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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: May 31, 2019
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Item 1. Reports to Stockholders
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SAVING : INVESTING : PLANNING |
VALIC Company I
Annual Report, May 31, 2019
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 at 1-800-448-2542 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 contacting 1-866-345-5954 or visiting FundReports.com and providing the 20-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
ANNUAL REPORT MAY 31, 2019
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VALIC Company I
Dear Valued Investor:
We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ended May 31, 2019. We encourage you to carefully read this report and thank you for your investment.
As always, we encourage you to maintain a well-diversified, long-term investment portfolio to help smooth the inevitable ups-and-downs of market performance. Your VALIC financial advisor can assist by reviewing your financial situation and developing a plan that utilizes diversification, asset allocation, tax planning and other investment strategies to better help you reach your long-term retirement goals.
Sincerely,
John T. Genoy, President
VALIC Company I
Note: All performance figures quoted are for the VALIC Company I Funds. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 591/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.
Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.
Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.
Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.
Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.
There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.
Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.
* Not FDIC or NCUA/NCUSIF Insured
* May Lose Value * No Bank of Credit Union Guarantee
* Not a Deposit * Not insured by any Federal Government Agency
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VALIC Company I
EXPENSE EXAMPLE —May 31, 2019 (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2018 and held until May 31, 2019. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2019” column would have been higher and the “Ending Account Value” column would have been lower.
Hypothetical Example for Comparison Purposes
The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2019” 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 —May 31, 2019 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at December 1, 2018 | Ending Account Value Using Actual Return at May 31, 2019 | Expenses Paid During the Six Months Ended May 31, 2019 | Beginning Account Value at December 1, 2018 | Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2019 | Expenses Paid During the Six Months Ended May 31, 2019 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,014.14 | $ | 3.72 | $ | 1,000.00 | $ | 1,021.24 | $ | 3.73 | 0.74 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,040.73 | $ | 4.17 | $ | 1,000.00 | $ | 1,020.84 | $ | 4.13 | 0.82 | % | ||||||||||||||
Broad Cap Value# | $ | 1,000.00 | $ | 974.81 | $ | 4.18 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,068.86 | $ | 3.30 | $ | 1,000.00 | $ | 1,021.74 | $ | 3.23 | 0.64 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 980.64 | $ | 3.70 | $ | 1,000.00 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||||||||
Dividend Value | $ | 1,000.00 | $ | 954.38 | $ | 3.95 | $ | 1,000.00 | $ | 1,020.89 | $ | 4.08 | 0.81 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,025.62 | $ | 1.67 | $ | 1,000.00 | $ | 1,023.29 | $ | 1.66 | 0.33 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 999.43 | $ | 4.69 | $ | 1,000.00 | $ | 1,020.24 | $ | 4.73 | 0.94 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,088.07 | $ | 4.48 | $ | 1,000.00 | $ | 1,020.64 | $ | 4.33 | 0.86 | % | ||||||||||||||
Global Social Awareness† | $ | 1,000.00 | $ | 1,027.28 | $ | 3.23 | $ | 1,000.00 | $ | 1,021.74 | $ | 3.23 | 0.64 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 968.29 | $ | 3.29 | $ | 1,000.00 | $ | 1,021.59 | $ | 3.38 | 0.67 | % | ||||||||||||||
Government Money Market I | $ | 1,000.00 | $ | 1,009.40 | $ | 2.55 | $ | 1,000.00 | $ | 1,022.39 | $ | 2.57 | 0.51 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,060.79 | $ | 3.44 | $ | 1,000.00 | $ | 1,021.59 | $ | 3.38 | 0.67 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,037.89 | $ | 3.81 | $ | 1,000.00 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 998.17 | $ | 4.23 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 963.14 | $ | 5.14 | $ | 1,000.00 | $ | 1,019.70 | $ | 5.29 | 1.05 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,051.55 | $ | 2.86 | $ | 1,000.00 | $ | 1,022.14 | $ | 2.82 | 0.56 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 1,023.41 | $ | 2.22 | $ | 1,000.00 | $ | 1,022.74 | $ | 2.22 | 0.44 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,063.63 | $ | 3.40 | $ | 1,000.00 | $ | 1,021.64 | $ | 3.33 | 0.66 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,116.57 | $ | 4.54 | $ | 1,000.00 | $ | 1,020.64 | $ | 4.33 | 0.86 | % | ||||||||||||||
International Value†# | $ | 1,000.00 | $ | 959.77 | $ | 3.76 | $ | 1,000.00 | $ | 1,021.09 | $ | 3.88 | 0.77 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,005.29 | $ | 4.25 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,073.52 | $ | 3.88 | $ | 1,000.00 | $ | 1,021.19 | $ | 3.78 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 969.74 | $ | 1.77 | $ | 1,000.00 | $ | 1,023.14 | $ | 1.82 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,090.37 | $ | 4.27 | $ | 1,000.00 | $ | 1,020.84 | $ | 4.13 | �� | 0.82 | % | |||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,028.31 | $ | 2.68 | $ | 1,000.00 | $ | 1,022.29 | $ | 2.67 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,098.47 | $ | 5.13 | $ | 1,000.00 | $ | 1,020.04 | $ | 4.94 | 0.98 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,073.38 | $ | 5.12 | $ | 1,000.00 | $ | 1,020.00 | $ | 4.99 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 997.88 | $ | 4.58 | $ | 1,000.00 | $ | 1,020.34 | $ | 4.63 | 0.92 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 961.62 | $ | 2.01 | $ | 1,000.00 | $ | 1,022.89 | $ | 2.07 | 0.41 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 986.09 | $ | 4.36 | $ | 1,000.00 | $ | 1,020.54 | $ | 4.43 | 0.88 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,079.64 | $ | 4.93 | $ | 1,000.00 | $ | 1,020.19 | $ | 4.78 | 0.95 | % | ||||||||||||||
Stock Index | $ | 1,000.00 | $ | 1,005.76 | $ | 1.70 | $ | 1,000.00 | $ | 1,023.24 | $ | 1.72 | 0.34 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 984.62 | $ | 4.21 | $ | 1,000.00 | $ | 1,020.69 | $ | 4.28 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2019” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2019” 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 —May 31, 2019 (unaudited)
Industry Allocation*
United States Treasury Notes | 13.8 | % | ||
Diversified Financial Services | 7.8 | |||
Registered Investment Companies | 7.7 | |||
Exchange-Traded Funds | 7.5 | |||
Banks — Commercial | 4.4 | |||
Diversified Banking Institutions | 2.7 | |||
Computer Services | 2.0 | |||
Applications Software | 2.0 | |||
Sovereign | 1.9 | |||
Diversified Minerals | 1.8 | |||
Telephone — Integrated | 1.7 | |||
Metal — Diversified | 1.5 | |||
Banks — Super Regional | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Diversified Manufacturing Operations | 1.3 | |||
Brewery | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Real Estate Investment Trusts | 1.1 | |||
Pharmacy Services | 1.0 | |||
Retail — Building Products | 1.0 | |||
Soap & Cleaning Preparation | 0.9 | |||
Networking Products | 0.9 | |||
Steel — Producers | 0.8 | |||
U.S. Government Treasuries | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Industrial Automated/Robotic | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Oil Companies — Integrated | 0.6 | |||
Instruments — Controls | 0.6 | |||
Software Tools | 0.5 | |||
Medical — Drugs | 0.5 | |||
Metal — Iron | 0.5 | |||
Insurance — Property/Casualty | 0.5 | |||
Electronic Components — Misc. | 0.4 | |||
Computers — Integrated Systems | 0.4 | |||
Internet Security | 0.4 | |||
Computer Data Security | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Web Portals/ISP | 0.4 | |||
Medical — Biomedical/Gene | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Finance — Other Services | 0.3 | |||
Food — Misc./Diversified | 0.3 | |||
Metal — Copper | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
United States Treasury Bonds | 0.3 | |||
Computer Software | 0.3 | |||
Electronic Measurement Instruments | 0.2 | |||
Medical Products | 0.2 | |||
Oil — Field Services | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Food — Retail | 0.2 | |||
Transport — Services | 0.2 | |||
Retail — Restaurants | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Computers | 0.2 | |||
Real Estate Operations & Development | 0.2 | |||
Commercial Services | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Medical Instruments | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Retail — Discount | 0.2 |
Cosmetics & Toiletries | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Electric — Integrated | 0.2 | |||
Paper & Related Products | 0.2 | |||
Internet Infrastructure Software | 0.2 | |||
Human Resources | 0.1 | |||
Medical — HMO | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Consulting Services | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Transport — Rail | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Airlines | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Import/Export | 0.1 | |||
Retail — Automobile | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Schools | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Computer Aided Design | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Firearms & Ammunition | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Retail — Pawn Shops | 0.1 | |||
Internet Content — Entertainment | 0.1 | |||
Entertainment Software | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Tobacco | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Electric — Distribution | 0.1 | |||
Transactional Software | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Leisure Products | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Appliances | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Energy — Alternate Sources | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Data Processing/Management | 0.1 | % | ||
Machinery — Pumps | 0.1 | |||
Audio/Video Products | 0.1 | |||
Building Products — Wood | 0.1 | |||
Toys | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Pastoral & Agricultural | 0.1 | |||
Food — Meat Products | 0.1 | |||
Multimedia | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Publishing — Books | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
93.3 | % | |||
* | Calculated as a percentage of net assets |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 45.2% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Omnicom Group, Inc. | 630 | $ | 48,737 | |||||
Advertising Services — 0.0% |
| |||||||
Stroeer SE & Co. KGaA | 378 | 25,306 | ||||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 500 | 32,375 | ||||||
Boeing Co. | 309 | 105,557 | ||||||
Kawasaki Heavy Industries, Ltd.# | 3,400 | 75,565 | ||||||
Lockheed Martin Corp. | 190 | 64,323 | ||||||
Northrop Grumman Corp. | 51 | 15,466 | ||||||
Raytheon Co. | 149 | 26,001 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 29 | 2,350 | ||||||
321,637 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
AAR Corp. | 906 | 27,261 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 1,546 | 59,645 | ||||||
Barnes Group, Inc. | 992 | 51,306 | ||||||
Kaman Corp. | 647 | 35,980 | ||||||
L3 Technologies, Inc. | 980 | 237,219 | ||||||
Moog, Inc., Class A | 678 | 55,881 | ||||||
Triumph Group, Inc.# | 1,440 | 27,921 | ||||||
495,213 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 473 | 19,034 | ||||||
Mosaic Co. | 224 | 4,809 | ||||||
OCI NV† | 684 | 15,489 | ||||||
39,332 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 986 | 26,790 | ||||||
Archer-Daniels-Midland Co. | 191 | 7,319 | ||||||
34,109 | ||||||||
Airlines — 0.1% |
| |||||||
AirFrance-KLM† | 1,311 | 11,330 | ||||||
Allegiant Travel Co. | 280 | 39,231 | ||||||
Delta Air Lines, Inc. | 240 | 12,360 | ||||||
Hawaiian Holdings, Inc. | 1,227 | 30,650 | ||||||
SkyWest, Inc. | 1,111 | 65,238 | ||||||
Southwest Airlines Co. | 380 | 18,088 | ||||||
176,897 | ||||||||
Airport Development/Maintenance — 0.1% |
| |||||||
Enav SpA* | 4,761 | 25,764 | ||||||
Flughafen Zurich AG | 221 | 37,236 | ||||||
63,000 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
Matsuoka Corp. | 600 | 14,678 | ||||||
Oxford Industries, Inc. | 445 | 31,702 | ||||||
PVH Corp. | 28 | 2,385 | ||||||
Under Armour, Inc., Class A†# | 246 | 5,609 | ||||||
54,374 | ||||||||
Appliances — 0.1% |
| |||||||
De’Longhi SpA | 528 | 10,390 | ||||||
iRobot Corp.†# | 632 | 55,053 | ||||||
Rational AG | 24 | 15,282 | ||||||
80,725 | ||||||||
Applications Software — 2.0% |
| |||||||
CDK Global, Inc. | 4,872 | 235,805 | ||||||
Ebix, Inc.# | 558 | 26,187 | ||||||
Intuit, Inc. | 319 | 78,107 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
Microsoft Corp. | 6,587 | $ | 814,680 | |||||
Nemetschek SE | 165 | 25,307 | ||||||
Nuance Communications, Inc.† | 145 | 2,490 | ||||||
PTC, Inc.† | 410 | 34,464 | ||||||
salesforce.com, Inc.† | 5,961 | 902,555 | ||||||
ServiceNow, Inc.† | 2,846 | 745,453 | ||||||
Tableau Software, Inc., Class A† | 307 | 34,528 | ||||||
2,899,576 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 875 | 58,643 | ||||||
Athletic Footwear — 0.0% |
| |||||||
NIKE, Inc., Class B | 168 | 12,960 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Sony Corp. | 1,600 | 76,959 | ||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro, Inc.# | 771 | 61,456 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
General Motors Co. | 132 | 4,401 | ||||||
Suzuki Motor Corp. | 1,900 | 90,501 | ||||||
Toyota Motor Corp. | 2,500 | 147,266 | ||||||
242,168 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 2,381 | 32,167 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Allison Transmission Holdings, Inc. | 329 | 13,617 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 2,954 | 29,865 | ||||||
BorgWarner, Inc. | 157 | 5,570 | ||||||
Brembo SpA# | 2,035 | 21,842 | ||||||
CIE Automotive SA | 743 | 17,927 | ||||||
Cie Plastic Omnium SA | 819 | 18,802 | ||||||
Dorman Products, Inc.† | 656 | 53,569 | ||||||
Garrett Motion, Inc.†# | 2,272 | 34,943 | ||||||
Gentherm, Inc.† | 1,097 | 41,006 | ||||||
Georg Fischer AG | 37 | 31,267 | ||||||
Koito Manufacturing Co., Ltd. | 1,500 | 69,154 | ||||||
Methode Electronics, Inc. | 1,039 | 25,591 | ||||||
Rheinmetall AG | 301 | 32,033 | ||||||
395,186 | ||||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 331 | 23,388 | ||||||
Banks - Commercial — 3.7% |
| |||||||
ABN AMRO Group NV CVA* | 3,349 | 70,680 | ||||||
AIB Group PLC | 10,719 | 43,759 | ||||||
Ameris Bancorp | 1,090 | 38,466 | ||||||
Banca Generali SpA | 21 | 528 | ||||||
Banca Mediolanum SpA | 826 | 5,499 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 37,473 | 203,320 | ||||||
Banco BPM SpA†# | 10,495 | 19,544 | ||||||
Banco Bradesco SA ADR | 80,462 | 753,124 | ||||||
Banco Comercial Portugues SA† | 135,162 | 37,964 | ||||||
Banco de Sabadell SA | 31,630 | 35,024 | ||||||
Banco do Brasil SA | 17,100 | 225,955 | ||||||
Banco Santander Brasil SA ADR | 5,595 | 64,454 | ||||||
BancorpSouth Bank | 1 | 27 | ||||||
Bank of Hawaii Corp. | 137 | 10,365 | ||||||
Bank of Ireland Group PLC | 9,563 | 50,956 | ||||||
Bank OZK | 1 | 29 | ||||||
Bankinter SA | 4,448 | 32,141 | ||||||
Banner Corp. | 752 | 37,946 | ||||||
BAWAG Group AG* | 584 | 24,712 |
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
BB&T Corp. | 3,867 | $ | 180,782 | |||||
BPER Banca# | 3,409 | 12,855 | ||||||
CaixaBank SA | 8,595 | 26,401 | ||||||
Cathay General Bancorp | 81 | 2,725 | ||||||
Central Pacific Financial Corp. | 1,748 | 48,577 | ||||||
Chemical Financial Corp. | 3 | 114 | ||||||
Chiba Bank, Ltd. | 3,900 | 18,547 | ||||||
Citizens Financial Group, Inc. | 2,803 | 91,322 | ||||||
City Holding Co. | 13 | 950 | ||||||
Columbia Banking System, Inc. | 1,660 | 55,361 | ||||||
Commerzbank AG | 1,147 | 8,079 | ||||||
Community Bank System, Inc.# | 941 | 58,163 | ||||||
Cullen/Frost Bankers, Inc. | 180 | 16,429 | ||||||
Customers Bancorp, Inc.† | 1,791 | 35,319 | ||||||
CVB Financial Corp. | 1,848 | 37,976 | ||||||
Danske Bank A/S | 3,002 | 48,933 | ||||||
DNB ASA | 3,040 | 51,509 | ||||||
Eagle Bancorp, Inc. | 795 | 42,199 | ||||||
East West Bancorp, Inc. | 465 | 19,865 | ||||||
Erste Group Bank AG | 2,255 | 79,927 | ||||||
Fidelity Southern Corp. | 1,334 | 37,579 | ||||||
FinecoBank Banca Fineco SpA | 2,134 | 22,047 | ||||||
First BanCorp./Puerto Rico | 4,868 | 48,485 | ||||||
First Commonwealth Financial Corp. | 4,157 | 52,253 | ||||||
First Financial Bancorp | 2,154 | 48,077 | ||||||
First Financial Bankshares, Inc.# | 6 | 340 | ||||||
First Midwest Bancorp, Inc. | 2,487 | 48,472 | ||||||
Fulton Financial Corp. | 18 | 284 | ||||||
Glacier Bancorp, Inc. | 1,503 | 59,233 | ||||||
Great Western Bancorp, Inc. | 1,353 | 42,038 | ||||||
Hancock Whitney Corp. | 1 | 38 | ||||||
Hanmi Financial Corp. | 2,429 | 50,086 | ||||||
Home BancShares, Inc. | 5 | 88 | ||||||
HomeStreet, Inc.† | 82 | 2,333 | ||||||
Hope Bancorp, Inc. | 3,295 | 42,407 | ||||||
Independent Bank Corp./Massachusetts | 625 | 43,344 | ||||||
ING Groep NV | 21,245 | 229,351 | ||||||
International Bancshares Corp. | 15 | 547 | ||||||
Intesa Sanpaolo SpA# | 59,563 | 121,932 | ||||||
Itau Unibanco Holding SA ADR | 74,491 | 662,970 | ||||||
Jyske Bank A/S | 819 | 31,014 | ||||||
KBC Group NV | 1,511 | 99,245 | ||||||
LegacyTexas Financial Group, Inc. | 1,099 | 40,113 | ||||||
M&T Bank Corp. | 882 | 140,767 | ||||||
NBT Bancorp, Inc. | 1,223 | 43,967 | ||||||
Nordea Bank Abp | 11,314 | 79,792 | ||||||
OFG Bancorp | 1,607 | 30,179 | ||||||
Old National Bancorp | 2,837 | 45,222 | ||||||
Opus Bank | 1 | 20 | ||||||
PacWest Bancorp | 1,622 | 58,943 | ||||||
Regions Financial Corp. | 8,621 | 119,228 | ||||||
S&T Bancorp, Inc. | 1,527 | 57,568 | ||||||
ServisFirst Bancshares, Inc. | 1,197 | 37,514 | ||||||
Simmons First National Corp., Class A | 2,060 | 46,989 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 8,776 | 77,898 | ||||||
Southside Bancshares, Inc. | 1,599 | 52,079 | ||||||
SpareBank 1 SR Bank ASA | 2,247 | 26,190 | ||||||
SVB Financial Group† | 147 | 29,606 | ||||||
Svenska Handelsbanken AB, Class A | 4,690 | 46,230 | ||||||
Swedbank AB, Class A | 6,085 | 87,102 | ||||||
Sydbank A/S | 1,148 | 21,511 | ||||||
Synovus Financial Corp. | 7 | 224 | ||||||
TCF Financial Corp. | 545 | 10,388 | ||||||
Tompkins Financial Corp. | 32 | 2,529 | ||||||
TrustCo Bank Corp. | 6,290 | 46,420 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Trustmark Corp. | 44 | $ | 1,398 | |||||
UMB Financial Corp. | 2 | 123 | ||||||
Umpqua Holdings Corp. | 381 | 6,085 | ||||||
United Bankshares, Inc. | 113 | 4,043 | ||||||
United Community Banks, Inc. | 1,840 | 48,778 | ||||||
Valiant Holding AG | 200 | 21,357 | ||||||
Valley National Bancorp# | 1 | 10 | ||||||
Veritex Holdings, Inc. | 1,596 | 40,586 | ||||||
Westamerica Bancorporation | 688 | 41,204 | ||||||
Wintrust Financial Corp. | 1,446 | 97,952 | ||||||
5,494,704 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Bank of New York Mellon Corp. | 3,046 | 130,034 | ||||||
Northern Trust Corp. | 284 | 24,288 | ||||||
State Street Corp. | 669 | 36,962 | ||||||
191,284 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Deutsche Pfandbriefbank AG* | 2,145 | 29,561 | ||||||
Walker & Dunlop, Inc. | 741 | 37,250 | ||||||
66,811 | ||||||||
Banks - Regional — 0.0% |
| |||||||
Banque Cantonale Vaudoise | 16 | 11,961 | ||||||
Banks - Super Regional — 0.7% |
| |||||||
Comerica, Inc. | 1,648 | 113,415 | ||||||
Fifth Third Bancorp | 6,037 | 159,981 | ||||||
KeyCorp | 3,530 | 56,374 | ||||||
National Bank Holdings Corp., Class A | 1,295 | 45,442 | ||||||
PNC Financial Services Group, Inc. | 481 | 61,212 | ||||||
SunTrust Banks, Inc. | 518 | 31,085 | ||||||
US Bancorp | 2,642 | 132,628 | ||||||
Wells Fargo & Co. | 9,454 | 419,474 | ||||||
1,019,611 | ||||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Coca-Cola Co. | 264 | 12,970 | ||||||
Coca-Cola Consolidated, Inc. | 113 | 34,127 | ||||||
Monster Beverage Corp.† | 512 | 31,673 | ||||||
PepsiCo, Inc. | 427 | 54,656 | ||||||
133,426 | ||||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Shimano, Inc. | 400 | 61,256 | ||||||
Brewery — 0.2% |
| |||||||
Ambev SA ADR | 44,013 | 196,738 | ||||||
Asahi Group Holdings, Ltd. | 2,000 | 87,630 | ||||||
Royal Unibrew A/S | 304 | 21,598 | ||||||
305,966 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery, Inc., Class C† | 693 | 17,769 | ||||||
Fox Corp., Class B | 100 | 3,471 | ||||||
21,240 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
American Woodmark Corp.† | 419 | 30,373 | ||||||
Forbo Holding AG | 17 | 27,469 | ||||||
Gibraltar Industries, Inc.† | 957 | 34,165 | ||||||
Nichias Corp. | 1,200 | 19,950 | ||||||
Patrick Industries, Inc.† | 671 | 27,370 | ||||||
PGT Innovations, Inc.† | 2,104 | 31,476 | ||||||
Rockwool International A/S | 53 | 13,526 | ||||||
Simpson Manufacturing Co., Inc. | 830 | 50,497 |
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. (continued) |
| |||||||
Wienerberger AG | 979 | $ | 21,125 | |||||
255,951 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Comfort Systems USA, Inc. | 820 | 38,688 | ||||||
Peab AB | 2,301 | 18,109 | ||||||
Penta-Ocean Construction Co., Ltd. | 5,600 | 24,880 | ||||||
TopBuild Corp.† | 797 | 63,178 | ||||||
144,855 | ||||||||
Building Products- Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 842 | 38,218 | ||||||
Daikin Industries, Ltd. | 600 | 72,692 | ||||||
Nibe Industrier AB, Class B | 2,003 | 25,207 | ||||||
SPX Corp.† | 1,182 | 35,153 | ||||||
171,270 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Buzzi Unicem SpA# | 573 | 11,180 | ||||||
US Concrete, Inc.† | 576 | 26,824 | ||||||
38,004 | ||||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 997 | 36,141 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 1,315 | 29,193 | ||||||
Universal Forest Products, Inc. | 1,527 | 49,246 | ||||||
78,439 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Acciona SA | 81 | 8,663 | ||||||
Ackermans & van Haaren NV | 159 | 24,335 | ||||||
Aegion Corp.† | 2,215 | 31,896 | ||||||
Arcosa, Inc. | 1,294 | 43,854 | ||||||
Infrastrutture Wireless Italiane SpA* | 2,216 | 20,096 | ||||||
128,844 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 1,517 | 54,991 | ||||||
Bravida Holding AB* | 3,437 | 28,098 | ||||||
83,089 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 250 | 35,900 | ||||||
LCI Industries# | 625 | 51,794 | ||||||
Winnebago Industries, Inc.# | 849 | 27,287 | ||||||
114,981 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Century Communities, Inc.† | 1,069 | 28,542 | ||||||
Installed Building Products, Inc.† | 555 | 28,549 | ||||||
LGI Homes, Inc.†# | 480 | 32,736 | ||||||
MDC Holdings, Inc. | 1,095 | 34,416 | ||||||
Meritage Homes Corp.† | 856 | 42,886 | ||||||
Open House Co., Ltd. | 700 | 28,680 | ||||||
PulteGroup, Inc. | 278 | 8,618 | ||||||
204,427 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Charter Communications, Inc., Class A† | 144 | 54,259 | ||||||
Modern Times Group AB, Class B† | 1,511 | 17,546 | ||||||
NOS SGPS SA | 4,802 | 30,291 | ||||||
102,096 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp. | 1,622 | $ | 25,790 | |||||
Cellular Telecom — 0.0% |
| |||||||
Sprint Corp.† | 1,248 | 8,574 | ||||||
Sunrise Communications Group AG*# | 311 | 21,467 | ||||||
30,041 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
AdvanSix, Inc.† | 1,100 | 26,818 | ||||||
Braskem SA ADR†# | 2,244 | 48,515 | ||||||
Celanese Corp. | 33 | 3,133 | ||||||
Innophos Holdings, Inc. | 1,090 | 28,983 | ||||||
Innospec, Inc. | 585 | 47,215 | ||||||
KH Neochem Co., Ltd. | 1,000 | 26,708 | ||||||
LyondellBasell Industries NV, Class A | 233 | 17,300 | ||||||
Quaker Chemical Corp. | 294 | 53,173 | ||||||
251,845 | ||||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. CVR†(2) | 1,774 | 529 | ||||||
Sumitomo Bakelite Co., Ltd. | 1,500 | 51,057 | ||||||
51,586 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Albemarle Corp.# | 121 | 7,659 | ||||||
Balchem Corp. | 771 | 69,922 | ||||||
Ferro Corp.† | 2,230 | 30,194 | ||||||
H.B. Fuller Co. | 1,217 | 47,987 | ||||||
IMCD NV# | 507 | 41,220 | ||||||
Kraton Corp.† | 985 | 24,103 | ||||||
Materion Corp. | 616 | 37,237 | ||||||
Rogers Corp.† | 406 | 56,024 | ||||||
Shin-Etsu Chemical Co., Ltd. | 800 | 66,275 | ||||||
Stepan Co. | 478 | 40,563 | ||||||
421,184 | ||||||||
Circuit Boards — 0.0% |
| |||||||
TTM Technologies, Inc.† | 2,560 | 21,837 | ||||||
Coatings/Paint — 0.0% |
| |||||||
OC Oerlikon Corp. AG | 2,499 | 27,255 | ||||||
Sherwin-Williams Co. | 49 | 20,553 | ||||||
47,808 | ||||||||
Commercial Services — 0.2% |
| |||||||
Applus Services SA | 1,762 | 22,357 | ||||||
HMS Holdings Corp.† | 1,927 | 58,639 | ||||||
Medifast, Inc. | 291 | 37,524 | ||||||
Nielsen Holdings PLC | 87 | 1,978 | ||||||
Wirecard AG | 1,135 | 177,545 | ||||||
298,043 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Automatic Data Processing, Inc. | 35 | 5,604 | ||||||
Cardtronics PLC, Class A† | 980 | 29,596 | ||||||
EVERTEC, Inc. | 1,385 | 39,694 | ||||||
Experian PLC | 14,674 | 443,521 | ||||||
FleetCor Technologies, Inc.† | 68 | 17,558 | ||||||
PayPal Holdings, Inc.† | 397 | 43,571 | ||||||
579,544 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 744 | 119,717 | ||||||
Computer Data Security — 0.4% |
| |||||||
Check Point Software Technologies, Ltd.† | 1,982 | 218,575 | ||||||
Fortinet, Inc.† | 4,342 | 314,708 |
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Data Security (continued) |
| |||||||
Qualys, Inc.† | 738 | $ | 65,394 | |||||
598,677 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 1,756 | 28,605 | ||||||
Computer Services — 2.0% |
| |||||||
Accenture PLC, Class A | 3,149 | 560,742 | ||||||
Atos SE | 1,709 | 129,797 | ||||||
Capgemini SE# | 1,765 | 196,956 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,718 | 230,256 | ||||||
DXC Technology Co. | 3,065 | 145,710 | ||||||
ExlService Holdings, Inc.† | 756 | 44,800 | ||||||
Fujitsu, Ltd. | 2,200 | 148,854 | ||||||
Insight Enterprises, Inc.† | 814 | 41,905 | ||||||
International Business Machines Corp. | 3,706 | �� | 470,625 | |||||
Leidos Holdings, Inc. | 1,020 | 76,837 | ||||||
NEC Corp. | 6,700 | 246,889 | ||||||
Nihon Unisys, Ltd. | 2,800 | 91,371 | ||||||
Nomura Research Institute, Ltd. | 1,700 | 82,652 | ||||||
NTT Data Corp. | 17,300 | 206,062 | ||||||
Perspecta, Inc. | 3,591 | 77,961 | ||||||
SCSK Corp. | 2,400 | 115,955 | ||||||
Sopra Steria Group | 256 | 29,053 | ||||||
Sykes Enterprises, Inc.† | 1,308 | 32,386 | ||||||
Tieto Oyj | 545 | 15,330 | ||||||
Virtusa Corp.† | 759 | 32,182 | ||||||
2,976,323 | ||||||||
Computer Software — 0.3% |
| |||||||
Akamai Technologies, Inc.† | 374 | 28,185 | ||||||
Citrix Systems, Inc. | 344 | 32,377 | ||||||
InterXion Holding NV† | 444 | 32,727 | ||||||
Red Hat, Inc.† | 50 | 9,215 | ||||||
Software AG | 400 | 13,080 | ||||||
Splunk, Inc.† | 1,929 | 219,887 | ||||||
TiVo Corp. | 3,884 | 27,965 | ||||||
363,436 | ||||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 1,637 | 286,589 | ||||||
HP, Inc. | 995 | 18,587 | ||||||
305,176 | ||||||||
Computers - Integrated Systems — 0.4% |
| |||||||
Bechtle AG | 257 | 28,873 | ||||||
Cray, Inc.† | 1,169 | 40,927 | ||||||
Cubic Corp. | 729 | 41,130 | ||||||
Diebold Nixdorf, Inc.† | 2,148 | 18,258 | ||||||
Ingenico Group SA | 2,370 | 189,834 | ||||||
Itochu Techno-Solutions Corp. | 1,300 | 32,268 | ||||||
Mercury Systems, Inc.† | 1,084 | 74,536 | ||||||
MTS Systems Corp. | 597 | 32,393 | ||||||
OBIC Co., Ltd. | 700 | 84,042 | ||||||
Otsuka Corp. | 2,400 | 93,069 | ||||||
635,330 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
NetApp, Inc. | 64 | 3,789 | ||||||
Computers - Other — 0.0% |
| |||||||
3D Systems Corp.†# | 2,945 | 23,825 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 1,079 | 39,545 | ||||||
Logitech International SA | 1,180 | 42,983 | ||||||
82,528 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.1% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,358 | $ | 85,785 | |||||
FTI Consulting, Inc.† | 797 | 66,884 | ||||||
Gartner, Inc.† | 33 | 4,993 | ||||||
Link And Motivation, Inc. | 2,300 | 12,673 | ||||||
Navigant Consulting, Inc. | 1,430 | 31,460 | ||||||
201,795 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Central Garden & Pet Co., Class A† | 1,543 | 39,454 | ||||||
Clorox Co. | 185 | 27,530 | ||||||
Kimberly-Clark Corp. | 245 | 31,333 | ||||||
Quanex Building Products Corp. | 2,180 | 33,812 | ||||||
WD-40 Co.# | 299 | 46,743 | ||||||
178,872 | ||||||||
Containers - Metal/Glass — 0.0% |
| |||||||
Gerresheimer AG† | 253 | 18,031 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Huhtamaki Oyj | 751 | 28,519 | ||||||
Packaging Corp. of America | 121 | 10,779 | ||||||
Rengo Co., Ltd. | 7,200 | 57,193 | ||||||
96,491 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc.† | 11,602 | 43,624 | ||||||
Estee Lauder Cos., Inc., Class A | 86 | 13,849 | ||||||
Fancl Corp. | 1,300 | 34,944 | ||||||
Kao Corp. | 500 | 38,876 | ||||||
Natura Cosmeticos SA | 5,700 | 87,128 | ||||||
Pola Orbis Holdings, Inc. | 1,400 | 38,710 | ||||||
Procter & Gamble Co. | 42 | 4,322 | ||||||
261,453 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Bottomline Technologies, Inc.† | 842 | 36,778 | ||||||
CSG Systems International, Inc. | 921 | 41,307 | ||||||
78,085 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 5 | 1,422 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
BioTelemetry, Inc.† | 821 | 39,293 | ||||||
Repligen Corp.† | 992 | 68,914 | ||||||
Sysmex Corp. | 300 | 20,744 | ||||||
128,951 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
DiaSorin SpA | 176 | 17,986 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
CONMED Corp. | 607 | 48,851 | ||||||
Merit Medical Systems, Inc.† | 1,253 | 64,693 | ||||||
113,544 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
Anixter International, Inc.† | 678 | 36,178 | ||||||
Core-Mark Holding Co., Inc. | 1,159 | 42,744 | ||||||
G-III Apparel Group, Ltd.† | 1,027 | 26,425 | ||||||
ScanSource, Inc.† | 888 | 25,939 | ||||||
WW Grainger, Inc. | 131 | 34,281 | ||||||
165,567 | ||||||||
Diversified Banking Institutions — 2.7% |
| |||||||
Banco Santander SA | 85,281 | 375,656 | ||||||
Bank of America Corp. | 30,024 | 798,638 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
BNP Paribas SA# | 5,471 | $ | 249,358 | |||||
Citigroup, Inc. | 7,416 | 460,904 | ||||||
Credit Agricole SA# | 8,029 | 91,554 | ||||||
Credit Suisse Group AG | 9,924 | 112,445 | ||||||
Deutsche Bank AG | 6,180 | 41,957 | ||||||
Goldman Sachs Group, Inc. | 851 | 155,299 | ||||||
JPMorgan Chase & Co. | 9,489 | 1,005,454 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 15,200 | 70,132 | ||||||
Morgan Stanley | 2,231 | 90,779 | ||||||
Natixis SA# | 10,156 | 46,460 | ||||||
Societe Generale SA | 4,740 | 118,666 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 2,900 | 100,827 | ||||||
UBS Group AG | 16,256 | 187,013 | ||||||
UniCredit SpA | 7,459 | 84,634 | ||||||
3,989,776 | ||||||||
Diversified Financial Services — 0.0% |
| |||||||
Cembra Money Bank AG | 315 | 28,226 | ||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
3M Co. | 109 | 17,413 | ||||||
Aalberts NV | 991 | 32,605 | ||||||
Actuant Corp., Class A | 1,873 | 41,468 | ||||||
EnPro Industries, Inc. | 583 | 32,351 | ||||||
Fabrinet† | 834 | 35,562 | ||||||
Federal Signal Corp. | 1,568 | 37,459 | ||||||
General Electric Co. | 2,005 | 18,927 | ||||||
Harsco Corp.† | 1,898 | 47,450 | ||||||
Indutrade AB | 919 | 26,794 | ||||||
Parker-Hannifin Corp. | 7 | 1,066 | ||||||
Siemens AG | 2,559 | 289,908 | ||||||
Standex International Corp. | 489 | 31,804 | ||||||
Textron, Inc. | 176 | 7,973 | ||||||
Trelleborg AB, Class B | 1,780 | 23,699 | ||||||
644,479 | ||||||||
Diversified Minerals — 1.8% |
| |||||||
Anglo American PLC | 15,831 | 379,897 | ||||||
BHP Group PLC | 31,736 | 715,106 | ||||||
BHP Group, Ltd. | 48,424 | 1,264,432 | ||||||
China Hongqiao Group, Ltd. | 32,500 | 23,432 | ||||||
Livent Corp.† | 3,854 | 24,357 | ||||||
Lundin Mining Corp. | 9,854 | 44,035 | ||||||
Sumitomo Metal Mining Co., Ltd. | 5,300 | 138,019 | ||||||
2,589,278 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 715 | 44,931 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Amazon.com, Inc.† | 122 | 216,559 | ||||||
B2W Companhia Global Do Varejo† | 2,500 | 20,005 | ||||||
eBay, Inc. | 441 | 15,845 | ||||||
Rocket Internet SE†* | 896 | 23,952 | ||||||
276,361 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Booking Holdings, Inc.† | 34 | 56,311 | ||||||
Expedia Group, Inc. | 293 | 33,695 | ||||||
Scout24 AG* | 647 | 32,148 | ||||||
Shutterfly, Inc.† | 967 | 45,913 | ||||||
SMS Co., Ltd. | 2,400 | 57,585 | ||||||
TripAdvisor, Inc.† | 262 | 11,075 | ||||||
236,727 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 78 | 7,678 |
Security Description | Shares | Value (Note 2) | ||||||
E-Services/Consulting (continued) |
| |||||||
Perficient, Inc.† | 1,141 | $ | 34,721 | |||||
42,399 | ||||||||
Electric Products - Misc. — 0.0% |
| |||||||
Emerson Electric Co. | 124 | 7,470 | ||||||
Electric - Distribution — 0.1% |
| |||||||
CenterPoint Energy, Inc. | 348 | 9,897 | ||||||
Equatorial Energia SA | 3,700 | 81,233 | ||||||
91,130 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Centrais Eletricas Brasileiras SA ADR | 6,289 | 55,029 | ||||||
Electric - Integrated — 0.2% |
| |||||||
A2A SpA | 5,298 | 8,649 | ||||||
AES Corp. | 2,367 | 37,398 | ||||||
Cia Energetica de Minas Gerais ADR | 25,127 | 93,975 | ||||||
Edison International | 70 | 4,156 | ||||||
Entergy Corp. | 403 | 39,119 | ||||||
FirstEnergy Corp. | 345 | 14,228 | ||||||
Hera SpA | 4,651 | 16,906 | ||||||
Iren SpA | 6,138 | 15,214 | ||||||
Southern Co. | 96 | 5,136 | ||||||
234,781 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
Elia System Operator SA/NV | 78 | 5,425 | ||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Advanced Energy Industries, Inc.† | 905 | 45,404 | ||||||
Benchmark Electronics, Inc. | 1,189 | 26,265 | ||||||
Hoya Corp. | 800 | 55,366 | ||||||
Knowles Corp.† | 2,248 | 35,361 | ||||||
Minebea Mitsumi, Inc. | 5,600 | 81,346 | ||||||
Murata Manufacturing Co., Ltd. | 1,600 | 69,111 | ||||||
Nidec Corp. | 800 | 99,187 | ||||||
Omron Corp. | 1,800 | 84,592 | ||||||
OSI Systems, Inc.† | 407 | 42,161 | ||||||
Plexus Corp.† | 719 | 35,612 | ||||||
Sanmina Corp.† | 1,564 | 41,587 | ||||||
TKH Group NV CVA | 667 | 31,090 | ||||||
647,082 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
ams AG | 536 | 17,698 | ||||||
Broadcom, Inc. | 951 | 239,310 | ||||||
CEVA, Inc.† | 1,201 | 27,419 | ||||||
CTS Corp. | 1,167 | 30,879 | ||||||
Dialog Semiconductor PLC† | 414 | 13,165 | ||||||
Diodes, Inc.† | 1,024 | 31,672 | ||||||
Intel Corp. | 1,122 | 49,413 | ||||||
IPG Photonics Corp.† | 238 | 29,790 | ||||||
Marvell Technology Group, Ltd. | 7,886 | 175,858 | ||||||
Microchip Technology, Inc.# | 919 | 73,548 | ||||||
Micron Technology, Inc.† | 53 | 1,728 | ||||||
NVIDIA Corp. | 990 | 134,105 | ||||||
ON Semiconductor Corp.† | 8,969 | 159,289 | ||||||
Qorvo, Inc.† | 62 | 3,793 | ||||||
Rambus, Inc.† | 3,698 | 42,009 | ||||||
SOITEC† | 65 | 5,465 | ||||||
STMicroelectronics NV# | 5,644 | 85,951 | ||||||
Texas Instruments, Inc. | 3,348 | 349,230 | ||||||
Xilinx, Inc. | 1,112 | 113,769 | ||||||
Xperi Corp. | 1,455 | 30,569 | ||||||
1,614,660 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 0.0% |
| |||||||
TE Connectivity, Ltd. | 91 | $ | 7,665 | |||||
Electronic Forms — 0.0% |
| |||||||
Adobe, Inc.† | 3 | 813 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Badger Meter, Inc. | 683 | 36,062 | ||||||
FARO Technologies, Inc.† | 600 | 26,460 | ||||||
FLIR Systems, Inc. | 738 | 35,668 | ||||||
Itron, Inc.† | 810 | 45,886 | ||||||
National Instruments Corp. | 2,360 | 91,072 | ||||||
Trimble, Inc.† | 1,074 | 42,853 | ||||||
Yokogawa Electric Corp. | 3,800 | 73,414 | ||||||
351,415 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 801 | 46,706 | ||||||
dormakaba Holding AG | 35 | 24,191 | ||||||
Resideo Technologies, Inc.† | 489 | 9,623 | ||||||
80,520 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Green Plains, Inc. | 1,824 | 23,803 | ||||||
SolarEdge Technologies, Inc.† | 1,052 | 56,366 | ||||||
80,169 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
Alten SA | 342 | 34,661 | ||||||
COMSYS Holdings Corp. | 1,600 | 38,261 | ||||||
Exponent, Inc. | 1,055 | 59,133 | ||||||
Gaztransport Et Technigaz SA | 154 | 13,992 | ||||||
146,047 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 3,150 | 29,610 | ||||||
Cummins, Inc. | 128 | 19,297 | ||||||
48,907 | ||||||||
Enterprise Software/Service — 1.4% |
| |||||||
Black Knight, Inc.† | 273 | 15,476 | ||||||
Donnelley Financial Solutions, Inc.† | 2,006 | 24,734 | ||||||
Guidewire Software, Inc.† | 2,155 | 216,621 | ||||||
LivePerson, Inc.† | 1,465 | 40,771 | ||||||
ManTech International Corp., Class A | 749 | 45,966 | ||||||
MicroStrategy, Inc., Class A† | 272 | 36,152 | ||||||
Omnicell, Inc.† | 920 | 73,094 | ||||||
Oracle Corp. | 1,117 | 56,520 | ||||||
Oracle Corp. Japan† | 900 | 62,337 | ||||||
Progress Software Corp. | 1,046 | 42,844 | ||||||
SPS Commerce, Inc.† | 441 | 44,951 | ||||||
Tyler Technologies, Inc.† | 1,334 | 284,609 | ||||||
Veeva Systems, Inc., Class A† | 3,231 | 498,511 | ||||||
Workday, Inc., Class A† | 2,813 | 574,190 | ||||||
2,016,776 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 206 | 8,934 | ||||||
Capcom Co., Ltd. | 4,700 | 96,037 | ||||||
104,971 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Sweco AB, Class B | 868 | 22,284 | ||||||
Tetra Tech, Inc. | 1,087 | 73,394 | ||||||
95,678 | ||||||||
Filtration/Separation Products — 0.0% |
| |||||||
ESCO Technologies, Inc. | 613 | 42,843 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Encore Capital Group, Inc.†# | 825 | $ | 28,331 | |||||
Enova International, Inc.† | 1,161 | 24,787 | ||||||
PRA Group, Inc.† | 1,266 | 34,954 | ||||||
World Acceptance Corp.† | 187 | 24,738 | ||||||
112,810 | ||||||||
Finance - Credit Card — 0.2% |
| |||||||
Discover Financial Services | 153 | 11,406 | ||||||
Mastercard, Inc., Class A | 374 | 94,057 | ||||||
Pagseguro Digital, Ltd., Class A†# | 788 | 25,232 | ||||||
Visa, Inc., Class A | 792 | 127,774 | ||||||
258,469 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 833 | 34,661 | ||||||
E*TRADE Financial Corp. | 381 | 17,069 | ||||||
Piper Jaffray Cos. | 520 | 36,827 | ||||||
TD Ameritrade Holding Corp. | 95 | 4,726 | ||||||
93,283 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
GRENKE AG | 228 | 21,768 | ||||||
Tokyo Century Corp. | 900 | 36,208 | ||||||
57,976 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Aareal Bank AG | 1,021 | 29,937 | ||||||
Zenkoku Hosho Co., Ltd. | 1,500 | 57,218 | ||||||
87,155 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
B3 SA - Brasil Bolsa Balcao | 32,600 | 303,822 | ||||||
Euronext NV* | 482 | 34,265 | ||||||
WageWorks, Inc.† | 982 | 49,071 | ||||||
387,158 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
NMI Holdings, Inc., Class A† | 1,568 | 42,744 | ||||||
Firearms & Ammunition — 0.1% |
| |||||||
Axon Enterprise, Inc.†# | 1,284 | 85,745 | ||||||
Sturm Ruger & Co., Inc.# | 621 | 30,870 | ||||||
116,615 | ||||||||
Fisheries — 0.0% |
| |||||||
Bakkafrost P/F | 336 | 17,801 | ||||||
Leroy Seafood Group ASA# | 1,790 | 12,262 | ||||||
Salmar ASA | 268 | 12,245 | ||||||
42,308 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 119 | 15,703 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Emmi AG | 23 | 21,209 | ||||||
Food - Flour & Grain — 0.0% |
| |||||||
Ebro Foods SA | 601 | 12,613 | ||||||
Food - Meat Products — 0.1% |
| |||||||
JBS SA | 12,700 | 70,751 | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
AAK AB | 1,256 | 21,672 | ||||||
Axfood AB | 1,004 | 19,324 | ||||||
B&G Foods, Inc.# | 1,584 | 34,769 | ||||||
Cal-Maine Foods, Inc. | 830 | 30,727 | ||||||
Corbion NV# | 794 | 24,331 | ||||||
Fuji Oil Holdings, Inc. | 3,000 | 90,627 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Misc./Diversified (continued) |
| |||||||
Glanbia PLC | 2,154 | $ | 35,917 | |||||
Ingredion, Inc. | 22 | 1,675 | ||||||
J&J Snack Foods Corp. | 352 | 56,619 | ||||||
John B. Sanfilippo & Son, Inc. | 438 | 33,573 | ||||||
Kellogg Co. | 91 | 4,783 | ||||||
Kraft Heinz Co. | 58 | 1,604 | ||||||
Lamb Weston Holdings, Inc. | 14 | 829 | ||||||
Viscofan SA# | 509 | 26,409 | ||||||
382,859 | ||||||||
Food - Retail — 0.2% |
| |||||||
Cia Brasileira de Distribuicao ADR | 10,267 | 226,696 | ||||||
Kroger Co. | 330 | 7,527 | ||||||
Seven & i Holdings Co., Ltd. | 1,900 | 63,969 | ||||||
Takeaway.com NV†*# | 253 | 22,326 | ||||||
320,518 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Calavo Growers, Inc.# | 421 | 36,816 | ||||||
Sysco Corp. | 224 | 15,416 | ||||||
52,232 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Crocs, Inc.† | 1,542 | 29,792 | ||||||
Steven Madden, Ltd. | 1,686 | 51,018 | ||||||
Wolverine World Wide, Inc. | 1,969 | 55,014 | ||||||
135,824 | ||||||||
Forestry — 0.0% |
| |||||||
Svenska Cellulosa AB SCA, Class B | 3,320 | 25,366 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Matthews International Corp., Class A | 944 | 32,124 | ||||||
Gambling(Non-Hotel) — 0.0% |
| |||||||
Evolution Gaming Group AB* | 830 | 15,763 | ||||||
Gas- Distribution — 0.0% |
| |||||||
Italgas SpA | 2,402 | 15,217 | ||||||
Rubis SCA | 539 | 26,887 | ||||||
42,104 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 2,505 | 36,824 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
US Ecology, Inc. | 522 | 31,069 | ||||||
Home Furnishings — 0.0% |
| |||||||
Sleep Number Corp.† | 829 | 28,857 | ||||||
Hotels/Motels — 0.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 29 | 2,594 | ||||||
Human Resources — 0.1% |
| |||||||
AMN Healthcare Services, Inc.† | 1,090 | 52,800 | ||||||
Korn Ferry | 1,330 | 57,296 | ||||||
ManpowerGroup, Inc. | 73 | 6,243 | ||||||
Recruit Holdings Co., Ltd. | 1,800 | 57,429 | ||||||
Robert Half International, Inc. | 47 | 2,522 | ||||||
TrueBlue, Inc.† | 1,544 | 32,795 | ||||||
209,085 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 1,048 | 48,522 | ||||||
Import/Export — 0.1% |
| |||||||
ITOCHU Corp.# | 2,000 | 36,838 | ||||||
Mitsubishi Corp. | 2,000 | 51,973 |
Security Description | Shares | Value (Note 2) | ||||||
Import/Export (continued) |
| |||||||
Mitsui & Co., Ltd. | 3,400 | $ | 52,316 | |||||
141,127 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 474 | 16,135 | ||||||
Industrial Automated/Robotic — 0.7% |
| |||||||
Cognex Corp. | 752 | 30,531 | ||||||
FANUC Corp. | 900 | 151,716 | ||||||
Harmonic Drive Systems, Inc. | 3,000 | 98,775 | ||||||
Keyence Corp. | 900 | 504,836 | ||||||
Rockwell Automation, Inc. | 1,199 | 178,471 | ||||||
THK Co., Ltd. | 2,000 | 40,416 | ||||||
Yaskawa Electric Corp. | 1,300 | 37,532 | ||||||
1,042,277 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
ABB, Ltd. | 12,065 | 220,876 | ||||||
Control4 Corp.† | 1,132 | 26,783 | ||||||
Honeywell International, Inc. | 3,120 | 512,647 | ||||||
Watts Water Technologies, Inc., Class A | 579 | 47,125 | ||||||
807,431 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Aon PLC | 100 | 18,007 | ||||||
eHealth, Inc.† | 458 | 32,317 | ||||||
50,324 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 126 | 6,464 | ||||||
American Equity Investment Life Holding Co. | 2,151 | 60,895 | ||||||
Athene Holding, Ltd., Class A† | 25 | 1,016 | ||||||
Dai-ichi Life Holdings, Inc. | 6,000 | 86,282 | ||||||
Torchmark Corp. | 136 | 11,630 | ||||||
Unum Group | 72 | 2,267 | ||||||
168,554 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Allstate Corp. | 530 | 50,620 | ||||||
ASR Nederland NV | 503 | 19,044 | ||||||
Grupo Catalana Occidente SA | 406 | 14,125 | ||||||
Hartford Financial Services Group, Inc. | 341 | 17,957 | ||||||
Helvetia Holding AG | 74 | 9,070 | ||||||
Horace Mann Educators Corp. | 1,174 | 47,559 | ||||||
Loews Corp. | 269 | 13,816 | ||||||
MetLife, Inc. | 287 | 13,262 | ||||||
Storebrand ASA | 2,845 | 20,549 | ||||||
Sul America SA | 10,800 | 96,084 | ||||||
Topdanmark A/S | 131 | 7,024 | ||||||
Unipol Gruppo SpA | 5,645 | 25,983 | ||||||
United Fire Group, Inc. | 882 | 41,401 | ||||||
376,494 | ||||||||
Insurance - Property/Casualty — 0.5% |
| |||||||
Ambac Financial Group, Inc.† | 1,990 | 30,248 | ||||||
Berkshire Hathaway, Inc., Class B† | 649 | 128,126 | ||||||
Employers Holdings, Inc. | 1,100 | 45,694 | ||||||
James River Group Holdings, Ltd. | 1,072 | 47,811 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,900 | 123,197 | ||||||
ProAssurance Corp. | 1,266 | 47,500 | ||||||
Progressive Corp. | 153 | 12,130 | ||||||
RLI Corp. | 781 | 67,072 | ||||||
Selective Insurance Group, Inc. | 1,150 | 82,397 | ||||||
Stewart Information Services Corp. | 1,020 | 41,953 | ||||||
Universal Insurance Holdings, Inc. | 1,039 | 30,173 | ||||||
656,301 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Connectivity Services — 0.0% |
| |||||||
Masmovil Ibercom SA† | 505 | $ | 11,218 | |||||
Internet Content - Entertainment — 0.1% |
| |||||||
Facebook, Inc., Class A† | 577 | 102,400 | ||||||
Netflix, Inc.† | 16 | 5,493 | ||||||
107,893 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
SINA Corp.† | 2,973 | 119,693 | ||||||
Internet Financial Services — 0.0% |
| |||||||
Cerved Group SpA | 2,590 | 22,756 | ||||||
Internet Gambling — 0.0% |
| |||||||
Kindred Group PLC SDR | 1,938 | 15,082 | ||||||
Internet Infrastructure Software — 0.2% |
| |||||||
F5 Networks, Inc.† | 1,666 | 220,045 | ||||||
Internet Security — 0.4% |
| |||||||
Palo Alto Networks, Inc.† | 1,653 | 330,832 | ||||||
Symantec Corp. | 10,286 | 192,657 | ||||||
Trend Micro, Inc. | 1,800 | 80,794 | ||||||
604,283 | ||||||||
Internet Telephone — 0.0% |
| |||||||
8x8, Inc.†# | 2,240 | 54,051 | ||||||
Investment Companies — 0.0% |
| |||||||
Aker ASA, Class A | 89 | 5,097 | ||||||
KBC Ancora | 590 | 28,217 | ||||||
Sofina SA | 91 | 17,585 | ||||||
50,899 | ||||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
Affiliated Managers Group, Inc. | 52 | 4,359 | ||||||
Ameriprise Financial, Inc. | 126 | 17,417 | ||||||
Azimut Holding SpA# | 1,433 | 23,764 | ||||||
Blucora, Inc.† | 1,167 | 36,142 | ||||||
Boston Private Financial Holdings, Inc. | 4,369 | 44,782 | ||||||
Raymond James Financial, Inc. | 142 | 11,726 | ||||||
T. Rowe Price Group, Inc. | 144 | 14,564 | ||||||
Virtus Investment Partners, Inc.# | 271 | 27,531 | ||||||
Waddell & Reed Financial, Inc., Class A# | 2,156 | 34,819 | ||||||
WisdomTree Investments, Inc. | 3,776 | 22,694 | ||||||
237,798 | ||||||||
Lasers - System/Components — 0.0% |
| |||||||
II-VI, Inc.†# | 1,359 | 42,713 | ||||||
Leisure Products — 0.1% |
| |||||||
CTS Eventim AG & Co. KGaA | 500 | 22,437 | ||||||
Thule Group AB* | 1,414 | 32,234 | ||||||
Yamaha Corp. | 700 | 31,488 | ||||||
86,159 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Signify NV* | 834 | 22,284 | ||||||
Linen Supply & Related Items — 0.0% |
| |||||||
UniFirst Corp. | 357 | 56,684 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 898 | 26,428 | ||||||
Caterpillar, Inc. | 194 | 23,243 | ||||||
Komatsu, Ltd. | 2,100 | 46,163 | ||||||
95,834 | ||||||||
Machinery - Electrical — 0.4% |
| |||||||
Disco Corp.# | 400 | 55,194 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Electrical (continued) |
| |||||||
Franklin Electric Co., Inc. | 847 | $ | 37,124 | |||||
Fuji Electric Co., Ltd. | 2,600 | 86,647 | ||||||
Hitachi, Ltd. | 8,800 | 296,499 | ||||||
Konecranes OYJ | 672 | 23,016 | ||||||
Mitsubishi Electric Corp. | 6,900 | 85,643 | ||||||
584,123 | ||||||||
Machinery - General Industrial — 0.3% |
| |||||||
Albany International Corp., Class A | 638 | 44,705 | ||||||
Applied Industrial Technologies, Inc. | 943 | 51,233 | ||||||
Bucher Industries AG | 94 | 29,280 | ||||||
Chart Industries, Inc.† | 710 | 54,407 | ||||||
Duerr AG | 461 | 15,648 | ||||||
FLSmidth & Co. A/S# | 420 | 16,381 | ||||||
Hexagon AB, Class B | 2,916 | 135,373 | ||||||
Shima Seiki Manufacturing, Ltd.# | 1,100 | 30,193 | ||||||
Tennant Co. | 640 | 36,870 | ||||||
Valmet Oyj | 698 | 16,082 | ||||||
Zardoya Otis SA | 2,725 | 20,752 | ||||||
450,924 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Daifuku Co., Ltd. | 3,000 | 149,211 | ||||||
Jungheinrich AG (Preference Shares) | 434 | 12,242 | ||||||
161,453 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Dover Corp. | 184 | 16,451 | ||||||
Interpump Group SpA | 711 | 20,718 | ||||||
SPX FLOW, Inc.† | 1,128 | 40,270 | ||||||
77,439 | ||||||||
Machinery - Thermal Process — 0.0% |
| |||||||
Nissei ASB Machine Co., Ltd. | 700 | 18,610 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 1,065 | 25,549 | ||||||
Medical Information Systems — 0.0% |
| |||||||
NextGen Healthcare, Inc.† | 1,589 | 30,588 | ||||||
Tabula Rasa HealthCare, Inc.†# | 539 | 24,347 | ||||||
54,935 | ||||||||
Medical Instruments — 0.2% |
| |||||||
Ambu A/S, Class B# | 853 | 13,262 | ||||||
Boston Scientific Corp.† | 111 | 4,263 | ||||||
Edwards Lifesciences Corp.† | 62 | 10,583 | ||||||
Elekta AB, Series B | 1,803 | 23,434 | ||||||
Medtronic PLC | 420 | 38,884 | ||||||
Natus Medical, Inc.† | 1,178 | 29,332 | ||||||
Shimadzu Corp. | 3,600 | 89,461 | ||||||
Tecan Group AG | 144 | 34,526 | ||||||
Topcon Corp. | 2,700 | 34,370 | ||||||
278,115 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Evotec SE† | 719 | 17,359 | ||||||
Medpace Holdings, Inc.† | 671 | 36,221 | ||||||
PeptiDream, Inc.† | 1,900 | 94,111 | ||||||
147,691 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Carl Zeiss Meditec AG BR | 188 | 17,679 | ||||||
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products — 0.2% |
| |||||||
Abbott Laboratories | 461 | $ | 35,096 | |||||
ABIOMED, Inc.† | 22 | 5,762 | ||||||
Baxter International, Inc. | 54 | 3,966 | ||||||
Cardiovascular Systems, Inc.† | 1,020 | 39,729 | ||||||
Cooper Cos., Inc. | 125 | 37,224 | ||||||
CryoLife, Inc.† | 1,209 | 34,759 | ||||||
GN Store Nord A/S | 709 | 33,385 | ||||||
Hologic, Inc.† | 149 | 6,557 | ||||||
Integer Holdings Corp.† | 698 | 48,930 | ||||||
Luminex Corp. | 1,447 | 30,532 | ||||||
Orthofix Medical, Inc.† | 682 | 33,643 | ||||||
Tactile Systems Technology, Inc.† | 484 | 23,246 | ||||||
Varian Medical Systems, Inc.† | 11 | 1,389 | ||||||
334,218 | ||||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Amgen, Inc. | 369 | 61,512 | ||||||
Argenx SE† | 134 | 16,580 | ||||||
Biogen, Inc.† | 169 | 37,060 | ||||||
Cambrex Corp.† | 941 | 37,452 | ||||||
Celgene Corp.† | 65 | 6,096 | ||||||
Emergent BioSolutions, Inc.† | 1,105 | 44,112 | ||||||
Gilead Sciences, Inc. | 564 | 35,109 | ||||||
Illumina, Inc.† | 14 | 4,297 | ||||||
Innoviva, Inc.† | 1,884 | 25,754 | ||||||
Medicines Co.†# | 1,661 | 59,215 | ||||||
MorphoSys AG† | 191 | 18,463 | ||||||
Myriad Genetics, Inc.†# | 1,711 | 42,382 | ||||||
NeoGenomics, Inc.† | 2,205 | 47,871 | ||||||
Regeneron Pharmaceuticals, Inc.† | 17 | 5,129 | ||||||
REGENXBIO, Inc.†# | 787 | 33,857 | ||||||
Swedish Orphan Biovitrum AB† | 836 | 14,867 | ||||||
Vitrolife AB | 497 | 10,597 | ||||||
500,353 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
AbbVie, Inc. | 622 | 47,714 | ||||||
Amphastar Pharmaceuticals, Inc.† | 1,223 | 23,543 | ||||||
Bristol-Myers Squibb Co. | 765 | 34,708 | ||||||
Corcept Therapeutics, Inc.† | 2,772 | 27,110 | ||||||
Daiichi Sankyo Co., Ltd. | 1,500 | 72,508 | ||||||
Eli Lilly & Co. | 136 | 15,768 | ||||||
Enanta Pharmaceuticals, Inc.† | 419 | 37,907 | ||||||
Galapagos NV†# | 251 | 28,526 | ||||||
Jazz Pharmaceuticals PLC† | 44 | 5,524 | ||||||
Johnson & Johnson | 710 | 93,116 | ||||||
Merck & Co., Inc. | 682 | 54,021 | ||||||
Pfizer, Inc. | 1,293 | 53,685 | ||||||
Phibro Animal Health Corp., Class A | 901 | 26,652 | ||||||
Shionogi & Co., Ltd. | 1,200 | 65,351 | ||||||
Spectrum Pharmaceuticals, Inc.† | 3,442 | 25,333 | ||||||
Supernus Pharmaceuticals, Inc.† | 1,321 | 39,670 | ||||||
Vanda Pharmaceuticals, Inc.† | 1,640 | 24,075 | ||||||
675,211 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Endo International PLC† | 5,084 | 25,166 | ||||||
Momenta Pharmaceuticals, Inc.† | 2,958 | 34,401 | ||||||
59,567 | ||||||||
Medical- HMO — 0.1% |
| |||||||
Hapvida Participacoes e Investimentos SA* | 4,200 | 39,368 | ||||||
Magellan Health, Inc.† | 613 | 40,476 |
Security Description | Shares | Value (Note 2) | ||||||
Medical- HMO (continued) |
| |||||||
Tivity Health, Inc.†# | 1,324 | $ | 24,229 | |||||
UnitedHealth Group, Inc. | 425 | 102,765 | ||||||
206,838 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA Healthcare, Inc. | 317 | 38,344 | ||||||
Select Medical Holdings Corp.† | 2,710 | 38,075 | ||||||
Universal Health Services, Inc., Class B | 43 | �� | 5,141 | |||||
81,560 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Ensign Group, Inc. | 1,123 | 59,811 | ||||||
Korian SA | 353 | 14,062 | ||||||
Orpea | 212 | 24,168 | ||||||
98,041 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
LHC Group, Inc.† | 642 | 72,726 | ||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Amplifon SpA | 122 | 2,704 | ||||||
Cardinal Health, Inc. | 305 | 12,831 | ||||||
Galenica AG* | 630 | 30,311 | ||||||
McKesson Corp. | 21 | 2,565 | ||||||
Premier, Inc., Class A† | 151 | 5,549 | ||||||
53,960 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Aurubis AG | 499 | 21,889 | ||||||
AZZ, Inc. | 801 | 33,706 | ||||||
CIRCOR International, Inc.† | 735 | 31,061 | ||||||
Mueller Industries, Inc. | 1,389 | 37,433 | ||||||
NORMA Group | 377 | 14,663 | ||||||
VAT Group AG*# | 263 | 28,327 | ||||||
167,079 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
SFS Group AG | 251 | 19,945 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Alumina, Ltd. | 36,907 | 60,990 | ||||||
Aluminum Corp of China, Ltd.† | 60,000 | 21,514 | ||||||
China Zhongwang Holdings, Ltd. | 24,800 | 11,796 | ||||||
Kaiser Aluminum Corp. | 409 | 36,450 | ||||||
Norsk Hydro ASA | 20,233 | 70,617 | ||||||
201,367 | ||||||||
Metal - Copper — 0.3% |
| |||||||
Antofagasta PLC | 5,904 | 58,562 | ||||||
First Quantum Minerals, Ltd. | 10,387 | 75,620 | ||||||
Freeport-McMoRan, Inc. | 20,737 | 201,356 | ||||||
Jiangxi Copper Co., Ltd. | 19,000 | 23,683 | ||||||
Turquoise Hill Resources, Ltd.†# | 15,064 | 17,833 | ||||||
377,054 | ||||||||
Metal - Diversified — 1.5% |
| |||||||
Boliden AB | 4,118 | 93,573 | ||||||
Boliden AB† | 4,118 | 1,842 | ||||||
China Molybdenum Co, Ltd., Class H# | 57,000 | 17,803 | ||||||
Glencore PLC | 171,454 | �� | 553,084 | |||||
MMG, Ltd.† | 36,000 | 10,925 | ||||||
Rio Tinto PLC | 17,634 | 1,013,061 | ||||||
Rio Tinto, Ltd. | 5,597 | 388,205 | ||||||
South32, Ltd. | 77,184 | 177,214 | ||||||
2,255,707 | ||||||||
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Metal - Iron — 0.5% |
| |||||||
Fortescue Metals Group, Ltd. | 23,474 | $ | 130,110 | |||||
Vale SA ADR | 42,865 | 534,526 | ||||||
664,636 | ||||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,303 | 48,511 | ||||||
John Bean Technologies Corp. | 701 | 71,887 | ||||||
120,398 | ||||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Yamaha Motor Co., Ltd.# | 1,400 | 23,813 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 1,638 | 24,931 | ||||||
Viacom, Inc., Class B | 507 | 14,718 | ||||||
Walt Disney Co. | 233 | 30,765 | ||||||
70,414 | ||||||||
Networking Products — 0.9% |
| |||||||
Arista Networks, Inc.† | 1,266 | 309,651 | ||||||
Cisco Systems, Inc. | 14,526 | 755,788 | ||||||
LogMeIn, Inc. | 2,565 | 184,244 | ||||||
NETGEAR, Inc.† | 946 | 23,839 | ||||||
1,273,522 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Mitsubishi Materials Corp. | 1,600 | 41,708 | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Zebra Technologies Corp., Class A† | 923 | 158,239 | ||||||
Office Furnishings - Original — 0.0% |
| |||||||
Interface, Inc. | 1,894 | 27,406 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 10 | 1,041 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Nabors Industries, Ltd.# | 10,599 | 25,014 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Cabot Oil & Gas Corp. | 257 | 6,430 | ||||||
Carrizo Oil & Gas, Inc.† | 2,451 | 24,951 | ||||||
ConocoPhillips | 588 | 34,668 | ||||||
Denbury Resources, Inc.†# | 13,495 | 19,433 | ||||||
Devon Energy Corp. | 17 | 428 | ||||||
Gulfport Energy Corp.† | 4,816 | 26,344 | ||||||
Inpex Corp. | 4,100 | 32,932 | ||||||
Occidental Petroleum Corp. | 319 | 15,877 | ||||||
PDC Energy, Inc.† | 1,611 | 49,168 | ||||||
SRC Energy, Inc.†# | 6,872 | 32,573 | ||||||
Unit Corp.† | 2,251 | 21,655 | ||||||
Whiting Petroleum Corp.†# | 2,295 | 42,182 | ||||||
306,641 | ||||||||
Oil Companies - Integrated — 0.6% |
| |||||||
Chevron Corp. | 480 | 54,648 | ||||||
Exxon Mobil Corp. | 1,276 | 90,303 | ||||||
Petroleo Brasileiro SA ADR | 20,068 | 289,581 | ||||||
Petroleo Brasileiro SA ADR (Preference Shares) | 32,254 | 418,657 | ||||||
853,189 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.† | 1,036 | 42,735 | ||||||
National Oilwell Varco, Inc. | 285 | 5,942 | ||||||
US Silica Holdings, Inc.# | 2,226 | 23,106 | ||||||
71,783 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
HollyFrontier Corp. | 108 | $ | 4,102 | |||||
Phillips 66 | 147 | 11,877 | ||||||
15,979 | ||||||||
Oil- Field Services — 0.2% |
| |||||||
Archrock, Inc. | 3,586 | 31,808 | ||||||
C&J Energy Services, Inc.† | 2,398 | 28,392 | ||||||
DMC Global, Inc. | 405 | 27,394 | ||||||
Helix Energy Solutions Group, Inc.† | 4,162 | 28,135 | ||||||
Newpark Resources, Inc.† | 3,723 | 26,024 | ||||||
Oil States International, Inc.† | 1,900 | 31,616 | ||||||
ProPetro Holding Corp.† | 1,819 | 35,325 | ||||||
Saipem SpA† | 5,848 | 24,909 | ||||||
SBM Offshore NV | 1,317 | 23,229 | ||||||
Schlumberger, Ltd. | 179 | 6,210 | ||||||
Subsea 7 SA | 2,902 | 32,059 | ||||||
TGS NOPEC Geophysical Co. ASA | 1,114 | 27,871 | ||||||
322,972 | ||||||||
Optical Recognition Equipment — 0.0% |
| |||||||
Jenoptik AG | 604 | 18,786 | ||||||
Paper & Related Products — 0.2% |
| |||||||
BillerudKorsnas AB | 1,260 | 15,087 | ||||||
Holmen AB | 630 | 12,238 | ||||||
International Paper Co. | 160 | 6,635 | ||||||
Neenah, Inc. | 551 | 31,495 | ||||||
Schweitzer-Mauduit International, Inc. | 914 | 28,599 | ||||||
Suzano SA | 15,600 | 127,537 | ||||||
221,591 | ||||||||
Pastoral & Agricultural — 0.1% |
| |||||||
Darling Ingredients, Inc.† | 3,770 | 71,253 | ||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
Masimo Corp.† | 81 | 10,590 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Cigna Corp. | 131 | 19,391 | ||||||
CVS Health Corp. | 187 | 9,793 | ||||||
29,184 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
Encompass Health Corp. | 249 | 14,671 | ||||||
U.S. Physical Therapy, Inc. | 378 | 42,226 | ||||||
56,897 | ||||||||
Pipelines — 0.0% |
| |||||||
Kinder Morgan, Inc. | 553 | 11,032 | ||||||
ONEOK, Inc. | 54 | 3,436 | ||||||
14,468 | ||||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Schneider Electric SE | 1,857 | 146,470 | ||||||
Publishing - Books — 0.1% |
| |||||||
Lagardere SCA | 1,174 | 28,521 | ||||||
Scholastic Corp. | 1,046 | 34,612 | ||||||
63,133 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
Gannett Co., Inc. | 3,606 | 28,343 | ||||||
Real Estate Investment Trusts — 1.1% |
| |||||||
Acadia Realty Trust | 1,821 | 49,804 | ||||||
Aedifica SA | 279 | 25,684 | ||||||
Agree Realty Corp. | 739 | 49,476 | ||||||
Alstria OfficeREIT-AG | 1,620 | 25,301 |
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
American Tower Corp. | 249 | $ | 51,984 | |||||
Apartment Investment & Management Co., Class A | 284 | 14,186 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 2,079 | 38,212 | ||||||
Capstead Mtg. Corp. | 5,468 | 43,252 | ||||||
CareTrust REIT, Inc. | 2,083 | 50,638 | ||||||
Chatham Lodging Trust | 2,638 | 50,228 | ||||||
Chesapeake Lodging Trust | 1,483 | 42,666 | ||||||
Cofinimmo SA | 99 | 12,481 | ||||||
DiamondRock Hospitality Co. | 4,800 | 47,568 | ||||||
Easterly Government Properties, Inc. | 3,044 | 56,040 | ||||||
Four Corners Property Trust, Inc.# | 1,540 | 44,290 | ||||||
Franklin Street Properties Corp. | 6,066 | 43,918 | ||||||
Global Net Lease, Inc. | 2,665 | 49,063 | ||||||
Granite Point Mtg. Trust, Inc. | 1,889 | 35,117 | ||||||
HCP, Inc. | 22 | 698 | ||||||
Hersha Hospitality Trust# | 2,210 | 37,680 | ||||||
Host Hotels & Resorts, Inc. | 1,727 | 31,276 | ||||||
Independence Realty Trust, Inc. | 5,181 | 56,887 | ||||||
Inmobiliaria Colonial SA | 1,882 | 20,835 | ||||||
Invesco Mtg. Capital, Inc. | 2,646 | 40,722 | ||||||
Kite Realty Group Trust | 2,796 | 42,499 | ||||||
Lexington Realty Trust | 4,905 | 44,979 | ||||||
LTC Properties, Inc. | 907 | 40,588 | ||||||
Merlin Properties Socimi SA | 2,084 | 27,705 | ||||||
National Storage Affiliates Trust | 1,495 | 44,536 | ||||||
New York Mortgage Trust, Inc. | 6,893 | 41,634 | ||||||
Office Properties Income Trust | 1,538 | 36,774 | ||||||
Public Storage | 26 | 6,185 | ||||||
Retail Opportunity Investments Corp. | 2,858 | 47,843 | ||||||
RPT Realty# | 3,920 | 47,706 | ||||||
Simon Property Group, Inc. | 222 | 35,984 | ||||||
Summit Hotel Properties, Inc. | 3,705 | 42,348 | ||||||
Warehouses De Pauw CVA | 123 | 19,107 | ||||||
Washington Prime Group, Inc.# | 7,715 | 31,631 | ||||||
Washington Real Estate Investment Trust | 1,910 | 50,825 | ||||||
Whitestone REIT# | 3,442 | 43,610 | ||||||
Xenia Hotels & Resorts, Inc. | 2,451 | 51,250 | ||||||
1,573,210 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
ADO Properties SA* | 370 | 19,931 | ||||||
BR Malls Participacoes SA | 11,200 | 36,563 | ||||||
CBRE Group, Inc., Class A† | 336 | 15,355 | ||||||
Deutsche Euroshop AG | 983 | 29,255 | ||||||
Entra ASA* | 1,521 | 22,665 | ||||||
Fabege AB | 1,109 | 16,640 | ||||||
Fastighets AB Balder, Class B† | 411 | 13,351 | ||||||
HFF, Inc., Class A | 872 | 37,653 | ||||||
Hufvudstaden AB, Class A | 553 | 9,054 | ||||||
Jones Lang LaSalle, Inc. | 13 | 1,618 | ||||||
Kungsleden AB | 2,431 | 18,822 | ||||||
RE/MAX Holdings, Inc., Class A | 886 | 26,243 | ||||||
Relo Group, Inc. | 500 | 13,313 | ||||||
Wallenstam AB | 634 | 6,421 | ||||||
Wihlborgs Fastigheter AB | 2,017 | 29,339 | ||||||
296,223 | ||||||||
Real Estate Operations & Development — 0.2% |
| |||||||
CA Immobilien Anlagen AG | 605 | 22,470 | ||||||
Castellum AB | 332 | 6,304 | ||||||
Grand City Properties SA | 832 | 21,376 | ||||||
Hemfosa Fastigheter AB | 1,617 | 14,920 | ||||||
IMMOFINANZ AG | 782 | 19,866 | ||||||
LEG Immobilien AG | 191 | 22,811 | ||||||
Mitsui Fudosan Co., Ltd. | 6,100 | 147,432 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Operations & Development (continued) |
| |||||||
Nexity SA | 508 | $ | 22,386 | |||||
TAG Immobilien AG | 213 | 4,997 | ||||||
TLG Immobilien AG | 602 | 17,653 | ||||||
300,215 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Dometic Group AB* | 2,456 | 22,297 | ||||||
Recycling — 0.0% |
| |||||||
Tomra Systems ASA# | 715 | 21,482 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Localiza Rent a Car SA | 14,400 | 139,598 | ||||||
Rent-A-Center, Inc.† | 1,292 | 30,827 | ||||||
170,425 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Abercrombie & Fitch Co., Class A | 1,697 | 29,358 | ||||||
Boot Barn Holdings, Inc.† | 853 | 22,289 | ||||||
Burlington Stores, Inc.† | 94 | 14,719 | ||||||
Caleres, Inc. | 1,530 | 28,856 | ||||||
Cato Corp., Class A | 2,461 | 30,492 | ||||||
Children’s Place, Inc.# | 433 | 40,122 | ||||||
Designer Brands, Inc.# | 1,678 | 30,355 | ||||||
Foot Locker, Inc. | 43 | 1,692 | ||||||
Gap, Inc. | 137 | 2,559 | ||||||
Genesco, Inc.† | 741 | 33,330 | ||||||
Guess?, Inc.# | 1,672 | 27,036 | ||||||
Lojas Renner SA | 20,240 | 227,161 | ||||||
Lululemon Athletica, Inc.† | 112 | 18,546 | ||||||
Ross Stores, Inc. | 169 | 15,715 | ||||||
522,230 | ||||||||
Retail - Auto Parts — 0.0% |
| |||||||
Advance Auto Parts, Inc. | 5 | 775 | ||||||
AutoZone, Inc.† | 42 | 43,138 | ||||||
O’Reilly Automotive, Inc.† | 29 | 10,770 | ||||||
54,683 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
Asbury Automotive Group, Inc.† | 551 | 40,879 | ||||||
Group 1 Automotive, Inc. | 482 | 34,795 | ||||||
Lithia Motors, Inc., Class A# | 531 | 60,614 | ||||||
136,288 | ||||||||
Retail - Building Products — 0.1% |
| |||||||
Home Depot, Inc. | 278 | 52,778 | ||||||
Lowe’s Cos., Inc. | 238 | 22,201 | ||||||
74,979 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 106 | 6,643 | ||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc. | 1,082 | 29,863 | ||||||
Dollar General Corp. | 187 | 23,801 | ||||||
Dollar Tree, Inc.† | 43 | 4,369 | ||||||
Magazine Luiza SA | 1,000 | 49,950 | ||||||
Pan Pacific International Holdings Corp | 2,200 | 135,488 | ||||||
Walmart, Inc. | 254 | 25,766 | ||||||
269,237 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Raia Drogasil SA | 6,000 | 106,148 | ||||||
Walgreens Boots Alliance, Inc. | 383 | 18,897 | ||||||
125,045 | ||||||||
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Home Furnishings — 0.1% |
| |||||||
La-Z-Boy, Inc. | 1,286 | $ | 41,396 | |||||
Nitori Holdings Co., Ltd. | 400 | 47,591 | ||||||
RH†# | 439 | 37,381 | ||||||
126,368 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
TJX Cos., Inc. | 646 | 32,487 | ||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
GameStop Corp., Class A# | 3,410 | 25,848 | ||||||
Retail - Office Supplies — 0.0% |
| |||||||
Office Depot, Inc. | 14,921 | 29,245 | ||||||
Retail - Pawn Shops — 0.1% |
| |||||||
EZCORP, Inc., Class A†# | 2,964 | 26,024 | ||||||
FirstCash, Inc. | 909 | 86,100 | ||||||
112,124 | ||||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 29 | 9,668 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp.# | 140 | 6,905 | ||||||
Retail - Restaurants — 0.2% |
| |||||||
BJ’s Restaurants, Inc. | 710 | 29,742 | ||||||
Chipotle Mexican Grill, Inc.† | 20 | 13,199 | ||||||
Darden Restaurants, Inc. | 136 | 15,820 | ||||||
Dave & Buster’s Entertainment, Inc. | 920 | 45,761 | ||||||
Dine Brands Global, Inc.# | 425 | 40,129 | ||||||
Ruth’s Hospitality Group, Inc. | 1,419 | 32,453 | ||||||
Shake Shack, Inc., Class A† | 706 | 43,313 | ||||||
Starbucks Corp. | 491 | 37,345 | ||||||
Wingstop, Inc. | 683 | 54,421 | ||||||
312,183 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Cooper Tire & Rubber Co. | 1,332 | 36,737 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Hexpol AB | 3,223 | 23,363 | ||||||
Proto Labs, Inc.† | 609 | 61,113 | ||||||
Raven Industries, Inc. | 1,136 | 37,204 | ||||||
121,680 | ||||||||
Satellite Telecom — 0.0% |
| |||||||
Cellnex Telecom SA* | 1,070 | 37,580 | ||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
Axos Financial, Inc.†# | 1,385 | 37,824 | ||||||
Banc of California, Inc. | 2,458 | 32,519 | ||||||
Brookline Bancorp, Inc. | 2,708 | 38,860 | ||||||
Dime Community Bancshares, Inc. | 2,152 | 38,263 | ||||||
Northfield Bancorp, Inc. | 2,246 | 33,712 | ||||||
Northwest Bancshares, Inc. | 2,354 | 39,477 | ||||||
Oritani Financial Corp.# | 255 | 4,080 | ||||||
People’s United Financial, Inc. | 7 | 108 | ||||||
Provident Financial Services, Inc. | 193 | 4,601 | ||||||
Washington Federal, Inc. | 275 | 8,682 | ||||||
238,126 | ||||||||
Schools — 0.1% |
| |||||||
Career Education Corp.† | 2,038 | 38,253 | ||||||
Strategic Education, Inc. | 501 | 88,171 | ||||||
126,424 | ||||||||
Security Services — 0.0% |
| |||||||
Loomis AB, Series B | 603 | 19,517 |
Security Description | Shares | Value (Note 2) | ||||||
Security Services (continued) |
| |||||||
Prosegur Cia de Seguridad SA | 3,446 | $ | 14,652 | |||||
34,169 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Analog Devices, Inc. | 1,277 | 123,384 | ||||||
Maxim Integrated Products, Inc. | 2,536 | 133,368 | ||||||
MaxLinear, Inc.†# | 1,597 | 33,808 | ||||||
NXP Semiconductors NV | 3,491 | 307,767 | ||||||
Power Integrations, Inc. | 711 | 46,329 | ||||||
QUALCOMM, Inc. | 4,610 | 308,040 | ||||||
Renesas Electronics Corp.† | 13,700 | 61,150 | ||||||
1,013,846 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
ASM International NV | 403 | 23,485 | ||||||
ASM Pacific Technology, Ltd. | 16,300 | 157,847 | ||||||
BE Semiconductor Industries NV# | 630 | 14,162 | ||||||
Brooks Automation, Inc. | 1,656 | 58,771 | ||||||
Cabot Microelectronics Corp. | 578 | 56,338 | ||||||
Cohu, Inc. | 1,747 | 25,419 | ||||||
FormFactor, Inc.† | 2,145 | 30,802 | ||||||
Kulicke & Soffa Industries, Inc. | 1,856 | 35,988 | ||||||
Lam Research Corp. | 116 | 20,255 | ||||||
Siltronic AG | 158 | 10,843 | ||||||
Teradyne, Inc. | 3,899 | 164,304 | ||||||
598,214 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 65 | 13,333 | ||||||
Software Tools — 0.5% |
| |||||||
VMware, Inc., Class A | 4,012 | 710,044 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Maruichi Steel Tube, Ltd. | 800 | 20,954 | ||||||
Steel - Producers — 0.8% |
| |||||||
Acerinox SA | 1,199 | 11,305 | ||||||
AK Steel Holding Corp.†# | 9,779 | 16,820 | ||||||
Angang Steel Co., Ltd.# | 20,800 | 9,340 | ||||||
ArcelorMittal | 10,001 | 147,522 | ||||||
BlueScope Steel, Ltd. | 8,200 | 59,591 | ||||||
China Oriental Group Co., Ltd. | 16,000 | 9,276 | ||||||
Companhia Siderurgica Nacional SA ADR | 8,634 | 36,004 | ||||||
Gerdau SA ADR | 25,157 | 87,546 | ||||||
JFE Holdings, Inc. | 9,200 | 126,996 | ||||||
Kobe Steel, Ltd. | 4,600 | 28,463 | ||||||
Maanshan Iron & Steel Co., Ltd.# | 24,000 | 10,204 | ||||||
Nippon Steel Corp. | 11,500 | 190,153 | ||||||
Nucor Corp. | 5,039 | 241,872 | ||||||
SSAB AB, Class B | 7,601 | 20,911 | ||||||
Steel Dynamics, Inc. | 3,533 | 88,855 | ||||||
thyssenkrupp AG | 6,567 | 83,123 | ||||||
voestalpine AG | 1,717 | 44,672 | ||||||
1,212,653 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
APERAM SA | 555 | 13,035 | ||||||
Hitachi Metals, Ltd. | 3,200 | 31,648 | ||||||
44,683 | ||||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 1,199 | 36,773 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 87 | 2,509 | ||||||
Finisar Corp.† | 2,597 | 54,485 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telecom Equipment - Fiber Optics (continued) |
| |||||||
Viavi Solutions, Inc.† | 5,055 | $ | 60,913 | |||||
117,907 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 1,685 | 26,421 | ||||||
Juniper Networks, Inc. | 9,029 | 222,203 | ||||||
248,624 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
AT&T, Inc. | 1,287 | 39,356 | ||||||
CenturyLink, Inc. | 1,713 | 17,901 | ||||||
Freenet AG | 1,213 | 23,549 | ||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 134,250 | ||||||
SoftBank Group Corp. | 1,000 | 93,829 | ||||||
Verizon Communications, Inc. | 495 | 26,903 | ||||||
335,788 | ||||||||
Television — 0.0% |
| |||||||
AMC Networks, Inc., Class A† | 263 | 13,878 | ||||||
CBS Corp., Class B | 203 | 9,801 | ||||||
ION Media Networks, Inc.†(2)(3) | 18 | 16,944 | ||||||
40,623 | ||||||||
Theaters — 0.0% |
| |||||||
Cinemark Holdings, Inc. | 260 | 9,877 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 957 | 46,951 | ||||||
Philip Morris International, Inc. | 155 | 11,955 | ||||||
Universal Corp. | 675 | 38,151 | ||||||
97,057 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc.# | 196 | 30,560 | ||||||
Toys — 0.1% |
| |||||||
Bandai Namco Holdings, Inc. | 1,500 | 73,662 | ||||||
Transactional Software — 0.1% |
| |||||||
SimCorp A/S | 315 | 30,548 | ||||||
Worldline SA†* | 958 | 57,574 | ||||||
88,122 | ||||||||
Transport- Air Freight — 0.0% |
| |||||||
Atlas Air Worldwide Holdings, Inc.† | 720 | 25,481 | ||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
Greenbrier Cos., Inc. | 895 | 24,353 | ||||||
Transport - Marine — 0.0% |
| |||||||
Dfds A/S# | 376 | 14,247 | ||||||
SEACOR Holdings, Inc.† | 703 | 29,252 | ||||||
43,499 | ||||||||
Transport - Rail — 0.1% |
| |||||||
CSX Corp. | 255 | 18,990 | ||||||
Rumo SA† | 14,600 | 72,033 | ||||||
Union Pacific Corp. | 33 | 5,504 | ||||||
West Japan Railway Co. | 1,300 | 101,723 | ||||||
198,250 | ||||||||
Transport - Services — 0.2% |
| |||||||
C.H. Robinson Worldwide, Inc. | 227 | 18,076 | ||||||
Expeditors International of Washington, Inc. | 105 | 7,307 | ||||||
Forward Air Corp. | 667 | 37,239 | ||||||
Hub Group, Inc., Class A† | 911 | 35,492 | ||||||
Matson, Inc. | 1,006 | 34,425 | ||||||
Panalpina Welttransport Holding AG† | 122 | 25,899 |
Security Description | Shares/ Principal Amount(7) | Value (Note 2) | ||||||
Transport - Services (continued) |
| |||||||
Sankyu, Inc. | 1,100 | $ | 55,496 | |||||
SG Holdings Co., Ltd. | 3,100 | 84,011 | ||||||
United Parcel Service, Inc., Class B | 206 | 19,141 | ||||||
317,086 | ||||||||
Transport - Truck — 0.0% |
| |||||||
Saia, Inc.† | 639 | 37,701 | ||||||
Travel Services — 0.0% |
| |||||||
HIS Co., Ltd. | 1,800 | 52,572 | ||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Neogen Corp.† | 1,223 | 68,916 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Kurita Water Industries, Ltd. | 1,100 | 26,210 | ||||||
Web Hosting/Design — 0.8% |
| |||||||
GoDaddy, Inc., Class A† | 5,140 | 382,416 | ||||||
NIC, Inc. | 2,131 | 34,011 | ||||||
Shopify, Inc., Class A† | 2,463 | 677,079 | ||||||
VeriSign, Inc.† | 23 | 4,484 | ||||||
1,097,990 | ||||||||
Web Portals/ISP — 0.4% |
| |||||||
Alphabet, Inc., Class A† | 43 | 47,580 | ||||||
Alphabet, Inc., Class C† | 133 | 146,783 | ||||||
Baidu, Inc. ADR† | 1,522 | 167,420 | ||||||
United Internet AG | 4,199 | 150,277 | ||||||
512,060 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Encore Wire Corp. | 598 | 29,846 | ||||||
X-Ray Equipment — 0.0% |
| |||||||
Varex Imaging Corp.† | 1,285 | 34,284 | ||||||
Total Common Stocks | ||||||||
(cost $69,445,484) | 66,646,681 | |||||||
EXCHANGE-TRADED FUNDS — 7.5% |
| |||||||
iShares Core S&PSmall-Cap ETF# | 1,923 | 140,706 | ||||||
iShares MSCI Brazil ETF# | 58,000 | 2,415,700 | ||||||
iShares MSCI EuropeSmall-Cap ETF | 10,600 | 524,912 | ||||||
iShares MSCI India ETF# | 44,600 | 1,604,708 | ||||||
iShares MSCI South Korea ETF | 113,700 | 6,318,309 | ||||||
iShares Russell 1000 Growth ETF | 105 | 15,561 | ||||||
SPDR S&P 500 ETF Trust# | 153 | 42,116 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $11,639,405) | 11,062,012 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0% |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 45,000 | 4 | ||||||
ASSET BACKED SECURITIES — 7.8% |
| |||||||
Diversified Financial Services — 7.8% |
| |||||||
BMW Vehicle Lease Trust | 150,000 | 149,711 | ||||||
BMW Vehicle Lease Trust | 385,000 | 390,873 | ||||||
Citibank Credit Card Issuance Trust FRS | 500,000 | 503,237 |
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES (continued) |
| |||||||
Diversified Financial Services (continued) |
| |||||||
Citibank Credit Card Issuance Trust | $ | 200,000 | $ | 206,731 | ||||
Discover Card Execution Note Trust | 1,400,000 | 1,398,640 | ||||||
Discover Card Execution Note Trust | 450,000 | 459,315 | ||||||
Hyundai Auto Receivables Trust | 1,000,000 | 995,516 | ||||||
Kingsland VIII, Ltd. FRS | 7,500,000 | 7,324,043 | ||||||
Mercedes-Benz Auto Lease Trust | 78,000 | 79,297 | ||||||
Toyota Auto Receivables Owner Trust | 75,000 | 76,905 | ||||||
Total Asset Backed Securities | ||||||||
(cost $11,744,809) | 11,584,268 | |||||||
U.S. CORPORATE BONDS & NOTES — 5.8% |
| |||||||
Banks - Super Regional — 0.8% |
| |||||||
Citibank NA FRS | 1,160,000 | 1,161,232 | ||||||
Brewery — 0.9% |
| |||||||
Anheuser-Busch InBev Finance, Inc. FRS | 1,300,000 | 1,320,772 | ||||||
Cable/Satellite TV — 0.7% |
| |||||||
Comcast Corp. FRS | 1,050,000 | 1,054,109 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 757 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
771 | ||||||||
Pharmacy Services — 1.0% |
| |||||||
CVS Health Corp. FRS | 1,500,000 | 1,503,878 | ||||||
Retail - Building Products — 0.9% |
| |||||||
Home Depot, Inc. FRS | 1,300,000 | 1,302,121 | ||||||
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Telephone - Integrated — 1.5% |
| |||||||
AT&T, Inc. FRS | $ | 1,000,000 | $ | 1,009,630 | ||||
Verizon Communications, Inc. FRS | 1,216,000 | 1,220,864 | ||||||
2,230,494 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $8,585,213) | 8,573,377 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 2.5% |
| |||||||
Banks - Commercial — 0.7% |
| |||||||
Royal Bank of Canada FRS | 1,100,000 | 1,102,248 | ||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Siemens Financieringsmaatschappij NV FRS | 1,290,000 | 1,291,112 | ||||||
Soap & Cleaning Preparation — 0.9% |
| |||||||
Reckitt Benckiser Treasury Services PLC FRS | 1,295,000 | 1,289,706 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $3,696,550) | 3,683,066 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.9% |
| |||||||
Sovereign — 1.9% |
| |||||||
Commonwealth of Australia | AUD | 52,000 | 42,686 | |||||
Commonwealth of Australia | AUD | 33,000 | 27,913 | |||||
Government of Canada | CAD | 60,000 | 43,324 | |||||
Government of Canada | CAD | 34,000 | 25,805 | |||||
Government of Canada | CAD | 39,000 | 29,228 | |||||
Government of Canada | CAD | 51,000 | 39,226 | |||||
Government of France | EUR | 45,000 | 86,049 | |||||
Government of Japan | JPY | 10,000,000 | 92,666 | |||||
Government of Japan | JPY | 9,300,000 | 86,229 | |||||
Government of Japan | JPY | 13,300,000 | 124,298 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Government of Japan | JPY | 10,000,000 | $ | 93,531 | ||||
Government of Japan | JPY | 9,700,000 | 91,311 | |||||
Government of Japan | JPY | 3,300,000 | 31,781 | |||||
Government of Japan | JPY | 5,000,000 | 47,989 | |||||
Government of Japan | JPY | 12,900,000 | 126,605 | |||||
Government of Japan | JPY | 3,800,000 | 37,264 | |||||
Government of Japan | JPY | 11,000,000 | 109,858 | |||||
Government of Japan | JPY | 3,200,000 | 33,484 | |||||
Government of Japan | JPY | 3,500,000 | 36,440 | |||||
Government of Japan | JPY | 3,200,000 | 39,475 | |||||
Kingdom of Denmark | DKK | 88,000 | 24,397 | |||||
Kingdom of Norway | NOK | 306,000 | 35,894 | |||||
Kingdom of Spain | EUR | 62,000 | 111,366 | |||||
Kingdom of Spain | EUR | 33,000 | 62,838 | |||||
Kingdom of Spain | EUR | 45,000 | 79,906 | |||||
Portuguese Republic | EUR | 19,000 | 23,543 | |||||
Portuguese Republic | EUR | 15,000 | 24,204 | |||||
Portuguese Republic | EUR | 38,000 | 59,263 | |||||
Republic of Italy | EUR | 22,000 | 30,127 | |||||
Republic of Italy | EUR | 17,000 | 23,682 | |||||
Republic of Italy | EUR | 40,000 | 50,674 | |||||
Republic of Italy | EUR | 30,000 | 43,977 |
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Republic of Italy | EUR | 39,000 | $ | 58,265 | ||||
Republic of Italy | EUR | 36,000 | 52,641 | |||||
United Kingdom Gilt Treasury | GBP | 115,000 | 145,079 | |||||
United Kingdom Gilt Treasury | GBP | 122,000 | 155,078 | |||||
United Kingdom Gilt Treasury | GBP | 107,000 | 137,587 | |||||
United Kingdom Gilt Treasury | GBP | 105,000 | 137,771 | |||||
United Kingdom Gilt Treasury | GBP | 89,000 | 120,289 | |||||
United Kingdom Gilt Treasury | GBP | 74,000 | 100,193 | |||||
United Kingdom Gilt Treasury | GBP | 68,000 | 94,084 | |||||
Total Foreign Government Obligations | ||||||||
(cost $2,791,555) | 2,816,020 | |||||||
RIGHTS — 0.0% |
| |||||||
Real Estate Operations & Development — 0.0% |
| |||||||
BUWOG AG†#(2) | 1,461 | 0 | ||||||
U.S. GOVERNMENT TREASURIES — 14.1% |
| |||||||
United States Treasury Bonds — 0.3% |
| |||||||
2.50% due 05/15/2046 | 134,000 | 131,875 | ||||||
2.88% due 05/15/2043 | 110,000 | 116,402 | ||||||
3.00% due 11/15/2045 | 79,000 | 85,613 | ||||||
3.75% due 11/15/2043 | 27,000 | 32,902 | ||||||
366,792 | ||||||||
United States Treasury Notes — 13.8% |
| |||||||
1.38% due 03/31/2020 | 6,390,000 | 6,342,075 | ||||||
1.50% due 02/28/2023 | 118,000 | 116,216 | ||||||
1.63% due 08/31/2022 | 90,000 | 89,209 | ||||||
1.63% due 02/15/2026 | 183,000 | 178,425 | ||||||
1.88% due 04/30/2022 | 64,000 | 63,930 | ||||||
1.88% due 07/31/2022 | 25,000 | 24,976 | ||||||
2.00% due 10/31/2022 | 24,000 | 24,068 | ||||||
2.00% due 02/15/2023 | 151,000 | 151,425 | ||||||
2.00% due 08/15/2025 | 149,000 | 148,942 | ||||||
2.13% due 05/15/2025 | 112,000 | 112,774 | ||||||
2.38% due 01/31/2023 | 114,000 | 115,830 | ||||||
2.38% due 04/30/2020 | 6,390,000 | 6,394,992 | ||||||
2.50% due 05/31/2020 | 6,390,000 | 6,405,476 | ||||||
2.50% due 03/31/2023 | 116,000 | 118,488 | ||||||
2.75% due 02/28/2025 | 125,000 | 130,205 | ||||||
20,417,031 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $20,634,316) | 20,783,823 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $128,537,332) | 125,149,251 | |||||||
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 8.50% |
| |||||||
Registered Investment Companies — 7.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 10,082,291 | $ | 10,082,291 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,272,012 | 1,272,012 | ||||||
11,354,303 | ||||||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills | 1,210,000 | 1,193,910 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $12,546,519) | 12,548,213 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $141,083,851)(8) | 93.3 | % | 137,697,464 | |||||
Other assets less liabilities | 6.7 | 9,845,632 | ||||||
NET ASSETS | 100.0 | % | $ | 147,543,096 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $10,937,181 representing 7.4% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Collateralized Loan Obligation |
(2) | Securities classified as Level 3 (see Note 2). |
(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 May 31, 2019, 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. | 03/05/2014 | 18 | $ | 0 | $ | 16,944 | $ | 941.33 | 0.01 | % | ||||||||||||||
(4) | At May 31, 2019, the Fund had loaned securities with a total value of $5,712,156. This was secured by collateral of $1,272,012, which was received in cash and subsequently invested in short-term investments currently valued at $1,272,012 as reported in the Portfolio of Investments. Additional collateral of $4,654,901 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/26/2019 | $ | 420,447 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 4,234,454 |
(5) | The rate shown is the7-day yield as of May 31, 2019. |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(7) | Denominated in United States dollars unless otherwise indicated. |
(8) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
AUD—Australian Dollar
BR—Bearer Shares
CAD—Canadian Dollar
CVA—Certification Van Aadelen (Dutch Cert.)
CVR—Contingent Value Rights
DKK—Danish Krone
ETF—Exchange-Traded Funds
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
NOK—Norwegian Krone
SDR—Swedish Depositary Receipt
FRS—Floating Rate Security
The rates shown on the FRS is the current interest rates as of May 31, 2019, and unless
noted otherwise, the dates shown are the original maturity date.
Index Legend
1 ML—1 Month USD LIBOR
3 ML—3 Month USD LIBOR
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||||
29 | Short | S&P 500E-mini Index | June 2019 | $ | 4,044,124 | $ | 3,991,270 | $ | 52,854 | |||||||||||||||
18 | Short | Russell 1000E-mini Growth Index | June 2019 | 1,339,959 | 1,338,210 | 1,749 | ||||||||||||||||||
$ | 54,603 | |||||||||||||||||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Futures Contracts | ||||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized (Depreciation) | ||||||||||||||||||
371 | Long | FTSA China A50 Index | June 2019 | $ | 4,711,849 | $ | 4,658,832 | $ | (53,017 | ) | ||||||||||||||
5 | Long | MSCI Europe Index | June 2019 | 318,811 | 315,250 | (3,561 | ) | |||||||||||||||||
1 | Long | Nikkei 225 Index | June 2019 | 106,904 | 102,125 | (4,779 | ) | |||||||||||||||||
140 | Long | SGX Nifty 50 Index | June 2019 | 3,344,310 | 3,339,000 | (5,310 | ) | |||||||||||||||||
44 | Short | U.S. Treasury 10 Year Notes | September 2019 | 5,545,973 | 5,577,000 | (31,027 | ) | |||||||||||||||||
$ | (97,694 | ) | ||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | (43,091 | ) | |||||||||||||||||||||
* | 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 | 91,600 | USD | 65,289 | 06/19/2019 | $ | 1,715 | $ | – | |||||||||||||||||||
CAD | 363,200 | USD | 273,148 | 06/19/2019 | 4,319 | – | ||||||||||||||||||||||
DKK | 159,000 | USD | 24,220 | 06/19/2019 | 403 | – | ||||||||||||||||||||||
EUR | 753,000 | USD | 860,006 | 06/19/2019 | 17,731 | – | ||||||||||||||||||||||
GBP | 368,300 | USD | 487,086 | 06/19/2019 | 21,105 | – | ||||||||||||||||||||||
GBP | 333,700 | USD | 437,638 | 09/18/2019 | 13,619 | – | ||||||||||||||||||||||
JPY | 102,465,300 | USD | 934,985 | 06/19/2019 | – | (11,700 | ) | |||||||||||||||||||||
JPY | 188,800 | USD | 1,747 | 09/18/2019 | – | (9 | ) | |||||||||||||||||||||
NOK | 316,800 | USD | 37,265 | 06/19/2019 | 1,046 | – | ||||||||||||||||||||||
USD | 132,796 | CAD | 177,600 | 06/19/2019 | – | (1,343 | ) | |||||||||||||||||||||
USD | 145,224 | EUR | 128,600 | 06/19/2019 | – | (1,378 | ) | |||||||||||||||||||||
59,938 | (14,430 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | EUR | 830,000 | USD | 931,836 | 06/19/2019 | 3,432 | – | |||||||||||||||||||||
INR | 317,700,000 | USD | 4,562,361 | 06/19/2019 | 11,029 | – | ||||||||||||||||||||||
JPY | 292,230,000 | USD | 2,655,641 | 06/19/2019 | – | (44,295 | ) | |||||||||||||||||||||
USD | 1,530,693 | CNH | 10,290,000 | 06/19/2019 | – | (46,772 | ) | |||||||||||||||||||||
USD | 9,384,037 | EUR | 8,240,000 | 06/19/2019 | – | (167,112 | ) | |||||||||||||||||||||
USD | 1,919,466 | GBP | 1,440,000 | 06/19/2019 | – | (97,545 | ) | |||||||||||||||||||||
USD | 3,140,823 | INR | 220,090,000 | 06/19/2019 | 12,160 | – | ||||||||||||||||||||||
USD | 8,968,679 | JPY | 994,380,000 | 06/19/2019 | 218,476 | – | ||||||||||||||||||||||
USD | 7,494,804 | EUR | 6,670,000 | 09/18/2019 | 21,443 | – | ||||||||||||||||||||||
266,540 | (355,724 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 326,478 | $ | (370,154 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
CNH—Yuan Renminbi Offshore
DKK—Danish Krone
EUR—Euro Currency
GBP—British Pound
INR—Indian Rupee
JPY—Japanese Yen
NOK—Norwegian Krone
USD—United States Dollar
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 51,057 | $ | — | $ | 529 | $ | 51,586 | ||||||||
Television | 23,679 | — | 16,944 | 40,623 | ||||||||||||
Other Industries | 44,891,637 | 21,662,835 | ** | — | 66,554,472 | |||||||||||
Exchange-Traded Funds | 11,062,012 | — | — | 11,062,012 | ||||||||||||
Preferred Securities/Capital Securities | — | — | 4 | 4 | ||||||||||||
Asset Backed Securities | — | 11,584,268 | — | 11,584,268 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance - Investment Banker/Broker | — | 757 | 14 | 771 | ||||||||||||
Other Industries | — | 8,572,606 | — | 8,572,606 | ||||||||||||
Foreign Corporate Bonds & Notes . . . | — | 3,683,066 | — | 3,683,066 | ||||||||||||
Foreign Government Obligations | — | 2,816,020 | — | 2,816,020 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
U.S. Government Treasuries | — | 20,783,823 | — | 20,783,823 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 11,354,303 | — | — | 11,354,303 | ||||||||||||
U.S. Government Treasuries | — | 1,193,910 | — | 1,193,910 | ||||||||||||
Total Investments at Value | $ | 67,382,688 | $ | 70,297,285 | $ | 17,491 | $ | 137,697,464 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 54,603 | $ | — | $ | — | $ | 54,603 | ||||||||
Forward Foreign Currency Contracts | — | 326,478 | — | 326,478 | ||||||||||||
$ | 54,603 | $ | 326,478 | $ | — | $ | 381,081 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 97,694 | $ | — | $ | — | $ | 97,694 | ||||||||
Forward Foreign Currency Contracts | — | 370,154 | — | 370,154 | ||||||||||||
$ | 97,694 | $ | 370,154 | $ | — | $ | 467,848 | |||||||||
* | 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). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
23 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
E-Commerce/Products | 12.8 | % | ||
Applications Software | 11.6 | |||
Internet Content — Entertainment | 6.9 | |||
Finance — Credit Card | 6.8 | |||
Web Portals/ISP | 5.5 | |||
Medical — HMO | 5.2 | |||
Commercial Services — Finance | 5.1 | |||
Aerospace/Defense | 4.2 | |||
Medical Products | 4.0 | |||
Diagnostic Equipment | 2.4 | |||
E-Commerce/Services | 2.4 | |||
Internet Application Software | 2.2 | |||
Data Processing/Management | 2.1 | |||
Medical — Biomedical/Gene | 2.0 | |||
Finance — Investment Banker/Broker | 2.0 | |||
Retail — Restaurants | 1.4 | |||
Enterprise Software/Service | 1.4 | |||
Pharmacy Services | 1.4 | |||
Medical Instruments | 1.3 | |||
Transport — Rail | 1.2 | |||
Insurance Brokers | 1.1 | |||
Hotels/Motels | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Retail — Discount | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Software Tools | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Instruments — Controls | 0.8 | |||
Finance — Other Services | 0.7 | |||
Cruise Lines | 0.7 | |||
Computer Software | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Medical — Drugs | 0.6 | |||
Entertainment Software | 0.6 | |||
Auto/Truck Parts & Equipment-Original | 0.6 | |||
Registered Investment Companies | 0.5 | |||
Diversified Banking Institutions | 0.5 | |||
Airlines | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Electric — Distribution | 0.4 | |||
Industrial Gases | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Commercial Services | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Coatings/Paint | 0.2 | |||
Computers | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Apparel Manufacturers | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Veterinary Diagnostics | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Wireless Equipment | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Tobacco | 0.1 | |||
Semiconductor Equipment | 0.1 | |||
Casino Hotels | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
100.1% | ||||
* | Calculated as a percentage of net assets |
24 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace/Defense — 4.2% |
| |||||||
Boeing Co. | 76,023 | $ | 25,970,217 | |||||
Northrop Grumman Corp. | 23,567 | 7,146,693 | ||||||
33,116,910 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Harris Corp. | 27,077 | 5,068,544 | ||||||
Airlines — 0.5% |
| |||||||
Delta Air Lines, Inc. | 17,371 | 894,606 | ||||||
United Continental Holdings, Inc.† | 40,686 | 3,159,268 | ||||||
4,053,874 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
VF Corp. | 13,300 | 1,089,004 | ||||||
Applications Software — 11.6% |
| |||||||
Intuit, Inc. | 59,561 | 14,583,511 | ||||||
Microsoft Corp. | 367,716 | 45,479,115 | ||||||
salesforce.com, Inc.† | 96,905 | 14,672,386 | ||||||
ServiceNow, Inc.† | 59,967 | 15,707,156 | ||||||
90,442,168 | ||||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ferrari NV | 6,660 | 952,513 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Aptiv PLC | 65,840 | 4,216,394 | ||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Constellation Brands, Inc., Class A | 500 | 88,225 | ||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 5,608 | 601,907 | ||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 3,510 | 1,472,270 | ||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 3,578 | 793,708 | ||||||
CoStar Group, Inc.† | 1,467 | 747,642 | ||||||
1,541,350 | ||||||||
Commercial Services - Finance — 5.1% |
| |||||||
Automatic Data Processing, Inc. | 4,900 | 784,588 | ||||||
FleetCor Technologies, Inc.† | 11,538 | 2,979,227 | ||||||
Global Payments, Inc. | 79,769 | 12,287,617 | ||||||
IHS Markit, Ltd.† | 4,216 | 241,956 | ||||||
Moody’s Corp. | 900 | 164,592 | ||||||
PayPal Holdings, Inc.† | 136,393 | 14,969,132 | ||||||
S&P Global, Inc. | 13,000 | 2,780,440 | ||||||
Worldpay, Inc., Class A† | 46,205 | 5,620,376 | ||||||
39,827,928 | ||||||||
Computer Software — 0.7% |
| |||||||
Splunk, Inc.† | 46,600 | 5,311,934 | ||||||
Zoom Video Communications, Inc., Class A†# | 2,107 | 167,991 | ||||||
5,479,925 | ||||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 8,151 | 1,426,996 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 8,338 | 511,870 | ||||||
Cruise Lines — 0.7% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 23,451 | 1,283,004 | ||||||
Royal Caribbean Cruises, Ltd. | 34,943 | 4,254,660 | ||||||
5,537,664 | ||||||||
Data Processing/Management — 2.1% |
| |||||||
Fidelity National Information Services, Inc. | 63,924 | 7,690,057 |
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management (continued) | ||||||||
Fiserv, Inc.† | 100,879 | $ | 8,661,471 | |||||
16,351,528 | ||||||||
Diagnostic Equipment — 2.4% |
| |||||||
Danaher Corp. | 72,342 | 9,549,867 | ||||||
Thermo Fisher Scientific, Inc. | 34,618 | 9,242,314 | ||||||
18,792,181 | ||||||||
Diversified Banking Institutions — 0.5% |
| |||||||
Citigroup, Inc. | 6,229 | 387,133 | ||||||
Goldman Sachs Group, Inc. | 500 | 91,245 | ||||||
JPMorgan Chase & Co. | 1,400 | 148,344 | ||||||
Morgan Stanley | 87,786 | 3,572,012 | ||||||
4,198,734 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
ANT International Co., Ltd., Class C†(1)(2) | 273,650 | 1,535,177 | ||||||
E-Commerce/Products — 12.8% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 157,219 | 23,466,508 | ||||||
Amazon.com, Inc.† | 43,108 | 76,519,717 | ||||||
99,986,225 | ||||||||
E-Commerce/Services — 2.4% |
| |||||||
Booking Holdings, Inc.† | 8,317 | 13,774,781 | ||||||
Ctrip.com International, Ltd. ADR† | 27,280 | 942,797 | ||||||
IAC/InterActiveCorp† | 17,847 | 3,941,510 | ||||||
18,659,088 | ||||||||
Electric - Distribution — 0.4% |
| |||||||
Sempra Energy | 22,382 | 2,942,114 | ||||||
Electric - Integrated — 0.0% |
| |||||||
NextEra Energy, Inc. | 441 | 87,410 | ||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Broadcom, Inc. | 6,743 | 1,696,808 | ||||||
Marvell Technology Group, Ltd. | 68,900 | 1,536,470 | ||||||
Microchip Technology, Inc.# | 4,203 | 336,366 | ||||||
NVIDIA Corp. | 5,917 | 801,517 | ||||||
Texas Instruments, Inc. | 28,941 | 3,018,836 | ||||||
Xilinx, Inc. | 8,919 | 912,503 | ||||||
8,302,500 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Agilent Technologies, Inc. | 8,931 | 598,823 | ||||||
Fortive Corp. | 41,953 | 3,194,721 | ||||||
3,793,544 | ||||||||
Enterprise Software/Service — 1.4% |
| |||||||
Atlassian Corp. PLC, Class A† | 3,325 | 418,551 | ||||||
Workday, Inc., Class A† | 49,916 | 10,188,854 | ||||||
10,607,405 | ||||||||
Entertainment Software — 0.6% |
| |||||||
Electronic Arts, Inc.† | 48,424 | 4,507,306 | ||||||
Finance - Credit Card — 6.8% |
| |||||||
Mastercard, Inc., Class A | 99,993 | 25,147,240 | ||||||
Visa, Inc., Class A# | 173,804 | 28,039,799 | ||||||
53,187,039 | ||||||||
Finance - Investment Banker/Broker — 2.0% |
| |||||||
Charles Schwab Corp. | 126,315 | 5,255,967 | ||||||
TD Ameritrade Holding Corp. | 199,480 | 9,924,130 | ||||||
15,180,097 | ||||||||
Finance - Other Services — 0.7% |
| |||||||
Intercontinental Exchange, Inc. | 69,224 | 5,690,905 | ||||||
25 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Hotels/Motels — 1.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 42,612 | $ | 3,811,217 | |||||
Marriott International, Inc., Class A | 38,139 | 4,761,273 | ||||||
8,572,490 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 6,188 | 1,259,815 | ||||||
Linde PLC | 7,500 | 1,354,125 | ||||||
2,613,940 | ||||||||
Instruments - Controls — 0.8% |
| |||||||
Honeywell International, Inc. | 35,257 | 5,793,078 | ||||||
Insurance Brokers — 1.1% |
| |||||||
Marsh & McLennan Cos., Inc. | 21,218 | 2,028,441 | ||||||
Willis Towers Watson PLC | 37,749 | 6,624,949 | ||||||
8,653,390 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Chubb, Ltd. | 7,236 | 1,056,963 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 10,162 | 805,643 | ||||||
Internet Application Software — 2.2% |
| |||||||
Tencent Holdings, Ltd. | 415,600 | 17,235,345 | ||||||
Internet Content - Entertainment — 6.9% |
| |||||||
Facebook, Inc., Class A† | 236,931 | 42,048,145 | ||||||
Netflix, Inc.† | 35,142 | 12,063,546 | ||||||
Pinterest, Inc.† | 531 | 13,232 | ||||||
54,124,923 | ||||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 300 | 41,469 | ||||||
Raymond James Financial, Inc. | 9,729 | 803,421 | ||||||
844,890 | ||||||||
Machinery - General Industrial — 1.0% |
| |||||||
Roper Technologies, Inc. | 21,797 | 7,496,424 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Xylem, Inc. | 700 | 51,954 | ||||||
Medical Instruments — 1.3% |
| |||||||
Boston Scientific Corp.† | 1,600 | 61,456 | ||||||
Intuitive Surgical, Inc.† | 22,257 | 10,346,166 | ||||||
10,407,622 | ||||||||
Medical Products — 4.0% |
| |||||||
Abbott Laboratories | 23,324 | 1,775,656 | ||||||
Becton Dickinson and Co. | 59,093 | 13,794,670 | ||||||
Stryker Corp. | 85,845 | 15,730,238 | ||||||
31,300,564 | ||||||||
Medical - Biomedical/Gene — 2.0% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 39,374 | 4,476,036 | ||||||
Illumina, Inc.† | 273 | 83,787 | ||||||
Vertex Pharmaceuticals, Inc.† | 66,484 | 11,048,311 | ||||||
15,608,134 | ||||||||
Medical - Drugs — 0.6% |
| |||||||
Eli Lilly & Co. | 30,454 | 3,530,837 | ||||||
Merck & Co., Inc. | 1,519 | 120,320 | ||||||
Pfizer, Inc. | 5,200 | 215,904 | ||||||
Zoetis, Inc. | 8,000 | 808,400 | ||||||
4,675,461 | ||||||||
Medical- HMO — 5.2% |
| |||||||
Anthem, Inc. | 43,482 | 12,087,126 |
Security Description | Shares | Value (Note 2) | ||||||
Medical- HMO (continued) | ||||||||
Centene Corp.† | 46,836 | $ | 2,704,779 | |||||
Humana, Inc. | 7,085 | 1,734,833 | ||||||
UnitedHealth Group, Inc. | 80,762 | 19,528,252 | ||||||
WellCare Health Plans, Inc.† | 16,117 | 4,451,354 | ||||||
40,506,344 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 10,800 | 1,306,368 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Concho Resources, Inc. | 11,900 | 1,166,319 | ||||||
Pioneer Natural Resources Co. | 8,617 | 1,223,269 | ||||||
2,389,588 | ||||||||
Pharmacy Services — 1.4% |
| |||||||
Cigna Corp. | 70,817 | 10,482,332 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
American Tower Corp. | 1,097 | 229,021 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Ross Stores, Inc. | 68,187 | 6,340,709 | ||||||
Retail - Discount — 1.0% |
| |||||||
Dollar General Corp. | 62,320 | 7,932,090 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 3,265 | 1,088,486 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Domino’s Pizza, Inc. | 2,700 | 754,650 | ||||||
McDonald’s Corp. | 22,671 | 4,494,979 | ||||||
Restaurant Brands International, Inc. | 35,159 | 2,313,462 | ||||||
Yum! Brands, Inc. | 33,706 | 3,449,809 | ||||||
11,012,900 | ||||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Analog Devices, Inc. | 13,500 | 1,304,370 | ||||||
Maxim Integrated Products, Inc. | 55,860 | 2,937,677 | ||||||
QUALCOMM, Inc. | 14,200 | 948,844 | ||||||
5,190,891 | ||||||||
Semiconductor Equipment — 0.1% |
| |||||||
KLA-Tencor Corp. | 5,800 | 597,806 | ||||||
Lam Research Corp. | 400 | 69,844 | ||||||
667,650 | ||||||||
Software Tools — 0.8% |
| |||||||
VMware, Inc., Class A | 36,686 | 6,492,688 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 2,235 | 64,457 | ||||||
Tobacco — 0.1% |
| |||||||
Philip Morris International, Inc. | 10,400 | 802,152 | ||||||
Transport - Rail — 1.2% |
| |||||||
Canadian Pacific Railway, Ltd. | 14,814 | 3,250,043 | ||||||
CSX Corp. | 44,204 | 3,291,872 | ||||||
Kansas City Southern | 4,670 | 529,018 | ||||||
Norfolk Southern Corp. | 5,000 | 975,700 | ||||||
Union Pacific Corp. | 9,083 | 1,514,863 | ||||||
9,561,496 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 840 | 71,518 | ||||||
Veterinary Diagnostics — 0.1% |
| |||||||
Elanco Animal Health, Inc.† | 32,985 | 1,031,771 | ||||||
Web Portals/ISP — 5.5% |
| |||||||
Alphabet, Inc., Class A† | 9,853 | 10,902,345 |
26 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Web Portals/ISP (continued) | ||||||||
Alphabet, Inc., Class C† | 29,245 | $ | 32,275,659 | |||||
43,178,004 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 6,254 | 937,787 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $467,375,136) | 777,775,868 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.5% |
| |||||||
Registered Investment Companies — 0.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.32%(3) | 504,910 | 504,910 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(3)(4) | 173,301 | 173,301 | ||||||
T. Rowe Price Government Reserve Fund 2.46%(3) | 3,588,571 | 3,588,571 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,266,780) | 4,266,782 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $471,641,916)(5) | 100.1 | % | 782,042,650 | |||||
Liabilities in excess of other assets | (0.1 | ) | (806,513 | ) | ||||
NET ASSETS | 100.0 | % | $ | 781,236,137 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation |
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, 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., Class C | 06/07/2018 | 273,650 | $ | 1,535,177 | $ | 1,535,177 | $ | 5.61 | 0.20 | % | ||||||||||||||
(3) | The rate shown is the7-day yield as of May 31, 2019. |
(4) | At May 31, 2019, the Fund had loaned securities with a total value of $7,322,163. This was secured by collateral of $173,301, which was received in cash and subsequently invested in short-term investments currently valued at $173,301 as reported in the Portfolio of Investments. Additional collateral of $7,370,587 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 09/12/2019 to 10/03/2019 | $ | 412,377 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 08/15/2019 to 11/15/2048 | 6,958,210 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | — | $ | — | $ | 1,535,176 | $ | 1,535,176 | ||||||||
Other Industries | 759,005,347 | 17,235,345 | ** | — | 776,240,692 | |||||||||||
Short-Term Investment Securities: | 4,266,782 | — | — | 4,266,782 | ||||||||||||
Total Investments at Value | $ | 763,272,129 | $ | 17,235,345 | $ | 1,535,176 | $ | 782,042,650 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
27 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Oil Companies — Exploration & Production | 7.0 | % | ||
Electronic Components — Semiconductors | 5.9 | |||
Industrial Gases | 3.9 | |||
Medical — Drugs | 3.6 | |||
Electric — Integrated | 3.6 | |||
Cruise Lines | 3.3 | |||
Medical — HMO | 3.2 | |||
Real Estate Investment Trusts | 3.0 | |||
Banks — Super Regional | 3.0 | |||
Oil Companies — Integrated | 2.8 | |||
Insurance — Property/Casualty | 2.7 | |||
Finance — Consumer Loans | 2.6 | |||
Banks — Fiduciary | 2.5 | |||
Finance — Investment Banker/Broker | 2.3 | |||
Finance — Credit Card | 2.3 | |||
Oil Refining & Marketing | 2.2 | |||
Retail — Discount | 2.2 | |||
Diversified Banking Institutions | 2.0 | |||
Cable/Satellite TV | 2.0 | |||
Chemicals — Diversified | 1.9 | |||
Medical Instruments | 1.9 | |||
Insurance Brokers | 1.8 | |||
Applications Software | 1.8 | |||
Beverages —Non-alcoholic | 1.7 | |||
Diversified Manufacturing Operations | 1.6 | |||
Food — Catering | 1.6 | |||
Aerospace/Defense — Equipment | 1.6 | |||
E-Commerce/Products | 1.5 | |||
Engineering/R&D Services | 1.5 | |||
Retail — Building Products | 1.5 | |||
Tools — Hand Held | 1.5 | |||
Building — Residential/Commercial | 1.5 | |||
Casino Hotels | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Retail — Auto Parts | 1.4 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Enterprise Software/Service | 1.3 | |||
Building Products — Air & Heating | 1.3 | |||
Rental Auto/Equipment | 1.3 | |||
Insurance — Multi-line | 1.1 | |||
Savings & Loans/Thrifts | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Commercial Services | 0.9 | |||
Tobacco | 0.8 | |||
Pharmacy Services | 0.8 | |||
Chemicals — Specialty | 0.6 | |||
98.4 | % | |||
* | Calculated as a percentage of net assets |
28 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Aerospace/Defense — 1.5% |
| |||||||
Spirit AeroSystems Holdings, Inc., Class A | 9,245 | $ | 749,215 | |||||
Aerospace/Defense - Equipment — 1.6% |
| |||||||
United Technologies Corp. | 6,447 | 814,256 | ||||||
Applications Software — 1.8% |
| |||||||
Microsoft Corp. | 7,633 | 944,049 | ||||||
Banks - Fiduciary — 2.5% |
| |||||||
Bank of New York Mellon Corp. | 16,538 | 706,007 | ||||||
State Street Corp. | 10,065 | 556,092 | ||||||
1,262,099 | ||||||||
Banks - Super Regional — 3.0% |
| |||||||
US Bancorp | 15,250 | 765,550 | ||||||
Wells Fargo & Co. | 16,986 | 753,669 | ||||||
1,519,219 | ||||||||
Beverages-Non-alcoholic — 1.7% |
| |||||||
Coca-Cola European Partners PLC | 15,899 | 880,805 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Owens Corning | 10,134 | 491,195 | ||||||
Building Products- Air & Heating — 1.3% |
| |||||||
Johnson Controls International PLC | 17,433 | 671,519 | ||||||
Building - Residential/Commercial — 1.5% |
| |||||||
Lennar Corp., Class A | 15,517 | 770,574 | ||||||
Cable/Satellite TV — 2.0% |
| |||||||
Comcast Corp., Class A | 24,893 | 1,020,613 | ||||||
Casino Hotels — 1.5% |
| |||||||
MGM Resorts International | 30,424 | 755,124 | ||||||
Chemicals - Diversified — 1.9% |
| |||||||
Dow, Inc. | 4,187 | 195,784 | ||||||
DuPont de Nemours, Inc. | 12,565 | 383,484 | ||||||
LyondellBasell Industries NV, Class A | 5,111 | 379,492 | ||||||
958,760 | ||||||||
Chemicals - Specialty — 0.6% |
| |||||||
Element Solutions, Inc.† | 33,439 | 316,333 | ||||||
Commercial Services — 0.9% |
| |||||||
Nielsen Holdings PLC | 20,914 | 475,375 | ||||||
Cruise Lines — 3.3% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 15,324 | 838,376 | ||||||
Royal Caribbean Cruises, Ltd. | 6,850 | 834,056 | ||||||
1,672,432 | ||||||||
Diversified Banking Institutions — 2.0% |
| |||||||
JPMorgan Chase & Co. | 9,814 | 1,039,891 | ||||||
Diversified Manufacturing Operations — 1.6% |
| |||||||
General Electric Co. | 89,060 | 840,726 | ||||||
E-Commerce/Products — 1.5% |
| |||||||
eBay, Inc. | 22,050 | 792,257 | ||||||
Electric - Integrated — 3.6% |
| |||||||
Dominion Energy, Inc. | 12,055 | 906,295 | ||||||
Exelon Corp. | 19,192 | 922,751 | ||||||
1,829,046 | ||||||||
Electronic Components - Semiconductors — 5.9% |
| |||||||
Broadcom, Inc. | 3,249 | 817,578 | ||||||
Marvell Technology Group, Ltd. | 42,340 | 944,182 | ||||||
Microchip Technology, Inc.# | 8,070 | 645,842 | ||||||
Texas Instruments, Inc. | 5,903 | 615,742 | ||||||
3,023,344 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Engineering/R&D Services — 1.5% |
| |||||||
Jacobs Engineering Group, Inc. | 10,464 | $ | 787,835 | |||||
Enterprise Software/Service — 1.3% |
| |||||||
Oracle Corp. | 13,649 | 690,639 | ||||||
Finance - Consumer Loans — 2.6% |
| |||||||
Navient Corp. | 35,063 | 457,222 | ||||||
SLM Corp. | 91,910 | 874,064 | ||||||
1,331,286 | ||||||||
Finance - Credit Card — 2.3% |
| |||||||
American Express Co. | 10,271 | 1,178,186 | ||||||
Finance - Investment Banker/Broker — 2.3% |
| |||||||
E*TRADE Financial Corp. | 15,373 | 688,711 | ||||||
Jefferies Financial Group, Inc. | 28,308 | 500,202 | ||||||
1,188,913 | ||||||||
Food - Catering — 1.6% |
| |||||||
Aramark | 23,710 | 824,871 | ||||||
Industrial Gases — 3.9% |
| |||||||
Air Products & Chemicals, Inc. | 5,290 | 1,076,991 | ||||||
Linde PLC | 5,233 | 944,818 | ||||||
2,021,809 | ||||||||
Insurance Brokers — 1.8% |
| |||||||
Willis Towers Watson PLC | 5,390 | 945,945 | ||||||
Insurance - Multi-line — 1.1% |
| |||||||
Chubb, Ltd. | 3,724 | 543,965 | ||||||
Insurance - Property/Casualty — 2.7% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 4,305 | 849,893 | ||||||
Fidelity National Financial, Inc. | 13,631 | 525,475 | ||||||
1,375,368 | ||||||||
Machinery - General Industrial — 1.0% |
| |||||||
Wabtec Corp.# | 7,972 | 497,293 | ||||||
Medical Instruments — 1.9% |
| |||||||
Medtronic PLC | 10,339 | 957,185 | ||||||
Medical - Drugs — 3.6% |
| |||||||
Merck & Co., Inc. | 6,526 | 516,924 | ||||||
Pfizer, Inc. | 19,715 | 818,567 | ||||||
Sanofi ADR | 12,557 | 507,680 | ||||||
1,843,171 | ||||||||
Medical- HMO — 3.2% |
| |||||||
Anthem, Inc. | 3,147 | 874,803 | ||||||
UnitedHealth Group, Inc. | 3,071 | 742,568 | ||||||
1,617,371 | ||||||||
Oil Companies - Exploration & Production — 7.0% |
| |||||||
ConocoPhillips | 8,584 | 506,113 | ||||||
EOG Resources, Inc. | 6,838 | 559,895 | ||||||
Hess Corp. | 18,111 | 1,011,681 | ||||||
Kosmos Energy, Ltd.# | 86,692 | 534,023 | ||||||
Parsley Energy, Inc., Class A† | 28,598 | 509,902 | ||||||
Vermilion Energy, Inc.# | 20,993 | 440,013 | ||||||
3,561,627 | ||||||||
Oil Companies - Integrated — 2.8% |
| |||||||
BP PLC ADR | 17,959 | 731,290 | ||||||
Chevron Corp. | 6,354 | 723,403 | ||||||
1,454,693 | ||||||||
Oil Refining & Marketing — 2.2% |
| |||||||
Phillips 66 | 8,608 | 695,527 | ||||||
Valero Energy Corp. | 6,141 | 432,326 | ||||||
1,127,853 | ||||||||
29 |
Table of Contents
VALIC Company I Broad Cap Value Income Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Pharmacy Services — 0.8% |
| |||||||
CVS Health Corp. | 7,494 | $ | 392,461 | |||||
Real Estate Investment Trusts — 3.0% |
| |||||||
Liberty Property Trust | 16,279 | 772,764 | ||||||
MGM Growth Properties LLC, Class A | 25,484 | 783,633 | ||||||
1,556,397 | ||||||||
Rental Auto/Equipment — 1.3% |
| |||||||
AMERCO | 1,793 | 660,218 | ||||||
Retail - Auto Parts — 1.4% |
| |||||||
Advance Auto Parts, Inc. | 4,650 | 720,750 | ||||||
Retail - Building Products — 1.5% |
| |||||||
Lowe’s Cos., Inc. | 8,417 | 785,138 | ||||||
Retail - Discount — 2.2% |
| |||||||
Dollar General Corp. | 8,723 | 1,110,263 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
New York Community Bancorp, Inc.# | 50,750 | 503,948 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
QUALCOMM, Inc. | 10,503 | 701,810 | ||||||
Tobacco — 0.8% |
| |||||||
Philip Morris International, Inc. | 5,091 | 392,669 | ||||||
Tools - Hand Held — 1.5% |
| |||||||
Stanley Black & Decker, Inc. | 6,144 | 781,640 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $44,307,032) | 50,380,136 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) | 10,875 | $ | 10,875 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $44,317,907)(3) | 98.4 | % | 50,391,011 | |||||
Other assets less liabilities | 1.6 | 821,242 | ||||||
NET ASSETS | 100.0 | % | $ | 51,212,253 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $2,110,816. This was secured by collateral of $10,875, which was received in cash and subsequently invested in short-term investments currently valued at $10,875 as reported in the Portfolio of Investments. Additional collateral of $2,169,033 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | $ | 116,442 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 2,052,591 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 50,380,136 | $ | — | $ | — | $ | 50,380,136 | ||||||||
Short-Term Investment Securities | 10,875 | — | — | 10,875 | ||||||||||||
Total Investments at Value | $ | 50,391,011 | $ | — | $ | — | $ | 50,391,011 | ||||||||
* | 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 —May 31, 2019 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 23.4 | % | ||
Federal Home Loan Mtg. Corp. | 12.2 | |||
United States Treasury Notes | 10.6 | |||
Diversified Banking Institutions | 5.1 | |||
United States Treasury Bonds | 4.9 | |||
Diversified Financial Services | 4.6 | |||
Government National Mtg. Assoc. | 4.3 | |||
Registered Investment Companies | 3.4 | |||
Banks — Commercial | 2.6 | |||
Electric — Integrated | 2.3 | |||
Pipelines | 1.2 | |||
Auto — Cars/Light Trucks | 1.1 | |||
Telephone — Integrated | 1.1 | |||
U.S. Government Treasuries | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Banks — Super Regional | 0.8 | |||
Machinery — Farming | 0.8 | |||
Medical — Drugs | 0.7 | |||
Real Estate Investment Trusts | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Diversified Manufacturing Operations | 0.5 | |||
Pharmacy Services | 0.5 | |||
Computer Services | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Medical — HMO | 0.5 | |||
Medical Labs & Testing Services | 0.5 | |||
Electric — Distribution | 0.4 | |||
Cellular Telecom | 0.4 | |||
Paper & Related Products | 0.4 | |||
Finance — Other Services | 0.4 | |||
Brewery | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Retail — Restaurants | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Retail — Discount | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Sovereign | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Beverages —Non-alcoholic | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Transport — Rail | 0.3 | |||
Insurance — Property/Casualty | 0.2 | |||
Retail — Mail Order | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Computers | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Banks — Special Purpose | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Medical — Biomedical/Gene | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Electric — Generation | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Food — Meat Products | 0.2 | |||
Gas — Distribution | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Agricultural Chemicals | 0.2 | |||
Sovereign Agency | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Metal — Diversified | 0.1 | |||
Insurance Brokers | 0.1 |
SupraNational Banks | 0.1 | % | ||
Television | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Transport — Truck | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Commercial Services | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Advertising Agencies | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Oil — Field Services | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Building Societies | 0.1 | |||
Retail — Automobile | 0.1 | |||
Transport — Marine | 0.1 | |||
Petrochemicals | 0.1 | |||
Diversified Minerals | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Food — Retail | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Independent Power Producers | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Retail — Drug Store | 0.1 | |||
99.0 | % | |||
Credit Quality#†
Aaa | 62.1 | % | ||
Aa | 2.4 | |||
A | 10.8 | |||
Baa | 19.8 | |||
Ba | 2.2 | |||
Not Rated@ | 2.7 | |||
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 isunavailable from the data source. |
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 4.2% |
| |||||||
Diversified Financial Services — 4.2% |
| |||||||
American Express Credit Account Master Trust | $ | 125,000 | $ | 126,813 | ||||
Avis Budget Rental Car Funding AESOP LLC | 100,000 | 99,936 | ||||||
BA Credit Card Trust | 262,000 | 265,724 | ||||||
BANK | 400,000 | 422,682 | ||||||
Benchmark Mtg. Trust | 186,000 | 192,828 | ||||||
Benchmark Mtg. Trust | 500,000 | 537,644 | ||||||
BX Commercial Mtg. Trust FRS | 100,000 | 99,813 | ||||||
CarMax Auto Owner Trust | 230,000 | 227,751 | ||||||
CarMax Auto Owner Trust | 250,000 | 256,375 | ||||||
Chase Mtg. Finance Trust VRS | 246,330 | 254,064 | ||||||
Citibank Credit Card Issuance Trust | 115,000 | 114,534 | ||||||
Citibank Credit Card Issuance Trust | 200,000 | 206,731 | ||||||
COMM Mtg. Trust VRS | 125,000 | 131,700 | ||||||
CORE Mtg. Trust FRS | 270,000 | 270,444 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,783,604 | ||||||
CSMC Trust | 450,613 | 483,190 | ||||||
Discover Card Execution Note Trust | 350,000 | 349,660 | ||||||
Discover Card Execution Note Trust | 130,000 | 132,691 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 123,923 | ||||||
Ford Credit Auto Owner Trust | 300,000 | 312,208 | ||||||
Ford Credit Floorplan Master Owner Trust | 287,000 | 286,077 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
GM Financial Consumer Automobile Receivables Trust | $ | 200,000 | $ | 199,547 | ||||
GS Mtg. Securities Trust | 240,000 | 240,042 | ||||||
Honda Auto Receivables Owner Trust | 23,000 | 23,319 | ||||||
ILPT Trust | 410,000 | 449,501 | ||||||
JP Morgan Mtg. Trust VRS | 832,000 | 822,867 | ||||||
Mercedes-Benz Auto Lease Trust | 31,000 | 31,515 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 390,000 | 390,015 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,816 | ||||||
MSDB Trust VRS | 790,000 | 810,030 | ||||||
MTRO Commercial Mtg. Trust-TECH FRS | 250,000 | 250,155 | ||||||
Nissan Auto Receivables Owner Trust | 87,679 | 87,260 | ||||||
Synchrony Credit Card Master Note Trust | 100,000 | 99,915 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 230,715 | ||||||
Verizon Owner Trust | 100,000 | 101,254 | ||||||
Total Asset Backed Securities | ||||||||
(cost $10,342,491) | 10,448,343 | |||||||
U.S. CORPORATE BONDS & NOTES — 26.5% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 116,000 | 122,476 | ||||||
Interpublic Group of Cos., Inc. | 131,000 | 139,487 | ||||||
261,963 | ||||||||
Aerospace/Defense — 0.3% |
| |||||||
BAE Systems Holdings, Inc. | 450,000 | 465,761 | ||||||
General Dynamics Corp. | 311,000 | 312,002 | ||||||
777,763 | ||||||||
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Mosaic Co. | $ | 120,000 | $ | 125,303 | ||||
Auto - Cars/Light Trucks — 1.1% |
| |||||||
BMW US Capital LLC | 490,000 | 494,106 | ||||||
Daimler Finance North America LLC | 257,000 | 252,644 | ||||||
Daimler Finance North America LLC | 261,000 | 260,246 | ||||||
Ford Motor Credit Co. LLC | 521,000 | 501,085 | ||||||
General Motors Financial Co., Inc. | 322,000 | 322,036 | ||||||
Hyundai Capital America | 313,000 | 319,927 | ||||||
Nissan Motor Acceptance Corp. | 333,000 | 329,908 | ||||||
Toyota Motor Credit Corp. | 320,000 | 331,241 | ||||||
2,811,193 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Lear Corp. | 171,000 | 161,341 | ||||||
Banks - Commercial — 1.4% |
| |||||||
BankUnited, Inc. | 878,000 | 939,440 | ||||||
Citizens Financial Group, Inc. | 540,000 | 553,841 | ||||||
Regions Financial Corp. | 482,000 | 653,736 | ||||||
SunTrust Bank | 657,000 | 669,357 | ||||||
SunTrust Bank | 226,000 | 230,086 | ||||||
Webster Financial Corp. | 471,000 | 486,285 | ||||||
3,532,745 | ||||||||
Banks - Super Regional — 0.8% |
| |||||||
Bank of America NA | 372,000 | 378,889 | ||||||
Wells Fargo & Co. | 1,560,000 | 1,602,922 | ||||||
1,981,811 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Beverages-Non-alcoholic — 0.3% |
| |||||||
Keurig Dr Pepper, Inc. | $ | 370,000 | $ | 390,385 | ||||
PepsiCo., Inc. | 246,000 | 248,960 | ||||||
639,345 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc. | 136,000 | 149,557 | ||||||
Brewery — 0.4% |
| |||||||
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc. | 234,000 | 241,417 | ||||||
Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc. | 142,000 | 146,919 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 109,000 | 108,280 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 399,000 | 451,193 | ||||||
947,809 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Fox Corp. | 179,000 | 203,744 | ||||||
Fox Corp. | 219,000 | 254,741 | ||||||
458,485 | ||||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 436,000 | 367,201 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Toll Brothers Finance Corp. | 180,000 | 171,900 | ||||||
Cable/Satellite TV — 0.6% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 221,000 | 235,924 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 39,000 | 39,901 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 135,000 | 141,964 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 129,000 | 144,456 |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Cable/Satellite TV (continued) |
| |||||||
Comcast Corp. | $ | 396,000 | $ | 401,573 | ||||
Comcast Corp. | 84,000 | 85,586 | ||||||
Comcast Corp. | 308,000 | 336,478 | ||||||
Comcast Corp. | 89,000 | 98,931 | ||||||
1,484,813 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | 580,000 | 591,600 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Dow Chemical Co. | 212,000 | 212,580 | ||||||
Dow Chemical Co. | 214,000 | 238,716 | ||||||
DowDuPont, Inc. | 185,000 | 209,592 | ||||||
660,888 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Huntsman International LLC | 245,000 | 248,047 | ||||||
Lubrizol Corp. | 179,000 | 241,662 | ||||||
489,709 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
RPM International, Inc. | 26,000 | 22,850 | ||||||
Commercial Services — 0.1% |
| |||||||
Ecolab, Inc. | 290,000 | 288,568 | ||||||
Computer Services — 0.5% |
| |||||||
IBM Credit LLC | 958,000 | 965,712 | ||||||
International Business Machines Corp. | 181,000 | 180,672 | ||||||
International Business Machines Corp. | 122,000 | 124,189 | ||||||
1,270,573 | ||||||||
Computers — 0.2% |
| |||||||
Apple, Inc. | 238,000 | 240,352 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Computers (continued) |
| |||||||
Dell International LLC/EMC Corp. | $ | 220,000 | $ | 263,642 | ||||
Hewlett Packard Enterprise Co. | 39,000 | 42,568 | ||||||
546,562 | ||||||||
Data Processing/Management — 0.0% |
| |||||||
Fidelity National Information Services, Inc. | 69,000 | 70,478 | ||||||
Diversified Banking Institutions — 2.6% |
| |||||||
Bank of America Corp. | 315,000 | 321,162 | ||||||
Bank of America Corp. | 321,000 | 332,341 | ||||||
Bank of America Corp. | 257,000 | 264,978 | ||||||
Bank of America Corp. | 181,000 | 191,483 | ||||||
Bank of America Corp. | 334,000 | 407,685 | ||||||
Citigroup, Inc. | 474,000 | 471,723 | ||||||
Citigroup, Inc. | 393,000 | 410,966 | ||||||
Citigroup, Inc. | 324,000 | 358,497 | ||||||
Citigroup, Inc. | 189,000 | 221,878 | ||||||
Citigroup, Inc. | 131,000 | 156,387 | ||||||
Goldman Sachs Group, Inc. | 495,000 | 490,075 | ||||||
Goldman Sachs Group, Inc. | 304,000 | 305,620 | ||||||
Goldman Sachs Group, Inc. | 295,000 | 305,523 | ||||||
Goldman Sachs Group, Inc. | 514,000 | 646,426 | ||||||
JPMorgan Chase & Co. | 731,000 | 739,553 | ||||||
JPMorgan Chase & Co. | 155,000 | 156,037 |
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) |
| |||||||
Morgan Stanley | $ | 722,000 | $ | 735,070 | ||||
6,515,404 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
USAA Capital Corp. | 265,000 | 266,209 | ||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Illinois Tool Works, Inc. | 214,000 | 224,194 | ||||||
Textron, Inc. | 326,000 | 333,523 | ||||||
557,717 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc. | 141,000 | 166,510 | ||||||
Electric - Distribution — 0.3% |
| |||||||
Metropolitan Edison Co. | 260,000 | 277,116 | ||||||
Oglethorpe Power Corp. | 517,000 | 588,952 | ||||||
866,068 | ||||||||
Electric - Generation — 0.0% |
| |||||||
Basin Electric Power Cooperative | 35,000 | 37,334 | ||||||
Electric - Integrated — 2.1% |
| |||||||
AEP Texas, Inc. | 110,000 | 114,439 | ||||||
Appalachian Power Co. | 116,000 | 127,334 | ||||||
Dominion Resources, Inc. | 300,000 | 346,492 | ||||||
DPL, Inc. | 174,000 | 177,958 | ||||||
DTE Electric Co. | 446,000 | 468,125 | ||||||
Duke Energy Progress LLC | 190,000 | 191,766 | ||||||
Entergy Texas, Inc. | 660,000 | 719,808 | ||||||
FirstEnergy Corp. | 166,000 | 170,158 | ||||||
FirstEnergy Corp. | 726,000 | 974,286 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Georgia Power Co. | $ | 177,000 | $ | 175,820 | ||||
Louisville Gas & Electric Co. | 362,000 | 392,374 | ||||||
NSTAR Electric Co. | 162,000 | 165,448 | ||||||
Public Service Co. of Colorado | 281,000 | 299,062 | ||||||
Public Service Co. of Colorado | 193,000 | 210,376 | ||||||
South Carolina Electric & Gas Co. | 62,000 | 66,682 | ||||||
South Carolina Electric & Gas Co. | 446,000 | 546,546 | ||||||
5,146,674 | ||||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Trimble, Inc. | 28,000 | 29,201 | ||||||
Trimble, Inc. | 427,000 | 441,040 | ||||||
470,241 | ||||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Arrow Electronics, Inc. | 161,000 | 164,653 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Oracle Corp. | 640,000 | 650,510 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Synchrony Financial | 218,000 | 222,577 | ||||||
Synchrony Financial | 164,000 | 168,528 | ||||||
391,105 | ||||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 202,000 | 207,250 | ||||||
American Express Co. | 156,000 | 167,394 | ||||||
374,644 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. | 174,000 | 161,424 | ||||||
Lehman Brothers Holdings, Inc. | 89,000 | 1,531 |
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Investment Banker/Broker (continued) |
| |||||||
Lehman Brothers Holdings, Inc. | $ | 87,000 | $ | 8 | ||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
162,974 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 765,000 | 773,478 | ||||||
Food - Meat Products — 0.2% |
| |||||||
Smithfield Foods, Inc. | 111,000 | 108,382 | ||||||
Smithfield Foods, Inc. | 97,000 | 102,829 | ||||||
Tyson Foods, Inc. | 233,000 | 246,766 | ||||||
457,977 | ||||||||
Food - Misc./Diversified — 0.6% |
| |||||||
Conagra Brands, Inc. | 188,000 | 197,598 | ||||||
Conagra Brands, Inc. | 251,000 | 306,404 | ||||||
General Mills, Inc. | 122,000 | 125,310 | ||||||
Kraft Heinz Foods Co. | 254,000 | 261,962 | ||||||
Mondelez International, Inc. | 303,000 | 313,053 | ||||||
Nestle Holdings, Inc. | 297,000 | 310,260 | ||||||
1,514,587 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 184,000 | 195,993 | ||||||
Gas- Distribution — 0.2% |
| |||||||
NiSource, Inc. | 161,000 | 190,835 | ||||||
Piedmont Natural Gas Co., Inc. | 246,000 | 249,353 | ||||||
440,188 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
NRG Energy, Inc. | 166,000 | 170,457 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | $ | 115,000 | $ | 126,018 | ||||
Insurance Brokers — 0.1% |
| |||||||
Marsh & McLennan Cos., Inc. | 152,000 | 154,213 | ||||||
Willis North America, Inc. | 164,000 | 176,104 | ||||||
330,317 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Brighthouse Financial, Inc. | 230,000 | 183,112 | ||||||
Insurance - Multi-line — 0.1% |
| |||||||
Assurant, Inc. | 165,000 | 195,688 | ||||||
Insurance - Mutual — 0.3% |
| |||||||
MassMutual Global Funding II | 200,000 | 201,181 | ||||||
New York Life Global Funding | 498,000 | 495,551 | ||||||
696,732 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 273,000 | 276,368 | ||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Reinsurance Group of America, Inc. | 132,000 | 134,119 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 245,000 | 247,177 | ||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar Financial Services Corp. | 198,000 | 198,697 | ||||||
Caterpillar Financial Services Corp. | 133,000 | 134,859 | ||||||
Caterpillar Financial Services Corp. | 286,000 | 296,154 | ||||||
629,710 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | 341,000 | 350,739 | ||||||
Machinery - Farming — 0.6% |
| |||||||
CNH Industrial Capital LLC | 465,000 | 472,598 |
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery - Farming (continued) |
| |||||||
John Deere Capital Corp. | $ | 203,000 | $ | 203,019 | ||||
John Deere Capital Corp. | 452,000 | 458,537 | ||||||
John Deere Capital Corp. | 304,000 | 315,347 | ||||||
John Deere Capital Corp. | 144,000 | 150,405 | ||||||
1,599,906 | ||||||||
Machinery - General Industrial — 0.2% |
| |||||||
Roper Technologies, Inc. | 471,000 | 496,327 | ||||||
Medical Labs & Testing Services — 0.5% |
| |||||||
Laboratory Corp. of America Holdings | 322,000 | 324,415 | ||||||
Laboratory Corp. of America Holdings | 126,000 | 127,847 | ||||||
Roche Holdings, Inc. | 404,000 | 397,521 | ||||||
Roche Holdings, Inc. | 268,000 | 270,557 | ||||||
1,120,340 | ||||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Celgene Corp. | 267,000 | 276,775 | ||||||
Celgene Corp. | 178,000 | 194,669 | ||||||
471,444 | ||||||||
Medical - Drugs — 0.4% |
| |||||||
AbbVie, Inc. | 161,000 | 151,563 | ||||||
AbbVie, Inc. | 185,000 | 185,883 | ||||||
Bristol-Myers Squibb Co. | 319,000 | 326,474 | ||||||
Bristol-Myers Squibb Co. | 171,000 | 178,335 | ||||||
GlaxoSmithKline Capital, Inc. | 215,000 | 221,455 | ||||||
1,063,710 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 231,000 | 221,148 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical- HMO — 0.5% |
| |||||||
UnitedHealth Group, Inc. | $ | 957,000 | $ | 951,997 | ||||
UnitedHealth Group, Inc. | 172,000 | 180,530 | ||||||
1,132,527 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA, Inc. | 187,000 | 200,831 | ||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 322,000 | 298,515 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 333,000 | 339,660 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 128,000 | 139,559 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Anadarko Petroleum Corp. | 392,000 | 471,860 | ||||||
Cimarex Energy Co. | 164,000 | 171,029 | ||||||
Marathon Oil Corp. | 134,000 | 160,939 | ||||||
Noble Energy, Inc. | 396,000 | 404,651 | ||||||
1,208,479 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 716,000 | 728,487 | ||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Valero Energy Corp. | 254,000 | 256,703 | ||||||
Oil- Field Services — 0.1% |
| |||||||
Schlumberger Holdings Corp. | 240,000 | 247,005 | ||||||
Paper & Related Products — 0.4% |
| |||||||
Domtar Corp. | 380,000 | 402,693 | ||||||
Georgia-Pacific LLC | 368,000 | 382,499 |
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Paper & Related Products (continued) |
| |||||||
Georgia-Pacific LLC | $ | 235,000 | $ | 243,868 | ||||
1,029,060 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 202,000 | 206,833 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Cigna Corp. | 238,000 | 242,040 | ||||||
Cigna Corp. | 112,000 | 114,419 | ||||||
CVS Health Corp. | 1,005,000 | 1,005,028 | ||||||
1,361,487 | ||||||||
Pipelines — 1.1% |
| |||||||
Buckeye Partners LP | 155,000 | 142,549 | ||||||
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | 244,000 | 249,272 | ||||||
Enable Midstream Partners LP | 208,000 | 212,373 | ||||||
Energy Transfer Operating LP | 196,000 | 205,523 | ||||||
Energy Transfer Operating LP | 48,000 | 46,021 | ||||||
Energy Transfer Operating LP | 214,000 | 230,505 | ||||||
EnLink Midstream Partners LP | 170,000 | 166,600 | ||||||
EnLink Midstream Partners LP | 36,000 | 30,240 | ||||||
Kinder Morgan Energy Partners LP | 260,000 | 320,168 | ||||||
MPLX LP | 166,000 | 166,281 | ||||||
MPLX LP | 127,000 | 128,632 | ||||||
MPLX LP | 282,000 | 300,306 | ||||||
Rockies Express Pipeline LLC | 190,000 | 188,610 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Western Gas Partners LP | $ | 310,000 | $ | 297,312 | ||||
2,684,392 | ||||||||
Real Estate Investment Trusts — 0.6% |
| |||||||
American Tower Corp. | 212,000 | 220,616 | ||||||
AvalonBay Communities, Inc. | 162,000 | 164,577 | ||||||
Columbia Property Trust Operating Partnership LP | 296,000 | 300,569 | ||||||
Crown Castle International Corp. | 226,000 | 246,644 | ||||||
ERP Operating LP | 168,000 | 183,766 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 163,000 | 164,019 | ||||||
Simon Property Group LP | 293,000 | 302,418 | ||||||
1,582,609 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc. | 226,000 | 221,761 | ||||||
Retail - Discount — 0.3% |
| |||||||
Walmart, Inc. | 375,000 | 376,843 | ||||||
Walmart, Inc. | 324,000 | 332,248 | ||||||
709,091 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 130,000 | 124,375 | ||||||
Retail - Mail Order — 0.2% |
| |||||||
QVC, Inc. | 583,000 | 593,501 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 290,000 | 286,757 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Darden Restaurants, Inc. | 280,000 | 277,582 | ||||||
McDonald’s Corp. | 270,000 | 282,549 | ||||||
McDonald’s Corp. | 231,000 | 242,175 | ||||||
802,306 | ||||||||
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Savings & Loans/Thrifts — 0.4% |
| |||||||
First Niagara Financial Group, Inc. | $ | 400,000 | $ | 442,844 | ||||
New York Community Bancorp, Inc. | 483,000 | 490,414 | ||||||
933,258 | ||||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
QUALCOMM, Inc. | 236,000 | 237,632 | ||||||
Telephone - Integrated — 0.8% |
| |||||||
AT&T, Inc. | 137,000 | 143,057 | ||||||
AT&T, Inc. | 660,000 | 664,945 | ||||||
AT&T, Inc. | 174,000 | 175,028 | ||||||
AT&T, Inc. | 448,000 | 462,251 | ||||||
Verizon Communications, Inc. | 96,000 | 101,568 | ||||||
Verizon Communications, Inc. | 386,000 | 443,141 | ||||||
1,989,990 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp. | 316,000 | 313,540 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 302,000 | 310,945 | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 370,000 | 389,346 | ||||||
GATX Corp. | 115,000 | 122,700 | ||||||
512,046 | ||||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 211,000 | 215,217 | ||||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 123,000 | 131,803 | ||||||
Norfolk Southern Corp. | 248,000 | 263,884 | ||||||
395,687 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | $ | 301,000 | $ | 309,567 | ||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 236,000 | 232,940 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 338,000 | 348,653 | ||||||
581,593 | ||||||||
Water — 0.0% |
| |||||||
Aqua America, Inc. | 115,000 | 117,199 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $63,023,377) | 65,348,647 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.8% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 204,000 | 213,596 | ||||||
Banks - Commercial — 1.0% |
| |||||||
AIB Group PLC | 329,000 | 333,364 | ||||||
Canadian Imperial Bank of Commerce | 486,000 | 483,906 | ||||||
Danske Bank A/S | 239,000 | 239,781 | ||||||
Danske Bank A/S | 486,000 | 514,645 | ||||||
DBS Group Holdings, Ltd. | 231,000 | 232,317 | ||||||
ING Groep NV | 220,000 | 233,952 | ||||||
Shinhan Bank Co., Ltd. | 200,000 | 203,758 | ||||||
United Overseas Bank, Ltd. | 200,000 | 204,274 | ||||||
2,445,997 | ||||||||
Banks - Special Purpose — 0.2% |
| |||||||
Kreditanstalt fuer Wiederaufbau | 508,000 | 504,105 | ||||||
Building Societies — 0.1% |
| |||||||
Nationwide Building Society | 250,000 | 235,451 | ||||||
Cellular Telecom — 0.2% |
| |||||||
SK Telecom Co., Ltd. | 200,000 | 206,506 |
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom (continued) |
| |||||||
Vodafone Group PLC | $ | 223,000 | $ | 231,431 | ||||
437,937 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 202,730 | ||||||
Diversified Banking Institutions — 2.1% |
| |||||||
BNP Paribas SA | 634,000 | 665,365 | ||||||
Deutsche Bank AG | 182,000 | 182,652 | ||||||
HSBC Holdings PLC | 340,000 | 343,956 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 804,000 | 823,293 | ||||||
Mizuho Financial Group, Inc. | 522,000 | 536,614 | ||||||
NatWest Markets PLC | 315,000 | 318,206 | ||||||
Royal Bank of Scotland Group PLC | 337,000 | 341,597 | ||||||
Royal Bank of Scotland Group PLC | 470,000 | 481,821 | ||||||
UBS Group Funding Switzerland AG | 200,000 | 202,420 | ||||||
UniCredit SpA | 531,000 | 483,113 | ||||||
UniCredit SpA | 377,000 | 393,826 | ||||||
UniCredit SpA | 428,000 | 422,673 | ||||||
5,195,536 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
GE Capital International Funding Co. ULC | 675,000 | 667,072 | ||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 325,000 | 331,890 | ||||||
Siemens Financieringsmaatschappij NV | 510,000 | 519,647 | ||||||
851,537 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 207,000 | 202,974 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | $ | 400,000 | $ | 429,612 | ||||
Electric - Integrated — 0.1% |
| |||||||
Enel Finance International NV | 416,000 | 399,284 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Athene Holding, Ltd. | 244,000 | 239,256 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Enstar Group, Ltd. | 363,000 | 361,789 | ||||||
Insurance - Reinsurance — 0.1% |
| |||||||
RenaissanceRe Holdings, Ltd. | 248,000 | 249,576 | ||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial NV | 250,000 | 247,339 | ||||||
CNH Industrial NV | 163,000 | 168,182 | ||||||
415,521 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
GlaxoSmithKline Capital PLC | 310,000 | 313,954 | ||||||
Shire Acquisitions Investments Ireland DAC | 508,000 | 501,345 | ||||||
815,299 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Allergan Funding SCS | 178,000 | 179,141 | ||||||
Oil Companies - Integrated — 0.6% |
| |||||||
BP Capital Markets PLC | 692,000 | 716,563 | ||||||
Cenovus Energy, Inc. | 278,000 | 277,135 | ||||||
Cenovus Energy, Inc. | 265,000 | 256,727 | ||||||
Petro-Canada | 132,000 | 160,873 | ||||||
1,411,298 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
International Bank for Reconstruction & Development | 300,000 | 317,669 | ||||||
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated — 0.3% |
| |||||||
Telecom Italia Capital SA | $ | 206,000 | $ | 212,695 | ||||
Telefonica Emisiones SAU | 362,000 | 354,593 | ||||||
Telefonica Emisiones SAU | 204,000 | 210,109 | ||||||
777,397 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 140,000 | 184,093 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $16,486,083) | 16,736,870 | |||||||
U.S. GOVERNMENT AGENCIES — 40.0% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | 250,000 | 344,688 | ||||||
Federal Home Loan Mtg. Corp. — 12.2% |
| |||||||
2.50% due 01/01/2028 | 188,346 | 189,542 | ||||||
2.50% due 04/01/2028 | 453,227 | 456,108 | ||||||
2.50% due 03/01/2031 | 613,593 | 614,849 | ||||||
2.50% due 10/01/2032 | 816,785 | 817,646 | ||||||
3.00% due 08/01/2027 | 129,156 | 131,571 | ||||||
3.00% due 10/01/2042 | 447,553 | 452,712 | ||||||
3.00% due 11/01/2042 | 564,534 | 569,995 | ||||||
3.00% due 04/01/2043 | 584,711 | 590,368 | ||||||
3.00% due 05/01/2043 | 784,864 | 793,914 | ||||||
3.00% due 08/01/2043 | 588,884 | 594,579 | ||||||
3.00% due 07/01/2045 | 796,704 | 804,411 | ||||||
3.00% due 10/01/2045 | 396,084 | 399,916 | ||||||
3.00% due 08/01/2046 | 2,367,173 | 2,389,347 | ||||||
3.50% due 01/01/2032 | 1,364,282 | 1,403,662 | ||||||
3.50% due 11/01/2041 | 532,294 | 547,307 | ||||||
3.50% due 03/01/2042 | 174,845 | 179,777 | ||||||
3.50% due 04/01/2042 | 1,012,449 | 1,042,974 | ||||||
3.50% due 06/01/2042 | 1,202,936 | 1,236,876 | ||||||
3.50% due 08/01/2042 | 228,639 | 236,119 | ||||||
3.50% due 03/01/2045 | 858,291 | 879,257 | ||||||
3.50% due 07/01/2045 | 1,038,184 | 1,072,275 | ||||||
3.50% due 08/01/2045 | 611,980 | 632,785 | ||||||
3.50% due 11/01/2045 | 406,506 | 416,337 | ||||||
3.50% due 12/01/2046 | 785,279 | 803,543 | ||||||
3.50% due 11/01/2047 | 6,095,786 | 6,237,539 | ||||||
4.00% due 09/01/2040 | 256,235 | 266,798 | ||||||
4.00% due 10/01/2045 | 725,083 | 752,482 | ||||||
4.50% due 04/01/2044 | 137,900 | 145,717 | ||||||
4.50% due 03/01/2046 | 212,752 | 223,821 | ||||||
5.00% due 10/01/2033 | 379 | 407 | ||||||
5.00% due 06/01/2039 | 330,739 | 358,102 | ||||||
5.00% due 11/01/2043 | 413,975 | 445,114 | ||||||
5.50% due 02/01/2035 | 67,665 | 72,347 | ||||||
6.00% due 10/01/2033 | 92,532 | 101,277 | ||||||
6.00% due 03/01/2040 | 508 | 571 | ||||||
6.50% due 02/01/2035 | 1,773 | 1,963 | ||||||
6.75% due 09/15/2029 | 500,000 | 696,102 | ||||||
6.75% due 03/15/2031 | 250,000 | 359,670 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
4.33% (6 ML+1.49%) due 02/01/2037 | 31,303 | 32,265 | ||||||
4.79% (12 ML+1.88%) due 11/01/2037 | 326,362 | 344,424 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4740, Class BA 3.00% due 09/15/2045(3) | $ | 715,762 | $ | 728,484 | ||||
Series 4800, Class KG 3.50% due 11/15/2045(3) | 100,000 | 102,451 | ||||||
Series 3820, Class DA 4.00% due 11/15/2035(3) | 293,382 | 294,615 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 175,664 | 22,245 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | ||||||||
Series 2017-HQA1, Class M1 3.63% (1 ML+1.20%) due 08/25/2029(3) | 509,028 | 510,865 | ||||||
Series 2015-DNA1, Class M2 4.28% (1 ML+1.85%) due 10/25/2027(3) | 206,663 | 209,354 | ||||||
Series2014-DN1, Class M2 4.63% (1 ML+2.20%) due 02/25/2024(3) | 330,463 | 336,186 | ||||||
Series2014-HQ2, Class M2 4.63% (1 ML+2.20%) due 09/25/2024(3) | 436,834 | 445,467 | ||||||
Series 2016-HQA1, Class M2 5.18% (1 ML+2.75%) due 09/25/2028(3) | 203,286 | 205,851 | ||||||
Series 2015-HQA2, Class M2 5.23% (1 ML+2.80%) due 05/25/2028(3) | 17,180 | 17,497 | ||||||
30,167,484 | ||||||||
Federal National Mtg. Assoc. — 23.4% |
| |||||||
2.50% due 04/01/2028 | 267,599 | 269,128 | ||||||
2.50% due 01/01/2032 | 659,241 | 659,558 | ||||||
3.00% due 10/01/2027 | 72,274 | 73,582 | ||||||
3.00% due 12/01/2027 | 667,187 | 677,861 | ||||||
3.00% due 01/01/2028 | 572,552 | 582,944 | ||||||
3.00% due 03/01/2030 | 1,499,063 | 1,522,929 | ||||||
3.00% due 10/01/2030 | 451,867 | 458,367 | ||||||
3.00% due 02/01/2033 | 282,792 | 286,894 | ||||||
3.00% due 03/01/2042 | 641,900 | 647,677 | ||||||
3.00% due 12/01/2042 | 627,981 | 633,629 | ||||||
3.00% due 02/01/2045 | 552,546 | 557,519 | ||||||
3.00% due 09/01/2046 | 91,900 | 92,689 | ||||||
3.00% due 01/01/2047 | 474,316 | 478,134 | ||||||
3.00% due 04/01/2047 | 4,112,737 | 4,144,470 | ||||||
3.50% due 08/01/2026 | 111,913 | 115,021 | ||||||
3.50% due 09/01/2026 | 33,830 | 34,923 | ||||||
3.50% due 08/01/2027 | 40,371 | 41,492 | ||||||
3.50% due 10/01/2028 | 364,630 | 376,462 | ||||||
3.50% due 03/01/2033 | 1,352,625 | 1,390,185 | ||||||
3.50% due 12/01/2041 | 404,006 | 416,745 | ||||||
3.50% due 08/01/2042 | 1,202,016 | 1,232,687 | ||||||
3.50% due 07/01/2045 | 422,101 | 432,010 | ||||||
3.50% due 08/01/2045 | 475,226 | 490,503 | ||||||
3.50% due 09/01/2045 | 412,036 | 421,716 | ||||||
3.50% due 10/01/2045 | 656,384 | 676,470 | ||||||
3.50% due 11/01/2045 | 301,898 | 308,754 | ||||||
3.50% due 12/01/2045 | 2,314,684 | 2,369,065 | ||||||
3.50% due 02/01/2046 | 679,005 | 694,956 | ||||||
3.50% due 03/01/2046 | 366,820 | 374,836 | ||||||
3.50% due 07/01/2046 | 1,528,701 | 1,579,613 | ||||||
3.50% due 01/01/2047 | 2,430,588 | 2,485,424 |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.50% due 04/01/2048 | $ | 2,456,492 | $ | 2,529,294 | ||||
4.00% due 07/01/2040 | 104,614 | 109,706 | ||||||
4.00% due 10/01/2040 | 67,340 | 70,071 | ||||||
4.00% due 12/01/2040 | 933,173 | 971,064 | ||||||
4.00% due 10/01/2041 | 442,749 | 460,749 | ||||||
4.00% due 11/01/2041 | 447,685 | 466,031 | ||||||
4.00% due 01/01/2043 | 526,374 | 552,933 | ||||||
4.00% due 10/01/2043 | 705,594 | 741,006 | ||||||
4.00% due 10/01/2044 | 957,425 | 993,786 | ||||||
4.00% due 02/01/2045 | 1,020,894 | 1,068,991 | ||||||
4.00% due 06/01/2046 | 289,864 | 300,539 | ||||||
4.00% due 01/01/2047 | 611,054 | 633,593 | ||||||
4.00% due 05/01/2047 | 825,897 | 856,345 | ||||||
4.00% due 06/01/2047 | 1,984,410 | 2,077,771 | ||||||
4.00% due 07/01/2047 | 2,012,396 | 2,086,539 | ||||||
4.00% due 08/01/2047 | 2,015,990 | 2,090,203 | ||||||
4.00% due 03/01/2049 | 1,961,539 | 2,028,284 | ||||||
4.50% due 11/01/2022 | 31,037 | 31,607 | ||||||
4.50% due 10/01/2024 | 140,924 | 145,067 | ||||||
4.50% due 08/01/2045 | 2,014,506 | 2,155,053 | ||||||
4.50% due 06/01/2048 | 1,739,644 | 1,824,107 | ||||||
4.50% due 10/01/2048 | 1,359,131 | 1,419,216 | ||||||
4.50% due 11/01/2048 | 594,736 | 621,450 | ||||||
4.50% due 12/01/2048 | 2,802,840 | 2,928,593 | ||||||
5.00% due 10/01/2033 | 2,128 | 2,286 | ||||||
5.00% due 03/01/2034 | 37,241 | 39,999 | ||||||
5.00% due 05/01/2040 | 81,178 | 87,418 | ||||||
5.00% due 06/01/2040 | 48,584 | 52,321 | ||||||
5.00% due 02/01/2045 | 274,305 | 296,776 | ||||||
5.50% due 12/01/2029 | 54,949 | 58,712 | ||||||
5.50% due 04/01/2033 | 49,173 | 53,793 | ||||||
5.50% due 12/01/2033 | 41,213 | 45,211 | ||||||
5.50% due 07/01/2037 | 234,618 | 255,791 | ||||||
5.50% due 08/01/2037 | 163,359 | 179,126 | ||||||
5.50% due 06/01/2038 | 22,182 | 24,270 | ||||||
6.00% due 12/01/2020 | 394 | 396 | ||||||
6.00% due 12/01/2036 | 284,460 | 319,210 | ||||||
6.00% due 11/01/2038 | 80,267 | 90,083 | ||||||
6.00% due 06/01/2040 | 60,013 | 67,325 | ||||||
6.50% due 10/01/2037 | 16,737 | 18,950 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
4.37% (6 ML+1.54%) due 09/01/2035 | 269,160 | 278,233 | ||||||
4.43% (12 ML+1.57%) due 05/01/2037 | 50,821 | 52,989 | ||||||
4.52% (1 Yr USTYCR+2.26%) due 11/01/2036 | 106,512 | 112,037 | ||||||
4.57% (12 ML+1.66%) due 07/01/2039 | 211,053 | 220,466 | ||||||
4.57% (12 ML+1.82%) due 10/01/2040 | 55,489 | 58,196 | ||||||
4.58% (1 Yr USTYCR+2.22%) due 10/01/2035 | 260,311 | 273,601 | ||||||
4.67% (12 ML+1.83%) due 10/01/2040 | 155,917 | 163,068 | ||||||
4.71% (12 ML+1.91%) due 08/01/2035 | 164,437 | 173,165 | ||||||
4.71% (12 ML+1.76%) due 05/01/2040 | 278,584 | 292,584 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series 2017-94, Class DA 3.00% due 06/25/2045(3) | 430,870 | 438,141 | ||||||
Series2017-100, Class NP 3.00% due 12/25/2047(3) | 271,986 | 273,693 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series2018-27, Class EA 3.00% due 05/25/2048(3) | $ | 1,270,038 | $ | 1,280,411 | ||||
Series 2018-35, Class CD 3.00% due 05/25/2048(3) | 833,298 | 834,097 | ||||||
57,730,589 | ||||||||
Government National Mtg. Assoc. — 4.3% |
| |||||||
3.00% due 02/20/2045 | 486,861 | 496,589 | ||||||
3.00% due 05/20/2045 | 376,815 | 382,945 | ||||||
3.00% due 07/20/2045 | 63,200 | 64,228 | ||||||
3.00% due 11/20/2045 | 1,281,554 | 1,302,409 | ||||||
3.00% due 12/20/2045 | 598,316 | 608,051 | ||||||
3.00% due 09/20/2047 | 1,966,383 | 1,996,039 | ||||||
3.50% due 03/20/2045 | 324,547 | 334,182 | ||||||
3.50% due 04/20/2045 | 621,095 | 639,534 | ||||||
3.50% due 07/20/2045 | 136,415 | 140,465 | ||||||
3.50% due 03/20/2047 | 530,153 | 545,786 | ||||||
4.00% due 07/20/2045 | 191,484 | 200,158 | ||||||
4.00% due 05/20/2048 | 3,444,069 | 3,567,323 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 191,113 | ||||||
10,468,822 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $98,424,374) | 98,711,583 | |||||||
U.S. GOVERNMENT TREASURIES — 15.5% |
| |||||||
United States Treasury Bonds — 4.9% |
| |||||||
2.75% due 11/15/2042 | 423,000 | 438,532 | ||||||
2.88% due 11/15/2046# | 400,000 | 423,734 | ||||||
3.00% due 11/15/2045 | 1,800,000 | 1,950,680 | ||||||
3.00% due 05/15/2047 | 1,500,000 | 1,626,094 | ||||||
3.00% due 02/15/2049# | 1,279,000 | 1,389,514 | ||||||
3.13% due 11/15/2041 | 2,398,000 | 2,653,537 | ||||||
3.13% due 02/15/2042 | 408,000 | 451,095 | ||||||
3.38% due 11/15/2048 | 586,000 | 682,369 | ||||||
3.88% due 08/15/2040 | 174,000 | 214,842 | ||||||
4.25% due 05/15/2039 | 267,000 | 345,223 | ||||||
4.38% due 11/15/2039 | 105,000 | 138,116 | ||||||
4.38% due 05/15/2040 | 200,000 | 263,422 | ||||||
4.75% due 02/15/2037 | 587,000 | 793,757 | ||||||
5.00% due 05/15/2037 | 159,000 | 221,513 | ||||||
5.25% due 11/15/2028 | 369,000 | 466,770 | ||||||
8.13% due 08/15/2019 | 92,000 | 93,037 | ||||||
12,152,235 | ||||||||
United States Treasury Notes — 10.6% |
| |||||||
1.63% due 08/15/2022 | 2,390,000 | 2,368,901 | ||||||
1.63% due 08/31/2022 | 2,000,000 | 1,982,422 | ||||||
1.63% due 02/15/2026 | 1,979,000 | 1,929,525 | ||||||
1.63% due 05/15/2026 | 427,000 | 415,708 | ||||||
1.75% due 09/30/2022 | 5,287,000 | 5,260,152 | ||||||
2.00% due 02/15/2025 | 1,800,000 | 1,801,476 | ||||||
2.00% due 11/15/2026 | 400,000 | 398,547 | ||||||
2.25% due 04/30/2021 | 66,000 | 66,351 | ||||||
2.25% due 04/30/2024 | 167,000 | 169,414 | ||||||
2.25% due 11/15/2024# | 620,000 | 628,743 | ||||||
2.25% due 08/15/2027 | 1,200,000 | 1,214,297 | ||||||
2.38% due 03/15/2022 | 560,000 | 567,241 | ||||||
2.38% due 05/15/2029# | 641,000 | 654,220 | ||||||
2.50% due 02/28/2021 | 2,500,000 | 2,521,094 | ||||||
2.50% due 01/15/2022 | 2,500,000 | 2,536,523 | ||||||
2.50% due 01/31/2024 | 420,000 | 430,418 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 3,077,578 | ||||||
2.63% due 02/15/2029 | 171,000 | 178,181 |
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) |
| |||||||
3.63% due 08/15/2019 | $ | 27,000 | $ | 27,062 | ||||
26,227,853 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $37,388,553) | 38,380,088 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.4% |
| |||||||
Sovereign — 0.3% |
| |||||||
Government of Hong Kong | 202,000 | 204,231 | ||||||
United Mexican States | 228,000 | 236,780 | ||||||
United Mexican States | 250,000 | 247,250 | ||||||
688,261 | ||||||||
Sovereign Agency — 0.1% |
| |||||||
Kommunalbanken AS | 394,000 | 391,992 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $1,060,460) | 1,080,253 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC 4.70%# | 7,100 | 176,009 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1% |
| |||||||
Banks - Commercial — 0.2% |
| |||||||
Cooperatieve Rabobank UA | 431,000 | 433,155 | ||||||
Banks - Super Regional — 0.0% |
| |||||||
Wells Fargo Capital X | 89,000 | 102,863 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Bank of Nova Scotia | 500,000 | 465,000 | ||||||
HSBC Holdings PLC | 351,000 | 345,823 | ||||||
JPMorgan Chase & Co. | 271,000 | 285,837 | ||||||
1,096,660 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. | 142,000 | 144,840 | ||||||
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 — 0.2% |
| |||||||
Prudential Financial, Inc. | 260,000 | 269,100 | ||||||
Prudential Financial, Inc. | 183,000 | 188,777 | ||||||
457,877 | ||||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
Pipelines — 0.1% |
| |||||||
TransCanada Trust | $ | 141,000 | $ | 131,528 | ||||
TransCanada Trust | 108,000 | 105,840 | ||||||
Enterprise Products Operating LLC | 140,000 | 128,100 | ||||||
365,468 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $2,811,538) | 2,794,896 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $229,714,338) | 233,676,689 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.4% |
| |||||||
Registered Investment Companies — 3.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 7,539,516 | 7,539,516 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 883,610 | 883,610 | ||||||
8,423,126 | ||||||||
U.S. Government Treasuries — 1.0% |
| |||||||
United States Treasury Bills | 2,500,000 | 2,450,658 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $10,870,046) | 10,873,784 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $240,584,384)(10) | 99.0 | % | 244,550,473 | |||||
Other assets less liabilities | 1.0 | 2,345,628 | ||||||
NET ASSETS | 100.0 | % | $ | 246,896,101 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $23,201,567 representing 9.4% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Commercial Mortgage Backed Security |
(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) | Collateralized Mortgage Obligation |
(4) | Securities classified as Level 3 (see Note 2). |
(5) | Interest Only |
(6) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2019. |
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | The rate shown is the7-day yield as of May 31, 2019. |
(9) | At May 31, 2019, the Fund had loaned securities with a total value of $10,958,599. This was secured by collateral of $883,610, which was received in cash and subsequently invested in short-term investments currently valued at $883,610 as reported in the Portfolio of Investments. Additional collateral of $10,318,045 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. |
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.25% | 01/25/2023 to 04/15/2051 | $ | 370,083 | ||||
Federal National Mtg. Assoc. | 1.00% to 28.16% | 12/25/2024 to 05/25/2059 | 510,249 | |||||
Government National Mtg. Assoc. | 1.50% to 24.90% | 10/20/2032 to 03/16/2061 | 185,908 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 11/14/2019 | 654,262 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 08/15/2019 to 11/15/2048 | 8,597,543 |
(10) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2019 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 May 31, 2019 (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 | $ | — | $ | 10,448,343 | $ | — | $ | 10,448,343 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance - Investment Banker/Broker | — | 162,955 | 19 | 162,974 | ||||||||||||
Other Industries | — | 65,185,673 | — | 65,185,673 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 16,736,870 | — | 16,736,870 | ||||||||||||
U.S. Government Agencies | — | 98,711,583 | — | 98,711,583 | ||||||||||||
U.S. Government Treasuries | — | 38,380,088 | — | 38,380,088 | ||||||||||||
Foreign Government Obligations | — | 1,080,253 | — | 1,080,253 | ||||||||||||
Preferred Securities | 176,009 | — | — | 176,009 | ||||||||||||
Preferred Securities/Capital Securities: | ||||||||||||||||
Finance - Investment Banker/Broker | — | — | 8 | 8 | ||||||||||||
Other Industries | — | 2,794,888 | — | 2,794,888 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,423,126 | — | — | 8,423,126 | ||||||||||||
U.S. Government Treasuries | — | 2,450,658 | — | 2,450,658 | ||||||||||||
Total Investments at Value | $ | 8,599,135 | $ | 235,951,311 | $ | 27 | $ | 244,550,473 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
44 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Retail — Discount | 6.6 | % | ||
Applications Software | 6.4 | |||
Medical — Drugs | 5.6 | |||
Diversified Banking Institutions | 5.2 | |||
Web Portals/ISP | 5.1 | |||
Medical — HMO | 5.1 | |||
Oil Companies — Integrated | 4.9 | |||
Cable/Satellite TV | 4.9 | |||
Computers | 4.8 | |||
Banks — Super Regional | 3.3 | |||
Networking Products | 3.0 | |||
Medical Labs & Testing Services | 2.5 | |||
Building — Residential/Commercial | 2.4 | |||
Tobacco | 2.2 | |||
Retail — Auto Parts | 2.1 | |||
Chemicals — Diversified | 2.0 | |||
Retail — Building Products | 1.9 | |||
Computer Services | 1.9 | |||
Telephone — Integrated | 1.9 | |||
Distribution/Wholesale | 1.8 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Cruise Lines | 1.6 | |||
Electric — Integrated | 1.5 | |||
Airlines | 1.5 | |||
Medical — Biomedical/Gene | 1.5 | |||
E-Services/Consulting | 1.4 | |||
Finance — Investment Banker/Broker | 1.4 | |||
Transport — Rail | 1.4 | |||
Power Converter/Supply Equipment | 1.3 | |||
Finance — Auto Loans | 1.3 | |||
Brewery | 1.3 | |||
Containers — Paper/Plastic | 1.3 | |||
Electric Products — Misc. | 1.3 | |||
Medical Products | 1.2 | |||
Electronic Measurement Instruments | 1.1 | |||
Financial Guarantee Insurance | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Food — Confectionery | 1.0 | |||
Finance — Consumer Loans | 0.7 | |||
Banks — Commercial | 0.6 | |||
Medical Instruments | 0.4 | |||
Commercial Services | 0.4 | |||
Metal — Copper | 0.2 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
45 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Airlines — 1.5% |
| |||||||
Delta Air Lines, Inc. | 65,051 | $ | 3,350,127 | |||||
Applications Software — 6.4% |
| |||||||
CDK Global, Inc. | 39,490 | 1,911,316 | ||||||
Microsoft Corp. | 102,907 | 12,727,538 | ||||||
14,638,854 | ||||||||
Banks - Commercial — 0.6% |
| |||||||
Regions Financial Corp. | 101,350 | 1,401,671 | ||||||
Banks - Super Regional — 3.3% |
| |||||||
SunTrust Banks, Inc. | 56,967 | 3,418,590 | ||||||
US Bancorp | 83,111 | 4,172,172 | ||||||
7,590,762 | ||||||||
Brewery — 1.3% |
| |||||||
Molson Coors Brewing Co., Class B | 54,042 | 2,971,229 | ||||||
Building - Residential/Commercial — 2.4% |
| |||||||
D.R. Horton, Inc. | 115,851 | 4,953,789 | ||||||
Lennar Corp., Class A | 10,299 | 511,448 | ||||||
5,465,237 | ||||||||
Cable/Satellite TV — 4.9% |
| |||||||
Comcast Corp., Class A | 172,472 | 7,071,352 | ||||||
DISH Network Corp., Class A† | 110,708 | 3,997,666 | ||||||
11,069,018 | ||||||||
Chemicals - Diversified — 2.0% |
| |||||||
Dow, Inc. | 22,863 | 1,069,074 | ||||||
DuPont de Nemours, Inc. | 113,218 | 3,455,413 | ||||||
4,524,487 | ||||||||
Commercial Services — 0.4% |
| |||||||
Quanta Services, Inc. | 25,024 | 869,834 | ||||||
Computer Services — 1.9% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 70,864 | 4,388,608 | ||||||
Computers — 4.8% |
| |||||||
Apple, Inc. | 62,746 | 10,984,942 | ||||||
Containers - Paper/Plastic — 1.3% |
| |||||||
Packaging Corp. of America | 33,155 | 2,953,447 | ||||||
Cruise Lines — 1.6% |
| |||||||
Carnival Corp. | 71,626 | 3,666,535 | ||||||
Distribution/Wholesale — 1.8% |
| |||||||
KAR Auction Services, Inc. | 74,845 | 4,207,786 | ||||||
Diversified Banking Institutions — 5.2% |
| |||||||
Bank of America Corp. | 204,819 | 5,448,185 | ||||||
JPMorgan Chase & Co. | 61,427 | 6,508,805 | ||||||
11,956,990 | ||||||||
E-Services/Consulting — 1.4% |
| |||||||
CDW Corp. | 32,876 | 3,236,313 | ||||||
Electric Products - Misc. — 1.3% |
| |||||||
Emerson Electric Co. | 47,784 | 2,878,508 | ||||||
Electric - Integrated — 1.5% |
| |||||||
AES Corp. | 217,205 | 3,431,839 | ||||||
Electronic Measurement Instruments — 1.1% |
| |||||||
Fortive Corp. | 33,094 | 2,520,108 | ||||||
Finance - Auto Loans — 1.3% |
| |||||||
Ally Financial, Inc. | 104,127 | 3,006,146 | ||||||
Finance - Consumer Loans — 0.7% |
| |||||||
SLM Corp. | 178,037 | 1,693,132 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Investment Banker/Broker — 1.4% |
| |||||||
E*TRADE Financial Corp. | 72,220 | $ | 3,235,456 | |||||
Financial Guarantee Insurance — 1.1% |
| |||||||
Assured Guaranty, Ltd. | 61,424 | 2,510,399 | ||||||
Food - Confectionery — 1.0% |
| |||||||
J.M. Smucker Co. | 17,777 | 2,160,972 | ||||||
Medical Instruments — 0.4% |
| |||||||
Alcon, Inc.†# | 16,670 | 969,861 | ||||||
Medical Labs & Testing Services — 2.5% |
| |||||||
Laboratory Corp. of America Holdings† | 34,581 | 5,623,216 | ||||||
Medical Products — 1.2% |
| |||||||
Baxter International, Inc. | 37,045 | 2,720,585 | ||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Biogen, Inc.† | 15,105 | 3,312,375 | ||||||
Medical - Drugs — 5.6% |
| |||||||
Novartis AG ADR | 38,608 | 3,306,389 | ||||||
Novo Nordisk A/S ADR | 76,135 | 3,593,572 | ||||||
Pfizer, Inc. | 144,182 | 5,986,437 | ||||||
12,886,398 | ||||||||
Medical- HMO — 5.1% |
| |||||||
Centene Corp.† | 28,877 | 1,667,647 | ||||||
Humana, Inc. | 16,461 | 4,030,640 | ||||||
UnitedHealth Group, Inc. | 24,630 | 5,955,534 | ||||||
11,653,821 | ||||||||
Metal - Copper — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 43,433 | 421,734 | ||||||
Networking Products — 3.0% |
| |||||||
Cisco Systems, Inc. | 131,932 | 6,864,422 | ||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Marathon Oil Corp. | 173,121 | 2,276,541 | ||||||
Oil Companies - Integrated — 4.9% |
| |||||||
BP PLC ADR | 108,962 | 4,436,933 | ||||||
Chevron Corp. | 33,395 | 3,802,021 | ||||||
Suncor Energy, Inc. | 93,844 | 2,890,395 | ||||||
11,129,349 | ||||||||
Power Converter/Supply Equipment — 1.3% |
| |||||||
Hubbell, Inc. | 26,829 | 3,072,994 | ||||||
Retail - Auto Parts — 2.1% |
| |||||||
O’Reilly Automotive, Inc.† | 13,073 | 4,854,920 | ||||||
Retail - Building Products — 1.9% |
| |||||||
Lowe’s Cos., Inc. | 47,461 | 4,427,162 | ||||||
Retail - Discount — 6.6% |
| |||||||
Dollar General Corp. | 43,094 | 5,485,004 | ||||||
Dollar Tree, Inc.† | 37,120 | 3,771,021 | ||||||
Walmart, Inc. | 57,238 | 5,806,223 | ||||||
15,062,248 | ||||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 100,945 | 3,871,241 | ||||||
Telephone - Integrated — 1.9% |
| |||||||
Verizon Communications, Inc. | 78,028 | 4,240,822 | ||||||
Tobacco — 2.2% |
| |||||||
Altria Group, Inc. | 101,651 | 4,986,998 | ||||||
Transport - Rail — 1.4% |
| |||||||
Norfolk Southern Corp. | 16,018 | 3,125,753 | ||||||
46 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP — 5.1% |
| |||||||
Alphabet, Inc., Class A† | 5,184 | $ | 5,736,096 | |||||
Alphabet, Inc., Class C† | 5,414 | 5,975,053 | ||||||
11,711,149 | ||||||||
TOTAL INVESTMENTS | ||||||||
(cost $193,459,905)(1) | 99.8 | % | 227,923,989 | |||||
Other assets less liabilities | 0.2 | 485,381 | ||||||
NET ASSETS | 100.0 | % | $ | 228,409,370 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $969,861. This was secured by collateral of $1,035,017 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | $ | 114,078 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 08/15/2019 to 11/15/2048 | 920,939 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2 ):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 227,923,989 | $ | — | $ | — | $ | 227,923,989 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
47 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Drugs | 7.5 | % | ||
Diversified Banking Institutions | 7.4 | |||
Oil Companies — Integrated | 4.7 | |||
Telephone — Integrated | 4.0 | |||
Food — Misc./Diversified | 3.7 | |||
Tobacco | �� | 3.3 | ||
Retail — Apparel/Shoe | 3.0 | |||
Semiconductor Equipment | 2.8 | |||
Advertising Agencies | 2.7 | |||
Cosmetics & Toiletries | 2.6 | |||
Pipelines | 2.4 | |||
Medical — HMO | 2.3 | |||
Computer Services | 2.2 | |||
Banks — Super Regional | 2.2 | |||
Insurance Brokers | 2.1 | |||
Insurance — Multi-line | 2.1 | |||
Chemicals — Diversified | 2.1 | |||
Beverages —Non-alcoholic | 2.1 | |||
Medical Instruments | 1.9 | |||
Enterprise Software/Service | 1.8 | |||
Electric — Integrated | 1.7 | |||
Applications Software | 1.5 | |||
Pharmacy Services | 1.5 | |||
Medical — Wholesale Drug Distribution | 1.5 | |||
Networking Products | 1.5 | |||
Commercial Services — Finance | 1.4 | |||
Medical Products | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Electronic Components — Semiconductors | 1.2 | |||
Medical — Biomedical/Gene | 1.1 | |||
Commercial Services | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Insurance — Life/Health | 0.9 | |||
Retail — Discount | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
Oil Refining & Marketing | 0.9 | |||
Beverages — Wine/Spirits | 0.9 | |||
Insurance — Property/Casualty | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Retail — Regional Department Stores | 0.8 | |||
Wireless Equipment | 0.6 | |||
Banks — Fiduciary | 0.6 | |||
Repurchase Agreements | 0.5 | |||
Retail — Building Products | 0.5 | |||
Building Products — Air & Heating | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Building Products — Cement | 0.4 | |||
Oil — Field Services | 0.4 | |||
Home Decoration Products | 0.4 | |||
Transport — Rail | 0.3 | |||
Water Treatment Systems | 0.3 | |||
Medical Labs & Testing Services | 0.3 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Telecom Services | 0.2 | |||
Building Products — Wood | 0.1 | |||
Paper & Related Products | 0.1 | |||
Instruments — Controls | 0.1 | |||
Toys | 0.1 | |||
95.2 | % | |||
* | Calculated as a percentage of net assets |
48 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.7% |
| |||||||
Advertising Agencies — 2.7% |
| |||||||
Interpublic Group of Cos., Inc. | 559,486 | $ | 11,872,293 | |||||
Omnicom Group, Inc. | 183,413 | 14,188,830 | ||||||
26,061,123 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
BAE Systems PLC | 847,808 | 4,856,500 | ||||||
Lockheed Martin Corp. | 11,637 | 3,939,590 | ||||||
Northrop Grumman Corp. | 10,746 | 3,258,724 | ||||||
12,054,814 | ||||||||
Apparel Manufacturers — 1.1% |
| |||||||
Hanesbrands, Inc. | 718,485 | 10,669,502 | ||||||
Applications Software — 1.5% |
| |||||||
Microsoft Corp. | 119,391 | 14,766,279 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
General Motors Co. | 113,970 | 3,799,760 | ||||||
Banks - Fiduciary — 0.6% |
| |||||||
State Street Corp. | 100,776 | 5,567,874 | ||||||
Banks - Super Regional — 2.2% |
| |||||||
Wells Fargo & Co. | 470,261 | 20,865,481 | ||||||
Beverages-Non-alcoholic — 2.1% |
| |||||||
Coca-Cola Co. | 277,191 | 13,618,394 | ||||||
PepsiCo, Inc. | 48,373 | 6,191,744 | ||||||
19,810,138 | ||||||||
Beverages - Wine/Spirits — 0.9% |
| |||||||
Constellation Brands, Inc., Class A | 18,830 | 3,322,554 | ||||||
Diageo PLC | 117,779 | 4,951,010 | ||||||
8,273,564 | ||||||||
Building Products- Air & Heating — 0.4% |
| |||||||
Johnson Controls International PLC | 106,203 | 4,090,939 | ||||||
Building Products - Cement — 0.4% |
| |||||||
CRH PLC | 114,621 | 3,562,174 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 37,519 | 1,310,163 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 255,090 | 10,458,690 | ||||||
Chemicals - Diversified — 2.1% |
| |||||||
Dow, Inc. | 59,562 | 2,785,119 | ||||||
DuPont de Nemours, Inc. | 268,908 | 8,207,072 | ||||||
LyondellBasell Industries NV, Class A | 119,454 | 8,869,460 | ||||||
19,861,651 | ||||||||
Commercial Services — 1.1% |
| |||||||
Nielsen Holdings PLC | 480,522 | 10,922,265 | ||||||
Commercial Services - Finance — 1.4% |
| |||||||
H&R Block, Inc.# | 495,823 | 13,015,354 | ||||||
Computer Services — 2.2% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 164,377 | 10,179,868 | ||||||
International Business Machines Corp. | 87,656 | 11,131,435 | ||||||
21,311,303 | ||||||||
Computers - Memory Devices — 0.9% |
| |||||||
Western Digital Corp. | 223,793 | 8,329,575 | ||||||
Cosmetics & Toiletries — 2.6% |
| |||||||
Procter & Gamble Co. | 187,231 | 19,267,942 | ||||||
Unilever NV | 100,334 | 6,032,080 | ||||||
25,300,022 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Banking Institutions — 7.4% |
| |||||||
Bank of America Corp. | 638,932 | $ | 16,995,591 | |||||
Citigroup, Inc. | 310,827 | 19,317,898 | ||||||
Goldman Sachs Group, Inc. | 22,395 | 4,086,864 | ||||||
JPMorgan Chase & Co. | 208,214 | 22,062,355 | ||||||
Morgan Stanley | 214,346 | 8,721,739 | ||||||
71,184,447 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
General Electric Co. | 566,382 | 5,346,646 | ||||||
Siemens AG | 47,400 | 5,369,926 | ||||||
10,716,572 | ||||||||
Electric - Integrated — 1.7% |
| |||||||
FirstEnergy Corp. | 221,228 | 9,123,443 | ||||||
NextEra Energy, Inc. | 22,469 | 4,453,580 | ||||||
Public Service Enterprise Group, Inc. | 50,854 | 2,988,181 | ||||||
16,565,204 | ||||||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Marvell Technology Group, Ltd. | 155,870 | 3,475,901 | ||||||
Samsung Electronics Co., Ltd. GDR | 9,396 | 8,407,265 | ||||||
11,883,166 | ||||||||
Enterprise Software/Service — 1.8% |
| |||||||
Constellation Software, Inc. | 3,713 | 3,215,113 | ||||||
Oracle Corp. | 271,086 | 13,716,951 | ||||||
16,932,064 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 53,629 | 2,231,503 | ||||||
Food - Misc./Diversified — 3.7% |
| |||||||
Conagra Brands, Inc. | 121,190 | 3,244,256 | ||||||
General Mills, Inc. | 269,183 | 13,308,408 | ||||||
Kellogg Co. | 55,839 | 2,934,898 | ||||||
Kraft Heinz Co. | 223,051 | 6,167,360 | ||||||
Mondelez International, Inc., Class A | 21,330 | 1,084,630 | ||||||
Nestle SA | 87,920 | 8,731,990 | ||||||
35,471,542 | ||||||||
Home Decoration Products — 0.4% |
| |||||||
Newell Brands, Inc.# | 247,473 | 3,321,088 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 7,204 | 1,183,689 | ||||||
Insurance Brokers — 2.1% |
| |||||||
Arthur J. Gallagher & Co. | 77,944 | 6,562,885 | ||||||
Marsh & McLennan Cos., Inc. | 65,067 | 6,220,405 | ||||||
Willis Towers Watson PLC | 44,310 | 7,776,405 | ||||||
20,559,695 | ||||||||
Insurance - Life/Health — 0.9% |
| |||||||
AXA Equitable Holdings, Inc. | 248,616 | 5,109,059 | ||||||
Prudential Financial, Inc. | 42,790 | 3,952,940 | ||||||
9,061,999 | ||||||||
Insurance - Multi-line — 2.1% |
| |||||||
Hartford Financial Services Group, Inc. | 79,122 | 4,166,564 | ||||||
MetLife, Inc. | 347,504 | 16,058,160 | ||||||
20,224,724 | ||||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Travelers Cos., Inc. | 50,554 | 7,359,146 | ||||||
Medical Instruments — 1.9% |
| |||||||
Alcon, Inc. (SIX)† | 71,141 | 4,137,369 | ||||||
Alcon, Inc.†# | 10,711 | 623,166 |
49 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments (continued) |
| |||||||
Medtronic PLC | 147,855 | $ | 13,688,416 | |||||
18,448,951 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
Quest Diagnostics, Inc. | 28,900 | 2,771,799 | ||||||
Medical Products — 1.3% |
| |||||||
Koninklijke Philips NV | 310,631 | 12,239,353 | ||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Gilead Sciences, Inc. | 176,077 | 10,960,793 | ||||||
Medical - Drugs — 7.5% |
| |||||||
AstraZeneca PLC | 128,463 | 9,479,578 | ||||||
Bayer AG | 58,698 | 3,462,206 | ||||||
Johnson & Johnson | 93,049 | 12,203,376 | ||||||
Merck & Co., Inc. | 183,545 | 14,538,600 | ||||||
Novartis AG ADR | 28,450 | 2,436,458 | ||||||
Novo Nordisk A/S ADR | 63,961 | 3,018,959 | ||||||
Pfizer, Inc. | 651,439 | 27,047,747 | ||||||
72,186,924 | ||||||||
Medical- HMO — 2.3% |
| |||||||
Anthem, Inc. | 47,089 | 13,089,800 | ||||||
Humana, Inc. | 21,761 | 5,328,399 | ||||||
UnitedHealth Group, Inc. | 15,149 | 3,663,028 | ||||||
22,081,227 | ||||||||
Medical - Wholesale Drug Distribution — 1.5% |
| |||||||
Cardinal Health, Inc. | 241,442 | 10,157,465 | ||||||
McKesson Corp. | 34,492 | 4,212,853 | ||||||
14,370,318 | ||||||||
Networking Products — 1.5% |
| |||||||
Cisco Systems, Inc. | 271,243 | 14,112,773 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Anadarko Petroleum Corp. | 63,603 | 4,475,743 | ||||||
Marathon Oil Corp. | 218,587 | 2,874,419 | ||||||
7,350,162 | ||||||||
Oil Companies - Integrated — 4.7% |
| |||||||
BP PLC | 2,187,071 | 14,832,938 | ||||||
Chevron Corp. | 111,525 | 12,697,121 | ||||||
Exxon Mobil Corp. | 156,253 | 11,058,025 | ||||||
Suncor Energy, Inc. | 140,824 | 4,337,379 | ||||||
TOTAL SA ADR | 42,940 | 2,211,410 | ||||||
45,136,873 | ||||||||
Oil Refining & Marketing — 0.9% |
| |||||||
Marathon Petroleum Corp. | 180,813 | 8,315,590 | ||||||
Oil- Field Services — 0.4% |
| |||||||
Baker Hughes a GE Co., LLC | 164,921 | 3,530,959 | ||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 31,506 | 1,306,554 | ||||||
Pharmacy Services — 1.5% |
| |||||||
CVS Health Corp. | 280,223 | 14,675,278 | ||||||
Pipelines — 2.4% |
| |||||||
Enterprise Products Partners LP | 364,129 | 10,155,558 | ||||||
ONEOK, Inc. | 67,502 | 4,294,477 | ||||||
Williams Cos., Inc. | 339,952 | 8,967,934 | ||||||
23,417,969 | ||||||||
Retail - Apparel/Shoe — 3.0% |
| |||||||
Foot Locker, Inc. | 260,082 | 10,234,227 | ||||||
Gap, Inc. | 441,779 | 8,252,432 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Retail - Apparel/Shoe (continued) |
| |||||||
L Brands, Inc. | 460,420 | $ | 10,341,033 | |||||
28,827,692 | ||||||||
Retail - Building Products — 0.5% |
| |||||||
Lowe’s Cos., Inc. | 52,020 | 4,852,426 | ||||||
Retail - Discount — 0.9% |
| |||||||
Dollar General Corp. | 68,925 | 8,772,774 | ||||||
Retail - Regional Department Stores — 0.8% |
| |||||||
Macy’s, Inc. | 354,848 | 7,299,223 | ||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
QUALCOMM, Inc. | 99,272 | 6,633,355 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 93,265 | 3,576,713 | ||||||
10,210,068 | ||||||||
Semiconductor Equipment — 2.8% |
| |||||||
KLA-Tencor Corp. | 120,801 | 12,450,959 | ||||||
Lam Research Corp. | 80,065 | 13,980,150 | ||||||
26,431,109 | ||||||||
Telecom Services — 0.2% |
| |||||||
BCE, Inc. | 35,683 | 1,606,805 | ||||||
Telephone - Integrated — 4.0% |
| |||||||
Verizon Communications, Inc. | 707,249 | 38,438,983 | ||||||
Tobacco — 3.3% |
| |||||||
Altria Group, Inc. | 372,863 | 18,292,659 | ||||||
Imperial Brands PLC | 25,080 | 607,728 | ||||||
Philip Morris International, Inc. | 162,890 | 12,563,706 | ||||||
31,464,093 | ||||||||
Toys — 0.1% |
| |||||||
Mattel, Inc.†# | 107,169 | 1,055,615 | ||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 17,434 | 2,907,642 | ||||||
Water Treatment Systems — 0.3% |
| |||||||
Pentair PLC | 80,515 | 2,803,532 | ||||||
Wireless Equipment — 0.6% |
| |||||||
Motorola Solutions, Inc. | 39,803 | 5,968,460 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $927,289,517) | 908,269,455 | |||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $4,951,206 collateralized by $5,050,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $5,054,247 | $ | 4,951,000 | 4,951,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $932,240,517)(1) | 95.2 | % | 913,220,455 | |||||
Other assets less liabilities | 4.8 | 46,493,512 | ||||||
NET ASSETS | 100.0 | % | $ | 959,713,967 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
50 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
† | Non-income producing security |
At May 31, 2019, the Fund had loaned securities with a total value of $12,181,194. This was secured by collateral of 12,639,321 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 10/03/2019 | $ | 138,203 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 07/31/2019 to 02/15/2049 | 12,501,118 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
SIX—Swiss Exchange
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 831,768,787 | $ | 76,500,668 | ** | $ | — | $ | 908,269,455 | |||||||
Repurchase Agreements | — | 4,951,000 | — | 4,951,000 | ||||||||||||
Total Investments at Value | $ | 831,768,787 | $ | 81,451,668 | $ | — | $ | 913,220,455 | ||||||||
* | 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 —May 31, 2019 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 51.5 | % | ||
Domestic Fixed Income Investment Companies | 19.9 | |||
United States Treasury Notes | 15.5 | |||
International Equity Investment Companies | 10.0 | |||
Registered Investment Companies | 1.9 | |||
International Fixed Income Investment Companies | 0.4 | |||
United States Treasury Bonds | 0.4 | |||
Options — Purchased | 1.4 | |||
101.0 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.8%(1)@ |
| |||||||
Domestic Equity Investment Companies — 51.5% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 317,207 | $ | 6,084,033 | |||||
VALIC Co. I Broad Cap Value Income Fund | 586,344 | 8,167,778 | ||||||
VALIC Co. I Dividend Value Fund | 674,938 | 7,289,325 | ||||||
VALIC Co. I Growth & Income Fund | 168,443 | 3,427,813 | ||||||
VALIC Co. I Growth Fund | 469,134 | 7,670,335 | ||||||
VALIC Co. I Large Cap Core Fund | 606,662 | 6,673,283 | ||||||
VALIC Co. I Large Capital Growth Fund | 459,051 | 7,197,927 | ||||||
VALIC Co. I Mid Cap Index Fund | 156,820 | 3,688,395 | ||||||
VALIC Co. I Stock Index Fund | 645,934 | 25,346,443 | ||||||
VALIC Co. I Value Fund | 472,916 | 8,276,033 | ||||||
VALIC Co. II Capital Appreciation Fund | 309,071 | 5,795,077 | ||||||
VALIC Co. II Large Cap Value Fund | 150,891 | 3,168,720 | ||||||
VALIC Co. II Mid Cap Growth Fund | 251,106 | 2,566,301 | ||||||
VALIC Co. II Mid Cap Value Fund | 119,940 | 2,408,393 | ||||||
VALIC Co. II Small Cap Growth Fund† | 181,375 | 3,816,134 | ||||||
VALIC Co. II Small Cap Value Fund | 268,823 | 3,473,197 | ||||||
Total Domestic Equity Investment Companies |
| |||||||
(cost $97,490,841) | 105,049,187 | |||||||
Domestic Fixed Income Investment Companies — 19.9% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,332,211 | 13,162,249 | ||||||
VALIC Co. I Government Securities Fund | 732,921 | 7,746,971 | ||||||
VALIC Co. I Inflation Protected Fund | 300,478 | 3,326,287 | ||||||
VALIC Co. II Core Bond Fund | 1,017,874 | 11,512,151 | ||||||
VALIC Co. II High Yield Bond Fund | 222,870 | 1,722,784 | ||||||
VALIC Co. II Strategic Bond Fund | 264,865 | 3,006,214 | ||||||
Total Domestic Fixed Income Investment Companies |
| |||||||
(cost $39,950,316) | 40,476,656 | |||||||
International Equity Investment Companies — 10.0% |
| |||||||
VALIC Co. I Emerging Economies Fund | 267,174 | 2,059,912 | ||||||
VALIC Co. I Global Real Estate Fund | 208,970 | 1,671,757 | ||||||
VALIC Co. I International Equities Index Fund | 602,340 | 4,059,775 | ||||||
VALIC Co. I International Growth Fund | 525,620 | 5,965,786 | ||||||
VALIC Co. I International Value Fund | 579,931 | 5,178,784 | ||||||
VALIC Co. II International Opportunities Fund | 69,122 | 1,322,307 | ||||||
Total International Equity Investment Companies |
| |||||||
(cost $20,521,470) | 20,258,321 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund | ||||||||
(cost $806,176) | 69,134 | 817,167 | ||||||
Total Affiliated Registered Investment Companies |
| |||||||
(cost $158,768,803) | 166,601,331 | |||||||
Security Description | Principal Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 15.9% |
| |||||||
United States Treasury Bonds — 0.4% |
| |||||||
6.13% due 11/15/2027 | $ | 316,000 | $ | 413,750 | ||||
6.38% due 08/15/2027 | 278,000 | 367,318 | ||||||
781,068 | ||||||||
United States Treasury Notes — 15.5% |
| |||||||
1.50% due 08/15/2026# | 794,000 | 765,125 | ||||||
2.00% due 11/15/2026 | 2,997,600 | 2,986,710 | ||||||
2.25% due 02/15/2027 | 3,468,100 | 3,513,619 | ||||||
2.25% due 08/15/2027# | 2,709,500 | 2,741,781 | ||||||
2.25% due 11/15/2027# | 2,706,700 | 2,736,939 | ||||||
2.38% due 05/15/2027 | 3,436,000 | 3,511,699 | ||||||
2.38% due 05/15/2029 | 2,135,000 | 2,179,034 | ||||||
2.63% due 02/15/2029 | 2,266,300 | 2,361,467 | ||||||
2.75% due 02/15/2028 | 2,396,100 | 2,516,935 | ||||||
2.88% due 05/15/2028 | 2,390,600 | 2,536,744 | ||||||
2.88% due 08/15/2028 | 2,891,400 | 3,070,305 | ||||||
3.13% due 11/15/2028 | 2,534,100 | 2,747,322 | ||||||
31,667,680 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $31,269,532) | 32,448,748 | |||||||
OPTIONS PURCHASED — 1.4% |
| |||||||
Over the Counter Purchased Put Options(2) |
| |||||||
(cost $1,910,651) | 51,000 | 2,883,651 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $191,948,986) | 201,933,730 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.9% |
| |||||||
Registered Investment Companies — 1.9% |
| |||||||
AB Government Money Market Portfolio, Class AB | 3,934,331 | 3,934,331 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $195,883,317)(4) | 101.0 | % | 205,868,061 | |||||
Liabilities in excess of other assets | (1.0 | ) | (2,025,010 | ) | ||||
NET ASSETS | 100.0 | % | $ | 203,843,051 | ||||
@ | 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. |
† | Non-income producing securities |
# | 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 May 31, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | October 2019 | $ | 2,600 | 2,000 | $ | 5,504,120 | $ | 66,172 | $ | 128,451 | $ | 62,279 | |||||||||||||||||
S&P 500 Index | Goldman Sachs International | October 2019 | $ | 2,600 | 12,000 | 33,024,720 | 408,240 | 770,706 | 362,466 | |||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | November 2019 | $ | 2,450 | 8,000 | 22,016,480 | 272,090 | 355,054 | 82,964 | |||||||||||||||||||||
S&P 500 Index | UBS AG | November 2019 | $ | 2,450 | 10,000 | 27,520,600 | 401,000 | 443,818 | 42,818 | |||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | December 2019 | $ | 2,500 | 4,000 | 11,008,240 | 181,408 | 249,605 | 68,197 | |||||||||||||||||||||
S&P 500 Index | UBS AG | December 2019 | $ | 2,500 | 15,000 | 41,280,900 | 581,741 | 936,017 | 354,276 | |||||||||||||||||||||
51,000 | $ | 140,355,060 | $ | 1,910,651 | $ | 2,883,651 | $ | 973,000 | ||||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
(3) | The rate shown is the7-day yield as of May 31, 2019. |
(4) | See Note 5 for cost of investments on a tax basis. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis# | Notional Value# | Unrealized Appreciation (Depreciation) | ||||||||||||||||
310 | Long | S&P 500 E-Mini Index | June 2019 | $ | 44,186,210 | $ | 42,665,300 | ($ | 1,520,910 | ) | ||||||||||||
# | 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. |
53 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 166,601,331 | $ | — | $ | — | $ | 166,601,331 | ||||||||
U.S Government Treasuries | — | 32,448,748 | — | 32,448,748 | ||||||||||||
Options Purchased | — | 2,883,651 | — | 2,883,651 | ||||||||||||
Short-Term Investment Securities | 3,934,331 | — | — | 3,934,331 | ||||||||||||
Total Investments at Value | $ | 170,535,662 | $ | 35,332,399 | $ | — | $ | 205,868,061 | ||||||||
LIABILITIES | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Future Contracts | $ | 1,520,910 | $ | — | $ | — | $ | 1,520,910 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
54 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 15.9 | % | ||
Internet Application Software | 5.9 | |||
Oil Companies — Integrated | 5.8 | |||
Electronic Components — Semiconductors | 5.3 | |||
Semiconductor Components — Integrated Circuits | 5.1 | |||
E-Commerce/Products | 4.6 | |||
Diversified Financial Services | 3.6 | |||
Real Estate Operations & Development | 2.4 | |||
Oil Refining & Marketing | 2.4 | |||
Insurance — Multi-line | 2.2 | |||
Finance — Mortgage Loan/Banker | 2.1 | |||
Food — Retail | 2.1 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Auto — Cars/Light Trucks | 1.9 | |||
Metal — Iron | 1.9 | |||
Registered Investment Companies | 1.7 | |||
Building — Heavy Construction | 1.5 | |||
Electronic Components — Misc. | 1.4 | |||
Retail — Hypermarkets | 1.4 | |||
Steel — Producers | 1.3 | |||
Building Products — Cement | 1.3 | |||
Applications Software | 1.3 | |||
Tobacco | 1.2 | |||
Chemicals — Diversified | 1.1 | |||
Schools | 1.1 | |||
Metal — Diversified | 1.1 | |||
Cellular Telecom | 0.9 | |||
Transport — Truck | 0.8 | |||
Coal | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Diversified Banking Institutions | 0.8 | |||
Petrochemicals | 0.7 | |||
Diamonds/Precious Stones | 0.7 | |||
Telephone — Integrated | 0.7 | |||
Gold Mining | 0.7 | |||
Building & Construction — Misc. | 0.7 | |||
Electric — Integrated | 0.7 | |||
Banks — Special Purpose | 0.7 | |||
Airlines | 0.6 | |||
Insurance — Reinsurance | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Water | 0.6 | |||
Circuit Boards | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Paper & Related Products | 0.5 | |||
Banks — Money Center | 0.5 | |||
Finance — Leasing Companies | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Medical — Drugs | 0.5 | |||
Food — Confectionery | 0.5 | |||
Diversified Operations | 0.4 | |||
Electric — Generation | 0.4 | |||
Female Health Care Products | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Auto/Truck Parts & Equipment — Replacement | 0.4 | |||
Airport Development/Maintenance | 0.4 | |||
Telecommunication Equipment | 0.3 | |||
Industrial Audio & Video Products | 0.3 | |||
Appliances | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Agricultural Operations | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Advertising Agencies | 0.2 | |||
Electric — Transmission | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Gas — Distribution | 0.2 |
Housewares | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Transport — Services | 0.1 | |||
Electric — Distribution | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Transport — Rail | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Home Furnishings | 0.1 | |||
100.4 | % | |||
Country Allocation*
China | 18.5 | % | ||
South Korea | 16.6 | |||
Cayman Islands | 14.5 | |||
Taiwan | 10.3 | |||
Brazil | 8.8 | |||
Russia | 7.6 | |||
India | 6.3 | |||
Mexico | 3.7 | |||
Thailand | 3.2 | |||
Hungary | 2.0 | |||
South Africa | 1.9 | |||
United States | 1.7 | |||
Turkey | 1.3 | |||
Poland | 1.0 | |||
Indonesia | 1.0 | |||
Hong Kong | 0.7 | |||
Bermuda | 0.4 | |||
Argentina | 0.4 | |||
Netherlands | 0.3 | |||
Singapore | 0.2 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
55 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Argentina — 0.4% |
| |||||||
Banco Macro SA ADR# | 61,340 | $ | 3,059,639 | |||||
Bermuda — 0.4% |
| |||||||
Kunlun Energy Co., Ltd. | 3,746,000 | 3,446,025 | ||||||
Brazil — 8.8% |
| |||||||
Banco do Brasil SA | 672,070 | 8,880,549 | ||||||
Banco Santander Brasil SA | 571,746 | 6,658,798 | ||||||
Cia Brasileira de Distribuicao (Preference Shares) | 282,139 | 6,270,554 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 414,170 | 4,666,333 | ||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference Shares) | 328,978 | 1,894,750 | ||||||
Cia Paranaense de Energia, Class B (Preference Shares) | 200,702 | 2,455,102 | ||||||
EDP - Energias do Brasil SA | 597,400 | 3,020,532 | ||||||
Estacio Participacoes SA | 899,339 | 6,749,712 | ||||||
IRB Brasil Resseguros S/A | 197,428 | 5,125,948 | ||||||
Kroton Educacional SA | 961,546 | 2,533,770 | ||||||
MRV Engenharia e Participacoes SA | 994,178 | 4,357,818 | ||||||
SLC Agricola SA | 451,354 | 2,242,996 | ||||||
Telefonica Brasil SA | 96,100 | 1,047,219 | ||||||
Telefonica Brasil SA (Preference Shares) | 279,378 | 3,421,071 | ||||||
Vale SA ADR | 1,030,257 | 12,847,305 | ||||||
72,172,457 | ||||||||
Cayman Islands — 14.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 251,700 | 37,568,742 | ||||||
ANTA Sports Products, Ltd. | 532,000 | 3,244,890 | ||||||
Chailease Holding Co., Ltd. | 639,000 | 2,342,498 | ||||||
China Resources Cement Holdings, Ltd. | 4,030,000 | 3,486,128 | ||||||
Chlitina Holding, Ltd. | 177,000 | 1,455,817 | ||||||
Country Garden Holdings Co., Ltd. | 6,067,000 | 8,173,352 | ||||||
Geely Automobile Holdings, Ltd. | 1,719,000 | 2,808,453 | ||||||
Hengan International Group Co., Ltd. | 495,500 | 3,629,957 | ||||||
Nexteer Automotive Group, Ltd. | 1,111,000 | 1,355,510 | ||||||
Tencent Holdings, Ltd. | 1,171,800 | 48,595,711 | ||||||
Want Want China Holdings, Ltd. | 5,306,000 | 3,776,673 | ||||||
Zhen Ding Technology Holding, Ltd. | 901,000 | 2,631,284 | ||||||
119,069,015 | ||||||||
China — 18.5% |
| |||||||
Air China, Ltd. | 5,636,000 | 5,196,759 | ||||||
Anhui Conch Cement Co., Ltd. | 812,500 | 4,730,721 | ||||||
Anhui Expressway Co., Ltd., Class A | 850,400 | 759,836 | ||||||
Bank of Beijing Co., Ltd., Class A | 946,400 | 793,002 | ||||||
Baoshan Iron & Steel Co., Ltd., Class A | 2,229,000 | 2,029,673 | ||||||
China Communications Services Corp., Ltd. | 2,514,000 | 1,878,012 | ||||||
China Construction Bank Corp. | 25,439,000 | 20,072,861 | ||||||
China Merchants Bank Co., Ltd. | 2,656,500 | 12,751,789 | ||||||
China National Medicines Corp., Ltd., Class A | 211,100 | 688,858 | ||||||
China Petroleum & Chemical Corp. | 15,422,000 | 10,253,549 | ||||||
China Railway Construction Corp., Ltd. | 3,255,000 | 3,798,953 | ||||||
China Railway Group, Ltd. | 4,511,000 | 3,366,571 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A | 237,400 | 944,578 | ||||||
China Shenhua Energy Co., Ltd. | 1,681,000 | 3,445,316 | ||||||
China State Construction Engineering Corp., Ltd., Class A | 927,500 | 751,731 | ||||||
China Vanke Co., Ltd. | 2,159,300 | 7,627,891 | ||||||
Chongqing Department Store Co., Ltd., Class A | 168,900 | 712,478 | ||||||
Daqin Railway Co., Ltd., Class A | 650,500 | 787,027 | ||||||
Dongfeng Motor Group Co., Ltd. | 1,704,000 | 1,401,133 | ||||||
GD Power Development Co., Ltd., Class A | 2,213,800 | 809,605 | ||||||
Grandblue Environment Co., Ltd., Class A | 409,900 | 937,429 | ||||||
Great Wall Motor Co., Ltd.# | 1,499,000 | 1,085,857 | ||||||
Huadian Power International Corp., Ltd. | 2,046,000 | 848,646 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd. | 156,500 | 770,648 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
Industrial & Commercial Bank of China, Ltd. | 23,119,000 | $ | 16,477,657 | |||||
North Huajin Chemical Industries Co., Ltd., Class A† | 808,200 | 776,377 | ||||||
Ping An Bank Co., Ltd., Class A | 1,390,400 | 2,444,236 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 1,659,000 | 18,263,903 | ||||||
Postal Savings Bank of China Co., Ltd.* | 6,975,000 | 4,168,064 | ||||||
Qingdao Haier Co., Ltd., Class A | 1,086,857 | 2,500,361 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 891,012 | 1,554,629 | ||||||
SDIC Power Holdings Co., Ltd., Class A | 678,500 | 772,397 | ||||||
Shanghai Tunnel Engineering Co., Ltd., Class A | 770,300 | 713,263 | ||||||
Shanxi LanhuaSci-Tech Venture Co., Ltd., Class A | 712,800 | 746,699 | ||||||
Shenzhen Expressway Co., Ltd. | 336,000 | 388,413 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd., Class A | 3,132,471 | 2,371,865 | ||||||
STO Express Co., Ltd., Class A | 328,200 | 1,160,393 | ||||||
Weichai Power Co., Ltd. | 2,023,881 | 3,066,660 | ||||||
Weifu High-Technology Group Co., Ltd., Class A | 258,093 | 733,995 | ||||||
Yanzhou Coal Mining Co., Ltd. | 2,614,000 | 2,449,750 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.* | 443,000 | 2,180,089 | ||||||
Yihua Lifestyle Technology Co., Ltd., Class A | 1,251,900 | 673,635 | ||||||
Zhejiang Juhua Co., Ltd. (SSE) | 665,672 | 690,024 | ||||||
Zhejiang Juhua Co., Ltd. (SEHK) | 143,370 | 148,615 | ||||||
Zhejiang Semir Garment Co., Ltd., Class A | 575,700 | 887,743 | ||||||
Zijin Mining Group Co., Ltd., Class H | 6,920,000 | 2,442,695 | ||||||
152,054,386 | ||||||||
Hong Kong — 0.7% |
| |||||||
Beijing Enterprises Holdings, Ltd. | 315,000 | 1,580,649 | ||||||
China Overseas Land & Investment, Ltd. | 1,256,000 | 4,348,789 | ||||||
5,929,438 | ||||||||
Hungary — 2.0% |
| |||||||
MOL Hungarian Oil & Gas PLC | 453,698 | 5,106,679 | ||||||
OTP Bank PLC | 265,164 | 11,063,846 | ||||||
16,170,525 | ||||||||
India — 6.3% |
| |||||||
Bharat Petroleum Corp., Ltd. | 917,906 | 5,370,526 | ||||||
Graphite India, Ltd. | 183,182 | 1,096,721 | ||||||
HCL Technologies, Ltd. | 663,653 | 10,378,282 | ||||||
HDFC Bank, Ltd. ADR | 56,855 | 7,059,117 | ||||||
HEG, Ltd. | 27,188 | 684,468 | ||||||
Housing Development Finance Corp., Ltd. | 561,956 | 17,613,838 | ||||||
Indian Oil Corp., Ltd. | 1,977,539 | 4,686,481 | ||||||
Oil & Natural Gas Corp., Ltd. | 2,141,558 | 5,283,582 | ||||||
52,173,015 | ||||||||
Indonesia — 1.0% |
| |||||||
Bank Rakyat Indonesia Persero Tbk PT | 28,186,600 | 8,087,004 | ||||||
Mexico — 3.7% |
| |||||||
Alfa SAB de CV, Class A | 1,675,761 | 1,534,787 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 1,256,704 | 1,842,856 | ||||||
Fibra Uno Administracion SA de CV | 1,936,630 | 2,477,266 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 474,756 | 2,870,519 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,872,222 | 10,202,350 | ||||||
Wal-Mart de Mexico SAB de CV | 3,953,062 | 11,123,739 | ||||||
30,051,517 | ||||||||
Netherlands — 0.3% |
| |||||||
X5 Retail Group NV GDR | 89,060 | 2,620,145 | ||||||
Poland — 1.0% |
| |||||||
Grupa Lotos SA | 70,550 | 1,616,252 | ||||||
Polski Koncern Naftowy Orlen SA | 259,760 | 6,551,533 | ||||||
8,167,785 | ||||||||
56 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Russia — 7.6% |
| |||||||
Alrosa PJSC† | 4,339,161 | $ | 5,853,992 | |||||
Lukoil PJSC ADR | 163,831 | 13,062,246 | ||||||
Magnit PJSC | 41,498 | 2,366,238 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 2,359,054 | 1,601,949 | ||||||
MMC Norilsk Nickel PJSC ADR# | 441,523 | 9,210,170 | ||||||
Novolipetsk Steel GDR | 78,866 | 2,074,176 | ||||||
RusHydro PJSC | 150,974,035 | 1,243,875 | ||||||
Sberbank of Russia PJSC ADR | 1,066,148 | 15,352,531 | ||||||
Severstal PJSC GDR | 161,101 | 2,540,563 | ||||||
Surgutneftegas OJSC (Preference Shares) | 4,501,368 | 2,777,988 | ||||||
Tatneft PJSC ADR# | 95,027 | 6,594,874 | ||||||
62,678,602 | ||||||||
Singapore — 0.2% |
| |||||||
BOC Aviation, Ltd.* | 195,400 | 1,627,410 | ||||||
South Africa — 1.9% |
| |||||||
Absa Group, Ltd. | 409,776 | 4,748,117 | ||||||
AngloGold Ashanti, Ltd. | 241,820 | 3,228,808 | ||||||
Mondi, Ltd. | 209,725 | 4,312,535 | ||||||
SPAR Group, Ltd. | 265,658 | 3,490,499 | ||||||
15,779,959 | ||||||||
South Korea — 16.6% |
| |||||||
Cheil Worldwide, Inc. | 88,538 | 1,961,079 | ||||||
Daelim Industrial Co., Ltd. | 29,419 | 2,552,761 | ||||||
Doosan Bobcat, Inc. | 57,953 | 1,638,169 | ||||||
GS Engineering & Construction Corp. | 76,109 | 2,562,246 | ||||||
GS Holdings Corp. | 54,666 | 2,295,833 | ||||||
GS Retail Co., Ltd. | 2,747 | 78,323 | ||||||
Hana Financial Group, Inc. | 292,677 | 8,899,863 | ||||||
Hyosung Corp. | 40,420 | 2,528,131 | ||||||
Hyundai Glovis Co., Ltd. | 48,993 | 6,667,335 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 69,275 | 1,785,409 | ||||||
Industrial Bank of Korea | 468,484 | 5,438,455 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 87,040 | 2,304,398 | ||||||
Kia Motors Corp. | 283,790 | 9,359,756 | ||||||
KT Corp. | 51,680 | 1,211,179 | ||||||
KT&G Corp. | 119,108 | 10,093,415 | ||||||
Kumho Petrochemical Co., Ltd. | 21,653 | 1,735,160 | ||||||
LG Display Co., Ltd.† | 211,910 | 3,035,285 | ||||||
LG Uplus Corp. | 352,414 | 4,122,565 | ||||||
Lotte Chemical Corp. | 16,766 | 3,616,925 | ||||||
POSCO | 26,160 | 5,195,407 | ||||||
Samsung Electronics Co., Ltd. | 1,119,816 | 39,750,600 | ||||||
Shinhan Financial Group Co., Ltd.# | 277,654 | 10,364,786 | ||||||
SK Telecom Co., Ltd. | 15,475 | 3,248,581 | ||||||
Woori Financial Group, Inc. | 536,191 | 6,247,317 | ||||||
136,692,978 | ||||||||
Taiwan — 10.3% |
| |||||||
AU Optronics Corp. | 6,999,000 | 2,061,577 | ||||||
Catcher Technology Co., Ltd. | 448,000 | 2,701,913 | ||||||
Chilisin Electronics Corp. | 337,960 | 882,980 | ||||||
Chipbond Technology Corp. | 934,000 | 1,707,097 | ||||||
E.Sun Financial Holding Co., Ltd. | 3,567,000 | 3,086,915 | ||||||
Elite Material Co., Ltd. | 832,000 | 2,247,467 | ||||||
FLEXium Interconnect, Inc. | 815,072 | 2,020,901 | ||||||
Globalwafers Co., Ltd. | 411,000 | 3,940,206 | ||||||
Merry Electronics Co., Ltd. | 510,000 | 2,528,116 | ||||||
Novatek Microelectronics Corp. | 690,000 | 3,628,505 | ||||||
Radiant Opto-Electronics Corp. | 798,000 | 2,515,124 | ||||||
Sino-American Silicon Products, Inc. | 1,579,000 | 3,920,585 | ||||||
Taiwan Cement Corp. | 2,058,500 | 2,791,085 |
Security Description | Shares | Value (Note 2) | ||||||
Taiwan (continued) |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 960,165 | $ | 36,822,328 | |||||
TCI Co, Ltd. | 103,000 | 1,628,309 | ||||||
Uni-President Enterprises Corp. | 2,471,000 | 6,351,101 | ||||||
Yageo Corp. | 157,981 | 1,296,210 | ||||||
Yuanta Financial Holding Co., Ltd. | 8,388,000 | 4,701,142 | ||||||
84,831,561 | ||||||||
Thailand — 3.2% |
| |||||||
PTT Exploration & Production PCL | 1,905,800 | 7,497,341 | ||||||
PTT Global Chemical PCL | 2,405,200 | 4,616,981 | ||||||
PTT PCL | 7,641,500 | 11,167,371 | ||||||
Star Petroleum Refining PCL | 5,185,100 | 1,531,896 | ||||||
Tisco Financial Group PCL | 690,600 | 1,925,759 | ||||||
26,739,348 | ||||||||
Turkey — 1.3% |
| |||||||
Ford Otomotiv Sanayi AS | 150,556 | 1,421,951 | ||||||
KOC Holding AS | 786,781 | 2,191,254 | ||||||
Petkim Petrokimya Holding AS† | 2,600,124 | 2,157,632 | ||||||
Soda Sanayii AS | 1,221,584 | 1,457,549 | ||||||
Tekfen Holding AS | 534,411 | 2,280,683 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 1,755,044 | 1,566,800 | ||||||
11,075,869 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $762,675,071) | 812,426,678 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
Registered Investment Companies — 1.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 14,134,802 | 14,134,802 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $776,809,873)(3) | 100.4 | % | 826,561,480 | |||||
Liabilities in excess of other assets | (0.4 | ) | (3,490,737 | ) | ||||
NET ASSETS | 100.0 | % | $ | 823,070,743 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $7,975,563 representing 1.0% of net assets. |
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $15,190,848. This was secured by collateral of $14,134,802, which was received in cash and subsequently invested in short-term investments currently valued at $14,134,802 as reported in the Portfolio of Investments. Additional collateral of $1,420,196 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 09/26/2019 | $ | 3,898 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 1,416,298 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American | Depositary Receipt |
GDR—Global | Depositary Receipt |
SSE—Shanghai | Stock Exchange |
SEHK—Hong | Kong Stock Exchange |
57 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 48,834,559 | $ | 13,844,043 | $ | — | $ | 62,678,602 | ||||||||
Other Countries | 216,093,292 | 533,654,784 | ** | — | 749,748,076 | |||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 14,134,802 | — | — | 14,134,802 | ||||||||||||
Total Investments at Value | $ | 279,062,653 | $ | 547,498,827 | $ | — | $ | 826,561,480 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
See Notes to Financial Statements
58 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — May 31, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 71.0 | % | ||
Real Estate Operations & Development | 15.5 | |||
Real Estate Management/Services | 9.1 | |||
Registered Investment Companies | 2.0 | |||
Hotels/Motels | 1.3 | |||
98.9 | % | |||
Country Allocation*
United States | 49.2 | % | ||
Japan | 12.6 | |||
United Kingdom | 5.3 | |||
Germany | 5.2 | |||
Hong Kong | 4.4 | |||
Australia | 4.0 | |||
Cayman Islands | 3.3 | |||
Canada | 3.2 | |||
France | 2.6 | |||
Singapore | 2.3 | |||
Spain | 1.4 | |||
Sweden | 1.2 | |||
Ireland | 1.1 | |||
Switzerland | 1.1 | |||
Norway | 0.8 | |||
SupraNational | 0.7 | |||
Bermuda | 0.5 | |||
98.9% | ||||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.9% |
| |||||||
Australia — 4.0% |
| |||||||
BGP Holdings PLC†(1) | 479,213 | $ | 0 | |||||
Goodman Group | 393,130 | 3,648,171 | ||||||
GPT Group | 1,634,691 | 6,521,899 | ||||||
Mirvac Group | 1,525,593 | 3,198,606 | ||||||
Scentre Group | 1,962,068 | 5,160,157 | ||||||
18,528,833 | ||||||||
Bermuda — 0.5% |
| |||||||
Hongkong Land Holdings, Ltd.(OTC) | 1,700 | 11,096 | ||||||
Hongkong Land Holdings, Ltd.(SGX). | 358,700 | 2,338,794 | ||||||
2,349,890 | ||||||||
Canada — 3.2% |
| |||||||
Allied Properties Real Estate Investment Trust | 122,556 | 4,407,700 | ||||||
Canadian Apartment Properties REIT | 92,772 | 3,361,921 | ||||||
Chartwell Retirement Residences | 499,990 | 5,363,906 | ||||||
Summit Industrial Income REIT | 155,515 | 1,465,863 | ||||||
14,599,390 | ||||||||
Cayman Islands — 3.3% |
| |||||||
CK Asset Holdings, Ltd. | 1,747,500 | 12,609,712 | ||||||
Wharf Real Estate Investment Co., Ltd. | 361,000 | 2,459,560 | ||||||
15,069,272 | ||||||||
France — 2.6% |
| |||||||
Gecina SA | 41,521 | 5,930,173 | ||||||
Klepierre SA | 170,514 | 5,797,912 | ||||||
11,728,085 | ||||||||
Germany — 5.2% |
| |||||||
Alstria OfficeREIT-AG | 208,776 | 3,260,582 | ||||||
Instone Real Estate Group AG†* | 54,476 | 1,338,297 | ||||||
Vonovia SE | 367,669 | 19,283,922 | ||||||
23,882,801 | ||||||||
Hong Kong — 4.4% |
| |||||||
Link REIT | 535,500 | 6,419,673 | ||||||
Sun Hung Kai Properties, Ltd. | 858,004 | 13,562,487 | ||||||
19,982,160 | ||||||||
Ireland — 1.1% |
| |||||||
Dalata Hotel Group PLC | 191,578 | 1,133,830 | ||||||
Green REIT PLC | 2,005,382 | 3,877,051 | ||||||
5,010,881 | ||||||||
Japan — 12.6% |
| |||||||
Activia Properties, Inc.# | 1,179 | 5,101,742 | ||||||
Daiwa House REIT Investment Corp. | 2,035 | 4,815,924 | ||||||
GLPJ-REIT | 6,100 | 6,794,725 | ||||||
Invincible Investment Corp. | 11,010 | 5,861,214 | ||||||
Japan Rental Housing Investments, Inc. | 916 | 729,276 | ||||||
Mitsubishi Estate Co., Ltd. | 751,700 | 13,787,039 | ||||||
Mitsui Fudosan Co., Ltd. | 315,600 | 7,627,760 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 568 | 1,806,534 | ||||||
Sumitomo Realty & Development Co., Ltd. | 309,100 | 11,381,813 | ||||||
57,906,027 | ||||||||
Norway — 0.8% |
| |||||||
Entra ASA* | 247,782 | 3,692,234 | ||||||
Singapore — 2.3% |
| |||||||
Ascendas India Trust | 3,933,900 | 3,721,048 | ||||||
CapitaLand, Ltd. | 1,416,000 | 3,319,361 | ||||||
City Developments, Ltd. | 417,500 | 2,498,425 | ||||||
Mapletree Industrial Trust | 557,900 | 856,934 | ||||||
10,395,768 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 1.4% |
| |||||||
Aedas Homes SAU†* | 56,410 | $ | 1,404,522 | |||||
Merlin Properties Socimi SA | 386,045 | 5,132,113 | ||||||
6,536,635 | ||||||||
SupraNational — 0.7% |
| |||||||
Unibail-Rodamco-Westfield | 5,999 | 907,086 | ||||||
Unibail-Rodamco-Westfield | 14,924 | 2,256,654 | ||||||
3,163,740 | ||||||||
Sweden — 1.2% |
| |||||||
Castellum AB | 293,282 | 5,569,040 | ||||||
Switzerland — 1.1% |
| |||||||
PSP Swiss Property AG | 44,462 | 4,983,345 | ||||||
United Kingdom — 5.3% |
| |||||||
Big Yellow Group PLC | 408,537 | 5,248,379 | ||||||
Derwent London PLC | 130,733 | 5,315,654 | ||||||
Tritax Big Box REIT PLC | 2,800,696 | 5,241,953 | ||||||
Tritax EuroBox PLC*(GBP) | 672,689 | 822,004 | ||||||
Tritax EuroBox PLC*(EUR) | 1,331,512 | 1,618,915 | ||||||
UNITE Group PLC | 508,640 | 6,090,182 | ||||||
24,337,087 | ||||||||
United States — 47.2% |
| |||||||
Agree Realty Corp. | 47,878 | 3,205,432 | ||||||
Alexandria Real Estate Equities, Inc. | 36,329 | 5,318,929 | ||||||
American Assets Trust, Inc. | 10,880 | 493,843 | ||||||
American Homes 4 Rent, Class A | 92,893 | 2,267,518 | ||||||
American Tower Corp. | 77,524 | 16,184,685 | ||||||
Americold Realty Trust# | 53,534 | 1,675,614 | ||||||
AvalonBay Communities, Inc. | 42,652 | 8,658,783 | ||||||
Boston Properties, Inc. | 48,042 | 6,285,335 | ||||||
CareTrust REIT, Inc. | 46,144 | 1,121,761 | ||||||
Corporate Office Properties Trust | 74,846 | 2,083,713 | ||||||
Crown Castle International Corp. | 104,701 | 13,612,177 | ||||||
CyrusOne, Inc. | 62,560 | 3,693,542 | ||||||
Digital Realty Trust, Inc. | 30,561 | 3,597,641 | ||||||
EastGroup Properties, Inc. | 9,790 | 1,086,690 | ||||||
Empire State Realty Trust, Inc., Class A | 78,474 | 1,205,361 | ||||||
EPR Properties | 16,109 | 1,258,113 | ||||||
Equinix, Inc. | 17,883 | 8,687,383 | ||||||
Equity LifeStyle Properties, Inc. | 32,418 | 3,943,974 | ||||||
Equity Residential | 65,644 | 5,026,361 | ||||||
Essential Properties Realty Trust, Inc. | 51,497 | 1,094,826 | ||||||
Essex Property Trust, Inc. | 12,714 | 3,709,182 | ||||||
Extra Space Storage, Inc. | 15,841 | 1,697,522 | ||||||
Federal Realty Investment Trust | 20,754 | 2,713,170 | ||||||
Four Corners Property Trust, Inc.# | 30,205 | 868,696 | ||||||
HCP, Inc. | 121,091 | 3,839,796 | ||||||
Healthcare Realty Trust, Inc. | 143,908 | 4,639,594 | ||||||
Highwoods Properties, Inc. | 27,958 | 1,226,238 | ||||||
Hilton Worldwide Holdings, Inc. | 23,208 | 2,075,724 | ||||||
Hudson Pacific Properties, Inc. | 145,326 | 4,855,342 | ||||||
Invitation Homes, Inc. | 168,894 | 4,328,753 | ||||||
Iron Mountain, Inc. | 56,932 | 1,744,966 | ||||||
Liberty Property Trust | 49,204 | 2,335,714 | ||||||
Macerich Co.# | 63,002 | 2,288,863 | ||||||
Mid-America Apartment Communities, Inc. | 51,106 | 5,835,283 | ||||||
National Health Investors, Inc. | 17,425 | 1,368,734 | ||||||
National Retail Properties, Inc. | 80,943 | 4,332,879 | ||||||
Omega Healthcare Investors, Inc. | 27,020 | 962,452 | ||||||
Park Hotels & Resorts, Inc. | 100,186 | 2,767,137 | ||||||
Pebblebrook Hotel Trust | 73,898 | 2,056,581 |
60 |
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VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
PotlatchDeltic Corp.# | 14,425 | $ | 485,401 | |||||
Prologis, Inc. | 142,299 | 10,483,167 | ||||||
Public Storage | 25,855 | 6,150,387 | ||||||
QTS Realty Trust, Inc., Class A# | 48,201 | 2,225,440 | ||||||
Rayonier, Inc. | 42,835 | 1,205,805 | ||||||
Realty Income Corp. | 71,320 | 4,998,106 | ||||||
Regency Centers Corp. | 36,292 | 2,393,820 | ||||||
Retail Opportunity Investments Corp. | 192,415 | 3,221,027 | ||||||
Rexford Industrial Realty, Inc. | 47,470 | 1,794,366 | ||||||
SBA Communications Corp.† | 19,639 | 4,250,076 | ||||||
Simon Property Group, Inc. | 41,180 | 6,674,866 | ||||||
SL Green Realty Corp. | 8,322 | 715,692 | ||||||
STAG Industrial, Inc. | 63,383 | 1,849,516 | ||||||
Sun Communities, Inc. | 29,284 | 3,697,691 | ||||||
Sunstone Hotel Investors, Inc. | 94,944 | 1,274,148 | ||||||
Terreno Realty Corp. | 39,572 | 1,808,836 | ||||||
Ventas, Inc. | 84,382 | 5,425,763 | ||||||
VICI Properties, Inc. | 130,783 | 2,900,767 | ||||||
Vornado Realty Trust | 11,086 | 734,226 | ||||||
Weingarten Realty Investors | 70,631 | 1,991,794 | ||||||
Welltower, Inc. | 60,079 | 4,879,616 | ||||||
Weyerhaeuser Co. | 149,286 | 3,403,721 | ||||||
216,712,538 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $411,395,649) | 444,447,726 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 2.07%(2) | $ | 9,173,285 | 9,173,285 | |||||
TOTAL INVESTMENTS — | ||||||||
(cost $420,568,934)(3) | 98.9 | % | 453,621,011 | |||||
Other assets less liabilities | 1.1 | 4,999,421 | ||||||
NET ASSETS — | 100.0 | % | $ | 458,620,432 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $8,875,972 representing 1.9% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $8,922,182. This was secured by collateral of $9,245,049 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | $ | 111,630 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 9,133,419 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | 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 May 31, 2019 (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 | $ | — | $ | 18,528,833 | ** | $ | 0 | $ | 18,528,833 | |||||||
Other Countries | 232,230,110 | 193,688,783 | ** | — | 425,918,893 | |||||||||||
Short-Term Investment Securities | 9,173,285 | — | — | 9,173,285 | ||||||||||||
Total Investments at Value | $ | 241,403,395 | $ | 212,217,616 | $ | 0 | $ | 453,621,011 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
61 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 4.6 | % | ||
Applications Software | 3.9 | |||
Finance — Credit Card | 3.1 | |||
Insurance — Multi-line | 2.9 | |||
Banks — Commercial | 2.7 | |||
Medical — Drugs | 2.6 | |||
Cosmetics & Toiletries | 2.4 | |||
Medical — Biomedical/Gene | 2.4 | |||
Insurance — Life/Health | 2.3 | |||
Web Portals/ISP | 2.3 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Electronic Components — Semiconductors | 1.7 | |||
Insurance — Property/Casualty | 1.7 | |||
Transport — Rail | 1.7 | |||
Telephone — Integrated | 1.6 | |||
Commercial Services — Finance | 1.5 | |||
Computers | 1.5 | |||
Investment Management/Advisor Services | 1.5 | |||
Finance — Other Services | 1.4 | |||
Electric — Integrated | 1.3 | |||
Beverages — Non-alcoholic | 1.3 | |||
Banks — Super Regional | 1.3 | |||
Diagnostic Equipment | 1.3 | |||
Medical Products | 1.2 | |||
Commercial Services | 1.2 | |||
Multimedia | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Networking Products | 1.1 | |||
Chemicals — Diversified | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Food — Misc./Diversified | 1.0 | |||
Machinery — General Industrial | 1.0 | |||
Gas — Distribution | 0.9 | |||
Consumer Products — Misc. | 0.9 | |||
Transport — Services | 0.8 | |||
Insurance — Reinsurance | 0.8 | |||
Data Processing/Management | 0.8 | |||
Pipelines | 0.8 | |||
Real Estate Management/Services | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Repurchase Agreements | 0.7 | |||
Investment Companies | 0.7 | |||
Retail — Restaurants | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Distribution/Wholesale | 0.6 | |||
Electric Products — Misc. | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Internet Content — Entertainment | 0.6 | |||
Private Equity | 0.6 | |||
Oil Companies — Integrated | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Import/Export | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Insurance Brokers | 0.5 | |||
Machinery — Farming | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Electronic Forms | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Food — Retail | 0.5 | |||
Advertising Agencies | 0.5 | |||
Telecom Services | 0.5 | |||
Building & Construction Products — Misc. | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Industrial Gases | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Oil Refining & Marketing | 0.4 |
Airport Development/Maintenance | 0.4 | |||
Water | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Food — Dairy Products | 0.4 | |||
Consulting Services | 0.4 | |||
Auto/Truck Parts & Equipment-Original | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Food — Catering | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Computer Aided Design | 0.3 | |||
Steel — Producers | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Oil — Field Services | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Paper & Related Products | 0.3 | |||
Computer Services | 0.3 | |||
Cellular Telecom | 0.3 | |||
Audio/Video Products | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Building Products — Cement | 0.3 | |||
Hotels/Motels | 0.2 | |||
Retail — Building Products | 0.2 | |||
Public Thoroughfares | 0.2 | |||
Entertainment Software | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Medical — HMO | 0.2 | |||
Optical Supplies | 0.2 | |||
Banks — Fiduciary | 0.2 | |||
Toys | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Medical Information Systems | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Retail — Discount | 0.2 | |||
Medical Instruments | 0.2 | |||
Electric — Transmission | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Rubber — Tires | 0.2 | |||
Food — Meat Products | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Diversified Operations | 0.2 | |||
Gold Mining | 0.2 | |||
Computer Software | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Transactional Software | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Decision Support Software | 0.1 | |||
Instruments — Controls | 0.1 | |||
Wireless Equipment | 0.1 | |||
Office Supplies & Forms | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Metal — Copper | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Broadcast Services/Program | 0.1 |
62 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Coatings/Paint | 0.1 | % | ||
Containers — Metal/Glass | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Aerospace/Defense | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Security Services | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Television | 0.1 | |||
Respiratory Products | 0.1 | |||
Gas — Transportation | 0.1 | |||
Transport — Truck | 0.1 | |||
Retail — Automobile | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Electronic Connectors | 0.1 | |||
Electric — Distribution | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Dialysis Centers | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Food — Confectionery | 0.1 | |||
Fisheries | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Metal — Iron | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Metal — Diversified | 0.1 | |||
Airlines | 0.1 | |||
Radio | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Building Products — Wood | 0.1 | |||
Retail — Catalog Shopping | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Water Treatment Systems | 0.1 | |||
99.3 | % | |||
Country Allocation*
United States | 57.9 | % | ||
Japan | 9.0 | |||
United Kingdom | 4.8 | |||
Canada | 3.8 | |||
Switzerland | 3.3 | |||
France | 2.9 | |||
Germany | 2.7 | |||
Australia | 2.5 | |||
Hong Kong | 1.7 | |||
Netherlands | 1.5 | |||
Sweden | 1.1 | |||
Spain | 1.1 | |||
Ireland | 0.9 | |||
Bermuda | 0.8 | |||
Singapore | 0.7 | |||
Denmark | 0.7 | |||
Finland | 0.7 | |||
Belgium | 0.6 | |||
Norway | 0.5 | |||
Italy | 0.4 | |||
Jersey | 0.3 | |||
Portugal | 0.2 | |||
Austria | 0.2 | |||
SupraNational | 0.2 | |||
Curacao | 0.2 | |||
Cayman Islands | 0.2 | |||
Israel | 0.1 | |||
Luxembourg | 0.1 | |||
New Zealand | 0.1 | |||
Papua New Guinea | 0.1 | |||
99.3 | % | |||
* | Calculated as a percentage of net assets |
@ | See Note 1 |
63 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS — May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.5% |
| |||||||
Australia — 2.5% |
| |||||||
Amcor, Ltd. | 22,626 | $ | 258,390 | |||||
APA Group | 49,311 | 346,156 | ||||||
ASX, Ltd. | 15,070 | 789,721 | ||||||
BGP Holdings PLC†(1) | 60,919 | 0 | ||||||
Coles Group, Ltd.† | 11,407 | 98,403 | ||||||
Computershare, Ltd. | 16,388 | 188,629 | ||||||
CSL, Ltd. | 7,914 | 1,125,659 | ||||||
Dexus | 63,132 | 565,624 | ||||||
Fortescue Metals Group, Ltd. | 41,195 | 228,332 | ||||||
Goodman Group | 33,750 | 313,194 | ||||||
GPT Group | 103,827 | 414,237 | ||||||
Insurance Australia Group, Ltd. | 91,121 | 482,398 | ||||||
Macquarie Group, Ltd. | 1,658 | 138,154 | ||||||
Origin Energy, Ltd. | 22,646 | 112,316 | ||||||
QBE Insurance Group, Ltd. | 23,435 | 189,426 | ||||||
Ramsay Health Care, Ltd. | 6,273 | 303,053 | ||||||
Santos, Ltd. | 125,876 | 586,671 | ||||||
Scentre Group | 70,481 | 185,362 | ||||||
Sonic Healthcare, Ltd. | 11,410 | 206,698 | ||||||
Stockland | 80,658 | 247,021 | ||||||
Sydney Airport | 38,727 | 198,921 | ||||||
Transurban Group | 93,111 | 898,896 | ||||||
Vicinity Centres | 94,165 | 168,227 | ||||||
Wesfarmers, Ltd. | 11,407 | 292,415 | ||||||
Woodside Petroleum, Ltd. | 15,244 | 373,575 | ||||||
Woolworths Group, Ltd. | 11,583 | 251,579 | ||||||
8,963,057 | ||||||||
Austria — 0.2% |
| |||||||
Erste Group Bank AG | 7,963 | 282,244 | ||||||
OMV AG | 6,429 | 301,769 | ||||||
voestalpine AG | 5,591 | 145,463 | ||||||
729,476 | ||||||||
Belgium — 0.6% |
| |||||||
Ageas | 5,216 | 254,358 | ||||||
Groupe Bruxelles Lambert SA | 5,139 | 478,285 | ||||||
KBC Group NV | 3,665 | 240,724 | ||||||
Proximus SADP | 11,201 | 323,915 | ||||||
UCB SA | 8,212 | 627,276 | ||||||
Umicore SA | 7,391 | 219,523 | ||||||
2,144,081 | ||||||||
Bermuda — 0.8% |
| |||||||
Arch Capital Group, Ltd.† | 15,420 | 530,911 | ||||||
Axalta Coating Systems, Ltd.† | 5,302 | 124,650 | ||||||
Everest Re Group, Ltd. | 2,318 | 574,076 | ||||||
Hongkong Land Holdings, Ltd. | 29,900 | 194,954 | ||||||
IHS Markit, Ltd.† | 7,676 | 440,526 | ||||||
Invesco, Ltd. | 12,366 | 241,632 | ||||||
Jardine Matheson Holdings, Ltd. | 4,000 | 256,530 | ||||||
Jardine Strategic Holdings, Ltd. | 6,000 | 224,044 | ||||||
NWS Holdings, Ltd. | 20,000 | 39,389 | ||||||
RenaissanceRe Holdings, Ltd. | 1,124 | 196,070 | ||||||
Shangri-La Asia, Ltd. | 70,000 | 89,137 | ||||||
2,911,919 | ||||||||
Canada — 3.8% |
| |||||||
Agnico Eagle Mines, Ltd. | 5,318 | 231,944 | ||||||
Alimentation Couche-Tard, Inc., Class B | 4,191 | 257,209 | ||||||
AltaGas, Ltd. | 7,389 | 106,658 | ||||||
ARC Resources, Ltd. | 19,368 | 105,466 | ||||||
Bank of Montreal | 7,598 | 551,580 | ||||||
BCE, Inc. | 9,210 | 414,709 | ||||||
Brookfield Asset Management, Inc., Class A | 14,200 | 651,376 |
Security Description | Shares | Value (Note 2) | ||||||
Canada (continued) |
| |||||||
Cameco Corp. | 16,563 | $ | 167,150 | |||||
Canadian Imperial Bank of Commerce | 2,567 | 194,652 | ||||||
Canadian National Railway Co. | 7,893 | 699,718 | ||||||
Canadian Tire Corp., Ltd., Class A | 2,465 | 246,573 | ||||||
CGI, Inc.† | 5,081 | 370,361 | ||||||
CI Financial Corp. | 13,200 | 198,156 | ||||||
Encana Corp. | 32,765 | 172,843 | ||||||
Fairfax Financial Holdings, Ltd. | 849 | 389,450 | ||||||
First Capital Realty, Inc. | 29,984 | 461,207 | ||||||
First Quantum Minerals, Ltd. | 13,768 | 100,235 | ||||||
Fortis, Inc. | 8,562 | 323,387 | ||||||
Franco-Nevada Corp. | 2,469 | 190,637 | ||||||
Great-West Lifeco, Inc. | 22,215 | 502,944 | ||||||
iA Financial Corp., Inc. | 5,774 | 216,675 | ||||||
IGM Financial, Inc. | 10,180 | 276,267 | ||||||
Intact Financial Corp. | 8,048 | 691,964 | ||||||
Keyera Corp. | 8,694 | 209,438 | ||||||
Manulife Financial Corp. | 31,548 | 529,379 | ||||||
National Bank of Canada | 5,260 | 236,264 | ||||||
Onex Corp. | 3,661 | 208,809 | ||||||
Open Text Corp. | 6,092 | 242,220 | ||||||
Pembina Pipeline Corp. | 10,586 | 377,669 | ||||||
Power Corp. of Canada | 15,066 | 317,572 | ||||||
Power Financial Corp. | 11,025 | 243,405 | ||||||
RioCan Real Estate Investment Trust | 7,948 | 153,362 | ||||||
Rogers Communications, Inc., Class B | 5,695 | 299,624 | ||||||
Saputo, Inc. | 6,025 | 200,506 | ||||||
Seven Generations Energy, Ltd., Class A† | 3,485 | 18,642 | ||||||
Shaw Communications, Inc., Class B | 29,396 | 597,011 | ||||||
Shopify, Inc., Class A† | 480 | 132,053 | ||||||
Sun Life Financial, Inc. | 8,746 | 339,461 | ||||||
Suncor Energy, Inc. | 12,839 | 395,638 | ||||||
Thomson Reuters Corp. | 13,377 | 850,166 | ||||||
Tourmaline Oil Corp. | 6,974 | 88,749 | ||||||
Turquoise Hill Resources, Ltd.† | 54,175 | 64,131 | ||||||
Vermilion Energy, Inc. | 5,604 | 117,503 | ||||||
Waste Connections, Inc. | 3,708 | 350,925 | ||||||
Wheaton Precious Metals Corp. | 7,836 | 173,289 | ||||||
13,666,977 | ||||||||
Cayman Islands — 0.2% |
| |||||||
CK Asset Holdings, Ltd. | 30,808 | 222,306 | ||||||
Minth Group, Ltd. | 10,000 | 28,888 | ||||||
WH Group, Ltd.* | 232,000 | 207,846 | ||||||
Wharf Real Estate Investment Co., Ltd. | 18,000 | 122,637 | ||||||
581,677 | ||||||||
Curacao — 0.2% |
| |||||||
Schlumberger, Ltd. | 19,117 | 663,169 | ||||||
Denmark — 0.7% |
| |||||||
Chr. Hansen Holding A/S | 2,648 | 275,776 | ||||||
Demant Holding A/S† | 2,899 | 97,095 | ||||||
DSV A/S | 5,415 | 481,582 | ||||||
Genmab A/S† | 894 | 152,805 | ||||||
Novo Nordisk A/S, Class B | 24,237 | 1,142,360 | ||||||
Novozymes A/S, Class B | 7,595 | 356,332 | ||||||
Pandora A/S | 1,457 | 53,969 | ||||||
Vestas Wind Systems A/S | 728 | 59,115 | ||||||
2,619,034 | ||||||||
Finland — 0.7% |
| |||||||
Elisa Oyj | 8,794 | 391,912 | ||||||
Kone Oyj, Class B | 3,953 | 215,252 | ||||||
Metso Oyj | 7,856 | 253,554 | ||||||
Nokia Oyj | 74,983 | 375,025 |
64 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finland (continued) |
| |||||||
Nokian Renkaat Oyj | 5,042 | $ | 143,817 | |||||
Nordea Bank Abp | 21,352 | 150,586 | ||||||
Orion Oyj, Class B | 5,436 | 177,636 | ||||||
Sampo Oyj, Class A | 11,249 | 486,599 | ||||||
Stora Enso Oyj, Class R | 13,189 | 138,982 | ||||||
UPM-Kymmene Oyj | 10,130 | 253,096 | ||||||
2,586,459 | ||||||||
France — 2.9% |
| |||||||
Accor SA | 4,597 | 169,362 | ||||||
Aeroports de Paris | 2,815 | 482,867 | ||||||
Air Liquide SA | 4,601 | 572,147 | ||||||
Arkema SA | 2,361 | 198,542 | ||||||
Atos SE | 2,660 | 202,024 | ||||||
AXA SA | 24,468 | 601,863 | ||||||
Bureau Veritas SA | 12,706 | 299,005 | ||||||
Capgemini SE | 2,743 | 306,090 | ||||||
Casino Guichard Perrachon SA | 3,259 | 123,932 | ||||||
Cie de Saint-Gobain | 5,254 | 190,548 | ||||||
CNP Assurances | 12,364 | 264,894 | ||||||
Covivio | 2,037 | 213,627 | ||||||
Danone SA | 8,969 | 715,836 | ||||||
Dassault Systemes SE | 2,614 | 387,399 | ||||||
EssilorLuxottica SA | 7,315 | 839,019 | ||||||
Eutelsat Communications SA | 9,358 | 164,227 | ||||||
Gecina SA | 2,109 | 301,215 | ||||||
ICADE | 2,531 | 214,787 | ||||||
Iliad SA | 890 | 102,219 | ||||||
Klepierre SA | 8,921 | 303,337 | ||||||
L’Oreal SA | 5,556 | 1,491,071 | ||||||
Legrand SA | 5,384 | 362,158 | ||||||
Orange SA | 14,471 | 226,184 | ||||||
Schneider Electric SE | 4,708 | 371,342 | ||||||
SCOR SE | 8,324 | 342,008 | ||||||
Societe BIC SA | 1,493 | 116,390 | ||||||
Sodexo SA | 5,101 | 586,184 | ||||||
Veolia Environnement SA | 10,211 | 236,888 | ||||||
Wendel SA | 1,751 | 221,981 | ||||||
Worldline SA*† | 1,064 | 63,944 | ||||||
10,671,090 | ||||||||
Germany — 2.7% |
| |||||||
Allianz SE | 5,828 | 1,294,482 | ||||||
Beiersdorf AG | 7,692 | 885,490 | ||||||
Brenntag AG | 5,411 | 251,424 | ||||||
Commerzbank AG | 9,190 | 64,732 | ||||||
Continental AG | 1,377 | 187,462 | ||||||
Covestro AG* | 976 | 42,694 | ||||||
Deutsche Wohnen SE | 5,229 | 246,810 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 3,354 | 263,974 | ||||||
Fresenius SE & Co. KGaA | 4,930 | 250,270 | ||||||
Fuchs Petrolub SE (Preference Shares) | 5,308 | 206,951 | ||||||
Hannover Rueck SE | 2,979 | 446,629 | ||||||
Henkel AG & Co. KGaA | 1,677 | 145,243 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 3,268 | 298,527 | ||||||
Infineon Technologies AG | 13,282 | 239,583 | ||||||
LANXESS AG | 4,176 | 209,144 | ||||||
Merck KGaA | 5,817 | 561,813 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,369 | 813,197 | ||||||
SAP SE | 14,724 | 1,819,486 | ||||||
Siemens AG | 4,524 | 512,522 | ||||||
Symrise AG | 4,994 | 468,080 | ||||||
Telefonica Deutschland Holding AG | 42,775 | 119,971 | ||||||
TUI AG | 12,628 | 116,748 | ||||||
Vonovia SE | 9,834 | 515,785 | ||||||
9,961,017 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Hong Kong — 1.7% |
| |||||||
AIA Group, Ltd. | 135,400 | $ | 1,268,479 | |||||
Bank of East Asia, Ltd. | 76,000 | 236,330 | ||||||
BOC Hong Kong Holdings, Ltd. | 61,000 | 233,689 | ||||||
Hang Lung Properties, Ltd. | 92,000 | 193,220 | ||||||
Hang Seng Bank, Ltd. | 17,700 | 443,105 | ||||||
Henderson Land Development Co., Ltd. | 45,503 | 234,753 | ||||||
Hong Kong & China Gas Co., Ltd. | 493,048 | 1,088,264 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 12,100 | 383,761 | ||||||
Link REIT | 62,500 | 749,262 | ||||||
PCCW, Ltd. | 360,000 | 204,728 | ||||||
Power Assets Holdings, Ltd. | 20,000 | 138,216 | ||||||
Sun Hung Kai Properties, Ltd. | 15,000 | 237,105 | ||||||
Swire Pacific, Ltd., Class A | 16,500 | 195,128 | ||||||
Swire Properties, Ltd. | 113,600 | 467,275 | ||||||
6,073,315 | ||||||||
Ireland — 0.9% |
| |||||||
Alkermes PLC† | 3,693 | 79,547 | ||||||
CRH PLC | 8,730 | 273,114 | ||||||
DCC PLC | 4,121 | 347,049 | ||||||
Jazz Pharmaceuticals PLC† | 1,834 | 230,259 | ||||||
Johnson Controls International PLC | 14,883 | 573,293 | ||||||
Kerry Group PLC, Class A | 6,361 | 734,969 | ||||||
Pentair PLC | 4,813 | 167,589 | ||||||
Perrigo Co. PLC | 2,305 | 96,856 | ||||||
Seagate Technology PLC | 1,507 | 63,068 | ||||||
Willis Towers Watson PLC | 3,025 | 530,887 | ||||||
3,096,631 | ||||||||
Israel — 0.1% |
| |||||||
Check Point Software Technologies, Ltd.† | 2,287 | 252,210 | ||||||
NICE, Ltd.† | 1,980 | 276,257 | ||||||
528,467 | ||||||||
Italy — 0.4% |
| |||||||
Assicurazioni Generali SpA | 34,830 | 611,235 | ||||||
Recordati SpA | 8,189 | 338,089 | ||||||
Snam SpA | 61,634 | 309,735 | ||||||
Terna Rete Elettrica Nazionale SpA | 60,973 | 372,871 | ||||||
1,631,930 | ||||||||
Japan — 9.0% |
| |||||||
Aeon Co., Ltd. | 14,600 | 251,710 | ||||||
Ajinomoto Co., Inc. | 11,000 | 186,654 | ||||||
Amada Holdings Co., Ltd. | 8,800 | 89,948 | ||||||
Aozora Bank, Ltd. | 5,200 | 125,846 | ||||||
Astellas Pharma, Inc. | 32,800 | 438,722 | ||||||
Bridgestone Corp. | 7,800 | 290,150 | ||||||
Canon, Inc. | 17,600 | 495,758 | ||||||
Central Japan Railway Co. | 1,900 | 395,942 | ||||||
Chiba Bank, Ltd. | 27,000 | 128,400 | ||||||
Chubu Electric Power Co., Inc. | 12,500 | 170,701 | ||||||
Chugai Pharmaceutical Co., Ltd. | 5,000 | 333,202 | ||||||
Concordia Financial Group, Ltd. | 45,800 | 174,264 | ||||||
Dai Nippon Printing Co., Ltd. | 8,000 | 173,245 | ||||||
Dai-ichi Life Holdings, Inc. | 16,600 | 238,714 | ||||||
Daiichi Sankyo Co., Ltd. | 15,200 | 734,743 | ||||||
Daikin Industries, Ltd. | 2,200 | 266,536 | ||||||
Daito Trust Construction Co., Ltd. | 200 | 26,026 | ||||||
Daiwa House Industry Co., Ltd. | 9,500 | 283,938 | ||||||
Denso Corp. | 13,700 | 527,558 | ||||||
Dentsu, Inc. | 3,800 | 123,706 | ||||||
East Japan Railway Co. | 5,600 | 531,444 | ||||||
Eisai Co., Ltd. | 3,900 | 228,743 | ||||||
FANUC Corp. | 2,800 | 472,005 |
65 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
FUJIFILM Holdings Corp. | 4,600 | $ | 219,492 | |||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 171,916 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 3,000 | 119,368 | ||||||
Hitachi Chemical Co., Ltd. | 9,900 | 263,748 | ||||||
Hitachi Metals, Ltd. | 17,700 | 175,052 | ||||||
Hitachi, Ltd. | 8,800 | 296,500 | ||||||
Hoya Corp. | 10,300 | 712,834 | ||||||
Idemitsu Kosan Co., Ltd. | 7,100 | 199,323 | ||||||
Inpex Corp. | 24,600 | 197,595 | ||||||
Isuzu Motors, Ltd. | 15,000 | 163,729 | ||||||
JFE Holdings, Inc. | 14,000 | 193,255 | ||||||
JTEKT Corp. | 14,000 | 147,130 | ||||||
JXTG Holdings, Inc. | 91,800 | 435,219 | ||||||
Kajima Corp. | 500 | 6,850 | ||||||
Kao Corp. | 4,600 | 357,658 | ||||||
KDDI Corp. | 23,700 | 608,735 | ||||||
Keikyu Corp. | 13,000 | 219,398 | ||||||
Keio Corp. | 4,700 | 312,537 | ||||||
Keyence Corp. | 900 | 504,836 | ||||||
Kintetsu Group Holdings Co., Ltd. | 4,200 | 200,783 | ||||||
Komatsu, Ltd. | 10,600 | 233,011 | ||||||
Kubota Corp. | 25,000 | 379,585 | ||||||
Kyocera Corp. | 5,600 | 341,253 | ||||||
Kyowa Hakko Kirin Co., Ltd. | 10,000 | 188,377 | ||||||
LIXIL Group Corp. | 10,600 | 135,420 | ||||||
Marubeni Corp. | 51,300 | 321,990 | ||||||
Mazda Motor Corp. | 15,000 | 145,557 | ||||||
MEIJI Holdings Co., Ltd. | 1,700 | 119,095 | ||||||
Mitsubishi Chemical Holdings Corp. | 39,800 | 260,245 | ||||||
Mitsubishi Corp. | 16,100 | 418,379 | ||||||
Mitsubishi Electric Corp. | 29,000 | 359,948 | ||||||
Mitsubishi Estate Co., Ltd. | 10,000 | 183,411 | ||||||
Mitsui & Co., Ltd. | 29,600 | 455,459 | ||||||
Mitsui Fudosan Co., Ltd. | 12,000 | 290,029 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,100 | 255,870 | ||||||
Murata Manufacturing Co., Ltd. | 4,800 | 207,334 | ||||||
Nagoya Railroad Co., Ltd. | 6,200 | 170,757 | ||||||
NGK Insulators, Ltd. | 10,000 | 135,010 | ||||||
NGK Spark Plug Co., Ltd. | 1,800 | 31,561 | ||||||
Nidec Corp. | 3,500 | 433,941 | ||||||
Nikon Corp. | 1,400 | 19,119 | ||||||
Nintendo Co., Ltd. | 1,100 | 388,957 | ||||||
Nippon Steel Corp. | 12,600 | 208,342 | ||||||
Nippon Telegraph & Telephone Corp. | 13,700 | 613,073 | ||||||
Nitori Holdings Co., Ltd. | 1,400 | 166,569 | ||||||
NSK, Ltd. | 29,500 | 234,881 | ||||||
NTT DOCOMO, Inc. | 24,700 | 566,642 | ||||||
Ono Pharmaceutical Co., Ltd. | 5,900 | 103,805 | ||||||
Oriental Land Co., Ltd. | 3,800 | 463,374 | ||||||
ORIX Corp. | 19,200 | 270,371 | ||||||
Osaka Gas Co., Ltd. | 9,200 | 163,288 | ||||||
Otsuka Holdings Co., Ltd. | 6,100 | 204,726 | ||||||
Panasonic Corp. | 27,800 | 220,116 | ||||||
Rakuten, Inc. | 17,000 | 176,137 | ||||||
Resona Holdings, Inc. | 74,600 | 314,401 | ||||||
Ryohin Keikaku Co., Ltd. | 700 | 126,360 | ||||||
Santen Pharmaceutical Co., Ltd. | 16,600 | 237,692 | ||||||
Secom Co., Ltd. | 4,000 | 342,329 | ||||||
Sekisui House, Ltd. | 11,400 | 182,316 | ||||||
Shimano, Inc. | 900 | 137,825 | ||||||
Shin-Etsu Chemical Co., Ltd. | 6,700 | 555,048 | ||||||
Shionogi & Co., Ltd. | 4,000 | 217,837 | ||||||
Shiseido Co., Ltd. | 1,400 | 100,425 | ||||||
Shizuoka Bank, Ltd. | 18,000 | 141,542 | ||||||
SMC Corp. | 700 | 228,424 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
SoftBank Group Corp. | 12,800 | $ | 1,201,012 | |||||
Sony Corp. | 12,900 | 620,479 | ||||||
Sumitomo Chemical Co., Ltd. | 43,000 | 184,724 | ||||||
Sumitomo Corp. | 34,800 | 502,315 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 7,400 | 151,927 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 14,200 | 493,705 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 5,800 | 211,707 | ||||||
Suntory Beverage & Food, Ltd. | 4,900 | 203,482 | ||||||
Sysmex Corp. | 2,700 | 186,692 | ||||||
Takeda Pharmaceutical Co., Ltd. ADR | 28,076 | 476,455 | ||||||
Terumo Corp. | 10,200 | 288,339 | ||||||
Tobu Railway Co., Ltd. | 8,000 | 232,834 | ||||||
Tohoku Electric Power Co., Inc. | 14,100 | 143,426 | ||||||
Tokio Marine Holdings, Inc. | 10,400 | 515,142 | ||||||
Tokyo Electron, Ltd. | 300 | 40,330 | ||||||
Tokyo Gas Co., Ltd. | 9,200 | 228,714 | ||||||
Tokyu Corp. | 13,500 | 239,463 | ||||||
Toppan Printing Co., Ltd. | 10,000 | 145,929 | ||||||
Toray Industries, Inc. | 28,000 | 192,284 | ||||||
TOTO, Ltd. | 2,900 | 107,891 | ||||||
Toyoda Gosei Co., Ltd. | 4,100 | 71,557 | ||||||
Toyota Industries Corp. | 7,200 | 368,432 | ||||||
Toyota Motor Corp. | 18,700 | 1,101,546 | ||||||
Toyota Tsusho Corp. | 8,500 | 243,782 | ||||||
Unicharm Corp. | 1,000 | 29,836 | ||||||
West Japan Railway Co. | 4,500 | 352,117 | ||||||
Yahoo Japan Corp. | 40,100 | 115,255 | ||||||
Yakult Honsha Co., Ltd. | 3,400 | 193,548 | ||||||
Yamaguchi Financial Group, Inc. | 19,000 | 140,097 | ||||||
Yamazaki Baking Co., Ltd. | 9,000 | 134,622 | ||||||
32,761,386 | ||||||||
Jersey — 0.3% |
| |||||||
Aptiv PLC | 3,496 | 223,884 | ||||||
Experian PLC | 8,984 | 271,541 | ||||||
Ferguson PLC | 4,000 | 258,368 | ||||||
WPP PLC | 28,561 | 340,449 | ||||||
1,094,242 | ||||||||
Luxembourg — 0.1% |
| |||||||
RTL Group SA | 4,902 | 234,059 | ||||||
SES SA FDR | 7,843 | 118,561 | ||||||
Tenaris SA | 13,542 | 158,604 | ||||||
511,224 | ||||||||
Netherlands — 1.5% |
| |||||||
Aegon NV | 70,452 | 321,592 | ||||||
AerCap Holdings NV† | 3,448 | 154,539 | ||||||
Akzo Nobel NV | 3,310 | 278,815 | ||||||
ASML Holding NV | 3,981 | 750,156 | ||||||
CNH Industrial NV | 27,566 | 239,083 | ||||||
EXOR NV | 4,981 | 312,181 | ||||||
Ferrari NV | 1,458 | 207,623 | ||||||
Koninklijke DSM NV | 3,564 | 400,534 | ||||||
Koninklijke KPN NV | 50,803 | 155,322 | ||||||
Koninklijke Vopak NV | 4,605 | 188,145 | ||||||
LyondellBasell Industries NV, Class A | 6,634 | 492,575 | ||||||
NN Group NV | 13,556 | 514,200 | ||||||
NXP Semiconductors NV | 2,921 | 257,515 | ||||||
QIAGEN NV† | 4,979 | 189,980 | ||||||
STMicroelectronics NV | 5,602 | 85,256 | ||||||
Wolters Kluwer NV | 11,114 | 775,508 | ||||||
5,323,024 | ||||||||
66 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 22,556 | $ | 129,170 | |||||
Fletcher Building, Ltd. | 37,047 | 126,895 | ||||||
Spark New Zealand, Ltd. | 95,487 | 237,939 | ||||||
494,004 | ||||||||
Norway — 0.5% |
| |||||||
Equinor ASA | 7,937 | 151,692 | ||||||
Gjensidige Forsikring ASA | 23,102 | 449,517 | ||||||
Mowi ASA | 10,328 | 239,477 | ||||||
Orkla ASA | 35,200 | 304,671 | ||||||
Telenor ASA | 11,202 | 230,176 | ||||||
Yara International ASA | 8,507 | 365,030 | ||||||
1,740,563 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 36,637 | 178,608 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1) | 126,030 | 0 | ||||||
EDP - Energias de Portugal SA | 93,029 | 337,850 | ||||||
Galp Energia SGPS SA | 33,940 | 509,640 | ||||||
847,490 | ||||||||
Singapore — 0.7% |
| |||||||
CapitaLand, Ltd. | 80,000 | 187,535 | ||||||
City Developments, Ltd. | 29,500 | 176,535 | ||||||
ComfortDelGro Corp., Ltd. | 159,000 | 284,754 | ||||||
DBS Group Holdings, Ltd. | 27,000 | 476,995 | ||||||
Jardine Cycle & Carriage, Ltd. | 9,200 | 226,174 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 106,000 | 815,773 | ||||||
United Overseas Bank, Ltd. | 27,000 | 461,595 | ||||||
2,629,361 | ||||||||
Spain — 1.1% |
| |||||||
Aena SME SA* | 1,353 | 248,834 | ||||||
Amadeus IT Group SA | 6,764 | 515,449 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 92,461 | 501,673 | ||||||
Banco de Sabadell SA | 138,750 | 153,640 | ||||||
Bankia SA | 5,878 | 14,834 | ||||||
Bankinter SA | 27,525 | 198,894 | ||||||
CaixaBank SA | 80,880 | 248,437 | ||||||
Enagas SA | 7,953 | 217,316 | ||||||
Grifols SA | 10,560 | 270,719 | ||||||
Red Electrica Corp. SA | 13,704 | 291,333 | ||||||
Repsol SA | 49,096 | 790,761 | ||||||
Telefonica SA | 60,355 | 483,249 | ||||||
3,935,139 | ||||||||
SupraNational — 0.2% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd. | 191,000 | 186,823 | ||||||
HKT Trust & HKT, Ltd. | 123,000 | 193,779 | ||||||
Unibail-Rodamco-Westfield | 2,019 | 305,292 | ||||||
685,894 | ||||||||
Sweden — 1.1% |
| |||||||
Assa Abloy AB, Class B | 30,513 | 593,421 | ||||||
Atlas Copco AB, Class A | 11,320 | 305,029 | ||||||
Atlas Copco AB, Class B | 7,859 | 190,404 | ||||||
Boliden AB | 9,577 | 217,617 | ||||||
Boliden AB† | 9,577 | 4,283 | ||||||
Epiroc AB, Class A | 11,320 | 105,363 | ||||||
Epiroc AB, Class B | 7,859 | 71,016 | ||||||
Essity AB, Class B | 6,725 | 197,413 | ||||||
Hennes & Mauritz AB, Class B | 7,515 | 112,463 | ||||||
Hexagon AB, Class B | 5,022 | 233,142 | ||||||
Industrivarden AB, Class C | 11,313 | 228,275 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Investor AB, Class B | 16,914 | $ | 730,900 | |||||
Sandvik AB | 14,312 | 220,736 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 20,839 | 184,971 | ||||||
Svenska Handelsbanken AB, Class A | 38,558 | 380,071 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 32,965 | 318,168 | ||||||
4,093,272 | ||||||||
Switzerland — 3.3% |
| |||||||
ABB, Ltd. | 28,594 | 523,476 | ||||||
Baloise Holding AG | 1,739 | 289,017 | ||||||
Chubb, Ltd. | 13,729 | 2,005,395 | ||||||
Coca-Cola HBC AG | 11,386 | 411,113 | ||||||
EMS-Chemie Holding AG | 379 | 226,603 | ||||||
Garmin, Ltd. | 4,306 | 329,323 | ||||||
Geberit AG | 1,734 | 763,594 | ||||||
Givaudan SA | 203 | 536,677 | ||||||
Kuehne & Nagel International AG | 1,294 | 171,666 | ||||||
Pargesa Holding SA | 6,739 | 498,342 | ||||||
Partners Group Holding AG | 508 | 356,123 | ||||||
Schindler Holding AG | 1,585 | 325,032 | ||||||
Schindler Holding AG (Participation Certificate) | 1,303 | 273,997 | ||||||
SGS SA | 169 | 426,972 | ||||||
Sika AG | 3,120 | 463,117 | ||||||
Sonova Holding AG | 3,591 | 798,699 | ||||||
Swatch Group AG | 670 | 167,881 | ||||||
Swiss Life Holding AG | 909 | 413,100 | ||||||
Swiss Prime Site AG | 12,310 | 1,002,697 | ||||||
Swiss Re AG | 4,613 | 436,955 | ||||||
Swisscom AG | 1,889 | 904,054 | ||||||
Vifor Pharma AG | 1,560 | 215,116 | ||||||
Zurich Insurance Group AG | 1,749 | 566,687 | ||||||
12,105,636 | ||||||||
United Kingdom — 4.8% |
| |||||||
3i Group PLC | 53,962 | 715,755 | ||||||
Admiral Group PLC | 4,576 | 119,428 | ||||||
Antofagasta PLC | 29,780 | 295,391 | ||||||
Aon PLC | 3,253 | 585,768 | ||||||
Ashtead Group PLC | 12,566 | 295,033 | ||||||
Auto Trader Group PLC* | 37,662 | 285,619 | ||||||
Aviva PLC | 77,931 | 399,221 | ||||||
British Land Co. PLC | 35,934 | 242,702 | ||||||
BT Group PLC | 174,256 | 427,145 | ||||||
Bunzl PLC | 33,711 | 902,255 | ||||||
Burberry Group PLC | 11,844 | 254,235 | ||||||
Compass Group PLC | 25,390 | 574,499 | ||||||
Croda International PLC | 4,277 | 274,495 | ||||||
Direct Line Insurance Group PLC | 85,325 | 341,753 | ||||||
Fresnillo PLC | 16,790 | 162,572 | ||||||
Hammerson PLC | 52,725 | 180,709 | ||||||
Hargreaves Lansdown PLC | 10,788 | 307,973 | ||||||
InterContinental Hotels Group PLC | 7,074 | 457,096 | ||||||
Intertek Group PLC | 10,773 | 722,410 | ||||||
Investec PLC | 31,544 | 184,229 | ||||||
ITV PLC | 74,244 | 100,468 | ||||||
Johnson Matthey PLC | 5,956 | 233,470 | ||||||
Kingfisher PLC | 40,468 | 109,190 | ||||||
Land Securities Group PLC | 19,687 | 206,329 | ||||||
Legal & General Group PLC | 161,043 | 523,150 | ||||||
Liberty Global PLC, Class A† | 6,033 | 148,412 | ||||||
Liberty Global PLC, Class C† | 7,042 | 170,698 | ||||||
London Stock Exchange Group PLC | 7,068 | 470,918 | ||||||
Marks & Spencer Group PLC | 41,696 | 118,052 | ||||||
Melrose Industries PLC | 84,584 | 174,857 |
67 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Merlin Entertainments PLC* | 36,892 | $ | 176,538 | |||||
Mondi PLC | 10,072 | 209,202 | ||||||
National Grid PLC | 70,378 | 706,773 | ||||||
Next PLC | 6,024 | 439,303 | ||||||
Nielsen Holdings PLC | 6,062 | 137,789 | ||||||
Pearson PLC | 26,239 | 261,248 | ||||||
Persimmon PLC | 2,734 | 67,921 | ||||||
RELX PLC | 58,177 | 1,358,526 | ||||||
Royal Mail PLC | 26,021 | 67,337 | ||||||
Sage Group PLC | 25,297 | 239,215 | ||||||
Schroders PLC | 9,585 | 354,289 | ||||||
Segro PLC | 54,440 | 479,788 | ||||||
Smith & Nephew PLC | 25,446 | 534,299 | ||||||
Smiths Group PLC | 18,020 | 328,693 | ||||||
SSE PLC | 33,488 | 457,881 | ||||||
St James’s Place PLC | 33,593 | 445,250 | ||||||
TechnipFMC PLC | 8,742 | 181,834 | ||||||
United Utilities Group PLC | 43,128 | 435,700 | ||||||
Weir Group PLC | 9,425 | 174,564 | ||||||
Whitbread PLC | 4,680 | 274,162 | ||||||
17,314,144 | ||||||||
United States — 57.1% |
| |||||||
A.O. Smith Corp. | 4,170 | 168,885 | ||||||
Abbott Laboratories | 11,386 | 866,816 | ||||||
AbbVie, Inc. | 20,175 | 1,547,624 | ||||||
Activision Blizzard, Inc. | 9,737 | 422,294 | ||||||
Acuity Brands, Inc. | 725 | 89,661 | ||||||
Adobe, Inc.† | 6,278 | 1,700,710 | ||||||
Advance Auto Parts, Inc. | 1,590 | 246,450 | ||||||
Advanced Micro Devices, Inc.† | 6,209 | 170,189 | ||||||
Affiliated Managers Group, Inc. | 2,068 | 173,340 | ||||||
Aflac, Inc. | 19,838 | 1,017,689 | ||||||
Agilent Technologies, Inc. | 8,640 | 579,312 | ||||||
AGNC Investment Corp. | 9,173 | 150,437 | ||||||
Air Products & Chemicals, Inc. | 5,168 | 1,052,153 | ||||||
Akamai Technologies, Inc.† | 1,244 | 93,748 | ||||||
Albemarle Corp.# | 3,348 | 211,928 | ||||||
Alexion Pharmaceuticals, Inc.† | 2,695 | 306,368 | ||||||
Align Technology, Inc.† | 1,208 | 343,495 | ||||||
Alleghany Corp.† | 398 | 263,993 | ||||||
Alliance Data Systems Corp. | 920 | 126,500 | ||||||
Allstate Corp. | 13,980 | 1,335,230 | ||||||
Alnylam Pharmaceuticals, Inc.† | 938 | 63,334 | ||||||
Alphabet, Inc., Class A† | 4,082 | 4,516,733 | ||||||
Alphabet, Inc., Class C��� | 3,636 | 4,012,799 | ||||||
American Express Co. | 15,233 | 1,747,377 | ||||||
American Tower Corp. | 10,755 | 2,245,321 | ||||||
American Water Works Co., Inc. | 5,568 | 629,295 | ||||||
Ameriprise Financial, Inc. | 4,466 | 617,335 | ||||||
AMETEK, Inc. | 4,930 | 403,718 | ||||||
Amgen, Inc. | 12,489 | 2,081,916 | ||||||
Amphenol Corp., Class A | 3,249 | 282,663 | ||||||
Anadarko Petroleum Corp. | 8,297 | 583,860 | ||||||
Analog Devices, Inc. | 3,632 | 350,924 | ||||||
Annaly Capital Management, Inc. | 16,295 | 143,559 | ||||||
Antero Resources Corp.†# | 6,732 | 44,229 | ||||||
Apache Corp. | 11,520 | 300,326 | ||||||
Apple, Inc. | 27,842 | 4,874,299 | ||||||
Applied Materials, Inc. | 11,871 | 459,289 | ||||||
Arista Networks, Inc.† | 107 | 26,171 | ||||||
Assurant, Inc. | 2,911 | 290,984 | ||||||
Atmos Energy Corp. | 4,547 | 462,885 | ||||||
Autodesk, Inc.† | 4,061 | 653,456 | ||||||
Automatic Data Processing, Inc. | 9,124 | 1,460,935 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
AvalonBay Communities, Inc. | 1,148 | $ | 233,055 | |||||
Avery Dennison Corp. | 3,669 | 381,796 | ||||||
Baker Hughes a GE Co., LLC | 4,989 | 106,814 | ||||||
Ball Corp. | 6,352 | 389,949 | ||||||
Bank of New York Mellon Corp. | 9,097 | 388,351 | ||||||
Baxter International, Inc. | 9,257 | 679,834 | ||||||
BB&T Corp. | 10,844 | 506,957 | ||||||
Best Buy Co., Inc. | 3,967 | 248,612 | ||||||
Biogen, Inc.† | 2,412 | 528,927 | ||||||
BioMarin Pharmaceutical, Inc.† | 3,122 | 256,753 | ||||||
BlackRock, Inc. | 2,225 | 924,621 | ||||||
Booking Holdings, Inc.† | 616 | 1,020,232 | ||||||
Boston Properties, Inc. | 1,856 | 242,820 | ||||||
Broadcom, Inc. | 4,530 | 1,139,929 | ||||||
C.H. Robinson Worldwide, Inc. | 4,142 | 329,827 | ||||||
Cabot Oil & Gas Corp. | 10,408 | 260,408 | ||||||
Campbell Soup Co. | 2,840 | 103,120 | ||||||
Capital One Financial Corp. | 8,990 | 771,971 | ||||||
CarMax, Inc.†# | 3,715 | 290,810 | ||||||
Caterpillar, Inc. | 4,114 | 492,898 | ||||||
CBRE Group, Inc., Class A† | 6,735 | 307,790 | ||||||
Celanese Corp. | 5,247 | 498,098 | ||||||
Celgene Corp.† | 10,195 | 956,189 | ||||||
Centene Corp.† | 6,648 | 383,922 | ||||||
CenterPoint Energy, Inc. | 9,924 | 282,239 | ||||||
CenturyLink, Inc. | 23,530 | 245,889 | ||||||
Cerner Corp. | 10,843 | 758,685 | ||||||
CF Industries Holdings, Inc. | 2,753 | 110,781 | ||||||
Charles Schwab Corp. | 16,947 | 705,165 | ||||||
Cheniere Energy, Inc.† | 4,155 | 262,513 | ||||||
Chipotle Mexican Grill, Inc.† | 435 | 287,087 | ||||||
Church & Dwight Co., Inc. | 5,892 | 438,424 | ||||||
Cincinnati Financial Corp. | 7,048 | 692,396 | ||||||
Cintas Corp. | 2,934 | 650,849 | ||||||
Cisco Systems, Inc. | 67,029 | 3,487,519 | ||||||
CIT Group, Inc. | 5,817 | 276,540 | ||||||
Citizens Financial Group, Inc. | 9,141 | 297,814 | ||||||
Citrix Systems, Inc. | 1,735 | 163,298 | ||||||
Clorox Co. | 7,198 | 1,071,134 | ||||||
CME Group, Inc. | 5,673 | 1,089,897 | ||||||
CMS Energy Corp. | 10,564 | 592,746 | ||||||
Colgate-Palmolive Co. | 16,984 | 1,182,426 | ||||||
Comcast Corp., Class A | 72,044 | 2,953,804 | ||||||
Comerica, Inc. | 4,468 | 307,488 | ||||||
Concho Resources, Inc. | 2,390 | 234,244 | ||||||
Continental Resources, Inc. | 5,768 | 201,880 | ||||||
Cooper Cos., Inc. | 1,050 | 312,680 | ||||||
Corning, Inc. | 14,840 | 427,986 | ||||||
Crown Castle International Corp. | 8,215 | 1,068,032 | ||||||
CSX Corp. | 17,593 | 1,310,151 | ||||||
D.R. Horton, Inc. | 5,759 | 246,255 | ||||||
Danaher Corp. | 15,390 | 2,031,634 | ||||||
Deere & Co. | 8,676 | 1,216,115 | ||||||
Dell Technologies, Inc., Class C† | 1,684 | 100,282 | ||||||
DENTSPLY SIRONA, Inc. | 5,808 | 312,877 | ||||||
Devon Energy Corp. | 32,561 | 819,235 | ||||||
Diamondback Energy, Inc. | 2,143 | 210,143 | ||||||
Digital Realty Trust, Inc. | 2,876 | 338,563 | ||||||
Discover Financial Services | 7,023 | 523,565 | ||||||
Discovery, Inc., Class C† | 16,153 | 414,163 | ||||||
DISH Network Corp., Class A† | 5,080 | 183,439 | ||||||
Dollar Tree, Inc.† | 4,673 | 474,730 | ||||||
Dover Corp. | 9,002 | 804,869 | ||||||
DXC Technology Co. | 3,569 | 169,670 | ||||||
E*TRADE Financial Corp. | 7,743 | 346,886 |
68 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Eaton Vance Corp. | 4,012 | $ | 153,339 | |||||
eBay, Inc. | 16,919 | 607,900 | ||||||
Ecolab, Inc. | 6,409 | 1,179,833 | ||||||
Edwards Lifesciences Corp.† | 4,134 | 705,674 | ||||||
Electronic Arts, Inc.† | 4,406 | 410,110 | ||||||
Emerson Electric Co. | 22,504 | 1,355,641 | ||||||
EOG Resources, Inc. | 6,297 | 515,598 | ||||||
Equinix, Inc. | 1,497 | 727,228 | ||||||
Equity Residential | 4,349 | 333,003 | ||||||
Estee Lauder Cos., Inc., Class A | 5,535 | 891,301 | ||||||
Eversource Energy | 9,632 | 711,227 | ||||||
Expedia Group, Inc. | 2,598 | 298,770 | ||||||
Expeditors International of Washington, Inc. | 10,857 | 755,539 | ||||||
Extra Space Storage, Inc. | 3,906 | 418,567 | ||||||
Fastenal Co. | 16,380 | 501,064 | ||||||
Federal Realty Investment Trust | 3,058 | 399,772 | ||||||
Fidelity National Financial, Inc. | 7,583 | 292,325 | ||||||
Fidelity National Information Services, Inc. | 8,745 | 1,052,023 | ||||||
Fifth Third Bancorp | 15,741 | 417,136 | ||||||
First Republic Bank | 3,876 | 376,050 | ||||||
Fiserv, Inc.† | 13,280 | 1,140,221 | ||||||
FleetCor Technologies, Inc.† | 1,152 | 297,458 | ||||||
Flowserve Corp. | 4,021 | 186,775 | ||||||
Ford Motor Co. | 46,034 | 438,244 | ||||||
Fortive Corp. | 7,695 | 585,974 | ||||||
Franklin Resources, Inc. | 7,712 | 245,396 | ||||||
Gartner, Inc.† | 1,580 | 239,054 | ||||||
General Mills, Inc. | 20,561 | 1,016,536 | ||||||
Genuine Parts Co. | 3,093 | 305,898 | ||||||
Gilead Sciences, Inc. | 16,851 | 1,048,975 | ||||||
Hanesbrands, Inc. | 9,177 | 136,278 | ||||||
Hasbro, Inc. | 4,481 | 426,322 | ||||||
HCA Healthcare, Inc. | 3,556 | 430,134 | ||||||
HCP, Inc. | 7,868 | 249,494 | ||||||
HD Supply Holdings, Inc.† | 3,493 | 144,925 | ||||||
Helmerich & Payne, Inc. | 2,696 | 131,861 | ||||||
Hess Corp. | 6,603 | 368,844 | ||||||
Hewlett Packard Enterprise Co. | 19,643 | 269,502 | ||||||
HollyFrontier Corp. | 3,459 | 131,373 | ||||||
Hormel Foods Corp.# | 10,317 | 407,418 | ||||||
Host Hotels & Resorts, Inc. | 16,843 | 305,027 | ||||||
HP, Inc. | 24,752 | 462,367 | ||||||
Humana, Inc. | 1,960 | 479,926 | ||||||
IAC/InterActiveCorp† | 1,569 | 346,514 | ||||||
Illinois Tool Works, Inc. | 2,451 | 342,258 | ||||||
Illumina, Inc.† | 1,489 | 456,989 | ||||||
Incyte Corp.† | 2,512 | 197,519 | ||||||
Ingredion, Inc. | 1,834 | 139,677 | ||||||
Intel Corp. | 57,070 | 2,513,363 | ||||||
Intercontinental Exchange, Inc. | 16,675 | 1,370,852 | ||||||
International Flavors & Fragrances, Inc.# | 4,707 | 637,422 | ||||||
International Paper Co. | 7,172 | 297,423 | ||||||
Interpublic Group of Cos., Inc. | 10,654 | 226,078 | ||||||
Intuit, Inc. | 3,458 | 846,691 | ||||||
IPG Photonics Corp.† | 449 | 56,201 | ||||||
IQVIA Holdings, Inc.† | 2,810 | 381,738 | ||||||
Iron Mountain, Inc. | 4,511 | 138,262 | ||||||
J.M. Smucker Co. | 1,985 | 241,297 | ||||||
JB Hunt Transport Services, Inc. | 3,516 | 299,352 | ||||||
Jones Lang LaSalle, Inc. | 2,807 | 349,331 | ||||||
Juniper Networks, Inc. | 7,205 | 177,315 | ||||||
Kansas City Southern | 2,001 | 226,673 | ||||||
KeyCorp | 16,491 | 263,361 | ||||||
Kimberly-Clark Corp. | 15,783 | 2,018,488 | ||||||
Kinder Morgan, Inc. | 22,465 | 448,177 |
Security Description | Shares | Value (Note 2) | ||||||
United States (continued) |
| |||||||
KLA-Tencor Corp. | 417 | $ | 42,980 | |||||
Kohl’s Corp. | 3,164 | 156,048 | ||||||
Kraft Heinz Co. | 7,293 | 201,651 | ||||||
Kroger Co. | 19,449 | 443,632 | ||||||
L Brands, Inc. | 4,771 | 107,157 | ||||||
Laboratory Corp. of America Holdings† | 3,264 | 530,759 | ||||||
Lam Research Corp. | 2,596 | 453,288 | ||||||
Lear Corp. | 2,301 | 273,888 | ||||||
Liberty Media Corp. - Liberty SiriusXM, Series C† | 5,871 | 212,178 | ||||||
Lincoln National Corp. | 4,705 | 279,712 | ||||||
LKQ Corp.† | 10,988 | 281,842 | ||||||
Loews Corp. | 5,566 | 285,870 | ||||||
Lowe’s Cos., Inc. | 9,390 | 875,899 | ||||||
M&T Bank Corp. | 3,811 | 608,236 | ||||||
Macerich Co. | 2,125 | 77,201 | ||||||
Marathon Oil Corp. | 50,149 | 659,459 | ||||||
Markel Corp.† | 439 | 464,844 | ||||||
Marsh & McLennan Cos., Inc. | 7,787 | 744,437 | ||||||
Martin Marietta Materials, Inc. | 905 | 190,503 | ||||||
Masco Corp. | 5,856 | 204,492 | ||||||
Mastercard, Inc., Class A | 14,855 | 3,735,884 | ||||||
McCormick & Co., Inc. | 2,150 | 335,486 | ||||||
MercadoLibre, Inc.† | 575 | 328,049 | ||||||
Microchip Technology, Inc.# | 1,466 | 117,324 | ||||||
Micron Technology, Inc.† | 15,142 | 493,781 | ||||||
Microsoft Corp. | 91,520 | 11,319,194 | ||||||
Mid-America Apartment Communities, Inc. | 1,694 | 193,421 | ||||||
Monster Beverage Corp.† | 6,084 | 376,356 | ||||||
Mosaic Co. | 6,964 | 149,517 | ||||||
Motorola Solutions, Inc. | 952 | 142,752 | ||||||
MSCI, Inc. | 2,388 | 525,384 | ||||||
Nasdaq, Inc. | 6,716 | 608,738 | ||||||
National Oilwell Varco, Inc. | 13,658 | 284,769 | ||||||
NetApp, Inc. | 3,588 | 212,410 | ||||||
Netflix, Inc.† | 5,011 | 1,720,176 | ||||||
Newell Brands, Inc. | 7,862 | 105,508 | ||||||
NiSource, Inc. | 13,830 | 385,165 | ||||||
Noble Energy, Inc. | 12,199 | 261,059 | ||||||
Norfolk Southern Corp. | 4,381 | 854,908 | ||||||
Northern Trust Corp. | 5,252 | 449,151 | ||||||
Nucor Corp. | 9,846 | 472,608 | ||||||
NVIDIA Corp. | 5,928 | 803,007 | ||||||
O’Reilly Automotive, Inc.† | 1,151 | 427,447 | ||||||
Occidental Petroleum Corp. | 6,941 | 345,454 | ||||||
OGE Energy Corp. | 6,618 | 275,044 | ||||||
Omnicom Group, Inc.# | 11,877 | 918,805 | ||||||
ONEOK, Inc. | 7,889 | 501,898 | ||||||
PACCAR, Inc. | 4,720 | 310,670 | ||||||
Parker-Hannifin Corp. | 4,152 | 632,433 | ||||||
Parsley Energy, Inc., Class A† | 2,061 | 36,748 | ||||||
Paychex, Inc. | 9,280 | 796,131 | ||||||
PayPal Holdings, Inc.† | 14,841 | 1,628,800 | ||||||
People’s United Financial, Inc. | 22,008 | 338,263 | ||||||
PepsiCo, Inc. | 28,141 | 3,602,048 | ||||||
Pioneer Natural Resources Co. | 1,932 | 274,267 | ||||||
Plains GP Holdings LP, Class A | 3,826 | 86,162 | ||||||
PNC Financial Services Group, Inc. | 10,505 | 1,336,866 | ||||||
PPL Corp. | 31,005 | 922,709 | ||||||
Principal Financial Group, Inc. | 9,465 | 488,110 | ||||||
Procter & Gamble Co. | 38,851 | 3,998,156 | ||||||
Progressive Corp. | 10,826 | 858,285 | ||||||
Prologis, Inc. | 6,021 | 443,567 | ||||||
Prudential Financial, Inc. | 8,857 | 818,210 | ||||||
Public Storage | 1,999 | 475,522 | ||||||
QUALCOMM, Inc. | 16,331 | 1,091,237 |
69 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Quest Diagnostics, Inc. | 6,487 | $ | 622,168 | |||||
Qurate Retail, Inc.† | 15,276 | 191,408 | ||||||
Raymond James Financial, Inc. | 5,302 | 437,839 | ||||||
Red Hat, Inc.† | 2,356 | 434,211 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,040 | 313,789 | ||||||
Regions Financial Corp. | 21,191 | 293,072 | ||||||
Republic Services, Inc. | 6,786 | 574,028 | ||||||
ResMed, Inc. | 2,871 | 327,639 | ||||||
Robert Half International, Inc. | 478 | 25,649 | ||||||
Rockwell Automation, Inc. | 4,117 | 612,815 | ||||||
Roper Technologies, Inc. | 4,838 | 1,663,885 | ||||||
Ross Stores, Inc. | 6,969 | 648,047 | ||||||
S&P Global, Inc. | 4,248 | 908,562 | ||||||
salesforce.com, Inc.† | 8,590 | 1,300,612 | ||||||
SBA Communications Corp.† | 5,672 | 1,227,478 | ||||||
Sealed Air Corp. | 3,953 | 165,631 | ||||||
Seattle Genetics, Inc.†# | 1,644 | 106,975 | ||||||
SEI Investments Co. | 4,295 | 215,824 | ||||||
ServiceNow, Inc.† | 1,324 | 346,795 | ||||||
Simon Property Group, Inc. | 3,310 | 536,518 | ||||||
Snap-on, Inc. | 2,120 | 330,550 | ||||||
Southwest Airlines Co. | 4,588 | 218,389 | ||||||
Square, Inc., Class A† | 2,156 | 133,564 | ||||||
Stanley Black & Decker, Inc. | 3,498 | 445,016 | ||||||
Starbucks Corp. | 23,035 | 1,752,042 | ||||||
Stryker Corp. | 4,534 | 830,810 | ||||||
SunTrust Banks, Inc. | 10,302 | 618,223 | ||||||
SVB Financial Group† | 1,283 | 258,396 | ||||||
Synchrony Financial | 10,798 | 363,137 | ||||||
T. Rowe Price Group, Inc. | 6,856 | 693,416 | ||||||
Take-Two Interactive Software, Inc.† | 576 | 62,294 | ||||||
Tapestry, Inc. | 5,861 | 167,390 | ||||||
Targa Resources Corp. | 5,071 | 195,031 | ||||||
TD Ameritrade Holding Corp. | 8,363 | 416,059 | ||||||
Texas Instruments, Inc. | 11,801 | 1,230,962 | ||||||
Thermo Fisher Scientific, Inc. | 8,190 | 2,186,566 | ||||||
Tiffany & Co.# | 3,930 | 350,202 | ||||||
TJX Cos., Inc. | 26,650 | 1,340,228 | ||||||
Torchmark Corp. | 7,853 | 671,510 | ||||||
Total System Services, Inc. | 1,713 | 211,607 | ||||||
Tractor Supply Co. | 1,874 | 188,862 | ||||||
TransDigm Group, Inc.† | 831 | 366,429 | ||||||
Travelers Cos., Inc. | 9,938 | 1,446,675 | ||||||
TripAdvisor, Inc.† | 2,793 | 118,060 | ||||||
Twitter, Inc.† | 7,166 | 261,129 | ||||||
UGI Corp. | 5,791 | 298,874 | ||||||
Ulta Beauty, Inc.† | 1,451 | 483,734 | ||||||
United Parcel Service, Inc., Class B | 13,351 | 1,240,575 | ||||||
United Rentals, Inc.† | 2,725 | 300,023 | ||||||
United Therapeutics Corp.† | 1,305 | 109,581 | ||||||
US Bancorp | 30,198 | 1,515,940 | ||||||
Vail Resorts, Inc. | 1,362 | 292,980 | ||||||
Valero Energy Corp. | 4,416 | 310,886 | ||||||
Varian Medical Systems, Inc.† | 3,147 | 397,340 | ||||||
Veeva Systems, Inc., Class A† | 1,246 | 192,245 | ||||||
Ventas, Inc. | 5,335 | 343,040 | ||||||
VeriSign, Inc.† | 2,698 | 526,056 | ||||||
Verisk Analytics, Inc. | 4,082 | 571,480 | ||||||
Vertex Pharmaceuticals, Inc.† | 4,672 | 776,393 | ||||||
Viacom, Inc., Class B | 7,902 | 229,395 | ||||||
Visa, Inc., Class A# | 27,304 | 4,404,954 | ||||||
Vornado Realty Trust | 3,640 | 241,077 | ||||||
Voya Financial, Inc. | 7,253 | 369,395 | ||||||
Vulcan Materials Co. | 2,163 | 270,180 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Walgreens Boots Alliance, Inc. | 10,661 | $ | 526,014 | |||||
Walt Disney Co. | 21,553 | 2,845,858 | ||||||
Waters Corp.† | 1,325 | 265,941 | ||||||
WEC Energy Group, Inc. | 6,906 | 556,278 | ||||||
Welltower, Inc. | 4,073 | 330,809 | ||||||
Western Digital Corp. | 3,913 | 145,642 | ||||||
Western Union Co.# | 11,620 | 225,428 | ||||||
WestRock Co. | 4,699 | 153,187 | ||||||
Weyerhaeuser Co. | 7,956 | 181,397 | ||||||
Whirlpool Corp. | 1,088 | 124,989 | ||||||
Workday, Inc., Class A† | 1,287 | 262,702 | ||||||
Worldpay, Inc., Class A† | 3,592 | 436,931 | ||||||
WR Berkley Corp. | 2,658 | 165,328 | ||||||
WW Grainger, Inc. | 518 | 135,555 | ||||||
Xerox Corp. | 5,582 | 170,865 | ||||||
Yum! Brands, Inc. | 5,094 | 521,371 | ||||||
Zoetis, Inc. | 6,582 | 665,111 | ||||||
207,663,690 | ||||||||
Total Common Stocks | ||||||||
(cost $282,098,351) | 358,205,976 | |||||||
RIGHTS — 0.0% |
| |||||||
Marks & Spencer Group PLC† | 8,339 | 4,112 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $282,098,351) | 358,210,088 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills |
| |||||||
2.38% due 06/13/2019(2) | $ | 100,000 | 99,937 | |||||
2.42% due 06/13/2019(2) | 200,000 | 199,874 | ||||||
2.42% due 07/18/2019(2) | 50,000 | 49,857 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $349,604) | 349,668 | |||||||
REPURCHASE AGREEMENTS — 0.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $2,699,112 collateralized by $2,755,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $2,757,317. | 2,699,000 | 2,699,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $285,146,955)(3) | 99.3 | % | 361,258,756 | |||||
Other assets less liabilities | 0.7 | 2,558,898 | ||||||
NET ASSETS | 100.0 | % | $ | 363,817,654 | ||||
@ | See Note 1 |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $1,025,475 representing 0.3% of net assets. |
# | The security or a portion there of is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $7,715,497. This was secured by collateral of $7,967,976 received in the form of fixed income pooled
70 |
Table of Contents
VALIC Company I Global Social Awareness Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 565,951 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 30,713 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 10/03/2019 | 266,817 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 7,104,495 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
FDR—Fiduciary Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
43 | Long | S&P 500E-Mini Index | June 2019 | $ | 6,063,307 | $ | 5,918,090 | $ | (145,217 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | — | $ | 8,963,057 | ** | $ | 0 | $ | 8,963,057 | |||||||
Portugal | — | 847,490 | ** | 0 | 847,490 | |||||||||||
Other Countries | 231,263,879 | 117,131,550 | ** | 348,395,429 | ||||||||||||
Rights | 4,112 | — | — | 4,112 | ||||||||||||
Short-Term Investment Securities | — | 349,668 | — | 349,668 | ||||||||||||
Repurchase Agreements | — | 2,699,000 | — | 2,699,000 | ||||||||||||
Total Investments at Value | $ | 231,267,991 | $ | 129,990,765 | $ | 0 | $ | 361,258,756 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 145,217 | $ | — | $ | — | $ | 145,217 | ||||||||
* | 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). |
† | Amounts presented represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
71 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2019 (unaudited)
Industry Allocation*
Sovereign | 24.3 | % | ||
U.S. Government Agencies | 6.3 | |||
Oil Companies — Integrated | 6.2 | |||
Medical — Drugs | 6.1 | |||
U.S. Government Treasuries | 5.5 | |||
Diversified Banking Institutions | 4.0 | |||
Banks — Commercial | 2.9 | |||
Telephone — Integrated | 2.3 | |||
Cellular Telecom | 2.0 | |||
Telecom Services | 1.7 | |||
Food — Retail | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Medical — Biomedical/Gene | 1.5 | |||
Banks — Super Regional | 1.4 | |||
Foreign Government Obligations | 1.4 | |||
Registered Investment Companies | 1.3 | |||
Water | 1.3 | |||
Electronic Components — Semiconductors | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Diversified Operations | 1.1 | |||
Electric — Generation | 1.1 | |||
Finance — Credit Card | 1.0 | |||
Building Products — Cement | 1.0 | |||
Real Estate Operations & Development | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Transport — Services | 0.9 | |||
Brewery | 0.9 | |||
Energy — Alternate Sources | 0.9 | |||
Aerospace/Defense | 0.8 | |||
Diversified Financial Services | 0.8 | |||
Agricultural Chemicals | 0.8 | |||
Central Bank | 0.7 | |||
Precious Metals | 0.7 | |||
Retail — Drug Store | 0.6 | |||
Retail — Building Products | 0.6 | |||
Web Portals/ISP | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Steel Pipe & Tube | 0.6 | |||
Audio/Video Products | 0.5 | |||
Rubber — Tires | 0.5 | |||
Medical — Generic Drugs | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Dialysis Centers | 0.4 | |||
Telecommunication Equipment | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Satellite Telecom | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Beverages —Non-alcoholic | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Medical Instruments | 0.1 | |||
95.8 | % | |||
Country Allocation*
United States | 27.3 | % | ||
South Korea | 7.3 | |||
United Kingdom | 7.1 | |||
Mexico | 6.2 | |||
France | 6.1 | |||
Japan | 5.3 | |||
Germany | 5.0 | |||
Brazil | 4.6 | |||
India | 4.0 | |||
Indonesia | 3.5 | |||
Ireland | 2.5 | |||
Netherlands | 2.2 | |||
Switzerland | 1.9 | |||
Cayman Islands | 1.7 | |||
Argentina | 1.5 | |||
Canada | 1.1 | |||
Italy | 1.0 | |||
Luxembourg | 0.9 | |||
China | 0.9 | |||
Denmark | 0.9 | |||
Singapore | 0.8 | |||
Hong Kong | 0.8 | |||
Norway | 0.8 | |||
Ghana | 0.7 | |||
Taiwan | 0.6 | |||
Colombia | 0.6 | |||
Israel | 0.5 | |||
95.8 | % | |||
* | Calculated as a percentage of net assets |
72 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 56.3% |
| |||||||
Canada — 1.1% |
| |||||||
Husky Energy, Inc. | 154,000 | $ | 1,445,886 | |||||
Wheaton Precious Metals Corp. | 100,300 | 2,218,088 | ||||||
3,663,974 | ||||||||
Cayman Islands — 1.7% |
| |||||||
Baidu, Inc. ADR† | 17,920 | 1,971,200 | ||||||
CK Hutchison Holdings, Ltd. | 367,000 | 3,460,687 | ||||||
5,431,887 | ||||||||
China — 0.9% |
| |||||||
China Telecom Corp., Ltd. | 5,952,000 | 2,987,125 | ||||||
Denmark — 0.9% |
| |||||||
Vestas Wind Systems A/S | 33,967 | 2,758,177 | ||||||
France — 6.1% |
| |||||||
AXA SA | 38,455 | 945,914 | ||||||
BNP Paribas SA# | 88,340 | 4,026,371 | ||||||
Cie de Saint-Gobain | 54,289 | 1,968,908 | ||||||
Cie Generale des Etablissements Michelin SCA | 14,571 | 1,666,643 | ||||||
Sanofi | 42,471 | 3,429,922 | ||||||
TOTAL SA | 65,788 | 3,403,040 | ||||||
Veolia Environnement SA | 180,368 | 4,184,401 | ||||||
19,625,199 | ||||||||
Germany — 5.0% |
| |||||||
Bayer AG | 40,433 | 2,384,875 | ||||||
Deutsche Telekom AG | 223,725 | 3,776,168 | ||||||
E.ON SE | 330,003 | 3,446,622 | ||||||
Fresenius Medical Care AG & Co. KGaA | 20,285 | 1,480,224 | ||||||
Merck KGaA | 23,620 | 2,281,247 | ||||||
Siemens AG ADR | 51,643 | 2,931,257 | ||||||
16,300,393 | ||||||||
Hong Kong — 0.8% |
| |||||||
China Mobile, Ltd. | 286,500 | 2,501,117 | ||||||
Ireland — 2.5% |
| |||||||
Allergan PLC | 26,065 | 3,177,584 | ||||||
Bank of Ireland Group PLC | 334,174 | 1,780,642 | ||||||
CRH PLC | 100,412 | 3,141,343 | ||||||
8,099,569 | ||||||||
Israel — 0.5% |
| |||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 170,770 | 1,477,161 | ||||||
Italy — 1.0% |
| |||||||
Eni SpA | 204,179 | 3,080,235 | ||||||
Japan — 5.3% |
| |||||||
IHI Corp. | 29,900 | 665,346 | ||||||
Kirin Holdings Co., Ltd. | 130,800 | 2,837,005 | ||||||
Mitsui Fudosan Co., Ltd. | 122,600 | 2,963,129 | ||||||
Panasonic Corp. | 211,300 | 1,673,042 | ||||||
Seven & i Holdings Co., Ltd. | 81,100 | 2,730,466 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 86,700 | 3,014,385 | ||||||
Suntory Beverage & Food, Ltd. | 18,400 | 764,095 | ||||||
Takeda Pharmaceutical Co., Ltd. | 74,633 | 2,515,945 | ||||||
17,163,413 | ||||||||
Luxembourg — 0.9% |
| |||||||
SES SA FDR | 75,308 | 1,138,412 | ||||||
Tenaris SA | 162,457 | 1,902,704 | ||||||
3,041,116 | ||||||||
Netherlands — 2.2% |
| |||||||
ING Groep NV | 306,556 | 3,309,433 | ||||||
LyondellBasell Industries NV, Class A | 11,300 | 839,025 |
Security Description | Shares/ Principal Amount(4) | Value (Note 2) | ||||||
Netherlands (continued) | ||||||||
NXP Semiconductors NV | 32,100 | $ | 2,829,936 | |||||
6,978,394 | ||||||||
Norway — 0.8% |
| |||||||
Yara International ASA | 57,111 | 2,450,598 | ||||||
Singapore — 0.8% |
| |||||||
Singapore Telecommunications, Ltd. | 1,145,700 | 2,668,444 | ||||||
South Korea — 2.0% |
| |||||||
Hana Financial Group, Inc. | 40,192 | 1,222,177 | ||||||
KB Financial Group, Inc. ADR | 38,428 | 1,418,762 | ||||||
Samsung Electronics Co., Ltd. | 112,178 | 3,982,032 | ||||||
6,622,971 | ||||||||
Switzerland — 1.9% |
| |||||||
Alcon, Inc.† | 4,576 | 266,128 | ||||||
Novartis AG | 22,880 | 1,965,002 | ||||||
Roche Holding AG | 15,408 | 4,043,387 | ||||||
6,274,517 | ||||||||
Taiwan — 0.6% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 283,914 | 2,102,922 | ||||||
United Kingdom — 7.1% |
| |||||||
BAE Systems PLC | 479,412 | 2,746,216 | ||||||
BP PLC | 627,486 | 4,255,674 | ||||||
HSBC Holdings PLC | 217,983 | 1,778,657 | ||||||
Kingfisher PLC | 733,961 | 1,980,365 | ||||||
Royal Dutch Shell PLC, Class B | 126,974 | 3,959,208 | ||||||
Standard Chartered PLC | 504,036 | 4,384,922 | ||||||
Vodafone Group PLC ADR | 238,647 | 3,868,468 | ||||||
22,973,510 | ||||||||
United States — 14.2% |
| |||||||
Amgen, Inc. | 10,590 | 1,765,353 | ||||||
Apache Corp. | 50,560 | 1,318,099 | ||||||
Capital One Financial Corp. | 38,320 | 3,290,538 | ||||||
Citigroup, Inc. | 67,730 | 4,209,419 | ||||||
Comcast Corp., Class A | 85,630 | 3,510,830 | ||||||
CommScope Holding Co., Inc.† | 88,000 | 1,421,200 | ||||||
Eastman Chemical Co. | 17,040 | 1,106,237 | ||||||
Exxon Mobil Corp. | 56,100 | 3,970,197 | ||||||
Gilead Sciences, Inc. | 44,450 | 2,767,013 | ||||||
Kellogg Co. | 37,100 | 1,949,976 | ||||||
Kroger Co. | 101,800 | 2,322,058 | ||||||
Oracle Corp. | 76,660 | 3,878,996 | ||||||
Tapestry, Inc. | 50,600 | 1,445,136 | ||||||
United Parcel Service, Inc., Class B | 31,200 | 2,899,104 | ||||||
Verizon Communications, Inc. | 64,800 | 3,521,880 | ||||||
Walgreens Boots Alliance, Inc. | 41,700 | 2,057,478 | ||||||
Wells Fargo & Co. | 104,700 | 4,645,539 | ||||||
46,079,053 | ||||||||
Total Common Stocks | ||||||||
(cost $199,781,934) | 182,279,775 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 25.1% |
| |||||||
Argentina — 1.3% |
| |||||||
Republic of Argentina | ARS | 5,000 | 156 | |||||
Republic of Argentina | 439,000 | 378,638 |
73 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Argentina (continued) |
| |||||||
Republic of Argentina | ARS | 79,847,000 | $ | 1,105,782 | ||||
Republic of Argentina | ARS | 43,574,000 | 610,746 | |||||
Republic of Argentina | ARS | 40,723,000 | 566,237 | |||||
Republic of Argentina | ARS | 530,000 | 12,372 | |||||
Republic of Argentina | ARS | 1,857,000 | 37,702 | |||||
Republic of Argentina | ARS | 133,000 | 2,748 | |||||
Republic of Argentina | ARS | 15,508,000 | 419,141 | |||||
Republic of Argentina | ARS | 28,423,900 | 811,715 | |||||
Republic of Argentina | ARS | 8,069,000 | 188,345 | |||||
Republic of Argentina | ARS | 504,000 | 10,233 | |||||
Republic of Argentina | ARS | 705,000 | 14,313 | |||||
Republic of Argentina | ARS | 252,000 | 5,116 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 58,790 | |||||
Republic of Argentina FRS | ARS | 10,000 | 254 | |||||
4,222,288 | ||||||||
Brazil — 4.6% |
| |||||||
Federative Republic of Brazil | BRL | 1,650,000 | 393,685 | |||||
Federative Republic of Brazil | BRL | 10,680,000 | 2,371,919 | |||||
Federative Republic of Brazil | BRL | 3,660,000 | 1,016,976 | |||||
Federative Republic of Brazil | BRL | 11,195,000 | 3,180,616 | |||||
Federative Republic of Brazil | BRL | 15,050,000 | 4,315,190 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Brazil (continued) | ||||||||
Federative Republic of Brazil | BRL | 12,430,000 | $ | 3,578,368 | ||||
14,856,754 | ||||||||
Colombia — 0.6% |
| |||||||
Republic of Colombia | COP | 64,000,000 | 18,230 | |||||
Republic of Colombia | COP | 2,472,300,000 | 711,375 | |||||
Republic of Colombia | COP | 2,400,700,000 | 764,518 | |||||
Republic of Colombia | COP | 329,000,000 | 101,444 | |||||
Republic of Colombia | COP | 1,269,000,000 | 445,840 | |||||
2,041,407 | ||||||||
Ghana — 0.7% |
| |||||||
Republic of Ghana | GHS | 1,400,000 | 258,261 | |||||
Republic of Ghana | GHS | 4,210,000 | 748,658 | |||||
Republic of Ghana | GHS | 1,400,000 | 259,995 | |||||
Republic of Ghana | GHS | 4,210,000 | 771,037 | |||||
Republic of Ghana | GHS | 50,000 | 9,551 | |||||
Republic of Ghana | GHS | 50,000 | 10,159 | |||||
Republic of Ghana | GHS | 50,000 | 10,085 | |||||
Republic of Ghana | GHS | 50,000 | 10,151 | |||||
2,077,897 | ||||||||
India — 4.0% |
| |||||||
Republic of India | INR | 380,000,000 | 5,321,758 | |||||
Republic of India | INR | 40,000,000 | 576,830 | |||||
Republic of India | INR | 150,000,000 | 2,177,318 | |||||
Republic of India | INR | 128,000,000 | 1,889,018 |
74 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
India (continued) | ||||||||
Republic of India | INR | 142,000,000 | $ | 2,102,760 | ||||
Republic of India | INR | 60,000,000 | 894,431 | |||||
12,962,115 | ||||||||
Indonesia — 3.5% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | 5,726 | |||||
Republic of Indonesia | IDR | 294,000,000 | 20,444 | |||||
Republic of Indonesia | IDR | 4,525,000,000 | 323,320 | |||||
Republic of Indonesia | IDR | 85,869,000,000 | 6,196,229 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 170,366 | |||||
Republic of Indonesia | IDR | 116,000,000 | 8,734 | |||||
Republic of Indonesia | IDR | 260,000,000 | 21,288 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 986,437 | |||||
Republic of Indonesia | IDR | 29,607,000,000 | 2,109,606 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 549,129 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 868,726 | |||||
11,260,005 | ||||||||
Mexico — 5.5% |
| |||||||
United Mexican States | MXN | 2,621,900 | 131,082 | |||||
United Mexican States | MXN | 3,362,054 | 170,981 | |||||
United Mexican States | MXN | 162,280,000 | 8,137,785 | |||||
United Mexican States | MXN | 20,960,000 | 1,040,816 | |||||
United Mexican States | MXN | 59,150,000 | 2,907,227 | |||||
United Mexican States | MXN | 76,290,000 | 3,834,673 |
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
Mexico (continued) | ||||||||
United Mexican States | MXN | 17,060,000 | $ | 870,220 | ||||
United Mexican States | MXN | 8,520,000 | 437,465 | |||||
United Mexican States | MXN | 6,840,000 | 382,065 | |||||
17,912,314 | ||||||||
South Korea — 4.9% |
| |||||||
Republic of South Korea | KRW | 2,127,000,000 | 1,782,400 | |||||
Republic of South Korea | KRW | 1,207,700,000 | 1,008,677 | |||||
Republic of South Korea | KRW | 3,790,000,000 | 3,182,562 | |||||
Republic of South Korea | KRW | 98,000,000 | 82,409 | |||||
Republic of South Korea | KRW | 257,000,000 | 217,182 | |||||
Republic of South Korea | KRW | 7,844,590,000 | 6,630,286 | |||||
Republic of South Korea | KRW | 400,000,000 | 337,679 | |||||
Republic of South Korea | KRW | 768,000,000 | 646,115 | |||||
Republic of South Korea | KRW | 191,000,000 | 161,174 | |||||
Republic of South Korea | KRW | 98,000,000 | 82,556 | |||||
Republic of South Korea | KRW | 579,100,000 | 518,906 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,236,965 | |||||
15,886,911 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $91,692,224) | 81,219,691 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $291,474,158) | 263,499,466 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 14.4% |
| |||||||
Foreign Government Obligations — 1.3% |
| |||||||
Republic of Argentina |
| |||||||
54.04% due 06/28/2019 | ARS | 1,252,000 | 33,252 | |||||
54.76% due 07/31/2019 | ARS | 2,662,000 | 62,918 | |||||
55.63% due 07/31/2019 | ARS | 3,022,300 | 71,434 | |||||
57.97% due 06/28/2019 | ARS | 1,218,680 | 32,366 | |||||
59.03% due 06/28/2019 | ARS | 2,754,665 | 73,159 | |||||
60.10% due 07/19/2019 | ARS | 4,029,600 | 93,563 | |||||
61.00% due 07/19/2019 | ARS | 7,270,600 | 168,816 | |||||
535,508 | ||||||||
75 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(4) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
Foreign Government Obligations (continued) | ||||||||
Republic of South Korea |
| |||||||
1.80% due 09/09/2019 | KRW | 768,000,000 | $ | 645,035 | ||||
1.87% due 11/09/2019 | KRW | 590,000,000 | 495,895 | |||||
1,140,930 | ||||||||
United Mexican States |
| |||||||
8.16% due 04/02/2020 | MXN | 251,978,000 | 1,202,037 | |||||
8.25% due 01/02/2020 | MXN | 7,141,800 | 347,431 | |||||
8.28% due 01/02/2020 | MXN | 4,276,300 | 208,031 | |||||
8.35% due 01/02/2020 | MXN | 4,276,300 | 208,031 | |||||
8.46% due 01/02/2020 | MXN | 8,766,400 | 426,464 | |||||
2,391,994 | ||||||||
4,068,432 | ||||||||
Registered Investment Companies — 1.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,185,805 | 4,185,805 | ||||||
U.S. Government Agencies — 6.3% |
| |||||||
Federal Home Loan Bank | 20,485,000 | 20,485,000 | ||||||
U.S. Government Treasuries — 5.5% |
| |||||||
United States Treasury Bills |
| |||||||
2.31% due 09/05/2019 | 9,040,000 | 8,985,384 | ||||||
2.33% due 11/29/2019 | 9,040,000 | 8,937,011 | ||||||
17,922,395 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $48,562,876) | 46,661,632 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $340,037,034)(5) | 95.8 | % | 310,161,098 | |||||
Other assets less liabilities | 4.2 | 13,541,165 | ||||||
NET ASSETS | 100.0 | % | $ | 323,702,263 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Principal amount of security is adjusted for inflation. |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $4,033,547. This was secured by collateral of $4,185,805, which was received in cash and subsequently invested in short-term investments currently valued at $4,185,805 as reported in the Portfolio of Investments. Additional collateral of $85,389 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s asset and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.75% | 10/31/2019 to 11/15/2048 | $ | 85,389 |
(4) | Denominated in United States Dollars unless otherwise indicated. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
FDR—Fiduciary Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Columbian Peso
GHS—Ghanaian Cedi
IDR—Indonesian Rupiah
INR—Indian Rupee
KRW—South Korean Won
MXN—Mexican Peso
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at May 31, 2019 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 | $ | – | $ | (596,122 | ) | |||||||||
USD | 11,200 | 03/08/2047 | 3 Months USD - LIBOR/Quarterly | 2.70%/Semi - annually | – | (933,574 | ) | |||||||||||
USD | 1,012 | 02/20/2048 | 3 Months USD - LIBOR/Quarterly | 2.98%/Semi - annually | – | (148,233 | ) | |||||||||||
USD | 1,012 | 02/22/2048 | 3 Months USD - LIBOR/Quarterly | 3.00%/Semi - annually | – | (153,146 | ) | |||||||||||
USD | 1,012 | 02/23/2048 | 3 Months USD - LIBOR/Quarterly | 3.02%/Semi - annually | – | (156,876 | ) | |||||||||||
$ | (1,987,951 | ) | ||||||||||||||||
USD—United States Dollar
LIBOR—London Interbank Offered rate
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
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 | 1,245,071 | 06/04/2019 | $ | 32,910 | $ | – | |||||||||||||||||||
EUR | 117,110 | USD | 133,686 | 06/07/2019 | 2,824 | – | ||||||||||||||||||||||
EUR | 605,539 | USD | 689,745 | 06/18/2019 | 12,472 | – | ||||||||||||||||||||||
EUR | 117,036 | USD | 133,260 | 10/08/2019 | 1,174 | – | ||||||||||||||||||||||
EUR | 584,552 | USD | 671,884 | 10/16/2019 | 11,756 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,531,074 | 10/29/2019 | 2,542 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,529,239 | 10/31/2019 | 321 | – | ||||||||||||||||||||||
EUR | 1,211,078 | USD | 1,374,404 | 11/20/2019 | 3,074 | – | ||||||||||||||||||||||
EUR | 1,085,049 | USD | 1,229,116 | 12/04/2019 | – | (830 | ) | |||||||||||||||||||||
USD | 1,211,240 | EUR | 1,085,049 | 06/04/2019 | 922 | – | ||||||||||||||||||||||
67,995 | (830 | ) | ||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 94,051 | USD | 105,640 | 07/31/2019 | 69 | – | |||||||||||||||||||||
EUR | 47,026 | USD | 53,957 | 09/30/2019 | 916 | – | ||||||||||||||||||||||
EUR | 183,000 | USD | 209,551 | 10/11/2019 | 2,970 | – | ||||||||||||||||||||||
EUR | 47,026 | USD | 53,172 | 11/29/2019 | – | (113 | ) | |||||||||||||||||||||
JPY | 40,123,600 | USD | 363,580 | 06/13/2019 | – | (6,940 | ) | |||||||||||||||||||||
USD | 365,358 | JPY | 40,123,600 | 06/13/2019 | 5,162 | – | ||||||||||||||||||||||
9,117 | (7,053 | ) | ||||||||||||||||||||||||||
BNP Paribas SA | EUR | 118,000 | USD | 133,415 | 11/29/2019 | – | (291 | ) | ||||||||||||||||||||
INR | 26,630,700 | USD | 370,105 | 06/06/2019 | – | (11,937 | ) | |||||||||||||||||||||
INR | 7,430,000 | USD | 104,011 | 06/12/2019 | – | (2,511 | ) | |||||||||||||||||||||
INR | 26,410,300 | USD | 377,131 | 07/05/2019 | – | (570 | ) | |||||||||||||||||||||
INR | 26,630,700 | USD | 376,390 | 09/06/2019 | – | (1,908 | ) | |||||||||||||||||||||
USD | 380,983 | INR | 26,630,700 | 06/06/2019 | 1,059 | – | ||||||||||||||||||||||
1,059 | (17,217 | ) | ||||||||||||||||||||||||||
Citibank N.A. | EUR | 1,149,526 | BRL | 5,260,000 | 10/02/2019 | 30,084 | – | |||||||||||||||||||||
EUR | 89,576 | USD | 102,423 | 10/15/2019 | 1,274 | – | ||||||||||||||||||||||
EUR | 1,104,900 | USD | 1,251,078 | 11/04/2019 | 1,510 | – | ||||||||||||||||||||||
EUR | 1,906,904 | USD | 2,179,401 | 11/15/2019 | 20,999 | – | ||||||||||||||||||||||
INR | 38,714,000 | USD | 546,152 | 06/18/2019 | – | (8,519 | ) | |||||||||||||||||||||
INR | 50,739,000 | USD | 718,433 | 07/15/2019 | – | (6,422 | ) | |||||||||||||||||||||
JPY | 9,976,666 | USD | 90,244 | 07/16/2019 | – | (2,131 | ) | |||||||||||||||||||||
JPY | 38,770,000 | USD | 348,651 | 07/18/2019 | – | (10,378 | ) | |||||||||||||||||||||
JPY | 280,651,280 | USD | 2,528,310 | 07/31/2019 | – | (73,227 | ) | |||||||||||||||||||||
KRW | 1,049,895,196 | USD | 883,527 | 07/29/2019 | 152 | – | ||||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,049,084 | 08/21/2019 | 692 | – | ||||||||||||||||||||||
KRW | 889,209,609 | USD | 793,264 | 08/26/2019 | 44,346 | – | ||||||||||||||||||||||
KRW | 1,049,895,195 | USD | 884,331 | 08/28/2019 | 16 | – | ||||||||||||||||||||||
KRW | 524,000,000 | USD | 465,583 | 09/20/2019 | 23,824 | – | ||||||||||||||||||||||
KRW | 538,612,000 | USD | 474,130 | 10/17/2019 | 19,547 | – | ||||||||||||||||||||||
KRW | 1,051,000,000 | USD | 899,521 | 11/15/2019 | 11,424 | – | ||||||||||||||||||||||
USD | 91,510 | JPY | 9,976,666 | 07/16/2019 | 865 | – | ||||||||||||||||||||||
USD | 352,660 | JPY | 38,770,000 | 07/18/2019 | 6,370 | – | ||||||||||||||||||||||
USD | 2,555,408 | JPY | 280,651,280 | 07/31/2019 | 46,129 | – | ||||||||||||||||||||||
207,232 | (100,677 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 595,000 | USD | 678,104 | 06/07/2019 | 13,236 | – | |||||||||||||||||||||
EUR | 3,247,000 | USD | 3,697,888 | 06/18/2019 | 66,240 | – | ||||||||||||||||||||||
EUR | 68,878 | USD | 78,453 | 07/23/2019 | 1,189 | – | ||||||||||||||||||||||
EUR | 595,000 | USD | 677,556 | 10/08/2019 | 6,041 | – | ||||||||||||||||||||||
EUR | 540,927 | USD | 618,361 | 10/15/2019 | 7,545 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 151,833 | 10/24/2019 | 1,545 | – | ||||||||||||||||||||||
EUR | 68,877 | USD | 78,407 | 10/25/2019 | 571 | – | ||||||||||||||||||||||
EUR | 2,905,954 | USD | 3,289,540 | 10/30/2019 | 4,359 | – | ||||||||||||||||||||||
EUR | 2,907,096 | USD | 3,287,271 | 11/29/2019 | – | (6,773 | ) | |||||||||||||||||||||
JPY | 265,895,000 | USD | 2,390,282 | 07/17/2019 | – | (71,853 | ) | |||||||||||||||||||||
JPY | 21,605,000 | USD | 194,659 | 07/31/2019 | – | (5,612 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 827,636 | 06/10/2019 | 54,955 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 777,355 | 08/16/2019 | 2,776 | – | ||||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,755,499 | 11/29/2019 | 1,105 | – | ||||||||||||||||||||||
USD | 2,439,632 | JPY | 265,895,000 | 07/17/2019 | 22,503 | – | ||||||||||||||||||||||
USD | 198,220 | JPY | 21,605,000 | 07/31/2019 | 2,050 | – | ||||||||||||||||||||||
184,115 | (84,238 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 161,487 | USD | 186,222 | 09/23/2019 | 4,177 | – | |||||||||||||||||||||
EUR | 161,526 | USD | 185,327 | 10/23/2019 | 2,820 | – | ||||||||||||||||||||||
EUR | 79,216 | USD | 89,641 | 10/29/2019 | 94 | – | ||||||||||||||||||||||
EUR | 484,500 | USD | 549,593 | 11/20/2019 | 983 | – | ||||||||||||||||||||||
EUR | 161,487 | USD | 183,150 | 11/21/2019 | 281 | – |
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
EUR | 236,784 | USD | 267,868 | 11/29/2019 | $ | – | $ | (433 | ) | |||||||||||||||||||
JPY | 15,149,654 | USD | 136,177 | 07/17/2019 | – | (4,106 | ) | |||||||||||||||||||||
USD | 138,981 | JPY | 15,149,654 | 07/17/2019 | 1,302 | – | ||||||||||||||||||||||
9,657 | (4,539 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | EUR | 517,579 | USD | 592,623 | 10/11/2019 | 8,350 | – | |||||||||||||||||||||
EUR | 235,000 | USD | 268,015 | 11/14/2019 | 2,042 | – | ||||||||||||||||||||||
INR | 22,443,000 | USD | 311,557 | 06/06/2019 | – | (10,409 | ) | |||||||||||||||||||||
INR | 47,930,704 | USD | 668,606 | 06/11/2019 | – | (18,634 | ) | |||||||||||||||||||||
INR | 24,050,542 | USD | 339,242 | 06/14/2019 | – | (5,489 | ) | |||||||||||||||||||||
INR | 47,978,000 | USD | 678,374 | 06/17/2019 | – | (9,101 | ) | |||||||||||||||||||||
INR | 22,542,000 | USD | 323,415 | 07/05/2019 | 1,035 | – | ||||||||||||||||||||||
INR | 76,106,862 | USD | 1,080,050 | 07/11/2019 | – | (7,676 | ) | |||||||||||||||||||||
INR | 62,448,000 | USD | 868,277 | 07/22/2019 | – | (23,184 | ) | |||||||||||||||||||||
INR | 22,443,000 | USD | 318,137 | 09/06/2019 | – | (672 | ) | |||||||||||||||||||||
INR | 47,930,704 | USD | 677,993 | 09/11/2019 | – | (2,517 | ) | |||||||||||||||||||||
JPY | 55,600,000 | USD | 500,001 | 07/18/2019 | – | (14,883 | ) | |||||||||||||||||||||
KRW | 780,129,587 | USD | 689,428 | 07/19/2019 | 33,273 | – | ||||||||||||||||||||||
KRW | 250,870,413 | USD | 225,056 | 07/24/2019 | 14,014 | – | ||||||||||||||||||||||
KRW | 3,737,958,907 | USD | 3,258,048 | 07/30/2019 | 112,840 | – | ||||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,839,882 | 08/19/2019 | 168,144 | – | ||||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,315,964 | 09/20/2019 | 64,033 | – | ||||||||||||||||||||||
KRW | 323,600,000 | USD | 287,389 | 10/17/2019 | 14,274 | – | ||||||||||||||||||||||
USD | 322,087 | INR | 22,443,000 | 06/06/2019 | – | (121 | ) | |||||||||||||||||||||
USD | 686,293 | INR | 47,930,704 | 06/11/2019 | 947 | – | ||||||||||||||||||||||
USD | 505,950 | JPY | 55,600,000 | 07/18/2019 | 8,934 | – | ||||||||||||||||||||||
427,886 | (92,686 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | AUD | 2,220,750 | USD | 1,588,813 | 07/15/2019 | 46,376 | – | |||||||||||||||||||||
AUD | 1,019,000 | USD | 731,326 | 10/11/2019 | 21,839 | – | ||||||||||||||||||||||
AUD | 2,220,750 | USD | 1,591,756 | 10/15/2019 | 45,383 | – | ||||||||||||||||||||||
AUD | 2,964,500 | USD | 2,140,562 | 10/23/2019 | 75,872 | – | ||||||||||||||||||||||
AUD | 1,740,000 | USD | 1,225,047 | 10/29/2019 | 13,001 | – | ||||||||||||||||||||||
AUD | 1,019,000 | USD | 714,090 | 11/13/2019 | 4,004 | – | ||||||||||||||||||||||
AUD | 2,403,500 | USD | 1,683,772 | 11/15/2019 | 8,818 | – | ||||||||||||||||||||||
AUD | 2,964,500 | USD | 2,058,875 | 11/22/2019 | – | (7,400 | ) | |||||||||||||||||||||
EUR | 2,120,000 | USD | 2,431,167 | 06/05/2019 | 62,616 | – | ||||||||||||||||||||||
EUR | 84,559 | USD | 95,788 | 08/13/2019 | 771 | – | ||||||||||||||||||||||
EUR | 1,928,163 | USD | 2,168,326 | 08/21/2019 | 301 | – | ||||||||||||||||||||||
EUR | 145,167 | USD | 164,832 | 09/25/2019 | 1,160 | – | ||||||||||||||||||||||
EUR | 197,305 | USD | 225,975 | 10/11/2019 | 3,246 | – | ||||||||||||||||||||||
EUR | 74,000 | USD | 84,934 | 10/23/2019 | 1,321 | – | ||||||||||||||||||||||
EUR | 686,000 | USD | 776,058 | 10/29/2019 | 594 | – | ||||||||||||||||||||||
EUR | 126,839 | USD | 144,037 | 11/08/2019 | 547 | – | ||||||||||||||||||||||
EUR | 243,819 | USD | 276,863 | 11/20/2019 | 781 | – | ||||||||||||||||||||||
EUR | 1,928,163 | USD | 2,184,397 | 11/21/2019 | 928 | – | ||||||||||||||||||||||
INR | 96,228,200 | USD | 1,338,846 | 06/06/2019 | – | (41,636 | ) | |||||||||||||||||||||
INR | 33,945,000 | USD | 481,934 | 06/19/2019 | – | (4,358 | ) | |||||||||||||||||||||
INR | 29,163,000 | USD | 418,498 | 06/20/2019 | 757 | – | ||||||||||||||||||||||
INR | 33,944,000 | USD | 478,691 | 07/22/2019 | – | (5,868 | ) | |||||||||||||||||||||
INR | 33,830,000 | USD | 474,884 | 08/20/2019 | – | (6,554 | ) | |||||||||||||||||||||
INR | 96,228,200 | USD | 1,362,803 | 09/03/2019 | – | (4,585 | ) | |||||||||||||||||||||
JPY | 116,200,000 | USD | 1,053,543 | 06/04/2019 | – | (18,759 | ) | |||||||||||||||||||||
JPY | 155,250,000 | USD | 1,398,888 | 06/10/2019 | – | (34,417 | ) | |||||||||||||||||||||
JPY | 116,480,000 | USD | 1,056,147 | 06/13/2019 | – | (19,484 | ) | |||||||||||||||||||||
JPY | 27,300,000 | USD | 246,331 | 06/18/2019 | – | (5,875 | ) | |||||||||||||||||||||
JPY | 56,320,000 | USD | 509,674 | 07/16/2019 | – | (11,799 | ) | |||||||||||||||||||||
JPY | 152,440,000 | USD | 1,371,014 | 07/18/2019 | – | (40,658 | ) | |||||||||||||||||||||
JPY | 268,161,720 | USD | 2,411,888 | 07/19/2019 | – | (71,613 | ) | |||||||||||||||||||||
JPY | 112,000,000 | USD | 1,008,028 | 07/25/2019 | – | (29,699 | ) | |||||||||||||||||||||
USD | 1,043,962 | JPY | 116,200,000 | 06/04/2019 | 28,340 | – | ||||||||||||||||||||||
USD | 1,378,865 | INR | 96,228,200 | 06/06/2019 | 1,617 | – | ||||||||||||||||||||||
USD | 1,412,747 | JPY | 155,250,000 | 06/10/2019 | 20,559 | – | ||||||||||||||||||||||
USD | 1,060,189 | JPY | 116,480,000 | 06/13/2019 | 15,442 | – | ||||||||||||||||||||||
USD | 249,856 | JPY | 27,300,000 | 06/18/2019 | 2,350 | – | ||||||||||||||||||||||
USD | 516,820 | JPY | 56,320,000 | 07/16/2019 | 4,653 | – | ||||||||||||||||||||||
USD | 1,385,597 | JPY | 152,440,000 | 07/18/2019 | 26,074 | – | ||||||||||||||||||||||
USD | 2,437,631 | JPY | 268,161,720 | 07/19/2019 | 45,870 | – | ||||||||||||||||||||||
USD | 1,018,563 | JPY | 112,000,000 | 07/25/2019 | 19,164 | – | ||||||||||||||||||||||
452,384 | (302,705 | ) | ||||||||||||||||||||||||||
78 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 156,081 | 11/29/2019 | $ | – | $ | (288 | ) | ||||||||||||||||||
Standard Chartered Bank | EUR | 3,642,368 | USD | 4,183,405 | 06/05/2019 | 114,001 | – | |||||||||||||||||||||
EUR | 1,019,570 | USD | 1,164,482 | 09/30/2019 | 14,501 | – | ||||||||||||||||||||||
EUR | 1,210,000 | USD | 1,389,794 | 10/17/2019 | 23,250 | – | ||||||||||||||||||||||
EUR | 999,742 | USD | 1,131,309 | 10/29/2019 | 1,187 | – | ||||||||||||||||||||||
INR | 55,008,000 | USD | 765,063 | 06/03/2019 | – | (24,247 | ) | |||||||||||||||||||||
INR | 114,436,600 | USD | 1,593,863 | 06/06/2019 | – | (47,835 | ) | |||||||||||||||||||||
INR | 45,804,000 | USD | 642,444 | 08/28/2019 | – | (8,840 | ) | |||||||||||||||||||||
INR | 55,008,000 | USD | 779,056 | 09/03/2019 | – | (2,599 | ) | |||||||||||||||||||||
INR | 114,436,600 | USD | 1,620,112 | 09/06/2019 | – | (5,496 | ) | |||||||||||||||||||||
JPY | 116,210,000 | USD | 1,057,829 | 06/03/2019 | – | (14,565 | ) | |||||||||||||||||||||
USD | 788,493 | INR | 55,008,000 | 06/03/2019 | 817 | – | ||||||||||||||||||||||
USD | 1,057,252 | JPY | 116,210,000 | 06/03/2019 | 15,142 | – | ||||||||||||||||||||||
USD | 1,639,728 | INR | 114,436,600 | 06/06/2019 | 1,970 | – | ||||||||||||||||||||||
170,868 | (103,582 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 202,977 | 06/05/2019 | 5,302 | – | |||||||||||||||||||||
EUR | 226,932 | USD | 258,477 | 10/09/2019 | 2,342 | – | ||||||||||||||||||||||
EUR | 1,679,100 | USD | 1,928,917 | 10/23/2019 | 31,713 | – | ||||||||||||||||||||||
EUR | 1,733,621 | USD | 1,964,782 | 11/21/2019 | 1,614 | – | ||||||||||||||||||||||
40,971 | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 1,571,284 | $ | (713,815 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
BRL—Brazilian Real
EUR—Euro Currency
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 68,522,548 | $ | 113,757,227 | ** | $ | — | $ | 182,279,775 | |||||||
Foreign Government Obligations | — | 81,219,691 | — | 81,219,691 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 4,185,805 | — | — | 4,185,805 | ||||||||||||
Other Short-Term Investments | — | 42,475,827 | — | 42,475,827 | ||||||||||||
Total Investments at Value | $ | 72,708,353 | $ | 237,452,745 | $ | — | $ | 310,161,098 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 1,571,284 | $ | — | $ | 1,571,284 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | $ | — | $ | 1,987,951 | $ | — | $ | 1,987,951 | ||||||||
Forward Foreign Currency Contracts | — | 713,815 | — | 713,815 | ||||||||||||
Total Other Financial Instruments | $ | — | $ | 2,701,766 | $ | — | $ | 2,701,766 | ||||||||
* | 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). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
79 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE — May 31, 2019 (unaudited)
Industry Allocation*
U.S. Government Agencies | 69.5 | % | ||
U.S. Government Treasuries | 32.1 | |||
Repurchase Agreements | 0.1 | |||
101.7 | % | |||
Credit Quality†#
P-1 | 101.7 | % | ||
* | Calculated as a percentage of net assets |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues |
Weighted Average days to Maturity — 35.9 days
80 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 101.6% |
| |||||||
U.S. Government Agencies — 69.5% |
| |||||||
Federal Farm Credit Bank FRS | $ | 2,690,000 | $ | 2,692,050 | ||||
Federal Home Loan Bank |
| |||||||
2.33% due 06/07/2019 | 1,000,000 | 999,617 | ||||||
2.36% due 06/28/2019 | 10,000,000 | 9,982,600 | ||||||
2.38% due 06/19/2019 | 8,000,000 | 7,990,640 | ||||||
2.38% due 08/16/2019 | 10,000,000 | 9,950,706 | ||||||
2.39% due 06/11/2019 | 5,000,000 | 4,996,736 | ||||||
2.39% due 08/23/2019 | 10,000,000 | 9,946,050 | ||||||
2.39% due 08/28/2019 | 28,549,000 | 28,385,351 | ||||||
2.39% due 08/30/2019 | 10,500,000 | 10,438,444 | ||||||
2.40% due 06/26/2019 | 7,000,000 | 6,988,503 | ||||||
2.43% due 07/05/2019 | 13,000,000 | 12,970,632 | ||||||
2.43% due 07/12/2019 | 8,000,000 | 7,978,270 | ||||||
2.44% due 06/03/2019 | 8,000,000 | 7,998,931 | ||||||
2.44% due 06/10/2019 | 8,000,000 | 7,995,200 | ||||||
2.44% due 07/11/2019 | 5,000,000 | 4,986,722 | ||||||
2.45% due 06/14/2019 | 8,000,000 | 7,993,052 | ||||||
2.45% due 07/01/2019 | 6,500,000 | 6,486,973 | ||||||
2.47% due 06/05/2019 | 24,000,000 | 23,993,655 | ||||||
Federal Home Loan Bank FRS | ||||||||
2.38% (1ML-0.09%) | 20,000,000 | 20,000,129 | ||||||
2.39% (1 ML - 0.06%) | 7,000,000 | 6,999,027 | ||||||
2.41% (SOFR + 0.01%) | 6,000,000 | 5,999,972 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
2.41% (SOFR + 0.01%) | 10,000,000 | 10,000,000 | ||||||
2.41% (SOFR + 0.01%) | 7,000,000 | 7,000,000 | ||||||
2.41% (SOFR + 0.01%) | 6,500,000 | 6,500,000 | ||||||
2.41% (SOFR + 0.02%) | �� | 8,000,000 | 8,000,000 | |||||
2.43% (SOFR + 0.03%) | 7,000,000 | 7,000,000 | ||||||
Federal National Mtg. Assoc. | 30,300,000 | 30,296,170 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $274,569,430) | 274,569,430 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 32.1% |
| |||||||
United States Treasury Bills | ||||||||
2.38% due 06/11/2019 | $ | 13,000,000 | $ | 12,991,438 | ||||
2.38% due 06/13/2019 | 8,600,000 | 8,593,192 | ||||||
2.39% due 06/04/2019 | 35,400,000 | 35,392,996 | ||||||
2.39% due 07/02/2019 | 13,000,000 | 12,973,398 | ||||||
2.43% due 06/20/2019 | 2,800,000 | 2,796,440 | ||||||
United States Treasury Notes | ||||||||
1.00% due 08/31/2019 | 6,900,000 | 6,875,129 | ||||||
1.00% due 11/30/2019 | 4,200,000 | 4,170,502 | ||||||
1.25% due 06/30/2019 | 8,000,000 | 7,992,561 | ||||||
1.25% due 08/31/2019 | 6,000,000 | 5,981,639 | ||||||
1.25% due 10/31/2019 | 10,000,000 | 9,952,043 | ||||||
1.38% due 09/30/2019 | 10,000,000 | 9,965,591 | ||||||
1.63% due 08/31/2019 | 9,500,000 | 9,480,276 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $127,165,205) | 127,165,205 | |||||||
Total Short-Term Investment Securities — 101.6% | ||||||||
(amortized cost $401,734,635) | 401,734,635 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $255,011 collateralized by $255,000 of United States Treasury Notes, bearing interest at 2.75% due 09/15/2021 and having an approximate value of $260,543 | 255,000 | 255,000 | ||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $401,989,635)(1) | 101.7 | % | 401,989,635 | |||||
Liabilities in excess of other assets | (1.7 | ) | (6,806,212 | ) | ||||
NET ASSETS | 100.0 | % | $ | 395,183,423 | ||||
(1) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at May 31, 2019 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1ML—1 Month USD LIBOR
SOFR—Secured Overnight Financing Rate
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Short-Term Investment Securities | $ | — | $ | 401,734,635 | $ | — | $ | 401,734,635 | ||||||||
Repurchase Agreements | — | 255,000 | — | 255,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 401,989,635 | $ | — | $ | 401,989,635 | ||||||||
* | 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 —May 31, 2019 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 34.1 | % | ||
United States Treasury Notes | 20.1 | |||
Federal Home Loan Mtg. Corp. | 14.3 | |||
United States Treasury Bonds | 8.3 | |||
Diversified Financial Services | 5.8 | |||
Government National Mtg. Assoc. | 4.6 | |||
Repurchase Agreements | 4.3 | |||
Sovereign | 1.7 | |||
Resolution Funding Corp | 1.4 | |||
Diversified Banking Institutions | 1.0 | |||
Federal Farm Credit Bank | 0.7 | |||
Airlines | 0.7 | |||
Telephone — Integrated | 0.5 | |||
Pipelines | 0.4 | |||
Pharmacy Services | 0.3 | |||
Retail — Drug Store | 0.2 | |||
Medical Instruments | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Electric — Integrated | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
Credit Quality Allocation†#
Aaa | 92.3 | % | ||
Aa | 0.7 | |||
A | 1.7 | |||
Baa | 1.6 | |||
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 —May 31, 2019
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.8% |
| |||||||
Diversified Financial Services — 5.8% |
| |||||||
BBCMS Trust | $ | 339,298 | $ | 338,130 | ||||
Cabela’s Credit Card Master Note Trust | 1,186,000 | 1,185,520 | ||||||
COMM Mtg. Trust VRS | 785,346 | 33,442 | ||||||
DBUBS Mtg. Trust | 78,999 | 79,379 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 418,257 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,136,269 | ||||||
Progress Residential Trust | 446,955 | 446,209 | ||||||
Progress Residential Trust | 299,039 | 299,096 | ||||||
Progress Residential Trust | 693,893 | 694,437 | ||||||
Sofi Professional Loan Program Trust | 1,000,000 | 1,020,974 | ||||||
Tricon American Homes Trust | 559,408 | 557,620 | ||||||
UBS Commercial Mortgage Trust | 1,500,000 | 1,601,861 | ||||||
UBS-BAMLL Trust | 217,000 | 221,709 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 318,939 | ||||||
Total Asset Backed Securities | ||||||||
(cost $8,257,895) | 8,351,842 | |||||||
U.S. CORPORATE BONDS & NOTES — 3.8% |
| |||||||
Airlines — 0.7% |
| |||||||
American Airlines Pass-Through Trust | 670,940 | 663,191 | ||||||
American Airlines Pass-Through Trust | 309,302 | 310,641 | ||||||
973,832 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Citigroup, Inc. | 400,000 | 404,338 | ||||||
Citigroup, Inc. | 162,000 | 169,267 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Morgan Stanley | $ | 319,000 | $ | 318,209 | ||||
891,814 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 227,535 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 107,969 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 152,801 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 125,000 | 128,610 | ||||||
Medical Instruments — 0.2% |
| |||||||
Medtronic, Inc. | 250,000 | 255,206 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 148,060 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 119,062 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 453,166 | ||||||
Pipelines — 0.4% |
| |||||||
Buckeye Partners LP | 190,000 | 193,550 | ||||||
Enterprise Products Operating LLC | 127,000 | 130,347 | ||||||
Magellan Midstream Partners LP | 137,000 | 136,854 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. | 171,000 | 170,643 | ||||||
631,394 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 230,512 | ||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 325,000 | 332,904 | ||||||
83 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated — 0.5% |
| |||||||
AT&T, Inc | $ | 500,000 | $ | 511,905 | ||||
AT&T, Inc. | 171,000 | 177,963 | ||||||
689,868 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 89,889 | ||||||
Norfolk Southern Corp. | 19,000 | 21,687 | ||||||
111,576 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $5,401,537) | 5,454,309 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.6% |
| |||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 200,000 | 203,519 | ||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 214,326 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 365,683 | ||||||
580,009 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Allergan Funding SCS | 126,000 | 126,757 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $909,798) | 910,285 | |||||||
U.S. GOVERNMENT AGENCIES — 55.1% |
| |||||||
Federal Farm Credit Bank — 0.7% |
| |||||||
3.35% due 10/21/2025 | 1,000,000 | 1,069,933 | ||||||
Federal Home Loan Mtg. Corp. — 14.3% |
| |||||||
3.50% due 06/01/2033 | 1,265,187 | 1,309,655 | ||||||
4.50% due 09/01/2019 | 1,486 | 1,513 | ||||||
4.50% due 09/01/2039 | 410,680 | 439,157 | ||||||
4.50% due 11/01/2039 | 223,377 | 238,953 | ||||||
4.50% due 02/01/2040 | 307,762 | 329,259 | ||||||
4.50% due 04/01/2040 | 28,436 | 30,427 | ||||||
4.50% due 06/01/2040 | 65,291 | 69,097 | ||||||
4.50% due 08/01/2040 | 340,504 | 364,301 | ||||||
4.50% due 03/01/2041 | 1,207,452 | 1,291,213 | ||||||
4.50% due 04/01/2041 | 142,700 | 152,678 | ||||||
4.50% due 06/01/2041 | 269,293 | 287,869 | ||||||
5.00% due 10/01/2034 | 22,021 | 23,245 | ||||||
5.50% due 12/01/2036 | 17,346 | 18,988 | ||||||
6.00% due 11/01/2033 | 55,027 | 61,770 | ||||||
6.50% due 02/01/2032 | 22,031 | 24,931 | ||||||
8.00% due 02/01/2030 | 618 | 619 | ||||||
8.00% due 08/01/2030 | 167 | 198 | ||||||
8.00% due 06/01/2031 | 1,367 | 1,537 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Federal Home Loan Mtg. Corp. FRS | $ | 8,506 | $ | 8,910 | ||||
Federal Home Loan Mtg. Corp. STRIPS | 889,862 | 900,474 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | 591,000 | 600,518 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass-Through Certs. | 430,000 | 443,260 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | 1,000,000 | 1,045,785 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4150, Class GE 2.00% due 01/15/2033(4) | 1,111,119 | 1,100,450 | ||||||
Series 4186, Class JE 2.00% due 03/15/2033(4) | 312,887 | 313,646 | ||||||
Series 4594, Class GN 2.50% due 02/15/2045(4) | 758,028 | 756,241 | ||||||
Series 3981, Class PA 3.00% due 04/15/2031(4) | 225,413 | 224,144 | ||||||
Series 4097, Class YK 3.00% due 08/15/2032(4) | 1,750,000 | 1,768,396 | ||||||
Series 4150, Class IG 3.00% due 01/15/2033(2)(4) | 3,469,258 | 302,593 | ||||||
Series 4838, Class CY 3.00% due 01/15/2038(4) | 1,000,000 | 1,012,989 | ||||||
Series 4365, Class HZ 3.00% due 01/15/2040(4) | 809,081 | 811,819 | ||||||
Series 4599, Class PA 3.00% due 09/15/2045(4) | 1,353,213 | 1,379,717 | ||||||
Series 4057, Class WY 3.50% due 06/15/2027(4) | 1,000,000 | 1,040,502 | ||||||
Series 3813, Class D 4.00% due 02/15/2026(4) | 1,000,000 | 1,063,866 | ||||||
Series 3917, Class B 4.50% due 08/15/2026(4) | 465,000 | 498,380 | ||||||
Series 3927, Class AY 4.50% due 09/15/2026(4) | 1,494,968 | 1,591,216 | ||||||
Series 3786, Class PB 4.50% due 07/15/2040(4) | 941,961 | 971,379 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 453,579 | 82,416 | ||||||
20,562,111 | ||||||||
Federal National Mtg. Assoc. — 34.1% |
| |||||||
2.63% due 12/01/2026 | 1,939,471 | 1,966,642 | ||||||
2.81% due 04/01/2025 | 800,000 | 820,983 | ||||||
2.94% due 01/01/2026 | 1,586,627 | 1,637,817 | ||||||
3.00% due 03/01/2043 | 957,430 | 966,049 | ||||||
3.12% due 07/01/2029 | 3,500,000 | 3,634,782 | ||||||
3.30% due 02/01/2030 | 2,987,909 | 3,144,668 | ||||||
3.64% due 07/01/2028 | 1,500,000 | 1,604,290 | ||||||
3.69% due 05/01/2030 | 1,506,719 | 1,621,429 | ||||||
4.00% due 09/01/2040 | 100,643 | 104,718 | ||||||
4.00% due 10/01/2040 | 77,491 | 80,631 | ||||||
4.00% due 12/01/2040 | 129,400 | 134,660 | ||||||
4.00% due 01/01/2041 | 278,495 | 289,816 |
84 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) | ||||||||
4.00% due 02/01/2041 | $ | 937,234 | $ | 972,464 | ||||
4.00% due 03/01/2041 | 1,549,629 | 1,612,448 | ||||||
4.00% due 06/01/2042 | 864,427 | 899,195 | ||||||
4.00% due 03/01/2043 | 2,342,081 | 2,444,216 | ||||||
5.00% due 12/01/2036 | 11,730 | 12,373 | ||||||
5.50% due 12/01/2033 | 17,018 | 18,333 | ||||||
5.50% due 10/01/2034 | 7,549 | 8,067 | ||||||
6.50% due 07/01/2032 | 4,826 | 5,536 | ||||||
7.00% due 09/01/2031 | 13,705 | 14,801 | ||||||
Federal National Mtg. Assoc. FRS | 8,859 | 9,154 | ||||||
4.43% (12 ML+1.32%) due 02/01/2035 | 1,318 | 1,360 | ||||||
4.70% (1 Yr USTYCR+2.20%) due 11/01/2034 | 14,689 | 15,563 | ||||||
Federal National Mtg. Assoc. Grantor Trust | 1,126,589 | 1,138,102 | ||||||
Federal National Mtg. Assoc. STRIPS | 178,444 | 33,191 | ||||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series2002-34, Class AO zero coupon due 05/18/2032(4)(6) | 220,725 | 202,774 | ||||||
Series2013-15, Class DC 2.00% due 03/25/2033(4) | 820,892 | 806,337 | ||||||
Series2011-126, Class EC 2.00% due 04/25/2040(4) | 246,338 | 246,456 | ||||||
Series2013-23, Class KJ 2.25% due 05/25/2042(4) | 1,432,930 | 1,421,758 | ||||||
Series2012-93, Class ME 2.50% due 01/25/2042(4) | 1,853,785 | 1,857,868 | ||||||
Series2013-73, Class TD 2.50% due 09/25/2042(4) | 623,553 | 625,956 | ||||||
Series2013-100, Class DE 3.00% due 11/25/2030(4) | 2,245,253 | 2,277,451 | ||||||
Series2013-106, Class PY 3.00% due 10/25/2033(4) | 2,900,000 | 2,947,491 | ||||||
Series2016-30, Class PA 3.00% due 04/25/2045(4) | 756,718 | 770,358 | ||||||
Series2016-25, Class LA 3.00% due 07/25/2045(4) | 530,962 | 543,961 | ||||||
Series2016-33, Class JA 3.00% due 07/25/2045(4) | 536,220 | 547,991 | ||||||
Series2015-97, Class N 3.00% due 11/25/2045(4) | 2,000,000 | 1,983,219 | ||||||
Series2016-38, Class NA 3.00% due 01/25/2046(4) | 960,397 | 976,951 | ||||||
Series2016-30, Class LY 3.50% due 05/25/2036(4) | 800,000 | 848,652 | ||||||
Series2012-50, Class VB 4.00% due 01/25/2029(4) | 1,355,000 | 1,427,947 | ||||||
Series2012-47, Class VB 4.00% due 04/25/2031(4) | 2,000,000 | 2,092,604 | ||||||
Series2004-90, Class GC 4.35% due 11/25/2034(4) | 133,196 | 133,589 | ||||||
Series2010-117, Class DY 4.50% due 10/25/2025(4) | 974,930 | 1,036,164 | ||||||
Series2010-134, Class MB 4.50% due 12/25/2040(4) | 250,000 | 283,281 | ||||||
Series2007-116, Class PB 5.50% due 08/25/2035(4) | 60,925 | 68,057 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Federal National Mtg. Assoc. REMIC VRS |
| |||||||
Series2015-M13, Class A2 2.71% due 06/25/2025(1)(3) | $ | 515,000 | $ | 521,775 | ||||
Series2016-M1, Class A2 2.94% due 01/25/2026(1)(3) | 1,239,000 | 1,266,958 | ||||||
Series2014-M13, Class A2 3.02% due 08/25/2024(1)(3) | 1,273,000 | 1,311,213 | ||||||
Series2018-M4, Class A2 3.04% due 03/25/2028(1)(3) | 1,400,000 | 1,440,015 | ||||||
48,830,114 | ||||||||
Government National Mtg. Assoc. — 4.6% |
| |||||||
3.50% due 09/15/2048 | 891,188 | 920,584 | ||||||
3.50% due 10/15/2048 | 1,049,564 | 1,083,573 | ||||||
3.50% due 02/15/2049 | 1,013,556 | 1,046,422 | ||||||
4.50% due 03/15/2038 | 17,985 | 19,075 | ||||||
4.50% due 03/15/2039 | 5,266 | 5,621 | ||||||
4.50% due 05/15/2039 | 148,453 | 158,538 | ||||||
4.50% due 06/15/2039 | 127,060 | 135,678 | ||||||
4.50% due 07/15/2039 | 261,505 | 278,774 | ||||||
4.50% due 09/15/2039 | 3,415 | 3,648 | ||||||
4.50% due 12/15/2039 | 63,732 | 66,860 | ||||||
4.50% due 04/15/2040 | 99,549 | 106,142 | ||||||
4.50% due 06/15/2040 | 257,550 | 275,038 | ||||||
4.50% due 08/15/2040 | 46,274 | 49,343 | ||||||
5.00% due 09/15/2035 | 1,426 | 1,544 | ||||||
5.00% due 02/15/2036 | 58,640 | 63,492 | ||||||
5.00% due 05/15/2036 | 6,038 | 6,302 | ||||||
6.00% due 01/15/2032 | 8,497 | 9,392 | ||||||
7.50% due 02/15/2029 | 3,929 | 3,999 | ||||||
7.50% due 07/15/2030 | 121 | 123 | ||||||
7.50% due 01/15/2031 | 4,714 | 5,212 | ||||||
Government National Mtg. Assoc. REMIC | ||||||||
Series2014-58, Class EP 4.00% due 04/20/2044(4) | 432,000 | 481,645 | ||||||
Series2004-18, Class Z 4.50% due 03/16/2034(4) | 271,401 | 290,143 | ||||||
Series2008-6, Class GL 4.50% due 02/20/2038(4) | 905,456 | 959,718 | ||||||
Series2005-21, Class Z 5.00% due 03/20/2035(4) | 487,894 | 533,485 | ||||||
Series2009-91, Class PR 5.00% due 09/20/2038(4) | 83,897 | 84,144 | ||||||
6,588,495 | ||||||||
Resolution Funding Corp — 1.4% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,953,661 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $78,056,109) | 79,004,314 | |||||||
U.S. GOVERNMENT TREASURIES — 28.4% |
| |||||||
United States Treasury Bonds — 8.3% |
| |||||||
zero coupon due 08/15/2024 | 2,040,000 | 1,838,134 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 1,058,125 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,103,516 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 4,857,656 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,218,594 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 1,852,090 | ||||||
11,928,115 | ||||||||
United States Treasury Notes — 20.1% |
| |||||||
1.75% due 05/15/2023 | 8,000,000 | 7,946,563 | ||||||
2.00% due 02/15/2022 | 3,000,000 | 3,007,148 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,068,555 | ||||||
2.63% due 08/15/2020 | 6,750,000 | 6,788,496 |
85 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) | ||||||||
2.75% due 02/15/2024 | $ | 2,500,000 | $ | 2,590,625 | ||||
2.88% due 08/15/2028 | 5,000,000 | 5,309,375 | ||||||
28,710,762 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $38,548,676) | 40,638,877 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.7% |
| |||||||
Sovereign — 1.7% |
| |||||||
Israel Government AID | 2,641,000 | 2,370,625 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $133,565,587) | 136,730,252 | |||||||
REPURCHASE AGREEMENTS — 4.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $6,216,259 collateralized by $6,345000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $6,403,165 | 6,216,000 | 6,216,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $139,781,587)(7) | 99.7 | % | 142,946,252 | |||||
Other assets less liabilities | 0.3 | 425,726 | ||||||
NET ASSETS | 100.0 | % | $ | 143,371,978 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $4,547,551 representing 3.2% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $1,382,512. This was secured by collateral of $1,399,885 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.25% | 01/25/2023 to 04/15/2051 | $ | 373,031 | ||||
Federal National Mtg. Assoc. | 1.00% to 28.16% | 12/25/2024 to 05/25/2059 | 514,314 | |||||
Government National Mtg. Assoc. | 1.50% to 24.90% | 10/20/2032 to 03/16/2061 | 187,389 | |||||
United States Treasury Notes/Bonds | 0.63% to 8.13% | 08/15/2019 to 02/15/2047 | 325,151 |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Collateralized Mortgage Obligation |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2019. |
(6) | Principal Only |
(7) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of May 31, 2019 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 May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 8,351,842 | $ | — | $ | 8,351,842 | ||||||||
U.S. Corporate Bonds & Notes | — | 5,454,309 | — | 5,454,309 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 910,285 | — | 910,285 | ||||||||||||
U.S. Government Agencies | — | 79,004,314 | — | 79,004,314 | ||||||||||||
U.S. Government Treasuries | — | 40,638,877 | — | 40,638,877 | ||||||||||||
Foreign Government Obligations | — | 2,370,625 | — | 2,370,625 | ||||||||||||
Repurchase Agreements | — | 6,216,000 | — | 6,216,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 142,946,252 | $ | — | $ | 142,946,252 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
86 |
Table of Contents
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Applications Software | 7.6 | % | ||
Finance — Credit Card | 7.3 | |||
E-Commerce/Products | 6.5 | |||
Web Portals/ISP | 6.4 | |||
Computers | 5.9 | |||
Internet Content — Entertainment | 5.3 | |||
Medical — Biomedical/Gene | 3.9 | |||
Commercial Services — Finance | 2.8 | |||
Medical — HMO | 2.7 | |||
Aerospace/Defense | 2.6 | |||
Multimedia | 2.2 | |||
Retail — Restaurants | 2.1 | |||
Medical — Drugs | 2.0 | |||
Medical Instruments | 1.9 | |||
Retail — Discount | 1.8 | |||
Retail — Major Department Stores | 1.7 | |||
Athletic Footwear | 1.6 | |||
Cosmetics & Toiletries | 1.5 | |||
Electronic Components — Semiconductors | 1.5 | |||
Medical Products | 1.4 | |||
Real Estate Investment Trusts | 1.3 | |||
Semiconductor Equipment | 1.3 | |||
Oil Companies — Exploration & Production | 1.2 | |||
Registered Investment Companies | 1.1 | |||
Engines — Internal Combustion | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Transport — Rail | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Beverages — Wine/Spirits | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Entertainment Software | 0.8 | |||
Cruise Lines | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Commercial Services | 0.7 | |||
Enterprise Software/Service | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Diversified Banking Institutions | 0.6 | |||
Finance — Investment Banker/Broker | 0.5 | |||
E-Services/Consulting | 0.5 | |||
Banks — Commercial | 0.5 | |||
Computer Software | 0.5 | |||
Lighting Products & Systems | 0.5 | |||
Banks — Super Regional | 0.5 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Transport — Truck | 0.4 | |||
Decision Support Software | 0.4 | |||
Internet Application Software | 0.4 | |||
Airlines | 0.4 | |||
Internet Security | 0.4 | |||
Computer Aided Design | 0.4 | |||
Medical Labs & Testing Services | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Data Processing/Management | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Food — Dairy Products | 0.3 | |||
Finance — Other Services | 0.3 | |||
Beverages — Non-alcoholic | 0.2 | |||
Casino Hotels | 0.2 | |||
Transport — Services | 0.2 | |||
Insurance — Property/Casualty | 0.2 | |||
Veterinary Diagnostics | 0.2 |
Web Hosting/Design | 0.2 | |||
Soap & Cleaning Preparation | 0.2 | |||
Human Resources | 0.2 | |||
Software Tools | 0.2 | |||
Exchange-Traded Funds | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Retail — Building Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Satellite Telecom | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Building Products — Wood | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Networking Products | 0.1 | |||
Building Products — Cement | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Tobacco | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Health Care Cost Containment | 0.1 | |||
Diversified Minerals | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Private Equity | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Instruments — Controls | 0.1 | |||
Theaters | 0.1 | |||
Electronic Forms | 0.1 | |||
Schools | 0.1 | |||
Investment Companies | 0.1 | |||
Wireless Equipment | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
100.3 | % | |||
* | Calculated as a percentage of net assets |
87 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Aerospace/Defense — 2.6% |
| |||||||
Boeing Co. | 44,893 | $ | 15,335,898 | |||||
Lockheed Martin Corp. | 36,478 | 12,349,262 | ||||||
27,685,160 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Airbus SE | 10,790 | 1,386,515 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 10,430 | 508,690 | ||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 79,114 | 4,074,371 | ||||||
Apparel Manufacturers — 1.0% |
| |||||||
Burberry Group PLC | 26,950 | 578,491 | ||||||
Canada Goose Holdings, Inc.†# | 46,120 | 1,551,938 | ||||||
Deckers Outdoor Corp.† | 9,018 | 1,371,638 | ||||||
Kering SA | 2,490 | 1,293,418 | ||||||
Tapestry, Inc. | 66,569 | 1,901,211 | ||||||
Under Armour, Inc., Class C† | 160,580 | 3,248,533 | ||||||
9,945,229 | ||||||||
Applications Software — 7.6% |
| |||||||
Intuit, Inc. | 5,832 | 1,427,965 | ||||||
Microsoft Corp. | 474,926 | 58,738,848 | ||||||
salesforce.com, Inc.† | 100,982 | 15,289,685 | ||||||
ServiceNow, Inc.† | 4,008 | 1,049,815 | ||||||
Tableau Software, Inc., Class A† | 32,710 | 3,678,894 | ||||||
80,185,207 | ||||||||
Athletic Footwear — 1.6% |
| |||||||
adidas AG | 4,670 | 1,336,542 | ||||||
NIKE, Inc., Class B | 204,190 | 15,751,217 | ||||||
17,087,759 | ||||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Peugeot SA | 15,750 | 351,031 | ||||||
Tesla, Inc.†# | 22,260 | 4,121,661 | ||||||
4,472,692 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Allison Transmission Holdings, Inc. | 21,406 | 885,994 | ||||||
Banks - Commercial — 0.5% |
| |||||||
Bank Central Asia Tbk PT | 298,800 | 608,817 | ||||||
Central Pacific Financial Corp. | 34,430 | 956,810 | ||||||
Erste Group Bank AG | 26,212 | 929,068 | ||||||
HDFC Bank, Ltd. | 19,520 | 680,189 | ||||||
Independent Bank Corp./Michigan | 2,635 | 55,730 | ||||||
KBC Group NV | 14,850 | 975,377 | ||||||
OTP Bank PLC | 8,770 | 365,924 | ||||||
Standard Chartered PLC | 82,790 | 720,242 | ||||||
5,292,157 | ||||||||
Banks - Super Regional — 0.5% |
| |||||||
Comerica, Inc. | 12,022 | 827,354 | ||||||
US Bancorp | 77,280 | 3,879,456 | ||||||
4,706,810 | ||||||||
Beverages-Non-alcoholic — 0.2% |
| |||||||
Coca-Cola Co. | 10,138 | 498,080 | ||||||
Coca-Cola Consolidated, Inc. | 683 | 206,273 | ||||||
Monster Beverage Corp.† | 3,585 | 221,768 | ||||||
PepsiCo, Inc. | 11,500 | 1,472,000 | ||||||
2,398,121 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Beverages - Wine/Spirits — 0.8% |
| |||||||
Constellation Brands, Inc., Class A | 32,380 | $ | 5,713,451 | |||||
Diageo PLC | 48,040 | 2,019,431 | ||||||
Treasury Wine Estates, Ltd.# | 73,620 | 762,053 | ||||||
8,494,935 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 31,427 | 1,173,170 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Sika AG | 6,700 | 994,513 | ||||||
Building & Construction - Misc. — 0.0% |
| |||||||
Comfort Systems USA, Inc. | 2,830 | 133,519 | ||||||
Building Products - Cement — 0.1% |
| |||||||
CRH PLC | 36,880 | 1,153,774 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 35,152 | 1,227,508 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 3,085 | 166,590 | ||||||
Casino Hotels — 0.2% |
| |||||||
Las Vegas Sands Corp. | 41,373 | 2,275,515 | ||||||
Cellular Telecom — 0.0% |
| |||||||
T-Mobile US, Inc.† | 2,655 | 194,983 | ||||||
Chemicals - Diversified — 0.8% |
| |||||||
Dow, Inc. | 112,223 | 5,247,548 | ||||||
Koninklijke DSM NV | 13,230 | 1,486,829 | ||||||
Symrise AG | 18,700 | 1,752,721 | ||||||
8,487,098 | ||||||||
Commercial Services — 0.7% |
| |||||||
CoStar Group, Inc.† | 792 | 403,635 | ||||||
Ecolab, Inc. | 30,860 | 5,681,018 | ||||||
Edenred | 15,450 | 705,554 | ||||||
6,790,207 | ||||||||
Commercial Services - Finance — 2.8% |
| |||||||
Adyen NV†* | 1,171 | 941,602 | ||||||
EVERTEC, Inc. | 34,366 | 984,930 | ||||||
GMO Payment Gateway, Inc. | 5,600 | 373,956 | ||||||
PayPal Holdings, Inc.† | 218,332 | 23,961,937 | ||||||
Square, Inc., Class A† | 44,131 | 2,733,915 | ||||||
28,996,340 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
ANSYS, Inc.† | 1,755 | 315,023 | ||||||
Autodesk, Inc.† | 6,914 | 1,112,532 | ||||||
Cadence Design Systems, Inc.† | 22,058 | 1,402,227 | ||||||
Dassault Systemes SE | 7,650 | 1,133,743 | ||||||
3,963,525 | ||||||||
Computer Services — 0.0% |
| |||||||
Accenture PLC, Class A | 1,800 | 320,526 | ||||||
Computer Software — 0.5% |
| |||||||
Akamai Technologies, Inc.† | 20,687 | 1,558,972 | ||||||
Fastly, Inc., Class A† | 18,182 | 378,186 | ||||||
InterXion Holding NV† | 17,990 | 1,326,043 | ||||||
Splunk, Inc.† | 14,360 | 1,636,896 | ||||||
Zoom Video Communications, Inc., Class A†# | 4,764 | 379,834 | ||||||
5,279,931 | ||||||||
Computers — 5.9% |
| |||||||
Apple, Inc. | 347,595 | 60,853,457 | ||||||
Dell Technologies, Inc., Class C† | 22,858 | 1,361,194 | ||||||
62,214,651 | ||||||||
88 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems — 0.1% |
| |||||||
Mercury Systems, Inc.† | 10,751 | $ | 739,239 | |||||
OBIC Co., Ltd. | 6,500 | 780,391 | ||||||
1,519,630 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Packaging Corp. of America | 2,417 | 215,306 | ||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co. | 13,974 | 972,870 | ||||||
Estee Lauder Cos., Inc., Class A | 57,857 | 9,316,713 | ||||||
Procter & Gamble Co. | 40,349 | 4,152,315 | ||||||
Shiseido Co., Ltd. | 18,600 | 1,334,220 | ||||||
15,776,118 | ||||||||
Cruise Lines — 0.7% |
| |||||||
Royal Caribbean Cruises, Ltd. | 63,662 | 7,751,485 | ||||||
Data Processing/Management — 0.3% |
| |||||||
DocuSign, Inc.† | 61,410 | 3,442,645 | ||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 19,222 | 4,229,032 | ||||||
Diagnostic Equipment — 0.3% |
| |||||||
Sysmex Corp. | 17,700 | 1,223,868 | ||||||
Thermo Fisher Scientific, Inc. | 5,500 | 1,468,390 | ||||||
2,692,258 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
IDEXX Laboratories, Inc.† | 15,751 | 3,934,127 | ||||||
QIAGEN NV† | 14,125 | 537,880 | ||||||
4,472,007 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
Bunzl PLC | 17,350 | 464,362 | ||||||
Core-Mark Holding Co., Inc. | 19,843 | 731,810 | ||||||
Ferguson PLC | 7,090 | 457,957 | ||||||
HD Supply Holdings, Inc.† | 30,932 | 1,283,369 | ||||||
2,937,498 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
BNP Paribas SA# | 7,860 | 358,244 | ||||||
JPMorgan Chase & Co. | 50,790 | 5,381,708 | ||||||
5,739,952 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
BHP Group, Ltd. | 38,600 | 1,007,911 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
DexCom, Inc.† | 4,144 | 502,667 | ||||||
E-Commerce/Products — 6.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 7,630 | 1,138,854 | ||||||
Amazon.com, Inc.† | 36,599 | 64,965,787 | ||||||
eBay, Inc. | 37,481 | 1,346,692 | ||||||
MonotaRO Co., Ltd.# | 37,300 | 790,523 | ||||||
68,241,856 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Lyft, Inc., Class A†# | 20,674 | 1,191,236 | ||||||
E-Services/Consulting — 0.5% |
| |||||||
CDW Corp. | 55,796 | 5,492,558 | ||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Hoya Corp. | 17,600 | 1,218,047 | ||||||
Electronic Components - Semiconductors — 1.5% |
| |||||||
Broadcom, Inc. | 39,895 | 10,039,178 | ||||||
Infineon Technologies AG | 26,100 | 470,797 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Lattice Semiconductor Corp.† | 12,903 | $ | 165,158 | |||||
NVIDIA Corp. | 133 | 18,016 | ||||||
Qorvo, Inc.† | 10,573 | 646,856 | ||||||
Xilinx, Inc. | 38,000 | 3,887,780 | ||||||
15,227,785 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe, Inc.† | 2,655 | 719,240 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 36,891 | 2,473,541 | ||||||
FLIR Systems, Inc. | 187 | 9,038 | ||||||
National Instruments Corp. | 23,856 | 920,603 | ||||||
3,403,182 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
JGC Corp. | 37,900 | 501,453 | ||||||
Engines - Internal Combustion — 1.1% |
| |||||||
Cummins, Inc. | 73,203 | 11,036,084 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Atlassian Corp. PLC, Class A† | 10,002 | 1,259,052 | ||||||
Paycom Software, Inc.† | 4,991 | 1,058,591 | ||||||
SAP SE | 9,680 | 1,196,185 | ||||||
Temenos AG | 6,120 | 1,062,984 | ||||||
Veeva Systems, Inc., Class A† | 11,716 | 1,807,661 | ||||||
6,384,473 | ||||||||
Entertainment Software — 0.8% |
| |||||||
Activision Blizzard, Inc. | 36,006 | 1,561,580 | ||||||
Electronic Arts, Inc.† | 17,585 | 1,636,812 | ||||||
Take-Two Interactive Software, Inc.† | 41,162 | 4,451,670 | ||||||
Ubisoft Entertainment SA† | 4,725 | 387,462 | ||||||
8,037,524 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 24,860 | 1,179,607 | ||||||
Finance - Credit Card — 7.3% |
| |||||||
American Express Co. | 37,474 | 4,298,642 | ||||||
Mastercard, Inc., Class A | 98,318 | 24,725,994 | ||||||
Nexi SpA†#* | 35,211 | 342,223 | ||||||
Visa, Inc., Class A# | 292,414 | 47,175,151 | ||||||
76,542,010 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 113,053 | 4,704,135 | ||||||
Evercore, Inc., Class A | 7,856 | 606,719 | ||||||
Piper Jaffray Cos. | 4,568 | 323,506 | ||||||
5,634,360 | ||||||||
Finance - Other Services — 0.3% |
| |||||||
Hong Kong Exchanges & Clearing, Ltd. | 26,500 | 840,469 | ||||||
London Stock Exchange Group PLC | 27,180 | 1,810,914 | ||||||
2,651,383 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
NMI Holdings, Inc., Class A† | 10,658 | 290,537 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 11,126 | 1,468,187 | ||||||
Food - Dairy Products — 0.3% |
| |||||||
a2 Milk Co., Ltd.† | 81,280 | 827,116 | ||||||
Danone SA | 23,040 | 1,838,873 | ||||||
2,665,989 | ||||||||
89 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Associated British Foods PLC | 30,360 | $ | 948,201 | |||||
Beyond Meat, Inc.†# | 4,504 | 468,957 | ||||||
Chr. Hansen Holding A/S | 8,750 | 911,269 | ||||||
General Mills, Inc. | 26,143 | 1,292,510 | ||||||
John B. Sanfilippo & Son, Inc. | 898 | 68,832 | ||||||
Kerry Group PLC, Class A | 9,000 | 1,039,886 | ||||||
Mondelez International, Inc., Class A | 45,298 | 2,303,403 | ||||||
Nestle SA | 19,880 | 1,974,431 | ||||||
9,007,489 | ||||||||
Garden Products — 0.0% |
| |||||||
ScottsMiracle-Gro Co. | 178 | 15,936 | ||||||
Health Care Cost Containment — 0.1% |
| |||||||
CorVel Corp.† | 4,261 | 315,229 | ||||||
HealthEquity, Inc.† | 10,757 | 703,077 | ||||||
1,018,306 | ||||||||
Human Resources — 0.2% |
| |||||||
BG Staffing, Inc. | 6,358 | 108,213 | ||||||
Recruit Holdings Co., Ltd. | 47,400 | 1,512,298 | ||||||
1,620,511 | ||||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp. | 26,840 | 1,089,704 | ||||||
Keyence Corp. | 5,600 | 3,141,201 | ||||||
Yaskawa Electric Corp. | 68,800 | 1,986,312 | ||||||
6,217,217 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Woodward, Inc. | 7,496 | 816,464 | ||||||
Insurance - Life/Health — 0.3% |
| |||||||
AIA Group, Ltd. | 288,600 | 2,703,716 | ||||||
Prudential PLC | 27,890 | 555,750 | ||||||
3,259,466 | ||||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Progressive Corp. | 25,826 | 2,047,485 | ||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Essent Group, Ltd.† | 29,491 | 1,384,602 | ||||||
Internet Application Software — 0.4% |
| |||||||
Tencent Holdings, Ltd. | 100,000 | 4,147,099 | ||||||
Internet Content - Entertainment — 5.3% |
| |||||||
Facebook, Inc., Class A† | 222,471 | 39,481,929 | ||||||
Netflix, Inc.† | 41,640 | 14,294,179 | ||||||
Twitter, Inc.† | 53,978 | 1,966,958 | ||||||
55,743,066 | ||||||||
Internet Security — 0.4% |
| |||||||
Palo Alto Networks, Inc.† | 20,231 | 4,049,032 | ||||||
Investment Companies — 0.1% |
| |||||||
Melrose Industries PLC | 313,070 | 647,196 | ||||||
Investment Management/Advisor Services — 0.0% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 3,392 | 80,221 | ||||||
Lighting Products & Systems — 0.5% |
| |||||||
Acuity Brands, Inc. | 38,680 | 4,783,556 | ||||||
Machinery - General Industrial — 0.7% |
| |||||||
Atlas Copco AB, Class A | 17,470 | 470,747 | ||||||
Hexagon AB, Class B | 16,886 | 783,918 | ||||||
Nordson Corp. | 13,460 | 1,690,845 | ||||||
Wabtec Corp.# | 67,684 | 4,222,128 | ||||||
7,167,638 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 1.9% |
| |||||||
Alcon, Inc.† | 9,462 | $ | 550,284 | |||||
Boston Scientific Corp.† | 119,814 | 4,602,056 | ||||||
Edwards Lifesciences Corp.† | 28,361 | 4,841,223 | ||||||
Intuitive Surgical, Inc.† | 21,623 | 10,051,451 | ||||||
20,045,014 | ||||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
ICON PLC† | 3,910 | 553,500 | ||||||
Lonza Group AG | 6,140 | 1,885,960 | ||||||
Quest Diagnostics, Inc. | 11,642 | 1,116,584 | ||||||
3,556,044 | ||||||||
Medical Products — 1.4% |
| |||||||
ABIOMED, Inc.† | 13,809 | 3,616,853 | ||||||
Baxter International, Inc. | 87,678 | 6,439,072 | ||||||
Integer Holdings Corp.† | 13,920 | 975,792 | ||||||
Penumbra, Inc.†# | 9,622 | 1,373,059 | ||||||
Straumann Holding AG | 1,150 | 945,727 | ||||||
Surmodics, Inc.† | 6,317 | 256,218 | ||||||
Terumo Corp. | 37,100 | 1,048,762 | ||||||
14,655,483 | ||||||||
Medical - Biomedical/Gene — 3.9% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 15,950 | 1,813,196 | ||||||
Alnylam Pharmaceuticals, Inc.† | 9,820 | 663,046 | ||||||
Amgen, Inc. | 4,941 | 823,665 | ||||||
Biogen, Inc.† | 33,001 | 7,236,789 | ||||||
Bluebird Bio, Inc.†# | 10,610 | 1,272,351 | ||||||
Celgene Corp.† | 87,492 | 8,205,875 | ||||||
CSL, Ltd. | 14,890 | 2,117,900 | ||||||
Exelixis, Inc.† | 48,650 | 953,053 | ||||||
Gilead Sciences, Inc. | 5,435 | 338,329 | ||||||
Illumina, Inc.† | 15,248 | 4,679,764 | ||||||
Incyte Corp.† | 6,616 | 520,216 | ||||||
Ionis Pharmaceuticals, Inc.†# | 25,790 | 1,691,824 | ||||||
Regeneron Pharmaceuticals, Inc.† | 19,380 | 5,847,334 | ||||||
Sage Therapeutics, Inc.†# | 10,180 | 1,749,637 | ||||||
Vertex Pharmaceuticals, Inc.† | 18,651 | 3,099,423 | ||||||
41,012,402 | ||||||||
Medical - Drugs — 2.0% |
| |||||||
AbbVie, Inc. | 24,324 | 1,865,894 | ||||||
AstraZeneca PLC | 29,440 | 2,172,445 | ||||||
Bristol-Myers Squibb Co. | 10,897 | 494,397 | ||||||
Eli Lilly & Co. | 10,315 | 1,195,921 | ||||||
Horizon Therapeutics PLC† | 15,865 | 378,063 | ||||||
Johnson & Johnson | 3,166 | 415,221 | ||||||
Merck & Co., Inc. | 67,212 | 5,323,862 | ||||||
Novartis AG | 17,630 | 1,514,116 | ||||||
Novo Nordisk A/S, Class B | 97,726 | 4,606,108 | ||||||
Zoetis, Inc. | 33,521 | 3,387,297 | ||||||
21,353,324 | ||||||||
Medical - HMO — 2.7% |
| |||||||
UnitedHealth Group, Inc. | 115,330 | 27,886,794 | ||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Amedisys, Inc.† | 9,724 | 1,092,103 | ||||||
Chemed Corp. | 1,279 | 419,435 | ||||||
1,511,538 | ||||||||
Multimedia — 2.2% |
| |||||||
FactSet Research Systems, Inc. | 1,359 | 378,074 | ||||||
Vivendi SA | 26,850 | 721,649 | ||||||
Walt Disney Co. | 168,801 | 22,288,484 | ||||||
23,388,207 | ||||||||
90 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Networking Products — 0.1% |
| |||||||
Telefonaktiebolaget LM Ericsson, Class B | 119,690 | $ | 1,155,209 | |||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Republic Services, Inc. | 17,020 | 1,439,722 | ||||||
Waste Management, Inc. | 14,998 | 1,640,031 | ||||||
3,079,753 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Zebra Technologies Corp., Class A† | 1,700 | 291,448 | ||||||
Oil Companies - Exploration & Production — 1.2% |
| |||||||
Aker BP ASA | 9,658 | 259,418 | ||||||
Concho Resources, Inc. | 74,890 | 7,339,969 | ||||||
EOG Resources, Inc. | 56,020 | 4,586,917 | ||||||
Lundin Petroleum AB | 32,400 | 879,189 | ||||||
13,065,493 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
TOTAL SA | 19,190 | 992,648 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
CVR Energy, Inc. | 30,604 | 1,299,752 | ||||||
Murphy USA, Inc.† | 8,900 | 714,314 | ||||||
Neste Oyj | 35,730 | 1,204,310 | ||||||
3,218,376 | ||||||||
Oil - Field Services — 0.0% |
| |||||||
Subsea 7 SA# | 30,250 | 334,175 | ||||||
Private Equity — 0.1% |
| |||||||
Partners Group Holding AG | 1,340 | 939,380 | ||||||
Real Estate Investment Trusts — 1.3% |
| |||||||
American Tower Corp. | 1,297 | 270,775 | ||||||
Equity Residential | 49,789 | 3,812,344 | ||||||
GEO Group, Inc. | 29,958 | 656,979 | ||||||
Life Storage, Inc. | 5,919 | 569,881 | ||||||
Saul Centers, Inc. | 2,269 | 121,822 | ||||||
SBA Communications Corp.† | 37,661 | 8,150,217 | ||||||
13,582,018 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Aroundtown SA | 114,340 | 970,857 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
Ashtead Group PLC | 12,441 | 292,099 | ||||||
Localiza Rent a Car SA | 80,627 | 781,623 | ||||||
1,073,722 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
ANTA Sports Products, Ltd. | 144,000 | 878,316 | ||||||
Fast Retailing Co., Ltd. | 1,600 | 925,530 | ||||||
HUGO BOSS AG | 5,020 | 292,096 | ||||||
Ross Stores, Inc. | 58,911 | 5,478,134 | ||||||
7,574,076 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
AutoZone, Inc.† | 1,708 | 1,754,304 | ||||||
O’Reilly Automotive, Inc.† | 4,629 | 1,719,072 | ||||||
3,473,376 | ||||||||
Retail - Building Products — 0.1% |
| |||||||
Foundation Building Materials, Inc.† | 6,779 | 102,837 | ||||||
Home Depot, Inc. | 7,373 | 1,399,764 | ||||||
1,502,601 | ||||||||
Retail - Convenience Store — 0.1% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 16,890 | 1,036,568 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Discount — 1.8% |
| |||||||
B&M European Value Retail SA | 233,491 | $ | 1,042,365 | |||||
Costco Wholesale Corp. | 30,226 | 7,241,545 | ||||||
Dollar General Corp. | 9,059 | 1,153,030 | ||||||
Magazine Luiza SA | 11,700 | 584,411 | ||||||
Pan Pacific International Holdings Corp | 20,300 | 1,250,187 | ||||||
Target Corp. | 52,072 | 4,189,192 | ||||||
Walmart, Inc. | 35,630 | 3,614,307 | ||||||
19,075,037 | ||||||||
Retail - Major Department Stores — 1.7% |
| |||||||
TJX Cos., Inc. | 347,352 | 17,468,332 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
Chipotle Mexican Grill, Inc.† | 12,340 | 8,144,030 | ||||||
Darden Restaurants, Inc. | 37,298 | 4,338,503 | ||||||
Domino’s Pizza, Inc. | 9,693 | 2,709,194 | ||||||
Ruth’s Hospitality Group, Inc. | 1,417 | 32,407 | ||||||
Starbucks Corp. | 94,453 | 7,184,095 | ||||||
22,408,229 | ||||||||
Satellite Telecom — 0.1% |
| |||||||
Cellnex Telecom SA*# | 40,274 | 1,414,492 | ||||||
Schools — 0.1% |
| |||||||
Rosetta Stone, Inc.† | 14,031 | 346,005 | ||||||
TAL Education Group ADR† | 10,820 | 372,316 | ||||||
718,321 | ||||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
Analog Devices, Inc. | 62,155 | 6,005,416 | ||||||
Cypress Semiconductor Corp. | 12,182 | 217,083 | ||||||
Maxim Integrated Products, Inc. | 62,240 | 3,273,202 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 85,000 | 629,586 | ||||||
10,125,287 | ||||||||
Semiconductor Equipment — 1.3% |
| |||||||
Applied Materials, Inc. | 178,556 | 6,908,332 | ||||||
ASML Holding NV | 34,048 | 6,415,803 | ||||||
13,324,135 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Church & Dwight Co., Inc. | 22,287 | 1,658,376 | ||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A | 8,665 | 1,533,532 | ||||||
Telecom Services — 0.0% |
| |||||||
GDS Holdings, Ltd. ADR†# | 13,550 | 440,240 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Quantenna Communications, Inc.† | 6,615 | 160,480 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Koninklijke KPN NV | 258,860 | 791,423 | ||||||
Shenandoah Telecommunications Co. | 2,002 | 80,500 | ||||||
871,923 | ||||||||
Theaters — 0.1% |
| |||||||
Live Nation Entertainment, Inc.†# | 12,189 | 741,335 | ||||||
Tobacco — 0.1% |
| |||||||
Swedish Match AB | 23,120 | 1,044,282 | ||||||
Transport - Rail — 0.9% |
| |||||||
Canadian Pacific Railway, Ltd.# | 3,200 | 701,415 | ||||||
CSX Corp. | 21,658 | 1,612,871 | ||||||
Union Pacific Corp. | 44,841 | 7,478,582 | ||||||
9,792,868 | ||||||||
91 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Services — 0.2% |
| |||||||
C.H. Robinson Worldwide, Inc. | 9,890 | $ | 787,541 | |||||
DSV A/S | 7,990 | 710,588 | ||||||
United Parcel Service, Inc., Class B | 7,602 | 706,378 | ||||||
2,204,507 | ||||||||
Transport - Truck — 0.4% |
| |||||||
JB Hunt Transport Services, Inc. | 49,780 | 4,238,269 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Elanco Animal Health, Inc.† | 65,440 | 2,046,963 | ||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.† | 10,205 | 1,989,771 | ||||||
Web Portals/ISP — 6.4% |
| |||||||
Alphabet, Inc., Class A† | 47,734 | 52,817,671 | ||||||
Alphabet, Inc., Class C† | 12,210 | 13,475,323 | ||||||
Baidu, Inc. ADR† | 1,960 | 215,600 | ||||||
Yandex NV, Class A† | 21,360 | 767,251 | ||||||
67,275,845 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 2,004 | 300,500 | ||||||
Pagerduty, Inc.† | 5,051 | 259,621 | ||||||
560,121 | ||||||||
Total Common Stocks | ||||||||
(cost $825,758,058) | 1,039,463,645 | |||||||
EXCHANGE-TRADED FUNDS — 0.1% |
| |||||||
iShares Russell 1000 Growth ETF | 12,040 | 1,784,328 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $827,628,673) | 1,041,247,973 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.1% |
| |||||||
Registered Investment Companies — 1.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) | 11,569,553 | $ | 11,569,553 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $839,198,226)(3) | 100.3 | % | 1,052,817,526 | |||||
Liabilities in excess of other assets | (0.3 | ) | (3,636,918 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,049,180,608 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $2,698,317 representing 0.3% of net assets. |
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $25,232,016. This was secured by collateral of $11,569,553, which was received in cash and subsequently invested in short-term investments currently valued at $11,569,553 as reported in the Portfolio of Investments. Additional collateral of $14,631,496 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | $ | 481,977 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 14,149,519 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Funds
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | JPY | 162,937,600 | USD | 1,487,810 | 06/28/2019 | $ | – | $ | (18,711 | ) | ||||||||||||||||||
USD | 245,332 | JPY | 26,980,800 | 06/28/2019 | 4,132 | – | ||||||||||||||||||||||
4,132 | (18,711 | ) | ||||||||||||||||||||||||||
Credit Suisse | EUR | 4,814,205 | USD | 5,486,474 | 06/28/2019 | 97,332 | – | |||||||||||||||||||||
USD | 703,031 | EUR | 624,407 | 06/28/2019 | – | (1,815 | ) | |||||||||||||||||||||
97,332 | (1,815 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co. Inc. | CAD | 1,196,221 | USD | 893,754 | 06/28/2019 | 8,134 | – | |||||||||||||||||||||
USD | 502,548 | CAD | 678,472 | 06/28/2019 | – | (242 | ) | |||||||||||||||||||||
8,134 | (242 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 109,598 | $ | (20,768 | ) | |||||||||||||||||||||||
CAD—Canadian Dollar
EUR—Euro Currency
JPY—Japanese Yen
USD—United States Dollar
92 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 944,085,435 | $ | 95,378,210 | ** | $ | — | $ | 1,039,463,645 | |||||||
Exchange-Traded Funds | 1,784,328 | — | — | 1,784,328 | ||||||||||||
Short-Term Investment Securities | 11,569,553 | — | — | 11,569,553 | ||||||||||||
Total Investments at Value | $ | 957,439,316 | $ | 95,378,210 | $ | — | $ | 1,052,817,526 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 109,598 | $ | — | $ | 109,598 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 20,768 | $ | — | $ | 20,768 | ||||||||
* | 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). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
93 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Applications Software | 6.5 | % | ||
Medical — Drugs | 5.2 | |||
Computers | 4.0 | |||
Diversified Banking Institutions | 3.6 | |||
E-Commerce/Products | 3.5 | |||
Finance — Credit Card | 3.5 | |||
Web Portals/ISP | 3.4 | |||
Electric — Integrated | 3.1 | |||
Electronic Components — Semiconductors | 2.6 | |||
Cable/Satellite TV | 2.5 | |||
Real Estate Investment Trusts | 2.4 | |||
Commercial Services — Finance | 2.3 | |||
Medical — Biomedical/Gene | 2.1 | |||
Beverages —Non-alcoholic | 2.1 | |||
Medical Instruments | 2.0 | |||
Retail — Building Products | 2.0 | |||
Transport — Rail | 2.0 | |||
Oil Companies — Integrated | 1.9 | |||
Oil Companies — Exploration & Production | 1.9 | |||
Banks — Super Regional | 1.9 | |||
Medical — HMO | 1.9 | |||
Internet Content — Entertainment | 1.8 | |||
Insurance — Property/Casualty | 1.7 | |||
Aerospace/Defense | 1.7 | |||
Insurance — Multi-line | 1.5 | |||
Chemicals — Diversified | 1.4 | |||
Tobacco | 1.3 | |||
Retail — Auto Parts | 1.3 | |||
Diversified Manufacturing Operations | 1.2 | |||
Enterprise Software/Service | 1.2 | |||
Telephone — Integrated | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.1 | |||
Instruments — Controls | 1.1 | |||
Medical Products | 1.1 | |||
Pharmacy Services | 1.0 | |||
Diagnostic Equipment | 0.9 | |||
Food — Misc./Diversified | 0.8 | |||
Cosmetics & Toiletries | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Finance — Other Services | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Multimedia | 0.8 | |||
Retail — Apparel/Shoe | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Tools — Hand Held | 0.6 | |||
E-Commerce/Services | 0.5 | |||
Entertainment Software | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Auto — Heavy Duty Trucks | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Broadcast Services/Program | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Airlines | 0.4 | |||
Retail — Consumer Electronics | 0.4 | |||
Brewery | 0.4 | |||
Retail — Major Department Stores | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Hotels/Motels | 0.4 | |||
Pipelines | 0.4 | |||
Electric — Distribution | 0.3 | |||
Networking Products | 0.3 | |||
Retail — Discount | 0.3 | |||
Building Products — Wood | 0.3 | |||
Athletic Footwear | 0.3 | |||
Machinery — Farming | 0.3 | |||
Data Processing/Management | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Banks — Fiduciary | 0.3 |
Containers — Paper/Plastic | 0.2 | |||
Industrial Gases | 0.2 | |||
Semiconductor Equipment | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Cellular Telecom | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Containers — Metal/Glass | 0.2 | |||
Insurance Brokers | 0.2 | |||
Office Supplies & Forms | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Banks — Commercial | 0.1 | |||
Cruise Lines | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Computer Services | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Metal — Copper | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Gold Mining | 0.1 | |||
Wireless Equipment | 0.1 | |||
Commercial Services | 0.1 | |||
99.3% | ||||
* | Calculated as a percentage of net assets |
94 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense — 1.7% |
| |||||||
Boeing Co. | 1,312 | $ | 448,193 | |||||
General Dynamics Corp. | 5,589 | 898,823 | ||||||
Northrop Grumman Corp. | 1,973 | 598,312 | ||||||
1,945,328 | ||||||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
United Technologies Corp. | 7,216 | 911,381 | ||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 4,990 | 256,985 | ||||||
Southwest Airlines Co. | 2,372 | 112,907 | ||||||
United Continental Holdings, Inc.† | 1,227 | 95,277 | ||||||
465,169 | ||||||||
Apparel Manufacturers — 0.2% |
| |||||||
PVH Corp. | 2,884 | 245,688 | ||||||
Applications Software — 6.5% |
| |||||||
Intuit, Inc. | 2,013 | 492,883 | ||||||
Microsoft Corp. | 48,894 | 6,047,210 | ||||||
salesforce.com, Inc.† | 7,107 | 1,076,071 | ||||||
7,616,164 | ||||||||
Athletic Footwear — 0.3% |
| |||||||
NIKE, Inc., Class B | 4,302 | 331,856 | ||||||
Auto - Cars/Light Trucks — 0.2% |
| |||||||
General Motors Co. | 7,599 | 253,351 | ||||||
Auto - Heavy Duty Trucks — 0.5% |
| |||||||
PACCAR, Inc. | 8,471 | 557,561 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
BorgWarner, Inc. | 6,047 | 214,548 | ||||||
Magna International, Inc. | 4,742 | 203,621 | ||||||
418,169 | ||||||||
Banks - Commercial — 0.1% |
| |||||||
Citizens Financial Group, Inc. | 4,109 | 133,871 | ||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 7,187 | 306,813 | ||||||
Banks - Super Regional — 1.9% |
| |||||||
Huntington Bancshares, Inc. | 12,775 | 161,604 | ||||||
KeyCorp | 36,096 | 576,453 | ||||||
SunTrust Banks, Inc. | 9,601 | 576,156 | ||||||
Wells Fargo & Co. | 21,012 | 932,302 | ||||||
2,246,515 | ||||||||
Beverages-Non-alcoholic — 2.1% |
| |||||||
Coca-Cola Co. | 37,575 | 1,846,060 | ||||||
PepsiCo, Inc. | 5,072 | 649,216 | ||||||
2,495,276 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 827 | 145,924 | ||||||
Brewery — 0.4% |
| |||||||
Molson Coors Brewing Co., Class B | 7,829 | 430,438 | ||||||
Broadcast Services/Program — 0.4% |
| |||||||
Discovery, Inc., Class A† | 11,314 | 308,420 | ||||||
Discovery, Inc., Class C† | 8,716 | 223,478 | ||||||
531,898 | ||||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 9,862 | 344,381 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Lennar Corp., Class A | 6,251 | 310,425 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV — 2.5% |
| |||||||
Charter Communications, Inc., Class A† | 2,723 | $ | 1,026,026 | |||||
Comcast Corp., Class A | 44,915 | 1,841,515 | ||||||
DISH Network Corp., Class A† | 1,222 | 44,127 | ||||||
2,911,668 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 3,390 | 248,962 | ||||||
Chemicals - Diversified — 1.4% |
| |||||||
Celanese Corp. | 3,057 | 290,201 | ||||||
Dow, Inc. | 7,169 | 335,222 | ||||||
DuPont de Nemours, Inc. | 16,581 | 506,052 | ||||||
Eastman Chemical Co. | 7,480 | 485,602 | ||||||
1,617,077 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
RPM International, Inc. | 1,023 | 54,751 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 322 | 71,429 | ||||||
Commercial Services - Finance — 2.3% |
| |||||||
Automatic Data Processing, Inc. | 9,398 | 1,504,808 | ||||||
H&R Block, Inc.# | 2,064 | 54,180 | ||||||
PayPal Holdings, Inc.† | 10,569 | 1,159,948 | ||||||
2,718,936 | ||||||||
Computer Services — 0.1% |
| |||||||
Accenture PLC, Class A | 685 | 121,978 | ||||||
Computers — 4.0% |
| |||||||
Apple, Inc. | 23,184 | 4,058,823 | ||||||
Hewlett Packard Enterprise Co. | 26,943 | 369,658 | ||||||
HP, Inc. | 17,069 | 318,849 | ||||||
4,747,330 | ||||||||
Containers - Metal/Glass — 0.2% |
| |||||||
Crown Holdings, Inc.† | 4,115 | 228,094 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Packaging Corp. of America | 672 | 59,862 | ||||||
WestRock Co. | 7,010 | 228,526 | ||||||
288,388 | ||||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Procter & Gamble Co. | 9,643 | 992,361 | ||||||
Cruise Lines — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 1,081 | 131,623 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Fidelity National Information Services, Inc. | 1,605 | 193,082 | ||||||
First Data Corp., Class A† | 4,936 | 125,473 | ||||||
318,555 | ||||||||
Diagnostic Equipment — 0.9% |
| |||||||
Danaher Corp. | 1,798 | 237,354 | ||||||
Thermo Fisher Scientific, Inc. | 2,907 | 776,111 | ||||||
1,013,465 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
HD Supply Holdings, Inc.† | 2,960 | 122,810 | ||||||
Diversified Banking Institutions — 3.6% |
| |||||||
Bank of America Corp. | 68,146 | 1,812,683 | ||||||
Citigroup, Inc. | 23,112 | 1,436,411 | ||||||
Morgan Stanley | 23,388 | 951,658 | ||||||
4,200,752 | ||||||||
95 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Manufacturing Operations — 1.2% |
| |||||||
Eaton Corp. PLC | 12,499 | $ | 931,051 | |||||
Ingersoll-Rand PLC | 4,460 | 527,796 | ||||||
1,458,847 | ||||||||
E-Commerce/Products — 3.5% |
| |||||||
Amazon.com, Inc.† | 2,345 | 4,162,539 | ||||||
E-Commerce/Services — 0.5% |
| |||||||
Booking Holdings, Inc.† | 107 | 177,216 | ||||||
Expedia Group, Inc. | 3,573 | 410,895 | ||||||
588,111 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
Emerson Electric Co. | 1,563 | 94,155 | ||||||
Electric - Distribution — 0.3% |
| |||||||
Sempra Energy | 3,060 | 402,237 | ||||||
Electric - Integrated — 3.1% |
| |||||||
American Electric Power Co., Inc. | 7,239 | 623,423 | ||||||
Edison International | 7,359 | 436,904 | ||||||
Exelon Corp. | 18,021 | 866,450 | ||||||
FirstEnergy Corp. | 1,739 | 71,716 | ||||||
NextEra Energy, Inc. | 4,724 | 936,344 | ||||||
Xcel Energy, Inc. | 11,816 | 677,529 | ||||||
3,612,366 | ||||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Broadcom, Inc. | 1,766 | 444,396 | ||||||
Intel Corp. | 4,772 | 210,159 | ||||||
Marvell Technology Group, Ltd. | 4,984 | 111,143 | ||||||
NVIDIA Corp. | 5,339 | 723,221 | ||||||
Texas Instruments, Inc. | 14,861 | 1,550,151 | ||||||
3,039,070 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 1,645 | 110,297 | ||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Cummins, Inc. | 3,713 | 559,772 | ||||||
Enterprise Software/Service — 1.2% |
| |||||||
Oracle Corp. | 27,800 | 1,406,680 | ||||||
Workday, Inc., Class A† | 233 | 47,560 | ||||||
1,454,240 | ||||||||
Entertainment Software — 0.5% |
| |||||||
Electronic Arts, Inc.† | 6,255 | 582,215 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Synchrony Financial | 7,327 | 246,407 | ||||||
Finance - Credit Card — 3.5% |
| |||||||
Alliance Data Systems Corp. | 245 | 33,688 | ||||||
American Express Co. | 4,351 | 499,103 | ||||||
Capital One Financial Corp. | 6,346 | 544,931 | ||||||
Mastercard, Inc., Class A | 6,808 | 1,712,144 | ||||||
Visa, Inc., Class A | 8,058 | 1,299,997 | ||||||
4,089,863 | ||||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Charles Schwab Corp. | 13,145 | 546,964 | ||||||
TD Ameritrade Holding Corp. | 7,839 | 389,990 | ||||||
936,954 | ||||||||
Finance - Other Services — 0.8% |
| |||||||
CME Group, Inc. | 633 | 121,612 | ||||||
Intercontinental Exchange, Inc. | 9,903 | 814,126 | ||||||
935,738 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Mondelez International, Inc., Class A | 19,606 | $ | 996,965 | |||||
Gold Mining — 0.1% |
| |||||||
Newmont Goldcorp Corp. | 2,424 | 80,210 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hilton Worldwide Holdings, Inc. | 4,674 | 418,043 | ||||||
Industrial Gases — 0.2% |
| |||||||
Linde PLC | 1,597 | 288,338 | ||||||
Instruments - Controls — 1.1% |
| |||||||
Honeywell International, Inc. | 7,937 | 1,304,128 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Arthur J. Gallagher & Co. | 1,400 | 117,880 | ||||||
Marsh & McLennan Cos., Inc. | 760 | 72,656 | ||||||
190,536 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
Lincoln National Corp. | 6,417 | 381,491 | ||||||
Principal Financial Group, Inc. | 2,113 | 108,967 | ||||||
490,458 | ||||||||
Insurance - Multi-line — 1.5% |
| |||||||
Allstate Corp. | 1,831 | 174,879 | ||||||
Chubb, Ltd. | 1,149 | 167,835 | ||||||
Hartford Financial Services Group, Inc. | 10,983 | 578,365 | ||||||
MetLife, Inc. | 16,540 | 764,313 | ||||||
Voya Financial, Inc. | 1,051 | 53,527 | ||||||
1,738,919 | ||||||||
Insurance - Property/Casualty — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 9,901 | 1,954,655 | ||||||
Travelers Cos., Inc. | 272 | 39,595 | ||||||
1,994,250 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Everest Re Group, Ltd. | 682 | 168,904 | ||||||
RenaissanceRe Holdings, Ltd. | 438 | 76,405 | ||||||
245,309 | ||||||||
Internet Content - Entertainment — 1.8% |
| |||||||
Facebook, Inc., Class A† | 6,524 | 1,157,814 | ||||||
Netflix, Inc.† | 2,804 | 962,557 | ||||||
2,120,371 | ||||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Ameriprise Financial, Inc. | 1,869 | 258,352 | ||||||
Franklin Resources, Inc. | 9,149 | 291,121 | ||||||
549,473 | ||||||||
Machinery - Farming — 0.3% |
| |||||||
Deere & Co. | 2,299 | 322,251 | ||||||
Medical Instruments — 2.0% |
| |||||||
Boston Scientific Corp.† | 28,543 | 1,096,336 | ||||||
Intuitive Surgical, Inc.† | 409 | 190,124 | ||||||
Medtronic PLC | 12,176 | 1,127,254 | ||||||
2,413,714 | ||||||||
Medical Products — 1.1% |
| |||||||
Baxter International, Inc. | 2,530 | 185,803 | ||||||
Becton Dickinson and Co. | 818 | 190,954 | ||||||
Zimmer Biomet Holdings, Inc. | 7,566 | 861,995 | ||||||
1,238,752 | ||||||||
Medical - Biomedical/Gene — 2.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 3,125 | 355,250 |
96 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Amgen, Inc. | 914 | $ | 152,364 | |||||
Biogen, Inc.† | 1,946 | 426,738 | ||||||
Celgene Corp.† | 5,044 | 473,077 | ||||||
Gilead Sciences, Inc. | 1,927 | 119,956 | ||||||
Illumina, Inc.† | 759 | 232,945 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,002 | 302,323 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,707 | 449,849 | ||||||
2,512,502 | ||||||||
Medical - Drugs — 5.2% |
| |||||||
AbbVie, Inc. | 2,094 | 160,631 | ||||||
Allergan PLC | 2,122 | 258,693 | ||||||
Bristol-Myers Squibb Co. | 4,666 | 211,696 | ||||||
Eli Lilly & Co. | 8,093 | 938,303 | ||||||
Johnson & Johnson | 10,439 | 1,369,075 | ||||||
Merck & Co., Inc. | 18,852 | 1,493,267 | ||||||
Nektar Therapeutics† | 973 | 30,474 | ||||||
Pfizer, Inc. | 36,766 | 1,526,524 | ||||||
Zoetis, Inc. | 672 | 67,906 | ||||||
6,056,569 | ||||||||
Medical- HMO — 1.9% |
| |||||||
Anthem, Inc. | 2,169 | 602,939 | ||||||
UnitedHealth Group, Inc. | 6,660 | 1,610,388 | ||||||
2,213,327 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
McKesson Corp. | 272 | 33,222 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 9,903 | 96,158 | ||||||
Multimedia — 0.8% |
| |||||||
Walt Disney Co. | 6,817 | 900,117 | ||||||
Networking Products — 0.3% |
| |||||||
Cisco Systems, Inc. | 7,176 | 373,367 | ||||||
Office Supplies & Forms — 0.1% |
| |||||||
Avery Dennison Corp. | 1,509 | 157,027 | ||||||
Oil Companies - Exploration & Production — 1.9% |
| |||||||
Concho Resources, Inc. | 1,169 | 114,574 | ||||||
Diamondback Energy, Inc. | 4,762 | 466,962 | ||||||
EOG Resources, Inc. | 10,000 | 818,800 | ||||||
Occidental Petroleum Corp. | 2,425 | 120,692 | ||||||
Parsley Energy, Inc., Class A† | 2,960 | 52,777 | ||||||
Pioneer Natural Resources Co. | 4,784 | 679,136 | ||||||
2,252,941 | ||||||||
Oil Companies - Integrated — 1.9% |
| |||||||
Chevron Corp. | 15,666 | 1,783,574 | ||||||
Exxon Mobil Corp. | 6,825 | 483,005 | ||||||
2,266,579 | ||||||||
Oil Refining & Marketing — 0.7% |
| |||||||
Marathon Petroleum Corp. | 16,431 | 755,662 | ||||||
Phillips 66 | 604 | 48,803 | ||||||
804,465 | ||||||||
Pharmacy Services — 1.0% |
| |||||||
Cigna Corp. | 7,222 | 1,069,000 | ||||||
CVS Health Corp. | 1,897 | 99,346 | ||||||
1,168,346 | ||||||||
Pipelines — 0.4% |
| |||||||
ONEOK, Inc. | 6,553 | 416,902 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
AvalonBay Communities, Inc. | 2,824 | $ | 573,300 | |||||
Boston Properties, Inc. | 1,061 | 138,811 | ||||||
Digital Realty Trust, Inc. | 789 | 92,881 | ||||||
Equinix, Inc. | 448 | 217,634 | ||||||
Equity Residential | 2,162 | 165,544 | ||||||
Federal Realty Investment Trust | 1,918 | 250,740 | ||||||
Host Hotels & Resorts, Inc. | 8,734 | 158,173 | ||||||
Mid-America Apartment Communities, Inc. | 562 | 64,169 | ||||||
Prologis, Inc. | 7,293 | 537,275 | ||||||
Public Storage | 545 | 129,645 | ||||||
Ventas, Inc. | 2,872 | 184,669 | ||||||
Vornado Realty Trust | 5,307 | 351,483 | ||||||
2,864,324 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Ross Stores, Inc. | 8,951 | 832,353 | ||||||
Retail - Auto Parts — 1.3% |
| |||||||
Advance Auto Parts, Inc. | 2,139 | 331,545 | ||||||
AutoZone, Inc.† | 827 | 849,420 | ||||||
O’Reilly Automotive, Inc.† | 1,060 | 393,652 | ||||||
1,574,617 | ||||||||
Retail - Building Products — 2.0% |
| |||||||
Home Depot, Inc. | 7,689 | 1,459,757 | ||||||
Lowe’s Cos., Inc. | 9,509 | 886,999 | ||||||
2,346,756 | ||||||||
Retail - Consumer Electronics — 0.4% |
| |||||||
Best Buy Co., Inc. | 7,118 | 446,085 | ||||||
Retail - Discount — 0.3% |
| |||||||
Dollar General Corp. | 2,887 | 367,457 | ||||||
Retail - Major Department Stores — 0.4% |
| |||||||
TJX Cos., Inc. | 8,540 | 429,477 | ||||||
Retail - Restaurants — 0.7% |
| |||||||
Yum! Brands, Inc. | 7,771 | 795,362 | ||||||
Semiconductor Components - Integrated Circuits — 1.1% |
| |||||||
Analog Devices, Inc. | 12,258 | 1,184,368 | ||||||
QUALCOMM, Inc. | 1,812 | 121,078 | ||||||
1,305,446 | ||||||||
Semiconductor Equipment — 0.2% |
| |||||||
Teradyne, Inc. | 6,706 | 282,591 | ||||||
Telephone - Integrated — 1.1% |
| |||||||
Verizon Communications, Inc. | 24,407 | 1,326,520 | ||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 7,090 | 347,835 | ||||||
Philip Morris International, Inc. | 15,984 | 1,232,846 | ||||||
1,580,681 | ||||||||
Tools - Hand Held — 0.6% |
| |||||||
Snap-on, Inc.# | 1,590 | 247,913 | ||||||
Stanley Black & Decker, Inc. | 3,535 | 449,723 | ||||||
697,636 | ||||||||
Transport - Rail — 2.0% |
| |||||||
Norfolk Southern Corp. | 6,290 | 1,227,431 | ||||||
Union Pacific Corp. | 6,489 | 1,082,235 | ||||||
2,309,666 | ||||||||
Web Portals/ISP — 3.4% |
| |||||||
Alphabet, Inc., Class A† | 1,861 | 2,059,196 |
97 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP (continued) |
| |||||||
Alphabet, Inc., Class C† | 1,782 | $ | 1,966,669 | |||||
4,025,865 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 516 | 77,374 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $99,366,038)(1) | 99.3 | % | 116,656,647 | |||||
Other assets less liabilities | 0.7 | 844,367 | ||||||
NET ASSETS | 100.0 | % | $ | 117,501,014 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $302,093. This was secured by collateral of $312,947 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 08/29/2019 | $ | 379 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 312,568 |
(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 (Depreciation) | ||||||||||||||||
5 | Long | S&P 500E-Mini Index | June 2019 | $ | 720,823 | $ | 688,150 | $ | (32,673 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 116,656,647 | $ | — | $ | — | $ | 116,656,647 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 32,673 | $ | — | $ | — | $ | 32,673 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
98 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 24.8 | % | ||
Medical — Drugs | 18.8 | |||
Medical Products | 14.1 | |||
Medical — HMO | 13.3 | |||
Diagnostic Equipment | 6.7 | |||
Medical Instruments | 6.0 | |||
Therapeutics | 3.3 | |||
Registered Investment Companies | 2.3 | |||
Medical — Hospitals | 2.2 | |||
Pharmacy Services | 2.1 | |||
Electronic Measurement Instruments | 2.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Disposable Medical Products | 0.8 | |||
Veterinary Diagnostics | 0.6 | |||
Drug Delivery Systems | 0.5 | |||
Medical — Generic Drugs | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Instruments — Controls | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Diagnostic Kits | 0.4 | |||
Applications Software | 0.4 | |||
Medical Imaging Systems | 0.2 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Dialysis Centers | 0.1 | |||
Medical Information Systems | 0.1 | |||
101.7 | % | |||
* | Calculated as a percentage of net assets |
99 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Applications Software — 0.2% |
| |||||||
Covetrus, Inc.†# | 45,900 | $ | 1,131,894 | |||||
Dental Supplies & Equipment — 0.4% |
| |||||||
Align Technology, Inc.† | 7,538 | 2,143,430 | ||||||
Patterson Cos., Inc.# | 37,800 | 794,556 | ||||||
2,937,986 | ||||||||
Diagnostic Equipment — 6.7% |
| |||||||
Avantor, Inc.†# | 267,493 | 4,681,128 | ||||||
Danaher Corp. | 122,736 | 16,202,379 | ||||||
GenMark Diagnostics, Inc.† | 149,242 | 998,429 | ||||||
Quanterix Corp.† | 50,393 | 1,290,565 | ||||||
Thermo Fisher Scientific, Inc. | 98,097 | 26,189,937 | ||||||
49,362,438 | ||||||||
Diagnostic Kits — 0.4% |
| |||||||
Quidel Corp.†# | 52,371 | 2,896,116 | ||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 12,103 | 525,512 | ||||||
Disposable Medical Products — 0.8% |
| |||||||
Teleflex, Inc. | 20,647 | 5,952,530 | ||||||
Drug Delivery Systems — 0.5% |
| |||||||
DexCom, Inc.† | 31,334 | 3,800,814 | ||||||
Electronic Measurement Instruments — 2.1% |
| |||||||
Agilent Technologies, Inc. | 201,489 | 13,509,838 | ||||||
Sartorius AG (Preference Shares) | 12,650 | 2,401,215 | ||||||
15,911,053 | ||||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Tandem Diabetes Care, Inc.† | 9,500 | 651,320 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Mettler-Toledo International, Inc.† | 4,130 | 2,986,362 | ||||||
Medical Imaging Systems — 0.2% |
| |||||||
Lantheus Holdings, Inc.† | 58,768 | 1,409,844 | ||||||
Medical Instruments — 6.0% |
| |||||||
Alcon, Inc.† | 88,448 | 5,143,897 | ||||||
Bruker Corp. | 94,595 | 3,951,233 | ||||||
Intuitive Surgical, Inc.† | 72,568 | 33,733,235 | ||||||
NuVasive, Inc.† | 19,406 | 1,124,772 | ||||||
Silk Road Medical, Inc.† | 5,345 | 228,018 | ||||||
44,181,155 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Catalent, Inc.† | 43,189 | 1,965,099 | ||||||
Lonza Group AG | 3,824 | 1,174,578 | ||||||
Natera, Inc.† | 10,800 | 247,320 | ||||||
SI-BONE, Inc.† | 15,050 | 252,690 | ||||||
Teladoc Health, Inc.†# | 31,472 | 1,829,153 | ||||||
5,468,840 | ||||||||
Medical Products — 13.8% |
| |||||||
ABIOMED, Inc.† | 7,982 | 2,090,646 | ||||||
AtriCure, Inc.† | 40,000 | 1,172,000 | ||||||
Becton Dickinson and Co. | 142,418 | 33,246,058 | ||||||
Cooper Cos., Inc. | 21,875 | 6,514,156 | ||||||
Hologic, Inc.† | 190,412 | 8,380,032 | ||||||
ICU Medical, Inc.† | 19,641 | 4,179,605 | ||||||
Inspire Medical Systems, Inc.† | 9,866 | 557,133 | ||||||
Integer Holdings Corp.† | 10,100 | 708,010 | ||||||
iRhythm Technologies, Inc.† | 10,000 | 684,600 | ||||||
Nevro Corp.† | 42,949 | 2,538,715 | ||||||
Novocure, Ltd.† | 68,450 | 3,636,064 | ||||||
Penumbra, Inc.†# | 21,918 | 3,127,699 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) |
| |||||||
Shockwave Medical, Inc.†(1) | 65,998 | $ | 3,748,725 | |||||
Shockwave Medical, Inc.†# | 11,276 | 674,192 | ||||||
Stryker Corp. | 112,365 | 20,589,763 | ||||||
West Pharmaceutical Services, Inc. | 41,532 | 4,759,567 | ||||||
Wright Medical Group NV† | 123,770 | 3,802,214 | ||||||
Zimmer Biomet Holdings, Inc. | 19,750 | 2,250,118 | ||||||
102,659,297 | ||||||||
Medical - Biomedical/Gene — 24.8% |
| |||||||
Abcam PLC | 77,318 | 1,391,267 | ||||||
Abeona Therapeutics, Inc.†# | 35,481 | 193,017 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 159,093 | 3,816,641 | ||||||
Acceleron Pharma, Inc.†# | 66,801 | 2,664,692 | ||||||
Acerta Pharma BV, Class B†(2) | 9,771,120 | 781,690 | ||||||
Alder Biopharmaceuticals, Inc.†# | 128,497 | 1,390,338 | ||||||
Alexion Pharmaceuticals, Inc.† | 110,762 | 12,591,424 | ||||||
Allakos, Inc.†# | 18,885 | 740,292 | ||||||
Allogene Therapeutics, Inc.†# | 55,088 | 1,444,958 | ||||||
Alnylam Pharmaceuticals, Inc.† | 36,800 | 2,484,736 | ||||||
Amarin Corp. PLC ADR†# | 211,308 | 3,746,491 | ||||||
Amgen, Inc. | 40,560 | 6,761,352 | ||||||
AnaptysBio, Inc.† | 17,046 | 1,241,119 | ||||||
Apellis Pharmaceuticals, Inc.† | 17,310 | 347,758 | ||||||
Argenx SE ADR†# | 49,370 | 6,103,613 | ||||||
Atara Biotherapeutics, Inc.†# | 16,240 | 360,690 | ||||||
Audentes Therapeutics, Inc.† | 26,146 | 918,247 | ||||||
Autolus Therapeutics PLC ADR†# | 14,468 | 298,475 | ||||||
Avrobio, Inc.†# | 13,296 | 188,271 | ||||||
BeiGene, Ltd. ADR†# | 19,484 | 2,297,748 | ||||||
Biogen, Inc.† | 24,149 | 5,295,634 | ||||||
BioMarin Pharmaceutical, Inc.† | 71,051 | 5,843,234 | ||||||
Bluebird Bio, Inc.†# | 37,799 | 4,532,856 | ||||||
Blueprint Medicines Corp.† | 51,672 | 3,927,072 | ||||||
Cara Therapeutics, Inc.†# | 39,161 | 805,150 | ||||||
CRISPR Therapeutics AG†# | 19,500 | 693,615 | ||||||
CytomX Therapeutics, Inc.† | 30,121 | 290,969 | ||||||
Denali Therapeutics, Inc.†# | 22,500 | 429,075 | ||||||
Dicerna Pharmaceuticals, Inc.† | 42,467 | 525,741 | ||||||
Epizyme, Inc.† | 20,075 | 275,830 | ||||||
Exact Sciences Corp.† | 54,050 | 5,601,201 | ||||||
Exelixis, Inc.† | 136,230 | 2,668,746 | ||||||
Fate Therapeutics, Inc.† | 41,866 | 807,176 | ||||||
FibroGen, Inc.† | 52,287 | 1,894,881 | ||||||
Five Prime Therapeutics, Inc.†# | 13,100 | 110,040 | ||||||
Forty Seven, Inc.†# | 15,425 | 174,457 | ||||||
GlycoMimetics, Inc.†# | 51,792 | 613,217 | ||||||
Guardant Health, Inc.†# | 40,522 | 3,115,331 | ||||||
Homology Medicines, Inc.†# | 36,097 | 730,603 | ||||||
HTG Molecular Diagnostics, Inc.†# | 102,320 | 210,779 | ||||||
Illumina, Inc.† | 18,815 | 5,774,512 | ||||||
Immunomedics, Inc.†# | 95,498 | 1,248,159 | ||||||
Incyte Corp.† | 97,631 | 7,676,726 | ||||||
Insmed, Inc.†# | 88,636 | 2,145,878 | ||||||
Intercept Pharmaceuticals, Inc.†# | 10,119 | 838,056 | ||||||
Ionis Pharmaceuticals, Inc.†# | 49,381 | 3,239,394 | ||||||
Iovance Biotherapeutics, Inc.†# | 137,553 | 2,248,992 | ||||||
Krystal Biotech, Inc.† | 7,897 | 248,124 | ||||||
Menlo Therapeutics, Inc.† | 29,900 | 201,227 | ||||||
Moderna, Inc.† | 2,167 | 45,030 | ||||||
Orchard Therapeutics PLC ADR†# | 43,212 | 817,139 | ||||||
PTC Therapeutics, Inc.† | 71,481 | 2,866,388 | ||||||
Puma Biotechnology, Inc.†# | 24,300 | 359,397 | ||||||
Radius Health, Inc.† | 15,300 | 318,087 | ||||||
Regeneron Pharmaceuticals, Inc.† | 28,665 | 8,648,804 | ||||||
REGENXBIO, Inc.† | 35,300 | 1,518,606 |
100 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Rocket Pharmaceuticals, Inc.† | 26,775 | $ | 437,236 | |||||
Sage Therapeutics, Inc.†# | 114,810 | 19,732,395 | ||||||
Scholar Rock Holding Corp.†# | 13,978 | 256,357 | ||||||
Seattle Genetics, Inc.†# | 57,246 | 3,724,997 | ||||||
Stemline Therapeutics, Inc.†# | 37,278 | 489,460 | ||||||
Theravance Biopharma, Inc.†# | 15,294 | 254,186 | ||||||
Tocagen, Inc.†# | 23,768 | 120,979 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 59,934 | 3,292,175 | ||||||
Verily Life Sciences LLC†(1)(2) | 6,986 | 861,094 | ||||||
Vertex Pharmaceuticals, Inc.† | 162,763 | 27,047,955 | ||||||
WaVe Life Sciences, Ltd.†# | 21,480 | 492,536 | ||||||
Y-mAbs Therapeutics, Inc.†# | 22,608 | 460,525 | ||||||
Zai Lab, Ltd. ADR† | 10,058 | 263,620 | ||||||
Zeneca, Inc. CVR†(2) | 23,110 | 14,213 | ||||||
183,950,673 | ||||||||
Medical - Drugs — 18.7% |
| |||||||
Aimmune Therapeutics, Inc.†# | 70,328 | 1,376,319 | ||||||
Alkermes PLC† | 41,138 | 886,112 | ||||||
Allergan PLC | 32,099 | 3,913,189 | ||||||
Array BioPharma, Inc.† | 238,790 | 6,308,832 | ||||||
Ascendis Pharma A/S ADR† | 73,304 | 9,138,077 | ||||||
AstraZeneca PLC ADR | 260,800 | 9,748,704 | ||||||
Bayer AG | 17,622 | 1,039,405 | ||||||
Bristol-Myers Squibb Co. | 193,063 | 8,759,268 | ||||||
Chugai Pharmaceutical Co., Ltd. | 34,900 | 2,325,752 | ||||||
Corvus Pharmaceuticals, Inc.†# | 36,493 | 137,579 | ||||||
Cyclerion Therapeutics, Inc.† | 3,911 | 54,558 | ||||||
Daiichi Sankyo Co., Ltd. | 88,700 | 4,287,611 | ||||||
Eli Lilly & Co. | 97,141 | 11,262,528 | ||||||
Enanta Pharmaceuticals, Inc.† | 32,960 | 2,981,891 | ||||||
Galapagos NV†# | 9,606 | 1,091,715 | ||||||
Global Blood Therapeutics, Inc.†# | 41,682 | 2,533,432 | ||||||
InflaRx NV†# | 25,145 | 904,969 | ||||||
Intra-Cellular Therapies, Inc.† | 14,937 | 194,032 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 4,520 | 417,648 | ||||||
Merck & Co., Inc. | 138,888 | 11,001,318 | ||||||
Milestone Pharmaceuticals, Inc.† | 29,058 | 601,501 | ||||||
Minerva Neurosciences, Inc.† | 56,080 | 292,177 | ||||||
Moderna, Inc.†(1) | 19,991 | 394,642 | ||||||
MyoKardia, Inc.†# | 36,706 | 1,709,765 | ||||||
Myovant Sciences, Ltd.†# | 55,071 | 541,348 | ||||||
Nektar Therapeutics† | 22,529 | 705,608 | ||||||
Novartis AG | 155,915 | 13,390,441 | ||||||
Odonate Therapeutics, Inc.†# | 14,205 | 305,265 | ||||||
Pfizer, Inc. | 565,200 | 23,467,104 | ||||||
PhaseBio Pharmaceuticals, Inc.† | 39,426 | 421,070 | ||||||
Principia Biopharma, Inc.†# | 16,431 | 480,771 | ||||||
ProQR Therapeutics NV† | 22,800 | 276,564 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 16,524 | 1,409,001 | ||||||
Rhythm Pharmaceuticals, Inc.† | 18,727 | 471,733 | ||||||
Roche Holding AG | 42,512 | 11,156,053 | ||||||
TherapeuticsMD, Inc.†# | 81,213 | 248,512 | ||||||
Tricida, Inc.†# | 71,483 | 2,626,285 | ||||||
Turning Point Therapeutics, Inc.† | 14,211 | 494,827 | ||||||
Zogenix, Inc.†# | 34,400 | 1,296,536 | ||||||
138,652,142 | ||||||||
Medical - Generic Drugs — 0.4% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 59,733 | 450,387 | ||||||
Momenta Pharmaceuticals, Inc.† | 41,732 | 485,343 | ||||||
Mylan NV† | 34,800 | 584,640 | ||||||
Perrigo Co. PLC | 38,603 | 1,622,098 | ||||||
3,142,468 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO — 13.3% |
| |||||||
Anthem, Inc. | 72,003 | $ | 20,015,394 | |||||
Centene Corp.† | 202,414 | 11,689,409 | ||||||
Humana, Inc. | 33,726 | 8,258,148 | ||||||
Molina Healthcare, Inc.† | 33,693 | 4,793,166 | ||||||
UnitedHealth Group, Inc. | 188,510 | 45,581,718 | ||||||
WellCare Health Plans, Inc.† | 30,989 | 8,558,852 | ||||||
98,896,687 | ||||||||
Medical - Hospitals — 2.2% |
| |||||||
Acadia Healthcare Co., Inc.†# | 47,578 | 1,532,963 | ||||||
HCA Healthcare, Inc. | 113,720 | 13,755,571 | ||||||
Universal Health Services, Inc., Class B | 10,007 | 1,196,337 | ||||||
16,484,871 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Amedisys, Inc.† | 8,500 | 954,635 | ||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
CareDx, Inc.† | 20,199 | 638,692 | ||||||
Insulet Corp.†# | 22,300 | 2,448,317 | ||||||
3,087,009 | ||||||||
Pharmacy Services — 2.0% |
| |||||||
Cigna Corp. | 97,274 | 14,398,498 | ||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 36,095 | 552,217 | ||||||
14,950,715 | ||||||||
Therapeutics — 3.3% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 44,929 | 2,074,372 | ||||||
Axsome Therapeutics, Inc.†# | 9,600 | 220,416 | ||||||
G1 Therapeutics, Inc.†# | 27,899 | 584,763 | ||||||
GW Pharmaceuticals PLC ADR†# | 10,410 | 1,803,428 | ||||||
Mirati Therapeutics, Inc.†# | 19,700 | 1,335,463 | ||||||
Neurocrine Biosciences, Inc.† | 83,151 | 7,049,542 | ||||||
Sarepta Therapeutics, Inc.†# | 77,625 | 8,837,606 | ||||||
Xencor, Inc.†# | 90,089 | 2,778,346 | ||||||
24,683,936 | ||||||||
Veterinary Diagnostics — 0.6% |
| |||||||
Elanco Animal Health, Inc.† | 134,367 | 4,203,000 | ||||||
Total Common Stocks | ||||||||
(cost $574,663,664) | 728,881,297 | |||||||
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 — 0.1% |
| |||||||
Doximity, Inc. | 64,785 | 419,807 | ||||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. | 160,251 | 271,140 | ||||||
Medical Labs & Testing Services — 0.4% |
| |||||||
Tempus Labs, Inc. | 60,677 | 1,459,961 | ||||||
Tempus Labs, Inc. | 39,722 | 981,344 | ||||||
Tempus Labs, Inc. | 10,551 | 261,239 | ||||||
2,702,544 | ||||||||
101 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Medical Products — 0.3% |
| |||||||
Becton Dickinson and Co. | 26,711 | $ | 1,553,779 | |||||
Kardium, Inc. | 542,402 | 525,544 | ||||||
2,079,323 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 75,264 | 1,151,464 | ||||||
JAND, Inc. (dba Warby Parker) | 2,948 | 45,101 | ||||||
1,196,565 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $6,212,363) | 8,197,378 | |||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Medical - Drugs — 0.1% |
| |||||||
Ironwood Pharmaceuticals, Inc. | $ | 865,000 | 920,144 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $581,741,027) | 737,998,819 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.3% |
| |||||||
Registered Investment Companies — 2.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 501,154 | 501,154 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 13,437,488 | 13,437,488 | ||||||
T. Rowe Price Government Reserve Fund | 3,011,678 | 3,011,678 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $16,950,320) | 16,950,320 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $598,691,347)(5) | 101.7 | % | 754,949,139 | |||||
Liabilities in excess of other assets | (1.7 | ) | (12,876,863 | ) | ||||
NET ASSETS | 100.0 | % | $ | 742,072,276 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
JAND, Inc. (dba Warby Parker) | 4/23/2015 | 33,706 | $ | 387,123 | ||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | $ | 552,217 | $ | 15.30 | 0.07 | % | |||||||||||||||||
Moderna, Inc. | 01/31/2018 | 19,991 | 438,425 | 394,642 | 19.74 | 0.05 | % | |||||||||||||||||
Shockwave Medical, Inc. | 11/10/2016 | 16,145 | 198,936 | |||||||||||||||||||||
9/25/2017 | 5,350 | 65,920 | ||||||||||||||||||||||
9/27/2017 | 44,503 | 548,362 | ||||||||||||||||||||||
65,998 | 813,218 | 3,748,725 | 56.80 | 0.50 | % | |||||||||||||||||||
Verily Life Sciences LLC | 1/25/2019 | 6,986 | 861,094 | 861,094 | 123.26 | 0.12 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | 4/10/2014 | 64,785 | 312,316 | 419,807 | 6.48 | 0.06 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker) | 4/23/2015 | 75,264 | 864,430 | 1,151,464 | 15.30 | 0.15 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker) | 3/9/2018 | 2,948 | 46,334 | 45,101 | 15.30 | 0.01 | % | |||||||||||||||||
Kardium, Inc. | 11/29/2018 | 542,402 | 525,533 | 525,544 | 0.97 | 0.07 | % | |||||||||||||||||
Outset Medical, Inc. | 4/19/2017 | 320,192 | 829,778 | 995,797 | 3.11 | 0.13 | % | |||||||||||||||||
Outset Medical, Inc. | 8/20/2018 | 171,126 | 532,202 | 532,202 | 3.11 | 0.07 | % | |||||||||||||||||
RefleXion Medical, Inc. | 4/23/2018 | 160,251 | 271,145 | 271,140 | 1.69 | 0.04 | % | |||||||||||||||||
Tempus Labs, Inc. | 3/20/2018 | 60,677 | 568,780 | 1,459,961 | 24.06 | 0.20 | % | |||||||||||||||||
Tempus Labs, Inc. | 8/23/2018 | 39,772 | 665,058 | 981,344 | 24.67 | 0.13 | % | |||||||||||||||||
Tempus Labs, Inc. | 5/1/2019 | 10,551 | 261,239 | 261,239 | 24.76 | 0.04 | % | |||||||||||||||||
$ | 12,200,277 | 1.64 | % | |||||||||||||||||||||
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $95,333,827. This was secured by collateral of $13,437,488, which was received in cash and subsequently invested in short-term investments currently valued at $13,437,488 as reported in the Portfolio of Investments. Additional collateral of $86,180,252 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 asset and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 10/01/2047 to 12/01/2047 | $ | 516,784 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 28,044 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | 4,738,267 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 80,897,157 |
(4) | The rate shown is the7-day yield as of May 31, 2019 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
102 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Medical Products | $ | 98,910,572 | $ | 3,748,725 | $ | — | $ | 102,659,297 | ||||||||
Medical - Biomedical/Gene | 180,902,409 | 1,391,267 | ** | 1,656,997 | 183,950,673 | |||||||||||
Medical - Drugs | 104,966,523 | 33,685,619 | # | — | 138,652,142 | |||||||||||
Pharmacy Services | 14,398,498 | — | 552,217 | 14,950,715 | ||||||||||||
Other Industries | 285,092,677 | 3,575,793 | ** | — | 288,668,470 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical Products | 1,553,779 | — | 525,544 | 2,079,323 | ||||||||||||
Other Industries | — | — | 6,118,055 | 6,118,055 | ||||||||||||
Convertible Bonds & Notes | — | 920,144 | — | 920,144 | ||||||||||||
Short-Term Investment Securities | 16,950,320 | — | — | 16,950,320 | ||||||||||||
Total Investments at Value | $ | 702,774,778 | $ | 43,321,548 | $ | 8,852,813 | $ | 754,949,139 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
# | Amount includes $33,290,977 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) | 97,711 | 1,514,090 | ||||||
Change in unrealized depreciation(1) | (452,564 | ) | (946 | ) | ||||
Net purchases | 861,094 | 1,984,031 | ||||||
Net sales | (636,800 | ) | (1,528,237 | ) | ||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of May 31, 2019 | $ | 2,209,214 | $ | 6,643,599 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2019 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 97,274 | $ | 1,513,135 | |||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.
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VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 5/31/19 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 552,217 | Market Approach | Secondary Market Transactions* Market Transaction Price* Company Repurchase Price* | $15.7170 $15.7170 $12.3500 | |||||
$ | 861,094 | Market Approach | Market Transaction Price* | $123.26 | ||||||
$ | 795,903 | Income Approach | Estimated Future Cash Distribution* | $0.08-$0.615 ($0.3475) | ||||||
Convertible Preferred Securities | $ | 2,585,922 | Market Approach | Market Transaction Price* | $0.96892-$24.7596 ($6.72810) | |||||
$ | 2,441,305 | Market Approach | Market Transaction Price* | $24.7596 | ||||||
Discount for Future Cumulative Dividend Variance | 0.22% - 2.82% (1.52%) | |||||||||
$ | 1,196,565 | Market Approach | Secondary Market Transactions* | $15.7170 | ||||||
Market Transaction Price* | $15.7170 | |||||||||
Company Repurchase Price* | $12.3500 | |||||||||
$ | 419,807 | Market Approach | Market Transaction Price* | $4.3100 | ||||||
2020 Estimated Revenue Multiple* | 5.7x | |||||||||
2019 Estimated Revenue Multiple* | 6.5x | |||||||||
2019 Estimated Gross Profit Multiple* | 8.3x | |||||||||
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 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 an inverse relationship. |
See Notes to Financial Statements
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VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
United States Treasury Notes | 31.7 | % | ||
United States Treasury Bonds | 20.8 | |||
Sovereign | 20.3 | |||
Diversified Banking Institutions | 10.0 | |||
Diversified Financial Services | 5.0 | |||
Pipelines | 1.7 | |||
Banks — Commercial | 1.5 | |||
Registered Investment Companies | 1.4 | |||
Insurance — Life/Health | 1.0 | |||
Banks — Super Regional | 0.7 | |||
Chemicals — Diversified | 0.5 | |||
Gold Mining | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Pharmacy Services | 0.5 | |||
Federal Home Loan Mtg. Corp. | 0.4 | |||
Gas — Distribution | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Building Products — Wood | 0.3 | |||
Electric — Integrated | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Federal National Mtg. Assoc. | 0.2 | |||
Machinery — Farming | 0.2 | |||
Banks — Money Center | 0.2 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Diversified Minerals | 0.1 | |||
Government National Mtg. Assoc. | 0.1 | |||
99.7 | % | |||
Credit Quality#†
Aaa | 69.4 | % | ||
Aa | 0.6 | |||
A | 9.0 | |||
Baa | 11.8 | |||
Ba | 2.4 | |||
Not Rated@ | 6.8 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
† | Source: Moody’s |
@ | Represents debt issues that either have no rating, or the rating isunavailable from the data source. |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.0% | ||||||||
Diversified Financial Services — 5.0% | ||||||||
Benchmark Mtg. Trust | $ | 6,000,000 | $ | 6,519,747 | ||||
Benchmark Mtg. Trust | 6,000,000 | 6,768,381 | ||||||
BX Commercial Mtg. Trust FRS | 4,000,000 | 3,992,500 | ||||||
BX Trust FRS | 2,700,000 | 2,675,902 | ||||||
CAMB Commercial Mtg. Trust FRS | 750,000 | 751,449 | ||||||
Chase Issuance Trust | 2,000,000 | 1,982,274 | ||||||
COMM Mtg. Trust | 6,000,000 | 6,575,966 | ||||||
CORE Mtg. Trust FRS | 2,000,000 | 2,003,291 | ||||||
DBCG Mtg. Trust FRS | 1,360,000 | 1,356,578 | ||||||
Stonemont Portfolio Trust FRS | 487,555 | 487,250 | ||||||
Store Master FundingI-VII | 1,679,511 | 1,747,151 | ||||||
Total Asset Backed Securities | ||||||||
(cost $33,284,958) | 34,860,489 | |||||||
U.S. CORPORATE BONDS & NOTES — 9.9% | ||||||||
Banks - Super Regional — 0.4% | ||||||||
SunTrust Banks, Inc. | 506,000 | 535,619 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 1,956,800 | ||||||
2,492,419 | ||||||||
Building Products - Wood — 0.3% | ||||||||
Masco Corp. | 2,512,000 | 2,436,075 | ||||||
Chemicals - Diversified — 0.5% | ||||||||
DowDuPont, Inc. | 2,213,000 | 2,377,854 | ||||||
DowDuPont, Inc. | 1,025,000 | 1,164,525 | ||||||
3,542,379 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Coatings/Paint — 0.0% | ||||||||
RPM International, Inc. | $ | 372,000 | $ | 326,935 | ||||
Diversified Banking Institutions — 6.2% | ||||||||
Bank of America Corp. FRS | 2,000,000 | 1,985,000 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,600,000 | ||||||
Bank of America Corp. | 2,183,000 | 2,250,768 | ||||||
Bank of America Corp. | 2,504,000 | 2,620,186 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,883,200 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,915,400 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 3,928,000 | ||||||
Citigroup, Inc. | 2,673,000 | 2,957,599 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 4,006,996 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 1,976,600 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,000,400 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 4,945,500 | ||||||
Morgan Stanley FRS | 468,000 | 461,565 | ||||||
Morgan Stanley FRS | 1,402,000 | 1,386,227 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,806,201 | ||||||
Morgan Stanley FRS | 2,203,000 | 2,191,985 |
106 |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) | ||||||||
Morgan Stanley FRS | $ | 2,000,000 | $ | 1,992,500 | ||||
Morgan Stanley FRS | 3,870,000 | 3,889,350 | ||||||
Morgan Stanley FRS | 664,000 | 668,980 | ||||||
43,466,457 | ||||||||
Electric - Integrated — 0.2% | ||||||||
FirstEnergy Corp. | 1,318,000 | 1,351,015 | ||||||
Finance - Consumer Loans — 0.3% | ||||||||
SLM Corp. FRS | 2,017,000 | 2,006,915 | ||||||
Finance - Investment Banker/Broker — 0.0% | ||||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 6,480 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 9,942 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 16,200 | ||||||
32,622 | ||||||||
Metal - Diversified — 0.0% | ||||||||
Glencore Funding LLC | 338,000 | 339,757 | ||||||
Oil Companies - Exploration & Production — 0.1% | ||||||||
Noble Energy, Inc. | 800,000 | 801,255 | ||||||
Oil Refining & Marketing — 0.4% | ||||||||
Marathon Petroleum Corp. | 2,549,000 | 2,544,538 | ||||||
Pharmacy Services — 0.5% | ||||||||
CVS Health Corp. | 3,164,000 | 3,164,089 | ||||||
Pipelines — 0.7% | ||||||||
Andeavor Logistics LP/Tesoro Logistics Finance Corp. | 1,274,000 | 1,308,676 | ||||||
Enable Midstream Partners LP | 887,000 | 905,647 | ||||||
Energy Transfer Operating LP | 1,067,000 | 1,135,769 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Pipelines (continued) | ||||||||
EnLink Midstream LLC | $ | 524,000 | $ | 520,185 | ||||
EnLink Midstream Partners LP | 1,299,000 | 1,273,020 | ||||||
5,143,297 | ||||||||
Real Estate Investment Trusts — 0.3% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,960,000 | 2,032,149 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $69,299,369) | 69,679,902 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.8% |
| |||||||
Banks - Commercial — 1.4% | ||||||||
Barclays Bank PLC FRS | 9,800,000 | 9,687,300 | ||||||
Danske Bank A/S | 475,000 | 502,997 | ||||||
10,190,297 | ||||||||
Diversified Banking Institutions — 2.9% | ||||||||
BNP Paribas SA FRS | 431,000 | 428,845 | ||||||
Credit Agricole SA | 2,548,000 | 2,494,181 | ||||||
Royal Bank of Scotland Group PLC | 1,142,000 | 1,157,576 | ||||||
Royal Bank of Scotland Group PLC | 3,470,000 | 3,557,274 | ||||||
Societe Generale SA VRS | 10,000,000 | 10,080,000 | ||||||
UniCredit SpA | 738,000 | 671,446 | ||||||
UniCredit SpA | 1,150,000 | 1,201,327 | ||||||
UniCredit SpA | 828,000 | 817,695 | ||||||
20,408,344 | ||||||||
Diversified Minerals — 0.1% | ||||||||
Anglo American Capital PLC | 757,000 | 742,278 | ||||||
Gas- Distribution — 0.4% | ||||||||
National Grid PLC | GBP | 1,763,000 | 2,857,682 | |||||
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Gold Mining — 0.5% | ||||||||
Newcrest Finance Pty, Ltd. | $ | 1,497,000 | $ | 1,551,602 | ||||
Newcrest Finance Pty, Ltd. | 1,663,000 | 1,809,545 | ||||||
3,361,147 | ||||||||
Machinery - Farming — 0.2% | ||||||||
CNH Industrial NV | 1,163,000 | 1,150,624 | ||||||
Oil Companies - Integrated — 0.3% | ||||||||
Cenovus Energy, Inc. | 1,963,000 | 1,956,890 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $40,301,573) | 40,667,262 | |||||||
U.S. GOVERNMENT AGENCIES — 0.7% | ||||||||
Federal Home Loan Mtg. Corp. — 0.4% | ||||||||
Federal Home Loan Mtg. Corp. REMIC FRS | ||||||||
Series 4012, Class NF 2.89% (1 ML+0.45%) due 12/15/2038(5) | 414,010 | 414,636 | ||||||
Series 3925, Class FL | 1,310,267 | 1,313,630 | ||||||
Series 4001, Class FM | 373,801 | 374,504 | ||||||
Series 3355, Class BF | 376,561 | 381,861 | ||||||
Federal Home Loan Mtg. Corp. | 598,403 | 610,229 | ||||||
3,094,860 | ||||||||
Federal National Mtg. Assoc. — 0.2% | ||||||||
Fannie Mae Connecticut Avenue Securities FRS | 1,125 | 1,127 | ||||||
Federal National Mtg. Assoc. REMIC FRS | ||||||||
Series2012-93, Class BF | 717,926 | 716,753 | ||||||
Series2011-103, Class FD | 798,809 | 801,099 | ||||||
1,518,979 | ||||||||
Government National Mtg. Assoc. — 0.1% | ||||||||
Government National Mtg. Assoc. | 334,629 | 336,828 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $4,951,495) | 4,950,667 | |||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 52.5% |
| |||||||
United States Treasury Bonds — 20.8% |
| |||||||
United States Treasury Bonds TIPS(6) | $ | 6,461,355 | $ | 6,291,771 | ||||
0.75% due 02/15/2042 | 3,186,502 | 3,208,939 | ||||||
0.75% due 02/15/2045 | 8,465,166 | 8,433,863 | ||||||
0.88% due 02/15/2047 | 3,579,758 | 3,679,081 | ||||||
1.00% due 02/15/2046 | 7,411,513 | 7,829,880 | ||||||
1.00% due 02/15/2048 | 5,462,498 | 5,794,595 | ||||||
1.38% due 02/15/2044 | 4,672,878 | 5,333,803 | ||||||
1.75% due 01/15/2028 | 13,830,252 | 15,418,352 | ||||||
2.00% due 01/15/2026 | 4,494,660 | 4,981,357 | ||||||
2.13% due 02/15/2040 | 2,822,136 | 3,615,436 | ||||||
2.13% due 02/15/2041 | 4,839,619 | 6,249,792 | ||||||
2.38% due 01/15/2025 | 4,044,990 | 4,502,250 | ||||||
2.38% due 01/15/2027 | 5,041,160 | 5,798,090 | ||||||
2.50% due 01/15/2029 | 10,062,045 | 12,040,118 | ||||||
3.63% due 04/15/2028 | 21,842,321 | 27,931,179 | ||||||
3.88% due 04/15/2029 | 18,165,735 | 24,204,329 | ||||||
145,312,835 | ||||||||
United States Treasury Notes — 31.7% | ||||||||
United States Treasury Notes TIPS(6) | 18,124,510 | 17,979,372 | ||||||
0.13% due 04/15/2021 | 21,366,773 | 21,159,323 | ||||||
0.13% due 01/15/2022 | 5,738,121 | 5,699,082 | ||||||
0.13% due 04/15/2022 | 16,930,134 | 16,782,512 | ||||||
0.13% due 07/15/2022 | 2,541,960 | 2,532,224 | ||||||
0.13% due 01/15/2023 | 17,671,724 | 17,531,218 | ||||||
0.13% due 07/15/2024 | 19,721,567 | 19,594,220 | ||||||
0.13% due 07/15/2026 | 6,766,092 | 6,676,500 | ||||||
0.25% due 01/15/2025 | 7,618,655 | 7,582,581 | ||||||
0.38% due 07/15/2023 | 8,190,900 | 8,237,956 | ||||||
0.38% due 07/15/2025 | 7,455,666 | 7,492,841 | ||||||
0.38% due 01/15/2027 | 6,039,341 | 6,043,328 | ||||||
0.38% due 07/15/2027 | 15,451,859 | 15,494,261 | ||||||
0.50% due 01/15/2028 | 10,818,885 | 10,923,444 | ||||||
0.63% due 04/15/2023 | 12,994,767 | 13,119,895 | ||||||
0.63% due 01/15/2024 | 8,169,375 | 8,282,176 | ||||||
0.63% due 01/15/2026 | 6,053,785 | 6,162,432 | ||||||
0.75% due 07/15/2028 | 10,327,602 | 10,688,957 | ||||||
1.13% due 01/15/2021 | 4,414,992 | 4,451,744 | ||||||
1.25% due 07/15/2020 | 15,732,900 | 15,868,107 | ||||||
222,302,173 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $352,972,677) | 367,615,008 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 20.3% |
| |||||||
Sovereign — 20.3% | ||||||||
Commonwealth of Australia | AUD | 15,525,000 | 11,495,583 | |||||
Commonwealth of Australia | AUD | 3,303,850 | 2,945,375 | |||||
Commonwealth of Australia | AUD | 16,502,100 | 13,708,288 | |||||
Government of Canada | CAD | 17,776,440 | 19,179,116 | |||||
Government of Canada | CAD | 30,959,740 | 25,267,372 | |||||
Government of France | EUR | 3,123,780 | 3,987,296 |
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VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) | ||||||||
Government of New Zealand | NZD | 36,226,945 | $ | 25,777,019 | ||||
Kingdom of Spain | EUR | 14,023,935 | 16,258,856 | |||||
Kingdom of Spain | EUR | 9,593,268 | 12,192,908 | |||||
United Kingdom Inflation Linked Gilt Treasury | GBP | 5,819,700 | 9,367,417 | |||||
United Mexican States | MXN | 43,593,792 | 2,179,473 | |||||
Total Foreign Government Obligations | ||||||||
(cost $145,059,725) | 142,358,703 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Banco Santander SA FRS | 9,950 | 225,865 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.1% |
| |||||||
Banks - Commercial — 0.1% | ||||||||
Corestates Capital II FRS | $ | 669,000 | 618,825 | |||||
Banks - Money Center — 0.2% | ||||||||
BBVA Bancomer SA | 1,145,000 | 1,067,712 | ||||||
Banks - Super Regional — 0.3% | ||||||||
SunTrust Capital III FRS | 1,067,000 | 990,976 | ||||||
Wachovia Capital Trust II FRS | 1,039,000 | 948,088 | ||||||
1,939,064 | ||||||||
Diversified Banking Institutions — 0.9% | ||||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,544,605 | ||||||
Goldman Sachs Group, Inc. | 2,539,000 | 2,388,615 | ||||||
HSBC Holdings PLC | 1,018,000 | 1,002,985 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 386,130 | ||||||
6,322,335 | ||||||||
Electric - Integrated — 0.1% | ||||||||
WEC Energy Group, Inc. FRS | 819,000 | 684,275 | ||||||
Insurance - Life/Health — 1.0% | ||||||||
Prudential Financial, Inc. | 7,000,000 | 7,220,990 | ||||||
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
Insurance - Multi-line — 0.5% | ||||||||
Genworth Holdings, Inc. FRS | $ | 800,000 | $ | 408,000 | ||||
Hartford Financial Services Group, Inc. FRS | 3,202,000 | 2,817,760 | ||||||
3,225,760 | ||||||||
Pipelines — 1.0% | ||||||||
Andeavor Logistics LP | 1,271,000 | 1,266,297 | ||||||
Enbridge, Inc. | 2,670,000 | 2,536,500 | ||||||
Energy Transfer Operating LP | 2,554,000 | 2,349,680 | ||||||
EnLink Midstream Partners LP | 475,000 | 389,500 | ||||||
Enterprise Products Operating LLC | 859,000 | 785,985 | ||||||
7,327,962 | ||||||||
Total Preferred Securities/Capital Securities |
| |||||||
(cost $29,453,057) | 28,406,923 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $675,561,685) | 688,764,819 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.4% | ||||||||
Registered Investment Companies — 1.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 9,194,530 | 9,194,530 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 254,200 | 254,200 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $9,448,730) | 9,448,730 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $685,010,415)(10) | 99.7 | % | 698,213,549 | |||||
Other assets less liabilities | 0.3 | 2,360,221 | ||||||
NET ASSETS | 100.0 | % | $ | 700,573,770 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $39,842,154 representing 5.7% of net assets. |
† | 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) | 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. |
(5) | Collateralized Mortgage Obligation |
(6) | Principal amount of security is adjusted for inflation. |
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | The rate shown is the7-day yield as of May 31, 2019. |
(9) | At May 31, 2019, the Fund had loaned securities with a total value of $4,346,221. This was secured by collateral of $254,200, which was received in cash and subsequently invested in short-term investments currently valued at $254,200 as reported in the Portfolio of Investments. Additional collateral of $4,251,130 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. |
109 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 08/08/19 | $ | 37,108 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 08/15/2019 to 11/15/2048 | 4,214,022 |
(10) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
MXN—Mexican Peso
NZD—New Zealand Dollar
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2019 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
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | — | $ | 34,860,489 | $ | — | $ | 34,860,489 | ||||||||
U.S. Corporate Bonds & Notes | — | 69,679,902 | — | 69,679,902 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 10,328,344 | 10,080,000 | 20,408,344 | ||||||||||||
Other Industries | — | 20,258,918 | — | 20,258,918 | ||||||||||||
U.S. Government Agencies | — | 4,950,667 | — | 4,950,667 | ||||||||||||
U.S. Government Treasuries | — | 367,615,008 | — | 367,615,008 | ||||||||||||
Foreign Government Obligations | — | 142,358,703 | — | 142,358,703 | ||||||||||||
Preferred Securities | 225,865 | — | — | 225,865 | ||||||||||||
Preferred Securities/Capital Securities | — | 28,406,923 | — | 28,406,923 | ||||||||||||
Short-Term Investment Securities | 9,448,730 | — | — | 9,448,730 | ||||||||||||
Total Investments at Value | $ | 9,674,595 | $ | 678,458,954 | $ | 10,080,000 | $ | 698,213,549 | ||||||||
* | 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:
Foreign Corporate Bonds & Notes | ||||
Balance as of 05/31/2018 | $ | 18,372,760 | ||
Accrued Discounts | 8,175 | |||
Accrued Premiums | — | |||
Realized Gain | — | |||
Realized Loss | — | |||
Change in unrealized appreciation(1) | 465,000 | |||
Change in unrealized depreciation(1) | (77,135 | ) | ||
Net purchases | 998,500 | |||
Net sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3(2) | (9,687,300 | ) | ||
Balance as of 05/31/2019 | $ | 10,080,000 | ||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2019 includes: |
Foreign Corporate Bonds & Notes | ||||
$ | 465,000 | |||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.
(2) | Security was transferred from Level 3 to Level 2 due to a reassessment of inputs. |
The Fund’s security classified as Level 3, with a fair value of $10,080,000 at May 31, 2019, is attributable to valuations from a single broker which was deemed to be indicative quote (which does not necessarily represent a price the broker may be willing to trade on).
See Notes to Financial Statements
110 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Drugs | 7.0 | % | ||
Banks — Commercial | 5.2 | |||
Diversified Banking Institutions | 4.8 | |||
Exchange-Traded Funds | 4.3 | |||
Oil Companies — Integrated | 4.1 | |||
Repurchase Agreements | 4.0 | |||
Food — Misc./Diversified | 2.9 | |||
Auto — Cars/Light Trucks | 2.7 | |||
Registered Investment Companies | 2.5 | |||
Cosmetics & Toiletries | 2.4 | |||
Telephone — Integrated | 2.3 | |||
Insurance — Life/Health | 2.0 | |||
Electric — Integrated | 2.0 | |||
Insurance — Multi-line | 1.8 | |||
Real Estate Investment Trusts | 1.8 | |||
Food — Retail | 1.4 | |||
Chemicals — Diversified | 1.4 | |||
Transport — Rail | 1.4 | |||
Real Estate Operations & Development | 1.2 | |||
Diversified Minerals | 1.1 | |||
Beverages — Wine/Spirits | 1.1 | |||
Brewery | 1.0 | |||
Metal — Diversified | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Tobacco | 1.0 | |||
Import/Export | 1.0 | |||
Cellular Telecom | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Medical Products | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Electronic Components — Misc. | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Finance — Other Services | 0.8 | |||
Semiconductor Equipment | 0.7 | |||
Textile — Apparel | 0.7 | |||
Insurance — Property/Casualty | 0.7 | |||
Commercial Services | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Gas — Distribution | 0.7 | |||
Insurance — Reinsurance | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Soap & Cleaning Preparation | 0.6 | |||
Computer Services | 0.6 | |||
Machinery — General Industrial | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Audio/Video Products | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Transport — Services | 0.5 | |||
Electric — Generation | 0.5 | |||
Building Products — Cement | 0.5 | |||
Food — Dairy Products | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Building & Construction Products — Misc. | 0.4 | |||
Rubber — Tires | 0.4 | |||
Investment Companies | 0.4 | |||
Athletic Footwear | 0.4 | |||
Industrial Gases | 0.4 | |||
Human Resources | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Diversified Operations | 0.4 | |||
Retail — Jewelry | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Toys | 0.4 | |||
Multimedia | 0.4 | |||
Medical Instruments | 0.4 |
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Aerospace/Defense | 0.3 | |||
U.S. Government Treasuries | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Steel — Producers | 0.3 | |||
Food — Catering | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Paper & Related Products | 0.3 | |||
Dialysis Centers | 0.3 | |||
Hotels/Motels | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Telecom Services | 0.2 | |||
Casino Hotels | 0.2 | |||
Transactional Software | 0.2 | |||
Beverages —Non-alcoholic | 0.2 | |||
Instruments — Controls | 0.2 | |||
Optical Supplies | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Networking Products | 0.2 | |||
Private Equity | 0.2 | |||
Machinery — Farming | 0.2 | |||
Wireless Equipment | 0.2 | |||
Coatings/Paint | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Electric — Distribution | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Advertising Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Electric — Transmission | 0.2 | |||
Entertainment Software | 0.2 | |||
Medical Labs & Testing Services | 0.1 | |||
Security Services | 0.1 | |||
Water | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Computer Aided Design | 0.1 | |||
Computer Data Security | 0.1 | |||
Food — Confectionery | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Casino Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Advertising Agencies | 0.1 | |||
Gold Mining | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Fisheries | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Food — Meat Products | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Electronics — Military | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Bicycle Manufacturing | 0.1 |
111 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Rental Auto/Equipment | 0.1 | % | ||
Pipelines | 0.1 | |||
Gas — Transportation | 0.1 | |||
Applications Software | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Printing — Commercial | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Cruise Lines | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Retail — Discount | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Metal — Iron | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Leisure Products | 0.1 | |||
Building Products — Doors & Windows | 0.1 | �� | ||
101.5 | % | |||
Country Allocation*
Japan | 21.7 | % | ||
United Kingdom | 14.6 | |||
United States | 11.1 | |||
France | 9.2 | |||
Switzerland | 8.4 | |||
Germany | 7.8 | |||
Australia | 6.5 | |||
Netherlands | 4.1 | |||
Spain | 2.7 | |||
Hong Kong | 2.6 | |||
Sweden | 2.1 | |||
Italy | 1.7 | |||
Denmark | 1.6 | |||
Singapore | 1.2 | |||
Finland | 1.1 | |||
Belgium | 0.9 | |||
Jersey | 0.6 | |||
Norway | 0.6 | |||
Cayman Islands | 0.6 | |||
Ireland | 0.6 | |||
Israel | 0.5 | |||
Bermuda | 0.3 | |||
Luxembourg | 0.3 | |||
New Zealand | 0.2 | |||
Austria | 0.2 | |||
SupraNational | 0.2 | |||
Portugal | 0.1 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
112 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 90.4% | ||||||||
Australia — 6.5% | ||||||||
AGL Energy, Ltd. | 46,199 | $ | 657,135 | |||||
Alumina, Ltd. | 188,700 | 311,832 | ||||||
Amcor, Ltd. | 84,245 | 962,083 | ||||||
AMP, Ltd.# | 211,111 | 316,726 | ||||||
APA Group | 80,758 | 566,909 | ||||||
Aristocrat Leisure, Ltd. | 41,068 | 827,396 | ||||||
ASX, Ltd. | 14,268 | 747,694 | ||||||
Aurizon Holdings, Ltd. | 143,587 | 514,378 | ||||||
AusNet Services | 125,630 | 154,988 | ||||||
Australia & New Zealand Banking Group, Ltd. | 204,204 | 3,940,746 | ||||||
Bank of Queensland, Ltd.# | 26,615 | 170,550 | ||||||
Bendigo & Adelaide Bank, Ltd. | 32,122 | 249,411 | ||||||
BGP Holdings PLC†(1) | 835,027 | 0 | ||||||
BHP Group, Ltd. | 209,337 | 5,466,142 | ||||||
BlueScope Steel, Ltd. | 40,571 | 294,836 | ||||||
Boral, Ltd. | 82,816 | 311,173 | ||||||
Brambles, Ltd. | 111,996 | 937,541 | ||||||
Caltex Australia, Ltd. | 19,531 | 356,600 | ||||||
Challenger, Ltd. | 41,315 | 230,197 | ||||||
CIMIC Group, Ltd. | 7,629 | 238,379 | ||||||
Coca-Cola Amatil, Ltd. | 36,036 | 237,663 | ||||||
Cochlear, Ltd. | 4,237 | 587,823 | ||||||
Coles Group, Ltd.† | 81,100 | 699,612 | ||||||
Commonwealth Bank of Australia | 125,786 | 6,834,419 | ||||||
Computershare, Ltd. | 32,796 | 377,488 | ||||||
Crown Resorts, Ltd. | 26,919 | 233,607 | ||||||
CSL, Ltd. | 32,109 | 4,567,069 | ||||||
Dexus | 77,563 | 694,917 | ||||||
Domino’s Pizza Enterprises, Ltd.# | 4,349 | 117,833 | ||||||
Flight Centre Travel Group, Ltd. | 4,202 | 126,782 | ||||||
Fortescue Metals Group, Ltd. | 98,450 | 545,680 | ||||||
Goodman Group | 116,569 | 1,081,738 | ||||||
GPT Group | 124,925 | 498,411 | ||||||
Harvey Norman Holdings, Ltd.# | 39,521 | 113,550 | ||||||
Incitec Pivot, Ltd. | 123,358 | 280,357 | ||||||
Insurance Australia Group, Ltd. | 169,510 | 897,392 | ||||||
LendLease Group | 40,862 | 402,522 | ||||||
Macquarie Group, Ltd. | 22,909 | 1,908,912 | ||||||
Medibank Private, Ltd. | 200,714 | 458,602 | ||||||
Mirvac Group | 274,370 | 575,253 | ||||||
National Australia Bank, Ltd. | 197,354 | 3,619,750 | ||||||
Newcrest Mining, Ltd. | 55,681 | 1,057,112 | ||||||
Orica, Ltd. | 27,724 | 396,450 | ||||||
Origin Energy, Ltd. | 125,305 | 621,470 | ||||||
QBE Insurance Group, Ltd. | 98,587 | 796,882 | ||||||
Ramsay Health Care, Ltd. | 9,887 | 477,648 | ||||||
REA Group, Ltd. | 3,971 | 243,865 | ||||||
Rio Tinto, Ltd. | 26,376 | 1,829,428 | ||||||
Santos, Ltd. | 125,818 | 586,401 | ||||||
Scentre Group | 378,348 | 995,039 | ||||||
SEEK, Ltd. | 24,730 | 357,630 | ||||||
Sonic Healthcare, Ltd. | 30,803 | 558,013 | ||||||
South32, Ltd. | 373,260 | 857,001 | ||||||
Stockland | 172,428 | 528,074 | ||||||
Suncorp Group, Ltd. | 91,115 | 821,630 | ||||||
Sydney Airport | 81,016 | 416,139 | ||||||
Tabcorp Holdings, Ltd. | 138,872 | 433,553 | ||||||
Telstra Corp., Ltd. | 291,845 | 738,527 | ||||||
TPG Telecom, Ltd. | 24,261 | 105,693 | ||||||
Transurban Group | 190,095 | 1,835,182 | ||||||
Treasury Wine Estates, Ltd. | 52,547 | 543,923 | ||||||
Vicinity Centres | 242,195 | 432,683 | ||||||
Washington H. Soul Pattinson & Co., Ltd. | 7,655 | 118,224 | ||||||
Wesfarmers, Ltd. | 81,100 | 2,078,973 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) | ||||||||
Westpac Banking Corp. | 244,082 | $ | 4,647,257 | |||||
Woodside Petroleum, Ltd. | 66,566 | 1,631,290 | ||||||
Woolworths Group, Ltd. | 93,385 | 2,028,288 | ||||||
WorleyParsons, Ltd.# | 22,817 | 207,315 | ||||||
67,457,786 | ||||||||
Austria — 0.2% | ||||||||
ANDRITZ AG# | 5,428 | 194,923 | ||||||
Erste Group Bank AG | 20,673 | 732,742 | ||||||
OMV AG | 10,710 | 502,713 | ||||||
Raiffeisen Bank International AG | 10,543 | 244,773 | ||||||
Verbund AG# | 4,839 | 242,006 | ||||||
voestalpine AG | 8,261 | 214,930 | ||||||
2,132,087 | ||||||||
Belgium — 0.9% | ||||||||
Ageas | 13,267 | 646,964 | ||||||
Anheuser-Busch InBev SA NV# | 54,090 | 4,399,964 | ||||||
Colruyt SA | 4,269 | 317,034 | ||||||
Groupe Bruxelles Lambert SA | 6,021 | 560,373 | ||||||
KBC Group NV | 17,896 | 1,175,444 | ||||||
Proximus SADP | 11,273 | 325,997 | ||||||
Solvay SA | 5,313 | 497,012 | ||||||
Telenet Group Holding NV | 3,920 | 212,208 | ||||||
UCB SA | 9,282 | 709,008 | ||||||
Umicore SA# | 14,944 | 443,859 | ||||||
9,287,863 | ||||||||
Bermuda — 0.3% | ||||||||
CK Infrastructure Holdings, Ltd. | 47,000 | 362,741 | ||||||
Dairy Farm International Holdings, Ltd. | 24,326 | 186,058 | ||||||
Hongkong Land Holdings, Ltd. | 83,800 | 546,392 | ||||||
Jardine Matheson Holdings, Ltd. | 15,386 | 986,743 | ||||||
Jardine Strategic Holdings, Ltd. | 15,461 | 577,324 | ||||||
Kerry Properties, Ltd. | 46,500 | 176,243 | ||||||
NWS Holdings, Ltd. | 108,000 | 212,702 | ||||||
Shangri-La Asia, Ltd. | 76,000 | 96,778 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 52,500 | 146,765 | ||||||
3,291,746 | ||||||||
Cayman Islands — 0.6% | ||||||||
ASM Pacific Technology, Ltd. | 21,600 | 209,172 | ||||||
BeiGene, Ltd. ADR†# | 2,318 | 273,362 | ||||||
CK Asset Holdings, Ltd. | 185,308 | 1,337,156 | ||||||
CK Hutchison Holdings, Ltd. | 191,808 | 1,808,685 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 14,706 | 283,826 | ||||||
MGM China Holdings, Ltd.# | 69,600 | 107,369 | ||||||
Sands China, Ltd. | 177,200 | 800,286 | ||||||
WH Group, Ltd.* | 678,000 | 607,411 | ||||||
Wharf Real Estate Investment Co., Ltd. | 87,000 | 592,747 | ||||||
Wynn Macau, Ltd. | 114,800 | 244,170 | ||||||
6,264,184 | ||||||||
Denmark — 1.6% | ||||||||
AP Moller - Maersk A/S, Series A | 282 | 283,820 | ||||||
AP Moller - Maersk A/S, Series B | 454 | 480,483 | ||||||
Carlsberg A/S, Class B | 7,611 | 998,889 | ||||||
Chr. Hansen Holding A/S | 7,076 | 736,930 | ||||||
Coloplast A/S, Class B | 8,249 | 879,176 | ||||||
Danske Bank A/S | 50,934 | 830,230 | ||||||
Demant Holding A/S†# | 7,179 | 240,444 | ||||||
Drilling Co. of 1972 A/S† | 1,472 | 94,027 | ||||||
DSV A/S | 13,406 | 1,192,259 | ||||||
Genmab A/S† | 4,365 | 746,081 | ||||||
H. Lundbeck A/S | 4,909 | 195,796 |
113 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Denmark (continued) | ||||||||
ISS A/S | 11,839 | $ | 332,839 | |||||
Novo Nordisk A/S, Class B | 129,195 | 6,089,332 | ||||||
Novozymes A/S, Class B | 15,883 | 745,178 | ||||||
Orsted A/S* | 13,325 | 1,061,576 | ||||||
Pandora A/S | 7,845 | 290,587 | ||||||
Tryg A/S | 7,967 | 248,990 | ||||||
Vestas Wind Systems A/S | 13,895 | 1,128,297 | ||||||
16,574,934 | ||||||||
Finland — 1.1% | ||||||||
Elisa Oyj | 10,717 | 477,613 | ||||||
Fortum Oyj | 32,722 | 698,256 | ||||||
Kone Oyj, Class B | 24,420 | 1,329,740 | ||||||
Metso Oyj | 8,320 | 268,529 | ||||||
Neste Oyj | 30,061 | 1,013,231 | ||||||
Nokia Oyj | 400,796 | 2,004,570 | ||||||
Nokian Renkaat Oyj | 8,381 | 239,058 | ||||||
Nordea Bank Abp | 216,439 | 1,526,443 | ||||||
Orion Oyj, Class B | 7,400 | 241,815 | ||||||
Sampo Oyj, Class A | 31,983 | 1,383,491 | ||||||
Stora Enso Oyj, Class R | 40,938 | 431,393 | ||||||
UPM-Kymmene Oyj | 37,990 | 949,174 | ||||||
Wartsila Oyj Abp | 32,816 | 478,705 | ||||||
11,042,018 | ||||||||
France — 9.2% | ||||||||
Accor SA | 13,405 | 493,865 | ||||||
Aeroports de Paris | 2,199 | 377,202 | ||||||
Air Liquide SA | 30,434 | 3,784,550 | ||||||
Alstom SA | 10,970 | 499,331 | ||||||
Amundi SA* | 4,267 | 276,714 | ||||||
Arkema SA | 4,745 | 399,018 | ||||||
Atos SE | 6,676 | 507,036 | ||||||
AXA SA | 136,929 | 3,368,173 | ||||||
BioMerieux | 2,876 | 234,784 | ||||||
BNP Paribas SA# | 79,774 | 3,635,948 | ||||||
Bollore SA | 62,795 | 283,121 | ||||||
Bouygues SA | 15,583 | 546,135 | ||||||
Bureau Veritas SA# | 19,095 | 449,354 | ||||||
Capgemini SE# | 11,338 | 1,265,203 | ||||||
Carrefour SA | 42,064 | 790,129 | ||||||
Casino Guichard Perrachon SA# | 4,178 | 158,879 | ||||||
Cie de Saint-Gobain | 35,192 | 1,276,314 | ||||||
Cie Generale des Etablissements Michelin SCA | 12,203 | 1,395,789 | ||||||
CNP Assurances | 12,765 | 273,486 | ||||||
Covivio | 3,236 | 339,369 | ||||||
Credit Agricole SA# | 79,281 | �� | 904,033 | |||||
Danone SA | 43,785 | 3,494,577 | ||||||
Dassault Aviation SA | 161 | 201,088 | ||||||
Dassault Systemes SE | 9,148 | 1,355,749 | ||||||
Edenred | 16,741 | 764,510 | ||||||
Eiffage SA | 5,685 | 542,939 | ||||||
Electricite de France SA | 41,631 | 585,029 | ||||||
Engie SA# | 129,463 | 1,805,136 | ||||||
EssilorLuxottica SA | 20,329 | 2,331,704 | ||||||
Eurazeo SE | 2,854 | 199,931 | ||||||
Eutelsat Communications SA | 11,271 | 197,799 | ||||||
Faurecia SA | 5,345 | 196,331 | ||||||
Gecina SA | 3,284 | 469,032 | ||||||
Getlink SE | 31,265 | 481,691 | ||||||
Hermes International | 2,248 | 1,495,356 | ||||||
ICADE | 2,383 | 202,228 | ||||||
Iliad SA# | 1,955 | 224,537 | ||||||
Imerys SA | 2,546 | 110,746 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) | ||||||||
Ingenico Group SA | 3,964 | $ | 317,512 | |||||
Ipsen SA | 2,658 | 317,079 | ||||||
JCDecaux SA | 4,947 | 138,334 | ||||||
Kering SA | 5,368 | 2,788,381 | ||||||
Klepierre SA | 14,735 | 501,028 | ||||||
L’Oreal SA | 17,819 | 4,782,109 | ||||||
Legrand SA | 19,248 | 1,294,729 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 19,738 | 7,478,485 | ||||||
Natixis SA# | 68,466 | 313,205 | ||||||
Orange SA# | 141,400 | 2,210,108 | ||||||
Pernod Ricard SA | 15,176 | 2,669,614 | ||||||
Peugeot SA | 41,562 | 926,320 | ||||||
Publicis Groupe SA | 15,045 | 822,969 | ||||||
Remy Cointreau SA | 1,783 | 244,868 | ||||||
Renault SA | 13,573 | 815,075 | ||||||
Safran SA | 23,256 | 3,052,085 | ||||||
Sanofi | 80,043 | 6,464,205 | ||||||
Sartorius Stedim Biotech | 1,965 | 272,255 | ||||||
Schneider Electric SE | 38,836 | 3,063,176 | ||||||
SCOR SE | 12,143 | 498,920 | ||||||
SEB SA | 1,597 | 260,631 | ||||||
Societe BIC SA# | 1,822 | 142,038 | ||||||
Societe Generale SA | 54,565 | 1,366,032 | ||||||
Sodexo SA | 6,423 | 738,103 | ||||||
Suez# | 26,068 | 348,279 | ||||||
Teleperformance | 4,099 | 785,966 | ||||||
Thales SA | 7,432 | 817,007 | ||||||
TOTAL SA | 168,944 | 8,739,029 | ||||||
Ubisoft Entertainment SA† | 5,591 | 458,476 | ||||||
Valeo SA# | 16,828 | 444,328 | ||||||
Veolia Environnement SA | 37,862 | 878,370 | ||||||
Vinci SA | 36,054 | 3,558,784 | ||||||
Vivendi SA# | 64,971 | 1,746,230 | ||||||
Wendel SA | 2,062 | 261,408 | ||||||
Worldline SA†* | 5,840 | 350,970 | ||||||
95,782,924 | ||||||||
Germany — 7.8% | ||||||||
1&1 Drillisch AG | 3,752 | 115,042 | ||||||
adidas AG | 12,817 | 3,668,193 | ||||||
Allianz SE | 30,160 | 6,698,965 | ||||||
Axel Springer SE | 3,450 | 213,744 | ||||||
BASF SE | 65,311 | 4,312,512 | ||||||
Bayer AG | 66,310 | 3,911,187 | ||||||
Bayerische Motoren Werke AG | 23,321 | 1,615,298 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 3,981 | 235,870 | ||||||
Beiersdorf AG | 7,163 | 824,592 | ||||||
Brenntag AG | 11,150 | 518,089 | ||||||
Carl Zeiss Meditec AG BR | 2,860 | 268,940 | ||||||
Commerzbank AG | 71,324 | 502,390 | ||||||
Continental AG | 7,919 | 1,078,077 | ||||||
Covestro AG* | 12,353 | 540,367 | ||||||
Daimler AG | 64,828 | 3,363,397 | ||||||
Delivery Hero SE†* | 7,992 | 343,325 | ||||||
Deutsche Bank AG | 139,746 | 948,759 | ||||||
Deutsche Boerse AG | 13,585 | 1,877,855 | ||||||
Deutsche Lufthansa AG | 17,562 | 334,065 | ||||||
Deutsche Post AG | 70,201 | 2,068,292 | ||||||
Deutsche Telekom AG | 235,411 | 3,973,412 | ||||||
Deutsche Wohnen SE | 25,137 | 1,186,474 | ||||||
E.ON SE | 155,437 | 1,623,417 | ||||||
Evonik Industries AG | 13,245 | 347,637 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,772 | 218,168 | ||||||
Fresenius Medical Care AG & Co. KGaA | 15,139 | 1,104,714 |
114 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Germany (continued) | ||||||||
Fresenius SE & Co. KGaA | 29,462 | $ | 1,495,629 | |||||
Fuchs Petrolub SE (Preference Shares) | 5,403 | 210,655 | ||||||
GEA Group AG | 11,544 | 315,240 | ||||||
Hannover Rueck SE | 4,474 | 670,768 | ||||||
HeidelbergCement AG | 10,443 | 776,715 | ||||||
Henkel AG & Co. KGaA | 7,591 | 657,449 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 12,683 | 1,158,571 | ||||||
HOCHTIEF AG | 1,463 | 173,741 | ||||||
HUGO BOSS AG | 4,860 | 282,786 | ||||||
Infineon Technologies AG | 80,604 | 1,453,950 | ||||||
Innogy SE* | 9,817 | 445,034 | ||||||
KION Group AG | 5,015 | 273,283 | ||||||
Knorr-Bremse AG† | 3,436 | 378,320 | ||||||
LANXESS AG | 6,214 | 311,212 | ||||||
Merck KGaA | 9,357 | 903,710 | ||||||
METRO AG | 12,056 | 189,915 | ||||||
MTU Aero Engines AG | 3,634 | 785,759 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 10,633 | 2,566,556 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 10,897 | 679,174 | ||||||
Puma SE | 593 | 344,972 | ||||||
RWE AG | 38,865 | 970,796 | ||||||
SAP SE | 69,824 | 8,628,347 | ||||||
Sartorius AG (Preference Shares) | 2,528 | 479,863 | ||||||
Siemens AG | 54,333 | 6,155,363 | ||||||
Siemens Healthineers AG* | 10,641 | 413,740 | ||||||
Symrise AG | 8,980 | 841,681 | ||||||
Telefonica Deutschland Holding AG | 53,043 | 148,770 | ||||||
thyssenkrupp AG | 28,752 | 363,935 | ||||||
TUI AG | 31,357 | 289,901 | ||||||
Uniper SE | 14,171 | 397,486 | ||||||
United Internet AG | 8,730 | 312,437 | ||||||
Volkswagen AG | 2,310 | 366,828 | ||||||
Volkswagen AG (Preference Shares) | 13,109 | 2,045,335 | ||||||
Vonovia SE | 34,525 | 1,810,806 | ||||||
Wirecard AG | 8,322 | 1,301,791 | ||||||
Zalando SE†* | 8,906 | 353,441 | ||||||
80,846,740 | ||||||||
Hong Kong — 2.6% | ||||||||
AIA Group, Ltd. | 856,000 | 8,019,338 | ||||||
Bank of East Asia, Ltd. | 85,600 | 266,182 | ||||||
BOC Hong Kong Holdings, Ltd. | 265,500 | 1,017,121 | ||||||
CLP Holdings, Ltd. | 118,500 | 1,339,685 | ||||||
Galaxy Entertainment Group, Ltd. | 154,000 | 929,152 | ||||||
Hang Lung Properties, Ltd. | 146,000 | 306,632 | ||||||
Hang Seng Bank, Ltd. | 54,600 | 1,366,866 | ||||||
Henderson Land Development Co., Ltd. | 102,231 | 527,415 | ||||||
Hong Kong & China Gas Co., Ltd. | 722,616 | 1,594,971 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 83,900 | 2,660,956 | ||||||
Hysan Development Co., Ltd. | 44,000 | 228,610 | ||||||
Link REIT | 150,000 | 1,798,228 | ||||||
MTR Corp., Ltd. | 104,000 | 635,432 | ||||||
New World Development Co., Ltd. | 435,000 | 639,415 | ||||||
PCCW, Ltd. | 296,000 | 168,332 | ||||||
Power Assets Holdings, Ltd. | 100,500 | 694,535 | ||||||
Sino Land Co., Ltd. | 236,000 | 376,675 | ||||||
SJM Holdings, Ltd. | 141,000 | 155,673 | ||||||
Sun Hung Kai Properties, Ltd. | 114,500 | 1,809,904 | ||||||
Swire Pacific, Ltd., Class A | 35,500 | 419,821 | ||||||
Swire Properties, Ltd. | 84,600 | 347,988 | ||||||
Techtronic Industries Co., Ltd. | 100,500 | 639,009 | ||||||
Vitasoy International Holdings, Ltd. | 52,000 | 278,919 | ||||||
Wharf Holdings, Ltd. | 87,000 | 222,054 | ||||||
Wheelock & Co., Ltd. | 58,000 | 383,154 | ||||||
26,826,067 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 0.6% | ||||||||
AIB Group PLC | 57,638 | $ | 235,299 | |||||
Bank of Ireland Group PLC | 67,506 | 359,705 | ||||||
CRH PLC | 57,650 | 1,803,553 | ||||||
DCC PLC | 6,981 | 587,904 | ||||||
Flutter Entertainment PLC† | 6,043 | 430,395 | ||||||
James Hardie Industries PLC CDI | 31,649 | 401,559 | ||||||
Kerry Group PLC, Class A | 11,285 | 1,303,902 | ||||||
Kingspan Group PLC | 10,883 | 565,342 | ||||||
Smurfit Kappa Group PLC | 16,002 | 442,151 | ||||||
6,129,810 | ||||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 38,647 | 293,595 | ||||||
Israel — 0.5% | ||||||||
Azrieli Group, Ltd. | 2,644 | 157,937 | ||||||
Bank Hapoalim B.M. | 77,903 | 560,657 | ||||||
Bank LeumiLe-Israel B.M. | 107,071 | 718,080 | ||||||
Bezeq The Israeli Telecommunication Corp., Ltd. | 140,855 | 86,606 | ||||||
Check Point Software Technologies, Ltd.† | 8,881 | 979,397 | ||||||
CyberArk Software, Ltd.† | 2,643 | 349,008 | ||||||
Elbit Systems, Ltd. | 1,658 | 236,001 | ||||||
Israel Chemicals, Ltd. | 50,805 | 254,561 | ||||||
Mizrahi Tefahot Bank, Ltd. | 10,165 | 222,217 | ||||||
NICE, Ltd.† | 4,310 | 601,346 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 77,423 | 669,709 | ||||||
Wix.com, Ltd.† | 3,092 | 424,655 | ||||||
5,260,174 | ||||||||
Italy — 1.7% | ||||||||
Assicurazioni Generali SpA | 77,850 | 1,366,198 | ||||||
Atlantia SpA | 35,133 | 878,685 | ||||||
Davide Campari-Milano SpA | 40,454 | 394,815 | ||||||
Enel SpA | 578,403 | 3,604,194 | ||||||
Eni SpA | 181,577 | 2,739,262 | ||||||
FinecoBank Banca Fineco SpA | 36,777 | 379,953 | ||||||
Intesa Sanpaolo SpA# | 1,058,103 | 2,166,052 | ||||||
Leonardo SpA | 29,108 | 322,741 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 44,112 | 406,618 | ||||||
Moncler SpA | 12,722 | 467,617 | ||||||
Pirelli & C SpA#* | 28,567 | 162,802 | ||||||
Poste Italiane SpA* | 37,230 | 361,583 | ||||||
Prysmian SpA† | 17,080 | 284,235 | ||||||
Recordati SpA | 7,375 | 304,482 | ||||||
Snam SpA | 147,897 | 743,241 | ||||||
Telecom Italia SpA† | 648,161 | 317,759 | ||||||
Telecom Italia SpA RSP | 450,374 | 209,867 | ||||||
Terna Rete Elettrica Nazionale SpA | 101,169 | 618,683 | ||||||
UniCredit SpA | 142,159 | 1,613,009 | ||||||
17,341,796 | ||||||||
Japan — 21.7% | ||||||||
ABC-Mart, Inc. | 2,300 | 143,519 | ||||||
Acom Co., Ltd. | 29,500 | 98,861 | ||||||
Advantest Corp. | 14,200 | 329,132 | ||||||
Aeon Co., Ltd. | 46,500 | 801,678 | ||||||
AEON Financial Service Co., Ltd. | 8,100 | 129,255 | ||||||
Aeon Mall Co., Ltd. | 8,200 | 120,143 | ||||||
AGC, Inc. | 13,200 | 423,132 | ||||||
Air Water, Inc. | 11,500 | 171,039 | ||||||
Aisin Seiki Co., Ltd. | 11,600 | 384,190 | ||||||
Ajinomoto Co., Inc. | 32,700 | 554,872 | ||||||
Alfresa Holdings Corp. | 12,900 | 324,667 | ||||||
Alps Alpine Co., Ltd. | 14,202 | 234,810 | ||||||
Amada Holdings Co., Ltd. | 24,800 | 253,491 |
115 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
ANA Holdings, Inc. | 8,700 | $ | 290,787 | |||||
Aozora Bank, Ltd. | 8,300 | 200,870 | ||||||
Asahi Group Holdings, Ltd. | 25,800 | 1,130,432 | ||||||
Asahi Intecc Co., Ltd. | 6,900 | 352,081 | ||||||
Asahi Kasei Corp. | 91,100 | 937,301 | ||||||
Astellas Pharma, Inc. | 133,800 | 1,789,666 | ||||||
Bandai Namco Holdings, Inc. | 14,100 | 692,423 | ||||||
Bank of Kyoto, Ltd. | 3,700 | 143,731 | ||||||
Benesse Holdings, Inc. | 4,800 | 111,404 | ||||||
Bridgestone Corp. | 40,600 | 1,510,270 | ||||||
Brother Industries, Ltd. | 17,300 | 293,492 | ||||||
Calbee, Inc. | 5,300 | 149,814 | ||||||
Canon, Inc. | 71,600 | 2,016,834 | ||||||
Casio Computer Co., Ltd. | 15,400 | 170,865 | ||||||
Central Japan Railway Co. | 10,200 | 2,125,582 | ||||||
Chiba Bank, Ltd. | 42,800 | 203,537 | ||||||
Chubu Electric Power Co., Inc. | 43,500 | 594,039 | ||||||
Chugai Pharmaceutical Co., Ltd. | 16,300 | 1,086,240 | ||||||
Chugoku Electric Power Co., Inc. | 19,900 | 249,145 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.# | 8,802 | 200,106 | ||||||
Concordia Financial Group, Ltd. | 76,400 | 290,693 | ||||||
Credit Saison Co., Ltd. | 10,700 | 115,194 | ||||||
CyberAgent, Inc. | 7,249 | 277,957 | ||||||
Dai Nippon Printing Co., Ltd. | 18,300 | 396,298 | ||||||
Dai-ichi Life Holdings, Inc. | 75,800 | 1,090,033 | ||||||
Daicel Corp. | 19,000 | 160,939 | ||||||
Daifuku Co., Ltd. | 6,991 | 347,712 | ||||||
Daiichi Sankyo Co., Ltd. | 40,300 | 1,948,035 | ||||||
Daikin Industries, Ltd. | 17,600 | 2,132,292 | ||||||
Daito Trust Construction Co., Ltd. | 5,200 | 676,676 | ||||||
Daiwa House Industry Co., Ltd. | 40,100 | 1,198,517 | ||||||
Daiwa House REIT Investment Corp. | 120 | 283,986 | ||||||
Daiwa Securities Group, Inc. | 114,700 | 500,861 | ||||||
Denso Corp. | 31,000 | 1,193,744 | ||||||
Dentsu, Inc. | 15,300 | 498,078 | ||||||
Disco Corp. | 2,100 | 289,767 | ||||||
East Japan Railway Co. | 22,000 | 2,087,816 | ||||||
Eisai Co., Ltd. | 17,800 | 1,044,007 | ||||||
Electric Power Development Co., Ltd. | 10,300 | 225,651 | ||||||
FamilyMart UNY Holdings Co., Ltd. | 18,000 | 433,054 | ||||||
FANUC Corp. | 13,700 | 2,309,453 | ||||||
Fast Retailing Co., Ltd. | 4,100 | 2,371,669 | ||||||
Fuji Electric Co., Ltd. | 8,100 | 269,939 | ||||||
FUJIFILM Holdings Corp. | 25,600 | 1,221,518 | ||||||
Fujitsu, Ltd. | 14,100 | 954,021 | ||||||
Fukuoka Financial Group, Inc. | 10,900 | 185,040 | ||||||
GMO Payment Gateway, Inc. | 2,900 | 193,656 | ||||||
Hakuhodo DY Holdings, Inc. | 17,100 | 267,132 | ||||||
Hamamatsu Photonics KK | 10,100 | 357,629 | ||||||
Hankyu Hanshin Holdings, Inc. | 16,600 | 594,541 | ||||||
Hikari Tsushin, Inc. | 1,500 | 303,421 | ||||||
Hino Motors, Ltd. | 18,400 | 145,755 | ||||||
Hirose Electric Co., Ltd. | 2,335 | 254,162 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,100 | 163,137 | ||||||
Hitachi Chemical Co., Ltd. | 7,600 | 202,473 | ||||||
Hitachi Construction Machinery Co., Ltd. | 7,900 | 182,457 | ||||||
Hitachi High-Technologies Corp. | 4,400 | 185,657 | ||||||
Hitachi Metals, Ltd. | 16,200 | 160,217 | ||||||
Hitachi, Ltd. | 68,700 | 2,314,718 | ||||||
Honda Motor Co., Ltd. | 115,900 | 2,856,814 | ||||||
Hoshizaki Corp. | 3,900 | 295,401 | ||||||
Hoya Corp. | 27,400 | 1,896,277 | ||||||
Hulic Co., Ltd. | 21,500 | 169,826 | ||||||
Idemitsu Kosan Co., Ltd. | 13,976 | 392,357 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
IHI Corp. | 11,100 | $ | 247,001 | |||||
Iida Group Holdings Co., Ltd. | 10,500 | 165,889 | ||||||
Inpex Corp. | 72,800 | 584,752 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 24,300 | 200,872 | ||||||
Isuzu Motors, Ltd. | 39,200 | 427,879 | ||||||
ITOCHU Corp. | 95,700 | 1,762,697 | ||||||
Itochu Techno-Solutions Corp. | 6,800 | 168,785 | ||||||
J. Front Retailing Co., Ltd. | 17,400 | 180,765 | ||||||
Japan Airlines Co., Ltd. | 8,900 | 279,395 | ||||||
Japan Airport Terminal Co., Ltd. | 3,000 | 113,750 | ||||||
Japan Exchange Group, Inc. | 36,200 | 558,315 | ||||||
Japan Post Bank Co., Ltd. | 29,600 | 303,310 | ||||||
Japan Post Holdings Co., Ltd. | 111,900 | 1,239,562 | ||||||
Japan Prime Realty Investment Corp. | 56 | 239,726 | ||||||
Japan Real Estate Investment Corp. | 92 | 547,398 | ||||||
Japan Retail Fund Investment Corp. | 180 | 362,886 | ||||||
Japan Tobacco, Inc.# | 85,300 | 1,956,401 | ||||||
JFE Holdings, Inc. | 36,100 | 498,321 | ||||||
JGC Corp. | 14,300 | 189,203 | ||||||
JSR Corp. | 13,000 | 183,790 | ||||||
JTEKT Corp. | 14,800 | 155,538 | ||||||
JXTG Holdings, Inc. | 232,000 | 1,099,901 | ||||||
Kajima Corp. | 31,300 | 428,791 | ||||||
Kakaku.com, Inc. | 10,700 | 215,494 | ||||||
Kamigumi Co., Ltd. | 7,500 | 176,242 | ||||||
Kaneka Corp. | 3,900 | 134,472 | ||||||
Kansai Electric Power Co., Inc. | 51,600 | 599,936 | ||||||
Kansai Paint Co., Ltd. | 12,600 | 237,204 | ||||||
Kao Corp. | 35,100 | 2,729,083 | ||||||
Kawasaki Heavy Industries, Ltd. | 10,400 | 231,141 | ||||||
KDDI Corp. | 126,000 | 3,236,313 | ||||||
Keihan Holdings Co., Ltd. | 7,200 | 310,879 | ||||||
Keikyu Corp. | 16,399 | 276,762 | ||||||
Keio Corp. | 7,400 | 492,079 | ||||||
Keisei Electric Railway Co., Ltd. | 9,400 | 351,501 | ||||||
Keyence Corp. | 6,500 | 3,646,037 | ||||||
Kikkoman Corp. | 9,900 | 408,676 | ||||||
Kintetsu Group Holdings Co., Ltd. | 12,400 | 592,789 | ||||||
Kirin Holdings Co., Ltd. | 58,700 | 1,273,182 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 3,401 | 251,251 | ||||||
Kobe Steel, Ltd. | 22,300 | 137,983 | ||||||
Koito Manufacturing Co., Ltd. | 7,500 | 345,768 | ||||||
Komatsu, Ltd. | 65,700 | 1,444,229 | ||||||
Konami Holdings Corp. | 6,600 | 311,373 | ||||||
Konica Minolta, Inc. | 32,200 | 281,786 | ||||||
Kose Corp. | 2,379 | 373,602 | ||||||
Kubota Corp. | 74,400 | 1,129,644 | ||||||
Kuraray Co., Ltd. | 22,500 | 256,922 | ||||||
Kurita Water Industries, Ltd. | 7,400 | 176,325 | ||||||
Kyocera Corp. | 22,900 | 1,395,481 | ||||||
Kyowa Hakko Kirin Co., Ltd.# | 18,100 | 340,962 | ||||||
Kyushu Electric Power Co., Inc. | 27,100 | 267,381 | ||||||
Kyushu Railway Co. | 11,500 | 342,487 | ||||||
Lawson, Inc. | 3,500 | 163,563 | ||||||
LINE Corp.†# | 5,100 | 148,760 | ||||||
Lion Corp. | 15,800 | 304,708 | ||||||
LIXIL Group Corp. | 19,400 | 247,843 | ||||||
M3, Inc. | 30,600 | 575,660 | ||||||
Makita Corp. | 15,800 | 553,411 | ||||||
Marubeni Corp. | 112,200 | 704,235 | ||||||
Marui Group Co., Ltd. | 14,700 | 306,521 | ||||||
Maruichi Steel Tube, Ltd. | 3,300 | 86,436 | ||||||
Mazda Motor Corp. | 39,800 | 386,211 | ||||||
McDonald’s Holdings Co. Japan, Ltd. | 4,700 | 213,625 |
116 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Mebuki Financial Group, Inc. | 66,900 | $ | 167,912 | |||||
Medipal Holdings Corp. | 12,000 | 259,143 | ||||||
MEIJI Holdings Co., Ltd. | 8,100 | 567,455 | ||||||
Mercari, Inc.† | 5,300 | 156,508 | ||||||
Minebea Mitsumi, Inc. | 26,800 | 389,299 | ||||||
MISUMI Group, Inc. | 19,500 | 455,689 | ||||||
Mitsubishi Chemical Holdings Corp. | 91,200 | 596,340 | ||||||
Mitsubishi Corp. | 96,100 | 2,497,283 | ||||||
Mitsubishi Electric Corp. | 129,800 | 1,611,077 | ||||||
Mitsubishi Estate Co., Ltd. | 84,100 | 1,542,490 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 11,700 | 144,913 | ||||||
Mitsubishi Heavy Industries, Ltd. | 22,200 | 970,651 | ||||||
Mitsubishi Materials Corp. | 7,900 | 205,934 | ||||||
Mitsubishi Motors Corp. | 47,700 | 223,509 | ||||||
Mitsubishi Tanabe Pharma Corp. | 16,300 | 191,730 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 874,100 | 4,033,077 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 29,000 | 143,440 | ||||||
Mitsui & Co., Ltd. | 117,700 | 1,811,065 | ||||||
Mitsui Chemicals, Inc. | 13,300 | 289,739 | ||||||
Mitsui Fudosan Co., Ltd. | 64,300 | 1,554,072 | ||||||
Mitsui OSK Lines, Ltd. | 7,899 | 167,014 | ||||||
Mizuho Financial Group, Inc. | 1,711,300 | 2,414,371 | ||||||
MonotaRO Co., Ltd.# | 8,900 | 188,624 | ||||||
MS&AD Insurance Group Holdings, Inc. | 33,800 | 1,067,706 | ||||||
Murata Manufacturing Co., Ltd. | 40,800 | 1,762,342 | ||||||
Nabtesco Corp. | 8,300 | 206,512 | ||||||
Nagoya Railroad Co., Ltd. | 13,000 | 358,038 | ||||||
NEC Corp. | 19,000 | 700,132 | ||||||
Nexon Co., Ltd.† | 35,000 | 519,223 | ||||||
NGK Insulators, Ltd. | 19,000 | 256,519 | ||||||
NGK Spark Plug Co., Ltd. | 11,300 | 198,135 | ||||||
NH Foods, Ltd. | 6,500 | 262,308 | ||||||
Nidec Corp. | 15,900 | 1,971,333 | ||||||
Nikon Corp. | 22,800 | 311,370 | ||||||
Nintendo Co., Ltd. | 8,100 | 2,864,135 | ||||||
Nippon Building Fund, Inc. | 95 | 650,048 | ||||||
Nippon Electric Glass Co., Ltd.# | 5,500 | 131,813 | ||||||
Nippon Express Co., Ltd. | 5,300 | 281,091 | ||||||
Nippon Paint Holdings Co., Ltd.# | 10,400 | 409,058 | ||||||
Nippon Prologis REIT, Inc. | 129 | 280,857 | ||||||
Nippon Steel Corp. | 57,400 | 949,113 | ||||||
Nippon Telegraph & Telephone Corp. | 45,700 | 2,045,067 | ||||||
Nippon Yusen KK | 11,700 | 175,723 | ||||||
Nissan Chemical Corp. | 8,700 | 366,843 | ||||||
Nissan Motor Co., Ltd. | 166,000 | 1,123,188 | ||||||
Nisshin Seifun Group, Inc. | 14,100 | 327,744 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,200 | 252,484 | ||||||
Nitori Holdings Co., Ltd. | 5,600 | 666,275 | ||||||
Nitto Denko Corp. | 11,500 | 501,742 | ||||||
Nomura Holdings, Inc. | 246,600 | 773,596 | ||||||
Nomura Real Estate Holdings, Inc. | 9,000 | 184,346 | ||||||
Nomura Real Estate Master Fund, Inc. | 276 | 428,595 | ||||||
Nomura Research Institute, Ltd. | 7,900 | 384,090 | ||||||
NSK, Ltd. | 27,500 | 218,957 | ||||||
NTT Data Corp. | 44,500 | 530,045 | ||||||
NTT DOCOMO, Inc. | 94,100 | 2,158,746 | ||||||
Obayashi Corp. | 46,800 | 429,626 | ||||||
OBIC Co., Ltd. | 4,600 | 552,277 | ||||||
Odakyu Electric Railway Co., Ltd. | 20,899 | 515,932 | ||||||
Oji Holdings Corp. | 57,400 | 295,401 | ||||||
Olympus Corp. | 82,400 | 970,974 | ||||||
Omron Corp. | 13,600 | 639,143 | ||||||
Ono Pharmaceutical Co., Ltd. | 27,100 | 476,797 | ||||||
Oracle Corp. Japan | 2,600 | 180,085 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) | ||||||||
Oriental Land Co., Ltd. | 14,200 | $ | 1,731,556 | |||||
ORIX Corp. | 93,400 | 1,315,243 | ||||||
Osaka Gas Co., Ltd. | 27,200 | 482,764 | ||||||
Otsuka Corp. | 6,700 | 259,818 | ||||||
Otsuka Holdings Co., Ltd. | 27,700 | 929,656 | ||||||
Pan Pacific International Holdings Corp | 7,900 | 486,526 | ||||||
Panasonic Corp. | 156,130 | 1,236,215 | ||||||
Park24 Co., Ltd. | 7,300 | 136,499 | ||||||
PeptiDream, Inc.† | 6,600 | 326,913 | ||||||
Persol Holdings Co., Ltd. | 12,574 | 265,407 | ||||||
Pigeon Corp. | 8,200 | 308,140 | ||||||
Pola Orbis Holdings, Inc. | 6,232 | 172,317 | ||||||
Rakuten, Inc. | 61,200 | 634,094 | ||||||
Recruit Holdings Co., Ltd. | 84,383 | 2,692,242 | ||||||
Renesas Electronics Corp.† | 59,700 | 266,473 | ||||||
Resona Holdings, Inc. | 148,700 | 626,695 | ||||||
Ricoh Co., Ltd. | 47,800 | 461,705 | ||||||
Rinnai Corp. | 2,500 | 163,019 | ||||||
Rohm Co., Ltd. | 6,700 | 410,862 | ||||||
Ryohin Keikaku Co., Ltd. | 1,714 | 309,403 | ||||||
Sankyo Co., Ltd. | 3,400 | 129,879 | ||||||
Santen Pharmaceutical Co., Ltd. | 26,700 | 382,311 | ||||||
SBI Holdings, Inc. | 16,000 | 367,390 | ||||||
Secom Co., Ltd. | 14,800 | 1,266,617 | ||||||
Sega Sammy Holdings, Inc. | 13,200 | 155,990 | ||||||
Seibu Holdings, Inc. | 15,700 | 261,832 | ||||||
Seiko Epson Corp. | 20,100 | 294,486 | ||||||
Sekisui Chemical Co., Ltd. | 28,000 | 409,390 | ||||||
Sekisui House, Ltd. | 43,300 | 692,482 | ||||||
Seven & i Holdings Co., Ltd. | 53,100 | 1,787,765 | ||||||
Seven Bank, Ltd. | 43,600 | 111,139 | ||||||
SG Holdings Co., Ltd. | 10,228 | 277,181 | ||||||
Sharp Corp.# | 15,100 | 136,045 | ||||||
Shimadzu Corp. | 15,900 | 395,117 | ||||||
Shimamura Co., Ltd. | 1,500 | 114,267 | ||||||
Shimano, Inc. | 5,300 | 811,636 | ||||||
Shimizu Corp. | 37,500 | 305,388 | ||||||
Shin-Etsu Chemical Co., Ltd. | 26,100 | 2,162,203 | ||||||
Shinsei Bank, Ltd. | 11,800 | 166,450 | ||||||
Shionogi & Co., Ltd. | 19,100 | 1,040,173 | ||||||
Shiseido Co., Ltd. | 28,400 | 2,037,196 | ||||||
Shizuoka Bank, Ltd. | 32,200 | 253,203 | ||||||
Showa Denko KK# | 9,600 | 260,746 | ||||||
SMC Corp. | 4,100 | 1,337,911 | ||||||
Softbank Corp.# | 119,000 | 1,547,276 | ||||||
SoftBank Group Corp. | 58,700 | 5,507,765 | ||||||
Sohgo Security Services Co., Ltd. | 5,100 | 245,883 | ||||||
Sompo Holdings, Inc. | 23,700 | 892,586 | ||||||
Sony Corp. | 89,900 | 4,324,117 | ||||||
Sony Financial Holdings, Inc. | 10,800 | 238,210 | ||||||
Stanley Electric Co., Ltd. | 10,300 | 234,200 | ||||||
Subaru Corp. | 43,500 | 1,004,796 | ||||||
SUMCO Corp.# | 16,604 | 180,920 | ||||||
Sumitomo Chemical Co., Ltd. | 108,600 | 466,536 | ||||||
Sumitomo Corp. | 84,400 | 1,218,257 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 11,500 | 236,103 | ||||||
Sumitomo Electric Industries, Ltd. | 53,700 | 647,876 | ||||||
Sumitomo Heavy Industries, Ltd. | 7,900 | 248,652 | ||||||
Sumitomo Metal Mining Co., Ltd. | 16,900 | 440,099 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 94,500 | 3,285,575 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 23,400 | 854,130 | ||||||
Sumitomo Realty & Development Co., Ltd. | 23,700 | 872,692 | ||||||
Sumitomo Rubber Industries, Ltd.# | 12,700 | 140,055 | ||||||
Sundrug Co., Ltd. | 5,280 | 132,424 |
117 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Suntory Beverage & Food, Ltd. | 10,200 | $ | 423,575 | |||||
Suzuken Co., Ltd. | 5,500 | 337,485 | ||||||
Suzuki Motor Corp. | 26,200 | 1,247,966 | ||||||
Sysmex Corp. | 11,800 | 815,912 | ||||||
T&D Holdings, Inc. | 38,800 | 402,559 | ||||||
Taiheiyo Cement Corp. | 8,600 | 253,012 | ||||||
Taisei Corp. | 14,800 | 538,579 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,500 | 203,230 | ||||||
Taiyo Nippon Sanso Corp. | 9,200 | 172,314 | ||||||
Takeda Pharmaceutical Co., Ltd. | 105,600 | 3,559,870 | ||||||
Takeda Pharmaceutical Co., Ltd. ADR# | 0 | 2 | ||||||
TDK Corp. | 9,200 | 619,674 | ||||||
Teijin, Ltd. | 13,500 | 219,564 | ||||||
Terumo Corp. | 45,900 | 1,297,525 | ||||||
THK Co., Ltd. | 8,100 | 163,684 | ||||||
Tobu Railway Co., Ltd. | 14,000 | 407,459 | ||||||
Toho Co., Ltd. | 8,000 | 342,845 | ||||||
Toho Gas Co., Ltd. | 5,800 | 225,555 | ||||||
Tohoku Electric Power Co., Inc. | 30,000 | 305,161 | ||||||
Tokio Marine Holdings, Inc. | 46,000 | 2,278,511 | ||||||
Tokyo Century Corp. | 3,016 | 121,337 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 106,600 | 547,014 | ||||||
Tokyo Electron, Ltd. | 11,100 | 1,492,199 | ||||||
Tokyo Gas Co., Ltd. | 27,200 | 676,197 | ||||||
Tokyu Corp. | 35,500 | 629,699 | ||||||
Tokyu Fudosan Holdings Corp. | 43,000 | 239,251 | ||||||
Toppan Printing Co., Ltd. | 18,100 | 264,132 | ||||||
Toray Industries, Inc. | 99,500 | 683,296 | ||||||
Toshiba Corp. | 39,600 | 1,258,451 | ||||||
Tosoh Corp. | 18,400 | 231,462 | ||||||
TOTO, Ltd. | 10,000 | 372,038 | ||||||
Toyo Seikan Group Holdings, Ltd. | 11,700 | 220,000 | ||||||
Toyo Suisan Kaisha, Ltd. | 5,800 | 226,829 | ||||||
Toyoda Gosei Co., Ltd. | 4,600 | 80,284 | ||||||
Toyota Industries Corp. | 10,400 | 532,179 | ||||||
Toyota Motor Corp. | 162,300 | 9,560,473 | ||||||
Toyota Tsusho Corp. | 15,400 | 441,675 | ||||||
Trend Micro, Inc. | 8,800 | 394,995 | ||||||
Tsuruha Holdings, Inc.# | 2,504 | 200,302 | ||||||
Unicharm Corp. | 28,700 | 856,306 | ||||||
United Urban Investment Corp. | 214 | 353,331 | ||||||
USS Co., Ltd. | 16,299 | 308,153 | ||||||
Welcia Holdings Co., Ltd. | 3,400 | 119,217 | ||||||
West Japan Railway Co. | 11,700 | 915,504 | ||||||
Yahoo Japan Corp. | 202,400 | 581,738 | ||||||
Yakult Honsha Co., Ltd. | 8,500 | 483,870 | ||||||
Yamada Denki Co., Ltd. | 48,800 | 228,716 | ||||||
Yamaha Corp. | 9,800 | 440,834 | ||||||
Yamaha Motor Co., Ltd.# | 19,200 | 326,584 | ||||||
Yamato Holdings Co., Ltd. | 21,900 | 442,179 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 130,135 | ||||||
Yaskawa Electric Corp. | 17,200 | 496,578 | ||||||
Yokogawa Electric Corp. | 15,400 | 297,519 | ||||||
Yokohama Rubber Co., Ltd. | 7,200 | 120,133 | ||||||
ZOZO, Inc. | 13,693 | 234,687 | ||||||
226,579,891 | ||||||||
Jersey — 0.6% | ||||||||
Experian PLC | 65,512 | 1,980,097 | ||||||
Ferguson PLC | 16,520 | 1,067,059 | ||||||
Glencore PLC | 790,579 | 2,550,287 | ||||||
WPP PLC | 90,261 | 1,075,917 | ||||||
6,673,360 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal | 47,219 | $ | 696,514 | |||||
Aroundtown SA | 54,943 | 466,519 | ||||||
Eurofins Scientific SE# | 780 | 354,107 | ||||||
Millicom International Cellular SA | 4,849 | 272,164 | ||||||
RTL Group SA | 2,866 | 136,845 | ||||||
SES SA FDR | 25,672 | 388,077 | ||||||
Tenaris SA | 34,782 | 407,368 | ||||||
2,721,594 | ||||||||
Mauritius — 0.0% | ||||||||
Golden Agri-Resources, Ltd. | 518,800 | 99,989 | ||||||
Netherlands — 4.1% | ||||||||
ABN AMRO Group NV CVA* | 29,746 | 627,785 | ||||||
Adyen NV†* | 735 | 591,015 | ||||||
Aegon NV | 124,502 | 568,314 | ||||||
AerCap Holdings NV† | 8,895 | 398,674 | ||||||
Airbus SE | 41,334 | 5,311,418 | ||||||
Akzo Nobel NV | 15,928 | 1,341,680 | ||||||
ASML Holding NV | 30,246 | 5,699,377 | ||||||
CNH Industrial NV | 72,618 | 629,823 | ||||||
EXOR NV | 7,397 | 463,602 | ||||||
Ferrari NV | 8,741 | 1,244,739 | ||||||
Fiat Chrysler Automobiles NV | 76,112 | 969,197 | ||||||
Heineken Holding NV | 8,495 | 839,830 | ||||||
Heineken NV | 18,420 | 1,932,322 | ||||||
ING Groep NV | 275,827 | 2,977,697 | ||||||
Koninklijke Ahold Delhaize NV | 84,110 | 1,890,078 | ||||||
Koninklijke DSM NV | 12,811 | 1,439,741 | ||||||
Koninklijke KPN NV | 242,974 | 742,854 | ||||||
Koninklijke Philips NV | 65,811 | 2,593,058 | ||||||
Koninklijke Vopak NV | 5,185 | 211,842 | ||||||
NN Group NV | 21,332 | 809,155 | ||||||
NXP Semiconductors NV | 20,997 | 1,851,095 | ||||||
QIAGEN NV† | 16,099 | 614,276 | ||||||
Randstad NV | 8,445 | 434,345 | ||||||
STMicroelectronics NV# | 48,606 | 739,729 | ||||||
Unilever NV CVA | 103,565 | 6,241,512 | ||||||
Wolters Kluwer NV | 19,876 | 1,386,900 | ||||||
42,550,058 | ||||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co., Ltd.† | 52,170 | 538,019 | ||||||
Auckland International Airport, Ltd. | 71,869 | 411,568 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 40,224 | 404,026 | ||||||
Fletcher Building, Ltd. | 62,993 | 215,766 | ||||||
Meridian Energy, Ltd. | 90,234 | 249,642 | ||||||
Ryman Healthcare, Ltd. | 27,870 | 210,787 | ||||||
Spark New Zealand, Ltd. | 135,072 | 336,579 | ||||||
2,366,387 | ||||||||
Norway — 0.6% | ||||||||
Aker BP ASA | 7,648 | 205,428 | ||||||
DNB ASA | 69,483 | 1,177,293 | ||||||
Equinor ASA | 71,169 | 1,360,185 | ||||||
Gjensidige Forsikring ASA | 14,948 | 290,857 | ||||||
Mowi ASA# | 31,167 | 722,674 | ||||||
Norsk Hydro ASA | 99,265 | 346,455 | ||||||
Orkla ASA | 58,084 | 502,742 | ||||||
Schibsted ASA, Class B | 6,450 | 162,762 | ||||||
Telenor ASA | 52,282 | 1,074,276 | ||||||
Yara International ASA | 13,239 | 568,077 | ||||||
6,410,749 | ||||||||
Papua New Guinea — 0.0% | ||||||||
Oil Search, Ltd. | 97,716 | 476,373 | ||||||
118 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Portugal — 0.1% | ||||||||
Banco Espirito Santo SA†(1) | 213,818 | $ | 0 | |||||
EDP - Energias de Portugal SA | 182,275 | 661,962 | ||||||
Galp Energia SGPS SA | 35,342 | 530,692 | ||||||
Jeronimo Martins SGPS SA | 18,410 | 279,835 | ||||||
1,472,489 | ||||||||
Singapore — 1.2% | ||||||||
Ascendas Real Estate Investment Trust | 187,800 | 399,203 | ||||||
CapitaLand Commercial Trust | 186,300 | 261,753 | ||||||
CapitaLand Mall Trust | 177,900 | 312,114 | ||||||
CapitaLand, Ltd. | 187,800 | 440,237 | ||||||
City Developments, Ltd. | 29,600 | 177,134 | ||||||
ComfortDelGro Corp., Ltd. | 149,100 | 267,024 | ||||||
DBS Group Holdings, Ltd. | 126,100 | 2,227,744 | ||||||
Genting Singapore, Ltd. | 447,600 | 283,139 | ||||||
Jardine Cycle & Carriage, Ltd. | 7,600 | 186,839 | ||||||
Keppel Corp., Ltd. | 105,000 | 460,942 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 226,900 | 1,746,216 | ||||||
SATS, Ltd. | 46,400 | 171,259 | ||||||
Sembcorp Industries, Ltd. | 71,200 | 124,725 | ||||||
Singapore Airlines, Ltd. | 40,100 | 265,944 | ||||||
Singapore Exchange, Ltd. | 57,300 | 307,847 | ||||||
Singapore Press Holdings, Ltd.# | 117,600 | 200,334 | ||||||
Singapore Technologies Engineering, Ltd. | 113,600 | 323,357 | ||||||
Singapore Telecommunications, Ltd. | 577,700 | 1,345,794 | ||||||
Suntec Real Estate Investment Trust | 133,300 | 176,613 | ||||||
United Overseas Bank, Ltd. | 89,600 | 1,531,812 | ||||||
UOL Group, Ltd. | 32,600 | 160,438 | ||||||
Venture Corp., Ltd. | 19,152 | 209,599 | ||||||
Wilmar International, Ltd. | 133,900 | 320,704 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 169,500 | 169,053 | ||||||
12,069,824 | ||||||||
Spain — 2.7% | ||||||||
ACS Actividades de Construccion y Servicios SA | 17,962 | 738,796 | ||||||
Aena SME SA* | 4,917 | 904,298 | ||||||
Amadeus IT Group SA | 31,515 | 2,401,591 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 471,742 | 2,559,566 | ||||||
Banco de Sabadell SA | 379,955 | 420,731 | ||||||
Banco Santander SA | 1,155,984 | 5,092,011 | ||||||
Bankia SA# | 87,667 | 221,244 | ||||||
Bankinter SA | 49,434 | 357,207 | ||||||
CaixaBank SA | 253,681 | 779,227 | ||||||
Cellnex Telecom SA* | 13,798 | 484,609 | ||||||
Enagas SA | 16,049 | 438,540 | ||||||
Endesa SA | 22,893 | 570,294 | ||||||
Ferrovial SA | 34,570 | 824,664 | ||||||
Grifols SA# | 22,026 | 564,664 | ||||||
Iberdrola SA | 416,984 | 3,878,987 | ||||||
Industria de Diseno Textil SA | 77,637 | 2,084,488 | ||||||
Mapfre SA | 68,236 | 200,272 | ||||||
Naturgy Energy Group SA | 21,331 | 607,965 | ||||||
Red Electrica Corp. SA | 31,823 | 676,525 | ||||||
Repsol SA | 101,934 | 1,641,791 | ||||||
Siemens Gamesa Renewable Energy SA | 16,898 | 262,644 | ||||||
Telefonica SA | 332,173 | 2,659,632 | ||||||
28,369,746 | ||||||||
SupraNational — 0.2% | ||||||||
HK Electric Investments & HK Electric Investments, Ltd. | 178,269 | 174,370 | ||||||
HKT Trust & HKT, Ltd. | 263,000 | 414,340 | ||||||
Unibail-Rodamco-Westfield | 9,807 | 1,482,914 | ||||||
2,071,624 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Sweden — 2.1% | ||||||||
Alfa Laval AB | 20,730 | $ | 425,098 | |||||
Assa Abloy AB, Class B | 71,393 | 1,388,460 | ||||||
Atlas Copco AB, Class A | 47,681 | 1,284,814 | ||||||
Atlas Copco AB, Class B | 28,670 | 694,604 | ||||||
Boliden AB | 20,092 | 456,549 | ||||||
Boliden AB† | 20,092 | 8,985 | ||||||
Electrolux AB, Series B | 16,026 | 347,769 | ||||||
Epiroc AB, Class A | 47,681 | 443,802 | ||||||
Epiroc AB, Class B | 28,670 | 259,068 | ||||||
Essity AB, Class B | 43,520 | 1,277,536 | ||||||
Hennes & Mauritz AB, Class B | 57,084 | 854,273 | ||||||
Hexagon AB, Class B | 18,818 | 873,609 | ||||||
Husqvarna AB, Class B | 30,029 | 250,873 | ||||||
ICA Gruppen AB | 5,657 | 225,538 | ||||||
Industrivarden AB, Class C | 11,791 | 237,920 | ||||||
Investor AB, Class B | 32,680 | 1,412,192 | ||||||
Kinnevik AB, Class B | 17,317 | 441,185 | ||||||
L E Lundbergforetagen AB, Class B | 5,083 | 167,004 | ||||||
Lundin Petroleum AB | 13,223 | 358,812 | ||||||
Sandvik AB | 79,957 | 1,233,187 | ||||||
Securitas AB, Class B | 23,107 | 381,857 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 115,760 | 1,027,510 | ||||||
Skanska AB, Class B | 24,109 | 393,938 | ||||||
SKF AB, Class B | 26,909 | 417,207 | ||||||
Svenska Handelsbanken AB, Class A | 106,313 | 1,047,940 | ||||||
Swedbank AB, Class A | 65,004 | 930,478 | ||||||
Swedish Match AB | 12,694 | 573,361 | ||||||
Tele2 AB, Class B | 35,477 | 489,256 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 218,809 | 2,111,874 | ||||||
Telia Co AB | 198,089 | 829,012 | ||||||
Volvo AB, Class B | 105,538 | 1,473,784 | ||||||
22,317,495 | ||||||||
Switzerland — 8.4% | ||||||||
ABB, Ltd. | 130,187 | 2,383,358 | ||||||
Adecco Group AG | 11,245 | 604,451 | ||||||
Alcon, Inc.† | 30,832 | 1,793,106 | ||||||
Baloise Holding AG | 3,494 | 580,693 | ||||||
Barry Callebaut AG | 162 | 317,755 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 7 | 523,851 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 72 | 471,453 | ||||||
Cie Financiere Richemont SA | 36,825 | 2,703,719 | ||||||
Clariant AG | 14,146 | 257,255 | ||||||
Coca-Cola HBC AG | 14,325 | 517,231 | ||||||
Credit Suisse Group AG | 182,087 | 2,063,162 | ||||||
Dufry AG | 3,062 | 250,547 | ||||||
EMS-Chemie Holding AG | 608 | 363,522 | ||||||
Geberit AG | 2,616 | 1,151,996 | ||||||
Givaudan SA | 656 | 1,734,288 | ||||||
Julius Baer Group, Ltd. | 15,909 | 628,540 | ||||||
Kuehne & Nagel International AG# | 4,014 | 532,509 | ||||||
LafargeHolcim, Ltd. | 34,670 | 1,659,155 | ||||||
Lonza Group AG | 5,236 | 1,608,288 | ||||||
Nestle SA | 217,662 | 21,617,633 | ||||||
Novartis AG | 154,160 | 13,239,716 | ||||||
Pargesa Holding SA | 2,743 | 202,842 | ||||||
Partners Group Holding AG | 1,328 | 930,968 | ||||||
Roche Holding AG | 49,925 | 13,101,381 | ||||||
Schindler Holding AG | 1,430 | 293,246 | ||||||
Schindler Holding AG (Participation Certificate) | 2,834 | 595,937 | ||||||
SGS SA | 390 | 985,320 | ||||||
Sika AG | 9,142 | 1,356,991 | ||||||
Sonova Holding AG | 3,947 | 877,879 |
119 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Switzerland (continued) | ||||||||
Straumann Holding AG | 734 | $ | 603,621 | |||||
Swatch Group AG (TRQX) | 3,667 | 176,577 | ||||||
Swatch Group AG (XEGT) | 2,187 | 547,994 | ||||||
Swiss Life Holding AG | 2,432 | 1,105,235 | ||||||
Swiss Prime Site AG | 5,397 | 439,607 | ||||||
Swiss Re AG | 21,657 | 2,051,405 | ||||||
Swisscom AG# | 1,863 | 891,611 | ||||||
Temenos AG | 4,543 | 789,075 | ||||||
UBS Group AG | 274,423 | 3,157,024 | ||||||
Vifor Pharma AG# | 3,235 | 446,090 | ||||||
Zurich Insurance Group AG | 10,728 | 3,475,942 | ||||||
87,030,973 | ||||||||
United Kingdom — 14.6% | ||||||||
3i Group PLC | 68,741 | 911,784 | ||||||
Admiral Group PLC | 13,417 | 350,169 | ||||||
Anglo American PLC | 75,007 | 1,799,946 | ||||||
Antofagasta PLC | 28,960 | 287,257 | ||||||
Ashtead Group PLC | 33,587 | 788,579 | ||||||
Associated British Foods PLC | 25,547 | 797,882 | ||||||
AstraZeneca PLC | 89,905 | 6,634,295 | ||||||
Auto Trader Group PLC* | 71,300 | 540,721 | ||||||
Aviva PLC | 278,372 | 1,426,029 | ||||||
BAE Systems PLC | 226,237 | 1,295,954 | ||||||
Barclays PLC | 1,216,032 | 2,298,416 | ||||||
Barratt Developments PLC | 72,142 | 509,246 | ||||||
Berkeley Group Holdings PLC | 9,227 | 408,049 | ||||||
BHP Group PLC | 150,087 | 3,381,902 | ||||||
BP PLC | 1,439,551 | 9,763,181 | ||||||
British American Tobacco PLC | 163,186 | 5,664,817 | ||||||
British Land Co. PLC | 66,038 | 446,028 | ||||||
BT Group PLC | 596,600 | 1,462,417 | ||||||
Bunzl PLC | 23,899 | 639,643 | ||||||
Burberry Group PLC | 30,449 | 653,598 | ||||||
Carnival PLC | 12,329 | 609,065 | ||||||
Centrica PLC | 385,717 | 455,230 | ||||||
Coca-Cola European Partners PLC | 16,850 | 933,490 | ||||||
Compass Group PLC | 112,849 | 2,553,434 | ||||||
Croda International PLC | 9,068 | 581,977 | ||||||
Diageo PLC | 171,809 | 7,222,239 | ||||||
Direct Line Insurance Group PLC | 100,658 | 403,166 | ||||||
easyJet PLC | 11,959 | 131,803 | ||||||
Evraz PLC | 35,895 | 267,321 | ||||||
Fresnillo PLC# | 15,990 | 154,826 | ||||||
G4S PLC | 112,573 | 298,268 | ||||||
GlaxoSmithKline PLC | 352,925 | 6,814,932 | ||||||
Halma PLC | 26,976 | 623,384 | ||||||
Hargreaves Lansdown PLC | 20,264 | 578,492 | ||||||
HSBC Holdings PLC | 1,424,756 | 11,623,854 | ||||||
Imperial Brands PLC | 67,747 | 1,641,616 | ||||||
Informa PLC | 88,940 | 870,768 | ||||||
InterContinental Hotels Group PLC | 12,009 | 775,978 | ||||||
Intertek Group PLC | 11,469 | 769,082 | ||||||
Investec PLC | 46,487 | 271,502 | ||||||
ITV PLC | 258,732 | 350,121 | ||||||
J Sainsbury PLC | 124,973 | 315,312 | ||||||
John Wood Group PLC | 47,909 | 235,217 | ||||||
Johnson Matthey PLC | 13,823 | 541,848 | ||||||
Kingfisher PLC | 157,283 | 424,379 | ||||||
Land Securities Group PLC | 50,051 | 524,558 | ||||||
Legal & General Group PLC | 424,066 | 1,377,583 | ||||||
Lloyds Banking Group PLC | 5,054,797 | 3,648,722 | ||||||
London Stock Exchange Group PLC | 22,709 | 1,513,026 | ||||||
Marks & Spencer Group PLC | 118,895 | 336,622 | ||||||
Meggitt PLC | 58,387 | 362,479 | ||||||
Melrose Industries PLC | 345,681 | 714,611 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Merlin Entertainments PLC* | 47,086 | $ | 225,319 | |||||
Micro Focus International PLC | 25,835 | 622,950 | ||||||
Mondi PLC | 26,655 | 553,642 | ||||||
National Grid PLC# | 241,064 | 2,420,891 | ||||||
Next PLC | 10,269 | 748,872 | ||||||
NMC Health PLC# | 7,432 | 212,238 | ||||||
Ocado Group PLC† | 32,299 | 488,416 | ||||||
Pearson PLC# | 55,743 | 555,003 | ||||||
Persimmon PLC | 22,357 | 555,415 | ||||||
Prudential PLC | 183,250 | 3,651,532 | ||||||
Reckitt Benckiser Group PLC | 50,272 | 4,037,951 | ||||||
RELX PLC | 140,488 | 3,280,618 | ||||||
Rentokil Initial PLC | 131,406 | 622,189 | ||||||
Rio Tinto PLC | 80,998 | 4,653,281 | ||||||
Rolls-Royce Holdings PLC | 121,237 | 1,320,069 | ||||||
Rolls-Royce Holdings PLC (Preference Shares)† | 8,355,280 | 10,563 | ||||||
Royal Bank of Scotland Group PLC | 342,086 | 923,137 | ||||||
Royal Dutch Shell PLC, Class A | 314,574 | 9,801,639 | ||||||
Royal Dutch Shell PLC, Class B | 265,951 | 8,292,684 | ||||||
RSA Insurance Group PLC | 74,377 | 520,211 | ||||||
Sage Group PLC | 78,456 | 741,900 | ||||||
Schroders PLC | 9,288 | 343,311 | ||||||
Segro PLC | 77,060 | 679,142 | ||||||
Severn Trent PLC | 17,469 | 440,661 | ||||||
Smith & Nephew PLC | 62,200 | 1,306,037 | ||||||
Smiths Group PLC | 29,322 | 534,846 | ||||||
Spirax-Sarco Engineering PLC | 5,231 | 551,996 | ||||||
SSE PLC | 71,818 | 981,967 | ||||||
St James’s Place PLC | 37,789 | 500,865 | ||||||
Standard Chartered PLC | 199,640 | 1,736,793 | ||||||
Standard Life Aberdeen PLC | 167,713 | 566,380 | ||||||
Taylor Wimpey PLC | 236,758 | 495,048 | ||||||
Tesco PLC | 693,392 | 1,982,537 | ||||||
Unilever PLC | 78,879 | 4,815,944 | ||||||
United Utilities Group PLC | 49,515 | 500,225 | ||||||
Vodafone Group PLC | 1,891,827 | 3,087,076 | ||||||
Weir Group PLC | 17,514 | 324,383 | ||||||
Whitbread PLC | 13,028 | 763,200 | ||||||
WM Morrison Supermarkets PLC | 154,452 | 384,551 | ||||||
152,218,300 | ||||||||
Total Common Stocks | ||||||||
(cost $966,937,651) | 941,960,576 | |||||||
EXCHANGE-TRADED FUNDS — 4.3% | ||||||||
United States — 4.3% | ||||||||
iShares MSCI EAFE ETF | 709,300 | 44,969,620 | ||||||
RIGHTS — 0.0% | ||||||||
United Kingdom — 0.0% | ||||||||
Marks & Spencer Group PLC† | 23,779 | 11,724 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,012,198,509) | 986,941,920 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% | ||||||||
Registered Investment Companies — 2.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 25,661,919 | 25,661,919 | ||||||
U.S. Government Treasuries — 0.3% | ||||||||
United States Treasury Bills | $ | 3,500,000 | 3,483,819 | |||||
2.54% due 07/18/2019(4) | 85,000 | 84,756 | ||||||
3,568,575 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $29,228,915) | 29,230,494 | |||||||
120 |
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VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.0% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount $41,467,728 collateralized by $42,260,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $42,295,541 (cost $41,466,000) | $ | 41,466,000 | $ | 41,466,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,082,893,424)(5) | 101.5 | % | 1,057,638,414 | |||||
Liabilities in excess of other assets | (1.5 | ) | (15,910,919 | ) | ||||
NET ASSETS — | 100.0 | % | $ | 1,041,727,495 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $8,291,723 representing 0.8% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At May 31, 2019, the Fund had loaned securities with a total value of $33,163,060. This was secured by collateral of $25,661,919, which was received in cash and subsequently invested in short-term investments currently valued at $25,661,919 as reported in the Portfolio of Investments. Additional collateral of $9,322,253 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 May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/13/2019 to 09/26/2019 | $ | 998,911 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 07/31/2019 to 02/15/2049 | 8,323,342 |
(3) | The rate shown is the7-day yield as of May 31, 2019. |
(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. |
ADR—American Depositary Receipt
BR—Bearer Shares
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
ETF—Exchange-Traded Funds
FDR—Fiduciary Depositary Receipt
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
TRQX—Turquoise Stock Exchange
XEGT—Equiduct Stock Exchange
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
614 | Long | MSCI EAFE Index | June 2019 | $ | 57,097,972 | $ | 55,809,530 | $ | (1,288,442 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | — | $ | 67,457,786 | ** | $ | 0 | $ | 67,457,786 | |||||||
Portugal | — | 1,472,489 | ** | 0 | 1,472,489 | |||||||||||
United Kingdom | 933,490 | 151,284,810 | # | — | 152,218,300 | |||||||||||
Other Countries | 7,561,273 | 713,250,728 | ** | — | 720,812,001 | |||||||||||
Exchange-Traded Funds | 44,969,620 | — | — | 44,969,620 | ||||||||||||
Rights | 11,724 | — | — | 11,724 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 25,661,919 | — | — | 25,661,919 | ||||||||||||
U.S. Government Treasuries | — | 3,568,575 | — | 3,568,575 | ||||||||||||
Repurchase Agreements | — | 41,466,000 | — | 41,466,000 | ||||||||||||
Total Investments at Value | $ | 79,138,026 | $ | 978,500,388 | $ | 0 | $ | 1,057,638,414 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,288,442 | $ | — | $ | $ | 1,288,442 | |||||||||
* | 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 $151,274,247 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Fund. There are no Level 3 transfers during the reporting period.
See Notes to Financial Statements
121 |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Sovereign | 61.8 | % | ||
United States Treasury Notes | 23.7 | |||
United States Treasury Bonds | 3.4 | |||
Oil Companies — Integrated | 1.4 | |||
Registered Investment Companies | 1.2 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Metal — Diversified | 0.6 | |||
Banks — Commercial | 0.6 | |||
Electric — Generation | 0.5 | |||
Chemicals — Diversified | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Diversified Banking Institutions | 0.3 | |||
Banks — Export/Import | 0.3 | |||
Building Products — Cement | 0.3 | |||
Finance — Commercial | 0.3 | |||
Transport — Rail | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Transport — Marine | 0.2 | |||
Platinum | 0.2 | |||
Diamonds/Precious Stones | 0.2 | |||
Transport — Services | 0.1 | |||
Electric — Distribution | 0.1 | |||
Cellular Telecom | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
97.4 | % | |||
Country Allocation*
United States | 28.5 | % | ||
Japan | 10.5 | |||
France | 5.0 | |||
United Kingdom | 4.3 | |||
Italy | 3.7 | |||
Spain | 3.7 | |||
Mexico | 3.1 | |||
Argentina | 1.9 | |||
Turkey | 1.8 | |||
Germany | 1.7 | |||
Colombia | 1.7 | |||
Dominican Republic | 1.7 | |||
Australia | 1.7 | |||
Netherlands | 1.2 | |||
Indonesia | 1.3 | |||
Qatar | 1.2 | |||
Saudi Arabia | 1.1 | |||
South Africa | 1.0 | |||
Jamaica | 0.9 | |||
Kazakhstan | 0.9 | |||
Belgium | 0.9 | |||
Costa Rica | 0.9 | |||
Austria | 0.8 | |||
Ireland | 0.8 | |||
Panama | 0.8 | |||
Kenya | 0.8 | |||
Lebanon | 0.8 | |||
Canada | 0.8 | |||
Honduras | 0.8 | |||
Belarus | 0.7 | |||
Guatemala | 0.7 | |||
El Salvador | 0.7 | |||
Oman | 0.7 | |||
Peru | 0.7 | |||
Uruguay | 0.7 | |||
Luxembourg | 0.6 | |||
United Arab Emirates | 0.6 | |||
Ukraine | 0.6 | |||
Brazil | 0.6 |
Mongolia | 0.6 | |||
Jordan | 0.6 | |||
Philippines | 0.5 | |||
Bermuda | 0.4 | |||
China | 0.4 | |||
Kuwait | 0.4 | |||
Hong Kong | 0.3 | |||
Azerbaijan | 0.3 | |||
Egypt | 0.3 | |||
South Korea | 0.3 | |||
Gabon | 0.3 | |||
Poland | 0.3 | |||
India | 0.3 | |||
Nigeria | 0.3 | |||
Ivory Coast | 0.3 | |||
Chile | 0.3 | |||
Cayman Islands | 0.2 | |||
British Virgin Islands | 0.2 | |||
Malaysia | 0.1 | |||
Mauritius | 0.1 | |||
97.4 | % | |||
Credit Quality†#
Aaa | 32.5 | % | ||
Aa | 10.6 | |||
A | 15.6 | |||
Baa | 17.9 | |||
Ba | 6.7 | |||
B | 8.3 | |||
Caa | 0.6 | |||
Not Rated@ | 7.8 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
@ | Represent debt issues that either have no rating, or the rating is unavailable from the data source |
† | Source: Moody’s |
# | Calculated as percentage of total debt issues, excluding short-term securities |
122 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.7% |
| |||||||
Bermuda — 0.4% |
| |||||||
Ooredoo International Finance, Ltd. | $ | 450,000 | $ | 453,375 | ||||
Tengizchevroil Finance Co. International, Ltd. | 400,000 | 399,453 | ||||||
852,828 | ||||||||
Brazil — 0.2% |
| |||||||
Banco do Brasil SA | 470,000 | 479,400 | ||||||
British Virgin Islands — 0.2% |
| |||||||
Chinalco Capital Holdings, Ltd. | 440,000 | 436,337 | ||||||
Cayman Islands — 0.2% |
| |||||||
Azure Orbit IV International Finance, Ltd. | 200,000 | 202,602 | ||||||
OmGrid Funding, Ltd. | 300,000 | 270,750 | ||||||
473,352 | ||||||||
Chile — 0.3% |
| |||||||
Banco de Credito e Inversiones SA | 510,000 | 504,395 | ||||||
Colombia — 0.2% |
| |||||||
Ecopetrol SA | 400,000 | 410,676 | ||||||
Hong Kong — 0.3% |
| |||||||
CNAC HK Finbridge Co., Ltd. | 420,000 | 451,707 | ||||||
ICBCIL Finance Co., Ltd. | 200,000 | 198,493 | ||||||
650,200 | ||||||||
India — 0.3% |
| |||||||
Export-Import Bank of India | 560,000 | 550,411 | ||||||
Indonesia — 0.6% |
| |||||||
Pertamina Persero PT | 318,000 | 330,873 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 404,308 | ||||||
Saka Energi Indonesia PT | 400,000 | 395,801 | ||||||
1,130,982 | ||||||||
Luxembourg — 0.6% |
| |||||||
Millicom International Cellular SA | 200,000 | 216,250 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Luxembourg (continued) |
| |||||||
Rumo Luxembourg SARL | $ | 280,000 | $ | 300,300 | ||||
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL | 740,000 | 777,071 | ||||||
1,293,621 | ||||||||
Malaysia — 0.1% |
| |||||||
Malayan Banking Bhd | 250,000 | 252,433 | ||||||
Mauritius — 0.1% |
| |||||||
Greenko Investment Co. | 230,000 | 216,549 | ||||||
Mexico — 2.0% |
| |||||||
Cemex SAB de CV | 520,000 | 529,594 | ||||||
Controladora Mabe SA de CV | 400,000 | 414,500 | ||||||
Mexico City Airport Trust | 600,000 | 591,600 | ||||||
Petroleos Mexicanos | 640,000 | 596,167 | ||||||
Petroleos Mexicanos | 500,000 | 439,950 | ||||||
Petroleos Mexicanos | 500,000 | 492,140 | ||||||
Petroleos Mexicanos | MXN | 15,000,000 | 646,725 | |||||
Unifin Financiera SAB de CV SOFOM ENR | 290,000 | 292,685 | ||||||
4,003,361 | ||||||||
Netherlands — 0.2% |
| |||||||
Kazakhstan Temir Zholy Finance BV | 400,000 | 478,188 | ||||||
Saudi Arabia — 0.4% |
| |||||||
Saudi Arabian Oil Co. | 800,000 | 797,802 | ||||||
South Korea — 0.3% |
| |||||||
Woori Bank | 555,000 | 587,413 | ||||||
Turkey — 0.1% |
| |||||||
Petkim Petrokimya Holding AS | 300,000 | 276,630 | ||||||
123 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
United Kingdom — 0.2% |
| |||||||
Petra Diamonds US Treasury PLC | $ | 300,000 | $ | 287,250 | ||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $13,481,838) | 13,681,828 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 61.8% |
| |||||||
Argentina — 1.9% |
| |||||||
Republic of Argentina | 730,000 | 540,200 | ||||||
Republic of Argentina | EUR | 1,000,000 | 740,112 | |||||
Republic of Argentina | 730,000 | 563,925 | ||||||
Republic of Argentina | 1,250,000 | 898,750 | ||||||
Republic of Argentina | 1,612,343 | 1,221,350 | ||||||
3,964,337 | ||||||||
Australia — 1.7% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 699,566 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 745,558 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 791,980 | |||||
Commonwealth of Australia | AUD | 1,600,000 | 1,141,559 | |||||
3,378,663 | ||||||||
Austria — 0.8% |
| |||||||
Republic of Austria | EUR | 1,000,000 | 1,694,904 | |||||
Azerbaijan — 0.3% |
| |||||||
Republic of Azerbaijan | 600,000 | 623,664 | ||||||
Belarus — 0.7% |
| |||||||
Republic of Belarus | 600,000 | 627,816 | ||||||
Republic of Belarus | 830,000 | 898,060 | ||||||
1,525,876 | ||||||||
Belgium — 0.9% |
| |||||||
Kingdom of Belgium | EUR | 1,500,000 | 1,802,946 | |||||
Brazil — 0.4% |
| |||||||
Federative Republic of Brazil | 750,000 | 761,813 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Canada — 0.8% |
| |||||||
Government of Canada | CAD | 2,000,000 | $ | 1,552,767 | ||||
Colombia — 1.5% |
| |||||||
Republic of Colombia | 600,000 | 607,968 | ||||||
Republic of Colombia | 600,000 | 616,506 | ||||||
Republic of Colombia | 400,000 | 417,000 | ||||||
Republic of Colombia | 600,000 | 780,000 | ||||||
Republic of Colombia | 500,000 | 605,755 | ||||||
3,027,229 | ||||||||
Costa Rica — 0.9% |
| |||||||
Republic of Costa Rica | 950,000 | 912,009 | ||||||
Republic of Costa Rica | 600,000 | 558,756 | ||||||
Republic of Costa Rica | 300,000 | 284,253 | ||||||
1,755,018 | ||||||||
Dominican Republic — 1.7% |
| |||||||
Dominican Republic | 780,000 | 819,008 | ||||||
Dominican Republic | 1,100,000 | 1,156,386 | ||||||
Dominican Republic | 400,000 | 442,352 | ||||||
Dominican Republic | 500,000 | 558,130 | ||||||
Dominican Republic | 400,000 | 421,504 | ||||||
3,397,380 | ||||||||
Egypt — 0.3% |
| |||||||
Arab Republic of Egypt | 650,000 | 618,344 | ||||||
El Salvador — 0.7% |
| |||||||
Republic of El Salvador | 1,000,000 | 965,010 | ||||||
Republic of El Salvador | 500,000 | 498,755 | ||||||
1,463,765 | ||||||||
124 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
France — 5.0% |
| |||||||
Government of France | EUR | 1,200,000 | $ | 1,378,602 | ||||
Government of France | EUR | 1,800,000 | 2,407,558 | |||||
Government of France | EUR | 1,000,000 | 1,377,343 | |||||
Government of France | EUR | 350,000 | 713,551 | |||||
Government of France | EUR | 1,400,000 | 1,893,165 | |||||
Government of France | EUR | 450,347 | 767,672 | |||||
Government of France | EUR | 1,000,000 | 1,565,404 | |||||
10,103,295 | ||||||||
Gabon — 0.3% |
| |||||||
Gabonese Republic | 600,000 | 572,250 | ||||||
Germany — 1.7% |
| |||||||
Federal Republic of Germany | EUR | 700,000 | 833,700 | |||||
Federal Republic of Germany | EUR | 800,000 | 994,826 | |||||
Federal Republic of Germany | EUR | 600,000 | 1,013,747 | |||||
Federal Republic of Germany | EUR | 350,000 | 667,973 | |||||
3,510,246 | ||||||||
Guatemala — 0.7% |
| |||||||
Republic of Guatemala | 1,100,000 | 1,097,261 | ||||||
Republic of Guatemala | 400,000 | 395,400 | ||||||
1,492,661 | ||||||||
Honduras — 0.8% |
| |||||||
Republic of Honduras | 850,000 | 893,571 | ||||||
Republic of Honduras | 600,000 | 638,256 | ||||||
1,531,827 | ||||||||
Indonesia — 0.7% |
| |||||||
Republic of Indonesia | 550,000 | 558,227 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Indonesia (continued) |
| |||||||
Republic of Indonesia | $ | 700,000 | $ | 774,065 | ||||
1,332,292 | ||||||||
Ireland — 0.8% |
| |||||||
Republic of Ireland | EUR | 600,000 | 714,515 | |||||
Republic of Ireland | EUR | 750,000 | 975,061 | |||||
1,689,576 | ||||||||
Italy — 3.7% |
| |||||||
Republic of Italy | EUR | 700,000 | 751,105 | |||||
Republic of Italy | EUR | 1,100,000 | 1,192,601 | |||||
Republic of Italy | EUR | 1,100,000 | 1,230,991 | |||||
Republic of Italy | EUR | 700,000 | 709,350 | |||||
Republic of Italy | EUR | 750,000 | 939,549 | |||||
Republic of Italy | EUR | 600,000 | 885,376 | |||||
Republic of Italy | EUR | 750,000 | 1,096,871 | |||||
Republic of Italy | EUR | 532,912 | 779,256 | |||||
7,585,099 | ||||||||
Ivory Coast — 0.3% |
| |||||||
Republic of Ivory Coast | 600,000 | 525,665 | ||||||
Jamaica — 0.9% |
| |||||||
Government of Jamaica | 630,000 | 700,881 | ||||||
Government of Jamaica | 1,000,000 | 1,205,010 | ||||||
1,905,891 | ||||||||
Japan — 10.5% |
| |||||||
Government of Japan | JPY | 300,000,000 | 2,827,555 | |||||
Government of Japan | JPY | 150,000,000 | 1,440,368 | |||||
Government of Japan | JPY | 132,000,000 | 1,234,221 | |||||
Government of Japan | JPY | 60,000,000 | 644,970 |
125 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 125,000,000 | $ | 1,364,324 | ||||
Government of Japan | JPY | 100,000,000 | 1,124,413 | |||||
Government of Japan | JPY | 200,000,000 | 2,253,606 | |||||
Government of Japan | JPY | 100,000,000 | 1,111,946 | |||||
Government of Japan | JPY | 53,000,000 | 598,355 | |||||
Government of Japan | JPY | 120,000,000 | 1,487,118 | |||||
Government of Japan | JPY | 85,000,000 | 1,053,062 | |||||
Government of Japan | JPY | 100,000,000 | 1,248,650 | |||||
Government of Japan | JPY | 60,000,000 | 661,199 | |||||
Government of Japan | JPY | 128,000,000 | 1,446,962 | |||||
Government of Japan | JPY | 60,000,000 | 689,946 | |||||
Government of Japan | JPY | 33,000,000 | 459,826 | |||||
Government of Japan | JPY | 130,000,000 | 1,629,256 | |||||
21,275,777 | ||||||||
Jordan — 0.6% |
| |||||||
Kingdom of Jordan | 600,000 | 585,798 | ||||||
Kingdom of Jordan | 600,000 | 571,075 | ||||||
1,156,873 | ||||||||
Kazakhstan — 0.9% |
| |||||||
Republic of Kazakhstan | 1,150,000 | 1,193,090 | ||||||
Republic of Kazakhstan | 500,000 | 651,400 | ||||||
1,844,490 | ||||||||
Kenya — 0.8% |
| |||||||
Republic of Kenya | 600,000 | 611,946 | ||||||
Republic of Kenya | 450,000 | 434,259 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Kenya (continued) | ||||||||
Republic of Kenya | $ | 600,000 | $ | 565,650 | ||||
1,611,855 | ||||||||
Kuwait — 0.4% |
| |||||||
State of Kuwait | 800,000 | 804,181 | ||||||
Lebanon — 0.8% |
| |||||||
Republic of Lebanon | 730,000 | 536,732 | ||||||
Republic of Lebanon | 580,000 | 453,985 | ||||||
Republic of Lebanon | 620,000 | 587,500 | ||||||
1,578,217 | ||||||||
Mexico — 1.1% |
| |||||||
United Mexican States | 220,000 | 224,259 | ||||||
United Mexican States | 700,000 | 656,257 | ||||||
United Mexican States | 700,000 | 685,650 | ||||||
United Mexican States | MXN | 16,000,000 | 723,997 | |||||
2,290,163 | ||||||||
Mongolia — 0.6% |
| |||||||
Government of Mongolia | 640,000 | 631,066 | ||||||
Government of Mongolia | 600,000 | 594,015 | ||||||
1,225,081 | ||||||||
Netherlands — 1.0% |
| |||||||
Kingdom of the Netherlands | EUR | 1,700,000 | 2,045,044 | |||||
Nigeria — 0.3% |
| |||||||
Federal Republic of Nigeria | 600,000 | 541,176 | ||||||
Oman — 0.7% |
| |||||||
Sultanate of Oman | 1,700,000 | 1,441,192 | ||||||
Panama — 0.8% |
| |||||||
Republic of Panama | 300,000 | 314,250 | ||||||
Republic of Panama | 600,000 | 647,106 |
126 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Panama (continued) |
| |||||||
Republic of Panama | $ | 500,000 | $ | 660,005 | ||||
1,621,361 | ||||||||
Peru — 0.7% |
| |||||||
Republic of Peru | 400,000 | 544,004 | ||||||
Republic of Peru | 700,000 | 879,207 | ||||||
1,423,211 | ||||||||
Philippines — 0.5% |
| |||||||
Republic of the Philippines | 1,100,000 | 1,122,814 | ||||||
Poland — 0.3% |
| |||||||
Republic of Poland | 560,000 | 567,635 | ||||||
Qatar — 1.2% |
| |||||||
State of Qatar | 1,200,000 | 1,227,000 | ||||||
State of Qatar | 1,100,000 | 1,199,744 | ||||||
2,426,744 | ||||||||
Saudi Arabia — 0.7% |
| |||||||
Kingdom of Saudi Arabia | 700,000 | 738,535 | ||||||
Kingdom of Saudi Arabia | 600,000 | 594,156 | ||||||
1,332,691 | ||||||||
South Africa — 1.0% |
| |||||||
Republic of South Africa | 1,200,000 | 1,201,644 | ||||||
Republic of South Africa | 860,000 | 900,864 | ||||||
2,102,508 | ||||||||
Spain — 3.7% |
| |||||||
Kingdom of Spain | EUR | 1,000,000 | 1,195,333 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,281,489 | |||||
Kingdom of Spain | EUR | 1,400,000 | 1,997,406 | |||||
Kingdom of Spain | EUR | 940,000 | 1,660,409 | |||||
Kingdom of Spain | EUR | 400,000 | 761,676 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Spain (continued) | ||||||||
Kingdom of Spain | EUR | 400,000 | $ | 671,862 | ||||
7,568,175 | ||||||||
Turkey — 1.7% |
| |||||||
Republic of Turkey | EUR | 1,000,000 | 1,054,438 | |||||
Republic of Turkey | 700,000 | 597,254 | ||||||
Republic of Turkey | 500,000 | 445,675 | ||||||
Republic of Turkey | 1,150,000 | 1,147,125 | ||||||
Republic of Turkey | 224,000 | 281,619 | ||||||
3,526,111 | ||||||||
Ukraine — 0.6% |
| |||||||
Government of Ukraine | 800,000 | 797,392 | ||||||
Government of Ukraine | 500,000 | 465,767 | ||||||
1,263,159 | ||||||||
United Arab Emirates — 0.6% |
| |||||||
Abu Dhabi Government | 1,250,000 | 1,265,310 | ||||||
United Kingdom — 4.1% |
| |||||||
United Kingdom Gilt Treasury | GBP | 400,000 | 539,187 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 405,468 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 691,261 | |||||
United Kingdom Gilt Treasury | GBP | 370,000 | 669,410 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,353,958 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 407,372 | |||||
United Kingdom Gilt Treasury | GBP | 1,000,000 | 1,827,956 | |||||
United Kingdom Gilt Treasury | GBP | 450,000 | 868,429 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 915,044 |
127 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
United Kingdom Gilt Treasury | GBP | 400,000 | $ | 736,476 | ||||
8,414,561 | ||||||||
Uruguay — 0.7% |
| |||||||
Oriental Republic of Uruguay | 774,000 | 810,765 | ||||||
Oriental Republic of Uruguay | 500,000 | 536,880 | ||||||
1,347,645 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $125,132,338) | 125,611,482 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.2% |
| |||||||
United States — 0.2% |
| |||||||
Stillwater Mining Co. | 300,000 | 295,230 | ||||||
U.S. GOVERNMENT TREASURIES — 27.1% |
| |||||||
United States — 27.1% |
| |||||||
United States Treasury Bonds | ||||||||
3.00% due 05/15/2042# | 720,000 | 779,681 | ||||||
3.00% due 02/15/2048 | 700,000 | 758,270 | ||||||
3.00% due 08/15/2048 | 1,200,000 | 1,301,344 | ||||||
3.13% due 08/15/2044 | 1,000,000 | 1,104,297 | ||||||
3.38% due 05/15/2044 | 1,200,000 | 1,380,609 | ||||||
3.38% due 11/15/2048 | 950,000 | 1,106,230 | ||||||
3.75% due 11/15/2043 | 500,000 | 609,297 | ||||||
United States Treasury Notes | ||||||||
1.75% due 05/15/2023 | 3,000,000 | 2,979,961 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 1,997,578 | ||||||
1.88% due 08/31/2024 | 1,200,000 | 1,195,313 | ||||||
2.00% due 01/15/2021 | 2,000,000 | 1,998,984 | ||||||
2.00% due 11/30/2022 | 3,000,000 | 3,008,437 | ||||||
2.00% due 02/15/2025 | 2,500,000 | 2,502,051 | ||||||
2.00% due 08/15/2025 | 2,500,000 | 2,499,023 | ||||||
2.00% due 11/15/2026 | 2,600,000 | 2,590,555 | ||||||
2.13% due 12/31/2022 | 2,600,000 | 2,619,195 | ||||||
2.13% due 03/31/2024 | 1,500,000 | 1,512,422 | ||||||
2.13% due 05/15/2025 | 1,500,000 | 1,510,371 | ||||||
2.25% due 11/15/2024# | 1,500,000 | 1,521,152 | ||||||
2.25% due 11/15/2025 | 2,000,000 | 2,027,578 | ||||||
2.25% due 02/15/2027 | 1,000,000 | 1,013,125 | ||||||
2.25% due 11/15/2027 | 1,500,000 | 1,516,758 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,091,641 | ||||||
2.50% due 08/15/2023 | 2,000,000 | 2,045,703 | ||||||
2.50% due 05/15/2024 | 3,000,000 | 3,077,578 | ||||||
2.63% due 11/15/2020 | 600,000 | 604,828 | ||||||
2.75% due 11/30/2020 | 1,000,000 | 1,010,039 | ||||||
2.75% due 11/15/2023 | 2,000,000 | 2,068,516 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,243,500 | ||||||
3.13% due 11/15/2028 | 2,500,000 | 2,710,352 | ||||||
3.63% due 02/15/2021 | 2,500,000 | 2,566,797 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $53,702,958) | 54,951,185 | |||||||
Security Description | Principal Amount/ Shares(1) | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4% |
| |||||||
China — 0.4% |
| |||||||
China Minmetals Corp. | $ | 860,000 | $ | 841,320 | ||||
Total Long-Term Investment Securities | ||||||||
(cost $193,428,138) | 195,381,045 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,462,984 | 2,462,984 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 26,625 | 26,625 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,489,609) | 2,489,609 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $195,917,747)(5) | 97.4 | % | 197,870,654 | |||||
Other assets less liabilities | 2.6 | 5,312,897 | ||||||
NET ASSETS — | 100.0 | % | $ | 203,183,551 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $19,871,418 representing 9.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Denominated in United States dollars unless otherwise indicated. |
(2) | Perpetual maturity — maturity date reflects the next call date. |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $5,823,438. This was secured by collateral of $26,625, which was received in cash and subsequently invested in short-term investments currently valued at $26,625 as reported in the Portfolio of Investments. Additional collateral of $5,966,382 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.25% | 06/01/2019 to 04/15/2051 | $ | 1,042,977 | ||||
Federal National Mtg. Assoc. | 1.00% to 28.16% | 01/01/2020 to 05/25/2059 | 2,727,236 | |||||
Government National Mtg. Assoc. | 1.50% to 24.90% | 06/15/2021 to 05/20/2069 | 765,410 | |||||
United States Treasury Notes/Bonds | 0.63% to 8.13% | 08/15/2019 to 02/15/2047 | 1,430,759 |
(4) | The rate shown is the7-day yield as of May 31, 2019. |
(5) | 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
128 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | — | $ | 13,681,828 | $ | — | $ | 13,681,828 | ||||||||
Foreign Government Obligations | — | 125,611,482 | — | 125,611,482 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 295,230 | — | 295,230 | ||||||||||||
U.S. Government Treasuries | — | 54,951,185 | — | 54,951,185 | ||||||||||||
Preferred Securities/Capital Securities | — | 841,320 | — | 841,320 | ||||||||||||
Short-Term Investment Securities: | 2,489,609 | — | — | 2,489,609 | ||||||||||||
Total Investments at Value | $ | 2,489,609 | $ | 195,381,045 | $ | — | $ | 197,870,654 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
129 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Apparel Manufacturers | 12.0 | % | ||
Food — Misc./Diversified | 9.1 | |||
Transport — Services | 8.3 | |||
E-Commerce/Services | 8.2 | |||
Banks — Commercial | 6.0 | |||
Computer Services | 5.9 | |||
Industrial Automated/Robotic | 4.2 | |||
Soap & Cleaning Preparation | 3.4 | |||
Food — Confectionery | 3.3 | |||
Beverages — Wine/Spirits | 3.3 | |||
Schools | 3.2 | |||
Cosmetics & Toiletries | 3.1 | |||
Medical — Biomedical/Gene | 3.0 | |||
Electric — Transmission | 3.0 | |||
Semiconductor Equipment | 2.8 | |||
Registered Investment Companies | 2.7 | |||
Insurance — Life/Health | 2.7 | |||
Enterprise Software/Service | 2.3 | |||
Private Equity | 2.3 | |||
Beverages —Non-alcoholic | 2.0 | |||
Medical Products | 1.9 | |||
Food — Dairy Products | 1.4 | |||
Retail — Restaurants | 1.0 | |||
Appliances | 1.0 | |||
Options — Purchased | 0.1 | |||
96.2 | % | |||
Country Allocation*
United States | 12.0 | % | ||
United Kingdom | 11.8 | |||
Denmark | 9.9 | |||
Japan | 9.7 | |||
France | 8.7 | |||
Italy | 6.5 | |||
India | 6.0 | |||
Switzerland | 5.1 | |||
Canada | 4.6 | |||
Cayman Islands | 4.2 | |||
China | 3.3 | |||
Sweden | 3.0 | |||
Bermuda | 3.0 | |||
Netherlands | 2.8 | |||
Hong Kong | 2.7 | |||
Australia | 1.9 | |||
Germany | 1.0 | |||
96.2 | % | |||
* | Calculated as a percentage of net assets |
130 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.4% |
| |||||||
Australia — 1.9% |
| |||||||
Cochlear, Ltd. | 64,484 | $ | 8,946,231 | |||||
Bermuda — 3.0% |
| |||||||
Brookfield Infrastructure Partners LP | 334,455 | 13,812,992 | ||||||
Canada — 4.6% |
| |||||||
Brookfield Asset Management, Inc., Class A# | 231,840 | 10,629,864 | ||||||
Constellation Software, Inc. | 12,342 | 10,687,025 | ||||||
21,316,889 | ||||||||
Cayman Islands — 4.2% |
| |||||||
Haidilao International Holding, Ltd.#* | 1,368,000 | 4,810,786 | ||||||
TAL Education Group ADR† | 434,361 | 14,946,362 | ||||||
19,757,148 | ||||||||
China — 3.3% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,078,527 | 15,561,615 | ||||||
Denmark — 9.9% |
| |||||||
Chr. Hansen Holding A/S | 153,387 | 15,974,494 | ||||||
DSV A/S | 342,442 | 30,454,988 | ||||||
46,429,482 | ||||||||
France — 8.7% |
| |||||||
Danone SA | 81,527 | 6,506,850 | ||||||
Hermes International | 38,410 | 25,550,092 | ||||||
Pernod Ricard SA | 47,325 | 8,324,952 | ||||||
40,381,894 | ||||||||
Germany — 1.0% |
| |||||||
Rational AG | 7,089 | 4,514,020 | ||||||
Hong Kong — 2.7% |
| |||||||
AIA Group, Ltd. | 1,348,918 | 12,637,184 | ||||||
India — 6.0% |
| |||||||
HDFC Bank, Ltd. | 573,640 | 19,988,909 | ||||||
Kotak Mahindra Bank, Ltd. | 358,996 | 7,831,616 | ||||||
27,820,525 | ||||||||
Italy — 6.5% |
| |||||||
Brunello Cucinelli SpA# | 120,919 | 3,797,338 | ||||||
Moncler SpA | 727,452 | 26,738,638 | ||||||
30,535,976 | ||||||||
Japan — 9.7% |
| |||||||
Calbee, Inc. | 395,500 | 11,179,493 | ||||||
Keyence Corp. | 34,700 | 19,464,227 | ||||||
Pigeon Corp. | 387,200 | 14,550,216 | ||||||
45,193,936 | ||||||||
Netherlands — 2.8% |
| |||||||
ASML Holding NV | 70,174 | 13,223,172 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Sweden — 3.0% |
| |||||||
Vitrolife AB | 659,504 | $ | 14,061,862 | |||||
Switzerland — 5.1% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 206 | 15,416,176 | ||||||
Kuehne & Nagel International AG | 62,189 | 8,250,172 | ||||||
23,666,348 | ||||||||
United Kingdom — 11.8% |
| |||||||
Diageo PLC | 162,624 | 6,836,134 | ||||||
Fevertree Drinks PLC | 276,093 | 9,277,492 | ||||||
Reckitt Benckiser Group PLC | 194,996 | 15,662,481 | ||||||
Rightmove PLC | 3,149,213 | 23,054,204 | ||||||
54,830,311 | ||||||||
United States — 9.2% |
| |||||||
Booking Holdings, Inc.† | 9,349 | 15,484,001 | ||||||
EPAM Systems, Inc.† | 158,058 | 27,279,230 | ||||||
42,763,231 | ||||||||
Total Common Stocks | ||||||||
(cost $399,250,104) | 435,452,816 | |||||||
OPTIONS - PURCHASED†(1) — 0.1% |
| |||||||
Over the Counter Purchased Call Options | $ | 83,628,123 | 276,140 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $399,678,208) | 435,728,956 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Registered Investment Companies — 2.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(2)(3) | 12,819,474 | 12,819,474 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $412,497,682)(4) | 96.2 | % | 448,548,430 | |||||
Other assets less liabilities | 3.8 | 17,813,638 | ||||||
NET ASSETS | 100.0 | % | $ | 466,362,068 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $4,810,786 representing 1.0% of net assets. |
† | Non-income producing security |
(1) | Call Options — Purchased |
Over the Counter Purchased Call Options | ||||||||||||||||||||||||||||
Issue | Counterparty | Expiration Month | Strike Price | Notional Amount(000’s) | Premiums Paid | Value at May 31, 2019 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Call option to sell Chinese Yuan in exchange for U.S. Dollars | BNP Paribas | January 2020 | 7.58 CNY | $ | 83,628 | $ | 428,104 | $ | 276,140 | $ | (151,964 | ) | ||||||||||||||||
(2) | The rate shown is the7-day yield as of May 31, 2019. |
131 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $17,374,566. This was secured by collateral of $12,819,474, which was received in cash and subsequently invested in short-term investments currently valued at $12,819,474 as reported in the Portfolio of Investments. Additional collateral of $5,322,458 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 asset and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/13/2019 to 09/26/2019 | $ | 1,813,016 | ||||
United States Treasury Notes/Bonds | 0.13% to 5.00% | 11/30/2019 to 02/15/2049 | 3,509,442 |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CNY—Yuan Renminbi
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 92,839,474 | $ | 342,613,342 | ** | $ | — | $ | 435,452,816 | |||||||
Options - Purchased | — | 276,140 | — | 276,140 | ||||||||||||
Short-Term Investment Securities | 12,819,474 | — | — | 12,819,474 | ||||||||||||
Total Investments at Value | $ | 105,658,948 | $ | 342,889,482 | $ | — | $ | 448,548,430 | ||||||||
* | 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
132 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Cellular Telecom | 6.6 | % | ||
Oil Companies — Integrated | 5.8 | |||
Banks — Commercial | 5.8 | |||
Electronic Components — Misc. | 5.7 | |||
Medical — Drugs | 4.2 | |||
Diversified Manufacturing Operations | 4.0 | |||
Machinery — Electrical | 3.3 | |||
Finance — Investment Banker/Broker | 3.1 | |||
Computer Data Security | 2.9 | |||
Building & Construction Products — Misc. | 2.7 | |||
Medical Products | 2.7 | |||
Diversified Minerals | 2.6 | |||
Diversified Financial Services | 2.6 | |||
Telephone — Integrated | 2.6 | |||
Wire & Cable Products | 2.5 | |||
Building Products — Cement | 2.4 | |||
Insurance — Life/Health | 2.4 | |||
Registered Investment Companies | 2.3 | |||
Diversified Operations | 2.3 | |||
Industrial Automated/Robotic | 2.3 | |||
Oil — Field Services | 2.2 | |||
Agricultural Chemicals | 2.1 | |||
Chemicals — Diversified | 2.0 | |||
Retail — Drug Store | 2.0 | |||
Silver Mining | 1.8 | |||
Building Products — Doors & Windows | 1.7 | |||
Sugar | 1.6 | |||
Diversified Banking Institutions | 1.5 | |||
Food — Misc./Diversified | 1.5 | |||
Food — Retail | 1.4 | |||
Insurance — Reinsurance | 1.4 | |||
Banks — Mortgage | 1.4 | |||
Investment Companies | 1.4 | |||
Enterprise Software/Service | 1.3 | |||
Investment Management/Advisor Services | 1.2 | |||
Retail — Building Products | 1.2 | |||
Electric — Integrated | 1.0 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Lasers — System/Components | 0.6 | |||
Electronic Components — Semiconductors | 0.6 | |||
Appliances | 0.5 | |||
98.2 | % | |||
Country Allocation*
United Kingdom | 15.4 | % | ||
Japan | 11.5 | |||
Netherlands | 7.2 | |||
Germany | 6.1 | |||
France | 5.3 | |||
Italy | 5.1 | |||
Hong Kong | 4.7 | |||
United States | 4.2 | |||
Switzerland | 4.2 | |||
Canada | 4.0 | |||
China | 3.1 | |||
Norway | 3.0 | |||
Israel | 2.9 | |||
South Korea | 2.7 | |||
Russia | 2.4 | |||
Singapore | 2.3 | |||
British Virgin Islands | 2.3 | |||
South Africa | 2.0 | |||
Malaysia | 1.8 | |||
Cayman Islands | 1.7 | |||
Bermuda | 1.6 | |||
Ireland | 1.5 | |||
Jersey | 1.2 | |||
Australia | 1.0 | |||
Thailand | 1.0 | |||
98.2 | % | |||
* | Calculated as a percentage of net assets |
@ | See Note 1 |
133 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.9% |
| |||||||
Australia — 1.0% |
| |||||||
Origin Energy, Ltd. | 1,423,418 | $ | 7,059,667 | |||||
Bermuda — 1.6% |
| |||||||
Cosan, Ltd., Class A | 876,668 | 11,072,317 | ||||||
British Virgin Islands — 2.3% |
| |||||||
Hollysys Automation Technologies, Ltd. | 873,802 | 15,571,152 | ||||||
Canada — 4.0% |
| |||||||
Home Capital Group, Inc.†# | 714,000 | 9,498,165 | ||||||
Lundin Mining Corp. | 4,106,800 | 18,352,377 | ||||||
27,850,542 | ||||||||
Cayman Islands — 1.7% |
| |||||||
Xinyi Glass Holdings, Ltd. | 11,412,000 | 11,424,229 | ||||||
China — 3.1% |
| |||||||
Han’s Laser Technology Industry Group Co., Ltd., Class A | 887,294 | 4,242,651 | ||||||
Midea Group Co., Ltd. | 488,000 | 3,490,873 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 6,882,900 | 13,566,613 | ||||||
21,300,137 | ||||||||
France — 5.3% |
| |||||||
Cie de Saint-Gobain | 514,452 | 18,657,717 | ||||||
Orange SA | 1,120,531 | 17,514,107 | ||||||
36,171,824 | ||||||||
Germany — 6.1% |
| |||||||
METRO AG | 616,786 | 9,716,088 | ||||||
Muenchener Rueckversicherungs - Gesellschaft AG | 39,683 | 9,578,544 | ||||||
Rheinmetall AG | 63,691 | 6,778,131 | ||||||
SAP SE | 74,020 | 9,146,859 | ||||||
Siemens AG | 62,109 | 7,036,303 | ||||||
42,255,925 | ||||||||
Hong Kong — 4.7% |
| |||||||
China Everbright, Ltd. | 8,688,000 | 13,859,545 | ||||||
China Mobile, Ltd. | 2,098,000 | 18,315,334 | ||||||
32,174,879 | ||||||||
Ireland — 1.5% |
| |||||||
Greencore Group PLC | 4,038,602 | 10,546,895 | ||||||
Israel — 2.9% |
| |||||||
Check Point Software Technologies, Ltd.† | 179,722 | 19,819,742 | ||||||
Italy — 5.1% |
| |||||||
Eni SpA | 1,183,672 | 17,856,821 | ||||||
Prysmian SpA | 1,047,959 | 17,439,491 | ||||||
35,296,312 | ||||||||
Japan — 11.5% |
| |||||||
Alps Alpine Co., Ltd. | 485,900 | 8,033,671 | ||||||
Daiwa Securities Group, Inc. | 3,886,100 | 16,969,448 | ||||||
Hitachi, Ltd. | 670,200 | 22,581,137 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 2,294,100 | 10,584,924 | ||||||
Nomura Holdings, Inc. | 1,421,200 | 4,458,370 | ||||||
Takeda Pharmaceutical Co., Ltd. | 498,900 | 16,818,361 | ||||||
79,445,911 | ||||||||
Jersey — 1.2% |
| |||||||
Man Group PLC | 4,522,542 | 8,363,738 | ||||||
Malaysia — 1.8% |
| |||||||
CIMB Group Holdings Bhd | 9,944,300 | 12,494,433 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 7.2% |
| |||||||
Koninklijke Philips NV | 460,958 | $ | 18,162,475 | |||||
NN Group NV | 433,664 | 16,449,535 | ||||||
OCI NV† | 644,642 | 14,597,690 | ||||||
49,209,700 | ||||||||
Norway — 3.0% |
| |||||||
DNB ASA | 1,211,697 | 20,530,528 | ||||||
Russia — 2.4% |
| |||||||
Mobile TeleSystems PJSC ADR | 2,150,528 | 16,817,129 | ||||||
Singapore — 2.3% |
| |||||||
Keppel Corp., Ltd. | 3,604,300 | 15,822,607 | ||||||
South Africa — 2.0% |
| |||||||
Sasol, Ltd. | 555,772 | 13,964,150 | ||||||
South Korea — 2.7% |
| |||||||
Hana Financial Group, Inc. | 144,737 | 4,401,232 | ||||||
Samsung Electronics Co., Ltd. | 107,234 | 3,806,532 | ||||||
SK Telecom Co., Ltd. | 49,600 | 10,412,252 | ||||||
18,620,016 | ||||||||
Switzerland — 4.2% |
| |||||||
LafargeHolcim, Ltd. | 350,228 | 16,760,383 | ||||||
Novartis AG | 139,213 | 11,956,024 | ||||||
28,716,407 | ||||||||
Thailand — 1.0% |
| |||||||
Siam Commercial Bank PCL | 1,657,900 | 6,757,851 | ||||||
United Kingdom — 15.4% |
| |||||||
Babcock International Group PLC# | 16,917 | 95,994 | ||||||
BP PLC | 3,273,142 | 22,198,781 | ||||||
Fresnillo PLC | 1,244,504 | 12,050,130 | ||||||
John Wood Group PLC | 3,149,282 | 15,461,906 | ||||||
Kingfisher PLC | 2,996,503 | 8,085,129 | ||||||
Melrose Industries PLC | 4,549,579 | 9,405,148 | ||||||
Sensata Technologies Holding PLC† | 411,376 | 17,561,641 | ||||||
Smiths Group PLC | 1,146,011 | 20,903,741 | ||||||
105,762,470 | ||||||||
United States — 1.9% |
| |||||||
Gentex Corp. | 603,494 | 12,890,632 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $739,217,481) | 659,939,193 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.3% |
| |||||||
Registered Investment Companies — 2.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 13,377,534 | 13,377,534 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,832,262 | 2,832,262 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $16,209,796) | 16,209,796 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $755,427,277)(3) | 98.2 | % | 676,148,989 | |||||
Other assets less liabilities | 1.8 | 12,336,026 | ||||||
NET ASSETS | 100.0 | % | $ | 688,485,015 | ||||
@ | See Note 1 |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
134 |
Table of Contents
VALIC Company I International Value Fund@
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $3,336,765. This was secured by collateral of $2,832,262, which was received in cash and subsequently invested in short-term investments currently valued at $2,832,262 as reported in the Portfolio of Investments. Additional collateral of $770,213 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Notes/Bonds | 2.00% | 01/15/2026 | $ | 770,213 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(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 | 26,437,000 | USD | 30,107,064 | 06/28/2019 | $ | 512,820 | $ | – | |||||||||||||||||||
GBP | 33,075,000 | USD | 43,829,617 | 06/28/2019 | 1,962,534 | – | ||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,475,354 | $ | – | ||||||||||||||||||||||||
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 May 31, 2019 (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 | $ | 136,704,744 | $ | 523,234,449 | ** | $ | — | $ | 659,939,193 | |||||||
Short-Term Investment Securities | 16,209,796 | — | — | 16,209,796 | ||||||||||||
Total Investments at Value | $ | 152,914,540 | $ | 523,234,449 | ** | $ | — | $ | 676,148,989 | |||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,475,354 | $ | — | $ | 2,475,354 | ||||||||
* | 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). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
135 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 6.7 | % | ||
Applications Software | 6.2 | |||
Medical — Drugs | 4.9 | |||
E-Commerce/Products | 4.9 | |||
Web Portals/ISP | 3.8 | |||
Finance — Credit Card | 3.4 | |||
Computers | 3.4 | |||
Insurance — Property/Casualty | 3.3 | |||
Data Processing/Management | 2.9 | |||
Repurchase Agreements | 2.8 | |||
Cable/Satellite TV | 2.7 | |||
Medical Instruments | 2.6 | |||
Tobacco | 2.4 | |||
Telephone — Integrated | 2.4 | |||
Oil Companies — Integrated | 2.3 | |||
Medical Products | 2.3 | |||
Food — Misc./Diversified | 2.2 | |||
Instruments — Controls | 2.1 | |||
Internet Content — Entertainment | 2.1 | |||
Chemicals — Diversified | 1.8 | |||
Aerospace/Defense | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Retail — Restaurants | 1.7 | |||
Retail — Building Products | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Real Estate Investment Trusts | 1.5 | |||
Networking Products | 1.5 | |||
Medical — HMO | 1.5 | |||
Pharmacy Services | 1.3 | |||
Insurance Brokers | 1.2 | |||
Industrial Gases | 1.1 | |||
Electronic Forms | 1.0 | |||
Electric — Integrated | 1.0 | |||
Banks — Super Regional | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Food — Wholesale/Distribution | 1.0 | |||
Dental Supplies & Equipment | 0.9 | |||
Cosmetics & Toiletries | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Entertainment Software | 0.8 | |||
Electric Products — Misc. | 0.7 | |||
Oil — Field Services | 0.7 | |||
Cellular Telecom | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Computer Services | 0.7 | |||
Food — Catering | 0.7 | |||
Gold Mining | 0.7 | |||
Medical — Biomedical/Gene | 0.6 | |||
Machinery — Construction & Mining | 0.6 | |||
Building — Residential/Commercial | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Coatings/Paint | 0.5 | |||
Casino Hotels | 0.4 | |||
Retail — Discount | 0.4 | |||
Internet Security | 0.3 | |||
Beverages — Wine/Spirits | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
136 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.0% |
| |||||||
Aerospace/Defense — 1.8% |
| |||||||
Northrop Grumman Corp. | 9,740 | $ | 2,953,655 | |||||
Aerospace/Defense - Equipment — 0.8% |
| |||||||
Harris Corp. | 7,150 | 1,338,409 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
PVH Corp. | 6,375 | 543,086 | ||||||
Tapestry, Inc. | 11,615 | 331,725 | ||||||
874,811 | ||||||||
Applications Software — 6.2% |
| |||||||
CDK Global, Inc. | 10,241 | 495,664 | ||||||
Microsoft Corp. | 79,595 | 9,844,310 | ||||||
10,339,974 | ||||||||
Banks - Super Regional — 1.0% |
| |||||||
Wells Fargo & Co. | 37,865 | 1,680,070 | ||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 900 | 158,805 | ||||||
Building - Residential/Commercial — 0.5% |
| |||||||
D.R. Horton, Inc. | 20,995 | 897,746 | ||||||
Cable/Satellite TV — 2.7% |
| |||||||
Comcast Corp., Class A | 109,978 | 4,509,098 | ||||||
Casino Hotels — 0.4% |
| |||||||
Las Vegas Sands Corp. | 11,190 | 615,450 | ||||||
Cellular Telecom — 0.7% |
| |||||||
T-Mobile US, Inc.† | 15,815 | 1,161,454 | ||||||
Chemicals - Diversified — 1.8% |
| |||||||
Dow, Inc. | 18,607 | 870,063 | ||||||
DuPont de Nemours, Inc. | 69,881 | 2,132,768 | ||||||
3,002,831 | ||||||||
Coatings/Paint — 0.5% |
| |||||||
Sherwin-Williams Co. | 1,978 | 829,672 | ||||||
Commercial Services - Finance — 0.5% |
| |||||||
Total System Services, Inc. | 7,130 | 880,769 | ||||||
Computer Services — 0.7% |
| |||||||
International Business Machines Corp. | 8,985 | 1,141,005 | ||||||
Computers — 3.4% |
| |||||||
Apple, Inc. | 32,088 | 5,617,646 | ||||||
Cosmetics & Toiletries — 0.8% |
| |||||||
Colgate-Palmolive Co. | 19,385 | 1,349,584 | ||||||
Data Processing/Management — 2.9% |
| |||||||
Fidelity National Information Services, Inc. | 25,585 | 3,077,876 | ||||||
First Data Corp., Class A† | 70,405 | 1,789,695 | ||||||
4,867,571 | ||||||||
Dental Supplies & Equipment — 0.9% |
| |||||||
DENTSPLY SIRONA, Inc. | 27,540 | 1,483,580 | ||||||
Diversified Banking Institutions — 6.7% |
| |||||||
Citigroup, Inc. | 66,166 | 4,112,217 | ||||||
JPMorgan Chase & Co. | 44,190 | 4,682,372 | ||||||
Morgan Stanley | 58,330 | 2,373,448 | ||||||
11,168,037 | ||||||||
E-Commerce/Products — 4.9% |
| |||||||
Amazon.com, Inc.† | 3,285 | 5,831,105 | ||||||
eBay, Inc. | 62,820 | 2,257,123 | ||||||
8,088,228 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
Emerson Electric Co. | 20,645 | $ | 1,243,655 | |||||
Electric - Integrated — 1.0% |
| |||||||
American Electric Power Co., Inc. | 19,800 | 1,705,176 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Broadcom, Inc. | 2,700 | 679,428 | ||||||
Intel Corp. | 18,875 | 831,255 | ||||||
Marvell Technology Group, Ltd. | 30,970 | 690,631 | ||||||
NVIDIA Corp. | 3,175 | 430,085 | ||||||
2,631,399 | ||||||||
Electronic Forms — 1.0% |
| |||||||
Adobe, Inc.† | 6,425 | 1,740,532 | ||||||
Entertainment Software — 0.8% |
| |||||||
Activision Blizzard, Inc. | 13,099 | 568,104 | ||||||
Electronic Arts, Inc.† | 7,740 | 720,439 | ||||||
1,288,543 | ||||||||
Finance - Credit Card — 3.4% |
| |||||||
Mastercard, Inc., Class A | 22,417 | 5,637,651 | ||||||
Food - Catering — 0.7% |
| |||||||
Aramark | 32,565 | 1,132,936 | ||||||
Food - Misc./Diversified — 2.2% |
| |||||||
Conagra Brands, Inc. | 33,653 | 900,891 | ||||||
Mondelez International, Inc., Class A | 54,815 | 2,787,343 | ||||||
3,688,234 | ||||||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
Sysco Corp. | 23,432 | 1,612,590 | ||||||
Gold Mining — 0.7% |
| |||||||
Newmont Goldcorp Corp. | 32,820 | 1,086,014 | ||||||
Industrial Gases — 1.1% |
| |||||||
Air Products & Chemicals, Inc. | 9,125 | 1,857,759 | ||||||
Instruments - Controls — 2.1% |
| |||||||
Honeywell International, Inc. | 21,141 | 3,473,678 | ||||||
Insurance Brokers — 1.2% |
| |||||||
Aon PLC | 11,012 | 1,982,931 | ||||||
Insurance - Property/Casualty — 3.3% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 27,459 | 5,420,956 | ||||||
Internet Content - Entertainment — 2.1% |
| |||||||
Facebook, Inc., Class A† | 19,305 | 3,426,058 | ||||||
Internet Security — 0.3% |
| |||||||
Palo Alto Networks, Inc.† | 2,870 | 574,402 | ||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
BlackRock, Inc. | 4,022 | 1,671,382 | ||||||
Machinery - Construction & Mining — 0.6% |
| |||||||
Caterpillar, Inc. | 8,375 | 1,003,409 | ||||||
Medical Instruments — 2.6% | ||||||||
Medtronic PLC | 47,154 | 4,365,517 | ||||||
Medical Products — 2.3% |
| |||||||
Abbott Laboratories | 17,196 | 1,309,131 | ||||||
Baxter International, Inc. | 14,220 | 1,044,317 | ||||||
Becton Dickinson and Co. | 6,470 | 1,510,357 | ||||||
3,863,805 | ||||||||
Medical - Biomedical/Gene — 0.6% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 9,005 | 1,023,688 | ||||||
Medical - Drugs — 4.9% |
| |||||||
Allergan PLC | 16,565 | 2,019,439 |
137 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Johnson & Johnson | 26,403 | $ | 3,462,754 | |||||
Pfizer, Inc. | 63,085 | 2,619,289 | ||||||
8,101,482 | ||||||||
Medical - HMO — 1.5% |
| |||||||
Anthem, Inc. | 8,679 | 2,412,588 | ||||||
Networking Products — 1.5% |
| |||||||
Cisco Systems, Inc. | 47,110 | 2,451,133 | ||||||
Oil Companies - Exploration & Production — 1.7% |
| |||||||
Canadian Natural Resources, Ltd. | 44,555 | 1,202,539 | ||||||
EOG Resources, Inc. | 20,633 | 1,689,430 | ||||||
2,891,969 | ||||||||
Oil Companies - Integrated — 2.3% |
| |||||||
Chevron Corp. | 33,985 | 3,869,192 | ||||||
Oil - Field Services — 0.7% |
| |||||||
Schlumberger, Ltd. | 35,390 | 1,227,679 | ||||||
Pharmacy Services — 1.3% |
| |||||||
Cigna Corp. | 10,559 | 1,562,943 | ||||||
CVS Health Corp. | 10,180 | 533,127 | ||||||
2,096,070 | ||||||||
Real Estate Investment Trusts — 1.5% |
| |||||||
American Tower Corp. | 12,135 | 2,533,424 | ||||||
Retail - Building Products — 1.6% |
| |||||||
Lowe’s Cos., Inc. | 28,715 | 2,678,535 | ||||||
Retail - Discount — 0.4% |
| |||||||
Dollar General Corp. | 4,752 | 604,835 | ||||||
Retail - Restaurants — 1.7% |
| |||||||
McDonald’s Corp. | 10,670 | 2,115,541 | ||||||
Restaurant Brands International, Inc. | 10,278 | 676,292 | ||||||
2,791,833 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
NXP Semiconductors NV | 9,620 | $ | 848,099 | |||||
Semiconductor Equipment — 0.7% |
| |||||||
Lam Research Corp. | 6,630 | 1,157,664 | ||||||
Telephone - Integrated — 2.4% |
| |||||||
AT&T, Inc. | 91,020 | 2,783,392 | ||||||
Verizon Communications, Inc. | 21,698 | 1,179,286 | ||||||
3,962,678 | ||||||||
Tobacco — 2.4% |
| |||||||
Philip Morris International, Inc. | 51,535 | 3,974,895 | ||||||
Web Portals/ISP — 3.8% |
| |||||||
Alphabet, Inc., Class A† | 2,502 | 2,768,463 | ||||||
Alphabet, Inc., Class C† | 3,238 | 3,573,554 | ||||||
6,342,017 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $137,333,480) | 161,332,803 | |||||||
REPURCHASE AGREEMENTS — 2.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 05/31/2019, to be purchased 06/03/2019 in the amount $4,686,195 and collateralized by $4,740,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $4,783,452 | $ | 4,686,000 | 4,686,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $142,019,480)(1) | 99.8 | % | 166,018,803 | |||||
Other assets less liabilities | 0.2 | 408,812 | ||||||
NET ASSETS | 100.0 | % | $ | 166,427,615 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Portfolio’s net assets as of May 31, 2019 (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 | $ | 161,332,803 | $ | — | $ | — | $ | 161,332,803 | ||||||||
Repurchase Agreements | — | 4,686,000 | — | 4,686,000 | ||||||||||||
Total Investments at Value | $ | 161,332,803 | $ | 4,686,000 | $ | — | $ | 166,018,803 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
138 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.0 | % | ||
Computer Services | 5.4 | |||
Finance — Credit Card | 5.1 | |||
Applications Software | 5.0 | |||
Cosmetics & Toiletries | 4.3 | |||
Diagnostic Equipment | 4.1 | |||
Data Processing/Management | 4.0 | |||
Commercial Services — Finance | 3.6 | |||
Insurance Brokers | 2.8 | |||
Athletic Footwear | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.7 | |||
Medical Products | 2.6 | |||
Computers | 2.5 | |||
Electronic Components — Semiconductors | 2.3 | |||
Finance — Investment Banker/Broker | 2.3 | |||
Cable/Satellite TV | 2.2 | |||
Textile — Apparel | 2.0 | |||
Retail — Restaurants | 2.0 | |||
Hotels/Motels | 2.0 | |||
Retail — Major Department Stores | 1.9 | |||
Aerospace/Defense — Equipment | 1.9 | |||
Machinery — General Industrial | 1.9 | |||
Transport — Rail | 1.9 | |||
Beverages —Non-alcoholic | 1.8 | |||
Private Equity | 1.7 | |||
Coatings/Paint | 1.7 | |||
Soap & Cleaning Preparation | 1.7 | |||
U.S. Government Agencies | 1.7 | |||
Instruments — Controls | 1.6 | |||
Veterinary Diagnostics | 1.6 | |||
Chemicals — Diversified | 1.6 | |||
Entertainment Software | 1.6 | |||
E-Commerce/Products | 1.5 | |||
Instruments — Scientific | 1.5 | |||
Commercial Services | 1.4 | |||
Electronic Connectors | 1.4 | |||
Medical — Drugs | 1.4 | |||
Consulting Services | 1.4 | |||
Electronic Measurement Instruments | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Pharmacy Services | 0.8 | |||
Gambling(Non-Hotel) | 0.6 | |||
Retail — Auto Parts | 0.6 | |||
Finance — Other Services | 0.5 | |||
Multimedia | 0.4 | |||
Oil — Field Services | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
139 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.4% |
| |||||||
Aerospace/Defense - Equipment — 1.9% |
| |||||||
United Technologies Corp. | 71,003 | $ | 8,967,679 | |||||
Apparel Manufacturers — 1.1% |
| |||||||
VF Corp. | 65,721 | 5,381,235 | ||||||
Applications Software — 5.0% |
| |||||||
Microsoft Corp. | 191,405 | 23,672,970 | ||||||
Athletic Footwear — 2.8% |
| |||||||
adidas AG | 17,206 | 4,924,314 | ||||||
NIKE, Inc., Class B | 108,215 | 8,347,705 | ||||||
13,272,019 | ||||||||
Beverages -Non-alcoholic — 1.8% |
| |||||||
PepsiCo, Inc. | 67,639 | 8,657,792 | ||||||
Cable/Satellite TV — 2.2% |
| |||||||
Comcast Corp., Class A | 259,917 | 10,656,597 | ||||||
Chemicals - Diversified — 1.6% |
| |||||||
PPG Industries, Inc. | 72,056 | 7,540,660 | ||||||
Coatings/Paint — 1.7% |
| |||||||
Sherwin-Williams Co. | 19,643 | 8,239,256 | ||||||
Commercial Services — 1.4% |
| |||||||
Ecolab, Inc. | 37,562 | 6,914,789 | ||||||
Commercial Services - Finance — 3.6% |
| |||||||
Equifax, Inc. | 36,362 | 4,396,166 | ||||||
Experian PLC | 129,695 | 3,920,026 | ||||||
Moody’s Corp. | 48,330 | 8,838,590 | ||||||
17,154,782 | ||||||||
Computer Services — 5.4% |
| |||||||
Accenture PLC, Class A | 101,087 | 18,000,562 | ||||||
Cognizant Technology Solutions Corp., Class A | 126,522 | 7,835,508 | ||||||
25,836,070 | ||||||||
Computers — 2.5% |
| |||||||
Apple, Inc. | 67,013 | 11,731,966 | ||||||
Consulting Services — 1.4% |
| |||||||
Verisk Analytics, Inc. | 46,526 | 6,513,640 | ||||||
Cosmetics & Toiletries — 4.3% |
| |||||||
Colgate-Palmolive Co. | 146,374 | 10,190,558 | ||||||
Estee Lauder Cos., Inc., Class A | 43,825 | 7,057,140 | ||||||
L’Oreal SA | 11,881 | 3,188,520 | ||||||
20,436,218 | ||||||||
Data Processing/Management — 4.0% |
| |||||||
Fidelity National Information Services, Inc. | 88,625 | 10,661,587 | ||||||
Fiserv, Inc.†# | 97,017 | 8,329,880 | ||||||
18,991,467 | ||||||||
Diagnostic Equipment — 4.1% |
| |||||||
Danaher Corp. | 54,876 | 7,244,181 | ||||||
Thermo Fisher Scientific, Inc. | 46,263 | 12,351,296 | ||||||
19,595,477 | ||||||||
E-Commerce/Products — 1.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 49,700 | 7,418,222 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Texas Instruments, Inc. | 107,621 | 11,225,947 | ||||||
Electronic Connectors — 1.4% |
| |||||||
Amphenol Corp., Class A | 78,020 | 6,787,740 | ||||||
Electronic Measurement Instruments — 1.1% |
| |||||||
Fortive Corp. | 70,892 | 5,398,426 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 1.6% |
| |||||||
Electronic Arts, Inc.† | 80,915 | $ | 7,531,568 | |||||
Finance - Credit Card — 5.1% |
| |||||||
Mastercard, Inc., Class A | 33,869 | 8,517,715 | ||||||
Visa, Inc., Class A# | 98,675 | 15,919,238 | ||||||
24,436,953 | ||||||||
Finance - Investment Banker/Broker — 2.3% |
| |||||||
Charles Schwab Corp. | 87,208 | 3,628,725 | ||||||
TD Ameritrade Holding Corp. | 147,372 | 7,331,757 | ||||||
10,960,482 | ||||||||
Finance - Other Services — 0.5% |
| |||||||
CME Group, Inc. | 11,768 | 2,260,868 | ||||||
Gambling(Non-Hotel) — 0.6% |
| |||||||
Flutter Entertainment PLC | 38,930 | 2,773,846 | ||||||
Hotels/Motels — 2.0% |
| |||||||
Marriott International, Inc., Class A | 75,551 | 9,431,787 | ||||||
Instruments - Controls — 1.6% |
| |||||||
Mettler-Toledo International, Inc.† | 10,463 | 7,565,691 | ||||||
Instruments - Scientific — 1.5% |
| |||||||
Waters Corp.† | 35,062 | 7,037,294 | ||||||
Insurance Brokers — 2.8% |
| |||||||
Aon PLC | 75,573 | 13,608,430 | ||||||
Machinery - General Industrial — 1.9% |
| |||||||
Nordson Corp. | 71,088 | 8,930,075 | ||||||
Medical Products — 2.6% |
| |||||||
Abbott Laboratories | 115,587 | 8,799,638 | ||||||
Becton Dickinson and Co. | 16,643 | 3,885,142 | ||||||
12,684,780 | ||||||||
Medical - Drugs — 1.4% |
| |||||||
Eli Lilly & Co. | 20,053 | 2,324,945 | ||||||
Zoetis, Inc. | 43,732 | 4,419,118 | ||||||
6,744,063 | ||||||||
Multimedia — 0.4% |
| |||||||
Walt Disney Co. | 14,268 | 1,883,947 | ||||||
Oil - Field Services — 0.1% |
| |||||||
Schlumberger, Ltd. | 11,012 | 382,006 | ||||||
Pharmacy Services — 0.8% |
| |||||||
Cigna Corp. | 25,957 | 3,842,155 | ||||||
Private Equity — 1.7% |
| |||||||
Blackstone Group LP | 220,358 | 8,340,550 | ||||||
Retail - Auto Parts — 0.6% |
| |||||||
AutoZone, Inc.† | 2,652 | 2,723,896 | ||||||
Retail - Major Department Stores — 1.9% |
| |||||||
TJX Cos., Inc. | 179,916 | 9,047,976 | ||||||
Retail - Restaurants — 2.0% |
| |||||||
Starbucks Corp. | 124,728 | 9,486,812 | ||||||
Semiconductor Components - Integrated Circuits — 2.7% |
| |||||||
Analog Devices, Inc. | 71,946 | 6,951,423 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 153,610 | 5,890,943 | ||||||
12,842,366 | ||||||||
Soap & Cleaning Preparation — 1.7% |
| |||||||
Church & Dwight Co., Inc. | 34,376 | 2,557,918 | ||||||
Reckitt Benckiser Group PLC | 70,223 | 5,640,456 | ||||||
8,198,374 | ||||||||
140 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Textile - Apparel — 2.0% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 25,580 | $ | 9,691,947 | |||||
Transport - Rail — 1.9% |
| |||||||
Union Pacific Corp. | 53,316 | 8,892,042 | ||||||
Veterinary Diagnostics — 1.6% |
| |||||||
Elanco Animal Health, Inc.† | 241,239 | 7,545,956 | ||||||
Web Portals/ISP — 6.0% |
| |||||||
Alphabet, Inc., Class A† | 25,874 | 28,629,581 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $336,629,175) | 469,866,397 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.7% |
| |||||||
U.S. Government Agencies — 1.7% |
| |||||||
Federal Home Loan Bank | $ | 8,068,000 | 8,068,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $344,696,166)(1) | 100.1 | % | 477,934,397 | |||||
Liabilities in excess of other assets | (0.1 | ) | (633,064 | ) | ||||
NET ASSETS | 100.0 | % | $ | 477,301,333 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2019, the Fund had loaned securities with a total value of $24,050,010. This was secured by collateral of $24,814,646 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 10/03/2019 | $ | 1,012,760 | ||||
United States Treasury Notes/Bonds | 0.00% to 8.75% | 07/31/2019 to 02/15/2049 | 23,801,886 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 439,727,287 | $ | 30,139,110 | ** | $ | — | $ | 469,866,397 | |||||||
Short-Term Investment Securities | — | 8,068,000 | — | 8,068,000 | ||||||||||||
Total Investments at Value | $ | 439,727,287 | $ | 38,207,110 | $ | — | $ | 477,934,397 | ||||||||
* | 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
141 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 10.2 | % | ||
Banks — Commercial | 6.8 | |||
Retail — Restaurants | 2.1 | |||
Electric — Integrated | 2.1 | |||
Chemicals — Specialty | 1.9 | |||
Gas — Distribution | 1.9 | |||
Insurance — Property/Casualty | 1.9 | |||
Medical Products | 1.8 | |||
Computer Services | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Machinery — General Industrial | 1.4 | |||
Transport — Truck | 1.4 | |||
Medical Instruments | 1.2 | |||
Insurance — Multi-line | 1.2 | |||
Food — Misc./Diversified | 1.2 | |||
Building — Residential/Commercial | 1.2 | |||
Repurchase Agreements | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Medical — Biomedical/Gene | 1.1 | |||
Applications Software | 1.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Steel — Producers | 1.0 | |||
Electronic Parts Distribution | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Diversified Manufacturing Operations | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Machinery — Pumps | 0.8 | |||
Theaters | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Human Resources | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Containers — Paper/Plastic | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Lighting Products & Systems | 0.7 | |||
Registered Investment Companies | 0.7 | |||
Oil — Field Services | 0.7 | |||
Multimedia | 0.7 | |||
Garden Products | 0.6 | |||
Data Processing/Management | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Commercial Services | 0.6 | |||
Building Products — Air & Heating | 0.6 | |||
Office Automation & Equipment | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Hotels/Motels | 0.6 | |||
Medical — HMO | 0.5 | |||
Television | 0.5 | |||
Building Products — Cement | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Water | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Recreational Vehicles | 0.5 | |||
Engineering/R&D Services | 0.5 | |||
Finance — Other Services | 0.5 | |||
Funeral Services & Related Items | 0.5 | |||
Computer Software | 0.5 | |||
Medical — Drugs | 0.5 | |||
Medical Information Systems | 0.5 | |||
Insurance Brokers | 0.5 | |||
Hazardous Waste Disposal | 0.4 | |||
Miscellaneous Manufacturing | 0.4 |
Resorts/Theme Parks | 0.4 | |||
Coatings/Paint | 0.4 | |||
Casino Hotels | 0.4 | |||
Wireless Equipment | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Industrial Automated/Robotic | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Racetracks | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Instruments — Controls | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Physical Therapy/Rehabilitation Centers | 0.4 | |||
Gold Mining | 0.4 | |||
Containers — Metal/Glass | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Schools | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Transport — Rail | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Airlines | 0.3 | |||
Retail — Discount | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
Oil & Gas Drilling | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Retail — Mail Order | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Energy — Alternate Sources | 0.3 | |||
Machinery — Farming | 0.3 | |||
Casino Services | 0.3 | |||
Transport — Marine | 0.3 | |||
Food — Baking | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Pipelines | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Security Services | 0.2 | |||
Footwear & Related Apparel | 0.2 | |||
Transactional Software | 0.2 | |||
Networking Products | 0.2 | |||
Health Care Cost Containment | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Rubber — Tires | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Computers — Other | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Home Furnishings | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Brewery | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Steel — Specialty | 0.2 | |||
Transport — Services | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Poultry | 0.2 | |||
Paper & Related Products | 0.2 |
142 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Multilevel Direct Selling | 0.2 | % | ||
Transport — Equipment & Leasing | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Food — Retail | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Electronic Security Devices | 0.1 | |||
Retail — Automobile | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Publishing — Books | 0.1 | |||
Retail — Bedding | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Quarrying | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Housewares | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
143 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | �� | Shares | Value (Note 2) | |||||
COMMON STOCKS — 98.6% |
| |||||||
Aerospace/Defense — 0.7% |
| |||||||
MSA Safety, Inc. | 62,815 | $ | 6,242,555 | |||||
Teledyne Technologies, Inc.† | 64,870 | 15,296,346 | ||||||
21,538,901 | ||||||||
Airlines — 0.3% |
| |||||||
JetBlue Airways Corp.† | 549,172 | 9,462,234 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
Carter’s, Inc. | 81,563 | 6,860,264 | ||||||
Deckers Outdoor Corp.† | 52,190 | 7,938,099 | ||||||
14,798,363 | ||||||||
Applications Software — 1.1% |
| |||||||
CDK Global, Inc. | 223,429 | 10,813,964 | ||||||
Covetrus, Inc.†# | 171,319 | 4,224,726 | ||||||
PTC, Inc.† | 191,276 | 16,078,661 | ||||||
31,117,351 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s†# | 58,955 | 1,987,373 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Adient PLC | 155,838 | 2,689,764 | ||||||
Dana, Inc. | 256,850 | 3,747,441 | ||||||
Delphi Technologies PLC | 158,538 | 2,419,290 | ||||||
Visteon Corp.†# | 50,601 | 2,252,251 | ||||||
11,108,746 | ||||||||
Banks - Commercial — 6.8% |
| |||||||
Associated Banc-Corp. | 294,423 | 5,832,520 | ||||||
BancorpSouth Bank | 162,502 | 4,400,554 | ||||||
Bank of Hawaii Corp. | 73,833 | 5,586,205 | ||||||
Bank OZK | 216,573 | 6,258,960 | ||||||
Cathay General Bancorp | 137,013 | 4,609,117 | ||||||
Chemical Financial Corp. | 128,058 | 4,848,276 | ||||||
Commerce Bancshares, Inc. | 176,831 | 10,137,721 | ||||||
Cullen/Frost Bankers, Inc. | 112,853 | 10,300,093 | ||||||
East West Bancorp, Inc. | 259,703 | 11,094,512 | ||||||
First Financial Bankshares, Inc. | 121,498 | 6,884,077 | ||||||
First Horizon National Corp. | 570,137 | 7,645,537 | ||||||
FNB Corp. | 581,348 | 6,394,828 | ||||||
Fulton Financial Corp. | 304,357 | 4,796,666 | ||||||
Hancock Whitney Corp. | 153,513 | 5,830,424 | ||||||
Home BancShares, Inc. | 278,052 | 4,871,471 | ||||||
International Bancshares Corp. | 97,573 | 3,557,512 | ||||||
PacWest Bancorp | 216,421 | 7,864,739 | ||||||
Pinnacle Financial Partners, Inc. | 130,568 | 6,913,576 | ||||||
Prosperity Bancshares, Inc. | 118,878 | 7,704,483 | ||||||
Signature Bank | 98,708 | 11,307,001 | ||||||
Synovus Financial Corp. | 285,119 | 9,112,403 | ||||||
TCF Financial Corp. | 293,781 | 5,599,466 | ||||||
Texas Capital Bancshares, Inc.† | 90,008 | 5,157,458 | ||||||
Trustmark Corp. | 116,773 | 3,709,878 | ||||||
UMB Financial Corp. | 79,093 | 4,883,202 | ||||||
Umpqua Holdings Corp. | 394,784 | 6,304,700 | ||||||
United Bankshares, Inc. | 182,924 | 6,545,021 | ||||||
Valley National Bancorp | 594,769 | 5,840,632 | ||||||
Webster Financial Corp. | 165,339 | 7,321,211 | ||||||
Wintrust Financial Corp. | 101,235 | 6,857,659 | ||||||
198,169,902 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
Energizer Holdings, Inc. | 113,918 | 4,661,524 | ||||||
EnerSys | 77,125 | 4,336,739 | ||||||
8,998,263 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 15,600 | $ | 4,903,080 | |||||
Building & Construction Products - Misc. — 0.4% |
| |||||||
Louisiana-Pacific Corp. | 221,141 | 5,046,438 | ||||||
Trex Co., Inc.† | 105,462 | 6,308,737 | ||||||
11,355,175 | ||||||||
Building & Construction - Misc. — 0.3% |
| |||||||
EMCOR Group, Inc. | 100,323 | 8,082,021 | ||||||
Building Products - Air & Heating — 0.6% |
| |||||||
Lennox International, Inc. | 64,290 | 16,979,632 | ||||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc. | 82,231 | 7,076,800 | ||||||
MDU Resources Group, Inc. | 351,310 | 8,670,331 | ||||||
15,747,131 | ||||||||
Building - Heavy Construction — 0.4% |
| |||||||
Arcosa, Inc. | 1 | 34 | ||||||
Dycom Industries, Inc.† | 56,329 | 2,938,684 | ||||||
Granite Construction, Inc. | 83,638 | 3,361,411 | ||||||
MasTec, Inc.†# | 110,328 | 5,129,149 | ||||||
11,429,278 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc. | 93,715 | 4,839,443 | ||||||
Building - Residential/Commercial — 1.2% |
| |||||||
KB Home | 151,607 | 3,809,884 | ||||||
NVR, Inc.† | 6,091 | 19,500,763 | ||||||
Toll Brothers, Inc. | 240,361 | 8,357,352 | ||||||
TRI Pointe Group, Inc.† | 253,809 | 3,121,850 | ||||||
34,789,849 | ||||||||
Cable/Satellite TV — 0.3% |
| |||||||
Cable One, Inc. | 8,889 | 9,929,457 | ||||||
Casino Hotels — 0.4% |
| |||||||
Boyd Gaming Corp. | 143,149 | 3,424,124 | ||||||
Caesars Entertainment Corp.†# | 1,044,510 | 9,181,243 | ||||||
12,605,367 | ||||||||
Casino Services — 0.3% |
| |||||||
Eldorado Resorts, Inc.† | 116,532 | 5,729,879 | ||||||
Scientific Games Corp.†# | 99,162 | 1,893,994 | ||||||
7,623,873 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Olin Corp. | 295,407 | 5,792,931 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 139,244 | 3,499,202 | ||||||
Chemicals - Specialty — 1.9% |
| |||||||
Ashland Global Holdings, Inc. | 112,184 | 8,399,216 | ||||||
Cabot Corp. | 106,633 | 4,258,922 | ||||||
Chemours Co. | 299,257 | 6,311,330 | ||||||
Ingevity Corp.† | 74,563 | 6,539,175 | ||||||
Minerals Technologies, Inc. | 63,117 | 3,280,822 | ||||||
NewMarket Corp. | 15,626 | 6,047,262 | ||||||
Sensient Technologies Corp. | 75,772 | 5,129,764 | ||||||
Valvoline, Inc. | 337,105 | 5,882,482 | ||||||
Versum Materials, Inc. | 195,479 | 10,037,847 | ||||||
55,886,820 | ||||||||
Coatings/Paint — 0.4% |
| |||||||
RPM International, Inc. | 235,849 | 12,622,639 | ||||||
144 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Commercial Services — 0.6% |
| |||||||
CoreLogic, Inc.† | 143,490 | $ | 5,623,373 | |||||
Healthcare Services Group, Inc.# | 132,213 | 4,179,253 | ||||||
LiveRamp Holdings, Inc.† | 122,245 | 6,280,948 | ||||||
Weight Watchers International, Inc.†# | 69,578 | 1,203,004 | ||||||
17,286,578 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Green Dot Corp., Class A† | 85,324 | 3,959,887 | ||||||
MarketAxess Holdings, Inc. | 67,514 | 20,107,019 | ||||||
Sabre Corp. | 493,403 | 10,006,213 | ||||||
WEX, Inc.† | 77,222 | 14,590,325 | ||||||
48,663,444 | ||||||||
Computer Services — 1.7% |
| |||||||
CACI International, Inc., Class A† | 44,543 | 9,065,391 | ||||||
Leidos Holdings, Inc. | 261,856 | 19,725,613 | ||||||
MAXIMUS, Inc. | 114,298 | 8,143,733 | ||||||
Perspecta, Inc. | 251,954 | 5,469,921 | ||||||
Science Applications International Corp. | 91,181 | 6,997,230 | ||||||
49,401,888 | ||||||||
Computer Software — 0.5% |
| |||||||
j2 Global, Inc. | 82,982 | 6,994,553 | ||||||
Teradata Corp.† | 210,149 | 7,216,516 | ||||||
14,211,069 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
NCR Corp.† | 213,094 | 6,520,676 | ||||||
NetScout Systems, Inc.† | 125,497 | 3,075,932 | ||||||
9,596,608 | ||||||||
Computers - Other — 0.2% |
| |||||||
Lumentum Holdings, Inc.† | 136,338 | 5,517,599 | ||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Helen of Troy, Ltd.† | 45,855 | 6,126,687 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Greif, Inc., Class A | 46,998 | 1,665,609 | ||||||
Owens-Illinois, Inc. | 275,222 | 4,403,552 | ||||||
Silgan Holdings, Inc. | 138,490 | 4,014,825 | ||||||
10,083,986 | ||||||||
Containers - Paper/Plastic — 0.7% |
| |||||||
Bemis Co., Inc. | 163,327 | 9,530,131 | ||||||
Sonoco Products Co. | 178,998 | 11,067,446 | ||||||
20,597,577 | ||||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Edgewell Personal Care Co.† | 96,956 | 2,767,124 | ||||||
Data Processing/Management — 0.6% |
| |||||||
CommVault Systems, Inc.† | 69,072 | 3,180,765 | ||||||
Fair Isaac Corp.† | 52,083 | 15,411,360 | ||||||
18,592,125 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 148,000 | 3,110,960 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
STERIS PLC | 151,543 | 20,258,268 | ||||||
Distribution/Wholesale — 0.8% |
| |||||||
Pool Corp. | 70,571 | 12,687,254 | ||||||
Watsco, Inc. | 57,577 | 9,062,044 | ||||||
21,749,298 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Carlisle Cos., Inc. | 102,617 | $ | 13,679,872 | |||||
ITT, Inc. | 156,583 | 9,022,312 | ||||||
Trinity Industries, Inc. | 238,895 | 4,605,896 | ||||||
27,308,080 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Cars.com, Inc.†# | 111,083 | 2,351,627 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Littelfuse, Inc. | 44,263 | 7,224,164 | ||||||
Electric - Integrated — 2.1% |
| |||||||
ALLETE, Inc. | 92,299 | 7,558,365 | ||||||
Black Hills Corp. | 96,751 | 7,372,426 | ||||||
Hawaiian Electric Industries, Inc. | 195,167 | 8,107,237 | ||||||
IDACORP, Inc. | 90,264 | 9,050,771 | ||||||
NorthWestern Corp. | 90,201 | 6,398,859 | ||||||
OGE Energy Corp. | 357,831 | 14,871,457 | ||||||
PNM Resources, Inc. | 142,704 | 6,722,786 | ||||||
60,081,901 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Gentex Corp. | 464,426 | 9,920,139 | ||||||
Jabil, Inc. | 252,235 | 6,202,459 | ||||||
nVent Electric PLC | 288,932 | 6,662,772 | ||||||
Vishay Intertechnology, Inc. | 236,881 | 3,610,066 | ||||||
26,395,436 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Cree, Inc.†# | 184,931 | 10,197,095 | ||||||
Monolithic Power Systems, Inc. | 70,735 | 8,237,091 | ||||||
Semtech Corp.† | 117,900 | 4,695,957 | ||||||
Silicon Laboratories, Inc.† | 77,197 | 7,223,323 | ||||||
Synaptics, Inc.† | 61,635 | 1,630,246 | ||||||
31,983,712 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
National Instruments Corp. | 201,380 | 7,771,254 | ||||||
Trimble, Inc.† | 450,602 | 17,979,020 | ||||||
25,750,274 | ||||||||
Electronic Parts Distribution — 1.0% |
| |||||||
Arrow Electronics, Inc.† | 152,134 | 9,532,717 | ||||||
Avnet, Inc. | 194,255 | 7,933,374 | ||||||
SYNNEX Corp. | 74,320 | 6,444,287 | ||||||
Tech Data Corp.† | 66,857 | 6,060,587 | ||||||
29,970,965 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Resideo Technologies, Inc.† | 220,303 | 4,335,563 | ||||||
Energy - Alternate Sources — 0.3% |
| |||||||
First Solar, Inc.† | 135,307 | 7,853,218 | ||||||
Engineering/R&D Services — 0.5% |
| |||||||
AECOM† | 279,653 | 8,920,931 | ||||||
KBR, Inc. | 252,629 | 5,613,416 | ||||||
14,534,347 | ||||||||
Enterprise Software/Service — 1.0% |
| |||||||
Blackbaud, Inc.# | 87,014 | 6,693,117 | ||||||
Manhattan Associates, Inc.† | 116,484 | 7,626,208 | ||||||
Tyler Technologies, Inc.† | 68,604 | 14,636,663 | ||||||
28,955,988 | ||||||||
Filtration/Separation Products — 0.4% |
| |||||||
Donaldson Co., Inc. | 229,124 | 10,871,934 | ||||||
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Navient Corp. | 389,863 | $ | 5,083,813 | |||||
SLM Corp. | 782,558 | 7,442,127 | ||||||
12,525,940 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Evercore, Inc., Class A | 73,445 | 5,672,157 | ||||||
Interactive Brokers Group, Inc., Class A | 134,517 | 6,833,464 | ||||||
12,505,621 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
LendingTree, Inc.†# | 13,332 | 5,009,366 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Deluxe Corp. | 78,250 | 2,910,900 | ||||||
SEI Investments Co. | 231,289 | 11,622,272 | ||||||
14,533,172 | ||||||||
Food - Baking — 0.3% |
| |||||||
Flowers Foods, Inc. | 328,713 | 7,353,310 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 34,138 | 1,295,879 | ||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Hain Celestial Group, Inc.†# | 160,419 | 3,270,943 | ||||||
Ingredion, Inc. | 119,438 | 9,096,398 | ||||||
Lancaster Colony Corp. | 34,991 | 5,032,756 | ||||||
Post Holdings, Inc.† | 119,512 | 12,560,711 | ||||||
TreeHouse Foods, Inc.† | 100,308 | 5,229,056 | ||||||
35,189,864 | ||||||||
Food - Retail — 0.2% |
| |||||||
Sprouts Farmers Market, Inc.† | 222,373 | 4,458,579 | ||||||
Footwear & Related Apparel — 0.2% |
| |||||||
Skechers U.S.A., Inc., Class A† | 239,102 | 6,678,119 | ||||||
Funeral Services & Related Items — 0.5% |
| |||||||
Service Corp. International | 324,815 | 14,249,634 | ||||||
Garden Products — 0.6% |
| |||||||
ScottsMiracle-Gro Co.# | 70,407 | 6,303,539 | ||||||
Toro Co. | 190,141 | 12,389,587 | ||||||
18,693,126 | ||||||||
Gas - Distribution — 1.9% |
| |||||||
National Fuel Gas Co.# | 154,573 | 8,240,287 | ||||||
New Jersey Resources Corp. | 159,041 | 7,546,495 | ||||||
ONE Gas, Inc. | 94,187 | 8,247,014 | ||||||
Southwest Gas Holdings, Inc. | 95,096 | 8,096,473 | ||||||
Spire, Inc. | 90,904 | 7,574,121 | ||||||
UGI Corp. | 311,457 | 16,074,296 | ||||||
55,778,686 | ||||||||
Gold Mining — 0.4% |
| |||||||
Royal Gold, Inc. | 117,378 | 10,328,090 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Clean Harbors, Inc.† | 91,062 | 5,838,895 | ||||||
Stericycle, Inc.† | 152,749 | 7,084,499 | ||||||
12,923,394 | ||||||||
Health Care Cost Containment — 0.2% |
| |||||||
HealthEquity, Inc.† | 97,243 | 6,355,803 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 82,230 | 5,247,096 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Wyndham Destinations, Inc. | 169,236 | 6,732,208 |
Security Description | Shares | Value (Note 2) | ||||||
Hotels/Motels (continued) |
| |||||||
Wyndham Hotels & Resorts, Inc. | 175,374 | $ | 9,354,449 | |||||
16,086,657 | ||||||||
Housewares — 0.1% |
| |||||||
Tupperware Brands Corp. | 87,190 | 1,623,478 | ||||||
Human Resources — 0.7% |
| |||||||
ASGN, Inc.† | 94,335 | 4,785,614 | ||||||
Insperity, Inc. | 66,743 | 7,602,028 | ||||||
ManpowerGroup, Inc. | 108,179 | 9,251,468 | ||||||
21,639,110 | ||||||||
Industrial Automated/Robotic — 0.4% |
| |||||||
Cognex Corp. | 306,054 | 12,425,792 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Woodward, Inc. | 100,103 | 10,903,219 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Brown & Brown, Inc. | 415,915 | 13,130,437 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Brighthouse Financial, Inc.† | 209,021 | 7,418,155 | ||||||
CNO Financial Group, Inc. | 287,930 | 4,523,380 | ||||||
Primerica, Inc. | 76,289 | 8,762,555 | ||||||
20,704,090 | ||||||||
Insurance - Multi-line — 1.2% |
| |||||||
American Financial Group, Inc. | 126,405 | 12,412,971 | ||||||
Genworth Financial, Inc., Class A† | 897,135 | 2,610,663 | ||||||
Kemper Corp. | 109,057 | 9,050,640 | ||||||
Old Republic International Corp. | 509,893 | 11,243,141 | ||||||
35,317,415 | ||||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Alleghany Corp.† | 25,917 | 17,190,746 | ||||||
First American Financial Corp. | 199,715 | 10,315,280 | ||||||
Hanover Insurance Group, Inc. | 72,691 | 8,879,932 | ||||||
Mercury General Corp. | 48,581 | 2,800,695 | ||||||
WR Berkley Corp. | 259,035 | 16,111,977 | ||||||
55,298,630 | ||||||||
Insurance - Reinsurance — 1.0% |
| |||||||
Reinsurance Group of America, Inc. | 112,535 | 16,661,932 | ||||||
RenaissanceRe Holdings, Ltd. | 75,616 | 13,190,455 | ||||||
29,852,387 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 127,359 | 3,913,742 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Eaton Vance Corp. | 206,325 | 7,885,741 | ||||||
Federated Investors, Inc., Class B | 171,547 | 5,237,330 | ||||||
Janus Henderson Group PLC | 295,583 | 6,006,247 | ||||||
Legg Mason, Inc. | 153,250 | 5,458,765 | ||||||
Stifel Financial Corp. | 128,774 | 6,906,150 | ||||||
31,494,233 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
Coherent, Inc.†# | 43,584 | 4,795,548 | ||||||
Lighting Products & Systems — 0.7% |
| |||||||
Acuity Brands, Inc. | 71,469 | 8,838,571 | ||||||
Universal Display Corp. | 75,961 | 11,160,950 | ||||||
19,999,521 | ||||||||
Machine Tools & Related Products — 0.6% |
| |||||||
Colfax Corp.†# | 170,284 | 4,274,129 | ||||||
Kennametal, Inc. | 147,327 | 4,530,305 |
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machine Tools & Related Products (continued) |
| |||||||
Lincoln Electric Holdings, Inc. | 113,294 | $ | 8,603,546 | |||||
17,407,980 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 125,494 | 8,933,918 | ||||||
Terex Corp. | 110,991 | 2,971,229 | ||||||
11,905,147 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 76,657 | 5,572,964 | ||||||
Machinery - Farming — 0.3% |
| |||||||
AGCO Corp. | 115,143 | 7,663,918 | ||||||
Machinery - General Industrial — 1.4% |
| |||||||
Crane Co. | 91,023 | 6,959,619 | ||||||
IDEX Corp. | 135,788 | 20,736,185 | ||||||
Nordson Corp. | 92,431 | 11,611,182 | ||||||
39,306,986 | ||||||||
Machinery - Pumps — 0.8% |
| |||||||
Curtiss-Wright Corp. | 76,658 | 8,546,601 | ||||||
Graco, Inc. | 296,142 | 13,983,825 | ||||||
22,530,426 | ||||||||
Medical Information Systems — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 306,951 | 2,986,633 | ||||||
Medidata Solutions, Inc.† | 111,574 | 10,169,970 | ||||||
13,156,603 | ||||||||
Medical Instruments — 1.2% |
| |||||||
Bio-Techne Corp. | 67,660 | 13,400,063 | ||||||
Cantel Medical Corp. | 65,029 | 4,470,093 | ||||||
Integra LifeSciences Holdings Corp.† | 126,735 | 5,905,851 | ||||||
LivaNova PLC† | 87,222 | 6,271,262 | ||||||
NuVasive, Inc.† | 92,509 | 5,361,822 | ||||||
35,409,091 | ||||||||
Medical Labs & Testing Services — 1.1% |
| |||||||
Catalent, Inc.† | 260,910 | 11,871,405 | ||||||
Charles River Laboratories International, Inc.† | 86,400 | 10,838,880 | ||||||
MEDNAX, Inc.† | 157,514 | 3,884,295 | ||||||
Syneos Health, Inc.† | 109,112 | 4,498,688 | ||||||
31,093,268 | ||||||||
Medical Products — 1.8% |
| |||||||
Avanos Medical, Inc.† | 85,015 | 3,203,365 | ||||||
Globus Medical, Inc., Class A† | 136,415 | 5,361,110 | ||||||
Haemonetics Corp.† | 91,382 | 8,863,140 | ||||||
Hill-Rom Holdings, Inc. | 119,432 | 11,483,387 | ||||||
ICU Medical, Inc.† | 29,747 | 6,330,162 | ||||||
Inogen, Inc.†# | 32,047 | 2,066,070 | ||||||
West Pharmaceutical Services, Inc. | 132,909 | 15,231,371 | ||||||
52,538,605 | ||||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 36,076 | 10,351,287 | ||||||
Exelixis, Inc.† | 537,700 | 10,533,543 | ||||||
Ligand Pharmaceuticals, Inc.†# | 36,628 | 3,933,114 | ||||||
United Therapeutics Corp.† | 78,331 | 6,577,454 | ||||||
31,395,398 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
Mallinckrodt PLC†# | 149,603 | 1,300,050 | ||||||
PRA Health Sciences, Inc.† | 105,664 | 9,164,239 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Prestige Consumer Healthcare, Inc.†# | 92,799 | $ | 2,693,955 | |||||
13,158,244 | ||||||||
Medical - HMO — 0.5% |
| |||||||
Molina Healthcare, Inc.† | 111,900 | 15,918,894 | ||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.†# | 158,472 | 5,105,968 | ||||||
Tenet Healthcare Corp.† | 148,986 | 2,973,760 | ||||||
8,079,728 | ||||||||
Medical - Outpatient/Home Medical — 0.5% |
| |||||||
Amedisys, Inc.† | 52,186 | 5,861,009 | ||||||
Chemed Corp. | 28,605 | 9,380,724 | ||||||
15,241,733 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 122,168 | 5,376,614 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 70,339 | 2,401,373 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
AptarGroup, Inc. | 112,744 | 12,770,513 | ||||||
Multilevel Direct Selling — 0.2% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 99,182 | 4,630,808 | ||||||
Multimedia — 0.7% |
| |||||||
FactSet Research Systems, Inc. | 68,145 | 18,957,939 | ||||||
Networking Products — 0.2% |
| |||||||
LogMeIn, Inc. | 91,081 | 6,542,348 | ||||||
Office Automation & Equipment — 0.6% |
| |||||||
Zebra Technologies Corp., Class A† | 96,511 | 16,545,846 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 105,516 | 3,744,763 | ||||||
HNI Corp. | 77,921 | 2,583,860 | ||||||
6,328,623 | ||||||||
Oil & Gas Drilling — 0.3% |
| |||||||
Ensco Rowan PLC, Class A# | 352,622 | 2,951,446 | ||||||
Transocean, Ltd.†# | 907,157 | 5,624,374 | ||||||
8,575,820 | ||||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Callon Petroleum Co.†# | 408,253 | 2,551,581 | ||||||
Chesapeake Energy Corp.†# | 1,870,931 | 3,592,188 | ||||||
CNX Resources Corp.† | 355,329 | 2,743,140 | ||||||
EQT Corp. | 456,421 | 8,352,504 | ||||||
Matador Resources Co.†# | 185,579 | 3,050,919 | ||||||
Oasis Petroleum, Inc.† | 484,266 | 2,518,183 | ||||||
QEP Resources, Inc.† | 423,463 | 2,926,129 | ||||||
Range Resources Corp.# | 371,990 | 2,908,962 | ||||||
SM Energy Co. | 185,002 | 2,151,573 | ||||||
Southwestern Energy Co.†# | 969,804 | 3,481,596 | ||||||
WPX Energy, Inc.† | 708,089 | 7,619,038 | ||||||
41,895,813 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Murphy Oil Corp. | 291,437 | 7,242,209 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Murphy USA, Inc.† | 53,753 | 4,314,216 | ||||||
PBF Energy, Inc., Class A | 214,712 | 5,668,397 | ||||||
9,982,613 | ||||||||
147 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil - Field Services — 0.7% |
| |||||||
Apergy Corp.† | 138,582 | $ | 4,297,428 | |||||
Core Laboratories NV | 79,397 | 3,782,473 | ||||||
McDermott International, Inc.†# | 323,908 | 1,956,404 | ||||||
NOW, Inc.† | 194,274 | 2,531,390 | ||||||
Oceaneering International, Inc.† | 177,074 | 2,904,014 | ||||||
Patterson-UTI Energy, Inc. | 382,772 | 4,068,866 | ||||||
19,540,575 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Domtar Corp. | 112,732 | 4,740,381 | ||||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Masimo Corp.† | 87,640 | 11,458,054 | ||||||
Physical Therapy/Rehabilitation Centers — 0.4% |
| |||||||
Encompass Health Corp. | 176,906 | 10,423,302 | ||||||
Pipelines — 0.2% |
| |||||||
Equitrans Midstream Corp. | 364,429 | 7,237,560 | ||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc.# | 34,931 | 4,775,417 | ||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Hubbell, Inc. | 97,823 | 11,204,646 | ||||||
Publishing - Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 81,039 | 3,385,809 | ||||||
Publishing - Newspapers — 0.3% |
| |||||||
New York Times Co., Class A# | 254,395 | 8,094,849 | ||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp. | 71,625 | 3,708,026 | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 60,688 | 3,095,695 | ||||||
Racetracks — 0.4% |
| |||||||
Churchill Downs, Inc. | 63,511 | 6,260,914 | ||||||
International Speedway Corp., Class A | 42,598 | 1,906,687 | ||||||
Penn National Gaming, Inc.† | 190,486 | 3,590,661 | ||||||
11,758,262 | ||||||||
Real Estate Investment Trusts — 10.2% |
| |||||||
Alexander & Baldwin, Inc. | 121,407 | 2,800,859 | ||||||
American Campus Communities, Inc. | 245,498 | 11,371,467 | ||||||
Brixmor Property Group, Inc. | 535,025 | 9,175,679 | ||||||
Camden Property Trust | 173,125 | 17,894,200 | ||||||
CoreCivic, Inc. | 212,624 | 4,656,466 | ||||||
CoreSite Realty Corp. | 65,766 | 7,676,208 | ||||||
Corporate Office Properties Trust | 197,542 | 5,499,569 | ||||||
Cousins Properties, Inc. | 753,143 | 6,815,944 | ||||||
CyrusOne, Inc. | 193,950 | 11,450,808 | ||||||
Douglas Emmett, Inc. | 289,716 | 11,672,658 | ||||||
EastGroup Properties, Inc. | 65,354 | 7,254,294 | ||||||
EPR Properties | 134,198 | 10,480,864 | ||||||
First Industrial Realty Trust, Inc. | 226,801 | 7,872,263 | ||||||
GEO Group, Inc. | 216,280 | 4,743,020 | ||||||
Healthcare Realty Trust, Inc. | 224,472 | 7,236,977 | ||||||
Highwoods Properties, Inc. | 185,532 | 8,137,433 | ||||||
Hospitality Properties Trust | 294,607 | 7,326,876 | ||||||
JBG SMITH Properties | 213,795 | 8,442,765 | ||||||
Kilroy Realty Corp. | 180,883 | 13,332,886 | ||||||
Lamar Advertising Co., Class A | 152,574 | 11,932,813 | ||||||
Liberty Property Trust | 265,066 | 12,582,683 | ||||||
Life Storage, Inc. | 83,546 | 8,043,809 | ||||||
Mack-Cali Realty Corp. | 161,814 | 3,676,414 | ||||||
Medical Properties Trust, Inc. | 682,723 | 12,138,815 | ||||||
National Retail Properties, Inc. | 289,547 | 15,499,451 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Omega Healthcare Investors, Inc. | 379,294 | $ | 13,510,452 | |||||
Pebblebrook Hotel Trust | 233,831 | 6,507,517 | ||||||
PotlatchDeltic Corp. | 121,586 | 4,091,369 | ||||||
PS Business Parks, Inc. | 35,785 | 5,758,522 | ||||||
Rayonier, Inc. | 231,988 | 6,530,462 | ||||||
Sabra Health Care REIT, Inc. | 319,476 | 6,162,692 | ||||||
Senior Housing Properties Trust | 425,908 | 3,356,155 | ||||||
Tanger Factory Outlet Centers, Inc.# | 168,303 | 2,854,419 | ||||||
Taubman Centers, Inc. | 109,504 | 4,857,597 | ||||||
Uniti Group, Inc.# | 320,655 | 3,081,495 | ||||||
Urban Edge Properties | 215,166 | 3,711,613 | ||||||
Weingarten Realty Investors | 214,309 | 6,043,514 | ||||||
294,181,028 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Jones Lang LaSalle, Inc. | 81,734 | 10,171,796 | ||||||
Realogy Holdings Corp.# | 203,317 | 1,441,518 | ||||||
11,613,314 | ||||||||
Recreational Vehicles — 0.5% |
| |||||||
Brunswick Corp. | 155,915 | 6,467,354 | ||||||
Polaris Industries, Inc. | 102,662 | 8,200,641 | ||||||
14,667,995 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 120,398 | 6,412,398 | ||||||
Avis Budget Group, Inc.† | 114,026 | 3,233,777 | ||||||
9,646,175 | ||||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp. | 70,467 | 6,334,984 | ||||||
Six Flags Entertainment Corp. | 128,031 | 6,319,610 | ||||||
12,654,594 | ||||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
American Eagle Outfitters, Inc. | 300,283 | 5,224,924 | ||||||
Urban Outfitters, Inc.† | 134,994 | 3,033,315 | ||||||
8,258,239 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 161,036 | 1,467,038 | ||||||
Retail - Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 103,261 | 4,075,712 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 246,289 | 3,125,407 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 80,884 | 5,715,263 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 65,582 | 8,465,325 | ||||||
Retail - Discount — 0.3% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 92,377 | 9,119,457 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Signet Jewelers, Ltd. | 93,003 | 1,754,037 | ||||||
Retail - Mail Order — 0.3% |
| |||||||
Williams-Sonoma, Inc.# | 143,602 | 8,400,717 | ||||||
Retail - Misc./Diversified — 0.6% |
| |||||||
Five Below, Inc.† | 99,896 | 12,859,612 | ||||||
Sally Beauty Holdings, Inc.†# | 215,974 | 3,278,485 | ||||||
16,138,097 | ||||||||
148 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 120,343 | $ | 3,506,795 | |||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Dillard’s, Inc., Class A | 33,104 | 1,875,673 | ||||||
Retail - Restaurants — 2.1% |
| |||||||
Brinker International, Inc.# | 67,183 | 2,524,065 | ||||||
Cheesecake Factory, Inc.# | 74,722 | 3,231,727 | ||||||
Cracker Barrel Old Country Store, Inc.# | 43,071 | 6,766,023 | ||||||
Domino’s Pizza, Inc. | 73,527 | 20,550,797 | ||||||
Dunkin’ Brands Group, Inc. | 148,047 | 10,988,048 | ||||||
Jack in the Box, Inc. | 46,235 | 3,846,752 | ||||||
Papa John’s International, Inc. | 40,323 | 1,954,456 | ||||||
Texas Roadhouse, Inc. | 119,443 | 6,122,648 | ||||||
Wendy’s Co. | 325,852 | 5,992,418 | ||||||
61,976,934 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc.# | 132,149 | 4,560,462 | ||||||
Rubber - Tires — 0.2% |
| |||||||
Goodyear Tire & Rubber Co. | 415,994 | 5,578,480 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
New York Community Bancorp, Inc.# | 837,255 | 8,313,942 | ||||||
Sterling Bancorp | 381,073 | 7,358,520 | ||||||
Washington Federal, Inc. | 145,317 | 4,587,658 | ||||||
20,260,120 | ||||||||
Schools — 0.3% |
| |||||||
Adtalem Global Education, Inc.† | 103,516 | 4,550,563 | ||||||
Graham Holdings Co., Class B | 7,801 | 5,308,893 | ||||||
9,859,456 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 88,942 | 6,848,534 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Cirrus Logic, Inc.† | 105,956 | 3,959,576 | ||||||
Cypress Semiconductor Corp. | 651,908 | 11,617,000 | ||||||
15,576,576 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
MKS Instruments, Inc. | 97,099 | 6,938,695 | ||||||
Teradyne, Inc. | 311,067 | 13,108,363 | ||||||
20,047,058 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 39,311 | 4,446,467 | ||||||
Steel - Producers — 1.0% |
| |||||||
Carpenter Technology Corp. | 84,884 | 3,442,895 | ||||||
Commercial Metals Co. | 210,742 | 2,813,406 | ||||||
Reliance Steel & Aluminum Co. | 120,175 | 10,006,972 | ||||||
Steel Dynamics, Inc. | 411,256 | 10,343,088 | ||||||
United States Steel Corp.# | 310,339 | 3,668,207 | ||||||
30,274,568 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 225,171 | 4,820,911 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 257,678 | 9,003,269 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
Plantronics, Inc. | 58,691 | 2,410,439 | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 167,966 | 4,839,100 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television — 0.5% |
| |||||||
AMC Networks, Inc., Class A†# | 80,137 | $ | 4,228,829 | |||||
TEGNA, Inc. | 386,620 | 5,853,427 | ||||||
World Wrestling Entertainment, Inc., Class A# | 78,219 | 5,689,650 | ||||||
15,771,906 | ||||||||
Theaters — 0.8% |
| |||||||
Cinemark Holdings, Inc. | 190,829 | 7,249,594 | ||||||
Live Nation Entertainment, Inc.† | 247,772 | 15,069,493 | ||||||
22,319,087 | ||||||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.† | 208,077 | 6,546,102 | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 65,571 | 4,578,167 | ||||||
Transport - Marine — 0.3% |
| |||||||
Kirby Corp.† | 96,543 | 7,470,497 | ||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 100,843 | 9,602,271 | ||||||
Transport - Services — 0.2% |
| |||||||
Ryder System, Inc. | 95,162 | 4,805,681 | ||||||
Transport - Truck — 1.4% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 223,168 | 6,168,363 | ||||||
Landstar System, Inc. | 71,871 | 6,917,584 | ||||||
Old Dominion Freight Line, Inc. | 116,304 | 15,403,302 | ||||||
Werner Enterprises, Inc. | 78,296 | 2,182,892 | ||||||
XPO Logistics, Inc.†# | 165,242 | 8,607,456 | ||||||
39,279,597 | ||||||||
Water — 0.5% |
| |||||||
Aqua America, Inc. | 377,378 | 14,921,526 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 70,586 | 3,614,003 | ||||||
Wireless Equipment — 0.4% |
| |||||||
InterDigital, Inc. | 58,435 | 3,711,791 | ||||||
ViaSat, Inc.†# | 101,854 | 8,864,354 | ||||||
12,576,145 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,326,389,792) | 2,856,861,691 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 19,952,997 | 19,952,997 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 3,100,000 | 3,097,064 | |||||
2.42% due 07/11/2019(4) | 250,000 | 249,395 | ||||||
2.48% due 09/05/2019(4) | 2,000,000 | 1,987,917 | ||||||
2.54% due 07/18/2019(4) | 1,000,000 | 997,131 | ||||||
6,331,507 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $26,282,520) | 26,284,504 | |||||||
149 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $32,033,335 collateralized by $32,865,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $32,674,201 | $ | 32,032,000 | $ | 32,032,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,384,704,312)(3) | 100.6 | % | 2,915,178,195 | |||||
Liabilities in excess of other assets | (0.6 | ) | (17,864,863 | ) | ||||
NET ASSETS | 100.0 | % | $ | 2,897,313,332 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $165,351,189. This was secured by collateral of $19,952,997, which was received in cash and subsequently invested in short-term investments currently valued at $19,952,997 as reported in the Portfolio of Investments. Additional collateral of $152,609,820 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 2,452,942 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 133,114 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | 21,596,707 | |||||
United States Treasury Notes/Bonds | 0.00% to 8.75% | 06/15/2019 to 02/15/2049 | 128,427,057 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(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) | ||||||||||||||||
218 | Long | S&P Mid Cap 400E-Mini Index | June 2019 | $ | 40,782,269 | $ | 39,462,360 | $ | (1,319,909 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 2,856,861,691 | $ | — | $ | — | $ | 2,856,861,691 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 19,952,997 | — | — | 19,952,997 | ||||||||||||
U.S. Government Treasuries | — | 6,331,507 | — | 6,331,507 | ||||||||||||
Repurchase Agreements | — | 32,032,000 | — | 32,032,000 | ||||||||||||
Total Investments at Value | $ | 2,876,814,688 | $ | 38,363,507 | $ | — | $ | 2,915,178,195 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,319,909 | $ | — | $ | — | $ | 1,319,909 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
150 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Commercial Services — Finance | 6.1 | % | ||
Electronic Components — Semiconductors | 4.8 | |||
Enterprise Software/Service | 4.0 | |||
Medical Products | 3.1 | |||
Commercial Paper | 3.0 | |||
Consulting Services | 3.0 | |||
Medical Instruments | 2.6 | |||
Computer Software | 2.6 | |||
Real Estate Investment Trusts | 2.4 | |||
Electronic Measurement Instruments | 2.2 | |||
Medical Labs & Testing Services | 2.2 | |||
Telecommunication Equipment | 2.1 | |||
Finance — Investment Banker/Broker | 2.0 | |||
Insurance Brokers | 1.9 | |||
Computer Services | 1.9 | |||
Data Processing/Management | 1.9 | |||
Aerospace/Defense — Equipment | 1.9 | |||
Semiconductor Equipment | 1.9 | |||
Instruments — Scientific | 1.8 | |||
Entertainment Software | 1.8 | |||
Apparel Manufacturers | 1.8 | |||
Insurance — Property/Casualty | 1.8 | |||
Electronic Components — Misc. | 1.7 | |||
Commercial Services | 1.7 | |||
Medical — Biomedical/Gene | 1.7 | |||
Disposable Medical Products | 1.6 | |||
Electronic Connectors | 1.6 | |||
Retail — Restaurants | 1.5 | |||
Web Hosting/Design | 1.4 | |||
Investment Management/Advisor Services | 1.3 | |||
Cruise Lines | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
E-Commerce/Services | 1.1 | |||
Aerospace/Defense | 1.0 | |||
Transport — Truck | 1.0 | |||
Registered Investment Companies | 0.9 | |||
Drug Delivery Systems | 0.9 | |||
Building — Maintenance & Services | 0.9 | |||
Diagnostic Kits | 0.9 | |||
Non-Hazardous Waste Disposal | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Containers — Paper/Plastic | 0.8 | |||
Beverages —Non-alcoholic | 0.8 | |||
Therapeutics | 0.8 | |||
E-Commerce/Products | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Containers — Metal/Glass | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Retail — Discount | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Printing — Commercial | 0.6 | |||
Hazardous Waste Disposal | 0.6 | |||
Veterinary Diagnostics | 0.6 | |||
Retail — Perfume & Cosmetics | 0.6 | |||
Auction Houses/Art Dealers | 0.6 | |||
Audio/Video Products | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Food — Catering | 0.5 | |||
Advertising Agencies | 0.5 | |||
Retail — Floor Coverings | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
Wire & Cable Products | 0.5 | |||
Real Estate Management/Services | 0.4 | |||
Retail — Pet Food & Supplies | 0.4 | |||
Finance — Other Services | 0.4 | |||
Decision Support Software | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Retail — Mail Order | 0.4 | |||
Oil Companies — Exploration & Production | 0.4 |
Applications Software | 0.4 | |||
Transport — Rail | 0.4 | |||
Airlines | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Advertising Services | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Beverages — Wine/Spirits | 0.3 | |||
Television | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Banks — Commercial | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
151 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.5% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Omnicom Group, Inc. | 18,846 | $ | 1,457,927 | |||||
Advertising Services — 0.4% |
| |||||||
Trade Desk, Inc., Class A†# | 5,361 | 1,065,820 | ||||||
Aerospace/Defense — 1.0% |
| |||||||
Teledyne Technologies, Inc.† | 13,354 | 3,148,873 | ||||||
Aerospace/Defense - Equipment — 1.9% |
| |||||||
Harris Corp. | 14,725 | 2,756,373 | ||||||
HEICO Corp., Class A | 17,235 | 1,693,511 | ||||||
L3 Technologies, Inc. | 5,220 | 1,263,553 | ||||||
5,713,437 | ||||||||
Airlines — 0.4% |
| |||||||
Ryanair Holdings PLC ADR† | 16,371 | 1,067,717 | ||||||
Apparel Manufacturers — 1.8% |
| |||||||
Carter’s, Inc. | 3,677 | 309,272 | ||||||
Gildan Activewear, Inc. | 87,484 | 3,154,673 | ||||||
Kontoor Brands, Inc.† | 1 | 17 | ||||||
VF Corp. | 24,665 | 2,019,570 | ||||||
5,483,532 | ||||||||
Applications Software — 0.4% |
| |||||||
Intuit, Inc. | 4,457 | 1,091,296 | ||||||
Auction Houses/Art Dealers — 0.6% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 54,653 | 1,823,771 | ||||||
Audio/Video Products — 0.6% |
| |||||||
Dolby Laboratories, Inc., Class A | 29,161 | 1,807,107 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Visteon Corp.†# | 11,494 | 511,598 | ||||||
Banks - Commercial — 0.3% |
| |||||||
SVB Financial Group† | 4,307 | 867,430 | ||||||
Beverages -Non-alcoholic — 0.8% |
| |||||||
Monster Beverage Corp.† | 37,662 | 2,329,771 | ||||||
Beverages - Wine/Spirits — 0.3% |
| |||||||
MGP Ingredients, Inc.# | 17,155 | 1,032,903 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 26,352 | 983,720 | ||||||
Building & Construction - Misc. — 0.4% |
| |||||||
Frontdoor, Inc.† | 26,393 | 1,061,263 | ||||||
Building - Maintenance & Services — 0.9% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 52,786 | 2,850,444 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
FMC Corp. | 28,224 | 2,073,053 | ||||||
Commercial Services — 1.7% |
| |||||||
CoStar Group, Inc.† | 7,209 | 3,673,995 | ||||||
Edenred | 33,361 | 1,523,495 | ||||||
5,197,490 | ||||||||
Commercial Services - Finance — 6.1% |
| |||||||
Equifax, Inc. | 11,399 | 1,378,139 | ||||||
Euronet Worldwide, Inc.† | 6,842 | 1,060,784 | ||||||
Global Payments, Inc. | 31,116 | 4,793,109 | ||||||
IHS Markit, Ltd.† | 23,675 | 1,358,708 | ||||||
WEX, Inc.† | 35,354 | 6,679,785 | ||||||
Worldpay, Inc., Class A† | 26,119 | 3,177,115 | ||||||
18,447,640 | ||||||||
Computer Services — 1.9% |
| |||||||
Amdocs, Ltd. | 47,122 | 2,799,989 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) | ||||||||
EPAM Systems, Inc.† | 17,480 | $ | 3,016,873 | |||||
5,816,862 | ||||||||
Computer Software — 2.6% |
| |||||||
Splunk, Inc.† | 18,888 | 2,153,043 | ||||||
SS&C Technologies Holdings, Inc. | 68,496 | 3,811,802 | ||||||
Twilio, Inc., Class A†# | 14,420 | 1,903,296 | ||||||
7,868,141 | ||||||||
Consulting Services — 3.0% |
| |||||||
Booz Allen Hamilton Holding Corp. | 23,680 | 1,495,866 | ||||||
Gartner, Inc.† | 8,150 | 1,233,095 | ||||||
Verisk Analytics, Inc. | 44,972 | 6,296,080 | ||||||
9,025,041 | ||||||||
Containers - Metal/Glass — 0.7% |
| |||||||
Crown Holdings, Inc.† | 37,685 | 2,088,880 | ||||||
Containers - Paper/Plastic — 0.8% |
| |||||||
Sealed Air Corp. | 58,210 | 2,438,999 | ||||||
Cruise Lines — 1.2% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 34,614 | 1,893,732 | ||||||
Royal Caribbean Cruises, Ltd. | 15,063 | 1,834,071 | ||||||
3,727,803 | ||||||||
Data Processing/Management — 1.9% |
| |||||||
Broadridge Financial Solutions, Inc. | 24,670 | 3,080,543 | ||||||
Fidelity National Information Services, Inc. | 22,449 | 2,700,615 | ||||||
5,781,158 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 5,332 | 1,173,093 | ||||||
Diagnostic Kits — 0.9% |
| |||||||
IDEXX Laboratories, Inc.† | 11,015 | 2,751,217 | ||||||
Disposable Medical Products — 1.6% |
| |||||||
STERIS PLC | 25,796 | 3,448,409 | ||||||
Teleflex, Inc. | 4,872 | 1,404,598 | ||||||
4,853,007 | ||||||||
Distribution/Wholesale — 0.3% |
| |||||||
Ferguson PLC | 14,883 | 961,322 | ||||||
Diversified Manufacturing Operations — 0.7% |
| |||||||
Carlisle Cos., Inc. | 15,613 | 2,081,369 | ||||||
Drug Delivery Systems — 0.9% |
| |||||||
DexCom, Inc.† | 23,511 | 2,851,884 | ||||||
E-Commerce/Products — 0.7% |
| |||||||
Etsy, Inc.† | 19,230 | 1,198,221 | ||||||
Wayfair, Inc., Class A†# | 6,644 | 956,803 | ||||||
2,155,024 | ||||||||
Electric Products - Misc. — 0.7% |
| |||||||
AMETEK, Inc. | 25,908 | 2,121,606 | ||||||
Electronic Components - Misc. — 1.7% |
| |||||||
Flex, Ltd.† | 157,018 | 1,403,741 | ||||||
Sensata Technologies Holding PLC† | 90,606 | 3,867,970 | ||||||
5,271,711 | ||||||||
Electronic Components - Semiconductors — 4.8% |
| |||||||
Advanced Micro Devices, Inc.†# | 81,820 | 2,242,686 | ||||||
Cree, Inc.† | 18,095 | 997,758 | ||||||
Microchip Technology, Inc.# | 47,249 | 3,781,338 | ||||||
Monolithic Power Systems, Inc. | 9,832 | 1,144,936 | ||||||
ON Semiconductor Corp.† | 149,039 | 2,646,933 |
152 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Components - Semiconductors (continued) | ||||||||
Xilinx, Inc. | 37,336 | $ | 3,819,846 | |||||
14,633,497 | ||||||||
Electronic Connectors — 1.6% |
| |||||||
TE Connectivity, Ltd. | 56,029 | 4,719,323 | ||||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 27,744 | 1,860,235 | ||||||
Keysight Technologies, Inc.† | 15,755 | 1,183,673 | ||||||
National Instruments Corp. | 60,076 | 2,318,333 | ||||||
Trimble, Inc.† | 31,812 | 1,269,299 | ||||||
6,631,540 | ||||||||
Enterprise Software/Service — 4.0% |
| |||||||
Atlassian Corp. PLC, Class A† | 22,518 | 2,834,566 | ||||||
Ceridian HCM Holding, Inc.†# | 28,345 | 1,394,007 | ||||||
Constellation Software, Inc. | 5,181 | 4,486,264 | ||||||
Workday, Inc., Class A† | 16,649 | 3,398,394 | ||||||
12,113,231 | ||||||||
Entertainment Software — 1.8% |
| |||||||
Take-Two Interactive Software, Inc.† | 30,605 | 3,309,931 | ||||||
Zynga, Inc., Class A† | 349,332 | 2,197,298 | ||||||
5,507,229 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Synchrony Financial | 33,729 | 1,134,306 | ||||||
Finance - Investment Banker/Broker — 2.0% |
| |||||||
E*TRADE Financial Corp. | 42,461 | 1,902,253 | ||||||
TD Ameritrade Holding Corp. | 86,578 | 4,307,255 | ||||||
6,209,508 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 11,902 | 1,291,843 | ||||||
Food - Catering — 0.5% |
| |||||||
Aramark | 45,984 | 1,599,783 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Lamb Weston Holdings, Inc. | 17,990 | 1,065,908 | ||||||
Hazardous Waste Disposal — 0.6% |
| |||||||
Clean Harbors, Inc.† | 29,770 | 1,908,852 | ||||||
Industrial Automated/Robotic — 0.3% |
| |||||||
Cognex Corp. | 24,510 | 995,106 | ||||||
Instruments - Scientific — 1.8% |
| |||||||
PerkinElmer, Inc. | 39,278 | 3,391,262 | ||||||
Waters Corp.† | 11,045 | 2,216,842 | ||||||
5,608,104 | ||||||||
Insurance Brokers — 1.9% |
| |||||||
Aon PLC | 20,125 | 3,623,909 | ||||||
Arthur J. Gallagher & Co. | 26,790 | 2,255,718 | ||||||
5,879,627 | ||||||||
Insurance - Property/Casualty — 1.8% |
| |||||||
Intact Financial Corp. | 30,406 | 2,614,295 | ||||||
WR Berkley Corp. | 46,051 | 2,864,372 | ||||||
5,478,667 | ||||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
LPL Financial Holdings, Inc. | 49,092 | 3,938,160 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Middleby Corp.†# | 11,741 | 1,531,848 | ||||||
Wabtec Corp.# | 32,617 | 2,034,649 | ||||||
3,566,497 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 2.6% |
| |||||||
Boston Scientific Corp.† | 101,097 | $ | 3,883,136 | |||||
Bruker Corp. | 30,433 | 1,271,187 | ||||||
Edwards Lifesciences Corp.† | 16,502 | 2,816,891 | ||||||
7,971,214 | ||||||||
Medical Labs & Testing Services — 2.2% |
| |||||||
Catalent, Inc.† | 87,916 | 4,000,178 | ||||||
IQVIA Holdings, Inc.† | 19,021 | 2,584,003 | ||||||
6,584,181 | ||||||||
Medical Products — 3.1% |
| |||||||
Cooper Cos., Inc. | 17,371 | 5,172,910 | ||||||
Haemonetics Corp.† | 18,270 | 1,772,007 | ||||||
ICU Medical, Inc.† | 6,402 | 1,362,346 | ||||||
Varian Medical Systems, Inc.† | 8,925 | 1,126,870 | ||||||
9,434,133 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
Celgene Corp.† | 16,783 | 1,574,078 | ||||||
Exact Sciences Corp.† | 17,535 | 1,817,152 | ||||||
Sage Therapeutics, Inc.†# | 10,322 | 1,774,042 | ||||||
5,165,272 | ||||||||
Medical - Drugs — 0.0% |
| |||||||
Alkermes PLC† | 1,941 | 41,809 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Rexnord Corp.† | 68,378 | 1,799,025 | ||||||
Non-Hazardous Waste Disposal — 0.9% |
| |||||||
Waste Connections, Inc. | 27,321 | 2,585,659 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Parsley Energy, Inc., Class A† | 61,667 | 1,099,523 | ||||||
Printing - Commercial — 0.6% |
| |||||||
Cimpress NV†# | 21,899 | 1,916,162 | ||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
Crown Castle International Corp. | 28,816 | 3,746,368 | ||||||
Lamar Advertising Co., Class A | 46,752 | 3,656,474 | ||||||
7,402,842 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
CBRE Group, Inc., Class A† | 29,451 | 1,345,911 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
United Rentals, Inc.† | 12,656 | 1,393,426 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Lululemon Athletica, Inc.† | 15,160 | 2,510,344 | ||||||
Retail - Discount — 0.7% |
| |||||||
Dollar Tree, Inc.† | 20,408 | 2,073,249 | ||||||
Retail - Floor Coverings — 0.5% |
| |||||||
Floor & Decor Holdings, Inc., Class A†# | 39,881 | 1,416,573 | ||||||
Retail - Mail Order — 0.4% |
| |||||||
Williams-Sonoma, Inc.# | 19,017 | 1,112,494 | ||||||
Retail - Perfume & Cosmetics — 0.6% |
| |||||||
Ulta Beauty, Inc.† | 5,518 | 1,839,591 | ||||||
Retail - Pet Food & Supplies — 0.4% |
| |||||||
Freshpet, Inc.† | 27,955 | 1,299,069 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Chipotle Mexican Grill, Inc.† | 2,945 | 1,943,612 | ||||||
Dunkin’ Brands Group, Inc. | 34,660 | 2,572,465 | ||||||
4,516,077 | ||||||||
153 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Semiconductor Equipment — 1.9% |
| |||||||
Entegris, Inc. | 30,815 | $ | 1,058,187 | |||||
KLA-Tencor Corp. | 24,971 | 2,573,761 | ||||||
Lam Research Corp. | 11,567 | 2,019,714 | ||||||
5,651,662 | ||||||||
Telecommunication Equipment — 2.1% |
| |||||||
NICE, Ltd., ADR†# | 45,622 | 6,380,237 | ||||||
Television — 0.3% |
| |||||||
World Wrestling Entertainment, Inc., Class A# | 13,915 | 1,012,177 | ||||||
Therapeutics — 0.8% |
| |||||||
Neurocrine Biosciences, Inc.† | 18,715 | 1,586,658 | ||||||
Sarepta Therapeutics, Inc.†# | 6,059 | 689,817 | ||||||
2,276,475 | ||||||||
Transport - Rail — 0.4% |
| |||||||
Kansas City Southern | 9,560 | 1,082,957 | ||||||
Transport - Truck — 1.0% |
| |||||||
Old Dominion Freight Line, Inc. | 10,624 | 1,407,043 | ||||||
XPO Logistics, Inc.†# | 31,133 | 1,621,718 | ||||||
3,028,761 | ||||||||
Veterinary Diagnostics — 0.6% |
| |||||||
Elanco Animal Health, Inc.† | 59,376 | 1,857,281 | ||||||
Web Hosting/Design — 1.4% |
| |||||||
GoDaddy, Inc., Class A† | 37,355 | 2,779,212 | ||||||
Wix.com, Ltd.† | 11,038 | 1,515,959 | ||||||
4,295,171 | ||||||||
Wire & Cable Products — 0.4% |
| |||||||
Belden, Inc. | 22,766 | 1,165,619 | ||||||
Total Common Stocks |
| |||||||
(cost $214,149,335) | 289,519,984 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.2% |
| |||||||
E-Commerce/Services — 1.1% |
| |||||||
Airbnb, Inc., Series D†(1)(2) | 29,418 | 3,600,175 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 2,200 | 152,240 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,417,696) | 3,752,415 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $215,567,031) | 293,272,399 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.9% |
| |||||||
Commercial Paper — 3.0% |
| |||||||
Credit Agricole Corporate and Investment Bank | $ | 9,100,000 | 9,098,195 | |||||
Registered Investment Companies — 0.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,868,354 | 2,868,354 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $11,967,161) | 11,966,549 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $227,534,192)(6) | 100.6 | % | 305,238,948 | |||||
Liabilities in excess of other assets | (0.6 | ) | (1,951,008 | ) | ||||
NET ASSETS | 100.0 | % | $ | 303,287,940 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Convertible Preferred Stocks | ||||||||||||||||||||||||
Airbnb, Inc. | ||||||||||||||||||||||||
Series D | 4/16/2014 | 29,418 | $ | 1,197,696 | $ | 3,600,175 | $ | 122 | 1.19 | % |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $23,446,485. This was secured by collateral of $2,868,354, which was received in cash and subsequently invested in short-term investments currently valued at $2,868,354 as reported in the Portfolio of Investments. Additional collateral of $21,293,930 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | $ | 1,089,202 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 20,204,728 |
(4) | The rate shown is the7-day yield as of May 31, 2019. |
ADR—American Depositary Receipt
(5) | See Note 5 for cost of investments on a tax basis. |
154 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund's net assets as of May 31, 2019 (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 | $ | 287,035,167 | $ | 2,484,817 | ** | $ | — | $ | 289,519,984 | |||||||
Convertible Preferred Securities: | ||||||||||||||||
E-Commerce/Services | — | — | 3,600,175 | 3,600,175 | ||||||||||||
Wire & Cable Products | 152,240 | — | — | 152,240 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 9,098,195 | — | 9,098,195 | ||||||||||||
Registered Investment Companies | 2,868,354 | — | — | 2,868,354 | ||||||||||||
Total Investments at Value | $ | 290,055,761 | $ | 11,583,012 | $ | 3,600,175 | $ | 305,238,948 | ||||||||
* | 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) . | 273,387 | 393,123 | ||||||
Change in unrealized depreciation(1) . | — | — | ||||||
Net Purchases . . . . . . . . . . . . . . . . . | — | — | ||||||
Net Sales . . . . . . . . . . . . . . . . . . . . . | (739,674 | ) | — | |||||
Transfers into Level 3 . . . . . . . . . . . . | — | — | ||||||
Transfers out of Level 3 . . . . . . . . . . | — | — | ||||||
Balance as of 05/31/2019 . . . . . . . . | $ | — | $ | 3,600,175 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31 2019 includes: |
Common Stocks | Convertible Preferred Securities | |||||
$ — | $ | 393,123 | ||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2019.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 05/31/19 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Convertible Preferred Securities | $ | 3,600,175 | Market Approach | Last Twelve Months Revenue Multiple* | 9.42x | |||||
2021 Estimated Revenue Multiple* | 4.2x - 6.9x (5.55x) | |||||||||
2021 Estimated Gross Profit Multiple* | 5.0x | |||||||||
2022 Estimated Revenue Multiple* | 3.9x | |||||||||
2022 Estimated Gross Profit Multiple* | 4.6x | |||||||||
2023 Estimated Revenue Multiple* | 3.5x | |||||||||
2023 Estimated Gross Profit Multiple* | 4.2x | |||||||||
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
155 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Applications Software | 11.2 | % | ||
E-Commerce/Products | 10.2 | |||
Computers | 9.0 | |||
Web Portals/ISP | 8.3 | |||
Electronic Components — Semiconductors | 7.3 | |||
Internet Content — Entertainment | 6.5 | |||
Repurchase Agreements | 5.9 | |||
Medical — Biomedical/Gene | 5.7 | |||
Cable/Satellite TV | 3.5 | |||
Networking Products | 2.8 | |||
Beverages —Non-alcoholic | 2.6 | |||
Commercial Services — Finance | 2.4 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
E-Commerce/Services | 1.6 | |||
Electronic Forms | 1.6 | |||
Retail — Discount | 1.6 | |||
Food — Misc./Diversified | 1.3 | |||
Retail — Restaurants | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Entertainment Software | 1.1 | |||
Computer Aided Design | 0.9 | |||
Data Processing/Management | 0.8 | |||
Cellular Telecom | 0.8 | |||
Transport — Rail | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Medical Instruments | 0.6 | |||
Retail — Drug Store | 0.6 | |||
Hotels/Motels | 0.5 | |||
U.S. Government Treasuries | 0.5 | |||
Computer Services | 0.4 | |||
Registered Investment Companies | 0.4 | |||
Airlines | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Enterprise Software/Service | 0.4 | |||
Electric — Integrated | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Computers — Memory Devices | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Commercial Services | 0.3 | |||
Radio | 0.3 | |||
Consulting Services | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Dental Supplies & Equipment | 0.3 | |||
Medical Information Systems | 0.3 | |||
Insurance Brokers | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Computer Data Security | 0.2 | |||
Computer Software | 0.1 | |||
Internet Security | 0.1 | |||
Toys | 0.1 | |||
Casino Hotels | 0.1 | |||
Medical Products | 0.1 | |||
Transport — Truck | �� | 0.1 | ||
Medical — Generic Drugs | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
156 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.4% |
| |||||||
Airlines — 0.4% |
| |||||||
American Airlines Group, Inc. | 27,228 | $ | 741,418 | |||||
United Continental Holdings, Inc.† | 16,173 | 1,255,834 | ||||||
1,997,252 | ||||||||
Applications Software — 11.2% |
| |||||||
Intuit, Inc. | 15,709 | 3,846,349 | ||||||
Microsoft Corp. | 419,181 | 51,844,306 | ||||||
55,690,655 | ||||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Tesla, Inc.†# | 10,473 | 1,939,181 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 21,023 | 1,383,734 | ||||||
Beverages-Non-alcoholic — 2.6% |
| |||||||
Monster Beverage Corp.† | 32,934 | 2,037,297 | ||||||
PepsiCo, Inc. | 85,173 | 10,902,144 | ||||||
12,939,441 | ||||||||
Broadcast Services/Program — 0.3% |
| |||||||
Fox Corp., Class A | 21,392 | 753,640 | ||||||
Fox Corp., Class B | 16,138 | 560,150 | ||||||
1,313,790 | ||||||||
Cable/Satellite TV — 3.5% |
| |||||||
Charter Communications, Inc., Class A† | 13,664 | 5,148,595 | ||||||
Comcast Corp., Class A | 273,858 | 11,228,178 | ||||||
Liberty Global PLC, Class A† | 12,399 | 305,016 | ||||||
Liberty Global PLC, Class C† | 31,925 | 773,862 | ||||||
17,455,651 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 6,526 | 700,436 | ||||||
Cellular Telecom — 0.8% |
| |||||||
T-Mobile US, Inc.† | 51,553 | 3,786,052 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 6,339 | 1,406,180 | ||||||
Commercial Services - Finance — 2.4% |
| |||||||
Automatic Data Processing, Inc. | 26,414 | 4,229,409 | ||||||
PayPal Holdings, Inc.† | 71,137 | 7,807,286 | ||||||
12,036,695 | ||||||||
Computer Aided Design — 0.9% |
| |||||||
Autodesk, Inc.† | 13,280 | 2,136,885 | ||||||
Cadence Design Systems, Inc.† | 17,001 | 1,080,754 | ||||||
Synopsys, Inc.† | 9,076 | 1,056,809 | ||||||
4,274,448 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 9,472 | 1,044,572 | ||||||
Computer Services — 0.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 34,871 | 2,159,561 | ||||||
Computer Software — 0.1% |
| |||||||
Citrix Systems, Inc. | 7,987 | 751,736 | ||||||
Computers — 9.0% |
| |||||||
Apple, Inc. | 257,632 | 45,103,634 | ||||||
Computers - Memory Devices — 0.3% |
| |||||||
NetApp, Inc. | 14,975 | 886,520 | ||||||
Western Digital Corp. | 17,636 | 656,412 | ||||||
1,542,932 | ||||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc. | 9,914 | 1,387,960 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.8% |
| |||||||
Fiserv, Inc.† | 23,744 | $ | 2,038,660 | |||||
Paychex, Inc. | 21,773 | 1,867,906 | ||||||
3,906,566 | ||||||||
Dental Supplies & Equipment — 0.3% |
| |||||||
Align Technology, Inc.† | 4,850 | 1,379,097 | ||||||
Diagnostic Kits — 0.3% |
| |||||||
IDEXX Laboratories, Inc.† | 5,215 | 1,302,551 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 34,702 | 1,061,534 | ||||||
E-Commerce/Products — 10.2% |
| |||||||
Amazon.com, Inc.† | 26,842 | 47,646,429 | ||||||
eBay, Inc. | 55,473 | 1,993,145 | ||||||
JD.com, Inc. ADR† | 56,062 | 1,444,157 | ||||||
51,083,731 | ||||||||
E-Commerce/Services — 1.6% |
| |||||||
Booking Holdings, Inc.† | 2,729 | 4,519,824 | ||||||
Ctrip.com International, Ltd. ADR† | 29,524 | 1,020,350 | ||||||
Expedia Group, Inc. | 8,149 | 937,135 | ||||||
MercadoLibre, Inc.† | 2,741 | 1,563,795 | ||||||
8,041,104 | ||||||||
Electric - Integrated — 0.4% |
| |||||||
Xcel Energy, Inc. | 31,179 | 1,787,804 | ||||||
Electronic Components - Semiconductors — 7.3% |
| |||||||
Advanced Micro Devices, Inc.†# | 60,956 | 1,670,804 | ||||||
Broadcom, Inc. | 24,018 | 6,043,889 | ||||||
Intel Corp. | 272,674 | 12,008,563 | ||||||
Microchip Technology, Inc.# | 14,369 | 1,149,951 | ||||||
Micron Technology, Inc.† | 67,974 | 2,216,632 | ||||||
NVIDIA Corp. | 36,745 | 4,977,478 | ||||||
Skyworks Solutions, Inc. | 10,554 | 703,213 | ||||||
Texas Instruments, Inc. | 56,905 | 5,935,761 | ||||||
Xilinx, Inc. | 15,351 | 1,570,561 | ||||||
36,276,852 | ||||||||
Electronic Forms — 1.6% |
| |||||||
Adobe, Inc.† | 29,573 | 8,011,326 | ||||||
Enterprise Software/Service — 0.4% |
| |||||||
Workday, Inc., Class A† | 9,156 | 1,868,923 | ||||||
Entertainment Software — 1.1% |
| |||||||
Activision Blizzard, Inc. | 46,315 | 2,008,682 | ||||||
Electronic Arts, Inc.† | 18,166 | 1,690,891 | ||||||
NetEase, Inc. ADR | 4,439 | 1,103,580 | ||||||
Take-Two Interactive Software, Inc.† | 6,862 | 742,125 | ||||||
5,545,278 | ||||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Kraft Heinz Co. | 73,940 | 2,044,441 | ||||||
Mondelez International, Inc., Class A | 87,567 | 4,452,782 | ||||||
6,497,223 | ||||||||
Hotels/Motels — 0.5% |
| |||||||
Marriott International, Inc., Class A | 20,684 | 2,582,191 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Willis Towers Watson PLC | 7,828 | 1,373,814 | ||||||
Internet Content - Entertainment — 6.5% |
| |||||||
Facebook, Inc., Class A† | 131,568 | 23,349,373 | ||||||
Netflix, Inc.† | 26,473 | 9,087,651 | ||||||
32,437,024 | ||||||||
157 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 38,759 | $ | 725,956 | |||||
Medical Information Systems — 0.3% |
| |||||||
Cerner Corp. | 19,668 | 1,376,170 | ||||||
Medical Instruments — 0.6% |
| |||||||
Intuitive Surgical, Inc.† | 6,942 | 3,226,989 | ||||||
Medical Products — 0.1% |
| |||||||
Henry Schein, Inc.† | 9,180 | 591,743 | ||||||
Medical - Biomedical/Gene — 5.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 13,550 | 1,540,364 | ||||||
Amgen, Inc. | 37,732 | 6,289,924 | ||||||
Biogen, Inc.† | 11,927 | 2,615,472 | ||||||
BioMarin Pharmaceutical, Inc.† | 10,816 | 889,508 | ||||||
Celgene Corp.† | 42,576 | 3,993,203 | ||||||
Gilead Sciences, Inc. | 77,340 | 4,814,415 | ||||||
Illumina, Inc.† | 8,913 | 2,735,489 | ||||||
Incyte Corp.† | 12,979 | 1,020,539 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,510 | 1,964,197 | ||||||
Vertex Pharmaceuticals, Inc.† | 15,502 | 2,576,122 | ||||||
28,439,233 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 31,284 | 525,571 | ||||||
Networking Products — 2.8% |
| |||||||
Cisco Systems, Inc. | 266,916 | 13,887,639 | ||||||
Radio — 0.3% |
| |||||||
Sirius XM Holdings, Inc.# | 263,505 | 1,399,212 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Lululemon Athletica, Inc.† | 7,375 | 1,221,226 | ||||||
Ross Stores, Inc. | 22,471 | 2,089,579 | ||||||
3,310,805 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 4,752 | 1,764,750 | ||||||
Retail - Discount — 1.6% |
| |||||||
Costco Wholesale Corp. | 26,709 | 6,398,942 | ||||||
Dollar Tree, Inc.† | 14,429 | 1,465,842 | ||||||
7,864,784 | ||||||||
Retail - Drug Store — 0.6% |
| |||||||
Walgreens Boots Alliance, Inc. | 57,205 | 2,822,495 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Ulta Beauty, Inc.† | 3,596 | 1,198,834 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Starbucks Corp. | 75,405 | 5,735,304 | ||||||
Semiconductor Components-Integrated Circuits — 1.9% |
| |||||||
Analog Devices, Inc. | 22,333 | 2,157,815 | ||||||
Maxim Integrated Products, Inc. | 16,577 | 871,784 | ||||||
NXP Semiconductors NV | 19,931 | 1,757,117 | ||||||
QUALCOMM, Inc. | 73,387 | 4,903,719 | ||||||
9,690,435 | ||||||||
Semiconductor Equipment — 1.1% |
| |||||||
Applied Materials, Inc. | 57,566 | 2,227,229 | ||||||
ASML Holding NV | 4,348 | 817,641 | ||||||
KLA-Tencor Corp. | 9,178 | 945,976 | ||||||
Lam Research Corp. | 9,252 | 1,615,492 | ||||||
5,606,338 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 7,630 | 725,918 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Transport - Rail — 0.7% |
| |||||||
CSX Corp. | 49,455 | $ | 3,682,914 | |||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 6,593 | 561,328 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
VeriSign, Inc.† | 7,259 | 1,415,360 | ||||||
Web Portals/ISP — 8.3% |
| |||||||
Alphabet, Inc., Class A† | 16,812 | 18,602,478 | ||||||
Alphabet, Inc., Class C† | 19,229 | 21,221,701 | ||||||
Baidu, Inc. ADR† | 16,897 | 1,858,670 | ||||||
41,682,849 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $195,542,116) | 466,303,555 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 2.37%(1)(2) | 2,010,816 | 2,010,816 | ||||||
U.S. Government Treasuries — 0.5% |
| |||||||
United States Treasury Bills | ||||||||
2.33% due 06/25/2019(3) | $ | 1,200,000 | 1,198,321 | |||||
2.38% due 07/02/2019(3) | 600,000 | 598,887 | ||||||
2.46% due 08/15/2019(3) | 200,000 | 199,075 | ||||||
2.53% due 07/18/2019(3) | 300,000 | 299,140 | ||||||
2,295,423 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,305,745) | 4,306,239 | |||||||
REPURCHASE AGREEMENTS — 5.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount $29,497,229 collateralized by $30,265,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $30,089,130 | 29,496,000 | 29,496,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $229,343,861)(4) | 100.2 | % | 500,105,794 | |||||
Liabilities in excess of other assets | (0.2 | ) | (836,581 | ) | ||||
NET ASSETS | 100.0 | % | $ | 499,269,213 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the7-day yield as of May 31, 2019. |
(2) | At May 31, 2019, the Fund had loaned securities with a total value of $4,788,647. This was secured by collateral of $2,010,816, which was received in cash and subsequently invested in short-term investments currently valued at $2,010,816 as reported in the Portfolio of Investments. Additional collateral of $2,966,405 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | $ | 1,179 | ||||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 11/15/2048 | 2,965,226 |
(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. |
158 |
Table of Contents
VALIC Company INasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
ADR—American Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
225 | Long | NASDAQ 100E-Mini Index | June 2019 | $ | 32,760,747 | $ | 32,100,750 | $ | (659,997 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 466,303,555 | $ | — | $ | — | $ | 466,303,555 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,010,816 | — | — | 2,010,816 | ||||||||||||
U.S. Government Treasuries | — | 2,295,423 | — | 2,295,423 | ||||||||||||
Repurchase Agreements | — | 29,496,000 | — | 29,496,000 | ||||||||||||
Total Investments at Value | $ | 468,314,371 | $ | 31,791,423 | $ | — | $ | 500,105,794 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 659,997 | $ | — | $ | — | $ | 659,997 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
159 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 11.0 | % | ||
Applications Software | 9.3 | |||
Internet Content — Entertainment | 9.2 | |||
Commercial Services — Finance | 7.3 | |||
E-Commerce/Products | 6.5 | |||
Web Portals/ISP | 6.0 | |||
Enterprise Software/Service | 5.7 | |||
E-Commerce/Services | 4.7 | |||
Computer Software | 4.1 | |||
Registered Investment Companies | 4.0 | |||
Finance — Credit Card | 3.9 | |||
Semiconductor Equipment | 3.7 | |||
Semiconductor Components — Integrated Circuits | 2.3 | |||
Internet Security | 2.2 | |||
Internet Application Software | 1.9 | |||
Computer Services | 1.6 | |||
Computers — Memory Devices | 1.5 | |||
Computers | 1.3 | |||
Entertainment Software | 1.3 | |||
Retail — Apparel/Shoe | 1.0 | |||
Internet Content — Information/News | 1.0 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Computer Aided Design | 0.8 | |||
Networking Products | 0.7 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Internet Telephone | 0.6 | |||
Electronic Forms | 0.6 | |||
Electronic Components — Misc. | 0.5 | |||
Medical Instruments | 0.4 | |||
Web Hosting/Design | 0.4 | |||
Computer Data Security | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Computers — Other | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Data Processing/Management | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Lasers — System/Components | 0.2 | |||
Pharmacy Services | 0.2 | |||
Publishing — Newspapers | 0.1 | |||
IT Services | 0.1 | |||
E-Services/Consulting | 0.1 | |||
97.9 | % | |||
* | Calculated as a percentage of net assets |
160 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.0% |
| |||||||
Advertising Services — 0.0% |
| |||||||
Trade Desk, Inc., Class A†# | 2,675 | $ | 531,817 | |||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
Harris Corp. | 48,923 | 9,157,896 | ||||||
Applications Software — 9.3% |
| |||||||
Intuit, Inc. | 12,868 | 3,150,730 | ||||||
Microsoft Corp. | 603,511 | 74,642,240 | ||||||
RealPage, Inc.† | 18,830 | 1,098,165 | ||||||
salesforce.com, Inc.† | 144,204 | 21,833,928 | ||||||
ServiceNow, Inc.† | 106,144 | 27,802,298 | ||||||
Tableau Software, Inc., Class A† | 9,230 | 1,038,098 | ||||||
Tencent Music Entertainment Group ADR†# | 4 | 53 | ||||||
129,565,512 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
Tesla, Inc.†# | 55,079 | 10,198,428 | ||||||
Chemicals - Diversified — 0.3% |
| |||||||
Dow, Inc. | 26,243 | 1,227,123 | ||||||
DuPont de Nemours, Inc. | 78,730 | 2,402,839 | ||||||
3,629,962 | ||||||||
Commercial Services - Finance — 7.3% |
| |||||||
Equifax, Inc. | 38,581 | 4,664,443 | ||||||
FleetCor Technologies, Inc.† | 45,736 | 11,809,493 | ||||||
Global Payments, Inc. | 132,979 | 20,484,085 | ||||||
PayPal Holdings, Inc.† | 263,719 | 28,943,160 | ||||||
Square, Inc., Class A† | 103,255 | 6,396,647 | ||||||
Total System Services, Inc. | 99,353 | 12,273,076 | ||||||
TransUnion | 70,735 | 4,635,972 | ||||||
WEX, Inc.† | 53,833 | 10,171,207 | ||||||
Worldpay, Inc., Class A† | 23,270 | 2,830,563 | ||||||
102,208,646 | ||||||||
Computer Aided Design — 0.8% |
| |||||||
Autodesk, Inc.† | 2,395 | 385,380 | ||||||
Synopsys, Inc.† | 93,812 | 10,923,469 | ||||||
11,308,849 | ||||||||
Computer Data Security — 0.4% |
| |||||||
CyberArk Software, Ltd.† | 5,685 | 750,704 | ||||||
Fortinet, Inc.† | 13,345 | 967,246 | ||||||
Rapid7, Inc.† | 14,100 | 736,725 | ||||||
Sophos Group PLC* | 212,935 | 1,125,790 | ||||||
Tenable Holdings, Inc.†# | 56,290 | 1,567,677 | ||||||
5,148,142 | ||||||||
Computer Services — 1.6% |
| |||||||
Accenture PLC, Class A | 17,136 | 3,051,408 | ||||||
Capgemini SE# | 15,025 | 1,676,634 | ||||||
DXC Technology Co. | 149,985 | 7,130,287 | ||||||
Elastic NV†# | 24,820 | 2,036,481 | ||||||
Genpact, Ltd. | 227,776 | 8,234,102 | ||||||
22,128,912 | ||||||||
Computer Software — 4.1% |
| |||||||
Akamai Technologies, Inc.† | 92,955 | 7,005,089 | ||||||
MongoDB, Inc.†# | 125,240 | 17,576,182 | ||||||
Splunk, Inc.† | 50,753 | 5,785,334 | ||||||
Twilio, Inc., Class A† | 200,660 | 26,485,113 | ||||||
Zoom Video Communications, Inc., Class A†# | 1,837 | 146,464 | ||||||
56,998,182 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers — 1.3% |
| |||||||
Apple, Inc. | 86,150 | $ | 15,082,280 | |||||
Nutanix, Inc., Class A† | 95,165 | 2,671,282 | ||||||
17,753,562 | ||||||||
Computers - Memory Devices — 1.5% |
| |||||||
NetApp, Inc. | 165,830 | 9,817,136 | ||||||
Pure Storage, Inc., Class A† | 462,506 | 7,335,345 | ||||||
Western Digital Corp. | 96,982 | 3,609,670 | ||||||
20,762,151 | ||||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.† | 108,661 | 4,397,511 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Fidelity National Information Services, Inc. | 9,270 | 1,115,181 | ||||||
First Data Corp., Class A† | 71,785 | 1,824,775 | ||||||
Fiserv, Inc.† | 12,585 | 1,080,548 | ||||||
4,020,504 | ||||||||
E-Commerce/Products — 6.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 101,223 | 15,108,545 | ||||||
Amazon.com, Inc.† | 40,841 | 72,495,634 | ||||||
Meituan Dianping, Class B†# | 315,500 | 2,432,396 | ||||||
90,036,575 | ||||||||
E-Commerce/Services — 4.4% |
| |||||||
58.com, Inc. ADR† | 113,495 | 6,472,620 | ||||||
Booking Holdings, Inc.† | 11,739 | 19,442,366 | ||||||
Ctrip.com International, Ltd. ADR† | 705,559 | 24,384,119 | ||||||
Expedia Group, Inc. | 35,547 | 4,087,905 | ||||||
GrubHub, Inc.†# | 41,921 | 2,731,153 | ||||||
MercadoLibre, Inc.† | 4,111 | 2,345,408 | ||||||
Uber Technologies, Inc.†(1) | 36,257 | 1,395,755 | ||||||
60,859,326 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 7,570 | 745,191 | ||||||
Electronic Components - Misc. — 0.5% |
| |||||||
Flex, Ltd.† | 837,780 | 7,489,753 | ||||||
Electronic Components - Semiconductors — 11.0% |
| |||||||
Advanced Micro Devices, Inc.† | 807,024 | 22,120,528 | ||||||
Broadcom, Inc. | 42,775 | 10,763,901 | ||||||
Cree, Inc.†# | 213,995 | 11,799,684 | ||||||
Infineon Technologies AG | 73,065 | 1,317,960 | ||||||
IPG Photonics Corp.† | 3,380 | 423,075 | ||||||
Marvell Technology Group, Ltd. | 1,131,034 | 25,222,058 | ||||||
Microchip Technology, Inc.# | 83,895 | 6,714,117 | ||||||
Micron Technology, Inc.† | 690,079 | 22,503,476 | ||||||
NVIDIA Corp. | 96,856 | 13,120,114 | ||||||
ON Semiconductor Corp.† | 446,190 | 7,924,334 | ||||||
Samsung Electronics Co., Ltd. | 607,471 | 21,563,665 | ||||||
Texas Instruments, Inc. | 46,843 | 4,886,193 | ||||||
Xilinx, Inc. | 49,164 | 5,029,969 | ||||||
153,389,074 | ||||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 29,500 | 7,991,550 | ||||||
Enterprise Software/Service — 5.7% |
| |||||||
Alteryx, Inc., Class A†# | 32,440 | 2,817,738 | ||||||
Atlassian Corp. PLC, Class A† | 32,290 | 4,064,665 | ||||||
AVEVA Group PLC | 56,780 | 2,657,194 | ||||||
Guidewire Software, Inc.† | 73,821 | 7,420,487 | ||||||
New Relic, Inc.† | 21,605 | 2,167,414 | ||||||
Paycom Software, Inc.†# | 107,925 | 22,890,892 |
161 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) | ||||||||
SVMK, Inc.† | 99,778 | $ | 1,716,182 | |||||
Veeva Systems, Inc., Class A† | 58,850 | 9,079,967 | ||||||
Workday, Inc., Class A† | 130,479 | 26,633,373 | ||||||
79,447,912 | ||||||||
Entertainment Software — 1.3% |
| |||||||
Electronic Arts, Inc.† | 101,128 | 9,412,994 | ||||||
Nexon Co., Ltd.† | 214,200 | 3,177,646 | ||||||
Sciplay Corp., Class A† | 142,545 | 2,280,720 | ||||||
Take-Two Interactive Software, Inc.† | 10,535 | 1,139,360 | ||||||
Zynga, Inc., Class A† | 264,995 | 1,666,819 | ||||||
17,677,539 | ||||||||
Finance - Credit Card — 3.9% |
| |||||||
Mastercard, Inc., Class A | 82,155 | 20,661,161 | ||||||
Visa, Inc., Class A | 212,454 | 34,275,204 | ||||||
54,936,365 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Cognex Corp. | 1,855 | 75,313 | ||||||
Internet Application Software — 1.9% |
| |||||||
Okta, Inc.† | 197,605 | 22,372,838 | ||||||
Tencent Holdings, Ltd. | 95,427 | 3,957,453 | ||||||
26,330,291 | ||||||||
Internet Content - Entertainment — 9.2% |
| |||||||
Facebook, Inc., Class A† | 654,768 | 116,201,677 | ||||||
Netflix, Inc.† | 30,153 | 10,350,922 | ||||||
Pinterest, Inc. Class B†(1) | 68,550 | 1,641,833 | ||||||
128,194,432 | ||||||||
Internet Content - Information/News — 1.0% |
| |||||||
Naspers, Ltd., Class N | 48,777 | 10,933,743 | ||||||
Spotify Technology SA† | 21,431 | 2,691,305 | ||||||
13,625,048 | ||||||||
Internet Security — 2.2% |
| |||||||
Palo Alto Networks, Inc.† | 31,400 | 6,284,396 | ||||||
Proofpoint, Inc.† | 53,200 | 5,977,552 | ||||||
Symantec Corp. | 574,196 | 10,754,691 | ||||||
Zscaler, Inc.†# | 112,970 | 7,753,131 | ||||||
30,769,770 | ||||||||
Internet Telephone — 0.6% |
| |||||||
RingCentral, Inc., Class A† | 71,050 | 8,515,342 | ||||||
Lasers - System/Components — 0.2% |
| |||||||
Coherent, Inc.† | 20,175 | 2,219,855 | ||||||
Machinery - Electrical — 0.3% |
| |||||||
Bloom Energy Corp. Class A†# | 357,625 | 3,862,350 | ||||||
Machinery - General Industrial — 0.4% |
| |||||||
Roper Technologies, Inc. | 14,600 | 5,021,232 | ||||||
Medical Instruments — 0.4% |
| |||||||
Intuitive Surgical, Inc.† | 13,628 | 6,334,976 | ||||||
Networking Products — 0.7% |
| |||||||
Arista Networks, Inc.† | 23,080 | 5,645,137 | ||||||
Cisco Systems, Inc. | 66,730 | 3,471,962 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 58,670 | 567,339 | ||||||
9,684,438 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker), | 49,774 | 761,492 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
News Corp., Class A | 186,412 | $ | 2,123,233 | |||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Zalando SE†* | 363,865 | 14,440,259 | ||||||
Semiconductor Components - Integrated Circuits — 2.3% |
| |||||||
Analog Devices, Inc. | 49,695 | 4,801,531 | ||||||
Cypress Semiconductor Corp. | 294,180 | 5,242,288 | ||||||
Maxim Integrated Products, Inc. | 138,149 | 7,265,256 | ||||||
NXP Semiconductors NV | 44,600 | 3,931,936 | ||||||
QUALCOMM, Inc. | 154,452 | 10,320,483 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 21,850 | 837,947 | ||||||
32,399,441 | ||||||||
Semiconductor Equipment — 3.7% |
| |||||||
Applied Materials, Inc. | 217,564 | 8,417,551 | ||||||
ASML Holding NV | 38,319 | 7,220,605 | ||||||
KLA-Tencor Corp. | 134,128 | 13,824,573 | ||||||
Lam Research Corp. | 72,398 | 12,641,415 | ||||||
Teradyne, Inc. | 63,210 | 2,663,669 | ||||||
Tokyo Electron, Ltd. | 47,300 | 6,358,652 | ||||||
51,126,465 | ||||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Viavi Solutions, Inc.† | 45,440 | 547,552 | ||||||
Web Hosting/Design — 0.4% |
| |||||||
GoDaddy, Inc., Class A† | 43,992 | 3,273,005 | ||||||
Shopify, Inc., Class A†# | 7,310 | 2,009,519 | ||||||
5,282,524 | ||||||||
Web Portals/ISP — 6.0% |
| |||||||
Alphabet, Inc., Class A† | 23,742 | 26,270,523 | ||||||
Alphabet, Inc., Class C† | 29,872 | 32,967,635 | ||||||
Mail.ru Group, Ltd. GDR† | 401,675 | 9,167,947 | ||||||
NAVER Corp. | 108,184 | 10,101,671 | ||||||
Yandex NV, Class A† | 139,231 | 5,001,178 | ||||||
83,508,954 | ||||||||
Total Common Stocks |
| |||||||
(cost $1,102,967,848) | 1,295,206,326 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.6% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
GM Cruise Holdings, LLC | 897 | 1,637,025 | ||||||
E-Commerce/Services — 0.3% |
| |||||||
Airbnb, Inc., Series E†(1)(2) | 26,943 | 3,297,284 | ||||||
Xiaoju Kuaizhi, Inc., SeriesA-17†(1)(2) | 11,731 | 562,971 | ||||||
3,860,255 | ||||||||
IT Services — 0.1% |
| |||||||
Mesosphere, Inc. | 151,129 | 1,326,913 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 61,401 | 939,374 | ||||||
Total Convertible Preferred Securities |
| |||||||
(cost $7,102,699) | 7,763,567 | |||||||
REGISTERED INVESTMENT COMPANIES — 1.0% |
| |||||||
Altaba, Inc.† | 239,305 | 14,166,856 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $1,121,811,517) | 1,317,136,749 | |||||||
162 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% |
| |||||||
Registered Investment Companies — 3.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 501,001 | $ | 501,001 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 19,244,928 | 19,244,928 | ||||||
T. Rowe Price Government Reserve Fund | 22,676,579 | 22,676,579 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $42,422,508) | 42,422,508 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $4,239,177 collateralized by $4,285,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $4,324,281 | $ | 4,239,000 | 4,239,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,168,473,025)(5) | 97.9 | % | 1,363,798,257 | |||||
Other assets less liabilities | 2.1 | 29,035,457 | ||||||
NET ASSETS | 100.0 | % | $ | 1,392,833,714 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $15,566,049 representing 1.1% of net assets. |
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, 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., (dba Warby Parker), Class A | 03/09/2018 | 49,774 | $ | 782,298 | $ | 761,492 | $ | 15.30 | 0.05 | % | ||||||||||||||
Pinterest, Inc., Class B | 03/19/2015 | 68,550 | 205,650 | 1,641,833 | 23.95 | 0.12 | ||||||||||||||||||
Uber Technologies, Inc. | 06/05/2014 | 36,257 | 562,457 | 1,395,755 | 38.50 | 0.10 | ||||||||||||||||||
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 | 3,297,284 | 122.38 | 0.24 | ||||||||||||||||||||
GM Cruise Holdings, LLC, | 05/07/2019 | 897 | 1,637,025 | 1,637,025 | 1825.00 | 0.12 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | 03/09/2018 | 61,401 | 965,040 | 939,374 | 15.30 | 0.07 | ||||||||||||||||||
Mesophere, Inc., | 05/04/2018 | 151,129 | 1,670,656 | 1,326,913 | 8.78 | 0.09 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc., | 10/19/2015 | 11,731 | 321,737 | 562,971 | 47.99 | 0.04 | ||||||||||||||||||
$ | 11,562,647 | 0.83 | % | |||||||||||||||||||||
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $66,473,179. This was secured by collateral of $19,244,928, which was received in cash and subsequently invested in short-term investments currently valued at $19,244,928 as reported in the Portfolio of Investments. Additional collateral of $49,626,288 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | $ | 4,695,408 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 11/15/2048 | 44,930,880 |
(4) | The rate shown is the7-day yield as of May 31, 2019. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depository Receipt
GDR—Global Depository Receipt
163 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
E-Commerce/Services | $ | 59,463,571 | $ | 1,395,755 | $ | — | $ | 60,859,326 | ||||||||
Internet Content - Entertainment | 126,552,599 | 1,641,833 | — | 128,194,432 | ||||||||||||
Pharmacy Services | — | — | 761,492 | 761,492 | ||||||||||||
Other Industries | 1,009,259,461 | 96,131,615 | ** | — | 1,105,391,076 | |||||||||||
Convertible Preferred Securities | — | — | 7,763,567 | 7,763,567 | ||||||||||||
Registered Investment Companies | 14,166,856 | — | — | 14,166,856 | ||||||||||||
Short-Term Investment Securities | 42,422,508 | — | — | 42,422,508 | ||||||||||||
Repurchase Agreements | — | 4,239,000 | — | 4,239,000 | ||||||||||||
Total Investments at Value | $ | 1,251,864,995 | $ | 103,408,203 | $ | 8,525,059 | $ | 1,363,798,257 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
164 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 11.6 | % | ||
Computer Software | 6.2 | |||
Repurchase Agreements | 4.1 | |||
Retail — Restaurants | 4.0 | |||
Commercial Services — Finance | 3.8 | |||
Medical — Drugs | 3.6 | |||
Enterprise Software/Service | 3.2 | |||
Web Hosting/Design | 3.1 | |||
Electronic Components — Semiconductors | 3.0 | |||
Patient Monitoring Equipment | 3.0 | |||
Medical Products | 2.9 | |||
Schools | 2.3 | |||
Internet Telephone | 2.2 | |||
Distribution/Wholesale | 2.2 | |||
Retail — Discount | 2.1 | |||
Chemicals — Specialty | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Insurance — Multi-line | 1.8 | |||
Retail — Pawn Shops | 1.8 | |||
Semiconductor Equipment | 1.8 | |||
Diversified Manufacturing Operations | 1.7 | |||
Casino Services | 1.7 | |||
Building & Construction Products — Misc. | 1.6 | |||
Firearms & Ammunition | 1.6 | |||
Airlines | 1.5 | |||
Therapeutics | 1.4 | |||
Auto Repair Centers | 1.4 | |||
Insurance Brokers | 1.4 | |||
Finance — Mortgage Loan/Banker | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Recreational Centers | 1.2 | |||
Transactional Software | 1.1 | |||
Computer Services | 1.1 | |||
Medical — Outpatient/Home Medical | 1.1 | |||
E-Marketing/Info | 1.0 | |||
Footwear & Related Apparel | 1.0 | |||
Oil — Field Services | 1.0 | |||
Educational Software | 0.9 | |||
Retail — Pet Food & Supplies | 0.9 | |||
Electric Products — Misc. | 0.9 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Gambling(Non-Hotel) | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Rubber/Plastic Products | 0.7 | |||
Commercial Services | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Machine Tools & Related Products | 0.7 | |||
Transport — Truck | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Health Care Cost Containment | 0.5 | |||
Oil Companies — Exploration & Production | 0.4 | |||
Internet Content — Information/News | 0.4 | |||
100.8 | % | |||
* | Calculated as a percentage of net assets |
165 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.5% |
| |||||||
Airlines — 1.5% |
| |||||||
Azul SA ADR†# | 83,730 | $ | 2,492,642 | |||||
Auto Repair Centers — 1.4% |
| |||||||
Monro, Inc.# | 28,050 | 2,235,866 | ||||||
Building & Construction Products - Misc. — 1.6% |
| |||||||
Simpson Manufacturing Co., Inc. | 25,330 | 1,541,077 | ||||||
Trex Co., Inc.†# | 18,340 | 1,097,099 | ||||||
2,638,176 | ||||||||
Casino Services — 1.7% |
| |||||||
Eldorado Resorts, Inc.†# | 55,040 | 2,706,317 | ||||||
Chemicals - Specialty — 2.1% |
| |||||||
Ashland Global Holdings, Inc. | 28,510 | 2,134,544 | ||||||
Ingevity Corp.† | 14,000 | 1,227,800 | ||||||
3,362,344 | ||||||||
Commercial Services — 0.7% |
| |||||||
LiveRamp Holdings, Inc.† | 22,490 | 1,155,536 | ||||||
Commercial Services - Finance — 3.8% |
| |||||||
Euronet Worldwide, Inc.† | 26,448 | 4,100,498 | ||||||
Evo Payments, Inc., Class A†# | 69,260 | 2,039,014 | ||||||
6,139,512 | ||||||||
Computer Services — 1.1% |
| |||||||
WNS Holdings, Ltd. ADR† | 32,220 | 1,783,055 | ||||||
Computer Software — 6.2% |
| |||||||
Bandwidth, Inc., Class A† | 27,700 | 2,010,189 | ||||||
Cornerstone OnDemand, Inc.† | 59,610 | 3,173,040 | ||||||
Envestnet, Inc.† | 25,260 | 1,690,147 | ||||||
InterXion Holding NV† | 43,664 | 3,218,473 | ||||||
10,091,849 | ||||||||
Distribution/Wholesale — 2.2% |
| |||||||
G-III Apparel Group, Ltd.† | 47,260 | 1,216,000 | ||||||
SiteOne Landscape Supply, Inc.†# | 36,310 | 2,355,430 | ||||||
3,571,430 | ||||||||
Diversified Manufacturing Operations — 1.7% |
| |||||||
Harsco Corp.† | 111,580 | 2,789,500 | ||||||
E-Marketing/Info — 1.0% |
| |||||||
QuinStreet, Inc.† | 105,410 | 1,615,935 | ||||||
Educational Software — 0.9% |
| |||||||
Arco Platform, Ltd., Class A† | 39,086 | 1,500,902 | ||||||
Electric Products - Misc. — 0.9% |
| |||||||
Littelfuse, Inc. | 9,092 | 1,483,905 | ||||||
Electronic Components - Misc. — 0.6% |
| |||||||
Advanced Energy Industries, Inc.† | 18,680 | 937,176 | ||||||
Electronic Components - Semiconductors — 3.0% |
| |||||||
Inphi Corp.† | 42,920 | 1,883,330 | ||||||
Monolithic Power Systems, Inc. | 9,285 | 1,081,238 | ||||||
Silicon Laboratories, Inc.† | 20,830 | 1,949,063 | ||||||
4,913,631 | ||||||||
Enterprise Software/Service — 3.2% |
| |||||||
Coupa Software, Inc.†# | 33,540 | 3,662,903 | ||||||
Everbridge, Inc.† | 19,490 | 1,532,694 | ||||||
5,195,597 | ||||||||
Finance - Mortgage Loan/Banker — 1.2% |
| |||||||
LendingTree, Inc.†# | 5,130 | 1,927,546 | ||||||
Firearms & Ammunition — 1.6% |
| |||||||
Axon Enterprise, Inc.†# | 38,520 | 2,572,366 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 2.0% |
| |||||||
Nomad Foods, Ltd.† | 155,490 | $ | 3,299,498 | |||||
Footwear & Related Apparel — 1.0% |
| |||||||
Steven Madden, Ltd. | 52,497 | 1,588,559 | ||||||
Gambling(Non-Hotel) — 0.8% |
| |||||||
Red Rock Resorts, Inc., Class A | 61,170 | 1,277,230 | ||||||
Health Care Cost Containment — 0.5% |
| |||||||
HealthEquity, Inc.† | 13,270 | 867,327 | ||||||
Insurance Brokers — 1.4% |
| |||||||
eHealth, Inc.† | 31,350 | 2,212,056 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Primerica, Inc. | 9,670 | 1,110,696 | ||||||
Insurance - Multi-line — 1.8% |
| |||||||
Kemper Corp. | 35,030 | 2,907,140 | ||||||
Internet Content - Information/News — 0.4% |
| |||||||
Yelp, Inc.†# | 21,010 | 645,637 | ||||||
Internet Telephone — 2.2% |
| |||||||
RingCentral, Inc., Class A† | 30,131 | 3,611,200 | ||||||
Machine Tools & Related Products — 0.7% |
| |||||||
Kennametal, Inc. | 35,670 | 1,096,853 | ||||||
Machinery - General Industrial — 0.8% |
| |||||||
Altra Industrial Motion Corp. | 40,370 | 1,266,407 | ||||||
Medical Instruments — 0.0% |
| |||||||
Silk Road Medical, Inc.† | 700 | 29,862 | ||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Invitae Corp.† | 54,720 | 954,864 | ||||||
Medical Products — 2.9% |
| |||||||
Glaukos Corp.† | 19,400 | 1,250,912 | ||||||
Hanger, Inc.† | 58,860 | 1,098,328 | ||||||
Inspire Medical Systems, Inc.† | 8,990 | 507,665 | ||||||
iRhythm Technologies, Inc.† | 9,370 | 641,470 | ||||||
Penumbra, Inc.†# | 8,820 | 1,258,614 | ||||||
4,756,989 | ||||||||
Medical - Biomedical/Gene — 11.6% |
| |||||||
Amicus Therapeutics, Inc.†# | 157,917 | 1,779,725 | ||||||
Apellis Pharmaceuticals, Inc.† | 69,100 | 1,388,219 | ||||||
Arena Pharmaceuticals, Inc.† | 30,010 | 1,590,830 | ||||||
Audentes Therapeutics, Inc.† | 37,960 | 1,333,155 | ||||||
Bluebird Bio, Inc.†# | 12,358 | 1,481,971 | ||||||
Blueprint Medicines Corp.† | 20,952 | 1,592,352 | ||||||
Celyad SA ADR†# | 24,166 | 467,612 | ||||||
CytomX Therapeutics, Inc.† | 73,900 | 713,874 | ||||||
Epizyme, Inc.† | 71,080 | 976,639 | ||||||
Equillium, Inc.†# | 50,880 | 328,176 | ||||||
Fate Therapeutics, Inc.†# | 114,720 | 2,211,802 | ||||||
Gossamer Bio, Inc.†# | 37,980 | 695,414 | ||||||
Iovance Biotherapeutics, Inc.†# | 84,098 | 1,375,002 | ||||||
Ligand Pharmaceuticals, Inc.†# | 13,229 | 1,420,530 | ||||||
Sage Therapeutics, Inc.†# | 8,448 | 1,451,958 | ||||||
18,807,259 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
Aimmune Therapeutics, Inc.†# | 46,210 | 904,329 | ||||||
Array BioPharma, Inc.† | 48,590 | 1,283,748 | ||||||
Ascendis Pharma A/S ADR† | 14,480 | 1,805,077 | ||||||
Kura Oncology, Inc.† | 70,490 | 1,127,135 | ||||||
Myovant Sciences, Ltd.†# | 76,900 | 755,927 | ||||||
5,876,216 | ||||||||
166 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Outpatient/Home Medical — 1.1% |
| |||||||
LHC Group, Inc.† | 15,210 | $ | 1,722,989 | |||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Advanced Disposal Services, Inc.† | 37,350 | 1,200,429 | ||||||
Oil Companies - Exploration & Production — 0.4% |
| |||||||
Matador Resources Co.†# | 41,530 | 682,753 | ||||||
Oil - Field Services — 1.0% |
| |||||||
Newpark Resources, Inc.† | 225,280 | 1,574,707 | ||||||
Patient Monitoring Equipment — 3.0% |
| |||||||
Insulet Corp.†# | 18,400 | 2,020,136 | ||||||
Masimo Corp.† | 20,970 | 2,741,618 | ||||||
4,761,754 | ||||||||
Recreational Centers — 1.2% |
| |||||||
Planet Fitness, Inc., Class A† | 24,600 | 1,881,162 | ||||||
Retail - Discount — 2.1% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 56,970 | 1,423,111 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 20,099 | 1,984,173 | ||||||
3,407,284 | ||||||||
Retail - Pawn Shops — 1.8% |
| |||||||
FirstCash, Inc. | 30,190 | 2,859,597 | ||||||
Retail - Pet Food & Supplies — 0.9% |
| |||||||
Freshpet, Inc.† | 32,200 | 1,496,334 | ||||||
Retail - Restaurants — 4.0% |
| |||||||
Dave & Buster’s Entertainment, Inc. | 35,630 | 1,772,236 | ||||||
Dine Brands Global, Inc.# | 38,740 | 3,657,831 | ||||||
Shake Shack, Inc., Class A† | 17,890 | 1,097,552 | ||||||
6,527,619 | ||||||||
Rubber/Plastic Products — 0.7% |
| |||||||
Proto Labs, Inc.† | 11,520 | 1,156,032 | ||||||
Schools — 2.3% |
| |||||||
Grand Canyon Education, Inc.† | 9,344 | 1,119,972 | ||||||
Strategic Education, Inc. | 14,280 | 2,513,137 | ||||||
3,633,109 | ||||||||
Semiconductor Equipment — 1.8% |
| |||||||
Cabot Microelectronics Corp. | 16,060 | 1,565,368 | ||||||
MKS Instruments, Inc. | 17,760 | 1,269,130 | ||||||
2,834,498 | ||||||||
Telecom Equipment - Fiber Optics — 0.8% |
| |||||||
Acacia Communications, Inc.† | 28,430 | 1,324,838 | ||||||
Therapeutics — 1.4% |
| |||||||
GW Pharmaceuticals PLC ADR†# | 13,070 | 2,264,247 | ||||||
Transactional Software — 1.1% |
| |||||||
ACI Worldwide, Inc.† | 57,440 | 1,807,062 | ||||||
Transport - Truck — 0.6% |
| |||||||
Saia, Inc.† | 16,650 | 982,350 | ||||||
Web Hosting/Design — 3.1% |
| |||||||
Q2 Holdings, Inc.†# | 18,410 | 1,348,348 | ||||||
Wix.com, Ltd.† | 27,150 | 3,728,781 | ||||||
5,077,129 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $135,252,274) | 154,614,971 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,912,620 | $ | 1,912,620 | |||||
REPURCHASE AGREEMENTS — 4.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $6,723,280 collateralized by $6,800,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $6,862,336 | $ | 6,723,000 | 6,723,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $143,887,894)(3) | 100.8 | % | 163,250,591 | |||||
Liabilities in excess of other assets | (0.8 | ) | (1,338,551 | ) | ||||
NET ASSETS | 100.0 | % | $ | 161,912,040 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2019, the Fund had loaned securities with a total value of $34,656,047. This was secured by collateral of $1,912,620, which was received in cash and subsequently invested in short-term investments currently valued at $1,912,620 as reported in the Portfolio of Investments. Additional collateral of $33,841,601 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 157,769 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 8,562 | |||||
United States Treasury Bills | 0.00% | 08/08/2019 to 10/03/2019 | 172,099 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 33,503,171 |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
167 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 154,614,971 | $ | — | $ | — | $ | 154,614,971 | ||||||||
Short-Term Investment Securities | 1,912,620 | — | — | 1,912,620 | ||||||||||||
Repurchase Agreements | — | 6,723,000 | — | 6,723,000 | ||||||||||||
Total Investments at Value | $ | 156,527,591 | $ | 6,723,000 | $ | — | $ | 163,250,591 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
168 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 9.8 | % | ||
Real Estate Investment Trusts | 5.4 | |||
Registered Investment Companies | 2.8 | |||
Distribution/Wholesale | 2.7 | |||
Medical Products | 2.7 | |||
Repurchase Agreements | 2.5 | |||
Medical — Biomedical/Gene | 2.5 | |||
Enterprise Software/Service | 2.4 | |||
Insurance — Property/Casualty | 2.2 | |||
Electric — Integrated | 2.1 | |||
Medical — Drugs | 2.0 | |||
Miscellaneous Manufacturing | 1.8 | |||
Chemicals — Specialty | 1.7 | |||
Garden Products | 1.7 | |||
Medical Labs & Testing Services | 1.6 | |||
Machinery — General Industrial | 1.5 | |||
Commercial Services | 1.4 | |||
Food — Wholesale/Distribution | 1.4 | |||
Transport — Truck | 1.4 | |||
Computer Software | 1.3 | |||
Applications Software | 1.2 | |||
Metal Processors & Fabrication | 1.2 | |||
Medical — HMO | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Aerospace/Defense | 1.1 | |||
Real Estate Management/Services | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Oil — Field Services | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Gas — Distribution | 0.9 | |||
Physical Therapy/Rehabilitation Centers | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Finance — Investment Banker/Broker | 0.9 | |||
Building — Mobile Home/Manufactured Housing | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Retail — Discount | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Building & Construction — Misc. | 0.8 | |||
Multimedia | 0.8 | |||
Machine Tools & Related Products | 0.8 | |||
Theaters | 0.8 | |||
Identification Systems | 0.7 | |||
Medical Information Systems | 0.7 | |||
Recreational Vehicles | 0.7 | |||
Electronic Components — Semiconductors | 0.7 | |||
Web Hosting/Design | 0.7 | |||
Building — Maintenance & Services | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
Computer Aided Design | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Finance — Consumer Loans | 0.5 | |||
Power Converter/Supply Equipment | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Machinery — Pumps | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Water | 0.5 | |||
Consulting Services | 0.4 | |||
Containers — Metal/Glass | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Schools | 0.4 | |||
Auto Repair Centers | 0.4 | |||
Health Care Cost Containment | 0.4 | |||
Cable/Satellite TV | 0.4 |
Instruments — Controls | 0.4 | |||
Golf | 0.4 | |||
Security Services | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Finance — Other Services | 0.4 | |||
Medical Instruments | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Therapeutics | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Beverages —Non-alcoholic | 0.3 | |||
Gold Mining | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Brewery | 0.3 | |||
Internet Application Software | 0.3 | |||
Oil Field Machinery & Equipment | 0.3 | |||
Transport — Services | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Insurance — Multi-line | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Filtration/Separation Products | 0.2 | |||
Home Furnishings | 0.2 | |||
Internet Security | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Gambling(Non-Hotel) | 0.2 | |||
Poultry | 0.2 | |||
Wireless Equipment | 0.2 | |||
Entertainment Software | 0.2 | |||
Food — Confectionery | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Telecom Services | 0.2 | |||
Banks — Super Regional | 0.2 | |||
Building Products — Wood | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Educational Software | 0.2 | |||
Medical — Outpatient/Home Medical | 0.2 | |||
Human Resources | 0.2 | |||
Steel Pipe & Tube | 0.1 | |||
Forestry | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Advertising Services | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Advanced Materials | 0.1 | |||
Airlines | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Food — Retail | 0.1 | |||
Electric — Distribution | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Transport — Equipment & Leasing | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Agricultural Operations | 0.1 | |||
Transport — Rail | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Computer Services | 0.1 | |||
Medical — Generic Drugs | 0.1 |
169 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Chemicals — Plastics | 0.1 | % | ||
Data Processing/Management | 0.1 | |||
Retail — Computer Equipment | 0.1 | |||
Finance — Commercial | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Coal | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Investment Companies | 0.1 | |||
Pharmacy Services | 0.1 | |||
Advertising Agencies | 0.1 | |||
Transport — Marine | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
Retail — Building Products | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
Satellite Telecom | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
170 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc.† | 7,500 | $ | 57,525 | |||||
Haynes International, Inc. | 8,095 | 235,807 | ||||||
293,332 | ||||||||
Advertising Agencies — 0.1% |
| |||||||
Telaria, Inc.† | 20,000 | 150,000 | ||||||
Advertising Services — 0.1% |
| |||||||
Fluent, Inc.† | 25,000 | 122,000 | ||||||
Marchex, Inc., Class B† | 40,000 | 174,400 | ||||||
Marin Software, Inc.† | 13,571 | 32,028 | ||||||
328,428 | ||||||||
Aerospace/Defense — 1.1% |
| |||||||
Bombardier, Inc., Class B† | 23,508 | 35,307 | ||||||
MSA Safety, Inc. | 18,305 | 1,819,151 | ||||||
Teledyne Technologies, Inc.† | 5,240 | 1,235,592 | ||||||
3,090,050 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.†# | 16,149 | 623,028 | ||||||
Barnes Group, Inc. | 4,900 | 253,428 | ||||||
CPI Aerostructures, Inc.† | 8,000 | 56,480 | ||||||
Moog, Inc., Class A | 3,700 | 304,954 | ||||||
1,237,890 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,860 | 73,702 | ||||||
Cadiz, Inc.†# | 14,400 | 149,472 | ||||||
223,174 | ||||||||
Airlines — 0.1% |
| |||||||
Hawaiian Holdings, Inc. | 11,100 | 277,278 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
Carter’s, Inc. | 13,738 | 1,155,503 | ||||||
Delta Apparel, Inc.† | 5,500 | 118,580 | ||||||
Lakeland Industries, Inc.† | 10,000 | 122,000 | ||||||
Superior Group of Cos., Inc. | 7,500 | 120,075 | ||||||
Tandy Leather Factory, Inc.† | 15,000 | 77,700 | ||||||
1,593,858 | ||||||||
Applications Software — 1.1% |
| |||||||
BSQUARE Corp.† | 15,000 | 21,000 | ||||||
Descartes Systems Group, Inc.† | 23,500 | 942,350 | ||||||
Five9, Inc.† | 8,744 | 449,004 | ||||||
PDF Solutions, Inc.† | 13,840 | 168,156 | ||||||
Tableau Software, Inc., Class A† | 14,329 | 1,611,583 | ||||||
Toast, Inc.†(1)(2) | 11 | 302 | ||||||
3,192,395 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 20,000 | 71,400 | ||||||
Auto Repair Centers — 0.4% |
| |||||||
Monro, Inc.# | 14,125 | 1,125,904 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
REV Group, Inc.# | 9,365 | 103,764 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Gentherm, Inc.† | 8,955 | 334,738 | ||||||
Horizon Global Corp.†# | 35,000 | 142,100 | ||||||
Meritor, Inc.† | 2,163 | 43,606 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 52,173 | ||||||
Visteon Corp.†# | 5,130 | 228,336 | ||||||
800,953 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.3% |
| |||||||
Commercial Vehicle Group, Inc.† | 1,100 | $ | 6,831 | |||||
Douglas Dynamics, Inc. | 25,765 | 955,882 | ||||||
962,713 | ||||||||
Banks - Commercial — 9.8% |
| |||||||
1st Constitution Bancorp | 6,400 | 119,424 | ||||||
AmeriServ Financial, Inc. | 22,000 | 90,640 | ||||||
Associated Banc-Corp. | 53,929 | 1,068,333 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,992 | 163,469 | ||||||
Bank of Commerce Holdings | 7,640 | 78,692 | ||||||
Bank of Princeton | 2,051 | 57,531 | ||||||
BankUnited, Inc. | 55,901 | 1,815,664 | ||||||
Baycom Corp.† | 6,000 | 131,160 | ||||||
Bridge Bancorp, Inc. | 10,300 | 286,649 | ||||||
C&F Financial Corp. | 3,000 | 144,180 | ||||||
Cadence BanCorp | 69,154 | 1,279,349 | ||||||
CenterState Bank Corp. | 13,065 | 285,993 | ||||||
Chemung Financial Corp. | 5,500 | 246,400 | ||||||
Citizens Holding Co. | 4,500 | 93,825 | ||||||
Codorus Valley Bancorp, Inc. | 3,472 | 72,981 | ||||||
Colony Bankcorp, Inc. | 7,500 | 125,250 | ||||||
Columbia Banking System, Inc. | 6,669 | 222,411 | ||||||
Commerce Bancshares, Inc.# | 30,503 | 1,748,737 | ||||||
CrossFirst Bankshares, Inc.†(1)(2) | 5,156 | 73,473 | ||||||
Cullen/Frost Bankers, Inc. | 17,628 | 1,608,908 | ||||||
Equity Bancshares, Inc., Class A† | 6,500 | 161,720 | ||||||
FB Financial Corp. | 11,509 | 400,398 | ||||||
First Bancorp, Inc./Maine | 4,165 | 105,291 | ||||||
First Bancshares, Inc. | 5,100 | 151,980 | ||||||
First Bank# | 10,000 | 112,000 | ||||||
First Business Financial Services, Inc. | 6,500 | 148,720 | ||||||
First Financial Bancorp | 61,797 | 1,379,309 | ||||||
First Hawaiian, Inc. | 68,058 | 1,693,964 | ||||||
First Horizon National Corp. | 103,450 | 1,387,264 | ||||||
First Internet Bancorp | 5,000 | 101,650 | ||||||
First Northwest Bancorp | 6,500 | 104,390 | ||||||
Grasshopper Bancorp, Inc.†(1)(2) | 5,208 | 52,080 | ||||||
Hawthorn Bancshares, Inc. | 3,120 | 82,306 | ||||||
Heritage Commerce Corp. | 21,179 | 252,242 | ||||||
Heritage Financial Corp. | 10,000 | 281,000 | ||||||
Home BancShares, Inc. | 34,800 | 609,696 | ||||||
Hope Bancorp, Inc. | 15,500 | 199,485 | ||||||
IBERIABANK Corp. | 21,910 | 1,566,565 | ||||||
Independent Bank Corp./Massachusetts | 2,794 | 193,764 | ||||||
Live Oak Bancshares, Inc.# | 11,313 | 175,691 | ||||||
MBT Financial Corp. | 15,300 | 139,842 | ||||||
Meridian Corp.† | 6,900 | 117,369 | ||||||
MidSouth Bancorp, Inc. | 9,800 | 110,348 | ||||||
Northeast Bank | 6,500 | 134,290 | ||||||
Northrim BanCorp, Inc. | 3,600 | 120,348 | ||||||
Ohio Valley Banc Corp. | 4,000 | 145,200 | ||||||
Origin Bancorp, Inc.# | 7,279 | 242,827 | ||||||
Pacific Mercantile Bancorp† | 16,000 | 124,320 | ||||||
Penns Woods Bancorp, Inc. | 3,200 | 133,888 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 165,468 | ||||||
Pinnacle Financial Partners, Inc. | 11,058 | 585,521 | ||||||
Premier Financial Bancorp, Inc. | 5,892 | 91,974 | ||||||
Prosperity Bancshares, Inc. | 6,900 | 447,189 | ||||||
SB One Bancorp# | 6,000 | 131,700 | ||||||
Seacoast Banking Corp. of Florida† | 20,624 | 478,271 | ||||||
Select Bancorp, Inc.† | 10,600 | 117,130 | ||||||
Shore Bancshares, Inc. | 8,000 | 122,800 | ||||||
South State Corp. | 5,436 | 358,178 | ||||||
Southern First Bancshares, Inc.† | 3,600 | 128,268 | ||||||
Sterling Bancorp, Inc. | 16,136 | 143,449 |
171 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Texas Capital Bancshares, Inc.† | 3,650 | $ | 209,145 | |||||
Towne Bank | 11,600 | 294,176 | ||||||
United Bancshares, Inc. | 6,000 | 133,020 | ||||||
United Security Bancshares | 12,055 | 122,961 | ||||||
Unity Bancorp, Inc. | 8,000 | 161,200 | ||||||
Webster Financial Corp. | 6,515 | 288,484 | ||||||
Western Alliance Bancorp† | 48,813 | 2,008,655 | ||||||
Western New England Bancorp, Inc. | 8,000 | 73,280 | ||||||
Wintrust Financial Corp. | 24,570 | 1,664,372 | ||||||
27,866,257 | ||||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank (Voting Shares)†(1)(2) | 1,501 | 15,010 | ||||||
Sound Bank (Non-voting Shares)†(1)(2) | 3,056 | 30,560 | ||||||
45,570 | ||||||||
Banks - Super Regional — 0.2% |
| |||||||
Independent Bank Group, Inc. | 8,947 | 462,023 | ||||||
Beverages -Non-alcoholic — 0.3% |
| |||||||
Cott Corp. | 69,278 | 902,000 | ||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,707 | 850,810 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 34,980 | 1,681,139 | ||||||
Gibraltar Industries, Inc.† | 12,155 | 433,933 | ||||||
PGT Innovations, Inc.† | 16,609 | 248,471 | ||||||
Simpson Manufacturing Co., Inc. | 5,500 | 334,620 | ||||||
2,698,163 | ||||||||
Building & Construction - Misc. — 0.8% |
| |||||||
Brightview Holdings, Inc.† | 49,739 | 831,139 | ||||||
WillScot Corp.†# | 110,954 | 1,506,755 | ||||||
2,337,894 | ||||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 40,000 | 141,600 | ||||||
Building Products - Wood — 0.2% |
| |||||||
Stella-Jones, Inc. | 13,500 | 452,064 | ||||||
Building - Heavy Construction — 0.0% |
| |||||||
Goldfield Corp.† | 31,500 | 76,230 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 39,767 | ||||||
115,997 | ||||||||
Building - Maintenance & Services — 0.7% |
| |||||||
Rentokil Initial PLC | 103,845 | 491,691 | ||||||
ServiceMaster Global Holdings, Inc.† | 25,727 | 1,389,258 | ||||||
1,880,949 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.9% |
| |||||||
Cavco Industries, Inc.† | 1,600 | 229,760 | ||||||
LCI Industries | 23,049 | 1,910,070 | ||||||
Skyline Champion Corp. | 12,702 | 297,100 | ||||||
2,436,930 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
New Home Co., Inc.† | 10,500 | 41,475 | ||||||
TRI Pointe Group, Inc.† | 33,317 | 409,799 | ||||||
451,274 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 992 | 1,108,114 | ||||||
Casino Hotels — 0.0% |
| |||||||
Boyd Gaming Corp. | 2,100 | 50,232 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†# | 3,000 | $ | 5,700 | |||||
Chemicals - Diversified — 0.8% |
| |||||||
Quaker Chemical Corp. | 12,962 | 2,344,307 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 7,400 | 185,962 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Amyris, Inc.†# | 35,887 | 121,657 | ||||||
GCP Applied Technologies, Inc.† | 59,045 | 1,544,617 | ||||||
Minerals Technologies, Inc. | 3,400 | 176,732 | ||||||
Oil-Dri Corp. of America | 4,900 | 144,011 | ||||||
PQ Group Holdings, Inc.† | 96,270 | 1,458,490 | ||||||
Valvoline, Inc. | 86,184 | 1,503,911 | ||||||
4,949,418 | ||||||||
Coal — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 14,000 | 166,180 | ||||||
Commercial Services — 1.4% |
| |||||||
Acacia Research Corp.† | 40,000 | 124,800 | ||||||
Collectors Universe, Inc. | 7,200 | 151,488 | ||||||
CoreLogic, Inc.† | 37,856 | 1,483,577 | ||||||
HMS Holdings Corp.† | 14,100 | 429,063 | ||||||
Morningstar, Inc. | 10,934 | 1,531,197 | ||||||
Performant Financial Corp.† | 50,000 | 80,500 | ||||||
Team, Inc.† | 14,600 | 211,992 | ||||||
4,012,617 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Euronet Worldwide, Inc.† | 3,600 | 558,144 | ||||||
Evo Payments, Inc., Class A† | 3,100 | 91,264 | ||||||
Green Dot Corp., Class A† | 1,100 | 51,051 | ||||||
PRGX Global, Inc.† | 26,500 | 173,045 | ||||||
StoneCo, Ltd., Class A†# | 21,342 | 537,818 | ||||||
1,411,322 | ||||||||
Communications Software — 0.0% |
| |||||||
SeaChange International, Inc.† | 74,500 | 94,615 | ||||||
Computer Aided Design — 0.6% |
| |||||||
Aspen Technology, Inc.† | 15,580 | 1,770,044 | ||||||
Computer Services — 0.1% |
| |||||||
Parsons Corp.† | 4,043 | 128,365 | ||||||
StarTek, Inc.† | 10,000 | 81,200 | ||||||
209,565 | ||||||||
Computer Software — 1.3% |
| |||||||
Checkr, Inc.†(1)(2) | 700 | 8,603 | ||||||
Cision, Ltd.† | 123,342 | 1,354,295 | ||||||
Computer Modelling Group, Ltd. | 17,000 | 88,799 | ||||||
Cornerstone OnDemand, Inc.† | 22,657 | 1,206,032 | ||||||
SS&C Technologies Holdings, Inc. | 18,315 | 1,019,230 | ||||||
3,676,959 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Cray, Inc.† | 9,084 | 318,031 | ||||||
Cubic Corp. | 10,229 | 577,120 | ||||||
895,151 | ||||||||
Computers - Memory Devices — 0.1% |
| |||||||
Everspin Technologies, Inc.†# | 10,000 | 68,600 | ||||||
Pure Storage, Inc., Class A† | 6,092 | 96,619 | ||||||
165,219 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Key Tronic Corp.† | 9,633 | 49,706 |
172 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Periphery Equipment (continued) |
| |||||||
TransAct Technologies, Inc. | 7,500 | $ | 64,575 | |||||
114,281 | ||||||||
Consulting Services — 0.4% |
| |||||||
Booz Allen Hamilton Holding Corp. | 12,700 | 802,259 | ||||||
Franklin Covey Co.† | 3,000 | 93,300 | ||||||
GP Strategies Corp.† | 8,000 | 109,120 | ||||||
Huron Consulting Group, Inc.† | 3,300 | 162,459 | ||||||
Information Services Group, Inc.† | 27,400 | 85,214 | ||||||
1,252,352 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Acme United Corp. | 4,570 | 91,308 | ||||||
CSS Industries, Inc. | 4,500 | 21,375 | ||||||
Quanex Building Products Corp. | 10,184 | 157,954 | ||||||
270,637 | ||||||||
Containers - Metal/Glass — 0.4% |
| |||||||
Crown Holdings, Inc.† | 22,563 | 1,250,667 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.†# | 3,421 | 6,842 | ||||||
Data Processing/Management — 0.1% |
| |||||||
Amber Road, Inc.† | 9,700 | 125,906 | ||||||
Innodata, Inc.† | 52,600 | 52,074 | ||||||
177,980 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Quidel Corp.†# | 10,519 | 581,701 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
STERIS PLC | 5,400 | 721,872 | ||||||
Distribution/Wholesale — 2.7% |
| |||||||
BlueLinx Holdings, Inc.†# | 5,500 | 110,495 | ||||||
Educational Development Corp.# | 16,000 | 118,240 | ||||||
Houston Wire & Cable Co.† | 14,739 | 77,232 | ||||||
KAR Auction Services, Inc. | 39,764 | 2,235,532 | ||||||
Pool Corp. | 24,677 | 4,436,431 | ||||||
SiteOne Landscape Supply, Inc.†# | 12,426 | 806,075 | ||||||
7,784,005 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Federal Signal Corp. | 2,600 | 62,114 | ||||||
LSB Industries, Inc.†# | 17,500 | 58,625 | ||||||
Synalloy Corp. | 7,900 | 146,624 | ||||||
267,363 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Colliers International Group, Inc. | 2,635 | 162,210 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 62,466 | ||||||
224,676 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
US Auto Parts Network, Inc.† | 20,000 | 20,400 | ||||||
E-Commerce/Services — 0.5% |
| |||||||
A Place For Rover, Inc.†(1)(2) | 513 | 3,565 | ||||||
Cargurus, Inc.† | 2,303 | 78,670 | ||||||
GrubHub, Inc.†# | 15,777 | 1,027,872 | ||||||
Leaf Group, Ltd.† | 25,000 | 179,750 | ||||||
1,289,857 | ||||||||
Educational Software — 0.2% |
| |||||||
Instructure, Inc.† | 9,277 | 385,738 | ||||||
Zovio, Inc.† | 14,500 | 59,450 | ||||||
445,188 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
Graham Corp. | 5,800 | $ | 118,378 | |||||
Littelfuse, Inc. | 900 | 146,889 | ||||||
nLight, Inc.†# | 40,588 | 758,590 | ||||||
Novanta, Inc.† | 10,201 | 816,284 | ||||||
1,840,141 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Genie Energy, Ltd., Class B | 12,500 | 116,750 | ||||||
Spark Energy, Inc., Class A# | 13,000 | 127,400 | ||||||
244,150 | ||||||||
Electric - Integrated — 2.1% |
| |||||||
NorthWestern Corp. | 35,138 | 2,492,690 | ||||||
PNM Resources, Inc. | 22,100 | 1,041,131 | ||||||
Portland General Electric Co. | 46,285 | 2,446,625 | ||||||
5,980,446 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Bel Fuse, Inc., Class B | 6,000 | 103,680 | ||||||
Sypris Solutions, Inc.† | 24,000 | 20,400 | ||||||
ZAGG, Inc.† | 14,000 | 93,240 | ||||||
217,320 | ||||||||
Electronic Components - Semiconductors — 0.7% |
| |||||||
CTS Corp. | 10,500 | 277,830 | ||||||
EMCORE Corp.† | 32,200 | 114,310 | ||||||
GSI Technology, Inc.† | 19,800 | 164,736 | ||||||
Inphi Corp.† | 10,548 | 462,846 | ||||||
Lattice Semiconductor Corp.† | 52,025 | 665,920 | ||||||
Monolithic Power Systems, Inc. | 1,347 | 156,858 | ||||||
Pixelworks, Inc.† | 22,000 | 65,560 | ||||||
Richardson Electronics, Ltd. | 15,000 | 76,200 | ||||||
1,984,260 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
CyberOptics Corp.† | 6,700 | 102,845 | ||||||
National Instruments Corp. | 15,697 | 605,747 | ||||||
708,592 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Ballantyne Strong, Inc.† | 14,000 | 42,000 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Clean Energy Fuels Corp.† | 42,350 | 113,075 | ||||||
NextEra Energy Partners LP | 6,100 | 269,925 | ||||||
383,000 | ||||||||
Engineering/R&D Services — 0.0% |
| |||||||
Fluor Corp. | 1,900 | 52,668 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Gates Industrial Corp. PLC†# | 89,530 | 1,009,898 | ||||||
Enterprise Software/Service — 2.3% |
| |||||||
Blackbaud, Inc. | 17,214 | 1,324,101 | ||||||
Ceridian HCM Holding, Inc.†# | 5,104 | 251,015 | ||||||
Coupa Software, Inc.†# | 6,147 | 671,314 | ||||||
Guidewire Software, Inc.† | 15,378 | 1,545,796 | ||||||
Paycom Software, Inc.†# | 1,500 | 318,150 | ||||||
Pluralsight, Inc., Class A†# | 6,277 | 199,985 | ||||||
SailPoint Technologies Holding, Inc.† | 35,300 | 620,221 | ||||||
ServiceTitan, Inc.†(1)(2) | 191 | 5,022 | ||||||
Tyler Technologies, Inc.† | 7,399 | 1,578,577 | ||||||
6,514,181 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Zynga, Inc., Class A† | 84,500 | 531,505 | ||||||
173 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Ecology and Environment, Inc., Class A | 6,000 | $ | 66,000 | |||||
Filtration/Separation Products — 0.2% |
| |||||||
ESCO Technologies, Inc. | 9,445 | 660,111 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 79,870 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Marlin Business Services Corp. | 7,500 | 167,250 | ||||||
Finance - Consumer Loans — 0.5% |
| |||||||
Asta Funding, Inc.† | 13,200 | 92,400 | ||||||
Encore Capital Group, Inc.†# | 15,632 | 536,803 | ||||||
Ocwen Financial Corp.† | 65,000 | 100,750 | ||||||
PRA Group, Inc.†# | 18,200 | 502,502 | ||||||
Regional Management Corp.† | 8,200 | 202,294 | ||||||
1,434,749 | ||||||||
Finance - Investment Banker/Broker — 0.9% |
| |||||||
JMP Group LLC | 16,300 | 63,570 | ||||||
Lazard, Ltd., Class A | 40,671 | 1,267,308 | ||||||
Moelis & Co., Class A# | 34,827 | 1,106,802 | ||||||
2,437,680 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
PennyMac Financial Services, Inc. | 14,055 | 298,107 | ||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 9,682 | 1,050,884 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Radian Group, Inc. | 16,000 | 359,200 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 5,000 | 123,500 | ||||||
Food - Confectionery — 0.2% |
| |||||||
Rocky Mountain Chocolate Factory, Inc. | 6,500 | 61,490 | ||||||
Simply Good Foods Co.† | 21,606 | 464,313 | ||||||
525,803 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 14,271 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Beyond Meat, Inc.†# | 1,600 | 166,592 | ||||||
Cal-Maine Foods, Inc.# | 13,151 | 486,850 | ||||||
Nomad Foods, Ltd.† | 15,023 | 318,788 | ||||||
Post Holdings, Inc.† | 7,800 | 819,780 | ||||||
TreeHouse Foods, Inc.† | 13,100 | 682,903 | ||||||
2,474,913 | ||||||||
Food - Wholesale/Distribution — 1.4% |
| |||||||
AMCON Distributing Co. | 500 | 45,000 | ||||||
Performance Food Group Co.† | 100,233 | 3,944,169 | ||||||
3,989,169 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Rocky Brands, Inc. | 6,711 | 164,151 | ||||||
Forestry — 0.1% |
| |||||||
Interfor Corp.† | 17,100 | 144,103 | ||||||
West Fraser Timber Co., Ltd. | 6,800 | 265,087 | ||||||
409,190 | ||||||||
Gambling(Non-Hotel) — 0.2% |
| |||||||
Monarch Casino & Resort, Inc.† | 13,156 | 566,103 | ||||||
Garden Products — 1.7% |
| |||||||
Toro Co. | 72,268 | 4,708,983 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas- Distribution — 0.9% |
| |||||||
Chesapeake Utilities Corp. | 5,400 | $ | 490,212 | |||||
ONE Gas, Inc. | 13,500 | 1,182,060 | ||||||
RGC Resources, Inc. | 469 | 12,771 | ||||||
Southwest Gas Holdings, Inc. | 11,437 | 973,746 | ||||||
2,658,789 | ||||||||
Gold Mining — 0.3% |
| |||||||
Franco-Nevada Corp. | 4,400 | 339,734 | ||||||
Gold Resource Corp. | 37,100 | 105,364 | ||||||
Northern Star Resources, Ltd. | 40,492 | 275,217 | ||||||
Osisko Gold Royalties, Ltd. | 16,800 | 175,010 | ||||||
895,325 | ||||||||
Golf — 0.4% |
| |||||||
Acushnet Holdings Corp.# | 46,781 | 1,098,886 | ||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Heritage-Crystal Clean, Inc.† | 9,300 | 232,500 | ||||||
Stericycle, Inc.†# | 1,900 | 88,122 | ||||||
US Ecology, Inc. | 15,623 | 929,881 | ||||||
1,250,503 | ||||||||
Health Care Cost Containment — 0.4% |
| |||||||
HealthEquity, Inc.†# | 17,093 | 1,117,199 | ||||||
Healthcare Safety Devices — 0.0% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 107,400 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 19,554 | ||||||
126,954 | ||||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 9,400 | 599,814 | ||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc.† | 15,000 | 27,900 | ||||||
Lifetime Brands, Inc. | 8,000 | 62,400 | ||||||
90,300 | ||||||||
Human Resources — 0.2% |
| |||||||
Computer Task Group, Inc.† | 19,600 | 82,320 | ||||||
Cross Country Healthcare, Inc.† | 30,291 | 215,369 | ||||||
RCM Technologies, Inc.† | 20,000 | 66,000 | ||||||
Willdan Group, Inc.† | 1,700 | 52,904 | ||||||
416,593 | ||||||||
Identification Systems — 0.7% |
| |||||||
Aware, Inc.† | 34,900 | 115,170 | ||||||
Brady Corp., Class A | 43,207 | 2,000,484 | ||||||
2,115,654 | ||||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 40,000 | 19,800 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,000 | 105,180 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Woodward, Inc. | 10,097 | 1,099,765 | ||||||
Insurance - Multi-line — 0.2% |
| |||||||
Assurant, Inc. | 6,923 | 692,023 | ||||||
Insurance - Property/Casualty — 2.2% |
| |||||||
FedNat Holding Co. | 7,600 | 102,752 | ||||||
First Acceptance Corp.† | 2,558 | 2,916 | ||||||
Hallmark Financial Services, Inc.† | 13,000 | 153,270 | ||||||
Hanover Insurance Group, Inc. | 4,700 | 574,152 | ||||||
Kinsale Capital Group, Inc. | 21,907 | 1,835,588 | ||||||
RLI Corp. | 25,971 | 2,230,389 |
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty (continued) |
| |||||||
Safety Insurance Group, Inc. | 3,258 | $ | 296,902 | |||||
Selective Insurance Group, Inc. | 13,000 | 931,450 | ||||||
State Auto Financial Corp. | 6,050 | 206,849 | ||||||
6,334,268 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Axis Capital Holdings, Ltd. | 8,350 | 497,493 | ||||||
Essent Group, Ltd.† | 6,200 | 291,090 | ||||||
788,583 | ||||||||
Internet Application Software — 0.3% |
| |||||||
Okta, Inc.† | 700 | 79,254 | ||||||
Tucows, Inc., Class A†# | 2,466 | 146,111 | ||||||
Zendesk, Inc.† | 7,200 | 606,600 | ||||||
831,965 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
PC-Tel, Inc. | 21,200 | 103,880 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 25,000 | 86,000 | ||||||
Internet Security — 0.2% |
| |||||||
Proofpoint, Inc.† | 5,200 | 584,272 | ||||||
Investment Companies — 0.1% |
| |||||||
Medallion Financial Corp.†# | 17,100 | 114,057 | ||||||
Portman Ridge Finance Corp. | 16,700 | 45,090 | ||||||
159,147 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
B. Riley Financial, Inc. | 3,858 | 76,504 | ||||||
Eaton Vance Corp. | 30,116 | 1,151,034 | ||||||
Focus Financial Partners, Inc. Class A† | 30,450 | 854,122 | ||||||
Great Elm Capital Group, Inc.† | 40,000 | 145,200 | ||||||
Manning & Napier, Inc.# | 8,400 | 16,548 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 133,500 | ||||||
2,376,908 | ||||||||
Leisure Games — 0.0% |
| |||||||
Peak Resorts, Inc. | 23,600 | 97,232 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 57,876 | ||||||
Machine Tools & Related Products — 0.8% |
| |||||||
L.S. Starrett Co., Class A† | 8,000 | 58,960 | ||||||
Lincoln Electric Holdings, Inc. | 25,937 | 1,969,656 | ||||||
Luxfer Holdings PLC | 8,800 | 210,936 | ||||||
2,239,552 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
Bloom Energy Corp. Class A†# | 9,412 | 101,650 | ||||||
BWX Technologies, Inc. | 14,573 | 678,227 | ||||||
779,877 | ||||||||
Machinery - General Industrial — 1.5% |
| |||||||
Altra Industrial Motion Corp. | 39,121 | 1,227,226 | ||||||
Applied Industrial Technologies, Inc. | 26,789 | 1,455,446 | ||||||
Arotech Corp.†# | 34,800 | 73,428 | ||||||
Chart Industries, Inc.† | 7,900 | 605,377 | ||||||
Gencor Industries, Inc.† | 8,650 | 95,842 | ||||||
Intevac, Inc.† | 6,100 | 32,330 | ||||||
Twin Disc, Inc.† | 5,000 | 72,100 | ||||||
Welbilt, Inc.† | 49,785 | 768,183 | ||||||
4,329,932 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Pumps — 0.5% |
| |||||||
CSW Industrials, Inc. | 3,458 | $ | 221,070 | |||||
Gardner Denver Holdings, Inc.† | 12,600 | 428,022 | ||||||
Graco, Inc. | 8,900 | 420,258 | ||||||
Mueller Water Products, Inc., Class A | 36,400 | 336,336 | ||||||
1,405,686 | ||||||||
Medical Information Systems — 0.7% |
| |||||||
Medidata Solutions, Inc.† | 21,012 | 1,915,244 | ||||||
Tabula Rasa HealthCare, Inc.†# | 3,800 | 171,646 | ||||||
2,086,890 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Apyx Medical Corp.† | 25,000 | 150,750 | ||||||
Bruker Corp. | 13,890 | 580,185 | ||||||
NuVasive, Inc.† | 5,100 | 295,596 | ||||||
1,026,531 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Catalent, Inc.† | 75,560 | 3,437,980 | ||||||
Syneos Health, Inc.† | 25,975 | 1,070,949 | ||||||
4,508,929 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
IRIDEX Corp.† | 8,100 | 40,257 | ||||||
Medical Products — 2.7% |
| |||||||
Alphatec Holdings, Inc.†# | 80,000 | 315,200 | ||||||
AtriCure, Inc.† | 5,400 | 158,220 | ||||||
Avanos Medical, Inc.† | 13,000 | 489,840 | ||||||
ConforMIS, Inc.†# | 95,000 | 340,100 | ||||||
Electromed, Inc.† | 13,900 | 67,415 | ||||||
Hanger, Inc.† | 15,054 | 280,908 | ||||||
ICU Medical, Inc.† | 9,987 | 2,125,233 | ||||||
InfuSystem Holdings, Inc.† | 25,000 | 122,500 | ||||||
Micron Solutions, Inc.† | 6,425 | 16,416 | ||||||
Nevro Corp.†# | 3,389 | 200,324 | ||||||
OrthoPediatrics Corp.†# | 3,500 | 135,975 | ||||||
RTI Surgical Holdings, Inc.† | 35,000 | 148,050 | ||||||
Shockwave Medical, Inc.†# | 962 | 57,518 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 48,750 | ||||||
United-Guardian, Inc. | 3,500 | 68,530 | ||||||
West Pharmaceutical Services, Inc. | 23,718 | 2,718,083 | ||||||
Wright Medical Group NV† | 12,993 | 399,145 | ||||||
7,692,207 | ||||||||
Medical - Biomedical/Gene — 2.5% |
| |||||||
Acceleron Pharma, Inc.† | 6,100 | 243,329 | ||||||
Actinium Pharmaceuticals, Inc.† | 32,100 | 10,432 | ||||||
Aduro Biotech, Inc.† | 41,000 | 133,250 | ||||||
Adverum Biotechnologies, Inc.† | 15,400 | 154,770 | ||||||
Alder Biopharmaceuticals, Inc.†# | 18,837 | 203,816 | ||||||
Allena Pharmaceuticals, Inc.† | 13,000 | 51,870 | ||||||
Allogene Therapeutics, Inc.†# | 1,676 | 43,961 | ||||||
Alpine Immune Sciences, Inc.† | 3,750 | 18,525 | ||||||
AnaptysBio, Inc.† | 1,318 | 95,964 | ||||||
Aptevo Therapeutics, Inc.† | 10,100 | 7,322 | ||||||
Aratana Therapeutics, Inc.† | 3,000 | 13,890 | ||||||
Ardelyx, Inc.† | 35,000 | 95,550 | ||||||
Argenx SE ADR† | 3,038 | 375,588 | ||||||
Autolus Therapeutics PLC ADR†# | 1,073 | 22,136 | ||||||
BeiGene, Ltd. ADR†# | 305 | 35,969 | ||||||
BioTime, Inc.†# | 6,712 | 6,645 | ||||||
Blueprint Medicines Corp.† | 4,429 | 336,604 | ||||||
Calithera Biosciences, Inc.† | 16,600 | 87,316 | ||||||
Cara Therapeutics, Inc.†# | 2,986 | 61,392 | ||||||
CEL-SCI Corp.†# | 10,300 | 41,406 |
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Crinetics Pharmaceuticals, Inc.†# | 2,446 | $ | 64,281 | |||||
CytomX Therapeutics, Inc.† | 4,090 | 39,509 | ||||||
Eiger BioPharmaceuticals, Inc.†# | 20,000 | 219,600 | ||||||
Enzo Biochem, Inc.† | 37,500 | 120,750 | ||||||
Five Prime Therapeutics, Inc.†# | 1,624 | 13,642 | ||||||
GlycoMimetics, Inc.† | 4,328 | 51,244 | ||||||
Guardant Health, Inc.†# | 1,311 | 100,790 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 102,150 | ||||||
Homology Medicines, Inc.†# | 2,659 | 53,818 | ||||||
ImmunoGen, Inc.†# | 3,662 | 6,592 | ||||||
Immunomedics, Inc.†# | 8,400 | 109,788 | ||||||
Infinity Pharmaceuticals, Inc.†# | 100,000 | 165,000 | ||||||
Insmed, Inc.†# | 15,792 | 382,324 | ||||||
Menlo Therapeutics, Inc.† | 19,400 | 130,562 | ||||||
Merrimack Pharmaceuticals, Inc.† | 5,000 | 29,300 | ||||||
Mustang Bio, Inc.† | 12,500 | 42,875 | ||||||
Neon Therapeutics, Inc.† | 23,000 | 112,240 | ||||||
Oncocyte Corp.†# | 50,000 | 196,500 | ||||||
Orchard Therapeutics PLC ADR†# | 3,866 | 73,106 | ||||||
Otonomy, Inc.† | 35,000 | 86,800 | ||||||
Pacific Biosciences of California, Inc.†# | 30,000 | 201,000 | ||||||
Palatin Technologies, Inc.†# | 100,000 | 134,000 | ||||||
Pfenex, Inc.† | 14,000 | 91,140 | ||||||
Protalix BioTherapeutics, Inc.†# | 22,016 | 8,146 | ||||||
PTC Therapeutics, Inc.† | 3,500 | 140,350 | ||||||
Radius Health, Inc.† | 14,900 | 309,771 | ||||||
Sage Therapeutics, Inc.†# | 6,281 | 1,079,515 | ||||||
Scholar Rock Holding Corp.†# | 1,509 | 27,675 | ||||||
Seattle Genetics, Inc.†# | 2,600 | 169,182 | ||||||
Tocagen, Inc.†# | 13,300 | 67,697 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 5,733 | 314,914 | ||||||
VolitionRX, Ltd.†# | 29,400 | 86,142 | ||||||
WaVe Life Sciences, Ltd.† | 1,344 | 30,818 | ||||||
XOMA Corp.†# | 7,246 | 135,645 | ||||||
Y-mAbs Therapeutics, Inc.† | 589 | 11,998 | ||||||
6,948,599 | ||||||||
Medical - Drugs — 2.0% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 83,139 | ||||||
Aclaris Therapeutics, Inc.† | 3,100 | 14,508 | ||||||
Adamas Pharmaceuticals, Inc.†# | 13,500 | 63,450 | ||||||
Aeglea BioTherapeutics, Inc.† | 25,000 | 156,000 | ||||||
Aimmune Therapeutics, Inc.†# | 8,175 | 159,985 | ||||||
Alimera Sciences, Inc.†# | 115,025 | 101,222 | ||||||
Array BioPharma, Inc.† | 17,394 | 459,549 | ||||||
Ascendis Pharma A/S ADR† | 6,835 | 852,051 | ||||||
Chiasma, Inc.† | 45,000 | 319,500 | ||||||
Chimerix, Inc.† | 30,800 | 104,720 | ||||||
Conatus Pharmaceuticals, Inc.†# | 19,500 | 15,062 | ||||||
Corvus Pharmaceuticals, Inc.†# | 3,722 | 14,032 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 174,028 | ||||||
Dova Pharmaceuticals, Inc.†# | 15,000 | 132,300 | ||||||
Enanta Pharmaceuticals, Inc.† | 500 | 45,235 | ||||||
Global Blood Therapeutics, Inc.†# | 8,548 | 519,547 | ||||||
InflaRx NV†# | 1,106 | 39,805 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 470 | 43,428 | ||||||
Melinta Therapeutics, Inc.†# | 1,600 | 3,408 | ||||||
Millendo Therapeutics, Inc.† | 3,333 | 53,261 | ||||||
Minerva Neurosciences, Inc.† | 20,300 | 105,763 | ||||||
MyoKardia, Inc.†# | 5,248 | 244,452 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 21,450 | ||||||
Prestige Consumer Healthcare, Inc.†# | 38,834 | 1,127,351 | ||||||
Principia Biopharma, Inc.†# | 3,329 | 97,407 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 700 | 59,689 | ||||||
scPharmaceuticals, Inc.†# | 11,500 | 39,100 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Spero Therapeutics, Inc.† | 6,200 | $ | 69,812 | |||||
Syros Pharmaceuticals, Inc.† | 20,000 | 118,000 | ||||||
TherapeuticsMD, Inc.†# | 77,874 | 238,294 | ||||||
Tricida, Inc.†# | 2,428 | 89,205 | ||||||
Turning Point Therapeutics, Inc.† | 1,234 | 42,968 | ||||||
VIVUS, Inc.†# | 24,100 | 91,580 | ||||||
5,699,301 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Amneal Pharmaceuticals, Inc.†# | 10,400 | 78,416 | ||||||
Momenta Pharmaceuticals, Inc.† | 9,090 | 105,717 | ||||||
Teligent, Inc.†# | 25,000 | 16,252 | ||||||
200,385 | ||||||||
Medical- HMO — 1.2% |
| |||||||
Molina Healthcare, Inc.† | 23,567 | 3,352,641 | ||||||
Medical - Hospitals — 0.1% |
| |||||||
Acadia Healthcare Co., Inc.†# | 12,270 | 395,339 | ||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Genesis Healthcare, Inc.†# | 100,000 | 113,000 | ||||||
Medical - Outpatient/Home Medical — 0.2% |
| |||||||
Amedisys, Inc.† | 3,962 | 444,972 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Premier, Inc., Class A† | 37,593 | 1,381,543 | ||||||
Metal Processors & Fabrication — 1.2% |
| |||||||
AZZ, Inc. | 10,200 | 429,216 | ||||||
LB Foster Co., Class A† | 6,700 | 161,939 | ||||||
RBC Bearings, Inc.† | 17,890 | 2,545,747 | ||||||
Strattec Security Corp.# | 1,500 | 36,960 | ||||||
Sun Hydraulics Corp. | 4,777 | 199,440 | ||||||
3,373,302 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 68,090 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Constellium NV, Class A† | 16,000 | 130,720 | ||||||
Metal - Copper — 0.0% |
| |||||||
ERO Copper Corp.† | 6,818 | 83,737 | ||||||
Miscellaneous Manufacturing — 1.8% |
| |||||||
AptarGroup, Inc. | 38,007 | 4,305,053 | ||||||
John Bean Technologies Corp. | 8,917 | 914,438 | ||||||
5,219,491 | ||||||||
Multimedia — 0.8% |
| |||||||
E.W. Scripps Co., Class A | 40,420 | 615,193 | ||||||
FactSet Research Systems, Inc.# | 5,986 | 1,665,305 | ||||||
2,280,498 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Uranium Energy Corp.†# | 100,500 | 135,675 | ||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Advanced Disposal Services, Inc.† | 51,830 | 1,665,816 | ||||||
Waste Connections, Inc. | 7,750 | 733,460 | ||||||
2,399,276 | ||||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 18,739 | 665,047 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Quintana Energy Services, Inc.† | 15,000 | 39,750 | ||||||
Oil Companies - Exploration & Production — 0.8% |
| |||||||
Barnwell Industries, Inc.† | 25,000 | 32,700 |
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Centennial Resource Development, Inc., Class A†# | 22,938 | $ | 181,210 | |||||
Chaparral Energy, Inc., Class A†# | 24,000 | 101,280 | ||||||
Contango Oil & Gas Co.†# | 21,600 | 46,224 | ||||||
Diamondback Energy, Inc. | 3,900 | 382,434 | ||||||
Earthstone Energy, Inc., Class A† | 9,400 | 51,418 | ||||||
Evolution Petroleum Corp. | 23,100 | 141,141 | ||||||
Goodrich Petroleum Corp.† | 9,000 | 104,130 | ||||||
Jagged Peak Energy, Inc.†# | 20,162 | 167,345 | ||||||
Kosmos Energy, Ltd.# | 8,064 | 49,674 | ||||||
Lonestar Resources US, Inc., Class A† | 30,000 | 82,500 | ||||||
Magnolia Oil & Gas Corp.†# | 21,500 | 237,145 | ||||||
Matador Resources Co.†# | 5,290 | 86,968 | ||||||
Midstates Petroleum Co., Inc.† | 15,000 | 100,350 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 66,250 | ||||||
Seven Generations Energy, Ltd., Class A† | 28,100 | 150,313 | ||||||
VAALCO Energy, Inc.† | 30,000 | 47,700 | ||||||
Venture Global LNG, Inc., Series B†(1)(2) | 4 | 20,800 | ||||||
Venture Global LNG, Inc., Series C†(1)(2) | 59 | 306,800 | ||||||
2,356,382 | ||||||||
Oil Field Machinery & Equipment — 0.3% |
| |||||||
Dril-Quip, Inc.†# | 4,200 | 173,250 | ||||||
Flotek Industries, Inc.†# | 50,000 | 152,000 | ||||||
Mitcham Industries, Inc.† | 22,400 | 80,864 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 112,702 | ||||||
Smart Sand, Inc.†# | 15,000 | 49,950 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 63,280 | ||||||
Thermon Group Holdings, Inc.† | 8,700 | 191,226 | ||||||
823,272 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 112,842 | ||||||
Oil- Field Services — 1.0% |
| |||||||
CARBO Ceramics, Inc.†# | 24,200 | 34,848 | ||||||
Core Laboratories NV | 21,226 | 1,011,207 | ||||||
Era Group, Inc.† | 15,000 | 110,250 | ||||||
Gulf Island Fabrication, Inc.† | 8,400 | 67,200 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 61,889 | ||||||
Key Energy Services, Inc.†# | 11,000 | 18,700 | ||||||
NCS Multistage Holdings, Inc.† | 23,000 | 61,410 | ||||||
Nuverra Environmental Solutions, Inc.†# | 6,300 | 24,318 | ||||||
Patterson-UTI Energy, Inc. | 128,970 | 1,370,951 | ||||||
Pioneer Energy Services Corp.† | 48,900 | 15,403 | ||||||
2,776,176 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 4,462 | 68,264 | ||||||
Physical Therapy/Rehabilitation Centers — 0.9% |
| |||||||
Encompass Health Corp. | 37,031 | 2,181,866 | ||||||
U.S. Physical Therapy, Inc. | 3,621 | 404,502 | ||||||
2,586,368 | ||||||||
Pipelines — 0.0% |
| |||||||
New Fortress Energy LLC†# | 6,595 | 71,754 | ||||||
Pollution Control — 0.0% |
| |||||||
Fuel Tech, Inc.†# | 75,000 | 113,250 | ||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc.# | 4,100 | 560,511 | ||||||
Power Converter/Supply Equipment — 0.5% |
| |||||||
Generac Holdings, Inc.† | 25,670 | 1,415,701 | ||||||
Printing - Commercial — 0.0% |
| |||||||
ARC Document Solutions, Inc.† | 40,000 | 80,000 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc.† | 84,700 | $ | 213,444 | |||||
Radio — 0.0% |
| |||||||
Saga Communications, Inc., Class A | 123 | 3,579 | ||||||
Salem Media Group, Inc. | 10,000 | 20,300 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 60,500 | ||||||
84,379 | ||||||||
Real Estate Investment Trusts — 5.4% |
| |||||||
Acadia Realty Trust | 10,200 | 278,970 | ||||||
Alexander & Baldwin, Inc. | 14,276 | 329,347 | ||||||
American Campus Communities, Inc. | 14,100 | 653,112 | ||||||
Community Healthcare Trust, Inc. | 2,600 | 101,738 | ||||||
CubeSmart | 68,530 | 2,310,831 | ||||||
EastGroup Properties, Inc. | 31,382 | 3,483,402 | ||||||
First Industrial Realty Trust, Inc. | 6,800 | 236,028 | ||||||
JBG SMITH Properties | 19,532 | 771,319 | ||||||
National Retail Properties, Inc. | 51,458 | 2,754,547 | ||||||
Outfront Media, Inc. | 52,704 | 1,299,154 | ||||||
Paramount Group, Inc. | 19,727 | 281,110 | ||||||
PS Business Parks, Inc. | 6,256 | 1,006,715 | ||||||
Regency Centers Corp. | 4,135 | 272,745 | ||||||
Rexford Industrial Realty, Inc. | 2,851 | 107,768 | ||||||
RLJ Lodging Trust | 80,038 | 1,374,252 | ||||||
15,261,038 | ||||||||
Real Estate Management/Services — 1.0% |
| |||||||
Cushman & Wakefield PLC† | 83,172 | 1,402,280 | ||||||
FirstService Corp. | 10,736 | 970,105 | ||||||
HFF, Inc., Class A | 6,681 | 288,486 | ||||||
Maui Land & Pineapple Co., Inc.† | 10,000 | 103,200 | ||||||
Redfin Corp.†# | 10,795 | 170,129 | ||||||
2,934,200 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Consolidated-Tomoka Land Co. | 3,100 | 185,380 | ||||||
Stratus Properties, Inc.† | 3,000 | 84,300 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 40,800 | ||||||
310,480 | ||||||||
Recreational Centers — 0.0% |
| |||||||
OneSpaWorld Holdings, Ltd.†# | 10,500 | 131,355 | ||||||
Recreational Vehicles — 0.7% |
| |||||||
Brunswick Corp. | 42,972 | 1,782,479 | ||||||
Malibu Boats, Inc., Class A† | 7,279 | 261,316 | ||||||
2,043,795 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 13,515 | 719,809 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Allbirds, Inc.†(1)(2) | 1,134 | 62,184 | ||||||
Burlington Stores, Inc.† | 5,500 | 861,190 | ||||||
Destination Maternity Corp.† | 7,800 | 10,140 | ||||||
RTW RetailWinds, Inc.† | 33,029 | 63,085 | ||||||
Tilly’s, Inc., Class A | 8,068 | 62,931 | ||||||
1,059,530 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 23,700 | 215,907 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Aspen Aerogels, Inc.† | 28,200 | 138,180 | ||||||
Retail - Computer Equipment — 0.1% |
| |||||||
PCM, Inc.† | 6,700 | 171,185 | ||||||
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Discount — 0.8% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 57,436 | $ | 1,434,751 | |||||
Citi Trends, Inc. | 3,500 | 47,880 | ||||||
Fred’s, Inc., Class A†# | 35,000 | 14,011 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 8,626 | 851,559 | ||||||
2,348,201 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Bassett Furniture Industries, Inc. | 6,500 | 95,485 | ||||||
Kirkland’s, Inc.† | 12,200 | 49,166 | ||||||
RH†# | 1,052 | 89,578 | ||||||
Tuesday Morning Corp.† | 42,000 | 63,840 | ||||||
298,069 | ||||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 20,000 | 140,600 | ||||||
Five Below, Inc.† | 2,400 | 308,952 | ||||||
Gaia, Inc.†# | 9,400 | 69,842 | ||||||
519,394 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America LLC† | 20,000 | 71,000 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Chuy’s Holdings, Inc.† | 9,070 | 200,628 | ||||||
Del Frisco’s Restaurant Group, Inc.†# | 19,100 | 131,026 | ||||||
Denny’s Corp.† | 28,600 | 562,848 | ||||||
Dunkin’ Brands Group, Inc. | 8,700 | 645,714 | ||||||
Famous Dave’s of America, Inc.†# | 8,250 | 31,020 | ||||||
Fiesta Restaurant Group, Inc.† | 12,319 | 174,683 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 136,760 | ||||||
Luby’s, Inc.† | 25,000 | 32,750 | ||||||
Papa John’s International, Inc.# | 8,500 | 411,995 | ||||||
Potbelly Corp.† | 10,000 | 50,300 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,839 | 200,522 | ||||||
Wingstop, Inc. | 6,500 | 517,920 | ||||||
3,096,166 | ||||||||
Retail- Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 40,320 | ||||||
Retail - Vision Service Center — 0.0% |
| |||||||
National Vision Holdings, Inc.† | 4,166 | 113,440 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
Vitamin Shoppe, Inc.†# | 25,500 | 95,370 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.† | 17,000 | 71,230 | ||||||
Satellite Telecom — 0.1% |
| |||||||
KVH Industries, Inc.† | 14,357 | 133,377 | ||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
BankFinancial Corp. | 9,300 | 129,270 | ||||||
Berkshire Hills Bancorp, Inc. | 4,080 | 119,095 | ||||||
Capitol Federal Financial, Inc. | 28,167 | 374,058 | ||||||
Entegra Financial Corp.† | 6,000 | 177,900 | ||||||
ESSA Bancorp, Inc. | 9,000 | 136,350 | ||||||
First Financial Northwest, Inc. | 10,000 | 151,600 | ||||||
Investors Bancorp, Inc. | 27,200 | 283,152 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 148,500 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 75,620 | ||||||
Meridian Bancorp, Inc. | 22,260 | 384,430 | ||||||
Pacific Premier Bancorp, Inc.# | 9,100 | 257,530 | ||||||
Provident Financial Holdings, Inc. | 6,714 | 134,079 | ||||||
Territorial Bancorp, Inc. | 4,500 | 121,050 | ||||||
Timberland Bancorp, Inc. | 3,900 | 95,082 | ||||||
WSFS Financial Corp. | 6,116 | 242,744 | ||||||
2,830,460 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Schools — 0.4% |
| |||||||
American Public Education, Inc.† | 4,445 | $ | 124,371 | |||||
Bright Horizons Family Solutions, Inc.† | 3,616 | 495,609 | ||||||
Chegg, Inc.† | 7,080 | 265,217 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 52,800 | ||||||
Strategic Education, Inc. | 400 | 70,396 | ||||||
Universal Technical Institute, Inc.† | 37,000 | 125,430 | ||||||
1,133,823 | ||||||||
Security Services — 0.4% |
| |||||||
Brink’s Co. | 13,902 | 1,070,454 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 19,927 | 44,637 | ||||||
Geospace Technologies Corp.† | 8,900 | 111,339 | ||||||
155,976 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Cypress Semiconductor Corp. | 22,900 | 408,078 | ||||||
Power Integrations, Inc. | 11,146 | 726,273 | ||||||
1,134,351 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
Cabot Microelectronics Corp. | 15,454 | 1,506,301 | ||||||
Entegris, Inc. | 21,200 | 728,008 | ||||||
MKS Instruments, Inc. | 2,500 | 178,650 | ||||||
2,412,959 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Collier Creek Holdings† | 14,012 | 146,846 | ||||||
J2 Acquisition, Ltd.†* | 27,496 | 245,402 | ||||||
392,248 | ||||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Valmont Industries, Inc. | 3,648 | 412,625 | ||||||
Steel - Producers — 0.0% |
| |||||||
Friedman Industries, Inc. | 10,000 | 73,800 | ||||||
Shiloh Industries, Inc.† | 13,600 | 54,944 | ||||||
128,744 | ||||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 10,500 | 102,165 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Clearfield, Inc.† | 10,000 | 132,900 | ||||||
Telecom Services — 0.2% |
| |||||||
Consolidated Communications Holdings, Inc. | 1 | 4 | ||||||
GTT Communications, Inc.†# | 9,800 | 233,044 | ||||||
RigNet, Inc.† | 12,600 | 105,084 | ||||||
Spok Holdings, Inc. | 9,800 | 151,410 | ||||||
489,542 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Communications Systems, Inc. | 30,000 | 84,900 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 81,928 | ||||||
166,828 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 127,050 | ||||||
Frontier Communications Corp.†# | 55,000 | 103,400 | ||||||
230,450 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,500 | 111,995 | ||||||
Dixie Group, Inc.† | 10,000 | 5,570 | ||||||
117,565 | ||||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Theaters — 0.8% |
| |||||||
Cinemark Holdings, Inc. | 58,130 | $ | 2,208,359 | |||||
Therapeutics — 0.3% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 2,933 | 135,416 | ||||||
Aquinox Pharmaceuticals, Inc.† | 50,000 | 130,500 | ||||||
Axsome Therapeutics, Inc.†# | 14,000 | 321,440 | ||||||
Sarepta Therapeutics, Inc.†# | 800 | 91,080 | ||||||
Xencor, Inc.† | 8,633 | 266,242 | ||||||
Zafgen, Inc.†# | 15,000 | 27,450 | ||||||
972,128 | ||||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.† | 30,000 | 23,310 | ||||||
Transport - Equipment & Leasing — 0.1% |
| |||||||
Willis Lease Finance Corp.† | 4,600 | 229,080 | ||||||
Transport - Marine — 0.1% |
| |||||||
Hornbeck Offshore Services, Inc.† | 75,000 | 93,000 | ||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | 52,500 | ||||||
145,500 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 2,300 | 219,006 | ||||||
Transport - Services — 0.3% |
| |||||||
Matson, Inc. | 16,500 | 564,630 | ||||||
Radiant Logistics, Inc.† | 19,200 | 122,112 | ||||||
Steel Connect, Inc.† | 71,500 | 130,130 | ||||||
816,872 | ||||||||
Transport - Truck — 1.4% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 59,776 | 1,652,209 | ||||||
Landstar System, Inc. | 18,337 | 1,764,936 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 75,992 | ||||||
Patriot Transportation Holding, Inc.† | 5,000 | 90,450 | ||||||
Schneider National, Inc., Class B | 11,388 | 191,318 | ||||||
XPO Logistics, Inc.†# | 1 | 52 | ||||||
YRC Worldwide, Inc.†# | 22,000 | 93,720 | ||||||
3,868,677 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 14,000 | 143,780 | ||||||
Water — 0.5% |
| |||||||
California Water Service Group | 8,300 | 408,526 | ||||||
Global Water Resources, Inc. | 14,500 | 138,040 | ||||||
Middlesex Water Co. | 3,496 | 206,824 | ||||||
PICO Holdings, Inc.† | 10,000 | 105,300 | ||||||
SJW Group | 7,170 | 441,887 | ||||||
1,300,577 | ||||||||
Web Hosting/Design — 0.7% |
| |||||||
Q2 Holdings, Inc.† | 26,690 | 1,954,776 | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.† | 44,000 | 75,680 | ||||||
Wireless Equipment — 0.2% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | 112,000 | ||||||
ID Systems, Inc.† | 19,000 | 92,910 | ||||||
Pagerduty, Inc.† | 950 | 48,830 | ||||||
PagerDuty, Inc.†(2) | 5,875 | 286,876 | ||||||
540,616 | ||||||||
Total Common Stocks | ||||||||
(cost $245,472,160) | 273,775,974 | |||||||
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% |
| |||||||
Applications Software — 0.1% |
| |||||||
Convoy, Inc. | 12,094 | $ | 85,875 | |||||
Toast, Inc. | 98 | 2,687 | ||||||
Toast, Inc. | 7,194 | 197,292 | ||||||
285,854 | ||||||||
Computer Software — 0.0% |
| |||||||
Checkr, Inc., Series C†(1)(2) | 2,998 | 40,926 | ||||||
E-Commerce/Products — 0.0% |
| |||||||
1stdibs.com, Inc. | 11,111 | 55,677 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmers Business Network, Inc. | 8,287 | 193,156 | ||||||
Vroom, Inc. | 5,863 | 105,246 | ||||||
298,402 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Plex Systems, Inc., Series B†(1)(2) | 50,422 | 124,038 | ||||||
ServiceTitan, Inc., SeriesA-1†(1)(2) | 4 | 105 | ||||||
ServiceTitan, Inc., Series D†(1)(2) | 1,942 | 51,065 | ||||||
175,208 | ||||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. | 618 | 240,186 | ||||||
Roofoods, Ltd., | 16 | 6,686 | ||||||
246,872 | ||||||||
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 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
A Place For Rover, Inc. | 7,335 | 50,978 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 5,505 | 84,221 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Seismic Software Holdings, Inc. | 2,336 | 73,633 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,237,996) | 1,380,645 | |||||||
WARRANTS†— 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2) | 1,009 | 3,763 | ||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank(1)(2) | 456 | 0 | ||||||
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
WARRANTS† (continued) |
| |||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
J2 Acquisition, Ltd. | 27,696 | $ | 4,847 | |||||
Total Warrants | ||||||||
(cost $277) | 8,610 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $246,710,433) | 275,165,229 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% |
| |||||||
Registered Investment Companies — 2.8% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 459,608 | 459,608 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,940,965 | 5,940,965 | ||||||
T. Rowe Price Government Reserve Fund | 1,564,962 | 1,564,962 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,965,535) | 7,965,535 | |||||||
REPURCHASE AGREEMENTS — 2.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $3,725,169 collateralized by $3,765,000 of United States Treasury Notes, bearing interest at 2.25% due 04/15/2022 and having an approximate value of $3,799,514 | $ | 3,725,013 | 3,725,013 | |||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $1,569,902 collateralized by $1,595,000 of United States Treasury Notes, bearing interest at 2.13% due 05/15/2022 and having an approximate value of $1,601,233 | 1,569,837 | 1,569,837 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $1,711,418 collateralized by $1,690,000 of United States Treasury Inflation Index Notes, bearing interest at 0.13% due 04/15/2022 and having an approximate value of $1,745,574 | 1,711,347 | 1,711,347 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $26,804 collateralized by $30,000 of United States Treasury Notes, bearing interest at 1.75% due 05/31/2022 and having an approximate value of $29,762 | 26,803 | 26,803 | ||||||
Total Repurchase Agreements | ||||||||
(cost $7,033,000) | 7,033,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $261,708,968)(5) | 102.2 | % | 290,163,764 | |||||
Liabilities in excess of other assets | (2.2 | ) | (6,145,374 | ) | ||||
NET ASSETS | 100.0 | % | $ | 284,018,390 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2019, the aggregate value of these securities was $245,402 representing 0.1% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks |
| |||||||||||||||||||||||
A Place for Rover, Inc. | 05/25/2018 | 513 | $ | 3,476 | $ | 3,565 | $ | 6.95 | 0.00 | % | ||||||||||||||
Allbirds, Inc. | 10/10/2018 | 938 | 51,436 | |||||||||||||||||||||
12/21/2018 | 196 | 10,748 | ||||||||||||||||||||||
1,134 | 62,184 | 62,184 | 54.84 | 0.02 | ||||||||||||||||||||
Checkr, Inc. | 06/29/2018 | 700 | 8,603 | 8,603 | 12.29 | 0.00 | ||||||||||||||||||
CrossFirst Bankshares, Inc. | 10/23/2018 | 5,156 | 73,473 | 73,473 | 14.25 | 0.03 | ||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 10,090 | |||||||||||||||||||||
05/02/2019 | 4,199 | 41,990 | ||||||||||||||||||||||
5,208 | 52,080 | 52,080 | 10.00 | 0.02 | ||||||||||||||||||||
JAND, Inc. (dba Warby Parker), Class A | 03/09/2018 | 4,462 | 70,129 | 68,264 | 15.30 | 0.02 | ||||||||||||||||||
PagerDuty, Inc. | 08/24/2018 | 4,684 | 79,950 | |||||||||||||||||||||
09/28/2018 | 1,191 | 19,766 | ||||||||||||||||||||||
5,875 | 99,716 | 286,876 | 48.83 | 0.10 | ||||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 5,022 | 26.29 | 0.00 | ||||||||||||||||||
Sound Bank(Non-voting Shares) | 05/06/2019 | 3,056 | 30,560 | 30,560 | 10.00 | 0.01 | ||||||||||||||||||
Sound Bank (Voting Shares) | 05/06/2019 | 1,501 | 15,010 | 15,010 | 10.00 | 0.01 | ||||||||||||||||||
Toast, Inc. | 09/14/2018 | 11 | 190 | 302 | 27.45 | 0.00 | ||||||||||||||||||
Venture Global LNG, Inc., Series B | 03/08/2018 | 4 | 12,080 | 20,800 | 5,200 | 0.01 | ||||||||||||||||||
Venture Global LNG, Inc., Series C | 05/25/2017 | 28 | 99,904 | |||||||||||||||||||||
10/16/2017 | 27 | 101,817 | ||||||||||||||||||||||
03/08/2018 | 4 | 12,080 | ||||||||||||||||||||||
59 | 213,801 | 306,800 | 5,200 | 0.11 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
1stdibs.com, Inc., | 02/07/2019 | 11,111 | 55,677 | 55,677 | 5.01 | 0.02 | ||||||||||||||||||
A Place For Rover, Inc., | 05/11/2018 | 7,335 | 55,221 | 50,978 | 6.95 | 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., Series D | 11/03/2017 | 8,287 | 153,012 | 193,156 | 23.31 | 0.07 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), series E | 03/09/2018 | 5,505 | 86,522 | 84,221 | 15.30 | 0.03 |
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Plex Systems, Inc., | 06/09/2014 | 50,422 | $ | 115,683 | $ | 124,038 | $ | 2.46 | 0.04 | % | ||||||||||||||
Roofoods, Ltd., | 09/12/2017 | 618 | 218,506 | 240,186 | 388.65 | 0.08 | ||||||||||||||||||
Roofoods, Ltd., | 05/16/2019 | 16 | 6,686 | 6,686 | 417.88 | 0.00 | ||||||||||||||||||
Seismic Software Holdings, Inc., | 12/13/2018 | 2,336 | 73,632 | 73,633 | 31.52 | 0.03 | ||||||||||||||||||
ServiceTitan, Inc.,Series A-1 | 11/09/2018 | 4 | 105 | 105 | 26.30 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., | 11/09/2018 | 1,942 | 51,064 | 51,065 | 26.30 | 0.02 | ||||||||||||||||||
Toast, Inc., Series B | 09/14/2018 | 98 | 1,696 | 2,687 | 27.42 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 197,292 | 27.42 | 0.07 | ||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 5,863 | 100,009 | 105,246 | 17.95 | 0.04 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 0 | 3,763 | 3.73 | 0.00 | ||||||||||||||||||
Sound Bank | 05/06/2019 | 456 | 0 | 0 | 0.00 | – | ||||||||||||||||||
$ | 2,317,947 | 0.81 | % | |||||||||||||||||||||
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $28,881,858. This was secured by collateral of $5,940,965, which was received in cash and subsequently invested in short-term investments currently valued at $5,940,965 as reported in the Portfolio of Investments. Additional collateral of $24,345,495 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 916,769 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 49,750 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | 1,596,483 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 21,782,493 |
(4) | The rate shown is the 7-day yield as of May 31, 2019. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Applications Software | $ | 3,192,093 | $ | — | $ | 302 | $ | 3,192,395 | ||||||||
Banks - Commercial | 27,740,704 | — | 125,553 | 27,866,257 | ||||||||||||
Banks - Regional | — | — | 45,570 | 45,570 | ||||||||||||
Computer Software | 3,668,356 | — | 8,603 | 3,676,959 | ||||||||||||
E-Commerce/Services | 1,286,292 | — | 3,565 | 1,289,857 | ||||||||||||
Enterprise Software/Service | 6,509,159 | — | 5,022 | 6,514,181 | ||||||||||||
Oil Companies - Exploration & Production | 2,028,782 | — | 327,600 | 2,356,382 | ||||||||||||
Pharmacy Services | — | — | 68,264 | 68,264 | ||||||||||||
Retail - Apparel/Shoe | 997,346 | — | 62,184 | 1,059,530 | ||||||||||||
Wireless Equipment | 253,740 | 286,876 | — | 540,616 | ||||||||||||
Other Industries | 226,399,055 | 766,908 | ** | — | 227,165,963 | |||||||||||
Convertible Preferred Securities | — | — | 1,380,645 | 1,380,645 | ||||||||||||
Warrants: | ||||||||||||||||
Specified Purpose Acquisitions | 4,847 | — | — | 4,847 | ||||||||||||
Other Industries | — | — | 3,763 | 3,763 | ||||||||||||
Short-Term Investment Securities | 7,965,535 | — | — | 7,965,535 | ||||||||||||
Repurchase Agreements | — | 7,033,000 | — | 7,033,000 | ||||||||||||
Total Investments at Value | $ | 280,045,909 | $ | 8,086,784 | $ | 2,031,071 | $ | 290,163,764 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
181 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 8.5 | % | ||
Real Estate Investment Trusts | 8.1 | |||
Medical — Biomedical/Gene | 4.8 | |||
Repurchase Agreements | 3.2 | |||
Registered Investment Companies | 3.1 | |||
Medical — Drugs | 2.4 | |||
Enterprise Software/Service | 2.3 | |||
Medical Products | 2.0 | |||
Electric — Integrated | 1.8 | |||
Retail — Restaurants | 1.5 | |||
Savings & Loans/Thrifts | 1.4 | |||
Electronic Components — Semiconductors | 1.4 | |||
Computer Services | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Gas — Distribution | 1.2 | |||
Human Resources | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Computer Software | 0.9 | |||
Investment Management/Advisor Services | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Oil — Field Services | 0.8 | |||
Television | 0.8 | |||
Schools | 0.8 | |||
Electronic Components — Misc. | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Applications Software | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Commercial Services | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Aerospace/Defense — Equipment | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Financial Guarantee Insurance | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Telecom Equipment — Fiber Optics | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Retail — Misc./Diversified | 0.6 | |||
Computers — Integrated Systems | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Commercial Services — Finance | 0.5 | |||
Medical Information Systems | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Computer Data Security | 0.5 | |||
Water | 0.5 | |||
Transport — Marine | 0.5 | |||
Retail — Discount | 0.5 | |||
Retail — Automobile | 0.5 | |||
Airlines | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Instruments — Controls | 0.5 | |||
Consulting Services | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Insurance — Multi-line | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Wireless Equipment | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
E-Commerce/Products | 0.4 | |||
Medical Instruments | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Engineering/R&D Services | 0.4 |
Advertising Services | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Therapeutics | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Real Estate Management/Services | 0.3 | |||
Racetracks | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Recreational Centers | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Diagnostic Equipment | 0.3 | |||
Coal | 0.3 | |||
Transport — Services | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Transport — Truck | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Retail — Building Products | 0.3 | |||
Computers — Other | 0.3 | |||
Data Processing/Management | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Firearms & Ammunition | 0.3 | |||
Telecom Services | 0.3 | |||
Finance — Mortgage Loan/Banker | 0.3 | |||
Publishing — Newspapers | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Power Converter/Supply Equipment | 0.2 | |||
Internet Security | 0.2 | |||
Steel — Producers | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Casino Services | 0.2 | |||
Internet Content — Entertainment | 0.2 | |||
Health Care Cost Containment | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Building Products — Doors & Windows | 0.2 | |||
Satellite Telecom | 0.2 | |||
Retail — Home Furnishings | 0.2 | |||
Security Services | 0.2 | |||
Athletic Equipment | 0.2 | |||
Transactional Software | 0.2 | |||
Environmental Consulting & Engineering | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Finance — Other Services | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Healthcare Safety Devices | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Paper & Related Products | 0.2 | |||
Private Equity | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Tobacco | 0.2 | |||
Cosmetics & Toiletries | 0.2 |
182 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Medical — HMO | 0.2 | % | ||
Printing — Commercial | 0.2 | |||
Cable/Satellite TV | 0.1 | |||
Building Products — Wood | 0.1 | |||
Identification Systems | 0.1 | |||
Steel — Specialty | 0.1 | |||
Brewery | 0.1 | |||
Poultry | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Networking Products | 0.1 | |||
Electric — Generation | 0.1 | |||
Metal — Iron | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Golf | 0.1 | |||
Appliances | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Beverages —Non-alcoholic | 0.1 | |||
Linen Supply & Related Items | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Internet Telephone | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Casino Hotels | 0.1 | |||
Gambling(Non-Hotel) | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Home Furnishings | 0.1 | |||
Multimedia | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Insurance Brokers | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Food — Confectionery | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Machinery — Farming | 0.1 | |||
Quarrying | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Hotels/Motels | 0.1 | |||
Publishing — Books | 0.1 | |||
Internet Application Software | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Agricultural Operations | 0.1 | |||
Retail — Bedding | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Independent Power Producers | 0.1 | |||
Building Products — Cement | 0.1 | |||
Water Treatment Systems | 0.1 | |||
X-Ray Equipment | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Rubber — Tires | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
Storage/Warehousing | 0.1 |
Food — Baking | 0.1 | |||
Educational Software | 0.1 | |||
Communications Software | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Diversified Minerals | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Food — Retail | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Precious Metals | 0.1 | |||
Auction Houses/Art Dealers | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Circuit Boards | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Pipelines | 0.1 | |||
Optical Supplies | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Housewares | 0.1 | |||
103.1 | % | |||
* | Calculated as a percentage of net assets |
183 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.4% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Haynes International, Inc. | 6,318 | $ | 184,043 | |||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A†# | 28,431 | 79,607 | ||||||
Telaria, Inc.† | 22,033 | 165,247 | ||||||
244,854 | ||||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A†# | 2,570 | 62,014 | ||||||
Clear Channel Outdoor Holdings, Inc.† | 19,388 | 98,491 | ||||||
160,505 | ||||||||
Advertising Services — 0.4% |
| |||||||
Fluent, Inc.† | 16,585 | 80,935 | ||||||
National CineMedia, Inc. | 39,269 | 257,212 | ||||||
Trade Desk, Inc., Class A†# | 16,961 | 3,372,016 | ||||||
3,710,163 | ||||||||
Aerospace/Defense — 0.4% |
| |||||||
AeroVironment, Inc.† | 10,795 | 698,976 | ||||||
Kratos Defense & Security Solutions, Inc.†# | 44,840 | 988,722 | ||||||
MSA Safety, Inc. | 17,357 | 1,724,939 | ||||||
National Presto Industries, Inc.# | 2,526 | 247,270 | ||||||
Wesco Aircraft Holdings, Inc.† | 27,582 | 270,855 | ||||||
3,930,762 | ||||||||
Aerospace/Defense - Equipment — 0.6% |
| |||||||
AAR Corp. | 16,733 | 503,496 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 36,892 | 1,423,293 | ||||||
Astronics Corp.† | 10,878 | 442,408 | ||||||
Barnes Group, Inc. | 24,332 | 1,258,451 | ||||||
Ducommun, Inc.† | 5,414 | 244,334 | ||||||
Kaman Corp. | 14,056 | 781,654 | ||||||
Moog, Inc., Class A | 16,338 | 1,346,578 | ||||||
Triumph Group, Inc. | 24,812 | 481,105 | ||||||
6,481,319 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 3,027 | 38,443 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 48,621 | 153,642 | ||||||
Marrone Bio Innovations, Inc.† | 27,765 | 42,758 | ||||||
196,400 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 1,516 | 39,067 | ||||||
Andersons, Inc. | 13,851 | 376,332 | ||||||
Cadiz, Inc.†# | 11,508 | 119,453 | ||||||
Limoneira Co.# | 7,568 | 143,414 | ||||||
Tejon Ranch Co.† | 10,708 | 173,362 | ||||||
851,628 | ||||||||
Airlines — 0.5% |
| |||||||
Allegiant Travel Co. | 6,566 | 919,962 | ||||||
Hawaiian Holdings, Inc. | 24,969 | 623,726 | ||||||
Mesa Air Group, Inc.† | 5,881 | 53,635 | ||||||
SkyWest, Inc. | 25,935 | 1,522,903 | ||||||
Spirit Airlines, Inc.† | 34,935 | 1,609,805 | ||||||
4,730,031 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Deckers Outdoor Corp.† | 14,879 | 2,263,096 | ||||||
Oxford Industries, Inc. | 8,521 | 607,036 | ||||||
Superior Group of Cos., Inc. | 4,610 | 73,806 | ||||||
2,943,938 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,276 | $ | 57,297 | |||||
iRobot Corp.†# | 13,725 | 1,195,585 | ||||||
1,252,882 | ||||||||
Applications Software — 0.7% |
| |||||||
Appfolio, Inc., Class A† | 7,946 | 765,994 | ||||||
Brightcove, Inc.† | 18,372 | 183,353 | ||||||
Ebix, Inc.# | 12,251 | 574,939 | ||||||
Five9, Inc.† | 29,195 | 1,499,163 | ||||||
HubSpot, Inc.† | 18,848 | 3,265,981 | ||||||
Immersion Corp.†# | 13,188 | 99,438 | ||||||
Park City Group, Inc.†# | 6,778 | 35,652 | ||||||
PDF Solutions, Inc.† | 14,090 | 171,194 | ||||||
Telenav, Inc.† | 16,043 | 119,681 | ||||||
Upland Software, Inc.† | 8,004 | 374,507 | ||||||
7,089,902 | ||||||||
Athletic Equipment — 0.2% |
| |||||||
Clarus Corp. | 10,642 | 135,686 | ||||||
Fox Factory Holding Corp.† | 18,367 | 1,230,956 | ||||||
Nautilus, Inc.† | 14,897 | 40,073 | ||||||
Vista Outdoor, Inc.† | 29,058 | 222,875 | ||||||
YETI Holdings, Inc.†# | 13,571 | 324,618 | ||||||
1,954,208 | ||||||||
Auction Houses/Art Dealers — 0.1% |
| |||||||
Sotheby’s†# | 16,975 | 572,227 | ||||||
Audio/Video Products — 0.0% |
| |||||||
Daktronics, Inc. | 18,302 | 113,655 | ||||||
Sonos, Inc.† | 8,162 | 82,844 | ||||||
Universal Electronics, Inc.† | 6,858 | 270,137 | ||||||
466,636 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc. | 16,208 | 1,291,940 | ||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Tesla, Inc.† | 1 | 185 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 7,682 | 144,575 | ||||||
Navistar International Corp.† | 25,047 | 779,212 | ||||||
REV Group, Inc.# | 14,925 | 165,369 | ||||||
1,089,156 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 27,744 | 374,821 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
American Axle & Manufacturing Holdings, Inc.† | 56,730 | 573,540 | ||||||
Cooper-Standard Holdings, Inc.† | 9,021 | 348,752 | ||||||
Dana, Inc. | 74,460 | 1,086,371 | ||||||
Dorman Products, Inc.† | 13,675 | 1,116,700 | ||||||
Gentherm, Inc.† | 17,739 | 663,084 | ||||||
Meritor, Inc.† | 40,685 | 820,210 | ||||||
Methode Electronics, Inc. | 18,345 | 451,837 | ||||||
Miller Industries, Inc. | 5,618 | 149,158 | ||||||
Modine Manufacturing Co.† | 25,216 | 324,026 | ||||||
Spartan Motors, Inc. | 17,366 | 149,869 | ||||||
Superior Industries International, Inc. | 12,511 | 46,166 | ||||||
Tenneco, Inc., Class A | 25,893 | 257,376 | ||||||
Titan International, Inc. | 25,571 | 107,910 | ||||||
Tower International, Inc. | 10,092 | 175,903 | ||||||
6,270,902 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Commercial Vehicle Group, Inc.† | 15,392 | 95,584 |
184 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Replacement (continued) |
| |||||||
Douglas Dynamics, Inc. | 11,305 | $ | 419,416 | |||||
Motorcar Parts of America, Inc.† | 9,551 | 169,148 | ||||||
Standard Motor Products, Inc. | 10,809 | 458,085 | ||||||
1,142,233 | ||||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 6,811 | 481,265 | ||||||
Banks - Commercial — 8.5% |
| |||||||
1st Constitution Bancorp | 3,842 | 71,692 | ||||||
1st Source Corp. | 7,988 | 349,555 | ||||||
ACNB Corp. | 3,476 | 124,093 | ||||||
Allegiance Bancshares, Inc.† | 5,991 | 194,468 | ||||||
Amalgamated Bank, Class A | 6,020 | 99,330 | ||||||
American National Bankshares, Inc. | 5,369 | 187,271 | ||||||
Ameris Bancorp | 21,576 | 761,417 | ||||||
Ames National Corp. | 4,383 | 115,273 | ||||||
Arrow Financial Corp. | 6,216 | 199,969 | ||||||
Atlantic Capital Bancshares, Inc.† | 12,615 | 206,381 | ||||||
Atlantic Union Bankshares Corp. | 39,214 | 1,266,612 | ||||||
Auburn National Bancorporation, Inc.# | 1,204 | 41,381 | ||||||
BancFirst Corp. | 9,175 | 479,210 | ||||||
Bancorp, Inc.† | 25,658 | 228,356 | ||||||
BancorpSouth Bank | 47,943 | 1,298,296 | ||||||
Bank of Commerce Holdings | 7,897 | 81,339 | ||||||
Bank of Marin Bancorp | 6,924 | 280,491 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 28,472 | 940,145 | ||||||
Bank of Princeton# | 2,940 | 82,467 | ||||||
Bank7 Corp.† | 1,746 | 29,577 | ||||||
Bankwell Financial Group, Inc. | 3,144 | 89,793 | ||||||
Banner Corp. | 16,316 | 823,305 | ||||||
Bar Harbor Bankshares | 7,762 | 183,416 | ||||||
Baycom Corp.† | 5,209 | 113,869 | ||||||
BCB Bancorp, Inc. | 6,984 | 85,484 | ||||||
Bridge Bancorp, Inc. | 8,446 | 235,052 | ||||||
Bridgewater Bancshares, Inc.† | 11,798 | 129,542 | ||||||
Bryn Mawr Bank Corp. | 10,149 | 371,047 | ||||||
Business First Bancshares, Inc. | 5,426 | 133,046 | ||||||
Byline Bancorp, Inc.† | 8,296 | 154,803 | ||||||
C&F Financial Corp. | 1,686 | 81,029 | ||||||
Cadence BanCorp | 61,227 | 1,132,699 | ||||||
Cambridge Bancorp | 1,880 | 154,592 | ||||||
Camden National Corp. | 7,835 | 331,812 | ||||||
Capital Bancorp, Inc.†# | 3,282 | 39,384 | ||||||
Capital City Bank Group, Inc. | 5,815 | 136,129 | ||||||
Capstar Financial Holdings, Inc. | 4,163 | 61,737 | ||||||
Carolina Financial Corp. | 10,697 | 355,140 | ||||||
Cathay General Bancorp | 39,379 | 1,324,710 | ||||||
CB Financial Services, Inc.# | 2,377 | 55,836 | ||||||
CenterState Bank Corp. | 61,630 | 1,349,081 | ||||||
Central Pacific Financial Corp. | 14,419 | 400,704 | ||||||
Central Valley Community Bancorp | 5,866 | 115,091 | ||||||
Century Bancorp, Inc., Class A | 1,460 | 130,831 | ||||||
Chemical Financial Corp. | 36,320 | 1,375,075 | ||||||
Chemung Financial Corp. | 1,699 | 76,115 | ||||||
Citizens & Northern Corp. | 6,035 | 166,566 | ||||||
City Holding Co. | 8,069 | 589,440 | ||||||
Civista Bancshares, Inc. | 7,144 | 155,025 | ||||||
CNB Financial Corp. | 7,393 | 182,977 | ||||||
Coastal Financial Corp.†# | 3,644 | 58,523 | ||||||
Codorus Valley Bancorp, Inc. | 4,635 | 97,428 | ||||||
Columbia Banking System, Inc. | 37,226 | 1,241,487 | ||||||
Community Bank System, Inc. | 25,567 | 1,580,296 | ||||||
Community Financial Corp. | 2,465 | 76,489 | ||||||
Community Trust Bancorp, Inc. | 7,891 | 312,405 | ||||||
ConnectOne Bancorp, Inc. | 15,376 | 323,050 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
County Bancorp, Inc.# | 2,608 | $ | 44,910 | |||||
Customers Bancorp, Inc.† | 14,697 | 289,825 | ||||||
CVB Financial Corp. | 56,972 | 1,170,775 | ||||||
Eagle Bancorp, Inc. | 16,240 | 862,019 | ||||||
Enterprise Bancorp, Inc. | 4,904 | 137,508 | ||||||
Enterprise Financial Services Corp. | 11,433 | 448,059 | ||||||
Equity Bancshares, Inc., Class A† | 6,805 | 169,308 | ||||||
Esquire Financial Holdings, Inc.† | 3,074 | 70,087 | ||||||
Evans Bancorp, Inc. | 2,376 | 83,374 | ||||||
Farmers & Merchants Bancorp, Inc. | 4,545 | 134,305 | ||||||
Farmers National Banc Corp. | 12,897 | 173,465 | ||||||
FB Financial Corp. | 8,328 | 289,731 | ||||||
Fidelity D&D Bancorp, Inc. | 1,421 | 84,550 | ||||||
Fidelity Southern Corp. | 11,157 | 314,293 | ||||||
Financial Institutions, Inc. | 7,816 | 211,266 | ||||||
First Bancorp, Inc./Maine | 5,170 | 130,698 | ||||||
First Bancorp, Inc./North Carolina | 14,898 | 527,538 | ||||||
First BanCorp./Puerto Rico | 108,817 | 1,083,817 | ||||||
First Bancshares, Inc. | 6,304 | 187,859 | ||||||
First Bank# | 8,307 | 93,038 | ||||||
First Busey Corp. | 22,255 | 549,921 | ||||||
First Business Financial Services, Inc. | 4,223 | 96,622 | ||||||
First Choice Bancorp | 4,569 | 99,284 | ||||||
First Commonwealth Financial Corp. | 49,888 | 627,092 | ||||||
First Community Bankshares, Inc. | 7,941 | 260,147 | ||||||
First Community Corp. | 3,651 | 64,915 | ||||||
First Financial Bancorp | 48,615 | 1,085,087 | ||||||
First Financial Bankshares, Inc. | 33,082 | 1,874,426 | ||||||
First Financial Corp. | 6,064 | 229,401 | ||||||
First Foundation, Inc. | 19,391 | 254,216 | ||||||
First Guaranty Bancshares, Inc. | 2,451 | 50,491 | ||||||
First Internet Bancorp | 4,969 | 101,020 | ||||||
First Interstate BancSystem, Inc., Class A | 16,746 | 618,095 | ||||||
First Merchants Corp. | 24,924 | 828,723 | ||||||
First Mid Bancshares, Inc. | 6,461 | 215,927 | ||||||
First Midwest Bancorp, Inc. | 53,823 | 1,049,010 | ||||||
First Northwest Bancorp | 4,681 | 75,177 | ||||||
First of Long Island Corp. | 12,493 | 266,726 | ||||||
First United Corp.# | 3,480 | 62,640 | ||||||
Franklin Financial Network, Inc. | 6,584 | 172,830 | ||||||
Fulton Financial Corp. | 84,954 | 1,338,875 | ||||||
FVCBankcorp, Inc.† | 1,005 | 17,839 | ||||||
German American Bancorp, Inc. | 11,638 | 324,351 | ||||||
Glacier Bancorp, Inc. | 43,232 | 1,703,773 | ||||||
Great Southern Bancorp, Inc. | 5,621 | 310,392 | ||||||
Great Western Bancorp, Inc. | 29,154 | 905,815 | ||||||
Guaranty Bancshares, Inc. | 3,873 | 113,285 | ||||||
Hancock Whitney Corp. | 43,334 | 1,645,825 | ||||||
Hanmi Financial Corp. | 15,463 | 318,847 | ||||||
HarborOne Bancorp, Inc.† | 7,390 | 132,577 | ||||||
Heartland Financial USA, Inc. | 14,949 | 617,244 | ||||||
Heritage Commerce Corp. | 20,337 | 242,214 | ||||||
Heritage Financial Corp. | 18,608 | 522,885 | ||||||
Hilltop Holdings, Inc. | 36,262 | 729,954 | ||||||
Home BancShares, Inc. | 79,880 | 1,399,498 | ||||||
HomeStreet, Inc.† | 12,685 | 360,888 | ||||||
Hope Bancorp, Inc. | 61,765 | 794,916 | ||||||
Horizon Bancorp | 18,845 | 292,286 | ||||||
Howard Bancorp, Inc.† | 6,653 | 92,477 | ||||||
IBERIABANK Corp. | 28,262 | 2,020,733 | ||||||
Independent Bank Corp./Massachusetts | 16,833 | 1,167,369 | ||||||
Independent Bank Corp./Michigan | 10,937 | 231,318 | ||||||
International Bancshares Corp. | 28,152 | 1,026,422 | ||||||
Investar Holding Corp. | 4,522 | 108,031 | ||||||
Kearny Financial Corp. | 44,920 | 602,377 |
185 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Lakeland Bancorp, Inc. | 22,909 | $ | 353,028 | |||||
Lakeland Financial Corp. | 12,421 | 545,903 | ||||||
LCNB Corp. | 4,577 | 77,672 | ||||||
LegacyTexas Financial Group, Inc. | 24,216 | 883,884 | ||||||
Level One Bancorp, Inc. | 2,627 | 61,157 | ||||||
Live Oak Bancshares, Inc.# | 12,955 | 201,191 | ||||||
Luther Burbank Corp. | 10,373 | 103,211 | ||||||
Macatawa Bank Corp. | 13,244 | 134,427 | ||||||
MBT Financial Corp. | 9,896 | 90,449 | ||||||
Mercantile Bank Corp. | 8,261 | 254,852 | ||||||
Merchants Bancorp | 8,202 | 149,276 | ||||||
Metropolitan Bank Holding Corp.† | 3,317 | 131,784 | ||||||
Mid Penn Bancorp, Inc. | 2,394 | 57,456 | ||||||
Middlefield Banc Corp. | 1,549 | 60,814 | ||||||
Midland States Bancorp, Inc. | 10,737 | 263,057 | ||||||
MidSouth Bancorp, Inc. | 7,613 | 85,722 | ||||||
MidWestOne Financial Group, Inc. | 5,678 | 158,076 | ||||||
MVB Financial Corp. | 4,359 | 69,090 | ||||||
National Bankshares, Inc. | 3,441 | 130,620 | ||||||
NBT Bancorp, Inc. | 21,695 | 779,935 | ||||||
Nicolet Bankshares, Inc.† | 4,003 | 234,135 | ||||||
Northeast Bank | 3,852 | 79,582 | ||||||
Northrim BanCorp, Inc. | 3,456 | 115,534 | ||||||
Norwood Financial Corp. | 2,926 | 93,778 | ||||||
Oak Valley Bancorp# | 3,529 | 66,380 | ||||||
OFG Bancorp | 22,048 | 414,061 | ||||||
Ohio Valley Banc Corp. | 2,089 | 75,831 | ||||||
Old Line Bancshares, Inc. | 7,975 | 196,424 | ||||||
Old National Bancorp | 76,933 | 1,226,312 | ||||||
Old Second Bancorp, Inc. | 14,779 | 180,304 | ||||||
OP Bancorp# | 6,429 | 61,526 | ||||||
Opus Bank | 10,034 | 201,382 | ||||||
Origin Bancorp, Inc.# | 8,888 | 296,504 | ||||||
Orrstown Financial Services, Inc. | 4,609 | 97,895 | ||||||
Pacific City Financial Corp. | 6,033 | 102,983 | ||||||
Pacific Mercantile Bancorp† | 7,909 | 61,453 | ||||||
Park National Corp. | 6,991 | 660,580 | ||||||
PCSB Financial Corp. | 8,271 | 162,442 | ||||||
Peapack Gladstone Financial Corp. | 9,528 | 257,637 | ||||||
Penns Woods Bancorp, Inc. | 2,329 | 97,445 | ||||||
People’s Utah Bancorp | 7,828 | 219,184 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,363 | 64,628 | ||||||
Peoples Bancorp, Inc. | 8,996 | 278,066 | ||||||
Peoples Financial Services Corp. | 3,506 | 152,160 | ||||||
Preferred Bank | 7,095 | 310,548 | ||||||
Premier Financial Bancorp, Inc. | 6,032 | 94,160 | ||||||
Provident Bancorp, Inc.† | 2,195 | 51,692 | ||||||
QCR Holdings, Inc. | 6,654 | 213,460 | ||||||
RBB Bancorp | 7,067 | 130,810 | ||||||
Reliant Bancorp, Inc.# | 5,141 | 111,868 | ||||||
Renasant Corp. | 24,537 | 829,351 | ||||||
Republic Bancorp, Inc., Class A | 4,888 | 224,066 | ||||||
Republic First Bancorp, Inc.† | 22,389 | 108,363 | ||||||
S&T Bancorp, Inc. | 17,525 | 660,693 | ||||||
Sandy Spring Bancorp, Inc. | 17,637 | 567,030 | ||||||
SB One Bancorp# | 3,638 | 79,854 | ||||||
Seacoast Banking Corp. of Florida† | 23,404 | 542,739 | ||||||
Select Bancorp, Inc.† | 7,884 | 87,118 | ||||||
ServisFirst Bancshares, Inc.# | 23,682 | 742,194 | ||||||
Shore Bancshares, Inc. | 6,412 | 98,424 | ||||||
Sierra Bancorp | 7,178 | 178,014 | ||||||
Simmons First National Corp., Class A | 46,079 | 1,051,062 | ||||||
SmartFinancial, Inc.† | 5,784 | 118,630 | ||||||
South State Corp. | 18,120 | 1,193,927 | ||||||
Southern First Bancshares, Inc.† | 3,532 | 125,845 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Southern National Bancorp of Virginia, Inc. | 9,947 | $ | 137,368 | |||||
Southside Bancshares, Inc. | 16,271 | 529,946 | ||||||
Spirit of Texas Bancshares, Inc.† | 5,147 | 114,058 | ||||||
Sterling Bancorp, Inc. | 11,139 | 99,026 | ||||||
Stock Yards Bancorp, Inc. | 10,966 | 365,497 | ||||||
Summit Financial Group, Inc. | 5,745 | 142,189 | ||||||
Tompkins Financial Corp. | 7,504 | 593,041 | ||||||
Towne Bank | 33,547 | 850,752 | ||||||
TriCo Bancshares | 12,990 | 484,527 | ||||||
TriState Capital Holdings, Inc.† | 12,487 | 256,858 | ||||||
Triumph Bancorp, Inc.†# | 12,538 | 351,942 | ||||||
TrustCo Bank Corp. | 47,657 | 351,709 | ||||||
Trustmark Corp. | 33,329 | 1,058,862 | ||||||
UMB Financial Corp. | 23,077 | 1,424,774 | ||||||
United Bankshares, Inc. | 50,150 | 1,794,367 | ||||||
United Community Banks, Inc. | 39,925 | 1,058,412 | ||||||
United Security Bancshares | 6,679 | 68,126 | ||||||
Unity Bancorp, Inc. | 3,931 | 79,210 | ||||||
Univest Financial Corp. | 14,680 | 350,558 | ||||||
Valley National Bancorp | 164,310 | 1,613,524 | ||||||
Veritex Holdings, Inc. | 22,475 | 571,539 | ||||||
Washington Trust Bancorp, Inc. | 7,664 | 376,226 | ||||||
WesBanco, Inc. | 26,606 | 945,311 | ||||||
West Bancorporation, Inc. | 8,085 | 168,168 | ||||||
Westamerica Bancorporation | 13,117 | 785,577 | ||||||
Western New England Bancorp, Inc. | 12,997 | 119,053 | ||||||
85,566,995 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Parke Bancorp, Inc. | 3,524 | 71,537 | ||||||
Union Bankshares, Inc. | 1,982 | 65,248 | ||||||
136,785 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Flagstar Bancorp, Inc. | 15,043 | 473,554 | ||||||
Walker & Dunlop, Inc. | 14,087 | 708,153 | ||||||
1,181,707 | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 16,633 | 858,928 | ||||||
National Bank Holdings Corp., Class A | 14,636 | 513,577 | ||||||
1,372,505 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 22,024 | 1,238,410 | ||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Celsius Holdings, Inc.†# | 11,626 | 46,504 | ||||||
Coca-Cola Consolidated, Inc. | 2,394 | 723,012 | ||||||
National Beverage Corp.# | 5,989 | 270,404 | ||||||
Primo Water Corp.† | 17,058 | 196,849 | ||||||
1,236,769 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 6,732 | 405,334 | ||||||
Brewery — 0.1% |
| |||||||
Boston Beer Co., Inc., Class A†# | 4,203 | 1,321,003 | ||||||
Craft Brew Alliance, Inc.† | 6,481 | 89,503 | ||||||
1,410,506 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Hemisphere Media Group, Inc.† | 9,221 | 124,483 | ||||||
MSG Networks, Inc., Class A† | 30,124 | 635,918 | ||||||
760,401 | ||||||||
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. — 0.9% |
| |||||||
American Woodmark Corp.† | 7,092 | $ | 514,099 | |||||
Armstrong Flooring, Inc.† | 10,822 | 114,064 | ||||||
Builders FirstSource, Inc.† | 57,530 | 810,022 | ||||||
Caesarstone, Ltd.# | 11,668 | 161,835 | ||||||
Cornerstone Building Brands, Inc.† | 21,696 | 95,245 | ||||||
Forterra, Inc.† | 9,607 | 45,922 | ||||||
Gibraltar Industries, Inc.† | 16,255 | 580,304 | ||||||
Louisiana-Pacific Corp. | 72,304 | 1,649,977 | ||||||
Patrick Industries, Inc.† | 11,747 | 479,160 | ||||||
PGT Innovations, Inc.† | 28,831 | 431,312 | ||||||
Simpson Manufacturing Co., Inc. | 21,096 | 1,283,481 | ||||||
Summit Materials, Inc., Class A† | 57,083 | 798,020 | ||||||
Trex Co., Inc.†# | 30,093 | 1,800,163 | ||||||
8,763,604 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
Brightview Holdings, Inc.† | 15,249 | 254,811 | ||||||
Comfort Systems USA, Inc. | 18,653 | 880,048 | ||||||
EMCOR Group, Inc. | 29,136 | 2,347,196 | ||||||
IES Holdings, Inc.† | 4,245 | 76,070 | ||||||
MYR Group, Inc.† | 8,192 | 264,520 | ||||||
NV5 Global, Inc.† | 4,773 | 371,101 | ||||||
TopBuild Corp.† | 18,054 | 1,431,141 | ||||||
WillScot Corp.† | 19,660 | 266,983 | ||||||
5,891,870 | ||||||||
Building Products- Air & Heating — 0.2% |
| |||||||
AAON, Inc. | 21,005 | 953,417 | ||||||
SPX Corp.† | 21,917 | 651,812 | ||||||
1,605,229 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 18,920 | 431,754 | ||||||
US Concrete, Inc.†# | 8,187 | 381,269 | ||||||
813,023 | ||||||||
Building Products - Doors & Windows — 0.2% |
| |||||||
Apogee Enterprises, Inc. | 13,598 | 492,927 | ||||||
Griffon Corp. | 18,004 | 258,898 | ||||||
JELD-WEN Holding, Inc.† | 34,600 | 653,594 | ||||||
Masonite International Corp.† | 13,402 | 637,265 | ||||||
2,042,684 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 19,792 | 439,383 | ||||||
Universal Forest Products, Inc. | 30,525 | 984,431 | ||||||
1,423,814 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Aegion Corp.† | 16,329 | 235,138 | ||||||
Dycom Industries, Inc.† | 15,375 | 802,114 | ||||||
Granite Construction, Inc. | 22,378 | 899,372 | ||||||
Great Lakes Dredge & Dock Corp.† | 29,050 | 309,092 | ||||||
MasTec, Inc.†# | 32,282 | 1,500,790 | ||||||
Orion Group Holdings, Inc.† | 14,319 | 35,368 | ||||||
Primoris Services Corp. | 21,281 | 388,165 | ||||||
Sterling Construction Co., Inc.† | 13,573 | 162,062 | ||||||
Tutor Perini Corp.† | 19,051 | 277,001 | ||||||
4,609,102 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 33,686 | 1,221,118 | ||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Cavco Industries, Inc.† | 4,355 | 625,378 | ||||||
LCI Industries | 12,440 | 1,030,903 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Mobile Home/Manufactured Housing (continued) |
| |||||||
Skyline Champion Corp. | 17,000 | $ | 397,630 | |||||
Winnebago Industries, Inc. | 15,930 | 511,990 | ||||||
2,565,901 | ||||||||
Building - Residential/Commercial — 0.7% |
| |||||||
Beazer Homes USA, Inc.† | 15,291 | 138,842 | ||||||
Century Communities, Inc.† | 13,317 | 355,564 | ||||||
Green Brick Partners, Inc.† | 12,486 | 108,503 | ||||||
Hovnanian Enterprises, Inc., Class A†# | 2,469 | 23,456 | ||||||
Installed Building Products, Inc.† | 11,050 | 568,412 | ||||||
KB Home | 43,739 | 1,099,161 | ||||||
LGI Homes, Inc.† | 9,416 | 642,171 | ||||||
M/I Homes, Inc.† | 13,779 | 377,269 | ||||||
MDC Holdings, Inc. | 24,924 | 783,361 | ||||||
Meritage Homes Corp.† | 19,398 | 971,840 | ||||||
New Home Co., Inc.† | 6,411 | 25,324 | ||||||
Taylor Morrison Home Corp., Class A† | 58,756 | 1,173,357 | ||||||
TRI Pointe Group, Inc.† | 72,135 | 887,261 | ||||||
William Lyon Homes, Class A† | 16,260 | 301,460 | ||||||
7,455,981 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Latin America, Ltd., Class A† | 22,118 | 377,112 | ||||||
Liberty Latin America, Ltd., Class C† | 57,880 | 994,957 | ||||||
WideOpenWest, Inc.†# | 15,074 | 112,452 | ||||||
1,484,521 | ||||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp. | 28,716 | 456,584 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 41,923 | 1,002,798 | ||||||
Century Casinos, Inc.† | 13,755 | 120,219 | ||||||
1,123,017 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.† | 33,519 | 1,648,129 | ||||||
Scientific Games Corp.†# | 28,279 | 540,129 | ||||||
2,188,258 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
ATN International, Inc. | 5,316 | 310,986 | ||||||
NII Holdings, Inc.†# | 45,204 | 85,888 | ||||||
396,874 | ||||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 15,277 | 372,453 | ||||||
Codexis, Inc.†# | 26,294 | 475,921 | ||||||
Innophos Holdings, Inc. | 9,910 | 263,507 | ||||||
Innospec, Inc. | 12,335 | 995,558 | ||||||
Koppers Holdings, Inc.† | 10,183 | 271,479 | ||||||
Quaker Chemical Corp. | 6,648 | 1,202,357 | ||||||
3,581,275 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 25,791 | 168,415 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 14,829 | 196,929 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
A. Schulman, Inc. CVR†(1) | 15,061 | 4,492 | ||||||
Landec Corp.† | 12,441 | 123,415 | ||||||
PolyOne Corp. | 40,657 | 1,021,710 | ||||||
1,149,617 | ||||||||
Chemicals - Specialty — 1.3% |
| |||||||
AgroFresh Solutions, Inc.†# | 16,050 | 38,680 |
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Specialty (continued) |
| |||||||
Amyris, Inc.† | 16,781 | $ | 56,888 | |||||
Balchem Corp. | 16,325 | 1,480,514 | ||||||
Ferro Corp.† | 42,347 | 573,378 | ||||||
GCP Applied Technologies, Inc.† | 36,607 | 957,639 | ||||||
H.B. Fuller Co. | 25,781 | 1,016,545 | ||||||
Hawkins, Inc. | 4,931 | 175,346 | ||||||
Ingevity Corp.† | 21,584 | 1,892,917 | ||||||
Kraton Corp.† | 15,779 | 386,112 | ||||||
Materion Corp. | 10,240 | 619,008 | ||||||
Minerals Technologies, Inc. | 18,015 | 936,420 | ||||||
Oil-Dri Corp. of America | 2,594 | 76,238 | ||||||
OMNOVA Solutions, Inc.† | 22,284 | 126,350 | ||||||
PQ Group Holdings, Inc.† | 18,627 | 282,199 | ||||||
Rogers Corp.† | 9,344 | 1,289,379 | ||||||
Sensient Technologies Corp. | 21,660 | 1,466,382 | ||||||
Stepan Co. | 10,317 | 875,501 | ||||||
Tronox Holdings PLC, Class A | 47,662 | 441,827 | ||||||
Valhi, Inc. | 12,857 | 25,714 | ||||||
12,717,037 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Park Electrochemical Corp. | 9,796 | 146,352 | ||||||
TTM Technologies, Inc.† | 47,758 | 407,376 | ||||||
553,728 | ||||||||
Coal — 0.3% |
| |||||||
Advanced Emissions Solutions, Inc.# | 9,408 | 111,673 | ||||||
Arch Coal, Inc., Class A# | 8,904 | 784,888 | ||||||
CONSOL Energy, Inc.† | 13,996 | 366,975 | ||||||
Hallador Energy Co. | 8,452 | 47,838 | ||||||
NACCO Industries, Inc., Class A | 1,918 | 95,823 | ||||||
Peabody Energy Corp. | 39,876 | 937,883 | ||||||
Ramaco Resources, Inc.† | 3,043 | 17,132 | ||||||
SunCoke Energy, Inc.† | 33,078 | 242,793 | ||||||
Warrior Met Coal, Inc. | 21,984 | 567,407 | ||||||
3,172,412 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 11,537 | 145,482 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Bros. Co.†# | 5,112 | 93,652 | ||||||
Commercial Services — 0.7% |
| |||||||
Acacia Research Corp.† | 24,643 | 76,886 | ||||||
Care.com, Inc.† | 10,190 | 145,615 | ||||||
Emerald Expositions Events, Inc. | 12,623 | 147,689 | ||||||
Forrester Research, Inc. | 5,302 | 241,400 | ||||||
Healthcare Services Group, Inc.# | 37,716 | 1,192,203 | ||||||
HMS Holdings Corp.† | 42,178 | 1,283,477 | ||||||
LiveRamp Holdings, Inc.† | 34,484 | 1,771,788 | ||||||
Medifast, Inc. | 5,950 | 767,252 | ||||||
National Research Corp. | 5,615 | 286,309 | ||||||
PFSweb, Inc.† | 7,736 | 29,010 | ||||||
ServiceSource International, Inc.† | 40,135 | 41,740 | ||||||
SP Plus Corp.† | 11,522 | 357,528 | ||||||
Team, Inc.† | 15,061 | 218,686 | ||||||
Weight Watchers International, Inc.†# | 19,619 | 339,212 | ||||||
6,898,795 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Avalara, Inc.† | 14,092 | 953,183 | ||||||
Cardtronics PLC, Class A† | 20,197 | 609,949 | ||||||
Cass Information Systems, Inc. | 7,300 | 329,011 | ||||||
CBIZ, Inc.† | 26,265 | 520,047 | ||||||
Everi Holdings, Inc.† | 33,796 | 376,488 | ||||||
EVERTEC, Inc. | 31,021 | 889,062 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services - Finance (continued) |
| |||||||
Evo Payments, Inc., Class A† | 12,603 | $ | 371,032 | |||||
Green Dot Corp., Class A† | 24,595 | 1,141,454 | ||||||
I3 Verticals, Inc., Class A†# | 4,658 | 119,105 | ||||||
MoneyGram International, Inc.†# | 15,716 | 21,845 | ||||||
PRGX Global, Inc.† | 10,664 | 69,636 | ||||||
5,400,812 | ||||||||
Communications Software — 0.1% |
| |||||||
Avaya Holdings Corp.† | 53,301 | 670,527 | ||||||
Computer Aided Design — 0.0% |
| |||||||
Altair Engineering, Inc., Class A† | 12,696 | 483,845 | ||||||
Computer Data Security — 0.5% |
| |||||||
Carbon Black, Inc.†# | 19,575 | 294,604 | ||||||
ForeScout Technologies, Inc.† | 15,664 | 503,128 | ||||||
OneSpan, Inc.† | 16,043 | 223,800 | ||||||
Qualys, Inc.† | 17,342 | 1,536,674 | ||||||
Rapid7, Inc.† | 18,780 | 981,255 | ||||||
Tenable Holdings, Inc.† | 15,166 | 422,373 | ||||||
Varonis Systems, Inc.† | 14,370 | 898,700 | ||||||
4,860,534 | ||||||||
Computer Graphics — 0.0% |
| |||||||
Monotype Imaging Holdings, Inc. | 20,776 | 338,441 | ||||||
Computer Services — 1.3% |
| |||||||
CACI International, Inc., Class A† | 12,505 | 2,545,018 | ||||||
Carbonite, Inc.† | 16,422 | 388,709 | ||||||
ExlService Holdings, Inc.† | 16,990 | 1,006,827 | ||||||
Insight Enterprises, Inc.† | 17,886 | 920,771 | ||||||
KeyW Holding Corp.† | 24,769 | 278,651 | ||||||
MAXIMUS, Inc. | 32,518 | 2,316,908 | ||||||
Perspecta, Inc. | 72,371 | 1,571,174 | ||||||
Presidio, Inc. | 20,724 | 274,593 | ||||||
Rimini Street, Inc.† | 5,271 | 25,512 | ||||||
Science Applications International Corp. | 26,191 | 2,009,897 | ||||||
Sykes Enterprises, Inc.† | 20,129 | 498,394 | ||||||
TTEC Holdings, Inc. | 7,204 | 285,855 | ||||||
Unisys Corp.† | 25,691 | 249,203 | ||||||
Virtusa Corp.† | 14,471 | 613,570 | ||||||
12,985,082 | ||||||||
Computer Software — 0.9% |
| |||||||
Avid Technology, Inc.† | 13,984 | 108,376 | ||||||
Box, Inc., Class A† | 64,169 | 1,186,485 | ||||||
Cision, Ltd.† | 34,100 | 374,418 | ||||||
Cloudera, Inc.†# | 102,098 | 936,239 | ||||||
Cornerstone OnDemand, Inc.† | 27,686 | 1,473,726 | ||||||
Envestnet, Inc.† | 22,741 | 1,521,600 | ||||||
j2 Global, Inc.# | 23,851 | 2,010,401 | ||||||
SecureWorks Corp., Class A†# | 4,371 | 63,860 | ||||||
Simulations Plus, Inc. | 5,857 | 146,835 | ||||||
TiVo Corp. | 61,473 | 442,606 | ||||||
Veritone, Inc.†# | 4,320 | 38,189 | ||||||
Yext, Inc.† | 43,346 | 795,832 | ||||||
9,098,567 | ||||||||
Computers - Integrated Systems — 0.6% |
| |||||||
Agilysys, Inc.† | 7,890 | 172,002 | ||||||
Cray, Inc.† | 20,577 | 720,401 | ||||||
Cubic Corp. | 15,911 | 897,699 | ||||||
Diebold Nixdorf, Inc.† | 38,824 | 330,004 | ||||||
Mercury Systems, Inc.† | 26,898 | 1,849,506 | ||||||
MTS Systems Corp. | 9,096 | 493,549 | ||||||
NetScout Systems, Inc.† | 38,183 | 935,865 | ||||||
PAR Technology Corp.†# | 5,792 | 162,813 |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Integrated Systems (continued) |
| |||||||
USA Technologies, Inc.†# | 29,004 | $ | 194,617 | |||||
5,756,456 | ||||||||
Computers - Other — 0.3% |
| |||||||
3D Systems Corp.†# | 55,576 | 449,610 | ||||||
Lumentum Holdings, Inc.† | 38,724 | 1,567,160 | ||||||
PlayAGS, Inc.† | 11,180 | 213,985 | ||||||
Stratasys, Ltd.† | 25,790 | 565,059 | ||||||
2,795,814 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Electronics For Imaging, Inc.† | 22,274 | 816,342 | ||||||
Mitek Systems, Inc.† | 17,068 | 174,094 | ||||||
990,436 | ||||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.† | 15,360 | 497,050 | ||||||
Consulting Services — 0.4% |
| |||||||
CRA International, Inc. | 3,997 | 149,648 | ||||||
Franklin Covey Co.† | 4,974 | 154,691 | ||||||
FTI Consulting, Inc.† | 19,341 | 1,623,097 | ||||||
GP Strategies Corp.† | 6,313 | 86,109 | ||||||
Hackett Group, Inc. | 12,264 | 197,328 | ||||||
Huron Consulting Group, Inc.† | 11,254 | 554,034 | ||||||
ICF International, Inc. | 9,205 | 670,953 | ||||||
Information Services Group, Inc.† | 17,379 | 54,049 | ||||||
Kelly Services, Inc., Class A | 15,918 | 374,073 | ||||||
Navigant Consulting, Inc. | 21,518 | 473,396 | ||||||
Vectrus, Inc.† | 5,677 | 200,341 | ||||||
4,537,719 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co.†# | 5,286 | 148,801 | ||||||
Central Garden & Pet Co., Class A† | 20,961 | 535,973 | ||||||
Helen of Troy, Ltd.† | 13,097 | 1,749,890 | ||||||
Quanex Building Products Corp. | 16,972 | 263,236 | ||||||
WD-40 Co. | 6,947 | 1,086,024 | ||||||
3,783,924 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 13,019 | 461,393 | ||||||
Greif, Inc., Class B | 2,835 | 124,882 | ||||||
586,275 | ||||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Multi-Color Corp. | 7,061 | 351,214 | ||||||
UFP Technologies, Inc.† | 3,371 | 124,457 | ||||||
475,671 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.†# | 11,527 | 117,460 | ||||||
Edgewell Personal Care Co.† | 27,472 | 784,051 | ||||||
Inter Parfums, Inc. | 8,856 | 573,692 | ||||||
Revlon, Inc., Class A†# | 4,142 | 87,727 | ||||||
1,562,930 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 10,845 | 176,990 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Amber Road, Inc.† | 12,123 | 157,357 | ||||||
Bottomline Technologies, Inc.† | 21,505 | 939,338 | ||||||
CommVault Systems, Inc.† | 20,367 | 937,900 | ||||||
CSG Systems International, Inc. | 16,667 | 747,515 | ||||||
2,782,110 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 41,741 | $ | 877,396 | |||||
Diagnostic Equipment — 0.3% |
| |||||||
Accelerate Diagnostics, Inc.†# | 13,268 | 250,898 | ||||||
BioTelemetry, Inc.† | 16,778 | 802,995 | ||||||
GenMark Diagnostics, Inc.† | 26,390 | 176,549 | ||||||
OPKO Health, Inc.†# | 163,720 | 293,059 | ||||||
Oxford Immunotec Global PLC† | 13,157 | 192,355 | ||||||
Quanterix Corp.† | 4,344 | 111,250 | ||||||
Repligen Corp.† | 19,896 | 1,382,175 | ||||||
3,209,281 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Celcuity, Inc.† | 2,959 | 62,405 | ||||||
Genomic Health, Inc.† | 10,667 | 557,351 | ||||||
Meridian Bioscience, Inc. | 21,148 | 238,972 | ||||||
OraSure Technologies, Inc.† | 30,628 | 254,213 | ||||||
Quidel Corp.†# | 17,400 | 962,220 | ||||||
2,075,161 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 6,656 | 43,197 | ||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.† | 40,594 | 429,079 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
CONMED Corp. | 12,838 | 1,033,202 | ||||||
Merit Medical Systems, Inc.† | 27,133 | 1,400,877 | ||||||
Utah Medical Products, Inc. | 1,748 | 139,403 | ||||||
2,573,482 | ||||||||
Distribution/Wholesale — 0.6% |
| |||||||
Anixter International, Inc.† | 15,004 | 800,613 | ||||||
BlueLinx Holdings, Inc.†# | 4,534 | 91,088 | ||||||
Core-Mark Holding Co., Inc. | 23,239 | 857,054 | ||||||
EVI Industries, Inc.# | 1,950 | 71,078 | ||||||
Fossil Group, Inc.† | 23,225 | 227,373 | ||||||
G-III Apparel Group, Ltd.† | 22,134 | 569,508 | ||||||
H&E Equipment Services, Inc. | 16,194 | 393,676 | ||||||
Manitex International, Inc.† | 7,397 | 44,160 | ||||||
ScanSource, Inc.† | 12,822 | 374,531 | ||||||
SiteOne Landscape Supply, Inc.†# | 20,654 | 1,339,825 | ||||||
Systemax, Inc. | 6,221 | 128,090 | ||||||
Titan Machinery, Inc.† | 9,594 | 160,412 | ||||||
Triton International, Ltd. | 26,298 | 777,106 | ||||||
Veritiv Corp.† | 5,855 | 103,399 | ||||||
5,937,913 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
Actuant Corp., Class A | 31,032 | 687,048 | ||||||
Chase Corp. | 3,688 | 375,033 | ||||||
EnPro Industries, Inc. | 10,405 | 577,373 | ||||||
Fabrinet† | 18,350 | 782,444 | ||||||
Federal Signal Corp. | 30,244 | 722,529 | ||||||
Harsco Corp.† | 40,968 | 1,024,200 | ||||||
LSB Industries, Inc.†# | 10,985 | 36,800 | ||||||
Lydall, Inc.† | 8,612 | 155,705 | ||||||
NL Industries, Inc.† | 4,250 | 13,898 | ||||||
Standex International Corp. | 6,389 | 415,541 | ||||||
Synalloy Corp. | 4,263 | 79,121 | ||||||
Tredegar Corp. | 13,173 | 205,367 | ||||||
5,075,059 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Covia Holdings Corp.†# | 15,817 | 46,027 | ||||||
Livent Corp.† | 76,049 | 480,630 |
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Minerals (continued) |
| |||||||
United States Lime & Minerals, Inc. | 1,017 | $ | 83,048 | |||||
609,705 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Viad Corp. | 10,360 | 651,022 | ||||||
Drug Delivery Systems — 0.1% |
| |||||||
Antares Pharma, Inc.†# | 73,476 | 204,998 | ||||||
Assertio Therapeutics, Inc.† | 29,959 | 87,780 | ||||||
Heron Therapeutics, Inc.†# | 35,082 | 597,446 | ||||||
Revance Therapeutics, Inc.†# | 19,467 | 209,660 | ||||||
Senseonics Holdings, Inc.†# | 43,371 | 85,875 | ||||||
1,185,759 | ||||||||
E-Commerce/Products — 0.4% |
| |||||||
1-800-flowers.com, Inc., Class A† | 13,507 | 246,638 | ||||||
Etsy, Inc.† | 60,824 | 3,789,943 | ||||||
Lands’ End, Inc.†# | 5,345 | 66,118 | ||||||
Overstock.com, Inc.†# | 11,734 | 112,060 | ||||||
4,214,759 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Cargurus, Inc.†# | 25,468 | 869,987 | ||||||
Cars.com, Inc.†# | 35,208 | 745,353 | ||||||
ChannelAdvisor Corp.† | 13,209 | 121,523 | ||||||
Groupon, Inc.† | 226,948 | 801,126 | ||||||
Leaf Group, Ltd.† | 8,505 | 61,151 | ||||||
Liberty Expedia Holdings, Inc., Class A† | 27,732 | 1,143,390 | ||||||
Shutterfly, Inc.† | 17,038 | 808,964 | ||||||
Shutterstock, Inc. | 9,576 | 364,463 | ||||||
Stamps.com, Inc.† | 8,950 | 300,183 | ||||||
Travelzoo† | 2,370 | 40,314 | ||||||
TrueCar, Inc.† | 47,973 | 312,784 | ||||||
Upwork, Inc.†# | 6,409 | 96,007 | ||||||
5,665,245 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Cardlytics, Inc.†# | 3,026 | 69,447 | ||||||
Liquidity Services, Inc.† | 13,780 | 77,443 | ||||||
New Media Investment Group, Inc. | 30,355 | 280,177 | ||||||
QuinStreet, Inc.† | 22,672 | 347,562 | ||||||
774,629 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Perficient, Inc.† | 16,452 | 500,634 | ||||||
Educational Software — 0.1% |
| |||||||
Instructure, Inc.† | 16,172 | 672,432 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 4,877 | 99,540 | ||||||
nLight, Inc.†# | 11,566 | 216,169 | ||||||
Novanta, Inc.† | 16,671 | 1,334,013 | ||||||
1,649,722 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Spark Energy, Inc., Class A# | 5,869 | 57,516 | ||||||
Unitil Corp. | 7,412 | 421,447 | ||||||
478,963 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Atlantic Power Corp.†# | 55,243 | 128,716 | ||||||
Ormat Technologies, Inc. | 20,265 | 1,196,446 | ||||||
1,325,162 | ||||||||
Electric - Integrated — 1.8% |
| |||||||
ALLETE, Inc. | 26,230 | 2,147,975 | ||||||
Ameresco, Inc., Class A† | 9,630 | 139,635 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Avista Corp. | 33,373 | $ | 1,393,656 | |||||
Black Hills Corp. | 27,277 | 2,078,507 | ||||||
El Paso Electric Co. | 20,616 | 1,199,851 | ||||||
IDACORP, Inc. | 25,702 | 2,577,140 | ||||||
MGE Energy, Inc. | 17,774 | 1,177,350 | ||||||
NorthWestern Corp. | 25,733 | 1,825,499 | ||||||
Otter Tail Corp. | 20,058 | 996,281 | ||||||
PNM Resources, Inc. | 40,527 | 1,909,227 | ||||||
Portland General Electric Co. | 45,544 | 2,407,456 | ||||||
17,852,577 | ||||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Advanced Energy Industries, Inc.† | 19,529 | 979,770 | ||||||
Applied Optoelectronics, Inc.†# | 9,658 | 83,638 | ||||||
Atkore International Group, Inc.† | 19,865 | 464,642 | ||||||
Bel Fuse, Inc., Class B | 5,023 | 86,797 | ||||||
Benchmark Electronics, Inc. | 22,356 | 493,844 | ||||||
Comtech Telecommunications Corp. | 11,846 | 250,543 | ||||||
IntriCon Corp.†# | 3,871 | 100,994 | ||||||
Kimball Electronics, Inc.† | 12,618 | 179,807 | ||||||
Knowles Corp.† | 44,478 | 699,639 | ||||||
NVE Corp. | 2,429 | 177,220 | ||||||
OSI Systems, Inc.† | 8,553 | 886,005 | ||||||
Plexus Corp.† | 15,603 | 772,817 | ||||||
Sanmina Corp.† | 34,511 | 917,648 | ||||||
SMART Global Holdings, Inc.†# | 6,638 | 113,045 | ||||||
Vishay Intertechnology, Inc. | 67,465 | 1,028,167 | ||||||
Vishay Precision Group, Inc.† | 5,262 | 188,485 | ||||||
ZAGG, Inc.† | 13,644 | 90,869 | ||||||
7,513,930 | ||||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Adesto Technologies Corp.†# | 12,564 | 94,607 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 10,099 | 86,245 | ||||||
Ambarella, Inc.† | 15,781 | 598,258 | ||||||
Amkor Technology, Inc.† | 52,096 | 337,582 | ||||||
AVX Corp. | 23,756 | 351,351 | ||||||
AXT, Inc.† | 19,363 | 77,258 | ||||||
CEVA, Inc.† | 11,069 | 252,705 | ||||||
Cree, Inc.†# | 52,640 | 2,902,570 | ||||||
CTS Corp. | 16,651 | 440,585 | ||||||
Diodes, Inc.† | 20,451 | 632,549 | ||||||
Impinj, Inc.† | 8,312 | 206,054 | ||||||
Inphi Corp.† | 22,110 | 970,187 | ||||||
Kopin Corp.† | 30,073 | 34,584 | ||||||
Lattice Semiconductor Corp.† | 59,601 | 762,893 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 23,308 | 329,808 | ||||||
Photronics, Inc.† | 33,128 | 268,668 | ||||||
Rambus, Inc.† | 54,257 | 616,360 | ||||||
Rudolph Technologies, Inc.† | 16,036 | 369,951 | ||||||
Semtech Corp.† | 33,132 | 1,319,648 | ||||||
Silicon Laboratories, Inc.† | 21,860 | 2,045,440 | ||||||
Synaptics, Inc.†# | 17,650 | 466,843 | ||||||
Xperi Corp. | 24,622 | 517,308 | ||||||
13,681,454 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Badger Meter, Inc. | 14,540 | 767,712 | ||||||
FARO Technologies, Inc.† | 8,703 | 383,802 | ||||||
Fitbit, Inc., Class A†# | 108,890 | 504,161 | ||||||
Itron, Inc.† | 17,257 | 977,609 | ||||||
Mesa Laboratories, Inc. | 1,712 | 427,452 | ||||||
Stoneridge, Inc.† | 13,984 | 364,004 | ||||||
3,424,740 | ||||||||
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Parts Distribution — 0.4% |
| |||||||
SYNNEX Corp. | 21,168 | $ | 1,835,477 | |||||
Tech Data Corp.† | 18,967 | 1,719,359 | ||||||
3,554,836 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 15,923 | 928,470 | ||||||
Napco Security Technologies, Inc.† | 5,954 | 159,091 | ||||||
1,087,561 | ||||||||
Energy - Alternate Sources — 0.4% |
| |||||||
Clean Energy Fuels Corp.† | 69,837 | 186,465 | ||||||
Enphase Energy, Inc.†# | 44,030 | 667,935 | ||||||
FuelCell Energy, Inc.†# | 4,193 | 4,990 | ||||||
FutureFuel Corp. | 13,144 | 136,435 | ||||||
Green Plains, Inc. | 20,058 | 261,757 | ||||||
Pattern Energy Group, Inc., Class A | 41,170 | 873,216 | ||||||
Plug Power, Inc.†# | 108,812 | 278,559 | ||||||
Renewable Energy Group, Inc.†# | 18,790 | 293,875 | ||||||
REX American Resources Corp.† | 2,854 | 192,559 | ||||||
Sunrun, Inc.†# | 49,205 | 770,550 | ||||||
TerraForm Power, Inc., Class A | 37,232 | 502,632 | ||||||
TPI Composites, Inc.† | 7,502 | 156,417 | ||||||
Vivint Solar, Inc.†# | 20,154 | 131,404 | ||||||
4,456,794 | ||||||||
Engineering/R&D Services — 0.4% |
| |||||||
Argan, Inc. | 7,453 | 342,316 | ||||||
Exponent, Inc. | 26,269 | 1,472,377 | ||||||
Infrastructure and Energy Alternatives, Inc.†# | 8,725 | 24,256 | ||||||
Iteris, Inc.†# | 12,941 | 69,105 | ||||||
KBR, Inc. | 71,803 | 1,595,463 | ||||||
Mistras Group, Inc.† | 8,911 | 123,150 | ||||||
VSE Corp. | 4,413 | 106,397 | ||||||
3,733,064 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 20,849 | 195,981 | ||||||
Enterprise Software/Service — 2.3% |
| |||||||
Alteryx, Inc., Class A†# | 14,888 | 1,293,172 | ||||||
American Software, Inc., Class A | 14,551 | 184,361 | ||||||
Asure Software, Inc.†# | 6,390 | 41,088 | ||||||
Benefitfocus, Inc.† | 14,340 | 406,682 | ||||||
Blackbaud, Inc. | 24,566 | 1,889,617 | ||||||
Blackline, Inc.†# | 18,712 | 961,984 | ||||||
Coupa Software, Inc.†# | 28,418 | 3,103,530 | ||||||
Daily Journal Corp.†# | 570 | 122,487 | ||||||
Domo, Inc., Class B† | 8,530 | 285,755 | ||||||
Donnelley Financial Solutions, Inc.† | 17,139 | 211,324 | ||||||
eGain Corp.† | 9,126 | 71,913 | ||||||
Everbridge, Inc.† | 14,840 | 1,167,017 | ||||||
Evolent Health, Inc., Class A†# | 34,694 | 369,144 | ||||||
Exela Technologies, Inc.† | 24,126 | 52,836 | ||||||
LivePerson, Inc.† | 29,993 | 834,705 | ||||||
Majesco† | 3,329 | 29,728 | ||||||
ManTech International Corp., Class A | 13,470 | 826,654 | ||||||
MicroStrategy, Inc., Class A† | 4,391 | 583,608 | ||||||
MobileIron, Inc.† | 37,884 | 211,771 | ||||||
Model N, Inc.† | 13,134 | 236,675 | ||||||
New Relic, Inc.† | 22,962 | 2,303,548 | ||||||
Omnicell, Inc.† | 19,718 | 1,566,595 | ||||||
Progress Software Corp. | 22,777 | 932,946 | ||||||
PROS Holdings, Inc.† | 16,114 | 913,664 | ||||||
QAD, Inc., Class A# | 5,290 | 228,528 | ||||||
SailPoint Technologies Holding, Inc.† | 35,548 | 624,578 | ||||||
SPS Commerce, Inc.† | 8,742 | 891,072 |
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service (continued) |
| |||||||
SVMK, Inc.† | 8,990 | $ | 154,628 | |||||
Verint Systems, Inc.† | 32,865 | 1,865,089 | ||||||
Workiva, Inc.† | 14,758 | 821,135 | ||||||
23,185,834 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.† | 57,372 | 457,829 | ||||||
Environmental Consulting & Engineering — 0.2% |
| |||||||
Tetra Tech, Inc. | 28,218 | 1,905,279 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 12,960 | 905,774 | ||||||
Finance - Commercial — 0.0% |
| |||||||
Marlin Business Services Corp. | 4,415 | 98,455 | ||||||
NewStar Financial, Inc. CVR†(1) | 17,919 | 9,676 | ||||||
On Deck Capital, Inc.† | 26,266 | 105,589 | ||||||
213,720 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Curo Group Holdings Corp.† | 5,966 | 55,901 | ||||||
Elevate Credit, Inc.† | 10,489 | 44,683 | ||||||
Encore Capital Group, Inc.† | 13,239 | 454,627 | ||||||
Enova International, Inc.† | 16,797 | 358,616 | ||||||
LendingClub Corp.† | 163,444 | 490,332 | ||||||
Nelnet, Inc., Class A | 9,471 | 561,157 | ||||||
Ocwen Financial Corp.† | 59,816 | 92,715 | ||||||
PRA Group, Inc.†# | 22,716 | 627,189 | ||||||
Regional Management Corp.† | 4,742 | 116,985 | ||||||
World Acceptance Corp.† | 3,126 | 413,539 | ||||||
3,215,744 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
Meta Financial Group, Inc. | 14,216 | 372,033 | ||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Cowen, Inc.†# | 14,096 | 213,554 | ||||||
Diamond Hill Investment Group, Inc. | 1,662 | 238,497 | ||||||
GAIN Capital Holdings, Inc.# | 13,775 | 53,585 | ||||||
Greenhill & Co., Inc. | 9,002 | 134,760 | ||||||
Houlihan Lokey, Inc. | 17,225 | 778,742 | ||||||
INTL. FCStone, Inc.† | 7,890 | 274,256 | ||||||
Ladenburg Thalmann Financial Services, Inc. | 51,811 | 165,795 | ||||||
Moelis & Co., Class A | 22,701 | 721,438 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,920 | 121,229 | ||||||
Piper Jaffray Cos. | 7,294 | 516,561 | ||||||
PJT Partners, Inc., Class A | 10,149 | 374,498 | ||||||
Siebert Financial Corp.† | 3,775 | 33,560 | ||||||
3,626,475 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 27,667 | 537,293 | ||||||
Finance - Mortgage Loan/Banker — 0.3% |
| |||||||
CBTX, Inc. | 9,098 | 247,920 | ||||||
Federal Agricultural Mtg. Corp., Class C | 4,569 | 312,657 | ||||||
Impac Mtg. Holdings, Inc.†# | 4,992 | 14,577 | ||||||
LendingTree, Inc.†# | 4,054 | 1,523,250 | ||||||
Mr. Cooper Group, Inc.†# | 37,871 | 286,683 | ||||||
PennyMac Financial Services, Inc. | 10,091 | 214,030 | ||||||
2,599,117 | ||||||||
Finance - Other Services — 0.2% |
| |||||||
Deluxe Corp. | 23,531 | 875,353 | ||||||
WageWorks, Inc.† | 20,195 | 1,009,144 | ||||||
1,884,497 | ||||||||
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Financial Guarantee Insurance — 0.6% |
| |||||||
MBIA, Inc.† | 45,054 | $ | 399,629 | |||||
MGIC Investment Corp.† | 180,723 | 2,448,796 | ||||||
NMI Holdings, Inc., Class A† | 32,030 | 873,138 | ||||||
Radian Group, Inc. | 110,000 | 2,469,500 | ||||||
6,191,063 | ||||||||
Firearms & Ammunition — 0.3% |
| |||||||
American Outdoor Brands Corp.† | 27,347 | 229,441 | ||||||
Axon Enterprise, Inc.† | 29,260 | 1,953,983 | ||||||
Sturm Ruger & Co., Inc. | 8,557 | 425,369 | ||||||
2,608,793 | ||||||||
Food - Baking — 0.1% |
| |||||||
Hostess Brands, Inc.† | 50,248 | 672,821 | ||||||
Food - Canned — 0.0% |
| |||||||
Seneca Foods Corp., Class A† | 3,619 | 89,389 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Simply Good Foods Co.† | 31,090 | 668,124 | ||||||
Tootsie Roll Industries, Inc.# | 8,575 | 325,507 | ||||||
993,631 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Dean Foods Co.# | 46,436 | 51,080 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,453 | 98,223 | ||||||
Food - Misc./Diversified — 0.4% |
| |||||||
B&G Foods, Inc.# | 33,457 | 734,381 | ||||||
Cal-Maine Foods, Inc.# | 15,879 | 587,841 | ||||||
J&J Snack Foods Corp. | 7,653 | 1,230,985 | ||||||
John B. Sanfilippo & Son, Inc. | 4,371 | 335,037 | ||||||
Lancaster Colony Corp. | 9,617 | 1,383,213 | ||||||
4,271,457 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 7,179 | 214,006 | ||||||
Smart & Final Stores, Inc.† | 11,733 | 76,382 | ||||||
Village Super Market, Inc., Class A | 4,183 | 110,766 | ||||||
Weis Markets, Inc. | 4,860 | 183,708 | ||||||
584,862 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,071 | 705,809 | ||||||
Chefs’ Warehouse, Inc.† | 11,066 | 350,460 | ||||||
Fresh Del Monte Produce, Inc. | 15,491 | 387,585 | ||||||
Performance Food Group Co.† | 51,856 | 2,040,534 | ||||||
SpartanNash Co. | 18,129 | 209,209 | ||||||
United Natural Foods, Inc.† | 26,122 | 265,138 | ||||||
3,958,735 | ||||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Crocs, Inc.† | 33,700 | 651,084 | ||||||
Rocky Brands, Inc. | 3,478 | 85,072 | ||||||
Steven Madden, Ltd. | 44,346 | 1,341,910 | ||||||
Weyco Group, Inc. | 3,106 | 77,712 | ||||||
Wolverine World Wide, Inc. | 47,010 | 1,313,459 | ||||||
3,469,237 | ||||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Carriage Services, Inc. | 8,960 | 163,251 | ||||||
Matthews International Corp., Class A | 15,883 | 540,499 | ||||||
703,750 | ||||||||
Gambling(Non-Hotel) — 0.1% |
| |||||||
Golden Entertainment, Inc.†# | 9,452 | 121,931 |
Security Description | Shares | Value (Note 2) | ||||||
Gambling(Non-Hotel) (continued) |
| |||||||
Monarch Casino & Resort, Inc.† | 5,756 | $ | 247,681 | |||||
Red Rock Resorts, Inc., Class A | 35,390 | 738,943 | ||||||
1,108,555 | ||||||||
Gas- Distribution — 1.2% |
| |||||||
Chesapeake Utilities Corp. | 8,053 | 731,051 | ||||||
New Jersey Resources Corp. | 44,408 | 2,107,160 | ||||||
Northwest Natural Holding Co. | 14,570 | 1,002,707 | ||||||
ONE Gas, Inc. | 26,539 | 2,323,755 | ||||||
RGC Resources, Inc. | 3,763 | 102,466 | ||||||
South Jersey Industries, Inc.# | 47,145 | 1,487,425 | ||||||
Southwest Gas Holdings, Inc. | 26,940 | 2,293,672 | ||||||
Spire, Inc. | 25,088 | 2,090,332 | ||||||
12,138,568 | ||||||||
Gold Mining — 0.0% |
| |||||||
Gold Resource Corp. | 26,796 | 76,101 | ||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 17,619 | 413,870 | ||||||
Callaway Golf Co. | 47,837 | 703,204 | ||||||
Drive Shack, Inc.† | 30,776 | 140,031 | ||||||
1,257,105 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,539 | 188,475 | ||||||
US Ecology, Inc. | 11,154 | 663,886 | ||||||
852,361 | ||||||||
Health Care Cost Containment — 0.2% |
| |||||||
CorVel Corp.† | 4,562 | 337,497 | ||||||
HealthEquity, Inc.†# | 27,561 | 1,801,387 | ||||||
2,138,884 | ||||||||
Healthcare Safety Devices — 0.2% |
| |||||||
Tandem Diabetes Care, Inc.† | 25,952 | 1,779,269 | ||||||
Home Furnishings — 0.1% |
| |||||||
Ethan Allen Interiors, Inc. | 12,175 | 258,353 | ||||||
Flexsteel Industries, Inc. | 3,733 | 64,021 | ||||||
Hooker Furniture Corp. | 5,890 | 158,029 | ||||||
Purple Innovation, Inc.† | 2,219 | 14,557 | ||||||
Sleep Number Corp.† | 16,616 | 578,403 | ||||||
1,073,363 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
BBX Capital Corp. | 33,405 | 136,627 | ||||||
Bluegreen Vacations Corp.# | 3,795 | 29,677 | ||||||
Marcus Corp. | 10,189 | 356,207 | ||||||
Red Lion Hotels Corp.† | 8,212 | 62,247 | ||||||
St. Joe Co.†# | 17,751 | 282,773 | ||||||
867,531 | ||||||||
Housewares — 0.1% |
| |||||||
Lifetime Brands, Inc. | 5,992 | 46,738 | ||||||
Tupperware Brands Corp. | 24,823 | 462,204 | ||||||
508,942 | ||||||||
Human Resources — 1.1% |
| |||||||
AMN Healthcare Services, Inc.† | 23,537 | 1,140,132 | ||||||
ASGN, Inc.† | 25,832 | 1,310,457 | ||||||
Barrett Business Services, Inc. | 3,616 | 260,424 | ||||||
BG Staffing, Inc. | 4,274 | 72,744 | ||||||
Cross Country Healthcare, Inc.† | 18,062 | 128,421 | ||||||
Heidrick & Struggles International, Inc. | 9,506 | 288,602 | ||||||
Insperity, Inc. | 19,512 | 2,222,417 | ||||||
Kforce, Inc. | 11,733 | 407,722 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources (continued) |
| |||||||
Korn Ferry | 28,838 | $ | 1,242,341 | |||||
Paylocity Holding Corp.† | 14,750 | 1,478,245 | ||||||
Resources Connection, Inc. | 15,171 | 232,875 | ||||||
TriNet Group, Inc.† | 22,204 | 1,407,290 | ||||||
TrueBlue, Inc.† | 20,500 | 435,420 | ||||||
Willdan Group, Inc.†# | 4,935 | 153,577 | ||||||
10,780,667 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 24,259 | 1,123,192 | ||||||
Digimarc Corp.†# | 5,705 | 299,855 | ||||||
1,423,047 | ||||||||
Import/Export — 0.0% |
| |||||||
Castle Brands, Inc.†# | 46,932 | 23,231 | ||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 17,730 | 254,071 | ||||||
Clearway Energy, Inc., Class C | 37,449 | 561,735 | ||||||
815,806 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
GoPro, Inc., Class A†# | 58,490 | 368,487 | ||||||
Turtle Beach Corp.†# | 4,162 | 34,628 | ||||||
403,115 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,221 | 112,928 | ||||||
Ichor Holdings, Ltd.† | 11,166 | 235,603 | ||||||
348,531 | ||||||||
Instruments - Controls — 0.5% |
| |||||||
Allied Motion Technologies, Inc. | 3,557 | 115,496 | ||||||
Control4 Corp.† | 13,503 | 319,481 | ||||||
Watts Water Technologies, Inc., Class A | 14,144 | 1,151,180 | ||||||
Woodward, Inc. | 27,285 | 2,971,882 | ||||||
4,558,039 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.† | 16,718 | 218,839 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class B | 5,610 | 46,675 | ||||||
eHealth, Inc.† | 11,157 | 787,238 | ||||||
Goosehead Insurance, Inc., Class A# | 4,967 | 181,941 | ||||||
1,015,854 | ||||||||
Insurance - Life/Health — 0.7% |
| |||||||
American Equity Investment Life Holding Co. | 45,600 | 1,290,936 | ||||||
CNO Financial Group, Inc. | 83,659 | 1,314,283 | ||||||
FBL Financial Group, Inc., Class A | 5,034 | 309,893 | ||||||
FGL Holdings | 74,604 | 593,102 | ||||||
Health Insurance Innovations, Inc., Class A†# | 6,577 | 169,621 | ||||||
Independence Holding Co. | 2,375 | 88,659 | ||||||
National Western Life Group, Inc., Class A | 1,161 | 309,569 | ||||||
Primerica, Inc. | 21,957 | 2,521,981 | ||||||
Tiptree, Inc. | 13,508 | 81,723 | ||||||
Trupanion, Inc.†# | 13,080 | 383,636 | ||||||
7,063,403 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Citizens, Inc.† | 25,185 | 161,436 | ||||||
Genworth Financial, Inc., Class A† | 256,666 | 746,898 | ||||||
Horace Mann Educators Corp. | 20,947 | 848,563 | ||||||
Kemper Corp. | 26,843 | 2,227,701 | ||||||
United Fire Group, Inc. | 10,708 | 502,633 | ||||||
4,487,231 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 23,058 | $ | 350,482 | |||||
AMERISAFE, Inc. | 9,724 | 579,259 | ||||||
Donegal Group, Inc., Class A | 4,770 | 68,927 | ||||||
Employers Holdings, Inc. | 16,408 | 681,588 | ||||||
Enstar Group, Ltd.† | 6,130 | 1,007,772 | ||||||
FedNat Holding Co. | 5,850 | 79,092 | ||||||
Hallmark Financial Services, Inc.† | 6,636 | 78,238 | ||||||
HCI Group, Inc.# | 3,659 | 148,738 | ||||||
Heritage Insurance Holdings, Inc. | 10,194 | 149,138 | ||||||
Investors Title Co. | 701 | 108,241 | ||||||
James River Group Holdings, Ltd. | 13,206 | 588,988 | ||||||
Kingstone Cos., Inc. | 4,721 | 42,111 | ||||||
Kinsale Capital Group, Inc. | 9,936 | 832,537 | ||||||
National General Holdings Corp. | 32,903 | 747,556 | ||||||
NI Holdings, Inc.† | 4,942 | 83,718 | ||||||
ProAssurance Corp. | 27,027 | 1,014,053 | ||||||
Protective Insurance Corp., Class B | 4,817 | 82,612 | ||||||
RLI Corp. | 19,967 | 1,714,766 | ||||||
Safety Insurance Group, Inc. | 7,466 | 680,377 | ||||||
Selective Insurance Group, Inc. | 29,547 | 2,117,043 | ||||||
State Auto Financial Corp. | 8,502 | 290,683 | ||||||
Stewart Information Services Corp. | 11,911 | 489,899 | ||||||
United Insurance Holdings Corp. | 10,460 | 141,001 | ||||||
Universal Insurance Holdings, Inc. | 16,106 | 467,718 | ||||||
12,544,537 | ||||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Argo Group International Holdings, Ltd. | 16,501 | 1,163,156 | ||||||
EMC Insurance Group, Inc. | 4,704 | 169,720 | ||||||
Essent Group, Ltd.† | 48,894 | 2,295,573 | ||||||
Global Indemnity, Ltd. | 4,277 | 127,027 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 14,630 | 148,495 | ||||||
Maiden Holdings, Ltd. | 34,683 | 18,732 | ||||||
Third Point Reinsurance, Ltd.† | 37,830 | 384,353 | ||||||
4,307,056 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Anaplan, Inc.† | 9,157 | 398,421 | ||||||
Tucows, Inc., Class A† | 4,842 | 286,888 | ||||||
VirnetX Holding Corp.†# | 29,842 | 176,665 | ||||||
861,974 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
Boingo Wireless, Inc.† | 20,884 | 394,708 | ||||||
Cogent Communications Holdings, Inc. | 21,319 | 1,247,162 | ||||||
Internap Corp.†# | 12,339 | 32,081 | ||||||
1,673,951 | ||||||||
Internet Content - Entertainment — 0.2% |
| |||||||
Limelight Networks, Inc.† | 56,408 | 173,737 | ||||||
Roku, Inc.†# | 22,060 | 1,994,224 | ||||||
2,167,961 | ||||||||
Internet Content - Information/News — 0.2% |
| |||||||
HealthStream, Inc.† | 13,186 | 329,650 | ||||||
LiveXLive Media, Inc.† | 14,989 | 56,658 | ||||||
TechTarget, Inc.† | 10,452 | 197,543 | ||||||
Yelp, Inc.† | 41,292 | 1,268,903 | ||||||
1,852,754 | ||||||||
Internet Security — 0.2% |
| |||||||
Zix Corp.† | 26,594 | 238,282 | ||||||
Zscaler, Inc.†# | 30,945 | 2,123,756 | ||||||
2,362,038 | ||||||||
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Telephone — 0.1% |
| |||||||
8x8, Inc.†# | 47,849 | $ | 1,154,596 | |||||
Investment Companies — 0.0% |
| |||||||
BrightSphere Investment Group PLC | 40,962 | 439,932 | ||||||
PDL Community Bancorp† | 4,473 | 62,980 | ||||||
502,912 | ||||||||
Investment Management/Advisor Services — 0.9% |
| |||||||
Altisource Portfolio Solutions SA† | 5,011 | 100,872 | ||||||
Artisan Partners Asset Management, Inc., Class A | 24,458 | 578,432 | ||||||
Ashford, Inc.†# | 337 | 15,003 | ||||||
Associated Capital Group, Inc., Class A# | 1,187 | 44,287 | ||||||
B. Riley Financial, Inc. | 10,583 | 209,861 | ||||||
Blucora, Inc.† | 24,225 | 750,248 | ||||||
Boston Private Financial Holdings, Inc. | 42,415 | 434,754 | ||||||
Cohen & Steers, Inc. | 11,356 | 581,654 | ||||||
Columbia Financial, Inc.† | 25,286 | 386,117 | ||||||
Federated Investors, Inc., Class B | 49,307 | 1,505,343 | ||||||
Focus Financial Partners, Inc. Class A†# | 13,426 | 376,599 | ||||||
GAMCO Investors, Inc., Class A | 2,422 | 41,295 | ||||||
Hamilton Lane, Inc., Class A | 8,497 | 417,713 | ||||||
Pzena Investment Management, Inc., Class A | 8,800 | 77,792 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,235 | 56,537 | ||||||
Stifel Financial Corp. | 35,329 | 1,894,694 | ||||||
Virtus Investment Partners, Inc.# | 3,420 | 347,438 | ||||||
Waddell & Reed Financial, Inc., Class A | 38,120 | 615,638 | ||||||
Westwood Holdings Group, Inc. | 4,165 | 121,910 | ||||||
WisdomTree Investments, Inc.# | 59,529 | 357,769 | ||||||
8,913,956 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
II-VI, Inc.†# | 31,989 | 1,005,414 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,423 | 60,358 | ||||||
Johnson Outdoors, Inc., Class A | 2,481 | 183,122 | ||||||
Marine Products Corp. | 3,827 | 52,966 | ||||||
296,446 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 7,767 | 1,233,244 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Kennametal, Inc. | 41,474 | 1,275,326 | ||||||
Milacron Holdings Corp.† | 35,300 | 405,244 | ||||||
1,680,570 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 11,515 | 338,886 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,277 | 232,083 | ||||||
570,969 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 16,312 | 7,014 | ||||||
Franklin Electric Co., Inc. | 23,611 | 1,034,870 | ||||||
1,041,884 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,904 | 465,537 | ||||||
Lindsay Corp.# | 5,462 | 433,573 | ||||||
899,110 | ||||||||
Machinery - General Industrial — 0.6% |
| |||||||
Albany International Corp., Class A | 14,618 | 1,024,283 | ||||||
Altra Industrial Motion Corp. | 30,558 | 958,604 | ||||||
Applied Industrial Technologies, Inc. | 19,426 | 1,055,414 | ||||||
Chart Industries, Inc.† | 15,682 | 1,201,712 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
DXP Enterprises, Inc.† | 8,196 | $ | 264,075 | |||||
Gencor Industries, Inc.† | 4,479 | 49,627 | ||||||
Kadant, Inc. | 5,567 | 451,929 | ||||||
Manitowoc Co, Inc.†# | 17,984 | 245,482 | ||||||
Tennant Co. | 9,088 | 523,560 | ||||||
Twin Disc, Inc.† | 4,880 | 70,370 | ||||||
5,845,056 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,366 | 412,131 | ||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.†# | 8,610 | 20,061 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
Cactus, Inc., Class A† | 19,339 | 629,485 | ||||||
CSW Industrials, Inc. | 7,582 | 484,717 | ||||||
Gorman-Rupp Co. | 8,982 | 266,496 | ||||||
Mueller Water Products, Inc., Class A | 78,746 | 727,613 | ||||||
NN, Inc.# | 21,436 | 166,129 | ||||||
SPX FLOW, Inc.† | 21,459 | 766,086 | ||||||
3,040,526 | ||||||||
Marine Services — 0.0% |
| |||||||
SEACOR Marine Holdings, Inc.† | 8,405 | 115,737 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 18,904 | 453,507 | ||||||
Medical Information Systems — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 88,709 | 863,139 | ||||||
Castlight Health, Inc., Class B† | 39,973 | 130,712 | ||||||
Computer Programs & Systems, Inc. | 5,863 | 151,324 | ||||||
Inovalon Holdings, Inc., Class A†# | 35,064 | 483,532 | ||||||
Medidata Solutions, Inc.† | 29,390 | 2,678,898 | ||||||
NantHealth, Inc.†# | 10,405 | 5,610 | ||||||
NextGen Healthcare, Inc.† | 27,463 | 528,663 | ||||||
Tabula Rasa HealthCare, Inc.†# | 9,010 | 406,982 | ||||||
5,248,860 | ||||||||
Medical Instruments — 0.4% |
| |||||||
AngioDynamics, Inc.† | 18,546 | 348,479 | ||||||
Endologix, Inc.†# | 5,211 | 36,686 | ||||||
LivaNova PLC† | 24,788 | 1,782,257 | ||||||
Natus Medical, Inc.† | 16,641 | 414,361 | ||||||
NuVasive, Inc.† | 26,173 | 1,516,987 | ||||||
TransEnterix, Inc.†# | 84,105 | 112,701 | ||||||
4,211,471 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Cellular Biomedicine Group, Inc.†# | 5,906 | 94,260 | ||||||
Invitae Corp.† | 36,083 | 629,648 | ||||||
Medpace Holdings, Inc.† | 11,061 | 597,073 | ||||||
Miragen Therapeutics, Inc.†# | 13,229 | 31,353 | ||||||
Natera, Inc.† | 16,995 | 389,185 | ||||||
Neuronetics, Inc.†# | 6,490 | 74,765 | ||||||
R1 RCM, Inc.† | 52,392 | 615,082 | ||||||
SI-BONE, Inc.† | 4,299 | 72,180 | ||||||
Syneos Health, Inc.† | 31,566 | 1,301,466 | ||||||
Teladoc Health, Inc.†# | 34,110 | 1,982,473 | ||||||
Vapotherm, Inc.†# | 2,363 | 39,746 | ||||||
5,827,231 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 6,915 | 116,518 | ||||||
Medical Products — 2.0% |
| |||||||
Accuray, Inc.† | 43,677 | 162,042 |
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
AtriCure, Inc.† | 18,764 | $ | 549,785 | |||||
Atrion Corp. | 725 | 640,327 | ||||||
Avanos Medical, Inc.† | 23,863 | 899,158 | ||||||
AxoGen, Inc.† | 17,258 | 361,210 | ||||||
Axonics Modulation Technologies, Inc.†# | 3,527 | 115,897 | ||||||
Cardiovascular Systems, Inc.† | 17,242 | 671,576 | ||||||
Cerus Corp.† | 68,496 | 321,246 | ||||||
CryoLife, Inc.† | 18,103 | 520,461 | ||||||
CytoSorbents Corp.†# | 15,137 | 95,514 | ||||||
FONAR Corp.† | 3,168 | 60,826 | ||||||
Glaukos Corp.† | 17,343 | 1,118,277 | ||||||
Globus Medical, Inc., Class A† | 37,831 | 1,486,758 | ||||||
Haemonetics Corp.† | 26,100 | 2,531,439 | ||||||
Inogen, Inc.† | 9,104 | 586,935 | ||||||
Inspire Medical Systems, Inc.† | 7,524 | 424,880 | ||||||
Integer Holdings Corp.† | 15,839 | 1,110,314 | ||||||
Intersect ENT, Inc.† | 15,236 | 359,265 | ||||||
Invacare Corp.# | 16,769 | 99,440 | ||||||
iRadimed Corp.†# | 1,829 | 38,171 | ||||||
iRhythm Technologies, Inc.†# | 12,273 | 840,210 | ||||||
LeMaitre Vascular, Inc. | 8,129 | 209,810 | ||||||
Luminex Corp. | 21,105 | 445,316 | ||||||
NanoString Technologies, Inc.† | 13,249 | 376,802 | ||||||
Nevro Corp.† | 14,816 | 875,774 | ||||||
Novocure, Ltd.† | 37,456 | 1,989,663 | ||||||
Nuvectra Corp.† | 8,808 | 33,382 | ||||||
Orthofix Medical, Inc.† | 8,900 | 439,037 | ||||||
OrthoPediatrics Corp.† | 4,011 | 155,827 | ||||||
Pulse Biosciences, Inc.†# | 5,408 | 64,517 | ||||||
Rockwell Medical, Inc.†# | 24,181 | 111,233 | ||||||
RTI Surgical Holdings, Inc.† | 28,415 | 120,195 | ||||||
SeaSpine Holdings Corp.† | 7,538 | 102,743 | ||||||
Sientra, Inc.†# | 11,986 | 69,759 | ||||||
Surmodics, Inc.† | 6,711 | 272,198 | ||||||
T2 Biosystems, Inc.†# | 15,808 | 30,826 | ||||||
Tactile Systems Technology, Inc.†# | 8,947 | 429,724 | ||||||
Wright Medical Group NV† | 63,288 | 1,944,207 | ||||||
20,664,744 | ||||||||
Medical - Biomedical/Gene — 4.8% |
| |||||||
Abeona Therapeutics, Inc.†# | 15,909 | 86,545 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 57,637 | 1,382,712 | ||||||
Acceleron Pharma, Inc.†# | 22,174 | 884,521 | ||||||
Achillion Pharmaceuticals, Inc.† | 69,204 | 192,387 | ||||||
Acorda Therapeutics, Inc.† | 22,417 | 208,254 | ||||||
ADMA Biologics, Inc.†# | 9,845 | 40,857 | ||||||
Aduro Biotech, Inc.† | 32,650 | 106,113 | ||||||
Adverum Biotechnologies, Inc.† | 27,708 | 278,465 | ||||||
Agenus, Inc.†# | 46,951 | 119,725 | ||||||
AgeX Therapeutics, Inc.†# | 4,924 | 13,836 | ||||||
Albireo Pharma, Inc.† | 4,635 | 152,491 | ||||||
Alder Biopharmaceuticals, Inc.†# | 29,652 | 320,835 | ||||||
Aldeyra Therapeutics, Inc.†# | 10,753 | 74,948 | ||||||
Allakos, Inc.†# | 7,230 | 283,416 | ||||||
Allena Pharmaceuticals, Inc.† | 5,901 | 23,545 | ||||||
Allogene Therapeutics, Inc.†# | 11,211 | 294,065 | ||||||
AMAG Pharmaceuticals, Inc.†# | 17,468 | 166,470 | ||||||
Amicus Therapeutics, Inc.† | 96,343 | 1,085,786 | ||||||
AnaptysBio, Inc.†# | 10,750 | 782,707 | ||||||
ANI Pharmaceuticals, Inc.† | 4,066 | 283,238 | ||||||
Apellis Pharmaceuticals, Inc.† | 18,381 | 369,274 | ||||||
Aptinyx, Inc.†# | 7,034 | 21,805 | ||||||
Aratana Therapeutics, Inc.† | 23,591 | 109,226 | ||||||
Arbutus Biopharma Corp.† | 17,971 | 32,707 | ||||||
Arcus Biosciences, Inc.†# | 15,973 | 135,451 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Ardelyx, Inc.† | 22,249 | $ | 60,740 | |||||
Arena Pharmaceuticals, Inc.† | 25,265 | 1,339,298 | ||||||
ArQule, Inc.†# | 55,188 | 396,802 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 47,654 | 1,129,876 | ||||||
Assembly Biosciences, Inc.† | 10,698 | 150,200 | ||||||
Atara Biotherapeutics, Inc.†# | 21,349 | 474,161 | ||||||
Athersys, Inc.†# | 59,298 | 98,435 | ||||||
Audentes Therapeutics, Inc.† | 18,933 | 664,927 | ||||||
AVEO Pharmaceuticals, Inc.†# | 54,549 | 46,705 | ||||||
Avid Bioservices, Inc.† | 25,792 | 100,331 | ||||||
Avrobio, Inc.†# | 6,473 | 91,658 | ||||||
BioCryst Pharmaceuticals, Inc.† | 55,534 | 194,369 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 15,900 | 897,714 | ||||||
BioTime, Inc.†# | 57,445 | 56,871 | ||||||
Blueprint Medicines Corp.† | 22,990 | 1,747,240 | ||||||
Calithera Biosciences, Inc.† | 16,817 | 88,457 | ||||||
Cambrex Corp.† | 17,056 | 678,829 | ||||||
Cara Therapeutics, Inc.†# | 16,580 | 340,885 | ||||||
CASI Pharmaceuticals, Inc.†# | 25,398 | 80,512 | ||||||
ChemoCentryx, Inc.† | 11,434 | 128,976 | ||||||
ChromaDex Corp.†# | 19,587 | 77,956 | ||||||
Clearside Biomedical, Inc.†# | 14,230 | 15,511 | ||||||
Cohbar, Inc.†# | 12,068 | 20,757 | ||||||
Constellation Pharmaceuticals, Inc.†# | 8,062 | 69,494 | ||||||
Crinetics Pharmaceuticals, Inc.†# | 4,372 | 114,896 | ||||||
CTI Biopharma Corp.†# | 25,998 | 21,321 | ||||||
Cue Biopharma, Inc.†# | 9,250 | 76,405 | ||||||
Cymabay Therapeutics, Inc.† | 30,333 | 366,423 | ||||||
CytomX Therapeutics, Inc.† | 22,653 | 218,828 | ||||||
Deciphera Pharmaceuticals, Inc.†# | 4,474 | 102,097 | ||||||
Denali Therapeutics, Inc.†# | 23,192 | 442,271 | ||||||
Dicerna Pharmaceuticals, Inc.† | 27,374 | 338,890 | ||||||
Dynavax Technologies Corp.†# | 31,731 | 152,943 | ||||||
Editas Medicine, Inc.†# | 23,528 | 483,500 | ||||||
Eidos Therapeutics, Inc.†# | 8,270 | 258,107 | ||||||
ElectroCore, Inc.†# | 6,193 | 10,590 | ||||||
Emergent BioSolutions, Inc.† | 23,153 | 924,268 | ||||||
Enzo Biochem, Inc.† | 22,414 | 72,173 | ||||||
Epizyme, Inc.† | 30,322 | 416,624 | ||||||
Equillium, Inc.†# | 2,655 | 17,125 | ||||||
Esperion Therapeutics, Inc.†# | 11,645 | 554,302 | ||||||
Evelo Biosciences, Inc.†# | 7,016 | 52,480 | ||||||
Evolus, Inc.† | 4,738 | 64,437 | ||||||
Fate Therapeutics, Inc.† | 30,871 | 595,193 | ||||||
FibroGen, Inc.† | 38,710 | 1,402,850 | ||||||
Five Prime Therapeutics, Inc.†# | 17,069 | 143,380 | ||||||
Forty Seven, Inc.†# | 7,126 | 80,595 | ||||||
Geron Corp.†# | 87,249 | 126,511 | ||||||
GlycoMimetics, Inc.† | 17,336 | 205,258 | ||||||
Gossamer Bio, Inc.† | 5,651 | 103,470 | ||||||
GTx, Inc.†# | 2,579 | 3,043 | ||||||
Guardant Health, Inc.†# | 7,384 | 567,682 | ||||||
Halozyme Therapeutics, Inc.† | 63,506 | 936,713 | ||||||
Harvard Bioscience, Inc.† | 18,534 | 42,072 | ||||||
Helius Medical Technologies, Inc.†# | 9,093 | 23,733 | ||||||
Homology Medicines, Inc.† | 8,743 | 176,958 | ||||||
Idera Pharmaceuticals, Inc.†# | 9,714 | 24,674 | ||||||
Immunic, Inc.† | 387 | 3,638 | ||||||
ImmunoGen, Inc.†# | 73,061 | 131,510 | ||||||
Immunomedics, Inc.†# | 76,332 | 997,659 | ||||||
Innovate Biopharmaceuticals, Inc.†# | 10,482 | 13,417 | ||||||
Innoviva, Inc.† | 35,086 | 479,626 | ||||||
Inovio Pharmaceuticals, Inc.†# | 44,236 | 105,724 | ||||||
Insmed, Inc.†# | 38,975 | 943,585 | ||||||
Intercept Pharmaceuticals, Inc.†# | 11,148 | 923,277 |
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Intrexon Corp.†# | 37,474 | $ | 181,374 | |||||
Iovance Biotherapeutics, Inc.†# | 53,885 | 881,020 | ||||||
Karyopharm Therapeutics, Inc.†# | 25,002 | 141,011 | ||||||
Kezar Life Sciences, Inc.†# | 6,408 | 60,684 | ||||||
Kindred Biosciences, Inc.†# | 18,053 | 143,341 | ||||||
Kiniksa Pharmaceuticals, Ltd., Class A†# | 6,033 | 92,003 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 21,992 | 118,317 | ||||||
Ligand Pharmaceuticals, Inc.†# | 10,648 | 1,143,382 | ||||||
Liquidia Technologies, Inc.† | 3,622 | 35,966 | ||||||
LogicBio Therapeutics, Inc.†# | 3,988 | 60,498 | ||||||
MacroGenics, Inc.† | 19,951 | 365,901 | ||||||
Magenta Therapeutics, Inc.† | 7,334 | 107,516 | ||||||
Medicines Co.†# | 35,037 | 1,249,069 | ||||||
MeiraGTx Holdings PLC† | 6,118 | 134,657 | ||||||
Menlo Therapeutics, Inc.† | 4,952 | 33,327 | ||||||
Mersana Therapeutics, Inc.† | 6,409 | 27,751 | ||||||
Molecular Templates, Inc.† | 6,201 | 49,980 | ||||||
Mustang Bio, Inc.† | 8,216 | 28,181 | ||||||
Myriad Genetics, Inc.† | 34,998 | 866,900 | ||||||
NantKwest, Inc.†# | 14,353 | 14,784 | ||||||
NeoGenomics, Inc.† | 41,764 | 906,696 | ||||||
Neon Therapeutics, Inc.†# | 7,440 | 36,307 | ||||||
NewLink Genetics Corp.†# | 14,815 | 26,074 | ||||||
Novavax, Inc.†# | 9,700 | 55,096 | ||||||
Nymox Pharmaceutical Corp.†# | 16,480 | 26,203 | ||||||
Omeros Corp.†# | 23,668 | 420,817 | ||||||
Organovo Holdings, Inc.†# | 61,153 | 33,818 | ||||||
Osmotica Pharmaceuticals PLC†# | 4,964 | 11,914 | ||||||
Ovid therapeutics, Inc.†# | 6,705 | 10,728 | ||||||
Pacific Biosciences of California, Inc.† | 70,347 | 471,325 | ||||||
Palatin Technologies, Inc.†# | 103,148 | 138,218 | ||||||
PDL BioPharma, Inc.† | 72,962 | 205,753 | ||||||
Pfenex, Inc.† | 14,484 | 94,291 | ||||||
Pieris Pharmaceuticals, Inc.† | 26,426 | 109,404 | ||||||
PolarityTE, Inc.†# | 5,171 | 32,422 | ||||||
Prothena Corp. PLC† | 20,449 | 190,585 | ||||||
PTC Therapeutics, Inc.† | 26,181 | 1,049,858 | ||||||
Puma Biotechnology, Inc.† | 14,820 | 219,188 | ||||||
Radius Health, Inc.† | 20,595 | 428,170 | ||||||
REGENXBIO, Inc.† | 16,327 | 702,388 | ||||||
Replimune Group, Inc.†# | 5,972 | 80,741 | ||||||
resTORbio, Inc.† | 3,915 | 28,227 | ||||||
Retrophin, Inc.† | 21,010 | 389,315 | ||||||
Rigel Pharmaceuticals, Inc.† | 85,448 | 182,004 | ||||||
Rocket Pharmaceuticals, Inc.† | 12,077 | 197,217 | ||||||
Rubius Therapeutics, Inc.†# | 17,347 | 250,838 | ||||||
Sangamo Therapeutics, Inc.†# | 51,616 | 451,640 | ||||||
Savara, Inc.† | 14,585 | 158,101 | ||||||
Scholar Rock Holding Corp.†# | 7,582 | 139,054 | ||||||
Selecta Biosciences, Inc.†# | 17,410 | 34,646 | ||||||
Sienna Biopharmaceuticals, Inc.†# | 8,001 | 9,361 | ||||||
Solid Biosciences, Inc.†# | 6,203 | 34,303 | ||||||
Sorrento Therapeutics, Inc.†# | 58,284 | 163,778 | ||||||
Spark Therapeutics, Inc.†# | 16,008 | 1,744,872 | ||||||
Stemline Therapeutics, Inc.†# | 19,462 | 255,536 | ||||||
Surface Oncology, Inc.†# | 5,753 | 20,998 | ||||||
Syndax Pharmaceuticals, Inc.† | 7,584 | 55,363 | ||||||
Synlogic, Inc.† | 7,840 | 58,408 | ||||||
Synthorx, Inc.†# | 3,722 | 53,411 | ||||||
Theravance Biopharma, Inc.†# | 22,031 | 366,155 | ||||||
Tobira Therapeutics, Inc. CVR†(1) | 4,989 | 0 | ||||||
Tocagen, Inc.† | 10,457 | 53,226 | ||||||
Translate Bio, Inc.†# | 15,033 | 157,546 | ||||||
Twist Bioscience Corp.† | 2,697 | 69,610 | ||||||
Tyme Technologies, Inc.† | 52,917 | 61,913 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Ultragenyx Pharmaceutical, Inc.†# | 26,757 | $ | 1,469,762 | |||||
UNITY Biotechnology, Inc.†# | 12,667 | 103,363 | ||||||
Veracyte, Inc.† | 14,400 | 326,304 | ||||||
Verastem, Inc.†# | 34,971 | 46,162 | ||||||
Vericel Corp.† | 22,186 | 347,211 | ||||||
Viking Therapeutics, Inc.†# | 31,093 | 239,105 | ||||||
WaVe Life Sciences, Ltd.†# | 10,286 | 235,858 | ||||||
X4 Pharmaceuticals, Inc.† | 440 | 6,763 | ||||||
XOMA Corp.†# | 3,239 | 60,634 | ||||||
Y-mAbs Therapeutics, Inc.† | 3,545 | 72,212 | ||||||
Zeneca, Inc. CVR†(1) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 66,964 | 286,606 | ||||||
Zomedica Pharmaceuticals Corp.†# | 22,451 | 6,632 | ||||||
48,242,552 | ||||||||
Medical - Drugs — 2.4% |
| |||||||
Aclaris Therapeutics, Inc.†# | 18,018 | 84,324 | ||||||
Adamas Pharmaceuticals, Inc.†# | 11,326 | 53,232 | ||||||
Aeglea BioTherapeutics, Inc.† | 9,716 | 60,628 | ||||||
Aerie Pharmaceuticals, Inc.† | 18,105 | 659,384 | ||||||
Aimmune Therapeutics, Inc.†# | 22,280 | 436,020 | ||||||
Akcea Therapeutics, Inc.†# | 6,768 | 142,399 | ||||||
Akorn, Inc.† | 47,525 | 195,803 | ||||||
Alector, Inc.†# | 2,827 | 47,805 | ||||||
Amphastar Pharmaceuticals, Inc.† | 17,895 | 344,479 | ||||||
Ampio Pharmaceuticals, Inc.†# | 49,824 | 25,908 | ||||||
Aquestive Therapeutics, Inc.†# | 5,756 | 21,412 | ||||||
Array BioPharma, Inc.† | 107,506 | 2,840,309 | ||||||
Athenex, Inc.†# | 22,373 | 323,290 | ||||||
Bellicum Pharmaceuticals, Inc.† | 20,498 | 42,226 | ||||||
BioSpecifics Technologies Corp.† | 2,928 | 173,191 | ||||||
Catalyst Biosciences, Inc.† | 6,048 | 47,537 | ||||||
Catalyst Pharmaceuticals, Inc.†# | 49,092 | 171,822 | ||||||
Chimerix, Inc.† | 23,826 | 81,008 | ||||||
Clovis Oncology, Inc.†# | 24,232 | 358,149 | ||||||
Coherus Biosciences, Inc.†# | 26,420 | 499,338 | ||||||
Collegium Pharmaceutical, Inc.† | 14,935 | 171,902 | ||||||
Concert Pharmaceuticals, Inc.† | 10,836 | 110,419 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 27,829 | 195,081 | ||||||
Corcept Therapeutics, Inc.†# | 49,715 | 486,213 | ||||||
Corium International, Inc.†#(1) | 14,912 | 2,684 | ||||||
Corvus Pharmaceuticals, Inc.†# | 7,058 | 26,609 | ||||||
Cyclerion Therapeutics, Inc.† | 7,160 | 99,882 | ||||||
Cytokinetics, Inc.† | 23,401 | 242,668 | ||||||
Dova Pharmaceuticals, Inc.†# | 5,995 | 52,876 | ||||||
Durect Corp.† | 79,775 | 43,573 | ||||||
Eagle Pharmaceuticals, Inc.†# | 5,378 | 273,256 | ||||||
Eloxx Pharmaceuticals, Inc.†# | 11,415 | 102,621 | ||||||
Enanta Pharmaceuticals, Inc.† | 8,526 | 771,347 | ||||||
Fortress Biotech, Inc.†# | 18,568 | 32,123 | ||||||
Global Blood Therapeutics, Inc.†# | 27,248 | 1,656,133 | ||||||
Gritstone Oncology, Inc.†# | 3,522 | 32,790 | ||||||
Harpoon Therapeutics, Inc.†# | 1,306 | 15,711 | ||||||
Horizon Therapeutics PLC† | 91,724 | 2,185,783 | ||||||
Insys Therapeutics, Inc.†# | 13,681 | 10,363 | ||||||
Intellia Therapeutics, Inc.†# | 16,909 | 234,697 | ||||||
Intra-Cellular Therapies, Inc.† | 22,796 | 296,120 | ||||||
Ironwood Pharmaceuticals, Inc.†# | 71,599 | 782,577 | ||||||
Jounce Therapeutics, Inc.† | 8,024 | 35,707 | ||||||
Kadmon Holdings, Inc.†# | 50,747 | 112,658 | ||||||
Kala Pharmaceuticals, Inc.†# | 8,152 | 45,081 | ||||||
Kura Oncology, Inc.†# | 14,400 | 230,256 | ||||||
Lannett Co., Inc.† | 15,142 | 79,647 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 3,530 | 326,172 | ||||||
Mallinckrodt PLC†# | 41,897 | 364,085 |
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Marinus Pharmaceuticals, Inc.†# | 24,018 | $ | 103,518 | |||||
MediciNova, Inc.†# | 20,287 | 201,247 | ||||||
Melinta Therapeutics, Inc.†# | 3,535 | 7,530 | ||||||
Minerva Neurosciences, Inc.† | 15,579 | 81,167 | ||||||
MyoKardia, Inc.†# | 17,315 | 806,533 | ||||||
Neos Therapeutics, Inc.†# | 24,143 | 34,524 | ||||||
Ocular Therapeutix, Inc.†# | 18,097 | 52,481 | ||||||
Odonate Therapeutics, Inc.†# | 3,452 | 74,183 | ||||||
Optinose, Inc.†# | 9,768 | 74,139 | ||||||
Pacira BioSciences, Inc.† | 20,308 | 883,601 | ||||||
Paratek Pharmaceuticals, Inc.†# | 16,378 | 59,452 | ||||||
Phibro Animal Health Corp., Class A | 10,362 | 306,508 | ||||||
Prestige Consumer Healthcare, Inc.†# | 26,483 | 768,801 | ||||||
Principia Biopharma, Inc.† | 2,907 | 85,059 | ||||||
Progenics Pharmaceuticals, Inc.†# | 42,936 | 179,902 | ||||||
Ra Pharmaceuticals, Inc.† | 9,571 | 207,021 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 9,619 | 820,212 | ||||||
Rhythm Pharmaceuticals, Inc.† | 7,748 | 195,172 | ||||||
scPharmaceuticals, Inc.†# | 3,462 | 11,771 | ||||||
Seres Therapeutics, Inc.†# | 10,480 | 35,737 | ||||||
SIGA Technologies, Inc.†# | 26,848 | 143,368 | ||||||
Spectrum Pharmaceuticals, Inc.† | 51,319 | 377,708 | ||||||
Spero Therapeutics, Inc.† | 4,057 | 45,682 | ||||||
Spring Bank Pharmaceuticals, Inc.†# | 7,051 | 39,556 | ||||||
Supernus Pharmaceuticals, Inc.† | 24,923 | 748,438 | ||||||
Sutro Biopharma, Inc.†# | 3,253 | 37,247 | ||||||
Syros Pharmaceuticals, Inc.† | 12,875 | 75,962 | ||||||
Tetraphase Pharmaceuticals, Inc.† | 27,268 | 22,063 | ||||||
TG Therapeutics, Inc.†# | 31,965 | 200,421 | ||||||
TherapeuticsMD, Inc.†# | 93,957 | 287,508 | ||||||
Tricida, Inc.†# | 9,111 | 334,738 | ||||||
Vanda Pharmaceuticals, Inc.† | 26,134 | 383,647 | ||||||
Verrica Pharmaceuticals, Inc.†# | 5,476 | 39,044 | ||||||
Voyager Therapeutics, Inc.†# | 10,918 | 238,122 | ||||||
Xeris Pharmaceuticals, Inc.†# | 10,422 | 114,329 | ||||||
Zogenix, Inc.†# | 21,361 | 805,096 | ||||||
24,508,785 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 44,241 | 333,577 | ||||||
Arvinas, Inc.† | 3,956 | 82,759 | ||||||
Endo International PLC† | 114,047 | 564,533 | ||||||
Kodiak Sciences, Inc.†# | 4,829 | 47,711 | ||||||
Momenta Pharmaceuticals, Inc.† | 49,564 | 576,429 | ||||||
Teligent, Inc.†# | 20,934 | 13,609 | ||||||
Unum Therapeutics, Inc.† | 9,809 | 30,604 | ||||||
1,649,222 | ||||||||
Medical- HMO — 0.2% |
| |||||||
Magellan Health, Inc.† | 12,340 | 814,810 | ||||||
Tivity Health, Inc.†# | 24,165 | 442,219 | ||||||
Triple-S Management Corp., Class B† | 11,067 | 271,142 | ||||||
1,528,171 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Community Health Systems, Inc.†# | 43,606 | 115,992 | ||||||
Quorum Health Corp.†# | 15,214 | 26,777 | ||||||
Select Medical Holdings Corp.† | 55,190 | 775,419 | ||||||
Surgery Partners, Inc.† | 9,474 | 81,192 | ||||||
Tenet Healthcare Corp.† | 42,606 | 850,416 | ||||||
1,849,796 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 25,341 | 1,349,662 | ||||||
Genesis Healthcare, Inc.†# | 29,063 | 32,841 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Nursing Homes (continued) |
| |||||||
National HealthCare Corp. | 6,175 | $ | 479,612 | |||||
1,862,115 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Addus HomeCare Corp.† | 4,938 | 337,660 | ||||||
Amedisys, Inc.† | 13,610 | 1,528,539 | ||||||
LHC Group, Inc.† | 15,006 | 1,699,880 | ||||||
Providence Service Corp.† | 5,675 | 367,059 | ||||||
3,933,138 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Diplomat Pharmacy, Inc.†# | 28,892 | 133,481 | ||||||
Owens & Minor, Inc. | 31,089 | 83,629 | ||||||
217,110 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
AZZ, Inc. | 13,178 | 554,530 | ||||||
CIRCOR International, Inc.† | 8,274 | 349,659 | ||||||
Global Brass & Copper Holdings, Inc. | 11,073 | 483,115 | ||||||
Lawson Products, Inc.† | 3,401 | 124,749 | ||||||
LB Foster Co., Class A† | 5,072 | 122,590 | ||||||
Mueller Industries, Inc. | 28,859 | 777,750 | ||||||
RBC Bearings, Inc.† | 12,164 | 1,730,937 | ||||||
Rexnord Corp.† | 53,219 | 1,400,192 | ||||||
Sun Hydraulics Corp. | 14,722 | 614,644 | ||||||
6,158,166 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 4,688 | 58,038 | ||||||
Ryerson Holding Corp.† | 8,104 | 62,563 | ||||||
Worthington Industries, Inc. | 20,774 | 709,224 | ||||||
829,825 | ||||||||
Metal Products - Fasteners — 0.1% |
| |||||||
Eastern Co. | 2,776 | 67,512 | ||||||
TriMas Corp.† | 23,332 | 668,462 | ||||||
735,974 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.†# | 25,424 | 142,120 | ||||||
Kaiser Aluminum Corp. | 8,205 | 731,230 | ||||||
873,350 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.# | 148,975 | 1,296,083 | ||||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
FreightCar America, Inc.†# | 6,078 | 36,650 | ||||||
Hillenbrand, Inc. | 31,960 | 1,189,871 | ||||||
John Bean Technologies Corp. | 15,938 | 1,634,442 | ||||||
2,860,963 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 17,476 | 135,089 | ||||||
IMAX Corp.† | 27,301 | 594,070 | ||||||
729,159 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,436 | 246,867 | ||||||
Multimedia — 0.1% |
| |||||||
E.W. Scripps Co., Class A | 22,879 | 348,218 | ||||||
Entravision Communications Corp., Class A | 32,781 | 96,376 | ||||||
Liberty Media Corp. - Liberty Braves, Series A† | 5,061 | 134,319 |
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Multimedia (continued) |
| |||||||
Liberty Media Corp. - Liberty Braves, Series C† | 18,144 | $ | 482,812 | |||||
Media General, Inc. CVR†#(1) | 61,443 | 0 | ||||||
1,061,725 | ||||||||
Networking Products — 0.1% |
| |||||||
A10 Networks, Inc.† | 26,534 | 161,592 | ||||||
Calix, Inc.† | 22,764 | 137,722 | ||||||
Extreme Networks, Inc.† | 58,857 | 331,365 | ||||||
Infinera Corp.† | 76,778 | 238,780 | ||||||
NeoPhotonics Corp.† | 18,182 | 70,728 | ||||||
NETGEAR, Inc.† | 15,904 | 400,781 | ||||||
1,340,968 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 4,613 | 75,007 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Energy Fuels, Inc.†# | 43,343 | 117,893 | ||||||
Uranium Energy Corp.†# | 88,661 | 119,692 | ||||||
237,585 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Advanced Disposal Services, Inc.† | 36,891 | 1,185,677 | ||||||
Casella Waste Systems, Inc., Class A† | 22,144 | 857,415 | ||||||
Charah Solutions, Inc.†# | 4,350 | 20,271 | ||||||
Covanta Holding Corp. | 59,851 | 1,009,088 | ||||||
3,072,451 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Pitney Bowes, Inc. | 95,786 | 349,619 | ||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 840 | 12,885 | ||||||
Herman Miller, Inc. | 29,908 | 1,061,435 | ||||||
HNI Corp. | 22,099 | 732,803 | ||||||
Interface, Inc. | 30,066 | 435,055 | ||||||
Kimball International, Inc., Class B | 18,217 | 281,270 | ||||||
Knoll, Inc. | 24,648 | 484,087 | ||||||
Steelcase, Inc., Class A | 43,666 | 700,403 | ||||||
3,707,938 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 51,805 | 380,767 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 32,990 | 259,632 | ||||||
Noble Corp. PLC†# | 125,579 | 243,623 | ||||||
Quintana Energy Services, Inc.† | 3,168 | 8,395 | ||||||
511,650 | ||||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Abraxas Petroleum Corp.† | 80,912 | 77,279 | ||||||
Alta Mesa Resources, Inc., Class A†# | 50,718 | 7,349 | ||||||
Approach Resources, Inc.†# | 22,926 | 4,902 | ||||||
Berry Petroleum Corp.# | 28,206 | 303,214 | ||||||
Bonanza Creek Energy, Inc.† | 9,593 | 187,351 | ||||||
California Resources Corp.†# | 23,002 | 372,632 | ||||||
Callon Petroleum Co.†# | 116,249 | 726,556 | ||||||
Carrizo Oil & Gas, Inc.†# | 44,503 | 453,041 | ||||||
Denbury Resources, Inc.†# | 234,002 | 336,963 | ||||||
DLB Oil & Gas, Inc.†(1) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A† | 9,811 | 53,666 | ||||||
Evolution Petroleum Corp. | 12,964 | 79,210 | ||||||
Goodrich Petroleum Corp.† | 4,513 | 52,215 | ||||||
Gulfport Energy Corp.† | 88,927 | 486,431 | ||||||
Halcon Resources Corp.†# | 67,929 | 14,523 | ||||||
HighPoint Resources Corp.† | 55,354 | 103,512 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Isramco, Inc.† | 377 | $ | 44,757 | |||||
Jagged Peak Energy, Inc.†# | 32,680 | 271,244 | ||||||
Laredo Petroleum, Inc.† | 79,182 | 209,040 | ||||||
Lilis Energy, Inc.†# | 22,638 | 16,526 | ||||||
Mammoth Energy Services, Inc.# | 6,365 | 66,833 | ||||||
Matador Resources Co.†# | 53,649 | 881,990 | ||||||
Midstates Petroleum Co., Inc.† | 7,629 | 51,038 | ||||||
Montage Resources Corp.† | 2,986 | 23,321 | ||||||
Northern Oil and Gas, Inc.†# | 98,985 | 196,980 | ||||||
Oasis Petroleum, Inc.† | 137,187 | 713,372 | ||||||
Panhandle Oil and Gas, Inc., Class A | 8,023 | 106,305 | ||||||
PDC Energy, Inc.† | 33,739 | 1,029,714 | ||||||
Penn Virginia Corp.†# | 6,318 | 192,699 | ||||||
Ring Energy, Inc.† | 29,139 | 103,152 | ||||||
Rosehill Resources, Inc.†# | 1,243 | 3,841 | ||||||
SandRidge Energy, Inc.† | 15,603 | 107,505 | ||||||
SilverBow Resources, Inc.† | 3,607 | 51,472 | ||||||
Southwestern Energy Co.†# | 300,181 | 1,077,650 | ||||||
SRC Energy, Inc.†# | 123,157 | 583,764 | ||||||
Talos Energy, Inc.† | 10,256 | 239,375 | ||||||
Tellurian, Inc.†# | 43,337 | 333,262 | ||||||
Ultra Petroleum Corp.†# | 81,042 | 29,945 | ||||||
Unit Corp.† | 26,642 | 256,296 | ||||||
W&T Offshore, Inc.† | 47,332 | 198,794 | ||||||
Zion Oil & Gas, Inc.†# | 27,741 | 12,478 | ||||||
10,060,197 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 18,179 | 749,884 | ||||||
Exterran Corp.† | 16,493 | 227,603 | ||||||
Flotek Industries, Inc.† | 28,009 | 85,147 | ||||||
Forum Energy Technologies, Inc.† | 41,244 | 157,552 | ||||||
Natural Gas Services Group, Inc.† | 6,352 | 96,741 | ||||||
Smart Sand, Inc.† | 11,325 | 37,712 | ||||||
Thermon Group Holdings, Inc.† | 16,494 | 362,538 | ||||||
US Silica Holdings, Inc.# | 39,867 | 413,820 | ||||||
2,130,997 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Adams Resources & Energy, Inc. | 1,101 | 37,489 | ||||||
CVR Energy, Inc. | 9,297 | 394,844 | ||||||
Delek US Holdings, Inc. | 41,491 | 1,270,039 | ||||||
Murphy USA, Inc.† | 15,315 | 1,229,182 | ||||||
Par Pacific Holdings, Inc.† | 16,214 | 317,794 | ||||||
Trecora Resources† | 10,552 | 100,033 | ||||||
3,349,381 | ||||||||
Oil- Field Services — 0.8% |
| |||||||
Archrock, Inc. | 64,737 | 574,217 | ||||||
Basic Energy Services, Inc.† | 9,765 | 18,651 | ||||||
C&J Energy Services, Inc.† | 32,321 | 382,681 | ||||||
CARBO Ceramics, Inc.†# | 10,488 | 15,103 | ||||||
DMC Global, Inc. | 7,267 | 491,540 | ||||||
Era Group, Inc.† | 10,272 | 75,499 | ||||||
Frank’s International NV†# | 37,265 | 212,038 | ||||||
FTS International, Inc.† | 16,561 | 101,850 | ||||||
Helix Energy Solutions Group, Inc.† | 71,629 | 484,212 | ||||||
Independence Contract Drilling, Inc.† | 24,807 | 49,366 | ||||||
ION Geophysical Corp.†# | 5,411 | 36,741 | ||||||
Keane Group, Inc.† | 26,036 | 191,104 | ||||||
Key Energy Services, Inc.†# | 5,202 | 8,843 | ||||||
KLX Energy Services Holdings, Inc.† | 10,238 | 201,689 | ||||||
Liberty Oilfield Services, Inc., Class A# | 22,545 | 287,449 | ||||||
Matrix Service Co.† | 13,474 | 243,879 | ||||||
McDermott International, Inc.†# | 91,336 | 551,669 |
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil- Field Services (continued) |
| |||||||
MRC Global, Inc.† | 42,783 | $ | 633,188 | |||||
NCS Multistage Holdings, Inc.† | 4,977 | 13,289 | ||||||
Newpark Resources, Inc.† | 45,377 | 317,185 | ||||||
Nine Energy Service, Inc.† | 7,560 | 127,764 | ||||||
NOW, Inc.† | 54,918 | 715,582 | ||||||
Nuverra Environmental Solutions, Inc.† | 866 | 3,343 | ||||||
Oceaneering International, Inc.† | 50,333 | 825,461 | ||||||
Oil States International, Inc.† | 30,350 | 505,024 | ||||||
Pioneer Energy Services Corp.† | 38,828 | 12,231 | ||||||
Profire Energy, Inc.† | 12,173 | 18,259 | ||||||
ProPetro Holding Corp.† | 36,086 | 700,790 | ||||||
Select Energy Services, Inc., Class A† | 23,367 | 250,027 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A# | 13,644 | 194,154 | ||||||
Superior Energy Services, Inc.† | 78,077 | 126,485 | ||||||
TETRA Technologies, Inc.† | 61,970 | 95,434 | ||||||
8,464,747 | ||||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.† | 22,374 | 518,406 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 8,224 | 132,489 | ||||||
Neenah, Inc. | 8,489 | 485,231 | ||||||
P.H. Glatfelter Co. | 22,119 | 322,495 | ||||||
Schweitzer-Mauduit International, Inc. | 15,639 | 489,344 | ||||||
Verso Corp., Class A† | 17,550 | 302,211 | ||||||
1,731,770 | ||||||||
Pastoral & Agricultural — 0.2% |
| |||||||
Darling Ingredients, Inc.† | 83,441 | 1,577,035 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.† | 17,867 | 564,955 | ||||||
Pharmacy Services — 0.0% |
| |||||||
BioScrip, Inc.† | 64,404 | 133,316 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
AAC Holdings, Inc.†# | 6,701 | 6,031 | ||||||
U.S. Physical Therapy, Inc. | 6,346 | 708,912 | ||||||
714,943 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Apollo Medical Holdings, Inc.†# | 1,729 | 30,845 | ||||||
Pipelines — 0.1% |
| |||||||
NextDecade Corp.†# | 3,983 | 21,628 | ||||||
SemGroup Corp., Class A | 40,277 | 507,893 | ||||||
529,521 | ||||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp.† | 15,439 | 136,635 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc.# | 10,084 | 1,378,584 | ||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Energous Corp.†# | 12,152 | 50,066 | ||||||
Generac Holdings, Inc.† | 30,877 | 1,702,866 | ||||||
Powell Industries, Inc. | 4,501 | 154,924 | ||||||
SunPower Corp.†# | 31,358 | 233,931 | ||||||
Vicor Corp.† | 8,889 | 269,426 | ||||||
2,411,213 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.†# | 96,390 | 273,747 | ||||||
Hecla Mining Co.# | 233,286 | 305,605 | ||||||
579,352 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Printing - Commercial — 0.2% |
| |||||||
Cimpress NV†# | 11,212 | $ | 981,050 | |||||
Ennis, Inc. | 13,046 | 241,612 | ||||||
LSC Communications, Inc. | 16,687 | 80,932 | ||||||
Quad/Graphics, Inc.# | 15,906 | 133,133 | ||||||
RR Donnelley & Sons Co. | 35,954 | 79,818 | ||||||
1,516,545 | ||||||||
Private Equity — 0.2% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 63,788 | 1,310,843 | ||||||
NexPoint Residential Trust, Inc. | 9,584 | 384,127 | ||||||
1,694,970 | ||||||||
Protection/Safety — 0.0% |
| |||||||
ShotSpotter, Inc.†# | 3,733 | 171,718 | ||||||
Publishing - Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.† | 52,676 | 297,093 | ||||||
Scholastic Corp. | 14,491 | 479,507 | ||||||
Tribune Publishing Co†. | 8,771 | 86,131 | ||||||
862,731 | ||||||||
Publishing - Newspapers — 0.3% |
| |||||||
Gannett Co., Inc. | 57,670 | 453,286 | ||||||
New York Times Co., Class A | 66,882 | 2,128,185 | ||||||
2,581,471 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp. | 20,077 | 1,039,386 | ||||||
Value Line, Inc. | 551 | 13,439 | ||||||
1,052,825 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc.# | 17,350 | 885,024 | ||||||
Racetracks — 0.3% |
| |||||||
Churchill Downs, Inc. | 17,986 | 1,773,060 | ||||||
Empire Resorts, Inc.† | 1,888 | 23,053 | ||||||
International Speedway Corp., Class A | 11,954 | 535,061 | ||||||
Penn National Gaming, Inc.† | 55,957 | 1,054,789 | ||||||
Speedway Motorsports, Inc. | 5,829 | 105,855 | ||||||
3,491,818 | ||||||||
Radio — 0.0% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 4,053 | 12,848 | ||||||
Entercom Communications Corp., Class A# | 65,174 | 377,358 | ||||||
Saga Communications, Inc., Class A | 1,942 | 56,512 | ||||||
446,718 | ||||||||
Real Estate Investment Trusts — 8.1% |
| |||||||
Acadia Realty Trust | 41,013 | 1,121,706 | ||||||
AG Mtg. Investment Trust, Inc. | 14,579 | 224,808 | ||||||
Agree Realty Corp. | 17,062 | 1,142,301 | ||||||
Alexander & Baldwin, Inc. | 34,767 | 802,075 | ||||||
Alexander’s, Inc. | 1,084 | 398,912 | ||||||
American Assets Trust, Inc. | 19,596 | 889,462 | ||||||
Americold Realty Trust# | 80,381 | 2,515,925 | ||||||
Anworth Mtg. Asset Corp. | 49,573 | 187,882 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 69,866 | 1,284,137 | ||||||
Arbor Realty Trust, Inc.# | 37,248 | 458,523 | ||||||
Ares Commercial Real Estate Corp. | 13,639 | 200,221 | ||||||
Arlington Asset Investment Corp., Class A# | 15,151 | 101,360 | ||||||
Armada Hoffler Properties, Inc. | 25,131 | 414,662 | ||||||
ARMOUR Residential REIT, Inc. | 26,026 | 452,852 | ||||||
Ashford Hospitality Trust, Inc. | 44,308 | 197,614 | ||||||
Blackstone Mtg. Trust, Inc., Class A# | 58,187 | 2,051,674 | ||||||
Bluerock Residential Growth REIT, Inc. | 12,164 | 139,156 | ||||||
Braemar Hotels & Resorts, Inc. | 14,891 | 155,462 |
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
BRT Apartments Corp. | 4,962 | $ | 62,620 | |||||
Capstead Mtg. Corp. | 43,212 | 341,807 | ||||||
CareTrust REIT, Inc. | 42,381 | 1,030,282 | ||||||
CatchMark Timber Trust, Inc., Class A | 25,001 | 235,259 | ||||||
CBL & Associates Properties, Inc.# | 86,208 | 70,199 | ||||||
Cedar Realty Trust, Inc. | 45,030 | 127,435 | ||||||
Chatham Lodging Trust | 23,355 | 444,679 | ||||||
Cherry Hill Mtg. Investment Corp. | 8,250 | 134,475 | ||||||
Chesapeake Lodging Trust | 30,200 | 868,854 | ||||||
City Office REIT, Inc. | 19,768 | 233,065 | ||||||
Clipper Realty, Inc. | 7,565 | 96,605 | ||||||
Colony Credit Real Estate, Inc. | 42,751 | 650,243 | ||||||
Community Healthcare Trust, Inc. | 9,042 | 353,814 | ||||||
CoreCivic, Inc. | 60,470 | 1,324,293 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 6,054 | 233,624 | ||||||
CorePoint Lodging, Inc. | 21,062 | 255,271 | ||||||
Cousins Properties, Inc. | 214,096 | 1,937,569 | ||||||
DiamondRock Hospitality Co. | 105,548 | 1,045,981 | ||||||
Dynex Capital, Inc.# | 34,966 | 192,313 | ||||||
Easterly Government Properties, Inc. | 30,818 | 567,359 | ||||||
EastGroup Properties, Inc. | 17,910 | 1,988,010 | ||||||
Essential Properties Realty Trust, Inc. | 18,120 | 385,231 | ||||||
Exantas Capital Corp. | 15,454 | 168,449 | ||||||
Farmland Partners, Inc.# | 15,332 | 94,905 | ||||||
First Industrial Realty Trust, Inc. | 63,417 | 2,201,204 | ||||||
Four Corners Property Trust, Inc. | 34,488 | 991,875 | ||||||
Franklin Street Properties Corp. | 53,077 | 384,278 | ||||||
Front Yard Residential Corp. | 25,107 | 287,224 | ||||||
GEO Group, Inc. | 61,185 | 1,341,787 | ||||||
Getty Realty Corp. | 16,674 | 516,227 | ||||||
Gladstone Commercial Corp. | 14,596 | 307,538 | ||||||
Gladstone Land Corp.# | 7,363 | 91,301 | ||||||
Global Medical REIT, Inc. | 11,496 | 122,547 | ||||||
Global Net Lease, Inc. | 38,991 | 717,824 | ||||||
Granite Point Mtg. Trust, Inc. | 25,721 | 478,153 | ||||||
Great Ajax Corp.# | 8,180 | 103,886 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 30,290 | 784,814 | ||||||
Healthcare Realty Trust, Inc. | 63,129 | 2,035,279 | ||||||
Hersha Hospitality Trust | 18,126 | 309,048 | ||||||
Independence Realty Trust, Inc. | 45,402 | 498,514 | ||||||
Industrial Logistics Properties Trust | 32,900 | 620,494 | ||||||
Innovative Industrial Properties, Inc.# | 4,710 | 395,781 | ||||||
Invesco Mtg. Capital, Inc. | 65,425 | 1,006,891 | ||||||
Investors Real Estate Trust | 6,105 | 353,418 | ||||||
iStar, Inc.# | 33,130 | 364,761 | ||||||
Jernigan Capital, Inc. | 9,632 | 203,428 | ||||||
Kite Realty Group Trust | 42,126 | 640,315 | ||||||
KKR Real Estate Finance Trust, Inc. | 10,936 | 216,314 | ||||||
Ladder Capital Corp. | 46,976 | 746,918 | ||||||
Lexington Realty Trust | 107,994 | 990,305 | ||||||
LTC Properties, Inc. | 20,028 | 896,253 | ||||||
Mack-Cali Realty Corp. | 46,065 | 1,046,597 | ||||||
Monmouth Real Estate Investment Corp. | 45,398 | 632,848 | ||||||
National Health Investors, Inc. | 20,818 | 1,635,254 | ||||||
National Storage Affiliates Trust | 28,821 | 858,578 | ||||||
New Senior Investment Group, Inc. | 37,992 | 250,367 | ||||||
New York Mortgage Trust, Inc.# | 86,615 | 523,155 | ||||||
NorthStar Realty Europe Corp. | 22,743 | 374,577 | ||||||
Office Properties Income Trust | 24,269 | 580,272 | ||||||
One Liberty Properties, Inc. | 7,721 | 220,357 | ||||||
Orchid Island Capital, Inc.# | 24,915 | 151,483 | ||||||
Pebblebrook Hotel Trust | 66,104 | 1,839,674 | ||||||
Pennsylvania Real Estate Investment Trust# | 35,024 | 224,504 | ||||||
PennyMac Mtg. Investment Trust | 30,507 | 634,546 | ||||||
Physicians Realty Trust | 93,001 | 1,702,848 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Piedmont Office Realty Trust, Inc., Class A | 64,251 | $ | 1,306,223 | |||||
PotlatchDeltic Corp. | 33,759 | 1,135,990 | ||||||
Preferred Apartment Communities, Inc., Class A# | 20,849 | 327,329 | ||||||
PS Business Parks, Inc. | 10,136 | 1,631,085 | ||||||
QTS Realty Trust, Inc., Class A | 25,938 | 1,197,558 | ||||||
Ready Capital Corp. | 15,027 | 218,943 | ||||||
Redwood Trust, Inc. | 48,625 | 774,596 | ||||||
Retail Opportunity Investments Corp. | 57,194 | 957,428 | ||||||
Rexford Industrial Realty, Inc. | 46,980 | 1,775,844 | ||||||
RLJ Lodging Trust | 88,531 | 1,520,077 | ||||||
RPT Realty# | 40,389 | 491,534 | ||||||
Ryman Hospitality Properties, Inc. | 22,772 | 1,820,621 | ||||||
Sabra Health Care REIT, Inc. | 90,578 | 1,747,250 | ||||||
Saul Centers, Inc. | 6,006 | 322,462 | ||||||
Seritage Growth Properties, Class A# | 16,630 | 695,467 | ||||||
Spirit MTA REIT | 21,909 | 154,020 | ||||||
STAG Industrial, Inc. | 49,821 | 1,453,777 | ||||||
Summit Hotel Properties, Inc. | 52,647 | 601,755 | ||||||
Sunstone Hotel Investors, Inc. | 116,188 | 1,559,243 | ||||||
Tanger Factory Outlet Centers, Inc.# | 46,785 | 793,474 | ||||||
Terreno Realty Corp. | 30,581 | 1,397,858 | ||||||
Tier REIT, Inc. | 27,306 | 735,078 | ||||||
TPG RE Finance Trust, Inc. | 17,893 | 343,009 | ||||||
UMH Properties, Inc. | 17,185 | 228,732 | ||||||
Universal Health Realty Income Trust | 6,525 | 534,854 | ||||||
Urban Edge Properties | 55,698 | 960,791 | ||||||
Urstadt Biddle Properties, Inc., Class A | 15,051 | 329,316 | ||||||
Washington Prime Group, Inc.# | 95,160 | 390,156 | ||||||
Washington Real Estate Investment Trust | 40,738 | 1,084,038 | ||||||
Western Asset Mtg. Capital Corp. | 23,809 | 230,709 | ||||||
Whitestone REIT# | 19,430 | 246,178 | ||||||
Xenia Hotels & Resorts, Inc. | 57,367 | 1,199,544 | ||||||
82,027,450 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Cushman & Wakefield PLC† | 32,406 | 546,365 | ||||||
HFF, Inc., Class A | 19,112 | 825,256 | ||||||
Marcus & Millichap, Inc.† | 9,898 | 302,285 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,452 | 35,625 | ||||||
Newmark Group, Inc., Class A | 76,044 | 606,831 | ||||||
RE/MAX Holdings, Inc., Class A | 9,077 | 268,861 | ||||||
Redfin Corp.†# | 40,305 | 635,207 | ||||||
RMR Group, Inc., Class A | 3,585 | 172,869 | ||||||
Safehold, Inc. | 4,026 | 109,869 | ||||||
3,503,168 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
American Realty Investors, Inc.†# | 1,053 | 12,141 | ||||||
Consolidated-Tomoka Land Co. | 1,924 | 115,055 | ||||||
Forestar Group, Inc.† | 5,367 | 96,123 | ||||||
FRP Holdings, Inc.† | 3,602 | 167,565 | ||||||
Griffin Industrial Realty, Inc. | 424 | 15,752 | ||||||
Legacy Housing Corp.†# | 2,363 | 30,530 | ||||||
McGrath RentCorp | 12,272 | 690,055 | ||||||
Stratus Properties, Inc.† | 2,987 | 83,935 | ||||||
Transcontinental Realty Investors, Inc.† | 852 | 23,438 | ||||||
Trinity Place Holdings, Inc.† | 8,929 | 36,430 | ||||||
1,271,024 | ||||||||
Recreational Centers — 0.3% |
| |||||||
Planet Fitness, Inc., Class A† | 45,028 | 3,443,291 | ||||||
Town Sports International Holdings, Inc.† | 7,373 | 18,949 | ||||||
3,462,240 | ||||||||
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A# | 16,499 | $ | 173,735 | |||||
Malibu Boats, Inc., Class A† | 10,572 | 379,535 | ||||||
MasterCraft Boat Holdings, Inc.† | 9,384 | 186,366 | ||||||
739,636 | ||||||||
Rental Auto/Equipment — 0.4% |
| |||||||
Aaron’s, Inc. | 35,246 | 1,877,202 | ||||||
Avis Budget Group, Inc.† | 33,192 | 941,325 | ||||||
CAI International, Inc.† | 8,762 | 197,320 | ||||||
Herc Holdings, Inc.† | 12,225 | 416,017 | ||||||
Hertz Global Holdings, Inc.† | 27,911 | 392,708 | ||||||
Rent-A-Center, Inc.† | 22,584 | 538,854 | ||||||
Textainer Group Holdings, Ltd.† | 13,878 | 128,510 | ||||||
4,491,936 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 19,809 | 1,780,829 | ||||||
SeaWorld Entertainment, Inc.† | 27,952 | 894,464 | ||||||
2,675,293 | ||||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Abercrombie & Fitch Co., Class A | 33,600 | 581,280 | ||||||
American Eagle Outfitters, Inc. | 82,120 | 1,428,888 | ||||||
Ascena Retail Group, Inc.† | 89,136 | 93,593 | ||||||
Boot Barn Holdings, Inc.† | 14,252 | 372,405 | ||||||
Buckle, Inc. | 14,662 | 220,663 | ||||||
Caleres, Inc. | 21,427 | 404,113 | ||||||
Cato Corp., Class A | 11,324 | 140,304 | ||||||
Chico’s FAS, Inc. | 63,307 | 213,345 | ||||||
Children’s Place, Inc.# | 8,003 | 741,558 | ||||||
Designer Brands, Inc. | 34,966 | 632,535 | ||||||
Duluth Holdings, Inc., Class B†# | 4,200 | 62,790 | ||||||
Express, Inc.† | 34,070 | 102,551 | ||||||
Francesca’s Holdings Corp.†# | 17,728 | 8,447 | ||||||
Genesco, Inc.† | 10,030 | 451,149 | ||||||
Guess?, Inc. | 29,316 | 474,040 | ||||||
J. Jill, Inc.# | 8,362 | 12,376 | ||||||
RTW RetailWinds, Inc.† | 14,888 | 28,436 | ||||||
Shoe Carnival, Inc.# | 5,157 | 132,483 | ||||||
Tailored Brands, Inc.# | 25,286 | 133,004 | ||||||
Tilly’s, Inc., Class A | 10,441 | 81,440 | ||||||
Vera Bradley, Inc.† | 11,228 | 122,947 | ||||||
Winmark Corp. | 1,285 | 211,819 | ||||||
6,650,166 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 10,003 | 179,554 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America’sCar-Mart, Inc.† | 2,937 | 252,876 | ||||||
Asbury Automotive Group, Inc.† | 9,877 | 732,775 | ||||||
Carvana Co.†# | 16,483 | 954,036 | ||||||
Group 1 Automotive, Inc. | 9,398 | 678,441 | ||||||
Lithia Motors, Inc., Class A# | 11,319 | 1,292,064 | ||||||
Rush Enterprises, Inc., Class A | 15,299 | 539,596 | ||||||
Rush Enterprises, Inc., Class B | 2,239 | 80,425 | ||||||
Sonic Automotive, Inc., Class A# | 12,203 | 212,698 | ||||||
4,742,911 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 67,083 | 851,283 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 19,814 | 62,810 | ||||||
Barnes & Noble, Inc.# | 30,346 | 133,219 | ||||||
196,029 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Building Products — 0.3% |
| |||||||
At Home Group, Inc.†# | 22,850 | $ | 435,293 | |||||
Beacon Roofing Supply, Inc.† | 34,708 | 1,199,508 | ||||||
BMC Stock Holdings, Inc.† | 34,312 | 687,269 | ||||||
Foundation Building Materials, Inc.† | 7,505 | 113,851 | ||||||
GMS, Inc.† | 16,580 | 279,207 | ||||||
Tile Shop Holdings, Inc. | 20,465 | 85,544 | ||||||
2,800,672 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,810 | 184,409 | ||||||
Retail - Discount — 0.5% |
| |||||||
Big Lots, Inc. | 20,445 | 564,282 | ||||||
BJ’s Wholesale Club Holdings, Inc.† | 64,947 | 1,622,376 | ||||||
Citi Trends, Inc. | 6,105 | 83,516 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 25,308 | 2,498,406 | ||||||
4,768,580 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
Rite Aid Corp.†# | 27,102 | 207,601 | ||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 14,486 | 138,921 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 15,719 | 293,002 | ||||||
Retail - Home Furnishings — 0.2% |
| |||||||
Bassett Furniture Industries, Inc. | 5,143 | 75,551 | ||||||
Haverty Furniture Cos., Inc. | 9,453 | 164,577 | ||||||
Kirkland’s, Inc.† | 7,560 | 30,467 | ||||||
La-Z-Boy, Inc. | 23,765 | 764,995 | ||||||
Lovesac Co.† | 2,896 | 104,401 | ||||||
Pier 1 Imports, Inc.†# | 41,599 | 24,119 | ||||||
RH† | 9,676 | 823,911 | ||||||
1,988,021 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Movado Group, Inc. | 8,008 | 206,286 | ||||||
Signet Jewelers, Ltd.# | 26,436 | 498,583 | ||||||
704,869 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 11,214 | 174,714 | ||||||
Party City Holdco, Inc.†# | 28,853 | 227,939 | ||||||
402,653 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
J.C. Penney Co., Inc.†# | 159,829 | 135,855 | ||||||
Retail - Misc./Diversified — 0.6% |
| |||||||
Container Store Group, Inc.† | 8,122 | 57,098 | ||||||
Five Below, Inc.† | 27,813 | 3,580,368 | ||||||
Gaia, Inc.†# | 5,729 | 42,567 | ||||||
GameStop Corp., Class A# | 51,040 | 386,883 | ||||||
Hudson, Ltd., Class A† | 20,250 | 274,995 | ||||||
PriceSmart, Inc. | 11,259 | 547,187 | ||||||
Sally Beauty Holdings, Inc.†# | 61,363 | 931,490 | ||||||
5,820,588 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 277,344 | 543,594 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
EZCORP, Inc., Class A† | 25,975 | 228,060 | ||||||
FirstCash, Inc. | 21,747 | 2,059,876 | ||||||
2,287,936 | ||||||||
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail- Pet Food & Supplies — 0.1% |
| |||||||
Freshpet, Inc.† | 13,357 | $ | 620,700 | |||||
PetIQ, Inc.†# | 8,018 | 210,312 | ||||||
PetMed Express, Inc. | 10,160 | 177,495 | ||||||
1,008,507 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 34,110 | 993,965 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A | 5,659 | 320,639 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Biglari Holdings, Inc., Class A† | 52 | 25,454 | ||||||
Biglari Holdings, Inc., Class B† | 478 | 43,307 | ||||||
BJ’s Restaurants, Inc. | 10,657 | 446,422 | ||||||
Bloomin’ Brands, Inc. | 42,228 | 815,423 | ||||||
Brinker International, Inc.# | 19,103 | 717,700 | ||||||
Cannae Holdings, Inc.† | 35,098 | 892,542 | ||||||
Carrols Restaurant Group, Inc.† | 17,682 | 150,651 | ||||||
Cheesecake Factory, Inc.# | 21,528 | 931,086 | ||||||
Chuy’s Holdings, Inc.† | 8,521 | 188,485 | ||||||
Cracker Barrel Old Country Store, Inc.# | 9,799 | 1,539,325 | ||||||
Dave & Buster’s Entertainment, Inc. | 19,742 | 981,967 | ||||||
Del Frisco’s Restaurant Group, Inc.†# | 16,842 | 115,536 | ||||||
Del Taco Restaurants, Inc.† | 15,532 | 168,056 | ||||||
Denny’s Corp.† | 31,071 | 611,477 | ||||||
Dine Brands Global, Inc.# | 8,529 | 805,308 | ||||||
El Pollo Loco Holdings, Inc.† | 11,033 | 115,626 | ||||||
Fiesta Restaurant Group, Inc.† | 12,088 | 171,408 | ||||||
Habit Restaurants, Inc., Class A† | 10,382 | 105,896 | ||||||
J Alexander’s Holdings, Inc.† | 6,538 | 68,780 | ||||||
Jack in the Box, Inc. | 13,104 | 1,090,253 | ||||||
Noodles & Co.† | 7,130 | 51,550 | ||||||
Papa John’s International, Inc.# | 11,303 | 547,856 | ||||||
Potbelly Corp.† | 11,378 | 57,231 | ||||||
Red Robin Gourmet Burgers, Inc.† | 6,611 | 169,109 | ||||||
Ruth’s Hospitality Group, Inc. | 14,702 | 336,235 | ||||||
Shake Shack, Inc., Class A† | 12,552 | 770,065 | ||||||
Texas Roadhouse, Inc. | 34,525 | 1,769,752 | ||||||
Wingstop, Inc. | 14,783 | 1,177,909 | ||||||
14,864,409 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Big 5 Sporting Goods Corp.# | 10,218 | 20,436 | ||||||
Hibbett Sports, Inc.† | 9,298 | 205,672 | ||||||
Sportsman’s Warehouse Holdings, Inc.†# | 18,904 | 69,567 | ||||||
Zumiez, Inc.† | 9,449 | 186,901 | ||||||
482,576 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 31,986 | 870,979 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A†# | 41,799 | 58,519 | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Brookdale Senior Living, Inc.† | 95,171 | 588,157 | ||||||
Capital Senior Living Corp.† | 12,523 | 52,471 | ||||||
640,628 | ||||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 25,825 | 712,254 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 17,919 | 303,189 | ||||||
Proto Labs, Inc.† | 13,797 | 1,384,529 | ||||||
Raven Industries, Inc. | 18,249 | 597,655 |
Security Description | Shares | Value (Note 2) | ||||||
Rubber/Plastic Products (continued) |
| |||||||
Trinseo SA | 21,811 | $ | 803,517 | |||||
3,088,890 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.†# | 29,366 | 143,600 | ||||||
Intelsat SA†# | 28,364 | 511,970 | ||||||
Iridium Communications, Inc.†# | 48,866 | 1,047,198 | ||||||
KVH Industries, Inc.† | 8,345 | 77,525 | ||||||
Loral Space & Communications, Inc.†# | 6,536 | 221,571 | ||||||
2,001,864 | ||||||||
Savings & Loans/Thrifts — 1.4% |
| |||||||
Axos Financial, Inc.†# | 29,484 | 805,208 | ||||||
Banc of California, Inc. | 21,902 | 289,763 | ||||||
BankFinancial Corp. | 6,508 | 90,461 | ||||||
Berkshire Hills Bancorp, Inc. | 23,439 | 684,184 | ||||||
Brookline Bancorp, Inc. | 40,224 | 577,214 | ||||||
Capitol Federal Financial, Inc. | 67,014 | 889,946 | ||||||
Community Bankers Trust Corp. | 10,929 | 79,563 | ||||||
Dime Community Bancshares, Inc. | 16,020 | 284,836 | ||||||
Entegra Financial Corp.† | 3,418 | 101,344 | ||||||
ESSA Bancorp, Inc. | 4,841 | 73,341 | ||||||
First Defiance Financial Corp. | 10,153 | 275,146 | ||||||
First Financial Northwest, Inc. | 4,165 | 63,141 | ||||||
First Savings Financial Group, Inc.# | 928 | 53,128 | ||||||
Flushing Financial Corp. | 13,701 | 288,132 | ||||||
FS Bancorp, Inc. | 1,955 | 92,178 | ||||||
Greene County Bancorp, Inc. | 1,546 | 45,221 | ||||||
Hingham Institution for Savings | 676 | 122,059 | ||||||
Home Bancorp, Inc. | 3,983 | 141,994 | ||||||
HomeTrust Bancshares, Inc. | 8,613 | 210,846 | ||||||
Investors Bancorp, Inc. | 120,953 | 1,259,121 | ||||||
Malvern Bancorp, Inc.† | 3,844 | 76,496 | ||||||
Meridian Bancorp, Inc. | 24,468 | 422,562 | ||||||
MutualFirst Financial, Inc. | 2,975 | 88,893 | ||||||
Northfield Bancorp, Inc. | 22,336 | 335,263 | ||||||
Northwest Bancshares, Inc. | 48,705 | 816,783 | ||||||
OceanFirst Financial Corp. | 24,177 | 575,896 | ||||||
Oconee Federal Financial Corp.# | 923 | 21,451 | ||||||
Oritani Financial Corp. | 19,615 | 313,840 | ||||||
Pacific Premier Bancorp, Inc. | 23,202 | 656,617 | ||||||
Provident Financial Services, Inc. | 31,253 | 745,072 | ||||||
Prudential Bancorp, Inc. | 4,469 | 77,492 | ||||||
Riverview Bancorp, Inc. | 10,796 | 83,669 | ||||||
Southern Missouri Bancorp, Inc. | 3,741 | 121,863 | ||||||
Territorial Bancorp, Inc. | 3,962 | 106,578 | ||||||
Timberland Bancorp, Inc. | 3,733 | 91,011 | ||||||
United Community Financial Corp. | 24,296 | 222,551 | ||||||
United Financial Bancorp, Inc. | 25,816 | 336,641 | ||||||
Washington Federal, Inc. | 41,272 | 1,302,957 | ||||||
Waterstone Financial, Inc. | 12,595 | 207,943 | ||||||
WSFS Financial Corp. | 25,816 | 1,024,637 | ||||||
14,055,041 | ||||||||
Schools — 0.8% |
| |||||||
Adtalem Global Education, Inc.† | 29,244 | 1,285,566 | ||||||
American Public Education, Inc.† | 8,156 | 228,205 | ||||||
Career Education Corp.† | 34,596 | 649,367 | ||||||
Chegg, Inc.† | 55,198 | 2,067,717 | ||||||
K12, Inc.† | 19,029 | 581,717 | ||||||
Laureate Education, Inc., Class A† | 48,257 | 775,007 | ||||||
Rosetta Stone, Inc.† | 10,149 | 250,274 | ||||||
Strategic Education, Inc. | 10,636 | 1,871,830 | ||||||
7,709,683 | ||||||||
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 25,595 | $ | 1,970,815 | |||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 10,743 | 24,064 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
Cirrus Logic, Inc.† | 30,238 | 1,129,994 | ||||||
MaxLinear, Inc.† | 32,218 | 682,055 | ||||||
Power Integrations, Inc. | 14,583 | 950,228 | ||||||
2,762,277 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
ACM Research, Inc., Class A† | 4,257 | 81,990 | ||||||
Aquantia Corp.† | 11,155 | 146,577 | ||||||
Axcelis Technologies, Inc.† | 16,523 | 245,036 | ||||||
Brooks Automation, Inc. | 35,381 | 1,255,672 | ||||||
Cabot Microelectronics Corp. | 14,461 | 1,409,514 | ||||||
Cohu, Inc. | 20,171 | 293,488 | ||||||
Entegris, Inc. | 72,269 | 2,481,717 | ||||||
FormFactor, Inc.† | 37,641 | 540,525 | ||||||
Nanometrics, Inc.† | 11,598 | 329,963 | ||||||
Ultra Clean Holdings, Inc.† | 19,564 | 249,441 | ||||||
Veeco Instruments, Inc.† | 24,156 | 277,552 | ||||||
7,311,475 | ||||||||
Silver Mining — 0.0% |
| |||||||
Pan American Silver Corp. CVR†(1)(6) | 171,891 | 36,097 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Advanced Drainage Systems, Inc. | 18,425 | 528,429 | ||||||
Northwest Pipe Co.† | 4,862 | 112,993 | ||||||
Omega Flex, Inc.# | 1,482 | 126,593 | ||||||
TimkenSteel Corp.† | 20,358 | 144,745 | ||||||
912,760 | ||||||||
Steel - Producers — 0.2% |
| |||||||
AK Steel Holding Corp.†# | 160,362 | 275,822 | ||||||
Carpenter Technology Corp. | 23,746 | 963,138 | ||||||
Commercial Metals Co. | 59,282 | 791,415 | ||||||
Schnitzer Steel Industries, Inc., Class A | 13,335 | 281,502 | ||||||
Shiloh Industries, Inc.† | 7,620 | 30,785 | ||||||
2,342,662 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.†# | 63,915 | 1,368,420 | ||||||
Universal Stainless & Alloy Products, Inc.† | 4,270 | 54,229 | ||||||
1,422,649 | ||||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 22,619 | 693,725 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 15,577 | 310,761 | ||||||
Telecom Equipment - Fiber Optics — 0.6% |
| |||||||
Acacia Communications, Inc.† | 13,928 | 649,045 | ||||||
Ciena Corp.† | 72,965 | 2,549,397 | ||||||
Clearfield, Inc.† | 5,718 | 75,992 | ||||||
Finisar Corp.† | 59,737 | 1,253,282 | ||||||
Harmonic, Inc.† | 43,282 | 225,932 | ||||||
Viavi Solutions, Inc.† | 115,740 | 1,394,667 | ||||||
6,148,315 | ||||||||
Telecom Services — 0.3% |
| |||||||
Consolidated Communications Holdings, Inc.# | 35,716 | 142,864 | ||||||
GTT Communications, Inc.†# | 21,601 | 513,672 | ||||||
HC2 Holdings, Inc.†# | 21,650 | 50,011 | ||||||
Ooma, Inc.† | 9,587 | 110,730 | ||||||
ORBCOMM, Inc.† | 37,240 | 248,763 | ||||||
RigNet, Inc.† | 7,150 | 59,631 |
Security Description | Shares | Value (Note 2) | ||||||
Telecom Services (continued) |
| |||||||
Spok Holdings, Inc. | 9,317 | $ | 143,948 | |||||
Vonage Holdings Corp.† | 112,565 | 1,332,770 | ||||||
2,602,389 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
ADTRAN, Inc. | 24,382 | 382,310 | ||||||
Aerohive Networks, Inc.† | 16,894 | 57,440 | ||||||
Casa Systems, Inc.† | 13,210 | 74,240 | ||||||
DASAN Zhone Solutions, Inc.† | 2,990 | 39,109 | ||||||
Digi International, Inc.† | 13,935 | 151,752 | ||||||
Plantronics, Inc. | 16,880 | 693,262 | ||||||
Preformed Line Products Co. | 1,559 | 73,288 | ||||||
Quantenna Communications, Inc.† | 17,422 | 422,658 | ||||||
1,894,059 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Cincinnati Bell, Inc.† | 23,346 | 149,414 | ||||||
Frontier Communications Corp.†# | 53,105 | 99,837 | ||||||
Shenandoah Telecommunications Co. | 23,765 | 955,591 | ||||||
1,204,842 | ||||||||
Television — 0.8% |
| |||||||
Central European Media Enterprises, Ltd., Class A† | 44,424 | 163,036 | ||||||
Gray Television, Inc.† | 40,670 | 700,744 | ||||||
Nexstar Media Group, Inc., Class A | 22,795 | 2,282,919 | ||||||
Sinclair Broadcast Group, Inc., Class A | 34,413 | 1,847,290 | ||||||
TEGNA, Inc. | 110,383 | 1,671,199 | ||||||
World Wrestling Entertainment, Inc., Class A# | 21,903 | 1,593,224 | ||||||
8,258,412 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 7,952 | 149,895 | ||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,680 | 97,866 | ||||||
Theaters — 0.0% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 26,454 | 316,919 | ||||||
Reading International, Inc., Class A† | 8,546 | 112,722 | ||||||
429,641 | ||||||||
Therapeutics — 0.4% |
| |||||||
Akebia Therapeutics, Inc.† | 43,668 | 194,323 | ||||||
Anika Therapeutics, Inc.† | 7,068 | 268,584 | ||||||
Fennec Pharmaceuticals, Inc.†# | 6,154 | 23,077 | ||||||
Flexion Therapeutics, Inc.†# | 17,095 | 188,558 | ||||||
G1 Therapeutics, Inc.†# | 11,807 | 247,475 | ||||||
La Jolla Pharmaceutical Co.† | 10,913 | 58,821 | ||||||
MannKind Corp.†# | 83,156 | 96,461 | ||||||
Mirati Therapeutics, Inc.†# | 10,906 | 739,318 | ||||||
Portola Pharmaceuticals, Inc.†# | 33,140 | 924,274 | ||||||
Proteostasis Therapeutics, Inc.†# | 17,452 | 17,140 | ||||||
Recro Pharma, Inc.† | 9,301 | 88,917 | ||||||
Xencor, Inc.† | 23,780 | 733,375 | ||||||
Zafgen, Inc.† | 15,514 | 28,391 | ||||||
3,608,714 | ||||||||
Tobacco — 0.2% |
| |||||||
22nd Century Group, Inc.†# | 59,137 | 112,952 | ||||||
Pyxus International, Inc.†# | 4,270 | 76,604 | ||||||
Turning Point Brands, Inc.# | 4,091 | 201,400 | ||||||
Universal Corp. | 12,576 | 710,795 | ||||||
Vector Group, Ltd. | 52,137 | 466,626 | ||||||
1,568,377 | ||||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 5,663 | 117,564 | ||||||
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.† | 37,528 | $ | 128,721 | |||||
Transactional Software — 0.2% |
| |||||||
ACI Worldwide, Inc.† | 58,413 | 1,837,673 | ||||||
InnerWorkings, Inc.† | 21,910 | 74,275 | ||||||
1,911,948 | ||||||||
Transport- Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 29,713 | 651,903 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 12,056 | 426,662 | ||||||
1,078,565 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 19,137 | 1,336,145 | ||||||
General Finance Corp.† | 5,618 | 42,865 | ||||||
Greenbrier Cos., Inc. | 16,112 | 438,408 | ||||||
Willis Lease Finance Corp.† | 1,535 | 76,443 | ||||||
1,893,861 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp.† | 17,003 | 119,701 | ||||||
Costamare, Inc. | 25,535 | 130,739 | ||||||
DHT Holdings, Inc. | 46,779 | 260,091 | ||||||
Dorian LPG, Ltd.† | 14,106 | 99,588 | ||||||
Eagle Bulk Shipping, Inc.† | 24,283 | 113,159 | ||||||
Frontline, Ltd.†# | 39,152 | 306,952 | ||||||
GasLog, Ltd. | 20,736 | 298,598 | ||||||
Genco Shipping & Trading, Ltd.† | 4,968 | 35,919 | ||||||
Golar LNG, Ltd. | 48,165 | 876,121 | ||||||
International Seaways, Inc.† | 11,071 | 197,064 | ||||||
Nordic American Tankers, Ltd.# | 71,398 | 145,652 | ||||||
Overseas Shipholding Group, Inc., Class A† | 29,015 | 43,523 | ||||||
Safe Bulkers, Inc.†# | 25,885 | 36,498 | ||||||
Scorpio Bulkers, Inc. | 27,767 | 117,454 | ||||||
Scorpio Tankers, Inc. | 23,251 | 605,224 | ||||||
SEACOR Holdings, Inc.† | 8,713 | 362,548 | ||||||
Ship Finance International, Ltd. | 41,311 | 511,430 | ||||||
Teekay Corp.# | 34,877 | 111,955 | ||||||
Teekay Tankers, Ltd., Class A† | 97,300 | 108,976 | ||||||
Tidewater, Inc.†# | 15,175 | 323,379 | ||||||
4,804,571 | ||||||||
Transport - Services — 0.3% |
| |||||||
CryoPort, Inc.† | 13,904 | 232,475 | ||||||
Daseke, Inc.†# | 20,881 | 90,206 | ||||||
Echo Global Logistics, Inc.† | 14,239 | 280,081 | ||||||
Forward Air Corp. | 14,681 | 819,640 | ||||||
Hub Group, Inc., Class A† | 16,636 | 648,138 | ||||||
Matson, Inc. | 21,567 | 738,023 | ||||||
Park-Ohio Holdings Corp. | 4,553 | 142,145 | ||||||
Radiant Logistics, Inc.† | 19,808 | 125,979 | ||||||
Universal Logistics Holdings, Inc. | 4,232 | 79,858 | ||||||
3,156,545 | ||||||||
Transport - Truck — 0.3% |
| |||||||
ArcBest Corp. | 13,067 | 327,590 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,279 | 94,310 | ||||||
Heartland Express, Inc. | 23,795 | 425,455 | ||||||
Marten Transport, Ltd. | 19,907 | 350,761 | ||||||
P.A.M. Transportation Services, Inc.† | 1,089 | 60,984 | ||||||
Saia, Inc.† | 13,048 | 769,832 | ||||||
US Xpress Enterprises, Inc. Class A†# | 11,545 | 62,574 | ||||||
USA Truck, Inc.† | 4,029 | 45,850 | ||||||
Werner Enterprises, Inc. | 23,715 | 661,174 | ||||||
YRC Worldwide, Inc.†# | 16,900 | 71,994 | ||||||
2,870,524 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 36,969 | $ | 393,720 | |||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 9,817 | 117,902 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,449 | 241,775 | ||||||
Neogen Corp.† | 25,595 | 1,442,278 | ||||||
1,684,053 | ||||||||
Virtual Reality Products — 0.0% |
| |||||||
Vuzix Corp.†# | 11,986 | 24,931 | ||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc.† | 4,593 | 47,170 | ||||||
Natural Health Trends Corp.# | 3,749 | 38,165 | ||||||
Nature’s Sunshine Products, Inc.† | 4,339 | 41,785 | ||||||
USANA Health Sciences, Inc.† | 6,448 | 456,389 | ||||||
583,509 | ||||||||
Water — 0.5% |
| |||||||
American States Water Co. | 18,629 | 1,358,799 | ||||||
Artesian Resources Corp., Class A | 4,036 | 143,722 | ||||||
California Water Service Group | 24,449 | 1,203,380 | ||||||
Connecticut Water Service, Inc. | 6,135 | 428,468 | ||||||
Consolidated Water Co., Ltd. | 7,490 | 101,490 | ||||||
Global Water Resources, Inc. | 5,506 | 52,417 | ||||||
Middlesex Water Co. | 8,104 | 479,433 | ||||||
PICO Holdings, Inc.† | 9,984 | 105,132 | ||||||
SJW Group | 12,092 | 745,230 | ||||||
York Water Co. | 6,555 | 226,016 | ||||||
4,844,087 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
AquaVenture Holdings, Ltd.†# | 5,549 | 98,384 | ||||||
Energy Recovery, Inc.†# | 18,341 | 173,322 | ||||||
Evoqua Water Technologies Corp.† | 38,531 | 453,510 | ||||||
Pure Cycle Corp.† | 8,703 | 81,982 | ||||||
807,198 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.† | 35,730 | 158,998 | ||||||
NIC, Inc. | 32,762 | 522,882 | ||||||
Q2 Holdings, Inc.† | 19,040 | 1,394,490 | ||||||
2,076,370 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Meet Group, Inc.†# | 36,170 | 139,978 | ||||||
Remark Holdings, Inc.†# | 14,627 | 14,627 | ||||||
154,605 | ||||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc.# | 20,573 | 1,053,338 | ||||||
Encore Wire Corp. | 10,366 | 517,367 | ||||||
Insteel Industries, Inc. | 9,276 | 169,565 | ||||||
1,740,270 | ||||||||
Wireless Equipment — 0.4% |
| |||||||
CalAmp Corp.† | 16,973 | 172,446 | ||||||
InterDigital, Inc. | 17,159 | 1,089,940 | ||||||
Maxar Technologies, Inc.# | 28,836 | 195,508 | ||||||
pdvWireless, Inc.† | 4,839 | 235,901 | ||||||
Ribbon Communications, Inc.† | 27,455 | 117,233 | ||||||
ViaSat, Inc.†# | 28,186 | 2,453,027 | ||||||
4,264,055 | ||||||||
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Dermira, Inc.†# | 17,721 | $ | 165,514 | |||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 19,430 | 518,392 | ||||||
ViewRay, Inc.†# | 32,139 | 269,968 | ||||||
788,360 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $804,716,353) | 975,786,505 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.5% |
| |||||||
Registered Investment Companies — 3.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 31,153,864 | 31,153,864 | ||||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | $ | 3,000,000 | 2,995,804 | |||||
2.40% due 06/20/2019(4) | 500,000 | 499,467 | ||||||
2.42% due 07/11/2019(4) | 740,000 | 738,209 | ||||||
4,233,480 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $35,386,620) | 35,387,344 | |||||||
REPURCHASE AGREEMENTS — 3.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50% dated 05/31/2019, to be purchased 06/03/2019 in the amount $32,487,354 and collateralized by $33,330,000 of United States Treasury Notes, bearing interest at 1.75% due 09/30/2022 and having an approximate value of $33,136,319 | 32,486,000 | 32,486,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $872,588,973)(5) | 103.1 | % | 1,043,659,849 | |||||
Liabilities in excess of other assets | (3.1 | ) | (31,620,119 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,012,039,730 | ||||
† | 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) | At May 31, 2019, the Fund had loaned securities with a total value of $123,304,268. This was secured by collateral of $31,153,864, which was received in cash and subsequently invested in short-term investments currently valued at $31,153,864 as reported in the Portfolio of Investments. Additional collateral of $98,828,831 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 1,877,082 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 101,864 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 10/03/2019 | 8,909,223 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 87,940,662 |
(3) | The rate shown is the7-day yield as of May 31, 2019. |
(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. |
(6) | 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 Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio 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 Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2019, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Pan American Siver Corp. CVR | 06/22/2018 | 171,891 | $ | 52,963 | $ | 36,097 | $ | 0.21 | 0.00 | % | ||||||||||||||
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
498 | Long | Russell 2000 Mini Index | June 2019 | $ | 38,710,631 | $ | 36,515,850 | $ | (2,194,781 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
The following is a summary of the inputs used to value the Portfolio’s net assets as of May 31, 2019 (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 | $ | 1,145,125 | $ | — | $ | 4,492 | $ | 1,149,617 | ||||||||
Finance - Commercial | 204,044 | — | 9,676 | 213,720 | ||||||||||||
Medical - Biomedical/Gene | 48,240,123 | — | 2,429 | 48,242,552 | ||||||||||||
Medical - Drugs | 24,506,101 | — | 2,684 | 24,508,785 | ||||||||||||
Metal - Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 1,061,725 | — | 0 | 1,061,725 | ||||||||||||
Oil Companies - Exploration & Production | 10,060,197 | — | 0 | 10,060,197 | ||||||||||||
Silver Mining | — | — | 36,097 | 36,097 | ||||||||||||
Other Industries | 890,513,812 | — | — | 890,513,812 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 31,153,864 | — | — | 31,153,864 | ||||||||||||
U.S. Government Treasuries | — | 4,233,480 | — | 4,233,480 | ||||||||||||
Repurchase Agreements | — | 32,486,000 | — | 32,486,000 | ||||||||||||
Total Investments at Value | $ | 1,006,884,991 | $ | 36,719,480 | $ | 55,378 | $ | 1,043,659,849 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,194,781 | $ | — | $ | — | $ | 2,194,781 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
206 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 11.0 | % | ||
Retail — Restaurants | 6.2 | |||
Insurance — Property/Casualty | 5.3 | |||
Consumer Products — Misc. | 4.7 | |||
Real Estate Investment Trusts | 4.6 | |||
Food — Misc./Diversified | 4.6 | |||
Electric — Integrated | 3.1 | |||
Paper & Related Products | 2.9 | |||
Building Products — Cement | 2.5 | |||
Chemicals — Diversified | 2.5 | |||
Metal Processors & Fabrication | 2.3 | |||
Machinery — Pumps | 2.1 | |||
Investment Companies | 2.1 | |||
Computer Services | 2.0 | |||
Oil Companies — Exploration & Production | 2.0 | |||
Building & Construction Products — Misc. | 2.0 | |||
Machinery — Electrical | 1.9 | |||
Semiconductor Equipment | 1.9 | |||
Medical Products | 1.8 | |||
Investment Management/Advisor Services | 1.7 | |||
Containers — Metal/Glass | 1.6 | |||
Oil — Field Services | 1.5 | |||
Electronic Components — Misc. | 1.4 | |||
Chemicals — Specialty | 1.2 | |||
Electric Products — Misc. | 1.1 | |||
Auto/Truck Parts & Equipment — Replacement | 1.1 | |||
Miscellaneous Manufacturing | 1.1 | |||
Diversified Operations/Commercial Services | 1.1 | |||
Electronic Components — Semiconductors | 1.0 | |||
Beverages —Non-alcoholic | 0.9 | |||
Food — Baking | 0.9 | |||
Finance — Other Services | 0.9 | |||
Footwear & Related Apparel | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Medical — Drugs | 0.8 | |||
Printing — Commercial | 0.8 | |||
Chemicals — Plastics | 0.7 | |||
Batteries/Battery Systems | 0.7 | |||
Human Resources | 0.7 | |||
Wire & Cable Products | 0.7 | |||
Publishing — Newspapers | 0.6 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Quarrying | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Networking Products | 0.5 | |||
Identification Systems | 0.4 | |||
Transactional Software | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Building Products — Doors & Windows | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Finance — Leasing Companies | 0.3 | |||
E-Marketing/Info | 0.3 | |||
Computer Software | 0.3 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Commercial Services — Finance | 0.1 | |||
94.2 | % | |||
* | Calculated as a percentage of net assets |
207 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.8% |
| |||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 42,228 | $ | 910,436 | |||||
Auto/Truck Parts & Equipment - Replacement — 1.1% |
| |||||||
Douglas Dynamics, Inc. | 66,990 | 2,485,329 | ||||||
Banks - Commercial — 11.0% |
| |||||||
Associated Banc-Corp. | 142,174 | 2,816,467 | ||||||
CVB Financial Corp. | 29,889 | 614,219 | ||||||
First Citizens BancShares, Inc., Class A | 8,114 | 3,408,691 | ||||||
First Hawaiian, Inc. | 92,178 | 2,294,311 | ||||||
Hancock Whitney Corp. | 69,088 | 2,623,962 | ||||||
IBERIABANK Corp. | 36,199 | 2,588,229 | ||||||
Renasant Corp. | 91,834 | 3,103,989 | ||||||
South State Corp. | 35,733 | 2,354,447 | ||||||
UMB Financial Corp. | 78,584 | 4,851,776 | ||||||
24,656,091 | ||||||||
Batteries/Battery Systems — 0.7% |
| |||||||
EnerSys | 26,649 | 1,498,473 | ||||||
Beverages-Non-alcoholic — 0.9% |
| |||||||
Cott Corp. | 156,759 | 2,041,002 | ||||||
Building & Construction Products - Misc. — 2.0% |
| |||||||
Simpson Manufacturing Co., Inc. | 73,326 | 4,461,154 | ||||||
Building Products - Cement — 2.5% |
| |||||||
Eagle Materials, Inc. | 65,728 | 5,656,552 | ||||||
Building Products - Doors & Windows — 0.4% |
| |||||||
Griffon Corp. | 61,749 | 887,951 | ||||||
Chemicals - Diversified — 2.5% |
| |||||||
Innospec, Inc. | 68,285 | 5,511,282 | ||||||
Chemicals - Plastics — 0.7% |
| |||||||
A. Schulman, Inc. CVR†(1) | 71,421 | 21,301 | ||||||
PolyOne Corp. | 60,494 | 1,520,214 | ||||||
1,541,515 | ||||||||
Chemicals - Specialty — 1.2% |
| |||||||
PQ Group Holdings, Inc.† | 56,171 | 850,991 | ||||||
Sensient Technologies Corp. | 25,976 | 1,758,575 | ||||||
2,609,566 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
Liberty Tax, Inc. | 23,298 | 232,980 | ||||||
Computer Services — 2.0% |
| |||||||
MAXIMUS, Inc. | 15,253 | 1,086,776 | ||||||
Parsons Corp.† | 55,518 | 1,762,697 | ||||||
Sykes Enterprises, Inc.† | 68,167 | 1,687,815 | ||||||
4,537,288 | ||||||||
Computer Software — 0.3% |
| |||||||
Cision, Ltd.† | 56,753 | 623,148 | ||||||
Computers - Integrated Systems — 0.5% |
| |||||||
NCR Corp.† | 36,611 | 1,120,297 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.† | 58,692 | 26,118 | ||||||
Consumer Products - Misc. — 4.7% |
| |||||||
Central Garden & Pet Co.†# | 62,752 | 1,766,469 | ||||||
Central Garden & Pet Co., Class A† | 69,522 | 1,777,678 | ||||||
Helen of Troy, Ltd.† | 24,603 | 3,287,207 | ||||||
Quanex Building Products Corp. | 110,540 | 1,714,475 | ||||||
Spectrum Brands Holdings, Inc.# | 37,393 | 1,969,489 | ||||||
10,515,318 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Metal/Glass — 1.6% |
| |||||||
Silgan Holdings, Inc. | 126,938 | $ | 3,679,933 | |||||
Diversified Operations/Commercial Services — 1.1% |
| |||||||
Viad Corp. | 38,470 | 2,417,455 | ||||||
E-Marketing/Info — 0.3% |
| |||||||
New Media Investment Group, Inc. | 73,801 | 681,183 | ||||||
Electric Products - Misc. — 1.1% |
| |||||||
Novanta, Inc.† | 31,370 | 2,510,227 | ||||||
Electric - Integrated — 3.1% |
| |||||||
Hawaiian Electric Industries, Inc. | 95,997 | 3,987,715 | ||||||
IDACORP, Inc. | 28,557 | 2,863,411 | ||||||
6,851,126 | ||||||||
Electronic Components - Misc. — 1.4% |
| |||||||
Atkore International Group, Inc.† | 135,398 | 3,166,959 | ||||||
nVent Electric PLC | 1,826 | 42,108 | ||||||
3,209,067 | ||||||||
Electronic Components - Semiconductors — 1.0% |
| |||||||
AVX Corp. | 102,885 | 1,521,669 | ||||||
DSP Group, Inc.† | 57,298 | 800,453 | ||||||
2,322,122 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Badger Meter, Inc. | 21,134 | 1,115,875 | ||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Aircastle, Ltd. | 37,261 | 723,609 | ||||||
Finance - Other Services — 0.9% |
| |||||||
Deluxe Corp. | 51,121 | 1,901,701 | ||||||
Food - Baking — 0.9% |
| |||||||
Hostess Brands, Inc.† | 143,166 | 1,916,993 | ||||||
Food - Misc./Diversified — 4.6% |
| |||||||
J&J Snack Foods Corp. | 24,733 | 3,978,303 | ||||||
Nomad Foods, Ltd.† | 221,699 | 4,704,453 | ||||||
TreeHouse Foods, Inc.† | 32,262 | 1,681,818 | ||||||
10,364,574 | ||||||||
Footwear & Related Apparel — 0.8% |
| |||||||
Steven Madden, Ltd. | 61,117 | 1,849,400 | ||||||
Human Resources — 0.7% |
| |||||||
Korn Ferry | 34,386 | 1,481,349 | ||||||
Identification Systems — 0.4% |
| |||||||
Brady Corp., Class A | 21,277 | 985,125 | ||||||
Insurance - Property/Casualty — 5.3% |
| |||||||
Enstar Group, Ltd.† | 9,906 | 1,628,546 | ||||||
Hanover Insurance Group, Inc. | 19,394 | 2,369,171 | ||||||
ProAssurance Corp. | 78,318 | 2,938,491 | ||||||
Stewart Information Services Corp. | 57,536 | 2,366,456 | ||||||
White Mountains Insurance Group, Ltd. | 2,556 | 2,503,858 | ||||||
11,806,522 | ||||||||
Investment Companies — 1.7% |
| |||||||
Apollo Investment Corp.# | 113,008 | 1,755,014 | ||||||
New Mountain Finance Corp.# | 146,997 | 2,052,078 | ||||||
3,807,092 | ||||||||
Investment Management/Advisor Services — 1.7% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 101,188 | 2,393,096 | ||||||
Westwood Holdings Group, Inc. | 49,539 | 1,450,007 | ||||||
3,843,103 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Machinery - Electrical — 1.9% |
| |||||||
Franklin Electric Co., Inc. | 95,346 | $ | 4,179,015 | |||||
Machinery - General Industrial — 0.8% |
| |||||||
Kadant, Inc. | 22,577 | 1,832,801 | ||||||
Machinery - Pumps — 2.1% |
| |||||||
CSW Industrials, Inc. | 63,772 | 4,076,944 | ||||||
NN, Inc.# | 75,225 | 582,994 | ||||||
4,659,938 | ||||||||
Medical Products — 1.8% |
| |||||||
Avanos Medical, Inc.† | 34,852 | 1,313,223 | ||||||
Globus Medical, Inc., Class A† | 12,679 | 498,285 | ||||||
Hanger, Inc.† | 52,129 | 972,727 | ||||||
ICU Medical, Inc.† | 6,048 | 1,287,015 | ||||||
4,071,250 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Innoviva, Inc.† | 78,489 | 1,072,945 | ||||||
Medical - Drugs — 0.8% |
| |||||||
Prestige Consumer Healthcare, Inc.†# | 61,686 | 1,790,744 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Premier, Inc., Class A† | 32,382 | 1,190,038 | ||||||
Metal Processors & Fabrication — 2.3% |
| |||||||
Mueller Industries, Inc. | 193,348 | 5,210,728 | ||||||
Miscellaneous Manufacturing — 1.1% |
| |||||||
Hillenbrand, Inc. | 65,951 | 2,455,356 | ||||||
Networking Products — 0.5% |
| |||||||
NETGEAR, Inc.†# | 41,458 | 1,044,742 | ||||||
Office Supplies & Forms — 0.4% |
| |||||||
ACCO Brands Corp. | 117,851 | 866,205 | ||||||
Oil Companies - Exploration & Production — 2.0% |
| |||||||
Berry Petroleum Corp.# | 59,314 | 637,626 | ||||||
Callon Petroleum Co.†# | 113,314 | 708,212 | ||||||
Magnolia Oil & Gas Corp.†# | 49,780 | 549,073 | ||||||
Penn Virginia Corp.†# | 21,198 | 646,539 | ||||||
QEP Resources, Inc.† | 195,152 | 1,348,500 | ||||||
WPX Energy, Inc.† | 57,772 | 621,627 | ||||||
4,511,577 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Forum Energy Technologies, Inc.† | 94,021 | 359,160 | ||||||
Oil - Field Services — 1.5% |
| |||||||
C&J Energy Services, Inc.† | 53,012 | 627,662 | ||||||
Oil States International, Inc.† | 53,646 | 892,669 | ||||||
Patterson-UTI Energy, Inc. | 156,220 | 1,660,619 | ||||||
TETRA Technologies, Inc.† | 181,072 | 278,851 | ||||||
3,459,801 | ||||||||
Paper & Related Products — 2.9% |
| |||||||
Neenah, Inc. | 78,359 | 4,479,001 | ||||||
Schweitzer-Mauduit International, Inc. | 65,301 | 2,043,268 | ||||||
6,522,269 | ||||||||
Printing - Commercial — 0.8% |
| |||||||
Ennis, Inc. | 94,538 | 1,750,844 | ||||||
Publishing - Newspapers — 0.6% |
| |||||||
A.H. Belo Corp., Class A | 133,475 | 513,879 | ||||||
Gannett Co., Inc. | 91,221 | 716,997 | ||||||
1,230,876 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Quarrying — 0.5% |
| |||||||
Compass Minerals International, Inc.# | 21,861 | $ | 1,115,130 | |||||
Real Estate Investment Trusts — 4.6% |
| |||||||
Acadia Realty Trust | 59,329 | 1,622,648 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 118,611 | 2,180,070 | ||||||
Invesco Mtg. Capital, Inc. | 58,523 | 900,669 | ||||||
Pebblebrook Hotel Trust | 71,024 | 1,976,598 | ||||||
Two Harbors Investment Corp. | 119,173 | 1,456,294 | ||||||
Washington Real Estate Investment Trust | 84,203 | 2,240,642 | ||||||
10,376,921 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Urban Outfitters, Inc.† | 42,558 | 956,278 | ||||||
Retail - Restaurants — 6.2% |
| |||||||
Denny’s Corp.† | 283,090 | 5,571,211 | ||||||
Dine Brands Global, Inc.# | 56,291 | 5,314,996 | ||||||
Wendy’s Co. | 155,856 | 2,866,192 | ||||||
13,752,399 | ||||||||
Semiconductor Equipment — 1.9% |
| |||||||
Brooks Automation, Inc. | 40,699 | 1,444,407 | ||||||
Cabot Microelectronics Corp. | 27,842 | 2,713,760 | ||||||
4,158,167 | ||||||||
Transactional Software — 0.4% |
| |||||||
ACI Worldwide, Inc.† | 30,633 | 963,714 | ||||||
Wire & Cable Products — 0.7% |
| |||||||
Belden, Inc.# | 28,416 | 1,454,899 | ||||||
Total Common Stocks | ||||||||
(cost $210,770,056) | 209,766,753 | |||||||
PREFERRED SECURITIES — 0.4% |
| |||||||
Investment Companies — 0.4% |
| |||||||
Steel Partners Holdings LP | 34,643 | 733,046 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $211,254,521) | 210,499,799 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,595 | 1,595 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $211,256,116)(4) | 94.2 | % | 210,501,394 | |||||
Other assets less liabilities | 5.8 | 13,074,542 | ||||||
NET ASSETS | 100.0 | % | $ | 223,575,936 | ||||
† | 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). |
209 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
(2) | At May 31, 2019, the Fund had loaned securities with a total value of $18,621,691. This was secured by collateral of $1,595, which was received in cash and subsequently invested in short-term investments currently valued at $1,595 as reported in the Portfolio of Investments. Additional collateral of $19,156,812 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 10/01/2047 to 12/01/2047 | $ | 95,050 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 5,158 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | 1,759,358 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 17,297,246 |
(3) | The rate shown is the7-day yield as of May 31, 2019. |
(4) | 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 May 31, 2019 (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 | $ | 1,520,214 | $ | — | $ | 21,301 | $ | 1,541,515 | ||||||||
Other Industries | 208,225,238 | — | — | 208,225,238 | ||||||||||||
Preferred Securities | 733,046 | — | — | 733,046 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 1,595 | — | — | 1,595 | ||||||||||||
Total Investments at Value | $ | 210,480,093 | $ | — | $ | 21,301 | $ | 210,501,394 | ||||||||
* | 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 Level 3 transfers during the reporting period.
See Notes to Financial Statements
210 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Registered Investment Companies | 6.9 | % | ||
Medical — Biomedical/Gene | 6.8 | |||
Commercial Services — Finance | 5.5 | |||
Enterprise Software/Service | 4.1 | |||
Retail — Restaurants | 4.0 | |||
Medical Products | 3.9 | |||
Web Hosting/Design | 3.6 | |||
Applications Software | 3.2 | |||
Aerospace/Defense — Equipment | 2.3 | |||
Therapeutics | 2.1 | |||
Electronic Components — Semiconductors | 2.1 | |||
Computer Software | 2.1 | |||
Schools | 2.0 | |||
Machinery — General Industrial | 1.9 | |||
Banks — Commercial | 1.8 | |||
Computer Aided Design | 1.7 | |||
Semiconductor Equipment | 1.6 | |||
Disposable Medical Products | 1.6 | |||
Medical — Drugs | 1.5 | |||
Electronic Measurement Instruments | 1.4 | |||
Miscellaneous Manufacturing | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
E-Commerce/Services | 1.4 | |||
Hotels/Motels | 1.4 | |||
Electronic Security Devices | 1.4 | |||
Finance — Other Services | 1.3 | |||
Entertainment Software | 1.3 | |||
Telecom Equipment — Fiber Optics | 1.2 | |||
Diagnostic Kits | 1.2 | |||
Instruments — Scientific | 1.2 | |||
Medical Labs & Testing Services | 1.2 | |||
Veterinary Diagnostics | 1.1 | |||
Retail — Misc./Diversified | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Resorts/Theme Parks | 1.1 | |||
Internet Application Software | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Real Estate Investment Trusts | 1.0 | |||
Beverages — Wine/Spirits | 1.0 | |||
Electric Products — Misc. | 0.9 | |||
Office Supplies & Forms | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Office Automation & Equipment | 0.8 | |||
Shipbuilding | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Drug Delivery Systems | 0.8 | |||
Machinery — Pumps | 0.7 | |||
Healthcare Safety Devices | 0.7 | |||
Consulting Services | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Decision Support Software | 0.7 | |||
Building & Construction Products — Misc. | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Retail — Discount | 0.6 | |||
Retail — Floor Coverings | 0.6 | |||
Coatings/Paint | 0.6 | |||
Computer Data Security | 0.6 | |||
Health Care Cost Containment | 0.5 | |||
Diversified Manufacturing Operations | 0.5 | |||
Recreational Centers | 0.5 | |||
Internet Telephone | 0.5 | |||
Electronic Components — Misc. | 0.4 | |||
Building — Maintenance & Services | 0.4 | |||
Transport — Truck | 0.4 | |||
Internet Security | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Advertising Services | 0.4 | |||
Telephone — Integrated | 0.3 |
Medical Instruments | 0.3 | |||
Hazardous Waste Disposal | 0.3 | |||
Oil Companies — Exploration & Production | 0.2 | |||
102.2 | % | |||
* | Calculated as a percentage of net assets |
211 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.3% |
| |||||||
Advertising Services — 0.4% |
| |||||||
Trade Desk, Inc., Class A†# | 2,345 | $ | 466,209 | |||||
Aerospace/Defense — 0.4% |
| |||||||
Teledyne Technologies, Inc.† | 1,998 | 471,128 | ||||||
Aerospace/Defense - Equipment — 2.3% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.†# | 29,796 | 1,149,530 | ||||||
HEICO Corp., Class A | 14,965 | 1,470,461 | ||||||
2,619,991 | ||||||||
Apparel Manufacturers — 0.9% |
| |||||||
Canada Goose Holdings, Inc.†# | 4,653 | 156,574 | ||||||
Carter’s, Inc. | 6,136 | 516,099 | ||||||
Columbia Sportswear Co. | 3,398 | 318,664 | ||||||
991,337 | ||||||||
Applications Software — 3.2% |
| |||||||
HubSpot, Inc.† | 6,427 | 1,113,671 | ||||||
PTC, Inc.† | 19,225 | 1,616,053 | ||||||
Tableau Software, Inc., Class A† | 8,454 | 950,821 | ||||||
3,680,545 | ||||||||
Banks - Commercial — 1.8% |
| |||||||
Amalgamated Bank, Class A | 29,699 | 490,034 | ||||||
Eagle Bancorp, Inc. | 11,856 | 629,316 | ||||||
First Republic Bank | 3,451 | 334,816 | ||||||
Glacier Bancorp, Inc. | 14,817 | 583,938 | ||||||
2,038,104 | ||||||||
Beverages - Wine/Spirits — 1.0% |
| |||||||
MGP Ingredients, Inc.# | 19,160 | 1,153,624 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 15,163 | 728,734 | ||||||
Building - Maintenance & Services — 0.4% |
| |||||||
Rollins, Inc. | 13,637 | 512,342 | ||||||
Chemicals - Specialty — 1.1% |
| |||||||
Ashland Global Holdings, Inc. | 17,470 | 1,307,979 | ||||||
Coatings/Paint — 0.6% |
| |||||||
RPM International, Inc. | 12,289 | 657,707 | ||||||
Commercial Services - Finance — 5.5% |
| |||||||
Euronet Worldwide, Inc.† | 7,203 | 1,116,753 | ||||||
Global Payments, Inc. | 13,148 | 2,025,318 | ||||||
Green Dot Corp., Class A† | 10,306 | 478,301 | ||||||
Total System Services, Inc. | 18,615 | 2,299,511 | ||||||
WEX, Inc.† | 2,570 | 485,576 | ||||||
6,405,459 | ||||||||
Computer Aided Design — 1.7% |
| |||||||
Cadence Design Systems, Inc.† | 31,127 | 1,978,743 | ||||||
Computer Data Security — 0.6% |
| |||||||
ForeScout Technologies, Inc.† | 19,944 | 640,601 | ||||||
Computer Software — 2.1% |
| |||||||
InterXion Holding NV† | 25,239 | 1,860,367 | ||||||
Splunk, Inc.† | 3,683 | 419,825 | ||||||
Zoom Video Communications, Inc., Class A†# | 1,612 | 128,525 | ||||||
2,408,717 | ||||||||
Consulting Services — 0.7% |
| |||||||
Gartner, Inc.† | 5,529 | 836,538 | ||||||
Decision Support Software — 0.7% |
| |||||||
MSCI, Inc. | 3,455 | 760,135 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Kits — 1.2% |
| |||||||
IDEXX Laboratories, Inc.† | 5,423 | $ | 1,354,503 | |||||
Disposable Medical Products — 1.6% |
| |||||||
Teleflex, Inc. | 6,259 | 1,804,470 | ||||||
Distribution/Wholesale — 0.6% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 10,697 | 693,914 | ||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
Standex International Corp. | 9,225 | 599,994 | ||||||
Drug Delivery Systems — 0.8% |
| |||||||
DexCom, Inc.† | 7,239 | 878,091 | ||||||
E-Commerce/Services — 1.4% |
| |||||||
IAC/InterActiveCorp† | 7,205 | 1,591,224 | ||||||
Upwork, Inc.†# | 2,026 | 30,350 | ||||||
1,621,574 | ||||||||
Electric Products - Misc. — 0.9% |
| |||||||
Novanta, Inc.† | 13,281 | 1,062,746 | ||||||
Electronic Components - Misc. — 0.4% |
| |||||||
nVent Electric PLC | 22,407 | 516,705 | ||||||
Electronic Components - Semiconductors — 2.1% |
| |||||||
Advanced Micro Devices, Inc.† | 41,031 | 1,124,660 | ||||||
Marvell Technology Group, Ltd. | 59,059 | 1,317,015 | ||||||
2,441,675 | ||||||||
Electronic Measurement Instruments — 1.4% |
| |||||||
Badger Meter, Inc. | 21,283 | 1,123,742 | ||||||
Keysight Technologies, Inc.† | 7,342 | 551,605 | ||||||
1,675,347 | ||||||||
Electronic Security Devices — 1.4% |
| |||||||
Allegion PLC | 16,242 | 1,576,286 | ||||||
Enterprise Software/Service — 4.1% |
| |||||||
Black Knight, Inc.† | 34,652 | 1,964,422 | ||||||
Coupa Software, Inc.†# | 10,209 | 1,114,925 | ||||||
Paycom Software, Inc.† | 3,253 | 689,961 | ||||||
Veeva Systems, Inc., Class A† | 6,244 | 963,387 | ||||||
4,732,695 | ||||||||
Entertainment Software — 1.3% |
| |||||||
Take-Two Interactive Software, Inc.† | 13,559 | 1,466,406 | ||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
Evercore, Inc., Class A | 15,445 | 1,192,817 | ||||||
Finance - Other Services — 1.3% |
| |||||||
Cboe Global Markets, Inc. | 13,644 | 1,480,920 | ||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Beyond Meat, Inc.†# | 2,083 | 216,882 | ||||||
McCormick & Co., Inc. | 4,423 | 690,165 | ||||||
907,047 | ||||||||
Hazardous Waste Disposal — 0.3% |
| |||||||
US Ecology, Inc. | 5,128 | 305,219 | ||||||
Health Care Cost Containment — 0.5% |
| |||||||
HealthEquity, Inc.† | 9,634 | 629,678 | ||||||
Healthcare Safety Devices — 0.7% |
| |||||||
Tandem Diabetes Care, Inc.†# | 12,512 | 857,823 | ||||||
Hotels/Motels — 1.4% |
| |||||||
Choice Hotels International, Inc.# | 19,661 | 1,617,904 | ||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp. | 23,221 | 942,773 | ||||||
212 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Scientific — 1.2% |
| |||||||
PerkinElmer, Inc. | 15,592 | $ | 1,346,213 | |||||
Internet Application Software — 1.0% |
| |||||||
Zendesk, Inc.† | 14,334 | 1,207,639 | ||||||
Internet Security — 0.4% |
| |||||||
Proofpoint, Inc.† | 4,349 | 488,654 | ||||||
Internet Telephone — 0.5% |
| |||||||
RingCentral, Inc., Class A† | 4,363 | 522,906 | ||||||
Machinery - General Industrial — 1.9% |
| |||||||
IDEX Corp. | 8,817 | 1,346,444 | ||||||
Welbilt, Inc.† | 54,341 | 838,482 | ||||||
2,184,926 | ||||||||
Machinery - Pumps — 0.7% |
| |||||||
Xylem, Inc. | 11,711 | 869,190 | ||||||
Medical Instruments — 0.3% |
| |||||||
Silk Road Medical, Inc.† | 8,497 | 362,482 | ||||||
Medical Labs & Testing Services — 1.2% |
| |||||||
Medpace Holdings, Inc.† | 11,171 | 603,010 | ||||||
SI-BONE, Inc.†# | 11,701 | 196,460 | ||||||
Teladoc Health, Inc.†# | 9,315 | 541,388 | ||||||
1,340,858 | ||||||||
Medical Products — 3.9% |
| |||||||
ABIOMED, Inc.† | 1,351 | 353,854 | ||||||
Axonics Modulation Technologies, Inc.†# | 18,967 | 623,256 | ||||||
Cooper Cos., Inc. | 3,501 | 1,042,563 | ||||||
Glaukos Corp.† | 7,886 | 508,489 | ||||||
West Pharmaceutical Services, Inc. | 17,487 | 2,004,010 | ||||||
4,532,172 | ||||||||
Medical - Biomedical/Gene — 6.8% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 26,841 | 643,916 | ||||||
Alder Biopharmaceuticals, Inc.†# | 65,876 | 712,778 | ||||||
Amarin Corp. PLC ADR†# | 27,506 | 487,681 | ||||||
Bluebird Bio, Inc.†# | 7,721 | 925,902 | ||||||
Evelo Biosciences, Inc.†# | 14,274 | 106,770 | ||||||
Exelixis, Inc.† | 43,875 | 859,511 | ||||||
Guardant Health, Inc.†# | 11,305 | 869,128 | ||||||
Incyte Corp.† | 11,505 | 904,638 | ||||||
Moderna, Inc.†# | 28,823 | 598,942 | ||||||
Rigel Pharmaceuticals, Inc.†# | 100,231 | 213,492 | ||||||
Stemline Therapeutics, Inc.†# | 67,270 | 883,255 | ||||||
Synthorx, Inc.†# | 25,140 | 360,759 | ||||||
UNITY Biotechnology, Inc.†# | 14,748 | 120,344 | ||||||
Y-mAbs Therapeutics, Inc.†# | 11,888 | 242,159 | ||||||
7,929,275 | ||||||||
Medical - Drugs — 1.5% |
| |||||||
Alector, Inc.† | 21,052 | 355,989 | ||||||
Alkermes PLC† | 30,554 | 658,133 | ||||||
BioSpecifics Technologies Corp.† | 4,972 | 294,094 | ||||||
Marinus Pharmaceuticals, Inc.†# | 94,742 | 408,338 | ||||||
1,716,554 | ||||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
RBC Bearings, Inc.† | 5,618 | 799,441 | ||||||
Miscellaneous Manufacturing — 1.4% |
| |||||||
Hillenbrand, Inc. | 21,677 | 807,035 | ||||||
John Bean Technologies Corp. | 8,266 | 847,678 | ||||||
1,654,713 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Office Automation & Equipment — 0.8% |
| |||||||
Zebra Technologies Corp., Class A† | 5,624 | $ | 964,179 | |||||
Office Supplies & Forms — 0.9% |
| |||||||
Avery Dennison Corp. | 10,107 | 1,051,734 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Diamondback Energy, Inc. | 2,882 | 282,609 | ||||||
Real Estate Investment Trusts — 1.0% |
| |||||||
SBA Communications Corp.† | 5,418 | 1,172,509 | ||||||
Recreational Centers — 0.5% |
| |||||||
Planet Fitness, Inc., Class A† | 7,659 | 585,684 | ||||||
Resort/Theme Parks — 1.1% |
| |||||||
Vail Resorts, Inc. | 6,026 | 1,296,253 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Burlington Stores, Inc.† | 10,542 | 1,650,666 | ||||||
Retail - Discount — 0.6% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 6,934 | 684,524 | ||||||
Retail - Floor Coverings — 0.6% |
| |||||||
Floor & Decor Holdings, Inc., Class A†# | 18,849 | 669,516 | ||||||
Retail - Misc./Diversified — 1.1% |
| |||||||
Five Below, Inc.† | 10,252 | 1,319,740 | ||||||
Retail - Restaurants — 4.0% |
| |||||||
Domino’s Pizza, Inc. | 5,566 | 1,555,697 | ||||||
Dunkin’ Brands Group, Inc. | 15,837 | 1,175,422 | ||||||
Papa John’s International, Inc.# | 12,144 | 588,620 | ||||||
Texas Roadhouse, Inc. | 8,183 | 419,461 | ||||||
Wingstop, Inc. | 11,915 | 949,387 | ||||||
4,688,587 | ||||||||
Schools — 2.0% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 16,916 | 2,318,507 | ||||||
Semiconductor Equipment — 1.6% |
| |||||||
Entegris, Inc. | 31,365 | 1,077,074 | ||||||
MKS Instruments, Inc. | 10,476 | 748,615 | ||||||
1,825,689 | ||||||||
Shipbuilding — 0.8% |
| |||||||
Huntington Ingalls Industries, Inc. | 4,661 | 956,064 | ||||||
Telecom Equipment - Fiber Optics — 1.2% |
| |||||||
Viavi Solutions, Inc.† | 120,011 | 1,446,132 | ||||||
Telephone - Integrated — 0.3% |
| |||||||
Zayo Group Holdings, Inc.† | 11,144 | 364,409 | ||||||
Therapeutics — 2.1% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 17,724 | 818,317 | ||||||
GW Pharmaceuticals PLC ADR†# | 3,722 | 644,799 | ||||||
Sarepta Therapeutics, Inc.†# | 9,044 | 1,029,660 | ||||||
2,492,776 | ||||||||
Transport - Truck — 0.4% |
| |||||||
Old Dominion Freight Line, Inc. | 3,740 | 495,326 | ||||||
Veterinary Diagnostics — 1.1% |
| |||||||
Elanco Animal Health, Inc.† | 21,280 | 665,638 | ||||||
Neogen Corp.† | 11,639 | 655,858 | ||||||
1,321,496 | ||||||||
Web Hosting/Design — 3.6% |
| |||||||
GoDaddy, Inc., Class A† | 33,230 | 2,472,312 | ||||||
Wix.com, Ltd.† | 12,753 | 1,751,497 | ||||||
4,223,809 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $96,592,695) | 110,781,712 | |||||||
213 |
Table of Contents
VALIC Company ISmall-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 6.9% |
| |||||||
Registered Investment Companies — 6.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 5,530,248 | $ | 5,530,248 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,446,929 | 2,446,929 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $7,977,177) | 7,977,177 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $104,569,872)(3) | 102.2 | % | 118,758,889 | |||||
Liabilities in excess of other assets | (2.2 | ) | (2,561,429 | ) | ||||
NET ASSETS | 100.0 | % | $ | 116,197,460 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the7-day yield as of May 31, 2019. |
(2) | At May 31, 2019, the Fund had loaned securities with a total value of $18,119,348. This was secured by collateral of $2,446,929, which was received in cash and subsequently invested in short-term investments currently valued at $2,446,929 as reported in the Portfolio of Investments. Additional collateral of $16,291,214 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 10/01/2047 to 12/01/2047 | $ | 123,865 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 6,722 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | 540,074 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2019 to 02/15/2049 | 15,620,553 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 110,781,712 | $ | — | $ | — | $ | 110,781,712 | ||||||||
Short-Term Investment Securities | 7,977,177 | — | — | 7,977,177 | ||||||||||||
Total Investments at Value | $ | 118,758,889 | $ | — | $ | — | $ | 118,758,889 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
214 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Drugs | 5.1 | % | ||
Applications Software | 4.9 | |||
Diversified Banking Institutions | 3.7 | |||
Computers | 3.6 | |||
E-Commerce/Products | 3.3 | |||
Real Estate Investment Trusts | 3.1 | |||
Electric — Integrated | 3.0 | |||
Web Portals/ISP | 2.9 | |||
Finance — Credit Card | 2.9 | |||
Electronic Components — Semiconductors | 2.6 | |||
Internet Content — Entertainment | 2.6 | |||
Oil Companies — Integrated | 2.2 | |||
Insurance — Property/Casualty | 2.0 | |||
Telephone — Integrated | 2.0 | |||
Medical — Biomedical/Gene | 1.9 | |||
Aerospace/Defense | 1.9 | |||
Banks — Super Regional | 1.8 | |||
Beverages —Non-alcoholic | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Medical — HMO | 1.6 | |||
Medical Products | 1.6 | |||
Cosmetics & Toiletries | 1.6 | |||
Retail — Discount | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Diversified Manufacturing Operations | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Retail — Building Products | 1.3 | |||
Computer Services | 1.2 | |||
Medical Instruments | 1.2 | |||
Cable/Satellite TV | 1.1 | |||
Transport — Rail | 1.1 | |||
Networking Products | 1.1 | |||
Insurance — Multi-line | 1.1 | |||
Multimedia | 1.1 | |||
Tobacco | 0.9 | |||
Diagnostic Equipment | 0.8 | |||
Chemicals — Diversified | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Industrial Gases | 0.6 | |||
Finance — Other Services | 0.6 | |||
Instruments — Controls | 0.6 | |||
Electronic Forms | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Insurance Brokers | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Investment Management/Advisor Services | 0.5 | |||
Transport — Services | 0.5 | |||
Data Processing/Management | 0.5 | |||
Pharmacy Services | 0.5 | |||
Banks — Commercial | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Oil Refining & Marketing | 0.4 | |||
Athletic Footwear | 0.4 | |||
Pipelines | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Airlines | 0.4 | |||
Oil — Field Services | 0.4 | |||
Computer Aided Design | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Semiconductor Equipment | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Commercial Services | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Entertainment Software | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 |
Electronic Measurement Instruments | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Hotels/Motels | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Computer Software | 0.3 | |||
Electric Products — Misc. | 0.2 | |||
Electronic Connectors | 0.2 | |||
Cruise Lines | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Electric — Distribution | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Machinery — Farming | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Consulting Services | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Coatings/Paint | 0.2 | |||
Dental Supplies & Equipment | 0.1 | |||
Food — Meat Products | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Food — Confectionery | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Building Products — Cement | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Gold Mining | 0.1 | |||
Advertising Agencies | 0.1 | |||
Wireless Equipment | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Casino Hotels | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Medical Information Systems | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Gas — Distribution | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Agricultural Operations | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Water | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Repurchase Agreements | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Decision Support Software | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Food — Retail | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Television | 0.1 | |||
Paper & Related Products | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Respiratory Products | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Steel — Producers | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Toys | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Metal — Copper | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Retail — Automobile | 0.1 |
215 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE —May 31, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Disposable Medical Products | 0.1 | % | ||
Engineering/R&D Services | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Internet Security | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
216 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.7% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 77,583 | $ | 1,646,311 | |||||
Omnicom Group, Inc. | 45,087 | 3,487,931 | ||||||
5,134,242 | ||||||||
Aerospace/Defense — 1.9% |
| |||||||
Boeing Co. | 105,906 | 36,178,549 | ||||||
General Dynamics Corp. | 54,611 | 8,782,541 | ||||||
Lockheed Martin Corp. | 49,549 | 16,774,318 | ||||||
Northrop Grumman Corp. | 34,212 | 10,374,789 | ||||||
Raytheon Co. | 56,888 | 9,926,956 | ||||||
TransDigm Group, Inc.† | 9,808 | 4,324,838 | ||||||
86,361,991 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Arconic, Inc. | 81,277 | 1,779,966 | ||||||
Harris Corp. | 23,776 | 4,450,630 | ||||||
L3 Technologies, Inc. | 15,987 | 3,869,813 | ||||||
United Technologies Corp. | 163,382 | 20,635,147 | ||||||
30,735,556 | ||||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 44,926 | 1,807,822 | ||||||
Mosaic Co. | 71,479 | 1,534,654 | ||||||
3,342,476 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 112,892 | 4,326,021 | ||||||
Airlines — 0.4% |
| |||||||
Alaska Air Group, Inc. | 24,816 | 1,444,291 | ||||||
American Airlines Group, Inc. | 80,555 | 2,193,513 | ||||||
Delta Air Lines, Inc. | 124,532 | 6,413,398 | ||||||
Southwest Airlines Co. | 100,259 | 4,772,329 | ||||||
United Continental Holdings, Inc.† | 45,159 | 3,506,596 | ||||||
18,330,127 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Capri Holdings, Ltd.† | 30,764 | 999,214 | ||||||
Hanesbrands, Inc. | 72,848 | 1,081,793 | ||||||
Kontoor Brands, Inc.† | 9,341 | 273,683 | ||||||
PVH Corp. | 15,265 | 1,300,425 | ||||||
Ralph Lauren Corp. | 10,630 | 1,117,532 | ||||||
Tapestry, Inc. | 58,448 | 1,669,275 | ||||||
Under Armour, Inc., Class A†# | 37,850 | 862,980 | ||||||
Under Armour, Inc., Class C† | 38,808 | 785,086 | ||||||
VF Corp. | 65,385 | 5,353,724 | ||||||
13,443,712 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | 12,824 | 1,473,221 | ||||||
Applications Software — 4.9% |
| |||||||
Intuit, Inc. | 52,218 | 12,785,577 | ||||||
Microsoft Corp. | 1,546,400 | 191,258,752 | ||||||
salesforce.com, Inc.† | 154,192 | 23,346,211 | ||||||
227,390,540 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 253,717 | 19,571,729 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
Ford Motor Co. | 787,630 | 7,498,238 | ||||||
General Motors Co. | 264,207 | 8,808,661 | ||||||
16,306,899 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 69,884 | $ | 4,599,765 | |||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC | 52,413 | 3,356,528 | ||||||
BorgWarner, Inc. | 41,864 | 1,485,335 | ||||||
4,841,863 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
BB&T Corp. | 153,921 | 7,195,807 | ||||||
Citizens Financial Group, Inc. | 92,796 | 3,023,294 | ||||||
First Republic Bank | 33,213 | 3,222,325 | ||||||
M&T Bank Corp. | 27,921 | 4,456,192 | ||||||
Regions Financial Corp. | 205,129 | 2,836,934 | ||||||
SVB Financial Group† | 10,608 | 2,136,451 | ||||||
Zions Bancorp NA | 37,522 | 1,616,072 | ||||||
24,487,075 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 177,060 | 7,558,691 | ||||||
Northern Trust Corp. | 44,023 | 3,764,847 | ||||||
State Street Corp. | 76,322 | 4,216,791 | ||||||
15,540,329 | ||||||||
Banks - Super Regional — 1.8% |
| |||||||
Comerica, Inc. | 32,048 | 2,205,543 | ||||||
Fifth Third Bancorp | 155,214 | 4,113,171 | ||||||
Huntington Bancshares, Inc. | 210,994 | 2,669,074 | ||||||
KeyCorp | 203,329 | 3,247,164 | ||||||
PNC Financial Services Group, Inc. | 91,429 | 11,635,255 | ||||||
SunTrust Banks, Inc. | 89,342 | 5,361,413 | ||||||
US Bancorp | 303,261 | 15,223,702 | ||||||
Wells Fargo & Co. | 825,277 | 36,617,541 | ||||||
81,072,863 | ||||||||
Beverages-Non-alcoholic — 1.7% |
| |||||||
Coca-Cola Co. | 775,558 | 38,103,164 | ||||||
Monster Beverage Corp.† | 78,823 | 4,875,991 | ||||||
PepsiCo, Inc. | 283,126 | 36,240,128 | ||||||
79,219,283 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 33,518 | 1,675,230 | ||||||
Constellation Brands, Inc., Class A | 33,568 | 5,923,073 | ||||||
7,598,303 | ||||||||
Brewery — 0.0% |
| |||||||
Molson Coors Brewing Co., Class B | 37,824 | 2,079,564 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A† | 31,649 | 862,752 | ||||||
Discovery, Inc., Class C† | 72,650 | 1,862,746 | ||||||
Fox Corp., Class A | 71,109 | 2,505,170 | ||||||
Fox Corp., Class B | 32,726 | 1,135,919 | ||||||
6,366,587 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 28,328 | 1,361,444 | ||||||
Building Products- Air & Heating — 0.2% |
| |||||||
Johnson Controls International PLC | 183,965 | 7,086,332 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 12,584 | 2,648,932 | ||||||
Vulcan Materials Co. | 26,572 | 3,319,109 | ||||||
5,968,041 | ||||||||
217 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 59,358 | $ | 2,072,781 | |||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 29,708 | 1,116,130 | ||||||
Building - Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 68,492 | 2,928,718 | ||||||
Lennar Corp., Class A | 57,635 | 2,862,154 | ||||||
PulteGroup, Inc. | 51,391 | 1,593,121 | ||||||
7,383,993 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A† | 34,975 | 13,178,580 | ||||||
Comcast Corp., Class A | 910,343 | 37,324,063 | ||||||
DISH Network Corp., Class A† | 46,248 | 1,670,015 | ||||||
52,172,658 | ||||||||
Casino Hotels — 0.1% |
| |||||||
MGM Resorts International | 102,809 | 2,551,720 | ||||||
Wynn Resorts, Ltd. | 19,525 | 2,095,618 | ||||||
4,647,338 | ||||||||
Chemicals - Diversified — 0.8% |
| |||||||
Celanese Corp. | 25,819 | 2,450,998 | ||||||
Dow, Inc. | 151,489 | 7,083,625 | ||||||
DuPont de Nemours, Inc. | 454,467 | 13,870,333 | ||||||
Eastman Chemical Co. | 28,174 | 1,829,056 | ||||||
FMC Corp. | 27,142 | 1,993,580 | ||||||
LyondellBasell Industries NV, Class A | 61,344 | 4,554,792 | ||||||
PPG Industries, Inc. | 47,548 | 4,975,898 | ||||||
36,758,282 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Corp.# | 21,316 | 1,349,303 | ||||||
International Flavors & Fragrances, Inc.# | 20,419 | 2,765,141 | ||||||
4,114,444 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 16,445 | 6,897,855 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 17,068 | 3,786,195 | ||||||
Ecolab, Inc. | 51,057 | 9,399,083 | ||||||
Nielsen Holdings PLC | 71,644 | 1,628,468 | ||||||
Quanta Services, Inc. | 28,491 | 990,347 | ||||||
15,804,093 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Automatic Data Processing, Inc. | 87,805 | 14,059,337 | ||||||
Equifax, Inc. | 24,329 | 2,941,376 | ||||||
FleetCor Technologies, Inc.† | 17,306 | 4,468,582 | ||||||
Global Payments, Inc. | 31,766 | 4,893,235 | ||||||
H&R Block, Inc.# | 41,426 | 1,087,432 | ||||||
IHS Markit, Ltd.† | 73,258 | 4,204,277 | ||||||
Moody’s Corp. | 33,493 | 6,125,200 | ||||||
PayPal Holdings, Inc.† | 236,470 | 25,952,582 | ||||||
S&P Global, Inc. | 50,107 | 10,716,885 | ||||||
Total System Services, Inc. | 32,807 | 4,052,649 | ||||||
78,501,555 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
ANSYS, Inc.† | 16,886 | 3,031,037 | ||||||
Autodesk, Inc.† | 44,144 | 7,103,211 | ||||||
Cadence Design Systems, Inc.† | 56,515 | 3,592,658 | ||||||
Synopsys, Inc.† | 30,168 | 3,512,762 | ||||||
17,239,668 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 29,234 | $ | 2,118,880 | |||||
Computer Services — 1.2% |
| |||||||
Accenture PLC, Class A | 128,483 | 22,878,968 | ||||||
Cognizant Technology Solutions Corp., Class A | 115,916 | 7,178,678 | ||||||
DXC Technology Co. | 54,072 | 2,570,583 | ||||||
International Business Machines Corp. | 179,361 | 22,777,053 | ||||||
55,405,282 | ||||||||
Computer Software — 0.3% |
| |||||||
Akamai Technologies, Inc.† | 32,897 | 2,479,118 | ||||||
Citrix Systems, Inc. | 25,223 | 2,373,989 | ||||||
Red Hat, Inc.† | 35,627 | 6,566,056 | ||||||
11,419,163 | ||||||||
Computers — 3.6% |
| |||||||
Apple, Inc. | 902,884 | 158,067,902 | ||||||
Hewlett Packard Enterprise Co. | 277,539 | 3,807,835 | ||||||
HP, Inc. | 309,090 | 5,773,801 | ||||||
167,649,538 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 49,780 | 2,946,976 | ||||||
Seagate Technology PLC | 51,676 | 2,162,641 | ||||||
Western Digital Corp. | 58,623 | 2,181,948 | ||||||
7,291,565 | ||||||||
Consulting Services — 0.2% |
| |||||||
Gartner, Inc.† | 18,082 | 2,735,807 | ||||||
Verisk Analytics, Inc. | 32,956 | 4,613,840 | ||||||
7,349,647 | ||||||||
Consumer Products - Misc. — 0.3% |
| |||||||
Clorox Co. | 25,832 | 3,844,060 | ||||||
Kimberly-Clark Corp. | 69,423 | 8,878,507 | ||||||
12,722,567 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 67,389 | 4,137,011 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Packaging Corp. of America | 19,047 | 1,696,707 | ||||||
Sealed Air Corp. | 31,369 | 1,314,361 | ||||||
WestRock Co. | 51,473 | 1,678,020 | ||||||
4,689,088 | ||||||||
Cosmetics & Toiletries — 1.6% |
| |||||||
Colgate-Palmolive Co. | 173,678 | 12,091,462 | ||||||
Coty, Inc., Class A | 60,569 | 747,421 | ||||||
Estee Lauder Cos., Inc., Class A | 43,992 | 7,084,032 | ||||||
Procter & Gamble Co. | 504,215 | 51,888,766 | ||||||
71,811,681 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 80,706 | 4,131,340 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 43,869 | 2,400,073 | ||||||
Royal Caribbean Cruises, Ltd. | 34,574 | 4,209,730 | ||||||
10,741,143 | ||||||||
Data Processing/Management — 0.5% |
| |||||||
Broadridge Financial Solutions, Inc. | 23,316 | 2,911,469 | ||||||
Fidelity National Information Services, Inc. | 65,087 | 7,829,966 | ||||||
Fiserv, Inc.†# | 78,928 | 6,776,758 | ||||||
Jack Henry & Associates, Inc. | 15,556 | 2,041,258 | ||||||
Paychex, Inc. | 64,415 | 5,526,163 | ||||||
25,085,614 | ||||||||
218 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 16,996 | $ | 3,739,290 | |||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 14,670 | 4,171,415 | ||||||
DENTSPLY SIRONA, Inc. | 47,161 | 2,540,563 | ||||||
6,711,978 | ||||||||
Diagnostic Equipment — 0.8% |
| |||||||
Danaher Corp. | 126,639 | 16,717,615 | ||||||
Thermo Fisher Scientific, Inc. | 81,143 | 21,663,558 | ||||||
38,381,173 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 17,336 | 4,330,013 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 25,489 | 1,106,732 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 9,276 | 2,674,271 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Copart, Inc.† | 40,477 | 2,893,296 | ||||||
Fastenal Co. | 115,354 | 3,528,679 | ||||||
LKQ Corp.† | 63,446 | 1,627,390 | ||||||
WW Grainger, Inc. | 9,091 | 2,379,023 | ||||||
10,428,388 | ||||||||
Diversified Banking Institutions — 3.7% |
| |||||||
Bank of America Corp. | 1,810,530 | 48,160,098 | ||||||
Citigroup, Inc. | 473,970 | 29,457,236 | ||||||
Goldman Sachs Group, Inc. | 69,033 | 12,597,832 | ||||||
JPMorgan Chase & Co. | 659,951 | 69,928,408 | ||||||
Morgan Stanley | 261,760 | 10,651,014 | ||||||
170,794,588 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
3M Co. | 116,058 | 18,540,265 | ||||||
A.O. Smith Corp. | 28,582 | 1,157,571 | ||||||
Eaton Corp. PLC | 85,381 | 6,360,031 | ||||||
General Electric Co. | 1,754,583 | 16,563,263 | ||||||
Illinois Tool Works, Inc. | 60,842 | 8,495,977 | ||||||
Ingersoll-Rand PLC | 48,811 | 5,776,294 | ||||||
Parker-Hannifin Corp. | 26,075 | 3,971,744 | ||||||
Textron, Inc. | 47,302 | 2,142,781 | ||||||
63,007,926 | ||||||||
E-Commerce/Products — 3.3% |
| |||||||
Amazon.com, Inc.† | 83,166 | 147,625,471 | ||||||
eBay, Inc. | 173,338 | 6,228,034 | ||||||
153,853,505 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Booking Holdings, Inc.† | 9,073 | 15,026,884 | ||||||
Cars.com, Inc.†# | 1 | 21 | ||||||
Expedia Group, Inc. | 23,566 | 2,710,090 | ||||||
TripAdvisor, Inc.† | 20,715 | 875,623 | ||||||
18,612,618 | ||||||||
Electric Products - Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 45,780 | 3,748,924 | ||||||
Emerson Electric Co. | 123,882 | 7,462,652 | ||||||
11,211,576 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 101,020 | 2,873,009 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Distribution (continued) | ||||||||
Sempra Energy | 55,235 | $ | 7,260,641 | |||||
10,133,650 | ||||||||
Electric - Integrated — 3.0% |
| |||||||
AES Corp. | 133,491 | 2,109,158 | ||||||
Alliant Energy Corp. | 47,583 | 2,258,289 | ||||||
Ameren Corp. | 49,309 | 3,616,322 | ||||||
American Electric Power Co., Inc. | 99,427 | 8,562,653 | ||||||
CMS Energy Corp. | 57,122 | 3,205,115 | ||||||
Consolidated Edison, Inc. | 64,716 | 5,584,991 | ||||||
Dominion Energy, Inc. | 161,108 | 12,112,100 | ||||||
DTE Energy Co. | 36,669 | 4,600,859 | ||||||
Duke Energy Corp. | 146,535 | 12,544,861 | ||||||
Edison International | 65,670 | 3,898,828 | ||||||
Entergy Corp. | 38,211 | 3,709,142 | ||||||
Evergy, Inc. | 51,323 | 2,983,919 | ||||||
Eversource Energy | 63,891 | 4,717,711 | ||||||
Exelon Corp. | 195,461 | 9,397,765 | ||||||
FirstEnergy Corp. | 101,514 | 4,186,437 | ||||||
NextEra Energy, Inc. | 96,379 | 19,103,282 | ||||||
Pinnacle West Capital Corp. | 22,604 | 2,122,742 | ||||||
PPL Corp. | 145,311 | 4,324,455 | ||||||
Public Service Enterprise Group, Inc. | 101,878 | 5,986,351 | ||||||
Southern Co. | 208,525 | 11,156,088 | ||||||
WEC Energy Group, Inc. | 63,583 | 5,121,611 | ||||||
Xcel Energy, Inc. | 103,643 | 5,942,890 | ||||||
137,245,569 | ||||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Garmin, Ltd. | 24,440 | 1,869,171 | ||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Advanced Micro Devices, Inc.† | 177,575 | 4,867,331 | ||||||
Broadcom, Inc. | 79,838 | 20,090,434 | ||||||
Intel Corp. | 906,410 | 39,918,297 | ||||||
IPG Photonics Corp.† | 7,153 | 895,341 | ||||||
Microchip Technology, Inc.# | 47,763 | 3,822,473 | ||||||
Micron Technology, Inc.† | 225,956 | 7,368,425 | ||||||
NVIDIA Corp. | 122,145 | 16,545,762 | ||||||
Qorvo, Inc.† | 24,749 | 1,514,144 | ||||||
Skyworks Solutions, Inc. | 35,084 | 2,337,647 | ||||||
Texas Instruments, Inc. | 189,159 | 19,731,175 | ||||||
Xilinx, Inc. | 51,027 | 5,220,572 | ||||||
122,311,601 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 60,082 | 5,227,134 | ||||||
TE Connectivity, Ltd. | 68,299 | 5,752,825 | ||||||
10,979,959 | ||||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 98,305 | 26,630,824 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 64,018 | 4,292,407 | ||||||
FLIR Systems, Inc. | 27,304 | 1,319,602 | ||||||
Fortive Corp. | 59,354 | 4,519,807 | ||||||
Keysight Technologies, Inc.† | 37,841 | 2,842,995 | ||||||
12,974,811 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 19,038 | 1,847,638 | ||||||
Engineering/R&D Services — 0.1% |
| |||||||
Fluor Corp. | 28,134 | 779,875 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Engineering/R&D Services (continued) |
| |||||||
Jacobs Engineering Group, Inc. | 23,622 | $ | 1,778,500 | |||||
2,558,375 | ||||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 29,175 | 4,398,423 | ||||||
Enterprise Software/Service — 0.6% |
| |||||||
Oracle Corp. | 513,598 | 25,988,059 | ||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 153,957 | 6,677,115 | ||||||
Electronic Arts, Inc.† | 60,386 | 5,620,729 | ||||||
Take-Two Interactive Software, Inc.† | 22,809 | 2,466,793 | ||||||
14,764,637 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 131,632 | 4,426,784 | ||||||
Finance - Credit Card — 2.9% |
| |||||||
Alliance Data Systems Corp. | 9,187 | 1,263,212 | ||||||
American Express Co. | 139,390 | 15,989,427 | ||||||
Capital One Financial Corp. | 94,305 | 8,097,970 | ||||||
Discover Financial Services | 66,189 | 4,934,390 | ||||||
Mastercard, Inc., Class A | 181,941 | 45,756,342 | ||||||
Visa, Inc., Class A | 352,763 | 56,911,255 | ||||||
Western Union Co.# | 87,857 | 1,704,426 | ||||||
134,657,022 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 239,104 | 9,949,118 | ||||||
E*TRADE Financial Corp. | 49,646 | 2,224,141 | ||||||
Jefferies Financial Group, Inc. | 53,008 | 936,651 | ||||||
13,109,910 | ||||||||
Finance - Other Services — 0.6% |
| |||||||
Cboe Global Markets, Inc. | 22,615 | 2,454,632 | ||||||
CME Group, Inc. | 72,113 | 13,854,349 | ||||||
Intercontinental Exchange, Inc. | 114,586 | 9,420,115 | ||||||
Nasdaq, Inc. | 23,340 | 2,115,538 | ||||||
27,844,634 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 28,024 | 3,698,047 | ||||||
J.M. Smucker Co. | 22,930 | 2,787,371 | ||||||
6,485,418 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 54,954 | 2,170,133 | ||||||
Tyson Foods, Inc., Class A | 59,512 | 4,516,366 | ||||||
6,686,499 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Campbell Soup Co.# | 38,832 | 1,409,990 | ||||||
Conagra Brands, Inc. | 97,879 | 2,620,221 | ||||||
General Mills, Inc. | 120,280 | 5,946,643 | ||||||
Kellogg Co. | 50,600 | 2,659,536 | ||||||
Kraft Heinz Co. | 125,352 | 3,465,983 | ||||||
Lamb Weston Holdings, Inc. | 29,527 | 1,749,475 | ||||||
McCormick & Co., Inc. | 24,712 | 3,856,060 | ||||||
Mondelez International, Inc., Class A | 291,085 | 14,801,672 | ||||||
36,509,580 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 160,792 | 3,667,666 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 95,214 | 6,552,627 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Gas- Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | 23,559 | $ | 2,398,306 | |||||
NiSource, Inc. | 75,080 | 2,090,978 | ||||||
4,489,284 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Goldcorp Corp. | 164,716 | 5,450,452 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 78,402 | 1,052,155 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 26,419 | 938,139 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 59,026 | 5,279,286 | ||||||
Marriott International, Inc., Class A | 56,824 | 7,093,908 | ||||||
12,373,194 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 24,001 | 1,287,894 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 56,638 | 1,927,958 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 24,095 | 3,586,541 | ||||||
Industrial Gases — 0.6% |
| |||||||
Air Products & Chemicals, Inc. | 44,269 | 9,012,726 | ||||||
Linde PLC | 111,070 | 20,053,688 | ||||||
29,066,414 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 146,954 | 24,146,012 | ||||||
Mettler-Toledo International, Inc.† | 4,997 | 3,613,280 | ||||||
27,759,292 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 22,332 | 1,928,145 | ||||||
Waters Corp.† | 14,414 | 2,893,034 | ||||||
4,821,179 | ||||||||
Insurance Brokers — 0.6% |
| |||||||
Aon PLC | 48,374 | 8,710,706 | ||||||
Arthur J. Gallagher & Co. | 37,099 | 3,123,736 | ||||||
Marsh & McLennan Cos., Inc. | 101,809 | 9,732,940 | ||||||
Willis Towers Watson PLC | 26,021 | 4,566,686 | ||||||
26,134,068 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Aflac, Inc. | 151,236 | 7,758,407 | ||||||
Lincoln National Corp. | 41,177 | 2,447,972 | ||||||
Principal Financial Group, Inc. | 52,170 | 2,690,407 | ||||||
Prudential Financial, Inc. | 82,437 | 7,615,530 | ||||||
Torchmark Corp. | 20,441 | 1,747,910 | ||||||
Unum Group | 43,259 | 1,362,226 | ||||||
23,622,452 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
Allstate Corp. | 66,910 | 6,390,574 | ||||||
American International Group, Inc.(1) | 175,253 | 8,950,171 | ||||||
Assurant, Inc. | 12,436 | 1,243,103 | ||||||
Chubb, Ltd. | 92,390 | 13,495,407 | ||||||
Cincinnati Financial Corp. | 30,543 | 3,000,544 | ||||||
Hartford Financial Services Group, Inc. | 72,453 | 3,815,375 | ||||||
Loews Corp. | 55,215 | 2,835,842 | ||||||
MetLife, Inc. | 192,946 | 8,916,035 | ||||||
48,647,051 | ||||||||
220 |
Table of Contents
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PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Insurance - Property/Casualty — 2.0% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 391,942 | $ | 77,377,190 | |||||
Progressive Corp. | 117,689 | 9,330,384 | ||||||
Travelers Cos., Inc. | 53,088 | 7,728,020 | ||||||
94,435,594 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 8,198 | 2,030,317 | ||||||
Internet Content - Entertainment — 2.6% |
| |||||||
Facebook, Inc., Class A† | 480,825 | 85,332,013 | ||||||
Netflix, Inc.† | 88,000 | 30,208,640 | ||||||
Twitter, Inc.† | 146,832 | 5,350,558 | ||||||
120,891,211 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 11,980 | 1,582,318 | ||||||
Internet Security — 0.1% |
| |||||||
Symantec Corp. | 128,839 | 2,413,154 | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Affiliated Managers Group, Inc. | 10,491 | 879,355 | ||||||
Ameriprise Financial, Inc. | 27,311 | 3,775,199 | ||||||
BlackRock, Inc. | 24,527 | 10,192,440 | ||||||
Franklin Resources, Inc. | 59,563 | 1,895,295 | ||||||
Invesco, Ltd. | 80,033 | 1,563,845 | ||||||
Raymond James Financial, Inc. | 25,584 | 2,112,727 | ||||||
T. Rowe Price Group, Inc. | 47,621 | 4,816,388 | ||||||
25,235,249 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 116,006 | 13,898,679 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 64,195 | 8,998,213 | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
Roper Technologies, Inc. | 20,883 | 7,182,081 | ||||||
Wabtec Corp.# | 31,976 | 1,994,663 | ||||||
9,176,744 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Dover Corp. | 29,215 | 2,612,113 | ||||||
Flowserve Corp. | 26,401 | 1,226,327 | ||||||
Xylem, Inc. | 36,191 | 2,686,096 | ||||||
6,524,536 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 65,378 | 4,574,499 | ||||||
Medical Instruments — 1.2% |
| |||||||
Boston Scientific Corp.† | 279,353 | 10,729,949 | ||||||
Edwards Lifesciences Corp.† | 41,877 | 7,148,404 | ||||||
Intuitive Surgical, Inc.† | 23,077 | 10,727,343 | ||||||
Medtronic PLC | 270,320 | 25,026,226 | ||||||
53,631,922 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 31,894 | 4,332,800 | ||||||
Laboratory Corp. of America Holdings† | 19,873 | 3,231,549 | ||||||
Quest Diagnostics, Inc. | 27,062 | 2,595,516 | ||||||
10,159,865 | ||||||||
Medical Products — 1.6% |
| |||||||
Abbott Laboratories | 354,004 | 26,950,324 | ||||||
ABIOMED, Inc.† | 9,088 | 2,380,329 | ||||||
Baxter International, Inc. | 96,074 | 7,055,675 | ||||||
Becton Dickinson and Co. | 54,232 | 12,659,918 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) | ||||||||
Cooper Cos., Inc. | 9,945 | $ | 2,961,521 | |||||
Henry Schein, Inc.† | 30,517 | 1,967,126 | ||||||
Hologic, Inc.† | 53,976 | 2,375,484 | ||||||
Stryker Corp. | 62,344 | 11,423,915 | ||||||
Varian Medical Systems, Inc.† | 18,297 | 2,310,179 | ||||||
Zimmer Biomet Holdings, Inc. | 41,205 | 4,694,486 | ||||||
74,778,957 | ||||||||
Medical - Biomedical/Gene — 1.9% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 45,042 | 5,120,375 | ||||||
Amgen, Inc. | 125,425 | 20,908,347 | ||||||
Biogen, Inc.† | 39,648 | 8,694,410 | ||||||
Celgene Corp.† | 141,566 | 13,277,475 | ||||||
Gilead Sciences, Inc. | 257,090 | 16,003,852 | ||||||
Illumina, Inc.† | 29,629 | 9,093,436 | ||||||
Incyte Corp.† | 35,809 | 2,815,662 | ||||||
Regeneron Pharmaceuticals, Inc.† | 15,798 | 4,766,573 | ||||||
Vertex Pharmaceuticals, Inc.† | 51,529 | 8,563,089 | ||||||
89,243,219 | ||||||||
Medical - Drugs — 5.1% |
| |||||||
AbbVie, Inc. | 297,316 | 22,807,110 | ||||||
Allergan PLC | 63,018 | 7,682,524 | ||||||
Bristol-Myers Squibb Co. | 329,081 | 14,930,405 | ||||||
Eli Lilly & Co. | 174,152 | 20,191,183 | ||||||
Johnson & Johnson | 536,778 | 70,398,435 | ||||||
Merck & Co., Inc. | 520,268 | 41,210,428 | ||||||
Nektar Therapeutics† | 35,092 | 1,099,082 | ||||||
Pfizer, Inc. | 1,119,014 | 46,461,461 | ||||||
Zoetis, Inc. | 96,500 | 9,751,325 | ||||||
234,531,953 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 103,930 | 1,746,024 | ||||||
Perrigo Co. PLC | 25,195 | 1,058,694 | ||||||
2,804,718 | ||||||||
Medical- HMO — 1.6% |
| |||||||
Anthem, Inc. | 51,803 | 14,400,198 | ||||||
Centene Corp.† | 83,278 | 4,809,305 | ||||||
Humana, Inc. | 27,326 | 6,691,044 | ||||||
UnitedHealth Group, Inc. | 193,403 | 46,764,845 | ||||||
WellCare Health Plans, Inc.† | 10,077 | 2,783,167 | ||||||
75,448,559 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 53,827 | 6,510,914 | ||||||
Universal Health Services, Inc., Class B | 16,836 | 2,012,744 | ||||||
8,523,658 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 31,485 | 2,451,422 | ||||||
Cardinal Health, Inc. | 60,068 | 2,527,061 | ||||||
McKesson Corp. | 38,664 | 4,722,421 | ||||||
9,700,904 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 292,065 | 2,835,951 | ||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc. | 32,157 | 1,052,177 | ||||||
Multimedia — 1.1% |
| |||||||
Viacom, Inc., Class B | 71,279 | 2,069,229 | ||||||
Walt Disney Co. | 352,118 | 46,493,661 | ||||||
48,562,890 | ||||||||
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Networking Products — 1.1% |
| |||||||
Arista Networks, Inc.† | 10,532 | $ | 2,576,022 | |||||
Cisco Systems, Inc. | 887,267 | 46,164,502 | ||||||
48,740,524 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Republic Services, Inc. | 43,432 | 3,673,913 | ||||||
Waste Management, Inc. | 78,583 | 8,593,051 | ||||||
12,266,964 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Corp. | 40,284 | 1,233,093 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 16,928 | 1,761,528 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 22,051 | 1,078,514 | ||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Anadarko Petroleum Corp. | 100,694 | 7,085,837 | ||||||
Apache Corp. | 75,666 | 1,972,613 | ||||||
Cabot Oil & Gas Corp. | 85,334 | 2,135,057 | ||||||
Cimarex Energy Co. | 20,449 | 1,169,478 | ||||||
Concho Resources, Inc. | 40,431 | 3,962,642 | ||||||
ConocoPhillips | 228,649 | 13,481,145 | ||||||
Devon Energy Corp. | 83,698 | 2,105,842 | ||||||
Diamondback Energy, Inc. | 31,145 | 3,054,079 | ||||||
EOG Resources, Inc. | 116,915 | 9,573,000 | ||||||
Hess Corp. | 51,306 | 2,865,953 | ||||||
Marathon Oil Corp. | 164,976 | 2,169,434 | ||||||
Noble Energy, Inc. | 97,470 | 2,085,858 | ||||||
Occidental Petroleum Corp. | 151,077 | 7,519,102 | ||||||
Pioneer Natural Resources Co. | 33,937 | 4,817,697 | ||||||
63,997,737 | ||||||||
Oil Companies - Integrated — 2.2% |
| |||||||
Chevron Corp. | 382,974 | 43,601,590 | ||||||
Exxon Mobil Corp. | 854,004 | 60,437,863 | ||||||
104,039,453 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 77,284 | 1,611,371 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
HollyFrontier Corp. | 31,666 | 1,202,675 | ||||||
Marathon Petroleum Corp. | 135,773 | 6,244,200 | ||||||
Phillips 66 | 84,558 | 6,832,287 | ||||||
Valero Energy Corp. | 84,173 | 5,925,779 | ||||||
20,204,941 | ||||||||
Oil- Field Services — 0.4% |
| |||||||
Baker Hughes a GE Co., LLC | 103,478 | 2,215,464 | ||||||
Halliburton Co. | 175,869 | 3,744,251 | ||||||
Schlumberger, Ltd. | 279,355 | 9,690,825 | ||||||
TechnipFMC PLC | 85,758 | 1,783,766 | ||||||
17,434,306 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 80,671 | 3,345,426 | ||||||
Pharmacy Services — 0.5% |
| |||||||
Cigna Corp. | 76,604 | 11,338,924 | ||||||
CVS Health Corp. | 261,438 | 13,691,508 | ||||||
25,030,432 | ||||||||
Pipelines — 0.4% |
| |||||||
Kinder Morgan, Inc. | 392,383 | 7,828,041 | ||||||
ONEOK, Inc. | 82,964 | 5,278,169 |
Security Description | Shares | Value (Note 2) | ||||||
Pipelines (continued) | ||||||||
Williams Cos., Inc. | 244,084 | $ | 6,438,936 | |||||
19,545,146 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 77,666 | 884,616 | ||||||
News Corp., Class B | 24,947 | 290,632 | ||||||
1,175,248 | ||||||||
Real Estate Investment Trusts — 3.1% |
| |||||||
Alexandria Real Estate Equities, Inc. | 22,722 | 3,326,728 | ||||||
American Tower Corp. | 88,915 | 18,562,785 | ||||||
Apartment Investment & Management Co., Class A | 32,320 | 1,614,384 | ||||||
AvalonBay Communities, Inc. | 27,917 | 5,667,430 | ||||||
Boston Properties, Inc. | 31,143 | 4,074,439 | ||||||
Crown Castle International Corp. | 83,761 | 10,889,768 | ||||||
Digital Realty Trust, Inc. | 41,888 | 4,931,055 | ||||||
Duke Realty Corp. | 72,409 | 2,178,787 | ||||||
Equinix, Inc. | 16,794 | 8,158,357 | ||||||
Equity Residential | 74,563 | 5,709,289 | ||||||
Essex Property Trust, Inc. | 13,242 | 3,863,221 | ||||||
Extra Space Storage, Inc. | 25,658 | 2,749,511 | ||||||
Federal Realty Investment Trust | 14,989 | 1,959,512 | ||||||
HCP, Inc. | 96,300 | 3,053,673 | ||||||
Host Hotels & Resorts, Inc. | 149,248 | 2,702,881 | ||||||
Iron Mountain, Inc. | 57,719 | 1,769,087 | ||||||
Kimco Realty Corp. | 84,935 | 1,477,869 | ||||||
Macerich Co. | 21,339 | 775,246 | ||||||
Mid-America Apartment Communities, Inc. | 22,955 | 2,621,002 | ||||||
Prologis, Inc. | 127,053 | 9,359,994 | ||||||
Public Storage | 30,248 | 7,195,394 | ||||||
Realty Income Corp. | 61,232 | 4,291,139 | ||||||
Regency Centers Corp. | 33,762 | 2,226,941 | ||||||
SBA Communications Corp.† | 22,693 | 4,910,992 | ||||||
Simon Property Group, Inc. | 62,274 | 10,093,993 | ||||||
SL Green Realty Corp. | 16,867 | 1,450,562 | ||||||
UDR, Inc. | 55,551 | 2,487,574 | ||||||
Ventas, Inc. | 71,792 | 4,616,226 | ||||||
Vornado Realty Trust | 34,947 | 2,314,540 | ||||||
Welltower, Inc. | 77,874 | 6,324,926 | ||||||
Weyerhaeuser Co. | 150,469 | 3,430,693 | ||||||
144,787,998 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 62,953 | 2,876,952 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 16,041 | 1,766,114 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 28,884 | 3,296,242 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Foot Locker, Inc. | 22,754 | 895,370 | ||||||
Gap, Inc. | 43,053 | 804,230 | ||||||
L Brands, Inc. | 46,027 | 1,033,766 | ||||||
Ross Stores, Inc. | 74,696 | 6,945,981 | ||||||
9,679,347 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
Advance Auto Parts, Inc. | 14,445 | 2,238,975 | ||||||
AutoZone, Inc.† | 5,030 | 5,166,363 | ||||||
Genuine Parts Co. | 29,416 | 2,909,243 | ||||||
O’Reilly Automotive, Inc.† | 15,797 | 5,866,532 | ||||||
16,181,113 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.†# | 34,282 | 2,683,595 | ||||||
222 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Building Products — 1.3% |
| |||||||
Home Depot, Inc. | 227,665 | $ | 43,222,200 | |||||
Lowe’s Cos., Inc. | 161,449 | 15,059,963 | ||||||
58,282,163 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 47,189 | 2,957,335 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 88,785 | 21,271,110 | ||||||
Dollar General Corp. | 52,986 | 6,744,058 | ||||||
Dollar Tree, Inc.† | 47,965 | 4,872,765 | ||||||
Target Corp. | 105,180 | 8,461,731 | ||||||
Walmart, Inc. | 286,934 | 29,106,585 | ||||||
70,456,249 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 161,636 | 7,975,120 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 24,446 | 2,463,668 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co.# | 21,866 | 1,948,479 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 21,610 | 676,393 | ||||||
TJX Cos., Inc. | 249,434 | 12,544,036 | ||||||
13,220,429 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 11,357 | 3,786,197 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp.# | 33,283 | 1,641,517 | ||||||
Macy’s, Inc. | 61,980 | 1,274,929 | ||||||
2,916,446 | ||||||||
Retail - Restaurants — 1.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,906 | 3,237,813 | ||||||
Darden Restaurants, Inc. | 24,894 | 2,895,670 | ||||||
McDonald’s Corp. | 154,256 | 30,584,337 | ||||||
Starbucks Corp. | 250,659 | 19,065,124 | ||||||
Yum! Brands, Inc. | 61,761 | 6,321,238 | ||||||
62,104,182 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 79,252 | 1,218,103 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 74,237 | 7,172,779 | ||||||
Maxim Integrated Products, Inc. | 55,106 | 2,898,025 | ||||||
QUALCOMM, Inc. | 243,948 | 16,300,605 | ||||||
26,371,409 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Applied Materials, Inc. | 191,359 | 7,403,680 | ||||||
KLA-Tencor Corp. | 33,298 | 3,432,025 | ||||||
Lam Research Corp. | 30,756 | 5,370,305 | ||||||
16,206,010 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 8,371 | 1,717,060 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 49,564 | 3,688,057 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 61,552 | 2,954,496 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 158,578 | $ | 4,573,390 | |||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 70,127 | 1,725,825 | ||||||
Telephone - Integrated — 2.0% |
| |||||||
AT&T, Inc. | 1,468,271 | 44,899,727 | ||||||
CenturyLink, Inc. | 191,678 | 2,003,035 | ||||||
Verizon Communications, Inc. | 832,843 | 45,265,017 | ||||||
92,167,779 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 70,077 | 3,383,318 | ||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 12,388 | 1,679,193 | ||||||
Tobacco — 0.9% |
| |||||||
Altria Group, Inc. | 377,807 | 18,535,211 | ||||||
Philip Morris International, Inc. | 313,327 | 24,166,912 | ||||||
42,702,123 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 11,210 | 1,747,863 | ||||||
Stanley Black & Decker, Inc. | 30,507 | 3,881,101 | ||||||
5,628,964 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 23,336 | 2,220,187 | ||||||
Mattel, Inc.†# | 69,618 | 685,737 | ||||||
2,905,924 | ||||||||
Transport - Rail — 1.1% |
| |||||||
CSX Corp. | 156,177 | 11,630,501 | ||||||
Kansas City Southern | 20,346 | 2,304,795 | ||||||
Norfolk Southern Corp. | 53,908 | 10,519,607 | ||||||
Union Pacific Corp. | 145,703 | 24,300,347 | ||||||
48,755,250 | ||||||||
Transport - Services — 0.5% |
| |||||||
C.H. Robinson Worldwide, Inc. | 27,584 | 2,196,514 | ||||||
Expeditors International of Washington, Inc. | 34,602 | 2,407,953 | ||||||
FedEx Corp. | 48,406 | 7,468,078 | ||||||
United Parcel Service, Inc., Class B | 140,283 | 13,035,096 | ||||||
25,107,641 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 17,534 | 1,492,845 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 36,433 | 4,117,658 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 31,776 | 1,106,440 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 21,235 | 4,140,400 | ||||||
Web Portals/ISP — 2.9% |
| |||||||
Alphabet, Inc., Class A† | 60,339 | 66,765,104 | ||||||
Alphabet, Inc., Class C† | 61,954 | 68,374,293 | ||||||
135,139,397 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 33,030 | 4,952,848 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,214,380,021) | 4,623,034,656 | |||||||
223 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,450,227 | $ | 2,450,227 | |||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
2.40% due 07/11/2019(4) | $ | 250,000 | 249,395 | |||||
2.45% due 09/05/2019(4) | 750,000 | 745,469 | ||||||
2.49% due 07/18/2019(4) | 1,500,000 | 1,495,697 | ||||||
2.50% due 07/18/2019(4) | 1,200,000 | 1,196,557 | ||||||
3,687,118 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,135,870) | 6,137,345 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $3,800,158 collateralized by $3,875,000 of United States Treasury Notes, bearing interest at 2.00% due 10/31/2022 and having an approximate value of $3,878,259. | 3,800,000 | 3,800,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,224,315,891)(5) | 99.9 | % | 4,632,972,001 | |||||
Other assets less liabilities | 0.1 | 4,573,574 | ||||||
NET ASSETS | 100.0 | % | $ | 4,637,545,575 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Security represents an investment in an affiliated company (see Note 3) |
(2) | The rate shown is the7-day yield as of May 31, 2019. |
(3) | At May 31, 2019, the Fund had loaned securities with a total value of $26,331,777. This was secured by collateral of $2,450,227, which was received in cash and subsequently invested in short-term investments currently valued at $2,450,227 as reported in the Portfolio of Investments. Additional collateral of $24,954,753 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 10/01/2047 to 12/01/2047 | $ | 749,270 | ||||
Government National Mtg. Assoc. | 3.00% to 4.50% | 06/20/2046 to 05/20/2048 | 40,661 | |||||
United States Treasury Bills | 0.00% | 06/11/2019 to 09/19/2019 | 545,933 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/30/2019 to 02/15/2049 | 23,618,889 |
(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) | ||||||||||||||||
150 | Long | S&P 500E-Mini Index | June 2019 | $ | 21,127,938 | $ | 20,644,500 | $ | (483,438 | ) | ||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 4,623,034,656 | $ | — | $ | — | $ | 4,623,034,656 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 2,450,227 | — | — | 2,450,227 | ||||||||||||
U.S. Government Treasuries | — | 3,687,118 | — | 3,687,118 | ||||||||||||
Repurchase Agreements | — | 3,800,000 | — | 3,800,000 | ||||||||||||
Total Investments at Value | $ | 4,625,484,883 | $ | 7,487,118 | $ | — | $ | 4,632,972,001 | ||||||||
LIABILITIES: | �� | |||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 483,438 | $ | — | $ | — | $ | 483,438 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts represent unrealized appreciation (depreciation) as of the end of the reporting period. |
See Notes to Financial Statements
224 |
Table of Contents
PORTFOLIO PROFILE —May 31, 2019 (unaudited)
Industry Allocation*
Medical — Drugs | 10.7 | % | ||
Diversified Banking Institutions | 9.5 | |||
Oil Companies — Exploration & Production | 4.7 | |||
Electric — Integrated | 4.0 | |||
Insurance — Multi-line | 3.8 | |||
Oil Companies — Integrated | 3.6 | |||
Medical — HMO | 3.6 | |||
Electronic Components — Semiconductors | 3.5 | |||
Real Estate Investment Trusts | 3.5 | |||
Chemicals — Diversified | 3.4 | |||
Telephone — Integrated | 2.9 | |||
Networking Products | 2.9 | |||
Aerospace/Defense — Equipment | 2.8 | |||
Cable/Satellite TV | 2.6 | |||
Repurchase Agreements | 2.5 | |||
Investment Management/Advisor Services | 2.3 | |||
Medical Instruments | 2.3 | |||
Banks — Super Regional | 2.1 | |||
Medical Products | 2.1 | |||
Semiconductor Components — Integrated Circuits | 2.1 | |||
Tobacco | 2.0 | |||
Aerospace/Defense | 1.4 | |||
Food — Misc./Diversified | 1.3 | |||
Banks — Commercial | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Insurance — Property/Casualty | 1.2 | |||
Diversified Manufacturing Operations | 1.2 | |||
Cosmetics & Toiletries | 1.1 | |||
Transport — Rail | 1.1 | |||
Electric — Distribution | 1.1 | |||
Retail — Building Products | 1.1 | |||
Food — Wholesale/Distribution | 1.0 | |||
Hotels/Motels | 1.0 | |||
Machinery — Construction & Mining | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Semiconductor Equipment | 0.9 | |||
Computers — Memory Devices | 0.9 | |||
Containers — Paper/Plastic | 0.9 | |||
Wireless Equipment | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Footwear & Related Apparel | 0.5 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
225 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% |
| |||||||
Aerospace/Defense — 1.4% |
| |||||||
Lockheed Martin Corp. | 4,853 | $ | 1,642,935 | |||||
Aerospace/Defense - Equipment — 2.8% |
| |||||||
Harris Corp. | 7,380 | 1,381,462 | ||||||
United Technologies Corp. | 15,139 | 1,912,056 | ||||||
3,293,518 | ||||||||
Apparel Manufacturers — 0.9% |
| |||||||
Tapestry, Inc. | 36,428 | 1,040,384 | ||||||
Banks - Commercial — 1.2% |
| |||||||
M&T Bank Corp. | 9,220 | 1,471,512 | ||||||
Banks - Super Regional — 2.1% |
| |||||||
PNC Financial Services Group, Inc. | 19,831 | 2,523,693 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Fortune Brands Home & Security, Inc. | 30,003 | 1,441,944 | ||||||
Cable/Satellite TV — 2.6% |
| |||||||
Comcast Corp., Class A | 74,077 | 3,037,157 | ||||||
Chemicals - Diversified — 3.4% |
| |||||||
Celanese Corp. | 12,810 | 1,216,053 | ||||||
Dow, Inc. | 32,148 | 1,503,241 | ||||||
FMC Corp. | 17,892 | 1,314,167 | ||||||
4,033,461 | ||||||||
Computers - Memory Devices — 0.9% |
| |||||||
NetApp, Inc. | 18,459 | 1,092,773 | ||||||
Containers - Paper/Plastic — 0.9% |
| |||||||
Sealed Air Corp. | 25,741 | 1,078,548 | ||||||
Cosmetics & Toiletries — 1.1% |
| |||||||
Unilever NV | 22,306 | 1,341,037 | ||||||
Diversified Banking Institutions — 9.5% |
| |||||||
Bank of America Corp. | 138,299 | 3,678,753 | ||||||
Citigroup, Inc. | 43,784 | 2,721,176 | ||||||
JPMorgan Chase & Co. | 45,332 | 4,803,379 | ||||||
11,203,308 | ||||||||
Diversified Manufacturing Operations — 1.2% |
| |||||||
Ingersoll-Rand PLC | 11,523 | 1,363,632 | ||||||
E-Commerce/Services — 1.0% |
| |||||||
Booking Holdings, Inc.† | 700 | 1,159,354 | ||||||
Electric - Distribution — 1.1% |
| |||||||
Sempra Energy | 9,970 | 1,310,556 | ||||||
Electric - Integrated — 4.0% |
| |||||||
Dominion Energy, Inc. | 24,030 | 1,806,575 | ||||||
Entergy Corp. | 11,970 | 1,161,928 | ||||||
Eversource Energy | 24,216 | 1,788,110 | ||||||
4,756,613 | ||||||||
Electronic Components - Misc. — 1.0% |
| |||||||
nVent Electric PLC | 50,015 | 1,153,346 | ||||||
Electronic Components - Semiconductors — 3.5% |
| |||||||
Intel Corp. | 71,845 | 3,164,054 | ||||||
Micron Technology, Inc.† | 29,570 | 964,277 | ||||||
4,128,331 | ||||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
TD Ameritrade Holding Corp. | 23,330 | 1,160,667 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
Mondelez International, Inc., Class A | 30,001 | 1,525,551 | ||||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
US Foods Holding Corp.† | 35,288 | 1,219,553 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Footwear & Related Apparel — 0.5% |
| |||||||
Skechers U.S.A., Inc., Class A† | 19,670 | $ | 549,383 | |||||
Hotels/Motels — 1.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 13,169 | 1,177,835 | ||||||
Insurance - Multi-line — 3.8% |
| |||||||
Assurant, Inc. | 12,940 | 1,293,482 | ||||||
Chubb, Ltd. | 14,113 | 2,061,486 | ||||||
MetLife, Inc. | 25,762 | 1,190,462 | ||||||
4,545,430 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Intact Financial Corp. | 16,352 | 1,405,938 | ||||||
Investment Management/Advisor Services — 2.3% |
| |||||||
BlackRock, Inc. | 3,678 | 1,528,429 | ||||||
Invesco, Ltd. | 62,870 | 1,228,480 | ||||||
2,756,909 | ||||||||
Machinery - Construction & Mining — 1.0% |
| |||||||
Caterpillar, Inc. | 9,828 | 1,177,493 | ||||||
Medical Instruments — 2.3% |
| |||||||
Medtronic PLC | 29,643 | 2,744,349 | ||||||
Medical Products — 2.1% |
| |||||||
Koninklijke Philips NV | 35,598 | 1,402,618 | ||||||
Zimmer Biomet Holdings, Inc. | 9,538 | 1,086,664 | ||||||
2,489,282 | ||||||||
Medical - Drugs — 10.7% |
| |||||||
Allergan PLC | 9,926 | 1,210,079 | ||||||
AstraZeneca PLC ADR | 41,949 | 1,568,054 | ||||||
Eli Lilly & Co. | 12,553 | 1,455,395 | ||||||
Merck & Co., Inc. | 37,371 | 2,960,157 | ||||||
Pfizer, Inc. | 86,310 | 3,583,591 | ||||||
Roche Holding AG | 6,921 | 1,816,217 | ||||||
12,593,493 | ||||||||
Medical - HMO — 3.6% |
| |||||||
Anthem, Inc. | 8,868 | 2,465,127 | ||||||
UnitedHealth Group, Inc. | 7,139 | 1,726,210 | ||||||
4,191,337 | ||||||||
Networking Products — 2.9% |
| |||||||
Cisco Systems, Inc. | 65,820 | 3,424,615 | ||||||
Oil Companies - Exploration & Production — 4.7% |
| |||||||
Concho Resources, Inc. | 12,865 | 1,260,899 | ||||||
EOG Resources, Inc. | 19,309 | 1,581,021 | ||||||
Noble Energy, Inc. | 57,210 | 1,224,294 | ||||||
Pioneer Natural Resources Co. | 10,164 | 1,442,881 | ||||||
5,509,095 | ||||||||
Oil Companies - Integrated — 3.6% |
| |||||||
Exxon Mobil Corp. | 60,027 | 4,248,111 | ||||||
Real Estate Investment Trusts — 3.5% |
| |||||||
Brixmor Property Group, Inc. | 42,909 | 735,889 | ||||||
Crown Castle International Corp. | 16,281 | 2,116,693 | ||||||
Gaming and Leisure Properties, Inc. | 32,140 | 1,269,209 | ||||||
4,121,791 | ||||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 6,826 | 1,295,916 | ||||||
Semiconductor Components - Integrated Circuits — 2.1% |
| |||||||
Analog Devices, Inc. | 14,194 | 1,371,424 | ||||||
Maxim Integrated Products, Inc. | 20,965 | 1,102,550 | ||||||
2,473,974 | ||||||||
226 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2019 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment — 0.9% |
| |||||||
KLA-Tencor Corp. | 10,765 | $ | 1,109,549 | |||||
Telephone - Integrated — 2.9% |
| |||||||
Verizon Communications, Inc. | 63,787 | 3,466,823 | ||||||
Tobacco — 2.0% |
| |||||||
Philip Morris International, Inc. | 29,953 | 2,310,275 | ||||||
Transport - Rail — 1.1% |
| |||||||
Union Pacific Corp. | 7,980 | 1,330,904 | ||||||
Wireless Equipment — 0.9% |
| |||||||
Nokia OYJ ADR | 212,548 | 1,073,367 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $99,426,246) | 114,973,742 | |||||||
REPURCHASE AGREEMENTS — 2.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.50%, dated 05/31/2019, to be repurchased 06/03/2019 in the amount of $2,945,123 collateralized by $3,030,000 of United States Treasury Notes, bearing interest at 1.75% due 05/31/2022 and having an approximate value of $3,005,972 | $ | 2,945,000 | 2,945,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $102,371,246)(1) | 99.8 | % | 117,918,742 | |||||
Other assets less liabilities | 0.2 | 208,598 | ||||||
NET ASSETS | 100.0 | % | $ | 118,127,340 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2019 (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 | $ | 111,754,907 | $ | 3,218,835 | ** | $ | — | $ | 114,973,742 | |||||||
Repurchase Agreements | — | 2,945,000 | — | 2,945,000 | ||||||||||||
Total Investments at Value | $ | 111,754,907 | $ | 6,163,835 | $ | — | $ | 117,918,742 | ||||||||
* | 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
227 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —May 31, 2019
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)*† | $ | 137,697,464 | $ | 782,042,650 | $ | 50,391,011 | $ | 244,550,473 | $ | 227,923,989 | $ | 908,269,455 | $ | 39,266,730 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | 166,601,331 | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | – | – | 4,951,000 | – | |||||||||||||||||||||
Cash | 13,920 | – | 802,199 | 404,472 | 93,783 | 44,764,753 | 487 | |||||||||||||||||||||
Foreign cash* | 15,047,564 | 54,319 | – | – | – | 963 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 830,614 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 24,057 | 613,912 | 31,147 | 2,157,472 | 2,551 | 333,125 | 13,435 | |||||||||||||||||||||
Dividends and interest | 338,985 | 634,353 | 114,087 | 1,294,843 | 512,281 | 2,983,349 | 140,189 | |||||||||||||||||||||
Investments sold | – | 491,370 | – | 832,984 | 560,562 | 3,363,007 | 440,083 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | 179,306 | – | – | 2,080,010 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 2,300 | 1,094 | 426 | 1,452 | 382 | 2,024 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 29,540 | 23,205 | 8,322 | 18,700 | 25,846 | 24,214 | 9,807 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 5,999 | – | 36,459 | – | 1,761 | |||||||||||||||||||||
Variation margin on futures contracts | 72,540 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 326,478 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 154,383,462 | 783,860,903 | 51,353,191 | 249,439,702 | 229,155,853 | 964,691,890 | 208,553,833 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 3,930 | 30,134 | 9,391 | 213,100 | 35,715 | 115,136 | 218,630 | |||||||||||||||||||||
Investments purchased | 4,854,115 | 1,734,135 | 24,477 | 913,283 | 437,614 | 4,048,295 | 411,552 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 13,922 | – | – | 296,595 | – | – | 2,182,262 | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 64,014 | 496,434 | 31,879 | 105,117 | 162,039 | 593,039 | 44,923 | |||||||||||||||||||||
Administrative service fee | 8,540 | 45,785 | 3,038 | 14,022 | 13,510 | 56,303 | 2,167 | |||||||||||||||||||||
Transfer agent fees and expenses | 277 | 704 | 368 | 645 | 266 | 645 | 184 | |||||||||||||||||||||
Directors’ fees and expenses | 8,582 | 19,454 | 1,433 | 8,421 | 19,338 | 21,449 | 3,861 | |||||||||||||||||||||
Other accrued expenses | 153,195 | 124,819 | 59,477 | 108,808 | 78,001 | 143,056 | 71,332 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 91,625 | – | – | – | – | – | 585,900 | |||||||||||||||||||||
Collateral upon return of securities loaned | 1,272,012 | 173,301 | 10,875 | 883,610 | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | 1,189,971 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 370,154 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 6,840,366 | 2,624,766 | 140,938 | 2,543,601 | 746,483 | 4,977,923 | 4,710,782 | |||||||||||||||||||||
NET ASSETS | $ | 147,543,096 | $ | 781,236,137 | $ | 51,212,253 | $ | 246,896,101 | $ | 228,409,370 | $ | 959,713,967 | $ | 203,843,051 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 148,918 | $ | 407,266 | $ | 36,755 | $ | 249,911 | $ | 113,285 | $ | 888,497 | $ | 177,452 | ||||||||||||||
Additional paid-in capital | 149,641,464 | 390,492,623 | 39,238,731 | 239,218,564 | 173,663,695 | 911,122,653 | 188,370,895 | |||||||||||||||||||||
Total accumulated earnings (loss) | (2,247,286 | ) | 390,336,248 | 11,936,767 | 7,427,626 | 54,632,390 | 47,702,817 | 15,294,704 | ||||||||||||||||||||
NET ASSETS | $ | 147,543,096 | $ | 781,236,137 | $ | 51,212,253 | $ | 246,896,101 | $ | 228,409,370 | $ | 959,713,967 | $ | 203,843,051 | ||||||||||||||
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 | 14,891,788 | 40,726,550 | 3,675,527 | 24,991,125 | 11,328,533 | 88,849,744 | 17,745,226 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 9.91 | $ | 19.18 | $ | 13.93 | $ | 9.88 | $ | 20.16 | $ | 10.80 | $ | 11.49 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 141,083,851 | $ | 471,641,916 | $ | 44,317,907 | $ | 240,584,384 | $ | 193,459,905 | $ | 927,289,517 | $ | 37,114,514 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 158,768,803 | ||||||||||||||
Foreign cash | $ | 14,965,949 | $ | 54,268 | $ | – | $ | – | $ | – | $ | 966 | $ | – | ||||||||||||||
† Including securities on loan | $ | 5,712,156 | $ | 7,322,163 | $ | 2,110,816 | $ | 10,958,599 | $ | 969,861 | $ | 12,181,194 | $ | – | ||||||||||||||
See Notes to Financial Statements
228 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —May 31, 2019 — (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)*† | $ | 826,561,480 | $ | 453,621,011 | $ | 358,559,756 | $ | 310,161,098 | $ | 401,734,635 | $ | 136,730,252 | $ | 1,052,817,526 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 2,699,000 | – | 255,000 | 6,216,000 | – | |||||||||||||||||||||
Cash | 3,814,158 | 3,185,995 | 704 | 3,533,986 | 419 | 904 | 7,111,128 | |||||||||||||||||||||
Foreign cash* | 4,504,277 | 323,968 | 1,571,111 | 1,218,233 | – | – | 117,551 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | 3,485,545 | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | 7 | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 205,399 | 166,545 | 94,026 | 13,328 | 1,156,537 | 63,956 | 86,598 | |||||||||||||||||||||
Dividends and interest | 3,087,946 | 1,390,073 | 1,276,423 | 2,227,111 | 318,265 | 519,153 | 1,344,438 | |||||||||||||||||||||
Investments sold | 1,236,195 | 925,411 | – | 6,529,678 | – | – | 4,947,742 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | 1,666,903 | – | 2,984,061 | – | 519,405 | 94,982 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | 181,764 | – | – | – | |||||||||||||||||||||
Securities lending income | 10,034 | 6,978 | 839 | 22,532 | – | 198 | 26,719 | |||||||||||||||||||||
Prepaid expenses and other assets | 23,708 | 16,130 | 27,368 | 21,902 | 37,528 | 27,805 | 47,582 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | 46,889 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | 1,571,284 | – | – | 109,598 | |||||||||||||||||||||
TOTAL ASSETS | 839,443,197 | 461,303,014 | 364,229,227 | 331,950,522 | 403,502,384 | 144,077,673 | 1,066,750,760 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 263,791 | 172,775 | 11,548 | 167,773 | 18,391 | 30,188 | 399,446 | |||||||||||||||||||||
Investments purchased | 398,008 | 1,342,009 | – | – | – | – | 3,937,329 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | 734,792 | – | 434,178 | 8,000,000 | 518,905 | 714,645 | |||||||||||||||||||||
Payments on swap contracts | – | – | – | 196,878 | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | 524,384 | – | – | 17,769 | – | – | 12,214 | |||||||||||||||||||||
Investment advisory and management fees | 519,623 | 286,390 | 159,530 | 142,505 | 135,985 | 60,037 | 651,143 | |||||||||||||||||||||
Administrative service fee | 45,823 | 26,278 | 21,281 | 19,010 | 22,675 | 8,009 | 62,550 | |||||||||||||||||||||
Transfer agent fees and expenses | 923 | 645 | 553 | 277 | 1,105 | 747 | 461 | |||||||||||||||||||||
Directors’ fees and expenses | 18,878 | 10,575 | 19,635 | 15,881 | 24,469 | 7,674 | 40,281 | |||||||||||||||||||||
Other accrued expenses | 466,201 | 109,118 | 117,736 | 191,417 | 116,336 | 80,135 | 161,762 | |||||||||||||||||||||
Line of credit | – | – | – | 175,000 | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 81,270 | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 14,134,802 | – | – | 4,185,805 | – | – | 11,569,553 | |||||||||||||||||||||
Due to broker | 21 | – | 20 | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | 713,815 | – | – | 20,768 | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | 1,987,951 | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 16,372,454 | 2,682,582 | 411,573 | 8,248,259 | 8,318,961 | 705,695 | 17,570,152 | |||||||||||||||||||||
NET ASSETS | $ | 823,070,743 | $ | 458,620,432 | $ | 363,817,654 | $ | 323,702,263 | $ | 395,183,423 | $ | 143,371,978 | $ | 1,049,180,608 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,066,976 | $ | 573,583 | $ | 140,442 | $ | 316,151 | $ | 3,951,956 | $ | 135,592 | $ | 641,850 | ||||||||||||||
Additional paid-in capital | 820,004,341 | 417,158,120 | 271,363,438 | 319,947,271 | 391,242,525 | 140,193,728 | 725,925,457 | |||||||||||||||||||||
Total accumulated earnings (loss) | 1,999,426 | 40,888,729 | 92,313,774 | 3,438,841 | (11,058 | ) | 3,042,658 | 322,613,301 | ||||||||||||||||||||
NET ASSETS | $ | 823,070,743 | $ | 458,620,432 | $ | 363,817,654 | $ | 323,702,263 | $ | 395,183,423 | $ | 143,371,978 | $ | 1,049,180,608 | ||||||||||||||
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 | 106,697,600 | 57,358,333 | 14,044,246 | 31,615,097 | 395,195,620 | 13,559,230 | 64,184,966 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 7.71 | $ | 8.00 | $ | 25.91 | $ | 10.24 | $ | 1.00 | $ | 10.57 | $ | 16.35 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 776,809,873 | $ | 420,568,934 | $ | 282,447,955 | $ | 340,037,034 | $ | 401,734,635 | $ | 133,565,587 | $ | 839,198,226 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 4,466,336 | $ | 324,112 | $ | 1,574,021 | $ | 1,222,477 | $ | – | $ | – | $ | 116,862 | ||||||||||||||
† Including securities on loan | $ | 15,190,848 | $ | 8,922,182 | $ | 7,715,497 | $ | 4,033,547 | $ | – | $ | 1,382,512 | $ | 25,232,016 | ||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
229 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —May 31, 2019 — (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)*† | $ | 116,656,647 | $ | 754,949,139 | $ | 698,213,549 | $ | 1,016,172,414 | $ | 197,870,654 | $ | 448,548,430 | $ | 676,148,989 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 41,466,000 | – | – | – | |||||||||||||||||||||
Cash | 737,634 | – | 10,067 | 991 | – | 28,995,896 | – | |||||||||||||||||||||
Foreign cash* | – | 12,092 | 48,189 | 5,512,950 | 1,756,818 | 1,165,077 | 7,807,144 | |||||||||||||||||||||
Cash collateral for futures contracts | 95,000 | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | 46 | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 19,927 | 34,994 | 200,220 | 166,855 | 51,955 | 86,868 | 151,699 | |||||||||||||||||||||
Dividends and interest | 213,361 | 716,229 | 2,982,220 | 6,933,655 | 1,887,163 | 1,190,996 | 4,996,793 | |||||||||||||||||||||
Investments sold | 277,782 | 1,873,268 | – | 8,136,134 | 2,474,023 | 488,698 | 1,506,305 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | 1,825,988 | 544,400 | – | 3,893,882 | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 56 | 20,989 | 856 | 67,303 | 1,369 | 17,937 | 43,017 | |||||||||||||||||||||
Prepaid expenses and other assets | 13,516 | 22,557 | 18,424 | 48,875 | 16,576 | 32,030 | 36,241 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 11,788 | 24,605 | – | – | – | 80,749 | 43,007 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | 2,475,354 | |||||||||||||||||||||
TOTAL ASSETS | 118,025,711 | 757,653,873 | 701,473,525 | 1,080,331,211 | 204,602,958 | 480,606,681 | 697,102,431 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 22,400 | 209,568 | 195,452 | 141,662 | 43,984 | 18,160 | 27,990 | |||||||||||||||||||||
Investments purchased | 325,655 | 1,101,109 | – | 7,154,891 | 1,141,409 | – | 2,416,963 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | 4,472,201 | – | – | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | 578,543 | – | |||||||||||||||||||||
Investment advisory and management fees | 78,686 | 632,766 | 271,178 | 265,651 | 85,366 | 373,988 | 418,909 | |||||||||||||||||||||
Administrative service fee | 6,998 | 42,936 | 39,908 | 59,666 | 11,388 | 26,930 | 40,980 | |||||||||||||||||||||
Transfer agent fees and expenses | 523 | 368 | 645 | 1,291 | 645 | 645 | 737 | |||||||||||||||||||||
Directors’ fees and expenses | 6,951 | 18,290 | 14,010 | 40,060 | 8,849 | 25,966 | 30,983 | |||||||||||||||||||||
Other accrued expenses | 72,093 | 139,072 | 124,362 | 330,525 | 101,141 | 140,907 | 219,461 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | 9,450 | – | – | 475,850 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | 13,437,488 | 254,200 | 25,661,919 | 26,625 | 12,819,474 | 2,832,262 | |||||||||||||||||||||
Due to broker | 1,941 | – | – | – | – | 260,000 | 2,629,131 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 524,697 | 15,581,597 | 899,755 | 38,603,716 | 1,419,407 | 14,244,613 | 8,617,416 | |||||||||||||||||||||
NET ASSETS | $ | 117,501,014 | $ | 742,072,276 | $ | 700,573,770 | $ | 1,041,727,495 | $ | 203,183,551 | $ | 466,362,068 | $ | 688,485,015 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 57,740 | $ | 383,584 | $ | 633,087 | $ | 1,546,621 | $ | 171,865 | $ | 410,928 | $ | 770,833 | ||||||||||||||
Additional paid-in capital | 87,134,848 | 536,837,415 | 672,828,273 | 1,025,483,872 | 204,144,910 | 432,842,019 | 757,637,267 | |||||||||||||||||||||
Total accumulated earnings (loss) | 30,308,426 | 204,851,277 | 27,112,410 | 14,697,002 | (1,133,224 | ) | 33,109,121 | (69,923,085 | ) | |||||||||||||||||||
NET ASSETS | $ | 117,501,014 | $ | 742,072,276 | $ | 700,573,770 | $ | 1,041,727,495 | $ | 203,183,551 | $ | 466,362,068 | $ | 688,485,015 | ||||||||||||||
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 | 5,774,012 | 38,358,415 | 63,308,699 | 154,662,118 | 17,186,502 | 41,092,824 | 77,083,256 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 20.35 | $ | 19.35 | $ | 11.07 | $ | 6.74 | $ | 11.82 | $ | 11.35 | $ | 8.93 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 99,366,038 | $ | 598,691,347 | $ | 685,010,415 | $ | 1,041,427,424 | $ | 195,917,747 | $ | 412,497,682 | $ | 755,427,277 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 11,852 | $ | 48,799 | $ | 5,517,379 | $ | 1,760,638 | $ | 1,164,905 | $ | 7,806,793 | ||||||||||||||
† Including securities on loan | $ | 302,093 | $ | 95,333,827 | $ | 4,346,221 | $ | 33,163,060 | $ | 5,823,438 | $ | 17,374,566 | $ | 3,336,765 | ||||||||||||||
# See Note 1 |
See Notes to Financial Statements
230 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —May 31, 2019 — (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)*† | $ | 161,332,803 | $ | 477,934,397 | $ | 2,883,146,195 | $ | 305,238,948 | $ | 470,609,794 | $ | 1,359,559,257 | $ | 156,527,591 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 4,686,000 | – | 32,032,000 | – | 29,496,000 | 4,239,000 | 6,723,000 | |||||||||||||||||||||
Cash | 450 | 490 | 962 | 1,238,670 | 941 | 47,616,014 | 260 | |||||||||||||||||||||
Foreign cash* | – | – | – | 2 | – | 915,866 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 44 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 64,224 | 32,624 | 330,182 | 13,292 | 1,471,044 | 23,398 | 34,207 | |||||||||||||||||||||
Dividends and interest | 259,317 | 588,856 | 3,442,191 | 201,911 | 498,655 | 901,957 | 33,713 | |||||||||||||||||||||
Investments sold | 1,281,428 | 280,858 | 242,875 | 80,515 | – | 3,341,062 | 1,646,108 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | – | 2,657 | 28,774 | 3,816 | 964 | 17,381 | 3,749 | |||||||||||||||||||||
Prepaid expenses and other assets | 11,863 | 20,730 | 136,754 | 16,700 | 15,730 | 63,920 | 9,934 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 4,825 | – | 8,251 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 167,636,085 | 478,860,612 | 2,919,359,933 | 306,793,854 | 502,097,997 | 1,416,677,855 | 164,986,813 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 16,991 | 120,774 | 368,958 | �� | 20,288 | 13,016 | 587,268 | 12,681 | ||||||||||||||||||||
Investments purchased | 999,191 | 1,030,865 | – | 324,117 | – | 2,461,207 | 940,996 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | 87,619 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 103,241 | 268,349 | 687,753 | 182,553 | 173,347 | 1,079,765 | 119,546 | |||||||||||||||||||||
Administrative service fee | 9,837 | 27,967 | 172,869 | 17,643 | 29,757 | 83,064 | 9,381 | |||||||||||||||||||||
Transfer agent fees and expenses | 645 | 707 | 1,658 | 644 | 1,290 | 1,260 | 277 | |||||||||||||||||||||
Directors’ fees and expenses | 5,193 | 15,483 | 125,010 | 10,295 | 10,269 | 57,090 | 3,545 | |||||||||||||||||||||
Other accrued expenses | 73,372 | 95,134 | 349,278 | 82,020 | 42,414 | 241,940 | 75,727 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 388,040 | – | 547,875 | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | 19,952,997 | 2,868,354 | 2,010,816 | 19,244,928 | 1,912,620 | |||||||||||||||||||||
Due to broker | – | – | 38 | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 1,208,470 | 1,559,279 | 22,046,601 | 3,505,914 | 2,828,784 | 23,844,141 | 3,074,773 | |||||||||||||||||||||
NET ASSETS | $ | 166,427,615 | $ | 477,301,333 | $ | 2,897,313,332 | $ | 303,287,940 | $ | 499,269,213 | $ | 1,392,833,714 | $ | 161,912,040 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 151,297 | $ | 304,483 | $ | 1,231,997 | $ | 195,813 | $ | 354,472 | $ | 536,661 | $ | 115,171 | ||||||||||||||
Additional paid-in capital | 131,031,835 | 302,892,027 | 2,090,847,913 | 212,230,896 | 210,214,495 | 1,052,413,674 | 125,456,111 | |||||||||||||||||||||
Total accumulated earnings (loss) | 35,244,483 | 174,104,823 | 805,233,422 | 90,861,231 | 288,700,246 | 339,883,379 | 36,340,758 | |||||||||||||||||||||
NET ASSETS | $ | 166,427,615 | $ | 477,301,333 | $ | 2,897,313,332 | $ | 303,287,940 | $ | 499,269,213 | $ | 1,392,833,714 | $ | 161,912,040 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 15,129,716 | 30,448,271 | 123,199,682 | 19,581,328 | 35,447,190 | 53,666,058 | 11,517,062 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.00 | $ | 15.68 | $ | 23.52 | $ | 15.49 | $ | 14.08 | $ | 25.95 | $ | 14.06 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 137,333,480 | $ | 344,696,166 | $ | 2,352,672,312 | $ | 227,534,192 | $ | 199,847,861 | $ | 1,164,234,025 | $ | 137,164,894 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | 2 | $ | – | $ | 923,731 | $ | – | ||||||||||||||
† Including securities on loan | $ | – | $ | 24,050,010 | $ | 165,351,189 | $ | 23,446,485 | $ | 4,788,647 | $ | 66,473,179 | $ | 34,656,047 | ||||||||||||||
See Notes to Financial Statements
231 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —May 31, 2019 — (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)*† | $ | 283,130,764 | $ | 1,011,173,849 | $ | 210,501,394 | $ | 118,758,889 | $ | 4,629,172,001 | $ | 114,973,742 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | 7,033,000 | 32,486,000 | – | – | 3,800,000 | 2,945,000 | ||||||||||||||||||
Cash | 179,568 | 129,565 | 12,104,513 | – | 977 | 958 | ||||||||||||||||||
Foreign cash* | 4,249 | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | 48 | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 11,476 | 47,729 | 10,721 | 29,705 | 364,658 | 1,522 | ||||||||||||||||||
Dividends and interest | 246,669 | 825,630 | 310,344 | 59,454 | 9,462,250 | 357,833 | ||||||||||||||||||
Investments sold | 851,934 | – | 2,458,436 | 16,437 | – | – | ||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Securities lending income | 24,202 | 88,540 | 2,417 | 32,741 | 3,060 | 652 | ||||||||||||||||||
Prepaid expenses and other assets | 28,989 | 49,233 | 16,003 | 10,691 | 287,743 | 11,877 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | 27,601 | – | – | 7,102 | – | 15,033 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 291,538,452 | 1,044,800,594 | 225,403,828 | 118,915,019 | 4,643,090,689 | 118,306,617 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 87,824 | 332,847 | 31,782 | 3,740 | 824,805 | 15,048 | ||||||||||||||||||
Investments purchased | 1,116,478 | 120,397 | 1,544,752 | 108,313 | – | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 224,969 | 269,078 | 150,658 | 86,234 | 990,798 | 81,695 | ||||||||||||||||||
Administrative service fee | 16,821 | 60,459 | 13,398 | 6,766 | 273,782 | 6,986 | ||||||||||||||||||
Transfer agent fees and expenses | 276 | 1,353 | 553 | 277 | 1,935 | 645 | ||||||||||||||||||
Directors’ fees and expenses | 22,159 | 44,031 | 8,744 | 4,140 | 217,056 | 5,345 | ||||||||||||||||||
Other accrued expenses | 110,570 | 283,325 | 76,410 | 61,160 | 503,011 | 69,558 | ||||||||||||||||||
Line of credit | – | – | – | – | – | – | ||||||||||||||||||
Variation margin on futures contracts | – | 495,510 | – | – | 283,500 | – | ||||||||||||||||||
Collateral upon return of securities loaned | 5,940,965 | 31,153,864 | 1,595 | 2,446,929 | 2,450,227 | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 7,520,062 | 32,760,864 | 1,827,892 | 2,717,559 | 5,545,114 | 179,277 | ||||||||||||||||||
NET ASSETS | $ | 284,018,390 | $ | 1,012,039,730 | $ | 223,575,936 | $ | 116,197,460 | $ | 4,637,545,575 | $ | 118,127,340 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 275,692 | $ | 539,444 | $ | 200,762 | $ | 90,826 | $ | 1,181,733 | $ | 67,486 | ||||||||||||
Additional paid-in capital | 233,053,709 | 704,930,881 | 206,247,562 | 88,441,244 | 1,871,210,795 | 91,220,427 | ||||||||||||||||||
Total accumulated earnings (loss) | 50,688,989 | 306,569,405 | 17,127,612 | 27,665,390 | 2,765,153,047 | 26,839,427 | ||||||||||||||||||
NET ASSETS | $ | 284,018,390 | $ | 1,012,039,730 | $ | 223,575,936 | $ | 116,197,460 | $ | 4,637,545,575 | $ | 118,127,340 | ||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||
Outstanding | 27,569,226 | 53,944,421 | 20,076,244 | 9,082,567 | 118,173,293 | 6,748,570 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.30 | $ | 18.76 | $ | 11.14 | $ | 12.79 | $ | 39.24 | $ | 17.50 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 254,675,968 | $ | 840,102,973 | $ | 211,256,116 | $ | 104,569,872 | $ | 2,220,515,891 | $ | 99,426,246 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
Foreign cash | $ | 4,338 | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 28,881,858 | $ | 123,304,268 | $ | 18,621,691 | $ | 18,119,348 | $ | 26,331,777 | $ | – | ||||||||||||
See Notes to Financial Statements
232 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Year Ended May 31, 2019
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 2,505,866 | $ | 6,086,294 | $ | 1,673,355 | $ | 14,793 | $ | 4,764,498 | $ | 28,927,651 | $ | – | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | 2,814,205 | |||||||||||||||||||||
Securities lending income | 56,531 | 103,543 | 7,708 | 18,293 | 19,483 | 150,820 | – | |||||||||||||||||||||
Interest (unaffiliated) | 1,249,659 | 81,728 | 280 | 7,960,681 | 2,764 | 41,435 | 997,025 | |||||||||||||||||||||
Total investment income* | 3,812,056 | 6,271,565 | 1,681,343 | 7,993,767 | 4,786,745 | 29,119,906 | 3,811,230 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 778,266 | 5,729,907 | 393,311 | 1,212,343 | 1,971,266 | 6,413,024 | 569,274 | |||||||||||||||||||||
Administrative service fee | 103,940 | 528,692 | 37,520 | 161,941 | 164,724 | 606,753 | 28,086 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,094 | 2,638 | 1,457 | 2,550 | 1,053 | 2,553 | 729 | |||||||||||||||||||||
Custodian fees | 145,034 | 44,044 | 20,830 | 53,678 | 23,813 | 66,540 | 21,394 | |||||||||||||||||||||
Reports to shareholders | 17,773 | 95,130 | 6,477 | 28,397 | 30,638 | 110,086 | 26,691 | |||||||||||||||||||||
Audit and tax fees | 56,656 | 36,451 | 36,447 | 49,755 | 36,457 | 36,541 | 37,046 | |||||||||||||||||||||
Legal fees | 24,167 | 25,617 | 10,841 | 14,277 | 17,029 | 28,030 | 23,577 | |||||||||||||||||||||
Directors’ fees and expenses | 7,428 | 37,763 | 2,691 | 11,591 | 11,089 | 43,176 | 10,853 | |||||||||||||||||||||
Interest expense | 11,793 | 51 | 581 | 107 | 326 | 2,738 | 66 | |||||||||||||||||||||
License fee | 725 | 725 | 958 | 725 | 1,739 | 4,293 | 726 | |||||||||||||||||||||
Other expenses | 34,436 | 29,996 | 14,158 | 24,334 | 18,528 | 31,850 | 11,562 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,181,312 | 6,531,014 | 525,271 | 1,559,698 | 2,276,662 | 7,345,584 | 730,004 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (47,680 | ) | – | (444,032 | ) | – | (9,419 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | (2,531 | ) | – | (2,704 | ) | – | – | – | – | |||||||||||||||||||
Net expenses | 1,178,781 | 6,531,014 | 474,887 | 1,559,698 | 1,832,630 | 7,345,584 | 720,585 | |||||||||||||||||||||
Net investment income (loss) | 2,633,275 | (259,449 | ) | 1,206,456 | 6,434,069 | 2,954,115 | 21,774,322 | 3,090,645 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (1,582,149 | ) | 81,118,619 | 5,572,842 | (1,452,053 | ) | 17,892,841 | 47,505,246 | (3,646,911 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | 2,477,042 | |||||||||||||||||||||
Futures contracts | 2,426,427 | – | – | – | – | – | 1,186,951 | |||||||||||||||||||||
Forward contracts | (1,330,288 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | 669,309 | |||||||||||||||||||||
Net realized gain on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | 8,328,148 | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (18,213 | ) | 810 | (142 | ) | – | (1,708 | ) | (7,537 | ) | – | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (504,223 | ) | 81,119,429 | 5,572,700 | (1,452,053 | ) | 17,891,133 | 47,497,709 | 9,014,539 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (7,857,577 | ) | (50,550,745 | ) | (7,626,334 | ) | 8,917,354 | (19,195,294 | ) | (71,876,842 | ) | 3,401,486 | ||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | (10,622,870 | ) | ||||||||||||||||||||
Futures contracts | (434,652 | ) | – | – | – | – | – | (921,704 | ) | |||||||||||||||||||
Forward contracts | 659,923 | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | (136,769 | ) | ||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 99 | 23 | 38 | – | – | (700 | ) | – | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (7,632,207 | ) | (50,550,722 | ) | (7,626,296 | ) | 8,917,354 | (19,195,294 | ) | (71,877,542 | ) | (8,279,857 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (8,136,430 | ) | 30,568,707 | (2,053,596 | ) | 7,465,301 | (1,304,161 | ) | (24,379,833 | ) | 734,682 | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,503,155 | ) | $ | 30,309,258 | $ | (847,140 | ) | $ | 13,899,370 | $ | 1,649,954 | $ | (2,605,511 | ) | $ | 3,825,327 | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 97,689 | $ | 13,292 | $ | 14,207 | $ | 730 | $ | 52,301 | $ | 335,469 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Year Ended May 31, 2019 — (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) | $ | 23,859,822 | $ | 12,113,143 | $ | 8,920,172 | $ | 6,222,060 | $ | – | $ | – | $ | 12,963,997 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 271,923 | 50,533 | 14,373 | 53,041 | – | 2,338 | 117,946 | |||||||||||||||||||||
Interest (unaffiliated) | 19,540 | 126,623 | 45,113 | 9,831,378 | 7,818,761 | 3,753,818 | 4,684 | |||||||||||||||||||||
Total investment income* | 24,151,285 | 12,290,299 | 8,979,658 | 16,106,479 | 7,818,761 | 3,756,156 | 13,086,627 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 5,692,178 | 2,966,022 | 1,948,874 | 1,811,358 | 1,415,453 | 646,093 | 8,313,021 | |||||||||||||||||||||
Administrative service fee | 500,088 | 270,975 | 260,289 | 241,916 | 236,254 | 86,276 | 804,731 | |||||||||||||||||||||
Transfer agent fees and expenses | 4,067 | 2,550 | 2,188 | 1,094 | 4,386 | 2,585 | 1,822 | |||||||||||||||||||||
Custodian fees | 507,938 | 59,811 | 67,726 | 164,475 | 18,591 | 36,071 | 96,193 | |||||||||||||||||||||
Reports to shareholders | 92,676 | 45,036 | 44,858 | 38,525 | 40,382 | 13,426 | 147,475 | |||||||||||||||||||||
Audit and tax fees | 49,082 | 38,795 | 45,640 | 50,561 | 43,325 | 42,652 | 36,770 | |||||||||||||||||||||
Legal fees | 50,553 | 30,481 | 19,036 | 46,814 | 14,912 | 16,476 | 40,644 | |||||||||||||||||||||
Directors’ fees and expenses | 35,407 | 19,232 | 18,591 | 17,164 | 12,840 | 6,139 | 57,576 | |||||||||||||||||||||
Interest expense | 804 | 131 | 20,338 | 130 | – | – | 3,540 | |||||||||||||||||||||
License fee | 725 | 725 | 725 | 725 | 725 | 725 | 5,763 | |||||||||||||||||||||
Other expenses | 36,680 | 28,821 | 32,865 | 32,443 | 14,358 | 13,031 | 50,076 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 6,970,198 | 3,462,579 | 2,461,130 | 2,405,205 | 1,801,226 | 863,474 | 9,557,611 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | – | – | (602,580 | ) | ||||||||||||||||||||
Fees paid indirectly (Note 7) | (5,141 | ) | (63 | ) | – | (3,420 | ) | – | – | – | ||||||||||||||||||
Net expenses | 6,965,057 | 3,462,516 | 2,461,130 | 2,401,785 | 1,801,226 | 863,474 | 8,955,031 | |||||||||||||||||||||
Net investment income (loss) | 17,186,228 | 8,827,783 | 6,518,528 | 13,704,694 | 6,017,535 | 2,892,682 | 4,131,596 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (25,170,138 | ) | 12,223,780 | 11,198,900 | 17,479,392 | 2,452 | 2,314 | 109,810,741 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 1,253,362 | – | 524,922 | – | – | – | (871,464 | ) | ||||||||||||||||||||
Forward contracts | – | – | – | 9,869,104 | – | – | 773,097 | |||||||||||||||||||||
Swap contracts | – | – | – | (21,294 | ) | – | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (353,780 | ) | (6,393 | ) | (44,000 | ) | (214,228 | ) | – | – | (16,854 | ) | ||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (24,270,556 | ) | 12,217,387 | 11,679,822 | 27,112,974 | 2,452 | 2,314 | 109,695,520 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (91,410,269 | ) | 13,014,957 | (16,421,473 | ) | (54,952,166 | ) | – | 5,457,227 | (82,909,787 | ) | |||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | 29,834 | – | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | (1,327,981 | ) | – | – | (320,939 | ) | |||||||||||||||||||
Swap contracts | – | – | – | (2,988,531 | ) | – | – | – | ||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (25,917 | ) | 13,726 | 56,790 | 111,728 | – | – | 577 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | 630,579 | – | – | 45,929 | – | – | (3,695 | ) | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (90,805,607 | ) | 13,028,683 | (16,334,849 | ) | (59,111,021 | ) | – | 5,457,227 | (83,233,844 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (115,076,163 | ) | 25,246,070 | (4,655,027 | ) | (31,998,047 | ) | 2,452 | 5,459,541 | 26,461,676 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (97,889,935 | ) | $ | 34,073,853 | $ | 1,863,501 | $ | (18,293,353 | ) | $ | 6,019,987 | $ | 8,352,223 | $ | 30,593,272 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 3,059,123 | $ | 616,320 | $ | 500,441 | $ | 645,845 | $ | – | $ | – | $ | 213,951 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | 472,790 | $ | – | $ | – | $ | 49,552 | $ | – | $ | – | $ | – | ||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
234 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Year Ended May 31, 2019 — (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) | $ | 2,252,264 | $ | 6,628,359 | $ | 10,088 | $ | 34,893,858 | $ | – | $ | 5,281,402 | $ | 20,427,180 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 6,633 | 448,773 | 24,818 | 353,406 | 16,732 | 158,630 | 274,870 | |||||||||||||||||||||
Interest (unaffiliated) | 3,569 | 95,741 | 18,446,964 | 127,185 | 6,101,390 | – | 327,121 | |||||||||||||||||||||
Total investment income* | 2,262,466 | 7,172,873 | 18,481,870 | 35,374,449 | 6,118,122 | 5,440,032 | 21,029,171 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 944,031 | 7,732,663 | 2,981,737 | 3,288,788 | 990,680 | 4,252,983 | 5,219,044 | |||||||||||||||||||||
Administrative service fee | 84,050 | 525,931 | 435,106 | 748,208 | 132,311 | 306,278 | 513,473 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,188 | 1,457 | 2,550 | 5,258 | 2,551 | 2,550 | 2,915 | |||||||||||||||||||||
Custodian fees | 33,221 | 71,040 | 42,470 | 177,000 | 46,544 | 90,557 | 159,305 | |||||||||||||||||||||
Reports to shareholders | 14,796 | 90,557 | 74,664 | 139,337 | 23,242 | 77,797 | 198,451 | |||||||||||||||||||||
Audit and tax fees | 38,119 | 38,413 | 44,759 | 105,582 | 48,630 | 63,791 | 47,064 | |||||||||||||||||||||
Legal fees | 12,182 | 25,405 | 27,183 | 37,493 | 14,704 | 142,327 | 75,384 | |||||||||||||||||||||
Directors’ fees and expenses | 5,991 | 37,465 | 30,786 | 53,187 | 9,411 | 21,920 | 36,668 | |||||||||||||||||||||
Interest expense | 301 | – | 395 | 27,778 | 836 | – | 2,730 | |||||||||||||||||||||
License fee | 725 | 725 | 725 | 240,405 | 725 | 725 | 725 | |||||||||||||||||||||
Other expenses | 17,574 | 39,331 | 30,793 | 26,951 | 23,210 | 40,391 | 35,439 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,153,178 | 8,562,987 | 3,671,168 | 4,849,987 | 1,292,844 | 4,999,319 | 6,291,198 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (83,276 | ) | (301,165 | ) | – | – | – | (917,330 | ) | (373,868 | ) | |||||||||||||||||
Fees paid indirectly (Note 7) | (1,679 | ) | – | – | – | – | – | (5,802 | ) | |||||||||||||||||||
Net expenses | 1,068,223 | 8,261,822 | 3,671,168 | 4,849,987 | 1,292,844 | 4,081,989 | 5,911,528 | |||||||||||||||||||||
Net investment income (loss) | 1,194,243 | (1,088,949 | ) | 14,810,702 | 30,524,462 | 4,825,278 | 1,358,043 | 15,117,643 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 12,047,450 | 53,669,126 | (962,348 | ) | 32,743,329 | (5,619,305 | ) | (2,898,285 | ) | 17,902,931 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 51,522 | – | – | (1,463,591 | ) | – | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | 1,087,343 | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | 7,736 | 22,572 | (100,828 | ) | (49,018 | ) | (68,063 | ) | (228,663 | ) | |||||||||||||||||
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 | 12,098,972 | 53,676,862 | (939,776 | ) | 31,178,910 | (5,668,323 | ) | (2,963,432 | ) | 18,761,611 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (9,535,389 | ) | (27,630,345 | ) | 10,954,759 | (132,851,785 | ) | 6,679,611 | 1,495,570 | (151,177,165 | ) | |||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (24,551 | ) | – | – | (777,471 | ) | – | – | – | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | 2,475,354 | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 50 | 4,330 | 51,941 | 26,627 | 7,811 | 26,604 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | (578,543 | ) | 84,383 | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (9,559,940 | ) | (27,630,295 | ) | 10,959,089 | (133,577,315 | ) | 6,706,238 | 924,838 | (148,590,824 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2,539,032 | 26,046,567 | 10,019,313 | (102,398,405 | ) | 1,037,915 | (2,038,594 | ) | (129,829,213 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,733,275 | $ | 24,957,618 | $ | 24,830,015 | $ | (71,873,943 | ) | $ | 5,863,193 | $ | (680,551 | ) | $ | (114,711,570 | ) | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 835 | $ | 140,277 | $ | – | $ | 3,200,746 | $ | (477 | ) | $ | 507,886 | $ | 2,036,304 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 6,565 | $ | 179,161 | ||||||||||||||
# See Note 1 |
See Notes to Financial Statements
235 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Year Ended May 31, 2019 — (continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 3,268,187 | $ | 7,065,516 | $ | 49,410,534 | $ | 2,168,570 | $ | 6,692,632 | $ | 7,787,035 | $ | 496,120 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 1,100 | 110,143 | 1,069,072 | 59,275 | 57,575 | 349,678 | 83,639 | |||||||||||||||||||||
Interest (unaffiliated) | 19,083 | 58,427 | 415,488 | 112,080 | 178,407 | 679,493 | 18,244 | |||||||||||||||||||||
Total investment income* | 3,288,370 | 7,234,086 | 50,895,094 | 2,339,925 | 6,928,614 | 8,816,206 | 598,003 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,229,904 | 2,974,762 | 8,549,325 | 2,039,653 | 1,960,643 | 12,131,838 | 1,351,540 | |||||||||||||||||||||
Administrative service fee | 117,324 | 310,355 | 2,188,345 | 196,689 | 336,126 | 933,407 | 106,173 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,581 | 2,706 | 6,560 | 2,550 | 5,073 | 5,074 | 1,094 | |||||||||||||||||||||
Custodian fees | 31,948 | 29,652 | 125,394 | 32,709 | 40,631 | 164,029 | 39,379 | |||||||||||||||||||||
Reports to shareholders | 20,345 | 55,914 | 377,957 | 39,624 | 63,895 | 186,286 | 20,318 | |||||||||||||||||||||
Audit and tax fees | 36,447 | 36,438 | 38,555 | 36,343 | 38,109 | 36,008 | 36,414 | |||||||||||||||||||||
Legal fees | 13,682 | 18,856 | 94,984 | 16,128 | 19,858 | 41,960 | 13,074 | |||||||||||||||||||||
Directors’ fees and expenses | 8,363 | 22,150 | 156,737 | 14,046 | 24,067 | 67,251 | 7,600 | |||||||||||||||||||||
Interest expense | 59 | 303 | 5,051 | 17 | 955 | 650 | 42 | |||||||||||||||||||||
License fee | 1,449 | 2,571 | 32,771 | 1,878 | 201,363 | 725 | 1,360 | |||||||||||||||||||||
Other expenses | 16,227 | 21,684 | 96,047 | 19,981 | 19,012 | 78,030 | 15,744 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,478,329 | 3,475,391 | 11,671,726 | 2,399,618 | 2,709,732 | 13,645,258 | 1,592,738 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (40,735 | ) | – | (18,592 | ) | |||||||||||||||||||
Fees paid indirectly (Note 7) | (9,321 | ) | – | – | (8,461 | ) | – | (52,295 | ) | (10,767 | ) | |||||||||||||||||
Net expenses | 1,469,008 | 3,475,391 | 11,671,726 | 2,391,157 | 2,668,997 | 13,592,963 | 1,563,379 | |||||||||||||||||||||
Net investment income (loss) | 1,819,362 | 3,758,695 | 39,223,368 | (51,232 | ) | 4,259,617 | (4,776,757 | ) | (965,376 | ) | ||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 9,880,257 | 37,492,037 | 266,605,678 | 13,476,769 | 14,239,084 | 155,683,412 | 18,141,026 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | (10,818,710 | ) | – | 614,766 | – | – | ||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (107 | ) | 420 | – | (3,134 | ) | – | (119,059 | ) | – | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 9,880,150 | 37,492,457 | 255,786,968 | 13,473,635 | 14,853,850 | 155,564,353 | 18,141,026 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (6,168,078 | ) | 11,377,979 | (480,343,613 | ) | 8,414,217 | (5,451,844 | ) | (109,654,992 | ) | (18,560,079 | ) | ||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | (1,915,688 | ) | – | (597,824 | ) | – | – | |||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Written options contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | (1,400 | ) | – | 968 | – | (53,276 | ) | – | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (6,168,078 | ) | 11,376,579 | (482,259,301 | ) | 8,415,185 | (6,049,668 | ) | (109,708,268 | ) | (18,560,079 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3,712,072 | 48,869,036 | (226,472,333 | ) | 21,888,820 | 8,804,182 | 45,856,085 | (419,053 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,531,434 | $ | 52,627,731 | $ | (187,248,965 | ) | $ | 21,837,588 | $ | 13,063,799 | $ | 41,079,328 | $ | (1,384,429 | ) | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 13,146 | $ | 96,623 | $ | 27,333 | $ | 47,130 | $ | 3,012 | $ | 287,528 | $ | – | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Year Ended May 31, 2019 — (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) | $ | 3,459,091 | $ | 14,835,069 | $ | 4,662,791 | $ | 639,019 | $ | 104,148,432 | $ | 2,970,848 | ||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Securities lending income | 318,398 | 1,722,357 | 147,087 | 127,326 | 230,592 | 17,900 | ||||||||||||||||||
Interest (unaffiliated) | 59,358 | 254,126 | 10,823 | 55,233 | 332,454 | 9,380 | ||||||||||||||||||
Total investment income* | 3,836,847 | 16,811,552 | 4,820,701 | 821,578 | 104,711,478 | 2,998,128 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 2,721,581 | 3,477,416 | 2,033,957 | 991,177 | 11,884,799 | 943,437 | ||||||||||||||||||
Administrative service fee | 203,990 | 795,314 | 181,109 | 77,865 | 3,310,694 | 80,761 | ||||||||||||||||||
Transfer agent fees and expenses | 1,093 | 5,865 | 2,187 | 1,094 | 7,513 | 2,551 | ||||||||||||||||||
Custodian fees | 68,698 | 106,932 | 27,048 | 16,254 | 171,251 | 29,306 | ||||||||||||||||||
Reports to shareholders | 35,121 | 130,324 | 31,817 | 14,463 | 597,176 | 15,542 | ||||||||||||||||||
Audit and tax fees | 38,343 | 42,236 | 36,339 | 36,550 | 38,332 | 36,425 | ||||||||||||||||||
Legal fees | 16,420 | 32,787 | 15,095 | 12,144 | 163,142 | 12,581 | ||||||||||||||||||
Directors’ fees and expenses | 14,642 | 57,169 | 12,920 | 5,574 | 236,006 | 5,737 | ||||||||||||||||||
Interest expense | 141 | 14,502 | – | – | 19,270 | – | ||||||||||||||||||
License fee | 1,969 | 117,114 | 1,867 | 1,191 | 49,581 | 1,212 | ||||||||||||||||||
Other expenses | 33,420 | 43,592 | 22,049 | 15,222 | 119,802 | 14,348 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,135,418 | 4,823,251 | 2,364,388 | 1,171,534 | 16,597,566 | 1,141,900 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | (294,453 | ) | – | – | (81,626 | ) | – | (113,796 | ) | |||||||||||||||
Fees paid indirectly (Note 7) | (6,518 | ) | – | (17,562 | ) | – | – | (915 | ) | |||||||||||||||
Net expenses | 2,834,447 | 4,823,251 | 2,346,826 | 1,089,908 | 16,597,566 | 1,027,189 | ||||||||||||||||||
Net investment income (loss) | 1,002,400 | 11,988,301 | 2,473,875 | (268,330 | ) | 88,113,912 | 1,970,939 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 21,658,959 | 127,933,934 | | 17,580,533 | | 14,183,813 | 308,039,364 | 9,484,205 | ||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Futures contracts | – | 1,900,762 | – | – | 2,021,200 | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 592 | (130 | ) | – | – | – | (1,835 | ) | ||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 21,659,551 | 129,834,566 | 17,580,533 | 14,183,813 | 310,060,564 | 9,482,370 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | (27,990,981 | ) | (244,366,619 | ) | | (39,180,954 | ) | (6,868,859 | ) | (220,862,000 | ) | (12,337,002 | ) | |||||||||||
Investments (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Futures contracts | – | (3,766,220 | ) | – | – | (36,080 | ) | – | ||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Written options contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (16 | ) | – | – | – | – | (79 | ) | ||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,990,997 | ) | (248,132,839 | ) | (39,180,954 | ) | (6,868,859 | ) | (220,898,080 | ) | (12,337,081 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (6,331,446 | ) | (118,298,273 | ) | (21,600,421 | ) | 7,314,954 | 89,162,484 | (2,854,711 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,329,046 | ) | $ | (106,309,972 | ) | $ | (19,126,546 | ) | $ | 7,046,624 | $ | 177,276,396 | $ | (883,772 | ) | ||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 12,717 | $ | 5,291 | $ | 6,060 | $ | – | $ | 76 | $ | 30,366 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
237 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | BROAD CAP VALUE INCOME FUND | CAPITAL CONSERVATION FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,633,275 | $ | 2,364,467 | $ | (259,449 | ) | $ | (517,221 | ) | $ | 1,206,456 | $ | 724,186 | $ | 6,434,069 | $ | 5,114,502 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (504,223 | ) | 11,066,363 | 81,119,429 | 91,974,141 | 5,572,700 | 4,376,539 | (1,452,053 | ) | 113,239 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (7,632,207 | ) | 804,074 | (50,550,722 | ) | 87,961,568 | (7,626,296 | ) | 613,558 | 8,917,354 | (7,502,995 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (5,503,155 | ) | 14,234,904 | 30,309,258 | 179,418,488 | (847,140 | ) | 5,714,283 | 13,899,370 | (2,275,254 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (14,272,597 | ) | (9,363,224 | ) | (91,702,729 | ) | (44,729,191 | ) | (5,742,883 | ) | (4,899,434 | ) | (5,692,352 | ) | (5,533,689 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 1,653,489 | (973,761 | ) | 63,293,609 | (34,869,574 | ) | (1,729,270 | ) | 2,377,357 | (16,395,200 | ) | 27,829,989 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (18,122,263 | ) | 3,897,919 | 1,900,138 | 99,819,723 | (8,319,293 | ) | 3,192,206 | (8,188,182 | ) | 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 | $ | 147,543,096 | $ | 165,665,359 | $ | 781,236,137 | $ | 779,335,999 | $ | 51,212,253 | $ | 59,531,546 | $ | 246,896,101 | $ | 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
238 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,954,115 | $ | 2,787,221 | $ | 21,774,322 | $ | 16,853,516 | $ | 3,090,645 | $ | 2,451,189 | $ | 17,186,228 | $ | 14,556,417 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 17,891,133 | 29,359,748 | 47,497,709 | 94,280,648 | 9,014,539 | 14,443,270 | (24,270,556 | ) | 61,608,570 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (19,195,294 | ) | 3,928,974 | (71,877,542 | ) | (55,243,291 | ) | (8,279,857 | ) | 6,213,878 | (90,805,607 | ) | 15,242,666 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,649,954 | 36,075,943 | (2,605,511 | ) | 55,890,873 | 3,825,327 | 23,108,337 | (97,889,935 | ) | 91,407,653 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (31,653,198 | ) | (21,738,619 | ) | (111,492,491 | ) | (45,267,581 | ) | (15,660,572 | ) | (12,855,277 | ) | (12,932,082 | ) | (12,115,507 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 5,452,101 | (3,023,337 | ) | 189,631,683 | 64,858,084 | (28,153,689 | ) | (15,050,927 | ) | 116,660,454 | 29,067,088 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (24,551,143 | ) | 11,313,987 | 75,533,681 | 75,481,376 | (39,988,934 | ) | (4,797,867 | ) | 5,838,437 | 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 | $ | 228,409,370 | $ | 252,960,513 | $ | 959,713,967 | $ | 884,180,286 | $ | 203,843,051 | $ | 243,831,985 | $ | 823,070,743 | $ | 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
239 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 8,827,783 | $ | 8,845,446 | $ | 6,518,528 | $ | 6,249,870 | $ | 13,704,694 | $ | 11,790,104 | $ | 6,017,535 | $ | 2,316,857 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 12,217,387 | 8,435,494 | 11,679,822 | 9,962,794 | 27,112,974 | 21,023,299 | 2,452 | (17,092 | ) | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 13,028,683 | 5,628,410 | (16,334,849 | ) | 33,248,148 | (59,111,021 | ) | (12,957,332 | ) | – | – | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 34,073,853 | 22,909,350 | 1,863,501 | 49,460,812 | (18,293,353 | ) | 19,856,071 | 6,019,987 | 2,299,765 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (16,229,726 | ) | (18,582,951 | ) | (6,661,198 | ) | (7,163,295 | ) | (35,015,636 | ) | (5,241,605 | ) | (6,017,418 | ) | (2,316,563 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 77,553,216 | (28,240,730 | ) | (59,836,632 | ) | (30,409,838 | ) | (12,626,254 | ) | (44,302,111 | ) | 83,472,727 | (19,057,602 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 95,397,343 | (23,914,331 | ) | (64,634,329 | ) | 11,887,679 | (65,935,243 | ) | (29,687,645 | ) | 83,475,296 | (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 | $ | 458,620,432 | $ | 363,223,089 | $ | 363,817,654 | $ | 428,451,983 | $ | 323,702,263 | $ | 389,637,506 | $ | 395,183,423 | $ | 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 Note 1 |
See Notes to Financial Statements
240 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,892,682 | $ | 2,823,538 | $ | 4,131,596 | $ | 4,734,639 | $ | 1,194,243 | $ | 1,111,777 | $ | (1,088,949 | ) | $ | (1,765,928 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,314 | 77,920 | 109,695,520 | 89,476,870 | 12,098,972 | 12,299,348 | 53,676,862 | 65,429,789 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 5,457,227 | (4,504,096 | ) | (83,233,844 | ) | 118,383,039 | (9,559,940 | ) | 1,010,367 | (27,630,295 | ) | 70,756,014 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,352,223 | (1,602,638 | ) | 30,593,272 | 212,594,548 | 3,733,275 | 14,421,492 | 24,957,618 | 134,419,875 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (3,165,086 | ) | (3,355,071 | ) | (94,348,347 | ) | (49,138,428 | ) | (13,348,269 | ) | (5,599,507 | ) | (65,443,360 | ) | (88,495,403 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 16,760,114 | (19,077,336 | ) | (89,713,529 | ) | 37,932,412 | (1,056,401 | ) | (1,165,023 | ) | 13,325,327 | 25,669,542 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 21,947,251 | (24,035,045 | ) | (153,468,604 | ) | 201,388,532 | (10,671,395 | ) | 7,656,962 | (27,160,415 | ) | 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 | $ | 143,371,978 | $ | 121,424,727 | $ | 1,049,180,608 | $ | 1,202,649,212 | $ | 117,501,014 | $ | 128,172,409 | $ | 742,072,276 | $ | 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
241 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 14,810,702 | $ | 14,307,250 | $ | 30,524,462 | $ | 33,330,910 | $ | 4,825,278 | $ | 3,987,808 | $ | 1,358,043 | $ | 2,646,601 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (939,776 | ) | 2,995,992 | 31,178,910 | 17,382,833 | (5,668,323 | ) | 1,729,560 | (2,963,432 | ) | 116,147,400 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 10,959,089 | (9,917,134 | ) | (133,577,315 | ) | 40,097,997 | 6,706,238 | (5,985,179 | ) | 924,838 | (41,251,757 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 24,830,015 | 7,386,108 | (71,873,943 | ) | 90,811,740 | 5,863,193 | (267,811 | ) | (680,551 | ) | 77,542,244 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (11,852,024 | ) | (17,222,662 | ) | (34,840,449 | ) | (27,087,828 | ) | (3,136,028 | ) | (1,876,878 | ) | (111,324,142 | ) | (12,706,702 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 92,552,853 | (26,672,263 | ) | (139,544,765 | ) | 130,397,633 | (19,292,034 | ) | 35,950,420 | 87,446,136 | (13,137,209 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 105,530,844 | (36,508,817 | ) | (246,259,157 | ) | 194,121,545 | (16,564,869 | ) | 33,805,731 | (24,558,557 | ) | 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 | $ | 700,573,770 | $ | 595,042,926 | $ | 1,041,727,495 | $ | 1,287,986,652 | $ | 203,183,551 | $ | 219,748,420 | $ | 466,362,068 | $ | 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
242 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 15,117,643 | $ | 17,192,495 | $ | 1,819,362 | $ | 1,590,051 | $ | 3,758,695 | $ | 3,042,371 | $ | 39,223,368 | $ | 42,948,675 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 18,761,611 | (3,027,026 | ) | 9,880,150 | 14,036,052 | 37,492,457 | 29,832,423 | 255,786,968 | 297,775,351 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (148,590,824 | ) | 12,467,733 | (6,168,078 | ) | 406,370 | 11,376,579 | 31,584,585 | (482,259,301 | ) | 129,051,040 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (114,711,570 | ) | 26,633,202 | 5,531,434 | 16,032,473 | 52,627,731 | 64,459,379 | (187,248,965 | ) | 469,775,066 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (21,077,701 | ) | (17,026,333 | ) | (14,922,577 | ) | (10,658,752 | ) | (33,112,343 | ) | (24,116,708 | ) | (342,040,572 | ) | (251,922,042 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (45,142,157 | ) | (16,355,367 | ) | (4,530,438 | ) | 3,348,553 | 13,153,251 | (11,275,883 | ) | (7,486,282 | ) | (176,502,281 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (180,931,428 | ) | (6,748,498 | ) | (13,921,581 | ) | 8,722,274 | 32,668,639 | 29,066,788 | (536,775,819 | ) | 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 | $ | 688,485,015 | $ | 869,416,443 | $ | 166,427,615 | $ | 180,349,196 | $ | 477,301,333 | $ | 444,632,694 | $ | 2,897,313,332 | $ | 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
243 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (51,232 | ) | $ | 99,961 | $ | 4,259,617 | $ | 2,122,593 | $ | (4,776,757 | ) | $ | (4,083,723 | ) | $ | (965,376 | ) | $ | (807,858 | ) | |||||||||||
Net realized gain (loss) on investments and foreign currencies | 13,473,635 | 27,092,574 | 14,853,850 | 8,724,040 | 155,564,353 | 275,792,396 | 18,141,026 | 22,882,394 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,415,185 | 21,131,738 | (6,049,668 | ) | 71,186,630 | (109,708,268 | ) | 59,620,924 | (18,560,079 | ) | 20,365,970 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 21,837,588 | 48,324,273 | 13,063,799 | 82,033,263 | 41,079,328 | 331,329,597 | (1,384,429 | ) | 42,440,506 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (27,034,945 | ) | (13,166,234 | ) | (9,579,982 | ) | (22,097,878 | ) | (267,545,909 | ) | (111,885,016 | ) | (22,033,890 | ) | (3,794,440 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 16,830,795 | (3,673,803 | ) | 22,272,378 | 19,177,671 | 215,867,521 | 53,829,175 | 28,160,534 | 6,132,843 | |||||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 11,633,438 | 31,484,236 | 25,756,195 | 79,113,056 | (10,599,060 | ) | 273,273,756 | 4,742,215 | 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 | $ | 303,287,940 | $ | 291,654,502 | $ | 499,269,213 | $ | 473,513,018 | $ | 1,392,833,714 | $ | 1,403,432,774 | $ | 161,912,040 | $ | 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
244 |
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 Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,002,400 | $ | 1,278,111 | $ | 11,988,301 | $ | 12,415,698 | $ | 2,473,875 | $ | 3,207,922 | $ | (268,330 | ) | $ | (241,300 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 21,659,551 | 25,065,918 | 129,834,566 | 92,393,113 | 17,580,533 | 29,873,945 | 14,183,813 | 15,097,200 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (27,990,997 | ) | 25,943,654 | (248,132,839 | ) | 127,374,952 | (39,180,954 | ) | 11,101,173 | (6,868,859 | ) | 6,033,180 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (5,329,046 | ) | 52,287,683 | (106,309,972 | ) | 232,183,763 | (19,126,546 | ) | 44,183,040 | 7,046,624 | 20,889,080 | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||||||||||||||||||
Distributable earnings | (26,310,691 | ) | (49,921,996 | ) | (106,796,337 | ) | (79,189,905 | ) | (33,301,346 | ) | (27,811,569 | ) | (14,991,380 | ) | (4,235,032 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (5,578,082 | ) | 8,166,293 | (69,283,785 | ) | (55,773,275 | ) | (24,741,428 | ) | 1,765,218 | 5,620,151 | (5,521,385 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (37,217,819 | ) | 10,531,980 | (282,390,094 | ) | 97,220,583 | (77,169,320 | ) | 18,136,689 | (2,324,605 | ) | 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 | $ | 284,018,390 | $ | 321,236,209 | $ | 1,012,039,730 | $ | 1,294,429,824 | $ | 223,575,936 | $ | 300,745,256 | $ | 116,197,460 | $ | 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
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STATEMENT OF CHANGES IN NET ASSETS —(continued)
STOCK INDEX FUND | VALUE FUND | |||||||||||||||
For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2018 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 88,113,912 | $ | 77,206,847 | $ | 1,970,939 | 1,664,552 | |||||||||
Net realized gain (loss) on investments and foreign currencies | 310,060,564 | 116,128,701 | 9,482,370 | 7,087,770 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (220,898,080 | ) | 423,697,672 | (12,337,081 | ) | 1,025,526 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 177,276,396 | 617,033,220 | (883,772 | ) | 9,777,848 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:(1) | ||||||||||||||||
Distributable earnings | (187,995,413 | ) | (251,051,797 | ) | (1,664,301 | ) | (1,701,685 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (310,238,062 | ) | 50,187,343 | 5,201,683 | (2,934,952 | ) | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (320,957,079 | ) | 416,168,766 | 2,653,610 | 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 | $ | 4,637,545,575 | $ | 4,958,502,654 | $ | 118,127,340 | $ | 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
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. |
*** | Effective June 4, 2019, the name of the Global Social Awareness Fund will change to International Socially Responsible 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)
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2019, 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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NOTES TO FINANCIAL STATEMENTS—(continued)
Derivative Instruments
Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund 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 Emerging Economies Fund, Global Social Awareness Fund, Growth Fund, Growth & Income Fund, International Equities Index Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund and Stock Index Fund used futures contracts to increase or decrease exposure to equity 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. The International Growth Fund used options to hedge against the decline in value of a currency.
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—(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 May 31, 2019, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2019. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2019, please refer to the Portfolio of Investments.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Fund | Futures Contracts(1)(8) | Swap Contracts(2) | Options Purchased(3) | Foreign Forward Exchange Contracts(4) | Futures Contracts(1)(8) | Swap Contracts(5) | Options Written(6) | Foreign Forward Exchange Contracts(7) | ||||||||||||||||||||||||||||
Interest Rate Contracts | Interest Rate Contracts | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | 32,313 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Global Strategy | — | — | — | — | — | 1,987,951 | — | — | ||||||||||||||||||||||||||||
Equity Contracts | Equity Contracts | |||||||||||||||||||||||||||||||||||
Asset Allocation | 72,540 | — | — | — | 59,312 | — | — | — | ||||||||||||||||||||||||||||
Dynamic Allocation | — | — | 2,883,651 | — | 585,900 | — | — | — | ||||||||||||||||||||||||||||
Emerging Economies | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Global Social Awareness | — | — | — | — | 81,270 | — | — | — | ||||||||||||||||||||||||||||
Growth | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Growth & Income | — | — | — | — | 9,450 | — | — | — | ||||||||||||||||||||||||||||
International Equities Index | — | — | — | — | 475,850 | — | — | — | ||||||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | 388,040 | — | — | — | ||||||||||||||||||||||||||||
Nasdaq-100® Index | — | — | — | — | 547,875 | — | — | — | ||||||||||||||||||||||||||||
Small Cap Index | — | — | — | — | 495,510 | — | — | — | ||||||||||||||||||||||||||||
Stock Index | — | — | — | — | 283,500 | — | — | — | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | Foreign Exchange Contracts | |||||||||||||||||||||||||||||||||||
Asset Allocation | — | — | — | 326,478 | — | — | — | 370,154 | ||||||||||||||||||||||||||||
Global Strategy | — | — | — | 1,571,284 | — | — | — | 713,815 | ||||||||||||||||||||||||||||
Growth | — | — | — | 109,598 | — | — | — | 20,768 | ||||||||||||||||||||||||||||
International Growth | — | — | 276,140 | — | — | — | — | — | ||||||||||||||||||||||||||||
International Value | — | — | — | 2,475,354 | — | — | — | — |
Statement of Assets and Liabilities Location:
(1) | Variation margin on futures contracts |
(2) | Unrealized appreciation on swap contracts |
(3) | Investments at value (unaffiliated) |
(4) | Unrealized appreciation on forward foreign currency contracts |
(5) | Unrealized depreciation on swap contracts |
(6) | Call and put options written, at value |
(7) | Unrealized depreciation on forward foreign currency 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 | $ | (43,091 | ) | |
Dynamic Allocation | (1,520,910 | ) | ||
Emerging Economies | — | |||
Global Social Awareness | (145,217 | ) | ||
Growth | — | |||
Growth & Income | (32,673 | ) | ||
International Equities Index | (1,288,442 | ) | ||
Mid Cap Index | (1,319,909 | ) | ||
Nasdaq-100® Index | (659,997 | ) | ||
Small Cap Index | (2,194,781 | ) | ||
Stock Index | (483,438 | ) |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||
Fund | Futures Contracts(1) | Swap Contracts(2) | Written Options(3) | Purchased Options(4) | Foreign Forward Exchange Contracts(5) | |||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Asset Allocation | $ | 487,169 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Global Strategy | — | (21,294 | ) | — | — | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | 1,939,258 | — | — | — | — | |||||||||||||||
Dynamic Allocation | 1,186,951 | — | 669,309 | (3,148,586 | ) | — | ||||||||||||||
Emerging Economies | 1,253,362 | — | — | — | — | |||||||||||||||
Global Social Awareness | 524,922 | — | — | — | — | |||||||||||||||
Growth | (871,464 | ) | — | — | — | — | ||||||||||||||
Growth & Income | 51,522 | — | — | — | — | |||||||||||||||
International Equities Index | (1,463,591 | ) | — | — | — | — | ||||||||||||||
Mid Cap Index | (10,818,710 | ) | — | — | — | — | ||||||||||||||
Nasdaq-100® Index | 614,766 | — | — | — | — | |||||||||||||||
Small Cap Index | 1,900,762 | — | — | — | — | |||||||||||||||
Stock Index | 2,021,200 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | — | — | — | — | (1,330,288 | ) | ||||||||||||||
Global Strategy | — | — | — | — | 9,869,104 | |||||||||||||||
Growth | — | — | — | — | 773,097 | |||||||||||||||
International Growth | — | — | — | — | — | |||||||||||||||
International Value | — | — | — | — | 1,087,343 |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | ||||||||||||||||||||
Fund | Futures Contracts(6) | Swap Contracts(7) | Written Options(8) | Purchased Options(9) | Foreign Forward Exchange Contracts(10) | |||||||||||||||
Interest Rate Contracts | ||||||||||||||||||||
Asset Allocation | $ | (31,027 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Global Strategy | — | (2,988,531 | ) | — | — | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | (403,625 | ) | — | — | — | — | ||||||||||||||
Dynamic Allocation | (921,704 | ) | — | (136,769 | ) | 962,839 | — | |||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Global Social Awareness | 29,834 | — | — | — | — | |||||||||||||||
Growth | — | — | — | — | — | |||||||||||||||
Growth & Income | (24,551 | ) | — | — | — | — | ||||||||||||||
International Equities Index | (777,471 | ) | — | — | — | — | ||||||||||||||
Mid Cap Index | (1,915,688 | ) | — | — | — | — | ||||||||||||||
Nasdaq-100® Index | (597,824 | ) | — | — | — | — | ||||||||||||||
Small Cap Index | (3,766,220 | ) | — | — | — | — | ||||||||||||||
Stock Index | (36,080 | ) | — | — | — | — | ||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | — | — | — | — | 659,923 | |||||||||||||||
Global Strategy | — | — | — | — | (1,327,981 | ) | ||||||||||||||
Growth | — | — | — | — | (320,939 | ) | ||||||||||||||
International Growth | — | — | — | (151,964 | ) | — | ||||||||||||||
International Value | — | — | — | — | 2,475,354 |
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 written options contracts |
(4) | Net realized gain (loss) on investments |
(5) | Net realized gain (loss) on forward contracts |
(6) | Change in unrealized appreciation (depreciation) on futures contracts |
(7) | Change in unrealized appreciation (depreciation) on swap contracts |
(8) | Change in unrealized appreciation (depreciation) on written options contracts |
(9) | Change in unrealized appreciation (depreciation) on investments |
(10) | Change in unrealized appreciation (depreciation) on forward contracts |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
The following table represents the average monthly balances of derivatives held during the year ended May 31, 2019.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Portfolio | Futures Contracts(2) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | |||||||||||||||
Asset Allocation | $ | 26,810,870 | $ | 37,360,785 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 66,825,667 | — | 1,626,469 | 219,645 | — | |||||||||||||||
Emerging Economies | 2,886,213 | — | — | — | — | |||||||||||||||
Global Social Awareness | 7,840,678 | — | — | — | — | |||||||||||||||
Global Strategy | — | 136,940,545 | — | — | 33,055,000 | |||||||||||||||
Growth | 519,173 | 8,753,607 | — | — | — | |||||||||||||||
Growth & Income | 1,430,755 | — | — | — | — | |||||||||||||||
International Equities Index | 26,655,080 | — | — | — | — | |||||||||||||||
International Growth | — | — | 29,597 | — | — | |||||||||||||||
International Value | — | 59,877,336 | — | — | — | |||||||||||||||
Mid Cap Index | 73,698,407 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 32,847,765 | — | — | — | — | |||||||||||||||
Small Cap Index | 33,930,703 | — | — | — | — | |||||||||||||||
Stock Index | 63,256,116 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2019. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2019, 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 | $ | 59,938 | $ | — | $ | — | $ | 59,938 | $ | 14,430 | $ | — | $ | — | $ | 14,430 | $ | 45,508 | $ | — | $ | 45,508 | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | 266,540 | — | — | 266,540 | 355,724 | — | — | 355,724 | (89,184 | ) | 89,184 | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 326,478 | $ | — | $ | — | $ | 326,478 | $ | 370,154 | $ | — | $ | — | $ | 370,154 | $ | (43,676 | ) | $ | 89,184 | $ | 45,508 | |||||||||||||||||||||||||
(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. | $ | — | $ | — | $ | 733,110 | $ | 733,110 | $ | — | $ | — | $ | — | $ | — | $ | 733,110 | (430,000 | ) | $ | 303,110 | ||||||||||||||||||||||||||
Goldman Sachs International | — | — | 770,706 | 770,706 | — | — | — | — | 770,706 | (760,000 | ) | 10,706 | ||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 1,379,835 | 1,379,835 | — | — | — | — | 1,379,835 | — | 1,379,835 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 2,883,651 | $ | 2,883,651 | $ | — | $ | — | $ | — | $ | — | $ | 2,883,651 | $ | (1,190,000 | ) | $ | 1,693,651 | |||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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NOTES TO FINANCIAL STATEMENTS—(continued)
Global Strategy Fund | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets(1) | Derivative Liabilities(1) | Net Derivative Assets (Liabilities) | |||||||||||||||||||||||||||||||||||||||||||||
Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | |||||||||||||||||||||||||||||||||||||||||
Bank of America N.A. | $ | 67,995 | $ | — | $ | — | $ | 67,995 | $ | 830 | $ | — | $ | — | $ | 830 | $ | 67,165 | $ | — | $ | 67,165 | ||||||||||||||||||||||||||
Barclays Bank PLC | 9,117 | — | — | 9,117 | 7,053 | — | — | 7,053 | 2,064 | — | 2,064 | |||||||||||||||||||||||||||||||||||||
BNP Paribas SA | 1,059 | — | — | 1,059 | 17,217 | — | — | 17,217 | (16,158 | ) | — | (16,158 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 207,232 | — | — | 207,232 | 100,677 | — | — | 100,677 | 106,555 | — | 106,555 | |||||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 184,115 | — | — | 184,115 | 84,238 | — | — | 84,238 | 99,877 | — | 99,877 | |||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 9,657 | — | — | 9,657 | 4,539 | — | — | 4,539 | 5,118 | — | 5,118 | |||||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 427,886 | — | — | 427,886 | 92,686 | — | — | 92,686 | 335,200 | — | 335,200 | |||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 452,384 | — | — | 452,384 | 302,705 | — | — | 302,705 | 149,679 | — | 149,679 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | — | — | 288 | — | — | 288 | (288 | ) | — | (288 | ) | |||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 170,868 | — | — | 170,868 | 103,582 | — | — | 103,582 | 67,286 | — | 67,286 | |||||||||||||||||||||||||||||||||||||
UBS AG | 40,971 | — | — | 40,971 | — | — | — | — | 40,971 | — | 40,971 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,571,284 | $ | — | $ | — | $ | 1,571,284 | $ | 713,815 | $ | — | $ | — | $ | 713,815 | $ | 857,469 | $ | — | $ | 857,469 | ||||||||||||||||||||||||||
(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. | $ | 4,132 | $ | — | $ | — | $ | 4,132 | $ | 18,711 | $ | — | $ | — | $ | 18,711 | $ | (14,579 | ) | $ | — | $ | (14,579 | ) | ||||||||||||||||||||||||
Credit Suisse | 97,332 | — | — | 97,332 | 1,815 | — | — | 1,815 | 95,517 | — | 95,517 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co. Inc. | 8,134 | — | — | 8,134 | 242 | — | — | 242 | 7,892 | — | 7,892 | |||||||||||||||||||||||||||||||||||||
Total | $ | 109,598 | $ | — | $ | — | $ | 109,598 | $ | 20,768 | $ | — | $ | — | $ | 20,768 | $ | 88,830 | $ | — | $ | 88,830 | ||||||||||||||||||||||||||
(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 Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||
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 | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||
BNP Paribas SA | $ | — | $ | — | $276,140 | $ | 276,140 | $ | — | $ | — | $ | — | $ | — | $ | 276,140 | $ | — | $ | 276,140 | |||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | Collateral Pledged/ (Received)(2) | Net Amount(3) | ||||||||||||||||||||||||||||||||||||
Barclays Bank PLC | $ | 2,475,354 | $ | — | $ — | $ | 2,475,354 | $ | — | $ | — | $ | — | $ | — | $ | 2,475,354 | $ | (2,475,354 | ) | $ | — | ||||||||||||||||||||||||
(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. |
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NOTES TO FINANCIAL STATEMENTS—(continued)
Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.
Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.
Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive 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
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.
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 2016 — 2018 or expected to be taken in each Fund’s 2019 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 2016.
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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NOTES TO FINANCIAL STATEMENTS—(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—(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 year ended May 31, 2019, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 444,032 | ||
Dynamic Allocation | 8,083 | |||
Growth | 602,580 | |||
Health Sciences | 301,165 | |||
International Growth | 917,330 | |||
International Value | 373,868 | |||
Small-Mid Growth | 81,626 |
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, 2019, 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—(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 year ended May 31, 2019, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Broad Cap Value Income | $ | 47,680 | ||
Dynamic Allocation | 1,336 | |||
Growth & Income | 83,276 | |||
Nasdaq-100® Index | 40,735 | |||
Small Cap Aggressive Growth | 18,592 | |||
Small Cap Fund | 294,453 | |||
Value | 113,796 |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the year ended May 31, 2019, VALIC did not voluntarily waive expenses for the Government Money Market I Fund.
Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2019, no amount was recouped by VALIC for the Dynamic Allocation Fund.
At May 31, 2019, 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 year ended May 31, 2019, 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 year ended May 31, 2019, 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 year ended May 31, 2019, certain Directors of VC I have deferred $36,129 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—(continued)
At May 31, 2019, the following affiliates owned outstanding shares of the following Funds:
Fund | American General Life Insurance Co. | The United States Life Insurance Co. | VALIC | VC I Dynamic Allocation Fund | VC II Aggressive Growth Lifestyle | VC II Conservative Growth Lifestyle | VC II Moderate Growth Lifestyle | |||||||||||||||||||||
Asset Allocation | — | % | — | % | 100.00 | % | — | % | — | % | — | % | — | % | ||||||||||||||
Blue Chip Growth | 0.01 | — | 99.21 | 0.78 | 0.00 | — | 0.00 | |||||||||||||||||||||
Broad Cap Value Income | — | — | 84.05 | 15.95 | — | — | — | |||||||||||||||||||||
Capital Conservation | — | — | 71.33 | 5.33 | 3.76 | 6.95 | 12.63 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 89.77 | 0.76 | 3.25 | 1.34 | 4.88 | |||||||||||||||||||||
Dynamic Allocation | 2.11 | — | 97.89 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.01 | 0.00 | 88.65 | 0.25 | 4.96 | 1.36 | 4.77 | |||||||||||||||||||||
Global Real Estate | — | — | 88.86 | 0.36 | 4.36 | 1.81 | 4.61 | |||||||||||||||||||||
Global Social Awareness | 0.27 | — | 99.73 | — | — | — | — | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 3.75 | 0.00 | 96.25 | — | — | — | — | |||||||||||||||||||||
Government Securities | 0.61 | — | 75.20 | 5.41 | 3.61 | 5.99 | 9.18 | |||||||||||||||||||||
Growth | — | — | 99.27 | 0.73 | — | — | — | |||||||||||||||||||||
Growth & Income | 2.24 | — | 94.84 | 2.92 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.01 | — | 99.99 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 87.82 | 0.47 | 3.06 | 2.84 | 5.81 | |||||||||||||||||||||
International Equities Index | 3.16 | 0.02 | 94.41 | 0.39 | 1.19 | 0.15 | 0.68 | |||||||||||||||||||||
International Government Bond | — | — | 68.18 | 0.40 | 7.73 | 7.61 | 16.08 | |||||||||||||||||||||
International Growth | — | — | 95.37 | 1.28 | 1.87 | 0.30 | 1.18 | |||||||||||||||||||||
International Value | 0.01 | — | 89.54 | 0.75 | 4.04 | 1.34 | 4.32 | |||||||||||||||||||||
Large Cap Core | — | — | 83.71 | 4.01 | 5.29 | 1.43 | 5.56 | |||||||||||||||||||||
Large Capital Growth | — | — | 94.07 | 1.51 | 1.35 | 0.00 | 3.07 | |||||||||||||||||||||
Mid Cap Index | 0.67 | 0.04 | 97.28 | 0.13 | 0.78 | 0.20 | 0.90 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.48 | — | 3.31 | 0.59 | 3.62 | |||||||||||||||||||||
Nasdaq-100® Index | 2.30 | 0.05 | 88.66 | — | 3.28 | 0.99 | 4.72 | |||||||||||||||||||||
Science & Technology | 0.54 | 0.00 | 94.51 | — | 1.81 | 0.52 | 2.62 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Index | 2.08 | 0.12 | 94.52 | — | 1.36 | 0.37 | 1.55 | |||||||||||||||||||||
Small Cap Special Values | — | — | 91.63 | — | 3.09 | 1.30 | 3.98 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.20 | 0.03 | 91.38 | 0.55 | 1.26 | 0.35 | 2.03 | |||||||||||||||||||||
Value | — | — | 63.53 | 7.01 | 11.30 | 2.67 | 15.49 |
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2019, 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 05/31/2019 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 7,031,944 | $ | — | $ | 755,675 | $ | 804,414 | $ | 1,295,041 | $ | 226,474 | $ | (683,758 | ) | $ | 6,084,033 | |||||||||||||||
VALIC Co. I Broad Cap Value Income Fund | 9,722,551 | 121,298 | 840,494 | 1,356,418 | 1,850,058 | 207,527 | (1,268,660 | ) | 8,167,778 | |||||||||||||||||||||||
VALIC Co. I Capital Conservation Fund | 16,101,298 | 329,624 | — | 741,025 | 4,165,093 | (112,194 | ) | 597,213 | 13,162,249 | |||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 8,840,596 | 154,404 | 867,646 | 1,084,715 | 1,665,053 | (95,438 | ) | (875,495 | ) | 7,289,325 | ||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 2,848,116 | 39,896 | — | 58,927 | 494,257 | (4,100 | ) | (348,774 | ) | 2,059,912 | ||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,890,673 | 63,188 | — | 77,113 | 370,012 | (11,320 | ) | 85,303 | 1,671,757 | |||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 9,183,677 | 187,828 | — | 853,973 | 2,582,555 | (104,636 | ) | 396,512 | 7,746,971 | |||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 4,010,587 | 33,726 | 371,117 | 432,692 | 740,023 | 220,464 | (495,907 | ) | 3,427,813 | |||||||||||||||||||||||
VALIC Co. I Growth Fund | 9,043,859 | 34,331 | 638,226 | 935,221 | 1,915,053 | 155,975 | (549,667 | ) | 7,670,335 | |||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 3,921,304 | 56,322 | 3,220 | 87,393 | 740,023 | (12,978 | ) | 70,591 | 3,326,287 |
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NOTES TO FINANCIAL STATEMENTS—(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 05/31/2019 | ||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | $ | 4,833,579 | $ | 150,485 | $ | — | $ | 535,298 | $ | 925,029 | $ | (17,075 | ) | $ | (366,998 | ) | $ | 4,059,775 | ||||||||||||||
VALIC Co. I International Government Bond Fund | 969,025 | 13,274 | 1,009 | 21,245 | 185,006 | (4,743 | ) | 16,646 | 817,167 | |||||||||||||||||||||||
VALIC Co. I International Growth Fund | 8,142,261 | 40,709 | 1,456,427 | 1,726,339 | 2,367,385 | (26,098 | ) | (1,509,331 | ) | 5,965,786 | ||||||||||||||||||||||
VALIC Co. I International Value Fund | 7,842,680 | 170,173 | — | 470,304 | 2,097,765 | (257,485 | ) | (778,950 | ) | 5,178,784 | ||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 7,841,315 | 66,767 | 559,637 | 682,105 | 1,480,047 | (280,699 | ) | (89,391 | ) | 6,673,283 | ||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 8,086,358 | 44,302 | 489,501 | 589,504 | 1,880,047 | 163,228 | 238,884 | 7,197,927 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 4,064,365 | 56,239 | 391,548 | 1,102,958 | 815,974 | 95,549 | (758,503 | ) | 3,688,395 | |||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 30,027,657 | 428,269 | 616,468 | 1,578,616 | 6,350,175 | 1,402,503 | (1,312,158 | ) | 25,346,443 | |||||||||||||||||||||||
VALIC Co. I Value Fund | 9,840,019 | 123,408 | — | 418,034 | 1,850,058 | 544,022 | (675,984 | ) | 8,276,033 | |||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 7,189,706 | 31,163 | 333,793 | 413,694 | 1,695,041 | 479,913 | (593,195 | ) | 5,795,077 | |||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 14,049,943 | 327,292 | 5,030 | 729,800 | 3,615,082 | 9,763 | 337,727 | 11,512,151 | ||||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 1,993,983 | 111,551 | — | 125,476 | 370,012 | (17,747 | ) | (8,916 | ) | 1,722,784 | ||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | 2,001,015 | 15,579 | — | 127,648 | 609,251 | 7,944 | (205,049 | ) | 1,322,307 | |||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 3,984,804 | 46,111 | 128,903 | 202,865 | 740,023 | (46,226 | ) | (232,700 | ) | 3,168,720 | ||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,020,250 | 2,654 | 315,813 | 1,357,033 | 521,913 | 23,163 | (312,232 | ) | 2,566,301 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,011,436 | 8,167 | 148,850 | 1,245,584 | 521,913 | (82,237 | ) | (244,477 | ) | 2,408,393 | ||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 4,120,557 | — | 128,325 | 638,033 | 800,784 | 191,894 | (333,566 | ) | 3,816,134 | |||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 4,125,380 | 31,613 | 276,466 | 1,093,251 | 815,974 | (143,310 | ) | (786,150 | ) | 3,473,197 | ||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 3,474,509 | 125,832 | — | 150,201 | 647,520 | (35,091 | ) | 64,115 | 3,006,214 | |||||||||||||||||||||||
$ | 199,213,447 | $ | 2,814,205 | $ | 8,328,148 | $ | 19,639,879 | $ | 44,106,167 | $ | 2,477,042 | $ | (10,622,870 | ) | $ | 166,601,331 | ||||||||||||||||
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 05/31/2019 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 10,013,788 | $ | 239,992 | $ | — | $ | 37,575 | $ | 680,650 | $ | 171,999 | $ | (592,541 | ) | $ | 8,950,171 | |||||||||||||||
During the year ended May 31, 2019, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Small-Mid Growth Fund | Global Real Estate | ||||||
Goldman Sachs & Co. | $ | 3,668 | $ | 117 | ||||
KeyBanc Capital Markets, Inc. | 186 | — | ||||||
Morgan Stanley & Co | 4,971 | 15,700 | ||||||
Wells Fargo Securities | 247 | — |
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 year ended May 31, 2019 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 | $ | 126,252,604 | $ | 169,281,818 | $ | 27,304,466 | $ | 6,699,492 | ||||||||
Blue Chip Growth | 234,191,223 | 264,627,971 | — | — | ||||||||||||
Broad Cap Value Income | 15,662,096 | 22,416,881 | — | — | ||||||||||||
Capital Conservation | 109,609,553 | 107,725,517 | 60,533,404 | 82,115,811 | ||||||||||||
Core Equity | 70,441,445 | 88,788,497 | — | — | ||||||||||||
Dividend Value | 487,297,194 | 398,042,373 | — | — | ||||||||||||
Dynamic Allocation | 8,497,526 | 44,106,167 | 15,632,061 | 21,749,928 | ||||||||||||
Emerging Economies | 669,029,042 | 529,127,942 | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Fund | Purchases of Investment Securities (Excluding U.S. Government Securities) | Sales of Investment Securities (Excluding U.S. Government Securities) | Purchase of U.S. Government Securities | Sales of U.S. Government Securities | ||||||||||||
Global Real Estate | $ | 239,682,834 | $ | 173,604,244 | $ | — | $ | — | ||||||||
Global Social Awareness | 6,147,692 | 49,526,515 | — | — | ||||||||||||
Global Strategy | 88,615,284 | 123,508,643 | — | — | ||||||||||||
Government Securities | 2,529,800 | 2,825,979 | 32,831,650 | 18,098,892 | ||||||||||||
Growth | 704,541,325 | 883,595,627 | — | — | ||||||||||||
Growth & Income | 54,229,539 | 65,847,876 | — | — | ||||||||||||
Health Sciences | 260,983,453 | 308,985,347 | — | — | ||||||||||||
Inflation Protected | 176,282,604 | 127,076,916 | 175,071,819 | 142,687,626 | ||||||||||||
International Equities Index | 163,882,597 | 330,450,063 | — | — | ||||||||||||
International Government Bond | 143,266,173 | 170,202,963 | 39,878,188 | 30,646,715 | ||||||||||||
International Growth | 150,074,980 | 178,921,582 | — | — | ||||||||||||
International Value | 1,019,155,412 | 1,044,575,663 | — | — | ||||||||||||
Large Cap Core | 95,096,112 | 113,140,455 | — | — | ||||||||||||
Large Capital Growth | 119,998,342 | 139,587,852 | — | — | ||||||||||||
Mid Cap Index | 455,293,538 | 622,622,101 | — | — | ||||||||||||
Mid Cap Strategic Growth | 88,670,401 | 100,288,395 | — | — | ||||||||||||
Nasdaq-100® Index | 34,370,265 | 26,271,883 | — | — | ||||||||||||
Science & Technology | 1,196,136,460 | 1,267,686,314 | — | — | ||||||||||||
Small Cap Aggressive Growth | 148,508,257 | 146,235,191 | — | — | ||||||||||||
Small Cap | 74,730,028 | 104,356,791 | — | — | ||||||||||||
Small Cap Index | 187,680,906 | 270,398,007 | — | — | ||||||||||||
Small Cap Special Values | 84,144,597 | 130,164,925 | — | — | ||||||||||||
Small-Mid Growth | 87,788,877 | 98,715,970 | — | — | ||||||||||||
Stock Index | 173,256,594 | 456,362,628 | — | — | ||||||||||||
Value | 60,323,005 | 54,476,440 | — | — |
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddles, investments in partnerships, corporate actions and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2019.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 142,815,811 | $ | 5,866,599 | $ | (11,042,871 | ) | $ | (5,176,272 | ) | ||||||
Blue Chip Growth | 473,328,579 | 319,878,335 | (11,164,264 | ) | 308,714,071 | |||||||||||
Broad Cap Value Income | 44,435,744 | 9,607,547 | (3,652,280 | ) | 5,955,267 | |||||||||||
Capital Conservation | 240,718,331 | 5,445,189 | (1,613,047 | ) | 3,832,142 | |||||||||||
Core Equity | 193,761,024 | 42,242,833 | (8,079,868 | ) | 34,162,965 | |||||||||||
Dividend Value | 938,325,831 | 68,837,098 | (93,942,474 | ) | (25,105,376 | ) | ||||||||||
Dynamic Allocation | 197,458,314 | 13,085,788 | (4,676,041 | ) | 8,409,747 | |||||||||||
Emerging Economies | 778,400,423 | 96,002,859 | (47,841,802 | ) | 48,161,057 | |||||||||||
Global Real Estate | 432,326,911 | 46,602,827 | (25,308,727 | ) | 21,294,100 | |||||||||||
Global Social Awareness | 287,254,285 | 106,919,855 | (32,915,384 | ) | 74,004,471 | |||||||||||
Global Strategy | 341,538,749 | 15,292,494 | (48,659,659 | ) | (33,367,165 | ) | ||||||||||
Government Money Market I | 401,989,635 | — | — | — | ||||||||||||
Government Securities | 139,781,587 | 4,363,145 | (1,198,480 | ) | 3,164,665 | |||||||||||
Growth | 844,432,946 | 238,002,461 | (29,619,118 | ) | 208,383,343 | |||||||||||
Growth & Income | 99,868,014 | 21,832,593 | (5,043,960 | ) | 16,788,633 | |||||||||||
Health Sciences | 602,958,509 | 194,660,600 | (42,669,970 | ) | 151,990,630 | |||||||||||
Inflation Protected | 685,453,048 | 21,956,779 | (9,196,278 | ) | 12,760,501 | |||||||||||
International Equities Index | 1,094,515,521 | 132,758,724 | (169,635,831 | ) | (36,877,919 | ) |
263 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
International Government Bond* | $ | 195,941,893 | $ | 5,487,061 | $ | (3,558,300 | ) | $ | 1,928,761 | |||||||
International Growth | 413,984,227 | 50,442,516 | (15,878,313 | ) | 34,564,203 | |||||||||||
International Value | 756,585,482 | 12,780,956 | (93,187,263 | ) | (80,406,307 | ) | ||||||||||
Large Cap Core | 142,615,371 | 29,789,781 | (6,386,349 | ) | 23,403,432 | |||||||||||
Large Capital Growth | 345,353,945 | 139,336,618 | (6,756,166 | ) | 132,580,452 | |||||||||||
Mid Cap Index | 2,400,302,867 | 837,929,796 | (323,054,468 | ) | 514,875,328 | |||||||||||
Mid Cap Strategic Growth | 227,804,894 | 83,132,678 | (5,698,624 | ) | 77,434,054 | |||||||||||
Nasdaq-100® Index | 229,860,019 | 281,668,002 | (11,422,227 | ) | 270,245,775 | |||||||||||
Science & Technology | 1,188,841,187 | 256,253,485 | (81,296,415 | ) | 174,957,070 | |||||||||||
Small Cap Aggressive Growth | 144,439,309 | 27,768,792 | (8,957,510 | ) | 18,811,282 | |||||||||||
Small Cap | 262,097,118 | 55,432,871 | (27,366,225 | ) | 28,066,646 | |||||||||||
Small Cap Index | 874,981,809 | 321,036,548 | (152,358,507 | ) | 168,678,041 | |||||||||||
Small Cap Special Values | 213,863,510 | 26,370,945 | (29,733,061 | ) | (3,362,116 | ) | ||||||||||
Small-Mid Growth | 104,809,949 | 19,749,315 | (5,800,375 | ) | 13,948,940 | |||||||||||
Stock Index | 2,261,233,585 | 2,535,229,415 | (163,490,999 | ) | 2,371,738,416 | |||||||||||
Value | 102,527,177 | 20,568,934 | (5,177,369 | ) | 15,391,565 |
@ | 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, 2019 and the tax character of distributions paid during the year ended May 31, 2019 were as follows:
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2019 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 1,615,666 | $ | 2,514,194 | $ | (5,093,929 | ) | $ | 7,940,555 | $ | 6,332,042 | |||||||||
Blue Chip Growth | — | 86,238,340 | 308,714,122 | 377,657 | 91,325,072 | |||||||||||||||
Broad Cap Value Income | 1,206,430 | 4,775,803 | 5,955,266 | 726,807 | 5,016,076 | |||||||||||||||
Capital Conservation | 6,932,358 | (3,196,233 | ) | 3,832,142 | 5,692,352 | — | ||||||||||||||
Core Equity | 3,380,626 | 19,522,732 | 34,162,965 | 4,819,532 | 26,833,666 | |||||||||||||||
Dividend Value | 26,047,218 | 46,795,371 | (25,109,336 | ) | 38,481,123 | 73,011,368 | ||||||||||||||
Dynamic Allocation | 7,096,595 | 4,056,190 | 8,409,747 | 9,659,610 | 6,000,962 | |||||||||||||||
Emerging Economies | 16,930,722 | (49,612,102 | ) | 47,642,308 | 12,932,082 | — | ||||||||||||||
Global Real Estate | 13,625,242 | 6,637,006 | 21,291,957 | 16,229,726 | — | |||||||||||||||
Global Social Awareness | 6,483,500 | 11,887,580 | 74,001,331 | 6,661,198 | — | |||||||||||||||
Global Strategy | 20,806,640 | 16,149,373 | (33,401,715 | ) | 7,679,415 | 27,336,221 | ||||||||||||||
Government Money Market I | 14,351 | (14,640 | ) | — | 6,017,418 | — | ||||||||||||||
Government Securities | 3,178,016 | (3,070,342 | ) | 3,164,665 | 3,165,086 | — | ||||||||||||||
Growth | 4,536,104 | 117,186,738 | 208,370,300 | 23,032,664 | 71,315,683 | |||||||||||||||
Growth & Income | 1,476,727 | 12,563,186 | 16,788,633 | 1,526,608 | 11,821,661 | |||||||||||||||
Health Sciences | 1,723,525 | 53,689,772 | 151,988,378 | 17,887,289 | 47,556,071 | |||||||||||||||
Inflation Protected | 14,673,106 | (215,205 | ) | 12,745,312 | 11,688,416 | 163,608 | ||||||||||||||
International Equities Index | 30,434,372 | 21,977,291 | (36,896,171 | ) | 34,840,449 | — | ||||||||||||||
International Government Bond* | 3,098,611 | 37,417 | (6,561,381 | ) | 3,098,611 | 37,417 | ||||||||||||||
International Growth | 530,816 | (251,337 | ) | 33,984,620 | 16,089,078 | 95,235,064 | ||||||||||||||
International Value | 15,795,229 | 958,959 | (80,415,414 | ) | 21,077,701 | — | ||||||||||||||
Large Cap Core | 1,819,779 | 11,658,518 | 23,403,432 | 1,590,555 | 13,332,022 | |||||||||||||||
Large Capital Growth | 3,846,212 | 37,687,496 | 132,578,292 | 4,246,182 | 28,866,161 | |||||||||||||||
Mid Cap Index | 40,958,552 | 251,332,742 | 514,875,329 | 59,566,500 | 282,474,072 | |||||||||||||||
Mid Cap Strategic Growth | — | 16,210,213 | 77,434,054 | 4,667,422 | 22,367,523 | |||||||||||||||
Nasdaq-100® Index | 4,260,381 | 14,202,001 | 270,245,775 | 3,552,163 | 6,027,819 | |||||||||||||||
Science & Technology | 3,797,952 | 164,094,782 | 174,944,160 | 82,873,430 | 184,672,479 | |||||||||||||||
Small Cap Aggressive Growth | — | 21,153,681 | 18,811,282 | 4,240,510 | 17,793,380 |
264 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2019 | ||||||||||||||||||||
Fund | Ordinary Income | Long- Term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Small Cap | $ | 2,372,902 | $ | 21,052,873 | $ | 28,066,630 | $ | 8,108,469 | $ | 18,202,222 | ||||||||||
Small Cap Index | 22,187,761 | 117,185,605 | 168,678,041 | 26,150,639 | 80,645,698 | |||||||||||||||
Small Cap Special Values | 2,537,663 | 18,499,372 | (3,362,116 | ) | 6,438,233 | 26,863,113 | ||||||||||||||
Small-Mid Growth | 1,176,792 | 12,714,579 | 13,948,940 | 1,518,503 | 13,472,877 | |||||||||||||||
Stock Index | 90,389,808 | 305,361,493 | 2,371,738,416 | 80,047,321 | 107,948,092 | |||||||||||||||
Value | 2,212,600 | 10,130,875 | 15,390,625 | 1,664,301 | — |
* | 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. |
The tax character of distributions paid during the year ended May 31, 2018 were as follows:
Tax Distributions | ||||||||
Fund | Ordinary Income | Long-Term Capital Gains | ||||||
Asset Allocation | $ | 5,223,476 | $ | 4,139,748 | ||||
Blue Chip Growth | 464,379 | 44,264,812 | ||||||
Broad Cap Value Income | 1,311,931 | 3,587,503 | ||||||
Capital Conservation | 5,533,689 | — | ||||||
Core Equity | 2,805,524 | 18,933,095 | ||||||
Dividend Value | 17,733,293 | 27,534,288 | ||||||
Dynamic Allocation | 6,981,384 | 5,873,893 | ||||||
Emerging Economies | 12,115,507 | — | ||||||
Global Real Estate | 16,353,390 | 2,229,561 | ||||||
Global Social Awareness | 7,163,295 | — | ||||||
Global Strategy | — | 5,241,605 | ||||||
Government Money Market I | 2,316,563 | — | ||||||
Government Securities | 3,355,071 | — | ||||||
Growth | 16,911,039 | 32,227,389 | ||||||
Growth & Income | 1,458,895 | 4,140,612 | ||||||
Health Sciences | — | 88,495,403 | ||||||
Inflation Protected | 12,914,381 | 4,308,281 | ||||||
International Equities Index | 27,087,828 | — | ||||||
International Government Bond | 1,876,878 | — | ||||||
International Growth | 5,977,648 | 6,729,054 | ||||||
International Value | 17,026,333 | — | ||||||
Large Cap Core | 1,779,731 | 8,879,021 | ||||||
Large Capital Growth | 4,066,557 | 20,050,151 | ||||||
Mid Cap Index | 47,986,438 | 203,935,604 | ||||||
Mid Cap Strategic Growth | 2,479,175 | 10,687,059 | ||||||
Nasdaq-100® Index | 2,953,557 | 19,144,321 | ||||||
Science & Technology | 48,763,832 | 63,121,184 | ||||||
Small Cap Aggressive Growth | — | 3,794,440 | ||||||
Small Cap | 8,155,637 | 41,766,359 | ||||||
Small Cap Index | 15,724,664 | 63,465,241 | ||||||
Small Cap Special Values | 7,353,760 | 20,457,809 | ||||||
Small-Mid Growth | — | 4,235,032 | ||||||
Stock Index | 83,554,505 | 167,497,292 | ||||||
Value | 1,701,685 | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
As of May 31, 2019, 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 | 1,814,566 | 1,381,667 | ||||||
Core Equity | — | — | ||||||
Dividend Value | — | — | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | 49,612,102 | — | ||||||
Global Real Estate | — | — | ||||||
Global Social Awareness | — | — | ||||||
Global Strategy | — | — | ||||||
Government Money Market I | 14,640 | — | ||||||
Government Securities | 1,204,505 | 1,865,837 | ||||||
Growth | — | — | ||||||
Growth & Income | — | — | ||||||
Health Sciences | — | — | ||||||
Inflation Protected | 118,250 | 98,134 | ||||||
International Equities Index | — | — | ||||||
International Government Bond | — | — | ||||||
International Growth | 251,337 | — | ||||||
International Value | — | — | ||||||
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 | — | — |
The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.
Fund | Capital Loss Carryforward Utilized | |||
Asset Allocation | $ | — | ||
Blue Chip Growth | — | |||
Broad Cap Value Income | — | |||
Capital Conservation | — | |||
Core Equity | — | |||
Dividend Value | — | |||
Dynamic Allocation | — | |||
Emerging Economies | — | |||
Global Real Estate | 2,154,723 | |||
Global Social Awareness | — | |||
Global Strategy | — | |||
Government Money Market I | — |
266 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Fund | Capital Loss Carryforward Utilized | |||
Government Securities | $ | — | ||
Growth | — | |||
Growth & Income | — | |||
Health Sciences | — | |||
Inflation Protected | — | |||
International Equities Index | — | |||
International Government Bond | — | |||
International Growth | — | |||
International Value | 17,185,268 | |||
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 | — |
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, 2019, 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 | $ | 111,327 | $ | 453,125 | $ | 571,669 | ||||||
Blue Chip Growth | 168,064 | 4,439,082 | — | |||||||||
Broad Cap Value Income | 30 | — | — | |||||||||
Capital Conservation | — | (693,199 | ) | 819,309 | ||||||||
Core Equity | 1,069 | 2,397,539 | — | |||||||||
Dividend Value | 8,934 | — | — | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 186,891 | 21,353,600 | (9,007,635 | ) | ||||||||
Global Real Estate | — | 619,126 | — | |||||||||
Global Social Awareness | — | 49,359 | — | |||||||||
Global Strategy | — | — | — | |||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | — | 1,666 | 214,295 | |||||||||
Growth | — | 7,456,509 | — | |||||||||
Growth & Income | — | 513,076 | — | |||||||||
Health Sciences | 503,856 | 2,037,571 | — | |||||||||
Inflation Protected | 83,857 | — | — | |||||||||
International Equities Index | — | 511,249 | — | |||||||||
International Government Bond* | 576,435 | 2,225,375 | 637,143 | |||||||||
International Growth | 8,916 | 4,798,303 | (3,723,317 | ) | ||||||||
International Value | — | 4,020,239 | 1,897,591 | |||||||||
Large Cap Core | 253 | 1,634,496 | — | |||||||||
Large Capital Growth | — | — | — | |||||||||
Mid Cap Index | — | 1,874,963 | — | |||||||||
Mid Cap Strategic Growth | 25,109 | 2,753,116 | — | |||||||||
Nasdaq-100 Index® | — | — | — | |||||||||
Science & Technology | 2,050,283 | 878,832 | — | |||||||||
Small Cap Aggressive Growth | 416,757 | 3,205,814 | — |
267 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Small Cap | $ | 2,640 | $ | 757,625 | $ | — | ||||||
Small Cap Index | 2,068 | 1,459,280 | — | |||||||||
Small Cap Special Values | — | 543,081 | — | |||||||||
Small-Mid Growth | 98,547 | 74,410 | — | |||||||||
Stock Index | — | 959,101 | — | |||||||||
Value | 883 | 891,353 | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2018. |
For the period ended May 31, 2019, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, partnership investments, disposition of passive foreign investment companies securities, swap contracts, and foreign currency transactions to the components of net assets as follows:
Fund | Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | |||||||||
Asset Allocation | $ | (1,323,666 | ) | $ | 1,323,666 | $ | — | |||||
Blue Chip Growth | 335,295 | (958 | ) | (334,337 | ) | |||||||
Broad Cap Value Income | (142 | ) | 142 | — | ||||||||
Capital Conservation | 468,548 | (468,548 | ) | — | ||||||||
Core Equity | (1,708 | ) | 1,708 | — | ||||||||
Dividend Value | (522,119 | ) | 522,119 | — | ||||||||
Dynamic Allocation | 730,851 | (730,851 | ) | — | ||||||||
Emerging Economies | (820,672 | ) | 820,672 | — | ||||||||
Global Real Estate | 3,709,921 | (3,709,921 | ) | — | ||||||||
Global Social Awareness | (9,013 | ) | 9,013 | — | ||||||||
Global Strategy | 8,444,967 | (8,444,967 | ) | — | ||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | 285,136 | (285,136 | ) | — | ||||||||
Growth | 815,797 | (815,797 | ) | — | ||||||||
Growth & Income | — | — | — | |||||||||
Health Sciences | 947,682 | (947,682 | ) | — | ||||||||
Inflation Protected | (198,796 | ) | 198,796 | — | ||||||||
International Equities Index | 1,549,296 | (1,549,296 | ) | — | ||||||||
International Government Bond* | (37,808 | ) | 37,808 | — | ||||||||
International Growth | (451,020 | ) | 451,020 | — | ||||||||
International Value | 1,870,641 | (1,870,641 | ) | — | ||||||||
Large Cap Core | (107 | ) | 107 | — | ||||||||
Large Capital Growth | (477,098 | ) | 477,098 | — | ||||||||
Mid Cap Index | 1,730,140 | (1,730,140 | ) | — | ||||||||
Mid Cap Strategic Growth | 142,961 | (36,133 | ) | (106,828 | ) | |||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 4,238,406 | (4,238,406 | ) | — | ||||||||
Small Cap Aggressive Growth | 854,398 | (139,280 | ) | (715,118 | ) | |||||||
Small Cap | 5,320 | (5,320 | ) | — | ||||||||
Small Cap Index | 2,517,029 | (2,517,029 | ) | — | ||||||||
Small Cap Special Values | 66,424 | (66,424 | ) | — | ||||||||
Small-Mid Growth | 214,161 | (214,161 | ) | — | ||||||||
Stock Index | 439,450 | (439,450 | ) | — | ||||||||
Value | (1,835 | ) | 1,835 | — |
* | The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year 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. All required changes have been made in accordance with the Act.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,370,257 | $ | 14,799,122 | 1,477,919 | $ | 17,297,353 | 3,378,480 | $ | 70,596,024 | 1,402,202 | $ | 27,963,804 | ||||||||||||||||||||
Reinvested dividends | 1,427,260 | 14,272,597 | 807,871 | 9,363,224 | 4,829,001 | 91,702,729 | 2,156,663 | 44,729,191 | ||||||||||||||||||||||||
Shares redeemed | (2,529,795 | ) | (27,418,230 | ) | (2,366,644 | ) | (27,634,338 | ) | (4,877,769 | ) | (99,005,144 | ) | (5,504,750 | ) | (107,562,569 | ) | ||||||||||||||||
Net increase (decrease) | 267,722 | $ | 1,653,489 | (80,854 | ) | $ | (973,761 | ) | 3,329,712 | $ | 63,293,609 | (1,945,885 | ) | $ | (34,869,574 | ) | ||||||||||||||||
Broad Cap Value Income | Capital Conservation | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 200,979 | $ | 3,104,021 | 471,995 | $ | 7,967,286 | 5,107,863 | $ | 49,236,111 | 5,166,082 | $ | 50,616,708 | ||||||||||||||||||||
Reinvested dividends | 407,008 | 5,742,883 | 300,948 | 4,899,434 | 594,812 | 5,692,352 | 581,881 | 5,533,689 | ||||||||||||||||||||||||
Shares redeemed | (674,269 | ) | (10,576,174 | ) | (633,963 | ) | (10,489,363 | ) | (7,440,341 | ) | (71,323,663 | ) | (2,885,164 | ) | (28,320,408 | ) | ||||||||||||||||
Net increase (decrease) | (66,282 | ) | $ | (1,729,270 | ) | 138,980 | $ | 2,377,357 | (1,737,666 | ) | $ | (16,395,200 | ) | 2,862,799 | $ | 27,829,989 | ||||||||||||||||
Core Equity | Dividend Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 107,152 | $ | 2,482,638 | 63,025 | $ | 1,482,383 | 22,206,269 | $ | 265,649,445 | 16,353,827 | $ | 214,300,559 | ||||||||||||||||||||
Reinvested dividends |
| 1,552,388 |
| 31,653,198 | 935,799 | 21,738,619 | 10,053,426 | 111,492,491 | 3,550,399 | 45,267,581 | ||||||||||||||||||||||
Shares redeemed | (1,241,877 | ) | (28,683,735 | ) | (1,110,958 | ) | (26,244,339 | ) | (14,757,947 | ) | (187,510,253 | ) | (15,437,811 | ) | (194,710,056 | ) | ||||||||||||||||
Net increase (decrease) | 417,663 | $ | 5,452,101 | (112,134 | ) | $ | (3,023,337 | ) | 17,501,748 | $ | 189,631,683 | 4,466,415 | $ | 64,858,084 | ||||||||||||||||||
Dynamic Allocation | Emerging Economies | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 417,871 | $ | 5,030,895 | 297,704 | $ | 3,682,534 | 33,190,672 | $ | 264,302,309 | 13,286,176 | $ | 125,666,190 | ||||||||||||||||||||
Reinvested dividends | 1,373,734 | 15,660,572 | 1,036,716 | 12,855,277 | 1,612,479 | 12,932,082 | 1,246,451 | 12,115,507 | ||||||||||||||||||||||||
Shares redeemed | (4,029,619 | ) | (48,845,156 | ) | (2,524,653 | ) | (31,588,738 | ) | (19,981,046 | ) | (160,573,937 | ) | (11,989,224 | ) | (108,714,609 | ) | ||||||||||||||||
Net increase (decrease) | (2,238,014 | ) | $ | (28,153,689 | ) | (1,190,233 | ) | $ | (15,050,927 | ) | 14,822,105 | $ | 116,660,454 | 2,543,403 | $ | 29,067,088 | ||||||||||||||||
Global Real Estate | Global Social Awareness | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 19,281,150 | $ | 149,473,543 | 2,831,665 | $ | 22,115,683 | 332,664 | $ | 8,642,347 | 605,245 | $ | 15,284,134 | ||||||||||||||||||||
Reinvested dividends | 2,105,023 | 16,229,726 | 2,494,356 | 18,582,951 | 260,000 | 6,661,198 | 270,824 | 7,163,295 | ||||||||||||||||||||||||
Shares redeemed | (11,341,281 | ) | (88,150,053 | ) | (8,742,964 | ) | (68,939,364 | ) | (2,879,170 | ) | (75,140,177 | ) | (2,060,012 | ) | (52,857,267 | ) | ||||||||||||||||
Net increase (decrease) | 10,044,892 | $ | 77,553,216 | (3,416,943 | ) | $ | (28,240,730 | ) | (2,286,506 | ) | $ | (59,836,632 | ) | (1,183,943 | ) | $ | (30,409,838 | ) | ||||||||||||||
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 351,873 | $ | 4,116,856 | 810,154 | $ | 9,881,993 | 167,861,006 | $ | 167,861,006 | 103,855,256 | $ | 103,855,257 | ||||||||||||||||||||
Reinvested dividends | 3,300,248 | 35,015,636 | 428,586 | 5,241,605 | 6,017,418 | 6,017,418 | 2,316,563 | 2,316,563 | ||||||||||||||||||||||||
Shares redeemed | (4,457,939 | ) | (51,758,746 | ) | (4,887,981 | ) | (59,425,709 | ) | (90,405,697 | ) | (90,405,697 | ) | (125,229,422 | ) | (125,229,422 | ) | ||||||||||||||||
Net increase (decrease) | (805,818 | ) | $ | (12,626,254 | ) | (3,649,241 | ) | $ | (44,302,111 | ) | 83,472,727 | $ | 83,472,727 | (19,057,603 | ) | $ | (19,057,602 | ) | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS—(continued)
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,565,525 | $ | 46,513,157 | 2,573,832 | $ | 27,061,492 | 8,137,328 | $ | 145,253,247 | 6,645,533 | $ | 106,156,304 | ||||||||||||||||||||
Reinvested dividends | 308,789 | 3,165,086 | 330,549 | 3,355,071 | 5,831,171 | 94,348,347 | 2,838,731 | 49,138,428 | ||||||||||||||||||||||||
Shares redeemed | (3,205,093 | ) | (32,918,129 | ) | (4,702,908 | ) | (49,493,899 | ) | (19,062,913 | ) | (329,315,123 | ) | (6,962,819 | ) | (117,362,320 | ) | ||||||||||||||||
Net increase (decrease) | 1,669,221 | $ | 16,760,114 | (1,798,527 | ) | $ | (19,077,336 | ) | (5,094,414 | ) | $ | (89,713,529 | ) | 2,521,445 | $ | 37,932,412 | ||||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,217,389 | $ | 27,205,841 | 848,244 | $ | 18,840,853 | 1,190,296 | $ | 25,058,429 | 858,067 | $ | 17,907,657 | ||||||||||||||||||||
Reinvested dividends | 656,257 | 13,348,269 | 248,646 | 5,599,507 | 3,272,168 | 65,443,360 | 4,331,640 | 88,495,403 | ||||||||||||||||||||||||
Shares redeemed | (1,866,256 | ) | (41,610,511 | ) | (1,152,101 | ) | (25,605,383 | ) | (3,686,739 | ) | (77,176,462 | ) | (3,822,352 | ) | (80,733,518 | ) | ||||||||||||||||
Net increase (decrease) | 7,390 | $ | (1,056,401 | ) | (55,211 | ) | $ | (1,165,023 | ) | 775,725 | $ | 13,325,327 | 1,367,355 | $ | 25,669,542 | |||||||||||||||||
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 16,916,272 | $ | 182,761,055 | 5,920,191 | $ | 65,685,432 | 31,902,509 | $ | 223,517,417 | 52,755,829 | $ | 394,356,148 | ||||||||||||||||||||
Reinvested dividends | 1,101,489 | 11,852,024 | 1,581,512 | 17,222,662 | 5,161,548 | 34,840,449 | 3,611,710 | 27,087,828 | ||||||||||||||||||||||||
Shares redeemed | (9,406,150 | ) | (102,060,226 | ) | (9,870,891 | ) | (109,580,357 | ) | (56,256,304 | ) | (397,902,631 | ) | (38,309,717 | ) | (291,046,343 | ) | ||||||||||||||||
Net increase (decrease) | 8,611,611 | $ | 92,552,853 | (2,369,188 | ) | $ | (26,672,263 | ) | (19,192,247 | ) | $ | (139,544,765 | ) | 18,057,822 | $ | 130,397,633 | ||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,793,281 | $ | 43,773,383 | 6,443,883 | $ | 76,886,003 | 3,698,069 | $ | 50,564,198 | 2,741,488 | $ | 39,692,685 | ||||||||||||||||||||
Reinvested dividends | 271,753 | 3,136,028 | 157,192 | 1,876,878 | 10,157,312 | 111,324,142 | 898,000 | 12,706,702 | ||||||||||||||||||||||||
Shares redeemed | (5,753,244 | ) | (66,201,445 | ) | (3,605,707 | ) | (42,812,461 | ) | (5,469,273 | ) | (74,442,204 | ) | (4,620,939 | ) | (65,536,596 | ) | ||||||||||||||||
Net increase (decrease) | (1,688,210 | ) | $ | (19,292,034 | ) | 2,995,368 | $ | 35,950,420 | 8,386,108 | $ | 87,446,136 | (981,451 | ) | $ | (13,137,209 | ) | ||||||||||||||||
International Value | Large Cap Core | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,459,443 | $ | 53,547,329 | 5,803,770 | $ | 63,996,631 | 568,822 | $ | 6,864,053 | 1,214,266 | $ | 14,496,114 | ||||||||||||||||||||
Reinvested dividends | 2,232,807 | 21,077,701 | 1,585,320 | 17,026,333 | 1,370,301 | 14,922,577 | 887,490 | 10,658,752 | ||||||||||||||||||||||||
Shares redeemed | (12,113,394 | ) | (119,767,187 | ) | (8,987,230 | ) | (97,378,331 | ) | (2,217,323 | ) | (26,317,068 | ) | (1,813,851 | ) | (21,806,313 | ) | ||||||||||||||||
Net increase (decrease) | (4,421,144 | ) | $ | (45,142,157 | ) | (1,598,140 | ) | $ | (16,355,367 | ) | (278,200 | ) | $ | (4,530,438 | ) | 287,905 | $ | 3,348,553 | ||||||||||||||
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,634,276 | $ | 41,509,538 | 331,446 | $ | 4,858,302 | 9,407,600 | $ | 263,112,414 | 3,798,494 | $ | 105,244,851 | ||||||||||||||||||||
Reinvested dividends | 2,178,444 | 33,112,343 | 1,598,191 | 24,116,708 | 14,163,171 | 342,040,572 | 9,144,176 | 251,922,042 | ||||||||||||||||||||||||
Shares redeemed | (3,977,097 | ) | (61,468,630 | ) | (2,743,999 | ) | (40,250,893 | ) | (22,836,952 | ) | (612,639,268 | ) | (18,855,439 | ) | (533,669,174 | ) | ||||||||||||||||
Net increase (decrease) | 835,623 | $ | 13,153,251 | (814,362 | ) | $ | (11,275,883 | ) | 733,819 | $ | (7,486,282 | ) | (5,912,769 | ) | $ | (176,502,281 | ) | |||||||||||||||
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Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS— (continued)
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 880,052 | $ | 13,784,489 | 645,972 | $ | 10,110,629 | 4,330,128 | $ | 62,101,576 | 3,384,690 | $ | 44,985,893 | ||||||||||||||||||||
Reinvested dividends | 1,803,532 | 27,034,945 | 828,065 | 13,166,234 | 690,698 | 9,579,982 | 1,584,077 | 22,097,878 | ||||||||||||||||||||||||
Shares redeemed | (1,505,933 | ) | (23,988,639 | ) | (1,761,437 | ) | (26,950,666 | ) | (3,464,310 | ) | (49,409,180 | ) | (3,636,392 | ) | (47,906,100 | ) | ||||||||||||||||
Net increase (decrease) | 1,177,651 | $ | 16,830,795 | (287,400 | ) | $ | (3,673,803 | ) | 1,556,516 | $ | 22,272,378 | 1,332,375 | $ | 19,177,671 | ||||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,418,061 | $ | 74,143,598 | 1,501,571 | $ | 44,774,878 | 2,338,726 | $ | 36,265,703 | 1,187,625 | $ | 17,632,301 | ||||||||||||||||||||
Reinvested dividends | 10,496,113 | 267,545,909 | 3,617,362 | 111,885,016 | 1,622,525 | 22,033,890 | 238,195 | 3,794,440 | ||||||||||||||||||||||||
Shares redeemed | (4,312,130 | ) | (125,821,986 | ) | (3,516,184 | ) | (102,830,719 | ) | (2,004,120 | ) | (30,139,059 | ) | (1,041,626 | ) | (15,293,898 | ) | ||||||||||||||||
Net increase (decrease) | 8,602,044 | $ | 215,867,521 | 1,602,749 | $ | 53,829,175 | 1,957,131 | $ | 28,160,534 | 384,194 | $ | 6,132,843 | ||||||||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 513,787 | $ | 5,881,470 | 239,863 | $ | 2,855,785 | 5,157,787 | $ | 110,735,184 | 6,358,551 | $ | 139,248,745 | ||||||||||||||||||||
Reinvested dividends | 2,542,096 | 26,310,691 | 4,461,304 | 49,921,996 | 5,493,639 | 106,796,337 | 3,615,977 | 79,189,905 | ||||||||||||||||||||||||
Shares redeemed | (3,323,078 | ) | (37,770,243 | ) | (3,679,924 | ) | (44,611,488 | ) | (13,457,398 | ) | (286,815,306 | ) | (12,414,186 | ) | (274,211,925 | ) | ||||||||||||||||
Net increase (decrease) | (267,195 | ) | $ | (5,578,082 | ) | 1,021,243 | $ | 8,166,293 | (2,805,972 | ) | $ | (69,283,785 | ) | (2,439,658 | ) | $ | (55,773,275 | ) | ||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,924,460 | $ | 26,576,816 | 2,047,892 | $ | 27,586,219 | 231,706 | $ | 3,180,101 | 312,837 | $ | 4,059,510 | ||||||||||||||||||||
Reinvested dividends | 2,903,343 | 33,301,346 | 2,064,704 | 27,811,569 | 1,199,310 | 14,991,380 | 303,804 | 4,235,032 | ||||||||||||||||||||||||
Shares redeemed | (6,481,787 | ) | (84,619,590 | ) | (3,835,432 | ) | (53,632,570 | ) | (910,512 | ) | (12,551,330 | ) | (1,048,429 | ) | (13,815,927 | ) | ||||||||||||||||
Net increase (decrease) | (1,653,984 | ) | $ | (24,741,428 | ) | 277,164 | $ | 1,765,218 | 520,504 | $ | 5,620,151 | (431,788 | ) | $ | (5,521,385 | ) | ||||||||||||||||
Stock Index | Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2019 | For the year ended May 31, 2018 | For the year ended May 31, 2019 | For the year ended May 31, 2018 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 8,249,733 | $ | 334,996,625 | 7,731,176 | $ | 305,031,584 | 1,071,458 | $ | 19,401,702 | 595,935 | $ | 10,684,832 | ||||||||||||||||||||
Reinvested dividends | 4,815,456 | 187,995,413 | 6,306,250 | 251,051,797 | 93,922 | 1,664,301 | 93,499 | 1,701,685 | ||||||||||||||||||||||||
Shares redeemed | (20,535,861 | ) | (833,230,100 | ) | (12,953,890 | ) | (505,896,038 | ) | (878,308 | ) | (15,864,320 | ) | (867,818 | ) | (15,321,469 | ) | ||||||||||||||||
Net increase (decrease) | (7,470,672 | ) | $ | (310,238,062 | ) | 1,083,536 | $ | 50,187,343 | 287,072 | $ | 5,201,683 | (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 year ended May 31, 2019, 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS— (continued)
Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, the Government Money Market I Fund and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.
The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.
The Blue Chip Growth Fund, 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 year ended May 31, 2019, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Blue Chip Growth | 1 | $ | 51 | $ | 488,489 | 3.76 | % | |||||||||
Broad Cap Value | 4 | 581 | 1,472,306 | 3.55 | % | |||||||||||
Capital Conservation | 1 | 107 | 1,025,806 | 3.76 | % | |||||||||||
Core Equity | 10 | 326 | 342,466 | 3.48 | % | |||||||||||
Dividend Value | 5 | 2,738 | 5,713,422 | 3.41 | % | |||||||||||
Dynamic Allocation | 1 | 66 | 652,171 | 3.63 | % | |||||||||||
Emerging Economies | 5 | 804 | 684,941 | 3.49 | % | |||||||||||
Global Real Estate | 1 | 131 | 1,256,093 | 3.76 | % | |||||||||||
Global Social Awareness | 60 | 19,629 | 3,209,777 | 3.68 | % | |||||||||||
Global Strategy | 5 | 130 | 250,814 | 3.74 | % | |||||||||||
Growth | 9 | 3,540 | 3,799,719 | 3.62 | % | |||||||||||
Growth and Income | 7 | 301 | 427,134 | 3.62 | % | |||||||||||
Inflation Protected | 6 | 395 | 629,590 | 3.77 | % | |||||||||||
International Equities Index | 50 | 26,258 | 5,379,176 | 3.65 | % | |||||||||||
International Government Bond | 11 | 836 | 770,884 | 3.55 | % | |||||||||||
International Value | 10 | 2,730 | 2,781,612 | 3.52 | % | |||||||||||
Large Cap Core | 1 | 59 | 581,099 | 3.63 | % | |||||||||||
Large Capital Growth | 3 | 303 | 972,388 | 3.73 | % | |||||||||||
Mid Cap Index | 2 | 2,477 | 11,899,986 | 3.75 | % | |||||||||||
Mid Cap Strategic Growth | 1 | 17 | 162,618 | 3.74 | % | |||||||||||
NASDAQ-100 Index | 1 | 18 | 179,253 | 3.63 | % | |||||||||||
Science & Technology | 6 | 650 | 1,170,417 | 3.39 | % | |||||||||||
Small Cap Aggressive Growth | 1 | 42 | 414,171 | 3.63 | % | |||||||||||
Small Cap | 9 | 141 | 151,238 | 3.73 | % | |||||||||||
Small Cap Index | 8 | 12,410 | 14,908,998 | 3.73 | % | |||||||||||
Stock Index | 8 | 16,259 | 19,699,820 | 3.61 | % |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS— (continued)
As of May 31, 2019, the Global Strategy Fund had an outstanding borrowing in the amount of $175,000.
Note 10 — Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.
For the year ended May 31, 2019, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2019, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Growth | $ | 12,709,939 | $ | 10,144,738 | $ | 2,644,425 | ||||||
Health Sciences | — | 90,080 | 52,541 | |||||||||
Large Capital Growth | 176,004 | 101,805 | 22,438 | |||||||||
Small Cap | 179,760 | 8,560 | 182 | |||||||||
Value | 583,640 | 215,196 | 1,168 |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.16 | 0.16 | 0.23 | 0.23 | (0.01 | ) | (0.01 | ) | 0.01 | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.55 | ) | 0.83 | 0.71 | (0.66 | ) | 0.53 | 0.86 | 4.82 | 3.46 | (0.24 | ) | 2.62 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.37 | ) | 0.99 | 0.87 | (0.43 | ) | 0.76 | 0.85 | 4.81 | 3.47 | (0.26 | ) | 2.60 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.18 | ) | (0.26 | ) | (0.24 | ) | (0.27 | ) | – | (0.01 | ) | – | – | – | ||||||||||||||||||||||||
Net realized gain on securities | (0.88 | ) | (0.48 | ) | – | (1.32 | ) | (0.78 | ) | (2.51 | ) | (1.23 | ) | (1.68 | ) | (2.22 | ) | (1.76 | ) | |||||||||||||||||||||
Total distributions | (1.05 | ) | (0.66 | ) | (0.26 | ) | (1.56 | ) | (1.05 | ) | (2.51 | ) | (1.24 | ) | (1.68 | ) | (2.22 | ) | (1.76 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | ||||||||||||||||||||
TOTAL RETURN(a) | (3.42 | )% | 8.91 | % | 8.35 | % | (2.16 | )% | 6.24 | % | 4.22 | % | 27.87 | % | 23.49 | % | 0.17 | % | 15.61 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | ||||||||||||||||||||
Portfolio turnover rate | 113 | % | 84 | % | 161 | % | 102 | % | 131 | % | 30 | % | 24 | % | 27 | % | 30 | % | 30 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,892 | 14,624 | 14,705 | 15,824 | 14,473 | 40,727 | 37,397 | 39,343 | 39,796 | 36,354 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 147,543 | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 179,126 | $ | 781,236 | $ | 779,336 | $ | 679,516 | $ | 615,927 | $ | 652,819 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
274 |
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VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Broad Cap Value Income Fund | Capital Conservation Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.34 | 0.20 | 0.24 | 0.22 | 0.21 | 0.25 | 0.20 | 0.18 | 0.18 | 0.17 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.61 | ) | 1.45 | 2.16 | (1.11 | ) | 1.38 | 0.32 | (0.29 | ) | (0.04 | ) | 0.06 | 0.10 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.27 | ) | 1.65 | 2.40 | (0.89 | ) | 1.59 | 0.57 | (0.09 | ) | 0.14 | 0.24 | 0.27 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.26 | ) | (0.23 | ) | (0.19 | ) | (0.23 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.49 | ) | (1.10 | ) | (0.49 | ) | (0.96 | ) | (0.49 | ) | – | (0.03 | ) | (0.01 | ) | (0.02 | ) | – | ||||||||||||||||||||||
Total distributions | (1.71 | ) | (1.38 | ) | (0.73 | ) | (1.17 | ) | (0.75 | ) | (0.23 | ) | (0.22 | ) | (0.24 | ) | (0.21 | ) | (0.19 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.84 | )% | 10.34 | % | 17.25 | % | (4.47 | )% | 10.70 | % | 6.10 | % | (0.94 | )% | 1.45 | % | 2.47 | % | 2.76 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.14 | % | 1.20 | % | 1.57 | % | 1.49 | % | 1.33 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.06 | % | 1.13 | % | 1.49 | % | 1.42 | % | 1.26 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | ||||||||||||||||||||
Portfolio turnover rate | 28 | % | 24 | % | 20 | % | 26 | % | 23 | % | 72 | % | 53 | % | 56 | % | 71 | % | 193 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,676 | 3,742 | 3,603 | 4,104 | 3,906 | 24,991 | 26,729 | 23,866 | 23,716 | 25,822 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 51,212 | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 62,619 | $ | 246,896 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 256,043 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
275 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Core Equity Fund | Dividend Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.28 | 0.26 | 0.25 | 0.21 | 0.19 | 0.29 | 0.26 | 0.25 | 0.31 | 0.28 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.16 | ) | 3.13 | 3.14 | (0.87 | ) | 1.74 | (0.27 | ) | 0.74 | 1.62 | (0.24 | ) | 0.85 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.12 | 3.39 | 3.39 | (0.66 | ) | 1.93 | 0.02 | 1.00 | 1.87 | 0.07 | 1.13 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.18 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.32 | ) | (0.28 | ) | ||||||||||||||||||||
Net realized gain on securities | (2.86 | ) | (1.85 | ) | (0.74 | ) | – | – | (1.37 | ) | (0.46 | ) | (1.07 | ) | (1.44 | ) | (0.85 | ) | ||||||||||||||||||||||
Total distributions | (3.14 | ) | (2.13 | ) | (0.98 | ) | (0.21 | ) | (0.18 | ) | (1.61 | ) | (0.70 | ) | (1.32 | ) | (1.76 | ) | (1.13 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | ||||||||||||||||||||
TOTAL RETURN(a) | 0.35 | % | 15.42 | % | 17.48 | % | (3.07 | )% | 10.41 | % | (0.17 | )% | 8.14 | % | 16.51 | % | 2.20 | % | 8.69 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | % | 0.77 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.82 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | % | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.81 | % | 0.81 | % | 0.83 | % | 0.83 | % | 0.82 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.20 | % | 1.10 | % | 1.19 | % | 1.11 | % | 0.94 | % | 2.40 | % | 2.06 | % | 2.13 | % | 2.55 | % | 2.06 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.02 | % | 0.94 | % | 1.06 | % | 0.99 | % | 0.82 | % | 2.40 | % | 2.06 | % | 2.12 | % | 2.54 | % | 2.05 | % | ||||||||||||||||||||
Portfolio turnover rate | 29 | % | 50 | % | 36 | % | 41 | % | 40 | % | 46 | % | 54 | % | 41 | % | 45 | % | 35 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 11,329 | 10,911 | 11,023 | 11,771 | 13,047 | 88,850 | 71,348 | 66,882 | 50,727 | 48,504 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 228,409 | $ | 252,961 | $ | 241,647 | $ | 229,637 | $ | 265,955 | $ | 959,714 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 641,719 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
276 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Dynamic Allocation Fund | Emerging Economies Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.17 | 0.12 | 0.15 | 0.17 | 0.16 | 0.18 | 0.16 | 0.13 | 0.13 | 0.18 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.00 | 1.00 | 1.13 | (0.79 | ) | 0.32 | (1.22 | ) | 0.92 | 1.74 | (1.61 | ) | (0.30 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.17 | 1.12 | 1.28 | (0.62 | ) | 0.48 | (1.04 | ) | 1.08 | 1.87 | (1.48 | ) | (0.12 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.16 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.73 | ) | (0.50 | ) | (0.08 | ) | (0.44 | ) | (0.20 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (0.88 | ) | (0.66 | ) | (0.30 | ) | (0.66 | ) | (0.37 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | ||||||||||||||||||||
TOTAL RETURN(a) | 1.47 | % | 9.45 | % | 11.98 | % | (4.70 | )% | 4.04 | % | (11.75 | )% | 13.50 | % | 30.41 | % | (18.60 | )% | (1.35 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.32 | % | 0.31 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.32 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | ||||||||||||||||||||
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) | 1.36 | % | 0.97 | % | 1.30 | % | 1.50 | % | 1.33 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.35 | % | 0.96 | % | 1.30 | % | 1.51 | % | 1.33 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | ||||||||||||||||||||
Portfolio turnover rate | 11 | % | 15 | % | 14 | % | 20 | % | 31 | % | 72 | % | 53 | % | 69 | % | 64 | % | 65 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,745 | 19,983 | 21,173 | 23,095 | 22,646 | 106,698 | 91,875 | 89,332 | 83,618 | 82,682 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 203,843 | $ | 243,832 | $ | 248,630 | $ | 248,446 | $ | 272,705 | $ | 823,071 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 648,339 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
277 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Global Real Estate Fund | Global Social Awareness Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.17 | 0.18 | 0.16 | 0.18 | 0.21 | 0.44 | 0.37 | 0.32 | 0.34 | 0.35 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.44 | 0.28 | 0.21 | (0.14 | ) | 0.28 | (0.29 | ) | 2.52 | 2.84 | (1.02 | ) | 1.20 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.61 | 0.46 | 0.37 | 0.04 | 0.49 | 0.15 | 2.89 | 3.16 | (0.68 | ) | 1.55 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.29 | ) | (0.31 | ) | (0.34 | ) | (0.26 | ) | (0.23 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (0.10 | ) | (0.42 | ) | (0.36 | ) | (0.24 | ) | – | – | – | – | – | ||||||||||||||||||||||||||
Total distributions | (0.29 | ) | (0.41 | ) | (0.76 | ) | (0.62 | ) | (0.47 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | ||||||||||||||||||||
TOTAL RETURN(a) | 8.10 | % | 6.19 | % | 4.98 | % | 1.53 | % | 5.61 | % | 0.57 | % | 12.16 | % | 15.15 | % | (2.83 | )% | 7.45 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | ||||||||||||||||||||
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 | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | ||||||||||||||||||||
Portfolio turnover rate | 44 | % | 50 | % | 47 | % | 71 | % | 44 | % | 2 | % | 5 | % | 23 | % | 0 | % | 88 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 57,358 | 47,313 | 50,730 | 61,190 | 59,795 | 14,044 | 16,331 | 17,515 | 17,949 | 19,139 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 458,620 | $ | 363,223 | $ | 387,137 | $ | 490,714 | $ | 514,347 | $ | 363,818 | $ | 428,452 | $ | 416,564 | $ | 377,114 | $ | 423,242 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
278 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.44 | 0.35 | 0.33 | 0.27 | 0.30 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.02 | ) | 0.20 | 1.14 | (1.80 | ) | (0.03 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.58 | ) | 0.55 | 1.47 | (1.53 | ) | 0.27 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.26 | ) | – | (0.10 | ) | (0.72 | ) | (0.37 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.94 | ) | (0.16 | ) | (0.22 | ) | (0.85 | ) | (0.44 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (1.20 | ) | (0.16 | ) | (0.32 | ) | (1.57 | ) | (0.81 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
TOTAL RETURN(a) | (5.19 | )% | 4.72 | % | 14.16 | % | (10.23 | )% | 2.14 | % | 1.69 | % | 0.72 | %(e) | 0.08 | % | 0.01 | %(e) | 0.01 | %(e) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.51 | % | 0.51 | % | 0.45 | % | 0.26 | % | 0.14 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.51 | % | 0.51 | % | 0.53 | % | 0.51 | % | 0.51 | % | ||||||||||||||||||||
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) | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 1.70 | % | 0.71 | % | 0.08 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 1.70 | % | 0.71 | % | (0.00 | )% | (0.24 | )% | (0.36 | )% | ||||||||||||||||||||
Portfolio turnover rate | 30 | % | 30 | % | 35 | % | 26 | % | 28 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 31,615 | 32,421 | 36,070 | 41,208 | 37,891 | 395,196 | 311,723 | 330,780 | 343,490 | 343,881 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 323,702 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 514,564 | $ | 395,183 | $ | 311,708 | $ | 330,783 | $ | 343,490 | $ | 343,363 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
279 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.23 | 0.23 | 0.21 | 0.22 | 0.22 | 0.06 | 0.07 | 0.10 | 0.12 | 0.10 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.37 | (0.37 | ) | (0.18 | ) | 0.08 | 0.11 | 0.38 | 3.02 | 2.56 | (0.52 | ) | 1.67 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.60 | (0.14 | ) | 0.03 | 0.30 | 0.33 | 0.44 | 3.09 | 2.66 | (0.40 | ) | 1.77 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (0.07 | ) | (0.10 | ) | (0.12 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (1.38 | ) | (0.63 | ) | (1.01 | ) | (2.43 | ) | (2.02 | ) | |||||||||||||||||||||||||
Total distributions | (0.24 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.24 | ) | (1.45 | ) | (0.73 | ) | (1.13 | ) | (2.53 | ) | (2.13 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | ||||||||||||||||||||
TOTAL RETURN(a) | 5.98 | % | (1.32 | )% | 0.35 | % | 2.74 | % | 3.07 | % | 2.65 | % | 20.60 | % | 20.48 | % | (0.63 | )% | 10.89 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.74 | % | 0.74 | % | 0.76 | % | 0.79 | % | 0.80 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.79 | % | 0.79 | % | 0.81 | % | 0.81 | % | 0.80 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 0.34 | % | 0.42 | % | 0.71 | % | 0.78 | % | 0.60 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 0.29 | % | 0.37 | % | 0.66 | % | 0.77 | % | 0.60 | % | ||||||||||||||||||||
Portfolio turnover rate | 17 | % | 3 | % | 15 | % | 17 | % | 7 | % | 60 | % | 58 | % | 71 | % | 102 | % | 99 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,559 | 11,890 | 13,689 | 14,278 | 14,967 | 64,185 | 69,279 | 66,758 | 70,537 | 62,664 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 143,372 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 161,977 | $ | 1,049,181 | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 | $ | 1,027,988 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
280 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.21 | 0.19 | 0.20 | 0.20 | 0.20 | (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.09 | ) | (0.14 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.43 | 2.34 | 2.94 | (0.34 | ) | 1.94 | 0.72 | 3.86 | 1.80 | (3.83 | ) | 9.66 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.64 | 2.53 | 3.14 | (0.14 | ) | 2.14 | 0.69 | 3.81 | 1.76 | (3.92 | ) | 9.52 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | (0.18 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Net realized gain on securities | (2.31 | ) | (0.79 | ) | (0.64 | ) | (0.88 | ) | – | (1.81 | ) | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | |||||||||||||||||||||
Total distributions | (2.52 | ) | (1.00 | ) | (0.88 | ) | (1.12 | ) | (0.18 | ) | (1.81 | ) | (2.60 | ) | (2.38 | ) | (3.21 | ) | (3.61 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | ||||||||||||||||||||
TOTAL RETURN(a) | 2.87 | % | 12.17 | % | 17.22 | % | 0.08 | % | 12.11 | % | 3.09 | % | 19.80 | % | 9.37 | % | (13.12 | )% | 47.50 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 1.05 | % | 1.06 | % | 1.07 | % | 1.06 | % | 1.09 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.92 | % | 0.90 | % | 0.91 | % | 0.91 | % | 0.90 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.95 | % | 0.88 | % | 1.03 | % | 1.08 | % | 1.05 | % | (0.14 | )% | (0.23 | )% | (0.21 | )% | (0.40 | )% | (0.59 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.88 | % | 0.83 | % | 0.97 | % | 1.02 | % | 1.00 | % | (0.18 | )% | (0.27 | )% | (0.23 | )% | (0.43 | )% | (0.59 | )% | ||||||||||||||||||||
Portfolio turnover rate | 44 | % | 43 | % | 34 | % | 33 | % | 38 | % | 33 | % | 44 | % | 30 | % | 31 | % | 26 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 5,774 | 5,767 | 5,822 | 6,176 | 6,180 | 38,358 | 37,583 | 36,215 | 40,409 | 34,776 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 117,501 | $ | 128,172 | $ | 120,515 | $ | 113,885 | $ | 121,742 | $ | 742,072 | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 939,311 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
281 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Inflation Protected Fund | International Equities Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.24 | 0.26 | 0.25 | 0.15 | 0.12 | 0.19 | 0.19 | 0.17 | 0.16 | 0.19 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.14 | (0.14 | ) | 0.10 | (0.16 | ) | (0.30 | ) | (0.62 | ) | 0.35 | 0.81 | (0.89 | ) | (0.25 | ) | ||||||||||||||||||||||||
Total income (loss) from investment operations | 0.38 | 0.12 | 0.35 | (0.01 | ) | (0.18 | ) | (0.43 | ) | 0.54 | 0.98 | (0.73 | ) | (0.06 | ) | |||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.21 | ) | (0.03 | ) | (0.13 | ) | (0.21 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.01 | ) | (0.10 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (0.19 | ) | (0.31 | ) | (0.04 | ) | (0.15 | ) | (0.23 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.25 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.51 | % | 1.11 | % | 3.29 | % | (0.09 | )% | (1.57 | )% | (5.81 | )% | 7.63 | % | 15.98 | % | (9.99 | )% | (0.57 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | ||||||||||||||||||||
Portfolio turnover rate | 42 | % | 34 | % | 42 | % | 33 | % | 33 | % | 15 | % | 17 | % | 11 | % | 4 | % | 40 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 63,309 | 54,697 | 57,066 | 42,345 | 44,644 | 154,662 | 173,854 | 155,797 | 159,381 | 151,718 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 700,574 | $ | 595,043 | $ | 631,552 | $ | 455,830 | $ | 487,477 | $ | 1,041,727 | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 1,081,174 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
282 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.28 | 0.24 | 0.24 | 0.27 | 0.32 | 0.04 | 0.08 | 0.14 | 0.15 | 0.16 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.09 | (0.20 | ) | 0.04 | 0.23 | (0.98 | ) | (0.19 | ) | 2.29 | 1.45 | (1.58 | ) | 0.17 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.37 | 0.04 | 0.28 | 0.50 | (0.66 | ) | (0.15 | ) | 2.37 | 1.59 | (1.43 | ) | 0.33 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.11 | ) | – | (0.29 | ) | (0.29 | ) | (0.10 | ) | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.20 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.01 | ) | – | – | (0.04 | ) | (0.03 | ) | (3.41 | ) | (0.21 | ) | – | (0.95 | ) | (0.09 | ) | |||||||||||||||||||||||
Total distributions | (0.19 | ) | (0.11 | ) | – | (0.33 | ) | (0.32 | ) | (3.51 | ) | (0.40 | ) | (0.18 | ) | (1.12 | ) | (0.29 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.26 | % | 0.32 | % | 2.45 | % | 4.61 | % | (5.43 | )% | (0.17 | )%(e) | 18.38 | % | 13.81 | % | (9.20 | )% | 2.48 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.89 | % | 0.98 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 1.09 | % | 1.08 | % | 1.10 | % | 1.06 | % | 1.06 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 0.30 | % | 0.58 | % | 1.15 | % | 1.21 | % | 1.15 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 0.10 | % | 0.47 | % | 1.06 | % | 1.16 | % | 1.11 | % | ||||||||||||||||||||
Portfolio turnover rate | 94 | % | 95 | % | 70 | % | 95 | % | 43 | % | 35 | % | 130 | % | 39 | % | 36 | % | 44 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 17,187 | 18,875 | 15,879 | 17,601 | 15,220 | 41,093 | 32,707 | 33,688 | 44,791 | 43,817 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 203,184 | $ | 219,748 | $ | 185,943 | $ | 201,253 | $ | 171,312 | $ | 466,362 | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 621,387 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (see Note 3). |
See Notes to Financial Statements
283 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Value Fund* | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.20 | 0.21 | 0.20 | 0.18 | 0.20 | 0.12 | 0.11 | 0.12 | 0.12 | 0.11 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.66 | ) | 0.13 | 1.75 | (1.64 | ) | (0.94 | ) | 0.23 | 0.98 | 1.44 | (0.25 | ) | 1.84 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.46 | ) | 0.34 | 1.95 | (1.46 | ) | (0.74 | ) | 0.35 | 1.09 | 1.56 | (0.13 | ) | 1.95 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (0.11 | ) | (0.12 | ) | (0.11 | ) | (0.45 | ) | (0.16 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.94 | ) | (0.62 | ) | (0.87 | ) | (2.39 | ) | (2.30 | ) | |||||||||||||||||||||||||
Total distributions | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | (1.05 | ) | (0.74 | ) | (0.98 | ) | (2.84 | ) | (2.46 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | ||||||||||||||||||||
TOTAL RETURN(a) | (13.83 | )% | 3.19 | % | 22.36 | % | (13.72 | )% | (6.23 | )% | 3.11 | % | 9.46 | % | 14.97 | % | 1.84 | % | 14.34 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.82 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.97 | % | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.92 | % | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | ||||||||||||||||||||
Portfolio turnover rate | 136 | % | 30 | % | 40 | % | 21 | % | 31 | % | 56 | % | 59 | % | 54 | % | 53 | % | 64 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 77,083 | 81,504 | 83,103 | 93,244 | 94,932 | 15,130 | 15,408 | 15,120 | 15,240 | 13,111 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 688,485 | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 990,964 | $ | 166,428 | $ | 180,349 | $ | 171,627 | $ | 164,060 | $ | 180,201 |
* | See Note 1 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
284 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.10 | 0.10 | 0.09 | 0.11 | 0.32 | 0.35 | 0.30 | 0.32 | 0.32 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.71 | 2.09 | 1.87 | 0.04 | 1.35 | (1.86 | ) | 3.45 | 3.91 | (1.06 | ) | 2.86 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.84 | 2.19 | 1.97 | 0.13 | 1.46 | (1.54 | ) | 3.80 | 4.21 | (0.74 | ) | 3.18 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.11 | ) | (0.08 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.34 | ) | (0.29 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.07 | ) | (0.75 | ) | (0.43 | ) | (0.56 | ) | (2.60 | ) | (2.61 | ) | (1.87 | ) | (2.31 | ) | (2.57 | ) | (1.61 | ) | ||||||||||||||||||||
Total distributions | (1.17 | ) | (0.84 | ) | (0.52 | ) | (0.67 | ) | (2.68 | ) | (2.98 | ) | (2.19 | ) | (2.65 | ) | (2.91 | ) | (1.90 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | ||||||||||||||||||||
TOTAL RETURN(a) | 12.50 | % | 16.00 | % | 16.50 | % | 1.73 | % | 11.01 | % | (5.76 | )% | 14.51 | % | 16.94 | % | (0.69 | )% | 11.92 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Portfolio turnover rate | 26 | % | 21 | % | 23 | % | 24 | % | 26 | % | 14 | % | 15 | % | 14 | % | 15 | % | 13 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 30,448 | 29,613 | 30,427 | 32,186 | 33,071 | 123,200 | 122,466 | 128,379 | 119,786 | 116,969 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 477,301 | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 421,567 | $ | 2,897,313 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 | $ | 3,335,644 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
285 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.00 | 0.01 | 0.02 | 0.00 | (0.03 | ) | 0.12 | 0.06 | 0.07 | 0.08 | 0.07 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.13 | 2.66 | 2.24 | (0.82 | ) | 1.83 | 0.26 | 2.48 | 2.73 | (0.02 | ) | 1.79 | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.13 | 2.67 | 2.26 | (0.82 | ) | 1.80 | 0.38 | 2.54 | 2.80 | 0.06 | 1.86 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.00 | ) | (0.01 | ) | – | – | – | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | (0.09 | ) | |||||||||||||||||||||||
Net realized gain on securities | (1.49 | ) | (0.73 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.21 | ) | (0.61 | ) | (0.53 | ) | (0.43 | ) | (0.12 | ) | ||||||||||||||||||||
Total distributions | (1.49 | ) | (0.74 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | (0.27 | ) | (0.68 | ) | (0.61 | ) | (0.50 | ) | (0.21 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | ||||||||||||||||||||
TOTAL RETURN(a) | 7.45 | % | 19.17 | % | 18.43 | % | (2.91 | )% | 11.60 | % | 2.76 | % | 20.94 | % | 28.88 | % | 1.18 | % | 21.42 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | 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 | % | 0.54 | % | 0.54 | % | 0.55 | % | 0.56 | % | 0.54 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | 0.85 | % | 0.49 | % | 0.67 | % | 0.80 | % | 0.72 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | 0.84 | % | 0.48 | % | 0.66 | % | 0.78 | % | 0.71 | % | |||||||||||||||||||
Portfolio turnover rate | 31 | % | 40 | % | 38 | % | 95 | % | 47 | % | 6 | % | 3 | % | 4 | % | 8 | % | 7 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,581 | 18,404 | 18,691 | 19,764 | 18,777 | 35,447 | 33,891 | 32,558 | 32,164 | 31,854 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 303,288 | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 288,138 | $ | 499,269 | $ | 473,513 | $ | 394,400 | $ | 319,222 | $ | 330,077 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
286 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.10 | ) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.09 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | (0.06 | ) | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.94 | 7.89 | 6.56 | (0.71 | ) | 4.70 | (0.13 | ) | 4.68 | 2.67 | (2.61 | ) | 4.01 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.84 | 7.80 | 6.55 | (0.73 | ) | 4.67 | (0.22 | ) | 4.59 | 2.63 | (2.64 | ) | 3.95 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | ||||||||||||||||||||
Total distributions | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.04 | % | 30.08 | % | 31.82 | % | 0.39 | % | 19.52 | % | (0.89 | )% | 37.58 | % | 26.17 | % | (16.21 | )% | 30.24 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | 1.00 | % | 1.00 | % | 1.02 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | – | ||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.61 | )% | (0.61 | )% | (0.33 | )% | (0.24 | )% | (0.42 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | (0.63 | )% | (0.62 | )% | (0.36 | )% | (0.26 | )% | (0.44 | )% | ||||||||||||||||||||
Portfolio turnover rate | 89 | % | 84 | % | 92 | % | 107 | % | 101 | % | 94 | % | 74 | % | 82 | % | 101 | % | 94 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 53,666 | 45,064 | 43,461 | 43,694 | 38,035 | 11,517 | 9,560 | 9,176 | 10,084 | 7,959 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,392,834 | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 1,014,902 | $ | 161,912 | $ | 157,170 | $ | 112,391 | $ | 102,540 | $ | 115,869 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
287 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | 0.05 | 0.03 | 0.04 | 0.02 | 0.22 | 0.22 | 0.21 | 0.24 | 0.24 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.27 | ) | 1.97 | 1.58 | (1.17 | ) | 1.55 | (2.25 | ) | 3.85 | 3.43 | (1.86 | ) | 1.99 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.22 | ) | 2.02 | 1.61 | (1.13 | ) | 1.57 | (2.03 | ) | 4.07 | 3.64 | (1.62 | ) | 2.23 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | – | (0.24 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.23 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.97 | ) | (2.03 | ) | (0.94 | ) | (2.06 | ) | (2.39 | ) | (1.78 | ) | (1.27 | ) | (1.09 | ) | (1.45 | ) | (1.17 | ) | ||||||||||||||||||||
Total distributions | (1.02 | ) | (2.07 | ) | (0.98 | ) | (2.09 | ) | (2.39 | ) | (2.02 | ) | (1.49 | ) | (1.32 | ) | (1.70 | ) | (1.40 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.94 | )% | 17.95 | % | 14.64 | % | (5.20 | )% | 11.10 | % | (9.23 | )% | 20.42 | % | 20.25 | % | (6.05 | )% | 11.23 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | % | 1.00 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.33 | % | 0.40 | % | 0.27 | % | 0.29 | % | 0.15 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.23 | % | 0.31 | % | 0.18 | % | 0.21 | % | 0.08 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | ||||||||||||||||||||
Portfolio turnover rate | 25 | % | 25 | % | 82 | % | 29 | % | 32 | % | 16 | % | 17 | % | 12 | % | 13 | % | 14 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 27,569 | 27,836 | 26,815 | 27,431 | 24,990 | 53,944 | 56,750 | 59,190 | 55,029 | 52,734 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 284,018 | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 354,294 | $ | 1,012,040 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 | $ | 1,119,463 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
288 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.15 | 0.19 | 0.16 | 0.18 | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.02 | ) | 1.84 | 1.97 | (0.24 | ) | 0.92 | 0.84 | 2.43 | 1.34 | (1.07 | ) | 2.72 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.90 | ) | 1.99 | 2.16 | (0.08 | ) | 1.10 | 0.81 | 2.40 | 1.31 | (1.11 | ) | 2.66 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.17 | ) | (0.18 | ) | (0.14 | ) | (0.21 | ) | (0.14 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Net realized gain on securities | (1.63 | ) | (1.14 | ) | (0.90 | ) | (1.40 | ) | (1.09 | ) | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | ||||||||||||||||||||
Total distributions | (1.80 | ) | (1.32 | ) | (1.04 | ) | (1.61 | ) | (1.23 | ) | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | ||||||||||||||||||||
TOTAL RETURN(a) | (6.88 | )% | 15.39 | % | 17.65 | % | 1.49 | % | 8.16 | % | 6.17 | % | 20.07 | % | 11.94 | % | (6.27 | )% | 19.75 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | 0.93 | % | 0.95 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | 1.00 | % | 1.01 | % | 1.01 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | – | – | – | 0.01 | % | 0.01 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | (0.23 | )% | (0.21 | )% | (0.26 | )% | (0.33 | )% | (0.41 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | (0.30 | )% | (0.27 | )% | (0.27 | )% | (0.33 | )% | (0.41 | )% | ||||||||||||||||||||
Portfolio turnover rate | 33 | % | 37 | % | 46 | % | 74 | % | 52 | % | 77 | % | 62 | % | 61 | % | 64 | % | 55 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 20,076 | 21,730 | 21,453 | 19,831 | 17,394 | 9,083 | 8,562 | 8,994 | 9,812 | 9,713 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 223,576 | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 238,986 | $ | 116,197 | $ | 118,522 | $ | 107,389 | $ | 110,230 | $ | 131,771 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
289 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Stock Index Fund | Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.72 | 0.63 | 0.61 | 0.63 | 0.62 | 0.29 | 0.26 | 0.25 | 0.26 | 0.21 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.62 | 4.49 | 4.96 | (0.59 | ) | 3.29 | (0.41 | ) | 1.27 | 1.72 | (0.57 | ) | 1.29 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.34 | 5.12 | 5.57 | 0.04 | 3.91 | (0.12 | ) | 1.53 | 1.97 | (0.31 | ) | 1.50 | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.64 | ) | (0.67 | ) | (0.57 | ) | (0.89 | ) | (0.60 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.92 | ) | (1.46 | ) | (1.67 | ) | (2.61 | ) | (1.36 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (1.56 | ) | (2.13 | ) | (2.24 | ) | (3.50 | ) | (1.96 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | ||||||||||||||||||||
TOTAL RETURN(a) | 3.43 | % | 13.99 | % | 17.08 | % | 1.38 | % | 11.41 | % | (0.71 | )% | 9.15 | % | 13.22 | % | (1.80 | )% | 10.65 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | 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 | % | 0.94 | % | 0.94 | % | 0.94 | % | 0.93 | % | 0.93 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.63 | % | 1.47 | % | 1.54 | % | 1.78 | % | 1.33 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | 1.53 | % | 1.38 | % | 1.46 | % | 1.69 | % | 1.25 | % | ||||||||||||||||||||
Portfolio turnover rate | 4 | % | 3 | % | 3 | % | 3 | % | 3 | % | 46 | % | 19 | % | 15 | % | 15 | % | 16 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 118,173 | 125,644 | 124,560 | 124,483 | 123,499 | 6,749 | 6,461 | 6,640 | 7,241 | 7,559 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,637,546 | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 4,519,626 | $ | 118,127 | $ | 115,474 | $ | 110,333 | $ | 108,136 | $ | 116,875 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of VALIC Company I and
Shareholders of each of the thirty-four funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (thirty-four funds constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2019, the related statements of operationsfor the year ended May 31, 2019, the statements of changes in net assets for each of the two years in the period ended May 31, 2019, including the related notes,and the financial highlights for each of the five years in the period ended May 31, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2019 and each of the financial highlights for each of the five years in the period ended May 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
VALIC Company I
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 (formerly Foreign 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 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2019 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
July 29, 2019
We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.
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VALIC Company I Dynamic Allocation Fund
APPROVAL OF SUBADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on April 29-30, 2019 (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 two Investment Sub-Advisory Agreements (each a “New AllianceBernstein Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and AllianceBernstein L.P. (“AllianceBernstein”) with respect to the Dynamic Allocation Fund (the “Fund”), each contingent upon the assignment of the then current Investment Sub-Advisory Agreement between VALIC and AllianceBernstein resulting from the sale of stock of AXA Equitable Holdings, Inc. (“Equitable”), the indirect parent of AllianceBernstein. Board approval of each New AllianceBernstein Agreement was subject to (i) no other single person, other than Equitable’s current parent, or group acting together purchasing more than 25% of the shares of Equitable or is determined to otherwise have gained control, and (ii) no later than the date of a change of control event, AllianceBernstein informing VALIC of the occurrence of the change of control event and, at that time, providing the Fund with reasonable assurances that there have been no material changes to the nature, quality and extent of services to be provided by AllianceBernstein.
In connection with the approval of the New AllianceBernstein Agreements, the Board, including the Independent Directors, received materials, at the Meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the New AllianceBernstein Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by AllianceBernstein; (2) the sub-advisory fees charged in connection with AllianceBernstein’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory Expense Group/Universe”); (3) the investment performance of the Fund compared to the performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”), and against the Fund’s benchmark (“Benchmark”); (4) the costs of services and the benefits potentially to be derived by AllianceBernstein; (5) whether the Fund will benefit from possible economies of scale from engaging AllianceBernstein; (6) information regarding AllianceBernstein’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed New AllianceBernstein Agreements.
In considering whether to approve the New AllianceBernstein Agreements, the Board also took into account a presentation made at the meeting of the Board on October 22-23, 2018, by representatives from AllianceBernstein who responded to questions posed by the Board and management. The Board noted that in accordance with Section 15(c) of the 1940 Act, AllianceBernstein furnished the Board with extensive information throughout the prior year in connection with the annual consideration and renewal of the current sub-advisory agreement between VALIC and AllianceBernstein with respect to the Fund (the “Current AllianceBernstein Agreement”). The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the New AllianceBernstein Agreements. 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. The Board noted that its consideration of much of the information provided in connection with the annual renewal of the Current AllianceBernstein Agreement remained applicable for its consideration of the New AllianceBernstein Agreements.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by AllianceBernstein. The Board took into account that AllianceBernstein’s operations and personnel would not change as a result of a deemed assignment of the Current AllianceBernstein Agreement and the engagement pursuant to the New AllianceBernstein Agreements and that the terms of the New AllianceBernstein Agreements were substantially identical to the terms of the Current AllianceBernstein Agreement. The Board also noted that AllianceBernstein’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information. The Board also noted that the Fund’s principal investment strategies and techniques were not expected to change in connection with the merger.
The Board considered information provided to them regarding the services to be provided by AllianceBernstein. The Board noted that AllianceBernstein 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 investments (or arrange for another entity to provide a trading desk and to place orders) with broker dealers (including futures commission merchants) selected by AllianceBernstein, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under the New AllianceBernstein Agreements; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed AllianceBernstein’s history and investment experience as well as information regarding the qualifications, background and responsibilities of AllianceBernstein’s investment and compliance personnel, as applicable, who would provide services to the Fund. The Board also took into account the financial condition of AllianceBernstein. The Board also reviewed AllianceBernstein’s brokerage practices. The Board also considered AllianceBernstein’s risk management processes and regulatory history.
The Board concluded that the scope and quality of the services to be provided by AllianceBernstein were satisfactory and that there was a reasonable basis to conclude that AllianceBernstein would continue to provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the fees charged by AllianceBernstein for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Subadvisory Expense Universe. The Board noted that VALIC negotiated the sub-advisory fee with AllianceBernstein at arm’s length. The Board also noted that the sub-advisory fee rate payable to AllianceBernstein pursuant to the New AllianceBernstein Agreements is identical to the sub-advisory fee rate payable to AllianceBernstein pursuant to the Current AllianceBernstein Agreement. The Board considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered expense information of comparable funds or accounts managed by AllianceBernstein that have comparable investment objectives and strategies to the Fund.
The Board took into account management’s discussion of the Fund’s expenses. The Board noted that Fund’s actual sub-advisory fees were below the median of the Subadvisory Expense Universe, as of the date of the information provided in connection with the last annual renewal of the Current AllianceBernstein Agreement. The Board concluded in light of all factors considered that such fees were reasonable.
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VALIC Company I Dynamic Allocation Fund
APPROVAL OF SUBADVISORY AGREEMENTS (unaudited) — (continued)
The Board also received and reviewed information prepared in connection with the last annual renewal of the Current AllianceBernstein Agreement by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group/Universe and Benchmark. The Board noted that the Fund outperformed its Lipper peer index and the median of its Performance Universe for the one- 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 the one-, three- and five-year periods. The Fund outperformed its Benchmark for the one-year period and underperformed its Benchmark for the three- and five-year periods. The Board took into account management’s prior discussion of the Fund’s performance.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits realized in connection with the Current AllianceBernstein Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board noted that the sub-advisory fee rate paid pursuant the Current AllianceBernstein Agreement would not change as a result of the prospective assignment and that, as a result, the approval of the New AllianceBernstein Agreements was not expected to have any impact on VALIC’s profitability with respect to the Fund. The Board considered that the sub-advisory fee rates were negotiated with AllianceBernstein at arm’s length. In considering the anticipated profitability to AllianceBernstein in connection with its relationship to the Funds, the Directors noted that the fees paid to AllianceBernstein are, and will continue to be under the New AllianceBernstein Agreements, paid by VALIC out of the advisory fees that VALIC receives 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 AllianceBernstein from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the New AllianceBernstein Agreements.
Economies of Scale. For similar reasons as stated above with respect to AllianceBernstein’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in AllianceBernstein’s management of the Fund are not material factors to the approval of the New AllianceBernstein Agreements, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the New AllianceBernstein Agreements, including the duties and responsibilities to be undertaken. The Board noted that the terms of the New AllianceBernstein Agreements will not differ materially from the terms of the Current AllianceBernstein Agreement, except for the effective date of the agreement. The Board concluded that the terms of the New AllianceBernstein Agreements were reasonable.
Conclusions. In reaching its decisions to approve the New AllianceBernstein Agreements, 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 AllianceBernstein possesses the capability and resources to perform the duties required under the New AllianceBernstein Agreements.
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VALIC Company I Growth Fund
APPROVAL OF SUBADVISORY AGREEMENTS (unaudited)
At an in-person meeting held on April 29-30, 2019 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and each of BlackRock Investment Management LLC (“BlackRock” and the investment sub-advisory agreement with BlackRock shall be known herein as the “BlackRock Sub-Advisory Agreement”) and SunAmerica Asset Management, LLC (“SunAmerica” and the investment sub-advisory agreement with SunAmerica shall be known herein as the “SunAmerica Sub-Advisory Agreement” and, together with the BlackRock Sub-Advisory Agreement, the “Sub-Advisory Agreements”) with respect to the Growth Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreements, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, American Century Investment Management, Inc. (“American Century”) with respect to the Fund.
In connection with the approval of the Sub-Advisory Agreements, the Board, including the Independent Directors, received materials, at the Meeting, in-person meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by SunAmerica and BlackRock; (2) the sub-advisory fees proposed to be charged in connection with SunAmerica’s and BlackRock’s management of the Fund, compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-Advisory Expense Group/Universe”); (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of comparable funds managed by SunAmerica and BlackRock; (4) the costs of services and the benefits potentially to be derived by SunAmerica and BlackRock; (5) whether the Fund will benefit from possible economies of scale from engaging SunAmerica and BlackRock; (6) the anticipated profitability of VALIC, SunAmerica and their affiliates; (7) information regarding SunAmerica’s and BlackRock’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed Sub-Advisory Agreements.
In considering whether to approve the Sub-Advisory Agreements, the Board also took into account a presentation made at the in-person meeting held on April 29-30, 2019, by members of management as well as presentations made by representatives from SunAmerica and BlackRock who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreements. 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 SunAmerica and BlackRock. The Board reviewed information provided by SunAmerica and BlackRock relating to their operations and personnel. The Board also noted that SunAmerica’s and BlackRock’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 it regarding the services to be provided by SunAmerica and BlackRock. In this regard, the Board took into account its familiarity with SunAmerica and its operations through SunAmerica’s service as administrator to VC I and to VALIC Company II (“VC II”) and as sub-adviser to certain other funds in the same fund complex as the Fund. The Board also took into account its familiarity with BlackRock, which is a sub-adviser to other VC I funds. The Board noted that SunAmerica and BlackRock 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 the applicable sub-adviser, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreements; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board reviewed SunAmerica’s and BlackRock’s history and investment experience as well as information regarding the qualifications, background and responsibilities of SunAmerica’s and BlackRock’s investment personnel who would provide services to the Fund. The Board also reviewed SunAmerica’s and BlackRock’s brokerage practices. The Board also noted that it received information on SunAmerica’s and BlackRock’s financial condition and compliance function of SunAmerica and BlackRock. The Board also considered SunAmerica’s and BlackRock’s risk management processes and regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of the sub-advisory services to be provided by SunAmerica and BlackRock were expected to be satisfactory and that there was a reasonable basis to conclude that SunAmerica and BlackRock would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board noted that the composite sub-advisory fee rate payable with respect to the Growth Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered expense information of comparable funds managed by each of SunAmerica and BlackRock; however, the Board noted that SunAmerica and BlackRock served as the investment adviser to the respective comparable funds and, thus, the services provided to the comparable funds were different than the proposed services to be provided to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with BlackRock at arm’s length.
The Board considered that the proposed composite sub-advisory fee payable to SunAmerica and BlackRock is below the medians of the Fund’s Sub-Advisory Expense Group/Universe, while the sub-advisory fee rate paid to American Century was above the medians of the Fund’s Sub-Advisory Expense Group/Universe, in each case based on the Fund’s assets as of May 31, 2018. The Board also considered the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board took into account that the sub-advisory fee rate payable to SunAmerica is the lowest of its Sub-Advisory Expense Group. The Board also considered that the sub-advisory fee rates payable to SunAmerica and BlackRock contain breakpoints.
The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client
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VALIC Company I Growth Fund
APPROVAL OF SUBADVISORY AGREEMENTS (unaudited) — (continued)
needs. The Board also considered that VALIC and SunAmerica, as affiliated entities, would earn more than the amount that VALIC currently retains as adviser. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement. Therefore, the Board considered that the appointment of SunAmerica and BlackRock will, therefore, result in a reduction to the management fee paid by the Fund to VALIC. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended February 28, 2019. The Board also considered the performance of other funds managed by SunAmerica and BlackRock using a similar investment strategy as that which SunAmerica and BlackRock, respectively, will use to manage the Fund. The Board noted that such comparable fund managed by BlackRock outperformed the benchmark index for the year-to-date, one-year and three-year periods ended February 28, 2019, while the comparable fund managed by SunAmerica underperformed the Fund’s benchmark index for the year-to-date, one-year, three-year and five-year periods ended March 31, 2019. The Board considered management’s discussion, including that the SunAmerica comparable fund tracked an index other than the benchmark index. The Board also noted that a hypothetical portfolio using the proposed strategies of SunAmerica and BlackRock outperformed the Fund for the one-, three- and five-year periods.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreements. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that the sub-advisory fee payable by VALIC with respect to the Growth Fund would be reduced as a result of the replacement of the Fund’s current sub-adviser with SunAmerica and BlackRock. The Board also noted that VALIC would waive a greater portion of its management fee if the Sub-Advisory Agreements are approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if SunAmerica and BlackRock are retained as the Fund’s sub-advisers.
In considering the anticipated profitability to SunAmerica and BlackRock in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreements 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 SunAmerica and BlackRock from their relationships with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreements.
The Board also noted that VC I and VC II pay SunAmerica an annual fee of 0.06% based on average daily net assets, plus a fund accounting basis point fee equal to 0.0061% on the first $25 billion of daily net assets, 0.007% on the next $75 billion of daily net assets, and 0.005% on daily net assets exceeding $100 billion. Out of the fee SunAmerica receives from VC I and VC II, SunAmerica compensates VALIC 0.02% for certain administrative services provided and pays the Fund’s custodian, State Street Bank and Trust Company an accounting fee based on the rate referenced above.
Economies of Scale. For similar reasons as stated above with respect to SunAmerica’s and BlackRock’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in SunAmerica’s and BlackRock’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreements, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities to be undertaken by SunAmerica and BlackRock. The Board also reviewed the terms of payment for services to be rendered by SunAmerica and BlackRock and noted that VALIC would compensate SunAmerica and BlackRock out of the advisory fees it receives from the Fund. The Board noted that the Sub-Advisory Agreements provide that each of SunAmerica and BlackRock will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreements and other terms contained therein. The Board noted that the SunAmerica Sub-Advisory Agreement and/or the BlackRock Sub-Advisory Agreement contained additional terms related to the use of soft dollars, brokerage transactions, proxy voting, confidentiality, and trade allocation, and concluded that the terms of the SunAmerica Sub-Advisory Agreement and BlackRock Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, 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 each of SunAmerica and BlackRock possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreements.
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION —May 31, 2019 (unaudited)
Name, Age and Address at May 31, 2019* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown | Director | | 2005- Present | | Retired | 49 | Trustee, Virtus Funds(2011-Present). | |||||||
Dr. Judith L. Craven | Director | | 1998- Present |
| Retired | 73 | Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-Present). | |||||||
Dr. Timothy J. Ebner | Director | | 1998- Present |
| Professor and Head, Department of Neuroscience Medical School(1980-Present), and Visscher Chair of Physiology, University of Minnesota(1999-2013); Pickworth Chair (2000-Present) and Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014). | 49 | Trustee, Minnesota Medical Foundation (2003-2013). | |||||||
Judge Gustavo E. Gonzales, Jr. | Director | | 1998- Present |
| Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004). | 49 | None. | |||||||
Kenneth J. Lavery | Chairman and Director(5) | | 2001- Present |
| Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013). | 49 | None. | |||||||
Dr. John E. Maupin, Jr. | Director | | 1998- Present |
| Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014). | 49 | Director, LifePoint Hospitals, Inc., hospital management (1999-Present); Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-Present). | |||||||
Interested Directors | ||||||||||||||
Peter A. Harbeck(1) | Director | | 2001- Present |
| Retired since June 2019; formerly President, CEO and Director, SunAmerica (1992-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016) | 73 | None. | |||||||
Eric S. Levy | Director | | 2017- Present | | Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015). | 49 | None | |||||||
Officers | ||||||||||||||
John T. Genoy | President and Principal Executive Officer | | 2014- Present |
| Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer(2006-Present) and Director (2014 to Present), SunAmerica. | N/A | N/A |
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION —May 31, 2019 (unaudited) — (continued)
Name, Age and Address at May 31, 2019* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Officers | ||||||||||||||
John Packs | Vice President and Senior Investment Officer | | 2001- Present |
| Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present). | N/A | N/A | |||||||
Gregory R. Kingston | Treasurer and Principal Financial Officer | | 2000- Present |
| Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica. | | N/A | N/A | ||||||
Gregory N. Bressler | Vice President | | 2005- Present |
| Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica. | N/A | N/A | |||||||
Christopher Joe | Chief Compliance Officer | | 2017 to Present | | Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015). | N/A | N/A | |||||||
Matthew J. Hackethal | Anti-Money Laundering (“AML”) Compliance Officer | | 2007- Present |
| Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||
Thomas M. Ward | Vice President | | 2008- Present |
| Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc. | N/A | N/A | |||||||
Kathleen D. Fuentes | Chief Legal Officer, Vice President and Secretary | | 2015- Present |
| Vice President and Deputy General Counsel, SunAmerica (2006-Present). | N/A | N/A | |||||||
Shawn Parry | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica. | N/A | N/A | |||||||
Donna McManus | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A |
* | The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019. |
(1) | Mr. Harbeck is considered to be an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because he owns shares of American International Group, Inc., the ultimate parent of VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC. |
(2) | The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (5 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (59 portfolios), and VALIC Company II (15 funds). |
(3) | Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act. |
(4) | Directors serve until their successors are duly elected and qualified. |
(5) | Effective January 1, 2019, Mr. Lavery became Chairman of the Board. |
Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling1-800-448-2542.
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VALIC Company I
SHAREHOLDER TAX INFORMATION(unaudited)
Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2019.
During the year ended May 31, 2019, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
Fund | Net Long-term Capital Gains | Foreign Tax Credit* | Foreign Source Income | Qualifying % for the Dividends Received Deduction | ||||||||||||
Asset Allocation | $ | 6,332,042 | $ | — | $ | — | 16.75 | % | ||||||||
Blue Chip Growth | 91,325,072 | — | — | 100.00 | ||||||||||||
Broad Cap Value Income | 5,016,076 | — | — | 100.00 | ||||||||||||
Capital Conservation | — | — | — | — | ||||||||||||
Core Equity | 26,833,666 | — | — | 84.49 | ||||||||||||
Dividend Value | 73,011,368 | — | — | 42.35 | ||||||||||||
Dynamic Allocation* | 6,000,962 | 44,444 | 503,163 | 12.92 | ||||||||||||
Emerging Economies* | — | 2,075,773 | 24,053,346 | 0.26 | ||||||||||||
Global Real Estate* | — | 351,734 | 6,466,145 | 1.76 | ||||||||||||
Global Social Awareness | — | — | — | 48.91 | ||||||||||||
Global Strategy* | 27,336,221 | 523,029 | 12,142,395 | 14.92 | ||||||||||||
Government Money Market I* | — | — | — | — | ||||||||||||
Government Securities | — | — | — | — | ||||||||||||
Growth | 71,315,683 | — | — | 42.46 | ||||||||||||
Growth & Income | 11,821,661 | — | — | 100.00 | ||||||||||||
Health Sciences | 47,556,071 | — | — | 23.59 | ||||||||||||
Inflation Protected | 163,608 | — | — | 0.60 | ||||||||||||
International Equities Index* | — | 1,941,947 | 28,582,533 | — | ||||||||||||
International Government Bond | 37,417 | — | — | — | ||||||||||||
International Growth* | 95,235,064 | 249,926 | 4,308,603 | 0.04 | ||||||||||||
International Value* | — | 1,392,647 | 18,944,366 | — | ||||||||||||
Large Cap Core | 13,332,022 | — | — | 100.00 | ||||||||||||
Large Capital Growth | 28,866,161 | — | — | 94.21 | ||||||||||||
Mid Cap Index | 282,474,072 | — | — | 48.67 | ||||||||||||
Mid Cap Strategic Growth | 22,367,523 | — | — | 23.84 | ||||||||||||
Nasdaq-100® Index | 6,027,819 | — | — | 100.00 | ||||||||||||
Science & Technology | 184,672,479 | — | — | 5.29 | ||||||||||||
Small Cap Aggressive Growth | 17,793,380 | — | — | 8.51 | ||||||||||||
Small Cap | 18,202,222 | — | — | 31.93 | ||||||||||||
Small Cap Index | 80,645,698 | — | — | 30.64 | ||||||||||||
Small Cap Special Values | 26,863,113 | — | — | 55.08 | ||||||||||||
Small-Mid Growth | 13,472,877 | — | — | 36.92 | ||||||||||||
Stock Index | 107,948,092 | — | — | 100.00 | ||||||||||||
Value | — | — | — | 100.00 |
* | The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders. |
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VALIC Company I
COMPARISONS: FUNDS VS. INDEXES(unaudited)
In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.
Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.
Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Pinebridge Investments, LLC
The Asset Allocation Fund posted a return of -3.42% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 2.24% for the FTSE Treasury Bill 3 Month Index, and 4.96% for the Blended Index (S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%)).
Benchmark allocations are: 55% equity, 35% fixed income, and 10% cash. The Fund underperformed the Blended Index benchmark primarily due to its allocations in U.S. small cap equities and U.S. financial equities. Another significant detractor was the Fund’s allocation to Japanese equities.
In contrast, allocations to China A shares, Brazilian equities, and Indian equities were contributors to performance.
Treasury futures were used to hedge interest rate risk while equity index futures were used for hedging and efficient portfolio management. Currency forwards were used for hedging and taking selective currency exposures. The forward investments detracted from performance, but futures investments increased return. The net result from derivatives was a detraction from performance.
For the year ended May 31, 2019, the Asset Allocation Fund returned -3.42% compared to 3.78% for the S&P 500® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, 2.24% for the FTSE Treasury Bill 3 Month Index and 4.96% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%). |
*** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-3.42% | 3.45% | 8.26% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Blue Chip Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Blue Chip Growth Fund posted a return of 4.22% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500® Index.
The Fund’s relative outperformance was driven by sector allocation. Stock selection also boosted relative results.
On the positive side, the information technology sector contributed the most to relative results due to effective stock selection. An underweight to the energy sector as well as financials also boosted relative returns.
At the individual stock level, the top contributors were positions in Microsoft Corp., Amazon.com, Inc., and Mastercard, Inc.
Conversely, unfavorable stock selection in the communication services and consumer discretionary sectors detracted the most from relative performance. An underweight in the consumer staples sector also weighed on returns.
Top individual detractors included Alibaba Group Holding, Ltd., Booking Holdings, Inc., and NVIDIA Corp.
For the year ended May 31, 2019, the Blue Chip Growth Fund returned 4.22% compared to 3.78% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
4.22% | 13.77% | 16.68% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Broad Cap Value Income Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC
The Broad Cap Value Income Fund posted a return of -1.84% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000® Value Index.
The Fund’s underperformance overall was primarily due to sector allocation during the period. Stock selection contributed to relative performance.
An overweight in the energy sector was the largest detractor to performance. Stock selection in the financials and industrials sectors also hampered returns.
The largest relative detractors for the period were State Street Corp., Parsley Energy, Inc., and Vermilion Energy, Inc.
On the positive side, stock selection in the consumer discretionary, information technology, and materials sectors contributed most to relative results.
The top individual contributors to performance included Dollar General Corp., Coca-Cola European Partners PLC and Air Products & Chemicals, Inc.
In aggregate, security selection, asset allocation and yield curve contributed to the performance of the Fund. An underweight allocation to U.S. Treasuries and overweight allocations to the communications and financials sectors contributed to performance. The Fund’s overweight in the utilities sector and cash detracted from performance.
For the year ended May 31, 2019, the Broad Cap Value Income Fund returned-1.84% compared to 1.45% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-1.84% | 6.08% | 11.92% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Capital Conservation Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Capital Conservation Fund posted a return of 6.10% for the twelve-month period ended May 31, 2019, compared to a return of 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index.
Security selection within the financials,non-cyclical consumer and utilities sectors were the primary drivers during the reporting period. The Fund’s long duration positioning contributed to performance as rates declined during the period.
The largest individual contributors were South Carolina Electric and Gas (5.10% due 6/1/2065), Anheuser-Busch InBev Worldwide, Inc. (5.55% due 1/23/2049) and Électricité de France SA (5.00% due 9/21/2048).
Among the greatest detractors were Telecom Italia Capital SA (7.72% due 6/4/2038), Westlake Chemical Corp. (5.50% due 8/15/2048) and Federal National Mtg. Association (4.50% due 11/1/2047).
For the year ended May 31, 2019, the Capital Conservation Fund returned 6.10% compared to 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index.
* | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
6.10% | 2.34% | 4.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Core Equity Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with BlackRock Investment Management, LLC
The Core Equity Fund posted a return of 0.35% for the twelve-month period ended May 31, 2019, compared to a return of 3.47% for the Fund’s benchmark, the Russell 1000® Index.
The Fund’s relative underperformance was driven by security selection. Overall sector allocation had a slightly negative impact as well.
Stock selection in the health care, materials and utilities sectors were large detractors. Lack of exposure to the strong real estate sector also hampered returns.
Individual detractors to performance included PG&E Corp., Suncor Energy, Inc. and Freeport McMoRan, Inc.
The largest contributors to relative performance during the period included stock selection in the information technology, industrials and energy sectors.
The top individual contributors to performance included Dell Technologies, Inc., Comcast Corp. and Norfolk Southern Corp.
For the year ended May 31, 2019, the Core Equity Fund returned 0.35% compared to 3.47% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
0.35% | 7.81% | 12.15% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Dividend Value Fund posted a return of -0.17% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000® Value Index.
A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the Russell 1000® Value Index for the twelve-month period. Overall, stock selection provided the largest contribution to relative returns during the annual period, while sector allocation detracted from relative results.
Stock selection was especially strong in the information technology and energy sectors. An overweight to the healthcare sector was another significant contributor.
Top individual contributors included Anthem Inc., Microsoft Corp. and Intel Corp.
The largest detractors from relative performance during the year were stock selection in both the utilities and the health care sectors. Another significant detractor was the lack of exposure to the strong real estate sector.
Larger individual detractors included PG&E Corp., Suncor Energy, Inc. and Marathon Petroleum Corp.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the Russell 1000® Value Index for the twelve-month period. On a sector basis, the primary driver of underperformance during the annual period was stock selection. Asset allocation contributed to relative results.
Stock selection in the industrials, consumer discretionary, and healthcare sectors were the most significant detractors.
In terms of individual holdings, Kraft Heinz Co., Foot Locker, Inc., and Macy’s, Inc. were the larger detractors on a relative basis.
The largest positive contributions came from an overweight to the consumer staples sector, stock selection in the energy sector, and lack of exposure to the weak financials sector.
Top contributors were positions in Procter & Gamble Co., Merck & Co., Inc. and Lam Research Corp.
For the year ended May 31, 2019, the Dividend Value Fund returned -0.17% compared to 1.45% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-0.17% | 6.92% | 11.97% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Dynamic Allocation Fund posted a return of 1.47% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 5.24% for the Blended Index (S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%)).
The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.
A discussion with AllianceBernstein, L.P.—regarding their portion of the Fund (the “portfolio”)
The overlay portfolio, the process to manage the Fund’s net equity exposure, contributed to the Fund during the period.
The underlying cash assets invested in longer duration U.S. Treasury bonds was the largest contributor during the period. The volatility overlay component (the process to manage the portfolio’s net equity exposure using futures) contributed modestly to returns. Finally, the options hedging program, designed to protect against large and unexpected market declines, detracted from performance.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
Thefund-of-funds component underperformed the Fund’s blended benchmark during the period. Overall, an overweight to equities dampened results during the period.
Exposure to international equities was the largest detractor during the period. Also detracting from performance was exposure to funds investing primarily in U.S. mid cap and small cap equities.
Within fixed income, exposure to inflation-protected securities and high yield securities were modest detractors.
On the positive side, exposure to large cap growth stocks and a global real estate fund were modest contributors to performance.
Larger detractors from performance included the VCI Foreign Value, VCI Value, and VCI Broad Cap Value Funds. Leading individual contributors to performance included the VCI Large Capital Growth, VCI International Growth, and VCII Small Cap Growth Funds.
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX(unaudited) — (continued)
For the year ended May 31, 2019, the Dynamic Allocation Fund returned 1.47% compared to 3.78% for the S&P 500® Index, 6.40% for the Bloomberg Barclays U.S. Aggregate Bond Index and 5.24% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). |
*** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | Since Inception* | ||
1.47% | 4.28% | 6.22% |
* | Inception date of Fund: December 19, 2012 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Emerging Economies Fund posted a return of -11.75% for the twelve-month period ended May 31, 2019, compared to a return of -8.70% for the MSCI Emerging Markets Index (net).
The Fund’s relative underperformance was driven predominately by stock selection. Sector allocation added to results for the period.
Major factors weighing on relative performance were stock selection in Taiwan and China, and an underweight to the India market. Performance was also offset by stock selection in information technology, energy, and industrials.
Among individual performers, a position in Catcher Technology Co., Ltd. was among the larger detractors. Additionally, not owning strong benchmark performers Banco Bradesco S.A. and Reliance Industries Limited weighed on relative performance.
On the positive side, a combination of an overweight and positive stock selection in the financials sector provided a significant contribution. An underweight to the weak healthcare sector was an additional driver of performance. Overweights to Brazil and Russia added to performance, as did stock selection in Brazil.
Among the positive individual performers were Banco do Brasil S.A., Itau Unibanco Holding SA, and IRB Brasil Resseguros SA.
For the year ended May 31, 2019, the Emerging Economies Fund returned -11.75% compared to -8.70% for the MSCI Emerging Markets Index (net).
* | MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-11.75% | 0.96% | 3.82% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Global Real Estate Fund posted a return of 8.10% for the twelve-month period ended May 31, 2019, compared to a return of 8.51% for the FTSE EPRA/NAREIT Developed Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio, which is U.S. — focused, significantly outperformed the benchmark for the twelve-month period. Both stock selection and industry allocation contributed to the outperformance for the period.
An allocation to theout-of-benchmark industry, infrastructure, was a large contributor to relative performance. Overweights to the apartments and manufactured homes industries were other large contributors to performance for the period.
The top individual contributors to performance included American Tower Corp., Crown Castle International Corp. and AvalonBay Communities, Inc.
An allocation to theout-of-benchmark industry, timber, was the largest detractor from performance for the period. An overweight to the lodging/resorts industries and stock selection in the diversified industry were additional detractors from relative performance.
The top individual detractors from performance included Weyerhaeuser Co., Macerich Co. and PotlatchDeltic Corp.
A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)
The portfolio, which is focused on international stocks, underperformed the benchmark for the twelve-month period, primarily due to country allocation. Stock selection contributed to relative performance.
A significant underweight to the U.S. was a large detractor from performance relative to the global benchmark for this Fund. Overweights to the weak United Kingdom and France markets were other large detractors from performance.
The top individual detractors from performance included Gecina SA, CK Asset Holdings, Ltd. and Unibail-Rodamco-Westfield SE.
On the positive side, top contributors to the portfolio’s relative performance included stock selection in the United Kingdom, Switzerland and Germany.
For the year ended May 31, 2019, the Global Real Estate Fund returned 8.10% compared to 8.51% for theFTSE EPRA/NAREIT Developed Index.
* | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
8.10% | 5.26% | 10.55% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Social Awareness Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Global Social Awareness Fund posted a return of 0.57% for the twelve-month period ended May 31, 2019, compared to a return of -0.29% for the MSCI World Index (net).
The Fund’s outperformance was driven primarily by stock selection. Sector allocation was also a positive contributor to performance during the period.
Stock selection within the financials, industrials, and consumer staples sectors were the biggest contributors to performance for the period.
Top individual contributors to performance included Microsoft Corp., Procter & Gamble Co. and Mastercard Inc., Class A.
On the negative side, stock selection within the energy and consumer discretionary sectors were among the largest detractors from performance. An underweight to the healthcare sector was another detractor during the period.
The largest individual detractors included positions in Apple, Inc., NVIDIA Corp. and Schlumberger, Ltd.
The Fund utilized stock index futures contracts to keep its cash position fully exposed to the market. During the twelve-month period, stock index futures contributed to relative performance.
For the year ended May 31, 2019, the Global Social Awareness Fund returned 0.57% compared to -0.29% for MSCI World Index (net).
* | The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
0.57% | 6.28% | 10.82% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Global Strategy Fund posted a return of -5.19% for the twelve-month period ended May 31, 2019, compared to a return of -1.29% for the MSCI ACWI (net), 3.14% for the JPMorgan GBI Global Index (unhedged) and 0.80% for the Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).
A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)
During the twelve-month period, the portfolio underperformed relative to the benchmark for the equity portion of the Fund, the MSCI ACWI (net). From a sector perspective, stock selection was primarily responsible for the underperformance. Specifically, selection in the consumer staples, information technology, and consumer discretionary sectors were among the larger detractors from relative returns. Key contributors included an overweight to the health care sector, an underweight in the lagging consumer discretionary sector, and stock selection in the energy sector.
From a regional perspective, stock selection accounted for the majority of the underperformance. Key detractors from relative performance included stock selection and an underweighting in the U.S. In addition, an overweight to United Kingdom detracted from results. On the positive side, stock selection in Denmark, China, and Taiwan benefited relative results.
Some large individual detractors during the period were Teva Pharmaceuticals Industries, Ltd., Bayer AG, and Baidu, Inc. Significant individual contributors included Advance Auto Parts, Inc., Eli Lilly & Co. and Vestas Wind Systems A/S.
A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)
During the twelve-month period, the portfolio outperformed the benchmark for the fixed income portion of the Fund, the JP Morgan GBI Global Index (unhedged). The portfolio’s fixed income benchmark index consists solely of investment-grade global government bonds, while the portfolio’s holdings include investment-grade and below investment-grade global government bonds, sovereign debt and cash. The portfolio also invests in currency-related transactions.
The portfolio’s total return was influenced by various factors, including interest rate and foreign exchange rate movements across local-currency markets. During the period, currency positions contributed to relative performance, while interest-rate strategies detracted. Sovereign credit exposures had a largely neutral effect on relative results.
Regarding the Fund’s currency exposure, positions in the Euro, Japanese Yen, and Mexican Peso contributed to performance. Exposure to the Argentine Peso detracted from performance.
Exposure to U.S. Treasuries was the most significant detractor from relative performance. Additionally, exposures in Argentina and Europe were large detractors. Exposure in Brazil, India, and South Korea were significant contributors to relative return.
Currency forward contracts were used to actively manage currencies. In addition, interest-rate swaps were employed to tactically manage duration exposures.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX(unaudited) — (continued)
For the year ended May 31, 2019, the Global Strategy Fund returned -5.19% compared to -1.29% for the MSCI ACWI (net), 3.14% for the JPMorgan GBI Global Index (unhedged) and 0.80% for the Blended Index.
* | The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 49 country indices comprising 23 developed and 26 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%). |
*** | The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-5.19% | 0.77% | 7.06% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Money Market I Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Government Money Market I Fund posted a return of 1.69% for the twelve-month period ended May 31, 2019, compared to a return of 2.24% for the FTSE Treasury Bill 3 Month Index.*
Positions in U.S. Government Treasuries, Federal National Mortgage Association and modest exposure to Federal Farm Credit Bank investments detracted from the Fund’s relative performance. While these positions had positive returns, those returns were lower than that of the benchmark.
Among the U.S. Government Agencies positions, the exposure to Federal Home Loan Bank investments positively contributed to performance.
* | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
1.69% | 0.50% | 0.26% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Securities Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Government Securities Fund posted a return of 5.98% for the twelve-month period ended May 31, 2019, compared to a return of 6.26% for the Bloomberg Barclays U.S. Government Bond Index.
U.S. Treasury yields fell sharply across the curve and flattened during the fiscal year. The spread between the2- and10-year Treasuries narrowed by 23 basis points (bps), moving the spread from 43 to 20 bps at the end of the period. As a result, the Fund’s shorter duration posture was the largest detractor from performance, while the Fund’s yield curve positioning was a contributor.
During the period, the Fund maintained an overweight in the belly of the curve(5-10 years), underweight in the20-plus year bucket and maintained a shorter duration than the index.
The Fund continued to have a yield advantage over the benchmark, which contributed to results over the period.
The Fund’s allocation in spread sectors, specifically mortgage-backed securities, credit and commercial mortgage-backed securities were positive for excess returns. The Fund’s security selection in U.S. Treasuries was a slight detractor from performance.
For the year ended May 31, 2019, the Government Securities Fund returned 5.98% compared to 6.26% for the Bloomberg Barclays U.S. Government Bond Index.
* | The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
5.98% | 2.13% | 2.87% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with American Century Investment Management, Inc.
The Growth Fund posted a return of 2.65% for the twelve-month period ended May 31, 2019, compared to return of 5.39% for the Russell 1000® Growth Index.
The Fund’s relative underperformance was driven predominately by sector allocation. Stock selection also detracted from results for the period.
From a sector perspective, an overweight to the energy sector and stock selection in both industrials and consumer staples were the largest detractors from relative performance.
Geographically, exposure to Japan, Canada, and Netherlands detracted from relative returns.
The bottom performing names included: the underweight positioning in Microsoft Corp. and American Tower Corp., and exposure to Concho Resources, Inc.
Stock selection in the information technology and healthcare sector, as well as an underweight to industrials added the most to relative performance.
From a geographic perspective, exposure to Australia and United Kingdom, and stock selection in United States were among the major contributors to relative performance.
The top individual contributors to performance in the Fund included underweighting NVIDIA Corp., and exposure to Visa, Inc. and PayPal Holdings, Inc.
For the year ended May 31, 2019, the Growth Fund returned 2.65% compared to 5.39% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
2.65% | 10.45% | 14.17% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Growth & Income Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management Inc.
The Growth & Income Fund posted a return of 2.87% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500® Index.
Stock selection in the financials and materials sectors were large detractors from performance. An underweight to the consumer staples sector also weighed on relative performance.
PVH Corp was the largest individual detractor. Additional large individual detractors were NVIDIA Corp. and Marathon Petroleum Corp.
Stock selection in the industrials, information technology, and communication services sectors contributed to performance.
Large individual contributors were positions in Autozone, Inc., Intel Corp. and Microsoft Corp.
For the year ended May 31, 2019, the Growth & Income Fund returned 2.87% compared to 3.78% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
2.87% | 8.70% | 11.81% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Health Sciences Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Health Sciences Fund posted a return of 3.09% for the twelve-month period ended May 31, 2019, compared to a return of 7.67% for the S&P 500® Health Care Index.
Sector allocation was the primary driver of underperformance during the period. Stock selection was also a detractor to relative performance.
An overweight in the biotechnology sector as well as stock selection within this sector were the largest detractors from performance. An underweight in the pharmaceuticals sector also weighed on returns.
Individual detractors included Bluebird Bio, Inc., Cigna Corp. and Nektar Therapeutics.
On the positive side, stock selection in the services sector was the largest contributor to performance during the period. A slight overweight to the life sciences sector also contributed to relative returns.
Large individual contributors included Thermo Fisher Scientific, Inc., Anthem, Inc. and Merck & Co., Inc.
For the year ended May 31, 2019, the Health Sciences Fund returned 3.09% compared to 7.67% for the S&P 500® Health Care Index.
* | The S&P 500® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500® Index and is designed to measure the performance of the healthcare sector. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.09% | 11.60% | 19.60% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Inflation Protected Fund posted a return of 3.51% for the twelve-month period ended May 31, 2019, compared to a return of 4.36% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.
The Fund’s underperformance was driven predominantly by short duration positioning which detracted from performance as rates declined during the period. The Fund’s exposure tonon-USD foreign exchange further detracted from performance as the U.S. dollar appreciated during the period. Yield curve positioning also had a negative effect on the relative performance of the Fund.
Overweight allocations to corporate bonds/notes and inflation-linked bonds/notes contributed to performance. The Fund’s overweight in collateralized mortgage backed securities (CMBS) and preferred shares also had a positive impact on performance. Security selection within U.S. TIPS contributed to performance.
Among the top individual contributors were Republic of Italy Inflation-Linked Bonds (0.10% due 5/15/2022), Government of Canada Bonds (4.25% due 12/1/2021) and United Kingdom Inflation-Linked Gilt Treasury (0.13% due 8/10/2028).
Among the largest detractors were Barclays Bank PLC (4.00% due 5/22/2023), Government of Canada Bonds (4.00% due 12/1/2031) and U.S. Treasury Notes (0.13 due 7/15/2022).
For the year ended May 31, 2019, the Inflation Protected Fund returned 3.51% compared to 4.36% for the Bloomberg Barclays U.S. TIPS Index.
* | The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.51% | 1.23% | 3.73% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Equities Index Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Equities Index Fund posted a return of -5.81% for the twelve-month period ended May 31, 2019, compared to a return of -5.75% for the MSCI EAFE Index (net).
This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.
With respect to geography, Austria, Israel, and Belgium were prominent laggards, while Switzerland, New Zealand, and Australia were the only constituent countries in the MSCI EAFE Index (net) to post positive returns during the twelve-month period.
From a sector perspective, consumer discretionary, materials, and financials companies were prominent laggards, while utilities, consumer staples, and healthcare holdings were positive performers for the MSCI EAFE Index (net) during the period.
Among the largest individual detractors from performance were Bayar AG, British American Tobacco PLC and BASF SE. Top individual contributors to performance included Nestle SA, Novartis AG and Roche Holding AG.
For the year ended May 31, 2019, the International Equities Index Fund returned-5.81% compared to -5.75% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-5.81% | 1.02% | 5.67% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
For the year ended May 31, 2019, the International Government Bond Fund posted a return of 3.26% compared to 7.46% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 2.79% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 4.21% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).
In aggregate, sector selection had a negative effect on the relative performance of the Fund. An overweight allocation to emerging markets detracted from performance.
Foreign exchange was the primary driver of underperformance during the year. Specifically, negative contributions from overweight positions in the South African Rand, Australian Dollar and British Pound.
Country selection detracted from performance during the year. Overweight positions in Argentina and Turkey were the primary contributors.
Yield curve positioning contributed to performance. Specifically, the Fund’s underweight position at the long end of the U.S. yield curve and overweight position at the belly of the curve contributed to performance.
Among individual holdings, Republic of Ivory Coast (6.13 due 6/15/2033), Republic of Lebanon (8.25 due 4/12/2021) and PT Pelabuhan Indonesian II (4.25 due 5/5/2025) were the largest contributors.
Kazakhstan Temir zHoly Finance BV (6.95 due 7/10/2042), Petroleos Mexicanos (6.75 due 9/21/2047) and Republic of Argentina (5.25 due 1/15/2028) were among the largest individual detractors.
For the year ended May 31, 2019, the International Government Bond Fund returned 3.26% compared to 7.46% for the JP Morgan EMBI Global Diversified Index, 2.79% for the FTSE WGBI Index (unhedged) and 4.21% for the Blended Index.
* | The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets. |
** | The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
*** | The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.26% | 0.98% | 3.37% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The International Growth Fund posted a return of -0.17% for the twelve-month period ended May 31, 2019, compared to a return of -6.26% for the MSCI ACWI ex USA Index (net).
A discussion with Morgan Stanley Investment Management, Inc. “MSIM”
The principal factor for the Fund’s outperformance was stock selection. Sector allocation also contributed to the relative outperformance during the twelve-month period.
Stock selection in the information technology and financials sectors were significant contributors. Another strong contributor was a large overweight to the consumer staples sector.
From a geographic perspective, stock selection in United Kingdom, China, and Sweden were among the major contributors to relative performance.
The top performing names included EPAM Systems, Inc., Vitrolife AB and DSV A/S.
On the negative side, stock selection in the consumer staples sector was a large detractor. Also, an overweight to the consumer discretionary sector and an underweight allocation in the healthcare sector detracted from returns.
Geographically, stock selection in Japan and Italy proved detrimental. An overweight to China was another detractor from relative returns.
The bottom performing names included Moncler SpA, Booking Holdings Inc. and Anheuser-Busch InBev SA/NV.
For the year ended May 31, 2019, the International Growth Fund returned -0.17% compared to -6.26% for the MSCI ACWI ex USA Index (net).
* | The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-0.17% | 4.59% | 8.79% |
Past performance is not predictive of future performance.The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The International Value Fund posted a return of -13.83% for the twelve-month period ended May 31, 2019, compared to a return of -5.75% for the MSCI EAFE Index (net) and-6.26 for the MSCI ACWI ex USA (net).
A discussion with Wells Capital Management Incorporated “WellsCap”
Effective September 10, 2018, WellsCap became subadvisor for the International Value Fund. The Fund’s underperformance during the period, September 10, 2018 through May 31, 2019, overall was primarily due to stock selection. Sector and country allocation contributed to relative performance during the period.
Stock selection was weakest in the financials, industrials, and materials sectors. On the positive side, stock selection in the consumer staples sector and underweights to both the consumer discretionary and the health care sectors were among the contributors to performance.
At the country level, stock selection in United Kingdom, Japan, and Netherlands were large detractors from performance. Positive contributions came from stock selection in Brazil and Germany. A small allocation to United States provided another contribution to relative performance.
Among individual performers, some of the largest detractors were John Wood Group PLC, Daiwa Securities Group, Inc. and Prysmian SpA. Sizeable contributions to performance came from Cosan Ltd., Munich Re (Muenchener Rueckversicherungs-Gesellschaft AG) and Greencore Group PLC.
Derivatives were utilized in the form of currency forward contracts used to partially hedge currency exposure (British Pound and Euro) in the portfolio. During the period, the British Pound and Euro declined versus the U.S. Dollar, resulting in positive attribution from currency hedges.
A discussion with Templeton Global Advisors Ltd
Effective September 10, 2018, WellsCap replaced Templeton Global Advisors Limited as subadvisor for the International Value Fund. The Fund’s underperformance during the period, June 1, 2018 through September 10, 2018, overall was primarily due to stock selection. Sector allocation contributed to relative performance during the period.
Stock selection was weakest in the consumer staples, materials, and consumer discretionary sectors. On the positive side, stock selection in the communication services sector contributed to relative performance. An overweight to the health care sector and an underweight to the consumer discretionary sector were also among the contributors to performance.
At the country level, an overweight to China and exposure tonon-benchmark country Canada were large detractors from performance. Stock selection in Australia and New Zealand was another large detractor. Positive contributions came from stock selection in Sweden and Japan. Exposure tonon-benchmark country Taiwan provided another contribution to relative performance.
Among individual performers, some of the largest detractors were Wheaton Precious Metals Corp., Samsung Electronics Co., Ltd., and Standard Chartered PLC. Sizeable contributions to performance came from Softbank Corp., Taiwan Semiconductor Manufacturing Co. Ltd., and SES SA.
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VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX(unaudited) — (continued)
For the year ended May 31, 2019, the International Value Fund returned -13.83% compared to -5.75% for the MSCI EAFE Index (net) and -6.26 for the MSCI ACWI ex USA (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | Effective September 10, 2018, the Fund changed its benchmark against which it measures its performance from the MSCI EAFE Index (net) to the MSCI ACWI ex USA Index (net). Fund management believes that the MSCI ACWI ex USA Index (net) is more representative of the securities in which the Fund invests. The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable 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.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-13.83% | -2.52% | 4.60% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Cap Core Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Columbia Management Investment Advisers, LLC
The Large Cap Core Fund posted a return of 3.11% for the twelve-month period ended May 31, 2019, compared to a return of 3.47% for the Russell 1000® Index.
Stock selection in the consumer staples sector was the largest detractor from performance. An underweight to the utilities and real estate sectors also detracted from results for the period.
The largest individual detractors included positions in PVH Corp., FedEx Corp. and EOG Resources, Inc.
Stock selection in the information technology and real estate sectors as well as an overweight to the health care sector added the most to relative performance.
The top individual contributors to performance in the Fund included Mastercard, Inc., American Tower Corp. and Anthem, Inc.
For the year ended May 31, 2019, the Large Cap Core Fund returned 3.11% compared to 3.47% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.11% | 8.61% | 13.75% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Capital Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Massachusetts Financial Services Company
The Large Capital Growth Fund posted a return of 12.50% for the twelve-month period ended May 31, 2019, compared to a return of 5.39% for the Russell 1000® Growth Index.
The Fund’s outperformance was driven primarily by stock selection. Sector allocation also contributed to the positive results.
Stock selection in the healthcare, industrials, and consumer discretionary sectors were the most additive to performance.
The top individual contributors in the Fund included positions in Starbucks Corp. and Comcast Corp., and lack of exposure to weak performer NVIDIA Corp.
Lack of exposure to the strong real estate sector and an overweight allocation to the weak materials sector were drags on relative performance. Weak selection in the consumer staples sector also detracted from overall results.
The bottom-performing names included Electronic Arts, Inc., Paddy Power Betfair PLC, and Cognizant Technology Solutions Corp.
For the year ended May 31, 2019, the Large Capital Growth Fund returned 12.50% compared to 5.39% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
12.50% | 11.42% | 13.38% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Index Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Mid Cap Index Fund posted a return of -5.76% for the twelve-month period ended May 31, 2019, compared to a return of -5.44% for the S&P MidCap 400® Index.
The Fund is passively managed to match the S&P MidCap 400® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of sectors, the energy, materials, and consumer discretionary sectors were the most notable laggards, while the telecommunication services, utilities, and real estate sectors performed the best.
Steel Dynamics, Inc., United States Steel Corp. and Chemours Co. were among the constituent holdings to detract the most from performance during the twelve-month period.
Among individual holdings, positions in Fair Isaac Corp., MarketAxess Holdings, Inc., and WellCare Health Plans, Inc. were the top contributors to relative performance during the fiscal period.
The Fund utilizes stock index futures contracts to keep its cash position fully exposed to the market. The contracts are designed to provide returns equal to that of the portfolio’s benchmark, the S&P 400® MidCap Index. During the twelve-month period, these derivatives detracted from relative performance.
For the year ended May 31, 2019, the Mid Cap Index Fund returned -5.76% compared to -5.44% for the S&P MidCap 400® Index.
* | The S&P MidCap 400® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®, “S&P®,” and “S&P MidCap 400®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-5.76% | 7.00% | 13.59% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Strategic Growth Fund posted a return of 7.45% for the twelve-month period ended May 31, 2019, compared to a return of 6.87% for the Russell Midcap® Growth Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).
The portfolio’s underperformance relative to the benchmark was driven primarily by stock section. Sector allocation was also a detractor to relative returns.
Stock selection in the industrials, energy, and financials sectors were among the larger detractors from relative returns.
The bottom-performing names for the portfolio included XPO Logistics Inc., E*Trade Financial Corp., andout-of-benchmark position Heron Therapeutics, Inc.
On the positive side, stock selection in the health care, information technology, and materials sectors added the most to relative performance.
The top performing names in the portfolio included Worldpay, Inc., Workday, Inc., andout-of-benchmark position Trade Desk, Inc.
A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).
The portfolio’s outperformance relative to the benchmark was driven by strong stock selection. Sector allocation was also additive for the period.
Stock selection in the healthcare, financials, and consumer discretionary sectors were among the largest contributors to relative performance.
The top performing names in the portfolio included Atlassian Corp PLC, NICE, Ltd. and Global Payments, Inc.
On the negative side, stock selection in the information technology and industrials sectors detracted from relative performance. The lack of exposure to the consumer staples sector also detracted from performance.
The bottom-performing names for the portfolio included ON Semiconductor Corp., Cimpress NV and Flex, Ltd.
For the year ended May 31, 2019, the Mid Cap Strategic Growth Fund returned 7.45% compared to 6.87% for the Russell Midcap® Growth Index.
* | The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
7.45% | 10.44% | 13.47% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Nasdaq-100® Index Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Nasdaq-100® Index Fund posted a return of 2.76% for the twelve-month period ended May 31, 2019, compared to a return of 3.41% for the Nasdaq-100® Index.
The Fund is passively managed to match the NASDAQ 100® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
In terms of sectors, the financials and utilities sectors led the benchmark higher. The telecommunication services and healthcare sectors were the most notable laggards.
Top-contributing index holdings during the fiscal period included Microsoft Corp., Comcast Corp., Class A, and Amazon.com, Inc. Conversely, Apple, Inc., NVIDIA Corp., and Kraft Heinz Co. were the index holdings which detracted most significantly from the Fund’s performance.
For the year ended May 31, 2019, the Nasdaq-100® Index Fund returned 2.76% compared to 3.41% for the Nasdaq-100® Index.
* | The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. |
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are theCorporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
2.76% | 14.50% | 18.10% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Science & Technology Fund posted a return of 3.04% for the twelve-month period ended May 31, 2019, compared to a return of 5.12% for the S&P® North American Technology Sector Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the period. Stock selection was the primary driver of relative outperformance. Sector allocation also contributed to the positive results.
From an industry perspective, stock selection in the software & services industry had the largest positive impact on relative performance. Additionally, exposure to the health care equipment & services industry as well as an underweight in the technology hardware & equipment industry contributed to returns.
The top performing names in the portfolio included overweight allocations in Okta, Inc., Twilio, Inc. and Paycom Software, Inc..
Conversely, allocation and stock selection within the semiconductor and semiconductor equipment industry, and stock selection in the technology hardware & equipment industry negatively impacted relative performance.
The bottom performing names in the portfolio included positions in DXC Technology Co., Micron Technology, Inc. and NVIDIA Corp.
A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the benchmark during the period due to sector allocation and stock selection.
Stock selection in the internet sector was the largest detractor from relative returns. Lack of exposure to the information technology services sector as well as stock selection in hardware also weighed on performance.
The bottom performing names in the portfolio included Micron Technology, Inc., Ctrip. Com International, Ltd. and Altaba, Inc.
On the positive side, stock selection in the semiconductors, telecom services, and electronic components sectors contributed to relative performance.
Top performing names in the portfolio included positions in Microsoft Corp., Red Hat, Inc. and Qualcomm, Inc.
A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark during the period primarily due to security selection. Sector allocation was a modest detractor from performance during the period.
Stock selection in both the semiconductor & semiconductor equipment and the information technology services industries, as well as an underweight to the technology hardware, storage & peripherals industry contributed most to relative returns.
From an individual stock perspective, overweight positions in Advanced Micro Devices, Inc., Workday, Inc. and Global Payments, Inc. were amongst the main contributors.
Conversely, weak stock selection within the electronic equipment, instruments & components industries and the internet software & services industries hampered returns. In addition, an overweight allocation to the semiconductor & semiconductor equipment industry detracted most from relative returns.
The top detractors from relative performance were out of benchmark positions in Sunny Optical Technology Group Co., Ltd. and Flex, Ltd. and an underweight to Microsoft Corp.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX(unaudited) — (continued)
For the year ended May 31, 2019, the Science & Technology Fund returned 3.04% compared to 5.12% for the S&P® North American Technology Sector Index.
* | The S&P® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.04% | 16.22% | 18.12% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Aggressive Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Victory Capital Management, Inc.
The Small Cap Aggressive Growth Fund posted a return of -0.89% for the twelve-month period ended May 31, 2019, compared to a return of -6.88% for the Russell 2000® Growth Index.
Overall, the fund’s outperformance of the benchmark was primarily driven by stock selection. Sector allocation also boosted relative results.
Stock selection within the information technology sector contributed most to performance. An overweight to the strong information technology sector as well as stock selection in consumer discretionary and financials also contributed to relative performance.
The largest detractors from relative performance during the period were sector allocation to communication services as well as stock selection in industrials. A lack of exposure to the real estate sector also weighed on relative returns.
Top individual contributors to benchmark-relative returns were RingCentral, Inc., Euronet Worldwide, Inc., and SendGrid, Inc. Top detractors were At Home Group, Inc., Lumentum Holdings, Inc. and National Vision Holdings, Inc.
For the year ended May 31, 2019, the Small Cap Aggressive Growth Fund returned-0.89% compared to -6.88% for the Russell 2000® Growth Index.
* | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-0.89% | 13.41% | 16.26% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
The Small Cap Fund posted a return of -1.94% for the twelve-month period ended May 31, 2019, compared to a return of -9.05% for the Russell 2000® Index.
A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)
The portfolio outperformed the benchmark for the twelve-month period. Both stock selection and sector allocation contributed to the outperformance for the period.
Stock selection within the health care, information technology, and consumer discretionary sectors were the biggest contributors to performance for the period.
Top individual contributors to performance included Molina Healthcare, Inc., Cable One, Inc. and Lattice Semiconductor Corp.
On the negative side, stock selection within the financials sector, in addition to underweights in the communication services and real estate sectors, were the largest detractors from performance during the period.
The biggest individual detractors from performance included BWX Technologies, Inc., Visteon Corp. and Western Alliance Bancorp.
A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)
The portfolio underperformed the benchmark for the twelve-month period. Both stock selection and sector allocation detracted from relative performance.
Stock selection within the consumer discretionary and information technology sectors were among the biggest detractors from performance for the period. An overweight to the weak energy sector was another significant detractor.
The biggest individual detractors from performance included Pioneer Energy Services Corp., Approach Resources, Inc. and Key Energy Services, Inc.
Stock selection within the health care, communication services, and materials sectors were the biggest contributors to performance for the period.
Top individual contributors to performance included ConforMIS, Inc., Chiasma, Inc. and Adverum Biotechnologies, Inc.
A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).
The portfolio outperformed the benchmark for the twelve-month period. Stock selection was the primary driver of the outperformance during the period. Sector allocation was a modest detractor to relative performance.
Stock selection within the health care, materials, and industrials sectors were the biggest contributors to performance for the period.
The top individual contributors to performance includedout-of-benchmark positions Pool Corp., AptarGroup, Inc. and National Retail Properties, Inc.
On the negative side, stock selection within the energy, financials, and information technology sectors were large detractors from performance during the period. An overweight to the weak materials sector also detracted from relative returns.
The biggest individual detractors from performance included SRC Energy, Inc. andout-of-benchmark positions Core Laboratories NV andPatterson-UTI Energy, Inc.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX(unaudited)— (continued)
For the year ended May 31, 2019, the Small Cap Fund returned -1.94% compared to-9.05% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-1.94% | 6.91% | 13.26% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Index Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Small Cap Index Fund posted a return of -9.23% for the twelve-month period ended May 31, 2019, compared to a return of -9.05% for the Russell 2000® Index.
The Fund is passively managed to match the Russell 2000® Index. As with all Funds, there will be performance discrepancies due to trading, cash and pricing effects.
In terms of sectors, energy, materials, and health care were the most notable laggards, while utilities, information technology, and real estate performed the best.
Positions in Nektar Therapeutics, Stamps.com, Inc., and McDermott International, Inc. were amongst the holdings which detracted most significantly from the fund’s performance.
Conversely,top-contributing holdings during the period included Trade Desk, Inc., Class A, Etsy, Inc. and Planet Fitness, Inc., Class A.
For the year ended May 31, 2019, the Small Cap Index Fund returned -9.23% compared to -9.05% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
The Russell 2000® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-9.23% | 6.55% | 12.71% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Special Values Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated
The Small Cap Special Values Fund posted a return of -6.88% for the twelve-month period ended May 31, 2019, compared to a return of -11.32% for the Russell 2000® Value Index.
The Fund’s outperformance was driven by stock selection. Sector allocation detracted from relative performance during the period.
Stock selection in the consumer discretionary, consumer staples, and health care sectors provided strong contributions to performance over the twelve month period.
Large individual contributors were Dine Brands Global, Inc., Denny’s Corp. and Helen Of Troy, Ltd.
An overweight to the weak materials sector and underweights to the real estate and utilities sectors were primary detractors from performance relative to the benchmark.
Large individual detractors were Neenah, Inc., Deluxe Corp. andPatterson-UTI Energy, Inc.
For the year ended May 31, 2019, the Small Cap Special Values Fund returned-6.88% compared to -11.32% for the Russell 2000® Value Index.
* | The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-6.88% | 6.77% | 12.80% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small-Mid Growth Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Goldman Sachs Asset Management, L.P.
The Small-Mid Growth Fund posted a return of 6.17% for the twelve-month period ended May 31, 2019, compared to a return of -0.70% for the Russell 2500 Growth® Index.
The portfolio outperformed the benchmark during the period, predominantly due to stock selection. Sector allocation was another positive factor.
During the period, strong stock selection in the health care and information technology sectors as well as an overweight to information technology contributed to returns.
The top performing names in the Fund included Spark Therapeutics, Inc., McCormick & Co., Inc. and Total System Services, Inc.
Negative stock selection and an overweight within the financials sector detracted from relative returns. An underweight to the real estate sector also weighed on returns.
Individual detractors from performance included Summit Materials, Inc., Agios Pharmaceuticals, Inc., and Alkermes PLC.
For the year ended May 31, 2019, the Small-Mid Growth Fund returned 6.17% compared to -0.70% for the Russell 2500® Growth Index.
* | The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
6.17% | 9.88% | 13.53% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Stock Index Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Stock Index Fund posted a return of 3.43% for the twelve-month period ended May 31, 2019, compared to a return of 3.78% for the S&P 500® Index.
The Fund is passively managed to match the S&P 500® Index. As with all funds, there will be performance discrepancies due to trading, cash, and pricing effects.
By sector, real estate, utilities, and consumer staples outperformed, while energy, materials and financials underperformed.
Top-performing index holdings during the fiscal period included Microsoft Corp., Procter & Gamble Co., and Merck & Co., Inc.
Conversely, NVIDIA Corp., Apple, Inc. and Schlumberger NV hindered performance the most during the twelve-month period.
For the year ended May 31, 2019, the Stock Index Fund returned 3.43% compared to 3.78% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®,” “S&P®,” and “S&P 500®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
3.43% | 9.30% | 13.60% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Value Fund
COMPARISON: FUND VS. INDEX(unaudited)
MANAGEMENT OVERVIEW
A discussion with Wellington Management Company LLP
The Value Fund posted a return of -0.71% for the twelve-month period ended May 31, 2019, compared to a return of 1.45% for the Russell 1000® Value Index.
The Fund’s relative underperformance was driven by both sector allocation and stock selection during thetwelve-month period.
Stock selection in the consumer staples, energy, and consumer discretionary sectors were large detractors. Additionally, an underweight to the utilities sector and an overweight to the weak energy sector weighed on relative returns.
Top individual detractors during the period were Halliburton Co., and EOG Resources, Inc., and lack of exposure to strong performer Procter & Gamble Co.
Stock selection in the industrials, communication services, and utilities sectors provided a large contribution to performance during the period.
Top individual contributors to benchmark-relative returns were Eli Lilly & Co., Eversource Energy, and QUALCOMM, Inc.
For the year ended May 31, 2019, the Value Fund returned -0.71% compared to 1.45% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2019 | ||||
1 Year | 5 Years | 10 Years | ||
-0.71% | 5.92% | 11.04% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I
Filed under Rules 497(e) and 497(k)
Registration No. 002-83631
VALIC COMPANY I
Small-Mid Growth Fund
(the “Fund”)
Supplement dated February 14, 2019
to the Fund’s Summary Prospectus and Prospectus,
each dated October 1, 2018, as supplemented to date
Effective immediately, in the section of the Summary Prospectus entitled“Investment Adviser” and in the subsection of the Prospectus entitled“Fund Summary: Small-Mid Growth Fund — Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:
Portfolio Managers
Name and Title | Portfolio Manager of the Fund Since | |||
Daniel Zimmerman, CFA Managing Director and Co-Lead Portfolio Manager | 2014 | |||
Jessica Katz Vice President and Co-Lead Portfolio Manager | 2019 |
In the subsection of the Prospectus entitled“Management — Investment Subadvisers” the third paragraph under“Goldman Sachs Asset Management, L.P. (“GSAM”)” is deleted in its entirety and replaced with the following:
Mr. Daniel Zimmerman, CFA and Ms. Jessica Katz manage the Small-Mid Growth Fund. Mr. Zimmerman, Managing Director and Co-Lead Portfolio Manager, joined GSAM in 2008. Mr. Zimmerman is a CFA charterholder. Ms. Katz, Vice President and Co-Lead Portfolio Manager, joined GSAM in 2015. Ms. Katz has 13 years of investment experience.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Summary Prospectus and/or Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
Filed under Rules 497(e) and 497(k)
Registration No. 002-83631
VALIC COMPANY I
Small-Mid Growth Fund
(the “Fund”)
Supplement dated March 4, 2019
to the Fund’s Summary Prospectus and Prospectus,
each dated October 1, 2018, as supplemented to date
Effective immediately, in the section of the Summary Prospectus entitled“Investment Adviser” and in the subsection of the Prospectus entitled“Fund Summary: Small-Mid Growth Fund — Investment Adviser,” the table under the heading “Portfolio Managers” is deleted in its entirety and replaced with the following:
Portfolio Managers
Name and Title | Portfolio Manager of the Fund Since | |||
Steven M. Barry Managing Director, Chief Investment Officer and Co-Lead Portfolio Manager | 2019 | |||
Jessica Katz Vice President and Co-Lead Portfolio Manager | 2019 |
In the subsection of the Prospectus entitled“Management — Investment Subadvisers” the third paragraph under“Goldman Sachs Asset Management, L.P. (“GSAM”)” is deleted in its entirety and replaced with the following:
Mr. Steven M. Barry and Ms. Jessica Katz manage the Small-Mid Growth Fund. Mr. Barry, Managing Director, Chief Investment Officer and Co-Lead Portfolio Manager, joined GSAM in 1999. Mr. Barry became Chief Investment Officer of Fundamental Equity U.S. Equity in 2009. From 1988 to 1999, he was a portfolio manager at Alliance Capital. Ms. Katz, Vice President and Co-Lead Portfolio Manager, joined GSAM in 2015. Ms. Katz has 13 years of investment experience.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Summary Prospectus and/or Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS— (continued)
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC Company I
International Growth Fund
(the “Fund”)
Supplement dated April 25, 2019, to the Fund’s Summary Prospectus and Prospectus
dated October 1, 2018, as supplemented and amended to date
The section entitled“Fund Summary: International Growth Fund — Principal Investment Strategies of the Fund” is hereby deleted in its entirety and replaced with the following:
The Fund’s subadviser uses a proprietary investment strategy to invest in companies that it believes will increase in value over time. Under normal market conditions, the subadviser seeks to achieve the Fund’s objective by investing primarily in established companies on an international basis, with capitalizations within the range of companies included in the MSCI ACWI ex USA Index. As of August 31, 2018, the market capitalization range of the companies in the MSCI ACWI ex USA Index was approximately $14.9 million to $261 billion.
The subadviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. In selecting securities for investment, the subadviser seeks high-quality, established companies that the subadviser believes are undervalued at the time of purchase. The subadviser typically favors companies it believes have sustainable competitive advantages that can be monetized through growth. The investment process integrates analysis of sustainability with respect to disruptive change, financial strength, environmental and social externalities and governance (also referred to as ESG). The subadviser generally considers selling a portfolio holding when it determines that the holding no longer satisfies its investment criteria because the quality of the company’s business deteriorates or the price relative to the company’s intrinsic value is no longer attractive.
The Fund invests in foreign securities, which may include emerging market securities. Under normal circumstances, the Fund invests at least 40% of its net assets in the securities of issuers from at least three countries outside of the United States. The Fund considers an issuer to be from a particular country (including the United States) or geographic region if: (i) its principal securities trading market is in that country or geographic region; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in that country or geographic region or has at least 50% of its assets in that country or geographic region; or (iii) it is organized under the laws of, or has a principal office in, that country or geographic region.
The Fund primarily invests in equity securities and in depositary receipts of foreign issuers, although it may invest in equity securities of U.S. issuers. The equity securities in which the Fund invests are denominated in both U.S. and non-U.S. currencies and include common stock.
In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Fund’s total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS— (continued)
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC Company I
Growth Fund
(the “Fund”)
Supplement dated May 14, 2019, to the Fund’s Summary Prospectus and Prospectus
dated October 1, 2018, as supplemented and amended to date
At an in-person meeting held on April 29-30, 2019 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of American Century Investment Management, Inc. (“American Century”) as the subadviser to the Growth Fund (the “Fund”) and approved the appointment of BlackRock Investment Management, LLC (“BlackRock”) and SunAmerica Asset Management, LLC (“SunAmerica” and, together with BlackRock, the “Subadvisers”) as co-subadvisers to the Fund. The Board also approved certain changes to the Fund’s principal investment strategies and techniques. The Fund intends to file an amendment to itsregistration statement with the Securities and Exchange Commission (“SEC”) reflecting the changes to the Fund’s subadvisers,principal investment strategies and techniques, and corresponding changes to the Fund’s risks. This filing will be subject to review bythe SEC and is scheduled to become effective approximately 60 days after the expected filing date of August 1, 2019. The filing isexpected to become effective on or about September 30, 2019 (the “Effective Date”).
The Fund currently attempts to achieve its investment objective by allocating its assets among four investment strategies: a growth strategy, a U.S. premier large cap growth strategy, a disciplined growth strategy and an international growth strategy. American Century employs both strategic and tactical approaches when allocating the Fund’s assets among the four strategies, and seeks to strategically diversify the Fund’s assets while maintaining the flexibility to tactically allocate its investments among the four strategies in response to market conditions and other factors. While the growth, U.S. premier large cap growth and disciplined growth strategies invest primarily in U.S. companies, they may also invest in securities of foreign companies, including companies located in emerging markets. The Fund may invest up to 20% of its net assets in foreign securities, including emerging market securities.
As of the Effective Date, the Fund will attempt to achieve its investment objective by investing primarily in common stock of companies that are selected based on such factors as strong earnings, strong sales and revenue growth and capital appreciation potential. The Fund will emphasize common stock of companies with mid- to large-stock market capitalizations; however, the Fund also may invest in the common stock of small companies. The Fund generally will invest at least 65% of its total assets in equity securities, which may consist of common stock and American Depositary Receipts (“ADRs”). The Fund may invest without limitation in the securities of foreign companies in the form of ADRs. In addition to ADRs, the Fund may also invest up to 20% of its total assets in securities of foreign companies, including companies located in emerging markets.
The Fund’s assets will not necessarily be divided equally among the Subadvisers. Approximately 25% of the Fund’s assets will be allocated to one Subadviser that will passively manage a portion of the assets allocated to it by seeking to track an index, and the remainder of the Fund’s assets will be allocated to the other Subadviser.
At the Meeting, the Board approved an amendment to the existing investment subadvisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and BlackRock (the “BlackRock Subadvisory Agreement”). The Board also approved an amendment to the investment subadvisory agreement between VALIC and SunAmerica, which will become effective if approved by shareholders of the Fund (the “SunAmerica Subadvisory Agreement”). Additionally, the Board approved an Amended and Restated Advisory Fee Waiver Agreement (“Advisory Fee Waiver Agreement”) between VALIC and VC I on behalf of the Fund, which will become effective on the Effective Date.
The Board has the authority, pursuant to an exemptive order granted by the SEC, to enter into subadvisory agreements without a shareholder vote under certain conditions. A notice will be sent to shareholders with information on how to access an Information Statement that will include information about BlackRock, the BlackRock Subadvisory Agreement and the Advisory Fee Waiver Agreement. The SunAmerica Subadvisory Agreement is subject to shareholder approval. The Board has called a special meeting of the Fund’s shareholders to be held on or about July 18, 2019, to consider the proposal to approve the SunAmerica Subadvisory Agreement. Shareholders of record on the record date, entitled to notice of and to vote at the special meeting, will receive information on how to access proxy materials describing the proposal in more detail. Each of the BlackRock Subadvisory Agreement and the SunAmerica Subadvisory Agreement are expected to become effective on the Effective Date, if the SunAmerica Subadvisory Agreement is approved by shareholders of the Fund.
Once the changes to the Fund’s principal investment strategies and techniques become effective, an updated prospectus reflecting these changes will be mailed to shareholders of the Fund.The updated prospectus will include additional information about the changes to the Fund’s investment objective,principal investment strategies, techniques and risks. Please read the prospectus carefully.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
SUPPLEMENTS TO THE PROSPECTUS— (continued)
Filed under Rule 497(e) and Rule 497(k)
Registration No. 002-83631
VALIC Company I
Stock Index Fund
(the “Fund”)
Supplement dated May 14, 2019, to the Fund’s Summary Prospectus and Prospectus
dated October 1, 2018, as supplemented and amended to date
At the April 29-30, 2019 meeting of the Board of Directors (the “Board”) of VALIC Company I (the “Company”), the Board approved an amendment (the “Amendment”) to the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and SunAmerica Asset Management, LLC (“SunAmerica”) with respect to the Fund. The Amendment revises the Sub-Advisory Agreement so that the fee payable with respect to the Fund will be based on the aggregate assets SunAmerica manages for the Fund and the VALIC Company I Growth Fund. No change was made to the sub-advisory fee rates payable by VALIC to SunAmerica with respect to the Fund. It is currently anticipated this change will become effective on or about September 30, 2019.
Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
BOARD OF DIRECTORS
Thomas J. Brown
Judith L. Craven
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
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VALIC Company I
DISCLOSURE OF QUARTERLY FUND HOLDINGS
The Series is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission on FormN-PORT. The Series’ FormsN-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
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VALIC.com — Account access
Manage your account online
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 |
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Email delivery is not accessible to certain VALIC annuity contract owners.
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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. POSTAGEPAID LANCASTER, PA PERMIT NO. 1765 |
VC 9530 [05/2019] J101997
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Item 2. | Code of Ethics. |
VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2019, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of FormN-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) ofForm N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2019 | 2018 | |||||||
(a) Audit Fees | $ | 953,340 | $ | 925,575 | ||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to bepre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:
2019 | 2018 | |||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 267,667 | $ | 269,506 |
All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.
(e) (1) | The registrant’s audit committeepre-approves all audit services provided by the registrant’s principal accountant for the registrant and allnon-audit services provided by the registrant’s principal accountant for the |
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registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter. |
(2) | No services included in(b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X. |
(f) | Not applicable. |
(g) | The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant fornon-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2019 and 2018 were $402,408 and $295,961 respectively. |
(h) | Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures 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) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics. |
(2) Certifications pursuant to 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. |
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: August 8, 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: August 8, 2019
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: August 8, 2019