||
Romania — 0.3% | ||||||||
Government of Romania | 550,000 | 585,183 | ||||||
Senegal — 0.7% | ||||||||
Republic of Senegal | 1,000,000 | 842,160 | ||||||
Republic of Senegal | 540,000 | 444,825 | ||||||
1,286,985 | ||||||||
Singapore — 0.8% | ||||||||
Republic of Singapore | SGD | 2,000,000 | 1,449,479 | |||||
South Africa — 1.2% | ||||||||
Republic of South Africa | 830,000 | 716,365 | ||||||
Republic of South Africa | 500,000 | 427,670 | ||||||
Republic of South Africa | 500,000 | 512,500 |
129 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
South Africa (continued) | ||||||||
Republic of South Africa | $ | 550,000 | $ | 546,887 | ||||
2,203,422 | ||||||||
Spain — 3.4% | ||||||||
Kingdom of Spain | EUR | 1,000,000 | 1,141,650 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,261,714 | |||||
Kingdom of Spain | EUR | 1,150,000 | 1,545,832 | |||||
Kingdom of Spain | EUR | 1,400,000 | 1,965,133 | |||||
Kingdom of Spain | EUR | 400,000 | 643,276 | |||||
6,557,605 | ||||||||
Sri Lanka — 1.5% | ||||||||
Republic of Sri Lanka | 580,000 | 519,108 | ||||||
Republic of Sri Lanka | 300,000 | 273,034 | ||||||
Republic of Sri Lanka | 550,000 | 528,000 | ||||||
Republic of Sri Lanka | 500,000 | 473,250 | ||||||
Republic of Sri Lanka | 1,240,000 | 1,103,619 | ||||||
2,897,011 | ||||||||
Turkey — 1.3% | ||||||||
Republic of Turkey | EUR | 1,000,000 | 1,108,326 | |||||
Republic of Turkey | 700,000 | 587,496 | ||||||
Republic of Turkey | 760,000 | 754,300 | ||||||
2,450,122 | ||||||||
Ukraine — 0.6% | ||||||||
Government of Ukraine | 1,300,000 | 1,182,675 | ||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Government | 1,250,000 | 1,163,885 | ||||||
United Kingdom — 4.6% | ||||||||
United Kingdom Gilt Treasury | GBP | 1,200,000 | 1,516,232 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
United Kingdom Gilt Treasury | GBP | 500,000 | $ | 647,037 | ||||
United Kingdom Gilt Treasury | GBP | 300,000 | 405,814 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 627,335 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 606,160 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,377,159 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 361,607 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,724,724 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 803,179 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 806,448 | |||||
8,875,695 | ||||||||
Uruguay — 1.0% | ||||||||
Oriental Republic of Uruguay | 800,000 | 789,600 | ||||||
Oriental Republic of Uruguay | 600,000 | 605,106 | ||||||
Oriental Republic of Uruguay | 500,000 | 471,250 | ||||||
1,865,956 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $130,329,181) | 124,362,418 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.1% | ||||||||
United States — 0.1% | ||||||||
Stillwater Mining Co. | 300,000 | 271,440 | ||||||
U.S. GOVERNMENT TREASURIES — 26.5% | ||||||||
United States — 26.5% | ||||||||
United States Treasury Bonds | ||||||||
2.75% due 02/15/2028 | 1,200,000 | 1,175,156 | ||||||
2.88% due 05/15/2028 | 3,000,000 | 2,965,899 | ||||||
2.88% due 11/15/2046# | 800,000 | 735,906 | ||||||
3.00% due 05/15/2042 | 720,000 | 685,294 | ||||||
3.00% due 02/15/2048 | 700,000 | 658,410 | ||||||
3.38% due 05/15/2044 | 1,200,000 | 1,213,453 | ||||||
3.75% due 11/15/2043 | 500,000 | 537,442 | ||||||
United States Treasury Notes | ||||||||
1.50% due 10/31/2019# | 2,000,000 | 1,977,891 | ||||||
1.75% due 09/30/2019 | 3,000,000 | 2,976,563 | ||||||
1.75% due 12/31/2020 | 2,000,000 | 1,957,734 | ||||||
1.75% due 05/15/2023 | 3,000,000 | 2,860,547 | ||||||
1.88% due 11/30/2021 | 2,000,000 | 1,945,859 |
130 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount/ Shares(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States (continued) | ||||||||
1.88% due 10/31/2022 | $ | 2,000,000 | $ | 1,927,500 | ||||
2.00% due 01/15/2021 | 2,000,000 | 1,966,328 | ||||||
2.00% due 11/30/2022 | 3,000,000 | 2,903,906 | ||||||
2.00% due 02/15/2025# | 1,000,000 | 947,930 | ||||||
2.00% due 08/15/2025 | 2,500,000 | 2,358,985 | ||||||
2.13% due 05/15/2025 | 1,500,000 | 1,429,688 | ||||||
2.25% due 11/15/2024 | 3,000,000 | 2,892,070 | ||||||
2.25% due 11/15/2025 | 2,000,000 | 1,913,906 | ||||||
2.25% due 02/15/2027 | 1,000,000 | 947,266 | ||||||
2.25% due 11/15/2027 | 1,500,000 | 1,411,699 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 1,993,465 | ||||||
2.50% due 08/15/2023 | 2,000,000 | 1,968,125 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 2,941,406 | ||||||
2.63% due 11/15/2020 | 600,000 | 597,703 | ||||||
2.75% due 11/15/2023 | 2,000,000 | 1,989,453 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,192,359 | ||||||
3.38% due 11/15/2019 | 1,800,000 | 1,809,983 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $52,231,897) | 50,881,926 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $194,034,337) | 185,867,731 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
Registered Investment Companies — 1.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,482,306 | 2,482,306 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 855,373 | 855,373 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $3,337,679) | 3,337,679 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $197,372,016)(4) | 98.5 | % | 189,205,410 | |||||
Other assets less liabilities | 1.5 | 2,791,467 | ||||||
NET ASSETS — | 100.0 | % $ | 191,996,877 | |||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $19,896,508 representing 10.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | At November 30, 2018, the Fund had loaned securities with a total value of $8,913,280. This was secured by collateral of $855,373, which was received in cash and subsequently invested in short-term investments currently valued at $855,373 as reported in the Portfolio of Investments. Additional collateral of $8,431,544 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.20% | 06/15/2027 to 10/15/2058 | $ | 1,018,857 | ||||
Federal National Mtg. Assoc. | zero coupon to 17.14% | 02/01/2019 to 10/25/2058 | 1,904,202 | |||||
Government National Mtg. Assoc. | 1.89% to 14.55% | 04/16/2025 to 11/20/2068 | 2,796,922 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 03/21/2019 | 294,405 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 01/31/2019 to 02/15/2047 | 2,417,158 |
(3) | The rate shown in the7-day yield as of November 30, 2018. |
(4) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
PLN—Polish Zloty
SGD—Singapore Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 10,351,947 | $ | — | $ | 10,351,947 | ||||||||
Foreign Government Obligations: | — | 124,362,418 | — | 124,362,418 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 271,440 | — | 271,440 | ||||||||||||
U.S. Government Treasuries | — | 50,881,926 | — | 50,881,926 | ||||||||||||
Short-Term Investment Securities: | 3,337,679 | — | — | 3,337,679 | ||||||||||||
Total Investments at Value | $ | 3,337,679 | $ | 185,867,731 | $ | — | $ | 189,205,410 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
131 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Apparel Manufacturers | 11.0 | % | ||
Food — Misc./Diversified | 9.4 | |||
E-Commerce/Services | 9.0 | |||
Registered Investment Companies | 7.4 | |||
Transport — Services | 7.3 | |||
Soap & Cleaning Preparation | 4.9 | |||
Industrial Automated/Robotic | 4.9 | |||
Food — Confectionery | 4.8 | |||
Beverages — Wine/Spirits | 4.5 | |||
Brewery | 4.3 | |||
Banks — Commercial | 4.2 | |||
Computer Services | 4.1 | |||
Electric — Transmission | 3.1 | |||
Schools | 3.0 | |||
Medical — Biomedical/Gene | 2.7 | |||
Insurance — Life/Health | 2.7 | |||
Private Equity | 2.4 | |||
Cosmetics & Toiletries | 2.4 | |||
Beverages —Non-alcoholic | 2.3 | |||
Food — Dairy Products | 2.1 | |||
Retail — Restaurants | 1.1 | |||
97.6 | % | |||
Country Allocation*
United States | 16.0 | % | ||
United Kingdom | 14.0 | |||
Japan | 11.0 | |||
France | 9.5 | |||
Denmark | 8.5 | |||
Switzerland | 6.9 | |||
Italy | 5.8 | |||
Belgium | 4.3 | |||
India | 4.2 | |||
Cayman Islands | 4.1 | |||
Bermuda | 3.1 | |||
Sweden | 2.7 | |||
Hong Kong | 2.7 | |||
Canada | 2.4 | |||
China | 2.4 | |||
97.6 | % | |||
* | Calculated as a percentage of net assets |
132 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 90.2% |
| |||||||
Belgium — 4.3% |
| |||||||
Anheuser-Busch InBev SA# | 244,335 | $ | 18,806,111 | |||||
Bermuda — 3.1% |
| |||||||
Brookfield Infrastructure Partners LP | 354,055 | 13,514,279 | ||||||
Canada — 2.4% |
| |||||||
Brookfield Asset Management, Inc., Class A# | 245,125 | 10,756,085 | ||||||
Cayman Islands — 4.1% |
| |||||||
Haidilao International Holding, Ltd.†* | 2,183,000 | 4,832,510 | ||||||
TAL Education Group ADR† | 461,125 | 12,943,779 | ||||||
17,776,289 | ||||||||
China — 2.4% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,166,927 | 10,640,759 | ||||||
Denmark — 8.5% |
| |||||||
Chr. Hansen Holding A/S | 162,074 | 14,637,213 | ||||||
DSV A/S | 296,637 | 22,703,393 | ||||||
37,340,606 | ||||||||
France — 9.5% |
| |||||||
Danone SA | 123,520 | 9,244,433 | ||||||
Hermes International | 41,416 | 22,501,026 | ||||||
Pernod Ricard SA# | 61,042 | 9,764,062 | ||||||
41,509,521 | ||||||||
Hong Kong — 2.7% |
| |||||||
AIA Group, Ltd. | 1,427,918 | 11,712,074 | ||||||
India — 4.2% |
| |||||||
HDFC Bank, Ltd. | 606,287 | 18,429,374 | ||||||
Italy — 5.8% |
| |||||||
Moncler SpA | 781,340 | 25,547,211 | ||||||
Japan — 11.0% |
| |||||||
Calbee, Inc.# | 491,800 | 16,290,076 | ||||||
Keyence Corp. | 39,500 | 21,435,053 | ||||||
Pigeon Corp. | 251,800 | 10,379,605 | ||||||
48,104,734 | ||||||||
Sweden — 2.7% |
| |||||||
Vitrolife AB | 697,456 | 11,904,195 | ||||||
Switzerland — 6.9% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 258 | 20,729,904 | ||||||
Kuehne & Nagel International AG | 66,035 | 9,303,577 | ||||||
30,033,481 | ||||||||
United Kingdom — 14.0% |
| |||||||
Diageo PLC | 280,605 | 10,109,507 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Fevertree Drinks PLC | 324,635 | $ | 9,901,192 | |||||
Reckitt Benckiser Group PLC | 259,771 | 21,612,431 | ||||||
Rightmove PLC | 3,492,789 | 19,487,838 | ||||||
61,110,968 | ||||||||
United States — 8.6% |
| |||||||
Booking Holdings, Inc.† | 10,466 | 19,800,416 | ||||||
EPAM Systems, Inc.† | 137,335 | 17,887,884 | ||||||
37,688,300 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $409,140,123) | $ | 394,873,987 | ||||||
SHORT-TERM INVESTMENT SECURITIES — 7.4% | ||||||||
Registered Investment Companies — 7.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) | 32,485,110 | 32,485,110 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $441,625,233)(3) | 97.6 | % | 427,359,097 | |||||
Other assets less liabilities | 2.4 | 10,306,421 | ||||||
NET ASSETS | 100.0 | % | $ | 437,665,518 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $4,832,510 representing 1.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $31,849,917. This was secured by collateral of $32,485,110, which was received in cash and subsequently invested in short-term investments currently valued at $32,485,110 as reported in the Portfolio of Investments. Additional collateral of $817,888 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||
United States Treasury Bills | 0.00% | 12/13/2018 to 04/04/2019 | $147,852 | |||
United States Treasury Notes/Bonds | 0.13% to 8.50% | 12/31/2018 to 02/15/2046 | 670,036 |
(2) | The rate shown is the7-day yield as of November 30, 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 November 30, 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 | $ | 79,734,953 | $ | 315,139,034 | ** | $ | — | $ | 394,873,987 | |||||||
Short-Term Investment Securities | 32,485,110 | — | — | 32,485,110 | ||||||||||||
Total Investments at Value | $ | 112,220,063 | $ | 315,139,034 | $ | — | $ | 427,359,097 | ||||||||
* | 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). |
See Notes to Financial Statements
133 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Cellular Telecom | 7.4 | % | ||
Finance — Investment Banker/Broker | 5.9 | |||
Registered Investment Companies | 5.1 | |||
Diversified Manufacturing Operations | 5.0 | |||
Oil Companies — Integrated | 4.8 | |||
Banks — Commercial | 4.2 | |||
Diversified Banking Institutions | 3.6 | |||
Insurance — Reinsurance | 3.4 | |||
Building & Construction Products — Misc. | 3.2 | |||
Sugar | 3.2 | |||
Oil — Field Services | 3.1 | |||
Diversified Financial Services | 2.9 | |||
Machinery — Electrical | 2.9 | |||
Food — Misc./Diversified | 2.8 | |||
Diversified Minerals | 2.6 | |||
Computer Data Security | 2.5 | |||
Wire & Cable Products | 2.5 | |||
Telephone — Integrated | 2.5 | |||
Insurance — Life/Health | 2.4 | |||
Retail — Drug Store | 2.3 | |||
Retail — Building Products | 2.3 | |||
Medical — Drugs | 2.3 | |||
Chemicals — Diversified | 2.3 | |||
Electronic Components — Misc. | 2.1 | |||
Medical Products | 2.1 | |||
Agricultural Chemicals | 2.1 | |||
Banks — Mortgage | 2.1 | |||
Auto/Truck Parts & Equipment — Original | 1.8 | |||
Industrial Automated/Robotic | 1.8 | |||
Investment Management/Advisor Services | 1.8 | |||
Building Products — Doors & Windows | 1.7 | |||
Enterprise Software/Service | 1.7 | |||
Diversified Operations | 1.4 | |||
Electric — Integrated | 1.4 | |||
Food — Retail | 1.3 | |||
Retail — Consumer Electronics | 0.7 | |||
Electronic Components — Semiconductors | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
102.2 | % | |||
Country Allocation*
United Kingdom | 14.9 | % | ||
Japan | 11.8 | |||
Germany | 11.2 | |||
Netherlands | 6.6 | |||
Hong Kong | 6.1 | |||
France | 5.7 | |||
Italy | 5.2 | |||
United States | 5.1 | |||
Canada | 4.7 | |||
South Korea | 3.5 | |||
Bermuda | 3.2 | |||
Switzerland | 2.8 | |||
Ireland | 2.8 | |||
Israel | 2.5 | |||
China | 2.3 | |||
Norway | 2.3 | |||
South Africa | 2.3 | |||
Malaysia | 1.9 | |||
British Virgin Islands | 1.8 | |||
Cayman Islands | 1.7 | |||
Singapore | 1.4 | |||
Australia | 1.4 | |||
Russia | 1.0 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
@ | See Note 1 |
134 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% |
| |||||||
Australia — 1.4% |
| |||||||
Origin Energy, Ltd.† | 2,140,647 | $ | 10,140,782 | |||||
Bermuda — 3.2% |
| |||||||
Cosan, Ltd., Class A | 2,591,292 | 23,036,586 | ||||||
British Virgin Islands — 1.8% |
| |||||||
Hollysys Automation Technologies, Ltd. | 665,696 | 13,187,438 | ||||||
Canada — 4.7% |
| |||||||
Home Capital Group, Inc.†# | 1,128,800 | 14,961,177 | ||||||
Lundin Mining Corp. | 4,293,700 | 18,711,115 | ||||||
33,672,292 | ||||||||
Cayman Islands — 1.7% |
| |||||||
Xinyi Glass Holdings, Ltd. | 11,412,000 | 12,322,975 | ||||||
China — 2.3% |
| |||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 6,882,900 | 16,977,029 | ||||||
France — 5.7% |
| |||||||
Cie de Saint-Gobain | 626,653 | 23,234,028 | ||||||
Orange SA# | 1,047,027 | 18,005,057 | ||||||
41,239,085 | ||||||||
Germany — 11.2% |
| |||||||
CECONOMY AG | 1,135,945 | 5,294,726 | ||||||
METRO AG | 616,786 | 9,466,023 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 114,048 | 24,744,425 | ||||||
Rheinmetall AG | 143,251 | 13,269,309 | ||||||
SAP SE | 118,504 | 12,189,193 | ||||||
Siemens AG | 141,135 | 16,346,461 | ||||||
81,310,137 | ||||||||
Hong Kong — 6.1% |
| |||||||
China Everbright, Ltd. | 8,688,000 | 16,242,322 | ||||||
China Mobile, Ltd. | 2,803,000 | 27,942,700 | ||||||
44,185,022 | ||||||||
Ireland — 2.8% |
| |||||||
Greencore Group PLC# | 8,306,379 | 19,913,072 | ||||||
Israel — 2.5% |
| |||||||
Check Point Software Technologies, Ltd.† | 163,659 | 18,298,713 | ||||||
Italy — 5.2% |
| |||||||
Eni SpA | 921,143 | 14,860,439 | ||||||
Prysmian SpA | 990,779 | 18,147,925 | ||||||
UniCredit SpA | 330,402 | 4,262,630 | ||||||
37,270,994 | ||||||||
Japan — 11.8% |
| |||||||
Daiwa Securities Group, Inc. | 3,886,100 | 21,534,659 | ||||||
Hitachi, Ltd. | 717,500 | 20,782,628 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,012,300 | 21,893,538 | ||||||
Nomura Holdings, Inc. | 4,756,300 | 21,324,454 | ||||||
85,535,279 | ||||||||
Malaysia — 1.9% |
| |||||||
CIMB Group Holdings Bhd | 9,944,300 | 13,723,208 | ||||||
Netherlands — 6.6% |
| |||||||
Koninklijke Philips NV | 400,735 | $ | 15,169,492 | |||||
NN Group NV | 413,622 | 17,610,883 | ||||||
OCI NV†# | 657,809 | 15,130,314 | ||||||
47,910,689 | ||||||||
Norway — 2.3% |
| |||||||
DNB ASA | 965,551 | 16,640,934 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Russia — 1.0% |
| |||||||
Mobile TeleSystems PJSC ADR | 939,397 | $ | 6,960,932 | |||||
Singapore — 1.4% |
| |||||||
Keppel Corp., Ltd. | 2,311,700 | 10,262,962 | ||||||
South Africa — 2.3% |
| |||||||
Sasol, Ltd. | 555,772 | 16,332,886 | ||||||
South Korea — 3.5% |
| |||||||
Hana Financial Group, Inc. | 144,737 | 4,871,427 | ||||||
Samsung Electronics Co., Ltd. | 107,234 | 4,025,965 | ||||||
SK Telecom Co., Ltd. | 64,657 | 16,667,490 | ||||||
25,564,882 | ||||||||
Switzerland — 2.8% |
| |||||||
Novartis AG | 181,657 | 16,582,847 | ||||||
Zurich Insurance Group AG | 12,056 | 3,785,371 | ||||||
20,368,218 | ||||||||
United Kingdom — 14.9% |
| |||||||
BP PLC | 2,972,182 | 19,708,952 | ||||||
John Wood Group PLC | 2,704,535 | 21,993,029 | ||||||
Kingfisher PLC | 5,285,391 | 16,872,518 | ||||||
Man Group PLC | 6,983,932 | 12,945,702 | ||||||
Sensata Technologies Holding PLC† | 334,333 | 15,466,245 | ||||||
Smiths Group PLC | 1,077,718 | 19,144,619 | ||||||
Vodafone Group PLC | 737,879 | 1,587,818 | ||||||
107,718,883 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $744,552,850) | 702,572,998 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.1% |
| |||||||
Registered Investment Companies — 5.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 27,757,947 | 27,757,947 | ||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 8,840,016 | 8,840,016 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $36,597,963) | 36,597,963 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $781,150,813)(3) | 102.2 | % | 739,170,961 | |||||
Liabilities in excess of other assets | (2.2 | ) | (15,951,148 | ) | ||||
NET ASSETS | 100.0 | % | $ | 723,219,813 | ||||
@ | See Note 1 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $29,596,574. This was secured by collateral of $27,757,947, which was received in cash and subsequently invested in short-term investments currently valued at $27,757,947 as reported in the Portfolio of Investments. Additional collateral of $3,442,283 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. |
135 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 01/08/2019 to 04/04/2019 | $ | 240,737 | ||||
United States Treasury Notes/Bonds | 0.13% to 7.63% | 01/31/2019 to 05/15/2047 | 3,201,546 |
(2) | The rate shown is the7-day yield as of November 30, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Barclays Bank PLC | EUR | 32,218,000 | USD | 37,663,809 | 12/28/2018 | $ | 1,100,011 | $ | – | |||||||||||||||||||
GBP | 37,993,000 | USD | 49,741,575 | 12/28/2018 | 1,255,628 | – | ||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,355,639 | $ | – | ||||||||||||||||||||||||
EUR—Euro Currency
GBP—Pound Sterling
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 110,622,206 | $ | 591,950,792 | ** | $ | — | $ | 702,572,998 | |||||||
Short-Term Investment Securities | 36,597,963 | — | — | 36,597,963 | ||||||||||||
Total Investments at Value | $ | 147,220,169 | $ | 591,950,792 | $ | — | $ | 739,170,961 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,355,639 | $ | — | $ | 2,355,639 | ||||||||
* | 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. |
See Notes to Financial Statements
136 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 7.1 | % | ||
Diversified Banking Institutions | 6.0 | |||
Applications Software | 5.1 | |||
Web Portals/ISP | 4.1 | |||
E-Commerce/Products | 4.1 | |||
Computers | 4.1 | |||
Banks — Super Regional | 3.3 | |||
Insurance — Property/Casualty | 3.0 | |||
Medical — Biomedical/Gene | 2.8 | |||
Electronic Components — Semiconductors | 2.7 | |||
Telephone — Integrated | 2.7 | |||
Finance — Credit Card | 2.6 | |||
Tobacco | 2.6 | |||
Real Estate Investment Trusts | 2.5 | |||
Medical — HMO | 2.5 | |||
Food — Misc./Diversified | 2.5 | |||
Internet Content — Entertainment | 2.5 | |||
Medical Instruments | 2.5 | |||
Oil Companies — Exploration & Production | 2.4 | |||
Oil Companies — Integrated | 2.3 | |||
Data Processing/Management | 2.1 | |||
Retail — Restaurants | 2.1 | |||
Cable/Satellite TV | 2.1 | |||
Aerospace/Defense | 2.0 | |||
Instruments — Controls | 1.9 | |||
Networking Products | 1.3 | |||
Insurance Brokers | 1.3 | |||
Repurchase Agreements | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Commercial Services — Finance | 1.2 | |||
Pharmacy Services | 1.2 | |||
Machinery — Construction & Mining | 1.2 | |||
Retail — Building Products | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Coatings/Paint | 1.0 | |||
Transport — Services | 1.0 | |||
Electric — Integrated | 0.9 | |||
Food — Wholesale/Distribution | 0.8 | |||
Beverages — Wine/Spirits | 0.7 | |||
Medical Products | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Apparel Manufacturers | 0.6 | |||
Airlines | 0.6 | |||
Electric Products — Misc. | 0.5 | |||
Entertainment Software | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
E-Commerce/Services | 0.4 | |||
Retail — Discount | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Oil — Field Services | 0.3 | |||
Metal — Copper | 0.2 | |||
Cellular Telecom | 0.2 | |||
Internet Security | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
137 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.6% |
| |||||||
Aerospace/Defense — 2.0% |
| |||||||
General Dynamics Corp. | 7,260 | $ | 1,342,302 | |||||
Lockheed Martin Corp. | 7,305 | 2,194,641 | ||||||
3,536,943 | ||||||||
Airlines — 0.6% |
| |||||||
Southwest Airlines Co. | 18,402 | 1,004,933 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
PVH Corp. | 9,880 | 1,091,839 | ||||||
Applications Software — 5.1% |
| |||||||
Microsoft Corp. | 79,595 | 8,826,290 | ||||||
Banks - Fiduciary — 0.4% |
| |||||||
Bank of New York Mellon Corp. | 12,930 | 663,438 | ||||||
Banks - Super Regional — 3.3% |
| |||||||
US Bancorp | 28,645 | 1,560,007 | ||||||
Wells Fargo & Co. | 75,665 | 4,107,096 | ||||||
5,667,103 | ||||||||
Beverages - Wine/Spirits — 0.7% |
| |||||||
Constellation Brands, Inc., Class A | 6,630 | 1,297,889 | ||||||
Cable/Satellite TV — 2.1% |
| |||||||
Comcast Corp., Class A | 93,173 | 3,634,679 | ||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 6,200 | 424,390 | ||||||
Chemicals - Diversified — 1.3% |
| |||||||
DowDuPont, Inc. | 37,656 | 2,178,400 | ||||||
Coatings/Paint — 1.0% |
| |||||||
Sherwin-Williams Co. | 4,228 | 1,792,968 | ||||||
Commercial Services - Finance — 1.2% |
| |||||||
S&P Global, Inc. | 4,950 | 905,157 | ||||||
Total System Services, Inc. | 14,105 | 1,232,354 | ||||||
2,137,511 | ||||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 39,588 | 7,069,625 | ||||||
Data Processing/Management — 2.1% |
| |||||||
Fidelity National Information Services, Inc. | 22,955 | 2,477,992 | ||||||
First Data Corp., Class A† | 65,330 | 1,246,497 | ||||||
3,724,489 | ||||||||
Diversified Banking Institutions — 6.0% |
| |||||||
Citigroup, Inc. | 57,456 | 3,722,574 | ||||||
JPMorgan Chase & Co. | 46,915 | 5,216,479 | ||||||
Morgan Stanley | 34,280 | 1,521,689 | ||||||
10,460,742 | ||||||||
E-Commerce/Products — 4.1% |
| |||||||
Amazon.com, Inc.† | 3,285 | 5,552,208 | ||||||
eBay, Inc.† | 52,520 | 1,567,722 | ||||||
7,119,930 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Expedia Group, Inc. | 6,405 | 773,660 | ||||||
Electric Products-Misc. — 0.5% |
| |||||||
Emerson Electric Co. | 12,580 | 849,402 | ||||||
Electric - Integrated — 0.9% |
| |||||||
American Electric Power Co., Inc. | 19,800 | 1,539,252 | ||||||
Electronic Components - Semiconductors — 2.7% |
| |||||||
Broadcom, Inc. | 12,415 | 2,947,445 | ||||||
Microchip Technology, Inc.# | 6,895 | 517,125 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
NVIDIA Corp. | 7,080 | $ | 1,157,085 | |||||
4,621,655 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Agilent Technologies, Inc. | 11,260 | 814,661 | ||||||
Entertainment Software — 0.5% |
| |||||||
Activision Blizzard, Inc. | 16,589 | 827,459 | ||||||
Finance - Credit Card — 2.6% |
| |||||||
Mastercard, Inc., Class A | 22,417 | 4,507,386 | ||||||
Food - Misc./Diversified — 2.5% |
| |||||||
Conagra Brands, Inc. | 44,563 | 1,441,167 | ||||||
Mondelez International, Inc., Class A | 63,795 | 2,869,499 | ||||||
4,310,666 | ||||||||
Food - Wholesale/Distribution — 0.8% |
| |||||||
Sysco Corp. | 19,419 | 1,308,841 | ||||||
Instruments - Controls — 1.9% |
| |||||||
Honeywell International, Inc. | 23,046 | 3,382,000 | ||||||
Insurance Brokers — 1.3% |
| |||||||
Aon PLC | 13,437 | 2,218,583 | ||||||
Insurance - Property/Casualty — 3.0% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 24,289 | 5,300,831 | ||||||
Internet Content - Entertainment — 2.5% |
| |||||||
Facebook, Inc., Class A† | 30,450 | 4,281,574 | ||||||
Internet Security — 0.2% |
| |||||||
Palo Alto Networks, Inc.† | 2,115 | 365,789 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
BlackRock, Inc. | 4,332 | 1,854,139 | ||||||
Machinery - Construction & Mining — 1.2% |
| |||||||
Caterpillar, Inc. | 14,870 | 2,017,413 | ||||||
Medical Instruments — 2.5% |
| |||||||
Medtronic PLC | 43,829 | 4,274,642 | ||||||
Medical Products — 0.7% |
| |||||||
Abbott Laboratories | 17,196 | 1,273,364 | ||||||
Medical - Biomedical/Gene — 2.8% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 11,990 | 1,476,569 | ||||||
Biogen, Inc.† | 10,320 | 3,443,990 | ||||||
4,920,559 | ||||||||
Medical - Drugs — 7.1% |
| |||||||
Allergan PLC | 13,790 | 2,159,514 | ||||||
Johnson & Johnson | 37,048 | 5,442,351 | ||||||
Pfizer, Inc. | 102,565 | 4,741,580 | ||||||
12,343,445 | ||||||||
Medical- HMO — 2.5% |
| |||||||
Anthem, Inc. | 10,160 | 2,947,111 | ||||||
Cigna Corp. | 6,194 | 1,383,616 | ||||||
4,330,727 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 35,580 | 424,825 | ||||||
Networking Products — 1.3% |
| |||||||
Cisco Systems, Inc. | 47,110 | 2,255,156 | ||||||
Oil Companies - Exploration & Production — 2.4% |
| |||||||
Canadian Natural Resources, Ltd. | 61,685 | 1,551,378 | ||||||
Cimarex Energy Co. | 6,530 | 535,329 | ||||||
EOG Resources, Inc. | 20,633 | 2,131,595 | ||||||
4,218,302 | ||||||||
138 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 2.3% |
| |||||||
Chevron Corp. | 33,985 | $ | 4,042,176 | |||||
Oil- Field Services — 0.3% |
| |||||||
Halliburton Co. | 16,293 | 512,089 | ||||||
Pharmacy Services — 1.2% |
| |||||||
CVS Health Corp. | 26,455 | 2,121,691 | ||||||
Real Estate Investment Trusts — 2.5% |
| |||||||
American Tower Corp. | 16,625 | 2,734,646 | ||||||
Equinix, Inc. | 2,860 | 1,101,901 | ||||||
Weyerhaeuser Co. | 19,125 | 505,091 | ||||||
4,341,638 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Tapestry, Inc. | 30,345 | 1,181,331 | ||||||
Retail - Auto Parts — 0.2% |
| |||||||
AutoZone, Inc.† | 414 | 334,955 | ||||||
Retail - Building Products — 1.1% |
| |||||||
Lowe’s Cos., Inc. | 20,485 | 1,933,169 | ||||||
Retail - Discount — 0.4% |
| |||||||
Dollar General Corp. | 6,962 | 772,712 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
McDonald’s Corp. | 12,970 | 2,444,975 | ||||||
Restaurant Brands International, Inc. | 21,933 | 1,279,352 | ||||||
3,724,327 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Lam Research Corp. | 5,220 | 819,331 | ||||||
Telephone - Integrated — 2.7% |
| |||||||
AT&T, Inc. | 92,945 | 2,903,602 | ||||||
Verizon Communications, Inc. | 28,393 | 1,712,098 | ||||||
4,615,700 | ||||||||
Tobacco — 2.6% |
| |||||||
Philip Morris International, Inc. | 51,535 | 4,459,324 | ||||||
Transport - Services — 1.0% |
| |||||||
FedEx Corp. | 7,788 | 1,783,452 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Portals/ISP — 4.1% |
| |||||||
Alphabet, Inc., Class A† | 2,502 | $ | 2,776,344 | |||||
Alphabet, Inc., Class C† | 3,978 | 4,353,643 | ||||||
7,129,987 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $145,743,675) | 171,417,382 | |||||||
REPURCHASE AGREEMENTS — 1.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated11/30/2018, to be repurchased 12/03/2018 in the amount of $2,202,077 collateralized by $2,255,000 of U.S. Treasury Notes, bearing interest at 2.90% due 05/31/2025 and having an approximate value of $2,246,104 | $ | 2,202,000 | 2,202,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $147,945,675)(1) | 99.9 | % | 173,619,382 | |||||
Other assets less liabilities | 0.1 | 235,344 | ||||||
NET ASSETS | 100.0 | % | $ | 173,854,726 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with a total value of $399,375. This was secured by collateral of $409,068 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 01/15/2019 to 05/15/2048 | $409,068 |
(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 November 30, 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 | $ | 171,417,382 | $ | — | $ | — | $ | 171,417,382 | ||||||||
Repurchase Agreements | — | 2,202,000 | — | 2,202,000 | ||||||||||||
Total Investments at Value | $ | 171,417,382 | $ | 2,202,000 | $ | — | $ | 173,619,382 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
139 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.4 | % | ||
Computer Services | 5.4 | |||
Finance — Credit Card | 5.1 | |||
Applications Software | 4.7 | |||
Cosmetics & Toiletries | 4.6 | |||
Data Processing/Management | 4.2 | |||
Diagnostic Equipment | 4.2 | |||
Commercial Services — Finance | 3.5 | |||
Semiconductor Components — Integrated Circuits | 3.2 | |||
Athletic Footwear | 3.1 | |||
Insurance Brokers | 3.1 | |||
Medical Products | 2.9 | |||
Electronic Components — Semiconductors | 2.9 | |||
Retail — Restaurants | 2.8 | |||
Cable/Satellite TV | 2.7 | |||
Computers | 2.6 | |||
Consulting Services | 2.3 | |||
Soap & Cleaning Preparation | 2.1 | |||
Chemicals — Diversified | 2.0 | |||
Commercial Services | 2.0 | |||
Entertainment Software | 2.0 | |||
Private Equity | 1.8 | |||
Transport — Rail | 1.8 | |||
E-Commerce/Products | 1.8 | |||
Instruments — Controls | 1.7 | |||
Retail — Major Department Stores | 1.6 | |||
Machinery — General Industrial | 1.6 | |||
Instruments — Scientific | 1.6 | |||
Coatings/Paint | 1.5 | |||
Medical — Drugs | 1.5 | |||
Electronic Connectors | 1.5 | |||
Aerospace/Defense — Equipment | 1.4 | |||
Beverages — Non-alcoholic | 1.3 | |||
Textile — Apparel | 1.2 | |||
Electronic Measurement Instruments | 1.2 | |||
Apparel Manufacturers | 1.2 | |||
Pharmacy Services | 0.9 | |||
Multimedia | 0.8 | |||
Gambling(Non-Hotel) | 0.8 | |||
Finance — Other Services | 0.7 | |||
U.S. Government Agencies | 0.7 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Retail — Auto Parts | 0.5 | |||
Diversified Manufacturing Operations | 0.4 | |||
Oil — Field Services | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
140 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense - Equipment — 1.4% |
| |||||||
United Technologies Corp. | 54,549 | $ | 6,646,250 | |||||
Apparel Manufacturers — 1.2% |
| |||||||
VF Corp. | 68,408 | 5,560,886 | ||||||
Applications Software — 4.7% |
| |||||||
Microsoft Corp. | 199,234 | 22,093,058 | ||||||
Athletic Footwear — 3.1% |
| |||||||
adidas AG | 21,396 | 4,719,145 | ||||||
NIKE, Inc., Class B | 129,701 | 9,743,139 | ||||||
14,462,284 | ||||||||
Beverages -Non-alcoholic — 1.3% |
| |||||||
PepsiCo, Inc. | 49,072 | 5,983,840 | ||||||
Cable/Satellite TV — 2.7% |
| |||||||
Comcast Corp., Class A | 321,258 | 12,532,275 | ||||||
Chemicals - Diversified — 2.0% |
| |||||||
LyondellBasell Industries NV, Class A | 14,205 | 1,325,469 | ||||||
PPG Industries, Inc. | 75,004 | 8,200,187 | ||||||
9,525,656 | ||||||||
Coatings/Paint — 1.5% |
| |||||||
Sherwin-Williams Co. | 17,040 | 7,226,153 | ||||||
Commercial Services — 2.0% |
| |||||||
Ecolab, Inc. | 59,273 | 9,512,724 | ||||||
Commercial Services - Finance — 3.5% |
| |||||||
Equifax, Inc. | 15,958 | 1,638,408 | ||||||
Experian PLC | 222,569 | 5,427,914 | ||||||
Moody’s Corp. | 58,392 | 9,288,415 | ||||||
16,354,737 | ||||||||
Computer Services — 5.4% |
| |||||||
Accenture PLC, Class A | 105,221 | 17,310,959 | ||||||
Cognizant Technology Solutions Corp., Class A | 111,742 | 7,959,383 | ||||||
25,270,342 | ||||||||
Computers — 2.6% |
| |||||||
Apple, Inc. | 69,754 | 12,456,669 | ||||||
Consulting Services — 2.3% |
| |||||||
Verisk Analytics, Inc.† | 89,770 | 11,070,436 | ||||||
Cosmetics & Toiletries — 4.6% |
| |||||||
Colgate-Palmolive Co. | 152,362 | 9,678,034 | ||||||
Estee Lauder Cos., Inc., Class A | 58,034 | 8,279,130 | ||||||
L’Oreal SA | 16,171 | 3,822,645 | ||||||
21,779,809 | ||||||||
Data Processing/Management — 4.2% |
| |||||||
Fidelity National Information Services, Inc. | 92,250 | 9,958,387 | ||||||
Fiserv, Inc.† | 122,890 | 9,724,286 | ||||||
19,682,673 | ||||||||
Diagnostic Equipment — 4.2% |
| |||||||
Danaher Corp. | 68,759 | 7,531,861 | ||||||
Thermo Fisher Scientific, Inc. | 48,155 | 12,017,080 | ||||||
19,548,941 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
Colfax Corp.† | 71,915 | 1,793,560 | ||||||
E-Commerce/Products — 1.8% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 51,734 | 8,321,931 | ||||||
Electronic Components - Semiconductors — 2.9% |
| |||||||
Texas Instruments, Inc. | 134,816 | 13,461,378 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Connectors — 1.5% |
| |||||||
Amphenol Corp., Class A | 81,211 | $ | 7,141,695 | |||||
Electronic Measurement Instruments — 1.2% |
| |||||||
Fortive Corp. | 73,792 | 5,613,357 | ||||||
Entertainment Software — 2.0% |
| |||||||
Electronic Arts, Inc.† | 109,669 | 9,219,873 | ||||||
Finance - Credit Card — 5.1% |
| |||||||
Mastercard, Inc., Class A | 47,205 | 9,491,509 | ||||||
Visa, Inc., Class A# | 102,712 | 14,555,318 | ||||||
24,046,827 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 58,362 | 2,614,618 | ||||||
Finance - Other Services — 0.7% |
| |||||||
CME Group, Inc. | 17,290 | 3,286,483 | ||||||
Gambling(Non-Hotel) — 0.8% |
| |||||||
Paddy Power Betfair PLC | 41,322 | 3,681,512 | ||||||
Instruments - Controls — 1.7% |
| |||||||
Mettler-Toledo International, Inc.† | 12,303 | 7,832,828 | ||||||
Instruments - Scientific — 1.6% |
| |||||||
Waters Corp.† | 37,096 | 7,366,524 | ||||||
Insurance Brokers — 3.1% |
| |||||||
Aon PLC | 87,148 | 14,389,006 | ||||||
Machinery - General Industrial — 1.6% |
| |||||||
Nordson Corp. | 61,883 | 7,451,332 | ||||||
Medical Products — 2.9% |
| |||||||
Abbott Laboratories | 132,791 | 9,833,174 | ||||||
Cooper Cos., Inc. | 13,328 | 3,716,246 | ||||||
13,549,420 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Eli Lilly & Co. | 24,636 | 2,922,815 | ||||||
Zoetis, Inc. | 45,522 | 4,273,150 | ||||||
7,195,965 | ||||||||
Multimedia — 0.8% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 42,389 | 2,096,984 | ||||||
Walt Disney Co. | 14,894 | 1,720,108 | ||||||
3,817,092 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Schlumberger, Ltd. | 11,688 | 527,129 | ||||||
Pharmacy Services — 0.9% |
| |||||||
CVS Health Corp. | 31,954 | 2,562,711 | ||||||
Express Scripts Holding Co.† | 15,318 | 1,554,317 | ||||||
4,117,028 | ||||||||
Private Equity — 1.8% |
| |||||||
Blackstone Group LP | 258,495 | 8,719,036 | ||||||
Retail - Auto Parts — 0.5% |
| |||||||
AutoZone, Inc.† | 2,815 | 2,277,532 | ||||||
Retail - Major Department Stores — 1.6% |
| |||||||
TJX Cos., Inc. | 157,830 | 7,709,996 | ||||||
Retail - Restaurants — 2.8% |
| |||||||
Starbucks Corp. | 198,924 | 13,272,209 | ||||||
Semiconductor Components - Integrated Circuits — 3.2% |
| |||||||
Analog Devices, Inc. | 97,896 | 8,998,600 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 159,894 | 6,010,416 | ||||||
15,009,016 | ||||||||
141 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Soap & Cleaning Preparation — 2.1% |
| |||||||
Church & Dwight Co., Inc. | 57,012 | $ | 3,773,624 | |||||
Reckitt Benckiser Group PLC | 73,096 | 6,081,442 | ||||||
9,855,066 | ||||||||
Textile - Apparel — 1.2% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 20,354 | 5,857,510 | ||||||
Transport - Rail — 1.8% |
| |||||||
Union Pacific Corp. | 55,497 | 8,534,329 | ||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Elanco Animal Health, Inc.† | 9,443 | 315,491 | ||||||
Web Portals/ISP — 6.4% |
| |||||||
Alphabet, Inc., Class A† | 26,931 | 29,883,984 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $335,860,412) | 466,568,460 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.7% |
| |||||||
U.S. Government Agencies — 0.7% |
| |||||||
Federal Home Loan Bank | $ | 3,172,000 | 3,172,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $339,032,052)(1) | 100.0 | % | 469,740,460 | |||||
Other assets less liabilities | 0.0 | 27,463 | ||||||
NET ASSETS | 100.0 | % | $ | 469,767,923 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | See Note 5 for cost of investments on a tax basis. |
At November 30, 2018, the Fund had loaned securities with a total value of $14,040,627. This was secured by collateral of $14,059,982 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.
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 03/07/2019 to 04/25/2019 | $ | 1,744,307 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 02/28/2019 to 08/15/2047 | 12,315,675 |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 436,978,293 | $ | 29,590,167 | ** | $ | — | $ | 466,568,460 | |||||||
Short-Term Investment Securities | — | 3,172,000 | — | 3,172,000 | ||||||||||||
Total Investments at Value | $ | 436,978,293 | $ | 32,762,167 | $ | — | $ | 469,740,460 | ||||||||
* | 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). |
See Notes to Financial Statements
142 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 8.7 | % | ||
Banks — Commercial | 7.1 | |||
Repurchase Agreements | 3.2 | |||
Gas — Distribution | 2.5 | |||
Oil Companies — Exploration & Production | 2.3 | |||
Retail — Restaurants | 2.1 | |||
Electric — Integrated | 2.1 | |||
Medical Instruments | 2.1 | |||
Chemicals — Specialty | 1.7 | |||
Insurance — Property/Casualty | 1.7 | |||
Computer Services | 1.6 | |||
Enterprise Software/Service | 1.5 | |||
Medical Products | 1.5 | |||
Machinery — General Industrial | 1.4 | |||
Steel — Producers | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Commercial Services — Finance | 1.3 | |||
Insurance — Multi-line | 1.2 | |||
Medical — Biomedical/Gene | 1.1 | |||
Transport — Truck | 1.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Electronic Parts Distribution | 1.1 | |||
Insurance — Reinsurance | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Building — Residential/Commercial | 0.9 | |||
Registered Investment Companies | 0.9 | |||
Applications Software | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Electronic Components — Semiconductors | 0.9 | |||
Disposable Medical Products | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Data Processing/Management | 0.8 | |||
Oil & Gas Drilling | 0.8 | |||
Human Resources | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Theaters | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Office Automation & Equipment | 0.6 | |||
Oil — Field Services | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Medical — Drugs | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Garden Products | 0.5 | |||
Hotels/Motels | 0.5 | |||
Machine Tools & Related Products | 0.5 | |||
Multimedia | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Coatings/Paint | 0.5 | |||
Television | 0.5 | |||
Commercial Services | 0.5 | |||
Medical — HMO | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Funeral Services & Related Items | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Resorts/Theme Parks | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Physical Therapy/Rehabilitation Centers | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Machinery — Pumps | 0.4 | |||
Machinery — Construction & Mining | 0.4 |
Building — Heavy Construction | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Finance — Other Services | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Insurance Brokers | 0.4 | |||
Racetracks | 0.4 | |||
Wireless Equipment | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Medical Information Systems | 0.4 | |||
Batteries/Battery Systems | 0.4 | |||
Schools | 0.4 | |||
Retail — Discount | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Airlines | 0.3 | |||
Water | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Patient Monitoring Equipment | 0.3 | |||
Lighting Products & Systems | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Transport — Rail | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Gold Mining | 0.3 | |||
Networking Products | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Instruments — Controls | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Pipelines | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Apparel Manufacturers | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Transport — Marine | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Machinery — Farming | 0.2 | |||
Casino Services | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Multilevel Direct Selling | 0.2 | |||
Food — Baking | 0.2 | |||
Security Services | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Building Products — Cement | 0.2 | |||
Computer Software | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Transactional Software | 0.2 | |||
Steel — Specialty | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Transport — Services | 0.2 | |||
Food — Retail | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Computers — Other | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Retail — Sporting Goods | 0.2 |
143 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Paper & Related Products | 0.2 | % | ||
Retail — Jewelry | 0.2 | |||
Chemicals — Plastics | 0.2 | |||
Electronic Security Devices | 0.1 | |||
Publishing — Books | 0.1 | |||
Printing — Commercial | 0.1 | |||
Brewery | 0.1 | |||
Home Furnishings | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Poultry | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Retail — Automobile | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Casino Hotels | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Housewares | 0.1 | |||
Retail — Bedding | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Quarrying | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
100.7 | % | |||
* | Calculated as a percentage of net assets |
144 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Aerospace/Defense — 0.9% |
| |||||||
Esterline Technologies Corp.† | 50,289 | $ | 5,970,813 | |||||
MSA Safety, Inc. | 66,377 | 7,234,429 | ||||||
Teledyne Technologies, Inc.† | 68,156 | 15,306,475 | ||||||
28,511,717 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
Curtiss-Wright Corp. | 83,467 | 9,214,757 | ||||||
Airlines — 0.3% |
| |||||||
JetBlue Airways Corp.† | 593,723 | 11,589,473 | ||||||
Apparel Manufacturers — 0.2% |
| |||||||
Carter’s, Inc. | 88,191 | 8,157,667 | ||||||
Applications Software — 0.9% |
| |||||||
CDK Global, Inc. | 245,654 | 12,380,962 | ||||||
PTC, Inc.† | 201,257 | 17,406,718 | ||||||
29,787,680 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s†# | 66,048 | 2,641,260 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Adient PLC# | 164,798 | 3,902,416 | ||||||
Dana, Inc. | 274,319 | 3,980,369 | ||||||
Delphi Technologies PLC | 168,499 | 2,879,648 | ||||||
Visteon Corp.† | 55,729 | 4,113,915 | ||||||
14,876,348 | ||||||||
Banks - Commercial — 7.1% |
| |||||||
Associated Banc-Corp. | 326,601 | 7,567,345 | ||||||
BancorpSouth Bank | 170,440 | 5,247,848 | ||||||
Bank of Hawaii Corp.# | 79,767 | 6,361,418 | ||||||
Bank OZK | 229,416 | 6,217,174 | ||||||
Cathay General Bancorp | 146,498 | 5,796,926 | ||||||
Chemical Financial Corp.# | 135,503 | 6,395,742 | ||||||
Commerce Bancshares, Inc. | 189,085 | 11,916,140 | ||||||
Cullen/Frost Bankers, Inc.# | 121,285 | 12,167,311 | ||||||
East West Bancorp, Inc. | 275,017 | 14,765,663 | ||||||
First Horizon National Corp. | 616,793 | 10,170,917 | ||||||
FNB Corp.# | 615,379 | 7,544,547 | ||||||
Fulton Financial Corp. | 333,858 | 5,812,468 | ||||||
Hancock Holding Co.† | 161,959 | 6,513,991 | ||||||
Home BancShares, Inc.# | 304,959 | 5,980,246 | ||||||
International Bancshares Corp. | 104,178 | 3,999,393 | ||||||
MB Financial, Inc. | 159,797 | 7,331,486 | ||||||
PacWest Bancorp | 232,347 | 9,349,643 | ||||||
Pinnacle Financial Partners, Inc.# | 138,930 | 7,967,635 | ||||||
Prosperity Bancshares, Inc.# | 125,912 | 8,737,034 | ||||||
Signature Bank | 105,051 | 12,955,940 | ||||||
Synovus Financial Corp. | 222,704 | 8,420,438 | ||||||
TCF Financial Corp. | 318,247 | 7,157,375 | ||||||
Texas Capital Bancshares, Inc.† | 95,192 | 5,679,155 | ||||||
Trustmark Corp. | 128,332 | 4,150,257 | ||||||
UMB Financial Corp. | 85,567 | 5,790,319 | ||||||
Umpqua Holdings Corp. | 417,907 | 8,040,531 | ||||||
United Bankshares, Inc.# | 197,032 | 7,126,647 | ||||||
Valley National Bancorp# | 629,066 | 6,806,494 | ||||||
Webster Financial Corp. | 175,031 | 10,531,615 | ||||||
Wintrust Financial Corp. | 106,970 | 8,274,129 | ||||||
234,775,827 | ||||||||
Batteries/Battery Systems — 0.4% |
| |||||||
Energizer Holdings, Inc. | 113,432 | 5,085,157 | ||||||
EnerSys | 79,939 | 6,984,270 | ||||||
12,069,427 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 16,388 | $ | 4,499,162 | |||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Louisiana-Pacific Corp. | 270,849 | 6,191,608 | ||||||
Building & Construction - Misc. — 0.2% |
| |||||||
EMCOR Group, Inc. | 110,414 | 8,044,764 | ||||||
Building Products - Air & Heating — 0.5% |
| |||||||
Lennox International, Inc. | 68,757 | 15,532,894 | ||||||
Building Products - Cement — 0.2% |
| |||||||
Eagle Materials, Inc. | 90,689 | 6,620,297 | ||||||
Building - Heavy Construction — 0.4% |
| |||||||
Arcosa, Inc.† | 1 | 27 | ||||||
Dycom Industries, Inc.† | 59,280 | 3,927,893 | ||||||
Granite Construction, Inc.# | 86,720 | 4,390,634 | ||||||
MasTec, Inc.†# | 123,399 | 5,564,061 | ||||||
13,882,615 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 95,005 | 6,442,289 | ||||||
Building - Residential/Commercial — 0.9% |
| |||||||
KB Home | 162,400 | 3,428,264 | ||||||
NVR, Inc.† | 6,470 | 15,851,500 | ||||||
Toll Brothers, Inc. | 257,295 | 8,483,016 | ||||||
TRI Pointe Group, Inc.†# | 269,872 | 3,368,003 | ||||||
31,130,783 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Cable One, Inc. | 9,416 | 8,467,715 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 153,414 | 3,807,735 | ||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.†# | 123,289 | 5,422,250 | ||||||
Scientific Games Corp.†# | 104,104 | 2,027,946 | ||||||
7,450,196 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Olin Corp. | 316,934 | 6,823,589 | ||||||
Chemicals - Plastics — 0.2% |
| |||||||
PolyOne Corp. | 151,713 | 5,100,591 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Ashland Global Holdings, Inc.# | 118,473 | 9,701,754 | ||||||
Cabot Corp. | 116,827 | 5,747,888 | ||||||
Chemours Co. | 335,618 | 9,558,401 | ||||||
Minerals Technologies, Inc. | 67,002 | 3,770,873 | ||||||
NewMarket Corp.# | 16,954 | 7,128,818 | ||||||
Sensient Technologies Corp. | 80,232 | 5,155,708 | ||||||
Valvoline, Inc.# | 362,001 | 7,634,601 | ||||||
Versum Materials, Inc. | 206,764 | 7,162,305 | ||||||
55,860,348 | ||||||||
Coatings/Paint — 0.5% |
| |||||||
RPM International, Inc. | 253,247 | 16,701,640 | ||||||
Commercial Services — 0.5% |
| |||||||
CoreLogic, Inc.† | 153,616 | 6,215,303 | ||||||
Healthcare Services Group, Inc.# | 139,944 | 6,605,357 | ||||||
Weight Watchers International, Inc.†# | 73,334 | 3,668,167 | ||||||
16,488,827 | ||||||||
Commercial Services - Finance — 1.3% |
| |||||||
MarketAxess Holdings, Inc. | 71,303 | 15,524,802 | ||||||
Sabre Corp. | 522,134 | 13,350,966 | ||||||
WEX, Inc.† | 81,780 | 12,673,447 | ||||||
41,549,215 | ||||||||
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Services — 1.6% |
| |||||||
CACI International, Inc., Class A† | 46,885 | $ | 7,731,805 | |||||
Leidos Holdings, Inc. | 285,591 | 17,992,233 | ||||||
MAXIMUS, Inc. | 121,911 | 8,670,311 | ||||||
Perspecta, Inc. | 270,492 | 5,710,086 | ||||||
Science Applications International Corp. | 80,552 | 5,599,975 | ||||||
Teradata Corp.† | 226,029 | 8,505,471 | ||||||
54,209,881 | ||||||||
Computer Software — 0.2% |
| |||||||
j2 Global, Inc. | 88,781 | 6,552,926 | ||||||
Computers - Integrated Systems — 0.3% |
| |||||||
NCR Corp.†# | 223,751 | 6,200,140 | ||||||
NetScout Systems, Inc.†# | 137,556 | 3,683,750 | ||||||
9,883,890 | ||||||||
Computers - Other — 0.2% |
| |||||||
Lumentum Holdings, Inc.†# | 119,163 | 5,299,179 | ||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Helen of Troy, Ltd.† | 49,994 | 7,150,642 | ||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Greif, Inc., Class A | 49,231 | 2,524,073 | ||||||
Owens-Illinois, Inc.† | 302,220 | 5,557,826 | ||||||
Silgan Holdings, Inc. | 146,952 | 3,784,014 | ||||||
11,865,913 | ||||||||
Containers - Paper/Plastic — 0.6% |
| |||||||
Bemis Co., Inc. | 172,729 | 8,422,266 | ||||||
Sonoco Products Co. | 189,025 | 10,876,499 | ||||||
19,298,765 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Edgewell Personal Care Co.† | 102,557 | 4,286,883 | ||||||
Data Processing/Management — 0.8% |
| |||||||
CommVault Systems, Inc.† | 72,909 | 4,297,257 | ||||||
Dun & Bradstreet Corp. | 70,458 | 10,113,541 | ||||||
Fair Isaac Corp.† | 55,310 | 10,986,225 | ||||||
25,397,023 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 156,609 | 3,973,170 | ||||||
Disposable Medical Products — 0.8% |
| |||||||
ICU Medical, Inc.† | 31,464 | 7,566,777 | ||||||
STERIS PLC | 160,463 | 19,107,934 | ||||||
26,674,711 | ||||||||
Distribution/Wholesale — 0.7% |
| |||||||
Pool Corp. | 76,624 | 12,452,166 | ||||||
Watsco, Inc. | 60,830 | 9,349,571 | ||||||
21,801,737 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Carlisle Cos., Inc. | 113,369 | 11,962,697 | ||||||
Crane Co. | 96,140 | 8,303,612 | ||||||
ITT, Inc. | 166,248 | 9,218,451 | ||||||
Trinity Industries, Inc. | 280,335 | 6,680,383 | ||||||
36,165,143 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Cars.com, Inc.†# | 121,753 | 3,149,750 | ||||||
Electric Products - Misc. — 0.3% |
| |||||||
Littelfuse, Inc. | 47,599 | 9,108,069 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated — 2.1% |
| |||||||
ALLETE, Inc. | 97,473 | $ | 7,932,353 | |||||
Black Hills Corp.# | 102,439 | 6,782,486 | ||||||
Hawaiian Electric Industries, Inc. | 206,631 | 7,918,100 | ||||||
IDACORP, Inc. | 95,636 | 9,395,281 | ||||||
MDU Resources Group, Inc. | 372,004 | 9,846,946 | ||||||
NorthWestern Corp. | 95,492 | 6,107,668 | ||||||
OGE Energy Corp. | 379,051 | 15,018,000 | ||||||
PNM Resources, Inc. | 151,168 | 6,533,481 | ||||||
69,534,315 | ||||||||
Electronic Components - Misc. — 1.0% |
| |||||||
Gentex Corp. | 510,351 | 11,493,104 | ||||||
Jabil, Inc. | 290,905 | 7,263,898 | ||||||
nVent Electric PLC | 309,199 | 7,736,159 | ||||||
Vishay Intertechnology, Inc.# | 250,734 | 5,227,804 | ||||||
31,720,965 | ||||||||
Electronic Components - Semiconductors — 0.9% |
| |||||||
Cree, Inc.†# | 193,180 | 8,526,965 | ||||||
Monolithic Power Systems, Inc. | 73,855 | 9,754,030 | ||||||
Silicon Laboratories, Inc.† | 82,272 | 7,270,377 | ||||||
Synaptics, Inc.† | 67,110 | 2,581,050 | ||||||
28,132,422 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
National Instruments Corp. | 213,269 | 10,441,650 | ||||||
Trimble, Inc.† | 474,368 | 18,040,215 | ||||||
28,481,865 | ||||||||
Electronic Parts Distribution — 1.1% |
| |||||||
Arrow Electronics, Inc.† | 165,847 | 12,765,244 | ||||||
Avnet, Inc. | 219,692 | 9,626,903 | ||||||
SYNNEX Corp. | 79,006 | 6,378,944 | ||||||
Tech Data Corp.† | 72,781 | 6,546,651 | ||||||
35,317,742 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Resideo Technologies, Inc.† | 234,936 | 4,846,730 | ||||||
Energy - Alternate Sources — 0.2% |
| |||||||
First Solar, Inc.† | 143,204 | 6,365,418 | ||||||
Engineering/R&D Services — 0.4% |
| |||||||
AECOM†# | 305,129 | 9,812,949 | ||||||
KBR, Inc. | 267,020 | 4,958,561 | ||||||
14,771,510 | ||||||||
Enterprise Software/Service — 1.5% |
| |||||||
Blackbaud, Inc.# | 92,203 | 6,753,870 | ||||||
LiveRamp Holdings, Inc.† | 147,027 | 6,954,377 | ||||||
Manhattan Associates, Inc.† | 124,800 | 6,181,344 | ||||||
Tyler Technologies, Inc.† | 73,352 | 14,139,331 | ||||||
Ultimate Software Group, Inc.† | 59,212 | 15,627,231 | ||||||
49,656,153 | ||||||||
Filtration/Separation Products — 0.4% |
| |||||||
Donaldson Co., Inc.# | 244,775 | 13,717,191 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Navient Corp. | 446,968 | 5,140,132 | ||||||
SLM Corp.† | 826,269 | 8,485,783 | ||||||
13,625,915 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Evercore, Inc., Class A | 77,727 | 6,417,141 | ||||||
Interactive Brokers Group, Inc., Class A | 142,495 | 8,243,336 | ||||||
14,660,477 | ||||||||
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
LendingTree, Inc.†# | 14,108 | $ | 3,672,877 | |||||
Finance - Other Services — 0.4% |
| |||||||
SEI Investments Co. | 250,005 | 13,425,268 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 348,187 | 6,890,621 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 35,204 | 1,232,492 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Hain Celestial Group, Inc.†# | 169,662 | 3,512,003 | ||||||
Ingredion, Inc. | 134,796 | 14,080,790 | ||||||
Lancaster Colony Corp. | 37,041 | 6,679,233 | ||||||
Post Holdings, Inc.†# | 126,434 | 12,232,490 | ||||||
TreeHouse Foods, Inc.†# | 106,742 | 5,614,629 | ||||||
42,119,145 | ||||||||
Food - Retail — 0.2% |
| |||||||
Sprouts Farmers Market, Inc.† | 241,187 | 5,552,125 | ||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Deckers Outdoor Corp.† | 57,075 | 7,604,673 | ||||||
Skechers U.S.A., Inc., Class A† | 256,390 | 6,922,530 | ||||||
14,527,203 | ||||||||
Funeral Services & Related Items — 0.5% |
| |||||||
Service Corp. International | 342,287 | 15,813,659 | ||||||
Garden Products — 0.5% |
| |||||||
ScottsMiracle-Gro Co.# | 74,694 | 5,675,250 | ||||||
Toro Co. | 199,638 | 12,375,560 | ||||||
18,050,810 | ||||||||
Gas - Distribution — 2.5% |
| |||||||
Atmos Energy Corp. | 211,038 | 20,190,006 | ||||||
National Fuel Gas Co.# | 163,118 | 8,783,904 | ||||||
New Jersey Resources Corp.# | 167,533 | 8,130,377 | ||||||
ONE Gas, Inc. | 99,669 | 8,480,835 | ||||||
Southwest Gas Holdings, Inc. | 99,130 | 7,808,470 | ||||||
UGI Corp. | 329,957 | 18,956,030 | ||||||
Vectren Corp. | 157,672 | 11,322,426 | ||||||
83,672,048 | ||||||||
Gold Mining — 0.3% |
| |||||||
Royal Gold, Inc. | 124,316 | 9,093,715 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Clean Harbors, Inc.† | 96,866 | 6,250,763 | ||||||
Stericycle, Inc.† | 161,616 | 7,768,881 | ||||||
14,019,644 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
HealthEquity, Inc.† | 102,799 | 9,117,243 | ||||||
Home Furnishings — 0.1% |
| |||||||
Tempur Sealy International, Inc.†# | 86,786 | 4,424,350 | ||||||
Hotels/Motels — 0.5% |
| |||||||
Wyndham Destinations, Inc.† | 188,678 | 7,824,477 | ||||||
Wyndham Hotels & Resorts, Inc. | 189,692 | 9,509,260 | ||||||
17,333,737 | ||||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp. | 94,932 | 3,603,619 | ||||||
Human Resources — 0.7% |
| |||||||
ASGN, Inc.† | 99,354 | 6,880,265 | ||||||
Insperity, Inc. | 72,403 | 7,243,196 | ||||||
ManpowerGroup, Inc. | 123,158 | 9,997,966 | ||||||
24,121,427 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Industrial Automated/Robotic — 0.4% |
| |||||||
Cognex Corp. | 326,484 | $ | 14,371,826 | |||||
Instruments - Controls — 0.3% |
| |||||||
Woodward, Inc. | 105,372 | 8,817,529 | ||||||
Insurance Brokers — 0.4% |
| |||||||
Brown & Brown, Inc. | 439,907 | 12,766,101 | ||||||
Insurance - Life/Health — 0.5% |
| |||||||
CNO Financial Group, Inc. | 312,315 | 5,715,364 | ||||||
Primerica, Inc. | 81,845 | 9,729,734 | ||||||
15,445,098 | ||||||||
Insurance - Multi-line — 1.2% |
| |||||||
American Financial Group, Inc. | 133,567 | 13,671,918 | ||||||
Genworth Financial, Inc., Class A† | 950,194 | 4,427,904 | ||||||
Kemper Corp. | 115,499 | 8,789,474 | ||||||
Old Republic International Corp. | 539,570 | 12,167,304 | ||||||
39,056,600 | ||||||||
Insurance - Property/Casualty — 1.7% |
| |||||||
Alleghany Corp.#. | 28,348 | 17,888,438 | ||||||
First American Financial Corp. | 211,907 | 10,241,465 | ||||||
Hanover Insurance Group, Inc. | 80,725 | 9,259,965 | ||||||
Mercury General Corp.# | 51,455 | 2,914,926 | ||||||
WR Berkley Corp. | 182,624 | 14,387,119 | ||||||
54,691,913 | ||||||||
Insurance - Reinsurance — 1.0% |
| |||||||
Aspen Insurance Holdings, Ltd. | 113,286 | 4,742,152 | ||||||
Reinsurance Group of America, Inc. | 120,807 | 18,046,149 | ||||||
RenaissanceRe Holdings, Ltd. | 76,411 | 10,132,863 | ||||||
32,921,164 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Eaton Vance Corp. | 224,023 | 9,124,457 | ||||||
Federated Investors, Inc., Class B | 181,667 | 4,810,542 | ||||||
Janus Henderson Group PLC | 319,479 | 7,475,809 | ||||||
Legg Mason, Inc. | 162,170 | 4,698,065 | ||||||
Stifel Financial Corp. | 135,128 | 6,522,628 | ||||||
32,631,501 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Coherent, Inc.†# | 46,115 | 6,371,248 | ||||||
Lighting Products & Systems — 0.3% |
| |||||||
Acuity Brands, Inc. | 76,256 | 9,914,805 | ||||||
Machine Tools & Related Products — 0.5% |
| |||||||
Kennametal, Inc. | 154,952 | 6,480,092 | ||||||
Lincoln Electric Holdings, Inc. | 123,684 | 10,630,640 | ||||||
17,110,732 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 138,735 | 9,895,968 | ||||||
Terex Corp.# | 123,084 | 4,069,157 | ||||||
13,965,125 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 82,467 | 6,447,270 | ||||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp. | 126,128 | 7,527,319 | ||||||
Machinery - General Industrial — 1.4% |
| |||||||
IDEX Corp. | 145,524 | 19,994,997 | ||||||
Nordson Corp. | 99,320 | 11,959,121 | ||||||
Wabtec Corp.# | 162,801 | 15,400,975 | ||||||
47,355,093 | ||||||||
147 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Pumps — 0.4% |
| |||||||
Graco, Inc. | 317,218 | $ | 13,973,453 | |||||
Medical Information Systems — 0.4% |
| |||||||
Allscripts Healthcare Solutions, Inc.†# | 331,376 | 3,383,349 | ||||||
Medidata Solutions, Inc.†# | 113,254 | 8,744,341 | ||||||
12,127,690 | ||||||||
Medical Instruments — 2.1% |
| |||||||
Avanos Medical, Inc.† | 89,732 | 4,281,114 | ||||||
Bio-Techne Corp. | 71,606 | 11,558,641 | ||||||
Cantel Medical Corp. | 68,865 | 5,914,126 | ||||||
Integra LifeSciences Holdings Corp.† | 134,098 | 7,191,676 | ||||||
LivaNova PLC† | 92,218 | 9,331,539 | ||||||
NuVasive, Inc.† | 97,589 | 6,215,443 | ||||||
Teleflex, Inc. | 86,912 | 23,937,303 | ||||||
68,429,842 | ||||||||
Medical Labs & Testing Services — 1.1% |
| |||||||
Catalent, Inc.† | 274,943 | 10,901,490 | ||||||
Charles River Laboratories International, Inc.† | 91,155 | 12,292,252 | ||||||
MEDNAX, Inc.† | 177,382 | 7,130,756 | ||||||
Syneos Health, Inc.† | 115,230 | 5,959,696 | ||||||
36,284,194 | ||||||||
Medical Products — 1.5% |
| |||||||
Globus Medical, Inc., Class A† | 139,086 | 6,716,463 | ||||||
Haemonetics Corp.† | 98,101 | 10,524,275 | ||||||
Hill-Rom Holdings, Inc. | 126,024 | 12,219,287 | ||||||
Inogen, Inc.† | 33,225 | 4,896,036 | ||||||
West Pharmaceutical Services, Inc. | 139,561 | 15,290,303 | ||||||
49,646,364 | ||||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 38,023 | 10,435,793 | ||||||
Exelixis, Inc.† | 565,613 | 11,487,600 | ||||||
Ligand Pharmaceuticals, Inc.†# | 40,051 | 6,318,846 | ||||||
United Therapeutics Corp.† | 82,674 | 9,763,799 | ||||||
38,006,038 | ||||||||
Medical - Drugs — 0.6% |
| |||||||
Mallinckrodt PLC†# | 157,915 | 3,756,798 | ||||||
PRA Health Sciences, Inc.† | 109,947 | 12,835,213 | ||||||
Prestige Consumer Healthcare, Inc.†# | 98,181 | 3,811,386 | ||||||
20,403,397 | ||||||||
Medical - HMO — 0.5% |
| |||||||
Molina Healthcare, Inc.† | 117,212 | 16,375,689 | ||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.†# | 167,527 | 5,690,892 | ||||||
Tenet Healthcare Corp.† | 157,407 | 4,103,601 | ||||||
9,794,493 | ||||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Chemed Corp. | 30,534 | 9,672,561 | ||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 131,701 | 5,287,795 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 76,668 | 3,175,589 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
AptarGroup, Inc. | 118,011 | 12,279,045 | ||||||
Multilevel Direct Selling — 0.2% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 105,385 | 6,952,248 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Multimedia — 0.5% |
| |||||||
FactSet Research Systems, Inc. | 72,796 | $ | 17,069,934 | |||||
Networking Products — 0.3% |
| |||||||
LogMeIn, Inc. | 98,437 | 9,078,844 | ||||||
Office Automation & Equipment — 0.6% |
| |||||||
Pitney Bowes, Inc. | 356,829 | 3,011,637 | ||||||
Zebra Technologies Corp., Class A† | 101,897 | 18,321,080 | ||||||
21,332,717 | ||||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 112,914 | 3,823,268 | ||||||
HNI Corp. | 83,002 | 3,199,727 | ||||||
7,022,995 | ||||||||
Oil & Gas Drilling — 0.8% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 122,587 | 1,544,596 | ||||||
Ensco PLC, Class A# | 829,547 | 4,703,531 | ||||||
Nabors Industries, Ltd. | 617,701 | 1,995,174 | ||||||
Patterson-UTI Energy, Inc. | 417,567 | 5,795,830 | ||||||
Rowan Cos. PLC, Class A† | 241,124 | 3,341,979 | ||||||
Transocean, Ltd.†# | 815,214 | 7,565,186 | ||||||
24,946,296 | ||||||||
Oil Companies - Exploration & Production — 2.3% |
| |||||||
Callon Petroleum Co.†# | 431,880 | 3,692,574 | ||||||
Chesapeake Energy Corp.†# | 1,731,320 | 5,055,454 | ||||||
CNX Resources Corp.† | 404,345 | 5,596,135 | ||||||
Diamondback Energy, Inc. | 100,190 | 11,058,956 | ||||||
EQT Corp.# | 501,021 | 9,374,103 | ||||||
Gulfport Energy Corp.† | 299,293 | 2,549,976 | ||||||
Matador Resources Co.†# | 196,546 | 4,481,249 | ||||||
Oasis Petroleum, Inc.†# | 506,936 | 3,619,523 | ||||||
QEP Resources, Inc.† | 449,735 | 3,611,372 | ||||||
Range Resources Corp. | 392,936 | 5,717,219 | ||||||
SM Energy Co. | 195,791 | 3,994,136 | ||||||
Southwestern Energy Co.† | 1,112,688 | 5,363,156 | ||||||
WPX Energy, Inc.† | 749,279 | 10,452,442 | ||||||
74,566,295 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Murphy Oil Corp.# | 308,705 | 9,847,689 | ||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.†# | 71,257 | 2,797,550 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Murphy USA, Inc.† | 56,789 | 4,601,045 | ||||||
PBF Energy, Inc., Class A | 227,446 | 8,797,611 | ||||||
13,398,656 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Apergy Corp.† | 146,776 | 5,031,481 | ||||||
Core Laboratories NV | 83,908 | 6,973,594 | ||||||
McDermott International, Inc.†# | 342,624 | 2,984,255 | ||||||
NOW, Inc.†# | 205,705 | 2,774,960 | ||||||
Oceaneering International, Inc.† | 186,997 | 3,139,680 | ||||||
20,903,970 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 119,363 | 5,201,840 | ||||||
Patient Monitoring Equipment — 0.3% |
| |||||||
Masimo Corp.† | 91,088 | 10,057,937 | ||||||
Physical Therapy/Rehabilitation Centers — 0.4% |
| |||||||
Encompass Health Corp. | 187,625 | 14,111,276 | ||||||
148 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Pipelines — 0.3% |
| |||||||
Equitrans Midstream Corp.† | 386,527 | $ | 8,627,283 | |||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 38,141 | 4,316,036 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Hubbell, Inc. | 103,949 | 11,451,022 | ||||||
Printing - Commercial — 0.1% |
| |||||||
Deluxe Corp. | 90,377 | 4,550,482 | ||||||
Publishing - Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 86,344 | 4,773,960 | ||||||
Publishing - Newspapers — 0.2% |
| |||||||
New York Times Co., Class A# | 267,807 | 7,185,262 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 75,510 | 4,323,703 | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 64,243 | 3,218,574 | ||||||
Racetracks — 0.4% |
| |||||||
Churchill Downs, Inc. | 22,651 | 6,291,542 | ||||||
International Speedway Corp., Class A | 46,382 | 1,963,814 | ||||||
Penn National Gaming, Inc.† | 202,260 | 4,471,968 | ||||||
12,727,324 | ||||||||
Real Estate Investment Trusts — 8.7% |
| |||||||
Alexander & Baldwin, Inc.† | 128,485 | 2,663,494 | ||||||
American Campus Communities, Inc. | 260,055 | 11,398,211 | ||||||
Camden Property Trust | 176,124 | 16,759,960 | ||||||
CoreCivic, Inc. | 225,017 | 4,939,123 | ||||||
CoreSite Realty Corp. | 69,659 | 6,788,966 | ||||||
Corporate Office Properties Trust | 206,586 | 5,055,159 | ||||||
Cousins Properties, Inc. | 797,810 | 6,741,495 | ||||||
CyrusOne, Inc.# | 198,539 | 11,134,067 | ||||||
Douglas Emmett, Inc. | 306,348 | 11,310,368 | ||||||
EPR Properties | 141,100 | 9,994,113 | ||||||
First Industrial Realty Trust, Inc. | 239,093 | 7,665,322 | ||||||
GEO Group, Inc. | 231,117 | 5,371,159 | ||||||
Healthcare Realty Trust, Inc. | 237,666 | 7,367,646 | ||||||
Highwoods Properties, Inc. | 196,347 | 8,515,569 | ||||||
Hospitality Properties Trust | 311,931 | 8,372,228 | ||||||
JBG SMITH Properties | 205,525 | 8,235,387 | ||||||
Kilroy Realty Corp. | 191,018 | 13,388,452 | ||||||
Lamar Advertising Co., Class A | 160,587 | 12,178,918 | ||||||
Liberty Property Trust | 280,521 | 12,704,796 | ||||||
Life Storage, Inc. | 88,438 | 8,635,086 | ||||||
Mack-Cali Realty Corp. | 171,393 | 3,712,372 | ||||||
Medical Properties Trust, Inc. | 692,430 | 11,958,266 | ||||||
National Retail Properties, Inc. | 297,937 | 14,914,726 | ||||||
Omega Healthcare Investors, Inc.# | 380,199 | 14,424,750 | ||||||
Pebblebrook Hotel Trust | 252,741 | 8,825,715 | ||||||
PotlatchDeltic Corp. | 130,522 | 4,842,366 | ||||||
Rayonier, Inc. | 245,690 | 7,771,175 | ||||||
Sabra Health Care REIT, Inc.# | 338,349 | 6,526,752 | ||||||
Senior Housing Properties Trust | 451,002 | 6,205,788 | ||||||
Tanger Factory Outlet Centers, Inc.# | 178,217 | 4,214,832 | ||||||
Taubman Centers, Inc. | 115,753 | 6,127,964 | ||||||
Uniti Group, Inc.†# | 333,420 | 6,645,061 | ||||||
Urban Edge Properties | 216,396 | 4,314,936 | ||||||
Weingarten Realty Investors | 226,047 | 6,523,717 | ||||||
286,227,939 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 86,420 | 12,375,344 | ||||||
Realogy Holdings Corp.# | 235,370 | 4,533,226 | ||||||
16,908,570 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Brunswick Corp. | 164,584 | $ | 8,729,535 | |||||
Polaris Industries, Inc. | 111,041 | 10,770,977 | ||||||
19,500,512 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 131,283 | 6,144,044 | ||||||
Avis Budget Group, Inc.† | 126,248 | 3,697,804 | ||||||
9,841,848 | ||||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp. | 77,730 | 6,311,676 | ||||||
Six Flags Entertainment Corp.# | 135,589 | 8,319,741 | ||||||
14,631,417 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc. | 319,776 | 6,692,912 | ||||||
Urban Outfitters, Inc.† | 144,738 | 5,513,070 | ||||||
12,205,982 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 185,377 | 3,145,848 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.†# | 109,150 | 4,052,739 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 265,942 | 3,425,333 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 87,421 | 7,744,626 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 69,450 | 8,991,691 | ||||||
Retail - Discount — 0.4% |
| |||||||
Big Lots, Inc. | 76,559 | 3,334,910 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 97,571 | 8,654,548 | ||||||
11,989,458 | ||||||||
Retail - Jewelry — 0.2% |
| |||||||
Signet Jewelers, Ltd.# | 98,517 | 5,191,846 | ||||||
Retail - Mail Order — 0.3% |
| |||||||
Williams-Sonoma, Inc.# | 152,878 | 8,657,481 | ||||||
Retail - Misc./Diversified — 0.5% |
| |||||||
Five Below, Inc.† | 105,759 | 11,082,486 | ||||||
Sally Beauty Holdings, Inc.†# | 228,004 | 4,813,164 | ||||||
15,895,650 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 128,945 | 3,325,492 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Dillard’s, Inc., Class A | 36,510 | 2,533,429 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
Brinker International, Inc.# | 73,255 | 3,741,865 | ||||||
Cheesecake Factory, Inc.# | 80,018 | 3,776,049 | ||||||
Cracker Barrel Old Country Store, Inc. | 45,555 | 8,236,800 | ||||||
Domino’s Pizza, Inc.# | 79,467 | 22,037,788 | ||||||
Dunkin’ Brands Group, Inc. | 158,993 | 11,765,482 | ||||||
Jack in the Box, Inc. | 48,855 | 4,332,950 | ||||||
Papa John’s International, Inc.# | 42,606 | 2,044,662 | ||||||
Texas Roadhouse, Inc. | 126,151 | 8,329,751 | ||||||
Wendy’s Co. | 355,314 | 6,370,780 | ||||||
70,636,127 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc.# | 145,235 | 5,225,555 | ||||||
149 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
New York Community Bancorp, Inc.# | 930,611 | $ | 9,892,395 | |||||
Sterling Bancorp | 427,912 | 8,258,702 | ||||||
Washington Federal, Inc. | 158,539 | 4,567,508 | ||||||
22,718,605 | ||||||||
Schools — 0.4% |
| |||||||
Adtalem Global Education, Inc.† | 113,737 | 6,567,175 | ||||||
Graham Holdings Co., Class B | 8,318 | 5,481,229 | ||||||
12,048,404 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 96,697 | 6,848,082 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Cirrus Logic, Inc.† | 115,806 | 4,335,777 | ||||||
Cypress Semiconductor Corp. | 686,131 | 9,537,221 | ||||||
Integrated Device Technology, Inc.† | 245,478 | 11,768,215 | ||||||
25,641,213 | ||||||||
Semiconductor Equipment — 0.6% |
| |||||||
MKS Instruments, Inc. | 103,983 | 8,158,506 | ||||||
Teradyne, Inc. | 353,823 | 12,627,943 | ||||||
20,786,449 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 42,526 | 5,551,344 | ||||||
Steel - Producers — 1.3% |
| |||||||
Carpenter Technology Corp.# | 89,690 | 3,863,845 | ||||||
Commercial Metals Co. | 222,070 | 4,279,289 | ||||||
Reliance Steel & Aluminum Co. | 137,306 | 11,046,268 | ||||||
Steel Dynamics, Inc. | 445,579 | 15,684,381 | ||||||
United States Steel Corp. | 336,335 | 7,755,885 | ||||||
42,629,668 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 238,524 | 6,263,640 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 270,629 | 8,827,918 | ||||||
Telecommunication Equipment — 0.4% |
| |||||||
ARRIS International PLC† | 321,699 | 9,940,499 | ||||||
Plantronics, Inc. | 62,571 | 2,863,875 | ||||||
12,804,374 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 174,749 | 6,243,782 | ||||||
Television — 0.5% |
| |||||||
AMC Networks, Inc., Class A†# | 86,244 | 5,162,566 | ||||||
TEGNA, Inc. | 408,535 | 5,429,430 | ||||||
World Wrestling Entertainment, Inc., Class A# | 82,308 | 6,087,500 | ||||||
16,679,496 | ||||||||
Theaters — 0.7% |
| |||||||
Cinemark Holdings, Inc. | 201,764 | 7,741,685 | ||||||
Live Nation Entertainment, Inc.†# | 261,859 | 14,580,309 | ||||||
22,321,994 | ||||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.†# | 219,690 | 6,344,647 | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 71,547 | 5,974,890 | ||||||
Transport - Marine — 0.2% |
| |||||||
Kirby Corp.† | 102,265 | 7,806,910 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 112,790 | $ | 9,393,151 | |||||
Transport - Services — 0.2% |
| |||||||
Ryder System, Inc. | 100,764 | 5,700,219 | ||||||
Transport - Truck — 1.1% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 243,371 | 8,435,239 | ||||||
Landstar System, Inc. | 77,987 | 8,506,822 | ||||||
Old Dominion Freight Line, Inc. | 124,490 | 17,021,518 | ||||||
Werner Enterprises, Inc. | 84,291 | 2,854,093 | ||||||
36,817,672 | ||||||||
Water — 0.3% |
| |||||||
Aqua America, Inc.# | 337,646 | 11,577,881 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc.# | 77,123 | 4,301,921 | ||||||
Wireless Equipment — 0.4% |
| |||||||
InterDigital, Inc. | 66,065 | 4,972,052 | ||||||
ViaSat, Inc.†# | 106,232 | 7,344,880 | ||||||
12,316,932 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,439,889,036) | 3,181,578,894 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) | 29,942,454 | 29,942,454 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 2,000,000 | 1,999,646 | |||||
2.11% due 01/03/2019(4) | 1,000,000 | 998,072 | ||||||
2.12% due 12/27/2018(4) | 250,000 | 249,633 | ||||||
2.37% due 03/28/2019(4) | 3,100,000 | 3,076,580 | ||||||
2.54% due 07/18/2019(4) | 1,000,000 | 984,126 | ||||||
7,308,057 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $37,250,040) | 37,250,511 | |||||||
REPURCHASE AGREEMENTS — 3.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $106,617,731 collateralized by $112,605,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $108,748,054. | 106,614,000 | 106,614,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,583,753,076)(3) | 100.7 | % | 3,325,443,405 | |||||
Liabilities in excess of other assets | (0.7 | ) | (23,660,339 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,301,783,066 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $336,734,152. This was secured by collateral of $29,942,454, which was received in cash and subsequently invested in short-term investments currently valued at $29,942,454 as reported in the Portfolio of Investments. Additional collateral of $315,810,465 was received in the form of fixed income pooled securities, which the Fund cannot sell or |
150 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 26,090,381 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 40,581,733 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 9,022,614 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 15,272,587 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 224,843,150 |
(2) | The rate shown is the7-day yield as of November 30, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | The Security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
624 | Long | S&P Mid Cap 400E-Mini Index | December 2018 | $ | 121,793,858 | $ | 117,280,800 | $ | (4,513,058 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 3,181,578,894 | $ | — | $ | — | $ | 3,181,578,894 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 29,942,454 | — | — | 29,942,454 | ||||||||||||
U.S. Government Treasuries | — | 7,308,057 | — | 7,308,057 | ||||||||||||
Repurchase Agreements | — | 106,614,000 | — | 106,614,000 | ||||||||||||
Total Investments at Value | $ | 3,211,521,348 | $ | 113,922,057 | $ | — | $ | 3,325,443,405 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,513,058 | $ | — | $ | — | $ | 4,513,058 | ||||||||
* | 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. |
See Notes to Financial Statements
151 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — November 30, 2018(unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 5.5 | % | ||||
Commercial Services — Finance | 5.1 | |||||
Enterprise Software/Service | 4.5 | |||||
Medical Products | 3.6 | |||||
Medical Instruments | 3.4 | |||||
Consulting Services | 2.8 | |||||
Commercial Services | 2.5 | |||||
Finance — Investment Banker/Broker | 2.4 | |||||
Real Estate Investment Trusts | 2.4 | |||||
Electronic Measurement Instruments | 2.2 | |||||
Instruments — Scientific | 2.1 | |||||
Apparel Manufacturers | 2.1 | |||||
Computer Services | 2.0 | |||||
Electronic Components — Misc. | 2.0 | |||||
Telecommunication Equipment | 1.9 | |||||
Semiconductor Equipment | 1.9 | |||||
Medical Labs & Testing Services | 1.8 | |||||
Commercial Paper | 1.8 | |||||
Computer Software | 1.7 | |||||
Insurance Brokers | 1.7 | |||||
Insurance — Property/Casualty | 1.6 | |||||
Disposable Medical Products | 1.6 | |||||
Retail — Apparel/Shoe | 1.4 | |||||
Registered Investment Companies | 1.4 | |||||
Electronic Connectors | 1.4 | |||||
Entertainment Software | 1.4 | |||||
Transport — Truck | 1.4 | |||||
Drug Delivery Systems | 1.3 | |||||
Therapeutics | 1.3 | |||||
Retail — Restaurants | 1.2 | |||||
Cruise Lines | 1.2 | |||||
Data Processing/Management | 1.2 | |||||
Medical — Biomedical/Gene | 1.2 | |||||
E-Commerce/Services | 1.1 | |||||
Aerospace/Defense — Equipment | 1.1 | |||||
Investment Management/Advisor Services | 1.1 | |||||
Aerospace/Defense | 1.1 | |||||
Applications Software | 1.0 | |||||
Diversified Manufacturing Operations | 1.0 | |||||
Computers — Memory Devices | 1.0 | |||||
Banks — Commercial | 0.9 | |||||
Printing — Commercial | 0.9 | |||||
Machinery — General Industrial | 0.9 | |||||
Beverages —Non-alcoholic | 0.8 | |||||
Diagnostic Kits | 0.8 | |||||
Electric Products — Misc. | 0.8 | |||||
Chemicals — Diversified | 0.8 | |||||
Containers — Paper/Plastic | 0.8 | |||||
Non-Hazardous Waste Disposal | 0.8 | |||||
Oil Companies — Exploration & Production | 0.8 | |||||
Medical Information Systems | 0.7 | |||||
Web Hosting/Design | 0.7 | |||||
Medical — HMO | 0.7 | |||||
Metal Processors & Fabrication | 0.7 | |||||
Auction Houses/Art Dealers | 0.7 | |||||
Retail — Perfume & Cosmetics | 0.6 | |||||
Retail — Discount | 0.6 | |||||
Motion Pictures & Services | 0.6 | |||||
Rental Auto/Equipment | 0.6 | |||||
Food — Catering | 0.5 | |||||
Hazardous Waste Disposal | 0.5 | |||||
Advertising Agencies | 0.5 | |||||
Wire & Cable Products | 0.5 | |||||
Real Estate Management/Services | 0.5 | |||||
Industrial Automated/Robotic | 0.4 | |||||
Airlines | 0.4 | |||||
Casino Hotels | 0.4 | |||||
Advertising Services | 0.4 | |||||
Retail — Mail Order | 0.4 |
Internet Content — Information/News | 0.4 | |||||
Retail — Floor Coverings | 0.4 | |||||
Oil Refining & Marketing | 0.4 | |||||
Decision Support Software | 0.3 | |||||
Distribution/Wholesale | 0.3 | |||||
Internet Telephone | 0.3 | |||||
Finance — Consumer Loans | 0.3 | |||||
Multimedia | 0.3 | |||||
Medical — Drugs | 0.3 | |||||
E-Commerce/Products | 0.2 | |||||
Auto/Truck Parts & Equipment — Original | 0.2 | |||||
Building & Construction — Misc. | 0.2 | |||||
Retail — Petroleum Products | 0.1 | |||||
Veterinary Diagnostics | 0.1 | |||||
100.9 | % | |||||
* | Calculated as a percentage of net assets |
152 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018(unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Omnicom Group, Inc. | 18,846 | $ | 1,450,577 | |||||
Advertising Services — 0.4% |
| |||||||
Trade Desk, Inc., Class A†# | 8,526 | 1,214,529 | ||||||
Aerospace/Defense — 1.1% |
| |||||||
Teledyne Technologies, Inc.† | 13,354 | 2,999,041 | ||||||
Aerospace/Defense - Equipment — 1.1% |
| |||||||
Harris Corp. | 11,627 | 1,662,080 | ||||||
L3 Technologies, Inc. | 8,315 | 1,524,056 | ||||||
3,186,136 | ||||||||
Airlines — 0.4% |
| |||||||
Ryanair Holdings PLC ADR† | 14,956 | 1,231,327 | ||||||
Apparel Manufacturers — 2.1% |
| |||||||
Carter’s, Inc. | 9,865 | 912,512 | ||||||
Gildan Activewear, Inc. | 87,484 | 2,872,975 | ||||||
VF Corp. | 26,420 | 2,147,682 | ||||||
5,933,169 | ||||||||
Applications Software — 1.0% |
| |||||||
Intuit, Inc. | 4,457 | 956,160 | ||||||
PTC, Inc.† | 21,915 | 1,895,429 | ||||||
2,851,589 | ||||||||
Auction Houses/Art Dealers — 0.7% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 54,653 | 1,900,831 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Visteon Corp.†# | 8,851 | 653,381 | ||||||
Banks - Commercial — 0.9% |
| |||||||
First Republic Bank# | 15,257 | 1,512,731 | ||||||
SVB Financial Group† | 4,307 | 1,097,467 | ||||||
2,610,198 | ||||||||
Beverages -Non-alcoholic — 0.8% |
| |||||||
Monster Beverage Corp.† | 38,562 | 2,301,380 | ||||||
Building & Construction - Misc. — 0.2% |
| |||||||
frontdoor, Inc.† | 26,393 | 614,693 | ||||||
Casino Hotels — 0.4% |
| |||||||
MGM Resorts International | 45,455 | 1,225,467 | ||||||
Chemicals - Diversified — 0.8% |
| |||||||
FMC Corp. | 27,149 | 2,246,308 | ||||||
Commercial Services — 2.5% |
| |||||||
CoStar Group, Inc.† | 7,909 | 2,921,505 | ||||||
Edenred | 46,618 | 1,783,068 | ||||||
ServiceMaster Global Holdings, Inc.† | 52,786 | 2,336,836 | ||||||
7,041,409 | ||||||||
Commercial Services - Finance — 5.1% |
| |||||||
Equifax, Inc. | 14,074 | 1,444,977 | ||||||
Euronet Worldwide, Inc.† | 6,842 | 804,688 | ||||||
Global Payments, Inc. | 25,057 | 2,801,623 | ||||||
IHS Markit, Ltd.† | 23,675 | 1,263,535 | ||||||
WEX, Inc.† | 34,959 | 5,417,596 | ||||||
Worldpay, Inc., Class A† | 33,794 | 2,899,863 | ||||||
14,632,282 | ||||||||
Computer Services — 2.0% |
| |||||||
Amdocs, Ltd. | 46,016 | 2,986,898 | ||||||
Elastic NV† | 6,287 | 449,206 | ||||||
EPAM Systems, Inc.† | 17,895 | 2,330,824 | ||||||
5,766,928 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 1.7% |
| |||||||
Splunk, Inc.† | 15,308 | $ | 1,710,363 | |||||
SS&C Technologies Holdings, Inc. | 66,915 | 3,221,957 | ||||||
4,932,320 | ||||||||
Computers - Memory Devices — 1.0% |
| |||||||
NetApp, Inc. | 40,636 | 2,717,329 | ||||||
Consulting Services — 2.8% |
| |||||||
Gartner, Inc.†# | 10,099 | 1,547,066 | ||||||
Verisk Analytics, Inc.† | 51,397 | 6,338,278 | ||||||
7,885,344 | ||||||||
Containers - Paper/Plastic — 0.8% |
| |||||||
Sealed Air Corp. | 60,748 | 2,219,124 | ||||||
Cruise Lines — 1.2% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 34,614 | 1,776,390 | ||||||
Royal Caribbean Cruises, Ltd. | 15,398 | 1,741,052 | ||||||
3,517,442 | ||||||||
Data Processing/Management — 1.2% |
| |||||||
Broadridge Financial Solutions, Inc. | 9,115 | 965,005 | ||||||
Fidelity National Information Services, Inc. | 22,449 | 2,423,370 | ||||||
3,388,375 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 6,228 | 978,357 | ||||||
Diagnostic Kits — 0.8% |
| |||||||
IDEXX Laboratories, Inc.† | 11,080 | 2,257,661 | ||||||
Disposable Medical Products — 1.6% |
| |||||||
ICU Medical, Inc.† | 5,831 | 1,402,297 | ||||||
STERIS PLC | 26,948 | 3,208,968 | ||||||
4,611,265 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
Ferguson PLC | 14,883 | 956,711 | ||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
A.O. Smith Corp. | 23,284 | 1,103,196 | ||||||
Carlisle Cos., Inc. | 15,613 | 1,647,484 | ||||||
2,750,680 | ||||||||
Drug Delivery Systems — 1.3% |
| |||||||
DexCom, Inc.† | 22,631 | 2,932,751 | ||||||
Heron Therapeutics, Inc.†# | 31,235 | 897,382 | ||||||
3,830,133 | ||||||||
E-Commerce/Products — 0.2% |
| |||||||
Wayfair, Inc., Class A†# | 6,644 | 705,593 | ||||||
Electric Products - Misc. — 0.8% |
| |||||||
AMETEK, Inc. | 30,714 | 2,255,329 | ||||||
Electronic Components - Misc. — 2.0% |
| |||||||
Flex, Ltd.† | 157,018 | 1,373,907 | ||||||
Sensata Technologies Holding PLC†# | 90,606 | 4,191,434 | ||||||
5,565,341 | ||||||||
Electronic Components - Semiconductors — 5.5% |
| |||||||
Advanced Micro Devices, Inc.† | 88,270 | 1,880,151 | ||||||
Microchip Technology, Inc.# | 46,134 | 3,460,050 | ||||||
Monolithic Power Systems, Inc. | 8,857 | 1,169,744 | ||||||
ON Semiconductor Corp.† | 149,039 | 2,858,568 | ||||||
Xilinx, Inc. | 68,015 | 6,290,027 | ||||||
15,658,540 | ||||||||
Electronic Connectors — 1.4% |
| |||||||
TE Connectivity, Ltd. | 52,959 | 4,074,136 | ||||||
153 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 31,804 | $ | 2,301,019 | |||||
National Instruments Corp. | 60,076 | 2,941,321 | ||||||
Trimble, Inc.† | 27,222 | 1,035,253 | ||||||
6,277,593 | ||||||||
Enterprise Software/Service — 4.5% |
| |||||||
Atlassian Corp. PLC, Class A† | 32,818 | 2,820,379 | ||||||
Ceridian HCM Holding, Inc.†# | 32,785 | 1,315,334 | ||||||
Constellation Software, Inc. | 5,181 | 3,553,449 | ||||||
SVMK, Inc.†(2)(3) | 44,965 | 593,943 | ||||||
Ultimate Software Group, Inc.† | 6,703 | 1,769,056 | ||||||
Workday, Inc., Class A† | 17,119 | 2,807,516 | ||||||
12,859,677 | ||||||||
Entertainment Software — 1.4% |
| |||||||
Take-Two Interactive Software, Inc.† | 23,655 | 2,594,244 | ||||||
Zynga, Inc., Class A† | 357,307 | 1,293,451 | ||||||
3,887,695 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Synchrony Financial | 33,729 | 876,279 | ||||||
Finance - Investment Banker/Broker — 2.4% |
| |||||||
E*TRADE Financial Corp. | 43,681 | 2,284,080 | ||||||
TD Ameritrade Holding Corp. | 86,578 | 4,658,762 | ||||||
6,942,842 | ||||||||
Food - Catering — 0.5% |
| |||||||
Aramark | 40,910 | 1,557,035 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Clean Harbors, Inc.† | 23,595 | 1,522,585 | ||||||
Industrial Automated/Robotic — 0.4% |
| |||||||
Cognex Corp. | 28,895 | 1,271,958 | ||||||
Instruments - Scientific — 2.1% |
| |||||||
PerkinElmer, Inc. | 39,278 | 3,419,543 | ||||||
Waters Corp.† | 13,370 | 2,655,014 | ||||||
6,074,557 | ||||||||
Insurance Brokers — 1.7% |
| |||||||
Aon PLC | 20,125 | 3,322,839 | ||||||
Arthur J. Gallagher & Co. | 19,800 | 1,525,986 | ||||||
4,848,825 | ||||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Intact Financial Corp. | 29,244 | 2,341,237 | ||||||
WR Berkley Corp. | 28,815 | 2,270,045 | ||||||
4,611,282 | ||||||||
Internet Content - Information/News — 0.4% |
| |||||||
Spotify Technology SA† | 7,833 | 1,068,265 | ||||||
Internet Telephone — 0.3% |
| |||||||
Twilio, Inc., Class A†# | 9,435 | 891,513 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
LPL Financial Holdings, Inc. | 49,092 | 3,150,234 | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Middleby Corp.†# | 11,741 | 1,418,195 | ||||||
Wabtec Corp.# | 10,671 | 1,009,477 | ||||||
2,427,672 | ||||||||
Medical Information Systems — 0.7% |
| |||||||
athenahealth, Inc.† | 16,049 | 2,136,122 | ||||||
Medical Instruments — 3.4% |
| |||||||
Boston Scientific Corp.† | 105,958 | 3,991,438 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments (continued) |
| |||||||
Bruker Corp. | 35,218 | $ | 1,167,124 | |||||
Edwards Lifesciences Corp.† | 19,082 | 3,091,475 | ||||||
Teleflex, Inc. | 5,205 | 1,433,561 | ||||||
9,683,598 | ||||||||
Medical Labs & Testing Services — 1.8% |
| |||||||
Catalent, Inc.† | 63,398 | 2,513,731 | ||||||
IQVIA Holdings, Inc.† | 20,388 | 2,549,927 | ||||||
5,063,658 | ||||||||
Medical Products — 3.6% |
| |||||||
Cooper Cos., Inc.# | 17,071 | 4,759,907 | ||||||
Globus Medical, Inc., Class A† | 21,006 | 1,014,379 | ||||||
Haemonetics Corp.† | 15,475 | 1,660,158 | ||||||
Novocure, Ltd.†# | 26,159 | 897,777 | ||||||
Varian Medical Systems, Inc.† | 16,525 | 2,039,020 | ||||||
10,371,241 | ||||||||
Medical - Biomedical/Gene — 1.2% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 24,798 | 472,650 | ||||||
Celgene Corp.† | 16,783 | 1,212,068 | ||||||
Exact Sciences Corp.†# | 20,735 | 1,616,915 | ||||||
3,301,633 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
Alkermes PLC†# | 14,803 | 539,421 | ||||||
DBV Technologies SA ADR†# | 11,807 | 178,286 | ||||||
717,707 | ||||||||
Medical - HMO — 0.7% |
| |||||||
WellCare Health Plans, Inc.† | 7,795 | 1,986,790 | ||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
Rexnord Corp.† | 68,378 | 1,935,781 | ||||||
Motion Pictures & Services — 0.6% |
| |||||||
Dolby Laboratories, Inc., Class A | 23,022 | 1,620,749 | ||||||
Multimedia — 0.3% |
| |||||||
Liberty Media Corp. — Liberty Formula One, Series C† | 26,352 | 785,817 | ||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Waste Connections, Inc. | 27,936 | 2,192,417 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Marathon Oil Corp. | 73,734 | 1,230,621 | ||||||
Parsley Energy, Inc., Class A† | 45,762 | 921,189 | ||||||
2,151,810 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
PBF Energy, Inc., Class A | 26,475 | 1,024,053 | ||||||
Printing - Commercial — 0.9% |
| |||||||
Cimpress NV† | 21,151 | 2,552,080 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
Crown Castle International Corp. | 28,816 | 3,310,958 | ||||||
Lamar Advertising Co., Class A | 46,752 | 3,545,672 | ||||||
6,856,630 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
CBRE Group, Inc., Class A† | 30,121 | 1,315,685 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
United Rentals, Inc.† | 13,446 | 1,574,930 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Burlington Stores, Inc.† | 8,665 | 1,436,311 | ||||||
Lululemon Athletica, Inc.† | 20,186 | 2,675,654 | ||||||
4,111,965 | ||||||||
154 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount — 0.6% |
| |||||||
Dollar Tree, Inc.† | 19,353 | $ | 1,679,260 | |||||
Retail - Floor Coverings — 0.4% |
| |||||||
Floor & Decor Holdings, Inc., Class A†# | 31,591 | 1,046,610 | ||||||
Retail - Mail Order — 0.4% |
| |||||||
Williams-Sonoma, Inc.# | 19,017 | 1,076,933 | ||||||
Retail - Perfume & Cosmetics — 0.6% |
| |||||||
Ulta Beauty, Inc.† | 5,988 | 1,783,167 | ||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 15,947 | 411,273 | ||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 2,090 | 989,009 | ||||||
Dunkin’ Brands Group, Inc. | 34,660 | 2,564,840 | ||||||
3,553,849 | ||||||||
Semiconductor Equipment — 1.9% |
| |||||||
Entegris, Inc. | 33,920 | 997,248 | ||||||
KLA-Tencor Corp. | 24,971 | 2,461,142 | ||||||
Lam Research Corp. | 11,567 | 1,815,556 | ||||||
5,273,946 | ||||||||
Telecommunication Equipment — 1.9% |
| |||||||
NICE, Ltd., ADR†# | 45,622 | 5,298,539 | ||||||
Therapeutics — 1.3% |
| |||||||
Neurocrine Biosciences, Inc.† | 34,105 | 3,010,448 | ||||||
Sarepta Therapeutics, Inc.†# | 4,688 | 606,956 | ||||||
3,617,404 | ||||||||
Transport - Truck — 1.4% |
| |||||||
Old Dominion Freight Line, Inc. | 10,624 | 1,452,620 | ||||||
XPO Logistics, Inc.† | 31,663 | 2,401,955 | ||||||
3,854,575 | ||||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Elanco Animal Health, Inc.†# | 7,718 | 257,858 | ||||||
Web Hosting/Design — 0.7% |
| |||||||
GoDaddy, Inc., Class A† | 16,376 | 1,068,698 | ||||||
Wix.com, Ltd.† | 10,478 | 986,818 | ||||||
2,055,516 | ||||||||
Wire & Cable Products — 0.4% |
| |||||||
Belden, Inc.# | 22,766 | 1,269,887 | ||||||
Total Common Stocks | ||||||||
(cost $217,831,164) | 274,992,420 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.2% |
| |||||||
E-Commerce/Services — 1.1% |
| |||||||
Airbnb, Inc., Series D†(1)(2)(3) | 29,418 | 3,194,108 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 2,200 | 169,378 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,417,696) | 3,363,486 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $219,248,860) | 278,355,906 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.2% |
| |||||||
Commercial Paper — 1.8% |
| |||||||
Credit Agricole | $ | 5,000,000 | 4,999,095 | |||||
Security Description | Shares | Value (Note 2) | ||||||
Registered Investment Companies — 1.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(4)(5) | 4,099,009 | $ | 4,099,009 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $9,098,409) | 9,098,104 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $228,347,269)(6) | 100.9 | % | 287,454,010 | |||||
Liabilities in excess of other assets | (0.9 | ) | (2,476,593 | ) | ||||
NET ASSETS | 100.0 | % | $ | 284,977,417 | ||||
# | 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 November 30, 2018, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
SVMK, Inc. | 11/25/2014 | 44,965 | $ | 739,674 | $ | 593,943 | $ | 13.21 | 0.21 | % | ||||||||||||||
Convertible Preferred Stocks | ||||||||||||||||||||||||
Airbnb, Inc. Series D | 4/16/2014 | 29,418 | 1,197,696 | 3,194,108 | 108.58 | 1.12 | % | |||||||||||||||||
$ | 3,788,051 | 1.33 | % | |||||||||||||||||||||
(3) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $3,788,051 representing 1.3% of net assets. |
(4) | At November 30, 2018, the Fund had loaned securities with a total value of $24,459,126. This was secured by collateral of $4,099,009, which was received in cash and subsequently invested in short-term investments currently valued at $4,099,009 as reported in the Portfolio of Investments. Additional collateral of $20,664,922 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 449,969 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 699,895 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 155,609 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/04/2019 | 1,758,196 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 17,601,253 |
155 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(5) | The rate shown is the7-day yield as of November 30, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Enterprise Software/Service | $ | — | $ | 593,943 | $ | — | $ | 593,943 | ||||||||
Other Industries | 271,658,698 | 2,739,779 | ** | — | 274,398,477 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
E-Commerce/Services | — | — | 3,194,108 | 3,194,108 | ||||||||||||
Wire & Cable Products | 169,378 | — | — | 169,378 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 4,999,095 | — | 4,999,095 | ||||||||||||
Registered Investment Companies | 4,099,009 | — | — | 4,099,009 | ||||||||||||
Total Investments at Value | $ | 275,927,085 | $ | 8,332,817 | $ | 3,194,108 | $ | 287,454,010 | ||||||||
* | 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 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 05/31/2018 | $ | 466,287 | $ | 3,207,052 | ||||
Accrued discounts | — | — | ||||||
Accrued premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 127,656 | — | ||||||
Change in unrealized depreciation(1) | — | (12,944 | ) | |||||
Net Purchases | — | — | ||||||
Net Sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3† | 593,943 | — | ||||||
Balance as of 11/30/2018 | $ | — | $ | 3,194,108 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2018 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | — | $ | (12,944 | ) | ||||
† | This security was transferred from Level 3 due to the company listing its shares for public trading via an IPO offering. |
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2018
156 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/18 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Convertible Preferred Securities | $ | 3,194,108 | Market Approach | 2018 Estimated Revenue Multiple* | 8.81x | |||||
2021 Estimated Revenue Multiple* | 3.9x- 6.1x (5.0x) | |||||||||
2021 Estimated Gross Profit Multiple* | 4.6x | |||||||||
2022 Estimated Revenue Multiple* | 3.7x | |||||||||
2022 Estimated Gross Profit Multiple* | 4.3x | |||||||||
Discount for Lack of Marketability | 10%- 15% (11.7%) |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made fromnon-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have a inverse relationship. |
See Notes to Financial Statements
157 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Applications Software | 10.4 | % | ||
E-Commerce/Products | 10.0 | |||
Computers | 9.9 | |||
Web Portals/ISP | 8.8 | |||
Repurchase Agreements | 7.8 | |||
Electronic Components — Semiconductors | 7.2 | |||
Medical — Biomedical/Gene | 6.3 | |||
Internet Content — Entertainment | 5.3 | |||
Cable/Satellite TV | 3.1 | |||
Networking Products | 2.6 | |||
Beverages — Non-alcoholic | 2.3 | |||
Commercial Services — Finance | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
E-Commerce/Services | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
Electronic Forms | 1.4 | |||
Retail — Discount | 1.4 | |||
Entertainment Software | 1.1 | |||
Multimedia | 1.0 | |||
Retail — Restaurants | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Retail — Drug Store | 1.0 | |||
Cellular Telecom | 0.8 | |||
Transport — Rail | 0.7 | |||
Medical Instruments | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Computer Aided Design | 0.7 | |||
Data Processing/Management | 0.7 | |||
Pharmacy Services | 0.7 | |||
U.S. Government Treasuries | 0.5 | |||
Computer Services | 0.5 | |||
Hotels/Motels | 0.5 | |||
Retail — Apparel/Shoe | 0.4 | |||
Radio | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Electric — Integrated | 0.3 | |||
Medical Products | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Consulting Services | 0.2 | |||
Commercial Services | 0.2 | |||
Medical Information Systems | 0.2 | |||
Airlines | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Computer Data Security | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Computer Software | 0.2 | |||
Internet Security | 0.2 | |||
Casino Hotels | 0.1 | |||
Transport — Truck | 0.1 | |||
Toys | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
158 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 91.6% |
| |||||||
Airlines — 0.2% |
| |||||||
American Airlines Group, Inc. | 26,404 | $ | 1,060,385 | |||||
Applications Software — 10.4% |
| |||||||
Intuit, Inc. | 14,831 | 3,181,694 | ||||||
Microsoft Corp. | 439,664 | 48,754,341 | ||||||
51,936,035 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
Tesla, Inc.† | 9,781 | 3,428,045 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc. | 20,099 | 1,250,560 | ||||||
Beverages-Non-alcoholic — 2.3% |
| |||||||
Monster Beverage Corp.† | 31,679 | 1,890,603 | ||||||
PepsiCo, Inc. | 81,091 | 9,888,236 | ||||||
11,778,839 | ||||||||
Cable/Satellite TV — 3.1% |
| |||||||
Charter Communications, Inc., Class A† | 13,294 | 4,376,385 | ||||||
Comcast Corp., Class A | 262,168 | 10,227,174 | ||||||
Liberty Global PLC, Class A† | 11,844 | 294,086 | ||||||
Liberty Global PLC, Class C† | 31,654 | 768,876 | ||||||
15,666,521 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 6,229 | 681,453 | ||||||
Cellular Telecom — 0.8% |
| |||||||
T-Mobile US, Inc.† | 48,577 | 3,325,095 | ||||||
Vodafone Group PLC ADR | 27,228 | 585,130 | ||||||
3,910,225 | ||||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 6,094 | 1,141,894 | ||||||
Commercial Services - Finance — 1.9% |
| |||||||
Automatic Data Processing, Inc. | 25,118 | 3,702,896 | ||||||
PayPal Holdings, Inc.† | 67,867 | 5,823,667 | ||||||
9,526,563 | ||||||||
Computer Aided Design — 0.7% |
| |||||||
Autodesk, Inc.† | 12,535 | 1,811,307 | ||||||
Cadence Design Systems, Inc.† | 16,215 | 730,324 | ||||||
Synopsys, Inc.† | 8,519 | 783,237 | ||||||
3,324,868 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 8,957 | 1,001,482 | ||||||
Computer Services — 0.5% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 33,268 | 2,369,680 | ||||||
Computer Software — 0.2% |
| |||||||
Citrix Systems, Inc. | 7,778 | 847,569 | ||||||
Computers — 9.9% |
| |||||||
Apple, Inc. | 276,928 | 49,453,802 | ||||||
Computers - Memory Devices — 0.3% |
| |||||||
Seagate Technology PLC | 16,466 | 709,520 | ||||||
Western Digital Corp. | 16,705 | 758,240 | ||||||
1,467,760 | ||||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc.† | 9,444 | 1,164,634 | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fiserv, Inc.† | 23,217 | 1,837,161 | ||||||
Paychex, Inc. | 20,584 | 1,456,524 | ||||||
3,293,685 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 4,605 | $ | 1,058,643 | |||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 4,965 | 1,011,668 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 16,452 | 974,946 | ||||||
E-Commerce/Products — 10.0% |
| |||||||
Amazon.com, Inc.† | 27,965 | 47,265,604 | ||||||
eBay, Inc.† | 56,737 | 1,693,599 | ||||||
JD.com, Inc. ADR† | 52,900 | 1,123,067 | ||||||
50,082,270 | ||||||||
E-Commerce/Services — 1.5% |
| |||||||
Booking Holdings, Inc.† | 2,722 | 5,149,697 | ||||||
Ctrip.com International, Ltd. ADR† | 26,714 | 770,699 | ||||||
Expedia Group, Inc. | 7,835 | 946,390 | ||||||
MercadoLibre, Inc. | 2,532 | 891,188 | ||||||
7,757,974 | ||||||||
Electric - Integrated — 0.3% |
| |||||||
Xcel Energy, Inc. | 29,189 | 1,530,963 | ||||||
Electronic Components - Semiconductors — 7.2% |
| |||||||
Broadcom, Inc. | 24,751 | 5,876,135 | ||||||
Intel Corp. | 264,376 | 13,036,381 | ||||||
Microchip Technology, Inc. | 13,506 | 1,012,950 | ||||||
Micron Technology, Inc.† | 66,499 | 2,564,201 | ||||||
NVIDIA Corp. | 34,860 | 5,697,170 | ||||||
Skyworks Solutions, Inc. | 10,262 | 746,766 | ||||||
Texas Instruments, Inc. | 55,742 | 5,565,839 | ||||||
Xilinx, Inc. | 14,501 | 1,341,052 | ||||||
35,840,494 | ||||||||
Electronic Forms — 1.4% |
| |||||||
Adobe, Inc.† | 28,075 | 7,043,737 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Workday, Inc., Class A† | 8,371 | 1,372,844 | ||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 43,713 | 2,180,405 | ||||||
Electronic Arts, Inc.† | 17,477 | 1,469,291 | ||||||
NetEase, Inc. ADR | 4,376 | 993,658 | ||||||
Take-Two Interactive Software, Inc.† | 6,526 | 715,707 | ||||||
5,359,061 | ||||||||
Food - Misc./Diversified — 1.5% |
| |||||||
Kraft Heinz Co. | 69,907 | 3,573,646 | ||||||
Mondelez International, Inc., Class A | 84,087 | 3,782,233 | ||||||
7,355,879 | ||||||||
Hotels/Motels — 0.5% |
| |||||||
Marriott International, Inc., Class A | 19,895 | 2,288,522 | ||||||
Internet Content - Entertainment — 5.3% |
| |||||||
Facebook, Inc., Class A† | 138,276 | 19,442,988 | ||||||
Netflix, Inc.† | 24,967 | 7,143,808 | ||||||
26,586,796 | ||||||||
Internet Security — 0.2% |
| |||||||
Symantec Corp. | 35,636 | 787,912 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp.† | 18,864 | 1,092,414 | ||||||
Medical Instruments — 0.7% |
| |||||||
Intuitive Surgical, Inc.† | 6,522 | 3,462,334 | ||||||
159 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 0.3% |
| |||||||
Henry Schein, Inc.† | 8,779 | $ | 783,087 | |||||
Hologic, Inc.† | 15,602 | 692,885 | ||||||
1,475,972 | ||||||||
Medical - Biomedical/Gene — 6.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 12,778 | 1,573,611 | ||||||
Amgen, Inc. | 37,112 | 7,728,574 | ||||||
Biogen, Inc.† | 11,550 | 3,854,466 | ||||||
BioMarin Pharmaceutical, Inc.† | 10,182 | 977,777 | ||||||
Celgene Corp.† | 40,328 | 2,912,488 | ||||||
Gilead Sciences, Inc. | 74,327 | 5,347,084 | ||||||
Illumina, Inc.† | 8,428 | 2,844,450 | ||||||
Incyte Corp.† | 12,188 | 783,079 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,086 | 2,225,346 | ||||||
Shire PLC ADR | 4,320 | 758,506 | ||||||
Vertex Pharmaceuticals, Inc.† | 14,653 | 2,649,116 | ||||||
31,654,497 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Mylan NV† | 29,561 | 1,000,935 | ||||||
Multimedia — 1.0% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 60,435 | 2,989,719 | ||||||
Twenty-First Century Fox, Inc., Class B | 45,784 | 2,244,790 | ||||||
5,234,509 | ||||||||
Networking Products — 2.6% |
| |||||||
Cisco Systems, Inc. | 269,644 | 12,907,858 | ||||||
Pharmacy Services — 0.7% |
| |||||||
Express Scripts Holding Co.† | 32,236 | 3,270,987 | ||||||
Radio — 0.3% |
| |||||||
Sirius XM Holdings, Inc. | 257,330 | 1,603,166 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Ross Stores, Inc. | 21,589 | 1,891,196 | ||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,619 | 1,601,777 | ||||||
Retail - Catalog Shopping — 0.1% |
| |||||||
Qurate Retail, Inc.† | 24,713 | 549,123 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 25,144 | 5,815,304 | ||||||
Dollar Tree, Inc.† | 13,640 | 1,183,543 | ||||||
6,998,847 | ||||||||
Retail - Drug Store — 1.0% |
| |||||||
Walgreens Boots Alliance, Inc. | 56,901 | 4,817,808 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Ulta Beauty, Inc.† | 3,427 | 1,020,526 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
Starbucks Corp. | 77,352 | 5,160,925 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Analog Devices, Inc. | 21,310 | 1,958,815 | ||||||
Maxim Integrated Products, Inc. | 15,940 | 891,365 | ||||||
NXP Semiconductors NV | 19,743 | 1,645,974 | ||||||
QUALCOMM, Inc. | 69,501 | 4,049,128 | ||||||
8,545,282 | ||||||||
Semiconductor Equipment — 1.0% |
| |||||||
Applied Materials, Inc. | 56,361 | 2,101,138 | ||||||
ASML Holding NV | 4,152 | 711,445 | ||||||
KLA-Tencor Corp. | 8,952 | 882,309 | ||||||
Lam Research Corp. | 9,035 | 1,418,134 | ||||||
5,113,026 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 7,278 | $ | 662,298 | |||||
Transport - Rail — 0.7% |
| |||||||
CSX Corp. | 49,241 | 3,576,374 | ||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 6,269 | 666,771 | ||||||
Web Portals/ISP — 8.8% |
| |||||||
Alphabet, Inc., Class A† | 17,139 | 19,018,291 | ||||||
Alphabet, Inc., Class C† | 20,061 | 21,955,360 | ||||||
Baidu, Inc. ADR† | 16,096 | 3,030,555 | ||||||
44,004,206 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $187,528,825) | 458,666,540 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.8% | ||||||||
Registered Investment Companies — 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) | 1,364,499 | 1,364,499 | ||||||
U.S. Government Treasuries — 0.5% | ||||||||
United States Treasury Bills | ||||||||
2.10% due 01/03/2019(3) | $ | 1,200,000 | 1,197,687 | |||||
2.31% due 02/14/2019(3) | 200,000 | 199,059 | ||||||
2.35% due 03/28/2019(3) | 300,000 | 297,733 | ||||||
2.45% due 05/09/2019(3) | 600,000 | 593,589 | ||||||
2.49% due 07/18/2019(3) | 300,000 | 295,238 | ||||||
2,583,306 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $3,947,703) | 3,947,805 | |||||||
REPURCHASE AGREEMENTS — 7.8% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $38,923,362 collateralized by $40,340,000 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $39,704,161 | 38,922,000 | 38,922,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $230,398,528)(4) | 100.2 | % | 501,536,345 | |||||
Liabilities in excess of other assets | (0.2 | ) | (872,651 | ) | ||||
NET ASSETS | 100.0 | % | $ | 500,663,694 | ||||
† | Non-income producing security |
(1) | The rate shown is the7-day yield as of November 30, 2018. |
(2) | At November 30, 2018, the Fund had loaned securities with a total value of $12,363,226. This was secured by collateral of $1,364,499, which was received in cash and subsequently invested in short-term investments currently valued at $1,364,499 as reported in the Portfolio of Investments. Additional collateral of $11,291,735 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 36,570 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 56,883 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 12,647 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 03/28/2019 | 647,230 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2018 to 05/15/2048 | 10,538,405 |
160 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(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) | ||||||||||||||||
302 | Long | NASDAQ 100E-Mini Index | December 2018 | $ | 44,200,640 | $ | 41,974,980 | $ | (2,225,660 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 458,666,540 | $ | — | $ | — | $ | 458,666,540 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,364,499 | — | — | 1,364,499 | ||||||||||||
U.S. Government Treasuries | — | 2,583,306 | — | 2,583,306 | ||||||||||||
Repurchase Agreements | — | 38,922,000 | — | 38,922,000 | ||||||||||||
Total Investments at Value | $ | 460,031,039 | $ | 41,505,306 | $ | — | $ | 501,536,345 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,225,660 | $ | — | $ | — | $ | 2,225,660 | ||||||||
* | 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. |
See Notes to Financial Statements
161 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — November 30, 2018 (unaudited)
Industry Allocation*
Applications Software | 10.7 | % | ||
Electronic Components — Semiconductors | 9.7 | |||
E-Commerce/Products | 8.6 | |||
Web Portals/ISP | 7.2 | |||
Commercial Services — Finance | 7.1 | |||
E-Commerce/Services | 4.7 | |||
Enterprise Software/Service | 4.4 | |||
Finance — Credit Card | 4.2 | |||
Semiconductor Equipment | 4.0 | |||
Internet Content — Entertainment | 4.0 | |||
Semiconductor Components — Integrated Circuits | 3.3 | |||
Internet Application Software | 3.2 | |||
Registered Investment Companies | 2.6 | |||
Internet Telephone | 2.3 | |||
Internet Security | 2.0 | |||
Computers — Memory Devices | 1.9 | |||
Computer Services | 1.9 | |||
Computers | 1.9 | |||
Internet Content — Information/News | 1.0 | |||
Entertainment Software | 1.0 | |||
Repurchase Agreements | 0.8 | |||
Computer Aided Design | 0.7 | |||
Computer Software | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Photo Equipment & Supplies | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Web Hosting/Design | 0.5 | |||
Networking Products | 0.5 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Lasers — System/Components | 0.4 | |||
Wireless Equipment | 0.4 | |||
Chemicals — Diversified | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Computers — Other | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Medical Instruments | 0.2 | |||
Medical — Drugs | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Computer Data Security | 0.2 | |||
Retail — Vision Service Center | 0.2 | |||
IT Services | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Transactional Software | 0.1 | |||
95.6 | % | |||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 91.5% |
| |||||||
Advertising Services — 0.0% |
| |||||||
Trade Desk, Inc., Class A†# | 2,675 | $ | 381,054 | |||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
Harris Corp. | 37,299 | 5,331,892 | ||||||
Applications Software — 10.7% |
| |||||||
Intuit, Inc. | 12,811 | 2,748,344 | ||||||
Microsoft Corp. | 618,150 | 68,546,653 | ||||||
New Relic, Inc.† | 25,320 | 2,207,651 | ||||||
RealPage, Inc.† | 18,830 | 971,251 | ||||||
Red Hat, Inc.† | 31,644 | 5,650,353 | ||||||
salesforce.com, Inc.† | 206,042 | 29,414,556 | ||||||
ServiceNow, Inc.† | 139,542 | 25,852,946 | ||||||
Tableau Software, Inc., Class A† | 53,340 | 6,648,298 | ||||||
142,040,052 | ||||||||
Auto - Cars/Light Trucks — 0.6% |
| |||||||
Tesla, Inc.†# | 22,442 | 7,865,472 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
DowDuPont, Inc. | 79,200 | 4,581,720 | ||||||
Commercial Services - Finance — 7.1% |
| |||||||
Equifax, Inc. | 44,309 | 4,549,205 | ||||||
FleetCor Technologies, Inc.† | 46,211 | 8,937,207 | ||||||
Global Payments, Inc. | 121,200 | 13,551,372 | ||||||
PayPal Holdings, Inc.† | 301,912 | 25,907,069 | ||||||
Square, Inc., Class A†# | 294,195 | 20,546,579 | ||||||
Total System Services, Inc. | 78,964 | 6,899,085 | ||||||
TransUnion | 76,847 | 4,962,011 | ||||||
WEX, Inc.† | 54,246 | 8,406,502 | ||||||
93,759,030 | ||||||||
Computer Aided Design — 0.7% |
| |||||||
Autodesk, Inc.† | 2,395 | 346,078 | ||||||
Synopsys, Inc.† | 100,600 | 9,249,164 | ||||||
9,595,242 | ||||||||
Computer Data Security — 0.2% |
| |||||||
ForeScout Technologies, Inc.† | 9,850 | 267,427 | ||||||
Fortinet, Inc.† | 13,345 | 985,395 | ||||||
Sophos Group PLC* | 214,615 | 996,117 | ||||||
2,248,939 | ||||||||
Computer Services — 1.9% |
| |||||||
Accenture PLC, Class A | 21,469 | 3,532,080 | ||||||
Capgemini SE | 15,025 | 1,754,091 | ||||||
DXC Technology Co. | 160,770 | 10,134,941 | ||||||
Elastic NV† | 30,970 | 2,212,806 | ||||||
Genpact, Ltd. | 207,683 | 6,309,410 | ||||||
Perspecta, Inc. | 63,672 | 1,344,116 | ||||||
25,287,444 | ||||||||
Computer Software — 0.7% |
| |||||||
Akamai Technologies, Inc.† | 11,715 | 805,406 | ||||||
MongoDB, Inc.†# | 103,575 | 8,586,368 | ||||||
9,391,774 | ||||||||
Computers — 1.9% |
| |||||||
Apple, Inc. | 105,910 | 18,913,408 | ||||||
Nutanix, Inc., Class A† | 133,985 | 5,990,469 | ||||||
24,903,877 | ||||||||
Computers - Memory Devices — 1.9% |
| |||||||
NetApp, Inc. | 349,005 | 23,337,964 | ||||||
Pure Storage, Inc., Class A† | 130,010 | 2,458,489 | ||||||
25,796,453 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.†# | 89,462 | $ | 3,978,375 | |||||
E-Commerce/Products — 8.6% |
| |||||||
Alibaba Group Holding, Ltd. ADR†# | 210,513 | 33,863,121 | ||||||
Amazon.com, Inc.† | 45,413 | 76,755,690 | ||||||
Etsy, Inc.†# | 74,576 | 4,030,087 | ||||||
114,648,898 | ||||||||
E-Commerce/Services — 4.3% |
| |||||||
Booking Holdings, Inc.† | 12,417 | 23,491,474 | ||||||
Ctrip.com International, Ltd. ADR† | 976,844 | 28,181,949 | ||||||
Expedia Group, Inc. | 36,645 | 4,426,350 | ||||||
GrubHub, Inc.†# | 19,635 | 1,537,224 | ||||||
57,636,997 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 14,520 | 1,345,714 | ||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Flex, Ltd.† | 654,395 | 5,725,956 | ||||||
Sensata Technologies Holding PLC† | 49,100 | 2,271,366 | ||||||
Yageo Corp. | 103,481 | 1,259,363 | ||||||
9,256,685 | ||||||||
Electronic Components - Semiconductors — 9.7% |
| |||||||
Advanced Micro Devices, Inc.†# | 712,013 | 15,165,877 | ||||||
ASPEED Technology, Inc. | 39,000 | 718,891 | ||||||
Broadcom, Inc. | 26,840 | 6,372,085 | ||||||
Cree, Inc.†# | 141,795 | 6,258,831 | ||||||
Infineon Technologies AG | 95,620 | 2,003,311 | ||||||
Intel Corp. | 178,125 | 8,783,344 | ||||||
Microchip Technology, Inc.# | 48,510 | 3,638,250 | ||||||
Micron Technology, Inc.† | 678,181 | 26,150,659 | ||||||
NVIDIA Corp. | 77,891 | 12,729,726 | ||||||
Qorvo, Inc.† | 74,500 | 4,902,845 | ||||||
Samsung Electronics Co., Ltd. | 512,305 | 19,233,845 | ||||||
Sino-American Silicon Products, Inc. | 1,187,000 | 3,296,890 | ||||||
Texas Instruments, Inc. | 157,380 | 15,714,393 | ||||||
Xilinx, Inc. | 42,288 | 3,910,794 | ||||||
128,879,741 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Chroma ATE, Inc. | 334,000 | 1,302,161 | ||||||
Itron, Inc.† | 42,991 | 2,328,393 | ||||||
3,630,554 | ||||||||
Enterprise Software/Service — 4.4% |
| |||||||
Atlassian Corp. PLC, Class A† | 18,425 | 1,583,445 | ||||||
AVEVA Group PLC | 65,700 | 2,147,549 | ||||||
Guidewire Software, Inc.† | 64,772 | 6,021,205 | ||||||
Oracle Corp. | 65,100 | 3,174,276 | ||||||
Paycom Software, Inc.†# | 118,010 | 15,668,188 | ||||||
Veeva Systems, Inc., Class A† | 37,775 | 3,632,444 | ||||||
Workday, Inc., Class A† | 156,202 | 25,617,128 | ||||||
57,844,235 | ||||||||
Entertainment Software — 1.0% |
| |||||||
Nexon Co., Ltd.† | 279,100 | 3,299,583 | ||||||
Take-Two Interactive Software, Inc.† | 85,530 | 9,380,075 | ||||||
12,679,658 | ||||||||
Finance - Credit Card — 4.2% |
| |||||||
Alliance Data Systems Corp. | 13,688 | 2,742,528 | ||||||
Mastercard, Inc., Class A | 72,455 | 14,568,527 | ||||||
Visa, Inc., Class A# | 266,545 | 37,772,092 | ||||||
55,083,147 | ||||||||
163 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellie Mae, Inc.†# | 45,657 | $ | 3,071,346 | |||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 7,355 | 323,767 | ||||||
FANUC Corp. | 4,000 | 689,462 | ||||||
1,013,229 | ||||||||
Internet Application Software — 3.2% |
| |||||||
Okta, Inc.† | 230,795 | 14,690,102 | ||||||
Tencent Holdings, Ltd. | 683,727 | 27,425,097 | ||||||
42,115,199 | ||||||||
Internet Content - Entertainment — 4.0% |
| |||||||
Facebook, Inc., Class A† | 303,015 | 42,606,939 | ||||||
Netflix, Inc.† | 35,870 | 10,263,483 | ||||||
52,870,422 | ||||||||
Internet Content - Information/News — 1.0% |
| |||||||
Naspers, Ltd., Class N | 50,361 | 10,117,162 | ||||||
Spotify Technology SA† | 21,431 | 2,922,760 | ||||||
13,039,922 | ||||||||
Internet Security — 2.0% |
| |||||||
FireEye, Inc.†# | 30,650 | 613,306 | ||||||
Palo Alto Networks, Inc.† | 48,880 | 8,453,796 | ||||||
Proofpoint, Inc.† | 47,075 | 4,566,746 | ||||||
Symantec Corp. | 471,041 | 10,414,717 | ||||||
Zscaler, Inc.†# | 66,155 | 2,597,245 | ||||||
26,645,810 | ||||||||
Internet Telephone — 2.3% |
| |||||||
RingCentral, Inc., Class A† | 143,990 | 11,936,771 | ||||||
Twilio, Inc., Class A†# | 203,630 | 19,240,999 | ||||||
31,177,770 | ||||||||
Lasers - System/Components — 0.4% |
| |||||||
Coherent, Inc.†# | 36,765 | 5,079,452 | ||||||
Machinery - Electrical — 0.1% |
| |||||||
Bloom Energy Corp. Class A†# | 69,610 | 1,145,085 | ||||||
Medical Instruments — 0.2% |
| |||||||
Intuitive Surgical, Inc.† | 5,666 | 3,007,909 | ||||||
Medical - Drugs — 0.2% |
| |||||||
Grifols SA ADR | 134,200 | 2,646,424 | ||||||
Networking Products — 0.5% |
| |||||||
Arista Networks, Inc.† | 19,720 | 4,702,826 | ||||||
Cisco Systems, Inc. | 28,165 | 1,348,258 | ||||||
6,051,084 | ||||||||
Office Automation & Equipment — 0.3% |
| |||||||
Zebra Technologies Corp., Class A† | 22,725 | 4,085,955 | ||||||
Photo Equipment & Supplies — 0.7% |
| |||||||
Largan Precision Co., Ltd. | 51,000 | 5,627,257 | ||||||
Sunny Optical Technology Group Co., Ltd. | 328,029 | 3,195,212 | ||||||
8,822,469 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
News Corp., Class A | 180,400 | 2,341,592 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Zalando SE†* | 258,386 | 8,015,337 | ||||||
Retail - Vision Service Center — 0.1% |
| |||||||
JAND, Inc., (dba Warby Parker), Class A†(1)(2)(3) | 49,774 | 761,492 | ||||||
Semiconductor Components - Integrated Circuits — 3.3% |
| |||||||
Marvell Technology Group, Ltd. | 1,133,440 | 18,259,718 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) |
| |||||||
Maxim Integrated Products, Inc. | 118,900 | $ | 6,648,888 | |||||
QUALCOMM, Inc.# | 57,260 | 3,335,968 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 1,057,780 | 7,732,700 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 217,430 | 8,173,194 | ||||||
44,150,468 | ||||||||
Semiconductor Equipment — 4.0% |
| |||||||
Applied Materials, Inc. | 269,300 | 10,039,504 | ||||||
FormFactor, Inc.† | 132,642 | 2,187,266 | ||||||
KLA-Tencor Corp. | 105,253 | 10,373,736 | ||||||
Kulicke & Soffa Industries, Inc. | 60,325 | 1,303,020 | ||||||
Lam Research Corp. | 133,200 | 20,907,072 | ||||||
Teradyne, Inc. | 169,397 | 6,045,779 | ||||||
Tokyo Electron, Ltd. | 15,500 | 2,167,665 | ||||||
53,024,042 | ||||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Viavi Solutions, Inc.† | 45,440 | 460,762 | ||||||
Transactional Software — 0.1% |
| |||||||
Amadeus IT Group SA | 10,290 | 739,189 | ||||||
Web Hosting/Design — 0.5% |
| |||||||
GoDaddy, Inc., Class A† | 43,992 | 2,870,918 | ||||||
Shopify, Inc., Class A†# | 6,230 | 951,072 | ||||||
VeriSign, Inc.† | 21,173 | 3,304,258 | ||||||
7,126,248 | ||||||||
Web Portals/ISP — 7.1% |
| |||||||
Alphabet, Inc., Class A† | 30,926 | 34,317,036 | ||||||
Alphabet, Inc., Class C† | 35,423 | 38,767,994 | ||||||
Mail.ru Group, Ltd. GDR† | 364,765 | 9,136,213 | ||||||
NAVER Corp. | 66,990 | 7,559,869 | ||||||
Yandex NV, Class A† | 136,501 | 4,026,779 | ||||||
93,807,891 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
Motorola Solutions, Inc. | 21,790 | 2,859,937 | ||||||
Samsung SD Co., Ltd. | 10,270 | 1,902,722 | ||||||
4,762,659 | ||||||||
Total Common Stocks | ||||||||
(cost $1,097,898,293) | 1,212,128,709 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.7% |
| |||||||
E-Commerce/Services — 0.4% |
| |||||||
Airbnb, Inc., | 26,943 | 2,925,381 | ||||||
Uber Technologies, Inc., | 36,257 | 1,671,851 | ||||||
Xiaoju Kuaizhi, Inc., | 11,731 | 550,184 | ||||||
5,147,416 | ||||||||
IT Services — 0.1% |
| |||||||
Mesosphere, Inc., | 151,129 | 1,670,656 | ||||||
Retail - Vision Service Center — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker), | 61,401 | 939,374 | ||||||
Web Portals/ISP — 0.1% |
| |||||||
Pinterest, Inc., | 205,650 | 1,083,775 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,504,511) | 8,841,221 | |||||||
164 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
REGISTERED INVESTMENT COMPANIES — 1.5% |
| |||||||
Altaba, Inc.† | 312,205 | $ | 20,477,526 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $1,118,607,570) | 1,241,447,456 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 1.1% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,000 | 500,000 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,198,918 | 1,198,918 | ||||||
T. Rowe Price Government Reserve Fund | 12,841,098 | 12,841,098 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $14,540,016) | 14,540,016 | |||||||
REPURCHASE AGREEMENTS — 0.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $11,310,396 collateralized by $11,585,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $11,539,297 (cost $11,310,000) | $ | 11,310,000 | 11,310,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,144,457,586)(6) | 95.6 | % | 1,267,297,472 | |||||
Other assets less liabilities | 4.4 | 57,754,879 | ||||||
NET ASSETS | 100.0 | % | $ | 1,325,052,351 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $9,011,454 representing 0.7% 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 November 30, 2018, the aggregate value of these securities was $9,602,713 representing 0.7% of net assets. |
(3) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | ||||||||||||||||||||||||
JAND, Inc., | 03/09/2018 | 49,774 | $ | 782,298 | $ | 761,492 | $ | 15.30 | 0.06 | % | ||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc., | 06/24/2015 | 16,260 | 1,513,715 | |||||||||||||||||||||
07/14/2015 | 10,683 | 994,527 | ||||||||||||||||||||||
26,943 | 2,508,242 | 2,925,381 | 108.58 | 0.22 | ||||||||||||||||||||
JAND, Inc., | 03/09/2018 | 61,401 | 965,040 | 939,374 | 15.30 | 0.07 | ||||||||||||||||||
Mesophere, Inc., | 05/04/2018 | 151,129 | 1,670,656 | 1,670,656 | 11.05 | 0.13 | ||||||||||||||||||
Pinterest, Inc., | 03/19/2015 | 205,650 | 1,476,380 | 1,083,775 | 5.27 | 0.08 | ||||||||||||||||||
Uber Technologies, Inc., | 06/05/2014 | 36,257 | 562,457 | 1,671,851 | 46.11 | 0.13 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc., | 10/19/2015 | 11,731 | 321,737 | 550,184 | 46.90 | 0.03 | ||||||||||||||||||
$ | 9,602,713 | 0.72 | % | |||||||||||||||||||||
(4) | The rate shown is the7-day yield as of November 30, 2018. |
(5) | At November 30, 2018, the Fund had loaned securities with a total value of $145,825,854. This was secured by collateral of $1,198,918, which was received in cash and subsequently invested in short-term investments currently valued at $1,198,918 as reported in the Portfolio of Investments. Additional collateral of $146,296,156 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 November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 3,891,206 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 6,052,495 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 1,345,663 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 13,896,371 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 121,110,421 |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
165 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Retail - Vision Service Center | $ | — | $ | — | $ | 761,492 | $ | 761,492 | ||||||||
Other Industries | 1,091,047,531 | 120,319,686 | ** | — | 1,211,367,217 | |||||||||||
Convertible Preferred Securities | — | — | 8,841,221 | 8,841,221 | ||||||||||||
Registered Investment Companies | 20,477,526 | — | — | 20,477,526 | ||||||||||||
Short-Term Investment Securities | 14,540,016 | — | — | 14,540,016 | ||||||||||||
Repurchase Agreements | — | 11,310,000 | — | 11,310,000 | ||||||||||||
Total Investments at Value | $ | 1,126,065,073 | $ | 131,629,686 | $ | 9,602,713 | $ | 1,267,297,472 | ||||||||
* | 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). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
166 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILENovember 30, 2018 — (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 11.0 | % | ||
Computer Software | 7.1 | |||
Commercial Services — Finance | 4.9 | |||
Chemicals — Specialty | 3.9 | |||
Retail — Restaurants | 3.9 | |||
Medical Products | 3.4 | |||
Web Hosting/Design | 3.1 | |||
Internet Telephone | 3.0 | |||
Patient Monitoring Equipment | 2.7 | |||
Repurchase Agreements | 2.6 | |||
Machine Tools & Related Products | 2.0 | |||
Enterprise Software/Service | 1.9 | |||
Food — Misc./Diversified | 1.9 | |||
Medical — Drugs | 1.8 | |||
Diversified Manufacturing Operations | 1.8 | |||
Recreational Centers | 1.7 | |||
Retail — Building Products | 1.7 | |||
Medical Labs & Testing Services | 1.6 | |||
Steel — Specialty | 1.6 | |||
Casino Services | 1.5 | |||
Oil — Field Services | 1.5 | |||
Banks — Commercial | 1.5 | |||
Auto Repair Centers | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Schools | 1.4 | |||
Retail — Vision Service Center | 1.4 | |||
Insurance — Multi-line | 1.4 | |||
Applications Software | 1.4 | |||
Computer Services | 1.3 | |||
Distribution/Wholesale | 1.3 | |||
Building & Construction Products — Misc. | 1.3 | |||
Retail — Discount | 1.2 | |||
Footwear & Related Apparel | 1.2 | |||
Health Care Cost Containment | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.1 | |||
Electric Products — Misc. | 1.1 | |||
Airlines | 1.0 | |||
Rubber/Plastic Products | 1.0 | |||
Retail — Pawn Shops | 0.9 | |||
Non-Hazardous Waste Disposal | 0.9 | |||
Firearms & Ammunition | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Food — Retail | 0.9 | |||
Retail — Pet Food & Supplies | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
Gambling(Non-Hotel) | 0.8 | |||
Oil Companies-Exploration & Production | 0.8 | |||
Transport — Truck | 0.8 | |||
Therapeutics | 0.8 | |||
Insurance Brokers | 0.8 | |||
Commercial Services | 0.6 | |||
Insurance — Life/Health | 0.6 | |||
Data Processing/Management | 0.6 | |||
Educational Software | 0.6 | |||
Lasers-System/Components | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Registered Investment Companies | 0.3 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
167 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.2% |
| |||||||
Airlines — 1.0% |
| |||||||
Azul SA ADR†# | 59,040 | $ | 1,593,490 | |||||
Applications Software — 1.4% |
| |||||||
MINDBODY, Inc., Class A†# | 74,750 | 2,075,060 | ||||||
Auto Repair Centers — 1.4% |
| |||||||
Monro, Inc.# | 27,280 | 2,218,410 | ||||||
Auto/Truck Parts & Equipment - Original — 1.1% |
| |||||||
Altra Industrial Motion Corp. | 54,290 | 1,712,849 | ||||||
Banks - Commercial — 1.5% |
| |||||||
Webster Financial Corp. | 17,020 | 1,024,093 | ||||||
Western Alliance Bancorp† | 25,743 | 1,206,575 | ||||||
2,230,668 | ||||||||
Building & Construction Products - Misc. — 1.3% |
| |||||||
Simpson Manufacturing Co., Inc. | 33,900 | 1,983,150 | ||||||
Casino Services — 1.5% |
| |||||||
Eldorado Resorts, Inc.†# | 53,480 | 2,352,050 | ||||||
Chemicals - Specialty — 3.9% |
| |||||||
Ashland Global Holdings, Inc. | 27,700 | 2,268,353 | ||||||
Ferro Corp.† | 99,600 | 1,922,280 | ||||||
Versum Materials, Inc. | 52,440 | 1,816,522 | ||||||
6,007,155 | ||||||||
Commercial Services — 0.6% |
| |||||||
Weight Watchers International, Inc.†# | 20,020 | 1,001,400 | ||||||
Commercial Services - Finance — 4.9% |
| |||||||
Euronet Worldwide, Inc.† | 31,478 | 3,702,128 | ||||||
Evo Payments, Inc., Class A† | 2,590 | 67,832 | ||||||
Green Dot Corp., Class A† | 29,520 | 2,460,197 | ||||||
WEX, Inc.† | 8,660 | 1,342,040 | ||||||
7,572,197 | ||||||||
Computer Services — 1.3% |
| |||||||
WNS Holdings, Ltd. ADR† | 42,210 | 2,061,536 | ||||||
Computer Software — 7.1% |
| |||||||
Cornerstone OnDemand, Inc.† | 57,910 | 3,163,044 | ||||||
Envestnet, Inc.† | 31,510 | 1,721,706 | ||||||
InterXion Holding NV† | 42,434 | 2,642,365 | ||||||
SendGrid, Inc.† | 74,940 | 3,418,014 | ||||||
10,945,129 | ||||||||
Computers - Memory Devices — 0.9% |
| |||||||
Pure Storage, Inc., Class A† | 69,250 | 1,309,518 | ||||||
Data Processing/Management — 0.6% |
| |||||||
Fair Isaac Corp.† | 4,900 | 973,287 | ||||||
Distribution/Wholesale — 1.3% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 32,760 | 2,019,326 | ||||||
Diversified Manufacturing Operations — 1.8% |
| |||||||
Harsco Corp.† | 100,850 | 2,697,737 | ||||||
Educational Software — 0.6% |
| |||||||
Arco Platform, Ltd., Class A† | 37,986 | 898,369 | ||||||
Electric Products - Misc. — 1.1% |
| |||||||
Littelfuse, Inc. | 8,832 | 1,690,003 | ||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Monolithic Power Systems, Inc. | 9,015 | 1,190,611 | ||||||
Silicon Laboratories, Inc.† | 11,100 | 980,907 | ||||||
2,171,518 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Black Knight, Inc.† | 29,381 | $ | 1,332,135 | |||||
Coupa Software, Inc.† | 25,750 | 1,659,072 | ||||||
2,991,207 | ||||||||
Firearms & Ammunition — 0.9% |
| |||||||
Axon Enterprise, Inc.† | 31,170 | 1,354,960 | ||||||
Food - Misc./Diversified — 1.9% |
| |||||||
Nomad Foods, Ltd.† | 142,030 | 2,871,847 | ||||||
Food - Retail — 0.9% |
| |||||||
Sprouts Farmers Market, Inc.† | 57,280 | 1,318,586 | ||||||
Footwear & Related Apparel — 1.2% |
| |||||||
Steven Madden, Ltd. | 55,827 | 1,799,304 | ||||||
Gambling(Non-Hotel) — 0.8% |
| |||||||
Red Rock Resorts, Inc., Class A | 49,890 | 1,305,122 | ||||||
Health Care Cost Containment — 1.2% |
| |||||||
HealthEquity, Inc.† | 20,100 | 1,782,669 | ||||||
Insurance Brokers — 0.8% |
| |||||||
eHealth, Inc.† | 30,460 | 1,173,319 | ||||||
Insurance - Life/Health — 0.6% |
| |||||||
Primerica, Inc. | 8,230 | 978,382 | ||||||
Insurance - Multi-line — 1.4% |
| |||||||
Kemper Corp. | 27,330 | 2,079,813 | ||||||
Internet Telephone — 3.0% |
| |||||||
RingCentral, Inc., Class A† | 55,731 | 4,620,100 | ||||||
Lasers - System/Components — 0.5% |
| |||||||
II-VI, Inc.† | 21,740 | 813,511 | ||||||
Machine Tools & Related Products — 2.0% |
| |||||||
Kennametal, Inc. | 72,040 | 3,012,713 | ||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Teladoc Health, Inc.†# | 39,140 | 2,444,293 | ||||||
Medical Products — 3.4% |
| |||||||
Glaukos Corp.†# | 10,760 | 708,869 | ||||||
Globus Medical, Inc., Class A† | 40,810 | 1,970,715 | ||||||
iRhythm Technologies, Inc.† | 9,080 | 672,646 | ||||||
Penumbra, Inc.†# | 12,980 | 1,807,076 | ||||||
5,159,306 | ||||||||
Medical - Biomedical/Gene — 11.0% |
| |||||||
Amicus Therapeutics, Inc.†# | 127,917 | 1,412,204 | ||||||
Aptinyx, Inc.† | 28,210 | 626,544 | ||||||
Assembly Biosciences, Inc.† | 20,850 | 537,513 | ||||||
Audentes Therapeutics, Inc.† | 36,790 | 899,515 | ||||||
Bluebird Bio, Inc.†# | 10,998 | 1,351,544 | ||||||
Blueprint Medicines Corp.† | 20,882 | 1,198,000 | ||||||
Celyad SA ADR†# | 23,496 | 642,616 | ||||||
CytomX Therapeutics, Inc.† | 39,830 | 549,654 | ||||||
Equillium, Inc.† | 49,480 | 811,472 | ||||||
Exact Sciences Corp.†# | 18,380 | 1,433,272 | ||||||
Immunomedics, Inc.†# | 79,400 | 1,595,146 | ||||||
Iovance Biotherapeutics, Inc.†# | 124,068 | 1,199,738 | ||||||
Ligand Pharmaceuticals, Inc.†# | 10,679 | 1,684,826 | ||||||
Loxo Oncology, Inc.†# | 11,429 | 1,604,860 | ||||||
Sage Therapeutics, Inc.†# | 9,168 | 1,056,979 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 18,761 | 189,674 | ||||||
16,793,557 | ||||||||
Medical - Drugs — 1.8% |
| |||||||
Aimmune Therapeutics, Inc.†# | 40,910 | 971,612 |
168 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Apellis Pharmaceuticals, Inc.† | 56,170 | $ | 861,648 | |||||
Kura Oncology, Inc.†# | 68,500 | 869,950 | ||||||
2,703,210 | ||||||||
Non- Hazardous Waste Disposal — 0.9% | ||||||||
Advanced Disposal Services, Inc.† | 50,680 | 1,365,826 | ||||||
Oil Companies - Exploration & Production — 0.8% | ||||||||
Matador Resources Co.† | 27,950 | 637,260 | ||||||
SRC Energy, Inc.† | 115,050 | 663,839 | ||||||
1,301,099 | ||||||||
Oil- Field Services — 1.5% | ||||||||
Newpark Resources, Inc.† | 301,360 | 2,317,458 | ||||||
Patient Monitoring Equipment — 2.7% | ||||||||
Insulet Corp.†# | 17,870 | 1,499,829 | ||||||
Masimo Corp.† | 24,140 | 2,665,539 | ||||||
4,165,368 | ||||||||
Recreational Centers — 1.7% | ||||||||
Planet Fitness, Inc., Class A† | 47,720 | 2,635,098 | ||||||
Retail - Building Products — 1.7% | ||||||||
At Home Group, Inc.†# | 89,030 | 2,537,355 | ||||||
Retail - Discount — 1.2% | ||||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 21,249 | 1,884,786 | ||||||
Retail - Pawn Shops — 0.9% | ||||||||
FirstCash, Inc. | 16,170 | 1,439,938 | ||||||
Retail- Pet Food & Supplies — 0.9% | ||||||||
Freshpet, Inc.† | 39,880 | 1,316,040 | ||||||
Retail - Restaurants — 3.9% | ||||||||
Dave & Buster’s Entertainment, Inc. | 40,810 | 2,320,457 | ||||||
Dine Brands Global, Inc.# | 30,340 | 2,705,721 | ||||||
Wingstop, Inc. | 14,240 | 934,429 | ||||||
5,960,607 | ||||||||
Retail - Vision Service Center — 1.4% | ||||||||
National Vision Holdings, Inc.† | 57,640 | 2,119,423 | ||||||
Rubber/Plastic Products — 1.0% | ||||||||
Proto Labs, Inc.† | 11,670 | 1,501,812 | ||||||
Schools — 1.4% | ||||||||
Grand Canyon Education, Inc.† | 17,394 | 2,128,330 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% | ||||||||
Cypress Semiconductor Corp.# | 46,250 | 642,875 | ||||||
Semiconductor Equipment — 0.9% | ||||||||
MKS Instruments, Inc. | 17,260 | 1,354,220 | ||||||
Steel - Specialty — 1.6% | ||||||||
Allegheny Technologies, Inc.†# | 93,010 | 2,442,443 | ||||||
Therapeutics — 0.8% | ||||||||
GW Pharmaceuticals PLC ADR†# | 9,540 | 1,173,611 | ||||||
Transport - Truck — 0.8% | ||||||||
Saia, Inc.† | 19,870 | 1,198,360 | ||||||
Web Hosting/Design — 3.1% | ||||||||
Q2 Holdings, Inc.† | 36,650 | 1,989,728 | ||||||
Wix.com, Ltd.† | 30,200 | 2,844,236 | ||||||
4,833,964 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $134,706,647) | 149,033,364 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% | ||||||||
Registered Investment Companies — 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) (cost $373,750) | $ | 373,750 | $ | 373,750 | ||||
REPURCHASE AGREEMENTS — 2.6% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $4,038,141 collateralized by $4,140,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $4,123,668 (cost $4,038,000) | 4,038,000 | 4,038,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $139,118,397)(3) | 100.1 | % | 153,445,114 | |||||
Liabilities in excess of other assets | (0.1 | ) | (125,391 | ) | ||||
NET ASSETS | 100.0 | % | $ | 153,319,723 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $33,112,705. This was secured by collateral of $373,750, which was received in cash and subsequently invested in short-term investments currently valued at $373,750 as reported in the Portfolio of Investments. Additional collateral of $33,296,622 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 261,662 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 406,997 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 90,489 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/04/2019 | 291,219 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 32,246,255 |
(2) | The rate shown is the7-day yield as of November 30, 2018. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
169 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 149,033,364 | $ | — | $ | — | $ | 149,033,364 | ||||||||
Short-Term Investment Securities | 373,750 | — | — | 373,750 | ||||||||||||
Repurchase Agreements | — | 4,038,000 | — | 4,038,000 | ||||||||||||
Total Investments at Value | $ | 149,407,114 | $ | 4,038,000 | $ | — | $ | 153,445,114 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
170 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 10.4 | % | ||
Real Estate Investment Trusts | 5.1 | |||
Distribution/Wholesale | 2.7 | |||
Repurchase Agreements | 2.6 | |||
Enterprise Software/Service | 2.5 | |||
Medical — Biomedical/Gene | 2.2 | |||
Electric — Integrated | 2.0 | |||
Insurance — Property/Casualty | 2.0 | |||
Medical — Drugs | 1.9 | |||
Chemicals — Specialty | 1.9 | |||
Miscellaneous Manufacturing | 1.7 | |||
Medical — HMO | 1.7 | |||
Transport — Truck | 1.6 | |||
Applications Software | 1.6 | |||
Garden Products | 1.5 | |||
Medical Labs & Testing Services | 1.5 | |||
Registered Investment Companies | 1.4 | |||
Medical Products | 1.4 | |||
Commercial Services | 1.4 | |||
Food — Wholesale/Distribution | 1.3 | |||
Building & Construction Products — Misc. | 1.3 | |||
Computer Software | 1.2 | |||
Metal Processors & Fabrication | 1.2 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Physical Therapy/Rehabilitation Centers | 1.1 | |||
Savings & Loans/Thrifts | 1.1 | |||
Gas — Distribution | 1.0 | |||
Disposable Medical Products | 1.0 | |||
Recreational Vehicles | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Identification Systems | 0.9 | |||
Aerospace/Defense | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Theaters | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Oil — Field Services | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Commercial Services — Finance | 0.8 | |||
Real Estate Management/Services | 0.8 | |||
Multimedia | 0.8 | |||
Electronic Components — Semiconductors | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Web Hosting/Design | 0.7 | |||
Oil & Gas Drilling | 0.7 | |||
Non-Hazardous Waste Disposal | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Retail — Discount | 0.7 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Schools | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Medical Instruments | 0.5 | |||
Golf | 0.5 | |||
Medical Information Systems | 0.5 | |||
Hazardous Waste Disposal | 0.5 | |||
Health Care Cost Containment | 0.5 | |||
Real Estate Operations & Development | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Finance — Consumer Loans | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Building — Maintenance & Services | 0.5 | |||
Water | 0.5 | |||
Retail — Apparel/Shoe | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Computer Aided Design | 0.4 |
Machinery — Pumps | 0.4 | |||
Auto Repair Centers | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Security Services | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Finance — Other Services | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Containers — Metal/Glass | 0.3 | |||
Engines — Internal Combustion | 0.3 | |||
Educational Software | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Consulting Services | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Transport — Services | 0.3 | |||
Internet Application Software | 0.3 | |||
Therapeutics | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Brewery | 0.3 | |||
Gold Mining | 0.3 | |||
Filtration/Separation Products | 0.2 | |||
Rubber/Plastic Products | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Internet Security | 0.2 | |||
Telecom Services | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Water Treatment Systems | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Poultry | 0.2 | |||
Food — Confectionery | 0.2 | |||
Home Furnishings | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Human Resources | 0.2 | |||
Retail — Vision Service Center | 0.1 | |||
Airlines | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Entertainment Software | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Superconductor Product & Systems | 0.1 | |||
Investment Companies | 0.1 | |||
Retail — Propane Distribution | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Advanced Materials | 0.1 | |||
Advertising Services | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Food — Retail | 0.1 | |||
Computer Data Security | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Wireless Equipment | 0.1 | |||
Agricultural Operations | 0.1 | |||
Chemicals — Plastics | 0.1 |
171 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Computer Services | 0.1 | % | ||
Diversified Operations/Commercial Services | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Electric — Distribution | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Steel — Producers | 0.1 | |||
Data Processing/Management | 0.1 | |||
Housewares | 0.1 | |||
Athletic Equipment | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Food — Canned | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Direct Marketing | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Coal | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Transport — Rail | 0.1 | |||
100.9 | % | |||
* | Calculated as a percentage of net assets |
172 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc. | 7,500 | $ | 58,500 | |||||
Haynes International, Inc. | 8,700 | 286,839 | ||||||
345,339 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
Telaria, Inc.† | 20,000 | 60,000 | ||||||
Advertising Services — 0.1% |
| |||||||
Fluent, Inc.† | 50,000 | 177,000 | ||||||
Marchex, Inc., Class B | 40,000 | 123,200 | ||||||
Marin Software, Inc.†# | 13,571 | 38,406 | ||||||
338,606 | ||||||||
Aerospace/Defense — 0.8% |
| |||||||
MSA Safety, Inc. | 11,199 | 1,220,579 | ||||||
Teledyne Technologies, Inc.† | 5,850 | 1,313,793 | ||||||
2,534,372 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 14,349 | 505,228 | ||||||
Barnes Group, Inc. | 6,300 | 378,315 | ||||||
CPI Aerostructures, Inc.† | 8,000 | 55,920 | ||||||
Moog, Inc., Class A | 3,700 | 323,565 | ||||||
1,263,028 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,860 | 94,523 | ||||||
Cadiz, Inc.†# | 14,400 | 155,952 | ||||||
250,475 | ||||||||
Airlines — 0.1% |
| |||||||
Hawaiian Holdings, Inc. | 10,500 | 421,470 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Carter’s, Inc. | 17,878 | 1,653,715 | ||||||
Cherokee, Inc.† | 6,400 | 3,840 | ||||||
Delta Apparel, Inc.† | 5,500 | 104,500 | ||||||
Lakeland Industries, Inc.† | 10,000 | 132,500 | ||||||
Superior Group of Cos., Inc. | 7,500 | 137,850 | ||||||
2,032,405 | ||||||||
Applications Software — 1.4% |
| |||||||
Avalara, Inc.†# | 957 | 30,614 | ||||||
Brightcove, Inc.† | 9,000 | 64,620 | ||||||
BSQUARE Corp.† | 15,000 | 31,650 | ||||||
Descartes Systems Group, Inc.† | 22,900 | 673,718 | ||||||
Five9, Inc.†# | 14,471 | 620,516 | ||||||
PagerDuty, Inc.†(1)(2)(3) | 660 | 10,702 | ||||||
PDF Solutions, Inc.†# | 14,540 | 134,495 | ||||||
Tableau Software, Inc., Class A†# | 20,701 | 2,580,173 | ||||||
Telenav, Inc.† | 28,000 | 117,040 | ||||||
Toast, Inc.†(1)(2)(3) | 11 | 303 | ||||||
4,263,831 | ||||||||
Athletic Equipment — 0.1% |
| |||||||
Clarus Corp. | 16,400 | 185,648 | ||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 20,000 | 100,400 | ||||||
Auto Repair Centers — 0.4% |
| |||||||
Monro, Inc.# | 14,325 | 1,164,909 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
REV Group, Inc.# | 10,565 | 128,893 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Altra Industrial Motion Corp. | 36,591 | 1,154,446 | ||||||
Gentherm, Inc.† | 9,955 | 462,211 |
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
SORL Auto Parts, Inc.†# | 15,300 | $ | 41,769 | |||||
Strattec Security Corp. | 1,500 | 45,810 | ||||||
Visteon Corp.†# | 3,701 | 273,208 | ||||||
1,977,444 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.3% |
| |||||||
Commercial Vehicle Group, Inc.† | 1,100 | 7,678 | ||||||
Douglas Dynamics, Inc. | 25,765 | 960,262 | ||||||
967,940 | ||||||||
Banks - Commercial — 10.4% |
| |||||||
1st Constitution Bancorp# | 6,400 | 126,592 | ||||||
AmeriServ Financial, Inc. | 22,000 | 94,380 | ||||||
Associated Banc-Corp. | 66,279 | 1,535,684 | ||||||
Atlantic Capital Bancshares, Inc.† | 11,392 | 209,727 | ||||||
Bank of Commerce Holdings | 7,640 | 92,444 | ||||||
BankUnited, Inc. | 69,741 | 2,408,854 | ||||||
Baycom Corp.† | 6,000 | 138,660 | ||||||
Blue Hills Bancorp, Inc. | 12,107 | 287,420 | ||||||
Bridge Bancorp, Inc. | 10,300 | 304,056 | ||||||
C&F Financial Corp. | 3,000 | 157,740 | ||||||
Cadence BanCorp | 57,404 | 1,177,356 | ||||||
Capstar Financial Holdings, Inc. | 7,500 | 122,850 | ||||||
Chemung Financial Corp. | 5,500 | 237,600 | ||||||
Citizens Holding Co. | 4,500 | 93,465 | ||||||
Codorus Valley Bancorp, Inc. | 3,472 | 83,371 | ||||||
Columbia Banking System, Inc. | 6,669 | 271,295 | ||||||
Commerce Bancshares, Inc.# | 24,414 | 1,538,542 | ||||||
CrossFirst Bankshares, Inc.†(1)(2)(3) | 2,578 | 73,473 | ||||||
FB Financial Corp. | 11,509 | 444,823 | ||||||
First Bancorp, Inc./Maine | 7,165 | 203,701 | ||||||
First Bancshares, Inc. | 3,800 | 133,836 | ||||||
First Bank | 10,000 | 119,600 | ||||||
First Business Financial Services, Inc. | 6,500 | 139,425 | ||||||
First Financial Bancorp | 54,527 | 1,522,394 | ||||||
First Hawaiian, Inc. | 61,038 | 1,588,209 | ||||||
First Horizon National Corp. | 113,660 | 1,874,253 | ||||||
First Internet Bancorp | 5,000 | 124,250 | ||||||
First Interstate BancSystem, Inc., Class A | 15,620 | 678,377 | ||||||
First Northwest Bancorp | 6,500 | 100,620 | ||||||
Great Western Bancorp, Inc. | 35,576 | 1,327,696 | ||||||
Guaranty Bancorp | 9,800 | 250,978 | ||||||
Hawthorn Bancshares, Inc. | 3,120 | 70,793 | ||||||
Heritage Commerce Corp. | 21,179 | 302,648 | ||||||
Heritage Financial Corp.# | 10,000 | 349,700 | ||||||
Home BancShares, Inc. | 32,800 | 643,208 | ||||||
Hope Bancorp, Inc. | 14,600 | 221,920 | ||||||
IBERIABANK Corp. | 22,360 | 1,671,410 | ||||||
Live Oak Bancshares, Inc.# | 11,313 | 202,616 | ||||||
MBT Financial Corp. | 15,300 | 174,726 | ||||||
MidSouth Bancorp, Inc. | 9,800 | 129,556 | ||||||
National Commerce Corp.† | 4,100 | 169,494 | ||||||
Northeast Bancorp | 6,500 | 121,030 | ||||||
Northrim BanCorp, Inc. | 3,600 | 131,292 | ||||||
Ohio Valley Banc Corp. | 4,000 | 148,600 | ||||||
Origin Bancorp, Inc. | 5,480 | 204,842 | ||||||
Pacific Mercantile Bancorp† | 16,000 | 128,000 | ||||||
Penns Woods Bancorp, Inc. | 3,200 | 138,400 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 172,244 | ||||||
Pinnacle Financial Partners, Inc. | 10,558 | 605,501 | ||||||
Premier Financial Bancorp, Inc. | 5,892 | 109,650 | ||||||
Prosperity Bancshares, Inc.# | 7,100 | 492,669 | ||||||
SB One Bancorp# | 6,000 | 145,320 | ||||||
Seacoast Banking Corp. of Florida† | 20,624 | 598,096 | ||||||
Shore Bancshares, Inc. | 8,000 | 128,000 |
173 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Simmons First National Corp., Class A | 9,200 | $ | 270,480 | |||||
South State Corp. | 5,636 | 408,948 | ||||||
Spirit of Texas Bancshares, Inc.†# | 6,000 | 121,800 | ||||||
Sterling Bancorp, Inc. | 13,336 | 112,422 | ||||||
Texas Capital Bancshares, Inc.† | 3,650 | 217,759 | ||||||
Towne Bank | 12,000 | 343,320 | ||||||
United Bancshares, Inc. | 6,000 | 134,520 | ||||||
United Security Bancshares | 23,355 | 235,418 | ||||||
Unity Bancorp, Inc. | 8,000 | 177,760 | ||||||
Univest Corp. of Pennsylvania | 9,471 | 241,511 | ||||||
Webster Financial Corp. | 6,515 | 392,008 | ||||||
Western Alliance Bancorp† | 44,113 | 2,067,576 | ||||||
Western New England Bancorp, Inc. | 8,000 | 79,440 | ||||||
Wintrust Financial Corp. | 21,320 | 1,649,102 | ||||||
30,973,450 | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 4,537 | 259,607 | ||||||
Beverages-Non-alcoholic — 0.2% |
| |||||||
Cott Corp. | 38,632 | 573,685 | ||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,807 | 770,634 | ||||||
Building & Construction Products - Misc. — 1.3% |
| |||||||
Aspen Aerogels, Inc.† | 28,200 | 94,752 | ||||||
Fortune Brands Home & Security, Inc. | 27,910 | 1,222,458 | ||||||
Gibraltar Industries, Inc.† | 12,955 | 468,453 | ||||||
Quanex Building Products Corp. | 8,984 | 141,857 | ||||||
Simpson Manufacturing Co., Inc. | 5,400 | 315,900 | ||||||
USG Corp. | 34,732 | 1,494,865 | ||||||
3,738,285 | ||||||||
Building & Construction - Misc. — 0.4% |
| |||||||
Willscot Corp.†# | 84,534 | 1,164,879 | ||||||
Building Products- Air & Heating — 0.0% |
| |||||||
Lennox International, Inc. | 300 | 67,773 | ||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc.# | 350 | 66,741 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
PGT Innovations, Inc.† | 16,609 | 320,055 | ||||||
Building Products - Light Fixtures — 0.0% |
| |||||||
LSI Industries, Inc. | 22,000 | 97,020 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 73,080 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 70,196 | ||||||
143,276 | ||||||||
Building - Maintenance & Services — 0.5% |
| |||||||
Brightview Holdings, Inc.† | 71,735 | 903,861 | ||||||
Rentokil Initial PLC | 104,254 | 439,995 | ||||||
1,343,856 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.6% |
| |||||||
LCI Industries | 20,263 | 1,567,951 | ||||||
Skyline Champion Corp.# | 12,002 | 270,285 | ||||||
1,838,236 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
Hovnanian Enterprises, Inc., Class A†# | 61,200 | 77,724 | ||||||
New Home Co., Inc.†# | 10,500 | 76,755 | ||||||
TRI Pointe Group, Inc.†# | 35,517 | 443,252 | ||||||
597,731 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 1,162 | $ | 1,044,975 | |||||
Casino Hotels — 0.0% |
| |||||||
Boyd Gaming Corp. | 1,400 | 34,748 | ||||||
Casino Services — 0.0% |
| |||||||
Gaming Partners International Corp. | 8,967 | 116,123 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†# | 10,000 | 54,100 | ||||||
Chemicals - Diversified — 0.8% |
| |||||||
Aceto Corp. | 10,000 | 16,200 | ||||||
Quaker Chemical Corp. | 12,062 | 2,487,667 | ||||||
2,503,867 | ||||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 7,400 | 248,788 | ||||||
Chemicals - Specialty — 1.9% |
| |||||||
GCP Applied Technologies, Inc.† | 69,587 | 1,899,725 | ||||||
Minerals Technologies, Inc. | 3,500 | 196,980 | ||||||
Oil-Dri Corp. of America | 4,900 | 144,011 | ||||||
PQ Group Holdings, Inc.† | 96,270 | 1,477,745 | ||||||
Valvoline, Inc. | 88,255 | 1,861,298 | ||||||
5,579,759 | ||||||||
Coal — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 14,000 | 150,780 | ||||||
Commercial Services — 1.4% |
| |||||||
Acacia Research Corp.† | 40,000 | 127,200 | ||||||
Collectors Universe, Inc. | 7,200 | 96,048 | ||||||
CoreLogic, Inc.† | 35,156 | 1,422,412 | ||||||
Healthcare Services Group, Inc.# | 6,800 | 320,960 | ||||||
HMS Holdings Corp.† | 16,800 | 600,432 | ||||||
Performant Financial Corp.† | 50,000 | 86,000 | ||||||
ServiceMaster Global Holdings, Inc.† | 25,977 | 1,150,002 | ||||||
ServiceSource International, Inc.† | 40,000 | 52,800 | ||||||
Team, Inc.†# | 14,600 | 243,966 | ||||||
4,099,820 | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
Euronet Worldwide, Inc.† | 7,000 | 823,270 | ||||||
Evo Payments, Inc., Class A†# | 2,800 | 73,332 | ||||||
Morningstar, Inc. | 9,714 | 1,147,612 | ||||||
PRGX Global, Inc.† | 26,500 | 247,245 | ||||||
2,291,459 | ||||||||
Communications Software — 0.0% |
| |||||||
Seachange International, Inc.† | 54,500 | 91,560 | ||||||
Computer Aided Design — 0.4% |
| |||||||
Aspen Technology, Inc.† | 14,176 | 1,223,389 | ||||||
Computer Data Security — 0.1% |
| |||||||
CyberArk Software, Ltd.† | 4,190 | 310,647 | ||||||
Computer Services — 0.1% |
| |||||||
Alithya Group, Inc., Class A† | 17,400 | 64,380 | ||||||
Information Services Group, Inc.† | 27,400 | 113,710 | ||||||
StarTek, Inc.† | 10,000 | 67,600 | ||||||
245,690 | ||||||||
Computer Software — 1.2% |
| |||||||
Checkr, Inc.†(1)(2)(3) | 700 | 8,603 | ||||||
Cision, Ltd.† | 122,042 | 1,527,966 | ||||||
Computer Modelling Group, Ltd. | 17,000 | 84,703 | ||||||
Cornerstone OnDemand, Inc.† | 21,157 | 1,155,595 | ||||||
SS&C Technologies Holdings, Inc. | 18,900 | 910,035 | ||||||
3,686,902 | ||||||||
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems — 0.6% |
| |||||||
Agilysys, Inc.† | 13,000 | $ | 214,370 | |||||
Cray, Inc.† | 11,200 | 293,552 | ||||||
Cubic Corp. | 10,829 | 662,627 | ||||||
StoneCo, Ltd., Class A†(2)(3) | 16,632 | 372,415 | ||||||
StoneCo, Ltd., Class A† | 7,010 | 165,226 | ||||||
1,708,190 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Pure Storage, Inc., Class A† | 7,692 | 145,456 | ||||||
Quantum Corp.† | 35,600 | 85,084 | ||||||
230,540 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Key Tronic Corp.† | 9,633 | 65,504 | ||||||
TransAct Technologies, Inc. | 7,500 | 77,250 | ||||||
142,754 | ||||||||
Consulting Services — 0.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 13,500 | 692,685 | ||||||
Franklin Covey Co.† | 3,000 | 71,070 | ||||||
Huron Consulting Group, Inc.† | 3,300 | 183,711 | ||||||
947,466 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Acme United Corp. | 4,570 | 73,120 | ||||||
Central Garden & Pet Co., Class A† | 1,600 | 49,760 | ||||||
CSS Industries, Inc. | 4,500 | 48,780 | ||||||
171,660 | ||||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.†# | 20,219 | 1,036,830 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
CCA Industries, Inc.† | 3,421 | 8,039 | ||||||
Edgewell Personal Care Co.† | 3,200 | 133,760 | ||||||
141,799 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Amber Road, Inc.† | 9,700 | 84,584 | ||||||
Innodata, Inc.† | 52,600 | 102,570 | ||||||
187,154 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Quidel Corp.† | 9,588 | 583,142 | ||||||
Direct Marketing — 0.1% |
| |||||||
Quotient Technology, Inc.†# | 13,390 | 164,563 | ||||||
Disposable Medical Products — 1.0% |
| |||||||
ICU Medical, Inc.† | 9,487 | 2,281,529 | ||||||
STERIS PLC | 5,600 | 666,848 | ||||||
2,948,377 | ||||||||
Distribution/Wholesale — 2.7% |
| |||||||
BlueLinx Holdings, Inc.†# | 8,000 | 216,800 | ||||||
Educational Development Corp. | 16,000 | 156,000 | ||||||
Houston Wire & Cable Co.† | 14,739 | 89,908 | ||||||
KAR Auction Services, Inc. | 38,264 | 2,186,405 | ||||||
Pool Corp. | 27,795 | 4,516,965 | ||||||
SiteOne Landscape Supply, Inc.†# | 11,026 | 679,643 | ||||||
Watsco, Inc.†# | 600 | 92,220 | ||||||
7,937,941 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Federal Signal Corp. | 2,100 | 49,266 | ||||||
GP Strategies Corp.† | 8,000 | 105,920 | ||||||
LSB Industries, Inc.† | 17,500 | 134,225 |
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations (continued) |
| |||||||
Synalloy Corp. | 7,900 | $ | 127,269 | |||||
416,680 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Colliers International Group, Inc. | 3,135 | 206,283 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 37,422 | ||||||
243,705 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
EVINE Live, Inc.† | 90,000 | 54,000 | ||||||
US Auto Parts Network, Inc.† | 20,000 | 24,600 | ||||||
78,600 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
A Place For Rover, Inc.†(1)(2)(3) | 513 | 3,476 | ||||||
Cargurus, Inc.† | 8,303 | 323,070 | ||||||
Eventbrite, Inc., Class A† | 1,455 | 43,228 | ||||||
GrubHub, Inc.†# | 12,031 | 941,907 | ||||||
Leaf Group, Ltd.† | 25,000 | 203,750 | ||||||
1,515,431 | ||||||||
Educational Software — 0.3% |
| |||||||
Instructure, Inc.†# | 26,846 | 1,013,973 | ||||||
Electric Products - Misc. — 0.3% |
| |||||||
Graham Corp. | 5,800 | 144,536 | ||||||
Littelfuse, Inc. | 800 | 153,080 | ||||||
Novanta, Inc.† | 10,501 | 681,830 | ||||||
979,446 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Genie Energy, Ltd., Class B | 12,500 | 79,750 | ||||||
Spark Energy, Inc., Class A# | 13,000 | 118,170 | ||||||
197,920 | ||||||||
Electric - Integrated — 2.0% |
| |||||||
NorthWestern Corp. | 37,954 | 2,427,538 | ||||||
PNM Resources, Inc. | 16,900 | 730,418 | ||||||
Portland General Electric Co. | 52,644 | 2,534,808 | ||||||
SCANA Corp. | 7,400 | 345,284 | ||||||
6,038,048 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 135,060 | ||||||
Sparton Corp.† | 5,900 | 84,724 | ||||||
Sypris Solutions, Inc.† | 7,000 | 7,700 | ||||||
227,484 | ||||||||
Electronic Components - Semiconductors — 0.7% |
| |||||||
CTS Corp. | 9,700 | 281,397 | ||||||
DSP Group, Inc.† | 11,500 | 141,105 | ||||||
EMCORE Corp.† | 32,200 | 146,510 | ||||||
GSI Technology, Inc.† | 19,800 | 112,464 | ||||||
Impinj, Inc.†# | 7,000 | 148,680 | ||||||
Inphi Corp.†# | 10,948 | 436,716 | ||||||
Lattice Semiconductor Corp.† | 75,925 | 444,920 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 11,400 | 202,578 | ||||||
Monolithic Power Systems, Inc. | 947 | 125,070 | ||||||
Pixelworks, Inc.† | 22,000 | 85,580 | ||||||
Richardson Electronics, Ltd. | 15,000 | 107,700 | ||||||
2,232,720 | ||||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
CyberOptics Corp.†# | 6,700 | 135,943 | ||||||
National Instruments Corp. | 9,997 | 489,453 | ||||||
625,396 | ||||||||
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | $ | 32,900 | |||||
Energy - Alternate Sources — 0.2% |
| |||||||
Aemetis, Inc.†# | 17,800 | 13,071 | ||||||
Amyris, Inc.†# | 35,887 | 177,282 | ||||||
Clean Energy Fuels Corp.† | 42,350 | 94,440 | ||||||
NextEra Energy Partners LP | 6,100 | 284,870 | ||||||
569,663 | ||||||||
Engineering/R&D Services — 0.0% |
| |||||||
Iteris, Inc.†# | 26,210 | 119,780 | ||||||
Engines - Internal Combustion — 0.3% |
| |||||||
Gates Industrial Corp. PLC†# | 69,010 | 1,016,517 | ||||||
Enterprise Software/Service — 2.4% |
| |||||||
Blackbaud, Inc. | 16,714 | 1,224,301 | ||||||
Ceridian HCM Holding, Inc.†# | 4,904 | 196,748 | ||||||
Coupa Software, Inc.†# | 8,600 | 554,098 | ||||||
Guidewire Software, Inc.†# | 18,148 | 1,687,038 | ||||||
Manhattan Associates, Inc.† | 14,852 | 735,620 | ||||||
MicroStrategy, Inc., Class A† | 3,007 | 389,827 | ||||||
Paycom Software, Inc.†# | 1,000 | 132,770 | ||||||
SailPoint Technologies Holding, Inc.† | 33,400 | 869,402 | ||||||
ServiceTitan, Inc.†(1)(2)(3) | 191 | 5,022 | ||||||
SVMK, Inc.† | 1,773 | 25,318 | ||||||
SVMK, Inc.†(2)(3) | 5,062 | 66,864 | ||||||
Tyler Technologies, Inc.† | 6,999 | 1,349,127 | ||||||
7,236,135 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Zynga, Inc., Class A† | 113,000 | 409,060 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Ecology and Environment, Inc., Class A | 6,000 | 63,120 | ||||||
Filtration/Separation Products — 0.2% |
| |||||||
ESCO Technologies, Inc. | 9,545 | 670,823 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 88,690 | ||||||
Finance - Consumer Loans — 0.5% |
| |||||||
Asta Funding, Inc. | 13,200 | 55,572 | ||||||
Encore Capital Group, Inc.†# | 13,100 | 366,538 | ||||||
PRA Group, Inc.†# | 17,600 | 537,152 | ||||||
Regional Management Corp.† | 8,200 | 222,712 | ||||||
SLM Corp.† | 31,208 | 320,506 | ||||||
1,502,480 | ||||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
JMP Group LLC | 16,300 | 80,033 | ||||||
Lazard, Ltd., Class A | 33,301 | 1,336,036 | ||||||
Moelis & Co., Class A | 22,572 | 912,360 | ||||||
2,328,429 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
California First National Bancorp | 11,000 | 178,200 | ||||||
Marlin Business Services Corp. | 7,500 | 190,500 | ||||||
368,700 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellie Mae, Inc.†# | 5,042 | 339,175 | ||||||
PennyMac Financial Services, Inc. | 7,800 | 159,978 | ||||||
499,153 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 9,782 | 1,052,739 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Radian Group, Inc. | 20,200 | 371,680 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Canned — 0.1% |
| |||||||
Seneca Foods Corp., Class A† | 5,000 | $ | 167,350 | |||||
Food - Confectionery — 0.2% |
| |||||||
Simply Good Foods Co.† | 23,306 | 473,578 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 17,755 | ||||||
Food - Misc./Diversified — 0.7% |
| |||||||
Cal-Maine Foods, Inc. | 14,651 | 684,495 | ||||||
Lancaster Colony Corp. | 400 | 72,128 | ||||||
Post Holdings, Inc.†# | 8,300 | 803,025 | ||||||
TreeHouse Foods, Inc.† | 12,500 | 657,500 | ||||||
2,217,148 | ||||||||
Food - Wholesale/Distribution — 1.3% |
| |||||||
AMCON Distributing Co. | 500 | 42,445 | ||||||
Performance Food Group Co.† | 109,065 | 3,758,380 | ||||||
3,800,825 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Rocky Brands, Inc. | 6,711 | 173,748 | ||||||
Gambling(Non-Hotel) — 0.2% |
| |||||||
Dover Downs Gaming & Entertainment, Inc.†# | 43,334 | 112,235 | ||||||
Monarch Casino & Resort, Inc.† | 13,156 | 526,240 | ||||||
638,475 | ||||||||
Garden Products — 1.5% |
| |||||||
Toro Co. | 73,818 | 4,575,978 | ||||||
Gas- Distribution — 1.0% |
| |||||||
Chesapeake Utilities Corp. | 5,500 | 473,220 | ||||||
ONE Gas, Inc. | 13,700 | 1,165,733 | ||||||
RGC Resources, Inc. | 469 | 12,940 | ||||||
South Jersey Industries, Inc.# | 11,572 | 361,046 | ||||||
Southwest Gas Holdings, Inc. | 11,037 | 869,385 | ||||||
2,882,324 | ||||||||
Gold Mining — 0.3% |
| |||||||
Franco-Nevada Corp. | 4,400 | 304,670 | ||||||
Gold Resource Corp. | 37,100 | 141,722 | ||||||
Northern Star Resources, Ltd. | 29,305 | 171,250 | ||||||
Osisko Gold Royalties, Ltd. | 17,800 | 133,569 | ||||||
751,211 | ||||||||
Golf — 0.5% |
| |||||||
Acushnet Holdings Corp. | 69,520 | 1,588,532 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,800 | 218,478 | ||||||
US Ecology, Inc. | 19,419 | 1,352,922 | ||||||
1,571,400 | ||||||||
Health Care Cost Containment — 0.5% |
| |||||||
HealthEquity, Inc.†# | 17,293 | 1,533,716 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 112,500 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 19,950 | ||||||
132,450 | ||||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.†# | 9,000 | 458,820 | ||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc. | 15,000 | 90,150 | ||||||
Lifetime Brands, Inc. | 8,000 | 95,520 | ||||||
185,670 | ||||||||
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources — 0.2% |
| |||||||
Computer Task Group, Inc.† | 19,600 | $ | 87,220 | |||||
Cross Country Healthcare, Inc.† | 12,991 | 117,828 | ||||||
RCM Technologies, Inc. | 20,000 | 78,600 | ||||||
Willdan Group, Inc.† | 4,600 | 173,374 | ||||||
457,022 | ||||||||
Identification Systems — 0.9% |
| |||||||
Aware, Inc.† | 14,500 | 52,925 | ||||||
Brady Corp., Class A | 58,164 | 2,533,624 | ||||||
2,586,549 | ||||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 40,000 | 35,968 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,000 | 114,630 | ||||||
Instruments - Scientific — 0.1% |
| |||||||
Fluidigm Corp.†# | 27,000 | 221,400 | ||||||
Insurance Brokers — 0.0% |
| |||||||
Goosehead Insurance, Inc., Class A†# | 4,384 | 111,441 | ||||||
Insurance - Multi-line — 0.2% |
| |||||||
Assurant, Inc. | 4,700 | 457,028 | ||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
FedNat Holding Co. | 7,600 | 166,288 | ||||||
First Acceptance Corp.† | 2,558 | 2,916 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 148,200 | ||||||
Hanover Insurance Group, Inc. | 5,500 | 630,905 | ||||||
Kinsale Capital Group, Inc. | 17,767 | 1,105,285 | ||||||
ProAssurance Corp. | 27,938 | 1,221,729 | ||||||
RLI Corp. | 17,020 | 1,290,456 | ||||||
Safety Insurance Group, Inc. | 3,258 | 286,118 | ||||||
Selective Insurance Group, Inc. | 14,000 | 929,180 | ||||||
State Auto Financial Corp. | 6,050 | 211,750 | ||||||
5,992,827 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Axis Capital Holdings, Ltd. | 7,950 | 440,032 | ||||||
Essent Group, Ltd.† | 4,300 | 165,808 | ||||||
605,840 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Anaplan, Inc.†# | 1,955 | 54,740 | ||||||
Okta, Inc.† | 1,300 | 82,745 | ||||||
Tucows, Inc., Class A†# | 2,466 | 143,127 | ||||||
Zendesk, Inc.† | 9,100 | 540,813 | ||||||
821,425 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 21,200 | 88,828 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 25,000 | 44,250 | ||||||
Internet Security — 0.2% |
| |||||||
Proofpoint, Inc.† | 5,200 | 504,452 | ||||||
Zix Corp.† | 10,000 | 66,600 | ||||||
571,052 | ||||||||
Investment Companies — 0.1% |
| |||||||
B. Riley Financial, Inc.# | 3,858 | 70,100 | ||||||
Barings BDC, Inc.# | 12,783 | 128,086 | ||||||
Barnwell Industries, Inc.† | 25,000 | 40,250 | ||||||
KCAP Financial, Inc.# | 16,700 | 50,935 | ||||||
Medallion Financial Corp.†# | 17,100 | 102,258 | ||||||
391,629 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Eaton Vance Corp. | 27,746 | $ | 1,130,095 | |||||
Focus Financial Partners, Inc. Class A† | 18,210 | 563,053 | ||||||
Great Elm Capital Group, Inc.† | 40,000 | 146,000 | ||||||
Manning & Napier, Inc.# | 8,400 | 14,952 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 139,700 | ||||||
1,993,800 | ||||||||
Leisure Games — 0.0% |
| |||||||
Peak Resorts, Inc. | 23,600 | 121,068 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 61,620 | ||||||
Machine Tools & Related Products — 0.6% |
| |||||||
L.S. Starrett Co., Class A | 8,000 | 37,200 | ||||||
Lincoln Electric Holdings, Inc. | 20,947 | 1,800,395 | ||||||
1,837,595 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
Bloom Energy Corp. Class A†# | 5,212 | 85,737 | ||||||
BWX Technologies, Inc. | 15,673 | 708,733 | ||||||
794,470 | ||||||||
Machinery - General Industrial — 0.9% |
| |||||||
Applied Industrial Technologies, Inc. | 24,719 | 1,612,420 | ||||||
Arotech Corp.† | 34,800 | 96,396 | ||||||
Chart Industries, Inc.† | 12,200 | 775,432 | ||||||
Gencor Industries, Inc.† | 8,650 | 98,005 | ||||||
Intevac, Inc.† | 6,100 | 28,792 | ||||||
Twin Disc, Inc.† | 5,000 | 87,250 | ||||||
2,698,295 | ||||||||
Machinery - Pumps — 0.4% |
| |||||||
CSW Industrials, Inc.† | 4,858 | 257,328 | ||||||
Gardner Denver Holdings, Inc.† | 3,800 | 94,050 | ||||||
Graco, Inc. | 8,900 | 392,045 | ||||||
Mueller Water Products, Inc., Class A | 42,100 | 443,313 | ||||||
1,186,736 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Digirad Corp. | 25,000 | 22,295 | ||||||
Medical Information Systems — 0.5% |
| |||||||
Medidata Solutions, Inc.†# | 20,412 | 1,576,011 | ||||||
Medical Instruments — 0.5% |
| |||||||
Avanos Medical, Inc.† | 12,800 | 610,688 | ||||||
Bovie Medical Corp.† | 25,000 | 176,750 | ||||||
Bruker Corp. | 13,890 | 460,315 | ||||||
NuVasive, Inc.† | 6,000 | 382,140 | ||||||
1,629,893 | ||||||||
Medical Labs & Testing Services — 1.5% |
| |||||||
Catalent, Inc.† | 81,131 | 3,216,844 | ||||||
Syneos Health, Inc.† | 23,675 | 1,224,471 | ||||||
4,441,315 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 5,000 | 102,500 | ||||||
IRIDEX Corp.† | 8,100 | 38,394 | ||||||
140,894 | ||||||||
Medical Products — 1.4% |
| |||||||
AtriCure, Inc.†# | 5,400 | 180,846 | ||||||
ConforMIS, Inc.† | 95,000 | 51,357 | ||||||
Electromed, Inc.† | 13,900 | 79,230 | ||||||
Hanger, Inc.† | 9,800 | 196,294 | ||||||
InfuSystem Holdings, Inc.† | 25,000 | 85,750 |
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
InVivo Therapeutics Holdings Corp.† | 972 | $ | 1,934 | |||||
Micron Solutions, Inc.† | 6,425 | 18,890 | ||||||
Nevro Corp.† | 2,548 | 105,768 | ||||||
OrthoPediatrics Corp.† | 6,500 | 203,255 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 111,000 | ||||||
United-Guardian, Inc. | 3,500 | 61,390 | ||||||
West Pharmaceutical Services, Inc. | 24,549 | 2,689,588 | ||||||
Wright Medical Group NV†# | 14,093 | 394,040 | ||||||
4,179,342 | ||||||||
Medical - Biomedical/Gene — 2.2% |
| |||||||
Abeona Therapeutics, Inc.† | 3,300 | 27,060 | ||||||
Acceleron Pharma, Inc.†# | 6,100 | 322,873 | ||||||
Alder Biopharmaceuticals, Inc.†# | 12,400 | 165,912 | ||||||
Allena Pharmaceuticals, Inc.† | 13,000 | 121,810 | ||||||
Allogene Therapeutics, Inc.†# | 1,676 | 52,425 | ||||||
Alpine Immune Sciences, Inc.† | 3,750 | 18,000 | ||||||
AnaptysBio, Inc.†# | 218 | 16,258 | ||||||
Aptevo Therapeutics, Inc.† | 10,100 | 23,230 | ||||||
Aratana Therapeutics, Inc.† | 3,000 | 19,500 | ||||||
Ardelyx, Inc.† | 35,000 | 95,200 | ||||||
Argenx SE ADR†# | 2,338 | 226,248 | ||||||
ArQule, Inc.†# | 55,000 | 204,050 | ||||||
Asterias Biotherapeutics, Inc.†# | 9,454 | 11,534 | ||||||
AVEO Pharmaceuticals, Inc.†# | 66,464 | 137,580 | ||||||
BeiGene, Ltd. ADR†# | 305 | 46,760 | ||||||
Blueprint Medicines Corp.† | 4,229 | 242,618 | ||||||
Calithera Biosciences, Inc.† | 16,600 | 81,838 | ||||||
Cara Therapeutics, Inc.†# | 2,786 | 50,649 | ||||||
Clearside Biomedical, Inc.† | 23,000 | 33,810 | ||||||
Crinetics Pharmaceuticals, Inc.†# | 2,446 | 85,463 | ||||||
CytomX Therapeutics, Inc.† | 6,090 | 84,042 | ||||||
Eiger BioPharmaceuticals, Inc.† | 20,000 | 212,200 | ||||||
Exelixis, Inc.† | 2,300 | 46,713 | ||||||
Five Prime Therapeutics, Inc.† | 1,624 | 20,852 | ||||||
GlycoMimetics, Inc.†# | 4,328 | 49,729 | ||||||
Guardant Health, Inc.† | 1,311 | 46,842 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 177,750 | ||||||
ImmunoGen, Inc.† | 2,762 | 15,219 | ||||||
Immunomedics, Inc.†# | 9,400 | 188,846 | ||||||
Infinity Pharmaceuticals, Inc.†# | 100,000 | 133,000 | ||||||
Insmed, Inc.†# | 17,592 | 315,073 | ||||||
Loxo Oncology, Inc.†# | 1,500 | 210,630 | ||||||
MacroGenics, Inc.† | 2,343 | 40,323 | ||||||
Menlo Therapeutics, Inc.†# | 19,400 | 116,594 | ||||||
Mustang Bio, Inc.†# | 12,500 | 50,125 | ||||||
Oncocyte Corp.†# | 50,000 | 85,000 | ||||||
Orchard Therapeutics PLC ADR† | 1,966 | 29,608 | ||||||
Otonomy, Inc.† | 35,000 | 78,750 | ||||||
OvaScience, Inc.†# | 50,000 | 36,490 | ||||||
Ovid therapeutics, Inc.†# | 14,000 | 56,420 | ||||||
Pacific Biosciences of California, Inc.†# | 30,000 | 234,600 | ||||||
Palatin Technologies, Inc.† | 100,000 | 80,940 | ||||||
Pfenex, Inc.† | 14,000 | 57,960 | ||||||
Protalix BioTherapeutics, Inc.†# | 22,016 | 9,544 | ||||||
PTC Therapeutics, Inc.† | 1,600 | 56,832 | ||||||
Radius Health, Inc.†# | 13,600 | 226,712 | ||||||
RTI Surgical, Inc.† | 35,000 | 145,950 | ||||||
Sage Therapeutics, Inc.†# | 7,371 | 849,803 | ||||||
Scholar Rock Holding Corp.†# | 1,509 | 36,759 | ||||||
Seattle Genetics, Inc.†# | 2,600 | 162,708 | ||||||
Spark Therapeutics, Inc.†# | 2,220 | 93,529 | ||||||
Surface Oncology, Inc.†# | 15,500 | 125,240 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 1,200 | 64,404 | ||||||
VolitionRX, Ltd.†# | 29,400 | 65,856 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
WaVe Life Sciences, Ltd.†# | 4,644 | $ | 222,215 | |||||
XOMA Corp.†# | 6,500 | 97,695 | ||||||
6,507,771 | ||||||||
Medical - Drugs — 1.9% |
| |||||||
AcelRx Pharmaceuticals, Inc.† | 32,100 | 108,177 | ||||||
Aeglea BioTherapeutics, Inc.† | 25,000 | 210,500 | ||||||
Aimmune Therapeutics, Inc.†# | 6,275 | 149,031 | ||||||
Alimera Sciences, Inc.†# | 115,025 | 117,325 | ||||||
Alkermes PLC†# | 4,433 | 161,539 | ||||||
Ascendis Pharma A/S ADR†# | 5,033 | 339,778 | ||||||
BioSpecifics Technologies Corp.† | 3,300 | 202,521 | ||||||
Chiasma, Inc.† | 45,000 | 180,900 | ||||||
Chimerix, Inc.† | 30,800 | 101,332 | ||||||
Conatus Pharmaceuticals, Inc.†# | 19,500 | 87,360 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 9,600 | 66,240 | ||||||
Corvus Pharmaceuticals, Inc.†# | 3,722 | 22,258 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 174,306 | ||||||
Enanta Pharmaceuticals, Inc.† | 500 | 39,570 | ||||||
Global Blood Therapeutics, Inc.†# | 5,730 | 180,724 | ||||||
Immune Design Corp.† | 35,000 | 56,000 | ||||||
Kadmon Holdings, Inc.†# | 37,000 | 90,280 | ||||||
KalVista Pharmaceuticals, Inc.† | 8,600 | 206,916 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 470 | 54,355 | ||||||
Melinta Therapeutics, Inc.†# | 8,000 | 16,960 | ||||||
Minerva Neurosciences, Inc.† | 20,300 | 160,573 | ||||||
MyoKardia, Inc.†# | 3,053 | 189,500 | ||||||
Navidea Biopharmaceuticals, Inc.† | 85,500 | 16,587 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 29,400 | ||||||
Pacira Pharmaceuticals, Inc.† | 4,200 | 202,986 | ||||||
Pernix Therapeutics Holdings, Inc.†# | 2,900 | 1,172 | ||||||
Prestige Consumer Healthcare, Inc.†# | 47,256 | 1,834,478 | ||||||
Principia Biopharma, Inc.† | 3,329 | 92,746 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 700 | 44,205 | ||||||
scPharmaceuticals, Inc.†# | 11,500 | 53,935 | ||||||
Spero Therapeutics, Inc.†# | 6,200 | 50,716 | ||||||
TESARO, Inc.†# | 3,379 | 156,718 | ||||||
TherapeuticsMD, Inc.†# | 77,874 | 391,706 | ||||||
5,790,794 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amneal Pharmaceuticals, Inc.†# | 10,400 | 184,184 | ||||||
Momenta Pharmaceuticals, Inc.† | 5,500 | 65,120 | ||||||
Teligent, Inc.†# | 25,000 | 51,500 | ||||||
300,804 | ||||||||
Medical- HMO — 1.7% |
| |||||||
Centene Corp.† | 1,600 | 227,600 | ||||||
Molina Healthcare, Inc.† | 23,642 | 3,303,024 | ||||||
Tivity Health, Inc.†# | 34,551 | 1,415,209 | ||||||
4,945,833 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Acadia Healthcare Co., Inc.†# | 12,270 | 416,812 | ||||||
Quorum Health Corp.†# | 20,500 | 90,405 | ||||||
507,217 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Genesis Healthcare, Inc.†# | 100,000 | 159,000 | ||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Amedisys, Inc.† | 1,620 | 220,725 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Premier, Inc., Class A† | 35,393 | 1,403,686 | ||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Metal Processors & Fabrication — 1.2% |
| |||||||
AZZ, Inc. | 10,000 | $ | 477,400 | |||||
LB Foster Co., Class A† | 6,700 | 129,645 | ||||||
RBC Bearings, Inc.† | 18,650 | 2,853,823 | ||||||
Sun Hydraulics Corp. | 4,777 | 199,105 | ||||||
3,659,973 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 100,980 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Constellium NV, Class A† | 11,300 | 94,807 | ||||||
Miscellaneous Manufacturing — 1.7% |
| |||||||
AptarGroup, Inc. | 41,883 | 4,357,926 | ||||||
John Bean Technologies Corp. | 9,117 | 752,517 | ||||||
5,110,443 | ||||||||
Multimedia — 0.8% |
| |||||||
E.W. Scripps Co., Class A | 48,244 | 850,542 | ||||||
FactSet Research Systems, Inc.# | 6,016 | 1,410,692 | ||||||
2,261,234 | ||||||||
Networking Products — 0.0% |
| |||||||
Black Box Corp.† | 45,000 | 48,600 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Uranium Energy Corp.†# | 100,500 | 132,660 | ||||||
Non-Hazardous Waste Disposal — 0.7% |
| |||||||
Advanced Disposal Services, Inc.† | 49,330 | 1,329,443 | ||||||
Waste Connections, Inc. | 9,950 | 780,876 | ||||||
2,110,319 | ||||||||
Office Furnishings - Original — 0.4% |
| |||||||
Herman Miller, Inc. | 32,968 | 1,116,296 | ||||||
Oil & Gas Drilling — 0.7% |
| |||||||
Parker Drilling Co.†# | 3,066 | 4,017 | ||||||
Patterson-UTI Energy, Inc. | 148,872 | 2,066,343 | ||||||
Quintana Energy Services, Inc.† | 15,000 | 89,400 | ||||||
2,159,760 | ||||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Advantage Oil & Gas, Ltd.† | 15,510 | 27,783 | ||||||
Approach Resources, Inc.†# | 77,300 | 102,036 | ||||||
Centennial Resource Development, Inc., Class A†# | 22,648 | 351,497 | ||||||
Contango Oil & Gas Co.† | 21,600 | 87,480 | ||||||
Diamondback Energy, Inc.# | 3,900 | 430,482 | ||||||
Earthstone Energy, Inc., Class A† | 9,400 | 64,578 | ||||||
Evolution Petroleum Corp. | 23,100 | 201,201 | ||||||
Jagged Peak Energy, Inc.†# | 19,100 | 218,504 | ||||||
Jones Energy, Inc., Class A†# | 2,115 | 2,157 | ||||||
Kosmos Energy, Ltd.†# | 6,764 | 36,390 | ||||||
Lonestar Resources US, Inc., Class A† | 30,000 | 203,700 | ||||||
Magnolia Oil & Gas Corp.† | 9,500 | 115,710 | ||||||
Matador Resources Co.†# | 11,090 | 252,852 | ||||||
Midstates Petroleum Co., Inc.† | 15,000 | 124,650 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 82,500 | ||||||
Seven Generations Energy, Ltd., Class A† | 28,100 | 214,242 | ||||||
SRC Energy, Inc.† | 131,493 | 758,715 | ||||||
VAALCO Energy, Inc.† | 30,000 | 48,900 | ||||||
Venture Global LNG, Inc., Series B†(1)(2)(3) | 4 | 20,800 | ||||||
Venture Global LNG, Inc., Series C†(1)(2)(3) | 59 | 306,800 | ||||||
Yuma Energy, Inc.†# | 25,270 | 4,690 | ||||||
3,655,667 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Dril-Quip, Inc.†# | 4,400 | 172,744 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment (continued) | ||||||||
Flotek Industries, Inc.†# | 50,000 | $ | 69,500 | |||||
Mitcham Industries, Inc.† | 22,400 | 79,296 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 146,002 | ||||||
Smart Sand, Inc.†# | 15,000 | 48,900 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 95,200 | ||||||
Thermon Group Holdings, Inc.† | 13,100 | 295,929 | ||||||
907,571 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 134,217 | ||||||
Oil- Field Services — 0.8% |
| |||||||
CARBO Ceramics, Inc.† | 2,200 | 10,076 | ||||||
Core Laboratories NV# | 21,226 | 1,764,093 | ||||||
Era Group, Inc.† | 15,000 | 150,900 | ||||||
Gulf Island Fabrication, Inc.† | 8,400 | 66,360 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 105,118 | ||||||
Key Energy Services, Inc.† | 11,000 | 64,130 | ||||||
Nuverra Environmental Solutions, Inc.†# | 6,300 | 58,905 | ||||||
PHI, Inc.† | 14,000 | 49,420 | ||||||
Pioneer Energy Services Corp.† | 48,900 | 123,717 | ||||||
2,392,719 | ||||||||
Paper & Related Products — 0.0% |
| |||||||
Orchids Paper Products Co.†# | 5,500 | 9,295 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 35,000 | 138,250 | ||||||
Physical Therapy/Rehabilitation Centers — 1.1% |
| |||||||
AAC Holdings, Inc.†# | 18,000 | 35,460 | ||||||
Encompass Health Corp. | 36,531 | 2,747,497 | ||||||
U.S. Physical Therapy, Inc. | 3,759 | 447,283 | ||||||
3,230,240 | ||||||||
Pollution Control — 0.0% |
| |||||||
Fuel Tech, Inc.† | 75,000 | 90,750 | ||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc.# | 4,300 | 486,588 | ||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Generac Holdings, Inc.† | 26,400 | 1,502,688 | ||||||
Printing - Commercial — 0.0% |
| |||||||
ARC Document Solutions, Inc.† | 40,000 | 96,400 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc.† | 84,700 | 189,728 | ||||||
Radio — 0.0% |
| |||||||
Saga Communications, Inc., Class A | 123 | 4,563 | ||||||
Salem Media Group, Inc. | 10,000 | 28,300 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 68,200 | ||||||
101,063 | ||||||||
Real Estate Investment Trusts — 5.1% |
| |||||||
Acadia Realty Trust | 10,200 | 292,434 | ||||||
Alexander & Baldwin, Inc.† | 14,676 | 304,234 | ||||||
American Campus Communities, Inc. | 14,200 | 622,386 | ||||||
CubeSmart | 58,330 | 1,816,396 | ||||||
EastGroup Properties, Inc.# | 32,782 | 3,278,856 | ||||||
Equity Commonwealth | 13,200 | 419,364 | ||||||
First Industrial Realty Trust, Inc. | 6,500 | 208,390 | ||||||
JBG SMITH Properties | 2,700 | 108,189 | ||||||
National Retail Properties, Inc. | 63,205 | 3,164,042 | ||||||
OUTFRONT Media, Inc. | 73,241 | 1,521,948 | ||||||
Paramount Group, Inc. | 33,927 | 484,138 | ||||||
PS Business Parks, Inc. | 6,656 | 938,629 | ||||||
Regency Centers Corp. | 4,135 | 263,234 |
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
RLJ Lodging Trust | 84,284 | $ | 1,714,337 | |||||
15,136,577 | ||||||||
Real Estate Management/Services — 0.8% |
| |||||||
FirstService Corp. | 9,200 | 695,888 | ||||||
HFF, Inc., Class A | 32,085 | 1,296,234 | ||||||
Maui Land & Pineapple Co., Inc.† | 10,000 | 115,300 | ||||||
Redfin Corp.†# | 10,564 | 179,165 | ||||||
2,286,587 | ||||||||
Real Estate Operations & Development — 0.5% |
| |||||||
Consolidated-Tomoka Land Co. | 3,100 | 179,862 | ||||||
Cushman & Wakefield PLC† | 64,950 | 1,209,369 | ||||||
Stratus Properties, Inc.† | 3,000 | 81,480 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 49,300 | ||||||
1,520,011 | ||||||||
Recreational Vehicles — 0.9% |
| |||||||
Brunswick Corp. | 41,432 | 2,197,553 | ||||||
Malibu Boats, Inc., Class A† | 11,013 | 533,250 | ||||||
2,730,803 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 13,700 | 641,160 | ||||||
Resort/Theme Parks — 0.0% |
| |||||||
Marriott Vacations Worldwide Corp. | 1,070 | 86,884 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Allbirds, Inc.†(1)(2)(3) | 938 | 51,436 | ||||||
Burlington Stores, Inc.† | 5,600 | 928,256 | ||||||
Destination Maternity Corp.† | 7,800 | 34,242 | ||||||
Francesca’s Holdings Corp.†# | 28,500 | 56,715 | ||||||
RTW RetailWinds, Inc.† | 33,029 | 110,647 | ||||||
Tilly’s, Inc., Class A | 8,068 | 92,863 | ||||||
1,274,159 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 24,400 | 414,068 | ||||||
Retail - Automobile — 0.0% |
| |||||||
America’sCar-Mart, Inc.† | 500 | 37,105 | ||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PCM, Inc.† | 6,700 | 126,965 | ||||||
Retail - Discount — 0.7% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†# | 46,140 | 1,077,831 | ||||||
Citi Trends, Inc. | 3,500 | 71,750 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 9,026 | 800,606 | ||||||
1,950,187 | ||||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 6,500 | 136,695 | ||||||
Kirkland’s, Inc.† | 12,200 | 132,370 | ||||||
RH†# | 2,152 | 249,933 | ||||||
Tuesday Morning Corp.†# | 39,900 | 97,755 | ||||||
616,753 | ||||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.† | 20,000 | 108,600 | ||||||
Five Below, Inc.† | 2,900 | 303,891 | ||||||
Gaia, Inc.†# | 9,400 | 122,576 | ||||||
535,067 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America LLC† | 20,000 | 92,200 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Propane Distribution — 0.1% |
| |||||||
Luxfer Holdings PLC | 16,600 | $ | 381,634 | |||||
Retail - Restaurants — 1.2% |
| |||||||
Chuy’s Holdings, Inc.† | 8,770 | 187,678 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 4,100 | 28,167 | ||||||
Denny’s Corp.† | 36,300 | 600,402 | ||||||
Dunkin’ Brands Group, Inc.# | 9,700 | 717,800 | ||||||
Famous Dave’s of America, Inc.† | 8,250 | 42,570 | ||||||
Fiesta Restaurant Group, Inc.† | 12,319 | 232,213 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 132,860 | ||||||
Kona Grill, Inc.†# | 7,700 | 11,550 | ||||||
Luby’s, Inc.† | 25,000 | 38,000 | ||||||
Papa John’s International, Inc.# | 10,583 | 507,878 | ||||||
Papa Murphy’s Holdings, Inc.†# | 97 | 507 | ||||||
Potbelly Corp.† | 10,000 | 101,800 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 8,139 | 282,342 | ||||||
Wingstop, Inc. | 9,300 | 610,266 | ||||||
3,494,033 | ||||||||
Retail- Toy Stores — 0.0% |
| |||||||
Build- A- Bear Workshop, Inc.† | 8,000 | 48,800 | ||||||
Retail - Vision Service Center — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2)(3) | 4,462 | 68,264 | ||||||
National Vision Holdings, Inc.† | 7,466 | 274,525 | ||||||
342,789 | ||||||||
Rubber/Plastic Products — 0.2% |
| |||||||
Proto Labs, Inc.† | 5,105 | 656,962 | ||||||
Savings & Loans/Thrifts — 1.1% |
| |||||||
BankFinancial Corp. | 9,300 | 138,849 | ||||||
Beneficial Bancorp, Inc. | 20,965 | 324,538 | ||||||
Capitol Federal Financial, Inc. | 28,867 | 405,293 | ||||||
Entegra Financial Corp.† | 6,000 | 138,840 | ||||||
ESSA Bancorp, Inc. | 9,000 | 144,450 | ||||||
First Financial Northwest, Inc. | 10,000 | 152,200 | ||||||
Investors Bancorp, Inc. | 26,500 | 325,420 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 153,500 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 79,420 | ||||||
Meridian Bancorp, Inc. | 22,660 | 370,491 | ||||||
Pacific Premier Bancorp, Inc.†# | 8,100 | 250,047 | ||||||
Provident Financial Holdings, Inc. | 6,714 | 117,831 | ||||||
SI Financial Group, Inc. | 8,500 | 115,685 | ||||||
Southern Missouri Bancorp, Inc. | 5,000 | 181,650 | ||||||
Territorial Bancorp, Inc. | 4,500 | 125,325 | ||||||
Timberland Bancorp, Inc. | 3,900 | 110,370 | ||||||
3,133,909 | ||||||||
Schools — 0.6% |
| |||||||
2U, Inc.†# | 6,144 | 358,748 | ||||||
American Public Education, Inc.† | 6,372 | 201,610 | ||||||
Bridgepoint Education, Inc.† | 14,500 | 116,000 | ||||||
Bright Horizons Family Solutions, Inc.† | 3,316 | 403,491 | ||||||
Chegg, Inc.†# | 17,180 | 480,181 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 47,400 | ||||||
Universal Technical Institute, Inc.† | 37,000 | 119,140 | ||||||
1,726,570 | ||||||||
Security Services — 0.4% |
| |||||||
Brink’s Co. | 16,065 | 1,137,723 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 34,927 | 129,928 | ||||||
Geospace Technologies Corp.† | 8,900 | 138,395 | ||||||
268,323 | ||||||||
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Power Integrations, Inc. | 10,296 | $ | 652,355 | |||||
Semiconductor Equipment — 0.8% |
| |||||||
Cabot Microelectronics Corp. | 16,541 | 1,777,827 | ||||||
Entegris, Inc. | 16,500 | 485,100 | ||||||
MKS Instruments, Inc. | 2,600 | 203,996 | ||||||
2,466,923 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Collier Creek Holdings† | 14,012 | 141,241 | ||||||
J2 Acquisition, Ltd.†* | 27,496 | 248,839 | ||||||
390,080 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 4,048 | 528,426 | ||||||
Steel - Producers — 0.1% |
| |||||||
Friedman Industries, Inc. | 10,000 | 80,800 | ||||||
Shiloh Industries, Inc.† | 13,600 | 108,392 | ||||||
189,192 | ||||||||
Superconductor Product & Systems — 0.1% |
| |||||||
American Superconductor Corp.†# | 40,000 | 400,000 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Clearfield, Inc.† | 10,000 | 123,400 | ||||||
KVH Industries, Inc.† | 14,357 | 161,803 | ||||||
285,203 | ||||||||
Telecom Services — 0.2% |
| |||||||
Consolidated Communications Holdings, Inc.# | 1 | 14 | ||||||
GTT Communications, Inc.†# | 9,800 | 329,868 | ||||||
Ooma, Inc.† | 6,500 | 97,110 | ||||||
Spok Holdings, Inc. | 9,800 | 142,786 | ||||||
569,778 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Communications Systems, Inc. | 30,000 | 69,000 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 95,760 | ||||||
164,760 | ||||||||
Telephone - Integrated — 0.0% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 115,500 | ||||||
Textile - Apparel — 0.0% |
| |||||||
Tandy Leather Factory, Inc.† | 15,000 | 96,600 | ||||||
Textile - Products — 0.0% |
| |||||||
Dixie Group, Inc.† | 10,000 | 12,800 | ||||||
Theaters — 0.8% |
| |||||||
Cinemark Holdings, Inc. | 65,245 | 2,503,451 | ||||||
Therapeutics — 0.3% |
| |||||||
Actinium Pharmaceuticals, Inc.†# | 32,100 | 18,634 | ||||||
Agios Pharmaceuticals, Inc.†# | 2,733 | 179,832 | ||||||
G1 Therapeutics, Inc.† | 1,710 | 65,373 | ||||||
Sarepta Therapeutics, Inc.†# | 800 | 103,576 | ||||||
Xencor, Inc.† | 8,633 | 362,672 | ||||||
Zafgen, Inc.† | 15,000 | 75,600 | ||||||
805,687 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 30,000 | 69,000 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Willis Lease Finance Corp.† | 7,000 | 257,880 | ||||||
Transport - Marine — 0.0% |
| |||||||
Hornbeck Offshore Services, Inc.† | 10,000 | 29,900 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Marine (continued) |
| |||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | $ | 74,900 | |||||
104,800 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 1,700 | 141,576 | ||||||
Transport - Services — 0.3% |
| |||||||
Matson, Inc. | 13,600 | 535,160 | ||||||
Radiant Logistics, Inc.† | 37,800 | 205,632 | ||||||
Steel Connect, Inc.† | 71,500 | 119,405 | ||||||
860,197 | ||||||||
Transport - Truck — 1.6% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 61,786 | 2,141,503 | ||||||
Landstar System, Inc. | 18,767 | 2,047,104 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 70,103 | ||||||
Patriot Transportation Holding, Inc.† | 5,000 | 98,250 | ||||||
Schneider National, Inc., Class B | 9,388 | 209,634 | ||||||
XPO Logistics, Inc.† | 1 | 76 | ||||||
YRC Worldwide, Inc.† | 22,000 | 124,520 | ||||||
4,691,190 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 14,000 | 265,020 | ||||||
Water — 0.5% |
| |||||||
California Water Service Group | 10,600 | 484,632 | ||||||
Global Water Resources, Inc. | 14,500 | 147,465 | ||||||
Middlesex Water Co. | 3,896 | 201,968 | ||||||
PICO Holdings, Inc.† | 10,000 | 97,500 | ||||||
SJW Group | 7,270 | 407,411 | ||||||
1,338,976 | ||||||||
Water Treatment Systems — 0.2% |
| |||||||
Evoqua Water Technologies Corp.†# | 62,100 | 567,594 | ||||||
Web Hosting/Design — 0.7% |
| |||||||
Q2 Holdings, Inc.† | 34,947 | 1,897,273 | ||||||
Wix.com, Ltd.† | 3,328 | 313,431 | ||||||
2,210,704 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.†# | 44,000 | 78,320 | ||||||
Wireless Equipment — 0.1% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | 107,600 | ||||||
ID Systems, Inc.† | 12,000 | 72,960 | ||||||
TESSCO Technologies, Inc. | 5,900 | 71,626 | ||||||
252,186 | ||||||||
Total Common Stocks |
| |||||||
(cost $253,941,289) | 288,348,031 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% |
| |||||||
Applications Software — 0.2% |
| |||||||
Convoy, Inc., Series C | 12,094 | 85,875 | ||||||
PagerDuty, Inc. | 5,215 | 89,013 | ||||||
Toast, Inc., | 98 | 2,695 | ||||||
Toast, Inc., | 7,194 | 197,835 | ||||||
375,418 | ||||||||
Computer Software — 0.0% |
| |||||||
Checkr, Inc., Series C†(1)(2)(3) | 2,998 | 40,926 | ||||||
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmers Business Network, Inc., Series C†(1)(2)(3) | 8,287 | $ | 174,358 | |||||
Vroom, Inc. | 5,863 | 105,247 | ||||||
279,605 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Plex Systems, Inc., | 50,422 | 107,399 | ||||||
ServiceTitan, Inc., | 4 | 105 | ||||||
ServiceTitan, Inc., | 1,942 | 51,064 | ||||||
158,568 | ||||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. | 618 | 315,137 | ||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Allbirds, Inc., | 370 | 20,289 | ||||||
Allbirds, Inc., | 65 | 3,565 | ||||||
Allbirds, Inc., | 622 | 34,108 | ||||||
Allbirds, Inc., | 199 | 10,912 | ||||||
68,874 | ||||||||
Gas- Distribution — 0.0% |
| |||||||
South Jersey Industries, Inc.† | 2,633 | 134,494 | ||||||
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 | 84,221 | ||||||
Total Convertible Preferred Securities |
| |||||||
(cost $1,322,664) | 1,512,464 | |||||||
RIGHTS — 0.0% |
| |||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Xoma Corp.†# | 746 | 1,515 | ||||||
WARRANTS† — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2)(3) | 1,009 | 0 | ||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
J2 Acquisition, Ltd. | 27,696 | 12,463 | ||||||
Total Warrants | ||||||||
(cost $277) | 12,463 | |||||||
CONVERTIBLE BONDS & NOTES — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc. | 10,090 | 10,090 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $255,274,320) | 289,884,563 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.4% |
| |||||||
Registered Investment Companies — 1.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | $ | 589,740 | $ | 589,740 | ||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,003,475 | 3,003,475 | ||||||
T. Rowe Price Government Reserve Fund | 704,198 | 704,198 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,297,413) | 4,297,413 | |||||||
REPURCHASE AGREEMENTS — 2.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $6,010,724 collateralized by $6,155,000 of United States Treasury Notes, bearing interest at 2.88% due 05/31/2025 and having an approximate value of $6,130,719 | 6,010,508 | 6,010,508 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $1,759,548 collateralized by $1,780,000 of United States Treasury Notes, bearing interest at 3.00% due 09/30/2025 and having an approximate value of $1,795,119 | 1,759,492 | 1,759,492 | ||||||
Total Repurchase Agreements | ||||||||
(cost $7,770,000) | 7,770,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $267,341,733)(6) | 100.9 | % | 301,951,976 | |||||
Liabilities in excess of other assets | (0.9 | ) | (2,707,594 | ) | ||||
NET ASSETS | 100.0 | % | $ | 299,244,382 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2018, the aggregate value of these securities was $248,839 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 November 30, 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 | % | ||||||||||||||
Allbirds, Inc. | 10/10/2018 | 938 | 51,436 | 51,436 | 54.84 | 0.02 | ||||||||||||||||||
Checkr, Inc. | 06/29/2018 | 700 | 8,603 | 8,603 | 12.29 | 0.00 | ||||||||||||||||||
Crossfirst Bankshares, Inc. | 10/23/2018 | 2,578 | 73,473 | 73,473 | 28.50 | 0.02 |
182 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Description | Acquisition Date | Shares/ Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Class A | 03/09/2018 | 4,462 | $ | 70,129 | $ | 68,264 | $ | 15.30 | 0.02 | % | ||||||||||||||
PagerDuty, Inc., | 09/28/2018 | 660 | 10,702 | 10,702 | 16.22 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 5,022 | 26.29 | 0.00 | ||||||||||||||||||
StoneCo., Ltd., | 07/10/2017 | 16,632 | 124,794 | 372,415 | 22.39 | 0.12 | ||||||||||||||||||
SVMK, Inc. | 11/25/2014 | 5,062 | 83,270 | 66,864 | 13.21 | 0.02 | ||||||||||||||||||
Toast, Inc. | 09/14/2018 | 11 | 190 | 303 | 27.55 | 0.00 | ||||||||||||||||||
Venture Global LNG, Inc., | 03/08/2018 | 4 | 12,080 | 20,800 | 5,200 | 0.01 | ||||||||||||||||||
Venture Global LNG, Inc., | 05/25/2017 | 28 | 99,904 | |||||||||||||||||||||
10/16/2017 | 27 | 101,817 | ||||||||||||||||||||||
03/08/2018 | 4 | 12,080 | ||||||||||||||||||||||
59 | 213,801 | 306,800 | 5,200 | 0.10 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
A Place For Rover, Inc., | 05/11/2018 | 7,335 | 55,221 | 55,221 | 7.53 | 0.02 | ||||||||||||||||||
Allbirds, Inc., Series A | 10/10/2018 | 370 | 20,289 | 20,289 | 54.84 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series B | 10/10/2018 | 65 | 3,565 | 3,565 | 54.84 | 0.00 | ||||||||||||||||||
Allbirds, Inc., Series C | 10/09/2018 | 622 | 34,108 | 34,108 | 54.84 | 0.01 | ||||||||||||||||||
Allbirds, Inc., | 10/10/2018 | 199 | 10,912 | 10,912 | 54.84 | 0.00 | ||||||||||||||||||
Checkr, Inc., Series C | 04/10/2018 | 2,998 | 40,926 | 40,926 | 13.65 | 0.01 | ||||||||||||||||||
Convoy, Inc., Series C | 09/14/2018 | 12,094 | 85,875 | 85,875 | 7.10 | 0.03 | ||||||||||||||||||
Farmers Business Network, Inc., | 11/03/2017 | 8,287 | 153,012 | 174,358 | 21.04 | 0.06 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker) | 03/09/2018 | 5,505 | 86,522 | 84,221 | 15.30 | 0.03 | ||||||||||||||||||
PagerDuty, Inc., | 08/24/2018 | 4,684 | 79,950 | |||||||||||||||||||||
09/28/2018 | 531 | 9,063 | ||||||||||||||||||||||
5,215 | 89,013 | 89,013 | 17.07 | 0.03 | ||||||||||||||||||||
Plex Systems, Inc., | 06/09/2014 | 50,422 | 115,683 | 107,399 | 2.13 | 0.04 | ||||||||||||||||||
Roofoods, Ltd., | 09/12/2017 | 618 | 218,506 | 315,137 | 509.93 | 0.11 | ||||||||||||||||||
ServiceTitan, Inc., | 11/09/2018 | 4 | 105 | 105 | 26.29 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., | 11/09/2018 | 1,942 | 51,064 | 51,064 | 26.29 | 0.02 | ||||||||||||||||||
Toast, Inc., Series B | 09/14/2018 | 98 | 1,696 | 2,695 | 27.50 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 197,835 | 27.50 | 0.07 | ||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 5,863 | 100,009 | 105,247 | 17.95 | 0.04 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 0 | 0 | 0.00 | 0.00 | ||||||||||||||||||
Convertible Bonds & Notes | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 10,090 | 10,090 | 10,090 | 1.00 | 0.00 | ||||||||||||||||||
$ | 2,376,218 | 0.79 | % | |||||||||||||||||||||
(3) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $2,376,218 representing 0.8% of net assets. |
(4) | At November 30, 2018, the Fund had loaned securities with a total value of $40,672,081. This was secured by collateral of $3,003,475, which was received in cash and subsequently invested in short-term investments currently valued at $3,003,475 as reported in the Portfolio of Investments. Additional collateral of $38,543,057 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 1,944,133 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 3,023,960 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 672,323 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 2,396,166 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 30,506,475 |
(5) | The rate shown is the7-day yield as of November 30, 2018. |
(6) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
183 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 4,252,826 | $ | — | $ | 11,005 | $ | 4,263,831 | ||||||||
Banks - Commercial | 30,899,977 | — | 73,473 | 30,973,450 | ||||||||||||
Computer Software | 3,678,299 | — | 8,603 | 3,686,902 | ||||||||||||
Computers - Integrated Systems | 1,335,775 | 372,415 | — | 1,708,190 | ||||||||||||
E-Commerce/Services | 1,511,955 | — | 3,476 | 1,515,431 | ||||||||||||
Enterprise Software/Service | 7,164,249 | 66,864 | 5,022 | 7,236,135 | ||||||||||||
Oil Companies-Exploration & Production | 3,328,067 | — | 327,600 | 3,655,667 | ||||||||||||
Retail - Apparel/Shoe | 1,222,723 | — | 51,436 | 1,274,159 | ||||||||||||
Retail - Vision Service Center | 274,525 | — | 68,264 | 342,789 | ||||||||||||
Other Industries | 233,251,482 | 439,995 | ** | — | 233,691,477 | |||||||||||
Convertible Preferred Securities | 134,494 | — | 1,377,970 | 1,512,464 | ||||||||||||
Rights | — | 1,515 | — | 1,515 | ||||||||||||
Warrants | 12,463 | — | 0 | 12,463 | ||||||||||||
Convertible Bonds & Notes | — | — | 10,090 | 10,090 | ||||||||||||
Short-Term Investment Securities | 4,297,413 | — | — | 4,297,413 | ||||||||||||
Repurchase Agreements | — | 7,770,000 | — | 7,770,000 | ||||||||||||
Total Investments at Value | $ | 291,364,248 | $ | 8,650,789 | $ | 1,936,939 | $ | 301,951,976 | ||||||||
* | 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). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material transfers during the reporting period.
See Notes to Financial Statements
184 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Banks — Commercial | 9.2 | % | ||
Real Estate Investment Trusts | 7.3 | |||
Medical — Biomedical/Gene | 4.7 | |||
Repurchase Agreements | 3.0 | |||
Medical — Drugs | 2.3 | |||
Registered Investment Companies | 2.2 | |||
Medical Products | 2.0 | |||
Enterprise Software/Service | 1.9 | |||
Electric — Integrated | 1.6 | |||
Retail — Restaurants | 1.6 | |||
Savings & Loans/Thrifts | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Insurance — Property/Casualty | 1.3 | |||
Chemicals — Specialty | 1.2 | |||
Computer Services | 1.2 | |||
Electronic Components — Semiconductors | 1.1 | |||
Gas — Distribution | 1.1 | |||
Human Resources | 1.0 | |||
Oil — Field Services | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Building & Construction Products — Misc. | 0.8 | |||
Computer Software | 0.8 | |||
Applications Software | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Semiconductor Equipment | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Commercial Services | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Medical Instruments | 0.7 | |||
Television | 0.7 | |||
Food — Misc./Diversified | 0.6 | |||
Schools | 0.6 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Building — Residential/Commercial | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Medical Labs & Testing Services | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Airlines | 0.5 | |||
U.S. Government Treasuries | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Financial Guarantee Insurance | 0.5 | |||
Machinery — General Industrial | 0.5 | |||
Medical Information Systems | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Transport — Marine | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Water | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Consulting Services | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Retail — Discount | 0.4 | |||
Retail — Automobile | 0.4 | |||
Wireless Equipment | 0.4 | |||
Rubber/Plastic Products | 0.4 | |||
Office Furnishings — Original | 0.4 |
Therapeutics | 0.4 | % | ||
Instruments — Controls | 0.4 | |||
E-Commerce/Products | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Computer Data Security | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Coal | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Racetracks | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Printing — Commercial | 0.3 | |||
Transport — Truck | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Transport — Services | 0.3 | |||
Telecom Services | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Computers — Other | 0.3 | |||
Steel — Producers | 0.3 | |||
Cellular Telecom | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Data Processing/Management | 0.3 | |||
Retail — Building Products | 0.3 | |||
Recreational Centers | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Advertising Services | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Satellite Telecom | 0.2 | |||
Networking Products | 0.2 | |||
Firearms & Ammunition | 0.2 | |||
Casino Services | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Paper & Related Products | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Retail — Jewelry | 0.2 | |||
Batteries/Battery Systems | 0.2 | |||
Athletic Equipment | 0.2 | |||
Tobacco | 0.2 | |||
Security Services | 0.2 | |||
Transactional Software | 0.2 | |||
Steel — Specialty | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Medical — HMO | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Environmental Consulting & Engineering | 0.2 |
185 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited) — (continued)
Industry Allocation* (continued)
Medical — Nursing Homes | 0.2 | % | ||
Lasers — System/Components | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Chemicals — Plastics | 0.1 | |||
Hotels/Motels | 0.1 | |||
Food — Confectionery | 0.1 | |||
Precious Metals | 0.1 | |||
Internet Security | 0.1 | |||
Metal — Iron | 0.1 | |||
Audio/Video Products | 0.1 | |||
Building Products — Wood | 0.1 | |||
Appliances | 0.1 | |||
Golf | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Publishing — Books | 0.1 | |||
Brewery | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Electric — Generation | 0.1 | |||
Private Equity | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Home Furnishings | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Poultry | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Casino Hotels | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Multimedia | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Housewares | 0.1 | |||
Identification Systems | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Agricultural Operations | 0.1 | |||
Finance — Other Services | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Communications Software | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Independent Power Producers | 0.1 | |||
Machinery — Farming | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Rubber — Tires | 0.1 | |||
Retail — Bedding | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Quarrying | 0.1 | |||
Building Products — Cement | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Optical Supplies | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Finance — Commercial | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Building Products — Air & Heating | 0.1 |
Computers — Periphery Equipment | 0.1 | % | ||
Non-Ferrous Metals | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Theaters | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Circuit Boards | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Travel Services | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Pipelines | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Investment Companies | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Retail — Leisure Products | 0.1 | |||
Food — Retail | 0.1 | |||
Educational Software | 0.1 | |||
Computers — Voice Recognition | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Capacitors | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Insurance Brokers | 0.1 | |||
102.1 | % | |||
* | Calculated as a percentage of net assets |
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Haynes International, Inc. | 6,922 | $ | 228,218 | |||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A† | 31,146 | 82,225 | ||||||
Telaria, Inc.† | 24,476 | 73,428 | ||||||
155,653 | ||||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A†# | 2,815 | 69,165 | ||||||
Clear Channel Outdoor Holdings, Inc., Class A | 20,667 | 105,608 | ||||||
174,773 | ||||||||
Advertising Services — 0.2% |
| |||||||
Fluent, Inc.† | 18,170 | 64,322 | ||||||
Trade Desk, Inc., Class A†# | 18,142 | 2,584,328 | ||||||
2,648,650 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
AeroVironment, Inc.† | 11,825 | 905,795 | ||||||
Esterline Technologies Corp.† | 14,592 | 1,732,508 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 49,123 | 653,336 | ||||||
MSA Safety, Inc. | 19,016 | 2,072,554 | ||||||
National Presto Industries, Inc. | 2,768 | 355,633 | ||||||
5,719,826 | ||||||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
AAR Corp. | 18,121 | 791,707 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 38,971 | 1,372,169 | ||||||
Astronics Corp.† | 11,794 | 382,833 | ||||||
Barnes Group, Inc. | 26,656 | 1,600,693 | ||||||
Ducommun, Inc.† | 5,931 | 232,673 | ||||||
Kaman Corp. | 15,399 | 874,201 | ||||||
Moog, Inc., Class A | 17,899 | 1,565,268 | ||||||
Triumph Group, Inc.# | 27,182 | 456,929 | ||||||
7,276,473 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 3,317 | 38,212 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 53,266 | 176,843 | ||||||
Marrone Bio Innovations, Inc.† | 30,417 | 46,234 | ||||||
223,077 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 1,833 | 60,581 | ||||||
Andersons, Inc. | 15,173 | 501,619 | ||||||
Cadiz, Inc.†# | 12,607 | 136,534 | ||||||
Limoneira Co. | 8,291 | 200,145 | ||||||
Tejon Ranch Co.† | 11,731 | 211,979 | ||||||
1,110,858 | ||||||||
Airlines — 0.5% |
| |||||||
Allegiant Travel Co. | 7,193 | 966,811 | ||||||
Hawaiian Holdings, Inc. | 28,112 | 1,128,416 | ||||||
Mesa Air Group, Inc.†# | 5,419 | 65,461 | ||||||
SkyWest, Inc. | 28,413 | 1,638,862 | ||||||
Spirit Airlines, Inc.† | 38,273 | 2,454,065 | ||||||
6,253,615 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Oxford Industries, Inc. | 9,335 | 750,441 | ||||||
Superior Group of Cos., Inc. | 5,050 | 92,819 | ||||||
843,260 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,589 | 81,291 |
Security Description | Shares | Value (Note 2) | ||||||
Appliances (continued) |
| |||||||
iRobot Corp.†# | 14,884 | $ | 1,419,933 | |||||
1,501,224 | ||||||||
Applications Software — 0.8% |
| |||||||
Appfolio, Inc., Class A† | 8,453 | 518,084 | ||||||
Avalara, Inc.†# | 4,854 | 155,279 | ||||||
Brightcove, Inc.† | 19,816 | 142,279 | ||||||
Ebix, Inc. | 13,421 | 633,740 | ||||||
Five9, Inc.† | 31,984 | 1,371,474 | ||||||
HubSpot, Inc.† | 20,216 | 2,810,631 | ||||||
Immersion Corp.† | 14,449 | 137,121 | ||||||
MINDBODY, Inc., Class A†# | 24,300 | 674,568 | ||||||
New Relic, Inc.† | 24,722 | 2,155,511 | ||||||
Park City Group, Inc.† | 7,425 | 60,291 | ||||||
PDF Solutions, Inc.†# | 15,436 | 142,783 | ||||||
Telenav, Inc.† | 17,268 | 72,180 | ||||||
Upland Software, Inc.† | 8,769 | 246,234 | ||||||
9,120,175 | ||||||||
Athletic Equipment — 0.2% |
| |||||||
Clarus Corp. | 11,658 | 131,968 | ||||||
Fox Factory Holding Corp.† | 20,121 | 1,281,909 | ||||||
Nautilus, Inc.† | 16,663 | 215,119 | ||||||
Vista Outdoor, Inc.† | 31,834 | 362,908 | ||||||
1,991,904 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s† | 20,790 | 831,392 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 20,050 | 179,448 | ||||||
Roku, Inc.†# | 24,167 | 984,805 | ||||||
Sonos, Inc.† | 8,942 | 109,808 | ||||||
Universal Electronics, Inc.† | 7,513 | 259,048 | ||||||
1,533,109 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc.# | 17,756 | 1,443,918 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.†# | 8,129 | 155,508 | ||||||
Navistar International Corp.† | 27,440 | 879,177 | ||||||
REV Group, Inc.# | 16,708 | 203,838 | ||||||
1,238,523 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 31,538 | 490,101 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Altra Industrial Motion Corp. | 33,477 | 1,056,199 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 62,149 | 773,755 | ||||||
Cooper-Standard Holdings, Inc.† | 9,883 | 722,645 | ||||||
Dana, Inc. | 81,573 | 1,183,624 | ||||||
Gentherm, Inc.† | 20,494 | 951,537 | ||||||
Meritor, Inc.† | 46,227 | 762,746 | ||||||
Methode Electronics, Inc. | 20,097 | 608,939 | ||||||
Miller Industries, Inc. | 6,155 | 172,709 | ||||||
Modine Manufacturing Co.† | 27,625 | 360,506 | ||||||
Spartan Motors, Inc. | 19,025 | 153,151 | ||||||
Superior Industries International, Inc. | 13,705 | 100,869 | ||||||
Tenneco, Inc. | 28,366 | 957,353 | ||||||
Titan International, Inc. | 28,014 | 182,371 | ||||||
Tower International, Inc. | 11,057 | 310,923 | ||||||
8,297,327 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Commercial Vehicle Group, Inc.† | 16,862 | 117,697 |
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Replacement (continued) |
| |||||||
Douglas Dynamics, Inc. | 12,386 | $ | 461,626 | |||||
Motorcar Parts of America, Inc.†# | 10,610 | 190,450 | ||||||
Standard Motor Products, Inc. | 11,842 | 623,718 | ||||||
1,393,491 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 7,462 | 610,018 | ||||||
Banks - Commercial — 9.2% |
| |||||||
1st Constitution Bancorp | 4,091 | 80,920 | ||||||
1st Source Corp. | 8,751 | 423,198 | ||||||
Access National Corp. | 8,485 | 224,343 | ||||||
ACNB Corp. | 3,808 | 137,431 | ||||||
Allegiance Bancshares, Inc.† | 6,563 | 248,935 | ||||||
American National Bankshares, Inc. | 4,599 | 165,702 | ||||||
Ameris Bancorp | 23,638 | 1,012,416 | ||||||
Ames National Corp. | 4,802 | 131,863 | ||||||
Arrow Financial Corp. | 6,809 | 236,749 | ||||||
Atlantic Capital Bancshares, Inc.† | 14,228 | 261,937 | ||||||
Auburn National Bancorporation, Inc. | 1,319 | 50,241 | ||||||
BancFirst Corp. | 10,051 | 561,047 | ||||||
Bancorp, Inc.† | 28,109 | 279,685 | ||||||
BancorpSouth Bank | 52,524 | 1,617,214 | ||||||
Bank of Commerce Holdings | 8,651 | 104,677 | ||||||
Bank of Marin Bancorp | 7,586 | 323,846 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 30,448 | 1,208,177 | ||||||
Bank of Princeton# | 3,221 | 94,697 | ||||||
Bankwell Financial Group, Inc. | 3,444 | 102,183 | ||||||
Banner Corp. | 17,875 | 1,072,500 | ||||||
Bar Harbor Bankshares | 8,504 | 218,808 | ||||||
Baycom Corp.† | 5,706 | 131,866 | ||||||
BCB Bancorp, Inc. | 7,555 | 88,469 | ||||||
Blue Hills Bancorp, Inc. | 12,824 | 304,442 | ||||||
BOK Financial Corp. | 3,673 | 309,634 | ||||||
Bridge Bancorp, Inc. | 9,253 | 273,149 | ||||||
Bridgewater Bancshares, Inc.† | 2,747 | 33,211 | ||||||
Bryn Mawr Bank Corp. | 11,119 | 437,199 | ||||||
Business First Bancshares | 5,945 | 150,349 | ||||||
Byline Bancorp, Inc.†# | 9,088 | 188,485 | ||||||
C&F Financial Corp. | 1,847 | 97,115 | ||||||
Cadence BanCorp | 40,337 | 827,312 | ||||||
Cambridge Bancorp | 2,059 | 180,039 | ||||||
Camden National Corp. | 8,583 | 354,907 | ||||||
Capital City Bank Group, Inc. | 6,370 | 171,480 | ||||||
Capstar Financial Holdings, Inc. | 4,399 | 72,056 | ||||||
Carolina Financial Corp. | 11,718 | 402,630 | ||||||
Cass Information Systems, Inc. | 6,665 | 439,957 | ||||||
Cathay General Bancorp | 43,140 | 1,707,050 | ||||||
CB Financial Services, Inc.# | 2,605 | 68,121 | ||||||
CBTX, Inc.# | 10,393 | 358,455 | ||||||
CenterState Bank Corp. | 51,115 | 1,278,386 | ||||||
Central Pacific Financial Corp. | 16,029 | 449,453 | ||||||
Central Valley Community Bancorp | 6,426 | 130,769 | ||||||
Century Bancorp, Inc., Class A | 1,599 | 130,718 | ||||||
Chemical Financial Corp. | 39,789 | 1,878,041 | ||||||
Chemung Financial Corp. | 1,826 | 78,883 | ||||||
Citizens & Northern Corp. | 6,611 | 175,919 | ||||||
City Holding Co. | 8,368 | 642,077 | ||||||
Civista Bancshares, Inc. | 7,677 | 163,597 | ||||||
CNB Financial Corp. | 8,100 | 215,946 | ||||||
Coastal Financial Corp.†# | 3,554 | 56,686 | ||||||
Codorus Valley Bancorp, Inc. | 5,079 | 121,943 | ||||||
Columbia Banking System, Inc. | 40,782 | 1,659,012 | ||||||
Community Bank System, Inc. | 28,010 | 1,839,137 | ||||||
Community Financial Corp. | 2,701 | 81,354 | ||||||
Community Trust Bancorp, Inc. | 8,644 | 399,439 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
ConnectOne Bancorp, Inc. | 16,845 | $ | 339,258 | |||||
County Bancorp, Inc. | 2,857 | 61,140 | ||||||
Customers Bancorp, Inc.† | 16,359 | 319,164 | ||||||
CVB Financial Corp. | 62,414 | 1,450,501 | ||||||
Eagle Bancorp, Inc.† | 17,791 | 1,025,473 | ||||||
Enterprise Bancorp, Inc. | 5,372 | 183,615 | ||||||
Enterprise Financial Services Corp. | 12,689 | 567,071 | ||||||
Equity Bancshares, Inc., Class A† | 7,455 | 281,575 | ||||||
Esquire Financial Holdings, Inc.† | 3,329 | 83,491 | ||||||
Evans Bancorp, Inc. | 2,603 | 105,421 | ||||||
Farmers & Merchants Bancorp, Inc. | 4,980 | 204,529 | ||||||
Farmers National Banc Corp. | 14,129 | 198,089 | ||||||
FB Financial Corp. | 9,122 | 352,565 | ||||||
FCB Financial Holdings, Inc., Class A† | 23,660 | 937,882 | ||||||
Fidelity D&D Bancorp, Inc.# | 1,558 | 95,194 | ||||||
Fidelity Southern Corp. | 12,223 | 290,052 | ||||||
Financial Institutions, Inc. | 8,563 | 257,575 | ||||||
First Bancorp, Inc./Maine | 5,664 | 161,028 | ||||||
First Bancorp, Inc./North Carolina | 16,320 | 653,126 | ||||||
First BanCorp./Puerto Rico | 119,211 | 1,078,860 | ||||||
First Bancshares, Inc. | 6,905 | 243,194 | ||||||
First Bank | 9,101 | 108,848 | ||||||
First Busey Corp. | 24,380 | 699,462 | ||||||
First Business Financial Services, Inc. | 4,626 | 99,228 | ||||||
First Choice Bancorp | 5,005 | 112,062 | ||||||
First Commonwealth Financial Corp. | 55,676 | 776,123 | ||||||
First Community Bancshares, Inc. | 9,009 | 313,243 | ||||||
First Community Corp. | 4,000 | 93,920 | ||||||
First Financial Bancorp | 53,260 | 1,487,019 | ||||||
First Financial Bankshares, Inc.# | 36,242 | 2,374,576 | ||||||
First Financial Corp. | 6,643 | 310,162 | ||||||
First Foundation, Inc.† | 21,243 | 340,100 | ||||||
First Guaranty Bancshares, Inc.# | 2,685 | 59,553 | ||||||
First Internet Bancorp | 5,444 | 135,283 | ||||||
First Interstate BancSystem, Inc., Class A | 18,346 | 796,767 | ||||||
First Merchants Corp. | 27,543 | 1,157,908 | ||||||
FirstMid-Illinois Bancshares, Inc. | 7,078 | 262,098 | ||||||
First Midwest Bancorp, Inc. | 57,137 | 1,347,862 | ||||||
First Northwest Bancorp | 5,315 | 82,276 | ||||||
First of Long Island Corp. | 13,685 | 295,870 | ||||||
First United Corp. | 3,812 | 68,730 | ||||||
Franklin Financial Network, Inc.† | 7,131 | 240,315 | ||||||
Fulton Financial Corp. | 96,114 | 1,673,345 | ||||||
German American Bancorp, Inc. | 11,733 | 370,059 | ||||||
Glacier Bancorp, Inc. | 47,361 | 2,236,386 | ||||||
Great Southern Bancorp, Inc. | 6,158 | 334,256 | ||||||
Great Western Bancorp, Inc. | 33,037 | 1,232,941 | ||||||
Green Bancorp, Inc. | 14,765 | 300,320 | ||||||
Guaranty Bancorp | 14,301 | 366,249 | ||||||
Guaranty Bancshares, Inc. | 4,290 | 130,888 | ||||||
Hancock Whitney Corp.† | 47,473 | 1,909,364 | ||||||
Hanmi Financial Corp. | 17,798 | 399,387 | ||||||
HarborOne Bancorp, Inc.† | 8,096 | 143,542 | ||||||
Heartland Financial USA, Inc. | 16,377 | 895,822 | ||||||
Heritage Commerce Corp. | 22,280 | 318,381 | ||||||
Heritage Financial Corp. | 20,386 | 712,898 | ||||||
Hilltop Holdings, Inc. | 40,136 | 784,257 | ||||||
Home BancShares, Inc. | 88,870 | 1,742,741 | ||||||
Hope Bancorp, Inc. | 69,449 | 1,055,625 | ||||||
Horizon Bancorp | 20,646 | 359,240 | ||||||
Howard Bancorp, Inc.†# | 7,289 | 115,895 | ||||||
IBERIABANK Corp. | 30,962 | 2,314,409 | ||||||
Independent Bank Corp./Massachusetts# | 15,175 | 1,219,615 | ||||||
Independent Bank Corp./Michigan | 12,250 | 281,505 | ||||||
International Bancshares Corp. | 30,841 | 1,183,986 |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) | ||||||||
Investar Holding Corp. | 4,954 | $ | 124,494 | |||||
Kearny Financial Corp. | 54,119 | 716,536 | ||||||
Lakeland Bancorp, Inc. | 25,097 | 414,853 | ||||||
Lakeland Financial Corp. | 13,607 | 630,004 | ||||||
LCNB Corp. | 5,015 | 80,441 | ||||||
LegacyTexas Financial Group, Inc. | 26,529 | 1,029,590 | ||||||
Level One Bancorp, Inc.# | 777 | 19,814 | ||||||
Live Oak Bancshares, Inc.# | 14,193 | 254,197 | ||||||
Luther Burbank Corp. | 11,363 | 118,175 | ||||||
Macatawa Bank Corp. | 14,508 | 147,111 | ||||||
MB Financial, Inc. | 46,313 | 2,124,840 | ||||||
MBT Financial Corp. | 9,972 | 113,880 | ||||||
Mercantile Bank Corp. | 9,050 | 289,057 | ||||||
Merchants Bancorp | 8,984 | 214,628 | ||||||
Meta Financial Group, Inc. | 15,573 | 355,999 | ||||||
Metropolitan Bank Holding Corp.† | 3,635 | 130,787 | ||||||
Mid Penn Bancorp, Inc. | 2,621 | 68,644 | ||||||
Middlefield Banc Corp. | 1,697 | 77,264 | ||||||
Midland States Bancorp, Inc. | 11,762 | 305,224 | ||||||
MidSouth Bancorp, Inc. | 8,340 | 110,255 | ||||||
MidWestOne Financial Group, Inc. | 6,221 | 178,792 | ||||||
MVB Financial Corp. | 4,691 | 88,191 | ||||||
National Bankshares, Inc.# | 3,770 | 163,203 | ||||||
National Commerce Corp.† | 9,942 | 411,002 | ||||||
NBT Bancorp, Inc. | 23,767 | 926,200 | ||||||
Nicolet Bankshares, Inc.† | 4,638 | 240,944 | ||||||
Northeast Bancorp | 4,112 | 76,565 | ||||||
Northrim BanCorp, Inc. | 3,785 | 138,039 | ||||||
Norwood Financial Corp. | 3,206 | 113,845 | ||||||
Oak Valley Bancorp# | 3,866 | 72,410 | ||||||
OFG Bancorp | 24,154 | 439,120 | ||||||
Ohio Valley Banc Corp. | 2,288 | 84,999 | ||||||
Old Line Bancshares, Inc. | 8,737 | 265,081 | ||||||
Old National Bancorp | 84,282 | 1,578,602 | ||||||
Old Second Bancorp, Inc. | 16,192 | 237,537 | ||||||
OP Bancorp†# | 7,043 | 68,317 | ||||||
Opus Bank | 10,992 | 237,427 | ||||||
Origin Bancorp, Inc. | 9,737 | 363,969 | ||||||
Orrstown Financial Services, Inc. | 4,146 | 85,491 | ||||||
Pacific City Financial Corp.# | 6,608 | 106,389 | ||||||
Pacific Mercantile Bancorp† | 8,665 | 69,320 | ||||||
Park National Corp. | 7,659 | 732,430 | ||||||
PCSB Financial Corp. | 9,246 | 183,810 | ||||||
Peapack Gladstone Financial Corp. | 10,216 | 292,280 | ||||||
Penns Woods Bancorp, Inc. | 2,551 | 110,331 | ||||||
People’s Utah Bancorp | 8,575 | 277,058 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,588 | 73,680 | ||||||
Peoples Bancorp, Inc. | 9,855 | 343,939 | ||||||
Peoples Financial Services Corp. | 3,841 | 163,281 | ||||||
Preferred Bank | 7,772 | 398,082 | ||||||
Premier Financial Bancorp, Inc. | 6,608 | 122,975 | ||||||
Provident Bancorp, Inc.† | 2,405 | 65,368 | ||||||
QCR Holdings, Inc. | 7,289 | 268,600 | ||||||
RBB Bancorp | 7,742 | 168,234 | ||||||
Reliant Bancorp, Inc.# | 5,632 | 132,465 | ||||||
Renasant Corp. | 26,881 | 982,501 | ||||||
Republic Bancorp, Inc., Class A | 5,356 | 231,754 | ||||||
Republic First Bancorp, Inc.† | 24,529 | 185,194 | ||||||
S&T Bancorp, Inc. | 19,199 | 811,542 | ||||||
Sandy Spring Bancorp, Inc. | 19,322 | 695,978 | ||||||
SB One Bancorp# | 3,986 | 96,541 | ||||||
Seacoast Banking Corp. of Florida† | 25,640 | 743,560 | ||||||
Select Bancorp, Inc.† | 6,272 | 79,278 | ||||||
ServisFirst Bancshares, Inc.# | 25,944 | 1,021,415 | ||||||
Shore Bancshares, Inc. | 7,025 | 112,400 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
Sierra Bancorp | 7,864 | $ | 223,338 | |||||
Simmons First National Corp., Class A | 50,481 | 1,484,141 | ||||||
SmartFinancial, Inc.† | 6,337 | 130,859 | ||||||
South State Corp. | 20,382 | 1,478,918 | ||||||
Southern First Bancshares, Inc.† | 3,827 | 144,431 | ||||||
Southern National Bancorp of Virginia, Inc. | 10,897 | 172,826 | ||||||
Southside Bancshares, Inc. | 18,527 | 632,327 | ||||||
Spirit of Texas Bancshares, Inc.† | 1,161 | 23,568 | ||||||
State Bank Financial Corp. | 21,038 | 507,016 | ||||||
Sterling Bancorp, Inc. | 12,202 | 102,863 | ||||||
Stock Yards Bancorp, Inc. | 12,013 | 376,608 | ||||||
Summit Financial Group, Inc. | 6,107 | 128,491 | ||||||
Tompkins Financial Corp.# | 8,221 | 672,231 | ||||||
Towne Bank | 36,752 | 1,051,475 | ||||||
TriCo Bancshares | 14,231 | 547,182 | ||||||
TriState Capital Holdings, Inc.† | 13,680 | 343,505 | ||||||
Triumph Bancorp, Inc.† | 13,375 | 511,995 | ||||||
TrustCo Bank Corp. | 52,210 | 411,937 | ||||||
Trustmark Corp. | 37,592 | 1,215,725 | ||||||
UMB Financial Corp. | 25,282 | 1,710,833 | ||||||
Union Bankshares Corp. | 36,526 | 1,293,020 | ||||||
United Bankshares, Inc.# | 55,745 | 2,016,297 | ||||||
United Community Banks, Inc. | 43,738 | 1,130,627 | ||||||
United Security Bancshares | 7,317 | 73,755 | ||||||
Unity Bancorp, Inc. | 4,307 | 95,702 | ||||||
Univest Corp. of Pennsylvania | 16,082 | 410,091 | ||||||
Valley National Bancorp# | 180,006 | 1,947,665 | ||||||
Veritex Holdings, Inc.†# | 12,958 | 332,891 | ||||||
Washington Trust Bancorp, Inc. | 8,396 | 441,630 | ||||||
WesBanco, Inc. | 29,147 | 1,267,312 | ||||||
West Bancorporation, Inc. | 8,858 | 181,589 | ||||||
Westamerica Bancorporation | 14,369 | 908,121 | ||||||
Western New England Bancorp, Inc. | 15,016 | 149,109 | ||||||
108,267,184 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Boston Private Financial Holdings, Inc. | 46,467 | 589,666 | ||||||
Parke Bancorp, Inc. | 3,861 | 73,321 | ||||||
Union Bankshares, Inc. | 2,171 | 97,695 | ||||||
760,682 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 15,433 | 728,901 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Amalgamated Bank, Class A | 5,470 | 116,839 | ||||||
Independent Bank Group, Inc. | 11,787 | 674,452 | ||||||
National Bank Holdings Corp., Class A | 16,034 | 596,946 | ||||||
1,388,237 | ||||||||
Batteries/Battery Systems — 0.2% |
| |||||||
EnerSys | 23,490 | 2,052,321 | ||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Celsius Holdings, Inc.†# | 12,737 | 49,929 | ||||||
Coca-Cola Bottling Co. Consolidated | 2,621 | 557,015 | ||||||
National Beverage Corp.# | 6,560 | 572,491 | ||||||
Primo Water Corp.† | 18,281 | 265,440 | ||||||
1,444,875 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 7,375 | 501,426 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 4,685 | 1,286,220 | ||||||
Craft Brew Alliance, Inc.† | 7,100 | 114,168 | ||||||
1,400,388 | ||||||||
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Broadcast Services/Program — 0.1% |
| |||||||
Hemisphere Media Group, Inc.† | 10,102 | $ | 140,115 | |||||
MSG Networks, Inc., Class A† | 33,002 | 883,793 | ||||||
1,023,908 | ||||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
American Woodmark Corp.† | 7,876 | 526,826 | ||||||
Armstrong Flooring, Inc.† | 11,856 | 185,428 | ||||||
Builders FirstSource, Inc.† | 63,026 | 852,742 | ||||||
Caesarstone, Ltd.# | 12,783 | 200,054 | ||||||
Forterra, Inc.†# | 10,524 | 51,567 | ||||||
Gibraltar Industries, Inc.† | 17,807 | 643,901 | ||||||
Louisiana-Pacific Corp. | 80,074 | 1,830,492 | ||||||
NCI Building Systems, Inc.† | 23,768 | 269,767 | ||||||
Patrick Industries, Inc.† | 13,281 | 527,521 | ||||||
Quanex Building Products Corp. | 19,467 | 307,384 | ||||||
Simpson Manufacturing Co., Inc. | 23,112 | 1,352,052 | ||||||
Summit Materials, Inc., Class A†# | 62,536 | 906,772 | ||||||
Trex Co., Inc.† | 32,968 | 2,101,050 | ||||||
9,755,556 | ||||||||
Building & Construction - Misc. — 0.5% |
| |||||||
Comfort Systems USA, Inc. | 20,434 | 1,076,054 | ||||||
EMCOR Group, Inc. | 32,415 | 2,361,757 | ||||||
IES Holdings, Inc.† | 4,650 | 81,654 | ||||||
MYR Group, Inc.† | 8,974 | 280,886 | ||||||
NV5 Global, Inc.† | 5,228 | 383,683 | ||||||
TopBuild Corp.† | 19,778 | 1,007,689 | ||||||
Willscot Corp.†# | 19,893 | 274,126 | ||||||
5,465,849 | ||||||||
Building Products- Air & Heating — 0.1% |
| |||||||
AAON, Inc.# | 23,010 | 873,229 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 20,727 | 592,377 | ||||||
US Concrete, Inc.†# | 8,969 | 352,751 | ||||||
945,128 | ||||||||
Building Products - Doors & Windows — 0.2% |
| |||||||
Apogee Enterprises, Inc. | 15,436 | 562,642 | ||||||
Griffon Corp. | 19,299 | 234,676 | ||||||
JELD-WEN Holding, Inc.†# | 38,553 | 734,820 | ||||||
Masonite International Corp.† | 15,274 | 819,756 | ||||||
PGT Innovations, Inc.† | 27,656 | 532,931 | ||||||
2,884,825 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 21,682 | 576,308 | ||||||
Universal Forest Products, Inc. | 33,441 | 924,978 | ||||||
1,501,286 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Aegion Corp.† | 17,888 | 341,661 | ||||||
Dycom Industries, Inc.† | 16,844 | 1,116,084 | ||||||
Granite Construction, Inc. | 24,516 | 1,241,245 | ||||||
MasTec, Inc.†# | 36,170 | 1,630,905 | ||||||
Orion Group Holdings, Inc.† | 15,686 | 68,391 | ||||||
Primoris Services Corp. | 23,314 | 563,033 | ||||||
Sterling Construction Co., Inc.† | 14,870 | 191,377 | ||||||
Tutor Perini Corp.† | 20,871 | 388,409 | ||||||
5,541,105 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 36,903 | 1,169,087 | ||||||
Brightview Holdings, Inc.† | 13,786 | 173,704 | ||||||
1,342,791 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Cavco Industries, Inc.† | 4,770 | $ | 784,951 | |||||
LCI Industries | 13,628 | 1,054,535 | ||||||
Skyline Champion Corp.# | 16,091 | 362,369 | ||||||
Winnebago Industries, Inc. | 17,252 | 431,818 | ||||||
2,633,673 | ||||||||
Building - Residential/Commercial — 0.6% |
| |||||||
Beazer Homes USA, Inc.† | 17,529 | 197,377 | ||||||
Century Communities, Inc.† | 14,590 | 300,116 | ||||||
Green Brick Partners, Inc.† | 13,678 | 113,527 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 67,640 | 85,903 | ||||||
Installed Building Products, Inc.† | 12,250 | 474,443 | ||||||
KB Home | 47,917 | 1,011,528 | ||||||
LGI Homes, Inc.†# | 10,315 | 476,140 | ||||||
M/I Homes, Inc.† | 15,445 | 363,575 | ||||||
MDC Holdings, Inc. | 25,283 | 744,584 | ||||||
Meritage Homes Corp.† | 21,612 | 826,659 | ||||||
New Home Co., Inc.†# | 7,220 | 52,778 | ||||||
Taylor Morrison Home Corp., Class A†# | 65,261 | 1,103,564 | ||||||
TRI Pointe Group, Inc.†# | 84,427 | 1,053,649 | ||||||
William Lyon Homes, Class A† | 17,814 | 221,428 | ||||||
7,025,271 | ||||||||
Cable/Satellite TV — 0.0% |
| |||||||
WideOpenWest, Inc.† | 16,513 | 154,231 | ||||||
Capacitors — 0.1% |
| |||||||
KEMET Corp. | 31,460 | 644,301 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 45,928 | 1,139,933 | ||||||
Century Casinos, Inc.† | 15,069 | 112,415 | ||||||
1,252,348 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.†# | 36,721 | 1,614,990 | ||||||
Scientific Games Corp.†# | 30,652 | 597,101 | ||||||
2,212,091 | ||||||||
Cellular Telecom — 0.3% |
| |||||||
8x8, Inc.† | 51,294 | 1,011,005 | ||||||
ATN International, Inc. | 5,824 | 492,478 | ||||||
Liberty Latin America, Ltd., Class A† | 24,231 | 442,216 | ||||||
Liberty Latin America, Ltd., Class C† | 63,409 | 1,172,432 | ||||||
NII Holdings, Inc.†# | 49,523 | 267,919 | ||||||
3,386,050 | ||||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 17,127 | 491,716 | ||||||
Codexis, Inc.†# | 28,391 | 622,331 | ||||||
Innophos Holdings, Inc. | 10,857 | 301,173 | ||||||
Innospec, Inc. | 13,514 | 996,523 | ||||||
Koppers Holdings, Inc.† | 11,486 | 214,099 | ||||||
Quaker Chemical Corp. | 7,284 | 1,502,252 | ||||||
4,128,094 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc.# | 28,254 | 416,746 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 16,246 | 271,633 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
A. Schulman, Inc. CVR†(1)(2) | 15,061 | 21,914 | ||||||
Landec Corp.† | 15,116 | 232,937 | ||||||
PolyOne Corp. | 44,540 | 1,497,435 | ||||||
1,752,286 | ||||||||
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Specialty — 1.2% |
| |||||||
AgroFresh Solutions, Inc.†# | 17,583 | $ | 74,024 | |||||
Balchem Corp. | 17,885 | 1,550,630 | ||||||
Ferro Corp.† | 47,023 | 907,544 | ||||||
GCP Applied Technologies, Inc.† | 40,105 | 1,094,867 | ||||||
H.B. Fuller Co. | 28,244 | 1,362,491 | ||||||
Hawkins, Inc. | 5,402 | 225,480 | ||||||
Ingevity Corp.† | 23,646 | 2,317,544 | ||||||
Kraton Corp.† | 17,286 | 452,893 | ||||||
Minerals Technologies, Inc. | 19,735 | 1,110,686 | ||||||
Oil-Dri Corp. of America | 2,800 | 82,292 | ||||||
OMNOVA Solutions, Inc.† | 24,413 | 198,966 | ||||||
PQ Group Holdings, Inc.† | 20,406 | 313,232 | ||||||
Rogers Corp.† | 10,237 | 1,317,092 | ||||||
Sensient Technologies Corp.# | 23,730 | 1,524,890 | ||||||
Stepan Co. | 11,303 | 913,508 | ||||||
Tronox, Ltd., Class A | 52,215 | 552,435 | ||||||
Valhi, Inc. | 14,086 | 28,876 | ||||||
14,027,450 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 10,731 | 191,119 | ||||||
TTM Technologies, Inc.† | 52,321 | 622,097 | ||||||
813,216 | ||||||||
Coal — 0.3% |
| |||||||
Advanced Emissions Solutions, Inc.# | 10,307 | 111,006 | ||||||
Arch Coal, Inc., Class A# | 10,163 | 825,947 | ||||||
Cloud Peak Energy, Inc.† | 41,301 | 34,590 | ||||||
CONSOL Energy, Inc.† | 15,663 | 538,181 | ||||||
Hallador Energy Co. | 9,260 | 53,338 | ||||||
NACCO Industries, Inc., Class A | 2,101 | 73,766 | ||||||
Peabody Energy Corp. | 43,686 | 1,360,382 | ||||||
Ramaco Resources, Inc.† | 3,334 | 17,670 | ||||||
SunCoke Energy, Inc.† | 36,238 | 353,683 | ||||||
Warrior Met Coal, Inc. | 24,083 | 570,767 | ||||||
3,939,330 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 12,639 | 156,344 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.† | 5,599 | 136,336 | ||||||
Commercial Services — 0.7% |
| |||||||
Acacia Research Corp.† | 26,996 | 85,847 | ||||||
Care.com, Inc.† | 10,976 | 196,690 | ||||||
Emerald Expositions Events, Inc. | 13,830 | 161,811 | ||||||
Forrester Research, Inc. | 5,719 | 267,306 | ||||||
Healthcare Services Group, Inc.# | 41,318 | 1,950,210 | ||||||
HMS Holdings Corp.† | 46,208 | 1,651,474 | ||||||
Medifast, Inc. | 6,518 | 967,923 | ||||||
National Research Corp. | 6,151 | 245,240 | ||||||
Nutrisystem, Inc.# | 16,453 | 611,887 | ||||||
PFSweb, Inc.† | 8,475 | 52,121 | ||||||
ServiceSource International, Inc.† | 43,137 | 56,941 | ||||||
SP Plus Corp.† | 12,622 | 382,573 | ||||||
Team, Inc.†# | 16,500 | 275,715 | ||||||
Weight Watchers International, Inc.†# | 21,493 | 1,075,080 | ||||||
7,980,818 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Cardtronics PLC, Class A† | 22,127 | 717,800 | ||||||
CBIZ, Inc.† | 28,773 | 606,822 | ||||||
Everi Holdings, Inc.† | 36,376 | 244,447 | ||||||
EVERTEC, Inc. | 33,984 | 928,783 | ||||||
Evo Payments, Inc., Class A†# | 9,061 | 237,308 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance (continued) |
| |||||||
Green Dot Corp., Class A† | 26,945 | $ | 2,245,596 | |||||
I3 Verticals, Inc., Class A†# | 4,304 | 96,969 | ||||||
MoneyGram International, Inc.† | 17,216 | 37,531 | ||||||
PRGX Global, Inc.† | 11,683 | 109,002 | ||||||
Travelport Worldwide, Ltd. | 69,992 | 1,069,478 | ||||||
6,293,736 | ||||||||
Communications Software — 0.1% |
| |||||||
Avaya Holdings Corp.† | 58,393 | 909,179 | ||||||
Digi International, Inc.† | 14,977 | 177,328 | ||||||
1,086,507 | ||||||||
Computer Aided Design — 0.0% |
| |||||||
Altair Engineering, Inc., Class A† | 16,867 | 544,973 | ||||||
Computer Data Security — 0.3% |
| |||||||
Carbon Black, Inc.†# | 4,640 | 75,586 | ||||||
ForeScout Technologies, Inc.† | 16,750 | 454,762 | ||||||
OneSpan, Inc.† | 17,575 | 298,248 | ||||||
Qualys, Inc.† | 18,805 | 1,481,082 | ||||||
Rapid7, Inc.† | 20,365 | 647,607 | ||||||
Tenable Holdings, Inc.†# | 7,021 | 199,958 | ||||||
Varonis Systems, Inc.† | 15,742 | 911,619 | ||||||
4,068,862 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 23,106 | 398,579 | ||||||
Computer Services — 1.2% |
| |||||||
CACI International, Inc., Class A† | 13,699 | 2,259,102 | ||||||
Carbonite, Inc.† | 17,498 | 495,718 | ||||||
ConvergeOne Holdings, Inc. | 14,787 | 185,133 | ||||||
Engility Holdings, Inc.† | 10,122 | 316,515 | ||||||
ExlService Holdings, Inc.† | 18,613 | 1,078,809 | ||||||
Information Services Group, Inc.† | 19,040 | 79,016 | ||||||
Insight Enterprises, Inc.† | 19,594 | 873,501 | ||||||
KeyW Holding Corp.† | 27,134 | 265,099 | ||||||
MAXIMUS, Inc. | 35,625 | 2,533,650 | ||||||
Perspecta, Inc. | 80,129 | 1,691,523 | ||||||
Presidio, Inc. | 17,688 | 249,047 | ||||||
Rimini Street, Inc.†# | 5,452 | 28,023 | ||||||
Science Applications International Corp. | 23,632 | 1,642,897 | ||||||
Sykes Enterprises, Inc.† | 22,053 | 609,104 | ||||||
TTEC Holdings, Inc. | 7,892 | 230,841 | ||||||
Unisys Corp.†# | 28,146 | 380,534 | ||||||
Virtusa Corp.† | 15,853 | 702,764 | ||||||
13,621,276 | ||||||||
Computer Software — 0.8% |
| |||||||
Avid Technology, Inc.† | 15,321 | 98,667 | ||||||
Box, Inc., Class A† | 68,825 | 1,293,222 | ||||||
Cision, Ltd.† | 30,042 | 376,126 | ||||||
Cloudera, Inc.† | 57,644 | 711,327 | ||||||
Cornerstone OnDemand, Inc.† | 30,331 | 1,656,679 | ||||||
Envestnet, Inc.† | 24,637 | 1,346,166 | ||||||
j2 Global, Inc. | 26,130 | 1,928,655 | ||||||
Remark Holdings, Inc.†# | 14,352 | 18,945 | ||||||
SecureWorks Corp., Class A†# | 4,788 | 86,232 | ||||||
SendGrid, Inc.† | 16,121 | 735,279 | ||||||
Simulations Plus, Inc. | 6,416 | 127,165 | ||||||
TiVo Corp. | 67,346 | 666,725 | ||||||
Veritone, Inc.† | 4,487 | 26,518 | ||||||
Yext, Inc.† | 45,275 | 657,393 | ||||||
9,729,099 | ||||||||
Computers - Integrated Systems — 0.4% |
| |||||||
Agilysys, Inc.† | 8,643 | 142,523 |
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems (continued) |
| |||||||
Cray, Inc.† | 22,542 | $ | 590,826 | |||||
Cubic Corp. | 14,120 | 864,003 | ||||||
Diebold Nixdorf, Inc.# | 42,532 | 139,079 | ||||||
Maxwell Technologies, Inc.†# | 22,839 | 57,326 | ||||||
Mercury Systems, Inc.† | 26,205 | 1,357,681 | ||||||
MTS Systems Corp. | 9,965 | 512,699 | ||||||
NetScout Systems, Inc.† | 43,354 | 1,161,020 | ||||||
PAR Technology Corp.†# | 6,346 | 126,095 | ||||||
USA Technologies, Inc.† | 31,775 | 157,922 | ||||||
5,109,174 | ||||||||
Computers - Other — 0.3% |
| |||||||
3D Systems Corp.†# | 60,885 | 753,756 | ||||||
Lumentum Holdings, Inc.†# | 34,964 | 1,554,849 | ||||||
PlayAGS, Inc.† | 12,249 | 274,990 | ||||||
Stratasys, Ltd.† | 28,254 | 604,353 | ||||||
Wesco Aircraft Holdings, Inc.† | 30,216 | 287,657 | ||||||
3,475,605 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 24,841 | 687,599 | ||||||
Mitek Systems, Inc.†# | 18,246 | 174,614 | ||||||
862,213 | ||||||||
Computers - Voice Recognition — 0.1% |
| |||||||
Vocera Communications, Inc.†# | 16,616 | 660,320 | ||||||
Consulting Services — 0.4% |
| |||||||
CRA International, Inc. | 4,379 | 213,476 | ||||||
Franklin Covey Co.† | 5,450 | 129,111 | ||||||
FTI Consulting, Inc.† | 21,189 | 1,488,527 | ||||||
Hackett Group, Inc. | 13,435 | 237,128 | ||||||
Huron Consulting Group, Inc.† | 12,329 | 686,355 | ||||||
ICF International, Inc. | 10,084 | 706,183 | ||||||
Kelly Services, Inc., Class A | 17,439 | 399,702 | ||||||
Navigant Consulting, Inc. | 25,011 | 640,782 | ||||||
Vectrus, Inc.† | 6,219 | 150,686 | ||||||
4,651,950 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co.†# | 5,792 | 196,059 | ||||||
Central Garden & Pet Co., Class A† | 22,578 | 702,176 | ||||||
Helen of Troy, Ltd.† | 14,768 | 2,112,267 | ||||||
Rosetta Stone, Inc.† | 10,996 | 183,743 | ||||||
WD-40 Co.# | 7,610 | 1,329,315 | ||||||
4,523,560 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 14,263 | 731,264 | ||||||
Greif, Inc., Class B | 3,107 | 164,019 | ||||||
895,283 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Multi-Color Corp. | 7,736 | 343,478 | ||||||
UFP Technologies, Inc.† | 3,692 | 133,983 | ||||||
477,461 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.† | 12,423 | 158,517 | ||||||
Edgewell Personal Care Co.† | 30,097 | 1,258,055 | ||||||
Inter Parfums, Inc. | 9,703 | 599,354 | ||||||
Revlon, Inc., Class A† | 4,538 | 113,405 | ||||||
2,129,331 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 11,882 | 153,040 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.3% |
| |||||||
Amber Road, Inc.† | 13,061 | $ | 113,892 | |||||
Bottomline Technologies, Inc.† | 22,434 | 1,235,440 | ||||||
CommVault Systems, Inc.† | 21,924 | 1,292,201 | ||||||
CSG Systems International, Inc. | 18,532 | 649,917 | ||||||
3,291,450 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 45,729 | 1,160,145 | ||||||
Diagnostic Equipment — 0.3% |
| |||||||
Accelerate Diagnostics, Inc.†# | 14,535 | 214,682 | ||||||
BioTelemetry, Inc.† | 18,099 | 1,283,943 | ||||||
GenMark Diagnostics, Inc.† | 28,910 | 150,621 | ||||||
OPKO Health, Inc.†# | 179,359 | 670,803 | ||||||
Oxford Immunotec Global PLC† | 14,151 | 213,114 | ||||||
Quanterix Corp.†# | 4,707 | 88,209 | ||||||
Repligen Corp.†# | 21,796 | 1,409,547 | ||||||
4,030,919 | ||||||||
Diagnostic Kits — 0.3% |
| |||||||
Celcuity, Inc.†# | 3,241 | 87,183 | ||||||
Genomic Health, Inc.† | 11,686 | 923,778 | ||||||
Meridian Bioscience, Inc. | 23,168 | 438,802 | ||||||
OraSure Technologies, Inc.† | 33,554 | 426,136 | ||||||
Quidel Corp.† | 19,062 | 1,159,351 | ||||||
3,035,250 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 7,292 | 120,974 | ||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.†# | 44,471 | 546,549 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
CONMED Corp. | 14,064 | 955,790 | ||||||
Merit Medical Systems, Inc.† | 29,725 | 1,874,161 | ||||||
Utah Medical Products, Inc. | 1,915 | 181,714 | ||||||
3,011,665 | ||||||||
Distribution/Wholesale — 0.8% |
| |||||||
Anixter International, Inc.† | 16,437 | 1,051,310 | ||||||
BlueLinx Holdings, Inc.†# | 4,967 | 134,606 | ||||||
Core-Mark Holding Co., Inc. | 25,459 | 669,062 | ||||||
Dorman Products, Inc.† | 14,981 | 1,316,231 | ||||||
Essendant, Inc. | 20,801 | 262,925 | ||||||
Fossil Group, Inc.†# | 25,444 | 491,833 | ||||||
G-III Apparel Group, Ltd.† | 24,247 | 971,820 | ||||||
H&E Equipment Services, Inc. | 17,741 | 392,963 | ||||||
Nexeo Solutions, Inc.† | 18,282 | 177,884 | ||||||
ScanSource, Inc.† | 14,047 | 534,348 | ||||||
SiteOne Landscape Supply, Inc.†# | 22,274 | 1,372,969 | ||||||
Systemax, Inc. | 6,817 | 190,126 | ||||||
Titan Machinery, Inc.† | 10,511 | 184,258 | ||||||
Triton International, Ltd. | 29,163 | 993,875 | ||||||
Veritiv Corp.† | 6,415 | 194,695 | ||||||
8,938,905 | ||||||||
Diversified Manufacturing Operations — 0.6% |
| |||||||
Actuant Corp., Class A | 33,996 | 870,298 | ||||||
Chase Corp. | 4,040 | 455,187 | ||||||
EnPro Industries, Inc. | 11,546 | 812,607 | ||||||
Fabrinet† | 20,102 | 1,059,978 | ||||||
Federal Signal Corp. | 33,133 | 777,300 | ||||||
GP Strategies Corp.† | 6,917 | 91,581 | ||||||
Harsco Corp.† | 44,881 | 1,200,567 | ||||||
LSB Industries, Inc.† | 12,034 | 92,301 | ||||||
Lydall, Inc.† | 9,435 | 208,797 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations (continued) |
| |||||||
NL Industries, Inc.† | 4,656 | $ | 19,741 | |||||
Standex International Corp. | 7,098 | 565,711 | ||||||
Synalloy Corp. | 4,609 | 74,251 | ||||||
Tredegar Corp. | 14,432 | 240,437 | ||||||
6,468,756 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
Covia Holdings Corp.†# | 17,327 | 102,229 | ||||||
United States Lime & Minerals, Inc. | 1,114 | 83,194 | ||||||
185,423 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 11,349 | 571,422 | ||||||
Drug Delivery Systems — 0.2% |
| |||||||
Antares Pharma, Inc.†# | 80,494 | 290,583 | ||||||
Assertio Therapeutics, Inc.† | 32,821 | 163,613 | ||||||
Heron Therapeutics, Inc.†# | 38,434 | 1,104,209 | ||||||
Revance Therapeutics, Inc.† | 18,298 | 374,011 | ||||||
Senseonics Holdings, Inc.†# | 47,514 | 161,548 | ||||||
2,093,964 | ||||||||
E-Commerce/Products — 0.4% |
| |||||||
1-800-flowers.com, Inc., Class A† | 14,964 | 187,200 | ||||||
Etsy, Inc.†# | 66,634 | 3,600,901 | ||||||
Lands’ End, Inc.†# | 5,856 | 124,323 | ||||||
Overstock.com, Inc.†# | 11,555 | 226,016 | ||||||
4,138,440 | ||||||||
E-Commerce/Services — 0.7% |
| |||||||
Cargurus, Inc.† | 27,901 | 1,085,628 | ||||||
Cars.com, Inc.† | 39,227 | 1,014,802 | ||||||
ChannelAdvisor Corp.† | 14,471 | 155,563 | ||||||
Groupon, Inc.†# | 245,941 | 755,039 | ||||||
Leaf Group, Ltd.† | 9,211 | 75,069 | ||||||
Liberty Expedia Holdings, Inc., Class A† | 30,381 | 1,273,268 | ||||||
Shutterfly, Inc.†# | 18,419 | 920,766 | ||||||
Shutterstock, Inc. | 10,490 | 400,823 | ||||||
Stamps.com, Inc.† | 9,806 | 1,681,337 | ||||||
Travelzoo, Inc.† | 2,633 | 23,750 | ||||||
TrueCar, Inc.† | 51,579 | 536,937 | ||||||
7,922,982 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Cardlytics, Inc.†# | 3,315 | 47,670 | ||||||
Liquidity Services, Inc.† | 14,550 | 94,284 | ||||||
New Media Investment Group, Inc. | 33,255 | 438,966 | ||||||
QuinStreet, Inc.† | 20,844 | 336,422 | ||||||
917,342 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 19,043 | 481,978 | ||||||
Educational Software — 0.1% |
| |||||||
Instructure, Inc.†# | 17,717 | 669,171 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
Graham Corp. | 5,343 | 133,147 | ||||||
nLight, Inc.† | 3,883 | 74,165 | ||||||
Novanta, Inc.† | 18,263 | 1,185,817 | ||||||
1,393,129 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Spark Energy, Inc., Class A# | 6,430 | 58,449 | ||||||
Unitil Corp. | 8,119 | 411,633 | ||||||
470,082 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp.†# | 61,240 | $ | 134,116 | |||||
Ormat Technologies, Inc. | 22,201 | 1,245,254 | ||||||
1,379,370 | ||||||||
Electric - Integrated — 1.6% |
| |||||||
ALLETE, Inc. | 28,736 | 2,338,536 | ||||||
Ameresco, Inc., Class A† | 10,549 | 165,830 | ||||||
Avista Corp.# | 36,561 | 1,901,903 | ||||||
Black Hills Corp. | 29,882 | 1,978,487 | ||||||
El Paso Electric Co. | 22,586 | 1,250,135 | ||||||
IDACORP, Inc. | 28,158 | 2,766,242 | ||||||
MGE Energy, Inc. | 19,473 | 1,286,971 | ||||||
NorthWestern Corp. | 28,190 | 1,803,032 | ||||||
Otter Tail Corp. | 21,973 | 1,074,919 | ||||||
PNM Resources, Inc. | 44,398 | 1,918,882 | ||||||
Portland General Electric Co. | 49,895 | 2,402,444 | ||||||
18,887,381 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Applied Optoelectronics, Inc.†# | 10,463 | 215,433 | ||||||
Atkore International Group, Inc.† | 21,763 | 444,401 | ||||||
AVX Corp. | 26,025 | 429,152 | ||||||
Bel Fuse, Inc., Class B | 5,379 | 121,081 | ||||||
Benchmark Electronics, Inc. | 26,102 | 622,272 | ||||||
Comtech Telecommunications Corp. | 12,823 | 327,499 | ||||||
IntriCon Corp.† | 4,020 | 139,213 | ||||||
Kimball Electronics, Inc.† | 14,445 | 254,810 | ||||||
Knowles Corp.† | 48,727 | 742,600 | ||||||
NVE Corp. | 2,660 | 254,136 | ||||||
OSI Systems, Inc.† | 9,371 | 678,460 | ||||||
Plexus Corp.† | 17,824 | 1,087,977 | ||||||
Sanmina Corp.† | 37,807 | 1,022,301 | ||||||
Sparton Corp.† | 5,354 | 76,883 | ||||||
Vishay Intertechnology, Inc.# | 73,909 | 1,541,003 | ||||||
Vishay Precision Group, Inc.† | 5,765 | 195,607 | ||||||
ZAGG, Inc.† | 15,240 | 153,162 | ||||||
8,305,990 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Adesto Technologies Corp.†# | 13,765 | 73,092 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 11,063 | 121,914 | ||||||
Amkor Technology, Inc.† | 57,072 | 390,943 | ||||||
AXT, Inc.†# | 21,212 | 116,878 | ||||||
CEVA, Inc.† | 12,303 | 319,755 | ||||||
Cree, Inc.†# | 56,151 | 2,478,505 | ||||||
CTS Corp. | 18,241 | 529,171 | ||||||
Diodes, Inc.† | 22,405 | 780,366 | ||||||
Impinj, Inc.† | 9,106 | 193,411 | ||||||
Inphi Corp.†# | 24,222 | 966,216 | ||||||
Kopin Corp.†# | 34,474 | 57,227 | ||||||
Lattice Semiconductor Corp.† | 65,294 | 382,623 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 25,270 | 449,048 | ||||||
Photronics, Inc.† | 37,860 | 367,242 | ||||||
Rambus, Inc.† | 59,439 | 518,308 | ||||||
Rudolph Technologies, Inc.† | 17,568 | 372,793 | ||||||
Semtech Corp.† | 36,297 | 1,936,082 | ||||||
Silicon Laboratories, Inc.† | 23,947 | 2,116,196 | ||||||
SMART Global Holdings, Inc.†# | 5,551 | 190,344 | ||||||
Synaptics, Inc.† | 19,688 | 757,201 | ||||||
Xperi Corp. | 27,315 | 385,142 | ||||||
13,502,457 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc. | 15,929 | 884,059 | ||||||
FARO Technologies, Inc.† | 9,373 | 466,026 |
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Fitbit, Inc., Class A†# | 117,557 | $ | 647,739 | |||||
Itron, Inc.† | 18,905 | 1,023,895 | ||||||
Mesa Laboratories, Inc.# | 1,875 | 415,012 | ||||||
Stoneridge, Inc.† | 15,320 | 409,810 | ||||||
3,846,541 | ||||||||
Electronic Parts Distribution — 0.3% |
| |||||||
Digimarc Corp.†# | 6,250 | 125,750 | ||||||
SYNNEX Corp. | 23,190 | 1,872,360 | ||||||
Tech Data Corp.† | 21,326 | 1,918,274 | ||||||
3,916,384 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 17,185 | 873,857 | ||||||
Napco Security Technologies, Inc.† | 6,610 | 109,330 | ||||||
ShotSpotter, Inc.†# | 4,090 | 155,788 | ||||||
1,138,975 | ||||||||
Energy - Alternate Sources — 0.4% |
| |||||||
Amyris, Inc.†# | 17,342 | 85,669 | ||||||
Clean Energy Fuels Corp.† | 76,508 | 170,613 | ||||||
Enphase Energy, Inc.†# | 48,236 | 260,474 | ||||||
FuelCell Energy, Inc.†# | 47,855 | 33,719 | ||||||
FutureFuel Corp. | 14,400 | 248,688 | ||||||
Green Plains, Inc.# | 21,973 | 357,061 | ||||||
Pattern Energy Group, Inc., Class A | 45,103 | 933,181 | ||||||
Plug Power, Inc.†# | 119,206 | 208,610 | ||||||
Renewable Energy Group, Inc.†# | 20,585 | 554,766 | ||||||
REX American Resources Corp.† | 3,174 | 220,879 | ||||||
Sunrun, Inc.†# | 53,906 | 789,723 | ||||||
TerraForm Power, Inc., Class A# | 40,788 | 469,062 | ||||||
TPI Composites, Inc.† | 8,120 | 220,783 | ||||||
Vivint Solar, Inc.† | 17,577 | 96,146 | ||||||
4,649,374 | ||||||||
Engineering/R&D Services — 0.3% |
| |||||||
Argan, Inc. | 8,165 | 354,933 | ||||||
Exponent, Inc. | 28,778 | 1,448,109 | ||||||
Infrastructure and Energy Alternatives, Inc.†# | 9,558 | 83,346 | ||||||
Iteris, Inc.†# | 14,177 | 64,789 | ||||||
KBR, Inc. | 78,662 | 1,460,753 | ||||||
Mistras Group, Inc.† | 9,762 | 167,809 | ||||||
VSE Corp. | 4,834 | 140,814 | ||||||
3,720,553 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 23,144 | 345,308 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Alteryx, Inc., Class A†# | 16,310 | 981,536 | ||||||
American Software, Inc., Class A | 15,941 | 165,786 | ||||||
Apptio, Inc., Class A† | 19,193 | 732,405 | ||||||
Asure Software, Inc.†# | 7,001 | 39,836 | ||||||
Benefitfocus, Inc.†# | 12,500 | 626,250 | ||||||
Blackbaud, Inc. | 26,913 | 1,971,377 | ||||||
Blackline, Inc.† | 20,048 | 859,458 | ||||||
Coupa Software, Inc.†# | 29,658 | 1,910,865 | ||||||
Daily Journal Corp.†# | 625 | 147,500 | ||||||
Domo, Inc., Class B†# | 4,482 | 71,533 | ||||||
Donnelley Financial Solutions, Inc.† | 18,776 | 312,808 | ||||||
eGain Corp.† | 9,855 | 73,223 | ||||||
Everbridge, Inc.† | 14,965 | 819,633 | ||||||
Evolent Health, Inc., Class A†# | 38,008 | 976,806 | ||||||
Exela Technologies, Inc.† | 26,430 | 119,992 | ||||||
Hortonworks, Inc.† | 39,380 | 634,018 | ||||||
LivePerson, Inc.† | 32,335 | 610,161 |
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service (continued) |
| |||||||
LiveRamp Holdings, Inc.† | 42,866 | $ | 2,027,562 | |||||
Majesco† | 3,126 | 22,351 | ||||||
ManTech International Corp., Class A | 14,756 | 830,763 | ||||||
MicroStrategy, Inc., Class A† | 5,295 | 686,444 | ||||||
MobileIron, Inc.†# | 40,394 | 196,315 | ||||||
Model N, Inc.† | 14,389 | 197,561 | ||||||
Omnicell, Inc.† | 21,601 | 1,668,245 | ||||||
Progress Software Corp. | 25,263 | 888,247 | ||||||
PROS Holdings, Inc.† | 17,350 | 558,150 | ||||||
QAD, Inc., Class A | 5,726 | 242,954 | ||||||
SailPoint Technologies Holding, Inc.† | 29,235 | 760,987 | ||||||
SPS Commerce, Inc.† | 9,413 | 802,270 | ||||||
Verint Systems, Inc.† | 35,508 | 1,613,128 | ||||||
Workiva, Inc.† | 15,884 | 594,220 | ||||||
22,142,384 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.† | 62,219 | 461,043 | ||||||
Environmental Consulting & Engineering — 0.2% |
| |||||||
Tetra Tech, Inc. | 30,913 | 1,884,456 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 14,198 | 997,835 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 28,800 | 658,080 | ||||||
NewStar Financial, Inc. CVR†(1)(2) | 17,919 | 9,676 | ||||||
On Deck Capital, Inc.† | 28,477 | 223,260 | ||||||
891,016 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Curo Group Holdings Corp.† | 6,535 | 87,112 | ||||||
Elevate Credit, Inc.† | 11,491 | 55,616 | ||||||
Encore Capital Group, Inc.†# | 14,503 | 405,794 | ||||||
Enova International, Inc.† | 18,562 | 410,963 | ||||||
LendingClub Corp.†# | 176,307 | 604,733 | ||||||
Nelnet, Inc., Class A | 10,376 | 564,973 | ||||||
Ocwen Financial Corp.† | 65,529 | 138,266 | ||||||
PRA Group, Inc.†# | 24,885 | 759,490 | ||||||
Regional Management Corp.† | 5,195 | 141,096 | ||||||
World Acceptance Corp.† | 3,425 | 373,120 | ||||||
3,541,163 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Arlington Asset Investment Corp., Class A# | 15,716 | 135,000 | ||||||
Cowen, Inc.†# | 15,642 | 248,864 | ||||||
Diamond Hill Investment Group, Inc. | 1,820 | 306,306 | ||||||
GAIN Capital Holdings, Inc.# | 15,253 | 112,110 | ||||||
Greenhill & Co., Inc.# | 10,850 | 255,301 | ||||||
Houlihan Lokey, Inc. | 18,624 | 787,795 | ||||||
INTL. FCStone, Inc.† | 8,553 | 333,225 | ||||||
Investment Technology Group, Inc. | 18,172 | 547,522 | ||||||
Ladenburg Thalmann Financial Services, Inc. | 56,761 | 162,337 | ||||||
Moelis & Co., Class A | 24,870 | 1,005,245 | ||||||
Oppenheimer Holdings, Inc., Class A | 5,390 | 153,669 | ||||||
Piper Jaffray Cos. | 8,192 | 584,663 | ||||||
PJT Partners, Inc., Class A | 11,118 | 525,103 | ||||||
Siebert Financial Corp.† | 4,135 | 53,383 | ||||||
5,210,523 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 31,169 | 581,302 | ||||||
Marlin Business Services Corp. | 4,837 | 122,860 | ||||||
704,162 | ||||||||
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
Ellie Mae, Inc.†# | 19,060 | $ | 1,282,166 | |||||
Federal Agricultural Mtg. Corp., Class C | 5,005 | 330,630 | ||||||
Granite Point Mtg. Trust, Inc.# | 23,932 | 453,751 | ||||||
Impac Mtg. Holdings, Inc.†# | 5,469 | 21,056 | ||||||
LendingTree, Inc.†# | 4,442 | 1,156,430 | ||||||
Mr. Cooper Group, Inc.† | 14,458 | 218,750 | ||||||
PennyMac Financial Services, Inc. | 11,056 | 226,759 | ||||||
TPG RE Finance Trust, Inc. | 19,602 | 386,355 | ||||||
4,075,897 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
HomeStreet, Inc.† | 13,898 | 369,965 | ||||||
WageWorks, Inc.† | 22,125 | 737,426 | ||||||
1,107,391 | ||||||||
Financial Guarantee Insurance — 0.5% |
| |||||||
MBIA, Inc.† | 49,358 | 459,523 | ||||||
MGIC Investment Corp.† | 201,767 | 2,362,691 | ||||||
NMI Holdings, Inc., Class A† | 34,705 | 678,136 | ||||||
Radian Group, Inc. | 120,508 | 2,217,347 | ||||||
5,717,697 | ||||||||
Firearms & Ammunition — 0.2% |
| |||||||
American Outdoor Brands Corp.† | 29,960 | 364,913 | ||||||
Axon Enterprise, Inc.† | 32,055 | 1,393,431 | ||||||
Sturm Ruger & Co., Inc. | 9,374 | 502,540 | ||||||
2,260,884 | ||||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 4,044 | 135,353 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Hostess Brands, Inc.† | 55,048 | 641,309 | ||||||
Simply Good Foods Co.† | 33,628 | 683,321 | ||||||
Tootsie Roll Industries, Inc.# | 9,122 | 319,361 | ||||||
1,643,991 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co. | 50,872 | 256,395 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,592 | 116,805 | ||||||
Food - Misc./Diversified — 0.6% |
| |||||||
B&G Foods, Inc.# | 36,654 | 1,111,716 | ||||||
Cal-Maine Foods, Inc. | 17,396 | 812,741 | ||||||
Darling Ingredients, Inc.† | 91,412 | 2,000,095 | ||||||
J&J Snack Foods Corp. | 8,383 | 1,315,041 | ||||||
John B. Sanfilippo & Son, Inc. | 4,788 | 297,909 | ||||||
Lancaster Colony Corp. | 10,537 | 1,900,032 | ||||||
7,437,534 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 7,864 | 228,764 | ||||||
Smart & Final Stores, Inc.† | 12,854 | 81,494 | ||||||
Village Super Market, Inc., Class A | 4,583 | 125,070 | ||||||
Weis Markets, Inc. | 5,323 | 243,794 | ||||||
679,122 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,842 | 868,992 | ||||||
Chefs’ Warehouse, Inc.† | 12,123 | 462,007 | ||||||
Fresh Del Monte Produce, Inc. | 16,971 | 571,074 | ||||||
Performance Food Group Co.† | 56,810 | 1,957,673 | ||||||
SpartanNash Co. | 19,861 | 372,394 | ||||||
United Natural Foods, Inc.† | 28,114 | 607,543 | ||||||
4,839,683 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Crocs, Inc.† | 37,736 | $ | 1,049,061 | |||||
Deckers Outdoor Corp.† | 16,834 | 2,242,962 | ||||||
Rocky Brands, Inc. | 3,810 | 98,641 | ||||||
Steven Madden, Ltd. | 48,583 | 1,565,830 | ||||||
Weyco Group, Inc. | 3,403 | 112,707 | ||||||
Wolverine World Wide, Inc. | 51,501 | 1,781,935 | ||||||
6,851,136 | ||||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 9,816 | 167,265 | ||||||
Matthews International Corp., Class A | 17,401 | 733,104 | ||||||
900,369 | ||||||||
Gambling(Non-Hotel) — 0.1% |
| |||||||
Golden Entertainment, Inc.†# | 10,131 | 183,270 | ||||||
Monarch Casino & Resort, Inc.† | 6,306 | 252,240 | ||||||
Red Rock Resorts, Inc., Class A | 38,770 | 1,014,223 | ||||||
1,449,733 | ||||||||
Gas- Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,822 | 759,045 | ||||||
New Jersey Resources Corp. | 48,650 | 2,360,985 | ||||||
Northwest Natural Holding Co. | 15,962 | 1,058,759 | ||||||
ONE Gas, Inc. | 29,073 | 2,473,822 | ||||||
RGC Resources, Inc. | 4,122 | 113,726 | ||||||
South Jersey Industries, Inc.# | 47,854 | 1,493,045 | ||||||
Southwest Gas Holdings, Inc. | 27,360 | 2,155,147 | ||||||
Spire, Inc. | 27,485 | 2,168,841 | ||||||
12,583,370 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp. | 29,356 | 112,140 | ||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 19,302 | 441,050 | ||||||
Callaway Golf Co. | 52,407 | 897,732 | ||||||
Drive Shack, Inc.† | 33,716 | 157,454 | ||||||
1,496,236 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 8,260 | 231,362 | ||||||
US Ecology, Inc. | 12,219 | 851,298 | ||||||
1,082,660 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
CorVel Corp.† | 5,062 | 352,821 | ||||||
HealthEquity, Inc.†# | 30,194 | 2,677,906 | ||||||
3,030,727 | ||||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Tandem Diabetes Care, Inc.† | 28,431 | 1,046,829 | ||||||
Home Furnishings — 0.1% |
| |||||||
Ethan Allen Interiors, Inc. | 13,338 | 277,164 | ||||||
Flexsteel Industries, Inc. | 4,089 | 101,489 | ||||||
Hooker Furniture Corp. | 6,453 | 194,429 | ||||||
Purple Innovation, Inc.† | 2,431 | 17,406 | ||||||
Sleep Number Corp.† | 19,175 | 735,169 | ||||||
1,325,657 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
BBX Capital Corp. | 36,596 | 245,925 | ||||||
Belmond, Ltd., Class A† | 49,963 | 909,327 | ||||||
Bluegreen Vacations Corp.# | 4,157 | 57,699 | ||||||
Marcus Corp. | 10,754 | 456,615 | ||||||
Red Lion Hotels Corp.† | 8,867 | 79,980 | ||||||
1,749,546 | ||||||||
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Housewares — 0.1% |
| |||||||
Lifetime Brands, Inc. | 6,565 | $ | 78,386 | |||||
Tupperware Brands Corp. | 28,001 | 1,062,918 | ||||||
1,141,304 | ||||||||
Human Resources — 1.0% |
| |||||||
AMN Healthcare Services, Inc.† | 26,328 | 1,677,094 | ||||||
ASGN, Inc.† | 28,299 | 1,959,706 | ||||||
Barrett Business Services, Inc. | 3,961 | 278,656 | ||||||
BG Staffing, Inc. | 4,682 | 116,020 | ||||||
Cross Country Healthcare, Inc.† | 19,787 | 179,468 | ||||||
Heidrick & Struggles International, Inc. | 10,414 | 381,777 | ||||||
Insperity, Inc. | 21,375 | 2,138,355 | ||||||
Kforce, Inc. | 12,854 | 407,343 | ||||||
Korn/Ferry International | 32,015 | 1,567,774 | ||||||
Paylocity Holding Corp.† | 16,159 | 1,083,946 | ||||||
Resources Connection, Inc. | 16,619 | 279,864 | ||||||
TriNet Group, Inc.† | 24,325 | 1,116,761 | ||||||
TrueBlue, Inc.† | 22,458 | 567,064 | ||||||
Willdan Group, Inc.†# | 4,382 | 165,158 | ||||||
11,918,986 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 26,181 | 1,140,444 | ||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 51,415 | 46,232 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 19,424 | 350,215 | ||||||
Clearway Energy, Inc., Class C | 38,805 | 708,579 | ||||||
1,058,794 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
GoPro, Inc., Class A†# | 62,985 | 319,964 | ||||||
Turtle Beach Corp.† | 4,382 | 70,944 | ||||||
390,908 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,467 | 132,474 | ||||||
Ichor Holdings, Ltd.†# | 13,401 | 243,898 | ||||||
376,372 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Allied Motion Technologies, Inc. | 3,897 | 184,367 | ||||||
Control4 Corp.† | 14,511 | 315,904 | ||||||
Watts Water Technologies, Inc., Class A | 15,495 | 1,142,911 | ||||||
Woodward, Inc. | 29,892 | 2,501,363 | ||||||
4,144,545 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.†# | 14,638 | 120,032 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class B | 6,517 | 59,174 | ||||||
eHealth, Inc.† | 10,459 | 402,881 | ||||||
Goosehead Insurance, Inc., Class A†# | 5,441 | 138,310 | ||||||
600,365 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co. | 49,957 | 1,705,032 | ||||||
CNO Financial Group, Inc. | 91,650 | 1,677,195 | ||||||
FBL Financial Group, Inc., Class A | 5,515 | 387,870 | ||||||
FGL Holdings†# | 79,078 | 633,415 | ||||||
Health Insurance Innovations, Inc., Class A†# | 7,124 | 262,306 | ||||||
Independence Holding Co. | 2,603 | 100,190 | ||||||
National Western Life Group, Inc., Class A | 1,272 | 390,758 | ||||||
Primerica, Inc. | 24,054 | 2,859,540 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Life/Health (continued) | ||||||||
Trupanion, Inc.† | 14,052 | $ | 420,576 | |||||
8,436,882 | ||||||||
Insurance - Multi-line — 0.5% |
| |||||||
Citizens, Inc.† | 27,591 | 217,969 | ||||||
Genworth Financial, Inc., Class A† | 281,183 | 1,310,313 | ||||||
Horace Mann Educators Corp. | 22,948 | 924,345 | ||||||
Kemper Corp. | 29,407 | 2,237,873 | ||||||
United Fire Group, Inc. | 11,730 | 631,895 | ||||||
5,322,395 | ||||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
Ambac Financial Group, Inc.† | 25,261 | 441,562 | ||||||
AMERISAFE, Inc. | 10,653 | 688,077 | ||||||
Donegal Group, Inc., Class A | 5,226 | 75,254 | ||||||
Employers Holdings, Inc. | 17,976 | 808,021 | ||||||
Enstar Group, Ltd.† | 6,716 | 1,183,158 | ||||||
FedNat Holding Co. | 6,409 | 140,229 | ||||||
Hallmark Financial Services, Inc.† | 7,269 | 82,867 | ||||||
HCI Group, Inc. | 4,080 | 221,748 | ||||||
Heritage Insurance Holdings, Inc.# | 11,168 | 179,246 | ||||||
Investors Title Co. | 769 | 143,096 | ||||||
James River Group Holdings, Ltd. | 14,467 | 550,614 | ||||||
Kingstone Cos., Inc. | 5,172 | 81,614 | ||||||
Kinsale Capital Group, Inc. | 10,885 | 677,156 | ||||||
National General Holdings Corp. | 34,371 | 912,550 | ||||||
Navigators Group, Inc. | 11,551 | 802,448 | ||||||
NI Holdings, Inc.† | 5,414 | 85,704 | ||||||
ProAssurance Corp. | 29,608 | 1,294,758 | ||||||
Protective Insurance Corp., Class B | 5,345 | 111,657 | ||||||
RLI Corp. | 21,874 | 1,658,487 | ||||||
Safety Insurance Group, Inc. | 8,179 | 718,280 | ||||||
Selective Insurance Group, Inc. | 32,370 | 2,148,397 | ||||||
State Auto Financial Corp. | 9,314 | 325,990 | ||||||
Stewart Information Services Corp. | 13,050 | 548,883 | ||||||
Third Point Reinsurance, Ltd.† | 43,845 | 452,480 | ||||||
Tiptree, Inc. | 15,055 | 82,501 | ||||||
United Insurance Holdings Corp.# | 11,459 | 222,305 | ||||||
Universal Insurance Holdings, Inc. | 17,644 | 774,395 | ||||||
15,411,477 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd.† | 18,077 | 1,253,098 | ||||||
EMC Insurance Group, Inc. | 5,153 | 164,793 | ||||||
Essent Group, Ltd.† | 53,565 | 2,065,466 | ||||||
Global Indemnity, Ltd. | 4,686 | 160,542 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 16,641 | 176,228 | ||||||
Maiden Holdings, Ltd. | 37,996 | 96,130 | ||||||
3,916,257 | ||||||||
Internet Application Software — 0.0% |
| |||||||
Tucows, Inc., Class A†# | 5,304 | 307,844 | ||||||
VirnetX Holding Corp.† | 30,665 | 97,208 | ||||||
405,052 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
Boingo Wireless, Inc.† | 22,879 | 572,890 | ||||||
Cogent Communications Holdings, Inc. | 23,356 | 1,132,533 | ||||||
Internap Corp.†# | 11,196 | 66,840 | ||||||
1,772,263 | ||||||||
Internet Content - Entertainment — 0.1% |
| |||||||
Limelight Networks, Inc.† | 60,929 | 200,456 | ||||||
Pandora Media, Inc.† | 142,847 | 1,241,341 | ||||||
1,441,797 | ||||||||
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Content - Information/News — 0.2% |
| |||||||
HealthStream, Inc. | 14,445 | $ | 355,925 | |||||
LiveXLive Media, Inc.†# | 2,679 | 13,636 | ||||||
TechTarget, Inc.† | 11,330 | 163,038 | ||||||
XO Group, Inc.† | 13,540 | 467,130 | ||||||
Yelp, Inc.† | 45,237 | 1,523,130 | ||||||
2,522,859 | ||||||||
Internet Security — 0.1% |
| |||||||
Imperva, Inc.† | 19,429 | 1,078,504 | ||||||
Zix Corp.† | 29,135 | 194,039 | ||||||
Zscaler, Inc.†# | 7,766 | 304,893 | ||||||
1,577,436 | ||||||||
Investment Companies — 0.1% |
| |||||||
B. Riley Financial, Inc.# | 11,407 | 207,265 | ||||||
Columbia Financial, Inc.†# | 27,701 | 436,568 | ||||||
PDL Community Bancorp†# | 4,900 | 64,386 | ||||||
708,219 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Altisource Portfolio Solutions SA† | 5,559 | 131,971 | ||||||
Artisan Partners Asset Management, Inc., Class A | 26,795 | 729,628 | ||||||
Ashford, Inc.†# | 325 | 21,775 | ||||||
Associated Capital Group, Inc., Class A# | 1,444 | 61,356 | ||||||
Blucora, Inc.† | 26,539 | 821,647 | ||||||
BrightSphere Investment Group PLC | 44,875 | 591,004 | ||||||
Cohen & Steers, Inc. | 12,442 | 464,833 | ||||||
Federated Investors, Inc., Class B | 54,017 | 1,430,370 | ||||||
Focus Financial Partners, Inc. Class A† | 10,495 | 324,505 | ||||||
FRP Holdings, Inc.† | 3,946 | 184,752 | ||||||
GAMCO Investors, Inc., Class A | 2,354 | 50,752 | ||||||
Hamilton Lane, Inc., Class A | 8,318 | 314,587 | ||||||
Pzena Investment Management, Inc., Class A | 9,749 | 99,537 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,639 | 64,807 | ||||||
Stifel Financial Corp. | 38,704 | 1,868,242 | ||||||
Virtus Investment Partners, Inc. | 3,866 | 367,270 | ||||||
Waddell & Reed Financial, Inc., Class A# | 43,376 | 883,135 | ||||||
Westwood Holdings Group, Inc. | 4,619 | 181,157 | ||||||
WisdomTree Investments, Inc. | 65,217 | 462,389 | ||||||
9,053,717 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Electro Scientific Industries, Inc.† | 18,017 | 529,700 | ||||||
II-VI, Inc.† | 34,473 | 1,289,979 | ||||||
1,819,679 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,940 | 70,389 | ||||||
Johnson Outdoors, Inc., Class A | 2,718 | 193,793 | ||||||
Marine Products Corp. | 4,192 | 91,134 | ||||||
355,316 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 8,509 | 1,313,875 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Kennametal, Inc. | 45,435 | 1,900,092 | ||||||
Milacron Holdings Corp.† | 38,672 | 551,076 | ||||||
2,451,168 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 12,776 | 455,720 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,781 | 378,482 | ||||||
834,202 | ||||||||
Security Description | �� | Shares | Value (Note 2) | |||||
Machinery - Electrical — 0.1% |
| |||||||
Babcock & Wilcox Enterprises, Inc.† | 17,870 | $ | 15,825 | |||||
Franklin Electric Co., Inc. | 25,867 | 1,170,482 | ||||||
1,186,307 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,373 | 444,938 | ||||||
Lindsay Corp.# | 5,984 | 605,342 | ||||||
1,050,280 | ||||||||
Machinery - General Industrial — 0.5% |
| |||||||
Albany International Corp., Class A | 16,014 | 1,158,773 | ||||||
Applied Industrial Technologies, Inc. | 21,283 | 1,388,290 | ||||||
Chart Industries, Inc.† | 17,180 | 1,091,961 | ||||||
DXP Enterprises, Inc.† | 8,879 | 321,686 | ||||||
Gencor Industries, Inc.† | 4,908 | 55,608 | ||||||
Kadant, Inc. | 6,098 | 555,406 | ||||||
Manitex International, Inc.†# | 8,104 | 59,078 | ||||||
Manitowoc Co, Inc.† | 19,701 | 389,095 | ||||||
Tennant Co. | 9,956 | 595,867 | ||||||
Twin Disc, Inc.† | 4,719 | 82,346 | ||||||
5,698,110 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 12,452 | 433,330 | ||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.†# | 9,433 | 37,166 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
Cactus, Inc., Class A† | 21,187 | 611,881 | ||||||
CSW Industrials, Inc.† | 8,661 | 458,773 | ||||||
Gorman-Rupp Co. | 9,840 | 329,443 | ||||||
Mueller Water Products, Inc., Class A | 86,268 | 908,402 | ||||||
NN, Inc. | 15,431 | 110,795 | ||||||
SPX FLOW, Inc.† | 23,508 | 882,255 | ||||||
3,301,549 | ||||||||
Marine Services — 0.0% |
| |||||||
Great Lakes Dredge & Dock Corp.† | 31,825 | 235,823 | ||||||
SEACOR Marine Holdings, Inc.† | 9,208 | 165,652 | ||||||
401,475 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 20,711 | 388,331 | ||||||
Medical Information Systems — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 97,183 | 992,238 | ||||||
Castlight Health, Inc., Class B† | 43,791 | 114,295 | ||||||
Computer Programs & Systems, Inc. | 6,423 | 171,366 | ||||||
Inovalon Holdings, Inc., Class A†# | 38,414 | 510,906 | ||||||
Medidata Solutions, Inc.†# | 32,198 | 2,486,008 | ||||||
NantHealth, Inc.†# | 11,399 | 10,155 | ||||||
NextGen Healthcare, Inc.† | 29,642 | 520,217 | ||||||
Tabula Rasa HealthCare, Inc.†# | 9,763 | 736,911 | ||||||
5,542,096 | ||||||||
Medical Instruments — 0.7% |
| |||||||
AngioDynamics, Inc.† | 20,318 | 436,634 | ||||||
Avanos Medical, Inc.† | 26,142 | 1,247,235 | ||||||
Cardiovascular Systems, Inc.† | 18,103 | 558,840 | ||||||
Endologix, Inc.† | 46,363 | 39,464 | ||||||
LivaNova PLC† | 27,155 | 2,747,815 | ||||||
Natus Medical, Inc.† | 17,972 | 635,849 | ||||||
NuVasive, Inc.† | 28,673 | 1,826,183 | ||||||
TransEnterix, Inc.†# | 89,091 | 277,073 | ||||||
7,769,093 | ||||||||
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Evolus, Inc.†# | 5,076 | $ | 75,937 | |||||
Invitae Corp.† | 36,580 | 509,560 | ||||||
Medpace Holdings, Inc.† | 12,118 | 750,225 | ||||||
Miragen Therapeutics, Inc.† | 14,494 | 50,439 | ||||||
Natera, Inc.† | 18,354 | 317,891 | ||||||
Neuronetics, Inc.†# | 3,560 | 63,511 | ||||||
R1 RCM, Inc.† | 57,396 | 525,747 | ||||||
Syneos Health, Inc.† | 34,581 | 1,788,529 | ||||||
Teladoc Health, Inc.†# | 37,368 | 2,333,632 | ||||||
6,415,471 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 7,575 | 155,288 | ||||||
Medical Products — 2.0% |
| |||||||
Accuray, Inc.† | 46,629 | 191,179 | ||||||
AtriCure, Inc.† | 18,695 | 626,096 | ||||||
Atrion Corp. | 795 | 614,710 | ||||||
AxoGen, Inc.†# | 18,907 | 633,006 | ||||||
Cerus Corp.† | 74,002 | 388,510 | ||||||
CryoLife, Inc.† | 19,833 | 601,337 | ||||||
CytoSorbents Corp.† | 16,583 | 173,126 | ||||||
FONAR Corp.† | 3,434 | 75,651 | ||||||
Glaukos Corp.† | 18,407 | 1,212,653 | ||||||
Globus Medical, Inc., Class A† | 40,546 | 1,957,966 | ||||||
Haemonetics Corp.† | 28,977 | 3,108,653 | ||||||
Inogen, Inc.† | 9,834 | 1,449,138 | ||||||
Inspire Medical Systems, Inc.†# | 4,368 | 200,666 | ||||||
Integer Holdings Corp.† | 17,351 | 1,536,952 | ||||||
Intersect ENT, Inc.† | �� | 16,691 | 500,897 | |||||
Invacare Corp.# | 18,372 | 101,046 | ||||||
iRadimed Corp.† | 1,952 | 56,179 | ||||||
iRhythm Technologies, Inc.† | 13,446 | 996,080 | ||||||
LeMaitre Vascular, Inc. | 8,784 | 244,986 | ||||||
Luminex Corp.# | 23,121 | 679,064 | ||||||
NanoString Technologies, Inc.† | 14,024 | 242,194 | ||||||
Nevro Corp.† | 16,231 | 673,749 | ||||||
Novocure, Ltd.† | 41,034 | 1,408,287 | ||||||
Nuvectra Corp.† | 7,755 | 154,867 | ||||||
NxStage Medical, Inc.† | 36,159 | 1,021,130 | ||||||
Orthofix Medical, Inc.† | 9,750 | 587,437 | ||||||
OrthoPediatrics Corp.† | 3,862 | 120,765 | ||||||
Pulse Biosciences, Inc.†# | 5,925 | 74,299 | ||||||
Rockwell Medical, Inc.†# | 26,491 | 87,685 | ||||||
SeaSpine Holdings Corp.† | 6,569 | 129,147 | ||||||
Sientra, Inc.†# | 12,940 | 219,980 | ||||||
Surmodics, Inc.† | 7,230 | 438,066 | ||||||
T2 Biosystems, Inc.†# | 17,318 | 76,892 | ||||||
Tactile Systems Technology, Inc.† | 9,802 | 551,264 | ||||||
Wright Medical Group NV†# | 69,334 | 1,938,579 | ||||||
23,072,236 | ||||||||
Medical - Biomedical/Gene — 4.7% |
| |||||||
Abeona Therapeutics, Inc.†# | 17,428 | 142,910 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 54,877 | 1,045,956 | ||||||
Acceleron Pharma, Inc.†# | 21,576 | 1,142,018 | ||||||
Achillion Pharmaceuticals, Inc.† | 75,814 | 219,102 | ||||||
Acorda Therapeutics, Inc.† | 24,304 | 496,531 | ||||||
ADMA Biologics, Inc.†# | 10,785 | 56,837 | ||||||
Aduro Biotech, Inc.†# | 35,769 | 88,707 | ||||||
Adverum Biotechnologies, Inc.† | 30,355 | 108,974 | ||||||
Agenus, Inc.†# | 48,557 | 117,022 | ||||||
AgeX Therapeutics, Inc.† | 4,993 | 26,962 | ||||||
Albireo Pharma, Inc.† | 5,079 | 134,340 | ||||||
Alder Biopharmaceuticals, Inc.†# | 32,484 | 434,636 | ||||||
Aldeyra Therapeutics, Inc.† | 9,470 | 84,946 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Allakos, Inc.†# | 4,617 | $ | 271,987 | |||||
Allena Pharmaceuticals, Inc.† | 6,464 | 60,568 | ||||||
AMAG Pharmaceuticals, Inc.†# | 19,136 | 345,405 | ||||||
Amicus Therapeutics, Inc.†# | 105,546 | 1,165,228 | ||||||
AnaptysBio, Inc.†# | 10,582 | 789,206 | ||||||
ANI Pharmaceuticals, Inc.† | 4,454 | 247,598 | ||||||
Aptinyx, Inc.† | 7,423 | 164,865 | ||||||
Aratana Therapeutics, Inc.†# | 25,338 | 164,697 | ||||||
Arbutus Biopharma Corp.†# | 19,687 | 85,835 | ||||||
Arcus Biosciences, Inc.†# | 5,177 | 59,121 | ||||||
Ardelyx, Inc.† | 24,374 | 66,297 | ||||||
Arena Pharmaceuticals, Inc.† | 27,679 | 1,135,116 | ||||||
ArQule, Inc.†# | 60,460 | 224,307 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 48,532 | 704,685 | ||||||
Arsanis, Inc.���# | 2,900 | 11,281 | ||||||
Assembly Biosciences, Inc.† | 11,721 | 302,167 | ||||||
Atara Biotherapeutics, Inc.†# | 23,388 | 934,351 | ||||||
Audentes Therapeutics, Inc.† | 18,136 | 443,425 | ||||||
AVEO Pharmaceuticals, Inc.†# | 57,923 | 119,901 | ||||||
Avid Bioservices, Inc.†# | 28,256 | 149,757 | ||||||
Avrobio, Inc.† | 3,396 | 90,979 | ||||||
BioCryst Pharmaceuticals, Inc.†# | 60,839 | 558,502 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 15,842 | 538,470 | ||||||
BioTime, Inc.†# | 49,930 | 71,400 | ||||||
Blueprint Medicines Corp.† | 23,055 | 1,322,665 | ||||||
Calithera Biosciences, Inc.† | 17,321 | 85,393 | ||||||
Cambrex Corp.† | 18,352 | 877,776 | ||||||
Cara Therapeutics, Inc.† | 18,163 | 330,203 | ||||||
CASI Pharmaceuticals, Inc.†# | 27,824 | 120,478 | ||||||
Cellular Biomedicine Group, Inc.†# | 6,469 | 128,927 | ||||||
ChemoCentryx, Inc.† | 12,526 | 125,886 | ||||||
ChromaDex Corp.†# | 21,458 | 76,176 | ||||||
Clearside Biomedical, Inc.†# | 15,589 | 22,916 | ||||||
Cohbar, Inc.†# | 13,221 | 54,074 | ||||||
Constellation Pharmaceuticals, Inc.†# | 2,251 | 13,281 | ||||||
Crinetics Pharmaceuticals, Inc.† | 3,883 | 135,672 | ||||||
Cue Biopharma, Inc.†# | 9,856 | 46,126 | ||||||
Cymabay Therapeutics, Inc.† | 32,855 | 293,395 | ||||||
CytomX Therapeutics, Inc.† | 24,817 | 342,475 | ||||||
Deciphera Pharmaceuticals, Inc.† | 4,901 | 127,769 | ||||||
Denali Therapeutics, Inc.†# | 25,407 | 487,052 | ||||||
Dicerna Pharmaceuticals, Inc.† | 25,313 | 377,417 | ||||||
Dynavax Technologies Corp.†# | 34,762 | 392,811 | ||||||
Editas Medicine, Inc.†# | 25,450 | 793,022 | ||||||
Eidos Therapeutics, Inc.†# | 4,045 | 57,156 | ||||||
ElectroCore LLC†# | 3,365 | 22,411 | ||||||
Emergent BioSolutions, Inc.† | 24,805 | 1,806,796 | ||||||
Endocyte, Inc.† | 36,239 | 856,328 | ||||||
Enzo Biochem, Inc.† | 24,555 | 75,629 | ||||||
Epizyme, Inc.†# | 29,172 | 216,456 | ||||||
Esperion Therapeutics, Inc.†# | 12,758 | 678,215 | ||||||
Evelo Biosciences, Inc.†# | 2,990 | 29,661 | ||||||
Fate Therapeutics, Inc.† | 28,001 | 430,095 | ||||||
FibroGen, Inc.† | 41,683 | 1,807,375 | ||||||
Five Prime Therapeutics, Inc.† | 18,699 | 240,095 | ||||||
Fortress Biotech, Inc.†# | 19,504 | 23,795 | ||||||
Forty Seven, Inc.†# | 4,553 | 84,595 | ||||||
Geron Corp.†# | 94,186 | 151,639 | ||||||
GlycoMimetics, Inc.†# | 18,992 | 218,218 | ||||||
GTx, Inc.†# | 2,825 | 4,096 | ||||||
Halozyme Therapeutics, Inc.† | 69,573 | 1,148,650 | ||||||
Harvard Bioscience, Inc.† | 19,914 | 78,660 | ||||||
Helius Medical Technologies, Inc.†# | 9,086 | 75,414 | ||||||
Homology Medicines, Inc.†# | 5,824 | 128,070 | ||||||
Idera Pharmaceuticals, Inc.† | 10,642 | 73,111 |
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) | ||||||||
ImmunoGen, Inc.† | 80,040 | $ | 441,020 | |||||
Immunomedics, Inc.†# | 79,240 | 1,591,932 | ||||||
Innovate Biopharmaceuticals, Inc.†# | 10,314 | 26,816 | ||||||
Innoviva, Inc.† | 38,438 | 701,878 | ||||||
Inovio Pharmaceuticals, Inc.†# | 46,232 | 247,341 | ||||||
Insmed, Inc.†# | 42,699 | 764,739 | ||||||
Intercept Pharmaceuticals, Inc.†# | 12,213 | 1,354,544 | ||||||
Intrexon Corp.†# | 41,054 | 402,329 | ||||||
Iovance Biotherapeutics, Inc.†# | 45,815 | 443,031 | ||||||
Karyopharm Therapeutics, Inc.†# | 27,030 | 281,112 | ||||||
Kezar Life Sciences, Inc.†# | 2,870 | 85,182 | ||||||
Kindred Biosciences, Inc.† | 17,290 | 235,144 | ||||||
Kiniksa Pharmaceuticals, Ltd., Class A†# | 3,618 | 73,156 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 24,094 | 195,161 | ||||||
Ligand Pharmaceuticals, Inc.†# | 11,664 | 1,840,229 | ||||||
Liquidia Technologies, Inc.†# | 2,720 | 60,819 | ||||||
Loxo Oncology, Inc.†# | 14,997 | 2,105,879 | ||||||
MacroGenics, Inc.† | 21,857 | 376,159 | ||||||
Magenta Therapeutics, Inc.†# | 2,251 | 22,015 | ||||||
Medicines Co.†# | 38,383 | 849,416 | ||||||
MeiraGTx Holdings PLC†# | 2,063 | 27,871 | ||||||
Menlo Therapeutics, Inc.†# | 5,366 | 32,250 | ||||||
Molecular Templates, Inc.† | 5,037 | 25,941 | ||||||
Mustang Bio, Inc.†# | 9,001 | 36,094 | ||||||
Myriad Genetics, Inc.†# | 37,067 | 1,195,040 | ||||||
NantKwest, Inc.†# | 15,724 | 26,888 | ||||||
NeoGenomics, Inc.† | 35,394 | 580,462 | ||||||
Neon Therapeutics, Inc.†# | 3,517 | 21,770 | ||||||
NewLink Genetics Corp.†# | 16,230 | 30,675 | ||||||
Novavax, Inc.†# | 212,552 | 439,983 | ||||||
Nymox Pharmaceutical Corp.†# | 18,054 | 33,039 | ||||||
Omeros Corp.†# | 25,550 | 356,423 | ||||||
Organovo Holdings, Inc.†# | 63,606 | 61,641 | ||||||
Ovid therapeutics, Inc.†# | 7,346 | 29,604 | ||||||
Pacific Biosciences of California, Inc.†# | 67,927 | 531,189 | ||||||
Palatin Technologies, Inc.† | 110,561 | 89,488 | ||||||
PDL BioPharma, Inc.† | 79,932 | 245,391 | ||||||
Pfenex, Inc.† | 15,869 | 65,698 | ||||||
Pieris Pharmaceuticals, Inc.† | 28,951 | 98,144 | ||||||
PolarityTE, Inc.†# | 5,573 | 82,480 | ||||||
Prothena Corp. PLC†# | 22,403 | 269,060 | ||||||
PTC Therapeutics, Inc.† | 25,245 | 896,702 | ||||||
Puma Biotechnology, Inc.†# | 16,237 | 377,348 | ||||||
Radius Health, Inc.†# | 22,563 | 376,125 | ||||||
REGENXBIO, Inc.†# | 17,657 | 1,057,831 | ||||||
Replimune Group, Inc.† | 4,169 | 62,493 | ||||||
resTORbio, Inc.†# | 4,289 | 56,014 | ||||||
Retrophin, Inc.†# | 22,558 | 553,573 | ||||||
Rigel Pharmaceuticals, Inc.† | 93,611 | 264,919 | ||||||
RTI Surgical, Inc.† | 31,707 | 132,218 | ||||||
Rubius Therapeutics, Inc.† | 6,784 | 145,042 | ||||||
Sangamo Therapeutics, Inc.†# | 56,547 | 699,486 | ||||||
Savara, Inc.† | 15,978 | 143,323 | ||||||
Scholar Rock Holding Corp.†# | 3,469 | 84,505 | ||||||
Selecta Biosciences, Inc.†# | 10,037 | 60,523 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 8,597 | 86,916 | ||||||
Solid Biosciences, Inc.†# | 6,796 | 211,899 | ||||||
Spark Therapeutics, Inc.†# | 17,537 | 738,834 | ||||||
Spectrum Pharmaceuticals, Inc.†# | 56,221 | 812,956 | ||||||
Stemline Therapeutics, Inc.†# | 15,764 | 173,246 | ||||||
Surface Oncology, Inc.† | 4,052 | 32,740 | ||||||
Syndax Pharmaceuticals, Inc.† | 7,814 | 39,851 | ||||||
Synlogic, Inc.†# | 8,588 | 73,084 | ||||||
Theravance Biopharma, Inc.†# | 23,893 | 659,686 | ||||||
Tobira Therapeutics, Inc. CVR†(1)(2) | 4,989 | 0 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Tocagen, Inc.†# | 9,938 | $ | 128,200 | |||||
Translate Bio, Inc.†# | 5,467 | 39,526 | ||||||
Tyme Technologies, Inc.†# | 23,422 | 91,814 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 26,215 | 1,406,959 | ||||||
UNITY Biotechnology, Inc.†# | 2,814 | 36,188 | ||||||
Unum Therapeutics, Inc.†# | 1,976 | 13,634 | ||||||
Veracyte, Inc.†# | 15,776 | 193,098 | ||||||
Verastem, Inc.†# | 38,311 | 195,386 | ||||||
Vericel Corp.† | 23,957 | 421,164 | ||||||
Viking Therapeutics, Inc.†# | 28,914 | 326,439 | ||||||
WaVe Life Sciences, Ltd.†# | 9,827 | 470,222 | ||||||
XOMA Corp.†# | 3,183 | 47,841 | ||||||
Zeneca, Inc. CVR†(1)(2) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 73,361 | 245,759 | ||||||
Zomedica Pharmaceuticals Corp.†# | 22,989 | 38,392 | ||||||
54,937,466 | ||||||||
Medical - Drugs — 2.3% |
| |||||||
Achaogen, Inc.†# | 17,505 | 28,183 | ||||||
Aclaris Therapeutics, Inc.† | 14,903 | 138,896 | ||||||
Adamas Pharmaceuticals, Inc.†# | 12,248 | 125,420 | ||||||
Aeglea BioTherapeutics, Inc.† | 9,090 | 76,538 | ||||||
Aerie Pharmaceuticals, Inc.†# | 19,835 | 791,218 | ||||||
Aimmune Therapeutics, Inc.†# | 24,144 | 573,420 | ||||||
Akcea Therapeutics, Inc.†# | 7,110 | 240,958 | ||||||
Akorn, Inc.† | 52,066 | 357,173 | ||||||
Ampio Pharmaceuticals, Inc.†# | 54,584 | 34,726 | ||||||
Apellis Pharmaceuticals, Inc.† | 20,137 | 308,902 | ||||||
Aquestive Therapeutics, Inc.† | 2,912 | 25,014 | ||||||
Array BioPharma, Inc.†# | 113,686 | 1,811,018 | ||||||
Athenex, Inc.†# | 24,510 | 324,022 | ||||||
Athersys, Inc.†# | 63,227 | 121,396 | ||||||
Bellicum Pharmaceuticals, Inc.† | 22,456 | 102,624 | ||||||
BioSpecifics Technologies Corp.† | 3,208 | 196,875 | ||||||
Catalyst Biosciences, Inc.† | 6,626 | 70,766 | ||||||
Catalyst Pharmaceuticals, Inc.† | 53,781 | 136,335 | ||||||
Chimerix, Inc.† | 24,573 | 80,845 | ||||||
Clovis Oncology, Inc.†# | 26,548 | 456,891 | ||||||
Coherus Biosciences, Inc.†# | 28,943 | 320,110 | ||||||
Collegium Pharmaceutical, Inc.†# | 16,362 | 313,987 | ||||||
Concert Pharmaceuticals, Inc.† | 11,872 | 170,126 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 27,813 | 191,910 | ||||||
Corcept Therapeutics, Inc.†# | 54,464 | 758,684 | ||||||
Corium International, Inc. CVR†(1)(2) | 14,912 | 2,684 | ||||||
Corvus Pharmaceuticals, Inc.†# | 7,732 | 46,237 | ||||||
CTI Biopharma Corp.†# | 28,482 | 47,850 | ||||||
Cytokinetics, Inc.† | 25,636 | 201,499 | ||||||
Dova Pharmaceuticals, Inc.†# | 6,568 | 97,863 | ||||||
Durect Corp.† | 87,396 | 77,678 | ||||||
Eagle Pharmaceuticals, Inc.†# | 5,891 | 296,906 | ||||||
Eloxx Pharmaceuticals Inc† | 12,505 | 194,703 | ||||||
Enanta Pharmaceuticals, Inc.† | 9,341 | 739,247 | ||||||
Global Blood Therapeutics, Inc.†# | 27,860 | 878,704 | ||||||
Horizon Pharma PLC† | 92,201 | 1,842,176 | ||||||
Immune Design Corp.† | 18,792 | 30,067 | ||||||
Insys Therapeutics, Inc.†# | 14,988 | 90,078 | ||||||
Intellia Therapeutics, Inc.†# | 18,525 | 331,783 | ||||||
Intra-Cellular Therapies, Inc.† | 24,973 | 360,860 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 77,242 | 1,067,484 | ||||||
Jounce Therapeutics, Inc.† | 8,791 | 37,977 | ||||||
Kadmon Holdings, Inc.†# | 55,594 | 135,649 | ||||||
Kala Pharmaceuticals, Inc.† | 6,491 | 40,893 | ||||||
Keryx Biopharmaceuticals, Inc.† | 52,701 | 158,630 | ||||||
Kura Oncology, Inc.†# | 15,776 | 200,355 | ||||||
Lannett Co., Inc.†# | 16,189 | 95,515 |
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Madrigal Pharmaceuticals, Inc.†# | 3,868 | $ | 447,334 | |||||
Mallinckrodt PLC†# | 45,899 | 1,091,937 | ||||||
Marinus Pharmaceuticals, Inc.†# | 20,299 | 94,796 | ||||||
MediciNova, Inc.†# | 22,225 | 221,361 | ||||||
Melinta Therapeutics, Inc.†# | 19,364 | 41,052 | ||||||
Minerva Neurosciences, Inc.† | 17,067 | 135,000 | ||||||
MyoKardia, Inc.†# | 18,970 | 1,177,468 | ||||||
Neos Therapeutics, Inc.†# | 15,799 | 30,966 | ||||||
Ocular Therapeutix, Inc.†# | 18,618 | 123,996 | ||||||
Odonate Therapeutics, Inc.†# | 3,782 | 59,604 | ||||||
Optinose, Inc.†# | 10,702 | 84,225 | ||||||
Pacira Pharmaceuticals, Inc.† | 22,248 | 1,075,246 | ||||||
Paratek Pharmaceuticals, Inc.†# | 17,560 | 132,929 | ||||||
Phibro Animal Health Corp., Class A | 11,128 | 377,239 | ||||||
Prestige Consumer Healthcare, Inc.†# | 29,012 | 1,126,246 | ||||||
Progenics Pharmaceuticals, Inc.†# | 47,038 | 244,127 | ||||||
Ra Pharmaceuticals, Inc.†# | 8,055 | 127,027 | ||||||
Reata Pharmaceuticals, Inc., Class A† | 10,425 | 658,339 | ||||||
Rhythm Pharmaceuticals, Inc.† | 8,487 | 250,621 | ||||||
Rocket Pharmaceuticals, Inc.†# | 11,637 | 187,472 | ||||||
scPharmaceuticals, Inc.†# | 3,793 | 17,789 | ||||||
Seres Therapeutics, Inc.†# | 11,481 | 95,866 | ||||||
SIGA Technologies, Inc.†# | 28,944 | 180,611 | ||||||
Sorrento Therapeutics, Inc.†# | 60,957 | 210,911 | ||||||
Spero Therapeutics, Inc.†# | 4,699 | 38,438 | ||||||
Spring Bank Pharmaceuticals, Inc.†# | 7,818 | 87,874 | ||||||
Supernus Pharmaceuticals, Inc.† | 27,303 | 1,294,708 | ||||||
Synergy Pharmaceuticals, Inc.†# | 138,592 | 53,552 | ||||||
Syros Pharmaceuticals, Inc.†# | 14,105 | 96,055 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 29,445 | 52,707 | ||||||
TG Therapeutics, Inc.†# | 35,019 | 176,496 | ||||||
TherapeuticsMD, Inc.†# | 101,864 | 512,376 | ||||||
Tricida, Inc.†# | 6,509 | 194,294 | ||||||
Vanda Pharmaceuticals, Inc.† | 28,630 | 716,895 | ||||||
Verrica Pharmaceuticals, Inc.† | 3,236 | 38,832 | ||||||
Voyager Therapeutics, Inc.† | 11,961 | 136,355 | ||||||
Xeris Pharmaceuticals, Inc.†# | 3,689 | 76,768 | ||||||
Zogenix, Inc.†# | 23,401 | 961,547 | ||||||
27,359,934 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Amneal Pharmaceuticals, Inc.†# | 48,467 | 858,351 | ||||||
Amphastar Pharmaceuticals, Inc.† | 19,824 | 430,577 | ||||||
Endo International PLC† | 124,941 | 1,503,040 | ||||||
Momenta Pharmaceuticals, Inc.† | 42,784 | 506,563 | ||||||
Teligent, Inc.†# | 22,934 | 47,244 | ||||||
3,345,775 | ||||||||
Medical- HMO — 0.2% |
| |||||||
Magellan Health, Inc.† | 13,727 | 748,396 | ||||||
Tivity Health, Inc.†# | 22,298 | 913,326 | ||||||
Triple-S Management Corp., Class B† | 12,316 | 234,989 | ||||||
1,896,711 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.†# | 47,772 | 226,917 | ||||||
Quorum Health Corp.†# | 16,331 | 72,020 | ||||||
Select Medical Holdings Corp.† | 60,463 | 1,171,773 | ||||||
Surgery Partners, Inc.†# | 10,379 | 148,939 | ||||||
Tenet Healthcare Corp.† | 46,676 | 1,216,843 | ||||||
2,836,492 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 27,484 | 1,246,949 | ||||||
Genesis Healthcare, Inc.†# | 31,839 | 50,624 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Nursing Homes (continued) | ||||||||
National HealthCare Corp. | 6,765 | $ | 564,539 | |||||
1,862,112 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 5,275 | 391,511 | ||||||
Amedisys, Inc.† | 14,910 | 2,031,487 | ||||||
Civitas Solutions, Inc.† | 8,957 | 124,323 | ||||||
LHC Group, Inc.† | 16,440 | 1,724,063 | ||||||
Providence Service Corp.† | 6,217 | 440,226 | ||||||
4,711,610 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Diplomat Pharmacy, Inc.†# | 31,652 | 489,973 | ||||||
Owens & Minor, Inc.# | 34,059 | 259,870 | ||||||
749,843 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
AZZ, Inc. | 14,437 | 689,222 | ||||||
CIRCOR International, Inc. | 9,065 | 300,052 | ||||||
Global Brass & Copper Holdings, Inc. | 12,131 | 392,680 | ||||||
LB Foster Co., Class A† | 5,557 | 107,528 | ||||||
Mueller Industries, Inc. | 31,615 | 753,069 | ||||||
Park-Ohio Holdings Corp. | 4,988 | 179,867 | ||||||
RBC Bearings, Inc.† | 13,326 | 2,039,145 | ||||||
Rexnord Corp.† | 58,303 | 1,650,558 | ||||||
Sun Hydraulics Corp. | 15,941 | 664,421 | ||||||
6,776,542 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Lawson Products, Inc.† | 3,726 | 114,761 | ||||||
Olympic Steel, Inc. | 5,135 | 94,279 | ||||||
Worthington Industries, Inc. | 23,418 | 969,973 | ||||||
1,179,013 | ||||||||
Metal Products - Fasteners — 0.1% |
| |||||||
Eastern Co. | 3,041 | 83,019 | ||||||
TriMas Corp.† | 25,561 | 742,036 | ||||||
825,055 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 27,853 | 250,120 | ||||||
Kaiser Aluminum Corp. | 9,129 | 892,177 | ||||||
1,142,297 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1)(2) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.†# | 166,065 | 1,541,083 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
American Railcar Industries, Inc. | 4,043 | 284,102 | ||||||
FreightCar America, Inc.† | 6,659 | 63,527 | ||||||
Hillenbrand, Inc. | 35,013 | 1,551,426 | ||||||
John Bean Technologies Corp. | 17,460 | 1,441,148 | ||||||
3,340,203 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 19,944 | 182,089 | ||||||
IMAX Corp.† | 29,909 | 555,111 | ||||||
737,200 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 22,101 | 284,882 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 25,434 | 448,401 | ||||||
Entravision Communications Corp., Class A | 35,914 | 116,002 |
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Multimedia (continued) | ||||||||
Liberty Media Corp. - Liberty Braves, Series A† | 5,545 | $ | 138,681 | |||||
Liberty Media Corp. - Liberty Braves, Series C† | 19,878 | 496,950 | ||||||
Media General, Inc. CVR†#(1)(2) | 61,443 | 0 | ||||||
1,200,034 | ||||||||
Networking Products — 0.2% |
| |||||||
A10 Networks, Inc.† | 27,868 | 175,568 | ||||||
Calix, Inc.† | 24,939 | 240,661 | ||||||
Extreme Networks, Inc.† | 64,000 | 421,120 | ||||||
Infinera Corp.† | 84,112 | 362,523 | ||||||
NeoPhotonics Corp.†# | 19,595 | 150,882 | ||||||
NETGEAR, Inc.† | 17,422 | 965,179 | ||||||
2,315,933 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 5,054 | 126,451 | ||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Energy Fuels, Inc.† | 45,899 | 150,549 | ||||||
Materion Corp. | 11,219 | 593,260 | ||||||
Uranium Energy Corp.†# | 88,481 | 116,795 | ||||||
860,604 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Advanced Disposal Services, Inc.† | 40,415 | 1,089,184 | ||||||
Casella Waste Systems, Inc., Class A† | 22,228 | 725,744 | ||||||
Charah Solutions, Inc.† | 4,126 | 26,861 | ||||||
Covanta Holding Corp. | 65,568 | 1,085,806 | ||||||
2,927,595 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 104,936 | 885,660 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 920 | 13,708 | ||||||
Herman Miller, Inc. | 33,169 | 1,123,102 | ||||||
HNI Corp. | 24,210 | 933,296 | ||||||
Interface, Inc. | 32,939 | 533,612 | ||||||
Kimball International, Inc., Class B | 20,164 | 307,703 | ||||||
Knoll, Inc. | 27,003 | 523,048 | ||||||
Steelcase, Inc., Class A | 47,317 | 766,535 | ||||||
4,201,004 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 57,720 | 468,686 | ||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 36,141 | 455,376 | ||||||
Noble Corp. PLC†# | 137,575 | 573,688 | ||||||
Ocean Rig UDW, Inc., Class A† | 30,440 | 844,101 | ||||||
Quintana Energy Services, Inc.† | 3,471 | 20,687 | ||||||
Rowan Cos. PLC, Class A† | 71,088 | 985,280 | ||||||
2,879,132 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Abraxas Petroleum Corp.† | 88,641 | 144,485 | ||||||
Alta Mesa Resources, Inc., Class A†# | 56,541 | 86,508 | ||||||
Approach Resources, Inc.†# | 25,116 | 33,153 | ||||||
Berry Petroleum Corp. | 7,341 | 90,955 | ||||||
Bonanza Creek Energy, Inc.† | 10,510 | 278,830 | ||||||
California Resources Corp.†# | 25,200 | 603,288 | ||||||
Callon Petroleum Co.†# | 127,354 | 1,088,877 | ||||||
Carrizo Oil & Gas, Inc.† | 48,754 | 834,181 | ||||||
Denbury Resources, Inc.†# | 256,356 | 579,365 | ||||||
DLB Oil & Gas, Inc.†(1)(2) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A†# | 10,528 | 72,327 | ||||||
Eclipse Resources Corp.†# | 49,074 | 54,963 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) | ||||||||
EP Energy Corp., Class A†# | 23,081 | $ | 25,389 | |||||
Evolution Petroleum Corp. | 14,203 | 123,708 | ||||||
Goodrich Petroleum Corp.† | 4,945 | 71,307 | ||||||
Gulfport Energy Corp.† | 97,421 | 830,027 | ||||||
Halcon Resources Corp.†# | 74,417 | 208,368 | ||||||
HighPoint Resources Corp.† | 60,642 | 197,693 | ||||||
Isramco, Inc.† | 413 | 49,994 | ||||||
Jagged Peak Energy, Inc.†# | 35,802 | 409,575 | ||||||
Laredo Petroleum, Inc.† | 86,746 | 379,080 | ||||||
Lilis Energy, Inc.†# | 24,800 | 51,088 | ||||||
Mammoth Energy Services, Inc.# | 6,972 | 175,415 | ||||||
Matador Resources Co.†# | 58,773 | 1,340,024 | ||||||
Midstates Petroleum Co., Inc.† | 8,358 | 69,455 | ||||||
Northern Oil and Gas, Inc.†# | 108,441 | 275,440 | ||||||
Oasis Petroleum, Inc.† | 150,291 | 1,073,078 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,790 | 145,035 | ||||||
PDC Energy, Inc.† | 36,962 | 1,254,490 | ||||||
Penn Virginia Corp.† | 6,921 | 402,456 | ||||||
Resolute Energy Corp.†# | 12,178 | 433,050 | ||||||
Ring Energy, Inc.† | 31,922 | 223,135 | ||||||
Rosehill Resources, Inc.†# | 648 | 2,404 | ||||||
Sanchez Energy Corp.†# | 43,918 | 30,747 | ||||||
SandRidge Energy, Inc.† | 17,093 | 167,511 | ||||||
SilverBow Resources, Inc.† | 3,952 | 96,705 | ||||||
Southwestern Energy Co.† | 328,856 | 1,585,086 | ||||||
SRC Energy, Inc.†# | 134,921 | 778,494 | ||||||
Talos Energy, Inc.† | 11,236 | 217,079 | ||||||
Tellurian, Inc.†# | 47,476 | 343,251 | ||||||
Ultra Petroleum Corp.†# | 88,782 | 112,753 | ||||||
Unit Corp.† | 29,187 | 607,090 | ||||||
W&T Offshore, Inc.† | 51,853 | 301,266 | ||||||
WildHorse Resource Development Corp.† | 15,222 | 281,303 | ||||||
Zion Oil & Gas, Inc.†# | 30,392 | 13,780 | ||||||
16,142,208 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 20,900 | 820,534 | ||||||
Exterran Corp.† | 18,069 | 406,552 | ||||||
Flotek Industries, Inc.†# | 30,684 | 42,651 | ||||||
Forum Energy Technologies, Inc.† | 45,183 | 302,274 | ||||||
Natural Gas Services Group, Inc.† | 6,960 | 137,321 | ||||||
Profire Energy, Inc.†# | 13,336 | 26,139 | ||||||
Smart Sand, Inc.†# | 12,407 | 40,447 | ||||||
Thermon Group Holdings, Inc.† | 18,071 | 408,224 | ||||||
US Silica Holdings, Inc.# | 43,675 | 619,748 | ||||||
2,803,890 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,206 | 48,843 | ||||||
CVR Energy, Inc. | 8,798 | 332,036 | ||||||
Delek US Holdings, Inc. | 46,601 | 1,854,254 | ||||||
Murphy USA, Inc.† | 16,777 | 1,359,273 | ||||||
Par Pacific Holdings, Inc.† | 17,345 | 293,477 | ||||||
Trecora Resources† | 11,560 | 107,508 | ||||||
3,995,391 | ||||||||
Oil- Field Services — 1.0% |
| |||||||
Archrock, Inc. | 70,922 | 723,404 | ||||||
Basic Energy Services, Inc.† | 10,698 | 67,183 | ||||||
Bristow Group, Inc.†# | 18,345 | 71,912 | ||||||
C&J Energy Services, Inc.† | 35,973 | 618,016 | ||||||
CARBO Ceramics, Inc.†# | 11,490 | 52,624 | ||||||
DMC Global, Inc. | 7,962 | 289,817 | ||||||
Era Group, Inc.† | 11,253 | 113,205 | ||||||
Frank’s International NV†# | 40,825 | 300,064 |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil- Field Services (continued) |
| |||||||
FTS International, Inc.† | 18,143 | $ | 179,253 | |||||
Helix Energy Solutions Group, Inc.† | 78,471 | 643,462 | ||||||
Independence Contract Drilling, Inc.† | 19,138 | 64,686 | ||||||
Keane Group, Inc.† | 30,012 | 333,733 | ||||||
Key Energy Services, Inc.† | 5,699 | 33,225 | ||||||
KLX Energy Services Holdings, Inc.† | 11,216 | 226,451 | ||||||
Liberty Oilfield Services, Inc., Class A# | 24,699 | 427,787 | ||||||
Matrix Service Co.† | 14,761 | 301,715 | ||||||
McDermott International, Inc.†# | 100,060 | 871,523 | ||||||
MRC Global, Inc.† | 46,871 | 737,281 | ||||||
NCS Multistage Holdings, Inc.†# | 5,453 | 39,807 | ||||||
Newpark Resources, Inc.† | 49,712 | 382,285 | ||||||
Nine Energy Service, Inc.† | 8,282 | 233,387 | ||||||
NOW, Inc.†# | 60,164 | 811,612 | ||||||
Nuverra Environmental Solutions, Inc.†# | 710 | 6,639 | ||||||
Oceaneering International, Inc.† | 55,142 | 925,834 | ||||||
Oil States International, Inc.† | 33,249 | 745,443 | ||||||
PHI, Inc.† | 6,535 | 23,069 | ||||||
Pioneer Energy Services Corp.† | 42,537 | 107,619 | ||||||
ProPetro Holding Corp.†# | 39,533 | 641,225 | ||||||
SEACOR Holdings, Inc.† | 9,546 | 396,541 | ||||||
Select Energy Services, Inc., Class A† | 25,179 | 243,733 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A†# | 14,519 | 190,634 | ||||||
Superior Energy Services, Inc.† | 85,534 | 466,160 | ||||||
TETRA Technologies, Inc.† | 67,889 | 157,503 | ||||||
11,426,832 | ||||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.† | 24,511 | 931,663 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 9,009 | 277,567 | ||||||
Neenah, Inc. | 9,301 | 640,653 | ||||||
P.H. Glatfelter Co. | 24,232 | 308,958 | ||||||
Schweitzer-Mauduit International, Inc. | 17,134 | 488,490 | ||||||
Verso Corp., Class A† | 19,226 | 484,880 | ||||||
2,200,548 | ||||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
CareDx, Inc.† | 18,568 | 543,485 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 70,557 | 278,700 | ||||||
Photo Equipment & Supplies — 0.1% |
| |||||||
Ambarella, Inc.†# | 18,053 | 721,939 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
AAC Holdings, Inc.†# | 7,340 | 14,460 | ||||||
U.S. Physical Therapy, Inc. | 6,952 | 827,218 | ||||||
841,678 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Apollo Medical Holdings, Inc.† | 1,853 | 33,206 | ||||||
Pipelines — 0.1% |
| |||||||
NextDecade Corp.†# | 4,362 | 21,941 | ||||||
SemGroup Corp., Class A# | 44,125 | 716,149 | ||||||
738,090 | ||||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp.† | 16,914 | 140,555 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 11,387 | 1,288,553 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Energous Corp.†# | 12,987 | 106,104 | ||||||
Generac Holdings, Inc.† | 33,827 | 1,925,433 |
Security Description | Shares | Value (Note 2) | ||||||
Power Converter/Supply Equipment (continued) |
| |||||||
Powell Industries, Inc. | 4,930 | $ | 150,710 | |||||
SPX Corp.† | 24,011 | 710,245 | ||||||
SunPower Corp.†# | 34,354 | 235,325 | ||||||
Vicor Corp.† | 9,739 | 348,656 | ||||||
3,476,473 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 103,444 | 408,604 | ||||||
Hecla Mining Co.# | 252,774 | 601,602 | ||||||
Tahoe Resources, Inc.† | 173,211 | 607,971 | ||||||
1,618,177 | ||||||||
Printing - Commercial — 0.3% |
| |||||||
Cimpress NV† | 12,284 | 1,482,187 | ||||||
Deluxe Corp. | 26,635 | 1,341,072 | ||||||
Ennis, Inc. | 14,293 | 279,142 | ||||||
LSC Communications, Inc. | 18,281 | 183,176 | ||||||
Quad/Graphics, Inc. | 17,425 | 285,422 | ||||||
RR Donnelley & Sons Co. | 39,388 | 249,326 | ||||||
3,820,325 | ||||||||
Private Equity — 0.1% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 69,881 | 1,368,969 | ||||||
Publishing - Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.† | 57,707 | 574,185 | ||||||
Scholastic Corp. | 15,706 | 725,774 | ||||||
Tribune Publishing Co.† | 9,609 | 140,195 | ||||||
1,440,154 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Gannett Co., Inc.# | 63,179 | 655,166 | ||||||
New York Times Co., Class A# | 73,271 | 1,965,861 | ||||||
2,621,027 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 21,995 | 1,259,434 | ||||||
Value Line, Inc. | 603 | 16,009 | ||||||
1,275,443 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 19,008 | 952,301 | ||||||
Racetracks — 0.3% |
| |||||||
Churchill Downs, Inc. | 6,568 | 1,824,328 | ||||||
Empire Resorts, Inc.†# | 1,967 | 24,725 | ||||||
International Speedway Corp., Class A | 13,509 | 571,971 | ||||||
Penn National Gaming, Inc.† | 60,132 | 1,329,519 | ||||||
Speedway Motorsports, Inc. | 6,387 | 111,006 | ||||||
3,861,549 | ||||||||
Radio — 0.0% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 4,440 | 22,822 | ||||||
Entercom Communications Corp., Class A# | 71,399 | 466,235 | ||||||
Saga Communications, Inc., Class A | 2,128 | 78,949 | ||||||
568,006 | ||||||||
Real Estate Investment Trusts — 7.3% |
| |||||||
Acadia Realty Trust | 44,931 | 1,288,172 | ||||||
AG Mtg. Investment Trust, Inc. | 15,670 | 284,567 | ||||||
Agree Realty Corp. | 16,822 | 1,002,087 | ||||||
Alexander & Baldwin, Inc.† | 38,088 | 789,564 | ||||||
Alexander’s, Inc. | 1,187 | 368,647 | ||||||
American Assets Trust, Inc. | 21,468 | 893,498 | ||||||
Americold Realty Trust# | 48,136 | 1,290,045 | ||||||
Anworth Mtg. Asset Corp. | 54,310 | 243,852 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 68,785 | 1,302,788 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Arbor Realty Trust, Inc.# | 36,254 | $ | 429,610 | |||||
Ares Commercial Real Estate Corp. | 14,941 | 213,357 | ||||||
Armada Hoffler Properties, Inc. | 27,123 | 412,541 | ||||||
ARMOUR Residential REIT, Inc.# | 23,205 | 513,759 | ||||||
Ashford Hospitality Trust, Inc. | 47,387 | 234,566 | ||||||
Blackstone Mtg. Trust, Inc., Class A# | 62,362 | 2,188,906 | ||||||
Bluerock Residential Growth REIT, Inc.# | 13,326 | 121,267 | ||||||
Braemar Hotels & Resorts, Inc. | 16,314 | 154,983 | ||||||
BRT Apartments Corp. | 5,032 | 57,415 | ||||||
Capstead Mtg. Corp. | 51,319 | 396,696 | ||||||
CareTrust REIT, Inc. | 44,823 | 897,356 | ||||||
CatchMark Timber Trust, Inc., Class A | 27,388 | 227,046 | ||||||
CBL & Associates Properties, Inc.# | 94,443 | 246,496 | ||||||
Cedar Realty Trust, Inc. | 49,331 | 177,098 | ||||||
Chatham Lodging Trust | 25,231 | 504,368 | ||||||
Cherry Hill Mtg. Investment Corp. | 8,831 | 167,877 | ||||||
Chesapeake Lodging Trust | 33,085 | 978,323 | ||||||
City Office REIT, Inc. | 19,788 | 216,481 | ||||||
Clipper Realty, Inc. | 8,288 | 106,915 | ||||||
Colony Credit Real Estate, Inc. | 46,835 | 794,790 | ||||||
Community Healthcare Trust, Inc. | 9,717 | 306,474 | ||||||
CoreCivic, Inc. | 66,246 | 1,454,100 | ||||||
CorEnergy Infrastructure Trust, Inc. | 6,633 | 240,446 | ||||||
CorePoint Lodging, Inc.† | 23,074 | 324,651 | ||||||
Cousins Properties, Inc. | 234,548 | 1,981,931 | ||||||
DiamondRock Hospitality Co. | 115,630 | 1,218,740 | ||||||
Dynex Capital, Inc. | 31,087 | 187,455 | ||||||
Easterly Government Properties, Inc. | 33,762 | 615,144 | ||||||
EastGroup Properties, Inc. | 19,621 | 1,962,492 | ||||||
Exantas Capital Corp.# | 16,931 | 189,119 | ||||||
First Industrial Realty Trust, Inc. | 69,475 | 2,227,368 | ||||||
Four Corners Property Trust, Inc. | 37,782 | 1,048,073 | ||||||
Franklin Street Properties Corp.# | 58,147 | 447,732 | ||||||
Front Yard Residential Corp. | 27,505 | 247,820 | ||||||
GEO Group, Inc. | 67,030 | 1,557,777 | ||||||
Getty Realty Corp. | 18,267 | 558,788 | ||||||
Gladstone Commercial Corp. | 15,680 | 300,115 | ||||||
Gladstone Land Corp.# | 7,286 | 96,321 | ||||||
Global Medical REIT, Inc. | 10,561 | 100,013 | ||||||
Global Net Lease, Inc.# | 40,041 | 808,428 | ||||||
Government Properties Income Trust# | 55,051 | 484,449 | ||||||
Great Ajax Corp.# | 8,962 | 115,879 | ||||||
Healthcare Realty Trust, Inc. | 69,159 | 2,143,929 | ||||||
Hersha Hospitality Trust | 19,858 | 379,288 | ||||||
Independence Realty Trust, Inc. | 48,650 | 491,365 | ||||||
Industrial Logistics Properties Trust# | 11,256 | 237,164 | ||||||
InfraREIT, Inc.† | 24,659 | 564,691 | ||||||
Innovative Industrial Properties, Inc. | 3,579 | 176,624 | ||||||
Invesco Mtg. Capital, Inc. | 62,667 | 978,859 | ||||||
Investors Real Estate Trust | 66,884 | 356,492 | ||||||
iStar, Inc.# | 36,295 | 387,631 | ||||||
Jernigan Capital, Inc.# | 10,024 | 214,313 | ||||||
Kite Realty Group Trust | 46,149 | 761,920 | ||||||
KKR Real Estate Finance Trust, Inc. | 9,730 | 189,735 | ||||||
Ladder Capital Corp. | 48,502 | 856,060 | ||||||
LaSalle Hotel Properties# | 61,800 | 1,981,308 | ||||||
Lexington Realty Trust | 120,167 | 1,055,066 | ||||||
LTC Properties, Inc. | 21,942 | 1,018,986 | ||||||
Mack-Cali Realty Corp. | 50,465 | 1,093,072 | ||||||
MedEquities Realty Trust, Inc. | 15,957 | 109,146 | ||||||
Monmouth Real Estate Investment Corp. | 43,167 | 601,316 | ||||||
National Health Investors, Inc. | 22,806 | 1,778,412 | ||||||
National Storage Affiliates Trust | 31,574 | 883,125 | ||||||
New Senior Investment Group, Inc. | 41,621 | 221,007 | ||||||
New York Mortgage Trust, Inc.# | 77,510 | 480,562 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
NexPoint Residential Trust, Inc. | 9,207 | $ | 335,963 | |||||
NorthStar Realty Europe Corp. | 24,916 | 407,626 | ||||||
One Liberty Properties, Inc. | 8,348 | 220,554 | ||||||
Orchid Island Capital, Inc.# | 29,186 | 197,589 | ||||||
Pebblebrook Hotel Trust# | 38,013 | 1,327,414 | ||||||
Pennsylvania Real Estate Investment Trust# | 38,370 | 314,250 | ||||||
PennyMac Mtg. Investment Trust | 33,421 | 703,512 | ||||||
Physicians Realty Trust | 101,885 | 1,814,572 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 71,473 | 1,324,395 | ||||||
PotlatchDeltic Corp. | 37,640 | 1,396,444 | ||||||
Preferred Apartment Communities, Inc., Class A | 22,278 | 333,279 | ||||||
PS Business Parks, Inc. | 11,105 | 1,566,027 | ||||||
QTS Realty Trust, Inc., Class A | 28,415 | 1,153,365 | ||||||
Ready Capital Corp. | 9,851 | 146,780 | ||||||
Redwood Trust, Inc. | 45,834 | 764,969 | ||||||
Retail Opportunity Investments Corp. | 61,963 | 1,121,530 | ||||||
Rexford Industrial Realty, Inc. | 50,635 | 1,652,726 | ||||||
RLJ Lodging Trust | 96,987 | 1,972,716 | ||||||
RPT Realty# | 44,246 | 632,275 | ||||||
Ryman Hospitality Properties, Inc. | 24,948 | 1,848,896 | ||||||
Sabra Health Care REIT, Inc. | 99,230 | 1,914,147 | ||||||
Saul Centers, Inc. | 6,580 | 346,437 | ||||||
Select Income REIT | 49,326 | 951,992 | ||||||
Seritage Growth Properties, Class A# | 18,218 | 691,191 | ||||||
Spirit MTA REIT | 24,003 | 233,549 | ||||||
STAG Industrial, Inc. | 58,632 | 1,570,751 | ||||||
Summit Hotel Properties, Inc. | 57,676 | 643,087 | ||||||
Sunstone Hotel Investors, Inc. | 127,287 | 1,942,400 | ||||||
Tanger Factory Outlet Centers, Inc.# | 51,254 | 1,212,157 | ||||||
Terreno Realty Corp. | 31,995 | 1,248,125 | ||||||
Tier REIT, Inc. | 28,190 | 663,593 | ||||||
UMH Properties, Inc. | 18,522 | 241,342 | ||||||
Universal Health Realty Income Trust | 7,148 | 501,861 | ||||||
Urban Edge Properties | 61,018 | 1,216,699 | ||||||
Urstadt Biddle Properties, Inc., Class A | 16,489 | 339,344 | ||||||
Washington Prime Group, Inc.# | 104,249 | 651,556 | ||||||
Washington Real Estate Investment Trust | 43,954 | 1,185,000 | ||||||
Western Asset Mtg. Capital Corp.# | 22,561 | 227,640 | ||||||
Xenia Hotels & Resorts, Inc. | 62,847 | 1,277,051 | ||||||
86,229,260 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
Farmland Partners, Inc.# | 17,687 | 109,659 | ||||||
HFF, Inc., Class A | 20,938 | 845,895 | ||||||
Marcus & Millichap, Inc.† | 10,843 | 395,661 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,781 | 43,595 | ||||||
Newmark Group, Inc., Class A | 12,975 | 108,990 | ||||||
RE/MAX Holdings, Inc., Class A | 9,944 | 327,854 | ||||||
Redfin Corp.†# | 44,156 | 748,886 | ||||||
RMR Group, Inc., Class A | 3,927 | 253,841 | ||||||
Safety Income and Growth, Inc. | 4,411 | 87,073 | ||||||
2,921,454 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
American Realty Investors, Inc.†# | 1,153 | 18,909 | ||||||
Consolidated-Tomoka Land Co. | 2,170 | 125,903 | ||||||
Cushman & Wakefield PLC† | 25,326 | 471,570 | ||||||
Essential Properties Realty Trust, Inc. | 19,851 | 280,892 | ||||||
Forestar Group, Inc.† | 5,881 | 94,331 | ||||||
Griffin Industrial Realty, Inc. | 464 | 16,449 | ||||||
McGrath RentCorp | 13,443 | 718,260 | ||||||
Stratus Properties, Inc.† | 3,273 | 88,895 | ||||||
Transcontinental Realty Investors, Inc.†# | 934 | 33,717 | ||||||
Trinity Place Holdings, Inc.†# | 9,781 | 48,220 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Operations & Development (continued) |
| |||||||
Whitestone REIT | 21,287 | $ | 299,721 | |||||
2,196,867 | ||||||||
Recreational Centers — 0.3% |
| |||||||
Planet Fitness, Inc., Class A† | 49,329 | 2,723,947 | ||||||
St. Joe Co.†# | 19,647 | 294,705 | ||||||
Town Sports International Holdings, Inc.† | 8,077 | 57,428 | ||||||
3,076,080 | ||||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A# | 18,075 | 341,075 | ||||||
Malibu Boats, Inc., Class A† | 11,416 | 552,763 | ||||||
MasterCraft Boat Holdings, Inc.† | 10,281 | 266,381 | ||||||
1,160,219 | ||||||||
Rental Auto/Equipment — 0.4% |
| |||||||
Aaron’s, Inc. | 38,613 | 1,807,088 | ||||||
Avis Budget Group, Inc.† | 37,231 | 1,090,496 | ||||||
CAI International, Inc.† | 9,600 | 235,296 | ||||||
Herc Holdings, Inc.† | 13,393 | 477,728 | ||||||
Hertz Global Holdings, Inc.†# | 30,577 | 572,096 | ||||||
Rent-A-Center, Inc.† | 24,742 | 363,213 | ||||||
Textainer Group Holdings, Ltd.† | 15,204 | 169,525 | ||||||
4,715,442 | ||||||||
Resorts/Theme Parks — 0.2% |
| |||||||
Marriott Vacations Worldwide Corp. | 21,701 | 1,762,121 | ||||||
SeaWorld Entertainment, Inc.† | 30,623 | 872,143 | ||||||
2,634,264 | ||||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Abercrombie & Fitch Co., Class A | 37,942 | 793,367 | ||||||
American Eagle Outfitters, Inc. | 89,965 | 1,882,967 | ||||||
Ascena Retail Group, Inc.† | 97,650 | 294,903 | ||||||
Boot Barn Holdings, Inc.† | 15,428 | 349,290 | ||||||
Buckle, Inc. | 16,063 | 306,803 | ||||||
Caleres, Inc. | 23,474 | 709,619 | ||||||
Cato Corp., Class A | 12,647 | 191,096 | ||||||
Chico’s FAS, Inc. | 71,288 | 384,955 | ||||||
Children’s Place, Inc.# | 9,009 | 1,167,927 | ||||||
DSW, Inc., Class A | 38,307 | 1,062,636 | ||||||
Duluth Holdings, Inc., Class B†# | 4,601 | 144,379 | ||||||
Express, Inc.†# | 40,591 | 253,288 | ||||||
Francesca’s Holdings Corp.†# | 19,422 | 38,650 | ||||||
Genesco, Inc.† | 10,839 | 452,637 | ||||||
Guess?, Inc. | 32,116 | 764,361 | ||||||
J. Jill, Inc.† | 9,162 | 56,530 | ||||||
RTW RetailWinds, Inc.† | 16,147 | 54,092 | ||||||
Shoe Carnival, Inc.# | 5,919 | 224,508 | ||||||
Tailored Brands, Inc.# | 27,701 | 634,353 | ||||||
Tilly’s, Inc., Class A | 8,078 | 92,978 | ||||||
Vera Bradley, Inc.† | 12,644 | 139,337 | ||||||
Winmark Corp. | 1,388 | 205,854 | ||||||
10,204,530 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 10,958 | 305,838 | ||||||
Retail - Automobile — 0.4% |
| |||||||
America’sCar-Mart, Inc.† | 3,363 | 249,568 | ||||||
Asbury Automotive Group, Inc.† | 11,234 | 776,494 | ||||||
Carvana Co.†# | 18,057 | 781,688 | ||||||
Group 1 Automotive, Inc. | 10,690 | 600,778 | ||||||
Lithia Motors, Inc., Class A# | 12,796 | 1,060,277 | ||||||
Rush Enterprises, Inc., Class A | 16,762 | 638,632 | ||||||
Rush Enterprises, Inc., Class B | 2,477 | 95,835 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Automobile (continued) | ||||||||
Sonic Automotive, Inc., Class A# | 13,369 | $ | 211,096 | |||||
4,414,368 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 75,009 | 966,116 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 21,411 | 142,811 | ||||||
Barnes & Noble, Inc.# | 33,245 | 251,665 | ||||||
394,476 | ||||||||
Retail - Building Products — 0.3% |
| |||||||
At Home Group, Inc.†# | 24,656 | 702,696 | ||||||
Beacon Roofing Supply, Inc.† | 38,025 | 1,325,551 | ||||||
BMC Stock Holdings, Inc.† | 37,591 | 639,423 | ||||||
Foundation Building Materials, Inc.†# | 8,222 | 80,411 | ||||||
GMS, Inc.† | 18,163 | 341,283 | ||||||
Tile Shop Holdings, Inc. | 22,421 | 132,508 | ||||||
3,221,872 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 6,434 | 201,642 | ||||||
Retail - Discount — 0.4% |
| |||||||
Big Lots, Inc. | 22,398 | 975,657 | ||||||
BJ’s Wholesale Club Holdings, Inc.†# | 39,539 | 923,631 | ||||||
Citi Trends, Inc. | 7,088 | 145,304 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 27,725 | 2,459,207 | ||||||
4,503,799 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Rite Aid Corp.†# | 586,953 | 651,518 | ||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.† | 15,870 | 200,438 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 19,742 | 360,686 | ||||||
Retail-Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 5,696 | 119,787 | ||||||
Haverty Furniture Cos., Inc. | 10,537 | 215,903 | ||||||
Kirkland’s, Inc.† | 8,781 | 95,274 | ||||||
La-Z-Boy, Inc. | 26,035 | 761,003 | ||||||
Lovesac Co.† | 1,970 | 34,534 | ||||||
Pier 1 Imports, Inc.# | 45,572 | 65,624 | ||||||
RH†# | 10,752 | 1,248,737 | ||||||
2,540,862 | ||||||||
Retail - Jewelry — 0.2% |
| |||||||
Movado Group, Inc. | 8,773 | 330,216 | ||||||
Signet Jewelers, Ltd. | 32,919 | 1,734,831 | ||||||
2,065,047 | ||||||||
Retail - Leisure Products — 0.1% |
| |||||||
MarineMax, Inc.† | 14,517 | 308,196 | ||||||
Party City Holdco, Inc.†# | 31,609 | 377,727 | ||||||
685,923 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
J.C. Penney Co., Inc.†# | 175,096 | 250,387 | ||||||
Retail - Misc./Diversified — 0.6% |
| |||||||
Container Store Group, Inc.† | 8,898 | 48,316 | ||||||
Five Below, Inc.† | 30,470 | 3,192,951 | ||||||
Gaia, Inc.†# | 6,276 | 81,839 | ||||||
GameStop Corp., Class A# | 55,916 | 763,813 | ||||||
Hudson, Ltd., Class A† | 22,184 | 460,318 | ||||||
PriceSmart, Inc. | 12,334 | 825,021 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Misc./Diversified (continued) |
| |||||||
Sally Beauty Holdings, Inc.†# | 67,225 | $ | 1,419,120 | |||||
6,791,378 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 309,750 | 1,000,492 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
EZCORP, Inc., Class A†# | 27,924 | 265,837 | ||||||
FirstCash, Inc. | 24,241 | 2,158,661 | ||||||
2,424,498 | ||||||||
Retail- Pet Food & Supplies — 0.1% |
| |||||||
Freshpet, Inc.† | 14,633 | 482,889 | ||||||
PetIQ, Inc.†# | 6,214 | 193,877 | ||||||
PetMed Express, Inc.# | 11,130 | 268,121 | ||||||
944,887 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 37,368 | 963,721 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 6,491 | 450,410 | ||||||
Retail - Restaurants — 1.6% |
| |||||||
Biglari Holdings, Inc., Class A† | 104 | 72,670 | ||||||
Biglari Holdings, Inc., Class B† | 526 | 75,244 | ||||||
BJ’s Restaurants, Inc. | 11,526 | 626,092 | ||||||
Bloomin’ Brands, Inc. | 46,729 | 913,552 | ||||||
Bojangles’, Inc.† | 9,709 | 156,218 | ||||||
Brinker International, Inc.# | 24,474 | 1,250,132 | ||||||
Cannae Holdings, Inc.† | 38,450 | 670,183 | ||||||
Carrols Restaurant Group, Inc.† | 19,371 | 213,468 | ||||||
Cheesecake Factory, Inc.# | 23,839 | 1,124,962 | ||||||
Chuy’s Holdings, Inc.† | 9,334 | 199,748 | ||||||
Cracker Barrel Old Country Store, Inc. | 10,736 | 1,941,176 | ||||||
Dave & Buster’s Entertainment, Inc. | 22,222 | 1,263,543 | ||||||
Del Frisco’s Restaurant Group, Inc.† | 18,450 | 126,752 | ||||||
Del Taco Restaurants, Inc.† | 17,326 | 185,561 | ||||||
Denny’s Corp.† | 34,579 | 571,937 | ||||||
Dine Brands Global, Inc.# | 9,344 | 833,298 | ||||||
El Pollo Loco Holdings, Inc.† | 11,955 | 182,553 | ||||||
Fiesta Restaurant Group, Inc.† | 13,243 | 249,631 | ||||||
Habit Restaurants, Inc., Class A† | 11,373 | 142,163 | ||||||
J Alexander’s Holdings, Inc.† | 7,163 | 73,206 | ||||||
Jack in the Box, Inc. | 15,163 | 1,344,806 | ||||||
Noodles & Co.† | 7,811 | 61,785 | ||||||
Papa John’s International, Inc.# | 12,383 | 594,260 | ||||||
Potbelly Corp.† | 12,766 | 129,958 | ||||||
Red Robin Gourmet Burgers, Inc.†# | 7,242 | 251,225 | ||||||
Ruth’s Hospitality Group, Inc. | 16,107 | 394,138 | ||||||
Shake Shack, Inc., Class A† | 13,751 | 763,868 | ||||||
Sonic Corp. | 19,287 | 838,020 | ||||||
Texas Roadhouse, Inc. | 37,824 | 2,497,519 | ||||||
Wingstop, Inc. | 16,196 | 1,062,782 | ||||||
18,810,450 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp.# | 11,195 | 41,310 | ||||||
Hibbett Sports, Inc.†# | 10,579 | 163,869 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 20,711 | 93,199 | ||||||
Zumiez, Inc.† | 10,352 | 204,141 | ||||||
502,519 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 27,097 | 996,357 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A†# | 45,792 | 130,507 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Brookdale Senior Living, Inc.† | 104,263 | $ | 891,449 | |||||
Capital Senior Living Corp.† | 13,719 | 123,471 | ||||||
1,014,920 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co.# | 28,292 | 967,586 | ||||||
Rubber/Plastic Products — 0.4% |
| |||||||
Myers Industries, Inc. | 19,630 | 323,895 | ||||||
Proto Labs, Inc.† | 15,115 | 1,945,149 | ||||||
Raven Industries, Inc. | 19,993 | 806,718 | ||||||
Trinseo SA | 23,895 | 1,207,414 | ||||||
4,283,176 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.†# | 32,172 | 136,088 | ||||||
Intelsat SA† | 25,445 | 632,817 | ||||||
Iridium Communications, Inc.†# | 53,535 | 1,278,416 | ||||||
Loral Space & Communications, Inc.† | 7,161 | 304,414 | ||||||
2,351,735 | ||||||||
Savings & Loans/Thrifts — 1.5% |
| |||||||
Axos Financial, Inc.†# | 33,006 | 1,029,787 | ||||||
Banc of California, Inc.# | 23,994 | 412,697 | ||||||
BankFinancial Corp. | 7,546 | 112,662 | ||||||
Beneficial Bancorp, Inc. | 38,053 | 589,060 | ||||||
Berkshire Hills Bancorp, Inc. | 22,710 | 775,547 | ||||||
Brookline Bancorp, Inc. | 44,066 | 682,142 | ||||||
BSB Bancorp, Inc.† | 4,696 | 154,170 | ||||||
Capitol Federal Financial, Inc. | 71,861 | 1,008,928 | ||||||
Community Bankers Trust Corp.† | 11,974 | 99,025 | ||||||
Dime Community Bancshares, Inc. | 18,092 | 330,179 | ||||||
Entegra Financial Corp.† | 3,744 | 86,636 | ||||||
ESSA Bancorp, Inc. | 5,303 | 85,113 | ||||||
First Defiance Financial Corp. | 11,122 | 313,418 | ||||||
First Financial Northwest, Inc. | 4,649 | 70,758 | ||||||
First Savings Financial Group, Inc.# | 1,016 | 58,237 | ||||||
Flagstar Bancorp, Inc.† | 16,480 | 534,776 | ||||||
Flushing Financial Corp. | 15,289 | 357,304 | ||||||
FS Bancorp, Inc. | 1,762 | 84,329 | ||||||
Greene County Bancorp, Inc.# | 1,694 | 57,562 | ||||||
Hingham Institution for Savings | 740 | 164,428 | ||||||
Home Bancorp, Inc. | 4,363 | 165,707 | ||||||
HomeTrust Bancshares, Inc. | 9,766 | 253,818 | ||||||
Investors Bancorp, Inc. | 137,879 | 1,693,154 | ||||||
Malvern Bancorp, Inc.† | 3,562 | 74,446 | ||||||
Meridian Bancorp, Inc. | 26,806 | 438,278 | ||||||
MutualFirst Financial, Inc. | 3,259 | 115,336 | ||||||
Northfield Bancorp, Inc. | 24,222 | 341,288 | ||||||
Northwest Bancshares, Inc. | 53,358 | 956,709 | ||||||
OceanFirst Financial Corp. | 26,487 | 682,570 | ||||||
Oconee Federal Financial Corp.# | 528 | 13,834 | ||||||
Oritani Financial Corp. | 22,384 | 348,967 | ||||||
Pacific Premier Bancorp, Inc.†# | 25,418 | 784,654 | ||||||
Provident Financial Services, Inc. | 34,593 | 888,348 | ||||||
Prudential Bancorp, Inc. | 4,951 | 87,880 | ||||||
Riverview Bancorp, Inc. | 11,827 | 96,272 | ||||||
SI Financial Group, Inc. | 6,185 | 84,178 | ||||||
Southern Missouri Bancorp, Inc. | 3,956 | 143,722 | ||||||
Territorial Bancorp, Inc. | 4,340 | 120,869 | ||||||
Timberland Bancorp, Inc. | 3,638 | 102,955 | ||||||
United Community Financial Corp. | 27,041 | 258,782 | ||||||
United Financial Bancorp, Inc. | 28,281 | 463,243 | ||||||
Washington Federal, Inc. | 46,567 | 1,341,595 | ||||||
Waterstone Financial, Inc. | 14,212 | 238,193 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
WSFS Financial Corp. | 16,816 | $ | 707,449 | |||||
17,409,005 | ||||||||
Schools — 0.6% |
| |||||||
Adtalem Global Education, Inc.† | 33,394 | 1,928,170 | ||||||
American Public Education, Inc.† | 8,935 | 282,703 | ||||||
Cambium Learning Group, Inc.† | 8,073 | 116,897 | ||||||
Career Education Corp.† | 37,901 | 511,284 | ||||||
Chegg, Inc.† | 60,470 | 1,690,137 | ||||||
K12, Inc.† | 20,526 | 489,750 | ||||||
Laureate Education, Inc., Class A† | 46,614 | 687,557 | ||||||
Strategic Education, Inc. | 11,653 | 1,590,518 | ||||||
7,297,016 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 28,040 | 1,985,793 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 11,770 | 43,784 | ||||||
ION Geophysical Corp.† | 5,928 | 52,463 | ||||||
96,247 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Cirrus Logic, Inc.† | 34,178 | 1,279,624 | ||||||
Integrated Device Technology, Inc.† | 72,303 | 3,466,206 | ||||||
MaxLinear, Inc.†# | 34,864 | 711,226 | ||||||
Power Integrations, Inc. | 15,975 | 1,012,176 | ||||||
6,469,232 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
ACM Research, Inc., Class A†# | 4,663 | 51,992 | ||||||
Advanced Energy Industries, Inc.† | 21,862 | 1,028,388 | ||||||
Aquantia Corp.†# | 12,012 | 117,117 | ||||||
Axcelis Technologies, Inc.† | 17,872 | 356,010 | ||||||
Brooks Automation, Inc. | 38,761 | 1,176,784 | ||||||
Cabot Microelectronics Corp. | 15,843 | 1,702,806 | ||||||
Cohu, Inc. | 22,098 | 433,121 | ||||||
Entegris, Inc. | 79,172 | 2,327,657 | ||||||
FormFactor, Inc.† | 41,238 | 680,015 | ||||||
Nanometrics, Inc.† | 12,706 | 408,117 | ||||||
Ultra Clean Holdings, Inc.†# | 21,432 | 201,461 | ||||||
Veeco Instruments, Inc.† | 26,961 | 236,178 | ||||||
8,719,646 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Advanced Drainage Systems, Inc. | 20,185 | 550,445 | ||||||
Northwest Pipe Co.† | 5,326 | 125,641 | ||||||
Omega Flex, Inc. | 1,623 | 89,914 | ||||||
TimkenSteel Corp.†# | 22,303 | 246,225 | ||||||
1,012,225 | ||||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.†# | 175,680 | 541,094 | ||||||
Carpenter Technology Corp. | 26,015 | 1,120,726 | ||||||
Commercial Metals Co. | 64,946 | 1,251,510 | ||||||
Ryerson Holding Corp.† | 8,879 | 72,719 | ||||||
Schnitzer Steel Industries, Inc., Class A | 14,608 | 409,170 | ||||||
Shiloh Industries, Inc.† | 8,223 | 65,537 | ||||||
3,460,756 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 70,021 | 1,838,751 | ||||||
Universal Stainless & Alloy Products, Inc.† | 4,679 | 91,568 | ||||||
1,930,319 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 24,780 | $ | 1,001,608 | |||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 17,066 | 298,655 | ||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Acacia Communications, Inc.† | 15,258 | 654,263 | ||||||
Ciena Corp.† | 79,935 | 2,607,480 | ||||||
Clearfield, Inc.† | 6,264 | 77,298 | ||||||
Finisar Corp.†# | 65,442 | 1,528,071 | ||||||
Harmonic, Inc.† | 46,414 | 260,847 | ||||||
KVH Industries, Inc.† | 9,023 | 101,689 | ||||||
Oclaro, Inc.† | 93,859 | 757,442 | ||||||
Viavi Solutions, Inc.† | 126,796 | 1,285,711 | ||||||
7,272,801 | ||||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc.# | 39,128 | 538,401 | ||||||
Fusion Connect, Inc.†# | 11,917 | 26,813 | ||||||
GTT Communications, Inc.†# | 23,664 | 796,530 | ||||||
HC2 Holdings, Inc.†# | 23,717 | 74,946 | ||||||
Ooma, Inc.† | 10,188 | 152,209 | ||||||
ORBCOMM, Inc.† | 40,797 | 386,755 | ||||||
RigNet, Inc.† | 7,834 | 142,422 | ||||||
Spok Holdings, Inc. | 10,207 | 148,716 | ||||||
Vonage Holdings Corp.† | 123,318 | 1,305,938 | ||||||
3,572,730 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 26,711 | 332,552 | ||||||
Aerohive Networks, Inc.† | 18,509 | 67,743 | ||||||
Casa Systems, Inc.† | 15,096 | 234,743 | ||||||
DASAN Zhone Solutions, Inc.† | 3,275 | 42,575 | ||||||
Maxar Technologies, Ltd. | 31,591 | 523,147 | ||||||
Plantronics, Inc. | 18,492 | 846,379 | ||||||
Preformed Line Products Co. | 1,708 | 109,585 | ||||||
Quantenna Communications, Inc.† | 18,836 | 282,163 | ||||||
2,438,887 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Cincinnati Bell, Inc.† | 25,576 | 317,654 | ||||||
Frontier Communications Corp.# | 58,177 | 207,692 | ||||||
Shenandoah Telecommunications Co. | 26,035 | 1,300,709 | ||||||
Windstream Holdings, Inc.†# | 22,746 | 68,465 | ||||||
1,894,520 | ||||||||
Television — 0.7% |
| |||||||
Central European Media Enterprises, Ltd., Class A†# | 48,050 | 157,604 | ||||||
Gray Television, Inc.† | 44,555 | 823,822 | ||||||
Nexstar Media Group, Inc., Class A# | 24,972 | 2,063,686 | ||||||
Sinclair Broadcast Group, Inc., Class A | 40,204 | 1,264,416 | ||||||
TEGNA, Inc. | 120,926 | 1,607,107 | ||||||
World Wrestling Entertainment, Inc., Class A# | 23,995 | 1,774,670 | ||||||
7,691,305 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 8,711 | 241,904 | ||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,223 | 127,509 | ||||||
Theaters — 0.1% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 28,980 | 395,577 | ||||||
National CineMedia, Inc. | 43,021 | 297,275 | ||||||
Reading International, Inc., Class A† | 9,363 | 142,973 | ||||||
835,825 | ||||||||
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Therapeutics — 0.4% |
| |||||||
Akebia Therapeutics, Inc.†# | 28,112 | $ | 227,145 | |||||
Anika Therapeutics, Inc.† | 7,946 | 273,740 | ||||||
Fennec Pharmaceuticals, Inc.†# | 6,469 | 43,342 | ||||||
Flexion Therapeutics, Inc.†# | 18,728 | 305,454 | ||||||
G1 Therapeutics, Inc.† | 11,621 | 444,271 | ||||||
La Jolla Pharmaceutical Co.†# | 11,956 | 173,003 | ||||||
MannKind Corp.†# | 78,099 | 139,016 | ||||||
Mersana Therapeutics, Inc.†# | 7,021 | 37,211 | ||||||
Mirati Therapeutics, Inc.†# | 11,247 | 434,022 | ||||||
Portola Pharmaceuticals, Inc.†# | 36,305 | 793,264 | ||||||
Proteostasis Therapeutics, Inc.† | 14,272 | 72,359 | ||||||
Recro Pharma, Inc.† | 9,829 | 64,576 | ||||||
Vital Therapies, Inc.† | 16,950 | 5,363 | ||||||
Xencor, Inc.† | 25,769 | 1,082,556 | ||||||
Zafgen, Inc.† | 16,996 | 85,660 | ||||||
4,180,982 | ||||||||
Tobacco — 0.2% |
| |||||||
22nd Century Group, Inc.† | 64,787 | 196,952 | ||||||
Pyxus International, Inc.†# | 4,679 | 66,863 | ||||||
Turning Point Brands, Inc. | 4,411 | 131,448 | ||||||
Universal Corp. | 13,776 | 873,398 | ||||||
Vector Group, Ltd. | 57,118 | 719,687 | ||||||
1,988,348 | ||||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 5,854 | 87,986 | ||||||
Trading Companies & Distributors — 0.0% |
| |||||||
EVI Industries, Inc. | 2,090 | 73,986 | ||||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.†# | 6,611 | 79,530 | ||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.† | 63,993 | 1,848,118 | ||||||
InnerWorkings, Inc.† | 24,004 | 101,297 | ||||||
1,949,415 | ||||||||
Transport- Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 32,551 | 603,170 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 13,207 | 703,273 | ||||||
1,306,443 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 20,965 | 1,750,787 | ||||||
General Finance Corp.† | 5,439 | 74,242 | ||||||
Greenbrier Cos., Inc. | 17,651 | 863,310 | ||||||
Willis Lease Finance Corp.† | 1,722 | 63,439 | ||||||
2,751,778 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp.† | 18,627 | 109,713 | ||||||
Costamare, Inc. | 27,200 | 144,160 | ||||||
DHT Holdings, Inc. | 51,247 | 231,637 | ||||||
Dorian LPG, Ltd.† | 15,454 | 108,642 | ||||||
Eagle Bulk Shipping, Inc.† | 26,602 | 124,497 | ||||||
Frontline, Ltd.†# | 42,892 | 311,396 | ||||||
GasLog, Ltd. | 22,717 | 471,605 | ||||||
Genco Shipping & Trading, Ltd.† | 5,443 | 45,449 | ||||||
Golar LNG, Ltd.# | 52,766 | 1,405,686 | ||||||
International Seaways, Inc.†# | 12,128 | 233,828 | ||||||
Nordic American Tankers, Ltd.# | 78,218 | 230,743 | ||||||
Overseas Shipholding Group, Inc., Class A† | 31,786 | 68,022 | ||||||
Safe Bulkers, Inc.† | 28,358 | 56,432 | ||||||
Scorpio Bulkers, Inc. | 32,450 | 198,270 | ||||||
Scorpio Tankers, Inc.# | 163,747 | 338,956 |
Security Description | Shares | Value (Note 2) | ||||||
Transport - Marine (continued) | ||||||||
Ship Finance International, Ltd. | 46,483 | $ | 603,349 | |||||
Teekay Corp.# | 38,209 | 168,502 | ||||||
Teekay Tankers, Ltd., Class A | 106,594 | 120,451 | ||||||
Tidewater, Inc.†# | 15,739 | 374,273 | ||||||
5,345,611 | ||||||||
Transport - Services — 0.3% |
| |||||||
CryoPort, Inc.†# | 14,391 | 155,711 | ||||||
Daseke, Inc.† | 22,876 | 91,962 | ||||||
Echo Global Logistics, Inc.† | 15,599 | 395,747 | ||||||
Forward Air Corp. | 16,364 | 1,068,242 | ||||||
Hub Group, Inc., Class A† | 18,226 | 809,963 | ||||||
Matson, Inc. | 23,627 | 929,722 | ||||||
Radiant Logistics, Inc.† | 21,700 | 118,048 | ||||||
Universal Logistics Holdings, Inc. | 4,635 | 108,320 | ||||||
3,677,715 | ||||||||
Transport - Truck — 0.3% |
| |||||||
ArcBest Corp. | 14,316 | 576,362 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,878 | 156,681 | ||||||
Heartland Express, Inc. | 26,069 | 540,932 | ||||||
Marten Transport, Ltd. | 21,809 | 424,839 | ||||||
P.A.M. Transportation Services, Inc.† | 1,210 | 62,509 | ||||||
Saia, Inc.† | 14,295 | 862,131 | ||||||
US Xpress Enterprises, Inc. Class A† | 11,686 | 96,176 | ||||||
USA Truck, Inc.† | 4,414 | 90,531 | ||||||
Werner Enterprises, Inc. | 26,666 | 902,911 | ||||||
YRC Worldwide, Inc.† | 18,514 | 104,789 | ||||||
3,817,861 | ||||||||
Travel Services — 0.1% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 40,501 | 770,734 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 10,754 | 96,356 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,714 | 386,182 | ||||||
Neogen Corp.† | 28,040 | 1,818,674 | ||||||
2,204,856 | ||||||||
Virtual Reality Products — 0.0% |
| |||||||
Vuzix Corp.†# | 13,131 | 72,746 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 5,031 | 95,237 | ||||||
Natural Health Trends Corp. | 4,107 | 87,808 | ||||||
Nature’s Sunshine Products, Inc.† | 4,753 | 43,727 | ||||||
USANA Health Sciences, Inc.† | 7,064 | 864,492 | ||||||
1,091,264 | ||||||||
Water — 0.4% |
| |||||||
American States Water Co. | 20,409 | 1,369,036 | ||||||
Artesian Resources Corp., Class A | 4,422 | 160,784 | ||||||
California Water Service Group | 26,784 | 1,224,565 | ||||||
Connecticut Water Service, Inc. | 6,721 | 467,647 | ||||||
Consolidated Water Co., Ltd. | 8,206 | 101,672 | ||||||
Global Water Resources, Inc. | 6,031 | 61,335 | ||||||
Middlesex Water Co. | 8,879 | 460,287 | ||||||
PICO Holdings, Inc.† | 11,261 | 109,795 | ||||||
SJW Group | 9,609 | 538,488 | ||||||
York Water Co. | 7,181 | 237,835 | ||||||
4,731,444 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
AquaVenture Holdings, Ltd.† | 6,079 | 114,164 | ||||||
Energy Recovery, Inc.†# | 20,093 | 164,160 |
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Water Treatment Systems (continued) |
| |||||||
Evoqua Water Technologies Corp.†# | 42,211 | $ | 385,808 | |||||
Pure Cycle Corp.† | 9,535 | 100,117 | ||||||
764,249 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.† | 39,143 | 324,887 | ||||||
NIC, Inc. | 35,892 | 466,596 | ||||||
Q2 Holdings, Inc.† | 20,420 | 1,108,602 | ||||||
1,900,085 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Meet Group, Inc.† | 38,850 | 156,566 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc.# | 22,539 | 1,257,225 | ||||||
Encore Wire Corp. | 11,357 | 567,396 | ||||||
Insteel Industries, Inc. | 10,162 | 279,862 | ||||||
2,104,483 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
CalAmp Corp.† | 19,149 | 338,937 | ||||||
InterDigital, Inc. | 19,300 | 1,452,518 | ||||||
pdvWireless, Inc.† | 5,220 | 226,757 | ||||||
Ribbon Communications, Inc.† | 29,390 | 156,943 | ||||||
ViaSat, Inc.†# | 30,879 | 2,134,974 | ||||||
4,310,129 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Dermira, Inc.†# | 19,414 | 225,397 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.†# | 21,287 | 560,913 | ||||||
ViewRay, Inc.†# | 33,620 | 225,590 | ||||||
786,503 | ||||||||
Total Common Stocks | ||||||||
(cost $879,446,086) | 1,133,461,252 | |||||||
RIGHTS — 0.0% |
| |||||||
Medical Products — 0.0% |
| |||||||
Pulse Biosciences, Inc.†# | 5,925 | 0 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Xoma Corp.†# | 365 | 742 | ||||||
Total Rights | ||||||||
(cost $0) | 742 | |||||||
WARRANTS — 0.0% |
| |||||||
Finance - Other Services — 0.0% |
| |||||||
Emergent Capital, Inc.† | 1,320 | 0 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $879,446,086) | 1,133,461,994 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Registered Investment Companies — 2.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 25,402,028 | 25,402,028 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 0.5% |
| |||||||
United States Treasury Bills | $ | 3,000,000 | $ | 2,994,217 | ||||
2.12% due 12/27/2018(5) | 740,000 | 738,912 | ||||||
2.25% due 02/07/2019(5) | 500,000 | 497,892 | ||||||
2.37% due 03/28/2019(5) | 2,000,000 | 1,984,890 | ||||||
6,215,911 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $31,617,783) | 31,617,939 | |||||||
REPURCHASE AGREEMENTS — 3.0% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $34,648,213 collateralized by $35,910,000 of U.S. Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $35,343,987 | 34,647,000 | 34,647,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $945,710,869)(6) | 102.1 | % | 1,199,726,933 | |||||
Liabilities in excess of other assets | (2.1 | ) | (24,329,090 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,175,397,843 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Illiquid security. At November 30, 2018, the aggregate value of these securities was $36,703 representing 0.0% of net assets. |
(3) | At November 30, 2018, the Fund had loaned securities with a total value of $203,215,729. This was secured by collateral of $25,402,028, which was received in cash and subsequently invested in short-term investments currently valued at $25,402,028 as reported in the Portfolio of Investments. Additional collateral of $183,170,310 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 5,857,815 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 9,111,415 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 2,025,758 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 9,167,252 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 157,008,070 |
(4) | The rate shown is the7-day yield as of November 30, 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
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
491 | Long | Russell 2000 E-Mini Index | December 2018 | $ | 39,840,351 | $ | 37,674,430 | $ | (2,165,921 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Chemicals-Plastics | $ | 1,730,372 | $ | — | $ | 21,914 | $ | 1,752,286 | ||||||||
Finance-Commercial | 881,340 | — | 9,676 | 891,016 | ||||||||||||
Medical-Biomedical/Gene | 54,935,037 | — | 2,429 | 54,937,466 | ||||||||||||
Medical-Drugs | 27,357,250 | — | 2,684 | 27,359,934 | ||||||||||||
Metal-Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 1,200,034 | — | 0 | 1,200,034 | ||||||||||||
Oil Companies - Exploration & Production | 16,142,208 | — | 0 | 16,142,208 | ||||||||||||
Other Industries | 1,031,178,308 | — | — | 1,031,178,308 | ||||||||||||
Rights | — | 742 | — | 742 | ||||||||||||
Warrants | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 25,402,028 | — | — | 25,402,028 | ||||||||||||
U.S. Government Treasuries | — | 6,215,911 | — | 6,215,911 | ||||||||||||
Repurchase Agreements | — | 34,647,000 | — | 34,647,000 | ||||||||||||
Total Investment at Value | $ | 1,158,826,577 | $ | 40,863,653 | $ | 36,703 | $ | 1,199,726,933 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:+ | ||||||||||||||||
Futures Contracts | $ | 2,165,921 | $ | — | $ | — | $ | 2,165,921 | ||||||||
* | 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. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no transfers during the reporting period.
See Notes to Financial Statements
209 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE —November 30, 2018(unaudited)
Industry Allocation*
Banks — Commercial | 11.6 | % | ||
Retail — Restaurants | 5.8 | |||
Food — Misc./Diversified | 3.5 | |||
Insurance — Property/Casualty | 3.4 | |||
Real Estate Investment Trusts | 3.4 | |||
Metal Processors & Fabrication | 3.3 | |||
Chemicals — Diversified | 3.1 | |||
Consumer Products — Misc. | 3.0 | |||
Paper & Related Products | 2.9 | |||
Electric — Integrated | 2.8 | |||
Printing — Commercial | 2.6 | |||
Building & Construction Products — Misc. | 2.5 | |||
Building Products — Cement | 2.1 | |||
Investment Management/Advisor Services | 2.0 | |||
Chemicals — Specialty | 2.0 | |||
Machinery — Pumps | 1.9 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Electronic Components — Misc. | 1.8 | |||
Machinery — Electrical | 1.8 | |||
Computer Services | 1.8 | |||
Investment Companies | 1.7 | |||
Semiconductor Equipment | 1.6 | |||
Containers — Metal/Glass | 1.5 | |||
Electronic Measurement Instruments | 1.5 | |||
Batteries/Battery Systems | 1.4 | |||
Electric Products — Misc. | 1.4 | |||
Registered Investment Companies | 1.2 | |||
Oil — Field Services | 1.2 | |||
Wire & Cable Products | 1.2 | |||
Identification Systems | 1.1 | |||
Miscellaneous Manufacturing | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Diversified Operations | 1.0 | |||
Oil & Gas Drilling | 1.0 | |||
Auto/Truck Parts & Equipment — Replacement | 1.0 | |||
Medical — Drugs | 1.0 | |||
Diversified Operations/Commercial Services | 1.0 | |||
Beverages —Non-alcoholic | 1.0 | |||
Networking Products | 0.9 | |||
Footwear & Related Apparel | 0.8 | |||
Publishing — Newspapers | 0.8 | |||
Chemicals — Plastics | 0.7 | |||
Food — Confectionery | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
Medical — Biomedical/Gene | 0.6 | |||
Human Resources | 0.6 | |||
Office Supplies & Forms | 0.6 | |||
Quarrying | 0.5 | |||
E-Marketing/Info | 0.5 | |||
Medical Products | 0.5 | |||
Apparel Manufacturers | 0.4 | |||
Lasers — System/Components | 0.4 | |||
Electronic Components — Semiconductors | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Telecom Services | 0.3 | |||
Computer Software | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Medical Instruments | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Commercial Services — Finance | 0.1 | |||
96.1 | % | |||
* | Calculated as a percentage of net assets |
210 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.5% |
| |||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 54,728 | $ | 1,039,832 | |||||
Auto/Truck Parts & Equipment - Replacement — 1.0% |
| |||||||
Douglas Dynamics, Inc. | 70,023 | 2,609,757 | ||||||
Banks - Commercial — 11.6% |
| |||||||
Associated Banc-Corp. | 156,199 | 3,619,131 | ||||||
First Citizens BancShares, Inc., Class A | 12,481 | 5,360,215 | ||||||
First Hawaiian, Inc. | 95,118 | 2,474,970 | ||||||
Hancock Holding Co.† | 76,675 | 3,083,869 | ||||||
IBERIABANK Corp. | 39,702 | 2,967,725 | ||||||
Renasant Corp. | 105,017 | 3,838,371 | ||||||
South State Corp. | 39,481 | 2,864,741 | ||||||
UMB Financial Corp. | 87,471 | 5,919,163 | ||||||
30,128,185 | ||||||||
Batteries/Battery Systems — 1.4% |
| |||||||
EnerSys | 41,229 | 3,602,178 | ||||||
Beverages-Non-alcoholic — 1.0% |
| |||||||
Cott Corp. | 167,713 | 2,490,538 | ||||||
Building & Construction Products - Misc. — 2.5% |
| |||||||
Quanex Building Products Corp. | 122,424 | 1,933,075 | ||||||
Simpson Manufacturing Co., Inc. | 75,998 | 4,445,883 | ||||||
6,378,958 | ||||||||
Building Products - Cement — 2.1% |
| |||||||
Eagle Materials, Inc. | 76,302 | 5,570,046 | ||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Griffon Corp. | 65,504 | 796,529 | ||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Skyline Champion Corp.# | 22,254 | 501,160 | ||||||
Chemicals - Diversified — 3.1% |
| |||||||
Innophos Holdings, Inc. | 17,931 | 497,406 | ||||||
Innospec, Inc. | 80,090 | 5,905,837 | ||||||
Quaker Chemical Corp. | 7,438 | 1,534,013 | ||||||
7,937,256 | ||||||||
Chemicals - Plastics — 0.7% |
| |||||||
A. Schulman, Inc. CVR†(1)(4) | 71,421 | 103,917 | ||||||
PolyOne Corp. | 53,458 | 1,797,258 | ||||||
1,901,175 | ||||||||
Chemicals - Specialty — 2.0% |
| |||||||
Ferro Corp.† | 41,528 | 801,490 | ||||||
PQ Group Holdings, Inc.† | 69,764 | 1,070,878 | ||||||
Sensient Technologies Corp.# | 49,854 | 3,203,618 | ||||||
5,075,986 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Liberty Tax, Inc. | 27,238 | 332,031 | ||||||
Computer Services — 1.8% |
| |||||||
Conduent, Inc.† | 85,937 | 1,101,713 | ||||||
MAXIMUS, Inc. | 17,543 | 1,247,658 | ||||||
Sykes Enterprises, Inc.† | 79,155 | 2,186,261 | ||||||
4,535,632 | ||||||||
Computer Software — 0.3% |
| |||||||
Cision, Ltd.† | 55,559 | 695,599 | ||||||
Computers-Integrated Systems — 0.6% |
| |||||||
NCR Corp.†# | 59,803 | 1,657,141 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.†(4) | 58,692 | 14,673 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 3.0% |
| |||||||
Central Garden & Pet Co.†# | 77,361 | $ | 2,618,670 | |||||
Central Garden & Pet Co., Class A† | 57,434 | 1,786,197 | ||||||
Helen of Troy, Ltd.† | 24,405 | 3,490,647 | ||||||
7,895,514 | ||||||||
Containers - Metal/Glass — 1.5% |
| |||||||
Silgan Holdings, Inc. | 154,610 | 3,981,207 | ||||||
Diversified Operations — 1.0% |
| |||||||
Spectrum Brands Holdings, Inc. | 53,503 | 2,641,978 | ||||||
Diversified Operations/Commercial Services — 1.0% |
| |||||||
Viad Corp. | 50,051 | 2,520,068 | ||||||
E-Marketing/Info — 0.5% |
| |||||||
New Media Investment Group, Inc. | 101,904 | 1,345,133 | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Novanta, Inc.† | 55,171 | 3,582,253 | ||||||
Electric - Integrated — 2.8% |
| |||||||
Hawaiian Electric Industries, Inc. | 124,619 | 4,775,400 | ||||||
IDACORP, Inc. | 25,416 | 2,496,868 | ||||||
7,272,268 | ||||||||
Electronic Components - Misc. — 1.8% |
| |||||||
Atkore International Group, Inc.† | 147,954 | 3,021,221 | ||||||
AVX Corp. | 104,086 | 1,716,378 | ||||||
4,737,599 | ||||||||
Electronic Components - Semiconductors — 0.3% |
| |||||||
DSP Group, Inc.† | 67,589 | 829,317 | ||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
Badger Meter, Inc. | 30,538 | 1,694,859 | ||||||
Orbotech, Ltd.†# | 38,576 | 2,238,179 | ||||||
3,933,038 | ||||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Aircastle, Ltd. | 40,852 | 761,890 | ||||||
Food - Confectionery — 0.6% |
| |||||||
Hostess Brands, Inc.† | 142,962 | 1,665,507 | ||||||
Food - Misc./Diversified — 3.5% |
| |||||||
J&J Snack Foods Corp. | 16,970 | 2,662,084 | ||||||
Nomad Foods, Ltd.† | 226,527 | 4,580,376 | ||||||
TreeHouse Foods, Inc.† | 37,325 | 1,963,295 | ||||||
9,205,755 | ||||||||
Footwear & Related Apparel — 0.8% |
| |||||||
Steven Madden, Ltd. | 66,355 | 2,138,622 | ||||||
Human Resources — 0.6% |
| |||||||
Korn/Ferry International | 33,246 | 1,628,057 | ||||||
Identification Systems — 1.1% |
| |||||||
Brady Corp., Class A | 67,460 | 2,938,558 | ||||||
Insurance - Property/Casualty — 3.4% |
| |||||||
Hanover Insurance Group, Inc. | 9,431 | 1,081,830 | ||||||
ProAssurance Corp. | 76,405 | 3,341,190 | ||||||
Stewart Information Services Corp. | 74,779 | 3,145,205 | ||||||
White Mountains Insurance Group, Ltd. | 1,429 | 1,327,184 | ||||||
8,895,409 | ||||||||
Investment Companies — 1.3% |
| |||||||
Apollo Investment Corp.# | 288,123 | 1,512,646 | ||||||
New Mountain Finance Corp.# | 127,818 | 1,739,603 | ||||||
3,252,249 | ||||||||
211 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Investment Management/Advisor Services — 2.0% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 107,854 | $ | 2,936,864 | |||||
Westwood Holdings Group, Inc. | 56,250 | 2,206,125 | ||||||
5,142,989 | ||||||||
Lasers - System/Components — 0.4% |
| |||||||
Coherent, Inc.†# | 6,757 | 933,547 | ||||||
Machinery - Electrical — 1.8% |
| |||||||
Franklin Electric Co., Inc. | 103,142 | 4,667,175 | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
Kadant, Inc. | 30,208 | 2,751,345 | ||||||
Machinery - Pumps — 1.9% |
| |||||||
CSW Industrials, Inc.† | 76,837 | 4,070,056 | ||||||
NN, Inc. | 109,748 | 787,991 | ||||||
4,858,047 | ||||||||
Medical Instruments — 0.2% |
| |||||||
Avanos Medical, Inc.† | 10,564 | 504,008 | ||||||
Medical Products — 0.5% |
| |||||||
Hanger, Inc.† | 64,558 | 1,293,097 | ||||||
Medical - Biomedical/Gene — 0.6% |
| |||||||
Innoviva, Inc.†# | 89,794 | 1,639,638 | ||||||
Medical - Drugs — 1.0% |
| |||||||
Prestige Consumer Healthcare, Inc.†# | 66,368 | 2,576,406 | ||||||
Metal Processors & Fabrication — 3.3% |
| |||||||
Global Brass & Copper Holdings, Inc. | 104,365 | 3,378,295 | ||||||
Mueller Industries, Inc. | 215,272 | 5,127,779 | ||||||
8,506,074 | ||||||||
Miscellaneous Manufacturing — 1.1% |
| |||||||
Hillenbrand, Inc. | 65,102 | 2,884,670 | ||||||
Networking Products — 0.9% |
| |||||||
NETGEAR, Inc.† | 44,067 | 2,441,312 | ||||||
Office Supplies & Forms — 0.6% |
| |||||||
ACCO Brands Corp. | 179,385 | 1,456,606 | ||||||
Oil & Gas Drilling — 1.0% |
| |||||||
Patterson-UTI Energy, Inc. | 189,296 | 2,627,428 | ||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Berry Petroleum Corp. | 56,552 | 700,679 | ||||||
Callon Petroleum Co.†# | 75,317 | 643,960 | ||||||
Penn Virginia Corp.† | 22,335 | 1,298,780 | ||||||
QEP Resources, Inc.† | 265,851 | 2,134,784 | ||||||
4,778,203 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Forum Energy Technologies, Inc.† | 58,398 | 390,683 | ||||||
Oil- Field Services — 1.2% |
| |||||||
C&J Energy Services, Inc.†# | 61,912 | 1,063,648 | ||||||
Oil States International, Inc.† | 61,288 | 1,374,077 | ||||||
TETRA Technologies, Inc.† | 291,714 | 676,777 | ||||||
3,114,502 | ||||||||
Paper & Related Products — 2.9% |
| |||||||
Neenah, Inc. | 76,805 | 5,290,328 | ||||||
Schweitzer-Mauduit International, Inc. | 80,501 | 2,295,084 | ||||||
7,585,412 | ||||||||
Printing - Commercial — 2.6% |
| |||||||
Deluxe Corp. | 65,920 | 3,319,072 | ||||||
Ennis, Inc. | 160,053 | 3,125,835 | ||||||
LSC Communications, Inc. | 35,325 | 353,957 | ||||||
6,798,864 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.8% |
| |||||||
A.H. Belo Corp., Class A | 163,775 | $ | 740,263 | |||||
Gannett Co., Inc.# | 130,627 | 1,354,602 | ||||||
2,094,865 | ||||||||
Quarrying — 0.5% |
| |||||||
Compass Minerals International, Inc.# | 27,662 | 1,385,866 | ||||||
Real Estate Investment Trusts — 3.4% |
| |||||||
Acadia Realty Trust | 62,679 | 1,797,007 | ||||||
Apollo Commercial Real Estate Finance, Inc.# | 106,258 | 2,012,526 | ||||||
LaSalle Hotel Properties# | 78,283 | 2,509,753 | ||||||
Washington Real Estate Investment Trust | 91,550 | 2,468,188 | ||||||
8,787,474 | ||||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Buckle, Inc.# | 30,827 | 588,795 | ||||||
Christopher & Banks Corp.†# | 162,522 | 74,354 | ||||||
663,149 | ||||||||
Retail - Restaurants — 5.8% |
| |||||||
Denny’s Corp.† | 336,001 | 5,557,457 | ||||||
Dine Brands Global, Inc.# | 70,663 | 6,301,726 | ||||||
Wendy’s Co. | 174,490 | 3,128,606 | ||||||
14,987,789 | ||||||||
Semiconductor Equipment — 1.6% |
| |||||||
Brooks Automation, Inc. | 31,438 | 954,457 | ||||||
Cabot Microelectronics Corp. | 29,660 | 3,187,857 | ||||||
4,142,314 | ||||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc.# | 52,347 | 720,295 | ||||||
Textile - Products — 0.0% |
| |||||||
Dixie Group, Inc.† | 63,068 | 80,727 | ||||||
Wire & Cable Products — 1.2% |
| |||||||
Belden, Inc.# | 54,171 | 3,021,658 | ||||||
�� | ||||||||
Total Common Stocks | ||||||||
(cost $236,978,677) | 245,325,241 | |||||||
PREFERRED SECURITIES — 0.4% |
| |||||||
Investment Companies — 0.4% |
| |||||||
Steel Partners Holdings LP | 45,530 | 962,504 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $237,673,709) | 246,287,745 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 3,213,630 | 3,213,630 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $240,887,339)(5) | 96.1 | % | 249,501,375 | |||||
Other assets less liabilities | 3.9 | 10,222,663 | ||||||
NET ASSETS | 100.0 | % | $ | 259,724,038 | ||||
† | 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). |
212 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
(2) | At November 30, 2018, the Fund had loaned securities with a total value of $33,019,740. This was secured by collateral of $3,213,630, which was received in cash and subsequently invested in short-term investments currently valued at $3,213,630 as reported in the Portfolio of Investments. Additional collateral of $30,650,760 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 282,025 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 438,671 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 97,530 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/04/2019 | 2,223,186 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 27,609,348 |
(3) | The rate shown is the7-day yield as of November 30, 2018. |
(4) | Illiquid security. At November 3, 2018, the aggregate value of these securities was $118,590 representing 0.0% of net assets. |
(5) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Chemicals-Plastics | $ | 1,797,258 | $ | — | $ | 103,917 | $ | 1,901,175 | ||||||||
Other Industries | 243,424,066 | — | — | 243,424,066 | ||||||||||||
Preferred Securities | 962,504 | — | — | 962,504 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 3,213,630 | — | — | 3,213,630 | ||||||||||||
Total Investments at Value | $ | 249,397,458 | $ | — | $ | 103,917 | $ | 249,501,375 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no transfers during the reporting period.
See Notes to Financial Statements
213 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 6.3 | % | ||
Enterprise Software/Service | 6.0 | |||
Commercial Services — Finance | 4.8 | |||
Banks — Commercial | 4.4 | |||
Registered Investment Companies | 4.0 | |||
Retail — Restaurants | 3.7 | |||
Medical — Drugs | 3.1 | |||
Medical Instruments | 3.1 | |||
Web Hosting/Design | 2.9 | |||
Therapeutics | 2.9 | |||
Medical Products | 2.8 | |||
Computer Software | 2.5 | |||
Applications Software | 2.3 | |||
Transport — Truck | 1.9 | |||
Schools | 1.8 | |||
Hotels/Motels | 1.7 | |||
E-Commerce/Services | 1.7 | |||
Aerospace/Defense — Equipment | 1.6 | |||
Machinery — General Industrial | 1.6 | |||
Veterinary Diagnostics | 1.6 | |||
Resorts/Theme Parks | 1.5 | |||
Computer Aided Design | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Finance — Investment Banker/Broker | 1.5 | |||
Machinery — Pumps | 1.5 | |||
Chemicals — Specialty | 1.4 | |||
Office Supplies & Forms | 1.4 | |||
Beverages — Wine/Spirits | 1.4 | |||
Electronic Measurement Instruments | 1.3 | |||
Miscellaneous Manufacturing | 1.3 | |||
Industrial Automated/Robotic | 1.2 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Finance — Other Services | 1.1 | |||
Building & Construction Products — Misc. | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Retail — Misc./Diversified | 0.9 | |||
Instruments — Scientific | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Commercial Services | 0.9 | |||
Real Estate Investment Trusts | 0.8 | |||
Decision Support Software | 0.8 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Electronic Components — Semiconductors | 0.8 | |||
Internet Application Software | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Finance — Consumer Loans | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Banks — Regional | 0.7 | |||
Computer Data Security | 0.7 | |||
Medical — Hospitals | 0.7 | |||
Transport — Rail | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Drug Delivery Systems | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Building — Mobile Home/Manufactured Housing | 0.6 | |||
Consulting Services | 0.6 | |||
Diagnostic Kits | 0.5 | |||
Entertainment Software | 0.5 | |||
Real Estate Management/Services | 0.4 | |||
Health Care Cost Containment | 0.4 | |||
Pipelines | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Internet Security | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Television | 0.2 |
Diversified Manufacturing Operations | 0.2 | |||
Water Treatment Systems | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Healthcare Safety Devices | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
102.5 | % | |||
* | Calculated as a percentage of net assets |
214 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% | ||||||||
Aerospace/Defense - Equipment — 1.6% | ||||||||
HEICO Corp. | 9,830 | $ | 830,832 | |||||
HEICO Corp., Class A | 14,679 | 991,126 | ||||||
1,821,958 | ||||||||
Apparel Manufacturers — 0.6% | ||||||||
Carter’s, Inc. | 7,511 | 694,767 | ||||||
Applications Software — 2.3% | ||||||||
PTC, Inc.† | 20,953 | 1,812,225 | ||||||
Tableau Software, Inc., Class A† | 5,985 | 745,970 | ||||||
2,558,195 | ||||||||
Banks - Commercial — 4.4% | ||||||||
Eagle Bancorp, Inc.† | 37,280 | 2,148,819 | ||||||
First Republic Bank# | 9,068 | 899,092 | ||||||
Glacier Bancorp, Inc. | 18,965 | 895,528 | ||||||
Old Line Bancshares, Inc. | 9,135 | 277,156 | ||||||
Signature Bank | 5,206 | 642,056 | ||||||
4,862,651 | ||||||||
Banks - Regional — 0.7% | ||||||||
Amalgamated Bank, Class A | 37,726 | 805,827 | ||||||
Beverages - Wine/Spirits — 1.4% | ||||||||
MGP Ingredients, Inc.# | 22,614 | 1,537,526 | ||||||
Building & Construction Products - Misc. — 1.0% | ||||||||
Fortune Brands Home & Security, Inc. | 14,794 | 647,977 | ||||||
Summit Materials, Inc., Class A†# | 36,106 | 523,537 | ||||||
1,171,514 | ||||||||
Building - Maintenance & Services — 0.3% | ||||||||
Rollins, Inc. | 4,958 | 315,130 | ||||||
Building - Mobile Home/Manufactured Housing — 0.6% | ||||||||
Thor Industries, Inc. | 5,088 | 345,017 | ||||||
Winnebago Industries, Inc. | 11,799 | 295,329 | ||||||
640,346 | ||||||||
Building - Residential/Commercial — 0.7% | ||||||||
M/I Homes, Inc.† | 35,527 | 836,306 | ||||||
Chemicals - Specialty — 1.4% | ||||||||
Ashland Global Holdings, Inc. | 15,717 | 1,287,065 | ||||||
Ingevity Corp.† | 3,059 | 299,813 | ||||||
1,586,878 | ||||||||
Commercial Services — 0.9% | ||||||||
Healthcare Services Group, Inc.# | 21,249 | 1,002,953 | ||||||
Commercial Services - Finance — 4.8% | ||||||||
Euronet Worldwide, Inc.† | 7,129 | 838,442 | ||||||
Global Payments, Inc. | 18,195 | 2,034,383 | ||||||
Green Dot Corp., Class A† | 10,199 | 849,985 | ||||||
Total System Services, Inc. | 18,325 | 1,601,055 | ||||||
5,323,865 | ||||||||
Computer Aided Design — 1.5% | ||||||||
Cadence Design Systems, Inc.† | 37,977 | 1,710,484 | ||||||
Computer Data Security — 0.7% | ||||||||
ForeScout Technologies, Inc.† | 28,173 | 764,897 | ||||||
Computer Software — 2.5% | ||||||||
InterXion Holding NV†# | 32,376 | 2,016,054 | ||||||
Splunk, Inc.† | 7,288 | 814,288 | ||||||
2,830,342 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.6% | ||||||||
Gartner, Inc.†# | 4,077 | $ | 624,556 | |||||
Decision Support Software — 0.8% | ||||||||
MSCI, Inc. | 5,837 | 916,934 | ||||||
Diagnostic Kits — 0.5% | ||||||||
IDEXX Laboratories, Inc.† | 2,545 | 518,569 | ||||||
Distribution/Wholesale — 0.6% | ||||||||
SiteOne Landscape Supply, Inc.†# | 10,434 | 643,152 | ||||||
Diversified Manufacturing Operations — 0.2% | ||||||||
A.O. Smith Corp. | 5,369 | 254,383 | ||||||
Drug Delivery Systems — 0.6% | ||||||||
DexCom, Inc.† | 4,982 | 645,617 | ||||||
E-Commerce/Products — 0.2% | ||||||||
Farfetch, Ltd., Class A†# | 8,932 | 203,203 | ||||||
E-Commerce/Services — 1.7% | ||||||||
GrubHub, Inc.†# | 4,653 | 364,283 | ||||||
IAC/InterActiveCorp† | 7,024 | 1,249,991 | ||||||
Upwork, Inc.†# | 13,984 | 260,522 | ||||||
1,874,796 | ||||||||
Electronic Components - Misc. — 0.9% | ||||||||
Sensata Technologies Holding PLC† | 22,067 | 1,020,819 | ||||||
Electronic Components - Semiconductors — 0.8% | ||||||||
Advanced Micro Devices, Inc.†# | 40,039 | 852,831 | ||||||
Electronic Measurement Instruments — 1.3% | ||||||||
Badger Meter, Inc. | 26,366 | 1,463,313 | ||||||
Enterprise Software/Service — 6.0% | ||||||||
Black Knight, Inc.† | 83,804 | 3,799,673 | ||||||
Coupa Software, Inc.†# | 10,049 | 647,457 | ||||||
SVMK, Inc.† | 8,255 | 117,881 | ||||||
Ultimate Software Group, Inc.† | 5,819 | 1,535,751 | ||||||
Veeva Systems, Inc., Class A† | 6,126 | 589,076 | ||||||
6,689,838 | ||||||||
Entertainment Software — 0.5% | ||||||||
Take-Two Interactive Software, Inc.† | 4,677 | 512,927 | ||||||
Finance-Consumer Loans — 0.7% | ||||||||
SLM Corp.† | 79,844 | 819,998 | ||||||
Finance - Investment Banker/Broker — 1.5% | ||||||||
Lazard, Ltd., Class A | 41,170 | 1,651,740 | ||||||
Finance - Other Services — 1.1% | ||||||||
Cboe Global Markets, Inc. | 11,184 | 1,203,622 | ||||||
Hazardous Waste Disposal — 0.3% | ||||||||
US Ecology, Inc. | 5,001 | 348,420 | ||||||
Health Care Cost Containment — 0.4% | ||||||||
HealthEquity, Inc.† | 4,482 | 397,509 | ||||||
Healthcare Safety Devices — 0.1% | ||||||||
Tandem Diabetes Care, Inc.† | 4,006 | 147,501 | ||||||
Hotels/Motels — 1.7% | ||||||||
Choice Hotels International, Inc. | 24,143 | 1,880,015 | ||||||
Industrial Automated/Robotic — 1.2% | ||||||||
Cognex Corp.# | 30,341 | 1,335,611 | ||||||
Instruments - Scientific — 0.9% | ||||||||
PerkinElmer, Inc.# | 11,897 | 1,035,753 | ||||||
Internet Application Software — 0.7% | ||||||||
Zendesk, Inc.† | 14,108 | 838,438 | ||||||
215 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Internet Security — 0.3% | ||||||||
Proofpoint, Inc.† | 2,977 | $ | 288,799 | |||||
Investment Management/Advisor Services — 0.6% | ||||||||
Affiliated Managers Group, Inc. | 6,107 | 678,610 | ||||||
Machinery - General Industrial — 1.6% | ||||||||
IDEX Corp. | 6,840 | 939,816 | ||||||
Welbilt, Inc.†# | 61,655 | 852,072 | ||||||
1,791,888 | ||||||||
Machinery - Pumps — 1.5% | ||||||||
Mueller Water Products, Inc., Class A | 27,220 | 286,627 | ||||||
Xylem, Inc. | 18,686 | 1,363,704 | ||||||
1,650,331 | ||||||||
Medical Instruments — 3.1% | ||||||||
NuVasive, Inc.† | 4,467 | 284,503 | ||||||
SI-BONE, Inc.†# | 11,480 | 206,181 | ||||||
Teleflex, Inc. | 10,933 | 3,011,167 | ||||||
3,501,851 | ||||||||
Medical Labs & Testing Services — 1.1% | ||||||||
Medpace Holdings, Inc.† | 10,901 | 674,881 | ||||||
Teladoc Health, Inc.†# | 9,219 | 575,726 | ||||||
1,250,607 | ||||||||
Medical Products — 2.8% | ||||||||
ABIOMED, Inc.† | 1,327 | 441,466 | ||||||
Axonics Modulation Technologies, Inc.†# | 18,624 | 245,837 | ||||||
Cooper Cos., Inc.# | 3,409 | 950,531 | ||||||
West Pharmaceutical Services, Inc. | 13,130 | 1,438,523 | ||||||
3,076,357 | ||||||||
Medical - Biomedical/Gene — 6.3% | ||||||||
ACADIA Pharmaceuticals, Inc.†# | 42,111 | 802,636 | ||||||
Alder Biopharmaceuticals, Inc.†# | 56,934 | 761,777 | ||||||
Amarin Corp. PLC ADR†# | 27,205 | 489,690 | ||||||
Aratana Therapeutics, Inc.† | 23,698 | 154,037 | ||||||
Bluebird Bio, Inc.†# | 5,257 | 646,033 | ||||||
ElectroCore LLC†# | 27,365 | 182,251 | ||||||
Evelo Biosciences, Inc.†# | 14,129 | 140,160 | ||||||
Exact Sciences Corp.†# | 6,555 | 511,159 | ||||||
Exelixis, Inc.† | 64,653 | 1,313,102 | ||||||
Guardant Health, Inc.†# | 20,260 | 723,890 | ||||||
Incyte Corp.† | 4,416 | 283,728 | ||||||
Sage Therapeutics, Inc.†# | 2,467 | 284,420 | ||||||
Spark Therapeutics, Inc.†# | 4,410 | 185,793 | ||||||
UNITY Biotechnology, Inc.†# | 23,363 | 300,448 | ||||||
Y-mAbs Therapeutics, Inc.†# | 11,695 | 291,439 | ||||||
7,070,563 | ||||||||
Medical - Drugs — 3.1% | ||||||||
Alkermes PLC†# | 30,372 | 1,106,756 | ||||||
BioSpecifics Technologies Corp.† | 4,868 | 298,749 | ||||||
Marinus Pharmaceuticals, Inc.†# | 46,131 | 215,432 | ||||||
PRA Health Sciences, Inc.† | 9,006 | 1,051,360 | ||||||
TESARO, Inc.†# | 18,115 | 840,174 | ||||||
3,512,471 | ||||||||
Medical - Generic Drugs — 0.1% | ||||||||
Endo International PLC† | 7,056 | 84,884 | ||||||
Medical - Hospitals — 0.7% | ||||||||
Acadia Healthcare Co., Inc.†# | 22,349 | 759,196 | ||||||
Metal Processors & Fabrication — 0.7% | ||||||||
RBC Bearings, Inc.† | 5,473 | 837,478 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Miscellaneous Manufacturing — 1.3% | ||||||||
John Bean Technologies Corp. | 17,474 | $ | 1,442,304 | |||||
Office Supplies & Forms — 1.4% | ||||||||
Avery Dennison Corp. | 16,061 | 1,548,280 | ||||||
Oil Companies - Exploration & Production — 1.1% | ||||||||
Centennial Resource Development, Inc., Class A†# | 19,730 | 306,209 | ||||||
Diamondback Energy, Inc.# | 3,300 | 364,254 | ||||||
Parsley Energy, Inc., Class A† | 14,246 | 286,772 | ||||||
WPX Energy, Inc.† | 21,366 | 298,056 | ||||||
1,255,291 | ||||||||
Pipelines — 0.3% | ||||||||
Cheniere Energy, Inc.† | 5,748 | 351,318 | ||||||
Real Estate Investment Trusts — 0.8% | ||||||||
SBA Communications Corp.† | 5,413 | 924,595 | ||||||
Real Estate Management/Services — 0.4% | ||||||||
HFF, Inc., Class A | 10,612 | 428,725 | ||||||
Recreational Vehicles — 0.1% | ||||||||
Brunswick Corp. | 1,822 | 96,639 | ||||||
Resort/Theme Parks — 1.5% | ||||||||
Vail Resorts, Inc. | 6,153 | 1,717,795 | ||||||
Retail - Apparel/Shoe — 1.0% | ||||||||
Burlington Stores, Inc.† | 6,552 | 1,086,060 | ||||||
Retail - Misc./Diversified — 0.9% | ||||||||
Five Below, Inc.† | 10,091 | 1,057,436 | ||||||
Retail - Restaurants — 3.7% | ||||||||
Domino’s Pizza, Inc. | 3,696 | 1,024,975 | ||||||
Dunkin’ Brands Group, Inc. | 30,125 | 2,229,250 | ||||||
Wingstop, Inc. | 13,778 | 904,112 | ||||||
4,158,337 | ||||||||
Schools — 1.8% | ||||||||
Bright Horizons Family Solutions, Inc.† | 16,732 | 2,035,950 | ||||||
Semiconductor Components - Integrated Circuits — 1.5% | ||||||||
Marvell Technology Group, Ltd. | 103,741 | 1,671,267 | ||||||
Semiconductor Equipment — 0.7% | ||||||||
MKS Instruments, Inc. | 10,308 | 808,766 | ||||||
Telecom Equipment - Fiber Optics — 0.8% | ||||||||
Viavi Solutions, Inc.† | 84,381 | 855,623 | ||||||
Telephone - Integrated — 0.3% | ||||||||
Zayo Group Holdings, Inc.† | 10,869 | 286,072 | ||||||
Television — 0.2% | ||||||||
World Wrestling Entertainment, Inc., Class A# | 3,561 | 263,372 | ||||||
Therapeutics — 2.9% | ||||||||
Agios Pharmaceuticals, Inc.†# | 13,547 | 891,393 | ||||||
GW Pharmaceuticals PLC ADR†# | 3,650 | 449,023 | ||||||
Neurocrine Biosciences, Inc.† | 4,731 | 417,605 | ||||||
Proteostasis Therapeutics, Inc.† | 56,998 | 288,980 | ||||||
Sarepta Therapeutics, Inc.†# | 8,826 | 1,142,702 | ||||||
3,189,703 | ||||||||
Transport - Rail — 0.6% | ||||||||
Genesee & Wyoming, Inc., Class A† | 2,121 | 176,637 | ||||||
Kansas City Southern | 5,218 | 537,715 | ||||||
714,352 | ||||||||
Transport - Truck — 1.9% | ||||||||
Old Dominion Freight Line, Inc. | 15,307 | 2,092,926 | ||||||
216 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Veterinary Diagnostics — 1.6% | ||||||||
Elanco Animal Health, Inc.† | 20,753 | $ | 693,358 | |||||
Heska Corp.† | 2,932 | 304,869 | ||||||
Neogen Corp.† | 11,630 | 754,322 | ||||||
1,752,549 | ||||||||
Water Treatment Systems — 0.2% | ||||||||
Evoqua Water Technologies Corp.† | 24,560 | 224,478 | ||||||
Web Hosting/Design — 2.9% | ||||||||
GoDaddy, Inc., Class A† | 41,809 | 2,728,455 | ||||||
Wix.com, Ltd.†# | 6,017 | 566,681 | ||||||
3,295,136 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $101,168,294) | 110,103,193 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.0% | ||||||||
Registered Investment Companies — 4.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.90%(2) | $ | 1,987,606 | 1,987,606 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.22%(1)(2) | 2,424,256 | 2,424,256 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,411,862) | 4,411,862 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $105,580,156)(3) | 102.5 | % | 114,515,055 | |||||
Liabilities in excess of other assets | (2.5 | ) | (2,782,211 | ) | ||||
NET ASSETS | 100.0 | % | $ | 111,732,844 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2018, the Fund had loaned securities with a total value of $21,340,828. This was secured by collateral of $2,424,256, which was received in cash and subsequently invested in short-term investments currently valued at $2,424,256 as reported in the Portfolio of Investments. Additional collateral of $19,282,997 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 966,768 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 1,503,739 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 334,329 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/04/2019 | 596,876 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 02/15/2048 | 15,881,285 |
(2) | The rate shown is the 7 day yield as of November 30, 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 November 30, 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 | $ | 110,103,193 | $ | — | $ | — | $ | 110,103,193 | ||||||||
Short-Term Investment Securities: | 4,411,862 | — | — | 4,411,862 | ||||||||||||
Total Investments at Value | $ | 114,515,055 | $ | — | $ | — | $ | 114,515,055 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
217 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — November 30, 2018 (unaudited)
Industry Allocation*
Medical — Drugs | 5.5 | % | ||
Applications Software | 4.4 | |||
Diversified Banking Institutions | 3.9 | |||
Computers | 3.7 | |||
E-Commerce/Products | 3.0 | |||
Web Portals/ISP | 2.8 | |||
Real Estate Investment Trusts | 2.8 | |||
Electronic Components — Semiconductors | 2.8 | |||
Electric — Integrated | 2.6 | |||
Finance — Credit Card | 2.5 | |||
Oil Companies — Integrated | 2.4 | |||
Repurchase Agreements | 2.4 | |||
Medical — Biomedical/Gene | 2.1 | |||
Insurance — Property/Casualty | 2.1 | |||
Telephone — Integrated | 2.1 | |||
Medical — HMO | 2.0 | |||
Internet Content — Entertainment | 2.0 | |||
Banks — Super Regional | 2.0 | |||
Aerospace/Defense | 1.8 | |||
Beverages —Non-alcoholic | 1.6 | |||
Medical Products | 1.6 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Commercial Services — Finance | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Retail — Discount | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Retail — Restaurants | 1.2 | |||
Retail — Building Products | 1.2 | |||
Medical Instruments | 1.2 | |||
Computer Services | 1.2 | |||
Multimedia | 1.1 | |||
Cable/Satellite TV | 1.0 | |||
Tobacco | 1.0 | |||
Transport — Rail | 1.0 | |||
Networking Products | 1.0 | |||
Insurance — Multi-line | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Food — Misc./Diversified | 0.8 | |||
Diagnostic Equipment | 0.7 | |||
Transport — Services | 0.7 | |||
Pharmacy Services | 0.7 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Finance — Other Services | 0.6 | |||
Investment Management/Advisor Services | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Instruments — Controls | 0.5 | |||
Industrial Gases | 0.5 | |||
Electronic Forms | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Banks — Commercial | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Insurance Brokers | 0.5 | |||
Airlines | 0.5 | |||
Data Processing/Management | 0.5 | |||
Oil — Field Services | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Banks — Fiduciary | 0.4 | |||
Athletic Footwear | 0.4 | |||
Pipelines | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Machinery — Construction & Mining | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Entertainment Software | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Commercial Services | 0.3 | |||
Computer Aided Design | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Electric — Distribution | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Retail — Apparel/Shoe | 0.3 |
Apparel Manufacturers | 0.3 | % | ||
Consumer Products — Misc. | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Hotels/Motels | 0.2 | |||
Cruise Lines | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Electronic Connectors | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Machinery — Farming | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Coatings/Paint | 0.1 | |||
Consulting Services | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Food — Meat Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Food — Confectionery | 0.1 | |||
Advertising Agencies | 0.1 | |||
Building Products — Cement | 0.1 | |||
Agricultural Operations | 0.1 | |||
Computer Software | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Casino Hotels | 0.1 | |||
Food — Retail | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Wireless Equipment | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Steel — Producers | 0.1 | |||
Medical Information Systems | 0.1 | |||
Paper & Related Products | 0.1 | |||
Television | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Metal — Copper | 0.1 | |||
Gold Mining | 0.1 | |||
Water | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Respiratory Products | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Toys | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Decision Support Software | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Internet Security | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Brewery | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Retail — Automobile | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
218 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 79,876 | $ | 1,877,086 | |||||
Omnicom Group, Inc. | 46,698 | 3,594,345 | ||||||
5,471,431 | ||||||||
Aerospace/Defense — 1.8% |
| |||||||
Boeing Co. | 111,201 | 38,560,059 | ||||||
General Dynamics Corp. | 57,965 | 10,717,149 | ||||||
Lockheed Martin Corp. | 51,565 | 15,491,673 | ||||||
Northrop Grumman Corp. | 36,240 | 9,418,051 | ||||||
Raytheon Co. | 59,370 | 10,409,936 | ||||||
TransDigm Group, Inc.† | 10,077 | 3,644,548 | ||||||
88,241,416 | ||||||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
Arconic, Inc. | 89,459 | 1,921,579 | ||||||
Harris Corp. | 24,456 | 3,495,985 | ||||||
L3 Technologies, Inc. | 16,302 | 2,987,994 | ||||||
United Technologies Corp. | 169,366 | 20,635,545 | ||||||
29,041,103 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 48,592 | 2,050,097 | ||||||
Mosaic Co. | 73,806 | 2,657,016 | ||||||
4,707,113 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 116,496 | 5,361,146 | ||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc. | 25,630 | 1,877,654 | ||||||
American Airlines Group, Inc. | 85,302 | 3,425,728 | ||||||
Delta Air Lines, Inc. | 130,935 | 7,949,064 | ||||||
Southwest Airlines Co. | 107,334 | 5,861,510 | ||||||
United Continental Holdings, Inc.† | 47,658 | 4,608,528 | ||||||
23,722,484 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Hanesbrands, Inc. | 75,031 | 1,193,743 | ||||||
Michael Kors Holdings, Ltd.† | 31,078 | 1,359,662 | ||||||
PVH Corp. | 15,967 | 1,764,513 | ||||||
Ralph Lauren Corp. | 11,499 | 1,280,989 | ||||||
Under Armour, Inc., Class A† | 38,725 | 924,753 | ||||||
Under Armour, Inc., Class C† | 39,702 | 886,546 | ||||||
VF Corp. | 67,661 | 5,500,163 | ||||||
12,910,369 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | �� | 13,437 | 1,694,809 | |||||
Applications Software — 4.4% |
| |||||||
Intuit, Inc. | 53,836 | 11,549,437 | ||||||
Microsoft Corp. | 1,595,962 | 176,976,226 | ||||||
Red Hat, Inc.† | 36,916 | 6,591,721 | ||||||
salesforce.com, Inc.† | 157,489 | 22,483,130 | ||||||
217,600,514 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 266,504 | 20,019,781 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Ford Motor Co. | 814,790 | 7,667,174 | ||||||
General Motors Co. | 273,088 | 10,363,690 | ||||||
18,030,864 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 72,958 | 4,539,447 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC | 55,099 | $ | 3,961,618 | |||||
BorgWarner, Inc. | 43,471 | 1,720,582 | ||||||
5,682,200 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
BB&T Corp. | 161,184 | 8,236,502 | ||||||
Citizens Financial Group, Inc. | 99,057 | 3,601,713 | ||||||
M&T Bank Corp. | 29,927 | 5,057,962 | ||||||
Regions Financial Corp. | 215,180 | 3,539,711 | ||||||
SVB Financial Group† | 11,075 | 2,822,021 | ||||||
Zions Bancorporation | 40,460 | 1,968,784 | ||||||
25,226,693 | ||||||||
Banks - Fiduciary — 0.4% |
| |||||||
Bank of New York Mellon Corp. | 191,466 | 9,824,121 | ||||||
Northern Trust Corp. | 46,471 | 4,611,317 | ||||||
State Street Corp. | 78,966 | 5,766,097 | ||||||
20,201,535 | ||||||||
Banks - Super Regional — 2.0% |
| |||||||
Comerica, Inc. | 33,654 | 2,664,724 | ||||||
Fifth Third Bancorp | 138,684 | 3,873,444 | ||||||
Huntington Bancshares, Inc. | 229,819 | 3,353,059 | ||||||
KeyCorp | 218,957 | 4,015,671 | ||||||
PNC Financial Services Group, Inc. | 96,634 | 13,120,965 | ||||||
SunTrust Banks, Inc. | 95,891 | 6,011,407 | ||||||
US Bancorp | 318,705 | 17,356,674 | ||||||
Wells Fargo & Co. | 902,131 | 48,967,671 | ||||||
99,363,615 | ||||||||
Beverages -Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 796,633 | 40,150,303 | ||||||
Monster Beverage Corp.† | 82,796 | 4,941,265 | ||||||
PepsiCo, Inc. | 294,358 | 35,894,015 | ||||||
80,985,583 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 35,077 | 1,673,875 | ||||||
Constellation Brands, Inc., Class A | 34,937 | 6,839,267 | ||||||
8,513,142 | ||||||||
Brewery — 0.1% |
| |||||||
Molson Coors Brewing Co., Class B | 38,957 | 2,562,202 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A† | 32,519 | 998,984 | ||||||
Discovery, Inc., Class C† | 74,856 | 2,090,728 | ||||||
3,089,712 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 29,641 | 1,298,276 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 192,501 | 6,695,185 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 13,114 | 2,500,709 | ||||||
Vulcan Materials Co. | 27,529 | 2,910,090 | ||||||
5,410,799 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 63,994 | 2,027,970 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 20,433 | 1,298,721 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 71,415 | 2,658,066 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building - Residential/Commercial (continued) |
| |||||||
Lennar Corp., Class A | 60,716 | $ | 2,594,395 | |||||
PulteGroup, Inc. | 54,383 | 1,442,237 | ||||||
6,694,698 | ||||||||
Cable/Satellite TV — 1.0% |
| |||||||
Charter Communications, Inc., Class A† | 37,158 | 12,232,414 | ||||||
Comcast Corp., Class A | 951,657 | 37,124,139 | ||||||
DISH Network Corp., Class A† | 47,678 | 1,561,931 | ||||||
50,918,484 | ||||||||
Casino Hotels — 0.1% |
| |||||||
MGM Resorts International | 106,354 | 2,867,304 | ||||||
Wynn Resorts, Ltd. | 20,350 | 2,226,290 | ||||||
5,093,594 | ||||||||
Chemicals - Diversified — 0.9% |
| |||||||
DowDuPont, Inc. | 480,227 | 27,781,132 | ||||||
Eastman Chemical Co. | 29,404 | 2,317,623 | ||||||
FMC Corp. | 28,020 | 2,318,375 | ||||||
LyondellBasell Industries NV, Class A | 66,443 | 6,199,796 | ||||||
PPG Industries, Inc. | 50,371 | 5,507,062 | ||||||
44,123,988 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Corp. | 22,571 | 2,174,039 | ||||||
International Flavors & Fragrances, Inc. | 21,065 | 2,983,436 | ||||||
5,157,475 | ||||||||
Coatings/Paint — 0.1% |
| |||||||
Sherwin-Williams Co. | 17,103 | 7,252,869 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 17,917 | 3,357,287 | ||||||
Ecolab, Inc. | 52,914 | 8,492,168 | ||||||
Nielsen Holdings PLC | 74,140 | 2,014,384 | ||||||
Quanta Services, Inc.† | 30,971 | 1,087,082 | ||||||
14,950,921 | ||||||||
Commercial Services - Finance — 1.4% |
| |||||||
Automatic Data Processing, Inc. | 91,177 | 13,441,313 | ||||||
Equifax, Inc. | 25,061 | 2,573,013 | ||||||
FleetCor Technologies, Inc.† | 18,396 | 3,557,786 | ||||||
Global Payments, Inc. | 32,923 | 3,681,121 | ||||||
H&R Block, Inc. | 42,774 | 1,155,326 | ||||||
IHS Markit, Ltd.† | 74,246 | 3,962,509 | ||||||
Moody’s Corp. | 34,747 | 5,527,205 | ||||||
PayPal Holdings, Inc.† | 246,354 | 21,139,637 | ||||||
S&P Global, Inc. | 52,344 | 9,571,624 | ||||||
Total System Services, Inc. | 34,929 | 3,051,747 | ||||||
Western Union Co. | 93,085 | 1,743,482 | ||||||
69,404,763 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
ANSYS, Inc.† | 17,545 | 2,842,641 | ||||||
Autodesk, Inc.† | 45,501 | 6,574,894 | ||||||
Cadence Design Systems, Inc.† | 58,860 | 2,651,054 | ||||||
Synopsys, Inc.† | 30,925 | 2,843,245 | ||||||
14,911,834 | ||||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 29,922 | 2,209,441 | ||||||
Computer Services — 1.2% |
| |||||||
Accenture PLC, Class A | 133,357 | 21,939,894 | ||||||
Cognizant Technology Solutions Corp., Class A | 120,763 | 8,601,948 | ||||||
DXC Technology Co. | 58,517 | 3,688,912 | ||||||
International Business Machines Corp. | 189,971 | 23,607,696 | ||||||
57,838,450 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 35,279 | $ | 2,425,431 | |||||
Citrix Systems, Inc. | 26,822 | 2,922,794 | ||||||
5,348,225 | ||||||||
Computers — 3.7% |
| |||||||
Apple, Inc. | 954,975 | 170,539,436 | ||||||
Hewlett Packard Enterprise Co. | 306,290 | 4,594,350 | ||||||
HP, Inc. | 329,342 | 7,574,866 | ||||||
182,708,652 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 53,961 | 3,608,372 | ||||||
Seagate Technology PLC | 54,392 | 2,343,752 | ||||||
Western Digital Corp. | 60,639 | 2,752,404 | ||||||
8,704,528 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 18,902 | 2,895,597 | ||||||
Verisk Analytics, Inc.† | 34,280 | 4,227,410 | ||||||
7,123,007 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co. | 26,658 | 4,415,098 | ||||||
Kimberly-Clark Corp. | 72,359 | 8,348,058 | ||||||
12,763,156 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 71,577 | 3,515,146 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Packaging Corp. of America | 19,668 | 1,923,924 | ||||||
Sealed Air Corp. | 33,053 | 1,207,426 | ||||||
WestRock Co. | 53,095 | 2,501,305 | ||||||
5,632,655 | ||||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Colgate-Palmolive Co. | 180,600 | 11,471,712 | ||||||
Coty, Inc., Class A | 93,756 | 781,925 | ||||||
Estee Lauder Cos., Inc., Class A | 46,650 | 6,655,089 | ||||||
Procter & Gamble Co. | 518,061 | 48,961,945 | ||||||
67,870,671 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 83,930 | 5,060,140 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 45,747 | 2,347,736 | ||||||
Royal Caribbean Cruises, Ltd. | 35,664 | 4,032,528 | ||||||
11,440,404 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Broadridge Financial Solutions, Inc. | 24,211 | 2,563,219 | ||||||
Fidelity National Information Services, Inc. | 68,437 | 7,387,774 | ||||||
Fiserv, Inc.† | 84,276 | 6,668,760 | ||||||
Jack Henry & Associates, Inc. | 16,063 | 2,244,001 | ||||||
Paychex, Inc. | 66,627 | 4,714,526 | ||||||
23,578,280 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 18,489 | 2,904,437 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 15,212 | 3,497,087 | ||||||
DENTSPLY SIRONA, Inc. | 46,276 | 1,748,307 | ||||||
5,245,394 | ||||||||
Diagnostic Equipment — 0.7% |
| |||||||
Danaher Corp. | 128,161 | 14,038,756 | ||||||
Thermo Fisher Scientific, Inc. | 83,832 | 20,920,276 | ||||||
34,959,032 | ||||||||
220 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 18,022 | $ | 3,672,163 | |||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 26,400 | 1,743,984 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Copart, Inc.† | 42,542 | 2,177,300 | ||||||
Fastenal Co. | 59,721 | 3,539,066 | ||||||
LKQ Corp.† | 66,202 | 1,843,064 | ||||||
WW Grainger, Inc. | 9,463 | 2,971,760 | ||||||
10,531,190 | ||||||||
Diversified Banking Institutions — 3.9% |
| |||||||
Bank of America Corp. | 1,933,306 | 54,905,890 | ||||||
Citigroup, Inc. | 523,773 | 33,935,253 | ||||||
Goldman Sachs Group, Inc. | 73,079 | 13,935,435 | ||||||
JPMorgan Chase & Co. | 699,490 | 77,776,293 | ||||||
Morgan Stanley | 275,985 | 12,250,974 | ||||||
192,803,845 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
3M Co. | 122,090 | 25,384,953 | ||||||
A.O. Smith Corp. | 30,083 | 1,425,332 | ||||||
Eaton Corp. PLC | 90,182 | 6,938,603 | ||||||
General Electric Co. | 1,808,847 | 13,566,352 | ||||||
Illinois Tool Works, Inc. | 64,212 | 8,928,679 | ||||||
Ingersoll-Rand PLC | 51,055 | 5,285,214 | ||||||
Parker-Hannifin Corp. | 27,547 | 4,739,186 | ||||||
Textron, Inc. | 51,701 | 2,902,494 | ||||||
69,170,813 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Nektar Therapeutics† | 35,896 | 1,449,839 | ||||||
E-Commerce/Products — 3.0% |
| |||||||
Amazon.com, Inc.† | 85,270 | 144,120,796 | ||||||
eBay, Inc.† | 193,595 | 5,778,811 | ||||||
149,899,607 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Booking Holdings, Inc.† | 9,880 | 18,691,774 | ||||||
Cars.com, Inc.† | 1 | 26 | ||||||
Expedia Group, Inc. | 24,744 | 2,988,828 | ||||||
TripAdvisor, Inc.† | 21,290 | 1,363,837 | ||||||
23,044,465 | ||||||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 48,264 | 3,544,026 | ||||||
Emerson Electric Co. | 130,800 | 8,831,616 | ||||||
12,375,642 | ||||||||
Electric - Distribution — 0.3% |
| |||||||
CenterPoint Energy, Inc. | 102,420 | 2,868,784 | ||||||
PPL Corp. | 145,600 | 4,453,904 | ||||||
Sempra Energy | 56,914 | 6,557,631 | ||||||
13,880,319 | ||||||||
Electric - Integrated — 2.6% |
| |||||||
AES Corp. | 137,714 | 2,133,190 | ||||||
Alliant Energy Corp. | 48,654 | 2,208,405 | ||||||
Ameren Corp. | 50,791 | 3,485,278 | ||||||
American Electric Power Co., Inc. | 102,593 | 7,975,580 | ||||||
CMS Energy Corp. | 58,955 | 3,070,966 | ||||||
Consolidated Edison, Inc. | 64,749 | 5,202,582 | ||||||
Dominion Energy, Inc. | 136,067 | 10,136,992 | ||||||
DTE Energy Co. | 37,831 | 4,529,884 | ||||||
Duke Energy Corp. | 148,260 | 13,131,388 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Edison International | 67,810 | $ | 3,751,249 | |||||
Entergy Corp. | 37,641 | 3,277,025 | ||||||
Evergy, Inc. | 56,545 | 3,357,077 | ||||||
Eversource Energy | 65,952 | 4,507,160 | ||||||
Exelon Corp. | 201,031 | 9,325,828 | ||||||
FirstEnergy Corp. | 101,154 | 3,826,656 | ||||||
NextEra Energy, Inc. | 98,154 | 17,835,563 | ||||||
PG&E Corp.† | 107,633 | 2,839,359 | ||||||
Pinnacle West Capital Corp. | 23,305 | 2,082,535 | ||||||
Public Service Enterprise Group, Inc. | 105,171 | 5,879,059 | ||||||
SCANA Corp. | 29,684 | 1,385,055 | ||||||
Southern Co. | 211,068 | 9,989,848 | ||||||
WEC Energy Group, Inc. | 65,671 | 4,759,834 | ||||||
Xcel Energy, Inc. | 105,955 | 5,557,340 | ||||||
130,247,853 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Corning, Inc. | 168,586 | 5,431,841 | ||||||
Garmin, Ltd. | 25,148 | 1,676,366 | ||||||
7,108,207 | ||||||||
Electronic Components - Semiconductors — 2.8% |
| |||||||
Advanced Micro Devices, Inc.† | 178,549 | 3,803,094 | ||||||
Broadcom, Inc. | 89,845 | 21,330,101 | ||||||
Intel Corp. | 959,672 | 47,321,426 | ||||||
IPG Photonics Corp.† | 7,497 | 1,065,699 | ||||||
Microchip Technology, Inc. | 49,026 | 3,676,950 | ||||||
Micron Technology, Inc.† | 241,388 | 9,307,921 | ||||||
NVIDIA Corp. | 126,541 | 20,680,596 | ||||||
Qorvo, Inc.† | 26,149 | 1,720,866 | ||||||
Skyworks Solutions, Inc. | 37,251 | 2,710,755 | ||||||
Texas Instruments, Inc. | 202,340 | 20,203,649 | ||||||
Xilinx, Inc. | 52,638 | 4,867,962 | ||||||
136,689,019 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 62,511 | 5,497,218 | ||||||
TE Connectivity, Ltd. | 72,524 | 5,579,271 | ||||||
11,076,489 | ||||||||
Electronic Forms — 0.5% |
| |||||||
Adobe, Inc.† | 101,912 | 25,568,702 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 66,344 | 4,799,988 | ||||||
FLIR Systems, Inc. | 28,725 | 1,317,328 | ||||||
Fortive Corp. | 64,014 | 4,869,545 | ||||||
Keysight Technologies, Inc.† | 39,008 | 2,411,475 | ||||||
13,398,336 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 19,773 | 1,811,009 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 29,267 | 1,197,898 | ||||||
Jacobs Engineering Group, Inc. | 24,809 | 1,629,207 | ||||||
2,827,105 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 31,270 | 4,723,646 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 588,295 | 28,685,264 | ||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 158,678 | 7,914,859 | ||||||
Electronic Arts, Inc.† | 63,441 | 5,333,485 | ||||||
Take-Two Interactive Software, Inc.† | 23,691 | 2,598,192 | ||||||
15,846,536 | ||||||||
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 141,824 | $ | 3,684,588 | |||||
Finance - Credit Card — 2.5% |
| |||||||
Alliance Data Systems Corp. | 9,834 | 1,970,340 | ||||||
American Express Co. | 146,951 | 16,498,189 | ||||||
Capital One Financial Corp. | 99,573 | 8,929,706 | ||||||
Discover Financial Services | 71,316 | 5,084,831 | ||||||
Mastercard, Inc., Class A | 189,874 | 38,177,965 | ||||||
Visa, Inc., Class A | 369,770 | 52,400,107 | ||||||
123,061,138 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 250,262 | 11,211,738 | ||||||
E*TRADE Financial Corp. | 54,046 | 2,826,065 | ||||||
Jefferies Financial Group, Inc. | 60,357 | 1,318,800 | ||||||
15,356,603 | ||||||||
Finance - Other Services — 0.6% |
| |||||||
Cboe Global Markets, Inc. | 23,272 | 2,504,533 | ||||||
CME Group, Inc. | 73,651 | 13,999,582 | ||||||
Intercontinental Exchange, Inc. | 119,348 | 9,753,119 | ||||||
Nasdaq, Inc. | 23,967 | 2,188,666 | ||||||
28,445,900 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 29,090 | 3,150,447 | ||||||
J.M. Smucker Co. | 23,672 | 2,473,961 | ||||||
5,624,408 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp. | 56,587 | 2,551,508 | ||||||
Tyson Foods, Inc., Class A | 61,589 | 3,630,671 | ||||||
6,182,179 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Campbell Soup Co. | 40,047 | 1,569,842 | ||||||
Conagra Brands, Inc. | 97,618 | 3,156,966 | ||||||
General Mills, Inc. | 124,037 | 5,248,006 | ||||||
Kellogg Co. | 52,671 | 3,352,509 | ||||||
Kraft Heinz Co. | 129,417 | 6,615,797 | ||||||
Lamb Weston Holdings, Inc. | 30,475 | 2,337,433 | ||||||
McCormick & Co., Inc. | 25,242 | 3,786,300 | ||||||
Mondelez International, Inc., Class A | 305,231 | 13,729,290 | ||||||
39,796,143 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 165,809 | 4,917,895 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 99,525 | 6,707,985 | ||||||
Gas - Distribution — 0.0% |
| |||||||
NiSource, Inc. | 75,558 | 1,996,242 | ||||||
Gold Mining — 0.1% |
| |||||||
Newmont Mining Corp. | 111,015 | 3,590,225 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 90,473 | 2,117,068 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 27,090 | 1,049,467 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Hilton Worldwide Holdings, Inc. | 62,061 | 4,688,088 | ||||||
Marriott International, Inc., Class A | 59,940 | 6,894,898 | ||||||
11,582,986 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 25,485 | 1,575,738 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 63,152 | $ | 2,426,931 | |||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 25,634 | 4,469,032 | ||||||
Industrial Gases — 0.5% |
| |||||||
Air Products & Chemicals, Inc. | 45,636 | 7,341,463 | ||||||
Linde PLC | 114,620 | 18,230,311 | ||||||
25,571,774 | ||||||||
Instruments - Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 154,557 | 22,681,240 | ||||||
Mettler-Toledo International, Inc.† | 5,248 | 3,341,191 | ||||||
26,022,431 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 23,046 | 2,006,385 | ||||||
Waters Corp.† | 16,040 | 3,185,223 | ||||||
5,191,608 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 50,503 | 8,338,550 | ||||||
Arthur J. Gallagher & Co. | 38,006 | 2,929,122 | ||||||
Marsh & McLennan Cos., Inc. | 105,100 | 9,322,370 | ||||||
Willis Towers Watson PLC | 27,217 | 4,339,751 | ||||||
24,929,793 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Aflac, Inc. | 159,800 | 7,309,252 | ||||||
Brighthouse Financial, Inc.† | 24,930 | 1,003,682 | ||||||
Lincoln National Corp. | 45,097 | 2,839,758 | ||||||
Principal Financial Group, Inc. | 55,115 | 2,718,272 | ||||||
Prudential Financial, Inc. | 86,789 | 8,137,337 | ||||||
Torchmark Corp. | 21,578 | 1,864,555 | ||||||
Unum Group | 45,518 | 1,634,551 | ||||||
25,507,407 | ||||||||
Insurance - Multi-line — 0.9% |
| |||||||
Allstate Corp. | 72,060 | 6,427,031 | ||||||
American International Group, Inc.(1) | 184,909 | 7,997,314 | ||||||
Assurant, Inc. | 10,986 | 1,068,279 | ||||||
Chubb, Ltd. | 96,417 | 12,894,810 | ||||||
Cincinnati Financial Corp. | 31,483 | 2,573,106 | ||||||
Hartford Financial Services Group, Inc. | 74,596 | 3,296,397 | ||||||
Loews Corp. | 57,873 | 2,781,376 | ||||||
MetLife, Inc. | 207,053 | 9,240,775 | ||||||
46,279,088 | ||||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 405,728 | 88,546,079 | ||||||
Progressive Corp. | 121,359 | 8,044,888 | ||||||
Travelers Cos., Inc. | 55,712 | 7,263,173 | ||||||
103,854,140 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 8,503 | 1,888,346 | ||||||
Internet Content - Entertainment — 2.0% |
| |||||||
Facebook, Inc., Class A† | 501,935 | 70,577,080 | ||||||
Netflix, Inc.† | 90,631 | 25,932,248 | ||||||
Twitter, Inc.† | 149,842 | 4,712,531 | ||||||
101,221,859 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 12,658 | 2,176,796 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 129,359 | 2,860,128 | ||||||
222 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Affiliated Managers Group, Inc. | 11,121 | $ | 1,235,766 | |||||
Ameriprise Financial, Inc. | 29,526 | 3,830,998 | ||||||
BlackRock, Inc. | 25,574 | 10,945,928 | ||||||
Franklin Resources, Inc. | 63,623 | 2,156,183 | ||||||
Invesco, Ltd. | 85,509 | 1,740,108 | ||||||
Raymond James Financial, Inc. | 27,327 | 2,178,782 | ||||||
T. Rowe Price Group, Inc. | 50,614 | 5,029,007 | ||||||
27,116,772 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 123,695 | 16,781,701 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 66,949 | 10,369,061 | ||||||
Machinery - General Industrial — 0.1% |
| |||||||
Roper Technologies, Inc. | 21,509 | 6,400,863 | ||||||
Machinery - Material Handling — 0.1% |
| |||||||
Dover Corp. | 30,741 | 2,609,604 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Flowserve Corp. | 27,234 | 1,321,122 | ||||||
Xylem, Inc. | 37,384 | 2,728,284 | ||||||
4,049,406 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp.† | 68,475 | 3,965,387 | ||||||
Medical Instruments — 1.2% |
| |||||||
Boston Scientific Corp.† | 287,824 | 10,842,330 | ||||||
Edwards Lifesciences Corp.† | 43,579 | 7,060,234 | ||||||
Intuitive Surgical, Inc.† | 23,674 | 12,567,817 | ||||||
Medtronic PLC | 281,078 | 27,413,537 | ||||||
57,883,918 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 33,731 | 4,218,736 | ||||||
Laboratory Corp. of America Holdings† | 21,208 | 3,088,733 | ||||||
Quest Diagnostics, Inc. | 28,444 | 2,519,285 | ||||||
9,826,754 | ||||||||
Medical Products — 1.6% |
| |||||||
Abbott Laboratories | 365,121 | 27,037,210 | ||||||
ABIOMED, Inc.† | 9,340 | 3,107,231 | ||||||
Baxter International, Inc. | 103,411 | 7,088,824 | ||||||
Becton Dickinson and Co. | 55,687 | 14,074,889 | ||||||
Cooper Cos., Inc. | 10,227 | 2,851,595 | ||||||
Henry Schein, Inc.† | 31,866 | 2,842,447 | ||||||
Hologic, Inc.† | 56,636 | 2,515,205 | ||||||
Stryker Corp. | 64,605 | 11,335,593 | ||||||
Varian Medical Systems, Inc.† | 19,053 | 2,350,950 | ||||||
Zimmer Biomet Holdings, Inc. | 42,351 | 4,955,914 | ||||||
78,159,858 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 46,383 | 5,712,066 | ||||||
Amgen, Inc. | 134,715 | 28,054,399 | ||||||
Biogen, Inc.† | 41,926 | 13,991,545 | ||||||
Celgene Corp.† | 146,389 | 10,572,214 | ||||||
Gilead Sciences, Inc. | 269,803 | 19,409,628 | ||||||
Illumina, Inc.† | 30,594 | 10,325,475 | ||||||
Incyte Corp.† | 36,722 | 2,359,388 | ||||||
Regeneron Pharmaceuticals, Inc.† | 16,127 | 5,896,838 | ||||||
Vertex Pharmaceuticals, Inc.† | 53,189 | 9,616,039 | ||||||
105,937,592 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 5.5% |
| |||||||
AbbVie, Inc. | 315,161 | $ | 29,710,227 | |||||
Allergan PLC | 66,409 | 10,399,649 | ||||||
Bristol-Myers Squibb Co. | 339,637 | 18,156,994 | ||||||
Eli Lilly & Co. | 198,938 | 23,602,004 | ||||||
Johnson & Johnson | 558,353 | 82,022,056 | ||||||
Merck & Co., Inc. | 553,519 | 43,916,197 | ||||||
Pfizer, Inc. | 1,220,063 | 56,403,513 | ||||||
Zoetis, Inc. | 100,280 | 9,413,284 | ||||||
273,623,924 | ||||||||
Medical-Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 107,303 | 3,633,280 | ||||||
Perrigo Co. PLC | 26,200 | 1,631,736 | ||||||
5,265,016 | ||||||||
Medical- HMO — 2.0% |
| |||||||
Anthem, Inc. | 54,103 | 15,693,657 | ||||||
Centene Corp.† | 42,719 | 6,076,777 | ||||||
Cigna Corp. | 50,650 | 11,314,197 | ||||||
Humana, Inc. | 28,672 | 9,446,564 | ||||||
UnitedHealth Group, Inc. | 200,316 | 56,360,910 | ||||||
WellCare Health Plans, Inc.† | 10,401 | 2,651,007 | ||||||
101,543,112 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 56,177 | 8,088,926 | ||||||
Universal Health Services, Inc., Class B | 17,917 | 2,472,367 | ||||||
10,561,293 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 33,322 | 2,962,326 | ||||||
Cardinal Health, Inc. | 64,276 | 3,524,253 | ||||||
McKesson Corp. | 41,577 | 5,176,336 | ||||||
11,662,915 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 301,577 | 3,600,829 | ||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 34,664 | 1,465,941 | ||||||
Multimedia — 1.1% |
| |||||||
Twenty-First Century Fox, Inc., Class A | 219,377 | 10,852,580 | ||||||
Twenty-First Century Fox, Inc., Class B | 101,378 | 4,970,563 | ||||||
Viacom, Inc., Class B | 73,559 | 2,270,031 | ||||||
Walt Disney Co. | 309,535 | 35,748,197 | ||||||
53,841,371 | ||||||||
Networking Products — 1.0% |
| |||||||
Arista Networks, Inc.† | 10,746 | 2,562,706 | ||||||
Cisco Systems, Inc. | 951,418 | 45,544,380 | ||||||
48,107,086 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 45,370 | 3,508,916 | ||||||
Waste Management, Inc. | 82,089 | 7,695,844 | ||||||
11,204,760 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 43,147 | 1,161,517 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 18,194 | 1,753,902 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 22,674 | 1,374,044 | ||||||
223 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies-Exploration & Production — 1.6% |
| |||||||
Anadarko Petroleum Corp. | 106,577 | $ | 5,637,923 | |||||
Apache Corp. | 79,605 | 2,796,524 | ||||||
Cabot Oil & Gas Corp. | 91,821 | 2,310,216 | ||||||
Cimarex Energy Co. | 19,846 | 1,626,975 | ||||||
Concho Resources, Inc.† | 41,680 | 5,432,571 | ||||||
ConocoPhillips | 241,863 | 16,006,493 | ||||||
Devon Energy Corp. | 97,444 | 2,633,911 | ||||||
Diamondback Energy, Inc. | 31,588 | 3,486,684 | ||||||
EOG Resources, Inc. | 120,547 | 12,453,711 | ||||||
Hess Corp. | 52,393 | 2,823,459 | ||||||
Marathon Oil Corp. | 177,771 | 2,966,998 | ||||||
Newfield Exploration Co.† | 41,596 | 705,052 | ||||||
Noble Energy, Inc. | 100,550 | 2,387,057 | ||||||
Occidental Petroleum Corp. | 159,159 | 11,184,103 | ||||||
Pioneer Natural Resources Co. | 35,465 | 5,239,954 | ||||||
77,691,631 | ||||||||
Oil Companies - Integrated — 2.4% |
| |||||||
Chevron Corp. | 398,801 | 47,433,391 | ||||||
Exxon Mobil Corp. | 881,170 | 70,053,015 | ||||||
117,486,406 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
National Oilwell Varco, Inc. | 79,634 | 2,557,048 | ||||||
Oil Refining & Marketing — 0.5% |
| |||||||
HollyFrontier Corp. | 33,733 | 2,107,301 | ||||||
Marathon Petroleum Corp. | 140,943 | 9,183,846 | ||||||
Phillips 66 | 88,895 | 8,313,460 | ||||||
Valero Energy Corp. | 88,953 | 7,107,345 | ||||||
26,711,952 | ||||||||
Oil- Field Services — 0.5% |
| |||||||
Baker Hughes a GE Co., LLC | 105,814 | 2,414,675 | ||||||
Halliburton Co. | 183,130 | 5,755,776 | ||||||
Schlumberger, Ltd. | 288,073 | 12,992,092 | ||||||
TechnipFMC PLC | 88,918 | 2,053,117 | ||||||
23,215,660 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 85,098 | 3,930,677 | ||||||
Pharmacy Services — 0.7% |
| |||||||
CVS Health Corp. | 268,924 | 21,567,672 | ||||||
Express Scripts Holding Co.† | 117,014 | 11,873,410 | ||||||
33,441,082 | ||||||||
Pipelines — 0.4% |
| |||||||
Kinder Morgan, Inc. | 394,998 | 6,742,616 | ||||||
ONEOK, Inc. | 85,592 | 5,257,916 | ||||||
Williams Cos., Inc. | 251,703 | 6,373,120 | ||||||
18,373,652 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 79,793 | 1,035,713 | ||||||
News Corp., Class B | 25,760 | 345,184 | ||||||
1,380,897 | ||||||||
Real Estate Investment Trusts — 2.8% |
| |||||||
Alexandria Real Estate Equities, Inc. | 22,011 | 2,740,369 | ||||||
American Tower Corp. | 91,750 | 15,091,957 | ||||||
Apartment Investment & Management Co., Class A | 32,749 | 1,542,150 | ||||||
AvalonBay Communities, Inc. | 28,767 | 5,482,127 | ||||||
Boston Properties, Inc. | 32,139 | 4,216,637 | ||||||
Crown Castle International Corp. | 86,339 | 9,920,351 | ||||||
Digital Realty Trust, Inc. | 42,894 | 4,934,526 | ||||||
Duke Realty Corp. | 74,358 | 2,116,229 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Equinix, Inc. | 16,548 | $ | 6,375,613 | |||||
Equity Residential | 76,649 | 5,461,241 | ||||||
Essex Property Trust, Inc. | 13,747 | 3,608,725 | ||||||
Extra Space Storage, Inc. | 26,328 | 2,526,961 | ||||||
Federal Realty Investment Trust | 15,295 | 2,020,317 | ||||||
HCP, Inc. | 97,784 | 2,861,160 | ||||||
Host Hotels & Resorts, Inc. | 154,363 | 2,932,897 | ||||||
Iron Mountain, Inc. | 59,554 | 2,023,049 | ||||||
Kimco Realty Corp. | 87,701 | 1,433,911 | ||||||
Macerich Co. | 22,017 | 1,107,235 | ||||||
Mid-America Apartment Communities, Inc. | 23,687 | 2,453,026 | ||||||
Prologis, Inc. | 131,020 | 8,822,887 | ||||||
Public Storage | 31,187 | 6,650,940 | ||||||
Realty Income Corp. | 60,366 | 3,868,857 | ||||||
Regency Centers Corp. | 35,264 | 2,244,906 | ||||||
SBA Communications Corp.† | 23,902 | 4,082,701 | ||||||
Simon Property Group, Inc. | 64,355 | 11,950,080 | ||||||
SL Green Realty Corp. | 18,017 | 1,737,199 | ||||||
UDR, Inc. | 55,708 | 2,374,275 | ||||||
Ventas, Inc. | 74,185 | 4,710,006 | ||||||
Vornado Realty Trust | 36,031 | 2,592,791 | ||||||
Welltower, Inc. | 77,429 | 5,600,440 | ||||||
Weyerhaeuser Co. | 157,694 | 4,164,699 | ||||||
137,648,262 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 65,771 | 2,872,877 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 17,222 | 2,017,213 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 29,708 | 3,321,057 | ||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Foot Locker, Inc. | 24,332 | 1,372,325 | ||||||
Gap, Inc. | 45,160 | 1,232,416 | ||||||
L Brands, Inc. | 47,516 | 1,573,255 | ||||||
Ross Stores, Inc. | 78,369 | 6,865,124 | ||||||
Tapestry, Inc. | 59,948 | 2,333,776 | ||||||
13,376,896 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 15,418 | 2,739,933 | ||||||
AutoZone, Inc.† | 5,502 | 4,451,503 | ||||||
Genuine Parts Co. | 30,544 | 3,167,718 | ||||||
O’Reilly Automotive, Inc.† | 16,767 | 5,814,460 | ||||||
16,173,614 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.† | 36,747 | 2,427,874 | ||||||
Retail - Building Products — 1.2% |
| |||||||
Home Depot, Inc. | 238,126 | 42,938,880 | ||||||
Lowe’s Cos., Inc. | 168,791 | 15,928,807 | ||||||
58,867,687 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 50,590 | 3,267,608 | ||||||
Retail - Discount — 1.4% |
| |||||||
Costco Wholesale Corp. | 91,273 | 21,109,619 | ||||||
Dollar General Corp. | 55,265 | 6,133,862 | ||||||
Dollar Tree, Inc.† | 49,511 | 4,296,070 | ||||||
Target Corp. | 109,548 | 7,773,526 | ||||||
Walmart, Inc. | 298,678 | 29,165,907 | ||||||
68,478,984 | ||||||||
224 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Drug Store — 0.3% |
| |||||||
Walgreens Boots Alliance, Inc. | 175,566 | $ | 14,865,173 | |||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 25,351 | 2,411,641 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 22,675 | 2,063,425 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc. | 23,856 | 1,261,267 | ||||||
TJX Cos., Inc. | 261,022 | 12,750,924 | ||||||
14,012,191 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 11,818 | 3,519,282 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 34,697 | 2,330,597 | ||||||
Macy’s, Inc. | 63,890 | 2,186,316 | ||||||
4,516,913 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 5,092 | 2,409,585 | ||||||
Darden Restaurants, Inc. | 25,823 | 2,854,474 | ||||||
McDonald’s Corp. | 161,465 | 30,437,767 | ||||||
Starbucks Corp. | 258,202 | 17,227,238 | ||||||
Yum! Brands, Inc. | 66,050 | 6,091,131 | ||||||
59,020,195 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Goodyear Tire & Rubber Co. | 49,330 | 1,142,483 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 77,577 | 1,307,948 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Analog Devices, Inc. | 77,355 | 7,110,471 | ||||||
Maxim Integrated Products, Inc. | 57,863 | 3,235,699 | ||||||
QUALCOMM, Inc. | 252,284 | 14,698,066 | ||||||
25,044,236 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 204,587 | 7,627,003 | ||||||
KLA-Tencor Corp. | 32,494 | 3,202,609 | ||||||
Lam Research Corp. | 32,797 | 5,147,817 | ||||||
15,977,429 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 9,015 | 1,942,733 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 51,076 | 3,380,720 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 65,839 | 3,977,334 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 71,761 | 2,060,258 | ||||||
Telephone - Integrated — 2.1% |
| |||||||
AT&T, Inc. | 1,511,417 | 47,216,667 | ||||||
CenturyLink, Inc. | 197,826 | 3,719,129 | ||||||
Verizon Communications, Inc. | 859,967 | 51,856,010 | ||||||
102,791,806 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 70,456 | 3,817,306 | ||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 13,198 | 1,690,136 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tobacco — 1.0% |
| |||||||
Altria Group, Inc. | 392,356 | $ | 21,512,880 | |||||
Philip Morris International, Inc. | 323,534 | 27,995,397 | ||||||
49,508,277 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 11,739 | 1,951,491 | ||||||
Stanley Black & Decker, Inc. | 31,846 | 4,167,049 | ||||||
6,118,540 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 24,306 | 2,211,846 | ||||||
Mattel, Inc.† | 71,627 | 995,615 | ||||||
3,207,461 | ||||||||
Transport - Rail — 1.0% |
| |||||||
CSX Corp. | 169,805 | 12,332,937 | ||||||
Kansas City Southern | 21,262 | 2,191,049 | ||||||
Norfolk Southern Corp. | 58,281 | 9,950,898 | ||||||
Union Pacific Corp. | 153,908 | 23,667,972 | ||||||
48,142,856 | ||||||||
Transport - Services — 0.7% |
| |||||||
C.H. Robinson Worldwide, Inc. | 28,835 | 2,662,336 | ||||||
Expeditors International of Washington, Inc. | 36,284 | 2,760,850 | ||||||
FedEx Corp. | 50,634 | 11,595,186 | ||||||
United Parcel Service, Inc., Class B | 144,312 | 16,637,730 | ||||||
33,656,102 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 18,205 | 1,936,284 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 37,565 | 3,584,077 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 33,586 | 1,434,122 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 22,330 | 3,484,820 | ||||||
Web Portals/ISP — 2.8% |
| |||||||
Alphabet, Inc., Class A† | 62,212 | 69,033,546 | ||||||
Alphabet, Inc., Class C† | 64,081 | 70,132,169 | ||||||
139,165,715 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 33,772 | 4,432,574 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,273,986,318) | 4,848,407,885 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities | 2,233 | 2,233 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 50,000 | 49,991 | |||||
2.02% due 12/06/2018(4) | 700,000 | 699,876 | ||||||
2.10% due 01/03/2019(4) | 500,000 | 499,036 | ||||||
2.19% due 12/27/2018(4) | 250,000 | 249,632 | ||||||
2.35% due 03/28/2019(4) | 2,700,000 | 2,679,602 | ||||||
2.49% due 07/18/2019(4) | 1,500,000 | 1,476,189 | ||||||
2.50% due 07/18/2019(4) | 1,200,000 | 1,180,951 | ||||||
6,835,277 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,837,227) | 6,837,510 | |||||||
225 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — November 30, 2018 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with Fixed Income Clearing | $ | 116,250,000 | $ | 116,250,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,397,073,545)(5) | 100.0 | % | 4,971,495,395 | |||||
Other assets less liabilities | 0.0 | 497,898 | ||||||
NET ASSETS | 100.0 | % | $ | 4,971,993,293 | ||||
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company (see Note 3) |
(2) | At November 30, 2018, the Fund had loaned securities with a total value of $50,848,076. This was secured by collateral of $2,233, which was received in cash and subsequently invested in short-term investments currently valued at $2,233 as reported in the Portfolio of Investments. Additional collateral of $52,199,785 was received in the form of fixed |
income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
Federal Home Loan Mtg. Corp. | 3.00% to 4.00% | 12/15/2040 to 04/01/2048 | $ | 3,968,932 | ||||
Federal National Mtg. Assoc. | 3.00% to 4.50% | 07/25/2039 to 06/01/2048 | 6,173,391 | |||||
Government National Mtg. Assoc. | 2.50% to 5.00% | 05/20/2046 to 08/20/2048 | 1,372,542 | |||||
United States Treasury Bills | 0.00% | 12/06/2018 to 04/25/2019 | 4,009,362 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 36,675,558 |
(3) | The rate shown is the7-day yield as of November 30, 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) | ||||||||||||||||
909 | Long | S&P 500E-Mini Index | December 2018 | $ | 124,710,545 | $ | 125,364,735 | $ | 654,190 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 4,848,407,885 | $ | — | $ | — | $ | 4,848,407,885 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,233 | — | — | 2,233 | ||||||||||||
U.S. Government Treasuries | — | 6,835,277 | — | 6,835,277 | ||||||||||||
Repurchase Agreements | — | 116,250,000 | — | 116,250,000 | ||||||||||||
Total Investments at Value | $ | 4,848,410,118 | $ | 123,085,277 | $ | — | $ | 4,971,495,395 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 654,190 | $ | — | $ | — | $ | 654,190 | ||||||||
* | 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. |
See Notes to Financial Statements
226 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO PROFILE —November 30, 2018 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.4 | % | ||
Medical — Drugs | 8.9 | |||
Oil Companies — Exploration & Production | 5.8 | |||
Banks — Super Regional | 4.6 | |||
Electric — Integrated | 4.6 | |||
Oil Companies — Integrated | 4.2 | |||
Semiconductor Components — Integrated Circuits | 3.6 | |||
Real Estate Investment Trusts | 3.1 | |||
Chemicals — Diversified | 2.9 | |||
Telephone — Integrated | 2.8 | |||
Repurchase Agreements | 2.8 | |||
Cable/Satellite TV | 2.8 | |||
Networking Products | 2.6 | |||
Insurance — Multi-line | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Medical — HMO | 2.3 | |||
Diversified Manufacturing Operations | 2.3 | |||
Food — Misc./Diversified | 2.3 | |||
Medical Products | 2.2 | |||
Tobacco | 2.0 | |||
Medical Instruments | 1.9 | |||
Investment Management/Advisor Services | 1.8 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Machinery — Construction & Mining | 1.4 | |||
Insurance Brokers | 1.4 | |||
Banks — Commercial | 1.4 | |||
Transport — Rail | 1.2 | |||
Retail — Catalog Shopping | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Insurance — Property/Casualty | 1.1 | |||
Food — Wholesale/Distribution | 1.0 | |||
Hotels/Motels | 1.0 | |||
Wireless Equipment | 1.0 | |||
Cosmetics & Toiletries | 1.0 | |||
Retail — Building Products | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Computers — Memory Devices | 0.9 | |||
Oil — Field Services | 0.9 | |||
Cruise Lines | 0.8 | |||
Multimedia | 0.6 | |||
Home Decoration Products | 0.6 | |||
Semiconductor Equipment | 0.5 | |||
Footwear & Related Apparel | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
227 |
Table of Contents
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.1% |
| |||||||
Aerospace/Defense — 1.1% |
| |||||||
Lockheed Martin Corp. | 4,390 | $ | 1,318,888 | |||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 14,980 | 1,825,163 | ||||||
Banks - Commercial — 1.4% |
| |||||||
M&T Bank Corp. | 9,830 | 1,661,368 | ||||||
Banks - Super Regional — 4.6% |
| |||||||
PNC Financial Services Group, Inc. | 19,623 | 2,664,411 | ||||||
Wells Fargo & Co. | 55,676 | 3,022,093 | ||||||
5,686,504 | ||||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 26,860 | 1,176,468 | ||||||
Cable/Satellite TV — 2.8% |
| |||||||
Comcast Corp., Class A | 86,548 | 3,376,238 | ||||||
Chemicals - Diversified — 2.9% |
| |||||||
DowDuPont, Inc. | 36,453 | 2,108,806 | ||||||
FMC Corp. | 17,710 | 1,465,325 | ||||||
3,574,131 | ||||||||
Computers - Memory Devices — 0.9% |
| |||||||
NetApp, Inc. | 17,070 | 1,141,471 | ||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
Unilever NV | 22,070 | 1,225,106 | ||||||
Cruise Lines — 0.8% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 19,180 | 984,318 | ||||||
Diversified Banking Institutions — 10.4% |
| |||||||
Bank of America Corp. | 122,880 | 3,489,792 | ||||||
Citigroup, Inc. | 47,920 | 3,104,737 | ||||||
Goldman Sachs Group, Inc. | 6,042 | 1,152,149 | ||||||
JPMorgan Chase & Co. | 44,867 | 4,988,762 | ||||||
12,735,440 | ||||||||
Diversified Manufacturing Operations — 2.3% |
| |||||||
Eaton Corp. PLC | 19,345 | 1,488,404 | ||||||
Ingersoll-Rand PLC | 12,904 | 1,335,822 | ||||||
2,824,226 | ||||||||
Electric - Integrated — 4.6% |
| |||||||
Dominion Energy, Inc. | 21,260 | 1,583,870 | ||||||
Edison International | 18,334 | 1,014,237 | ||||||
Eversource Energy | 29,024 | 1,983,500 | ||||||
NextEra Energy, Inc. | 5,535 | 1,005,765 | ||||||
5,587,372 | ||||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Intel Corp. | 58,232 | 2,871,420 | ||||||
Food - Misc./Diversified — 2.3% |
| |||||||
Kraft Heinz Co. | 26,491 | 1,354,220 | ||||||
Mondelez International, Inc., Class A | 32,190 | 1,447,906 | ||||||
2,802,126 | ||||||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
US Foods Holding Corp.† | 38,270 | 1,269,799 | ||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Skechers U.S.A., Inc., Class A† | 19,840 | 535,680 | ||||||
Home Decoration Products — 0.6% |
| |||||||
Newell Brands, Inc.# | 29,850 | 698,490 | ||||||
Hotels/Motels — 1.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 16,569 | 1,251,622 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance Brokers — 1.4% |
| |||||||
Marsh & McLennan Cos., Inc. | 18,735 | $ | 1,661,795 | |||||
Insurance - Multi-line — 2.4% |
| |||||||
Chubb, Ltd. | 13,964 | 1,867,545 | ||||||
MetLife, Inc. | 25,490 | 1,137,619 | ||||||
3,005,164 | ||||||||
Insurance - Property/Casualty — 1.1% |
| |||||||
Intact Financial Corp. | 16,180 | 1,295,350 | ||||||
Investment Management/Advisor Services — 1.8% |
| |||||||
BlackRock, Inc. | 2,748 | 1,176,171 | ||||||
Invesco, Ltd. | 48,760 | 992,266 | ||||||
2,168,437 | ||||||||
Machinery - Construction & Mining — 1.4% |
| |||||||
Caterpillar, Inc. | 12,340 | 1,674,168 | ||||||
Medical Instruments — 1.9% |
| |||||||
Medtronic PLC | 23,745 | 2,315,850 | ||||||
Medical Products — 2.2% |
| |||||||
Koninklijke Philips NV | 35,229 | 1,333,565 | ||||||
Zimmer Biomet Holdings, Inc. | 11,330 | 1,325,836 | ||||||
2,659,401 | ||||||||
Medical - Drugs — 8.9% |
| |||||||
Allergan PLC | 8,080 | 1,265,328 | ||||||
AstraZeneca PLC ADR# | 37,280 | 1,484,490 | ||||||
Bristol-Myers Squibb Co. | 27,540 | 1,472,288 | ||||||
Eli Lilly & Co. | 16,230 | 1,925,527 | ||||||
Merck & Co., Inc. | 36,988 | 2,934,628 | ||||||
Roche Holding AG | 7,290 | 1,891,601 | ||||||
10,973,862 | ||||||||
Medical- HMO — 2.3% |
| |||||||
Anthem, Inc. | 4,600 | 1,334,322 | ||||||
UnitedHealth Group, Inc. | 5,405 | 1,520,751 | ||||||
2,855,073 | ||||||||
Multimedia — 0.6% |
| |||||||
Viacom, Inc., Class B | 25,500 | 786,930 | ||||||
Networking Products — 2.6% |
| |||||||
Cisco Systems, Inc. | 67,459 | 3,229,262 | ||||||
Oil Companies - Exploration & Production — 5.8% |
| |||||||
Canadian Natural Resources, Ltd. | 48,110 | 1,209,966 | ||||||
Concho Resources, Inc.† | 10,640 | 1,386,818 | ||||||
EOG Resources, Inc. | 19,110 | 1,974,254 | ||||||
Occidental Petroleum Corp. | 21,230 | 1,491,832 | ||||||
Pioneer Natural Resources Co. | 7,460 | 1,102,215 | ||||||
7,165,085 | ||||||||
Oil Companies - Integrated — 4.2% |
| |||||||
Chevron Corp. | 30,671 | 3,648,009 | ||||||
Exxon Mobil Corp. | 19,687 | 1,565,116 | ||||||
5,213,125 | ||||||||
Oil- Field Services — 0.9% |
| |||||||
Halliburton Co. | 34,640 | 1,088,735 | ||||||
Real Estate Investment Trusts — 3.1% |
| |||||||
Brixmor Property Group, Inc. | 42,460 | 700,590 | ||||||
Crown Castle International Corp. | 16,110 | 1,851,039 | ||||||
Park Hotels & Resorts, Inc. | 39,639 | 1,221,674 | ||||||
3,773,303 | ||||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 6,694 | 1,207,062 | ||||||
228 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2018 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Catalog Shopping — 1.1% |
| |||||||
Qurate Retail, Inc.† | 60,370 | $ | 1,341,421 | |||||
Retail - Major Department Stores — 0.4% |
| |||||||
TJX Cos., Inc. | 8,900 | 434,765 | ||||||
Semiconductor Components - Integrated Circuits — 3.6% |
| |||||||
Analog Devices, Inc. | 17,359 | 1,595,639 | ||||||
Maxim Integrated Products, Inc. | 22,705 | 1,269,664 | ||||||
QUALCOMM, Inc#. | 27,530 | 1,603,898 | ||||||
4,469,201 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
KLA-Tencor Corp. | 6,430 | 633,741 | ||||||
Telephone - Integrated — 2.8% |
| |||||||
Verizon Communications, Inc. | 56,645 | 3,415,694 | ||||||
Tobacco — 2.0% |
| |||||||
Philip Morris International, Inc. | 28,170 | 2,437,550 | ||||||
Transport - Rail — 1.2% |
| |||||||
Union Pacific Corp. | 9,340 | 1,436,305 | ||||||
Wireless Equipment — 1.0% |
| |||||||
Nokia OYJ ADR# | 227,520 | 1,244,535 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $96,071,584) | 119,031,644 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/30/2018, to be repurchased 12/03/2018 in the amount of $3,387,119 and collateralized by $3,430,000 of United States Treasury Notes, bearing interest at 3.00%, due 09/30/2025 and having an approximated value of $3,459,134 | $ | 3,387,000 | $ | 3,387,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $99,458,584)(1) | 99.9 | % | 122,418,644 | |||||
Other assets less liabilities | 0.1 | 183,191 | ||||||
NET ASSETS | 100.0 | % | $ | 122,601,835 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2018, the Fund had loaned securities with total value of $4,020,556. This was secured by collateral of $4,222,951 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2018 | |||||
United States Treasury Bills | 0.00% | 01/17/2019 to 04/25/2019 | $ | 211,912 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/15/2018 to 05/15/2048 | 4,011,039 |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2018 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 115,806,478 | $ | 3,225,166 | ** | $ | — | $ | 119,031,644 | |||||||
Repurchase Agreements | — | 3,387,000 | — | 3,387,000 | ||||||||||||
Total Investments at Value | $ | 115,806,478 | $ | 6,612,166 | $ | — | $ | 122,418,644 | ||||||||
* | 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). |
See Notes to Financial Statements
229 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2018 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 146,999,847 | $ | 788,410,471 | $ | 54,395,776 | $ | 236,993,175 | $ | 244,291,847 | $ | 844,509,004 | $ | 41,500,359 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 182,996,985 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | 745,000 | 2,740,000 | – | |||||||||||||||||||||
Cash | – | – | 957,355 | – | 570 | 37,080,930 | 11,746 | |||||||||||||||||||||
Foreign cash* | 8,661,994 | – | – | – | – | 23,216 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 860,000 | – | – | – | – | – | 31 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 32,945 | 95,238 | 1,631 | 91,226 | 31,892 | 265,214 | 15,968 | |||||||||||||||||||||
Dividends and interest | 388,257 | 723,374 | 109,790 | 1,280,024 | 566,849 | 2,801,922 | 161,418 | |||||||||||||||||||||
Investments sold | – | 2,968,651 | 27,817 | – | – | – | 15,971 | |||||||||||||||||||||
Investments sold on an extended settlement basis | 15,173 | – | – | – | – | – | 2,244,281 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 7,018 | 5,680 | 655 | 1,001 | 702 | 5,610 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 28,620 | 18,546 | 6,757 | 15,656 | 21,778 | 19,329 | 7,321 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 6,716 | – | 36,145 | – | 479 | |||||||||||||||||||||
Variation margin on futures contracts | 41,615 | – | – | – | – | – | 155,100 | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 221,851 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 157,257,320 | 792,221,960 | 55,506,497 | 238,381,082 | 245,694,783 | 887,445,225 | 227,109,659 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 4,286 | 87,137 | 54,850 | 267,724 | 21,213 | 312,060 | 35,932 | |||||||||||||||||||||
Investments purchased | 1,404,139 | 3,451,301 | – | – | – | 133,840 | 11,746 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 42,482 | – | – | 1,008,271 | – | – | 2,435,109 | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 62,457 | 454,645 | 31,985 | 97,967 | 160,626 | 509,199 | 45,830 | |||||||||||||||||||||
Administrative service fee | 8,332 | 41,852 | 3,048 | 13,069 | 13,394 | 48,032 | 2,241 | |||||||||||||||||||||
Transfer agent fees and expenses | 184 | 431 | 246 | 431 | 165 | 430 | 123 | |||||||||||||||||||||
Directors’ fees and expenses | 7,047 | 13,438 | 1,102 | 6,533 | 16,446 | 14,209 | 2,410 | |||||||||||||||||||||
Other accrued expenses | 123,528 | 82,150 | 39,300 | 76,741 | 52,342 | 100,350 | 46,531 | |||||||||||||||||||||
Variation margin on futures contracts | 37,199 | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 3,637,123 | – | 592,358 | 800,043 | 79,920 | 259,635 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | 86,715 | – | – | – | – | – | 790,000 | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | 212,272 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 770,224 | – | – | – | – | – | – | |||||||||||||||||||||
Swap premiums received | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 6,183,716 | 4,130,954 | 722,889 | 2,270,779 | 344,106 | 1,377,755 | 3,582,194 | |||||||||||||||||||||
NET ASSETS | $ | 151,073,604 | $ | 788,091,006 | $ | 54,783,608 | $ | 236,110,303 | $ | 245,350,677 | $ | 886,067,470 | $ | 223,527,465 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 139,980 | $ | 377,666 | $ | 34,188 | $ | 249,342 | $ | 103,437 | $ | 683,549 | $ | 185,193 | ||||||||||||||
Additional paid-in capital | 141,026,681 | 335,376,077 | 35,736,639 | 238,576,441 | 154,390,793 | 680,812,957 | 198,255,506 | |||||||||||||||||||||
Total distributable earnings (loss) | 9,906,943 | 452,337,263 | 19,012,781 | (2,715,480 | ) | 90,856,447 | 204,570,964 | 25,086,766 | ||||||||||||||||||||
NET ASSETS | $ | 151,073,604 | $ | 788,091,006 | $ | 54,783,608 | $ | 236,110,303 | $ | 245,350,677 | $ | 886,067,470 | $ | 223,527,465 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 13,998,031 | 37,766,642 | 3,418,789 | 24,934,203 | 10,343,694 | 68,354,918 | 18,519,320 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.79 | $ | 20.87 | $ | 16.02 | $ | 9.47 | $ | 23.72 | $ | 12.96 | $ | 12.07 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 152,536,368 | $ | 467,410,116 | $ | 45,589,385 | $ | 245,062,920 | $ | 191,895,849 | $ | 794,187,841 | $ | 43,158,371 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 169,582,099 | ||||||||||||||
Foreign cash | $ | 8,622,511 | $ | – | $ | – | $ | – | $ | – | $ | 23,229 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 215,264 | ||||||||||||||
† Including securities on loan | $ | 8,414,631 | $ | 31,104,989 | $ | 3,045,864 | $ | 4,316,810 | $ | 4,643,385 | $ | 30,324,326 | $ | – | ||||||||||||||
See Notes to Financial Statements
230 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2018 (unaudited) — (continued)
EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 675,646,312 | $ | 389,821,623 | $ | 368,138,160 | $ | 349,125,112 | $ | 341,468,066 | $ | 133,682,781 | $ | 1,223,998,184 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 1,081,000 | – | – | 6,222,000 | – | |||||||||||||||||||||
Cash | 28,772,795 | 4,003,688 | 888 | 2,718,580 | 86,476 | 864 | 12,933,441 | |||||||||||||||||||||
Foreign cash* | 2,321,783 | 70,250 | 311,454 | 663,762 | – | – | 1,983 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | 1,783,274 | – | – | – | |||||||||||||||||||||
Due from broker | 378,021 | – | – | – | – | – | 47 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 785,333 | 68,028 | 13,038 | 13,092 | 388,901 | 40,945 | 430,664 | |||||||||||||||||||||
Dividends and interest | 475,260 | 683,831 | 887,944 | 1,676,567 | 223,387 | 546,157 | 1,457,937 | |||||||||||||||||||||
Investments sold | – | 1,383,562 | – | 124,734 | – | – | 2,938,464 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | 65,405 | 20,525 | – | – | 598,487 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | 161,207 | – | – | – | |||||||||||||||||||||
Securites lending income | 21,130 | 1,283 | 1,107 | 1,489 | – | 163 | 6,595 | |||||||||||||||||||||
Prepaid expenses and other assets | 19,925 | 12,614 | 23,149 | 18,289 | 32,759 | 25,988 | 40,350 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | 50,082 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 19,740 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 2,192,941 | – | – | 265,370 | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | 1,853,921 | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 708,420,559 | 396,044,879 | 370,541,885 | 360,353,493 | 342,199,589 | 140,518,898 | 1,242,721,604 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 20,290 | 167,115 | 608,898 | 466,703 | 28,013 | 144,542 | 188,561 | |||||||||||||||||||||
Investments purchased | – | – | – | – | – | – | 2,931,665 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | 490,161 | – | 1,546,946 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | 197,048 | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 494,137 | – | – | 79,809 | – | – | 2,197 | |||||||||||||||||||||
Investment advisory and management fees | 432,937 | 233,072 | 153,388 | 147,771 | 113,004 | 54,743 | 690,362 | |||||||||||||||||||||
Administrative service fee | 37,776 | 21,230 | 20,462 | 19,713 | 18,843 | 7,303 | 66,809 | |||||||||||||||||||||
Transfer agent fees and expenses | 604 | 431 | 369 | 184 | 738 | 530 | 307 | |||||||||||||||||||||
Directors’ fees and expenses | 13,460 | 7,706 | 16,000 | 12,777 | 20,606 | 6,381 | 30,720 | |||||||||||||||||||||
Other accrued expenses | 371,969 | 77,110 | 80,601 | 148,237 | 80,415 | 50,431 | 140,076 | |||||||||||||||||||||
Variation margin on futures contracts | 17,160 | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 15,435,384 | 107,189 | – | – | – | – | 749,194 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | 35 | 2,126,267 | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 433,394 | – | – | 23,600 | |||||||||||||||||||||
Swap premiums received | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 16,823,717 | 613,853 | 879,753 | 4,122,064 | 261,619 | 1,810,876 | 4,823,491 | |||||||||||||||||||||
NET ASSETS | $ | 691,596,842 | $ | 395,431,026 | $ | 369,662,132 | $ | 356,231,429 | $ | 341,937,970 | $ | 138,708,022 | $ | 1,237,898,113 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 881,430 | $ | 518,541 | $ | 143,911 | $ | 302,639 | $ | 3,419,530 | $ | 135,924 | $ | 720,935 | ||||||||||||||
Additional paid-in capital | 672,807,732 | 374,688,164 | 280,230,172 | 306,732,197 | 338,532,362 | 140,593,839 | 867,572,664 | |||||||||||||||||||||
Total distributable earnings (loss) | 17,907,680 | 20,224,321 | 89,288,049 | 49,196,593 | (13,922 | ) | (2,021,741 | ) | 369,604,514 | |||||||||||||||||||
NET ASSETS | $ | 691,596,842 | $ | 395,431,026 | $ | 369,662,132 | $ | 356,231,429 | $ | 341,937,970 | $ | 138,708,022 | $ | 1,237,898,113 | ||||||||||||||
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 | 88,142,964 | 51,854,100 | 14,391,123 | 30,263,934 | 341,953,032 | 13,592,426 | 72,093,492 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.85 | $ | 7.63 | $ | 25.69 | $ | 11.77 | $ | 1.00 | $ | 10.20 | $ | 17.17 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 630,998,156 | $ | 378,971,929 | $ | 296,258,931 | $ | 356,696,791 | $ | 341,468,066 | $ | 137,233,470 | $ | 983,057,705 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 2,322,300 | $ | 70,809 | $ | 313,895 | $ | 657,094 | $ | – | $ | – | $ | 1,974 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 45,308,305 | $ | 5,241,927 | $ | 9,604,711 | $ | 5,668,171 | $ | – | $ | 1,041,847 | $ | 24,704,184 | ||||||||||||||
See Notes to Financial Statements
231 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2018 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL VALUE FUND# | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 123,889,066 | $ | 809,625,097 | $ | 680,719,520 | $ | 1,057,367,073 | $ | 189,205,410 | $ | 427,359,097 | $ | 739,170,961 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 11,474,000 | – | – | – | |||||||||||||||||||||
Cash | 797,892 | 525,544 | 24,329 | 634 | 1,402,306 | 41,555,328 | – | |||||||||||||||||||||
Foreign cash* | – | 27,057 | 241,649 | 5,787,178 | 768,767 | 374,112 | 8,297,466 | |||||||||||||||||||||
Cash collateral for futures contracts | 105,000 | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 20 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 66,001 | 87,567 | 857,385 | 1,172,358 | 27,975 | 565,681 | 71,062 | |||||||||||||||||||||
Dividends and interest | 247,545 | 687,007 | 2,872,812 | 4,753,952 | 1,669,242 | 782,948 | 2,056,090 | |||||||||||||||||||||
Investments sold | 418,610 | 1,790,912 | – | – | – | – | 1,824,506 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | 168,154 | – | – | 804,571 | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 305 | 26,419 | 1,857 | 17,454 | 1,196 | 9,275 | 16,188 | |||||||||||||||||||||
Prepaid expenses and other assets | 10,976 | 17,964 | 14,320 | 43,506 | 13,502 | 26,947 | 30,254 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 11,657 | 26,950 | – | – | – | 72,103 | 42,287 | |||||||||||||||||||||
Variation margin on futures contracts | 4,935 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | 2,355,639 | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 125,552,007 | 812,982,671 | 684,731,872 | 1,080,616,155 | 193,892,969 | 470,745,491 | 753,864,453 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 73,993 | 22,879 | 16,123 | 759,072 | 74,972 | 21,996 | 115,221 | |||||||||||||||||||||
Investments purchased | 442,434 | 3,982,850 | – | – | 796,782 | – | 286,112 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | 76,508 | – | |||||||||||||||||||||
Investment advisory and management fees | 76,833 | 628,771 | 243,951 | 262,257 | 79,449 | 334,737 | 411,401 | |||||||||||||||||||||
Administrative service fee | 6,833 | 42,703 | 35,539 | 59,179 | 10,598 | 24,046 | 40,294 | |||||||||||||||||||||
Transfer agent fees and expenses | 369 | 246 | 430 | 859 | 431 | 431 | 492 | |||||||||||||||||||||
Directors’ fees and expenses | 5,756 | 12,929 | 9,236 | 31,197 | 7,234 | 21,218 | 24,590 | |||||||||||||||||||||
Other accrued expenses | 43,187 | 98,617 | 77,971 | 405,480 | 71,253 | 115,927 | 149,348 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | 104,850 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 6,017,356 | 4,107,740 | 22,539,862 | 855,373 | 32,485,110 | 27,757,947 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | 1,859,235 | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap premiums received | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 649,405 | 10,806,351 | 4,490,990 | 24,162,756 | 1,896,092 | 33,079,973 | 30,644,640 | |||||||||||||||||||||
NET ASSETS | $ | 124,902,602 | $ | 802,176,320 | $ | 680,240,882 | $ | 1,056,453,399 | $ | 191,996,877 | $ | 437,665,518 | $ | 723,219,813 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 54,516 | $ | 366,123 | $ | 635,107 | $ | 1,547,968 | $ | 169,923 | $ | 326,055 | $ | 755,137 | ||||||||||||||
Additional paid-in capital | 81,005,047 | 502,501,903 | 675,177,330 | 1,026,005,289 | 201,819,454 | 343,107,548 | 742,488,167 | |||||||||||||||||||||
Total distributable earnings (loss) | 43,843,039 | 299,308,294 | 4,428,445 | 28,900,142 | (9,992,500 | ) | 94,231,915 | (20,023,491 | ) | |||||||||||||||||||
NET ASSETS | $ | 124,902,602 | $ | 802,176,320 | $ | 680,240,882 | $ | 1,056,453,399 | $ | 191,996,877 | $ | 437,665,518 | $ | 723,219,813 | ||||||||||||||
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 | 5,451,576 | 36,612,337 | 63,510,749 | 154,796,778 | 16,992,309 | 32,605,461 | 75,513,732 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 22.91 | $ | 21.91 | $ | 10.71 | $ | 6.82 | $ | 11.30 | $ | 13.42 | $ | 9.58 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 100,822,351 | $ | 606,527,174 | $ | 694,784,697 | $ | 1,079,602,539 | $ | 197,372,016 | $ | 441,625,233 | $ | 781,150,813 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 27,076 | $ | 236,766 | $ | 5,794,844 | $ | 772,189 | $ | 376,203 | $ | 8,297,597 | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 2,170,846 | $ | 134,821,710 | $ | 8,364,062 | $ | 26,457,673 | $ | 8,913,280 | $ | 31,849,917 | $ | 29,596,574 | ||||||||||||||
# See Note 1 |
See Notes to Financial Statements
232 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2018 (unaudited) — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 171,417,382 | $ | 469,740,460 | $ | 3,218,829,405 | $ | 287,454,010 | $ | 462,614,345 | $ | 1,255,987,472 | $ | 149,407,114 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 2,202,000 | – | 106,614,000 | – | 38,922,000 | 11,310,000 | 4,038,000 | |||||||||||||||||||||
Cash | 982 | 543 | 191 | 1,661,692 | 72 | 56,626,641 | 831 | |||||||||||||||||||||
Foreign cash* | – | – | – | 2 | – | 952,574 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 49 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 8,638 | 24,935 | 291,791 | 171,455 | 51,608 | 33,895 | 112,066 | |||||||||||||||||||||
Dividends and interest | 292,199 | 522,781 | 3,749,697 | 219,896 | 514,008 | 898,005 | 65,816 | |||||||||||||||||||||
Investments sold | 445,677 | – | 28,280,092 | 110,683 | – | 2,590,983 | 296,088 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 87 | 2,218 | 57,432 | 4,972 | 3,450 | 24,883 | 4,784 | |||||||||||||||||||||
Prepaid expenses and other assets | 10,355 | 16,724 | 118,732 | 14,673 | 12,208 | 65,757 | 10,131 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 11,151 | – | 2,016 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 780,000 | – | 218,950 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 174,377,320 | 470,307,661 | 3,358,721,340 | 289,637,383 | 502,347,841 | 1,328,490,210 | 153,936,846 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 79,723 | 203,041 | 939,558 | 6,826 | 38,347 | 412,925 | 3,925 | |||||||||||||||||||||
Investments purchased | 283,392 | – | 24,794,477 | 324,285 | – | 621,196 | 77,642 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 99,285 | 241,875 | 701,927 | 159,174 | 157,326 | 925,266 | 105,587 | |||||||||||||||||||||
Administrative service fee | 9,460 | 25,208 | 179,271 | 15,279 | 26,896 | 70,994 | 8,285 | |||||||||||||||||||||
Transfer agent fees and expenses | 434 | 210 | 1,107 | 430 | 862 | 862 | 184 | |||||||||||||||||||||
Directors’ fees and expenses | 3,842 | 11,490 | 97,614 | 7,780 | 6,569 | 44,001 | 2,425 | |||||||||||||||||||||
Other accrued expenses | 46,458 | 57,914 | 281,866 | 47,183 | 89,648 | 163,697 | 45,325 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 29,942,454 | 4,099,009 | 1,364,499 | 1,198,918 | 373,750 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap premiums received | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 522,594 | 539,738 | 56,938,274 | 4,659,966 | 1,684,147 | 3,437,859 | 617,123 | |||||||||||||||||||||
NET ASSETS | $ | 173,854,726 | $ | 469,767,923 | $ | 3,301,783,066 | $ | 284,977,417 | $ | 500,663,694 | $ | 1,325,052,351 | $ | 153,319,723 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 144,905 | $ | 298,579 | $ | 1,211,873 | $ | 182,470 | $ | 358,607 | $ | 453,672 | $ | 100,987 | ||||||||||||||
Additional paid-in capital | 124,495,700 | 293,803,473 | 2,064,301,141 | 192,662,655 | 216,198,828 | 846,234,444 | 106,853,956 | |||||||||||||||||||||
Total distributable earnings (loss) | 49,214,121 | 175,665,871 | 1,236,270,052 | 92,132,292 | 284,106,259 | 478,364,235 | 46,364,780 | |||||||||||||||||||||
NET ASSETS | $ | 173,854,726 | $ | 469,767,923 | $ | 3,301,783,066 | $ | 284,977,417 | $ | 500,663,694 | $ | 1,325,052,351 | $ | 153,319,723 | ||||||||||||||
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 | 14,490,450 | 29,857,918 | 121,187,334 | 18,247,047 | 35,860,678 | 45,367,214 | 10,098,733 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 12.00 | $ | 15.73 | $ | 27.25 | $ | 15.62 | $ | 13.96 | $ | 29.21 | $ | 15.18 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 145,743,675 | $ | 339,032,052 | $ | 2,477,139,076 | $ | 228,347,269 | $ | 191,476,528 | $ | 1,133,147,586 | $ | 135,080,397 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | 2 | $ | – | $ | 936,539 | $ | – | ||||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 399,375 | $ | 14,040,627 | $ | 336,734,152 | $ | 24,459,126 | $ | 12,363,226 | $ | 145,825,854 | $ | 33,112,705 | ||||||||||||||
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2018 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 294,181,976 | $ | 1,165,079,933 | $ | 249,501,375 | $ | 114,515,055 | $ | 4,847,248,081 | $ | 119,031,644 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | 7,997,314 | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | 7,770,000 | 34,647,000 | – | – | 116,250,000 | 3,387,000 | ||||||||||||||||||
Cash | 331,737 | 555 | 11,015,864 | – | 194 | 250 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | 48 | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 35,495 | 400,765 | 12,511 | 13,813 | 352,598 | 2,264 | ||||||||||||||||||
Dividends and interest | 257,445 | 990,467 | 363,287 | 88,901 | 10,356,477 | 305,972 | ||||||||||||||||||
Investments sold | 610,556 | 2,684 | 2,510,850 | 43,710 | 2,365,975 | – | ||||||||||||||||||
Investments sold on an extended settlement basis | – | 15,165 | – | – | 11,720 | – | ||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Securites lending income | 23,262 | 114,781 | 4,338 | 6,316 | 10,889 | 696 | ||||||||||||||||||
Prepaid expenses and other assets | 25,018 | 41,689 | 16,348 | 8,110 | 259,842 | 9,427 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 31,428 | – | – | 6,343 | – | 11,992 | ||||||||||||||||||
Variation margin on futures contracts | – | 174,305 | – | – | 640,845 | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 303,266,917 | 1,201,467,392 | 263,424,573 | 114,682,248 | 4,985,493,935 | 122,749,245 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 65,480 | 95,166 | 58,971 | 4,661 | 2,459,013 | 18,699 | ||||||||||||||||||
Investments purchased | 623,449 | 5,642 | 195,761 | 395,126 | 9,230,116 | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | – | 2,684 | – | – | – | – | ||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 218,049 | 280,472 | 162,155 | 77,017 | 970,646 | 77,393 | ||||||||||||||||||
Administrative service fee | 16,305 | 63,865 | 14,421 | 6,043 | 268,997 | 6,618 | ||||||||||||||||||
Transfer agent fees and expenses | 185 | 1,043 | 369 | 184 | 1,268 | 430 | ||||||||||||||||||
Directors’ fees and expenses | 18,805 | 35,544 | 6,739 | 3,224 | 173,111 | 4,294 | ||||||||||||||||||
Other accrued expenses | 76,787 | 183,105 | 48,489 | 38,893 | 395,258 | 39,976 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 3,003,475 | 25,402,028 | 3,213,630 | 2,424,256 | 2,233 | – | ||||||||||||||||||
Due to custodian | – | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Call and put options written, at value@ | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap premiums received | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 4,022,535 | 26,069,549 | 3,700,535 | 2,949,404 | 13,500,642 | 147,410 | ||||||||||||||||||
NET ASSETS | $ | 299,244,382 | $ | 1,175,397,843 | $ | 259,724,038 | $ | 111,732,844 | $ | 4,971,993,293 | $ | 122,601,835 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 263,831 | $ | 546,033 | $ | 198,701 | $ | 82,084 | $ | 1,225,101 | $ | 68,030 | ||||||||||||
Additional paid-in capital | 221,357,820 | 724,148,864 | 205,418,597 | 77,754,086 | 2,052,349,876 | 92,307,002 | ||||||||||||||||||
Total distributable earnings (loss) | 77,622,731 | 450,702,946 | 54,106,740 | 33,896,674 | 2,918,418,316 | 30,226,803 | ||||||||||||||||||
NET ASSETS | $ | 299,244,382 | $ | 1,175,397,843 | $ | 259,724,038 | $ | 111,732,844 | $ | 4,971,993,293 | $ | 122,601,835 | ||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Outstanding | 26,383,056 | 54,603,341 | 19,870,072 | 8,208,414 | 122,510,076 | 6,803,042 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.34 | $ | 21.53 | $ | 13.07 | $ | 13.61 | $ | 40.58 | $ | 18.02 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 259,571,733 | $ | 911,063,869 | $ | 240,887,339 | $ | 105,580,156 | $ | 2,274,329,371 | $ | 96,071,584 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | 6,494,174 | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
@ Premiums received on options written | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 40,672,081 | $ | 203,215,729 | $ | 33,019,740 | $ | 21,340,828 | $ | 50,848,076 | $ | 4,020,556 | ||||||||||||
See Notes to Financial Statements
234 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2018 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,127,835 | $ | 2,955,719 | $ | 650,683 | $ | 10,622 | $ | 2,366,414 | $ | 14,691,814 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | 699,962 | |||||||||||||||||||||
Securities lending income | 34,877 | 68,313 | 4,527 | 10,640 | 18,377 | 134,962 | – | |||||||||||||||||||||
Interest (unaffiliated) | 594,783 | 37,224 | 280 | 3,962,550 | 1,183 | 28,246 | 516,744 | |||||||||||||||||||||
Total investment income* | 1,757,495 | 3,061,256 | 655,490 | 3,983,812 | 2,385,974 | 14,855,022 | 1,216,706 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 402,899 | 2,925,747 | 208,392 | 617,624 | 1,030,433 | 3,245,240 | 298,781 | |||||||||||||||||||||
Administrative service fee | 53,871 | 270,430 | 19,902 | 82,614 | 86,290 | 307,535 | 14,837 | |||||||||||||||||||||
Transfer agent fees and expenses | 547 | 1,242 | 728 | 1,275 | 497 | 1,277 | 364 | |||||||||||||||||||||
Custodian fees | 68,529 | 16,707 | 10,192 | 34,829 | 10,972 | 34,603 | 9,171 | |||||||||||||||||||||
Reports to shareholders | 9,247 | 48,938 | 3,446 | 14,475 | 14,945 | 55,789 | 13,131 | |||||||||||||||||||||
Audit and tax fees | 29,647 | 18,391 | 18,376 | 25,003 | 18,381 | 18,427 | 18,687 | |||||||||||||||||||||
Legal fees | 7,744 | 8,937 | 3,463 | 4,686 | 7,373 | 10,081 | 5,724 | |||||||||||||||||||||
Directors’ fees and expenses | 3,312 | 16,578 | 1,325 | 5,178 | 4,634 | 18,654 | 4,933 | |||||||||||||||||||||
Interest expense | 11,793 | – | 581 | – | 245 | 2,738 | – | |||||||||||||||||||||
License fee | 299 | 299 | 299 | 299 | 299 | 299 | 299 | |||||||||||||||||||||
Other expenses | 37,676 | 17,081 | 6,287 | 13,989 | 9,499 | 18,346 | 4,815 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 625,564 | 3,324,350 | 272,991 | 799,972 | 1,183,568 | 3,712,989 | 370,742 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (19,944 | ) | – | (232,345 | ) | – | (5,653 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (1,985 | ) | – | (1,357 | ) | – | – | – | – | |||||||||||||||||||
Net expenses | 623,579 | 3,324,350 | 251,690 | 799,972 | 951,223 | 3,712,989 | 365,089 | |||||||||||||||||||||
Net investment income (loss) | �� | 1,133,916 | (263,094 | ) | 403,800 | 3,183,840 | 1,434,751 | 11,142,033 | 851,617 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 1,195,918 | 41,155,394 | 4,975,335 | (2,001,448 | ) | 6,050,088 | 34,151,776 | (779,618 | ) | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 1,696,106 | |||||||||||||||||||||
Futures contracts | 1,019,044 | – | – | – | – | – | (1,117,525 | ) | ||||||||||||||||||||
Forward contracts | (904,451 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | 503,715 | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | 1,337,181 | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (14,770 | ) | 733 | (134 | ) | – | (640 | ) | 8,977 | – | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,295,741 | 41,156,127 | 4,975,201 | (2,001,448 | ) | 6,049,448 | 34,160,753 | 1,639,859 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (10,007,711 | ) | (39,951,124 | ) | (4,893,047 | ) | (3,118,480 | ) | (1,263,380 | ) | (2,535,617 | ) | (408,742 | ) | ||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | (5,040,512 | ) | ||||||||||||||||||||
Futures contracts | (149,846 | ) | – | – | – | – | – | 1,048,372 | ||||||||||||||||||||
Forward contracts | 155,226 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (133,777 | ) | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (48,849 | ) | (28 | ) | 37 | – | (6 | ) | 2,976 | – | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (10,051,180 | ) | (39,951,152 | ) | (4,893,010 | ) | (3,118,480 | ) | (1,263,386 | ) | (2,532,641 | ) | (4,534,659 | ) | ||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (8,755,439 | ) | 1,204,975 | 82,191 | (5,119,928 | ) | 4,786,062 | 31,628,112 | (2,894,800 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,621,523 | ) | $ | 941,881 | $ | 485,991 | $ | (1,936,088 | ) | $ | 6,220,813 | $ | 42,770,145 | $ | (2,043,183 | ) | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 37,083 | $ | 2,751 | $ | 4,097 | $ | 947 | $ | 22,933 | $ | 115,134 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
235 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2018 (unaudited) — (continued)
EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 15,518,008 | $ | 5,842,577 | $ | 4,287,582 | $ | 2,270,928 | $ | – | $ | – | $ | 6,141,949 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 149,384 | 22,833 | 8,558 | 20,388 | – | 1,300 | 52,221 | |||||||||||||||||||||
Interest (unaffiliated) | 16,375 | 48,681 | 38,092 | 3,855,200 | 3,255,088 | 1,725,652 | 5,228 | |||||||||||||||||||||
Total investment income* | 15,683,767 | 5,914,091 | 4,334,232 | 6,146,516 | 3,255,088 | 1,726,952 | 6,199,398 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 2,838,857 | 1,390,598 | 1,039,297 | 955,577 | 652,694 | 300,085 | 4,313,426 | |||||||||||||||||||||
Administrative service fee | 249,632 | 126,806 | 138,966 | 127,768 | 109,070 | 40,121 | 419,109 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,233 | 1,275 | 1,094 | 547 | 2,199 | 1,003 | 911 | |||||||||||||||||||||
Custodian fees | 210,850 | 25,965 | 32,318 | 80,157 | 7,854 | 18,485 | 38,604 | |||||||||||||||||||||
Reports to shareholders | 49,623 | 18,171 | 24,122 | 18,985 | 15,663 | 4,618 | 78,623 | |||||||||||||||||||||
Audit and tax fees | 23,693 | 19,714 | 23,681 | 25,432 | 22,132 | 21,475 | 18,342 | |||||||||||||||||||||
Legal fees | 23,951 | 11,509 | 6,836 | 21,436 | 3,916 | 7,090 | 16,124 | |||||||||||||||||||||
Directors’ fees and expenses | 15,625 | 7,939 | 8,636 | 7,804 | 2,811 | 2,424 | 25,708 | |||||||||||||||||||||
Interest expense | 332 | – | 6,993 | – | – | – | 228 | |||||||||||||||||||||
License fee | 299 | 299 | 299 | 299 | 299 | 299 | 299 | |||||||||||||||||||||
Other expenses | 11,597 | 7,150 | 21,174 | 13,603 | 9,301 | 5,100 | 24,951 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,426,692 | 1,609,426 | 1,303,416 | 1,251,608 | 825,939 | 400,700 | 4,936,325 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | (313,485 | ) | ||||||||||||||||||||
Fees paid indirectly (Note 7) | (1,186 | ) | (63 | ) | – | (410 | ) | – | – | – | ||||||||||||||||||
Net expenses | 3,425,506 | 1,609,363 | 1,303,416 | 1,251,198 | 825,939 | 400,700 | 4,622,840 | |||||||||||||||||||||
Net investment income (loss) | 12,258,261 | 4,304,728 | 3,030,816 | 4,895,318 | 2,429,149 | 1,326,252 | 1,576,558 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (11,165,775 | ) | 2,063,854 | 9,177,841 | 13,354,218 | (412 | ) | 54,613 | 37,013,702 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 464,071 | – | – | – | (107,484 | ) | ||||||||||||||||||||
Forward contracts | – | – | – | 6,550,814 | – | – | 501,075 | |||||||||||||||||||||
Swap contracts | – | – | – | (38,712 | ) | – | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (72,237 | ) | (12,867 | ) | (65,224 | ) | (200,911 | ) | – | – | 2,933 | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (11,238,012 | ) | 2,050,987 | 9,576,688 | 19,665,409 | (412 | ) | 54,613 | 37,410,226 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (96,513,720 | ) | (9,187,426 | ) | (20,654,045 | ) | (32,647,909 | ) | – | (1,258,127 | ) | (55,588,608 | ) | |||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (35,528 | ) | – | 172,160 | – | – | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | (425,903 | ) | – | – | (167,999 | ) | |||||||||||||||||||
Swap contracts | – | – | – | 853,341 | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (24,656 | ) | 11,430 | 50,959 | 110,713 | – | – | (361 | ) | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 639,892 | – | – | (2,206 | ) | – | – | 6,322 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (95,934,012 | ) | (9,175,996 | ) | (20,430,926 | ) | (32,111,964 | ) | – | (1,258,127 | ) | (55,750,646 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (107,172,024 | ) | (7,125,009 | ) | (10,854,238 | ) | (12,446,555 | ) | (412 | ) | (1,203,514 | ) | (18,340,420 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (94,913,763 | ) | $ | (2,820,281 | ) | $ | (7,823,422 | ) | $ | (7,551,237 | ) | $ | 2,428,737 | $ | 122,738 | $ | (16,763,862 | ) | |||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 1,943,681 | $ | 241,474 | $ | 174,252 | $ | 201,599 | $ | – | $ | – | $ | 75,434 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 393,121 | $ | – | $ | – | $ | 13,065 | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2018 (unaudited) — (continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL VALUE FUND# | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,154,895 | $ | 2,741,130 | $ | 5,104 | $ | 12,872,970 | $ | – | $ | 2,117,748 | $ | 8,563,872 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 2,040 | 244,622 | 18,091 | 194,851 | 8,229 | 36,854 | 126,598 | |||||||||||||||||||||
Interest (unaffiliated) | 1,692 | 36,470 | 9,419,372 | 55,751 | 3,042,910 | – | 166,458 | |||||||||||||||||||||
Total investment income* | 1,158,627 | 3,022,222 | 9,442,567 | 13,123,572 | 3,051,139 | 2,154,602 | 8,856,928 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 490,110 | 3,955,439 | 1,412,332 | 1,752,934 | 510,869 | 2,151,794 | 2,759,042 | |||||||||||||||||||||
Administrative service fee | 43,685 | 269,504 | 204,601 | 404,539 | 68,311 | 155,191 | 272,851 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,094 | 728 | 1,275 | 2,704 | 1,276 | 1,275 | 1,457 | |||||||||||||||||||||
Custodian fees | 13,016 | 37,434 | 21,666 | 93,583 | 20,036 | 66,173 | 65,416 | |||||||||||||||||||||
Reports to shareholders | 7,683 | 44,715 | 31,936 | 83,239 | 12,276 | 41,850 | 87,637 | |||||||||||||||||||||
Audit and tax fees | 19,214 | 19,337 | 22,529 | 36,975 | 24,696 | 40,017 | 23,688 | |||||||||||||||||||||
Legal fees | 3,963 | 8,271 | 11,473 | 13,489 | 4,960 | 116,426 | 10,849 | |||||||||||||||||||||
Directors’ fees and expenses | 2,725 | 16,643 | 12,009 | 25,021 | 4,309 | 9,553 | 17,047 | |||||||||||||||||||||
Interest expense | 170 | – | – | 16,784 | 819 | – | 2,730 | |||||||||||||||||||||
License fee | 299 | 299 | 299 | 121,009 | 299 | 299 | 299 | |||||||||||||||||||||
Other expenses | 9,235 | 23,469 | 17,274 | 16,729 | 12,972 | 18,640 | 10,337 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 591,194 | 4,375,839 | 1,735,394 | 2,567,006 | 660,823 | 2,601,218 | 3,251,353 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (35,736 | ) | (165,043 | ) | – | – | – | (464,249 | ) | (121,311 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | (756 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Net expenses | 554,702 | 4,210,796 | 1,735,394 | 2,567,006 | 660,823 | 2,136,969 | 3,130,042 | |||||||||||||||||||||
Net investment income (loss) | 603,925 | (1,188,574 | ) | 7,707,173 | 10,556,566 | 2,390,316 | 17,633 | 5,726,886 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 7,096,369 | 35,950,990 | (1,090,007 | ) | 28,332,860 | (5,031,816 | ) | (1,950,054 | ) | 20,150,193 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (50,805 | ) | – | – | (1,752,617 | ) | – | – | – | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | (39,382 | ) | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 864 | (27,078 | ) | (281,062 | ) | (72,096 | ) | (59,381 | ) | (298,388 | ) | ||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | 2,916 | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 7,045,564 | 35,951,854 | (1,117,085 | ) | 26,299,181 | (5,103,912 | ) | (2,006,519 | ) | 19,812,423 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (3,759,283 | ) | 19,209,786 | (16,313,552 | ) | (129,832,241 | ) | (3,439,902 | ) | (48,821,314 | ) | (113,878,729 | ) | |||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 29,413 | – | – | 450,751 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | 2,355,639 | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (1,791 | ) | 17,490 | 14,491 | 21,387 | 4,809 | 9,721 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | (76,508 | ) | 84,383 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (3,729,870 | ) | 19,207,995 | (16,296,062 | ) | (129,366,999 | ) | (3,418,515 | ) | (48,893,013 | ) | (111,428,986 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3,315,694 | 55,159,849 | (17,413,147 | ) | (103,067,818 | ) | (8,522,427 | ) | (50,899,532 | ) | (91,616,563 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,919,619 | $ | 53,971,275 | $ | (9,705,974 | ) | $ | (92,511,252 | ) | $ | (6,132,111 | ) | $ | (50,881,899 | ) | $ | (85,889,677 | ) | |||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 309 | $ | 9,420 | $ | 3 | $ | 1,011,469 | $ | (1,208 | ) | $ | 193,594 | $ | 707,931 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 179,161 | ||||||||||||||
# See Note 1 |
See Notes to Financial Statements
237 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2018 (unaudited) — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,635,429 | $ | 3,127,103 | $ | 28,387,827 | $ | 1,173,775 | $ | 2,434,671 | $ | 4,164,604 | $ | 295,821 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 548 | 20,906 | 597,121 | 32,705 | 31,724 | 210,181 | 56,791 | |||||||||||||||||||||
Interest (unaffiliated) | 8,136 | 26,289 | 219,746 | 42,008 | 69,035 | 248,374 | 8,471 | |||||||||||||||||||||
Total investment income* | 1,644,113 | 3,174,298 | 29,204,694 | 1,248,488 | 2,535,430 | 4,623,159 | 361,083 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 640,433 | 1,487,591 | 4,459,380 | 1,025,872 | 984,629 | 6,144,485 | 688,414 | |||||||||||||||||||||
Administrative service fee | 61,162 | 155,375 | 1,155,393 | 99,062 | 168,966 | 473,401 | 54,141 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,310 | 996 | 3,280 | 1,275 | 2,523 | 2,524 | 547 | |||||||||||||||||||||
Custodian fees | 13,418 | 8,789 | 64,008 | 11,308 | 16,685 | 66,261 | 16,022 | |||||||||||||||||||||
Reports to shareholders | 10,391 | 27,455 | 194,750 | 22,236 | 32,570 | 94,645 | 11,030 | |||||||||||||||||||||
Audit and tax fees | 18,394 | 18,377 | 19,260 | 18,272 | 19,185 | 17,862 | 18,308 | |||||||||||||||||||||
Legal fees | 4,546 | 6,400 | 49,687 | 5,607 | 6,989 | 15,464 | 4,394 | |||||||||||||||||||||
Directors’ fees and expenses | 3,766 | 9,373 | 71,573 | 6,124 | 10,355 | 29,418 | 3,434 | |||||||||||||||||||||
Interest expense | – | – | 2,574 | – | 936 | 629 | – | |||||||||||||||||||||
License fee | 299 | 299 | 17,283 | 299 | 101,109 | 299 | 299 | |||||||||||||||||||||
Other expenses | 7,668 | 10,884 | 64,227 | 10,581 | 7,841 | 37,614 | 7,225 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 761,387 | 1,725,539 | 6,101,415 | 1,200,636 | 1,351,788 | 6,882,602 | 803,814 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (11,151 | ) | – | (2,016 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (5,599 | ) | – | – | (3,228 | ) | – | (24,481 | ) | (3,765 | ) | |||||||||||||||||
Net expenses | 755,788 | 1,725,539 | 6,101,415 | 1,197,408 | 1,340,637 | 6,858,121 | 798,033 | |||||||||||||||||||||
Net investment income (loss) | 888,325 | 1,448,759 | 23,103,279 | 51,080 | 1,194,793 | (2,234,962 | ) | (436,950 | ) | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 8,183,718 | 10,779,481 | 154,665,601 | 6,314,399 | 3,400,365 | 96,445,336 | 11,353,830 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | (1,785,783 | ) | – | 1,534,119 | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 146 | 1,225 | – | (2,001 | ) | – | (27,796 | ) | – | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 8,183,864 | 10,780,706 | 152,879,818 | 6,312,398 | 4,934,484 | 96,417,540 | 11,353,830 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (4,493,694 | ) | 8,848,156 | (269,127,167 | ) | (10,183,798 | ) | (5,075,960 | ) | (182,140,338 | ) | (23,596,059 | ) | |||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | (5,108,837 | ) | – | (2,163,487 | ) | – | – | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (1,185 | ) | – | 852 | – | (27,965 | ) | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (4,493,694 | ) | 8,846,971 | (274,236,004 | ) | (10,182,946 | ) | (7,239,447 | ) | (182,168,303 | ) | (23,596,059 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3,690,170 | 19,627,677 | (121,356,186 | ) | (3,870,548 | ) | (2,304,963 | ) | (85,750,763 | ) | (12,242,229 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,578,495 | $ | 21,076,436 | $ | (98,252,907 | ) | $ | (3,819,468 | ) | $ | (1,110,170 | ) | $ | (87,985,725 | ) | $ | (12,679,179 | ) | |||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 6,121 | $ | 53,118 | $ | 13,842 | $ | 12,603 | $ | – | $ | 182,637 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
238 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2018 (unaudited) — (continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 1,853,378 | $ | 8,656,384 | $ | 2,624,948 | $ | 352,196 | $ | 52,907,595 | $ | 1,438,047 | ||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Securities lending income | 193,029 | 1,018,977 | 35,899 | 39,131 | 97,013 | 7,803 | ||||||||||||||||||
Interest (unaffiliated) | 24,874 | 113,903 | 10,823 | 16,170 | 159,635 | 4,513 | ||||||||||||||||||
Total investment income* | 2,071,281 | 9,789,264 | 2,671,670 | 407,497 | 53,164,243 | 1,450,363 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,431,405 | 1,839,946 | 1,133,190 | 509,223 | 6,081,324 | 475,172 | ||||||||||||||||||
Administrative service fee | 107,650 | 424,994 | 101,013 | 40,050 | 1,707,635 | 40,721 | ||||||||||||||||||
Transfer agent fees and expenses | 546 | 3,281 | 1,094 | 547 | 3,662 | 1,275 | ||||||||||||||||||
Custodian fees | 25,899 | 57,546 | 9,755 | 5,571 | 80,667 | 8,820 | ||||||||||||||||||
Reports to shareholders | 18,601 | 67,606 | 19,179 | 7,220 | 304,563 | 7,405 | ||||||||||||||||||
Audit and tax fees | 18,602 | 19,135 | 18,325 | 18,440 | 19,360 | 18,354 | ||||||||||||||||||
Legal fees | 5,854 | 11,188 | 5,123 | 4,038 | 96,558 | 4,160 | ||||||||||||||||||
Directors’ fees and expenses | 6,809 | 27,824 | 6,352 | 2,562 | 104,238 | 2,511 | ||||||||||||||||||
Interest expense | – | 2,092 | – | – | 5,644 | – | ||||||||||||||||||
License fee | 299 | 50,856 | 299 | 299 | 25,545 | 299 | ||||||||||||||||||
Other expenses | 23,088 | 24,478 | 12,224 | 7,041 | 74,108 | 6,151 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,638,753 | 2,528,946 | 1,306,554 | 594,991 | 8,503,304 | 564,868 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (141,199 | ) | – | – | (41,936 | ) | – | (47,054 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (1,437 | ) | – | (10,462 | ) | – | – | (231 | ) | |||||||||||||||
Net expenses | 1,496,117 | 2,528,946 | 1,296,092 | 553,055 | 8,503,304 | 517,583 | ||||||||||||||||||
Net investment income (loss) | 575,164 | 7,260,318 | 1,375,578 | (145,558 | ) | 44,660,939 | 932,780 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 16,553,941 | 86,766,969 | 12,987,854 | 10,555,063 | 148,601,405 | 4,832,898 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | 63,069 | – | ||||||||||||||||||
Futures contracts | – | 2,158,699 | – | – | 3,215,551 | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 435 | 37 | – | – | – | (1,900 | ) | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 16,554,376 | 88,925,705 | 12,987,854 | 10,555,063 | 151,880,025 | 4,830,998 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | (21,835,534 | ) | (161,421,431 | ) | (29,812,196 | ) | (12,122,977 | ) | (53,229,141 | ) | (4,924,438 | ) | ||||||||||||
Investments (affiliated) | – | – | – | – | (1,867,119 | ) | – | |||||||||||||||||
Futures contracts | – | (3,737,360 | ) | – | – | 1,101,548 | – | |||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (1 | ) | – | – | – | – | (37 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (21,835,535 | ) | (165,158,791 | ) | (29,812,196 | ) | (12,122,977 | ) | (53,994,712 | ) | (4,924,475 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (5,281,159 | ) | (76,233,086 | ) | (16,824,342 | ) | (1,567,914 | ) | 97,885,313 | (93,477 | ) | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (4,705,995 | ) | $ | (68,972,768 | ) | $ | (15,448,764 | ) | $ | (1,713,472 | ) | $ | 142,546,252 | $ | 839,303 | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 6,115 | $ | 2,883 | $ | 3,029 | $ | – | $ | 76 | $ | 6,449 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
239 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,133,916 | $ | 2,364,467 | $ | (263,094 | ) | $ | (517,221 | ) | $ | 403,800 | $ | 724,186 | $ | 3,183,840 | $ | 5,114,502 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,295,741 | 11,066,363 | 41,156,127 | 91,974,141 | 4,975,201 | 4,376,539 | (2,001,448 | ) | 113,239 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (10,051,180 | ) | 804,074 | (39,951,152 | ) | 87,961,568 | (4,893,010 | ) | 613,558 | (3,118,480 | ) | (7,502,995 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,621,523 | ) | 14,234,904 | 941,881 | 179,418,488 | 485,991 | 5,714,283 | (1,936,088 | ) | (2,275,254 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (9,363,224 | ) | – | (44,729,191 | ) | – | (4,899,434 | ) | – | (5,533,689 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (6,970,232 | ) | (973,761 | ) | 7,813,126 | (34,869,574 | ) | (5,233,929 | ) | 2,377,357 | (17,037,892 | ) | 27,829,989 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (14,591,755 | ) | 3,897,919 | 8,755,007 | 99,819,723 | (4,747,938 | ) | 3,192,206 | (18,973,980 | ) | 20,021,046 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 151,073,604 | $ | 165,665,359 | $ | 788,091,006 | $ | 779,335,999 | $ | 54,783,608 | $ | 59,531,546 | $ | 236,110,303 | $ | 255,084,283 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (2,578,966 | ) | $ | (464,379 | ) | $ | (982,133 | ) | $ | (4,881,977 | ) | ||||||||||||||||||
Net Realized Gain on Securities | (6,784,258 | ) | (44,264,812 | ) | (3,917,301 | ) | (651,712 | ) | ||||||||||||||||||||||
Total distributions to shareholders | $ | (9,363,224 | ) | $ | (44,729,191 | ) | $ | (4,899,434 | ) | $ | (5,533,689 | ) | ||||||||||||||||||
See Notes to Financial Statements
240 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,434,751 | $ | 2,787,221 | $ | 11,142,033 | $ | 16,853,516 | $ | 851,617 | $ | 2,451,189 | $ | 12,258,261 | $ | 14,556,417 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,049,448 | 29,359,748 | 34,160,753 | 94,280,648 | 1,639,859 | 14,443,270 | (11,238,012 | ) | 61,608,570 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (1,263,386 | ) | 3,928,974 | (2,532,641 | ) | (55,243,291 | ) | (4,534,659 | ) | 6,213,878 | (95,934,012 | ) | 15,242,666 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 6,220,813 | 36,075,943 | 42,770,145 | 55,890,873 | (2,043,183 | ) | 23,108,337 | (94,913,763 | ) | 91,407,653 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (21,738,619 | ) | – | (45,267,581 | ) | – | (12,855,277 | ) | – | (12,115,507 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (13,830,649 | ) | (3,023,337 | ) | (40,882,961 | ) | 64,858,084 | (18,261,337 | ) | (15,050,927 | ) | (30,721,701 | ) | 29,067,088 | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (7,609,836 | ) | 11,313,987 | 1,887,184 | 75,481,376 | (20,304,520 | ) | (4,797,867 | ) | (125,635,464 | ) | 108,359,234 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 245,350,677 | $ | 252,960,513 | $ | 886,067,470 | $ | 884,180,286 | $ | 223,527,465 | $ | 243,831,985 | $ | 691,596,842 | $ | 817,232,306 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (2,794,422 | ) | $ | (15,413,785 | ) | $ | (3,194,315 | ) | $ | (12,115,507 | ) | ||||||||||||||||||
Net Realized Gain on Securities | (18,944,197 | ) | (29,853,796 | ) | (9,660,962 | ) | – | |||||||||||||||||||||||
Total distributions to shareholders | $ | (21,738,619 | ) | $ | (45,267,581 | ) | $ | (12,855,277 | ) | $ | (12,115,507 | ) | ||||||||||||||||||
See Notes to Financial Statements
241 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
GLOBAL REAL ESTATE FUND | GLOBAL SOCIAL AWARENESS FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 4,304,728 | $ | 8,845,446 | $ | 3,030,816 | $ | 6,249,870 | $ | 4,895,318 | $ | 11,790,104 | $ | 2,429,149 | $ | 2,316,857 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,050,987 | 8,435,494 | 9,576,688 | �� | 9,962,794 | 19,665,409 | 21,023,299 | (412 | ) | (17,092 | ) | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,175,996 | ) | 5,628,410 | (20,430,926 | ) | 33,248,148 | (32,111,964 | ) | (12,957,332 | ) | – | – | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,820,281 | ) | 22,909,350 | (7,823,422 | ) | 49,460,812 | (7,551,237 | ) | 19,856,071 | 2,428,737 | 2,299,765 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (18,582,951 | ) | – | (7,163,295 | ) | – | (5,241,605 | ) | (2,429,032 | ) | (2,316,563 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 35,028,218 | (28,240,730 | ) | (50,966,429 | ) | (30,409,838 | ) | (25,854,840 | ) | (44,302,111 | ) | 30,230,138 | (19,057,602 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 32,207,937 | (23,914,331 | ) | (58,789,851 | ) | 11,887,679 | (33,406,077 | ) | (29,687,645 | ) | 30,229,843 | (19,074,400 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 363,223,089 | 387,137,420 | 428,451,983 | 416,564,304 | 389,637,506 | 419,325,151 | 311,708,127 | 330,782,527 | ||||||||||||||||||||||||
End of period | $ | 395,431,026 | $ | 363,223,089 | $ | 369,662,132 | $ | 428,451,983 | $ | 356,231,429 | $ | 389,637,506 | $ | 341,937,970 | $ | 311,708,127 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (14,266,046 | ) | $ | (7,163,295 | ) | $ | – | $ | (2,316,563 | ) | |||||||||||||||||||
Net Realized Gain on Securities | (4,316,905 | ) | – | (5,241,605 | ) | – | ||||||||||||||||||||||||
Total distributions to shareholders | $ | (18,582,951 | ) | $ | (7,163,295 | ) | $ | (5,241,605 | ) | $ | (2,316,563 | ) | ||||||||||||||||||
See Notes to Financial Statements
242 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,326,252 | $ | 2,823,538 | $ | 1,576,558 | $ | 4,734,639 | $ | 603,925 | $ | 1,111,777 | $ | (1,188,574 | ) | $ | (1,765,928 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 54,613 | 77,920 | 37,410,226 | 89,476,870 | 7,045,564 | 12,299,348 | 35,951,854 | 65,429,789 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (1,258,127 | ) | (4,504,096 | ) | (55,750,646 | ) | 118,383,039 | (3,729,870 | ) | 1,010,367 | 19,207,995 | 70,756,014 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 122,738 | (1,602,638 | ) | (16,763,862 | ) | 212,594,548 | 3,919,619 | 14,421,492 | 53,971,275 | 134,419,875 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (3,355,071 | ) | – | (49,138,428 | ) | – | (5,599,507 | ) | – | (88,495,403 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 17,160,557 | (19,077,336 | ) | 52,012,763 | 37,932,412 | (7,189,426 | ) | (1,165,023 | ) | (21,027,646 | ) | 25,669,542 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 17,283,295 | (24,035,045 | ) | 35,248,901 | 201,388,532 | (3,269,807 | ) | 7,656,962 | 32,943,629 | 71,594,014 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 121,424,727 | 145,459,772 | 1,202,649,212 | 1,001,260,680 | 128,172,409 | 120,515,447 | 769,232,691 | 697,638,677 | ||||||||||||||||||||||||
End of period | $ | 138,708,022 | $ | 121,424,727 | $ | 1,237,898,113 | $ | 1,202,649,212 | $ | 124,902,602 | $ | 128,172,409 | $ | 802,176,320 | $ | 769,232,691 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (3,355,071 | ) | $ | (6,747,775 | ) | $ | (1,175,306 | ) | $ | – | |||||||||||||||||||
Net Realized Gain on Securities | – | (42,390,653 | ) | (4,424,201 | ) | (88,495,403 | ) | |||||||||||||||||||||||
Total distributions to shareholders | $ | (3,355,071 | ) | $ | (49,138,428 | ) | $ | (5,599,507 | ) | $ | (88,495,403 | ) | ||||||||||||||||||
See Notes to Financial Statements
243 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 7,707,173 | $ | 14,307,250 | $ | 10,556,566 | $ | 33,330,910 | $ | 2,390,316 | $ | 3,987,808 | $ | 17,633 | $ | 2,646,601 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,117,085 | ) | 2,995,992 | 26,299,181 | 17,382,833 | (5,103,912 | ) | 1,729,560 | (2,006,519 | ) | 116,147,400 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (16,296,062 | ) | (9,917,134 | ) | (129,366,999 | ) | 40,097,997 | (3,418,515 | ) | (5,985,179 | ) | (48,893,013 | ) | (41,251,757 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,705,974 | ) | 7,386,108 | (92,511,252 | ) | 90,811,740 | (6,132,111 | ) | (267,811 | ) | (50,881,899 | ) | 77,542,244 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (17,222,662 | ) | – | (27,087,828 | ) | – | (1,876,878 | ) | – | (12,706,702 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 94,903,930 | (26,672,263 | ) | (139,022,001 | ) | 130,397,633 | (21,619,432 | ) | 35,950,420 | (2,373,208 | ) | (13,137,209 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 85,197,956 | (36,508,817 | ) | (231,533,253 | ) | 194,121,545 | (27,751,543 | ) | 33,805,731 | (53,255,107 | ) | 51,698,333 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 595,042,926 | 631,551,743 | 1,287,986,652 | 1,093,865,107 | 219,748,420 | 185,942,689 | 490,920,625 | 439,222,292 | ||||||||||||||||||||||||
End of period | $ | 680,240,882 | $ | 595,042,926 | $ | 1,056,453,399 | $ | 1,287,986,652 | $ | 191,996,877 | $ | 219,748,420 | $ | 437,665,518 | $ | 490,920,625 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (11,648,724 | ) | $ | (27,087,828 | ) | $ | (1,811,048 | ) | $ | (5,977,648 | ) | ||||||||||||||||||
Net Realized Gain on Securities | (5,573,938 | ) | – | (65,830 | ) | (6,729,054 | ) | |||||||||||||||||||||||
Total distributions to shareholders | $ | (17,222,662 | ) | $ | (27,087,828 | ) | $ | (1,876,878 | ) | $ | (12,706,702 | ) | ||||||||||||||||||
See Notes to Financial Statements
244 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
INTERNATIONAL VALUE FUND# | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 5,726,886 | $ | 17,192,495 | $ | 888,325 | $ | 1,590,051 | $ | 1,448,759 | $ | 3,042,371 | $ | 23,103,279 | $ | 42,948,675 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 19,812,423 | (3,027,026 | ) | 8,183,864 | 14,036,052 | 10,780,706 | 29,832,423 | 152,879,818 | 297,775,351 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (111,428,986 | ) | 12,467,733 | (4,493,694 | ) | 406,370 | 8,846,971 | 31,584,585 | (274,236,004 | ) | 129,051,040 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (85,889,677 | ) | 26,633,202 | 4,578,495 | 16,032,473 | 21,076,436 | 64,459,379 | (98,252,907 | ) | 469,775,066 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (17,026,333 | ) | – | (10,658,752 | ) | – | (24,116,708 | ) | – | (251,922,042 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (60,306,953 | ) | (16,355,367 | ) | (11,072,965 | ) | 3,348,553 | 4,058,793 | (11,275,883 | ) | (34,053,178 | ) | (176,502,281 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (146,196,630 | ) | (6,748,498 | ) | (6,494,470 | ) | 8,722,274 | 25,135,229 | 29,066,788 | (132,306,085 | ) | 41,350,743 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 869,416,443 | 876,164,941 | 180,349,196 | 171,626,922 | 444,632,694 | 415,565,906 | 3,434,089,151 | 3,392,738,408 | ||||||||||||||||||||||||
End of period | $ | 723,219,813 | $ | 869,416,443 | $ | 173,854,726 | $ | 180,349,196 | $ | 469,767,923 | $ | 444,632,694 | $ | 3,301,783,066 | $ | 3,434,089,151 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (17,026,333 | ) | $ | (1,779,731 | ) | $ | (2,630,596 | ) | $ | (36,471,433 | ) | ||||||||||||||||||
Net Realized Gain on Securities | – | (8,879,021 | ) | (21,486,112 | ) | (215,450,609 | ) | |||||||||||||||||||||||
Total distributions to shareholders | $ | (17,026,333 | ) | $ | (10,658,752 | ) | $ | (24,116,708 | ) | $ | (251,922,042 | ) | ||||||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
245 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 51,080 | $ | 99,961 | $ | 1,194,793 | $ | 2,122,593 | $ | (2,234,962 | ) | $ | (4,083,723 | ) | $ | (436,950 | ) | $ | (807,858 | ) | ||||||||||||
Net realized gain (loss) on investments and foreign currencies | 6,312,398 | 27,092,574 | 4,934,484 | 8,724,040 | 96,417,540 | 275,792,396 | 11,353,830 | 22,882,394 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (10,182,946 | ) | 21,131,738 | (7,239,447 | ) | 71,186,630 | (182,168,303 | ) | 59,620,924 | (23,596,059 | ) | 20,365,970 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,819,468 | ) | 48,324,273 | (1,110,170 | ) | 82,033,263 | (87,985,725 | ) | 331,329,597 | (12,679,179 | ) | 42,440,506 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (13,166,234 | ) | – | (22,097,878 | ) | – | (111,885,016 | ) | – | (3,794,440 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (2,857,617 | ) | (3,673,803 | ) | 28,260,846 | 19,177,671 | 9,605,302 | 53,829,175 | 8,829,077 | 6,132,843 | ||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,677,085 | ) | 31,484,236 | 27,150,676 | 79,113,056 | (78,380,423 | ) | 273,273,756 | (3,850,102 | ) | 44,778,909 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 284,977,417 | $ | 291,654,502 | $ | 500,663,694 | $ | 473,513,018 | $ | 1,325,052,351 | $ | 1,403,432,774 | $ | 153,319,723 | $ | 157,169,825 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (248,682 | ) | $ | (2,280,197 | ) | $ | – | $ | – | ||||||||||||||||||||
Net Realized Gain on Securities | (12,917,552 | ) | (19,817,681 | ) | (111,885,016 | ) | (3,794,440 | ) | ||||||||||||||||||||||
Total distributions to shareholders | $ | (13,166,234 | ) | $ | (22,097,878 | ) | $ | (111,885,016 | ) | $ | (3,794,440 | ) | ||||||||||||||||||
See Notes to Financial Statements
246 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
SMALL CAP FUND | SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 575,164 | $ | 1,278,111 | $ | 7,260,318 | $ | 12,415,698 | $ | 1,375,578 | $ | 3,207,922 | $ | (145,558 | ) | $ | (241,300 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 16,554,376 | 25,065,918 | 88,925,705 | 92,393,113 | 12,987,854 | 29,873,945 | 10,555,063 | 15,097,200 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (21,835,535 | ) | 25,943,654 | (165,158,791 | ) | 127,374,952 | (29,812,196 | ) | 11,101,173 | (12,122,977 | ) | 6,033,180 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (4,705,995 | ) | 52,287,683 | (68,972,768 | ) | 232,183,763 | (15,448,764 | ) | 44,183,040 | (1,713,472 | ) | 20,889,080 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (49,921,996 | ) | – | (79,189,905 | ) | – | (27,811,569 | ) | – | (4,235,032 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (17,285,832 | ) | 8,166,293 | (50,059,213 | ) | (55,773,275 | ) | (25,572,454 | ) | 1,765,218 | (5,075,749 | ) | (5,521,385 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (21,991,827 | ) | 10,531,980 | (119,031,981 | ) | 97,220,583 | (41,021,218 | ) | 18,136,689 | (6,789,221 | ) | 11,132,663 | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning 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 | ||||||||||||||||||||||||
End of period | $ | 299,244,382 | $ | 321,236,209 | $ | 1,175,397,843 | $ | 1,294,429,824 | $ | 259,724,038 | $ | 300,745,256 | $ | 111,732,844 | $ | 118,522,065 | ||||||||||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||||||||||||||||||
Net Investment Income | $ | (802,743 | ) | $ | (11,889,979 | ) | $ | (3,850,441 | ) | $ | – | |||||||||||||||||||
Net Realized Gain on Securities | (49,119,253 | ) | (67,299,926 | ) | (23,961,128 | ) | (4,235,032 | ) | ||||||||||||||||||||||
Total distributions to shareholders | $ | (49,921,996 | ) | $ | (79,189,905 | ) | $ | (27,811,569 | ) | $ | (4,235,032 | ) | ||||||||||||||||||
See Notes to Financial Statements
247 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | For the Six Months Ended November 30, 2018 (Unaudited) | For the Year Ended May 31, 2018 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 44,660,939 | $ | 77,206,847 | $ | 932,780 | 1,664,552 | |||||||||
Net realized gain (loss) on investments and foreign currencies | 151,880,025 | 116,128,701 | 4,830,998 | 7,087,770 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (53,994,712 | ) | 423,697,672 | (4,924,475 | ) | 1,025,526 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 142,546,252 | 617,033,220 | 839,303 | 9,777,848 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||
Distributable earnings | – | (251,051,797 | ) | – | (1,701,685 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (129,055,613 | ) | 50,187,343 | 6,288,802 | (2,934,952 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 13,490,639 | 416,168,766 | 7,128,105 | 5,141,211 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 4,958,502,654 | 4,542,333,888 | 115,473,730 | 110,332,519 | ||||||||||||
End of period | $ | 4,971,993,293 | $ | 4,958,502,654 | $ | 122,601,835 | $ | 115,473,730 | ||||||||
(1) | The prior year amounts have been restated to reflect the adoption of amendments to Rule6-09.3 of regulationS-X. Below are the amounts as stated in the May 31, 2018 annual report. |
Distributions to shareholders from: | ||||||||||||||
Net Investment Income | $ | (78,723,465 | ) | $ | (1,701,685 | ) | ||||||||
Net Realized Gain on Securities | (172,328,332 | ) | – | |||||||||||
Total distributions to shareholders | $ | (251,051,797 | ) | $ | (1,701,685 | ) | ||||||||
See Notes to Financial Statements
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)
Note 1 — Organization
VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | International Equities Index Fund | |
Blue Chip Growth Fund | International Government Bond Fund | |
Broad Cap Value Income Fund | International Growth Fund | |
Capital Conservation Fund | International Value 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 | |
Global Real Estate Fund | Nasdaq-100® Index Fund | |
Global Social Awareness Fund | Science & Technology Fund | |
Global Strategy Fund | Small Cap Aggressive Growth Fund | |
Government Money Market I Fund | Small Cap Fund | |
Government Securities Fund | Small Cap Index Fund | |
Growth Fund | Small Cap Special Values Fund | |
Growth & Income Fund | Small-Mid Growth Fund | |
Health Sciences Fund | Stock Index Fund | |
Inflation Protected Fund | Value Fund |
* | The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of the underlying funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Funds”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”). |
** | Effective September 10, 2018, the name of the Foreign Value Fund changed to International Value Fund |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The 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(unaudited)—(continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 2018, is reported on a schedule at the end of 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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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)—(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 and the International Value 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 at the end of 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 Global Social Awareness Fund, Growth Fund, Growth & Income Fund, International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund used futures contracts to increase or decrease exposure to equity 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 at the end of each Fund’s Portfolio of Investments.
Options: During the period, the Dynamic Allocation 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, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. 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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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of 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 at the end of 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, which may be in excess of the amount reflected on the statement of assets and liabilities.
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of November 30, 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 six months ended November 30, 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 November 30, 2018, please refer to the Portfolio of Investments.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(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 | $ | 18,778 | $ | — | $ | 22,837 | $ | — | $ | 221,851 | $ | 263,466 | ||||||||||||
Dynamic Allocation | — | — | 155,100 | 827,976 | — | 983,076 | ||||||||||||||||||
Emerging Economies | — | — | — | — | — | — | ||||||||||||||||||
Global Social Awareness | — | — | 19,740 | — | — | 19,740 | ||||||||||||||||||
Global Strategy | — | 1,853,921 | — | — | 2,192,941 | 4,046,862 | ||||||||||||||||||
Growth | — | — | — | — | 265,370 | 265,370 | ||||||||||||||||||
Growth & Income | — | — | 4,935 | — | — | 4,935 | ||||||||||||||||||
International Equities Index | — | — | — | — | — | — | ||||||||||||||||||
International Value | — | — | — | — | 2,355,639 | 2,355,639 | ||||||||||||||||||
Mid Cap Index | — | — | 780,000 | — | — | 780,000 | ||||||||||||||||||
Nasdaq-100 Index | — | — | 218,950 | — | — | 218,950 | ||||||||||||||||||
Small Cap Index | — | — | 174,305 | — | — | 174,305 | ||||||||||||||||||
Stock Index | — | — | 640,845 | — | — | 640,845 |
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 | $ | — | $ | — | $ | 37,199 | $ | — | $ | 770,224 | $ | 807,423 | ||||||||||||
Dynamic Allocation | ` — | — | — | 212,272 | — | 212,272 | ||||||||||||||||||
Emerging Economies | — | — | 17,160 | — | — | 17,160 | ||||||||||||||||||
Global Social Awareness | — | — | — | — | — | — | ||||||||||||||||||
Global Strategy | — | — | — | — | 433,394 | 433,394 | ||||||||||||||||||
Growth | — | — | — | — | 23,600 | 23,600 | ||||||||||||||||||
Growth & Income | — | — | — | — | — | — | ||||||||||||||||||
International Equities Index | — | — | 104,850 | — | — | 104,850 | ||||||||||||||||||
International Value | — | — | — | — | — | — | ||||||||||||||||||
Mid Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Nasdaq-100 Index | — | — | — | — | — | — | ||||||||||||||||||
Small Cap Index | — | — | — | — | — | — | ||||||||||||||||||
Stock Index | — | — | — | — | — | — |
Statement of Assets and Liabilities Location:
(1) | Variation margin on futures contracts |
(2) | Investments at value |
(3) | Unrealized appreciation on forward foreign currency contracts |
(4) | Call and put options written, at value |
(5) | Unrealized depreciation on forward foreign currency contracts |
(6) | Unrealized appreciation on swap contracts |
(7) | Unrealized depreciation on swap contracts |
(8) | The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts: |
Fund | Cumulative Appreciation (Depreciation) | |||
Asset Allocation | $ | 241,715 | ||
Dynamic Allocation | 449,166 | |||
Emerging Economies | (35,528 | ) | ||
Global Social Awareness | (2,891 | ) | ||
Growth & Income | 21,291 | |||
International Equities Index | (60,220 | ) | ||
Mid Cap Index | (4,513,058 | ) | ||
Nasdaq-100 Index | (2,225,660 | ) | ||
Small Cap Index | (2,165,921 | ) | ||
Stock Index | 654,190 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(1) | Swap Contracts(2) | Futures Contracts(1) | Options* | Foreign Exchange Contracts(3) | Total | ||||||||||||||||||
Asset Allocation | $ | 158,505 | $ | — | $ | 860,539 | $ | — | $ | (904,451 | ) | $ | 114,593 | |||||||||||
Dynamic Allocation | — | — | (1,117,525 | ) | 162,318 | — | (955,207 | ) | ||||||||||||||||
Emerging Economies | — | — | — | — | — | — | ||||||||||||||||||
Global Social Awareness | — | — | 464,071 | — | — | 464,071 | ||||||||||||||||||
Global Strategy | — | (38,712 | ) | — | — | 6,550,814 | 6,512,102 | |||||||||||||||||
Growth | — | — | (107,484 | ) | — | 501,075 | 393,591 | |||||||||||||||||
Growth & Income | — | — | (50,805 | ) | — | — | (50,805 | ) | ||||||||||||||||
International Equities Index | — | — | (1,752,617 | ) | — | — | (1,752,617 | ) | ||||||||||||||||
International Value | — | — | — | — | (39,382 | ) | (39,382 | ) | ||||||||||||||||
Mid Cap Index | — | — | (1,785,783 | ) | — | — | (1,785,783 | ) | ||||||||||||||||
Nasdaq-100 Index | — | — | 1,534,119 | — | — | 1,534,119 | ||||||||||||||||||
Small Cap Index | — | — | 2,158,699 | — | — | 2,158,699 | ||||||||||||||||||
Stock Index | — | — | 3,215,551 | — | — | 3,215,551 | ||||||||||||||||||
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||||||
Interest Rate Contracts | Equity Contracts | Foreign Exchange Contracts | ||||||||||||||||||||||
Fund | Futures Contracts(4) | Swap Contracts(5) | Futures Contracts(4) | Options* | Foreign Exchange Contracts(6) | Total | ||||||||||||||||||
Asset Allocation | $ | 25,159 | $ | — | $ | (175,005 | ) | $ | — | $ | 155,226 | $ | 5,380 | |||||||||||
Dynamic Allocation | — | — | 1,048,372 | (613,206 | ) | — | 435,166 | |||||||||||||||||
Emerging Economies | — | — | (35,528 | ) | — | — | (35,528 | ) | ||||||||||||||||
Global Social Awareness | — | — | 172,160 | — | — | 172,160 | ||||||||||||||||||
Global Strategy | — | 853,341 | — | — | (425,903 | ) | 427,438 | |||||||||||||||||
Growth | — | — | — | — | (167,999 | ) | (167,999 | ) | ||||||||||||||||
Growth & Income | — | — �� | 29,413 | — | — | 29,413 | ||||||||||||||||||
International Equities Index | — | — | 450,751 | — | — | 450,751 | ||||||||||||||||||
International Value | — | — | — | — | 2,355,639 | 2,355,639 | ||||||||||||||||||
Mid Cap Index | — | — | (5,108,837 | ) | — | — | (5,108,837 | ) | ||||||||||||||||
Nasdaq-100 Index | — | — | (2,163,487 | ) | — | — | (2,163,487 | ) | ||||||||||||||||
Small Cap Index | — | — | (3,737,360 | ) | — | — | (3,737,360 | ) | ||||||||||||||||
Stock Index | — | — | 1,101,548 | — | — | 1,101,548 |
* | Includes amounts relating to purchased and written options as follows: |
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||||||||||
Equity Contracts | Equity Contracts | |||||||||||||||
Fund | Options Purchased(7) | Options Written(8) | Options Purchased(9) | Options Written(10) | ||||||||||||
Dynamic Allocation | $ | (341,397 | ) | $ | 503,715 | $ | (479,429 | ) | $ | (133,777 | ) |
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(unaudited) —(continued)
The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2018.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Fund | Futures Contracts(2) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | |||||||||||||||
Asset Allocation | $ | 28,947,957 | $ | 40,474,597 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 89,159,592 | — | 1,014,724 | 439,291 | — | |||||||||||||||
Emerging Economies | 1,099,560 | — | — | — | — | |||||||||||||||
Global Social Awareness | 12,306,811 | — | — | — | — | |||||||||||||||
Global Strategy | — | 134,595,415 | — | — | 33,055,000 | |||||||||||||||
Growth | 1,038,345 | 9,690,678 | — | — | — | |||||||||||||||
Growth & Income | 1,451,073 | — | — | — | — | |||||||||||||||
International Equities Index | 15,621,025 | — | — | — | — | |||||||||||||||
International Value | — | 44,443,881 | — | — | — | |||||||||||||||
Mid Cap Index | 97,195,775 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 30,372,751 | — | — | — | — | |||||||||||||||
Small Cap Index | 32,097,765 | — | — | — | — | |||||||||||||||
Stock Index | 78,913,281 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2018. The repurchase agreements held by the Funds and the securities on loan as of November 30, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC | $ | 73,501 | $ | — | $ | — | $ | 73,501 | $ | 9,463 | $ | — | $ | — | $ | 9,463 | $ | 64,038 | $ | — | $ | 64,038 | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | 148,350 | — | — | 148,350 | 760,761 | — | — | 760,761 | (612,411 | ) | 612,411 | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 221,851 | $ | — | $ | — | $ | 221,851 | $ | 770,224 | $ | — | $ | — | $ | 770,224 | $ | (548,373 | ) | $ | 612,411 | $ | 64,038 | |||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
Dynamic Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | |||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | |||||||||||||||||||||||||||||||||||||||||
Citibank N.A. | $ | — | $ | — | $ | 200,721 | $ | 200,721 | $ | — | $ | — | $ | 51,460 | $ | 51,460 | $ | 149,261 | $(149,261 | ) | $ | — | ||||||||||||||||||||||||||
Deutsche Bank | — | — | 275,992 | 275,992 | — | — | 70,757 | 70,757 | 205,235 | (205,235 | ) | — | ||||||||||||||||||||||||||||||||||||
Goldman Sachs International | — | — | 125,451 | 125,451 | — | — | 32,162 | 32,162 | 93,289 | (93,289 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 225,812 | 225,812 | — | — | 57,893 | 57,893 | 167,919 | — | 167,919 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 827,976 | $ | 827,976 | $ | — | $ | — | �� | $ | 212,272 | $ | 212,272 | $ | 615,704 | $ | (447,785 | ) | $ | 167,919 | ||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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NOTES TO FINANCIAL STATEMENTS(unaudited) — (continued)
Global Strategy Fund | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | |||||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | |||||||||||||||||||||||||||||||||||||||||
Bank of America N.A. | $ | 117,719 | $ | — | $ | — | $ | 117,719 | $ | 6,316 | $ | — | $ | — | $ | 6,316 | $ | 111,403 | $ | — | $ | 111,403 | ||||||||||||||||||||||||||
Barclays Bank PLC | 76,924 | — | — | 76,924 | 1,093 | — | — | 1,093 | 75,831 | — | 75,831 | |||||||||||||||||||||||||||||||||||||
BNP Paribas SA | — | — | — | — | 455 | — | — | 455 | (455 | ) | — | (455 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 466,390 | — | — | 466,390 | 53,464 | — | — | 53,464 | 412,926 | (120,076 | ) | 292,850 | ||||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 392,289 | — | — | 392,289 | 34,627 | — | — | 34,627 | 357,662 | — | 357,662 | |||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 18,726 | — | — | 18,726 | — | — | — | — | 18,726 | — | 18,726 | |||||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 332,163 | — | — | 332,163 | 51,544 | — | — | 51,544 | 280,619 | — | 280,619 | |||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 552,404 | — | — | 552,404 | 285,895 | — | — | 285,895 | 266,509 | (266,509 | ) | — | ||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 2,705 | — | — | 2,705 | — | — | — | — | 2,705 | — | 2,705 | |||||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 162,669 | — | — | 162,669 | — | — | — | — | 162,669 | (162,669 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | 70,952 | — | — | 70,952 | — | — | — | — | 70,952 | — | 70,952 | |||||||||||||||||||||||||||||||||||||
Total | $ | 2,192,941 | — | $ | — | $ | 2,192,941 | $ | 433,394 | $ | — | $ | — | $ | 433,394 | $ | 1,759,547 | $ | (549,254 | ) | $ | 1,210,293 | ||||||||||||||||||||||||||
(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 contractualset-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 | ||||||||||||||||||||||||||||||||||||||||
Bank of America N.A. | $ | 19,002 | $ | — | $ | — | $ | 19,002 | $ | 4,554 | $ | — | $ | — | $ | 4,554 | $ | 14,448 | $ | — | $ | 14,448 | ||||||||||||||||||||||||||
Credit Suisse | 220,655 | — | — | 220,655 | 16,850 | — | — | 16,850 | 203,805 | — | 203,805 | |||||||||||||||||||||||||||||||||||||
UBS AG | 25,713 | — | — | 25,713 | 2,196 | — | — | 2,196 | 23,517 | — | 23,517 | |||||||||||||||||||||||||||||||||||||
Total | $ | 265,370 | $ | — | $ | — | $ | 265,370 | $ | 23,600 | $ | — | $ | — | $ | 23,600 | $ | 241,770 | $ | — | $ | 241,770 | ||||||||||||||||||||||||||
(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 contractualset-off rights under the agreement. |
International Value 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 | ||||||||||||||||||||||||||||||||||||||
Barclays Bank PLC | $ | 2,355,639 | $ | — | $ — | $ | 2,355,639 | $ | — | $ | — | $ | — | $ | — | $ | 2,355,639 | $ | (1,859,235 | ) | $ | 496,404 | ||||||||||||||||||||||||
(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 contractualset-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.
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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 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: 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. 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. 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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.
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 August 2018, the SEC adopted amendments to certain financial statement disclosure requirements of Regulation S-X to conform them to GAAP for investment companies. The final rule became effective on November 5, 2018. All required changes have been made in accordance with Regulation S-X.
In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)—(continued)
VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
International Equities Index Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund‡ | 0.80% on the first $250 million | |
0.75% on the next $250 million | ||
0.70% on the next $500 million | ||
0.65% on assets over $1 billion | ||
Growth & Income Fund | 0.75% on the first $500 million | |
0.725% on assets over $500 million | ||
Science & Technology Fund | 0.90% on first $500 million | |
0.85% on assets over $500 million | ||
Small Cap Fund | 0.90% on the first $250 million | |
0.85% on the next $250 million | ||
0.80% on the next $500 million | ||
0.75% on assets over $1 billion | ||
Health Sciences Fund* | 1.00% on first $500 million | |
0.95% on assets over $500 million | ||
Inflation Protected Fund | 0.50% on the first $250 million | |
0.45% on the next $250 million | ||
0.40% on assets over $500 million | ||
International Growth Fund** | 0.95% on the first $250 million | |
0.90% on the next $250 million | ||
0.85% on the next $500 million | ||
0.80% on assets over $1 billion | ||
Large Capital Growth Fund | 0.64% on the first $750 million | |
0.59% on assets over $750 million | ||
Mid Cap Strategic Growth Fund | 0.70% on the first $250 million | |
0.65% on the next $250 million | ||
0.60% on assets over $500 million | ||
Asset Allocation Fund | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
Global Social Awareness Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
Capital Conservation Fund | 0.50% on the first $250 million | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on the next $500 million | |
0.35% on assets over $1 billion | ||
Government Money Market I Fund | 0.40% |
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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 | ||
International Value Fund‡‡ | 0.73% on the first $250 million | |
0.68% on the next $250 million | ||
0.63% on the next $500 million | ||
0.58% on assets over $1 billion | ||
Emerging Economies Fund | 0.81% on the first $250 million | |
0.76% on the next $250 million | ||
0.71% on the next $500 million | ||
0.66% on assets over $1 billion | ||
Small Cap Aggressive Growth Fund | 0.85% on the first $250 million | |
Small-Mid Growth Fund†† | 0.75% on assets over $250 million | |
Small Cap Special Values Fund | 0.75% on the first $500 million | |
0.70% on assets over $500 million | ||
Growth Fund*** | 0.73% on the first $500 million | |
0.67% on the next $500 million | ||
0.64% on the next $500 million | ||
0.61% on assets over $1.5 billion | ||
Global Real Estate Fund | 0.75% on the first $250 million | |
0.70% on the next $250 million | ||
0.65% on assets over $500 million | ||
Dynamic Allocation Fund† | 0.25% on the first $1 billion | |
0.22% on the next $1 billion | ||
0.20% on assets over $2 billion |
* | Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Health Sciences Fund’s advisory fee in order that such fees equal: (a) 0.97% of the Fund’s average daily net assets when the Fund’s assets are between $700 million and $750 million; and (b) 0.94% of the Fund’s average daily net assets when the Fund’s assets exceed $750 million. |
** | Pursuant to an Amended and Restated Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% 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. |
*** | 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. |
†† | 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. |
‡ | 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. |
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
‡‡ | Pursuant to an Advisory Fee Wavier Agreement effective September 10, 2018, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion. |
For the six months ended November 30, 2018, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 232,345 | ||
Dynamic Allocation | 5,653 | |||
Growth | 313,485 | |||
Health Sciences | 165,043 | |||
International Growth | 464,249 | |||
International Value | 121,311 | |||
Small-Mid Growth | 41,936 |
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.
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 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 (“WellsCap”)*—subadviser for the International Value Fund and Small Cap Special Values Fund.
* | Effective September 10, 2018, WellsCap replaced Templeton Global Advisors Limited as subadviser for the International Value 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, 2019. For the purposes of the waived fee and reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and 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”).
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Fund | Maximum Expense Limitation | |||
Blue Chip Growth | 0.85 | % | ||
Broad Cap Value Income | 0.85 | % | ||
Dividend Value | 0.82 | % | ||
Dynamic Allocation | 0.32 | % | ||
Government Money Market I | 0.55 | % | ||
Growth & Income | 0.85 | % | ||
International Growth | 1.01 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
Value | 0.85 | % |
For the six months ended November 30, 2018, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 19,944 | ||
Growth & Income | 35,736 | |||
Nasdaq-100® Index | 11,151 | |||
Small Cap Aggressive Growth | 2,016 | |||
Small Cap | 141,199 | |||
Value | 47,054 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 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 six months ended November 30, 2018, no amount was recouped by VALIC for the Dynamic Allocation Fund.
At November 30, 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@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 2018, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the six months ended November 30, 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 investment options that are specified in the plan as selected by the Directors. For the six months ended November 30, 2018, certain Directors of VC I have deferred $17,325 of director compensation.
@ | The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component. |
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NOTES TO FINANCIAL STATEMENTS(unaudited)—(continued)
At November 30, 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 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Blue Chip Growth | 0.01 | — | 95.25 | 0.83 | 1.46 | 0.20 | 2.25 | |||||||||||||||||||||
Broad Cap Value Income | — | — | 83.45 | 16.55 | — | — | — | |||||||||||||||||||||
Capital Conservation | — | — | 68.66 | 6.39 | 5.07 | 6.80 | 13.08 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 88.63 | 0.97 | 3.49 | 1.48 | 5.43 | |||||||||||||||||||||
Dynamic Allocation | 1.54 | — | 98.46 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.01 | 0.00 | 96.71 | 0.34 | 1.68 | 0.24 | 1.02 | |||||||||||||||||||||
Global Real Estate | — | — | 80.16 | 0.44 | 8.88 | 2.30 | 8.22 | |||||||||||||||||||||
Global Social Awareness | 0.26 | — | 99.74 | — | — | — | — | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 4.53 | 0.00 | 95.47 | — | — | — | — | |||||||||||||||||||||
Government Securities | 0.61 | — | 73.06 | 6.54 | 4.09 | 5.83 | 9.87 | |||||||||||||||||||||
Growth | — | — | 99.35 | 0.65 | — | — | — | |||||||||||||||||||||
Growth & Income | 2.38 | — | 94.55 | 3.07 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.01 | — | 99.99 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 88.47 | 0.52 | 3.49 | 1.96 | 5.56 | |||||||||||||||||||||
International Equities Index | 2.82 | 0.02 | 91.46 | 0.39 | 2.25 | 0.60 | 2.46 | |||||||||||||||||||||
International Government Bond | — | — | 66.39 | 0.45 | 8.51 | 8.66 | 15.99 | |||||||||||||||||||||
International Growth | — | — | 93.75 | 1.32 | 2.27 | 0.56 | 2.10 | |||||||||||||||||||||
International Value | 0.01 | — | 92.10 | 0.80 | 3.47 | 0.77 | 2.85 | |||||||||||||||||||||
Large Cap Core | — | — | 84.02 | 4.29 | 5.04 | 1.36 | 5.29 | |||||||||||||||||||||
Large Capital Growth | — | — | 92.96 | 1.59 | 2.15 | 0.34 | 2.96 | |||||||||||||||||||||
Mid Cap Index | 0.62 | 0.04 | 97.26 | 0.12 | 0.75 | 0.22 | 0.99 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.66 | — | 3.23 | 0.57 | 3.54 | |||||||||||||||||||||
Nasdaq-100® Index | 2.33 | 0.05 | 87.51 | — | 3.49 | 1.28 | 5.34 | |||||||||||||||||||||
Science & Technology | 0.52 | 0.00 | 94.24 | — | 1.84 | 0.62 | 2.78 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 1.92 | 0.10 | 97.98 | — | — | — | — | |||||||||||||||||||||
Small Cap Special Values | — | — | 85.18 | — | 5.04 | 2.38 | 7.40 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.21 | 0.03 | 92.12 | 0.56 | 1.03 | 0.31 | 1.56 | |||||||||||||||||||||
Value | — | — | 65.38 | 7.50 | 10.12 | 2.61 | 14.39 |
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2018, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2018 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/ (Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2018 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 7,031,944 | — | — | $ | 31,231 | $ | 553,055 | $ | 126,742 | $ | (101,418 | ) | $ | 6,535,444 | |||||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 9,722,551 | — | — | 44,619 | 790,079 | 127,291 | (41,206 | ) | 9,063,176 | |||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 16,101,298 | — | — | 371,390 | 1,264,127 | (31,391 | ) | (82,935 | ) | 15,094,235 | ||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 8,840,596 | — | — | 40,157 | 711,071 | 15,737 | 390,630 | 8,576,049 | ||||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 2,848,116 | — | — | 12,529 | 218,662 | 4,278 | (327,883 | ) | 2,318,378 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,890,673 | — | — | 8,924 | 158,016 | (7,194 | ) | (3,734 | ) | 1,730,653 | ||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 9,183,677 | — | — | 642,388 | 750,575 | (39,592 | ) | 31,002 | 9,066,900 | |||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,010,587 | — | — | 17,848 | 316,032 | 105,251 | 22,590 | 3,840,244 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 9,043,859 | — | — | 40,157 | 961,071 | 110,020 | (164,794 | ) | 8,068,171 |
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Security | Value at 05/31/2018 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2018 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | $ | 3,921,304 | — | — | $ | 17,848 | $ | 316,032 | $ | (9,321 | ) | $ | (48,499 | ) | $ | 3,565,300 | ||||||||||||||||
VALIC Co. I International Equities Index Fund | 4,833,579 | — | — | 22,310 | 395,040 | 7,108 | (368,727 | ) | 4,099,230 | |||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 969,025 | — | — | 4,462 | 79,008 | (3,658 | ) | (23,517 | ) | 867,304 | ||||||||||||||||||||||
VALIC Co. I International Growth Fund | 8,142,261 | — | — | 32,699 | 1,667,799 | 64,517 | (790,008 | ) | 5,781,670 | |||||||||||||||||||||||
VALIC Co. I International Value Fund | 7,842,680 | — | — | 33,126 | 1,376,980 | (116,512 | ) | (559,157 | ) | 5,823,157 | ||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 7,841,315 | — | — | 35,696 | 632,063 | (81,792 | ) | 288,015 | 7,451,171 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,086,358 | — | — | 35,695 | 1,032,063 | 86,103 | 307,523 | 7,483,616 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 4,064,365 | — | — | 418,918 | 338,983 | 58,714 | (178,076 | ) | 4,024,938 | |||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 30,027,657 | — | — | 133,857 | 3,170,237 | 789,627 | 111,778 | 27,892,682 | ||||||||||||||||||||||||
VALIC Co. I Value Fund | 9,840,019 | — | — | 44,619 | 790,079 | 244,242 | (148,072 | ) | 9,190,729 | |||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 7,189,706 | 31,163 | 333,793 | 396,188 | 953,055 | 291,515 | (481,265 | ) | 6,443,089 | |||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 14,049,943 | 327,292 | 5,030 | 694,790 | 1,106,111 | (80 | ) | (457,063 | ) | 13,181,479 | ||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 1,993,983 | 111,551 | — | 120,475 | 158,016 | (12,764 | ) | (100,321 | ) | 1,843,357 | ||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,020,250 | 2,654 | 315,813 | 1,229,531 | 203,919 | 14,808 | (446,235 | ) | 2,614,435 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,011,436 | 8,167 | 148,850 | 1,118,082 | 203,919 | (22,723 | ) | (283,333 | ) | 2,619,543 | ||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 3,984,804 | 46,111 | 128,903 | 192,862 | 316,032 | (13,659 | ) | (147,185 | ) | 3,700,790 | ||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | 2,001,015 | 15,579 | — | 23,649 | 439,655 | 17,611 | (267,471 | ) | 1,335,149 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 4,120,557 | — | 128,325 | 347,029 | 334,393 | 53,731 | (422,955 | ) | 3,763,969 | |||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 4,125,380 | 31,613 | 276,467 | 726,998 | 338,983 | (62,890 | ) | (609,548 | ) | 3,840,957 | ||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 3,474,509 | 125,832 | — | 141,450 | 276,528 | (19,613 | ) | (138,648 | ) | 3,181,170 | ||||||||||||||||||||||
$ | 199,213,447 | $ | 699,962 | $ | 1,337,181 | $ | 6,979,527 | $ | 19,851,583 | $ | 1,696,106 | $ | (5,040,512 | ) | $ | 182,996,985 | ||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2018 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/18 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 10,013,788 | $ | — | $ | — | $ | 26,727 | $ | 239,151 | $ | 63,069 | $ | (1,867,119 | ) | $ | 7,997,314 | |||||||||||||||
During the six months ended November 30, 2018, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Small-Mid Growth Fund | |||
Goldman Sachs & Co. | $ | 1,528 | ||
KeyBanc Capital Markets, Inc. | 186 | |||
Morgan Stanley & Co | 2,310 | |||
Wells Fargo Securities | 58 |
On September 19, 2018, the International Growth Fund purchased shares of Reckitt Benckiser Group PLC (“Reckitt”), causing the Fund to exceed its investment restriction limitation with respect to 75% of its total assets of not investing more than 5% of its total assets in the securities of any one issuer. The violation was corrected on September 27, 2018, when the Fund sold shares of Reckitt resulting in a gain of $2,916 to the Fund.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 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 | $ | 76,876,708 | $ | 115,537,841 | $ | 3,076,993 | $ | 1,285,046 | ||||||||
Blue Chip Growth | 131,644,402 | 127,572,267 | — | — | ||||||||||||
Broad Cap Value Income | 9,171,525 | 14,611,253 | — | — | ||||||||||||
Capital Conservation | 43,597,117 | 42,189,287 | 26,791,553 | 36,172,371 | ||||||||||||
Core Equity | 30,224,029 | 42,242,436 | — | — | ||||||||||||
Dividend Value | 243,207,647 | 274,137,617 | — | — | ||||||||||||
Dynamic Allocation | 4,942,381 | 19,851,583 | 8,652,261 | 9,985,146 |
264 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)—(continued)
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||||||
Emerging Economies | $ | 299,798,430 | $ | 321,031,522 | $ | — | $ | — | ||||||||
Global Real Estate | 109,124,225 | 75,859,626 | — | — | ||||||||||||
Global Social Awareness | 6,143,471 | 35,338,053 | — | — | ||||||||||||
Global Strategy | 33,682,956 | 61,068,647 | — | — | ||||||||||||
Government Securities | 2,529,800 | 2,345,472 | 28,409,598 | 10,830,116 | ||||||||||||
Growth | 394,548,384 | 348,966,488 | — | — | ||||||||||||
Growth & Income | 29,980,010 | 35,251,252 | — | — | ||||||||||||
Health Sciences | 150,176,605 | 168,817,131 | — | — | ||||||||||||
Inflation Protected | 110,026,489 | 61,984,687 | 123,817,142 | 82,791,124 | ||||||||||||
International Equities Index | 92,155,786 | 211,478,356 | — | — | ||||||||||||
International Government Bond | 60,456,436 | 86,283,006 | 20,161,172 | 12,396,953 | ||||||||||||
International Growth | 83,316,392 | 102,914,993 | — | — | ||||||||||||
International Value | 822,008,360 | 861,591,989 | — | — | ||||||||||||
Large Cap Core | 47,994,548 | 55,950,114 | — | — | ||||||||||||
Large Capital Growth | 59,698,041 | 54,989,042 | — | — | ||||||||||||
Mid Cap Index | 292,628,380 | 313,031,005 | — | — | ||||||||||||
Mid Cap Strategic Growth | 51,048,390 | 55,381,337 | — | — | ||||||||||||
Nasdaq-100® Index | 17,224,083 | 6,300,757 | — | — | ||||||||||||
Science & Technology | 687,302,950 | 705,825,050 | — | — | ||||||||||||
Small Cap Aggressive Growth | 79,948,873 | 71,547,315 | — | — | ||||||||||||
Small Cap | 43,275,778 | 61,099,776 | — | — | ||||||||||||
Small Cap Index | 166,684,350 | 160,507,296 | — | — | ||||||||||||
Small Cap Special Values | 52,937,025 | 70,652,417 | — | — | ||||||||||||
Small-Mid Growth | 48,420,200 | 51,208,442 | — | — | ||||||||||||
Stock Index | 119,385,752 | 187,133,851 | — | — | ||||||||||||
Value | 27,632,207 | 20,633,234 | — | — |
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, investments in partnerships, corporate actions and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2018.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 153,425,679 | $ | 4,568,395 | $ | (10,960,063 | ) | $ | (6,391,668 | ) | ||||||
Blue Chip Growth | 468,062,408 | 330,349,964 | (10,001,901 | ) | 320,348,063 | |||||||||||
Broad Cap Value Income | 45,790,409 | 11,888,849 | (3,283,480 | ) | 8,605,369 | |||||||||||
Capital Conservation | 245,164,510 | 586,432 | (8,757,767 | ) | (8,171,335 | ) | ||||||||||
Core Equity | 193,282,844 | 56,840,278 | (5,086,275 | ) | 51,754,003 | |||||||||||
Dividend Value | 799,444,151 | 92,846,591 | (45,041,738 | ) | 47,804,853 | |||||||||||
Dynamic Allocation | 213,850,777 | 17,192,400 | (5,494,468 | ) | 11,697,932 | |||||||||||
Emerging Economies | 632,931,140 | 90,408,987 | (48,199,370 | ) | 42,209,617 | |||||||||||
Global Real Estate | 389,296,390 | 26,442,857 | (25,917,624 | ) | 525,233 | |||||||||||
Global Social Awareness | 299,323,294 | 99,661,354 | (29,593,328 | ) | 70,068,026 | |||||||||||
Global Strategy | 358,597,564 | 27,123,650 | (35,167,221 | ) | (8,043,571 | ) | ||||||||||
Government Money Market I | 341,468,066 | — | — | — | ||||||||||||
Government Securities | 143,455,470 | 780,736 | (4,331,425 | ) | (3,550,689 | ) | ||||||||||
Growth | 987,564,358 | 269,849,916 | (33,584,089 | ) | 236,265,827 | |||||||||||
Growth & Income | 101,066,346 | 26,403,518 | (3,551,385 | ) | 22,852,133 | |||||||||||
Health Sciences | 609,745,251 | 236,600,268 | (36,720,422 | ) | 199,879,846 | |||||||||||
Inflation Protected | 694,754,142 | 8,625,118 | (22,659,740 | ) | (14,034,622 | ) | ||||||||||
International Equities Index | 1,110,118,679 | 123,046,037 | (163,872,891 | ) | (40,826,854 | ) |
265 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
International Government Bond* | $ | 197,396,162 | $ | 1,271,359 | $ | (9,462,111 | ) | $ | (8,190,752 | ) | ||||||
International Growth | 441,553,031 | 9,615,012 | (23,808,946 | ) | (14,193,934 | ) | ||||||||||
International Value | 784,926,432 | 20,696,066 | (64,095,898 | ) | (43,399,832 | ) | ||||||||||
Large Cap Core | 148,388,901 | 30,249,381 | (5,018,900 | ) | 25,230,481 | |||||||||||
Large Capital Growth | 339,405,054 | 137,224,991 | (6,889,585 | ) | 130,335,406 | |||||||||||
Mid Cap Index | 2,602,034,993 | 964,852,555 | (246,552,979 | ) | 718,299,576 | |||||||||||
Mid Cap Strategic Growth | 228,598,374 | 67,625,002 | (8,769,366 | ) | 58,855,636 | |||||||||||
Nasdaq-100® Index | 230,968,711 | 277,229,449 | (8,825,302 | ) | 268,404,147 | |||||||||||
Science & Technology | 1,149,137,793 | 197,998,249 | (79,838,570 | ) | 118,159,679 | |||||||||||
Small Cap Aggressive Growth | 139,723,691 | 23,133,961 | (9,412,538 | ) | 13,721,423 | |||||||||||
Small Cap | 267,726,792 | 56,425,885 | (22,200,701 | ) | 34,225,184 | |||||||||||
Small Cap Index | 948,233,917 | 374,102,673 | (122,015,174 | ) | 252,087,499 | |||||||||||
Small Cap Special Values | 243,006,881 | 34,472,340 | (27,977,846 | ) | 6,494,494 | |||||||||||
Small-Mid Growth | 105,972,923 | 15,811,383 | (7,269,251 | ) | 8,542,132 | |||||||||||
Stock Index | 2,437,495,527 | 2,688,590,648 | (153,489,232 | ) | 2,535,101,416 | |||||||||||
Value | 99,616,745 | 27,134,047 | (4,332,148 | ) | 22,801,899 |
@ | Includes amounts for derivatives. |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2018. |
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 | |||||||||||||||
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 | — | ||||||||||||||
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* | 3,098,611 | 37,417 | (6,561,381 | ) | 1,876,878 | — | ||||||||||||||
International Growth | 16,283,656 | 94,862,398 | 34,618,529 | 5,977,648 | 6,729,054 | |||||||||||||||
International Value | 21,077,701 | (17,185,268 | ) | 68,002,382 | 17,026,333 | — | ||||||||||||||
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 |
266 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)—(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 | |||||||||||||||
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, 2018. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
As of May 31, 2018, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, 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 | — | ||||||
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 | — | — | ||||||
International Value | 758,697 | 16,426,571 | ||||||
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 | — | — |
267 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(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 | — | — | |||||||||
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* | 576,435 | 2,225,375 | 637,143 | |||||||||
International Growth | 582,280 | — | — | |||||||||
International Value | — | 5,822,773 | — | |||||||||
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, 2018. |
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 six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 778,667 | $ | 8,663,425 | 1,477,919 | $ | 17,297,353 | 2,244,419 | $ | 47,819,358 | 1,402,202 | $ | 27,963,804 | ||||||||||||||||||||
Reinvested dividends | — | — | 807,871 | 9,363,224 | — | — | 2,156,663 | 44,729,191 | ||||||||||||||||||||||||
Shares redeemed | (1,404,702 | ) | (15,633,657 | ) | (2,366,644 | ) | (27,634,338 | ) | (1,874,615 | ) | (40,006,232 | ) | (5,504,750 | ) | (107,562,569 | ) | ||||||||||||||||
Net increase (decrease) | (626,035 | ) | $ | (6,970,232 | ) | (80,854 | ) | $ | (973,761 | ) | 369,804 | $ | 7,813,126 | (1,945,885 | ) | $ | (34,869,574 | ) | ||||||||||||||
268 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | �� | For the year ended May 31, 2018 | ||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 68,348 | $ | 1,112,937 | 471,995 | $ | 7,967,286 | 2,244,772 | $ | 21,345,920 | 5,166,082 | $ | 50,616,708 | ||||||||||||||||||||
Reinvested dividends | — | — | 300,948 | 4,899,434 | — | — | 581,881 | 5,533,689 | ||||||||||||||||||||||||
Shares redeemed | (391,368 | ) | (6,346,866 | ) | (633,963 | ) | (10,489,363 | ) | (4,039,360 | ) | (38,383,812 | ) | (2,885,164 | ) | (28,320,408 | ) | ||||||||||||||||
Net increase (decrease) | (323,020 | ) | $ | (5,233,929 | ) | 138,980 | $ | 2,377,357 | (1,794,588 | ) | $ | (17,037,892 | ) | 2,862,799 | $ | 27,829,989 | ||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 54,966 | $ | 1,333,099 | 63,025 | $ | 1,482,383 | 7,822,848 | $ | 100,379,504 | 16,353,827 | $ | 214,300,559 | ||||||||||||||||||||
Reinvested dividends |
| — |
| — | 935,799 | 21,738,619 | — | — | 3,550,399 | 45,267,581 | ||||||||||||||||||||||
Shares redeemed | (622,142 | ) | (15,163,748 | ) | (1,110,958 | ) | (26,244,339 | ) | (10,815,926 | ) | (141,262,465 | ) | (15,437,811 | ) | (194,710,056 | ) | ||||||||||||||||
Net increase (decrease) | (567,176 | ) | $ | (13,830,649 | ) | (112,134 | ) | $ | (3,023,337 | ) | (2,993,078 | ) | $ | (40,882,961 | ) | 4,466,415 | $ | 64,858,084 | ||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 225,516 | $ | 2,775,736 | 297,704 | $ | 3,682,534 | 10,681,335 | $ | 85,561,992 | 13,286,176 | $ | 125,666,190 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,036,716 | 12,855,277 | — | — | 1,246,451 | 12,115,507 | ||||||||||||||||||||||||
Shares redeemed | (1,689,436 | ) | (21,037,073 | ) | (2,524,653 | ) | (31,588,738 | ) | (14,413,866 | ) | (116,283,693 | ) | (11,989,224 | ) | (108,714,609 | ) | ||||||||||||||||
Net increase (decrease) | (1,463,920 | ) | $ | (18,261,337 | ) | (1,190,233 | ) | $ | (15,050,927 | ) | (3,732,531 | ) | $ | (30,721,701 | ) | 2,543,403 | $ | 29,067,088 | ||||||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 8,980,086 | $ | 68,925,789 | 2,831,665 | $ | 22,115,683 | 84,621 | $ | 2,261,315 | 605,245 | $ | 15,284,134 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,494,356 | 18,582,951 | — | — | 270,824 | 7,163,295 | ||||||||||||||||||||||||
Shares redeemed | (4,439,427 | ) | (33,897,571 | ) | (8,742,964 | ) | (68,939,364 | ) | (2,024,250 | ) | (53,227,744 | ) | (2,060,012 | ) | (52,857,267 | ) | ||||||||||||||||
Net increase (decrease) | 4,540,659 | $ | 35,028,218 | (3,416,943 | ) | $ | (28,240,730 | ) | (1,939,629 | ) | $ | (50,966,429 | ) | (1,183,943 | ) | $ | (30,409,838 | ) | ||||||||||||||
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 224,061 | $ | 2,708,111 | 810,154 | $ | 9,881,993 | 71,354,549 | $ | 71,354,549 | 103,855,256 | $ | 103,855,257 | ||||||||||||||||||||
Reinvested dividends | — | — | 428,586 | 5,241,605 | 2,429,032 | 2,429,032 | 2,316,563 | 2,316,563 | ||||||||||||||||||||||||
Shares redeemed | (2,381,042 | ) | (28,562,951 | ) | (4,887,981 | ) | (59,425,709 | ) | (43,553,442 | ) | (43,553,443 | ) | (125,229,422 | ) | (125,229,422 | ) | ||||||||||||||||
Net increase (decrease) | (2,156,981 | ) | $ | (25,854,840 | ) | (3,649,241 | ) | $ | (44,302,111 | ) | 30,230,139 | $ | 30,230,138 | (19,057,603 | ) | $ | (19,057,602 | ) | ||||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,484,882 | $ | 35,306,924 | 2,573,832 | $ | 27,061,492 | 6,418,286 | $ | 116,624,623 | 6,645,533 | $ | 106,156,304 | ||||||||||||||||||||
Reinvested dividends | — | — | 330,549 | 3,355,071 | — | — | 2,838,731 | 49,138,428 | ||||||||||||||||||||||||
Shares redeemed | (1,782,465 | ) | (18,146,367 | ) | (4,702,908 | ) | (49,493,899 | ) | (3,604,174 | ) | (64,611,860 | ) | (6,962,819 | ) | (117,362,320 | ) | ||||||||||||||||
Net increase (decrease) | 1,702,417 | $ | 17,160,557 | (1,798,527 | ) | $ | (19,077,336 | ) | 2,814,112 | $ | 52,012,763 | | 2,521,445 | $ | 37,932,412 | |||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | �� | Shares | Amount | ||||||||||||||||||||||||
Shares sold | 463,536 | $ | 10,818,735 | 848,244 | $ | 18,840,853 | 586,309 | $ | 12,758,280 | 858,067 | $ | 17,907,657 | ||||||||||||||||||||
Reinvested dividends | — | — | 248,646 | 5,599,507 | — | — | 4,331,640 | 88,495,403 | ||||||||||||||||||||||||
Shares redeemed | (778,582 | ) | (18,008,161 | ) | (1,152,101 | ) | (25,605,383 | ) | (1,556,662 | ) | (33,785,926 | ) | (3,822,352 | ) | (80,733,518 | ) | ||||||||||||||||
Net increase (decrease) | (315,046 | ) | $ | (7,189,426 | ) | (55,211 | ) | $ | (1,165,023 | ) | (970,353 | ) | $ | (21,027,646 | ) | 1,367,355 | $ | 25,669,542 | ||||||||||||||
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 12,239,226 | $ | 131,984,366 | 5,920,191 | $ | 65,685,432 | 18,279,797 | $ | 130,763,760 | 52,755,829 | $ | 394,356,148 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,581,512 | 17,222,662 | — | — | 3,611,710 | 27,087,828 | ||||||||||||||||||||||||
Shares redeemed | (3,425,565 | ) | (37,080,436 | ) | (9,870,891 | ) | (109,580,357 | ) | (37,337,384 | ) | (269,785,761 | ) | (38,309,717 | ) | (291,046,343 | ) | ||||||||||||||||
Net increase (decrease) | 8,813,661 | $ | 94,903,930 | (2,369,188 | ) | $ | (26,672,263 | ) | (19,057,587 | ) | $ | (139,022,001 | ) | 18,057,822 | $ | 130,397,633 | ||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,377,983 | $ | 27,272,589 | 6,443,883 | $ | 76,886,003 | 2,517,761 | $ | 35,345,436 | 2,741,488 | $ | 39,692,685 | ||||||||||||||||||||
Reinvested dividends | — | — | 157,192 | 1,876,878 | — | — | 898,000 | 12,706,702 | ||||||||||||||||||||||||
Shares redeemed | (4,260,386 | ) | (48,892,021 | ) | (3,605,707 | ) | (42,812,461 | ) | (2,619,016 | ) | (37,718,644 | ) | (4,620,939 | ) | (65,536,596 | ) | ||||||||||||||||
Net increase (decrease) | (1,882,403 | ) | $ | (21,619,432 | ) | 2,995,368 | $ | 35,950,420 | (101,255 | ) | $ | (2,373,208 | ) | (981,451 | ) | $ | (13,137,209 | ) | ||||||||||||||
International Value | Large Cap Core | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,773,899 | $ | 18,084,108 | 5,803,770 | $ | 63,996,631 | 407,850 | $ | 5,041,527 | 1,214,266 | $ | 14,496,114 | �� | |||||||||||||||||||
Reinvested dividends | — | — | 1,585,320 | 17,026,333 | — | — | 887,490 | 10,658,752 | ||||||||||||||||||||||||
Shares redeemed | (7,764,567 | ) | (78,391,061 | ) | (8,987,230 | ) | (97,378,331 | ) | (1,325,316 | ) | (16,114,492 | ) | (1,813,851 | ) | (21,806,313 | ) | ||||||||||||||||
Net increase (decrease) | (5,990,668 | ) | $ | (60,306,953 | ) | (1,598,140 | ) | $ | (16,355,367 | ) | (917,466 | ) | $ | (11,072,965 | ) | 287,905 | $ | 3,348,553 | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,749,471 | $ | 27,747,272 | 331,446 | $ | 4,858,302 | 7,769,688 | $ | 221,999,981 | 3,798,494 | $ | 105,244,851 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,598,191 | 24,116,708 | — | — | 9,144,176 | 251,922,042 | ||||||||||||||||||||||||
Shares redeemed | (1,504,201 | ) | (23,688,479 | ) | (2,743,999 | ) | (40,250,893 | ) | (9,048,217 | ) | (256,053,159 | ) | (18,855,439 | ) | (533,669,174 | ) | ||||||||||||||||
Net increase (decrease) | 245,270 | $ | 4,058,793 | (814,362 | ) | $ | (11,275,883 | ) | (1,278,529 | ) | $ | (34,053,178 | ) | (5,912,769 | ) | $ | (176,502,281 | ) | ||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 569,109 | $ | 8,974,272 | 645,972 | $ | 10,110,629 | 3,353,204 | $ | 48,282,118 | 3,384,690 | $ | 44,985,893 | ||||||||||||||||||||
Reinvested dividends | — | — | 828,065 | 13,166,234 | — | — | 1,584,077 | 22,097,878 | ||||||||||||||||||||||||
Shares redeemed | (725,739 | ) | (11,831,889 | ) | (1,761,437 | ) | (26,950,666 | ) | (1,383,200 | ) | (20,021,272 | ) | (3,636,392 | ) | (47,906,100 | ) | ||||||||||||||||
Net increase (decrease) | (156,630 | ) | $ | (2,857,617 | ) | (287,400 | ) | $ | (3,673,803 | ) | 1,970,004 | $ | 28,260,846 | 1,332,375 | $ | 19,177,671 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,081,189 | $ | 64,614,664 | 1,501,571 | $ | 44,774,878 | 1,382,329 | $ | 22,484,171 | 1,187,625 | $ | 17,632,301 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,617,362 | 111,885,016 | — | — | 238,195 | 3,794,440 | ||||||||||||||||||||||||
Shares redeemed | (1,777,989 | ) | (55,009,362 | ) | (3,516,184 | ) | (102,830,719 | ) | (843,527 | ) | (13,655,094 | ) | (1,041,626 | ) | (15,293,898 | ) | ||||||||||||||||
Net increase (decrease) | 303,200 | $ | 9,605,302 | 1,602,749 | $ | 53,829,175 | 538,802 | $ | 8,829,077 | 384,194 | $ | 6,132,843 | ||||||||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 313,825 | $ | 3,749,449 | 239,863 | $ | 2,855,785 | 2,220,736 | $ | 50,894,064 | 6,358,551 | $ | 139,248,745 | ||||||||||||||||||||
Reinvested dividends | — | — | 4,461,304 | 49,921,996 | — | — | 3,615,977 | 79,189,905 | ||||||||||||||||||||||||
Shares redeemed | (1,767,190 | ) | (21,035,281 | ) | (3,679,924 | ) | (44,611,488 | ) | (4,367,788 | ) | (100,953,277 | ) | (12,414,186 | ) | (274,211,925 | ) | ||||||||||||||||
Net increase (decrease) | (1,453,365 | ) | $ | (17,285,832 | ) | 1,021,243 | $ | 8,166,293 | (2,147,052 | ) | $ | (50,059,213 | ) | (2,439,658 | ) | $ | (55,773,275 | ) | ||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,596,383 | $ | 22,684,446 | 2,047,892 | $ | 27,586,219 | 115,980 | $ | 1,641,544 | 312,837 | $ | 4,059,510 | ||||||||||||||||||||
Reinvested dividends | — | — | 2,064,704 | 27,811,569 | — | — | 303,804 | 4,235,032 | ||||||||||||||||||||||||
Shares redeemed | (3,456,539 | ) | (48,256,900 | ) | (3,835,432 | ) | (53,632,570 | ) | (469,629 | ) | (6,717,293 | ) | (1,048,429 | ) | (13,815,927 | ) | ||||||||||||||||
Net increase (decrease) | (1,860,156 | ) | $ | (25,572,454 | ) | 277,164 | $ | 1,765,218 | (353,649 | ) | $ | (5,075,749 | ) | (431,788 | ) | $ | (5,521,385 | ) | ||||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | For the six months ended November 30, 2018 (unaudited) | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,475,397 | $ | 224,726,016 | 7,731,176 | $ | 305,031,584 | 887,324 | $ | 16,247,881 | 595,935 | $ | 10,684,832 | ||||||||||||||||||||
Reinvested dividends | — | — | 6,306,250 | 251,051,797 | — | — | 93,499 | 1,701,685 | ||||||||||||||||||||||||
Shares redeemed | (8,609,286 | ) | (353,781,629 | ) | (12,953,890 | ) | (505,896,038 | ) | (545,780 | ) | (9,959,079 | ) | (867,818 | ) | (15,321,469 | ) | ||||||||||||||||
Net increase (decrease) | (3,133,889 | ) | $ | (129,055,613 | ) | 1,083,536 | $ | 50,187,343 | 341,544 | $ | 6,288,802 | (178,384 | ) | $ | (2,934,952 | ) | ||||||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 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 Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)—(continued)
The Nasdaq-100® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.
The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.
Note 9 — Line of Credit
The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the six months ended November 30, 2018, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Broad Cap Value Income | 4 | $ | 581 | $ | 1,472,306 | 3.55 | % | |||||||||
Core Equity | 6 | 245 | 439,823 | 3.33 | % | |||||||||||
Dividend Value | 5 | 2,738 | 5,713,422 | 3.41 | % | |||||||||||
Emerging Economies | 1 | 332 | 3,424,706 | 3.49 | % | |||||||||||
Global Social Awareness | 16 | 6,284 | 4,002,686 | 3.53 | % | |||||||||||
Growth | 3 | 228 | 820,878 | 3.34 | % | |||||||||||
Growth & Income | 4 | 170 | 433,214 | 3.52 | % | |||||||||||
International Equities Index | 13 | 15,263 | 12,587,603 | 3.36 | % | |||||||||||
International Government Bond | 10 | 819 | 830,735 | 3.55 | % | |||||||||||
International Value | 10 | 2,730 | 2,781,612 | 3.52 | % | |||||||||||
Science & Technology | 5 | 629 | 1,365,200 | 3.32 | % | |||||||||||
Stock Index | 5 | 2,635 | 5,340,658 | 3.55 | % |
As of November 30, 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 six months ended November 30, 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 six months ended November 30, 2018, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Growth | $ | 6,529,088 | $ | 1,463,329 | $ | 439,057 | ||||||
Health Sciences | — | 90,080 | 52,541 | |||||||||
Large Capital Growth | 176,004 | 51,609 | (2,368 | ) | ||||||||
Small Cap | 18,565 | 8,560 | 182 | |||||||||
Value | 583,640 | — | — |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 12.20 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | $ | 14.19 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.16 | 0.16 | 0.23 | 0.23 | 0.25 | (0.01 | ) | (0.01 | ) | 0.01 | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.62 | ) | 0.83 | 0.71 | (0.66 | ) | 0.53 | 1.17 | 0.04 | 4.82 | 3.46 | (0.24 | ) | 2.62 | 3.66 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.54 | ) | 0.99 | 0.87 | (0.43 | ) | 0.76 | 1.42 | 0.03 | 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 | $ | 10.79 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 20.87 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (4.77 | )% | 8.91 | % | 8.35 | % | (2.16 | )% | 6.24 | % | 12.04 | % | 0.14 | % | 27.87 | % | 23.49 | % | 0.17 | % | 15.61 | % | 25.69 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.78 | %@ | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.82 | %@ | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.78 | %@ | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.69 | % | 0.82 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.40 | %@ | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | (0.07 | )%@ | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.40 | %@ | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | 1.96 | % | (0.07 | )%@ | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | (0.10 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 55 | % | 84 | % | 161 | % | 102 | % | 131 | % | 99 | % | 16 | % | 24 | % | 27 | % | 30 | % | 30 | % | 34 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,998 | 14,624 | 14,705 | 15,824 | 14,473 | 13,917 | 37,767 | 37,397 | 39,343 | 39,796 | 36,354 | 35,957 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 151,074 | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 179,126 | $ | 176,344 | $ | 788,091 | $ | 779,336 | $ | 679,516 | $ | 615,927 | $ | 652,819 | $ | 615,447 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
273 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 13.02 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 10.01 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.20 | 0.24 | 0.22 | 0.21 | 0.31 | 0.12 | 0.20 | 0.18 | 0.18 | 0.17 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | 1.45 | 2.16 | (1.11 | ) | 1.38 | 2.06 | (0.19 | ) | (0.29 | ) | (0.04 | ) | 0.06 | 0.10 | 0.07 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.11 | 1.65 | 2.40 | (0.89 | ) | 1.59 | 2.37 | (0.07 | ) | (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 | $ | 16.02 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 9.47 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 0.69 | % | 10.34 | % | 17.25 | % | (4.47 | )% | 10.70 | % | 18.24 | % | (0.73 | )% | (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 | % | 0.85 | % | 0.65 | %@ | 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 | % | 0.92 | % | 0.95 | % | 0.65 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | 0.64 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.35 | %@ | 1.20 | % | 1.57 | % | 1.49 | % | 1.33 | % | 2.14 | % | 2.58 | %@ | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.28 | %@ | 1.13 | % | 1.49 | % | 1.42 | % | 1.26 | % | 2.04 | % | 2.58 | %@ | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 1.95 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 24 | % | 20 | % | 26 | % | 23 | % | 27 | % | 29 | % | 53 | % | 56 | % | 71 | % | 193 | % | 129 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,419 | 3,742 | 3,603 | 4,104 | 3,906 | 3,533 | 24,934 | 26,729 | 23,866 | 23,716 | 25,822 | 19,965 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 54,784 | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 62,619 | $ | 53,675 | $ | 236,110 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 256,043 | $ | 196,550 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
274 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 15.61 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.62 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.26 | 0.25 | 0.21 | 0.19 | 0.16 | 0.16 | 0.26 | 0.25 | 0.31 | 0.28 | 0.28 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.40 | 3.13 | 3.14 | (0.87 | ) | 1.74 | 3.07 | 0.41 | 0.74 | 1.62 | (0.24 | ) | 0.85 | 1.59 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.54 | 3.39 | 3.39 | (0.66 | ) | 1.93 | 3.23 | 0.57 | 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 | $ | 23.72 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 12.96 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.33 | % | 15.42 | % | 17.48 | % | (3.07 | )% | 10.41 | % | 20.78 | % | 4.60 | % | 8.14 | % | 16.51 | % | 2.20 | % | 8.69 | % | 16.22 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | %@ | 0.77 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.81 | %@ | 0.81 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | %@ | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.93 | % | 0.81 | %@ | 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) | 1.11 | %@ | 1.10 | % | 1.19 | % | 1.11 | % | 0.94 | % | 0.95 | % | 2.42 | %@ | 2.06 | % | 2.13 | % | 2.55 | % | 2.06 | % | 2.20 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.93 | %@ | 0.94 | % | 1.06 | % | 0.99 | % | 0.82 | % | 0.82 | % | 2.42 | %@ | 2.06 | % | 2.12 | % | 2.54 | % | 2.05 | % | 2.19 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 50 | % | 36 | % | 41 | % | 40 | % | 39 | % | 28 | % | 54 | % | 41 | % | 45 | % | 35 | % | 37 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 10,344 | 10,911 | 11,023 | 11,771 | 13,047 | 14,433 | 68,355 | 71,348 | 66,882 | 50,727 | 48,504 | 46,936 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 245,351 | $ | 252,961 | $ | 241,647 | $ | 229,637 | $ | 265,955 | $ | 268,866 | $ | 886,067 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 641,719 | $ | 621,033 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
275 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 10.87 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.09 | ||||||||||||||||||||||||
Income (loss) from investment operations: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.12 | 0.15 | 0.17 | 0.16 | 0.18 | 0.14 | 0.16 | 0.13 | 0.13 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.17 | ) | 1.00 | 1.13 | (0.79 | ) | 0.32 | 0.92 | (1.18 | ) | 0.92 | 1.74 | (1.61 | ) | (0.30 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.13 | ) | 1.12 | 1.28 | (0.62 | ) | 0.48 | 1.10 | (1.04 | ) | 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 | $ | 12.07 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 7.85 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.07 | )% | 9.45 | % | 11.98 | % | (4.70 | )% | 4.04 | % | 10.11 | % | (11.70 | )% | 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 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.92 | %@ | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | 0.95 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.31 | %@ | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.34 | % | 0.92 | %@ | 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 | % | 0.00 | % | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.71 | %@ | 0.97 | % | 1.30 | % | 1.50 | % | 1.33 | % | 1.65 | % | 3.28 | %@ | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.71 | %@ | 0.96 | % | 1.30 | % | 1.51 | % | 1.33 | % | 1.63 | % | 3.28 | %@ | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.18 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 15 | % | 14 | % | 20 | % | 31 | % | 9 | % | 41 | % | 53 | % | 69 | % | 64 | % | 65 | % | 55 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,519 | 19,983 | 21,173 | 23,095 | 22,646 | 21,373 | 88,143 | 91,875 | 89,332 | 83,618 | 82,682 | 83,593 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 223,527 | $ | 243,832 | $ | 248,630 | $ | 248,446 | $ | 272,705 | $ | 255,001 | $ | 691,597 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 648,339 | $ | 678,406 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
276 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Global Real Estate Fund | Global Social Awareness Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 8.95 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 17.38 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.09 | 0.18 | 0.16 | 0.18 | 0.21 | 0.22 | 0.20 | 0.37 | 0.32 | 0.34 | 0.35 | 0.42 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.14 | ) | 0.28 | 0.21 | (0.14 | ) | 0.28 | 0.48 | (0.75 | ) | 2.52 | 2.84 | (1.02 | ) | 1.20 | 3.49 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.05 | ) | 0.46 | 0.37 | 0.04 | 0.49 | 0.70 | (0.55 | ) | 2.89 | 3.16 | (0.68 | ) | 1.55 | 3.91 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.31 | ) | (0.34 | ) | (0.26 | ) | (0.23 | ) | (0.49 | ) | – | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.10 | ) | (0.42 | ) | (0.36 | ) | (0.24 | ) | (0.58 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (0.41 | ) | (0.76 | ) | (0.62 | ) | (0.47 | ) | (1.07 | ) | – | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | (0.29 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 7.63 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 25.69 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (0.65 | )% | 6.19 | % | 4.98 | % | 1.53 | % | 5.61 | % | 8.76 | % | (2.10 | )% | 12.16 | % | 15.15 | % | (2.83 | )% | 7.45 | % | 22.60 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.63 | %@ | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.85 | %@ | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.63 | %@ | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.64 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | 0.00 | % | |||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 2.27 | %@ | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | 1.46 | %@ | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 2.27 | %@ | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 2.51 | % | 1.46 | %@ | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.18 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 50 | % | 47 | % | 71 | % | 44 | % | 41 | % | 2 | % | 5 | % | 23 | % | 0 | % | 88 | % | 99 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 51,854 | 47,313 | 50,730 | 61,190 | 59,795 | 48,168 | 14,391 | 16,331 | 17,515 | 17,949 | 19,139 | 20,949 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 395,431 | $ | 363,223 | $ | 387,137 | $ | 490,714 | $ | 514,347 | $ | 413,082 | $ | 369,662 | $ | 428,452 | $ | 416,564 | $ | 377,114 | $ | 423,242 | $ | 439,972 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
277 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 12.66 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.16 | 0.35 | 0.33 | 0.27 | 0.30 | 0.39 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.41 | ) | 0.20 | 1.14 | (1.80 | ) | (0.03 | ) | 1.53 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.25 | ) | 0.55 | 1.47 | (1.53 | ) | 0.27 | 1.92 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | (0.10 | ) | (0.72 | ) | (0.37 | ) | (0.46 | ) | (0.01 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.16 | ) | (0.22 | ) | (0.85 | ) | (0.44 | ) | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.16 | ) | (0.32 | ) | (1.57 | ) | (0.81 | ) | (0.46 | ) | (0.01 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 11.77 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (2.08 | )% | 4.72 | % | 14.16 | % | (10.23 | )% | 2.14 | % | 15.32 | % | 0.75 | % | 0.72 | %(e) | 0.08 | % | 0.01 | %(e) | 0.01 | %(e) | 0.01 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.51 | %@ | 0.51 | % | 0.45 | % | 0.26 | % | 0.14 | % | 0.16 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.51 | %@ | 0.51 | % | 0.53 | % | 0.51 | % | 0.51 | % | 0.51 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.56 | %@ | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | 1.49 | %@ | 0.71 | % | 0.08 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.56 | %@ | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 2.90 | % | 1.49 | %@ | 0.71 | % | (0.00 | )% | (0.24 | )% | (0.36 | )% | (0.34 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 30 | % | 35 | % | 26 | % | 28 | % | 25 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 30,264 | 32,421 | 36,070 | 41,208 | 37,891 | 39,108 | 341,953 | 311,723 | 330,780 | 343,490 | 343,881 | 367,402 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 356,231 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 514,564 | $ | 552,074 | $ | 341,938 | $ | 311,708 | $ | 330,783 | $ | 343,490 | $ | 343,363 | $ | 366,768 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
278 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 10.95 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | $ | 13.93 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.23 | 0.21 | 0.22 | 0.22 | 0.24 | 0.02 | 0.07 | 0.10 | 0.12 | 0.10 | 0.10 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.12 | ) | (0.37 | ) | (0.18 | ) | 0.08 | 0.11 | (0.17 | ) | (0.21 | ) | 3.02 | 2.56 | (0.52 | ) | 1.67 | 2.87 | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.01 | ) | (0.14 | ) | 0.03 | 0.30 | 0.33 | 0.07 | (0.19 | ) | 3.09 | 2.66 | (0.40 | ) | 1.77 | 2.97 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.25 | ) | – | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.04 | ) | – | (0.63 | ) | (1.01 | ) | (2.43 | ) | (2.02 | ) | – | |||||||||||||||||||||||||||||||
Total distributions | – | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.29 | ) | – | (0.73 | ) | (1.13 | ) | (2.53 | ) | (2.13 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.20 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 17.17 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (0.10 | )% | (1.32 | )% | 0.35 | % | 2.74 | % | 3.07 | % | 0.67 | % | (1.09 | )% | 20.60 | % | 20.48 | % | (0.63 | )% | 10.89 | % | 21.34 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.67 | %@ | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.74 | %@ | 0.74 | % | 0.76 | % | 0.79 | % | 0.80 | % | 0.81 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.67 | %@ | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.79 | %@ | 0.79 | % | 0.81 | % | 0.81 | % | 0.80 | % | 0.81 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.21 | %@ | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | 0.25 | %@ | 0.42 | % | 0.71 | % | 0.78 | % | 0.60 | % | 0.65 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.21 | %@ | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 2.19 | % | 0.20 | %@ | 0.37 | % | 0.66 | % | 0.77 | % | 0.60 | % | 0.65 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 11 | % | 3 | % | 15 | % | 17 | % | 7 | % | 28 | % | 28 | % | 58 | % | 71 | % | 102 | % | 99 | % | 90 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,592 | 11,890 | 13,689 | 14,278 | 14,967 | 15,115 | 72,093 | 69,279 | 66,758 | 70,537 | 62,664 | 60,543 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 138,708 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 161,977 | $ | 162,121 | $ | 1,237,898 | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 | $ | 1,027,988 | $ | 1,014,642 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
279 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 14.78 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | $ | 16.52 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.19 | 0.20 | 0.20 | 0.20 | 0.18 | (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.09 | ) | (0.14 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.57 | 2.34 | 2.94 | (0.34 | ) | 1.94 | 2.91 | 1.47 | 3.86 | 1.80 | (3.83 | ) | 9.66 | 5.43 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.68 | 2.53 | 3.14 | (0.14 | ) | 2.14 | 3.09 | 1.44 | 3.81 | 1.76 | (3.92 | ) | 9.52 | 5.31 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.18 | ) | (0.13 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.79 | ) | (0.64 | ) | (0.88 | ) | – | – | – | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | ||||||||||||||||||||||||||||
Total distributions | – | (1.00 | ) | (0.88 | ) | (1.12 | ) | (0.18 | ) | (0.13 | ) | – | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | (0.73 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 22.91 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 21.91 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.06 | % | 12.17 | % | 17.22 | % | 0.08 | % | 12.11 | % | 20.97 | % | 7.03 | % | 19.80 | % | 9.37 | % | (13.12 | )% | 47.50 | % | 32.09 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.04 | %@ | 1.06 | % | 1.07 | % | 1.06 | % | 1.09 | % | 1.11 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.90 | %@ | 0.90 | % | 0.91 | % | 0.91 | % | 0.90 | % | 0.93 | % | 1.09 | %@ | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.11 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.92 | %@ | 0.88 | % | 1.03 | % | 1.08 | % | 1.05 | % | 1.10 | % | (0.29 | )%@ | (0.23 | )% | (0.21 | )% | (0.40 | )% | (0.59 | )% | (0.59 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.87 | %@ | 0.83 | % | 0.97 | % | 1.02 | % | 1.00 | % | 1.02 | % | (0.34 | )%@ | (0.27 | )% | (0.23 | )% | (0.43 | )% | (0.59 | )% | (0.59 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 23 | % | 43 | % | 34 | % | 33 | % | 38 | % | 169 | % | 19 | % | 44 | % | 30 | % | 31 | % | 26 | % | 59 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 5,452 | 5,767 | 5,822 | 6,176 | 6,180 | 6,449 | 36,612 | 37,583 | 36,215 | 40,409 | 34,776 | 27,492 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 124,903 | $ | 128,172 | $ | 120,515 | $ | 113,885 | $ | 121,742 | $ | 114,405 | $ | 802,176 | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 939,311 | $ | 580,157 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
280 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Inflation Protected Fund | International Equities Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 11.53 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | $ | 6.47 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.26 | 0.25 | 0.15 | 0.12 | 0.24 | 0.06 | 0.19 | 0.17 | 0.16 | 0.19 | 0.23 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.30 | ) | (0.14 | ) | 0.10 | (0.16 | ) | (0.30 | ) | (0.17 | ) | (0.65 | ) | 0.35 | 0.81 | (0.89 | ) | (0.25 | ) | 0.92 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.17 | ) | 0.12 | 0.35 | (0.01 | ) | (0.18 | ) | 0.07 | (0.59 | ) | 0.54 | 0.98 | (0.73 | ) | (0.06 | ) | 1.15 | ||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.03 | ) | (0.13 | ) | (0.21 | ) | (0.22 | ) | – | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.10 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.05 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (0.31 | ) | (0.04 | ) | (0.15 | ) | (0.23 | ) | (0.27 | ) | – | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.71 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 6.82 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.56 | )% | 1.11 | % | 3.29 | % | (0.09 | )% | (1.57 | )% | 0.73 | % | (7.96 | )% | 7.63 | % | 15.98 | % | (9.99 | )% | (0.57 | )% | 17.90 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.57 | %@ | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.42 | %@ | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.57 | %@ | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.59 | % | 0.42 | %@ | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | 0.46 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.52 | %@ | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | 1.74 | %@ | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.52 | %@ | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.16 | % | 1.74 | %@ | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | 3.27 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 24 | % | 34 | % | 42 | % | 33 | % | 33 | % | 45 | % | 8 | % | 17 | % | 11 | % | 4 | % | 40 | % | 60 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 63,511 | 54,697 | 57,066 | 42,345 | 44,644 | 41,413 | 154,797 | 173,854 | 155,797 | 159,381 | 151,718 | 157,825 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 680,241 | $ | 595,043 | $ | 631,552 | $ | 455,830 | $ | 487,477 | $ | 469,056 | $ | 1,056,453 | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 1,081,174 | $ | 1,174,840 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
281 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 12.12 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | $ | 12.36 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.24 | 0.24 | 0.27 | 0.32 | 0.33 | 0.00 | 0.08 | 0.14 | 0.15 | 0.16 | 0.16 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.48 | ) | (0.20 | ) | 0.04 | 0.23 | (0.98 | ) | 0.15 | (1.59 | ) | 2.29 | 1.45 | (1.58 | ) | 0.17 | 1.87 | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.34 | ) | 0.04 | 0.28 | 0.50 | (0.66 | ) | 0.48 | (1.59 | ) | 2.37 | 1.59 | (1.43 | ) | 0.33 | 2.03 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.11 | ) | – | (0.29 | ) | (0.29 | ) | (0.22 | ) | – | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.20 | ) | (0.25 | ) | |||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | (0.04 | ) | (0.03 | ) | (0.14 | ) | – | (0.21 | ) | – | (0.95 | ) | (0.09 | ) | – | ||||||||||||||||||||||||||||||
Total distributions | – | (0.11 | ) | – | (0.33 | ) | (0.32 | ) | (0.36 | ) | – | (0.40 | ) | (0.18 | ) | (1.12 | ) | (0.29 | ) | (0.25 | ) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.30 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 13.42 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (2.92 | )% | 0.32 | % | 2.45 | % | 4.61 | % | (5.43 | )% | 4.12 | % | (10.59 | )%(e) | 18.38 | % | 13.81 | % | (9.20 | )% | 2.48 | % | 16.48 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | %@ | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 0.92 | %@ | 0.98 | % | 1.01 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.65 | % | 1.12 | %@ | 1.08 | % | 1.10 | % | 1.06 | % | 1.06 | % | 1.06 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.34 | %@ | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | 0.01 | %@ | 0.58 | % | 1.15 | % | 1.21 | % | 1.15 | % | 1.22 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.34 | %@ | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 2.78 | % | (0.19 | )%@ | 0.47 | % | 1.06 | % | 1.16 | % | 1.11 | % | 1.17 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 40 | % | 95 | % | 70 | % | 95 | % | 43 | % | 42 | % | 19 | % | 130 | % | 39 | % | 36 | % | 44 | % | 53 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 16,992 | 18,875 | 15,879 | 17,601 | 15,220 | 15,459 | 32,605 | 32,707 | 33,688 | 44,791 | 43,817 | 45,685 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 191,997 | $ | 219,748 | $ | 185,943 | $ | 201,253 | $ | 171,312 | $ | 189,241 | $ | 437,666 | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 621,387 | $ | 646,032 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
282 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Value Fund* | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 9.61 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 12.85 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.21 | 0.20 | 0.18 | 0.20 | 0.27 | 0.06 | 0.11 | 0.12 | 0.12 | 0.11 | 0.15 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.16 | ) | 0.13 | 1.75 | (1.64 | ) | (0.94 | ) | 1.78 | 0.24 | 0.98 | 1.44 | (0.25 | ) | 1.84 | 2.40 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.09 | ) | 0.34 | 1.95 | (1.46 | ) | (0.74 | ) | 2.05 | 0.30 | 1.09 | 1.56 | (0.13 | ) | 1.95 | 2.55 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | – | (0.12 | ) | (0.11 | ) | (0.45 | ) | (0.16 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | (0.62 | ) | (0.87 | ) | (2.39 | ) | (2.30 | ) | (1.01 | ) | |||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.22 | ) | – | (0.74 | ) | (0.98 | ) | (2.84 | ) | (2.46 | ) | (1.15 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 9.58 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 12.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (10.22 | )% | 3.19 | % | 22.36 | % | (13.72 | )% | (6.23 | )% | 21.39 | % | 2.56 | % | 9.46 | % | 14.97 | % | 1.84 | % | 14.34 | % | 20.28 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | %@ | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | %@ | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.84 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.80 | %@ | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.80 | % | 0.83 | %@ | 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 | % | 0.01 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.40 | %@ | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 0.96 | %@ | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.37 | %@ | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 2.53 | % | 0.96 | %@ | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 1.09 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 104 | % | 30 | % | 40 | % | 21 | % | 31 | % | 27 | % | 27 | % | 59 | % | 54 | % | 53 | % | 64 | % | 76 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 75,514 | 81,504 | 83,103 | 93,244 | 94,932 | 94,131 | 14,490 | 15,408 | 15,120 | 15,240 | 13,111 | 12,606 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 723,220 | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 990,964 | $ | 1,077,192 | $ | 173,855 | $ | 180,349 | $ | 171,627 | $ | 164,060 | $ | 180,201 | $ | 179,649 |
* | See Note 1 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
283 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 12.46 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 24.44 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.10 | 0.10 | 0.09 | 0.11 | 0.08 | 0.19 | 0.35 | 0.30 | 0.32 | 0.32 | 0.28 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.67 | 2.09 | 1.87 | 0.04 | 1.35 | 2.58 | (0.98 | ) | 3.45 | 3.91 | (1.06 | ) | 2.86 | 3.99 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.72 | 2.19 | 1.97 | 0.13 | 1.46 | 2.66 | (0.79 | ) | 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 | $ | 15.73 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 27.25 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 4.80 | % | 16.00 | % | 16.50 | % | 1.73 | % | 11.01 | % | 21.79 | % | (2.82 | )% | 14.51 | % | 16.94 | % | (0.69 | )% | 11.92 | % | 17.69 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.35 | %@ | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.74 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.76 | % | 0.35 | %@ | 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) | 0.62 | %@ | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 1.34 | %@ | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.62 | %@ | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 0.57 | % | 1.34 | %@ | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | 1.06 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 12 | % | 21 | % | 23 | % | 24 | % | 26 | % | 137 | % | 9 | % | 15 | % | 14 | % | 15 | % | 13 | % | 11 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 29,858 | 29,613 | 30,427 | 32,186 | 33,071 | 29,214 | 121,187 | 122,466 | 128,379 | 119,786 | 116,969 | 116,691 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 469,768 | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 421,567 | $ | 408,050 | $ | 3,301,783 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 | $ | 3,335,644 | $ | 3,179,031 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
284 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 14.16 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 6.98 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.01 | 0.02 | 0.00 | (0.03 | ) | (0.01 | ) | 0.03 | 0.06 | 0.07 | 0.08 | 0.07 | 0.10 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.23 | ) | 2.66 | 2.24 | (0.82 | ) | 1.83 | 2.12 | (0.04 | ) | 2.48 | 2.73 | (0.02 | ) | 1.79 | 1.74 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.23 | ) | 2.67 | 2.26 | (0.82 | ) | 1.80 | 2.11 | (0.01 | ) | 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 | $ | 15.62 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 13.96 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.45 | )% | 19.17 | % | 18.43 | % | (2.91 | )% | 11.60 | % | 14.78 | % | (0.07 | )% | | 20.94 | % | 28.88 | % | 1.18 | % | 21.42 | % | 26.44 | % | |||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | %@ | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | 0.82 | % | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | %@ | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | 0.82 | % | 0.53 | %@ | 0.54 | % | 0.55 | % | 0.56 | % | 0.54 | % | 0.57 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 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 | %@ | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.47 | %@ | 0.49 | % | 0.67 | % | 0.80 | % | 0.72 | % | 1.28 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.03 | %@ | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | (0.06 | )% | 0.47 | %@ | 0.48 | % | 0.66 | % | 0.78 | % | 0.71 | % | 1.25 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 40 | % | 38 | % | 95 | % | 47 | % | 65 | % | 1 | % | 3 | % | 4 | % | 8 | % | 7 | % | 8 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 18,247 | 18,404 | 18,691 | 19,764 | 18,777 | 18,583 | 35,861 | 33,891 | 32,558 | 32,164 | 31,854 | 29,275 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 284,977 | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 288,138 | $ | 297,068 | $ | 500,664 | $ | 473,513 | $ | 394,400 | $ | 319,222 | $ | 330,077 | $ | 255,120 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
285 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 19.19 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 13.18 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.05 | ) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.04 | ) | (0.04 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.88 | ) | 7.89 | 6.56 | (0.71 | ) | 4.70 | 5.71 | (1.22 | ) | 4.68 | 2.67 | (2.61 | ) | 4.01 | 2.50 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.93 | ) | 7.80 | 6.55 | (0.73 | ) | 4.67 | 5.67 | (1.26 | ) | 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 | $ | 29.21 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 15.18 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (6.20 | )% | 30.08 | % | 31.82 | % | 0.39 | % | 19.52 | % | 29.55 | % | (7.66 | )% | 37.58 | % | 26.17 | % | (16.21 | )% | 30.24 | % | 17.46 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.97 | %@ | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | %@ | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 0.99 | %@ | 1.00 | % | 1.02 | % | 1.01 | % | 1.01 | % | 1.02 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.32 | )%@ | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | (0.54 | )%@ | (0.61 | )% | (0.33 | )% | (0.24 | )% | (0.42 | )% | (0.70 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.32 | )%@ | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.18 | )% | (0.55 | )%@ | (0.62 | )% | (0.36 | )% | (0.26 | )% | (0.44 | )% | (0.72 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 51 | % | 84 | % | 92 | % | 107 | % | 101 | % | 102 | % | 46 | % | 74 | % | 82 | % | 101 | % | 94 | % | 111 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 45,367 | 45,064 | 43,461 | 43,694 | 38,035 | 37,726 | 10,099 | 9,560 | 9,176 | 10,084 | 7,959 | 7,180 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,325,052 | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 1,014,902 | $ | 936,688 | $ | 153,320 | $ | 157,170 | $ | 112,391 | $ | 102,540 | $ | 115,869 | $ | 101,410 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
286 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 13.46 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 18.13 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.02 | 0.05 | 0.03 | 0.04 | 0.02 | 0.00 | 0.13 | 0.22 | 0.21 | 0.24 | 0.24 | 0.21 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.22 | ) | 1.97 | 1.58 | (1.17 | ) | 1.55 | 2.31 | (1.41 | ) | 3.85 | 3.43 | (1.86 | ) | 1.99 | 2.80 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.20 | ) | 2.02 | 1.61 | (1.13 | ) | 1.57 | 2.31 | (1.28 | ) | 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 | $ | 11.34 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 21.53 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (1.73 | )% | 17.95 | % | 14.64 | % | (5.20 | )% | 11.10 | % | 17.13 | % | (5.61 | )% | 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 | % | 0.93 | % | 0.40 | %@ | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.02 | %@ | 1.03 | % | 1.02 | % | 1.01 | % | 1.00 | % | 1.01 | % | 0.40 | %@ | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.36 | %@ | 0.40 | % | 0.27 | % | 0.29 | % | 0.15 | % | 0.01 | % | 1.14 | %@ | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.27 | %@ | 0.31 | % | 0.18 | % | 0.21 | % | 0.08 | % | (0.07 | )% | 1.14 | %@ | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.03 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 14 | % | 25 | % | 82 | % | 29 | % | 32 | % | 32 | % | 13 | % | 17 | % | 12 | % | 13 | % | 14 | % | 13 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 26,383 | 27,836 | 26,815 | 27,431 | 24,990 | 24,251 | 54,603 | 56,750 | 59,190 | 55,029 | 52,734 | 54,260 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 299,244 | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 354,294 | $ | 363,807 | $ | 1,175,398 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 | $ | 1,119,463 | $ | 1,106,865 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
287 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 11.32 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 12.67 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.15 | 0.19 | 0.16 | 0.18 | 0.12 | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.83 | ) | 1.84 | 1.97 | (0.24 | ) | 0.92 | 2.53 | (0.21 | ) | 2.43 | 1.34 | (1.07 | ) | 2.72 | 2.45 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.77 | ) | 1.99 | 2.16 | (0.08 | ) | 1.10 | 2.65 | (0.23 | ) | 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 | $ | 13.07 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 13.61 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | ||||||||||||||||||||||||
TOTAL RETURN(a) | (5.56 | )% | 15.39 | % | 17.65 | % | 1.49 | % | 8.16 | % | 23.43 | % | (1.66 | )% | 20.07 | % | 11.94 | % | (6.27 | )% | 19.75 | % | 18.77 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.86 | %@ | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.92 | %@ | 0.95 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.86 | %@ | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | 0.88 | % | 0.99 | %@ | 1.01 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.03 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | %@ | 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) | 0.90 | %@ | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | (0.24 | )%@ | (0.21 | )% | (0.26 | )% | (0.33 | )% | (0.41 | )% | (0.50 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.90 | %@ | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | 0.89 | % | (0.31 | )%@ | (0.27 | )% | (0.27 | )% | (0.33 | )% | (0.41 | )% | (0.52 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 18 | % | 37 | % | 46 | % | 74 | % | 52 | % | 65 | % | 41 | % | 62 | % | 61 | % | 64 | % | 55 | % | 148 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,870 | 21,730 | 21,453 | 19,831 | 17,394 | 17,993 | 8,208 | 8,562 | 8,994 | 9,812 | 9,713 | 8,584 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 259,724 | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 238,986 | $ | 249,579 | $ | 111,733 | $ | 118,522 | $ | 107,389 | $ | 110,230 | $ | 131,771 | $ | 124,839 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
288 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2018# | Year Ended May 31, | Six Months Ended November 30, 2018# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 30.07 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | $ | 12.40 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.36 | 0.63 | 0.61 | 0.63 | 0.62 | 0.55 | 0.14 | 0.26 | 0.25 | 0.26 | 0.21 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.76 | 4.49 | 4.96 | (0.59 | ) | 3.29 | 5.38 | 0.01 | 1.27 | 1.72 | (0.57 | ) | 1.29 | 1.81 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.12 | 5.12 | 5.57 | 0.04 | 3.91 | 5.93 | 0.15 | 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 | $ | 40.58 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 18.02 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.84 | % | 13.99 | % | 17.08 | % | 1.38 | % | 11.41 | % | 20.01 | % | 0.84 | % | 9.15 | % | 13.22 | % | (1.80 | )% | 10.65 | % | 16.26 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.33 | %@ | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.35 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.33 | %@ | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | 0.35 | % | 0.93 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.75 | %@ | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.53 | %@ | 1.47 | % | 1.54 | % | 1.78 | % | 1.33 | % | 1.46 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.75 | %@ | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.71 | % | 1.45 | %@ | 1.38 | % | 1.46 | % | 1.69 | % | 1.25 | % | 1.38 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | 4 | % | 17 | % | 19 | % | 15 | % | 15 | % | 16 | % | 16 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 122,510 | 125,644 | 124,560 | 124,483 | 123,499 | 129,109 | 6,803 | 6,461 | 6,640 | 7,241 | 7,559 | 8,595 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,971,993 | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 4,519,626 | $ | 4,473,003 | $ | 122,602 | $ | 115,474 | $ | 110,333 | $ | 108,136 | $ | 116,875 | $ | 121,864 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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Table of Contents
VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
Approval of Advisory andSub-Advisory Agreements
At anin-person meeting held on August6-7, 2018, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the InvestmentSub-Advisory Agreements between VALIC and each of the followingsub-advisers of VC I (collectively, the“Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited (“IAML”),1 Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Templeton Global Advisors Limited (“Templeton Global”), Templeton Investment Counsel, LLC (“Templeton Investment”), Victory Capital Management Inc. (“Victory”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a“Sub-adviser,” and collectively, the“Sub-advisers”). Prior to the August6-7, 2018 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at anin-person meeting held on July16-17, 2018.
In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and theSub-advisers; (2) the advisory fee andsub-advisory fees charged in connection with VALIC’s and theSub-advisers’ management of each Fund, compared to advisory fee rates andsub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the“Sub-advisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of mutual fund data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and theSub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliatedSub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and theSub-advisers; (7) the profitability of VALIC, theSub-advisers and their respective affiliates, including amounts retained by VALIC after payment ofsub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and theSub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of theSub-advisers.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at anin-person meeting held on July16-17, 2018, and executive sessions held during the August 2018 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July16-17, 2018 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2018 meeting. The continuation of all Advisory Contracts was approved at the August 2018 meeting for aone-year term beginning September 1, 2018 and ending August 31, 2019.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and theSub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of theday-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by theSub-advisers, and is also responsible for monitoring and reviewing the activities of theSub-advisers and other third-party service providers. The Board also noted that VALIC’s and theSub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and fromtime-to-time recommendsSub-adviser changes and/or other changes intended to improve the performance of the Funds.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generallyvis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes.
With respect to the services provided by theSub-advisers, the Board considered information provided to them regarding the services provided by eachSub-adviser, including information presented throughout the previous year. The Board noted that eachSub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed eachSub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of theSub-adviser’s investment, compliance and other personnel who provide services to the Funds. The Board also took into account the financial condition of eachSub-adviser. The Board also considered eachSub-adviser’s brokerage practices and risk management processes.
The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well assub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and eachSub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
1 | Effective September 28, 2015, IAML became asub-sub-adviser pursuant to an InvestmentSub-Sub-Advisory Agreement between Invesco and IAML. The Board’s consideration and approval of VALIC’s InvestmentSub-Advisory Agreement with Invesco included a consideration and approval of this InvestmentSub-Sub-Advisory Agreement. |
{W0317821; 2}{W0317821; 2}
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
The Board concluded that the scope and quality of the advisory services provided by VALIC and theSub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory andsub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe andSub-advisory Expense Universe and, in some cases as noted below, theSub-advisory Expense Group. The Board noted that VALIC negotiates thesub-advisory fees with each of the unaffiliatedSub-advisers at arms-length. The Board also considered that thesub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and thatsub-advisory fees may vary widely within theSub-advisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board alsonoted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.
TheSub-advisers provided, and the Board also considered, expense information of comparable accounts managed by theSub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, andsub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2017.
The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2018 and that benchmark information provided by management was through the period ended May 31, 2018. The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:
• | Asset Allocation Fund (PineBridge Investment LLC (“PineBridge”)). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index for theone-, three- and five-year periods. The Fund outperformed the median of the Performance Group for theone- and five-year periods and underperformed the median of the Performance Group for the three-year period. The Fund outperformed the median of the Performance Universe for theone-, three- and five-year periods. The Fund outperformed its blended benchmark for theone-year period and underperformed its blended benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Blue Chip Growth Fund (T. Rowe). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index for theone-, three- and five-year periods. The Fund outperformed the medians of the Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Broad Cap Value Income Fund (Barrow, Hanley, Mewhinney & Strauss, Inc.). The Fund’s actual management fees and total expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the median of its Performance Group for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for theone- and three-year periods and underperformed the median of its Performance Universe for the five-year period. The Fund outperformed its benchmark for theone- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s expenses.
• | Capital Conservation Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
• | Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. |
The Fund outperformed its Lipper peer index for theone- and five-year periods and underperformed its Lipper peer index for the three-year period. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
• | Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees, actualsub-advisory fees, and total net expenses were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Dynamic Allocation Fund (AllianceBernstein/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone- and three-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the five-year period. The Fund outperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Emerging Economies Fund (JPMIM). The Fund’s actual management fees, actualsub-advisory fees, and total net expenses were below the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. |
The Fund outperformed its Lipper peer index for theone- and three-year periods and underperformed its Lipper peer index for the five-year period. The Fund outperformed the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone- and five-year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Foreign Value Fund (Templeton Global). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Universe. |
The Fund underperformed the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board noted management’s proposal to replace the Fund’ssub-adviser.
• | Global Real Estate Fund (GSAM/Invesco/Invesco Asset Management Limited). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the median of theSub-advisory Expense Universe. The Board noted the limited size of theSub-Advisory Expense Universe. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Global Social Awareness Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. |
The Fund underperformed the median of its Performance Group for theone- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund equaled the performance of the median of its Performance Universe for theone-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Global Strategy Fund (Franklin Advisers, Inc./Templeton Investment Counsel, LLC). The Fund’s actual management fees were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index for theone-, three- and five-year periods. The Fund equaled the performance of the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for theone-year period, underperformed the median of its Performance Universe for the three-year period and equaled the performance of the median of its Performance Universe for the five-year period. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Government Money Market I Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe and theSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Government Securities Fund (JPMIM). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of its Performance Group for theone- and five-year periods and outperformed the median of its Performance Group for the three-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
• | Growth & Income Fund (JPMIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone-year period and outperformed its Lipper peer index and the median of its Performance Universe for the three- and five-year periods. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Growth Fund (American Century Investment Management, Inc.). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s actualsub-advisory fees were equal to the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Health Sciences Fund (T. Rowe). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three and five-year periods. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Inflation Protected Fund (PineBridge). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Group for theone-year period, underperformed the median of its Performance Group for the three-year period and equaled the performance of the median of its Performance Group for the five-year period. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Equities Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Universe. |
The Fund equaled the performance of its Lipper peer index for theone-year period, underperformed its Lipper peer index for the three-year period and outperformed its Lipper peer index for the five-year period. The Fund outperformed the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund equaled the performance of its Performance Universe for theone-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Government Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and below the median of itsSub-advisory Expense Universe. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone- and three-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the five-year period. The Fund outperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five- year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Growth Fund (MSIM). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the fact that a portion of the Fund’s longer-term performance was attributable to a priorsub-adviser.
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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
• | Large Cap Core Fund (Columbia). The Fund’s actual management fees, actualsub-advisory fees and total net expenses were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. |
The Fund underperformed its Lipper peer index and the median of its Performance Universe for theone- and three-year periods and outperformed its Lipper peer index and the median of its Performance Universe for the five-year period. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance.
• | Large Capital Growth Fund (MFS). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance.
• | Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Mid Cap Strategic Growth Fund (Allianz Global Investors U.S. LLC (“Allianz”)/Janus Capital Management LLC). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone- and three-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the five-year period. The Fund outperformed the median of its Performance Group for theone-year period, equaled the performance of the median of its Performance Group for the three-year period and underperformed the median of its Performance Group for the five-year period. The Fund outperformed its benchmark for theone- and three-year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Nasdaq-100® Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses andsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-year period and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Science & Technology Fund (T. Rowe/Allianz/Wellington Management Company LLP (“Wellington”)). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of its Performance Group for theone- and three-year periods and equaled the performance of the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Fund (Bridgeway/JPMIM/T. Rowe). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of its Performance Group for theone-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
• | Small Cap Aggressive Growth Fund (Victory Capital Management Inc.). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Small Cap Special Values Fund (WellsCap). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small-Mid Growth Fund (GSAM). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone- and three-year periods and outperformed its Lipper peer index and the medians of its Performance Group/Universe for the five-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Stock Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Value Fund (Wellington). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2019. |
The Fund outperformed its Lipper peer index for theone-year period and underperformed its Lipper peer index for the three- and five-year periods. The Fund equaled the performance of the median of its Performance Group for theone- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund underperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee andsub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.
The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriatesub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by thesub-advisers; (4) product suitability; and (5) special considerations such as competitorsub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, andsub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided at cost, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensatesVALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value. The Board also noted that SunAmerica receivessub-advisory fees for those Funds for which it serves assub-adviser.
The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certainsub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and its affiliated life insurers (collectively, the “Life Companies”), the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.
In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on aFund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount ofsub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and thesub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and assub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.
In considering the profitability to theSub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under theSub-advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliatedSub-advisers, the Board also relied on the ability of VALIC to negotiate theSub-advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to theSub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of theSub-advisory Agreements.
Economies of Scale.The Board noted that the advisory fee rate andsub-advisory fee rates payable to VALIC and each of theSub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee andsub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
For similar reasons as stated above with respect to theSub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in theSub-advisers’ management of the Funds are not a material factor to the approval of theSub-advisory Agreements, although it was noted that most of the Funds have breakpoints at thesub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and theSub-advisers and noted that VALIC would compensate theSub-advisers out of the advisory fees it receives from the Funds. The Board noted that theSub-advisory Agreements provide that eachSub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and theSub-advisers’ compliance personnel and regulatory history, including information whether they are currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and eachSub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
In addition, at anin-person meeting held on August6-7, 2018 (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 InvestmentSub-Advisory Agreement (the“Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Wells Capital Management Incorporated (“WellsCap”) with respect to the International Value Fund (the “Fund,” and formerly known as the Foreign Value Fund). In connection with the approval of theSub-Advisory Agreement with WellsCap, the Board approved the termination of the existing InvestmentSub-Advisory Agreement between VALIC and the Fund’s priorsub-adviser, Templeton Global Advisors Limited (“Templeton”) with respect to the Fund.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
In connection with the approval of theSub-Advisory Agreement, the Board, including the Independent Directors, received materials relating to certain factors the Board considered in determining whether to approve theSub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by WellsCap; (2) thesub-advisory fees proposed to be charged in connection with WellsCap’s management of the Fund, compared tosub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data(“Sub-advisory Expense Group/Universe”) and fee rates of other comparable funds and accounts managed by WellsCap; (3) the investment performance of a group of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of a comparable fund managed by WellsCap; (4) the costs of services and the benefits potentially to be derived in connection with theSub-Advisory Agreement; (5) whether the Fund will benefit from possible economies of scale from engaging WellsCap; (6) information regarding WellsCap’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposedSub-Advisory Agreement.
In considering whether to approve theSub-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 WellsCap 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 theSub-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 WellsCap. The Board reviewed information provided by WellsCap relating to its operations and personnel. The Board also took into account their knowledge of WellsCap’s management, operations and the quality of their performance based on the Board’s experiences with WellsCap, which also manages certain other series of VC I. The Board also noted that WellsCap’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 WellsCap. The Board noted that WellsCap 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 WellsCap, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under theSub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed WellCap’s history and investment experience as well as information regarding the qualifications, background and responsibilities of WellsCap’s investment, compliance and other personnel who would provide services to the Fund. The Board also reviewed WellsCap’s brokerage practices. The Board also noted that it received information on WellsCap’s financial condition and the compliance function of WellsCap. The Board also considered WellsCap’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 thesub-advisory services to be provided by WellsCap were expected to be satisfactory and that there was a reasonable basis to conclude that WellsCap would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board noted that thesub-advisory fee rate payable with respect to the Fund would decline as a result of the change insub-adviser. The Board considered information received regarding thesub-advisory fees paid with respect to the Fund forsub-advisory services compared against thesub-advisory fees of the funds in the Fund’sSub-advisory Expense Group/Universe. The Board also considered expense information of comparable funds managed by WellsCap and the standard fee schedule charged by the WellsCap team; however, the Board noted that WellsCap served as the investment adviser to a comparable fund, as well as other circumstances of WellsCap’s relationships with the comparable funds that led to fee schedules that were different from the proposed fee schedule with respect to the Fund. The Board also noted that VALIC negotiated thesub-advisory fee with WellsCap at arm’s length, and thatsub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs.
The Board also considered that thesub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund and that thesub-advisory fees are not paid by the Fund. The Board also took into account that management was requesting that the Board approve the Fee Waiver Agreement between VALIC and VC I under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of WellsCap will result in a reduction of the management fee paid by the Fund to VALIC.
The Board considered that the proposedsub-advisory fee payable to WellsCap is below the medians of the Fund’sSub-advisory Expense Group/Universe, while thesub-advisory fee rate paid to Templeton was above the medians of the Fund’sSub-advisory Expense Group/Universe, in each case based on the Fund’s assets as of May 31, 2018. The Board also considered that thesub-advisory fee rate payable to WellsCap contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposedsub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information regarding the Fund’s investment performance compared against the Performance Group as of the period ended May 31, 2018. The Board also considered the performance of a proprietary fund managed by WellsCap using a similar investment strategy as that which WellsCap will use to manage the Fund. The Board noted that such comparable fund outperformed the Fund for theone-, three- and five-year periods ended May 31, 2018.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with theSub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriatesub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by thesub-advisers; (4) product suitability; and (5) special considerations such as competitorsub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that thesub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of Templeton with WellsCap. The Board also noted that VALIC would waive a portion of its management fee if theSub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if WellsCap is retained as the Fund’ssub-adviser. The Board also considered that thesub-advisory fee rate was
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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
negotiated with WellsCap at arm’s length. In considering the anticipated profitability to WellsCap in connection with its relationship to the Fund, the Directors noted that the fees under theSub-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 WellsCap from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of theSub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to WellsCap’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in WellsCap’s management of the Fund are not a material factor to the approval of theSub-Advisory Agreement, although the Board noted that the Fund has breakpoints at thesub-advisory fee level.
Terms of theSub-Advisory Agreement. The Board reviewed the terms of theSub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the terms of theSub-Advisory Agreement and the terms of the priorsub-advisory agreement with Templeton are substantially similar, except that theSub-Advisory Agreement differs in: (i) the name of thesub-adviser; (ii) the effective date of the agreement; (iii) the amount of thesub-advisory fee payable by VALIC to thesub-adviser; (iv) certain confidentiality obligations of VALIC and VC I in the case of the currentsub-advisory agreement with Templeton; (v) provisions relating to thesub-adviser’s ownership of, and obligations to surrender, books and records produced by thesub-adviser; (vi) the process for obtainingsub-adviser approval of material that refers to thesub-adviser and was prepared for distribution to shareholders; (vii) express terms permitting thesub-adviser’s use of the terms “VALIC” or “VC I” under theSub-Advisory Agreement; and (viii) terms in theSub-Advisory Agreement relating to obligations of VALIC to provide certain information to thesub-adviser. The Board concluded that the terms of theSub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve theSub-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 WellsCap possesses the capability and resources to perform the duties required of it under theSub-Advisory Agreement.
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VALIC Company I
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
RegistrationNo. 2-83631
VALIC Company I
Dynamic Allocation Fund
(the “Fund”)
Supplement dated November 30, 2018,
to the Fund’s Prospectus dated October 1, 2018
At the October22-23, 2018 meeting of the Board of Directors (the “Board”) of VALIC Company I (the “Corporation”), the Board approved certain changes to the principal investment strategies of the Fund, including to reflect that AllianceBernstein L.P., who is responsible for managing the Overlay Component of the Fund, will no longer manage the Fund’s net equity exposure pursuant to a formula provided by The Variable Annuity Life Insurance Company, the Fund’s investment adviser (the “Adviser”), and developed by affiliated insurance companies of the Adviser.
Effective December 1, 2018, the following changes are made to the Prospectus:
The third and fourth paragraphs of the section titled“Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” are hereby deleted in their entirety.
The eighth paragraph of the section titled“Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” is hereby deleted in its entirety and replaced with the following:
AllianceBernstein may invest the Overlay Component in derivative instruments to increase or decrease the Fund’s overall net equity exposure and, therefore, its volatility and return potential. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index over time. High levels of volatility may result from rapid and dramatic price swings. Through its use of derivative instruments, AllianceBernstein may adjust the Fund’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Fund’s average net equity exposure over long term periods is expected to be approximately60%-65%. The Fund’s net equity exposure is primarily adjusted through the use of derivative instruments, such as stock index futures and stock index options, and to a lesser extent options on stock index futures and stock index swaps, as the allocation among Underlying Funds in theFund-of-Funds Component is expected to remain fairly stable. For example, when the market is in a state of higher volatility, AllianceBernstein may decrease the Fund’s net equity exposure by taking a short position in derivative instruments. A short sale involves the sale by the Fund of a security or instrument it does not own with the expectation of purchasing the same security or instrument at a later date at a lower price. The operation of the Overlay Component may therefore expose the Fund to leverage. Because derivative instruments may be purchased with a fraction of the assets that would be needed to purchase the equity securities directly, the remainder of the assets in the Overlay Component will be invested in a variety of fixed income securities.
The ninth paragraph of the section titled“Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund” is hereby deleted in its entirety.
The following sentences are hereby added to the end of the tenth paragraph of the section titled“Fund Summary: Dynamic Allocation Fund – Principal Investment Strategies of the Fund”:
Efforts to manage the Fund’s volatility may also expose the Fund to additional costs. In addition, AllianceBernstein will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Fund exposure to certain severe and unanticipated market events that could significantly detract from returns.
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SUPPLEMENTS TO THE PROSPECTUS— (continued)
The second sentence of the sections titled“Fund Summary: Dynamic Allocation Fund – Principal Risks of Investing in the Fund – Dynamic Allocation Risk” and“Investment Glossary –Investment Risks – Dynamic Allocation Risk” is hereby deleted and replaced with the following:
The Fund is subject to the risk that the investment process that will determine the selection of the Underlying Funds and the allocation and reallocation of the Fund’s assets among the various asset classes may not produce the desired result.
The second paragraph of the section titled“Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component(10%-30%)” is hereby deleted in its entirety and replaced with the following:
The Fund’s investment in derivative instruments will be used to increase or decrease the Fund’s overall net equity exposure, and therefore, its volatility and return potential. High levels of volatility may result from rapid and dramatic price swings. Through the use of derivative instruments, AllianceBernstein may adjust the Fund’s net equity exposure down to a minimum of 25% or up to a maximum of 100%, although the Fund’s average net equity exposure over long-term periods is expected to be approximately60%-65%. For example, when the market is in a state of higher volatility, AllianceBernstein may decrease the Fund’s net equity exposure by taking a short position in derivative instruments. The use of derivatives in this manner may expose the Fund to leverage when the Fund’s index futures position is larger than the collateral backing it. Trading in the Overlay Component will be managed in accordance with established guidelines in an attempt to maintain a relatively stable exposure to equity market volatility over time, subject to minimum and maximum net equity exposure ranges.
The third paragraph of the section titled“Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component(10%-30%)” is hereby deleted in its entirety.
The following sentences are hereby added to the end of the fourth paragraph of the section titled“Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component(10%-30%)”:
Efforts to manage the Fund’s volatility may also expose the Fund to additional costs. In addition, AllianceBernstein will seek to reduce exposure to certain downside risks by purchasing equity index put options that aim to reduce the Fund exposure to certain severe and unanticipated market events that could significantly detract from returns.
The following is added as the last paragraph of the section titled“Additional Information About the Funds’ Investment Objectives, Strategies and Risks – Dynamic Allocation Fund – The Overlay Component(10%-30%)”:
AllianceBernstein uses a proprietary system to help it estimate the Fund’s expected volatility. The proprietary system used by AllianceBernstein may perform differently than expected and may negatively affect performance and the ability of the Fund to maintain its volatility within its target volatility level for various reasons, including errors in using or building the system, technical issues implementing the system, data issues and variousnon-quantitative factors (e.g., market or trading system dysfunctions, and investor fear or over-reaction).
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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SUPPLEMENTS TO THE PROSPECTUS— (continued)
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
RegistrationNo. 002-83631
VALIC Company I
Value Fund
(the “Fund”)
Supplement dated December 19, 2018, to the Fund’s Prospectus and Statement of Additional Information (“SAI”)
dated October 1, 2018, as supplemented and amended to date
Karen H. Grimes, CFA, a portfolio manager to the Fund, 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, as of December 31, 2018, all references to Ms. Grimes in the Fund’s Prospectus and SAI are deleted in their 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.
Filed under Rule 497(k)
RegistrationNo. 002-83631
VALIC Company I
Value Fund
(the “Fund”)
Supplement dated December 19, 2018, to the Fund’s Summary Prospectus
dated October 1, 2018, as supplemented and amended to date
Karen H. Grimes, CFA, a portfolio manager to the Fund, 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, as of December 31, 2018, all references to Ms. Grimes in the Fund’s Prospectus are deleted in their entirety.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(e)
Registration No. 002-83631
VALIC Company I
(the “Registrant”)
Supplement dated December 20, 2018, to the Registrant’s Prospectus
dated October 1, 2018, as supplemented and amended to date
The third paragraph of the section entitled“ACCOUNT INFORMATION – Buying and Selling Shares” is hereby deleted in its entirety and replaced with the following:
For more information on such rules or procedures, you should review your Variable Contract prospectus, Plan document or custodial agreement. The Funds do not currently foresee any disadvantages to participants arising out of the fact that they may offer their shares to separate accounts of various insurance companies to serve as the investment medium for their variable annuity and variable life insurance contracts. Nevertheless, the Board of Directors intends to monitor events in order to identify any material irreconcilable conflicts which may possibly arise and to determine what action, if any, should be taken in response to such conflicts. If such a conflict were to occur, one or more insurance companies’ separate accounts might be required to withdraw their investments in the Funds and shares of another Fund may be substituted. This might force a Fund to sell portfolio securities at disadvantageous prices. In addition, VC I reserves the right to refuse to sell shares of any Fund to any separate account, plan sponsor, trustee or custodian, or financial intermediary, or may suspend or terminate the offering of shares of any Fund if such action is required by law or regulatory authority or is in the best interests of the shareholders of the Fund.
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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SUPPLEMENTS TO THE PROSPECTUS— (continued)
THE SUPPLEMENTS ARE NOT PART OF THE SEMI-ANNUAL REPORT.
Filed under Rule 497(e)
RegistrationNo. 002-83631
VALIC Company I
(the “Registrant”)
Supplement dated December 20, 2018, to the Registrant’s Statement of Additional Information (“SAI”)
dated October 1, 2018, as supplemented and amended to date
The fourth paragraph of the section entitled “OFFERING, PURCHASE, AND REDEMPTION OF FUND SHARES” is hereby deleted in its entirety and replaced with the following:
VC I redeems Fund shares for cash. VC I, pursuant to Rule18f-1 under the 1940 Act, has filed a notification of election on Form18f-1. Pursuant to this election, VC I has committed to pay the separate accounts, in cash, all redemptions made during any 90 day period, up to the lesser of $250,000 or 1% of VC I’s net asset value. This election is irrevocable while Rule18f-1 is in effect, unless the SEC by order permits the withdrawal of the election.
Additionally, effective January 1, 2019, William F. Devin is retiring from the Registrant’s Board of Directors. Accordingly, the section entitled “MANAGEMENT OF VC I” will be deleted and replaced with the following:
MANAGEMENT OF VC I
The following table lists the Directors and officers of VC I, their ages, current position(s) held with VC I, length of time served, principal occupations during the past five years, number of funds overseen within the Fund Complex (as defined below) and other directorships/trusteeships held outside of the Fund Complex. Unless otherwise noted, the address of each executive officer and Director is 2929 Allen Parkway, Houston, Texas 77019. Directors who are not deemed to be “interested persons” of VC I as defined in the 1940 Act are referred to as “Independent Directors.” A Director who is deemed to be an “interested person” of VC I is referred to as “Interested Director.” Directors and officers of VC I are also directors or trustees and officers of some or all of the other investment companies managed or advised by VALIC, administered by SunAmerica and distributed by ACS, and/or other affiliates of VALIC.
Name and Age | Position(s) Held With Fund1 | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Overseen by Director2 | Other Directorships Held by Director3 | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown AGE: 72 | Director | 2005-Present | Retired. | 49 | Trustee, Virtus Funds(2011-Present). | |||||||||
Dr. Judith L. Craven AGE: 72 | Director | 1998-Present | Retired. | 78 | 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). | |||||||||
Dr. Timothy J. Ebner AGE: 69 | Director | 1998-Present | Professor and Head - Department of Neuroscience Medical School (1980-Present) and Pickworth Chair (2000-Present), University of Minnesota; 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. AGE: 78 | 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 Chairman, January 2019 AGE: 68 | Chairman and | 2001-Present | Retired. Vice President, Massachusetts Capital Resource Co. (1982-2013). | 49 | None. |
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Name and Age | Position(s) Held With Fund1 | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Overseen by Director2 | Other Directorships Held by Director3 | |||||||||
Independent Directors | ||||||||||||||
Dr. John E. Maupin, Jr. AGE: 71 | 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. Harbeck4 Harborside 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 64 | Director | 2001-Present | President (1995-Present), CEO(1997-Present) and Director (1992-Present), SunAmerica; Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc. (2004-2016). | 158 | None. | |||||||||
Eric S. Levy5 2919 Allen Parkway Houston, TX 77019 AGE: 53 | 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. |
1 | Directors serve until their successors are duly elected and qualified. |
2 | The term “Fund Complex” means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies, VALIC. The Fund Complex includes VC I (34 funds), VC II (15 funds), SunAmerica Specialty Series (7 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (8 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series Trust (55 portfolios), and Seasons Series Trust (20 portfolios). |
3 | Directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies regulated under the 1940 Act, other than those listed under the preceding column. |
4 | Mr. Harbeck is considered to be an Interested Director because he serves as President, CEO and Director, SunAmerica; Director, ACS; and Chairman, President and CEO, affiliates of the Adviser, and Advisor Group, Inc., which was an affiliate of the Adviser until May 6, 2016. |
5 | Mr. Levy is considered to be an Interested Director because he serves as an officer of the Adviser and AIG, the Adviser’s ultimate parent company. |
Name and Age | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director | |||||||||
Officers | ||||||||||||||
Gregory N. Bressler Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 52 | Vice President | 2005-Present | Senior Vice President and General Counsel (2005-Present); and Assistant Secretary (2013-Present), SunAmerica. | N/A | N/A |
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Name and Age | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director | |||||||||
Officers | ||||||||||||||
Kathleen D. Fuentes Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 49 | Vice President, Chief Legal Officer and Secretary | 2015-Present | Vice President and Deputy General Counsel, SunAmerica (2006-Present). | N/A | N/A | |||||||||
John T. Genoy Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 50 | President and Principal Executive Officer | 2014-Present | Chief Financial Officer (2002-Present), Senior Vice President (2004-Present), Chief Operating Officer (2006-Present) and Director (2014-Present), SunAmerica. | N/A | N/A | |||||||||
Christopher C. Joe AGE: 49 | Chief Compliance Officer | 2017-Present | Chief Compliance Officer, AIG Funds, Anchor Series Trust, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (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); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015). | N/A | N/A | |||||||||
Matthew J. Hackethal Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 47 | Anti-Money Laundering (“AML”) Compliance Officer | 2006-Present | Acting Chief Compliance Officer (2016-2017), Vice President (2011-Present), and Chief Compliance Officer, SunAmerica (2006-Present); AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||||
Gregory R. Kingston AGE: 52 | Treasurer and Principal Financial Officer | 2000-Present | Vice President (2001-Present) and Head of Mutual Fund Administration, SunAmerica (2014-Present). | N/A | N/A | |||||||||
Donna McManus Harborside 5 185 Hudson Street Suite 3300 Jersey City, NJ 07311-4992 AGE: 57 | Vice President and Assistant Treasurer | 2014-Present | Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A | |||||||||
John Packs 99 High Street Boston, MA 02110 AGE: 62 | Vice President and Senior Investment Officer | 2001-Present | Senior Investment Officer, VALIC (2001-2013); Senior Vice President (2008-Present), SunAmerica. | N/A | N/A |
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SUPPLEMENTS TO THE PROSPECTUS— (continued)
Name and Age | Position(s) Held With Fund | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directorships Held by Director | |||||||||
Officers | ||||||||||||||
Shawn Parry AGE: 46 | Vice President and Assistant Treasurer | 2014-Present | Vice President (2014-Present) and Assistant Vice President (2010-2014), SunAmerica. | N/A | N/A | |||||||||
Thomas M. Ward AGE: 51 | Vice President | 2008-Present | Vice President (2009-Present), VALIC; Vice President, VALIC Financial Advisors, Inc. (2009-Present). | N/A | N/A |
Leadership Structure of the Board
Overall responsibility for oversight of the VC I funds (“VALIC Funds”) rests with the Board of Directors (the “Board”). The VALIC Funds have engaged VALIC as the investment adviser which oversees theday-to-day operations of the VALIC Funds and have engaged Subadvisers who manage the Funds’ assets on aday-to-day basis. The VALIC Funds have also engaged SunAmerica as the VALIC Funds’ administrator. The Board is responsible for overseeing VALIC, SunAmerica and the Subadvisers and any other service providers in the operations of the VALIC Funds in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws, VC I’s Amended and Restated Agreement and Declaration of Trust and Amended and RestatedBy-laws and the VALIC Funds’ investment objectives and strategies. The Board is presently composed of nine members, seven of whom are Independent Directors. The Board currently conducts regularin-person meetings at least quarterly and holds specialin-person or telephonic meetings, or informal conference calls, to discuss specific matters that may arise or require action between regular Board meetings. The Independent Directors also meet at least quarterly in executive session, at which no Interested Director is present. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight responsibilities.
The Board has appointed Mr. Lavery, an Independent Director, to serve as Chairman of the Board. The Chairman’s role is to preside at all meetings of the Board and to act as a liaison with service providers, including VALIC, SunAmerica, officers, attorneys, and other Directors generally, between meetings. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has established four committees, i.e., Audit Committee, Governance Committee, Brokerage Committee and Compliance and Ethics Committee (each, a “Committee”) to assist the Board in the oversight and direction of the business and affairs of the Funds, and from to time may establish informal working groups to review and address the policies and practices of the Funds with respect to certain specified matters. The Committee system facilitates the timely and efficient consideration of matters by the Directors, and facilitates effective oversight of compliance with legal and regulatory requirements and of the Funds’ activities and associated risks. The standing Committees currently conduct an annual review of their charters, which includes a review of their responsibilities and operations. The Governance Committee and the Board as a whole also conduct an annual evaluation of the performance of the Board, including consideration of the effectiveness of the Board’s committee structure. The Board has determined that the Board’s leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances efficient and effective oversight.
The VALIC Funds are subject to a number of risks, including, among others, investment, compliance, operational and valuation risks. Risk oversight forms part of the Board’s general oversight of the Funds and is addressed as part of various Board and Committee activities.Day-to-day risk management functions are subsumed within the responsibilities of VALIC and SunAmerica, who carry out the Funds’ investment management and business affairs, and also by the Funds’ Subadvisers and other service providers in connection with the services they provide to the Funds. Each of VALIC, SunAmerica, the Subadvisers and other service providers have their own, independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. As part of its regular oversight of the VALIC Funds, the Board, directly and/or through a Committee, interacts with and reviews reports from, among others, VALIC, SunAmerica, the Subadvisers and the Funds’ other service providers (including the Funds’ distributor and transfer agent), the Funds’ Chief Compliance Officer, the independent registered public accounting firm for the Funds, legal counsel to the Funds, and internal auditors, as appropriate, relating to the operations of the Funds. The Board recognizes that it may not be possible to identify all of the risks that may affect the Funds or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.
Board and Committees
The Board believes that each Director’s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Directors lead to the conclusion that the Directors possess the requisite experience, qualifications, attributes and skills to serve on the Board. Among the attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Directors, VALIC, the Subadvisers, other service providers, legal counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors. The Board has also considered the contributions that each Director can make to the Board and the VALIC Funds. A Director’s ability to perform his or her duties effectively may have been attained, as set forth below, through the Director’s executive, business, consulting, public service and/or academic positions; experience from service as a Director of the VALIC Funds and the other funds/portfolios in the Fund Complex (and/or in other capacities), other investment funds, public companies, ornon-profit entities or other organizations; educational background or professional training; and/or other life experiences. References to the qualifications, attributes and skills of Directors are pursuant to requirements of the SEC, do not constitute holding out the Board or any Director as having any special expertise or experience, and shall not impose any greater responsibility on any such person or on the Board by reason thereof.
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Thomas J. Brown.Mr. Brown has served as Director since 2005. Mr. Brown is also the Chairman of the Audit Committee and serves as the Audit Committee Financial Expert and as a member of each of the Brokerage Committee and Governance Committee. An “Audit Committee Financial Expert” is defined as a person who has the following attributes: (i) an understanding of generally accepted accounting principles and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; (iii) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions. Mr. Brown is a retired Chief Operating Officer and Chief Financial Officer of American General Asset Management, and previously was the Treasurer and CFO of the North American Funds. Mr. Brown also has substantial experience serving on boards of other mutual fund complexes, and is currently a trustee of Virtus Series Fund.
Dr. Judith L. Craven.Dr. Craven has served as Director since 1998. Dr. Craven is also the Chairman of the Compliance and Ethics Committee and serves as a member of both the Audit and the Governance Committees. Dr. Craven is a retired administrator, and has held numerous executive and directorship positions within the healthcare industry. Dr. Craven has substantial experience serving on local, state, and national boards, and is currently a director of Luby’s Restaurant and SYSCO Corporation, among other organizations.
Dr. Timothy J. Ebner.Dr. Ebner has served as Director since 1998. Dr. Ebner is also the Chairman of the Brokerage Committee and serves as a member of each of the Audit, the Compliance and Ethics and the Governance Committees. Dr. Ebner is Head of the Department of Neuroscience of the Medical School at the University of Minnesota. Dr. Ebner has experience serving on the boards of other mutual funds, as well as on the boards of several scientific foundations andnon-profit organizations. Dr. Ebner is also an editor for the Journal of Neuroscience and is on the editorial board of three other neuroscience journals.
Judge Gustavo E. Gonzales, Jr.Judge Gonzales has served as Director since 1998. Judge Gonzales also serves a member of each of the Audit, the Governance, the Brokerage and the Compliance and Ethics Committees. Judge Gonzales has extensive experience practicing law with a litigation emphasis on criminal defense, as well as general practice. He is formerly the Judge of Municipal Court No. 5 in Dallas, Texas. Judge Gonzales also currently serves on the advisory board to Dallas Catholic Charities, Immigration and legal Division and volunteers at Dallas LaVoz del Anciano.
Peter A. Harbeck.Mr. Harbeck is President and Chief Executive Officer of SunAmerica and President, Chief Executive Officer and Chairman of Advisor Group, Inc. As President and Chief Executive Officer, Mr. Harbeck is responsible for all of SunAmerica’s mutual fund businesses. During his over twenty-year tenure at SunAmerica, Mr. Harbeck has held various positions, including Chief Operating Officer and Chief Administrative Officer. In addition, Mr. Harbeck has extensive experience on various fund and annuity boards, and currently sits on the Board of Governors for the Investment Company Institute.
Kenneth J. Lavery.Mr. Lavery has served as Director since 2001 and as Chairman of the Board since 2019. Mr. Lavery also serves as a member of each of the Audit, the Governance, the Brokerage and the Compliance and Ethics Committees. Mr. Lavery is a retired Vice President of Massachusetts Capital Resource Company at which he had thirty years’ experience. Mr. Lavery also has substantial experience serving on the boards of other mutual funds and fund complexes, and has both board and executive experience at other organizations.
Eric S. Levy.Mr. Levy has served as a Director since May 1, 2017. Mr. Levy is Executive Vice President of VALIC and Executive Vice President, Group Retirement of AIG. Mr. Levy is also a Registered Principal for VALIC Financial Advisors, Inc., an affiliate of VALIC. Mr. Levy’s experience spans thirty years in financial services, including mutual funds,sub-advisory services, retirement services and insurance products at Fidelity, Allmerica Financial, Putnam Investments and Mercer and Lincoln Financial Group.
Dr. John E. Maupin, Jr.Dr. Maupin has served as Director since 1998. Dr. Maupin is also the Chairman of the Governance Committee and also serves as a member of each of the Audit, the Brokerage and the Compliance and Ethics Committees. Dr. Maupin is the retired President and Chief Executive Officer of Morehouse School of Medicine in Atlanta, Georgia, and has extensive executive and administrative experience at other organizations and companies within the healthcare industry. Dr. Maupin also currently serves on the boards of LifePoint Hospitals, Inc., HealthSouth Corporation, and Regions Financials, Inc.
Effective January 1, 2019, for all VC I and VC II funds, Independent Directors and Trustees receive an annual retainer of $143,325 (Chairman receives an additional $55,000 retainer) and a meeting fee of $12,600 for each Board meeting and $4,000 for each Board meeting conducted by telephone. Audit Committee, Brokerage Committee, Compliance and Ethics Committee and Governance Committee members receive $2,500 for each meeting attended held in conjunction with a Board Meeting. The Audit Committee chair, also the Audit Committee Financial Expert, receives a retainer of $35,000. The Governance Committee chair receives a retainer of $25,000, the Compliance and Ethics Committee chair receives a retainer of $15,000, and the Brokerage Committee chair receives a retainer of $15,000.
TheAudit Committeeis comprised of all Independent Directors with Mr. Brown as Chairman and Mr. Brown serving as the “Audit Committee Financial Expert.” The Audit Committee recommends to the Board the selection of independent registered public accounting firm for the VALIC Funds and reviews with such independent accounting firm the scope and results of the annual audit, reviews the performance of the accounts, and considers any comments of the independent accounting firm regarding the VALIC Funds’ financial statements or books of account. The Audit Committee has aSub-Committee to approve audit andnon-audit services and it is comprised of Mr. Brown, Dr. Ebner and Dr. Maupin. During the VC I fiscal year ended May 31, 2018, the Audit Committee held 4 meetings.
TheGovernance Committeeis comprised of all Independent Directors, with Dr. Maupin as Chairperson. The Governance Committee recommends to the Board nominees for Independent Director membership, reviews governance procedures and Board composition, and periodically reviews Director compensation. The VALIC Funds do not have a standing compensation committee. During the VC I fiscal year ended May 31, 2018, the Governance Committee held 3 meetings.
TheBrokerage Committeeis comprised of Dr. Ebner (Chairman), Mr. Brown, Judge Gonzales, Mr. Lavery and Dr. Maupin. The Brokerage Committee reviews brokerage issues but does not meet on a formal basis. During the VC I fiscal year ended May 31, 2018, the Brokerage Committee held 2 meetings.
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TheCompliance and Ethics Committeeis comprised of Ms. Craven (Chairperson), Dr. Ebner, Judge Gonzales, Mr. Lavery and Dr. Maupin. The Compliance and Ethics Committee addresses issues that arise under the Code of Ethics for the Principal Executive and Principal Accounting Offices as well as any material compliance matters arising under Rule38a-1 policies and procedures as approved by the Board. During the VC I fiscal year ended May 31, 2018, the Compliance and Ethics Committee held 2 meetings.
The Independent Directors are reimbursed for certainout-of-pocket expenses by VC I. The Directors and officers of VC I and members of their families as a group beneficially owned less than 1% of the common stock of each Fund outstanding as of May 31, 2018.
Independent Directors
Name of Director | Dollar Range of Equity Securities in the Funds1 | Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family2 | ||||||
Thomas J. Brown | $ | 0 | $ | 0 | ||||
Dr. Judith L. Craven | 0 | 0 | ||||||
Dr. Timothy J. Ebner | 0 | 0 | ||||||
Judge Gustavo E. Gonzales, Jr. | 0 | 0 | ||||||
Kenneth J. Lavery | 0 | 0 | ||||||
Dr. John E. Maupin, Jr. | 0 | 0 |
1 | Includes the value of shares beneficially owned by each Director in VC I as of December 31, 2017. |
2 | Includes VC I (34 series) and VC II (15 series). |
Interested Directors
Name of Director | Dollar Range of Equity Securities in the Funds1 | Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family2 | ||||||
Peter A. Harbeck | $ | 0 | $ | 0 | ||||
Eric S. Levy | 0 | 0 |
1 | Includes the value of shares beneficially owned by each Director in VC I as of December 31, 2017. |
2 | Includes VC I (34 series) and VC II (15 series). |
As of December 31, 2017, no Independent Directors or any of their immediate family members owned beneficially or of record any securities in VALIC or ACS or any person other than a registered investment company, directly or indirectly, controlling, controlled by or under common control with such entities.
Compensation of Directors
The following table sets forth information regarding compensation and benefits earned by the Independent Directors for the fiscal year ending May 31, 2018. Interested Directors are not eligible for compensation or retirement benefits and thus, are not shown below.
Compensation Table
Fiscal Year Ended May 31, 2018
Name of Director1 | Aggregate Compensation from VC I | Total Compensation From Fund Complex Paid to Directors | ||||||
Thomas J. Brown | $ | 152,850 | $ | 254,750 | ||||
Dr. Judith L. Craven2 | 139,350 | 430,811 | ||||||
William Devin2,3 | 164,850 | 491,888 | ||||||
Dr. Timothy Ebner4 | 120,998 | 201,663 | ||||||
Judge Gustavo E. Gonzales4 | 154,103 | 256,838 | ||||||
Kenneth J. Lavery | 149,850 | 249,750 | ||||||
Dr. John E. Maupin, Jr. | 134,850 | 224,750 |
1 | Directors receive no pension or retirement benefits from the Funds or any other funds in the Fund Complex. |
2 | Includes VC I, VC II, Anchor Series Trust, SunAmerica Senior Floating Rate Fund, Inc., SunAmerica Income Funds, SunAmerica Equity Funds, SunAmerica Series, Inc., SunAmerica Specialty Series and SunAmerica Money Market Funds, Inc. |
3 | William Devin retired from the Board effective January 1, 2019. |
4 | Dr. Ebner and Judge Gonzales have chosen to defer a portion of VC I compensation under the Deferred Compensation Plan discussed below. As of May 31, 2018, the current value of the deferred compensation is $610,666 and $459,566 for Dr. Ebner and Judge Gonzales, respectively. |
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS— (continued)
Effective January 1, 2001, the Board approved a Deferred Compensation Plan (the “Deferred Plan”) for its Independent Directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. The purpose of the Deferred Plan is to permit such Independent Directors to elect to defer receipt of all or some portion of the fees payable to them for their services to VC I, therefore allowing postponement of taxation of income and tax-deferred growth on the earnings. Under the Deferred Plan, an Independent Director may make an annual election to defer all or a portion of his/her future compensation from VC I.
At a meeting held on October 25-26, 2010, the Board of Directors revised the Fund’s retirement policy age of 75 to provide for a Director to request an additional year of eligibility as a Director if requested by the age of 741/2, subject to approval by the Board, up to an additional maximum of five additional years (to age 80).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rule 497(e)
RegistrationNo. 002-83631
VALIC Company I
Small-Mid Growth Fund
(the “Fund”)
Supplement dated January 14, 2019 to the Fund’s
Prospectus dated October 1, 2018, as supplemented and amended to date
Steven M. Barry no longer serves as a portfolio manager for the Fund. Daniel Zimmerman and Michael DeSantis continue to serve as portfolio managers for the Fund. Accordingly, all references to Mr. Barry in the Fund’s Prospectus are deleted in their entirety.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
308 |
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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 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
309 |
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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 onForm N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).
VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
310 |
Table of Contents
VALIC.com — Account access
Manage your account online
You will need to create an online security profile with a unique user ID and password.
With your PIN, you can also access your account via the24-hour VALIC automated phone line at1-800-448-2542.
• | Print and download account transaction confirmations and tax statements |
• | View transaction history and download it to Quicken using Direct ConnectSM |
• | Use the Account Aggregation feature to display information from other accounts in addition to your VALIC accounts |
• | Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password, and more |
With VALIC.com, you can initiate account transactions including:
• | Change allocation |
• | Transfer money among investment options |
• | Rebalance account to your desired allocation mix |
• | Change contributions |
• | Automate future contribution increases |
Start exploring VALIC.com today!
• | Visit VALIC.com |
• | Register for online access |
• | Follow steps to create a security profile |
PersonalDeliver-®
• | It’s easy to sign up |
• | Simply visit VALIC.com today to get started |
Please note:
Email delivery is not accessible to certain VALIC annuity contract owners.
Sign up today at VALIC.com
We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.
Easy and secure. Sign up for PersonalDeliver-® today.
CLICK VALIC.com CALL1-800-448-2542 VISIT your financial advisor
Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (“VFA”), member FINRA, SIPC and anSEC-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 4873 (11/2018) J103179
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-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 RegulationS-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 Rule30a-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 Rule30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a) | (1) Not applicable. |
(2) Certifications pursuant to Rule30a-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 Rule30a-2 (b) under the Investment Company Act of 1940 (17 CFR270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 7, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 7, 2019
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 7, 2019