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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5
185 Hudson Street,
Suite 3300
Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: November 30, 2019
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Item 1. Reports to Stockholders
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This disclosure does not apply to investors who own fund shares beneficially through a variable insurance contract. Each applicable insurance company will provide information regarding delivery of fund shareholder reports to its contract owners.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Registrant’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Registrant. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Registrant or VALIC Retirement Services Company (VRSCO), as your retirement plan recordkeeper, electronically by contacting us at1-800-448-2542 or logging into your account at VALIC Online at www.valic.com.
You may elect to receive all future reports in paper free of charge. You can inform the Registrant or VRSCO that you wish to continue receiving paper copies of your shareholder reports by contacting1-866-345-5954 or visiting FundReports.com and providing the20-digit unique ID located above or below your mailing address. Your election to receive reports in paper will apply to all funds held within your employer-sponsored retirement plan account with VRSCO.
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VALIC Company I
SEMI-ANNUAL REPORT NOVEMBER 30, 2019
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VALIC Company I
PRESIDENT’S LETTER
Dear Valued Investor:
We are pleased to provide you with the following Semi-Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for thesix-month period ended November 30, 2019. We encourage you to carefully read this report.
We continue to believe that maintaining a well-diversified investment portfolio focused on the long-term can help smooth the inevitableups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and tax considerations to develop a plan that employs appropriate investment strategies and a diversified allocation among asset classes.
Our highest priority is to assist you in improving the likelihood of reaching your long-term investment goals.
Thank you for your investment.
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 andmid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments innon-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 fromnon-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 —November 30, 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 June 1, 2019 and held until November 30, 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 November 30, 2019” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended November 30, 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 November 30, 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 November 30, 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 November 30, 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 —November 30, 2019 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at June 1, 2019 | Ending Account Value Using Actual Return at November 30, 2019 | Expenses Paid During the Six Months Ended November 30, 2019 | Beginning Account Value at June 1, 2019 | Ending Account Value Using a Hypothetical 5% Annual Return at November 30, 2019 | Expenses Paid During the Six Months Ended November 30, 2019 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 1,053.48 | $ | 3.85 | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,117.83 | $ | 4.34 | $ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,041.50 | $ | 3.22 | $ | 1,000.00 | $ | 1,021.85 | $ | 3.18 | 0.63 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 1,145.83 | $ | 3.97 | $ | 1,000.00 | $ | 1,021.30 | $ | 3.74 | 0.74 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 1,140.74 | $ | 4.17 | $ | 1,000.00 | $ | 1,021.10 | $ | 3.94 | 0.78 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,096.61 | $ | 1.68 | $ | 1,000.00 | $ | 1,023.40 | $ | 1.62 | 0.32 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 1,072.63 | $ | 4.72 | $ | 1,000.00 | $ | 1,020.45 | $ | 4.60 | 0.91 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 1,071.25 | $ | 4.40 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Global Strategy | $ | 1,000.00 | $ | 1,049.81 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.34 | 0.66 | % | ||||||||||||||
Government Money Market I | $ | 1,000.00 | $ | 1,007.88 | $ | 2.56 | $ | 1,000.00 | $ | 1,022.45 | $ | 2.58 | 0.51 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,028.38 | $ | 3.35 | $ | 1,000.00 | $ | 1,021.70 | $ | 3.34 | 0.66 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,138.84 | $ | 3.85 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.64 | 0.72 | % | ||||||||||||||
Growth & Income# | $ | 1,000.00 | $ | 1,150.37 | $ | 4.57 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 1,158.14 | $ | 5.67 | $ | 1,000.00 | $ | 1,019.75 | $ | 5.30 | 1.05 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,027.10 | $ | 2.84 | $ | 1,000.00 | $ | 1,022.20 | $ | 2.83 | 0.56 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 1,093.47 | $ | 2.20 | $ | 1,000.00 | $ | 1,022.90 | $ | 2.12 | 0.42 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,031.30 | $ | 3.30 | $ | 1,000.00 | $ | 1,021.75 | $ | 3.29 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 1,118.06 | $ | 4.50 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
International Socially Responsible† | $ | 1,000.00 | $ | 1,098.03 | $ | 3.25 | $ | 1,000.00 | $ | 1,021.90 | $ | 3.13 | 0.62 | % | ||||||||||||||
International Value# | $ | 1,000.00 | $ | 1,087.35 | $ | 3.76 | $ | 1,000.00 | $ | 1,021.40 | $ | 3.64 | 0.72 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,147.27 | $ | 4.51 | $ | 1,000.00 | $ | 1,020.80 | $ | 4.24 | 0.84 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,162.63 | $ | 4.05 | $ | 1,000.00 | $ | 1,021.25 | $ | 3.79 | 0.75 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 1,117.77 | $ | 1.91 | $ | 1,000.00 | $ | 1,023.20 | $ | 1.82 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,124.60 | $ | 4.25 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Nasdaq-100® Index# | $ | 1,000.00 | $ | 1,181.82 | $ | 2.89 | $ | 1,000.00 | $ | 1,022.35 | $ | 2.68 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,142.58 | $ | 5.20 | $ | 1,000.00 | $ | 1,020.15 | $ | 4.90 | 0.97 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,093.17 | $ | 5.18 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 1,118.45 | $ | 4.93 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 1,114.61 | $ | 2.17 | $ | 1,000.00 | $ | 1,022.95 | $ | 2.07 | 0.41 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 1,124.78 | $ | 4.62 | $ | 1,000.00 | $ | 1,020.65 | $ | 4.39 | 0.87 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,140.74 | $ | 5.03 | $ | 1,000.00 | $ | 1,020.30 | $ | 4.75 | 0.94 | % | ||||||||||||||
Stock Index# | $ | 1,000.00 | $ | 1,151.12 | $ | 1.72 | $ | 1,000.00 | $ | 1,023.40 | $ | 1.62 | 0.32 | % | ||||||||||||||
Systematic Value#† | $ | 1,000.00 | $ | 1,130.65 | $ | 4.26 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 1,130.29 | $ | 4.53 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % |
* | Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 days (to reflect the one-half year period). These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor. |
# | During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended November 30, 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 November 30, 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 — November 30, 2019 (unaudited)
Industry Allocation*
Exchange — Traded Funds | 8.0 | % | ||
Diversified Financial Services | 7.8 | |||
Registered Investment Companies | 4.5 | |||
Banks — Commercial | 3.7 | |||
Diversified Banking Institutions | 3.5 | |||
Sovereign | 2.9 | |||
Applications Software | 2.7 | |||
Pipelines | 2.4 | |||
Oil Companies — Integrated | 2.3 | |||
Real Estate Investment Trusts | 1.9 | |||
Computer Services | 1.8 | |||
Electronic Components — Semiconductors | 1.8 | |||
Computers | 1.4 | |||
Banks — Super Regional | 1.4 | |||
Web Portals/ISP | 1.3 | |||
Enterprise Software/Service | 1.3 | |||
Oil Companies — Exploration & Production | 1.1 | |||
E-Commerce/Products | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
U.S. Government Treasuries | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Industrial Automated/Robotic | 0.8 | |||
Telephone — Integrated | 0.7 | |||
Finance — Credit Card | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Networking Products | 0.7 | |||
Electronic Components — Misc. | 0.6 | |||
Medical — Drugs | 0.6 | |||
Oil — Field Services | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Food — Misc./Diversified | 0.5 | |||
Metal — Diversified | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Instruments — Controls | 0.5 | |||
Diversified Minerals | 0.5 | |||
Internet Security | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Machinery — Electrical | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Insurance — Multi-line | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Machinery — General Industrial | 0.4 | |||
Transport — Rail | 0.4 | |||
Commercial Services | 0.4 | |||
Retail — Building Products | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Computer Data Security | 0.4 | |||
Electric — Integrated | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Steel — Producers | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Metal — Iron | 0.4 | |||
Software Tools | 0.4 | |||
Paper & Related Products | 0.4 | |||
Web Hosting/Design | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Medical Products | 0.3 | |||
Finance — Other Services | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Independent Power Producers | 0.3 | |||
Multimedia | 0.3 | |||
Retail — Discount | 0.3 | |||
Chemicals — Diversified | 0.3 |
Medical Instruments | 0.3 | |||
Brewery | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Transport — Services | 0.3 | |||
Food — Retail | 0.3 | |||
Cellular Telecom | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Data Processing/Management | 0.2 | |||
Savings & Loans/Thrifts | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Industrial Gases | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Computer Software | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Airlines | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Power Converter/Supply Equipment | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
United States Treasury Bonds | 0.2 | |||
Machinery — Construction & Mining | 0.2 | |||
Human Resources | 0.2 | |||
United States Treasury Notes | 0.1 | |||
Coal | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Import/Export | 0.1 | |||
Gas — Distribution | 0.1 | |||
Consulting Services | 0.1 | |||
Leisure Products | 0.1 | |||
Food — Meat Products | 0.1 | |||
Airport Development/Maintenance | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Metal — Copper | 0.1 | |||
Computer Aided Design | 0.1 | |||
Electronic Forms | 0.1 | |||
Medical — HMO | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Rubber/Plastic Products | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Athletic Footwear | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Coatings/Paint | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Transactional Software | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Machinery — Farming | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Investment Companies | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Entertainment Software | 0.1 | |||
Fisheries | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Machinery — Pumps | 0.1 | % | ||
Finance — Leasing Companies | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Retail — Automobile | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Beverages —Non-alcoholic | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Appliances | 0.1 | |||
Tobacco | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Water | 0.1 | |||
Electric — Generation | 0.1 | |||
Building — Mobile Home/Manufactured Housing | 0.1 | |||
Hotels/Motels | 0.1 | |||
Television | 0.1 | |||
Security Services | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Building Products — Cement | 0.1 | |||
Forestry | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Electric — Distribution | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Transport — Marine | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Electronic Connectors | 0.1 | |||
Advertising Services | 0.1 | |||
Gambling(Non-Hotel) | 0.1 | |||
Building Products — Wood | 0.1 | |||
Schools | 0.1 | |||
Internet Financial Services | 0.1 | |||
Circuit Boards | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Gold Mining | 0.1 | |||
Cruise Lines | 0.1 | |||
Audio/Video Products | 0.1 | |||
Medical Information Systems | 0.1 | |||
Pastoral & Agricultural | 0.1 | |||
90.3 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 63.9% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Omnicom Group, Inc. | 502 | $ | 39,899 | |||||
Advertising Services — 0.1% |
| |||||||
Ascential PLC* | 3,350 | 14,211 | ||||||
Stroeer SE & Co. KGaA | 794 | 62,064 | ||||||
76,275 | ||||||||
Aerospace/Defense — 0.7% |
| |||||||
AeroVironment, Inc.† | 391 | 23,984 | ||||||
Boeing Co. | 828 | 303,197 | ||||||
General Dynamics Corp. | 465 | 84,509 | ||||||
Kawasaki Heavy Industries, Ltd. | 5,400 | 121,266 | ||||||
Lockheed Martin Corp. | 404 | 157,976 | ||||||
Northrop Grumman Corp. | 332 | 116,788 | ||||||
Raytheon Co. | 370 | 80,445 | ||||||
Rheinmetall AG | 821 | 87,411 | ||||||
TransDigm Group, Inc. | 70 | 39,697 | ||||||
1,015,273 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
AAR Corp. | 569 | 25,429 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 1,094 | 48,355 | ||||||
Arconic, Inc. | 853 | 26,409 | ||||||
Barnes Group, Inc. | 709 | 41,966 | ||||||
Cobham PLC | 16,660 | 34,088 | ||||||
HEICO Corp. | 41 | 5,325 | ||||||
HEICO Corp., Class A | 172 | 17,276 | ||||||
Kaman Corp. | 431 | 27,411 | ||||||
L3Harris Technologies, Inc. | 1,681 | 338,032 | ||||||
Moog, Inc., Class A | 468 | 40,187 | ||||||
Triumph Group, Inc. | 971 | 26,906 | ||||||
United Technologies Corp. | 1,100 | 163,174 | ||||||
794,558 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Corteva, Inc. | 2,272 | 59,117 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 305 | 14,094 | ||||||
OCI NV† | 1,850 | 35,056 | ||||||
49,150 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Andersons, Inc. | 936 | 21,622 | ||||||
Genus PLC | 510 | 20,962 | ||||||
42,584 | ||||||||
Airlines — 0.2% |
| |||||||
AirFrance-KLM† | 4,597 | 54,089 | ||||||
Allegiant Travel Co. | 176 | 29,872 | ||||||
Delta Air Lines, Inc. | 434 | 24,873 | ||||||
easyJet PLC | 1,820 | 31,495 | ||||||
Hawaiian Holdings, Inc. | 832 | 25,201 | ||||||
SkyWest, Inc. | 724 | 45,351 | ||||||
Southwest Airlines Co. | 114 | 6,571 | ||||||
United Airlines Holdings, Inc.† | 71 | 6,589 | ||||||
Wizz Air Holdings PLC†* | 500 | 25,544 | ||||||
249,585 | ||||||||
Airport Development/Maintenance — 0.1% |
| |||||||
Enav SpA* | 12,837 | 76,087 | ||||||
Flughafen Zurich AG | 556 | 98,579 | ||||||
Signature Aviation PLC | 6,280 | 26,161 | ||||||
200,827 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers — 0.1% |
| |||||||
Hanesbrands, Inc. | 151 | $ | 2,276 | |||||
Kontoor Brands, Inc.# | 766 | 27,461 | ||||||
Matsuoka Corp. | 600 | 11,720 | ||||||
Oxford Industries, Inc. | 330 | 24,559 | ||||||
Ralph Lauren Corp. | 3 | 322 | ||||||
VF Corp. | 460 | 40,728 | ||||||
107,066 | ||||||||
Appliances — 0.1% |
| |||||||
De’Longhi SpA | 1,719 | 36,646 | ||||||
iRobot Corp.†# | 504 | 21,954 | ||||||
Rational AG | 60 | 45,941 | ||||||
Whirlpool Corp. | 44 | 6,296 | ||||||
110,837 | ||||||||
Applications Software — 2.7% |
| |||||||
CDK Global, Inc. | 2,721 | 145,710 | ||||||
Covetrus, Inc.† | 1,731 | 24,771 | ||||||
Ebix, Inc.# | 471 | 16,381 | ||||||
Intuit, Inc. | 632 | 163,618 | ||||||
Microsoft Corp. | 13,430 | 2,033,033 | ||||||
Nemetschek SE | 1,244 | 73,528 | ||||||
Nuance Communications, Inc.† | 145 | 2,600 | ||||||
PTC, Inc.† | 440 | 33,704 | ||||||
salesforce.com, Inc.† | 5,695 | 927,659 | ||||||
ServiceNow, Inc.† | 2,338 | 661,747 | ||||||
4,082,751 | ||||||||
Athletic Equipment — 0.0% |
| |||||||
Fox Factory Holding Corp.† | 620 | 40,877 | ||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 1,890 | 176,696 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Sony Corp. | 1,000 | 63,076 | ||||||
Auto Repair Centers — 0.0% |
| |||||||
Monro, Inc.# | 541 | 39,709 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co. | 6,245 | 56,580 | ||||||
General Motors Co. | 2,083 | 74,988 | ||||||
Suzuki Motor Corp. | 2,500 | 110,913 | ||||||
Tesla, Inc.† | 170 | 56,090 | ||||||
Toyota Motor Corp. | 2,500 | 174,455 | ||||||
473,026 | ||||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
PACCAR, Inc. | 460 | 37,430 | ||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 1,650 | 25,988 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Allison Transmission Holdings, Inc. | 329 | 15,924 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 2,248 | 22,165 | ||||||
Aptiv PLC | 350 | 32,858 | ||||||
BorgWarner, Inc. | 105 | 4,415 | ||||||
Brembo SpA# | 5,661 | 70,101 | ||||||
CIE Automotive SA | 2,216 | 53,417 | ||||||
Cie Plastic Omnium SA | 2,335 | 63,437 | ||||||
Dorman Products, Inc.† | 494 | 36,714 | ||||||
Gentherm, Inc.† | 815 | 34,108 | ||||||
Georg Fischer AG | 100 | 97,950 | ||||||
Koito Manufacturing Co., Ltd. | 1,500 | 77,292 | ||||||
Methode Electronics, Inc. | 752 | 27,982 | ||||||
536,363 | ||||||||
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
B2B/E-Commerce — 0.0% |
| |||||||
ePlus, Inc.† | 254 | $ | 21,227 | |||||
Banks - Commercial — 3.3% |
| |||||||
Ameris Bancorp | 1,059 | 46,225 | ||||||
Associated Banc-Corp. | 42 | 900 | ||||||
Banca Generali SpA | 548 | 18,088 | ||||||
Banco BPM SpA†# | 34,775 | 77,428 | ||||||
Banco Bradesco SA ADR | 70,564 | 553,927 | ||||||
Banco do Brasil SA | 10,000 | 112,799 | ||||||
Banco Santander Brasil SA ADR | 4,797 | 49,841 | ||||||
BancorpSouth Bank | 27 | 840 | ||||||
Bank of Hawaii Corp.# | 2,149 | 193,646 | ||||||
Banner Corp. | 535 | 29,227 | ||||||
BAWAG Group AG* | 1,934 | 77,685 | ||||||
BB&T Corp. | 5,820 | 318,470 | ||||||
BPER Banca | 15,059 | 72,915 | ||||||
Cadence BanCorp | 2,205 | 36,405 | ||||||
Cathay General Bancorp | 23 | 847 | ||||||
Cembra Money Bank AG | 867 | 90,255 | ||||||
Central Pacific Financial Corp. | 1,476 | 42,893 | ||||||
Citizens Financial Group, Inc. | 5,011 | 192,723 | ||||||
City Holding Co. | 14 | 1,113 | ||||||
Columbia Banking System, Inc. | 950 | 37,126 | ||||||
Commerce Bancshares, Inc.# | 13 | 871 | ||||||
Community Bank System, Inc. | 602 | 40,846 | ||||||
Concordia Financial Group, Ltd. | 6,700 | 27,178 | ||||||
Cullen/Frost Bankers, Inc.# | 317 | 29,659 | ||||||
Customers Bancorp, Inc.† | 1,356 | 31,703 | ||||||
CVB Financial Corp. | 1,638 | 34,988 | ||||||
CYBG PLC | 9,680 | 22,385 | ||||||
Eagle Bancorp, Inc. | 591 | 26,252 | ||||||
East West Bancorp, Inc. | 1,602 | 73,404 | ||||||
First BanCorp./Puerto Rico | 3,746 | 39,333 | ||||||
First Commonwealth Financial Corp. | 3,085 | 43,838 | ||||||
First Financial Bancorp | 1,441 | 35,045 | ||||||
First Financial Bankshares, Inc.# | 13 | 449 | ||||||
First Midwest Bancorp, Inc. | 1,748 | 37,687 | ||||||
First Republic Bank | 1,522 | 167,268 | ||||||
Fulton Financial Corp. | 50 | 858 | ||||||
Glacier Bancorp, Inc. | 957 | 41,964 | ||||||
Great Western Bancorp, Inc. | 933 | 32,067 | ||||||
Hancock Whitney Corp. | 18 | 731 | ||||||
Hanmi Financial Corp. | 1,918 | 37,650 | ||||||
Home BancShares, Inc. | 42 | 790 | ||||||
HomeStreet, Inc.† | 144 | 4,597 | ||||||
Hope Bancorp, Inc. | 2,203 | 31,966 | ||||||
Independent Bank Corp./Massachusetts | 473 | 39,827 | ||||||
International Bancshares Corp. | 16 | 679 | ||||||
Investec PLC | 5,040 | 28,610 | ||||||
Itau Unibanco Holding SA ADR | 64,215 | 522,710 | ||||||
Jyske Bank A/S† | 3,106 | 103,043 | ||||||
M&T Bank Corp. | 1,768 | 291,260 | ||||||
NBT Bancorp, Inc. | 627 | 25,080 | ||||||
OFG Bancorp | 1,291 | 27,692 | ||||||
Old National Bancorp | 2,196 | 39,704 | ||||||
Opus Bank | 38 | 977 | ||||||
PacWest Bancorp | 22 | 819 | ||||||
Pinnacle Financial Partners, Inc. | 1,996 | 122,594 | ||||||
Prosperity Bancshares, Inc. | 24 | 1,686 | ||||||
Regions Financial Corp. | 11,076 | 184,305 | ||||||
Ringkjoebing Landbobank A/S | 908 | 65,736 | ||||||
S&T Bancorp, Inc. | 1,163 | 43,868 | ||||||
ServisFirst Bancshares, Inc. | 800 | 29,088 | ||||||
Signature Bank | 6 | 740 | ||||||
Simmons First National Corp., Class A | 1,546 | 40,057 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Southside Bancshares, Inc. | 1,131 | $ | 39,709 | |||||
SpareBank 1 SR Bank ASA | 6,379 | 67,262 | ||||||
SVB Financial Group† | 433 | 100,339 | ||||||
TCF Financial Corp. | 1,596 | 67,814 | ||||||
Tompkins Financial Corp. | 43 | 3,730 | ||||||
TrustCo Bank Corp. | 4,325 | 37,974 | ||||||
Trustmark Corp. | 26 | 893 | ||||||
UMB Financial Corp. | 11 | 740 | ||||||
Umpqua Holdings Corp. | 678 | 11,099 | ||||||
United Bankshares, Inc. | 22 | 833 | ||||||
United Community Banks, Inc. | 1,151 | 35,681 | ||||||
Valiant Holding AG | 846 | 82,147 | ||||||
Valley National Bancorp# | 76 | 880 | ||||||
Veritex Holdings, Inc. | 1,392 | 36,206 | ||||||
Webster Financial Corp. | 401 | 19,525 | ||||||
Westamerica Bancorporation | 338 | 21,970 | ||||||
Wintrust Financial Corp. | 2,339 | 158,842 | ||||||
4,969,001 | ||||||||
Banks - Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 4,682 | 229,278 | ||||||
Northern Trust Corp. | 748 | 80,215 | ||||||
State Street Corp. | 1,188 | 89,219 | ||||||
398,712 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Deutsche Pfandbriefbank AG* | 6,086 | 91,657 | ||||||
Flagstar Bancorp, Inc. | 22 | 820 | ||||||
Walker & Dunlop, Inc. | 607 | 39,843 | ||||||
132,320 | ||||||||
Banks - Regional — 0.0% |
| |||||||
Banque Cantonale Vaudoise | 41 | 31,529 | ||||||
Banks - Super Regional — 1.4% |
| |||||||
Comerica, Inc. | 2,499 | 175,955 | ||||||
Fifth Third Bancorp | 10,534 | 318,021 | ||||||
National Bank Holdings Corp., Class A | 1,207 | 43,259 | ||||||
PNC Financial Services Group, Inc. | 917 | 140,494 | ||||||
US Bancorp | 8,297 | 498,069 | ||||||
Wells Fargo & Co. | 15,448 | 841,298 | ||||||
2,017,096 | ||||||||
Batteries/Battery Systems — 0.0% |
| |||||||
W-Scope Corp.# | 5,100 | 35,272 | ||||||
Beverages-Non-alcoholic — 0.1% |
| |||||||
Britvic PLC | 1,820 | 22,809 | ||||||
Coca-Cola Co. | 518 | 27,661 | ||||||
Coca-Cola Consolidated, Inc. | 80 | 21,613 | ||||||
Monster Beverage Corp.† | 421 | 25,184 | ||||||
PepsiCo, Inc. | 154 | 20,918 | ||||||
118,185 | ||||||||
Bicycle Manufacturing — 0.1% |
| |||||||
Shimano, Inc. | 400 | 64,684 | ||||||
Brewery — 0.3% |
| |||||||
Ambev SA ADR | 55,191 | 232,354 | ||||||
Asahi Group Holdings, Ltd. | 2,000 | 96,222 | ||||||
Royal Unibrew A/S | 821 | 73,892 | ||||||
402,468 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery, Inc., Class C† | 526 | 16,054 | ||||||
Fox Corp., Class B | 100 | 3,498 | ||||||
19,552 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
American Woodmark Corp.† | 272 | $ | 27,989 | |||||
Forbo Holding AG | 43 | 71,079 | ||||||
Gibraltar Industries, Inc.† | 563 | 29,400 | ||||||
Patrick Industries, Inc.† | 461 | 22,829 | ||||||
Rockwool International A/S | 191 | 42,666 | ||||||
Simpson Manufacturing Co., Inc. | 560 | 45,472 | ||||||
Wienerberger AG | 2,923 | 80,184 | ||||||
319,619 | ||||||||
Building & Construction - Misc. — 0.2% |
| |||||||
Balfour Beatty PLC | 5,580 | 15,935 | ||||||
Comfort Systems USA, Inc. | 598 | 30,558 | ||||||
Frontdoor, Inc.† | 9 | 407 | ||||||
HomeServe PLC | 1,930 | 30,079 | ||||||
JM AB | 949 | 25,959 | ||||||
Peab AB | 6,341 | 54,319 | ||||||
Penta-Ocean Construction Co., Ltd. | 7,400 | 42,660 | ||||||
TopBuild Corp.† | 491 | 54,148 | ||||||
254,065 | ||||||||
Building Products- Air & Heating — 0.2% |
| |||||||
AAON, Inc. | 596 | 29,425 | ||||||
Daikin Industries, Ltd. | 900 | 129,464 | ||||||
Johnson Controls International PLC | 1,187 | 50,839 | ||||||
Nibe Industrier AB, Class B | 5,538 | 84,647 | ||||||
294,375 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Buzzi Unicem SpA | 1,230 | 30,462 | ||||||
Marshalls PLC | 1,860 | 18,752 | ||||||
Martin Marietta Materials, Inc. | 104 | 27,914 | ||||||
US Concrete, Inc.† | 408 | 16,699 | ||||||
93,827 | ||||||||
Building Products - Doors & Windows — 0.0% |
| |||||||
Apogee Enterprises, Inc. | 688 | 26,309 | ||||||
PGT Innovations, Inc.† | 1,615 | 23,224 | ||||||
49,533 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Boise Cascade Co. | 714 | 27,075 | ||||||
Universal Forest Products, Inc. | 976 | 48,409 | ||||||
75,484 | ||||||||
Building - Heavy Construction — 0.1% |
| |||||||
Acciona SA# | 215 | 22,265 | ||||||
Ackermans & van Haaren NV | 426 | 64,063 | ||||||
Aegion Corp.† | 985 | 21,335 | ||||||
Arcosa, Inc. | 694 | 27,212 | ||||||
Infrastrutture Wireless Italiane SpA* | 5,359 | 54,258 | ||||||
189,133 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 1,014 | 38,522 | ||||||
Bravida Holding AB* | 8,674 | 76,116 | ||||||
114,638 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.1% |
| |||||||
Cavco Industries, Inc.† | 147 | 29,402 | ||||||
LCI Industries | 414 | 44,074 | ||||||
Winnebago Industries, Inc.# | 609 | 28,946 | ||||||
102,422 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
Bellway PLC | 780 | 33,684 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Residential/Commercial (continued) |
| |||||||
Bovis Homes Group PLC | 1,290 | $ | 20,438 | |||||
Century Communities, Inc.† | 748 | 21,318 | ||||||
Countryside Properties PLC* | 4,080 | 20,886 | ||||||
Installed Building Products, Inc.† | 338 | 24,235 | ||||||
LGI Homes, Inc.†# | 312 | 22,548 | ||||||
MDC Holdings, Inc. | 748 | 29,599 | ||||||
Meritage Homes Corp.† | 531 | 35,333 | ||||||
PulteGroup, Inc. | 619 | 24,543 | ||||||
Redrow PLC | 2,330 | 19,919 | ||||||
252,503 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Altice Europe NV† | 8,582 | 51,075 | ||||||
Charter Communications, Inc., Class A† | 345 | 162,153 | ||||||
Comcast Corp., Class A | 6,267 | 276,688 | ||||||
NOS SGPS SA | 15,556 | 84,388 | ||||||
574,304 | ||||||||
Capacitors — 0.0% |
| |||||||
KEMET Corp. | 1,065 | 28,457 | ||||||
Casino Hotels — 0.0% |
| |||||||
Las Vegas Sands Corp. | 527 | 33,069 | ||||||
Cellular Telecom — 0.1% |
| |||||||
Hikari Tsushin, Inc. | 200 | 46,631 | ||||||
Sunrise Communications Group AG* | 957 | 75,077 | ||||||
T-Mobile US, Inc.† | 712 | 55,927 | ||||||
177,635 | ||||||||
Chemicals - Diversified — 0.3% |
| |||||||
AdvanSix, Inc.† | 921 | 18,632 | ||||||
Dow, Inc. | 1,850 | 98,735 | ||||||
DuPont de Nemours, Inc. | 1,348 | 87,364 | ||||||
Innophos Holdings, Inc. | 669 | 21,341 | ||||||
Innospec, Inc. | 384 | 37,786 | ||||||
Kemira Oyj | 1,465 | 22,886 | ||||||
KH Neochem Co., Ltd. | 1,600 | 36,340 | ||||||
LyondellBasell Industries NV, Class A | 434 | 40,162 | ||||||
PPG Industries, Inc. | 400 | 51,536 | ||||||
Quaker Chemical Corp. | 209 | 31,189 | ||||||
445,971 | ||||||||
Chemicals - Plastics — 0.0% |
| |||||||
A. Schulman, Inc. CVR†(2) | 1,774 | 529 | ||||||
Sumitomo Bakelite Co., Ltd. | 1,500 | 59,203 | ||||||
59,732 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Albemarle Corp.# | 88 | 5,753 | ||||||
Balchem Corp. | 511 | 50,911 | ||||||
Ecolab, Inc. | 450 | 84,002 | ||||||
Ferro Corp.† | 1,779 | 25,653 | ||||||
H.B. Fuller Co. | 810 | 40,403 | ||||||
IMCD NV | 1,305 | 108,548 | ||||||
Kraton Corp.† | 797 | 17,956 | ||||||
Materion Corp. | 455 | 26,781 | ||||||
Rogers Corp.† | 290 | 37,706 | ||||||
Shin-Etsu Chemical Co., Ltd. | 800 | 85,588 | ||||||
Stepan Co. | 318 | 30,814 | ||||||
Victrex PLC | 740 | 22,013 | ||||||
536,128 | ||||||||
Circuit Boards — 0.1% |
| |||||||
Meiko Electronics Co.# | 2,100 | 43,629 |
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Circuit Boards (continued) | ||||||||
TTM Technologies, Inc.† | 1,832 | $ | 24,567 | |||||
68,196 | ||||||||
Coal — 0.0% |
| |||||||
Warrior Met Coal, Inc. | 1,238 | 25,416 | ||||||
Coatings/Paint — 0.1% |
| |||||||
OC Oerlikon Corp. AG | 6,842 | 76,152 | ||||||
Sherwin-Williams Co. | 140 | 81,638 | ||||||
157,790 | ||||||||
Commercial Services — 0.4% |
| |||||||
Aggreko PLC | 1,940 | 20,820 | ||||||
Applus Services SA | 5,472 | 66,012 | ||||||
Cintas Corp. | 170 | 43,700 | ||||||
CoStar Group, Inc.† | 50 | 30,643 | ||||||
Elis SA | 4,482 | 89,424 | ||||||
Harsco Corp.† | 1,393 | 30,994 | ||||||
HMS Holdings Corp.† | 1,348 | 40,710 | ||||||
IWG PLC | 4,830 | 25,525 | ||||||
Macquarie Infrastructure Corp. | 3,260 | 136,757 | ||||||
Medifast, Inc.# | 233 | 20,483 | ||||||
Wirecard AG | 821 | 108,359 | ||||||
613,427 | ||||||||
Commercial Services - Finance — 0.6% |
| |||||||
Automatic Data Processing, Inc. | 635 | 108,445 | ||||||
Cardtronics PLC, Class A† | 704 | 29,723 | ||||||
Cielo SA | 14,800 | 27,236 | ||||||
EVERTEC, Inc. | 918 | 29,762 | ||||||
Experian PLC | 6,191 | 205,223 | ||||||
FleetCor Technologies, Inc.† | 236 | 72,433 | ||||||
Global Payments, Inc. | 369 | 66,826 | ||||||
IHS Markit, Ltd.† | 888 | 64,513 | ||||||
MarketAxess Holdings, Inc. | 13 | 5,250 | ||||||
Moody’s Corp. | 53 | 12,014 | ||||||
PayPal Holdings, Inc.† | 2,023 | 218,504 | ||||||
S&P Global, Inc. | 36 | 9,527 | ||||||
Square, Inc., Class A†# | 400 | 27,648 | ||||||
877,104 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 870 | 157,383 | ||||||
Synopsys, Inc.† | 191 | 26,939 | ||||||
184,322 | ||||||||
Computer Data Security — 0.4% |
| |||||||
Avast PLC* | 3,840 | 22,250 | ||||||
Check Point Software Technologies, Ltd.† | 1,565 | 184,482 | ||||||
Fortinet, Inc.† | 2,937 | 308,708 | ||||||
Qualys, Inc.† | 524 | 45,855 | ||||||
Sophos Group PLC* | 2,390 | 17,465 | ||||||
578,760 | ||||||||
Computer Services — 1.8% |
| |||||||
Accenture PLC, Class A | 1,774 | 356,858 | ||||||
Atos SE | 1,707 | 144,957 | ||||||
CANCOM SE | 728 | 43,110 | ||||||
Capgemini SE | 1,480 | 175,036 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,594 | 230,411 | ||||||
DXC Technology Co. | 4,207 | 157,047 | ||||||
ExlService Holdings, Inc.† | 496 | 34,626 | ||||||
Fujitsu, Ltd. | 2,600 | 236,377 | ||||||
Insight Enterprises, Inc.† | 568 | 37,255 | ||||||
International Business Machines Corp. | 3,295 | 443,013 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Services (continued) | ||||||||
Leidos Holdings, Inc. | 1,741 | $ | 158,152 | |||||
NEC Corp. | 900 | 35,974 | ||||||
Nihon Unisys, Ltd. | 2,800 | 90,046 | ||||||
Nomura Research Institute, Ltd. | 3,800 | 80,163 | ||||||
NTT Data Corp. | 9,300 | 126,770 | ||||||
Perspecta, Inc. | 2,666 | 73,528 | ||||||
SCSK Corp. | 1,800 | 94,230 | ||||||
Softcat PLC | 1,070 | 15,583 | ||||||
Sopra Steria Group | 653 | 98,775 | ||||||
Sykes Enterprises, Inc.† | 838 | 29,447 | ||||||
Tieto Oyj | 1,654 | 47,523 | ||||||
Virtusa Corp.† | 609 | 27,216 | ||||||
2,736,097 | ||||||||
Computer Software — 0.2% |
| |||||||
Akamai Technologies, Inc.† | 352 | 30,666 | ||||||
Playtech PLC | 2,590 | 12,866 | ||||||
Splunk, Inc.† | 1,281 | 191,151 | ||||||
TiVo Corp. | 2,828 | 22,087 | ||||||
256,770 | ||||||||
Computers — 1.4% |
| |||||||
Apple, Inc. | 7,235 | 1,933,554 | ||||||
Hewlett Packard Enterprise Co. | 1,841 | 29,143 | ||||||
HP, Inc. | 2,743 | 55,079 | ||||||
2,017,776 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Bechtle AG | 703 | 92,475 | ||||||
Cubic Corp. | 531 | 31,621 | ||||||
Diebold Nixdorf, Inc.† | 1,747 | 12,701 | ||||||
Ingenico Group SA | 964 | 102,869 | ||||||
Itochu Techno-Solutions Corp. | 2,900 | 77,444 | ||||||
MTS Systems Corp. | 442 | 20,076 | ||||||
OBIC Co., Ltd. | 600 | 79,649 | ||||||
Otsuka Corp. | 2,200 | 88,137 | ||||||
504,972 | ||||||||
Computers - Other — 0.0% |
| |||||||
3D Systems Corp.†# | 2,355 | 19,994 | ||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Logitech International SA | 3,261 | 142,538 | ||||||
Consulting Services — 0.1% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,910 | 138,971 | ||||||
QinetiQ PLC | 4,410 | 19,062 | ||||||
Savills PLC | 1,280 | 16,389 | ||||||
Verisk Analytics, Inc. | 210 | 30,971 | ||||||
205,393 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Central Garden & Pet Co., Class A† | 987 | 24,685 | ||||||
Clorox Co. | 135 | 20,011 | ||||||
Kimberly-Clark Corp. | 357 | 48,673 | ||||||
Quanex Building Products Corp. | 1,151 | 22,398 | ||||||
WD-40 Co.# | 188 | 36,305 | ||||||
152,072 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 1,012 | 66,853 | ||||||
Gerresheimer AG | 796 | 58,536 | ||||||
125,389 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Berry Global Group, Inc.† | 87 | 4,062 |
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Containers - Paper/Plastic (continued) | ||||||||
Huhtamaki Oyj | 2,032 | $ | 89,210 | |||||
Matthews International Corp., Class A | 638 | 24,467 | ||||||
Rengo Co., Ltd. | 7,200 | 53,414 | ||||||
Sealed Air Corp. | 65 | 2,453 | ||||||
173,606 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Avon Products, Inc.† | 7,353 | 33,750 | ||||||
Colgate-Palmolive Co. | 428 | 29,027 | ||||||
Coty, Inc., Class A | 91 | 1,050 | ||||||
Estee Lauder Cos., Inc., Class A | 22 | 4,300 | ||||||
Fancl Corp. | 2,200 | 58,731 | ||||||
Natura Cosmeticos SA | 8,200 | 64,076 | ||||||
Procter & Gamble Co. | 433 | 52,852 | ||||||
243,786 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp. | 560 | 25,245 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 173 | 9,279 | ||||||
Royal Caribbean Cruises, Ltd. | 240 | 28,805 | ||||||
63,329 | ||||||||
Data Processing/Management — 0.2% |
| |||||||
Bottomline Technologies, Inc.† | 689 | 34,099 | ||||||
CSG Systems International, Inc. | 509 | 29,110 | ||||||
Fidelity National Information Services, Inc. | 770 | 106,375 | ||||||
Fiserv, Inc.† | 740 | 86,017 | ||||||
Paychex, Inc. | 400 | 34,448 | ||||||
290,049 | ||||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 20 | 5,184 | ||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 25 | 6,933 | ||||||
Lifco AB | 408 | 22,470 | ||||||
29,403 | ||||||||
Diagnostic Equipment — 0.0% |
| |||||||
BioTelemetry, Inc.† | 604 | 27,971 | ||||||
Danaher Corp. | 32 | 4,671 | ||||||
Thermo Fisher Scientific, Inc. | 26 | 8,163 | ||||||
40,805 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
DiaSorin SpA | 483 | 64,546 | ||||||
IDEXX Laboratories, Inc.† | 1 | 252 | ||||||
64,798 | ||||||||
Direct Marketing — 0.0% |
| |||||||
DKSH Holding AG | 1,033 | 53,458 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
CONMED Corp. | 419 | 47,460 | ||||||
ConvaTec Group PLC* | 10,180 | 25,207 | ||||||
Merit Medical Systems, Inc.† | 995 | 27,860 | ||||||
STERIS PLC | 55 | 8,313 | ||||||
Teleflex, Inc. | 24 | 8,480 | ||||||
117,320 | ||||||||
Distribution/Wholesale — 0.1% |
| |||||||
Anixter International, Inc.† | 469 | 40,259 | ||||||
Core-Mark Holding Co., Inc. | 847 | 22,827 | ||||||
Fastenal Co. | 770 | 27,350 | ||||||
G-III Apparel Group, Ltd.† | 851 | 25,189 | ||||||
Inchcape PLC | 3,330 | 28,038 |
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale (continued) | ||||||||
Travis Perkins PLC | 1,700 | $ | 33,849 | |||||
177,512 | ||||||||
Diversified Banking Institutions — 3.5% |
| |||||||
Bank of America Corp. | 49,576 | 1,651,872 | ||||||
Citigroup, Inc. | 10,517 | 790,037 | ||||||
Goldman Sachs Group, Inc. | 1,143 | 253,003 | ||||||
JPMorgan Chase & Co. | 15,300 | 2,015,928 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 15,200 | 80,281 | ||||||
Morgan Stanley | 5,073 | 251,012 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3,500 | 127,555 | ||||||
5,169,688 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
3M Co. | 943 | 160,093 | ||||||
Aalberts NV | 2,768 | 117,254 | ||||||
Actuant Corp., Class A | 1,259 | 30,921 | ||||||
Eaton Corp. PLC | 580 | 53,650 | ||||||
EnPro Industries, Inc. | 429 | 28,481 | ||||||
Fabrinet† | 590 | 35,689 | ||||||
Federal Signal Corp. | 1,009 | 33,236 | ||||||
General Electric Co. | 13,598 | 153,249 | ||||||
Illinois Tool Works, Inc. | 476 | 82,981 | ||||||
IMI PLC | 2,100 | 30,447 | ||||||
Indutrade AB | 2,539 | 82,971 | ||||||
Ingersoll-Rand PLC | 320 | 41,955 | ||||||
Parker-Hannifin Corp. | 197 | 39,162 | ||||||
Siemens AG | 2,158 | 278,449 | ||||||
Standex International Corp. | 343 | 26,473 | ||||||
Trelleborg AB, Class B | 6,306 | 103,990 | ||||||
1,299,001 | ||||||||
Diversified Minerals — 0.5% |
| |||||||
BHP Group PLC | 10,091 | 223,175 | ||||||
BHP Group, Ltd. | 14,077 | 364,014 | ||||||
China Hongqiao Group, Ltd. | 8,500 | 4,463 | ||||||
Livent Corp.† | 3,141 | 24,500 | ||||||
Lundin Mining Corp. | 3,164 | 17,127 | ||||||
Sumitomo Metal Mining Co., Ltd. | 3,800 | 115,123 | ||||||
Teck Resources, Ltd., Class B | 2,394 | 37,488 | ||||||
785,890 | ||||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 470 | 29,563 | ||||||
E-Commerce/Products — 0.9% |
| |||||||
Amazon.com, Inc.† | 683 | 1,229,946 | ||||||
B2W Cia Digital† | 2,200 | 29,243 | ||||||
eBay, Inc. | 2,230 | 79,210 | ||||||
1,338,399 | ||||||||
E-Commerce/Services — 0.2% |
| |||||||
Booking Holdings, Inc.† | 83 | 158,035 | ||||||
Expedia Group, Inc. | 99 | 10,064 | ||||||
MercadoLibre, Inc.† | 50 | 29,029 | ||||||
Scout24 AG* | 1,792 | 110,953 | ||||||
Stamps.com, Inc.† | 289 | 25,215 | ||||||
Trainline PLC†* | 2,780 | 16,791 | ||||||
TripAdvisor, Inc. | 302 | 8,577 | ||||||
358,664 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
Moneysupermarket.com Group PLC | 4,800 | 21,139 | ||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 129 | 17,422 |
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
E-Services/Consulting (continued) | ||||||||
Perficient, Inc.† | 661 | $ | 27,947 | |||||
45,369 | ||||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 335 | 33,168 | ||||||
Emerson Electric Co. | 830 | 61,304 | ||||||
94,472 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
CenterPoint Energy, Inc. | 419 | 10,291 | ||||||
Equatorial Energia SA | 16,000 | 77,914 | ||||||
88,205 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Centrais Eletricas Brasileiras SA ADR# | 12,842 | 105,561 | ||||||
Electric - Integrated — 0.3% |
| |||||||
A2A SpA | 14,355 | 27,004 | ||||||
AES Corp. | 1,513 | 28,611 | ||||||
Avista Corp. | 959 | 45,341 | ||||||
BKW AG | 123 | 8,647 | ||||||
Cia Energetica de Minas Gerais ADR | 10,769 | 32,630 | ||||||
El Paso Electric Co. | 580 | 39,336 | ||||||
Entergy Corp. | 124 | 14,432 | ||||||
Evergy, Inc. | 651 | 41,189 | ||||||
Exelon Corp. | 148 | 6,571 | ||||||
FirstEnergy Corp. | 324 | 15,451 | ||||||
Hera SpA | 11,458 | 50,544 | ||||||
Iren SpA | 17,027 | 52,787 | ||||||
Pinnacle West Capital Corp. | 39 | 3,408 | ||||||
Southern Co. | 96 | 5,951 | ||||||
371,902 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
Elia System Operator SA/NV | 207 | 17,104 | ||||||
Electronic Components - Misc. — 0.6% |
| |||||||
Advanced Energy Industries, Inc.† | 635 | 40,773 | ||||||
Barco NV | 83 | 19,157 | ||||||
Benchmark Electronics, Inc. | 793 | 27,335 | ||||||
Garmin, Ltd. | 99 | 9,671 | ||||||
Hoya Corp. | 1,000 | 91,270 | ||||||
Knowles Corp.† | 1,466 | 32,106 | ||||||
Minebea Mitsumi, Inc. | 5,600 | 108,669 | ||||||
Murata Manufacturing Co., Ltd. | 2,100 | 121,716 | ||||||
Nidec Corp. | 800 | 118,332 | ||||||
Omron Corp. | 2,900 | 170,362 | ||||||
OSI Systems, Inc.† | 268 | 26,663 | ||||||
Plexus Corp.† | 470 | 35,673 | ||||||
Sanmina Corp.† | 1,117 | 35,532 | ||||||
Spectris PLC | 970 | 35,165 | ||||||
TKH Group NV CVA | 1,512 | 78,358 | ||||||
950,782 | ||||||||
Electronic Components - Semiconductors — 1.8% |
| |||||||
Advanced Micro Devices, Inc.†# | 1,240 | 48,546 | ||||||
ams AG† | 1,252 | 60,409 | ||||||
Broadcom, Inc. | 1,222 | 386,409 | ||||||
CEVA, Inc.† | 702 | 18,196 | ||||||
CTS Corp. | 800 | 21,904 | ||||||
Dialog Semiconductor PLC† | 968 | 49,248 | ||||||
Diodes, Inc.† | 732 | 33,774 | ||||||
Intel Corp. | 6,882 | 399,500 | ||||||
IPG Photonics Corp.† | 222 | 31,544 | ||||||
Marvell Technology Group, Ltd. | 1,654 | 43,616 | ||||||
Melexis NV# | 479 | 34,935 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) | ||||||||
Microchip Technology, Inc.# | 2,696 | $ | 254,880 | |||||
Micron Technology, Inc.† | 1,373 | 65,231 | ||||||
NVIDIA Corp. | 1,710 | 370,625 | ||||||
ON Semiconductor Corp.† | 1,580 | 33,923 | ||||||
Qorvo, Inc.† | 63 | 6,565 | ||||||
Rambus, Inc.† | 2,526 | 32,964 | ||||||
SOITEC† | 280 | 29,614 | ||||||
STMicroelectronics NV | 4,837 | 118,835 | ||||||
Texas Instruments, Inc. | 3,651 | 438,887 | ||||||
Xilinx, Inc. | 2,012 | 186,673 | ||||||
Xperi Corp. | 1,145 | 22,660 | ||||||
2,688,938 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 360 | 37,440 | ||||||
TE Connectivity, Ltd. | 430 | 39,865 | ||||||
77,305 | ||||||||
Electronic Forms — 0.1% |
| |||||||
Adobe, Inc.† | 595 | 184,170 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc. | 34 | 2,746 | ||||||
Badger Meter, Inc. | 479 | 29,698 | ||||||
FARO Technologies, Inc.† | 447 | 21,778 | ||||||
FLIR Systems, Inc. | 555 | 29,726 | ||||||
Fortive Corp. | 577 | 41,642 | ||||||
Itron, Inc.† | 559 | 44,765 | ||||||
Keysight Technologies, Inc.† | 145 | 15,519 | ||||||
Mesa Laboratories, Inc. | 97 | 22,710 | ||||||
National Instruments Corp. | 566 | 23,840 | ||||||
Renishaw PLC | 300 | 15,373 | ||||||
Trimble, Inc.† | 908 | 36,801 | ||||||
Yokogawa Electric Corp. | 3,800 | 69,539 | ||||||
354,137 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Electrocomponents PLC | 3,050 | 25,783 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 620 | 27,044 | ||||||
dormakaba Holding AG | 93 | 62,961 | ||||||
90,005 | ||||||||
Electronics - Military — 0.0% |
| |||||||
Ultra Electronics Holdings PLC | 550 | 14,839 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
John Laing Group PLC* | 3,510 | 17,260 | ||||||
Landis+Gyr Group AG | 496 | 50,641 | ||||||
67,901 | ||||||||
Engineering/R&D Services — 0.2% |
| |||||||
AECOM† | 98 | 4,247 | ||||||
AF POYRY AB | 1,655 | 35,802 | ||||||
Alten SA | 851 | 98,255 | ||||||
COMSYS Holdings Corp. | 1,700 | 49,157 | ||||||
Exponent, Inc. | 753 | 47,853 | ||||||
Gaztransport Et Technigaz SA | 447 | 39,495 | ||||||
Jacobs Engineering Group, Inc. | 86 | 7,920 | ||||||
282,729 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Cummins, Inc. | 328 | 59,978 | ||||||
Enterprise Software/Service — 1.3% |
| |||||||
Guidewire Software, Inc.† | 2,316 | 282,158 |
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Enterprise Software/Service (continued) | ||||||||
LivePerson, Inc.† | 995 | $ | 39,492 | |||||
ManTech International Corp., Class A | 445 | 34,523 | ||||||
Micro Focus International PLC | 2,180 | 31,939 | ||||||
MicroStrategy, Inc., Class A† | 190 | 28,563 | ||||||
Omnicell, Inc.† | 676 | 54,073 | ||||||
Oracle Corp. | 4,348 | 244,097 | ||||||
Oracle Corp. Japan | 700 | 64,401 | ||||||
PKSHA Technology, Inc.†# | 600 | 23,900 | ||||||
Progress Software Corp. | 817 | 34,322 | ||||||
SPS Commerce, Inc.† | 608 | 34,249 | ||||||
Tyler Technologies, Inc.† | 665 | 192,963 | ||||||
Veeva Systems, Inc., Class A† | 2,207 | 329,240 | ||||||
Workday, Inc., Class A† | 2,590 | 463,921 | ||||||
1,857,841 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 930 | 50,992 | ||||||
Capcom Co., Ltd. | 1,500 | 36,001 | ||||||
Electronic Arts, Inc.† | 444 | 44,848 | ||||||
131,841 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Sweco AB, Class B | 2,350 | 82,192 | ||||||
Filtration/Separation Products — 0.0% |
| |||||||
ESCO Technologies, Inc. | 398 | 35,052 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Credit Acceptance Corp.†# | 37 | 15,927 | ||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Encore Capital Group, Inc.†# | 580 | 21,153 | ||||||
LendingTree, Inc.† | 6 | 2,163 | ||||||
PRA Group, Inc.†# | 774 | 28,359 | ||||||
Synchrony Financial | 124 | 4,639 | ||||||
56,314 | ||||||||
Finance - Credit Card — 0.7% |
| |||||||
American Express Co. | 151 | 18,138 | ||||||
Discover Financial Services | 125 | 10,609 | ||||||
Mastercard, Inc., Class A | 1,495 | 436,884 | ||||||
Network International Holdings PLC†* | 2,290 | 17,149 | ||||||
Pagseguro Digital, Ltd., Class A†# | 481 | 16,325 | ||||||
Visa, Inc., Class A | 2,979 | 549,655 | ||||||
1,048,760 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Banco BTG Pactual SA | 2,500 | 41,436 | ||||||
Charles Schwab Corp. | 329 | 16,285 | ||||||
Close Brothers Group PLC | 1,330 | 25,579 | ||||||
E*TRADE Financial Corp. | 140 | 6,202 | ||||||
Piper Jaffray Cos. | 397 | 32,109 | ||||||
TP ICAP PLC | 4,350 | 21,717 | ||||||
143,328 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
GRENKE AG | 870 | 81,183 | ||||||
Tokyo Century Corp. | 900 | 48,020 | ||||||
129,203 | ||||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
Aareal Bank AG | 2,587 | 79,803 | ||||||
OneSavings Bank PLC | 3,280 | 16,417 | ||||||
Zenkoku Hosho Co., Ltd. | 1,500 | 60,162 | ||||||
156,382 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Other Services — 0.3% |
| |||||||
B3 SA - Brasil Bolsa Balcao | 23,700 | $ | 266,831 | |||||
Bolsas y Mercados Espanoles | 1,046 | 40,932 | ||||||
Euronext NV* | 1,330 | 100,444 | ||||||
IG Group Holdings PLC | 2,610 | 22,813 | ||||||
Intercontinental Exchange, Inc. | 94 | 8,852 | ||||||
Intertrust NV* | 2,043 | 38,398 | ||||||
Intrum AB | 933 | 23,563 | ||||||
501,833 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
NMI Holdings, Inc., Class A† | 1,136 | 38,136 | ||||||
Fisheries — 0.1% |
| |||||||
Bakkafrost P/F | 927 | 62,179 | ||||||
Leroy Seafood Group ASA | 5,126 | 32,435 | ||||||
Salmar ASA | 744 | 35,450 | ||||||
130,064 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 82 | 12,149 | ||||||
J.M. Smucker Co. | 63 | 6,621 | ||||||
18,770 | ||||||||
Food - Dairy Products — 0.0% |
| |||||||
Emmi AG | 59 | 49,354 | ||||||
Food - Meat Products — 0.1% |
| |||||||
BRF SA ADR† | 6,640 | 56,838 | ||||||
Cranswick PLC | 400 | 16,193 | ||||||
JBS SA | 17,400 | 116,917 | ||||||
Tyson Foods, Inc., Class A | 125 | 11,236 | ||||||
201,184 | ||||||||
Food - Misc./Diversified — 0.4% |
| |||||||
AAK AB | 3,195 | 58,375 | ||||||
Axfood AB | 2,777 | 59,813 | ||||||
B&G Foods, Inc.# | 1,234 | 20,435 | ||||||
Cal-Maine Foods, Inc. | 576 | 25,073 | ||||||
Corbion NV | 2,391 | 73,967 | ||||||
Fuji Oil Holdings, Inc.# | 3,000 | 84,281 | ||||||
General Mills, Inc. | 204 | 10,877 | ||||||
Glanbia PLC | 6,062 | 70,525 | ||||||
Glanbia PLC | 2,154 | 24,941 | ||||||
J&J Snack Foods Corp. | 205 | 37,925 | ||||||
Kellogg Co. | 63 | 4,103 | ||||||
Mondelez International, Inc., Class A | 109 | 5,727 | ||||||
Tate & Lyle PLC | 3,330 | 31,500 | ||||||
Viscofan SA | 1,904 | 101,400 | ||||||
608,942 | ||||||||
Food - Retail — 0.3% |
| |||||||
Cia Brasileira de Distribuicao ADR | 1,845 | 34,668 | ||||||
Greggs PLC | 780 | 21,003 | ||||||
HelloFresh SE† | 3,962 | 78,831 | ||||||
Kesko Oyj, Class B | 910 | 61,396 | ||||||
Kroger Co. | 78 | 2,133 | ||||||
Seven & i Holdings Co., Ltd. | 2,100 | 78,240 | ||||||
SSP Group PLC | 3,030 | 26,413 | ||||||
Takeaway.com NV†#* | 797 | 71,649 | ||||||
374,333 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Calavo Growers, Inc.# | 297 | 26,489 | ||||||
Chefs’ Warehouse, Inc.† | 608 | 21,620 | ||||||
Lacto Japan Co., Ltd. | 700 | 22,480 |
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Food - Wholesale/Distribution (continued) | ||||||||
Sysco Corp. | 145 | $ | 11,680 | |||||
82,269 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Crocs, Inc.† | 1,102 | 38,460 | ||||||
Steven Madden, Ltd. | 1,220 | 51,813 | ||||||
Wolverine World Wide, Inc. | 1,305 | 41,891 | ||||||
132,164 | ||||||||
Forestry — 0.1% |
| |||||||
Svenska Cellulosa AB SCA, Class B | 9,198 | 91,518 | ||||||
Gambling(Non-Hotel) — 0.1% |
| |||||||
Evolution Gaming Group AB* | 2,220 | 58,640 | ||||||
William Hill PLC | 7,370 | 17,033 | ||||||
75,673 | ||||||||
Gas- Distribution — 0.1% |
| |||||||
Italgas SpA | 6,658 | 41,840 | ||||||
Northwest Natural Holding Co. | 494 | 33,972 | ||||||
Rubis SCA | 1,503 | 85,608 | ||||||
South Jersey Industries, Inc. | 1,413 | 44,142 | ||||||
205,562 | ||||||||
Gold Mining — 0.1% |
| |||||||
Centamin PLC | 8,380 | 12,041 | ||||||
Newmont Goldcorp Corp. | 1,350 | 51,840 | ||||||
63,881 | ||||||||
Golf — 0.0% |
| |||||||
Callaway Golf Co. | 1,644 | 34,162 | ||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
US Ecology, Inc. | 338 | 18,587 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 337 | 6,477 | ||||||
Home Furnishings — 0.0% |
| |||||||
Howden Joinery Group PLC | 4,010 | 32,705 | ||||||
Sleep Number Corp.† | 522 | 25,197 | ||||||
57,902 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 470 | 49,350 | ||||||
Marriott International, Inc., Class A | 370 | 51,933 | ||||||
101,283 | ||||||||
Human Resources — 0.2% |
| |||||||
AMN Healthcare Services, Inc.† | 710 | 42,224 | ||||||
Capita PLC† | 10,550 | 21,613 | ||||||
Hays PLC | 10,250 | 22,099 | ||||||
Korn Ferry | 905 | 35,548 | ||||||
Michael Page International PLC | 2,670 | 16,624 | ||||||
Recruit Holdings Co., Ltd. | 1,400 | 50,677 | ||||||
TrueBlue, Inc.† | 1,037 | 24,173 | ||||||
212,958 | ||||||||
Identification Systems — 0.0% |
| |||||||
Brady Corp., Class A | 711 | 40,527 | ||||||
Import/Export — 0.1% |
| |||||||
ITOCHU Corp. | 4,900 | 106,904 | ||||||
Mitsubishi Corp. | 3,800 | 99,500 | ||||||
206,404 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 523 | 20,779 |
Security Description | Shares | Value (Note 2) | ||||||
Independent Power Producers (continued) | ||||||||
Vistra Energy Corp. | 216 | $ | 5,730 | |||||
26,509 | ||||||||
Industrial Automated/Robotic — 0.8% |
| |||||||
Cognex Corp. | 2,501 | 125,500 | ||||||
FANUC Corp. | 600 | 114,595 | ||||||
Harmonic Drive Systems, Inc.# | 1,700 | 73,852 | ||||||
Keyence Corp. | 1,400 | 478,882 | ||||||
Rockwell Automation, Inc. | 1,115 | 218,362 | ||||||
THK Co., Ltd. | 2,800 | 78,663 | ||||||
Yaskawa Electric Corp. | 1,000 | 36,727 | ||||||
1,126,581 | ||||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 380 | 89,806 | ||||||
Linde PLC | 930 | 191,775 | ||||||
281,581 | ||||||||
Instruments - Controls — 0.5% |
| |||||||
ABB, Ltd. | 5,794 | 126,715 | ||||||
Honeywell International, Inc. | 3,188 | 569,217 | ||||||
Mettler-Toledo International, Inc.† | 11 | 7,913 | ||||||
Rotork PLC | 7,190 | 30,483 | ||||||
Watts Water Technologies, Inc., Class A | 387 | 37,524 | ||||||
Woodward, Inc. | 167 | 19,504 | ||||||
791,356 | ||||||||
Insurance Brokers — 0.0% |
| |||||||
Aon PLC | 67 | 13,642 | ||||||
eHealth, Inc.†# | 329 | 30,353 | ||||||
43,995 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 524 | 28,736 | ||||||
American Equity Investment Life Holding Co. | 1,599 | 47,522 | ||||||
Dai-ichi Life Holdings, Inc. | 6,000 | 96,643 | ||||||
Principal Financial Group, Inc. | 139 | 7,659 | ||||||
180,560 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Allstate Corp. | 522 | 58,125 | ||||||
ASR Nederland NV | 1,359 | 50,501 | ||||||
BB Seguridade Participacoes SA | 7,900 | 64,210 | ||||||
Direct Line Insurance Group PLC | 9,070 | 35,826 | ||||||
Grupo Catalana Occidente SA | 1,464 | 52,741 | ||||||
Hartford Financial Services Group, Inc. | 381 | 23,569 | ||||||
Helvetia Holding AG | 206 | 28,119 | ||||||
Horace Mann Educators Corp. | 675 | 29,302 | ||||||
Loews Corp. | 190 | 9,671 | ||||||
MetLife, Inc. | 209 | 10,431 | ||||||
Storebrand ASA | 7,871 | 56,417 | ||||||
Sul America SA | 10,100 | 126,747 | ||||||
Topdanmark A/S | 351 | 16,220 | ||||||
Unipol Gruppo SpA | 11,995 | 70,303 | ||||||
United Fire Group, Inc. | 578 | 25,397 | ||||||
657,579 | ||||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Ambac Financial Group, Inc.† | 1,160 | 24,151 | ||||||
Beazley PLC | 3,710 | 25,527 | ||||||
Berkshire Hathaway, Inc., Class B† | 596 | 131,299 | ||||||
Employers Holdings, Inc. | 736 | 31,626 | ||||||
Fidelity National Financial, Inc. | 120 | 5,716 | ||||||
James River Group Holdings, Ltd. | 698 | 27,613 | ||||||
Kinsale Capital Group, Inc. | 274 | 27,745 |
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Insurance - Property/Casualty (continued) | ||||||||
Lancashire Holdings, Ltd. | 1,840 | $ | 17,670 | |||||
MS&AD Insurance Group Holdings, Inc. | 3,900 | 126,170 | ||||||
ProAssurance Corp. | 776 | 29,178 | ||||||
Progressive Corp. | 566 | 41,346 | ||||||
RLI Corp. | 496 | 45,319 | ||||||
Stewart Information Services Corp. | 641 | 27,415 | ||||||
Universal Insurance Holdings, Inc. | 741 | 21,563 | ||||||
582,338 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Cogent Communications Holdings, Inc. | 594 | 37,232 | ||||||
Masmovil Ibercom SA† | 1,804 | 40,664 | ||||||
77,896 | ||||||||
Internet Content - Entertainment — 0.8% |
| |||||||
Facebook, Inc., Class A† | 3,626 | 731,147 | ||||||
Kakao Corp. | 1,758 | 231,443 | ||||||
Netflix, Inc.† | 566 | 178,097 | ||||||
Twitter, Inc.† | 967 | 29,890 | ||||||
1,170,577 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
M3, Inc. | 1,500 | 41,250 | ||||||
SINA Corp.† | 4,808 | 167,751 | ||||||
209,001 | ||||||||
Internet Financial Services — 0.1% |
| |||||||
Cerved Group SpA | 7,108 | 70,635 | ||||||
Internet Gambling — 0.0% |
| |||||||
GVC Holdings PLC | 3,120 | 34,364 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 1,058 | 154,161 | ||||||
Internet Security — 0.5% |
| |||||||
NortonLifeLock, Inc. | 9,139 | 227,561 | ||||||
Palo Alto Networks, Inc.† | 1,297 | 294,704 | ||||||
Trend Micro, Inc. | 4,800 | 259,175 | ||||||
781,440 | ||||||||
Internet Telephone — 0.0% |
| |||||||
8x8, Inc.†# | 1,658 | 34,022 | ||||||
RingCentral, Inc., Class A† | 30 | 5,174 | ||||||
39,196 | ||||||||
Investment Companies — 0.1% |
| |||||||
KBC Ancora | 1,712 | 84,007 | ||||||
Sofina SA | 248 | 53,770 | ||||||
137,777 | ||||||||
Investment Management/Advisor Services — 0.2% |
| |||||||
Ameriprise Financial, Inc. | 56 | 9,177 | ||||||
Ashmore Group PLC | 3,020 | 18,592 | ||||||
Azimut Holding SpA | 2,596 | 65,494 | ||||||
Blucora, Inc.† | 1,007 | 23,705 | ||||||
Boston Private Financial Holdings, Inc. | 2,859 | 33,565 | ||||||
Franklin Resources, Inc. | 318 | 8,742 | ||||||
Jupiter Fund Management PLC | 3,800 | 17,904 | ||||||
LPL Financial Holdings, Inc. | 7 | 646 | ||||||
Man Group PLC | 11,500 | 22,571 | ||||||
Quilter PLC* | 13,140 | 25,033 | ||||||
Raymond James Financial, Inc. | 109 | 9,790 | ||||||
T. Rowe Price Group, Inc. | 297 | 36,697 | ||||||
Virtus Investment Partners, Inc. | 196 | 23,089 | ||||||
Vontobel Holding AG | 540 | 34,695 |
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services (continued) | ||||||||
Waddell & Reed Financial, Inc., Class A# | 1,580 | $ | 25,517 | |||||
355,217 | ||||||||
Leisure Products — 0.1% |
| |||||||
CTS Eventim AG & Co. KGaA | 1,351 | 82,457 | ||||||
Thule Group AB* | 3,570 | 77,750 | ||||||
Yamaha Corp. | 800 | 44,073 | ||||||
204,280 | ||||||||
Lighting Products & Systems — 0.1% |
| |||||||
Signify NV* | 2,256 | 67,281 | ||||||
Linen Supply & Related Items — 0.0% |
| |||||||
UniFirst Corp. | 220 | 45,375 | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Astec Industries, Inc. | 665 | 24,911 | ||||||
Caterpillar, Inc. | 898 | 129,968 | ||||||
Komatsu, Ltd. | 3,300 | 77,393 | ||||||
232,272 | ||||||||
Machinery - Electrical — 0.5% |
| |||||||
Disco Corp.# | 400 | 86,319 | ||||||
Franklin Electric Co., Inc. | 573 | 31,784 | ||||||
Fuji Electric Co., Ltd. | 3,100 | 95,446 | ||||||
Hitachi, Ltd. | 6,900 | 271,070 | ||||||
Konecranes OYJ | 1,859 | 59,189 | ||||||
Mitsubishi Electric Corp. | 13,300 | 183,664 | ||||||
SPX Corp.† | 722 | 34,497 | ||||||
761,969 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 410 | 68,900 | ||||||
Kubota Corp. | 4,800 | 74,047 | ||||||
142,947 | ||||||||
Machinery - General Industrial — 0.4% |
| |||||||
Albany International Corp., Class A | 458 | 38,326 | ||||||
Applied Industrial Technologies, Inc. | 648 | 41,375 | ||||||
Bucher Industries AG | 244 | 78,178 | ||||||
Chart Industries, Inc.† | 592 | 32,678 | ||||||
FLSmidth & Co. A/S | 1,439 | 52,853 | ||||||
Hexagon AB, Class B | 3,006 | 169,913 | ||||||
Roper Technologies, Inc. | 140 | 50,452 | ||||||
Shima Seiki Manufacturing, Ltd.# | 1,100 | 27,737 | ||||||
SIG Combibloc Group AG | 2,899 | 40,122 | ||||||
Tennant Co. | 372 | 27,699 | ||||||
Valmet Oyj | 2,086 | 46,698 | ||||||
WEG SA | 5,700 | 40,909 | ||||||
646,940 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Daifuku Co., Ltd.# | 1,500 | 87,296 | ||||||
Machinery - Pumps — 0.1% |
| |||||||
Dover Corp. | 9 | 1,003 | ||||||
Interpump Group SpA | 1,967 | 61,457 | ||||||
SPX FLOW, Inc.† | 724 | 34,318 | ||||||
Weir Group PLC | 1,830 | 33,029 | ||||||
129,807 | ||||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 770 | 16,093 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 229 | 16,394 | ||||||
NextGen Healthcare, Inc.† | 1,389 | 25,585 |
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Information Systems (continued) | ||||||||
Tabula Rasa HealthCare, Inc.†# | 450 | $ | 20,075 | |||||
62,054 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Ambu A/S, Class B | 2,631 | 45,466 | ||||||
Edwards Lifesciences Corp.† | 38 | 9,308 | ||||||
Elekta AB, Series B | 4,992 | 62,646 | ||||||
Medtronic PLC | 287 | 31,969 | ||||||
Natus Medical, Inc.† | 734 | 23,481 | ||||||
Shimadzu Corp. | 3,600 | 108,373 | ||||||
Tecan Group AG | 368 | 98,845 | ||||||
Topcon Corp. | 2,700 | 35,719 | ||||||
415,807 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Evotec SE† | 2,066 | 45,772 | ||||||
Medpace Holdings, Inc.† | 431 | 33,045 | ||||||
PeptiDream, Inc.† | 1,600 | 73,528 | ||||||
UDG Healthcare PLC | 1,800 | 19,218 | ||||||
171,563 | ||||||||
Medical Products — 0.3% |
| |||||||
Abbott Laboratories | 761 | 65,028 | ||||||
Baxter International, Inc. | 106 | 8,689 | ||||||
Cardiovascular Systems, Inc.† | 614 | 27,974 | ||||||
Cooper Cos., Inc. | 121 | 37,884 | ||||||
CryoLife, Inc.† | 909 | 22,480 | ||||||
GN Store Nord A/S | 1,959 | 92,287 | ||||||
Hanger, Inc.† | 747 | 19,571 | ||||||
Henry Schein, Inc.† | 408 | 28,111 | ||||||
Hologic, Inc.† | 142 | 7,287 | ||||||
Inogen, Inc.† | 335 | 24,659 | ||||||
Integer Holdings Corp.† | 515 | 39,063 | ||||||
Luminex Corp. | 1,218 | 25,736 | ||||||
Orthofix Medical, Inc.† | 522 | 23,699 | ||||||
Tactile Systems Technology, Inc.† | 399 | 25,620 | ||||||
Terumo Corp. | 1,600 | 56,147 | ||||||
504,235 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 55 | 6,267 | ||||||
Amgen, Inc. | 107 | 25,115 | ||||||
Argenx SE† | 100 | 14,873 | ||||||
Argenx SE†# | 282 | 41,942 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 1,470 | 107,325 | ||||||
Biogen, Inc.† | 130 | 38,975 | ||||||
Cambrex Corp.† | 570 | 34,183 | ||||||
Emergent BioSolutions, Inc.† | 715 | 39,225 | ||||||
Gilead Sciences, Inc. | 605 | 40,680 | ||||||
Idorsia, Ltd.† | 1,919 | 51,352 | ||||||
Illumina, Inc.† | 14 | 4,491 | ||||||
Medicines Co.†# | 1,138 | 95,820 | ||||||
MorphoSys AG† | 624 | 77,133 | ||||||
Myriad Genetics, Inc.† | 1,236 | 31,815 | ||||||
NeoGenomics, Inc.† | 1,689 | 43,593 | ||||||
Regeneron Pharmaceuticals, Inc.† | 9 | 3,321 | ||||||
REGENXBIO, Inc.†# | 583 | 24,404 | ||||||
Swedish Orphan Biovitrum AB† | 2,677 | 44,676 | ||||||
725,190 | ||||||||
Medical - Drugs — 0.6% |
| |||||||
AbbVie, Inc. | 227 | 19,915 | ||||||
Amphastar Pharmaceuticals, Inc.† | 1,036 | 20,212 | ||||||
Bristol-Myers Squibb Co. | 490 | 27,901 | ||||||
Corcept Therapeutics, Inc.†# | 1,763 | 22,619 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Daiichi Sankyo Co., Ltd. | 1,500 | $ | 94,039 | |||||
Eli Lilly & Co. | 313 | 36,731 | ||||||
Enanta Pharmaceuticals, Inc.† | 319 | 20,308 | ||||||
Galapagos NV† | 298 | 58,718 | ||||||
Galapagos NV†# | 290 | 57,141 | ||||||
Hypera SA | 4,400 | 34,569 | ||||||
Jazz Pharmaceuticals PLC† | 44 | 6,649 | ||||||
Johnson & Johnson | 827 | 113,704 | ||||||
Merck & Co., Inc. | 894 | 77,939 | ||||||
Pacira BioSciences, Inc.† | 734 | 33,925 | ||||||
Pfizer, Inc. | 1,324 | 51,000 | ||||||
Santen Pharmaceutical Co., Ltd. | 4,700 | 88,027 | ||||||
Siegfried Holding AG | 154 | 67,221 | ||||||
Spectrum Pharmaceuticals, Inc.† | 2,408 | 21,624 | ||||||
Supernus Pharmaceuticals, Inc.† | 1,042 | 24,362 | ||||||
Vanda Pharmaceuticals, Inc.† | 1,387 | 23,204 | ||||||
899,808 | ||||||||
Medical - Generic Drugs — 0.0% |
| |||||||
Endo International PLC† | 3,964 | 20,137 | ||||||
Momenta Pharmaceuticals, Inc.† | 1,801 | 30,257 | ||||||
50,394 | ||||||||
Medical- HMO — 0.1% |
| |||||||
Anthem, Inc. | 111 | 32,041 | ||||||
Hapvida Participacoes e Investimentos SA* | 3,900 | 51,252 | ||||||
Magellan Health, Inc.† | 382 | 29,693 | ||||||
UnitedHealth Group, Inc. | 246 | 68,848 | ||||||
181,834 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
HCA Healthcare, Inc. | 91 | 12,618 | ||||||
Select Medical Holdings Corp.† | 1,737 | 38,405 | ||||||
Universal Health Services, Inc., Class B | 61 | 8,509 | ||||||
59,532 | ||||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Ensign Group, Inc. | 804 | 34,918 | ||||||
Korian SA | 976 | 42,924 | ||||||
Orpea | 580 | 71,758 | ||||||
149,600 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Addus HomeCare Corp.† | 264 | 24,608 | ||||||
LHC Group, Inc.† | 441 | 58,829 | ||||||
83,437 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
AmerisourceBergen Corp. | 8 | 703 | ||||||
Amplifon SpA | 1,351 | 39,532 | ||||||
Cardinal Health, Inc. | 112 | 6,164 | ||||||
Galenica AG* | 1,680 | 101,052 | ||||||
McKesson Corp. | 11 | 1,591 | ||||||
149,042 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Aurubis AG | 1,565 | 74,070 | ||||||
AZZ, Inc. | 608 | 23,147 | ||||||
Bodycote PLC | 1,910 | 21,541 | ||||||
CIRCOR International, Inc.† | 514 | 22,801 | ||||||
Mueller Industries, Inc. | 960 | 30,134 | ||||||
VAT Group AG* | 710 | 102,737 | ||||||
274,430 | ||||||||
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Alumina, Ltd.# | 11,698 | $ | 18,278 | |||||
Aluminum Corp. of China, Ltd.† | 20,000 | 6,132 | ||||||
China Zhongwang Holdings, Ltd. | 7,600 | 3,039 | ||||||
Constellium NV, Class A† | 1,743 | 24,646 | ||||||
Kaiser Aluminum Corp. | 298 | 32,655 | ||||||
Norsk Hydro ASA | 6,427 | 22,740 | ||||||
107,490 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Antofagasta PLC | 1,883 | 21,139 | ||||||
First Quantum Minerals, Ltd. | 3,292 | 30,112 | ||||||
Freeport-McMoRan, Inc. | 6,932 | 78,886 | ||||||
Jiangxi Copper Co., Ltd. | 6,000 | 6,922 | ||||||
KAZ Minerals PLC | 1,940 | 12,282 | ||||||
149,341 | ||||||||
Metal - Diversified — 0.5% |
| |||||||
Anglo American PLC | 5,035 | 131,966 | ||||||
Boliden AB | 1,307 | 33,705 | ||||||
China Molybdenum Co, Ltd.# | 21,000 | 7,189 | ||||||
Glencore PLC | 52,445 | 165,437 | ||||||
MMG, Ltd.† | 12,000 | 2,621 | ||||||
Rio Tinto PLC | 5,425 | 294,795 | ||||||
Rio Tinto, Ltd. | 1,774 | 116,274 | ||||||
South32, Ltd. | 24,040 | 43,904 | ||||||
795,891 | ||||||||
Metal - Iron — 0.4% |
| |||||||
Cleveland-Cliffs, Inc.# | 4,407 | 35,212 | ||||||
Fortescue Metals Group, Ltd. | 6,621 | 43,575 | ||||||
Vale SA ADR† | 37,915 | 445,881 | ||||||
524,668 | ||||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
Hillenbrand, Inc. | 1,027 | 32,474 | ||||||
John Bean Technologies Corp. | 469 | 51,379 | ||||||
Towa Corp. | 2,200 | 23,657 | ||||||
107,510 | ||||||||
Motion Pictures & Services — 0.0% |
| |||||||
Entertainment One, Ltd. | 2,440 | 17,546 | ||||||
Multimedia — 0.3% |
| |||||||
FactSet Research Systems, Inc. | 80 | 20,772 | ||||||
Nordic Entertainment Group AB, Class B | 2,302 | 70,900 | ||||||
Viacom, Inc., Class B | 483 | 11,626 | ||||||
Walt Disney Co. | 2,306 | 349,543 | ||||||
452,841 | ||||||||
Networking Products — 0.7% |
| |||||||
Arista Networks, Inc.† | 689 | 134,444 | ||||||
Cisco Systems, Inc. | 14,320 | 648,839 | ||||||
Extreme Networks, Inc.† | 2,820 | 19,825 | ||||||
LogMeIn, Inc. | 2,048 | 159,703 | ||||||
962,811 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Mitsubishi Materials Corp. | 600 | 16,029 | ||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 427 | 37,853 | ||||||
Waste Connections, Inc. | 360 | 32,598 | ||||||
Waste Management, Inc. | 580 | 65,488 | ||||||
135,939 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Office Automation & Equipment — 0.1% |
| |||||||
Pitney Bowes, Inc. | 4,422 | $ | 20,827 | |||||
Zebra Technologies Corp., Class A† | 405 | 101,631 | ||||||
122,458 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 133 | 5,257 | ||||||
Nabors Industries, Ltd. | 9,111 | 18,769 | ||||||
Valaris PLC# | 4,626 | 19,707 | ||||||
43,733 | ||||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
Apache Corp. | 760 | 16,933 | ||||||
Cabot Oil & Gas Corp. | 1,149 | 18,315 | ||||||
Cairn Energy PLC† | 5,880 | 13,681 | ||||||
Callon Petroleum Co.† | 5,881 | 21,466 | ||||||
Carrizo Oil & Gas, Inc.†# | 2,511 | 16,095 | ||||||
Concho Resources, Inc. | 280 | 20,317 | ||||||
ConocoPhillips | 7,001 | 419,640 | ||||||
Denbury Resources, Inc.†# | 13,846 | 13,659 | ||||||
Devon Energy Corp. | 780 | 17,074 | ||||||
EOG Resources, Inc. | 4,180 | 296,362 | ||||||
Hess Corp. | 350 | 21,731 | ||||||
Inpex Corp. | 4,100 | 40,043 | ||||||
Marathon Oil Corp. | 417 | 4,858 | ||||||
Noble Energy, Inc. | 942 | 19,556 | ||||||
Occidental Petroleum Corp. | 5,700 | 219,849 | ||||||
PDC Energy, Inc.† | 1,097 | 24,935 | ||||||
Pioneer Natural Resources Co. | 160 | 20,454 | ||||||
QEP Resources, Inc. | 6,332 | 20,706 | ||||||
Range Resources Corp.# | 5,496 | 19,181 | ||||||
SM Energy Co. | 2,268 | 18,847 | ||||||
SRC Energy, Inc.† | 5,470 | 19,528 | ||||||
Tullow Oil PLC | 9,460 | 16,022 | ||||||
1,299,252 | ||||||||
Oil Companies - Integrated — 2.2% |
| |||||||
Chevron Corp. | 9,457 | 1,107,698 | ||||||
Exxon Mobil Corp. | 21,458 | 1,461,934 | ||||||
Petroleo Brasileiro SA ADR | 17,175 | 252,988 | ||||||
Petroleo Brasileiro SA ADR (Preference Shares) | 29,200 | 400,624 | ||||||
3,223,244 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Dril-Quip, Inc.† | 666 | 28,145 | ||||||
National Oilwell Varco, Inc. | 134 | 3,022 | ||||||
31,167 | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
HollyFrontier Corp. | 450 | 23,198 | ||||||
Marathon Petroleum Corp. | 3,961 | 240,195 | ||||||
Petrobras Distribuidora SA | 8,100 | 54,350 | ||||||
Phillips 66 | 2,515 | 288,521 | ||||||
Valero Energy Corp. | 451 | 43,066 | ||||||
649,330 | ||||||||
Oil- Field Services — 0.6% |
| |||||||
Archrock, Inc. | 2,414 | 20,302 | ||||||
Baker Hughes a GE Co., LLC | 800 | 17,936 | ||||||
Halliburton Co. | 1,140 | 23,929 | ||||||
Helix Energy Solutions Group, Inc.† | 2,835 | 23,530 | ||||||
John Wood Group PLC | 5,810 | 26,398 | ||||||
Matrix Service Co.† | 1,006 | 21,066 | ||||||
Newpark Resources, Inc.† | 3,227 | 18,910 | ||||||
Oceaneering International, Inc.† | 1,962 | 26,310 | ||||||
Oil States International, Inc.† | 1,375 | 21,917 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil- Field Services (continue) |
| |||||||
Saipem SpA†# | 15,424 | $ | 70,519 | |||||
SBM Offshore NV | 3,160 | 53,248 | ||||||
Schlumberger, Ltd. | 10,485 | 379,557 | ||||||
Subsea 7 SA | 7,683 | 80,487 | ||||||
TechnipFMC PLC | 835 | 15,731 | ||||||
TGS NOPEC Geophysical Co. ASA | 3,306 | 94,191 | ||||||
894,031 | ||||||||
Paper & Related Products — 0.2% |
| |||||||
BillerudKorsnas AB | 3,507 | 39,928 | ||||||
Holmen AB | 1,736 | 51,691 | ||||||
Neenah, Inc. | 368 | 26,783 | ||||||
Schweitzer-Mauduit International, Inc. | 607 | 26,623 | ||||||
Suzano SA | 10,000 | 90,976 | ||||||
236,001 | ||||||||
Pastoral & Agricultural — 0.1% |
| |||||||
Darling Ingredients, Inc.† | 2,596 | 61,785 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Cigna Corp. | 77 | 15,394 | ||||||
CVS Health Corp. | 392 | 29,506 | ||||||
44,900 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
U.S. Physical Therapy, Inc. | 210 | 24,541 | ||||||
Pipelines — 2.4% |
| |||||||
Antero Midstream Corp.# | 12,730 | 58,303 | ||||||
Cheniere Energy, Inc.† | 3,210 | 194,333 | ||||||
Enbridge, Inc. | 15,370 | 582,030 | ||||||
Equitrans Midstream Corp.# | 7,640 | 76,171 | ||||||
Gibson Energy, Inc. | 7,320 | 137,550 | ||||||
Inter Pipeline, Ltd.# | 10,120 | 167,613 | ||||||
Keyera Corp. | 6,020 | 146,886 | ||||||
Kinder Morgan, Inc. | 35,230 | 690,860 | ||||||
ONEOK, Inc. | 4,200 | 298,410 | ||||||
Pembina Pipeline Corp. | 6,170 | 215,437 | ||||||
Plains GP Holdings LP, Class A | 5,760 | 100,627 | ||||||
Tallgrass Energy GP LP | 7,020 | 125,728 | ||||||
Targa Resources Corp.# | 4,450 | 162,558 | ||||||
TC Energy Corp. | 7,890 | 399,163 | ||||||
Williams Cos., Inc. | 11,866 | 269,596 | ||||||
3,625,265 | ||||||||
Power Converter/Supply Equipment — 0.2% |
| |||||||
Schneider Electric SE | 2,576 | 248,607 | ||||||
Private Equity — 0.0% |
| |||||||
Intermediate Capital Group PLC | 1,820 | 36,038 | ||||||
Publishing - Books — 0.0% |
| |||||||
Scholastic Corp. | 676 | 25,100 | ||||||
Real Estate Investment Trusts — 1.9% |
| |||||||
Acadia Realty Trust | 1,266 | 34,030 | ||||||
Aedifica SA | 765 | 93,551 | ||||||
Agree Realty Corp. | 433 | 32,380 | ||||||
Alstria OfficeREIT-AG | 4,694 | 85,741 | ||||||
American Assets Trust, Inc. | 574 | 27,282 | ||||||
American Homes 4 Rent, Class A | 718 | 19,178 | ||||||
American Tower Corp. | 859 | 183,852 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 1,703 | 31,114 | ||||||
Assura PLC | 19,390 | 19,009 | ||||||
AvalonBay Communities, Inc. | 220 | 47,170 | ||||||
Big Yellow Group PLC | 1,300 | 18,579 | ||||||
Boston Properties, Inc. | 277 | 38,376 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Capstead Mtg. Corp. | 4,046 | $ | 31,478 | |||||
CareTrust REIT, Inc. | 1,486 | 31,028 | ||||||
Chatham Lodging Trust | 1,983 | 36,289 | ||||||
Crown Castle International Corp. | 680 | 90,889 | ||||||
Derwent London PLC | 670 | 32,045 | ||||||
DiamondRock Hospitality Co. | 3,294 | 33,928 | ||||||
Digital Realty Trust, Inc. | 330 | 39,913 | ||||||
Easterly Government Properties, Inc. | 1,277 | 29,703 | ||||||
Equinix, Inc. | 130 | 73,690 | ||||||
Equity Residential | 600 | 51,060 | ||||||
Essential Properties Realty Trust, Inc.# | 1,255 | 32,743 | ||||||
Essex Property Trust, Inc. | 100 | 31,218 | ||||||
Extra Space Storage, Inc. | 57 | 6,045 | ||||||
Four Corners Property Trust, Inc. | 949 | 26,876 | ||||||
Franklin Street Properties Corp. | 3,554 | 30,955 | ||||||
Global Net Lease, Inc. | 1,455 | 29,667 | ||||||
Granite Point Mtg. Trust, Inc. | 1,716 | 31,180 | ||||||
Great Portland Estates PLC | 2,130 | 22,887 | ||||||
Hammerson PLC | 5,720 | 21,987 | ||||||
Hersha Hospitality Trust | 1,756 | 24,900 | ||||||
Host Hotels & Resorts, Inc. | 1,727 | 30,205 | ||||||
Independence Realty Trust, Inc. | 2,121 | 31,688 | ||||||
Inmobiliaria Colonial Socimi SA | 5,968 | 75,283 | ||||||
Innovative Industrial Properties, Inc.# | 232 | 17,959 | ||||||
Invesco Mtg. Capital, Inc. | 2,012 | 32,675 | ||||||
Kite Realty Group Trust | 1,819 | 35,198 | ||||||
Lexington Realty Trust | 3,708 | 41,085 | ||||||
LondonMetric Property PLC | 7,340 | 22,081 | ||||||
LTC Properties, Inc. | 506 | 23,686 | ||||||
Merlin Properties Socimi SA | 5,712 | 81,619 | ||||||
National Storage Affiliates Trust | 950 | 31,825 | ||||||
New York Mtg. Trust, Inc. | 5,115 | 31,866 | ||||||
Office Properties Income Trust | 1,063 | 35,462 | ||||||
PennyMac Mtg. Investment Trust | 1,086 | 25,076 | ||||||
Primary Health Properties PLC | 11,840 | 22,541 | ||||||
Prologis, Inc. | 990 | 90,634 | ||||||
Public Storage | 307 | 64,679 | ||||||
Realty Income Corp. | 510 | 39,081 | ||||||
Redwood Trust, Inc. | 1,578 | 25,532 | ||||||
Retail Opportunity Investments Corp. | 1,743 | 31,792 | ||||||
RPT Realty | 2,351 | 34,748 | ||||||
SBA Communications Corp. | 170 | 40,200 | ||||||
Shaftesbury PLC | 1,770 | 20,763 | ||||||
Simon Property Group, Inc. | 842 | 127,319 | ||||||
Summit Hotel Properties, Inc. | 2,689 | 32,591 | ||||||
Tritax Big Box REIT PLC | 14,500 | 27,793 | ||||||
UK Commercial Property REIT, Ltd. | 4,200 | 4,764 | ||||||
UNITE Group PLC | 2,140 | 34,625 | ||||||
Ventas, Inc. | 625 | 36,444 | ||||||
Warehouses De Pauw CVA | 335 | 59,272 | ||||||
Washington Prime Group, Inc.# | 5,197 | 21,619 | ||||||
Washington Real Estate Investment Trust | 1,255 | 38,993 | ||||||
Welltower, Inc. | 650 | 54,970 | ||||||
Weyerhaeuser Co. | 1,190 | 35,117 | ||||||
Whitestone REIT# | 2,343 | 32,896 | ||||||
Xenia Hotels & Resorts, Inc. | 1,715 | 36,118 | ||||||
2,766,942 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
BR Malls Participacoes SA | 9,100 | 33,429 | ||||||
CBRE Group, Inc., Class A† | 298 | 16,992 | ||||||
Entra ASA* | 4,173 | 63,409 | ||||||
Fabege AB | 3,069 | 47,966 | ||||||
Fastighets AB Balder, Class B† | 1,133 | 47,198 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Management/Services (continued) |
| |||||||
Hufvudstaden AB, Class A | 1,496 | $ | 27,239 | |||||
Kungsleden AB | 6,712 | 64,225 | ||||||
RE/MAX Holdings, Inc., Class A | 626 | 24,007 | ||||||
Realogy Holdings Corp.# | 2,204 | 23,076 | ||||||
Relo Group, Inc. | 1,000 | 26,467 | ||||||
Wallenstam AB | 1,713 | 19,405 | ||||||
Wihlborgs Fastigheter AB | 5,315 | 89,007 | ||||||
482,420 | ||||||||
�� | ||||||||
Real Estate Operations & Development — 0.5% |
| |||||||
CA Immobilien Anlagen AG | 1,672 | 68,616 | ||||||
Capital & Counties Properties PLC | 5,940 | 18,622 | ||||||
Castellum AB | 895 | 19,156 | ||||||
Grainger PLC | 5,740 | 21,054 | ||||||
Grand City Properties SA | 2,686 | 62,320 | ||||||
Hemfosa Fastigheter AB | 4,498 | 54,850 | ||||||
IMMOFINANZ AG | 2,159 | 58,394 | ||||||
LEG Immobilien AG | 561 | 63,320 | ||||||
Mitsui Fudosan Co., Ltd. | 6,100 | 151,755 | ||||||
Nexity SA | 1,744 | 87,883 | ||||||
Pandox AB | 588 | 12,800 | ||||||
TAG Immobilien AG | 1,853 | 44,585 | ||||||
TLG Immobilien AG | 1,655 | 51,417 | ||||||
714,772 | ||||||||
Recreational Vehicles — 0.1% |
| |||||||
Dometic Group AB* | 6,547 | 65,551 | ||||||
Recycling — 0.0% |
| |||||||
Tomra Systems ASA | 1,975 | 58,863 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
ALD SA* | 2,785 | 42,035 | ||||||
Localiza Rent a Car SA | 16,900 | 179,586 | ||||||
Rent-A-Center, Inc. | 1,044 | 27,175 | ||||||
248,796 | ||||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Abercrombie & Fitch Co., Class A | 1,320 | 21,080 | ||||||
Boot Barn Holdings, Inc.† | 556 | 22,140 | ||||||
Caleres, Inc. | 1,017 | 22,262 | ||||||
Cato Corp., Class A | 1,102 | 21,004 | ||||||
Children’s Place, Inc.# | 333 | 24,063 | ||||||
Designer Brands, Inc., Class A# | 1,377 | 22,721 | ||||||
Genesco, Inc.† | 476 | 17,679 | ||||||
Guess?, Inc. | 1,125 | 21,656 | ||||||
Lojas Renner SA | 15,940 | 194,808 | ||||||
Lululemon Athletica, Inc.† | 150 | 33,853 | ||||||
Ross Stores, Inc. | 686 | 79,679 | ||||||
480,945 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
Advance Auto Parts, Inc. | 10 | 1,571 | ||||||
AutoZone, Inc.† | 67 | 78,921 | ||||||
O’Reilly Automotive, Inc.† | 126 | 55,727 | ||||||
136,219 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
Asbury Automotive Group, Inc.† | 325 | 36,023 | ||||||
Group 1 Automotive, Inc. | 306 | 31,546 | ||||||
Lithia Motors, Inc., Class A | 354 | 56,845 | ||||||
124,414 | ||||||||
Retail - Bookstores — 0.0% |
| |||||||
WH Smith PLC | 830 | 26,279 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Building Products — 0.4% |
| |||||||
GMS, Inc.† | 780 | $ | 24,149 | |||||
Grafton Group PLC | 1,840 | 19,942 | ||||||
Home Depot, Inc. | 1,958 | 431,759 | ||||||
Lowe’s Cos., Inc. | 1,097 | 128,689 | ||||||
604,539 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 369 | 29,756 | ||||||
Dixons Carphone PLC | 8,470 | 13,518 | ||||||
43,274 | ||||||||
Retail - Discount — 0.3% |
| |||||||
B&M European Value Retail SA | 6,160 | 30,131 | ||||||
Big Lots, Inc. | 938 | 19,604 | ||||||
Costco Wholesale Corp. | 15 | 4,497 | ||||||
Dollar General Corp. | 344 | 54,132 | ||||||
Dollar Tree, Inc.† | 443 | 40,517 | ||||||
Magazine Luiza SA | 7,675 | 81,540 | ||||||
Pan Pacific International Holdings Corp. | 6,500 | 105,349 | ||||||
Target Corp. | 759 | 94,883 | ||||||
Walmart, Inc. | 169 | 20,126 | ||||||
450,779 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Kusuri no Aoki Holdings Co., Ltd. | 600 | 45,662 | ||||||
Raia Drogasil SA | 4,900 | 130,624 | ||||||
Walgreens Boots Alliance, Inc. | 51 | 3,040 | ||||||
179,326 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
La-Z-Boy, Inc. | 819 | 25,880 | ||||||
Nitori Holdings Co., Ltd. | 400 | 62,674 | ||||||
RH†# | 250 | 51,398 | ||||||
139,952 | ||||||||
Retail - Hypermarkets — 0.0% |
| |||||||
Atacadao SA | 4,500 | 19,971 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Marks & Spencer Group PLC | 13,050 | 32,803 | ||||||
TJX Cos., Inc. | 1,660 | 101,476 | ||||||
134,279 | ||||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
PriceSmart, Inc. | 384 | 28,700 | ||||||
Retail - Office Supplies — 0.0% |
| |||||||
Office Depot, Inc. | 11,132 | 24,824 | ||||||
Retail- Pet Food & Supplies — 0.0% |
| |||||||
Pets at Home Group PLC | 3,860 | 12,581 | ||||||
Retail - Pubs — 0.0% |
| |||||||
JD Wetherspoon PLC | 1,070 | 22,156 | ||||||
Retail - Restaurants — 0.5% |
| |||||||
BJ’s Restaurants, Inc. | 507 | 20,863 | ||||||
Bloomin’ Brands, Inc. | 1,446 | 34,776 | ||||||
Chipotle Mexican Grill, Inc.† | 31 | 25,232 | ||||||
Darden Restaurants, Inc. | 224 | 26,531 | ||||||
Dave & Buster’s Entertainment, Inc.# | 580 | 23,304 | ||||||
Dine Brands Global, Inc. | 300 | 24,864 | ||||||
McDonald’s Corp. | 1,074 | 208,872 | ||||||
Ruth’s Hospitality Group, Inc. | 1,004 | 23,463 | ||||||
Shake Shack, Inc., Class A† | 500 | 30,990 | ||||||
Starbucks Corp. | 2,492 | 212,892 | ||||||
Wingstop, Inc. | 448 | 35,840 |
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Yum! Brands, Inc. | 420 | $ | 42,281 | |||||
709,908 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Cooper Tire & Rubber Co. | 1,021 | 29,425 | ||||||
Rubber/Plastic Products — 0.1% |
| |||||||
Hexpol AB | 8,933 | 82,259 | ||||||
Proto Labs, Inc.† | 416 | 40,306 | ||||||
Raven Industries, Inc. | 820 | 28,184 | ||||||
Trinseo SA | 725 | 27,543 | ||||||
178,292 | ||||||||
Satellite Telecom — 0.0% |
| |||||||
Inmarsat PLC | 3,530 | 24,800 | ||||||
Iridium Communications, Inc.† | 1,488 | 34,670 | ||||||
59,470 | ||||||||
Savings & Loans/Thrifts — 0.2% |
| |||||||
Axos Financial, Inc.† | 971 | 28,596 | ||||||
Banc of California, Inc. | 1,725 | 26,496 | ||||||
Brookline Bancorp, Inc. | 1,706 | 27,381 | ||||||
Dime Community Bancshares, Inc. | 1,240 | 24,998 | ||||||
Northfield Bancorp, Inc. | 2,108 | 35,625 | ||||||
Northwest Bancshares, Inc. | 1,827 | 30,401 | ||||||
Oritani Financial Corp. | 452 | 8,407 | ||||||
Pacific Premier Bancorp, Inc. | 998 | 31,976 | ||||||
Provident Financial Services, Inc. | 2,133 | 51,875 | ||||||
Washington Federal, Inc. | 487 | 17,927 | ||||||
283,682 | ||||||||
Schools — 0.1% |
| |||||||
Career Education Corp.† | 1,406 | 23,452 | ||||||
Strategic Education, Inc. | 339 | 48,050 | ||||||
71,502 | ||||||||
Security Services — 0.1% |
| |||||||
G4S PLC | 10,620 | 28,721 | ||||||
Loomis AB, Series B | 1,664 | 69,491 | ||||||
98,212 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
CGG SA† | 11,111 | 29,134 | ||||||
Semiconductor Components - Integrated Circuits — 0.8% |
| |||||||
Analog Devices, Inc. | 1,767 | 199,583 | ||||||
Maxim Integrated Products, Inc. | 1,684 | 95,432 | ||||||
MaxLinear, Inc.† | 1,226 | 24,361 | ||||||
NXP Semiconductors NV | 3,058 | 353,444 | ||||||
Power Integrations, Inc. | 482 | 44,098 | ||||||
QUALCOMM, Inc. | 4,601 | 384,413 | ||||||
Renesas Electronics Corp.† | 19,700 | 128,328 | ||||||
1,229,659 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Applied Materials, Inc. | 1,347 | 77,991 | ||||||
ASM International NV | 647 | 71,957 | ||||||
ASM Pacific Technology, Ltd. | 9,700 | 126,640 | ||||||
BE Semiconductor Industries NV | 1,743 | 64,310 | ||||||
Brooks Automation, Inc. | 1,159 | 51,888 | ||||||
Cabot Microelectronics Corp. | 414 | 55,232 | ||||||
FormFactor, Inc.† | 1,483 | 34,317 | ||||||
KLA Corp. | 190 | 31,133 | ||||||
Kulicke & Soffa Industries, Inc. | 1,338 | 33,570 | ||||||
Lam Research Corp. | 240 | 64,039 | ||||||
Onto Innovation, Inc.† | 921 | 30,909 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment (continued) |
| |||||||
Siltronic AG | 504 | $ | 41,733 | |||||
Teradyne, Inc. | 1,313 | 82,181 | ||||||
765,900 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 21 | 5,285 | ||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 149 | 10,466 | ||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A# | 3,315 | 515,880 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Maruichi Steel Tube, Ltd.# | 300 | 8,634 | ||||||
Steel - Producers — 0.4% |
| |||||||
Acerinox SA | 7,075 | 74,142 | ||||||
AK Steel Holding Corp.† | 6,972 | 19,243 | ||||||
Angang Steel Co., Ltd.# | 8,799 | 3,338 | ||||||
APERAM SA | 943 | 28,258 | ||||||
BlueScope Steel, Ltd. | 2,504 | 24,643 | ||||||
China Oriental Group Co., Ltd. | 6,000 | 2,476 | ||||||
Companhia Siderurgica Nacional SA ADR | 7,294 | 21,590 | ||||||
Evraz PLC | 2,428 | 11,631 | ||||||
Gerdau SA ADR# | 12,527 | 49,732 | ||||||
JFE Holdings, Inc. | 2,400 | 30,588 | ||||||
Kobe Steel, Ltd. | 1,500 | 7,661 | ||||||
Maanshan Iron & Steel Co., Ltd.# | 10,000 | 3,794 | ||||||
Nippon Steel Corp. | 3,900 | 57,206 | ||||||
Nucor Corp. | 1,503 | 84,709 | ||||||
Reliance Steel & Aluminum Co. | 93 | 10,972 | ||||||
SSAB AB, Class B | 20,571 | 57,795 | ||||||
Steel Dynamics, Inc. | 1,062 | 35,821 | ||||||
thyssenkrupp AG | 1,932 | 24,222 | ||||||
voestalpine AG | 554 | 14,679 | ||||||
562,500 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Hitachi Metals, Ltd. | 1,100 | 15,396 | ||||||
Storage/Warehousing — 0.0% |
| |||||||
Mobile Mini, Inc. | 760 | 28,850 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 1,030 | 29,911 | ||||||
Viavi Solutions, Inc.† | 3,563 | 53,516 | ||||||
83,427 | ||||||||
Telecom Services — 0.0% |
| |||||||
Spok Holdings, Inc. | 1,958 | 24,103 | ||||||
Vonage Holdings Corp.† | 3,528 | 27,906 | ||||||
52,009 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Juniper Networks, Inc. | 5,615 | 140,712 | ||||||
Spirent Communications PLC | 4,720 | 12,881 | ||||||
153,593 | ||||||||
Telephone - Integrated — 0.7% |
| |||||||
AT&T, Inc. | 9,865 | 368,754 | ||||||
CenturyLink, Inc. | 680 | 9,853 | ||||||
Freenet AG | 3,793 | 88,297 | ||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 151,487 | ||||||
Shenandoah Telecommunications Co. | 792 | 29,739 | ||||||
SoftBank Group Corp. | 2,000 | 77,712 | ||||||
Verizon Communications, Inc. | 6,011 | 362,103 |
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telephone - Integrated (continued) |
| |||||||
Zayo Group Holdings, Inc.† | 186 | $ | 6,369 | |||||
1,094,314 | ||||||||
Television — 0.1% |
| |||||||
AMC Networks, Inc., Class A† | 257 | 9,877 | ||||||
ION Media Networks, Inc.†(2)(3) | 18 | 14,283 | ||||||
ProSiebenSat.1 Media SE | 5,073 | 76,065 | ||||||
100,225 | ||||||||
Theaters — 0.0% |
| |||||||
Cineworld Group PLC# | 7,670 | 20,614 | ||||||
Therapeutics — 0.0% |
| |||||||
Xencor, Inc.†# | 840 | 33,096 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 871 | 43,289 | ||||||
Philip Morris International, Inc. | 238 | 19,737 | ||||||
Universal Corp. | 428 | 22,350 | ||||||
Vector Group, Ltd.# | 1,807 | 24,286 | ||||||
109,662 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc. | 71 | 11,393 | ||||||
Stanley Black & Decker, Inc. | 210 | 33,125 | ||||||
44,518 | ||||||||
Toys — 0.0% |
| |||||||
Bandai Namco Holdings, Inc. | 400 | 24,255 | ||||||
Games Workshop Group PLC | 240 | 17,786 | ||||||
Hasbro, Inc. | 48 | 4,881 | ||||||
46,922 | ||||||||
Transactional Software — 0.1% |
| |||||||
SimCorp A/S | 867 | 92,809 | ||||||
Worldline SA†* | 906 | 58,641 | ||||||
151,450 | ||||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
Greenbrier Cos., Inc. | 685 | 19,276 | ||||||
Transport - Marine — 0.1% |
| |||||||
Euronav NV | 5,723 | 62,357 | ||||||
SEACOR Holdings, Inc.† | 527 | 22,313 | ||||||
84,670 | ||||||||
Transport - Rail — 0.4% |
| |||||||
CSX Corp. | 1,837 | 131,419 | ||||||
Norfolk Southern Corp. | 378 | 73,143 | ||||||
Rumo SA† | 12,600 | 72,624 | ||||||
Tokyu Corp. | 3,300 | 65,093 | ||||||
Union Pacific Corp. | 1,071 | 188,485 | ||||||
West Japan Railway Co. | 1,000 | 88,045 | ||||||
618,809 | ||||||||
Transport - Services — 0.3% |
| |||||||
C.H. Robinson Worldwide, Inc.# | 310 | 23,824 | ||||||
Echo Global Logistics, Inc.† | 959 | 19,209 | ||||||
FedEx Corp. | 330 | 52,816 | ||||||
FirstGroup PLC† | 10,300 | 16,039 | ||||||
Forward Air Corp. | 419 | 29,343 | ||||||
Hub Group, Inc., Class A† | 560 | 28,599 | ||||||
Matson, Inc. | 688 | 25,965 | ||||||
Royal Mail PLC | 6,790 | 18,310 | ||||||
Sankyu, Inc. | 1,100 | 56,681 | ||||||
United Parcel Service, Inc., Class B | 1,000 | 119,730 | ||||||
390,516 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Transport - Truck — 0.0% |
| |||||||
ArcBest Corp. | 649 | $ | 18,678 | |||||
Saia, Inc.† | 387 | 36,727 | ||||||
55,405 | ||||||||
Travel Services — 0.0% |
| |||||||
HIS Co., Ltd. | 1,300 | 36,225 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Neogen Corp.† | 818 | 54,454 | ||||||
Veterinary Products — 0.0% |
| |||||||
Dechra Pharmaceuticals PLC | 690 | 25,291 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
USANA Health Sciences, Inc.† | 269 | 19,798 | ||||||
Water — 0.1% |
| |||||||
American States Water Co. | 417 | 35,566 | ||||||
California Water Service Group | 698 | 35,877 | ||||||
Pennon Group PLC | 2,920 | 34,443 | ||||||
105,886 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Kurita Water Industries, Ltd. | 1,100 | 30,752 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
GoDaddy, Inc., Class A† | 2,500 | 165,950 | ||||||
NIC, Inc. | 1,318 | 29,905 | ||||||
Shopify, Inc., Class A† | 833 | 280,512 | ||||||
VeriSign, Inc.† | 159 | 30,328 | ||||||
506,695 | ||||||||
Web Portals/ISP — 1.3% |
| |||||||
Alphabet, Inc., Class A† | 431 | 562,063 | ||||||
Alphabet, Inc., Class C† | 504 | 657,700 | ||||||
Baidu, Inc. ADR† | 2,385 | 282,694 | ||||||
NAVER Corp. | 1,839 | 267,797 | ||||||
United Internet AG | 3,646 | 123,516 | ||||||
1,893,770 | ||||||||
Wire & Cable Products — 0.0% |
| |||||||
Encore Wire Corp. | 408 | 23,803 | ||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 210 | 35,133 | ||||||
X-Ray Equipment — 0.0% |
| |||||||
Varex Imaging Corp.† | 887 | 26,557 | ||||||
Total Common Stocks | ||||||||
(cost $89,696,353) | 95,189,755 | |||||||
EXCHANGE-TRADED FUNDS — 8.0% |
| |||||||
iShares Core S&PSmall-Cap ETF# | 1,426 | 116,661 | ||||||
iShares MSCI EuropeSmall-Cap ETF# | 10,600 | 562,231 | ||||||
iShares MSCI South Korea ETF | 109,400 | 6,396,618 | ||||||
iShares Russell 1000 Growth ETF | 105 | 18,000 | ||||||
SPDR S&P 500 Trust ETF | 151 | 47,461 | ||||||
iShares MSCI India ETF# | 140,100 | 4,827,846 | ||||||
Total Exchange-Traded Funds |
| |||||||
(cost $12,404,143) | 11,968,817 | |||||||
RIGHTS — 0.0% |
| |||||||
Fisheries — 0.0% |
| |||||||
Bakkafrost P/F† | 10 | 125 | ||||||
Real Estate Operations & Development — 0.0% |
| |||||||
BUWOG AG†#(2) | 1,461 | 0 | ||||||
Total Rights |
| |||||||
(cost $0) | 125 | |||||||
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0% |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | $ | 45,000 | $ | 5 | ||||
ASSET BACKED SECURITIES — 7.8% |
| |||||||
Diversified Financial Services — 7.8% |
| |||||||
American Express Credit Account Master Trust | 100,000 | 102,418 | ||||||
BA Credit Card Trust | 100,000 | 101,568 | ||||||
BMW Vehicle Lease Trust | 385,000 | 390,280 | ||||||
Capital One Multi-Asset Execution Trust | 650,000 | 647,781 | ||||||
Capital One Prime Auto Receivables Trust | 933,000 | 933,573 | ||||||
Citibank Credit Card Issuance Trust | 200,000 | 207,434 | ||||||
Discover Card Execution Note Trust | 567,000 | 567,419 | ||||||
Discover Card Execution Note Trust | 550,000 | 564,150 | ||||||
Hyundai Auto Receivables Trust | 653,232 | 652,569 | ||||||
Kingsland VIII, Ltd. FRS | 7,500,000 | 7,264,500 | ||||||
Mercedes-Benz Auto Lease Trust | 78,000 | 79,345 | ||||||
Toyota Auto Receivables Owner Trust | 75,000 | 77,000 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $11,790,146) | 11,588,037 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.0% |
| |||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 44,000 | 550 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
564 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Southern Copper Corp. | 30,000 | 36,601 | ||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $36,338) | 37,165 | |||||||
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 2.1% |
| |||||||
Banks - Commercial — 0.4% |
| |||||||
Banco de Credito e Inversiones SA | $ | 200,000 | $ | 203,710 | ||||
Banco do Brasil SA | 200,000 | 207,000 | ||||||
First Abu Dhabi Bank PJSC | 200,000 | 202,682 | ||||||
613,392 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Turkcell Iletisim Hizmetleri AS | 200,000 | 197,512 | ||||||
Coal — 0.1% |
| |||||||
Indika Energy Capital III Pte, Ltd. | 200,000 | 191,306 | ||||||
Diamonds/Precious Stones — 0.1% |
| |||||||
Petra Diamonds US Treasury PLC | 200,000 | 133,250 | ||||||
Electric - Integrated — 0.1% |
| |||||||
Orazul Energy Egenor S en C por A | 200,000 | 204,000 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
ReNew Power Synthetic | 200,000 | 205,114 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Grupo KUO SAB De CV | 200,000 | 202,500 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Cometa Energia SA de CV | 193,800 | 208,577 | ||||||
Termocandelaria Power, Ltd. | 200,000 | 221,900 | ||||||
430,477 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Cia General de Combustibles SA | 34,000 | 26,605 | ||||||
Saudi Arabian Oil Co. | 200,000 | 208,425 | ||||||
235,030 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
Ecopetrol SA | 30,000 | 34,350 | ||||||
Petrobras Global Finance BV | 30,000 | 34,091 | ||||||
68,441 | ||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) | ||||||||
Paper & Related Products — 0.2% |
| |||||||
Inversiones CMPC SA | $ | 200,000 | $ | 207,827 | ||||
Real Estate Operations & Development — 0.3% |
| |||||||
Country Garden Holdings Co., Ltd. | 200,000 | 217,223 | ||||||
Yuzhou Properties Co., Ltd. | 200,000 | 205,595 | ||||||
422,818 | ||||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $3,169,574) | 3,111,667 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 2.9% |
| |||||||
Sovereign — 2.9% |
| |||||||
Commonwealth of Australia | AUD | 122,000 | 90,892 | |||||
Commonwealth of Australia | AUD | 119,000 | 91,504 | |||||
Commonwealth of Australia | AUD | 108,000 | 83,846 | |||||
Commonwealth of Australia | AUD | 27,000 | 23,809 | |||||
Commonwealth of Australia | AUD | 103,000 | 83,453 | |||||
Government of Canada | CAD | 34,000 | 26,042 | |||||
Government of Canada | CAD | 39,000 | 29,553 | |||||
Government of Canada | CAD | 51,000 | 39,496 | |||||
Government of France | EUR | 69,000 | 82,015 | |||||
Government of France | EUR | 121,000 | 168,717 | |||||
Government of France | EUR | 53,000 | 94,979 | |||||
Government of Japan | JPY | 9,100,000 | 83,469 | |||||
Government of Japan | JPY | 9,500,000 | 87,169 | |||||
Government of Japan | JPY | 20,000,000 | 184,377 | |||||
Government of Japan | JPY | 13,300,000 | 122,814 | |||||
Government of Japan | JPY | 10,000,000 | 92,406 |
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
Sovereign (continued) |
| |||||||
Government of Japan | JPY | 3,300,000 | $ | 31,672 | ||||
Government of Japan | JPY | 5,000,000 | 47,826 | |||||
Government of Japan | JPY | 12,900,000 | 125,977 | |||||
Government of Japan | JPY | 3,800,000 | 37,103 | |||||
Government of Japan | JPY | 11,000,000 | 109,223 | |||||
Government of Japan | JPY | 19,700,000 | 184,489 | |||||
Government of Japan | JPY | 19,600,000 | 184,020 | |||||
Government of Japan | JPY | 19,600,000 | 183,911 | |||||
Government of Japan | JPY | 7,900,000 | 92,383 | |||||
Government of Japan | JPY | 3,200,000 | 32,830 | |||||
Government of Japan | JPY | 3,500,000 | 35,716 | |||||
Government of Japan | JPY | 4,200,000 | 53,563 | |||||
Government of Japan | JPY | 5,600,000 | 70,857 | |||||
Government of Japan | JPY | 3,200,000 | 38,654 | |||||
Kingdom of Spain | EUR | 22,000 | 24,717 | |||||
Kingdom of Spain | EUR | 51,000 | 63,092 | |||||
Kingdom of Spain | EUR | 94,000 | 121,379 | |||||
Kingdom of Spain | EUR | 108,000 | 150,034 | |||||
Kingdom of Spain | EUR | 80,000 | 106,266 | |||||
Kingdom of Spain | EUR | 14,000 | 21,911 | |||||
Kingdom of Spain | EUR | 47,000 | 71,533 |
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(7) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Kingdom of Sweden | SEK | 210,000 | $ | 34,675 | ||||
Portuguese Republic | EUR | 19,000 | 23,946 | |||||
Portuguese Republic | EUR | 55,000 | 70,444 | |||||
Portuguese Republic | EUR | 38,000 | 62,450 | |||||
Portuguese Republic | EUR | 43,000 | 60,713 | |||||
Republic of Italy | EUR | 65,000 | 82,139 | |||||
Republic of Italy | EUR | 41,000 | 52,356 | |||||
Republic of Italy | EUR | 22,000 | 35,718 | |||||
Republic of Italy | EUR | 23,000 | 30,965 | |||||
Republic of Italy | EUR | 40,000 | 50,828 | |||||
Republic of Italy | EUR | 14,000 | 22,918 | |||||
Republic of Italy | EUR | 64,000 | 99,531 | |||||
Republic of Italy | EUR | 45,000 | 70,513 | |||||
Republic of Italy | EUR | 36,000 | 52,891 | |||||
United Kingdom Gilt Treasury | GBP | 62,000 | 120,065 | |||||
United Kingdom Gilt Treasury | GBP | 88,000 | 193,861 | |||||
Total Foreign Government Obligations |
| |||||||
(cost $4,237,848) | 4,235,710 | |||||||
U.S. GOVERNMENT TREASURIES — 0.3% |
| |||||||
United States Treasury Bonds — 0.2% |
| |||||||
2.50% due 05/15/2046 | $ | 22,000 | 23,274 | |||||
2.88% due 05/15/2043 | 51,000 | 57,367 | ||||||
3.00% due 11/15/2045 | 20,000 | 23,171 | ||||||
3.38% due 05/15/2044 | 44,000 | 53,821 | ||||||
3.63% due 02/15/2044 | 34,000 | 43,150 | ||||||
3.75% due 11/15/2043 | 27,000 | 34,854 | ||||||
235,637 | ||||||||
Security Description | Shares/ Principal Amount(7) | Value (Note 2) | ||||||
United States Treasury Notes — 0.1% |
| |||||||
1.38% due 06/30/2023 | $ | 66,000 | $ | 65,471 | ||||
1.50% due 09/30/2021 | 50,000 | 49,873 | ||||||
1.88% due 04/30/2022 | 64,000 | 64,388 | ||||||
1.88% due 07/31/2022 | 25,000 | 25,174 | ||||||
2.00% due 10/31/2022 | 24,000 | 24,268 | ||||||
229,174 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $435,234) | 464,811 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $121,769,636) | 126,596,092 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.3% |
| |||||||
Registered Investment Companies — 4.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,984,376 | 4,984,376 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,733,708 | 1,733,708 | ||||||
6,718,084 | ||||||||
U.S. Government Treasuries — 0.8% |
| |||||||
United States Treasury Bills | ||||||||
2.50% due 01/02/2020(6) | $ | 150,000 | 149,799 | |||||
2.53% due 01/02/2020(6) | 1,060,000 | 1,058,576 | ||||||
1,208,375 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $7,925,437) | 7,926,459 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $129,695,073)(8) | 90.3 | % | 134,522,551 | |||||
Other assets less liabilities | 9.7 | 14,517,889 | ||||||
NET ASSETS | 100.0 | % | $ | 149,040,440 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $9,797,775 representing 6.6% of net assets. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan. |
(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 November 30, 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 | $ | 14,283 | 793.50 | 0.01 | % | |||||||||||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
(4) | At November 30, 2019, the Fund had loaned securities with a total value of $8,884,359. This was secured by collateral of $1,733,708, which was received in cash and subsequently invested in short-term investments currently valued at $1,733,708 as reported in the Portfolio of Investments. Additional collateral of $7,575,197 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 12/01/2047 | $ | 368 | ||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | 44,332 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 05/15/2049 | 7,530,497 |
(5) | The rate shown is the7-day yield as of November 30, 2019. |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(7) | Denominated in Unites Sates dollars unless otherwise indicated. |
(8) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
AUD—Australian Dollar
CAD—Canadian Dollar
CVA—Certification Van Aandelen (Dutch Cert.)
CVR—Contingent Value Rights
ETF—Exchange-Traded Funds
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
SEK—Swedish Krona
FRS—Floating Rate Security
The rates shown on the FRS is the current interest rate as of November 30, 2019, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
3 ML—3 Month USD LIBOR
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||
5 | Long | MSCI Europe Index | December 2019 | $ | 332,010 | $ | 345,850 | $ | 13,840 | |||||||||||||
30 | Long | Nikkei 225 Index | December 2019 | 3,426,385 | 3,499,500 | 73,115 | ||||||||||||||||
44 | Short | U.S. Treasury 10 Year Notes | March 2020 | 5,707,880 | 5,691,812 | 16,068 | ||||||||||||||||
19 | Short | U.S. Treasury 5 Year Notes | March 2020 | 2,263,783 | 2,260,407 | 3,376 | ||||||||||||||||
$ | 106,399 | |||||||||||||||||||||
Unrealized (Depreciation) | ||||||||||||||||||||||
244 | Long | FTSA China A50 Index | December 2019 | 3,397,527 | 3,313,520 | (84,007 | ) | |||||||||||||||
22 | Short | Russell 1000E-mini Growth Index | December 2019 | 1,783,491 | 1,895,520 | (112,029 | ) | |||||||||||||||
29 | Short | S&P 500E-mini Index | December 2019 | 4,356,511 | 4,558,365 | (201,854 | ) | |||||||||||||||
$ | (397,890 | ) | ||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | (291,491 | ) | |||||||||||||||||||
* | 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 And Co. International Plc | AUD | 36,000 | USD | 24,323 | 12/18/2019 | $ | – | $ | (37 | ) | ||||||||||||||||||
AUD | 508,700 | USD | 350,030 | 03/18/2020 | 5,004 | – | ||||||||||||||||||||||
CAD | 185,400 | USD | 139,951 | 12/18/2019 | 354 | – | ||||||||||||||||||||||
EUR | 1,645,900 | USD | 1,823,610 | 12/18/2019 | 8,304 | – | ||||||||||||||||||||||
GBP | 256,500 | USD | 311,639 | 12/18/2019 | – | (20,305 | ) | |||||||||||||||||||||
JPY | 219,093,200 | USD | 2,053,963 | 12/18/2019 | 50,122 | – | ||||||||||||||||||||||
NOK | 315,200 | USD | 35,196 | 12/18/2019 | 980 | – | ||||||||||||||||||||||
SEK | 341,600 | USD | 35,686 | 12/18/2019 | – | (14 | ) | |||||||||||||||||||||
USD | 43,329 | CAD | 57,600 | 12/18/2019 | 41 | – | ||||||||||||||||||||||
USD | 177,822 | EUR | 160,900 | 12/18/2019 | – | (361 | ) | |||||||||||||||||||||
USD | 21,299 | GBP | 16,600 | 12/18/2019 | 184 | – | ||||||||||||||||||||||
USD | 203,923 | JPY | 22,220,200 | 12/18/2019 | – | (696 | ) | |||||||||||||||||||||
USD | 34,570 | NOK | 315,200 | 12/18/2019 | – | (353 | ) | |||||||||||||||||||||
64,989 | (21,766 | ) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services Inc | CAD | 2,120,000 | USD | 1,609,404 | 12/18/2019 | 13,155 | – | |||||||||||||||||||||
EUR | 3,880,000 | USD | 4,327,449 | 12/18/2019 | 48,097 | – | ||||||||||||||||||||||
INR | 234,040,000 | USD | 3,285,879 | 12/18/2019 | 27,630 | – | ||||||||||||||||||||||
JPY | 519,300,000 | USD | 4,796,015 | 12/18/2019 | 46,464 | – | ||||||||||||||||||||||
KRW | 4,010,400,000 | USD | 3,427,909 | 12/18/2019 | 31,309 | – | ||||||||||||||||||||||
USD | 688,090 | AUD | 1,000,000 | 12/18/2019 | – | (11,407 | ) | |||||||||||||||||||||
USD | 1,605,874 | CAD | 2,120,000 | 12/18/2019 | – | (9,625 | ) | |||||||||||||||||||||
USD | 1,597,067 | CHF | 1,570,000 | 12/18/2019 | – | (25,034 | ) | |||||||||||||||||||||
USD | 1,452,054 | CNH | 10,290,000 | 12/18/2019 | 10,872 | – |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 22,190,738 | EUR | 19,920,000 | 12/18/2019 | $ | – | $ | (220,457 | ) | |||||||||||||||||||
USD | 2,485,254 | GBP | 1,990,000 | 12/18/2019 | 90,057 | – | ||||||||||||||||||||||
USD | 3,257,342 | INR | 234,040,000 | 12/18/2019 | 907 | – | ||||||||||||||||||||||
USD | 12,326,614 | JPY | 1,324,350,000 | 12/18/2019 | – | (214,024 | ) | |||||||||||||||||||||
268,491 | (480,547 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 333,480 | $ | (502,313 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
CNH—Yuan Renminbi Offshore
EUR—Euro Currency
GBP—British Pound
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
NOK—Norwegian Krone
SEK—Swedish Krona
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 59,203 | $ | — | $ | 529 | $ | 59,732 | ||||||||
Television | 85,942 | — | 14,283 | 100,225 | ||||||||||||
Other Industries | 95,029,798 | — | — | 95,029,798 | ||||||||||||
Exchange-Traded Funds | 11,968,817 | — | — | 11,968,817 | ||||||||||||
Rights | 125 | — | 0 | 125 | ||||||||||||
Preferred Securities/Capital Securities | — | — | 5 | 5 | ||||||||||||
Asset Backed Securities | — | 11,588,037 | — | 11,588,037 | ||||||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 550 | 14 | 564 | ||||||||||||
Other Industries | — | 36,601 | — | 36,601 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 3,111,667 | — | 3,111,667 | ||||||||||||
Foreign Government Obligations | — | 4,235,710 | — | 4,235,710 | ||||||||||||
U.S. Government Treasuries | — | 464,811 | — | 464,811 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 6,718,084 | — | — | 6,718,084 | ||||||||||||
U.S. Government Treasuries | — | 1,208,375 | — | 1,208,375 | ||||||||||||
Total Investments at Value | $ | 113,861,969 | $ | 20,645,751 | $ | 14,831 | $ | 134,522,551 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | 106,399 | — | — | 106,399 | ||||||||||||
Forward Foreign Currency Contracts | — | 333,480 | — | 333,480 | ||||||||||||
Total Other Financial Instruments | $ | 106,399 | $ | 333,480 | $ | — | $ | 439,879 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | 397,890 | — | — | 397,890 | ||||||||||||
Forward Foreign Currency Contracts | — | 502,313 | — | 502,313 | ||||||||||||
Total Other Financial Instruments | $ | 397,890 | $ | 502,313 | $ | — | $ | 900,203 | ||||||||
* | 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
25 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
E-Commerce/Products | 12.9 | % | ||
Applications Software | 10.7 | |||
Internet Content — Entertainment | 7.9 | |||
Finance — Credit Card | 7.0 | |||
Web Portals/ISP | 6.3 | |||
Commercial Services — Finance | 5.1 | |||
Aerospace/Defense | 4.1 | |||
Medical — HMO | 3.6 | |||
Data Processing/Management | 3.6 | |||
Medical Products | 3.3 | |||
Diagnostic Equipment | 2.3 | |||
Medical — Biomedical/Gene | 2.2 | |||
E-Commerce/Services | 2.2 | |||
Internet Content — Information/News | 2.1 | |||
Computers | 2.0 | |||
Pharmacy Services | 1.7 | |||
Enterprise Software/Service | 1.6 | |||
Retail — Discount | 1.5 | |||
Medical Instruments | 1.5 | |||
Electronic Components — Semiconductors | 1.4 | |||
Retail — Apparel/Shoe | 1.4 | |||
Insurance Brokers | 1.3 | |||
Finance — Investment Banker/Broker | 1.2 | |||
Hotels/Motels | 0.9 | |||
Transport — Rail | 0.9 | |||
Finance — Other Services | 0.8 | |||
Computer Software | 0.8 | |||
Semiconductor Equipment | 0.8 | |||
Machinery — General Industrial | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Airlines | 0.6 | |||
Software Tools | 0.5 | |||
Diversified Banking Institutions | 0.5 | |||
Athletic Footwear | 0.4 | |||
Industrial Gases | 0.4 | |||
Commercial Services | 0.4 | |||
Instruments — Controls | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Registered Investment Companies | 0.3 | |||
Electric — Distribution | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Entertainment Software | 0.3 | |||
Coatings/Paint | 0.3 | |||
Cruise Lines | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Apparel Manufacturers | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Computer Aided Design | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Medical — Drugs | 0.1 | |||
Casino Hotels | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
26 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Aerospace/Defense — 4.1% |
| |||||||
Boeing Co. | 77,917 | $ | 28,531,647 | |||||
Northrop Grumman Corp. | 16,230 | 5,709,227 | ||||||
34,240,874 | ||||||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
L3Harris Technologies, Inc. | 15,757 | 3,168,575 | ||||||
Airlines — 0.6% |
| |||||||
United Airlines Holdings, Inc.† | 51,914 | 4,817,619 | ||||||
Apparel Manufacturers — 0.1% |
| |||||||
VF Corp. | 12,861 | 1,138,713 | ||||||
Applications Software — 10.7% |
| |||||||
Intuit, Inc. | 61,061 | 15,808,082 | ||||||
Microsoft Corp. | 272,972 | 41,322,502 | ||||||
salesforce.com, Inc.† | 99,346 | 16,182,470 | ||||||
ServiceNow, Inc.† | 58,426 | 16,536,895 | ||||||
89,849,949 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 39,750 | 3,716,227 | ||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
Ferrari NV | 6,388 | 1,074,909 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Aptiv PLC | 61,187 | 5,744,236 | ||||||
Banks - Fiduciary — 0.1% |
| |||||||
State Street Corp. | 7,852 | 589,685 | ||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Constellation Brands, Inc., Class A | 287 | 53,399 | ||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 7,134 | 862,144 | ||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 3,850 | 2,245,050 | ||||||
Commercial Services — 0.4% |
| |||||||
Cintas Corp. | 3,390 | 871,434 | ||||||
CoStar Group, Inc.† | 4,476 | 2,743,161 | ||||||
3,614,595 | ||||||||
Commercial Services - Finance — 5.1% |
| |||||||
Automatic Data Processing, Inc. | 7,000 | 1,195,460 | ||||||
Equifax, Inc. | 10,300 | 1,438,292 | ||||||
FleetCor Technologies, Inc.† | 15,138 | 4,646,155 | ||||||
Global Payments, Inc. | 88,269 | 15,985,516 | ||||||
IHS Markit, Ltd.† | 13,916 | 1,010,997 | ||||||
PayPal Holdings, Inc.† | 127,997 | 13,824,956 | ||||||
S&P Global, Inc. | 18,381 | 4,864,532 | ||||||
42,965,908 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Synopsys, Inc.† | 7,500 | 1,057,800 | ||||||
Computer Software — 0.8% |
| |||||||
Splunk, Inc.† | 45,635 | 6,809,655 | ||||||
Computers — 2.0% |
| |||||||
Apple, Inc. | 61,778 | 16,510,170 | ||||||
Cruise Lines — 0.2% |
| |||||||
Royal Caribbean Cruises, Ltd. | 16,501 | 1,980,450 | ||||||
Data Processing/Management — 3.6% |
| |||||||
DocuSign, Inc.† | 21,300 | 1,516,773 | ||||||
Fidelity National Information Services, Inc. | 104,930 | 14,496,079 | ||||||
Fiserv, Inc.† | 120,453 | 14,001,457 | ||||||
30,014,309 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Equipment — 2.3% |
| |||||||
Danaher Corp. | 65,542 | $ | 9,567,821 | |||||
Thermo Fisher Scientific, Inc. | 31,484 | 9,884,402 | ||||||
19,452,223 | ||||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 587 | 207,411 | ||||||
Diversified Banking Institutions — 0.5% |
| |||||||
Citigroup, Inc. | 2,991 | 224,684 | ||||||
Goldman Sachs Group, Inc. | 2,730 | 604,286 | ||||||
JPMorgan Chase & Co. | 1,099 | 144,804 | ||||||
Morgan Stanley | 60,280 | 2,982,654 | ||||||
3,956,428 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
ANT International Co., Ltd., Class C†(1)(2) | 273,650 | 1,759,570 | ||||||
E-Commerce/Products — 12.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 173,637 | 34,727,400 | ||||||
Amazon.com, Inc.† | 41,080 | 73,976,864 | ||||||
108,704,264 | ||||||||
E-Commerce/Services — 2.2% |
| |||||||
Booking Holdings, Inc.† | 6,308 | 12,010,621 | ||||||
IAC/InterActiveCorp† | 19,645 | 4,374,942 | ||||||
Match Group, Inc. | 15,325 | 1,080,106 | ||||||
Trip.com Group, Ltd .† ADR | 39,020 | 1,297,025 | ||||||
18,762,694 | ||||||||
Electric - Distribution — 0.3% |
| |||||||
Sempra Energy | 17,847 | 2,628,328 | ||||||
Electric - Integrated — 0.0% |
| |||||||
NextEra Energy, Inc. | 260 | 60,793 | ||||||
Electronic Components - Semiconductors — 1.4% |
| |||||||
Advanced Micro Devices, Inc.† | 18,900 | 739,935 | ||||||
Broadcom, Inc. | 1,129 | 357,001 | ||||||
Marvell Technology Group, Ltd. | 141,183 | 3,722,996 | ||||||
Microchip Technology, Inc.# | 4,960 | 468,918 | ||||||
NVIDIA Corp. | 23,117 | 5,010,378 | ||||||
Texas Instruments, Inc. | 9,679 | 1,163,513 | ||||||
Xilinx, Inc. | 670 | 62,163 | ||||||
11,524,904 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 1,931 | 155,967 | ||||||
Fortive Corp. | 4,165 | 300,588 | ||||||
456,555 | ||||||||
Enterprise Software/Service — 1.6% |
| |||||||
Atlassian Corp. PLC, Class A† | 7,896 | 1,003,660 | ||||||
Paycom Software, Inc.† | 8,148 | 2,255,448 | ||||||
Veeva Systems, Inc., Class A† | 7,400 | 1,103,932 | ||||||
Workday, Inc., Class A† | 53,075 | 9,506,794 | ||||||
13,869,834 | ||||||||
Entertainment Software — 0.3% |
| |||||||
Electronic Arts, Inc.† | 24,183 | 2,442,725 | ||||||
Finance - Credit Card — 7.0% |
| |||||||
Mastercard, Inc., Class A | 94,363 | 27,575,700 | ||||||
Visa, Inc., Class A | 169,208 | 31,220,568 | ||||||
58,796,268 | ||||||||
Finance - Investment Banker/Broker — 1.2% |
| |||||||
Charles Schwab Corp. | 88,927 | 4,401,886 | ||||||
TD Ameritrade Holding Corp. | 106,661 | 5,528,240 | ||||||
9,930,126 | ||||||||
27 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Other Services — 0.8% |
| |||||||
Intercontinental Exchange, Inc. | 75,923 | $ | 7,149,669 | |||||
Hotels/Motels — 0.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 40,618 | 4,264,890 | ||||||
Marriott International, Inc., Class A | 23,784 | 3,338,322 | ||||||
7,603,212 | ||||||||
Industrial Gases — 0.4% |
| |||||||
Air Products & Chemicals, Inc. | 3,885 | 918,142 | ||||||
Linde PLC | 13,460 | 2,775,587 | ||||||
3,693,729 | ||||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 17,949 | 3,204,794 | ||||||
Insurance Brokers — 1.3% |
| |||||||
Marsh & McLennan Cos., Inc. | 27,384 | 2,959,389 | ||||||
Willis Towers Watson PLC | 38,788 | 7,619,515 | ||||||
10,578,904 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Chubb, Ltd. | 9,115 | 1,380,740 | ||||||
Internet Content - Entertainment — 7.9% |
| |||||||
Facebook, Inc., Class A† | 268,102 | 54,060,087 | ||||||
Netflix, Inc.† | 38,779 | 12,202,200 | ||||||
66,262,287 | ||||||||
Internet Content - Information/News — 2.1% |
| |||||||
Spotify Technology SA† | 6,443 | 918,450 | ||||||
Tencent Holdings, Ltd. | 399,900 | 16,950,175 | ||||||
17,868,625 | ||||||||
Machinery - General Industrial — 0.7% |
| |||||||
Roper Technologies, Inc. | 17,037 | 6,139,624 | ||||||
Medical Instruments — 1.5% |
| |||||||
Boston Scientific Corp.† | 1,100 | 47,575 | ||||||
Intuitive Surgical, Inc.† | 21,590 | 12,800,711 | ||||||
12,848,286 | ||||||||
Medical Products — 3.3% |
| |||||||
Abbott Laboratories | 9,226 | 788,362 | ||||||
Becton Dickinson and Co. | 44,233 | 11,434,230 | ||||||
Stryker Corp. | 74,182 | 15,196,925 | ||||||
27,419,517 | ||||||||
Medical - Biomedical/Gene — 2.2% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 28,221 | 3,215,501 | ||||||
Amgen, Inc. | 671 | 157,497 | ||||||
Exact Sciences Corp.†# | 6,645 | 538,312 | ||||||
Seattle Genetics, Inc.† | 3,900 | 469,365 | ||||||
Vertex Pharmaceuticals, Inc.† | 65,615 | 14,550,126 | ||||||
18,930,801 | ||||||||
Medical - Drugs — 0.1% |
| |||||||
Zoetis, Inc. | 7,300 | 879,796 | ||||||
Medical- HMO — 3.6% |
| |||||||
Anthem, Inc. | 28,872 | 8,334,192 | ||||||
Centene Corp.† | 60,450 | 3,655,411 | ||||||
UnitedHealth Group, Inc. | 54,847 | 15,350,030 | ||||||
WellCare Health Plans, Inc.† | 9,360 | 3,014,575 | ||||||
30,354,208 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
HCA Healthcare, Inc. | 17,637 | 2,445,546 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Concho Resources, Inc. | 10,975 | $ | 796,346 | |||||
Pioneer Natural Resources Co. | 14,067 | 1,798,325 | ||||||
2,594,671 | ||||||||
Pharmacy Services — 1.7% |
| |||||||
Cigna Corp. | 73,714 | 14,736,903 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
American Tower Corp. | 192 | 41,094 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Lululemon Athletica, Inc.† | 16,338 | 3,687,323 | ||||||
Ross Stores, Inc. | 67,056 | 7,788,555 | ||||||
11,475,878 | ||||||||
Retail - Discount — 1.5% |
| |||||||
Dollar General Corp. | 65,689 | 10,336,821 | ||||||
Dollar Tree, Inc.† | 29,933 | 2,737,672 | ||||||
13,074,493 | ||||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos., Inc. | 16,996 | 1,038,965 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Restaurant Brands International, Inc. | 26,799 | 1,758,819 | ||||||
Yum! Brands, Inc. | 7,451 | 750,092 | ||||||
2,508,911 | ||||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
Maxim Integrated Products, Inc. | 21,347 | 1,209,734 | ||||||
QUALCOMM, Inc. | 14,978 | 1,251,412 | ||||||
2,461,146 | ||||||||
Semiconductor Equipment — 0.8% |
| |||||||
Applied Materials, Inc. | 51,987 | 3,010,047 | ||||||
KLA Corp. | 13,928 | 2,282,242 | ||||||
Lam Research Corp. | 5,600 | 1,494,248 | ||||||
6,786,537 | ||||||||
Software Tools — 0.5% |
| |||||||
VMware, Inc., Class A | 28,986 | 4,510,801 | ||||||
Tobacco — 0.0% |
| |||||||
Philip Morris International, Inc. | 45 | 3,732 | ||||||
Transport - Rail — 0.9% |
| |||||||
Canadian Pacific Railway, Ltd. | 8,625 | 2,054,820 | ||||||
Kansas City Southern | 9,870 | 1,504,385 | ||||||
Norfolk Southern Corp. | 7,567 | 1,464,215 | ||||||
Union Pacific Corp. | 14,106 | 2,482,515 | ||||||
7,505,935 | ||||||||
Transport - Services — 0.0% |
| |||||||
United Parcel Service, Inc., Class B | 673 | 80,578 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc.† | 12,147 | 336,593 | ||||||
Web Portals/ISP — 6.3% |
| |||||||
Alphabet, Inc., Class A† | 8,051 | 10,499,228 | ||||||
Alphabet, Inc., Class C† | 32,635 | 42,587,370 | ||||||
53,086,598 | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 454 | 75,954 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $484,299,697) | 840,084,917 | |||||||
28 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.59%(3) | 1,930 | $ | 1,930 | |||||
T. Rowe Price Government Reserve Fund 1.65%(3) | 2,691,906 | 2,691,906 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $2,693,836) | 2,693,836 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $486,993,533)(4) | 99.9 | % | 842,778,753 | |||||
Other assets less liabilities | 0.1 | 502,056 | ||||||
NET ASSETS | 100.0 | % | $ | 843,280,809 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2019, the Fund had loaned securities with a total value of $1,007,230. This was secured by collateral of $1,036,537 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 04/09/2020 | $ | 2,267 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 03/31/2020 to 11/15/2048 | 1,034,270 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. |
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 | $ | 1,759,570 | $ | 6.43 | 0.21 | % | ||||||||||||||
(3) | The rate shown is the7-day yield as of November 30, 2019. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | — | $ | 1,759,570 | $ | 1,759,570 | ||||||||
Other Industries | 838,325,347 | — | — | 838,325,347 | ||||||||||||
Short-Term Investment Securities | 2,693,836 | — | — | 2,693,836 | ||||||||||||
Total Investments at Value | $ | 841,019,183 | $ | — | $ | 1,759,570 | $ | 842,778,753 | ||||||||
* | 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
29 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — November 30, 2019 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 22.0 | % | ||
Federal Home Loan Mtg. Corp. | 12.6 | |||
United States Treasury Notes | 10.5 | |||
Diversified Banking Institutions | 5.6 | |||
United States Treasury Bonds | 4.7 | |||
Diversified Financial Services | 4.6 | |||
Government National Mtg. Assoc. | 3.9 | |||
Registered Investment Companies | 3.4 | |||
Banks — Commercial | 2.7 | |||
Electric — Integrated | 2.2 | |||
Telephone — Integrated | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Banks — Super Regional | 1.2 | |||
Oil Companies — Integrated | 1.0 | |||
Medical — Drugs | 0.9 | |||
Pipelines | 0.8 | |||
Food — Misc./Diversified | 0.8 | |||
Insurance — Life/Health | 0.7 | |||
Real Estate Investment Trusts | 0.7 | |||
Cable/Satellite TV | 0.7 | |||
Machinery — Farming | 0.7 | |||
Electric — Distribution | 0.6 | |||
Medical — HMO | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Pharmacy Services | 0.6 | |||
Brewery | 0.5 | |||
Sovereign | 0.5 | |||
Paper & Related Products | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
Computer Services | 0.4 | |||
Computers | 0.4 | |||
Cellular Telecom | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Savings & Loans/Thrifts | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Chemicals — Diversified | 0.3 | |||
Electric — Generation | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Gas — Distribution | 0.3 | |||
Trucking/Leasing | 0.3 | |||
Retail — Discount | 0.3 | |||
Insurance — Mutual | 0.3 | |||
Finance — Credit Card | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Transport — Rail | 0.3 | |||
Machinery — Construction & Mining | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Retail — Mail Order | 0.2 | |||
Multimedia | 0.2 | |||
Insurance Brokers | 0.2 | |||
Banks — Special Purpose | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Sovereign Agency | 0.1 | |||
Federal Home Loan Bank | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Metal — Diversified | 0.1 | |||
Television | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
SupraNational Banks | 0.1 |
Non-Ferrous Metals | 0.1 | % | ||
Electronic Components — Semiconductors | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Data Processing/Management | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Building Societies | 0.1 | |||
Oil — Field Services | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Building Products — Cement | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Diversified Minerals | 0.1 | |||
Food — Meat Products | 0.1 | |||
Transport — Marine | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Petrochemicals | 0.1 | |||
Tools — Hand Held | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Food — Retail | 0.1 | |||
Transport — Truck | 0.1 | |||
Electronic Parts Distribution | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Medical — Biomedical/Gene | 0.1 | |||
100.1 | % | |||
Credit Quality#†
Aaa | 58.8 | % | ||
Aa | 3.0 | |||
A | 11.6 | |||
Baa | 21.2 | |||
Ba | 2.0 | |||
Not Rated@ | 3.4 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
† | Source: Moody’s |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
30 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited)
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 | $ | 127,054 | ||||
BA Credit Card Trust | 100,000 | 99,738 | ||||||
BA Credit Card Trust | 262,000 | 266,109 | ||||||
BANK | 80,000 | 84,017 | ||||||
BANK | 400,000 | 424,977 | ||||||
Benchmark Mtg. Trust | 186,000 | 192,801 | ||||||
Benchmark Mtg. Trust | 500,000 | 543,741 | ||||||
BX Commercial Mtg. Trust FRS | 100,000 | 100,084 | ||||||
Capital One Multi-Asset Execution Trust | 200,000 | 197,579 | ||||||
Capital One Prime Auto Receivables Trust | 200,000 | 200,123 | ||||||
CarMax Auto Owner Trust | 230,000 | 230,981 | ||||||
CarMax Auto Owner Trust | 250,000 | 255,178 | ||||||
Chase Mtg. Finance Corp. VRS | 222,948 | 231,294 | ||||||
COMM Mtg. Trust VRS | 125,000 | 133,819 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,792,712 | ||||||
Discover Card Execution Note Trust | 130,000 | 133,345 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 124,591 | ||||||
Ford Credit Auto Owner Trust | 300,000 | 312,613 | ||||||
GM Financial Consumer Automobile Receivables Trust | 200,000 | 200,381 | ||||||
GM Financial Consumer Automobile Receivables Trust | 75,000 | 75,392 | ||||||
GS Mtg. Securities Trust | 222,745 | 222,665 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Honda Auto Receivables Owner Trust | $ | 23,000 | $ | 23,366 | ||||
ILPT Trust | 410,000 | 460,427 | ||||||
Jackson Park Trust | 200,000 | 202,088 | ||||||
JP Morgan Mtg. Trust VRS | 703,335 | 708,245 | ||||||
Mercedes-Benz Auto Lease Trust | 31,000 | 31,534 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 388,322 | 388,656 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,954 | ||||||
MSDB Trust VRS | 790,000 | 823,803 | ||||||
MTRO Commercial Mtg. Trust FRS | 250,000 | 250,217 | ||||||
Nissan Auto Receivables Owner Trust | 24,471 | 24,451 | ||||||
One Bryant Park Trust | 270,000 | 267,502 | ||||||
Toyota Auto Loan Extended Note Trust | 100,000 | 101,907 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 231,001 | ||||||
Verizon Owner Trust | 100,000 | 101,422 | ||||||
World Financial Network Credit Card Master Trust | 100,000 | 100,049 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $9,562,767) | 9,697,816 | |||||||
U.S. CORPORATE BONDS & NOTES — 29.2% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Interpublic Group of Cos., Inc. | 106,000 | 113,778 | ||||||
Aerospace/Defense — 0.3% |
| |||||||
BAE Systems Holdings, Inc. | 415,000 | 439,562 | ||||||
General Dynamics Corp. | 287,000 | 288,224 | ||||||
727,786 | ||||||||
31 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
L3Harris Technologies, Inc. | $ | 148,000 | $ | 149,870 | ||||
Auto - Cars/Light Trucks — 1.2% |
| |||||||
BMW US Capital LLC | 214,000 | 217,102 | ||||||
Daimler Finance North America LLC | 257,000 | 256,206 | ||||||
Daimler Finance North America LLC | 261,000 | 261,472 | ||||||
Ford Motor Credit Co. LLC | 321,000 | 317,311 | ||||||
Ford Motor Credit Co. LLC | 209,000 | 210,067 | ||||||
General Motors Financial Co., Inc. | 297,000 | 305,597 | ||||||
Hyundai Capital America | 389,000 | 397,221 | ||||||
Hyundai Capital America | 256,000 | 257,688 | ||||||
Nissan Motor Acceptance Corp. | 140,000 | 140,427 | ||||||
Toyota Motor Credit Corp. | 295,000 | 310,408 | ||||||
Volkswagen Group of America Finance LLC | 200,000 | 201,072 | ||||||
2,874,571 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR Financial Corp. | 160,000 | 160,176 | ||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Lear Corp. | 228,000 | 235,995 | ||||||
Banks - Commercial — 1.5% |
| |||||||
BankUnited, Inc. | 834,000 | 912,749 | ||||||
Citizens Financial Group, Inc. | 540,000 | 560,746 | ||||||
Citizens Financial Group, Inc. | 148,000 | 159,230 | ||||||
Regions Financial Corp. | 476,000 | 674,288 | ||||||
SunTrust Bank | 606,000 | 630,718 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
SunTrust Bank | $ | 208,000 | $ | 212,385 | ||||
Zions Bancorp NA | 397,000 | 392,574 | ||||||
3,542,690 | ||||||||
Banks - Super Regional — 1.2% |
| |||||||
Bank of America NA | 372,000 | 381,701 | ||||||
Wells Fargo & Co. | 246,000 | 247,115 | ||||||
Wells Fargo & Co. | 405,000 | 416,946 | ||||||
Wells Fargo & Co. | 612,000 | 671,255 | ||||||
Wells Fargo & Co. | 367,000 | 438,987 | ||||||
Wells Fargo Bank NA | 581,000 | 580,385 | ||||||
2,736,389 | ||||||||
Beverages-Non-alcoholic — 0.2% |
| |||||||
Keurig Dr Pepper, Inc. | 341,000 | 372,104 | ||||||
PepsiCo, Inc. | 213,000 | 207,991 | ||||||
580,095 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Constellation Brands, Inc. | 167,000 | 168,691 | ||||||
Constellation Brands, Inc. | 126,000 | 155,368 | ||||||
324,059 | ||||||||
Brewery — 0.5% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 248,000 | 297,889 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 100,000 | 116,026 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 543,000 | 720,184 | ||||||
1,134,099 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Discovery Communications LLC | 219,000 | 252,818 |
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Broadcast Services/Program (continued) |
| |||||||
Fox Corp. | $ | 165,000 | $ | 202,987 | ||||
455,805 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Owens Corning | 402,000 | 381,166 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 227,000 | 235,504 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Toll Brothers Finance Corp. | 166,000 | 172,329 | ||||||
Cable/Satellite TV — 0.7% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 116,000 | 120,924 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 37,000 | 41,939 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 119,000 | 148,470 | ||||||
Comcast Corp. | 364,000 | 363,897 | ||||||
Comcast Corp. | 123,000 | 123,526 | ||||||
Comcast Corp. | 77,000 | 85,436 | ||||||
Comcast Corp. | 284,000 | 341,235 | ||||||
Time Warner Cable LLC | 265,000 | 323,772 | ||||||
1,549,199 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC | 328,000 | 347,680 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
LYB International Finance III LLC | 303,000 | 310,041 | ||||||
Chemicals - Specialty — 0.4% |
| |||||||
Ecolab, Inc. | 268,000 | 270,514 | ||||||
Huntsman International LLC | 324,000 | 342,445 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Specialty (continued) |
| |||||||
Lubrizol Corp. | $ | 165,000 | $ | 234,066 | ||||
847,025 | ||||||||
Commercial Services - Finance — 0.1% |
| |||||||
S&P Global, Inc. | 152,000 | 152,789 | ||||||
Computer Services — 0.4% |
| |||||||
IBM Credit LLC | 758,000 | 778,416 | ||||||
International Business Machines Corp. | 181,000 | 182,980 | ||||||
961,396 | ||||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 197,000 | 194,758 | ||||||
Apple, Inc. | 220,000 | 223,378 | ||||||
Dell International LLC/EMC Corp. | 202,000 | 261,176 | ||||||
Hewlett Packard Enterprise Co. | 215,000 | 258,103 | ||||||
937,415 | ||||||||
Data Processing/Management — 0.1% |
| |||||||
Fiserv, Inc. | 249,000 | 277,417 | ||||||
Diversified Banking Institutions — 3.0% |
| |||||||
Bank of America Corp. | 463,000 | 464,524 | ||||||
Bank of America Corp. | 291,000 | 310,407 | ||||||
Bank of America Corp. | 306,000 | 331,449 | ||||||
Bank of America Corp. | 234,000 | 312,333 | ||||||
Citigroup, Inc. | 530,000 | 562,893 | ||||||
Citigroup, Inc. | 246,000 | 270,750 | ||||||
Citigroup, Inc. | 284,000 | 339,372 | ||||||
Citigroup, Inc. | 182,000 | 226,092 |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Diversified Banking Institutions (continued) |
| |||||||
Citigroup, Inc. | $ | 126,000 | $ | 159,676 | ||||
Goldman Sachs Group, Inc. | 457,000 | 458,971 | ||||||
Goldman Sachs Group, Inc. | 280,000 | 296,827 | ||||||
Goldman Sachs Group, Inc. | 271,000 | 292,617 | ||||||
Goldman Sachs Group, Inc. | 474,000 | 652,070 | ||||||
JPMorgan Chase & Co. | 351,000 | 350,188 | ||||||
JPMorgan Chase & Co. | 674,000 | 689,185 | ||||||
JPMorgan Chase & Co. | 143,000 | 157,354 | ||||||
Morgan Stanley | 667,000 | 710,983 | ||||||
Morgan Stanley | 319,000 | 326,205 | ||||||
6,911,896 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
USAA Capital Corp. | 265,000 | 267,924 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Illinois Tool Works, Inc. | 198,000 | 209,383 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc. | 129,000 | 160,444 | ||||||
Electric - Distribution — 0.4% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 705,000 | 723,498 | ||||||
Sempra Energy | 290,000 | 300,172 | ||||||
1,023,670 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Basin Electric Power Cooperative | 33,000 | 38,786 | ||||||
Emera US Finance LP | 226,000 | 263,935 | ||||||
302,721 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated — 2.0% |
| |||||||
AEP Texas, Inc. | $ | 101,000 | $ | 115,448 | ||||
Black Hills Corp. | 130,000 | 132,351 | ||||||
Consolidated Edison Co. of New York, Inc. | 269,000 | 272,537 | ||||||
Dominion Energy South Carolina, Inc. | 277,000 | 369,869 | ||||||
Dominion Resources, Inc. | 288,000 | 346,129 | ||||||
DPL, Inc. | 79,000 | 73,942 | ||||||
DTE Electric Co. | 411,000 | 478,379 | ||||||
Duke Energy Progress LLC | 176,000 | 179,672 | ||||||
Entergy Texas, Inc. | 120,000 | 123,990 | ||||||
Entergy Texas, Inc. | 490,000 | 576,165 | ||||||
FirstEnergy Corp. | 538,000 | 753,892 | ||||||
Georgia Power Co. | 163,000 | 163,000 | ||||||
Interstate Power & Light Co. | 163,000 | 162,674 | ||||||
Mississippi Power Co. | 258,000 | 280,229 | ||||||
PECO Energy Co. | 179,000 | 174,941 | ||||||
Public Service Co. of Colorado | 259,000 | 284,956 | ||||||
Public Service Co. of Colorado | 183,000 | 215,146 | ||||||
4,703,320 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
AEP Transmission Co. LLC | 116,000 | 115,684 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Trimble, Inc. | 26,000 | 28,176 | ||||||
Trimble, Inc. | 393,000 | 432,226 | ||||||
460,402 | ||||||||
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Electronic Parts Distribution — 0.1% |
| |||||||
Arrow Electronics, Inc. | $ | 149,000 | $ | 154,016 | ||||
Energy - Alternate Sources — 0.1% |
| |||||||
Hanwha Energy USA Holdings Corp. | 356,000 | 357,108 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Oracle Corp. | 591,000 | 613,710 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Synchrony Financial | 95,000 | 95,920 | ||||||
Synchrony Financial | 555,000 | 585,275 | ||||||
Synchrony Financial | 146,000 | 156,494 | ||||||
837,689 | ||||||||
Finance - Credit Card — 0.3% |
| |||||||
American Express Co. | 186,000 | 194,065 | ||||||
American Express Co. | 144,000 | 158,215 | ||||||
Mastercard, Inc. | 303,000 | 302,565 | ||||||
654,845 | ||||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. | 89,000 | 1,112 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
1,132 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Smithfield Foods, Inc. | 102,000 | 101,302 | ||||||
Smithfield Foods, Inc. | 96,000 | 105,936 | ||||||
207,238 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Campbell Soup Co. | 116,000 | 133,520 | ||||||
Conagra Brands, Inc. | 291,000 | 346,397 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Food - Misc./Diversified (continued) |
| |||||||
Conagra Brands, Inc. | $ | 232,000 | $ | 290,373 | ||||
General Mills, Inc. | 117,000 | 136,059 | ||||||
General Mills, Inc. | 114,000 | 135,828 | ||||||
Kraft Heinz Foods Co. | 182,000 | 191,085 | ||||||
Kraft Heinz Foods Co. | 117,000 | 121,003 | ||||||
Kraft Heinz Foods Co. | 161,000 | 165,560 | ||||||
Nestle Holdings, Inc. | 297,000 | 319,546 | ||||||
1,839,371 | ||||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 163,000 | 159,204 | ||||||
Gas- Distribution — 0.3% |
| |||||||
NiSource, Inc. | 260,000 | 260,088 | ||||||
NiSource, Inc. | 155,000 | 200,130 | ||||||
Washington Gas Light Co. | 233,000 | 239,150 | ||||||
699,368 | ||||||||
Gold Mining — 0.0% |
| |||||||
Newmont Goldcorp Corp. | 97,000 | 95,996 | ||||||
Insurance Brokers — 0.2% |
| |||||||
Marsh & McLennan Cos., Inc. | 140,000 | 142,335 | ||||||
Willis North America, Inc. | 162,000 | 160,050 | ||||||
Willis North America, Inc. | 152,000 | 179,509 | ||||||
481,894 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
Brighthouse Financial, Inc. | 212,000 | 191,736 | ||||||
Prudential Financial, Inc. | 230,000 | 239,158 |
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Life/Health (continued) |
| |||||||
Unum Group | $ | 233,000 | $ | 221,009 | ||||
651,903 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Assurant, Inc. | 27,000 | 32,785 | ||||||
Insurance - Mutual — 0.3% |
| |||||||
MassMutual Global Funding II | 200,000 | 203,932 | ||||||
New York Life Global Funding | 459,000 | 459,278 | ||||||
663,210 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
ACE INA Holdings, Inc. | 251,000 | 258,004 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 226,000 | 230,765 | ||||||
Machinery - Construction & Mining — 0.2% |
| |||||||
Caterpillar Financial Services Corp. | 182,000 | 185,228 | ||||||
Caterpillar Financial Services Corp. | 123,000 | 125,618 | ||||||
Caterpillar Financial Services Corp. | 264,000 | 276,743 | ||||||
587,589 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | 315,000 | 327,409 | ||||||
Machinery - Farming — 0.6% |
| |||||||
CNH Industrial Capital LLC | 325,000 | 344,739 | ||||||
John Deere Capital Corp. | 187,000 | 187,896 | ||||||
John Deere Capital Corp. | 416,000 | 425,630 | ||||||
John Deere Capital Corp. | 280,000 | 295,389 | ||||||
John Deere Capital Corp. | 132,000 | 140,031 | ||||||
1,393,685 | ||||||||
Medical Labs & Testing Services — 0.6% |
| |||||||
Laboratory Corp. of America Holdings | 219,000 | 219,834 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) |
| |||||||
Laboratory Corp. of America Holdings | $ | 297,000 | $ | 308,368 | ||||
Laboratory Corp. of America Holdings | 116,000 | 130,491 | ||||||
Roche Holdings, Inc. | 404,000 | 403,122 | ||||||
Roche Holdings, Inc. | 268,000 | 272,780 | ||||||
1,334,595 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Amgen, Inc. | 116,000 | 137,113 | ||||||
Medical - Drugs — 0.6% |
| |||||||
AbbVie, Inc. | 199,000 | 207,446 | ||||||
AbbVie, Inc. | 255,000 | 267,976 | ||||||
Bristol-Myers Squibb Co. | 267,000 | 282,705 | ||||||
Bristol-Myers Squibb Co. | 158,000 | 182,539 | ||||||
Bristol-Myers Squibb Co. | 178,000 | 216,093 | ||||||
GlaxoSmithKline Capital, Inc. | 199,000 | 207,914 | ||||||
1,364,673 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 213,000 | 228,473 | ||||||
Medical- HMO — 0.6% |
| |||||||
Humana, Inc. | 145,000 | 151,804 | ||||||
UnitedHealth Group, Inc. | 883,000 | 892,599 | ||||||
UnitedHealth Group, Inc. | 162,000 | 171,683 | ||||||
UnitedHealth Group, Inc. | 159,000 | 171,410 | ||||||
1,387,496 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA, Inc. | 173,000 | 193,300 |
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Medical - Hospitals (continued) |
| |||||||
HCA, Inc. | $ | 126,000 | $ | 141,796 | ||||
335,096 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 297,000 | 302,179 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 307,000 | 322,160 | ||||||
Multimedia — 0.2% |
| |||||||
Viacom, Inc. | 489,000 | 505,115 | ||||||
Oil Companies - Exploration & Production — 1.3% |
| |||||||
Apache Corp. | 238,000 | 221,285 | ||||||
Apache Corp. | 264,000 | 257,527 | ||||||
Cimarex Energy Co. | 418,000 | 433,939 | ||||||
Concho Resources, Inc. | 110,000 | 123,086 | ||||||
Devon Energy Corp. | 161,000 | 188,085 | ||||||
Diamondback Energy, Inc. | 230,000 | 229,386 | ||||||
Marathon Oil Corp. | 124,000 | 152,928 | ||||||
Marathon Oil Corp. | 170,000 | 212,588 | ||||||
Noble Energy, Inc. | 296,000 | 286,063 | ||||||
Noble Energy, Inc. | 238,000 | 253,698 | ||||||
Occidental Petroleum Corp. | 149,000 | 150,751 | ||||||
Occidental Petroleum Corp. | 377,000 | 458,420 | ||||||
2,967,756 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Chevron Corp. | 661,000 | 685,929 | ||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 119,000 | 116,073 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil- Field Services — 0.1% |
| |||||||
Schlumberger Holdings Corp. | $ | 221,000 | $ | 236,465 | ||||
Paper & Related Products — 0.5% |
| |||||||
Domtar Corp. | 423,000 | 486,192 | ||||||
Georgia-Pacific LLC | 340,000 | 356,727 | ||||||
Georgia-Pacific LLC | 217,000 | 223,427 | ||||||
1,066,346 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 194,000 | 200,432 | ||||||
Pharmacy Services — 0.6% |
| |||||||
Cigna Corp. | 229,000 | 264,952 | ||||||
CVS Health Corp. | 926,000 | 1,051,826 | ||||||
1,316,778 | ||||||||
Pipelines — 0.7% |
| |||||||
Cheniere Corpus Christi Holdings LLC | 157,000 | 158,513 | ||||||
Enable Midstream Partners LP | 154,000 | 143,663 | ||||||
Enable Midstream Partners LP | 192,000 | 191,958 | ||||||
Energy Transfer Operating LP | 286,000 | 296,985 | ||||||
Energy Transfer Operating LP | 180,000 | 198,929 | ||||||
Energy Transfer Partners LP | 131,000 | 147,739 | ||||||
EnLink Midstream Partners LP | 161,000 | 142,332 | ||||||
EnLink Midstream Partners LP | 34,000 | 23,120 | ||||||
MPLX LP | 144,000 | 158,563 | ||||||
Western Midstream Operating LP | 151,000 | 128,403 | ||||||
1,590,205 | ||||||||
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Real Estate Investment Trusts — 0.7% |
| |||||||
American Tower Corp. | $ | 196,000 | $ | 209,487 | ||||
Columbia Property Trust Operating Partnership LP | 332,000 | 348,535 | ||||||
Crown Castle International Corp. | 208,000 | 258,317 | ||||||
CyrusOne LP/CyrusOne Finance Corp. | 161,000 | 161,312 | ||||||
Duke Realty LP | 72,000 | 72,628 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 227,000 | 227,179 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 151,000 | 161,115 | ||||||
WEA Finance LLC | 162,000 | 161,253 | ||||||
1,599,826 | ||||||||
Retail - Discount — 0.3% |
| |||||||
Walmart, Inc. | 345,000 | 351,958 | ||||||
Walmart, Inc. | 299,000 | 315,176 | ||||||
667,134 | ||||||||
Retail - Mail Order — 0.2% |
| |||||||
QVC, Inc. | 537,000 | 569,280 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 278,000 | 283,004 | ||||||
Retail - Restaurants — 0.4% |
| |||||||
Darden Restaurants, Inc. | 387,000 | 401,745 | ||||||
McDonald’s Corp. | 37,000 | 37,725 | ||||||
McDonald’s Corp. | 387,000 | 448,615 | ||||||
888,085 | ||||||||
Savings & Loans/Thrifts — 0.4% |
| |||||||
First Niagara Financial Group, Inc. | 369,000 | 404,760 | ||||||
New York Community Bancorp, Inc. | 446,000 | 475,252 | ||||||
880,012 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.0% |
| |||||||
QUALCOMM, Inc. | $ | 102,000 | $ | 115,242 | ||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 348,000 | 381,350 | ||||||
Telephone - Integrated — 1.1% |
| |||||||
AT&T, Inc. | 135,000 | 148,402 | ||||||
AT&T, Inc. | 698,000 | 773,323 | ||||||
AT&T, Inc. | 235,000 | 255,921 | ||||||
AT&T, Inc. | 159,000 | 179,095 | ||||||
AT&T, Inc. | 413,000 | 471,968 | ||||||
Verizon Communications, Inc. | 117,000 | 133,492 | ||||||
Verizon Communications, Inc. | 88,000 | 102,128 | ||||||
Verizon Communications, Inc. | 356,000 | 449,860 | ||||||
2,514,189 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp. | 304,000 | 317,101 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 186,000 | 196,709 | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 341,000 | 364,696 | ||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 195,000 | 206,543 | ||||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 113,000 | 133,968 | ||||||
Norfolk Southern Corp. | 229,000 | 259,016 | ||||||
392,984 | ||||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 148,000 | 158,896 | ||||||
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) | ||||||||
Trucking/Leasing — 0.3% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | $ | 182,000 | $ | 181,964 | ||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 312,000 | 330,470 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 156,000 | 166,724 | ||||||
679,158 | ||||||||
Total U.S. Corporate Bonds & Notes |
| |||||||
(cost $64,344,139) | 67,920,732 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 7.6% |
| |||||||
Banks - Commercial — 1.2% |
| |||||||
Bank of Montreal | 618,000 | 618,358 | ||||||
Credit Suisse AG | 349,000 | 349,749 | ||||||
Danske Bank A/S | 239,000 | 247,851 | ||||||
Danske Bank A/S | 200,000 | 219,633 | ||||||
DBS Group Holdings, Ltd. | 231,000 | 234,179 | ||||||
ING Groep NV | 220,000 | 244,031 | ||||||
National Australia Bank, Ltd. | 200,000 | 204,366 | ||||||
National Bank of Canada | 387,000 | 386,745 | ||||||
Shinhan Bank Co., Ltd. | 200,000 | 212,132 | ||||||
2,717,044 | ||||||||
Banks - Special Purpose — 0.2% |
| |||||||
Kreditanstalt fuer Wiederaufbau | 468,000 | 467,490 | ||||||
Building Societies — 0.1% |
| |||||||
Nationwide Building Society | 250,000 | 257,139 | ||||||
Cellular Telecom — 0.3% |
| |||||||
SK Telecom Co., Ltd. | 200,000 | 207,842 | ||||||
Vodafone Group PLC | 118,000 | 133,763 | ||||||
Vodafone Group PLC | 205,000 | 244,950 | ||||||
586,555 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Chemicals - Diversified — 0.2% |
| |||||||
Braskem Netherlands Finance BV | $ | 209,000 | $ | 204,956 | ||||
Braskem Netherlands Finance BV | 300,000 | 289,275 | ||||||
494,231 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 133,000 | 133,415 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
DH Europe Finance II SARL | 255,000 | 258,509 | ||||||
Diversified Banking Institutions — 2.1% |
| |||||||
Banco Santander SA | 200,000 | 206,223 | ||||||
BNP Paribas SA | 424,000 | 458,060 | ||||||
Deutsche Bank AG | 182,000 | 184,711 | ||||||
HSBC Holdings PLC | 340,000 | 345,427 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 741,000 | 772,613 | ||||||
Mizuho Financial Group, Inc. | 536,000 | 535,631 | ||||||
Mizuho Financial Group, Inc. | 258,000 | 263,742 | ||||||
NatWest Markets PLC | 315,000 | 325,618 | ||||||
Royal Bank of Scotland Group PLC | 400,000 | 403,557 | ||||||
Royal Bank of Scotland Group PLC | 270,000 | 285,681 | ||||||
UBS Group Funding Switzerland AG | 200,000 | 205,462 | ||||||
UniCredit SpA | 377,000 | 404,153 | ||||||
UniCredit SpA | 428,000 | 492,335 | ||||||
4,883,213 | ||||||||
Diversified Financial Services — 0.3% |
| |||||||
GE Capital International Funding Co. ULC | 675,000 | 697,707 | ||||||
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
Siemens Financieringsmaatschappij NV | $ | 510,000 | $ | 536,087 | ||||
Diversified Minerals — 0.1% |
| |||||||
Anglo American Capital PLC | 207,000 | 215,384 | ||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 400,000 | 477,985 | ||||||
Electric - Integrated — 0.1% |
| |||||||
Enel Finance International NV | 248,000 | 279,283 | ||||||
Electronic Components - Semiconductors — 0.1% |
| |||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 268,000 | 286,029 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Athene Holding, Ltd. | 225,000 | 231,957 | ||||||
Manulife Financial Corp. | 252,000 | 262,801 | ||||||
494,758 | ||||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Enstar Group, Ltd. | 433,000 | 462,799 | ||||||
Machinery - Farming — 0.1% |
| |||||||
CNH Industrial NV | 94,000 | 98,039 | ||||||
Medical - Drugs — 0.3% |
| |||||||
GlaxoSmithKline Capital PLC | 286,000 | 290,902 | ||||||
Shire Acquisitions Investments Ireland DAC | 468,000 | 483,991 | ||||||
774,893 | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Codelco, Inc. | 300,000 | 290,788 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Canadian Natural Resources, Ltd. | 232,000 | 246,003 | ||||||
Oil Companies - Integrated — 0.7% |
| |||||||
BP Capital Markets PLC | 638,000 | 679,124 | ||||||
Cenovus Energy, Inc. | 256,000 | 268,808 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Oil Companies - Integrated (continued) |
| |||||||
Petro-Canada | $ | 122,000 | $ | 156,317 | ||||
Petroleos Mexicanos | 199,000 | 213,380 | ||||||
Total Capital International SA | 246,000 | 262,560 | ||||||
1,580,189 | ||||||||
SupraNational Banks — 0.1% |
| |||||||
International Bank for Reconstruction & Development | 276,000 | 297,368 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
British Telecommunications PLC | 243,000 | 240,607 | ||||||
Telecom Italia Capital SA | 190,000 | 233,107 | ||||||
Telefonica Emisiones SAU | 362,000 | 402,614 | ||||||
876,328 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 129,000 | 190,952 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $16,736,539) | 17,602,188 | |||||||
U.S. GOVERNMENT AGENCIES — 38.6% |
| |||||||
Federal Home Loan Bank — 0.1% |
| |||||||
5.50% due 07/15/2036 | 250,000 | 360,325 | ||||||
Federal Home Loan Mtg. Corp. — 12.6% |
| |||||||
2.50% due 01/01/2028 | 171,440 | 174,143 | ||||||
2.50% due 04/01/2028 | 394,884 | 401,107 | ||||||
2.50% due 03/01/2031 | 549,403 | 555,987 | ||||||
2.50% due 10/01/2032 | 737,362 | 746,213 | ||||||
3.00% due 08/01/2027 | 121,572 | 125,102 | ||||||
3.00% due 10/01/2042 | 405,393 | 419,179 | ||||||
3.00% due 11/01/2042 | 533,328 | 549,158 | ||||||
3.00% due 04/01/2043 | 561,537 | 578,324 | ||||||
3.00% due 05/01/2043 | 743,211 | 768,491 | ||||||
3.00% due 08/01/2043 | 547,900 | 564,052 | ||||||
3.00% due 10/01/2045 | 364,868 | 373,870 | ||||||
3.00% due 08/01/2046 | 2,181,094 | 2,234,978 | ||||||
3.00% due 08/01/2049 | 1,192,866 | 1,210,200 | ||||||
3.50% due 01/01/2032 | 1,219,448 | 1,268,916 | ||||||
3.50% due 11/01/2041 | 475,141 | 499,889 | ||||||
3.50% due 03/01/2042 | 159,051 | 167,426 | ||||||
3.50% due 04/01/2042 | 925,176 | 973,887 | ||||||
3.50% due 06/01/2042 | 1,073,879 | 1,130,433 | ||||||
3.50% due 08/01/2042 | 211,951 | 224,025 | ||||||
3.50% due 03/01/2045 | 772,390 | 806,018 | ||||||
3.50% due 07/01/2045 | 955,180 | 998,930 | ||||||
3.50% due 08/01/2045 | 563,810 | 592,127 | ||||||
3.50% due 11/01/2045 | 365,774 | 381,583 | ||||||
3.50% due 12/01/2046 | 710,404 | 738,979 | ||||||
3.50% due 11/01/2047 | 5,553,059 | 5,750,659 | ||||||
4.00% due 09/01/2040 | 230,659 | 246,935 |
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
4.00% due 10/01/2045 | $ | 633,680 | $ | 670,368 | ||||
4.00% due 12/01/2048 | 1,526,142 | 1,585,217 | ||||||
4.50% due 04/01/2044 | 126,370 | 135,722 | ||||||
4.50% due 03/01/2046 | 174,365 | 185,136 | ||||||
5.00% due 10/01/2033 | 328 | 361 | ||||||
5.00% due 06/01/2039 | 303,518 | 335,446 | ||||||
5.00% due 11/01/2043 | 382,116 | 422,052 | ||||||
5.50% due 02/01/2035 | 66,309 | 71,441 | ||||||
6.00% due 10/01/2033 | 90,321 | 100,513 | ||||||
6.00% due 03/01/2040 | 466 | 535 | ||||||
6.50% due 02/01/2035 | 1,731 | 1,928 | ||||||
6.75% due 09/15/2029 | 500,000 | 710,287 | ||||||
6.75% due 03/15/2031 | 250,000 | 367,261 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
4.02% (6 ML+1.49%) | 26,557 | 27,451 | ||||||
4.75% (12 ML+1.88%) | 275,647 | 291,719 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4740, Class BA | 668,924 | 681,931 | ||||||
Series 4800, Class KG | 100,000 | 102,259 | ||||||
Series 3820, Class DA | 15,045 | 15,037 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 150,822 | 20,535 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | ||||||||
Series 2017-HQA1, Class M1 | 182,129 | 182,371 | ||||||
Series 2015-DNA1, Class M2 | 146,483 | 147,290 | ||||||
Series2014-DN1, Class M2 | 252,169 | 254,903 | ||||||
Series2014-HQ2, Class M2 | 325,084 | 329,022 | ||||||
Series 2016-HQA1, Class M2 | 72,077 | 72,291 | ||||||
Series 2015-HQA2, Class M2 | 9,182 | 9,228 | ||||||
29,200,915 | ||||||||
Federal National Mtg. Assoc. — 22.0% |
| |||||||
2.50% due 04/01/2028 | 235,042 | 238,627 | ||||||
2.50% due 01/01/2032 | 598,018 | 604,891 | ||||||
3.00% due 10/01/2027 | 64,608 | 66,451 | ||||||
3.00% due 12/01/2027 | 628,662 | 646,653 | ||||||
3.00% due 01/01/2028 | 537,533 | 552,927 | ||||||
3.00% due 03/01/2030 | 1,360,848 | 1,408,773 | ||||||
3.00% due 10/01/2030 | 401,453 | 412,651 | ||||||
3.00% due 02/01/2033 | 256,382 | 263,230 | ||||||
3.00% due 07/01/2034 | 74,120 | 75,893 | ||||||
3.00% due 11/01/2039 | 1,195,378 | 1,223,817 | ||||||
3.00% due 03/01/2042 | 602,827 | 620,221 | ||||||
3.00% due 12/01/2042 | 556,205 | 571,690 | ||||||
3.00% due 02/01/2045 | 509,031 | 521,270 | ||||||
3.00% due 09/01/2046 | 85,604 | 87,672 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
3.00% due 01/01/2047 | $ | 444,664 | $ | 455,407 | ||||
3.00% due 04/01/2048 | 1,000,000 | 1,019,999 | ||||||
3.50% due 08/01/2026 | 94,305 | 97,697 | ||||||
3.50% due 09/01/2026 | 30,359 | 31,608 | ||||||
3.50% due 08/01/2027 | 38,085 | 39,469 | ||||||
3.50% due 10/01/2028 | 320,477 | 335,101 | ||||||
3.50% due 03/01/2033 | 1,197,073 | 1,244,212 | ||||||
3.50% due 08/01/2033 | 731,386 | 758,407 | ||||||
3.50% due 12/01/2041 | 383,695 | 405,328 | ||||||
3.50% due 08/01/2042 | 1,155,858 | 1,211,982 | ||||||
3.50% due 07/01/2045 | 378,362 | 394,277 | ||||||
3.50% due 08/01/2045 | 430,543 | 449,954 | ||||||
3.50% due 09/01/2045 | 382,237 | 398,338 | ||||||
3.50% due 10/01/2045 | 605,775 | 637,643 | ||||||
3.50% due 11/01/2045 | 265,972 | 277,245 | ||||||
3.50% due 12/01/2045 | 2,109,162 | 2,197,521 | ||||||
3.50% due 02/01/2046 | 616,043 | 641,846 | ||||||
3.50% due 03/01/2046 | 331,009 | 343,860 | ||||||
3.50% due 07/01/2046 | 1,385,061 | 1,453,743 | ||||||
3.50% due 01/01/2047 | 2,200,775 | 2,287,759 | ||||||
3.50% due 04/01/2048 | 2,335,200 | 2,433,036 | ||||||
4.00% due 07/01/2040 | 103,074 | 110,327 | ||||||
4.00% due 10/01/2040 | 60,393 | 64,628 | ||||||
4.00% due 12/01/2040 | 779,831 | 829,007 | ||||||
4.00% due 10/01/2041 | 410,086 | 438,946 | ||||||
4.00% due 11/01/2041 | 400,485 | 428,432 | ||||||
4.00% due 01/01/2043 | 486,995 | 521,186 | ||||||
4.00% due 10/01/2044 | 2,011 | 2,135 | ||||||
4.00% due 02/01/2045 | 892,909 | 954,086 | ||||||
4.00% due 06/01/2046 | 261,311 | 275,568 | ||||||
4.00% due 01/01/2047 | 533,723 | 560,767 | ||||||
4.00% due 05/01/2047 | 728,048 | 763,818 | ||||||
4.00% due 06/01/2047 | 1,800,955 | 1,916,122 | ||||||
4.00% due 07/01/2047 | 1,729,525 | 1,805,898 | ||||||
4.00% due 08/01/2047 | 1,789,603 | 1,878,071 | ||||||
4.00% due 12/01/2048 | 1,036,920 | 1,076,354 | ||||||
4.00% due 03/01/2049 | 1,469,548 | 1,523,305 | ||||||
4.50% due 11/01/2022 | 19,267 | 19,901 | ||||||
4.50% due 10/01/2024 | 125,191 | 130,703 | ||||||
4.50% due 08/01/2045 | 1,824,486 | 2,001,928 | ||||||
4.50% due 06/01/2048 | 1,424,558 | 1,498,525 | ||||||
4.50% due 10/01/2048 | 1,058,988 | 1,115,996 | ||||||
4.50% due 11/01/2048 | 473,418 | 498,468 | ||||||
4.50% due 12/01/2048 | 2,944,061 | 3,091,646 | ||||||
5.00% due 10/01/2033 | 1,998 | 2,205 | ||||||
5.00% due 03/01/2034 | 36,166 | 39,916 | ||||||
5.00% due 05/01/2040 | 70,324 | 77,467 | ||||||
5.00% due 06/01/2040 | 44,474 | 49,062 | ||||||
5.00% due 02/01/2045 | 253,955 | 279,096 | ||||||
5.50% due 12/01/2029 | 49,062 | 52,930 | ||||||
5.50% due 04/01/2033 | 44,673 | 49,777 | ||||||
5.50% due 12/01/2033 | 37,160 | 41,822 | ||||||
5.50% due 07/01/2037 | 208,452 | 233,706 | ||||||
5.50% due 08/01/2037 | 159,667 | 179,454 | ||||||
5.50% due 06/01/2038 | 19,853 | 22,307 | ||||||
6.00% due 12/01/2020 | 64 | 64 | ||||||
6.00% due 12/01/2036 | 257,194 | 295,277 | ||||||
6.00% due 11/01/2038 | 72,545 | 83,336 | ||||||
6.00% due 06/01/2040 | 54,944 | 63,134 | ||||||
6.50% due 10/01/2037 | 16,476 | 18,413 | ||||||
Federal National Mtg. Assoc. FRS | ||||||||
3.79% (12 ML+1.83%) | 122,001 | 127,785 | ||||||
3.85% (6 ML+1.54%) | 250,183 | 259,151 |
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) | ||||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.07% (12 ML+1.82%) | $ | 47,443 | $ | 50,006 | ||||
4.28% (12 ML+1.57%) | 44,038 | 46,028 | ||||||
4.29% (12 ML+1.77%) | 243,276 | 256,638 | ||||||
4.50% (12 ML+1.67%) | 188,361 | 197,091 | ||||||
4.59% (12 ML+1.91%) | 144,546 | 152,651 | ||||||
4.59% (1 Yr USTYCR+2.22%) | 224,361 | 237,105 | ||||||
4.69% (1 Yr USTYCR+2.26%) | 81,183 | 85,738 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series2017-100, Class NP | 251,595 | 260,207 | ||||||
Series2018-27, Class EA | 1,194,241 | 1,231,485 | ||||||
Series2018-35, Class CD | 782,628 | 807,057 | ||||||
51,113,923 | ||||||||
Government National Mtg. Assoc. — 3.9% |
| |||||||
3.00% due 02/20/2045 | 434,998 | 453,328 | ||||||
3.00% due 05/20/2045 | 336,593 | 348,823 | ||||||
3.00% due 07/20/2045 | 56,511 | 58,409 | ||||||
3.00% due 11/20/2045 | 1,150,843 | 1,189,550 | ||||||
3.00% due 12/20/2045 | 535,828 | 553,838 | ||||||
3.00% due 09/20/2047 | 1,789,451 | 1,846,156 | ||||||
3.50% due 03/20/2045 | 286,317 | 299,388 | ||||||
3.50% due 04/20/2045 | 542,167 | 566,902 | ||||||
3.50% due 07/20/2045 | 120,118 | 125,610 | ||||||
3.50% due 03/20/2047 | 464,486 | 482,524 | ||||||
4.00% due 07/20/2045 | 168,772 | 179,130 | ||||||
4.00% due 05/20/2048 | 2,664,733 | 2,778,373 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 200,265 | ||||||
9,082,296 | ||||||||
Total U.S. Government Agencies |
| |||||||
(cost $88,417,459) | 89,757,459 | |||||||
U.S. GOVERNMENT TREASURIES — 15.2% |
| |||||||
United States Treasury Bonds — 4.7% |
| |||||||
2.25% due 08/15/2049 | 171,000 | 172,630 | ||||||
2.75% due 11/15/2042 | 406,000 | 447,250 | ||||||
2.88% due 11/15/2046# | 384,000 | 436,425 | ||||||
2.88% due 05/15/2049 | 454,000 | 519,724 | ||||||
3.00% due 11/15/2045 | 1,729,000 | 2,003,141 | ||||||
3.00% due 05/15/2047 | 1,441,000 | 1,677,696 | ||||||
3.13% due 11/15/2041 | 2,303,000 | 2,689,112 | ||||||
3.13% due 02/15/2042 | 392,000 | 457,951 | ||||||
3.88% due 08/15/2040 | 167,000 | 216,167 | ||||||
4.25% due 05/15/2039 | 256,000 | 345,400 | ||||||
4.38% due 11/15/2039 | 105,000 | 144,195 | ||||||
4.38% due 05/15/2040 | 192,000 | 264,525 | ||||||
4.75% due 02/15/2037 | 564,000 | 793,984 | ||||||
5.00% due 05/15/2037 | 153,000 | 221,575 | ||||||
5.25% due 11/15/2028 | 354,000 | 455,913 | ||||||
10,845,688 | ||||||||
United States Treasury Notes — 10.5% |
| |||||||
1.63% due 08/15/2022 | 2,296,000 | 2,297,345 | ||||||
1.63% due 08/31/2022 | 1,921,000 | 1,922,051 |
Security Description | Principal Amount | Value (Note 2) | ||||||
United States Treasury Notes (continued) |
| |||||||
1.63% due 02/15/2026 | $ | 4,839,000 | $ | 4,814,805 | ||||
1.63% due 08/15/2029 | 1,040,000 | 1,024,563 | ||||||
1.75% due 07/31/2021 | 103,000 | 103,137 | ||||||
1.75% due 09/30/2022 | 5,137,000 | 5,157,668 | ||||||
2.00% due 02/15/2025 | 1,729,000 | 1,758,380 | ||||||
2.00% due 11/15/2026 | 384,000 | 390,930 | ||||||
2.25% due 04/30/2024 | 167,000 | 171,390 | ||||||
2.25% due 11/15/2024 | 596,000 | 613,158 | ||||||
2.25% due 08/15/2027 | 576,000 | 597,218 | ||||||
2.38% due 05/15/2029 | 500,000 | 525,547 | ||||||
2.50% due 02/28/2021 | 2,401,000 | 2,424,353 | ||||||
2.50% due 01/15/2022 | 2,401,000 | 2,444,518 | ||||||
2.63% due 02/15/2029 | 171,000 | 183,297 | ||||||
24,428,360 | ||||||||
Total U.S. Government Treasuries |
| |||||||
(cost $33,733,129) | 35,274,048 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.6% |
| |||||||
Sovereign — 0.5% |
| |||||||
Republic of Italy | 215,000 | 205,878 | ||||||
Republic of Italy | 400,000 | 388,973 | ||||||
United Mexican States | 228,000 | 249,888 | ||||||
United Mexican States | 230,000 | 250,700 | ||||||
1,095,439 | ||||||||
Sovereign Agency — 0.1% |
| |||||||
Kommunalbanken AS | 394,000 | 394,090 | ||||||
Total Foreign Government Obligations |
| |||||||
(cost $1,452,659) | 1,489,529 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 7,100 | 181,334 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1% |
| |||||||
Banks - Super Regional — 0.0% |
| |||||||
Wells Fargo Capital X | 87,000 | 108,502 | ||||||
Diversified Banking Institutions — 0.5% |
| |||||||
Bank of Nova Scotia | 461,000 | 462,152 | ||||||
HSBC Holdings PLC | 351,000 | 371,183 | ||||||
JPMorgan Chase & Co. | 249,000 | 273,058 | ||||||
1,106,393 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 183,000 | 188,566 | ||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES (continued) |
| |||||||
Electric - Integrated — 0.1% |
| |||||||
Dominion Resources, Inc. | $ | 130,000 | $ | 140,208 | ||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 78,000 | 8 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Prudential Financial, Inc. | 240,000 | 259,896 | ||||||
Prudential Financial, Inc. | 169,000 | 193,397 | ||||||
453,293 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Voya Financial, Inc. | 176,000 | 168,960 | ||||||
Pipelines — 0.1% |
| |||||||
Enterprise Products Operating LLC | 129,000 | 129,645 | ||||||
TransCanada Trust | 129,000 | 131,820 | ||||||
TransCanada Trust | 99,000 | 103,402 | ||||||
364,867 | ||||||||
Total Preferred Securities/Capital Securities |
| |||||||
(cost $2,384,103) | 2,530,797 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $216,808,257) | 224,453,903 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.5% |
| |||||||
Registered Investment Companies — 3.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 7,593,421 | 7,593,421 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 495,605 | 495,605 | ||||||
8,089,026 | ||||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | $ | 192,000 | 190,809 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $8,279,231) | 8,279,835 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $225,087,488)(10) | 100.1 | % | 232,733,738 | |||||
Liabilities in excess of other assets | (0.1 | ) | (223,225 | ) | ||||
NET ASSETS | 100.0 | % | $ | 232,510,513 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $21,517,033 representing 9.3% of net assets. |
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(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 November 30, 2019. |
(7) | Perpetual maturity — maturity date reflects the next call date. |
(8) | The rate shown is the7-day yield as of November 30, 2019. |
(9) | At November 30, 2019, the Fund had loaned securities with a total value of $2,594,234. This was secured by collateral of $495,605, which was received in cash and subsequently invested in short-term investments currently valued at $495,605 as reported in the Portfolio of Investments. Additional collateral of $2,151,668 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.25% | 02/25/2023 to 11/15/2054 | $ | 218,664 | ||||
Federal National Mtg. Assoc. | 1.00% to 19.10% | 08/25/2021 to 05/25/2059 | 158,930 | |||||
Government National Mtg. Assoc. | 1.50% to 24.90% | 01/16/2034 to 05/16/2053 | 69,134 | |||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | 210,320 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 04/15/2020 to 05/15/2048 | 1,494,620 |
(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 November 30, 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
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | — | $ | 9,697,816 | $ | — | $ | 9,697,816 | ||||||||
U.S. Corporate Bonds & Notes: | ||||||||||||||||
Finance-Investment Banker/Broker | — | 1,112 | 20 | 1,132 | ||||||||||||
Other Industries | — | 67,919,600 | — | 67,919,600 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 17,602,188 | — | 17,602,188 | ||||||||||||
U.S. Government Agencies | — | 89,757,459 | — | 89,757,459 | ||||||||||||
U.S. Government Treasuries | — | 35,274,048 | — | 35,274,048 | ||||||||||||
Foreign Government Obligations | — | 1,489,529 | — | 1,489,529 | ||||||||||||
Preferred Securities | 181,334 | — | — | 181,334 | ||||||||||||
Preferred Securities/Capital Securities: | ||||||||||||||||
Finance-Investment Banker/Broker | — | — | 8 | 8 | ||||||||||||
Other Industries | — | 2,530,789 | — | 2,530,789 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,089,026 | — | — | 8,089,026 | ||||||||||||
U.S. Government Treasuries | — | 190,809 | — | 190,809 | ||||||||||||
Total Investment at Value | $ | 8,270,360 | $ | 224,463,350 | $ | 28 | $ | 232,733,738 | ||||||||
* | 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 —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 7.0 | % | ||
Retail — Discount | 6.7 | |||
Diversified Banking Institutions | 6.0 | |||
Computers | 5.8 | |||
Web Portals/ISP | 5.3 | |||
Medical — HMO | 5.2 | |||
Medical — Drugs | 4.3 | |||
Cable/Satellite TV | 3.7 | |||
Oil Companies — Integrated | 3.2 | |||
Telephone — Integrated | 2.9 | |||
Banks — Super Regional | 2.5 | |||
Networking Products | 2.4 | |||
Medical Labs & Testing Services | 2.3 | |||
Retail — Building Products | 2.2 | |||
Tobacco | 2.2 | |||
Oil Companies — Exploration & Production | 2.1 | |||
Building — Residential/Commercial | 2.1 | |||
Retail — Auto Parts | 1.9 | |||
Computer Services | 1.9 | |||
Agricultural Biotech | 1.8 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Commercial Services | 1.7 | |||
Electric — Integrated | 1.7 | |||
Finance — Auto Loans | 1.5 | |||
Power Converter/Supply Equipment | 1.5 | |||
Medical — Biomedical/Gene | 1.5 | |||
Electronic Measurement Instruments | 1.5 | |||
Airlines | 1.4 | |||
Finance — Investment Banker/Broker | 1.3 | |||
Cosmetics & Toiletries | 1.3 | |||
Audio/Video Products | 1.2 | |||
Distribution/Wholesale | 1.2 | |||
Aerospace/Defense | 1.2 | |||
E-Commerce/Products | 1.2 | |||
Containers — Paper/Plastic | 1.2 | |||
Medical Products | 1.2 | |||
Transport — Rail | 1.0 | |||
Financial Guarantee Insurance | 1.0 | |||
E-Services/Consulting | 1.0 | |||
Brewery | 0.9 | |||
Broadcast Services/Program | 0.8 | |||
Banks — Commercial | 0.6 | |||
Finance — Consumer Loans | 0.5 | |||
Repurchase Agreements | 0.3 | |||
Chemicals — Diversified | 0.1 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets |
45 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.7% |
| |||||||
Aerospace/Defense — 1.2% |
| |||||||
BAE Systems PLC ADR | 100,169 | $ | 2,983,033 | |||||
Agricultural Biotech — 1.8% |
| |||||||
Corteva, Inc. | 167,570 | 4,360,171 | ||||||
Airlines — 1.4% |
| |||||||
Delta Air Lines, Inc. | 62,117 | 3,559,925 | ||||||
Applications Software — 7.0% |
| |||||||
CDK Global, Inc. | 46,778 | 2,504,962 | ||||||
Microsoft Corp. | 98,361 | 14,889,888 | ||||||
17,394,850 | ||||||||
Audio/Video Products — 1.2% |
| |||||||
Sony Corp. ADR | 47,771 | 3,032,503 | ||||||
Banks - Commercial — 0.6% |
| |||||||
Regions Financial Corp. | 96,326 | 1,602,865 | ||||||
Banks - Super Regional — 2.5% |
| |||||||
SunTrust Banks, Inc. | 25,513 | 1,807,341 | ||||||
US Bancorp | 72,194 | 4,333,806 | ||||||
6,141,147 | ||||||||
Brewery — 0.9% |
| |||||||
Molson Coors Brewing Co., Class B | 44,900 | 2,266,552 | ||||||
Broadcast Services/Program — 0.8% |
| |||||||
Fox Corp., Class A | 52,272 | 1,869,247 | ||||||
Building - Residential/Commercial — 2.1% |
| |||||||
D.R. Horton, Inc. | 92,045 | 5,094,691 | ||||||
Cable/Satellite TV — 3.7% |
| |||||||
Comcast Corp., Class A | 150,959 | 6,664,840 | ||||||
DISH Network Corp., Class A† | 74,203 | 2,535,516 | ||||||
9,200,356 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
DuPont de Nemours, Inc. | 4,624 | 299,681 | ||||||
Commercial Services — 1.7% |
| |||||||
Quanta Services, Inc. | 100,890 | 4,201,060 | ||||||
Computer Services — 1.9% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 72,029 | 4,617,779 | ||||||
Computers — 5.8% |
| |||||||
Apple, Inc. | 53,735 | �� | 14,360,679 | |||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Packaging Corp. of America | 25,918 | 2,900,224 | ||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Unilever NV | 54,478 | 3,244,165 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
KAR Auction Services, Inc.# | 141,701 | 2,992,725 | ||||||
Diversified Banking Institutions — 6.0% |
| |||||||
Bank of America Corp. | 203,911 | 6,794,315 | ||||||
JPMorgan Chase & Co. | 60,629 | 7,988,477 | ||||||
14,782,792 | ||||||||
E-Commerce/Products — 1.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 14,746 | 2,949,200 | ||||||
E-Services/Consulting — 1.0% |
| |||||||
CDW Corp. | 17,487 | 2,361,619 | ||||||
Electric - Integrated — 1.7% |
| |||||||
AES Corp. | 221,657 | 4,191,534 | ||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
Fortive Corp. | 50,528 | 3,646,606 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Finance - Auto Loans — 1.5% |
| |||||||
Ally Financial, Inc. | 117,189 | $ | 3,731,298 | |||||
Finance - Consumer Loans — 0.5% |
| |||||||
SLM Corp. | 149,115 | 1,271,951 | ||||||
Finance - Investment Banker/Broker — 1.3% |
| |||||||
E*TRADE Financial Corp. | 74,597 | 3,304,647 | ||||||
Financial Guarantee Insurance — 1.0% |
| |||||||
Assured Guaranty, Ltd. | 50,266 | 2,495,707 | ||||||
Medical Labs & Testing Services — 2.3% |
| |||||||
Laboratory Corp. of America Holdings† | 32,615 | 5,619,238 | ||||||
Medical Products — 1.2% |
| |||||||
Baxter International, Inc. | 35,255 | 2,889,852 | ||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Biogen, Inc.† | 12,196 | 3,656,483 | ||||||
Medical - Drugs — 4.3% |
| |||||||
Novartis AG ADR | 24,682 | 2,278,148 | ||||||
Novo Nordisk A/S ADR | 55,394 | 3,110,373 | ||||||
Pfizer, Inc. | 138,059 | 5,318,033 | ||||||
10,706,554 | ||||||||
Medical - HMO — 5.2% |
| |||||||
Humana, Inc. | 14,997 | 5,117,426 | ||||||
UnitedHealth Group, Inc. | 27,474 | 7,689,149 | ||||||
12,806,575 | ||||||||
Networking Products — 2.4% |
| |||||||
Cisco Systems, Inc. | 130,655 | 5,919,978 | ||||||
Oil Companies - Exploration & Production — 2.1% |
| |||||||
ConocoPhillips | 50,475 | 3,025,472 | ||||||
Marathon Oil Corp. | 185,513 | 2,161,226 | ||||||
5,186,698 | ||||||||
Oil Companies - Integrated — 3.2% |
| |||||||
BP PLC ADR | 102,735 | 3,844,344 | ||||||
Chevron Corp. | 34,095 | 3,993,547 | ||||||
7,837,891 | ||||||||
Power Converter/Supply Equipment — 1.5% |
| |||||||
Hubbell, Inc. | 25,335 | 3,724,752 | ||||||
Retail - Auto Parts — 1.9% |
| |||||||
O’Reilly Automotive, Inc.† | 10,894 | 4,818,198 | ||||||
Retail - Building Products — 2.2% |
| |||||||
Lowe’s Cos., Inc. | 46,875 | 5,498,906 | ||||||
Retail - Discount — 6.7% |
| |||||||
Dollar General Corp. | 35,901 | 5,649,381 | ||||||
Dollar Tree, Inc.† | 48,578 | 4,442,944 | ||||||
Walmart, Inc. | 54,005 | 6,431,456 | ||||||
16,523,781 | ||||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 79,578 | 4,224,796 | ||||||
Telephone - Integrated — 2.9% |
| |||||||
Verizon Communications, Inc. | 118,566 | 7,142,416 | ||||||
Tobacco — 2.2% |
| |||||||
Altria Group, Inc. | 109,501 | 5,442,200 | ||||||
Transport - Rail — 1.0% |
| |||||||
Norfolk Southern Corp. | 13,104 | 2,535,624 | ||||||
Web Portals/ISP — 5.3% |
| |||||||
Alphabet, Inc., Class A† | 4,966 | 6,476,111 |
46 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP (continued) |
| |||||||
Alphabet, Inc., Class C† | 5,165 | $ | 6,740,118 | |||||
13,216,229 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $187,731,303) | 246,607,178 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 94,270 | 94,270 | ||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount $634,013 collateralized by $655,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $650,461 (cost $634,000) | $ | 634,000 | 634,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $188,459,573)(3) | 100.0 | % | 247,335,448 | |||||
Other assets less liabilities | 0.0 | 83,636 | ||||||
NET ASSETS | 100.0 | % | $ | 247,419,084 | ||||
† | 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 November 30, 2019. |
(2) | At November 30, 2019, the Fund had loaned securities with a total value of $2,992,725. This was secured by collateral of $94,270 which was received in cash and subsequently invested in short-term investments currently valued at $94,270 as reported in the Portfolio of Investments. Additional collateral of $3,002,567 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | $ | 91,731 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 2,910,836 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 246,607,178 | $ | — | $ | — | $ | 246,607,178 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 94,270 | — | — | 94,270 | ||||||||||||
Repurchase Agreements | — | 634,000 | — | 634,000 | ||||||||||||
Total Investments at Value | $ | 246,701,448 | $ | 634,000 | $ | — | $ | 247,335,448 | ||||||||
* | 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 —November 30, 2019 (unaudited)
Industry Allocation*
| ||||
Diversified Banking Institutions | 8.8 | % | ||
Medical — Drugs | 7.3 | |||
Oil Companies — Integrated | 3.9 | |||
Tobacco | 3.7 | |||
Telephone — Integrated | 3.6 | |||
Food — Misc./Diversified | 2.8 | |||
Diversified Manufacturing Operations | 2.6 | |||
Apparel Manufacturers | 2.5 | |||
Medical — HMO | 2.5 | |||
Advertising Agencies | 2.3 | |||
Banks — Super Regional | 2.3 | |||
Retail — Apparel/Shoe | 2.2 | |||
Computer Services | 2.2 | |||
Medical Instruments | 1.9 | |||
Insurance — Multi-line | 1.8 | |||
Aerospace/Defense | 1.8 | |||
Pipelines | 1.8 | |||
Chemicals — Diversified | 1.7 | |||
Networking Products | 1.6 | |||
Medical — Wholesale Drug Distribution | 1.5 | |||
Electric — Integrated | 1.5 | |||
Insurance Brokers | 1.5 | |||
Steel — Producers | 1.4 | |||
Computers — Memory Devices | 1.3 | |||
Machinery — Construction & Mining | 1.3 | |||
Medical Products | 1.3 | |||
Computers | 1.2 | |||
Resorts/Theme Parks | 1.2 | |||
Electronic Components — Semiconductors | 1.1 | |||
Medical — Biomedical/Gene | 1.1 | |||
Retail — Regional Department Stores | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Commercial Services — Finance | 1.1 | |||
Multimedia | 1.0 | |||
Oil Refining & Marketing | 1.0 | |||
Applications Software | 1.0 | |||
Retail — Discount | 1.0 | |||
Insurance — Life/Health | 0.9 | |||
Pharmacy Services | 0.9 | |||
Audio/Video Products | 0.9 | |||
Repurchase Agreements | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Cosmetics & Toiletries | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Finance — Investment Banker/Broker | 0.7 | |||
Banks — Fiduciary | 0.7 | |||
Transport — Services | 0.6 | |||
Wireless Equipment | 0.6 | |||
Retail — Building Products | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Enterprise Software/Service | 0.6 | |||
Oil — Field Services | 0.5 | |||
Home Decoration Products | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Water Treatment Systems | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Investment Management/Advisor Services | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Agricultural Biotech | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Transport — Rail | 0.3 | |||
Soap & Cleaning Preparation | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Building Products — Cement | 0.2 | |||
Building Products — Air & Heating | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Toys | 0.1 |
Paper & Related Products | 0.1 | |||
Building Products — Wood | 0.1 | |||
Telecom Services | 0.1 | |||
94.9 | % | |||
* | Calculated as a percentage of net assets |
48 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.0% |
| |||||||
Advertising Agencies — 2.3% |
| |||||||
Interpublic Group of Cos., Inc. | 551,082 | $ | 12,344,237 | |||||
Omnicom Group, Inc. | 144,198 | 11,460,857 | ||||||
23,805,094 | ||||||||
Aerospace/Defense — 1.8% |
| |||||||
BAE Systems PLC | 1,246,515 | 9,244,240 | ||||||
Lockheed Martin Corp. | 10,888 | 4,257,535 | ||||||
Northrop Grumman Corp. | 9,184 | 3,230,656 | ||||||
Raytheon Co. | 7,870 | 1,711,095 | ||||||
18,443,526 | ||||||||
Agricultural Biotech — 0.3% |
| |||||||
Corteva, Inc. | 118,345 | 3,079,337 | ||||||
Apparel Manufacturers — 2.5% |
| |||||||
Hanesbrands, Inc. | 804,591 | 12,125,187 | ||||||
Tapestry, Inc. | 514,661 | 13,839,234 | ||||||
25,964,421 | ||||||||
Applications Software — 1.0% |
| |||||||
Microsoft Corp. | 67,521 | 10,221,329 | ||||||
Audio/Video Products — 0.9% |
| |||||||
Sony Corp.# | 139,600 | 8,805,431 | ||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
General Motors Co. | 196,026 | 7,056,936 | ||||||
Banks - Fiduciary — 0.7% |
| |||||||
State Street Corp. | 88,530 | 6,648,603 | ||||||
Banks - Super Regional — 2.3% |
| |||||||
Wells Fargo & Co. | 428,219 | 23,320,807 | ||||||
Beverages-Non-alcoholic — 0.3% |
| |||||||
PepsiCo, Inc. | 22,241 | 3,020,995 | ||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Constellation Brands, Inc., Class A | 26,030 | 4,843,142 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Fox Corp., Class A | 168,110 | 6,011,614 | ||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 33,689 | 1,442,900 | ||||||
Building Products - Cement — 0.2% |
| |||||||
CRH PLC | 53,270 | 2,032,454 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 15,080 | 701,974 | ||||||
Cable/Satellite TV — 1.1% |
| |||||||
Comcast Corp., Class A | 259,749 | 11,467,918 | ||||||
Chemicals - Diversified — 1.7% |
| |||||||
DuPont de Nemours, Inc. | 56,288 | 3,648,025 | ||||||
LyondellBasell Industries NV, Class A | 146,246 | 13,533,605 | ||||||
17,181,630 | ||||||||
Commercial Services - Finance — 1.1% |
| |||||||
H&R Block, Inc.# | 454,387 | 11,077,955 | ||||||
Computer Services — 2.2% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 177,971 | 11,409,721 | ||||||
International Business Machines Corp. | 81,276 | 10,927,558 | ||||||
22,337,279 | ||||||||
Computers — 1.2% |
| |||||||
HP, Inc. | 602,949 | 12,107,216 | ||||||
Computers - Memory Devices — 1.3% |
| |||||||
NetApp, Inc. | 226,076 | 13,697,945 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Cosmetics & Toiletries — 0.7% |
| |||||||
Unilever NV | 124,469 | $ | 7,412,129 | |||||
Distribution/Wholesale — 0.4% |
| |||||||
Ferguson PLC | 49,994 | 4,346,427 | ||||||
Diversified Banking Institutions — 8.8% |
| |||||||
Bank of America Corp. | 566,614 | 18,879,578 | ||||||
Citigroup, Inc. | 290,757 | 21,841,666 | ||||||
Goldman Sachs Group, Inc. | 1,758 | 389,133 | ||||||
JPMorgan Chase & Co. | 295,214 | 38,897,397 | ||||||
Morgan Stanley | 206,798 | 10,232,365 | ||||||
90,240,139 | ||||||||
Diversified Manufacturing Operations — 2.6% |
| |||||||
3M Co. | 69,145 | 11,738,747 | ||||||
General Electric Co. | 604,934 | 6,817,606 | ||||||
Siemens AG | 59,397 | 7,664,061 | ||||||
26,220,414 | ||||||||
Electric - Integrated — 1.5% |
| |||||||
FirstEnergy Corp. | 206,940 | 9,868,968 | ||||||
NextEra Energy, Inc. | 16,739 | 3,913,913 | ||||||
Public Service Enterprise Group, Inc. | 32,403 | 1,921,822 | ||||||
15,704,703 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Marvell Technology Group, Ltd. | 57,602 | 1,518,965 | ||||||
Samsung Electronics Co., Ltd. GDR | 9,596 | 10,248,528 | ||||||
11,767,493 | ||||||||
Enterprise Software/Service — 0.6% |
| |||||||
Constellation Software, Inc. | 2,587 | 2,765,615 | ||||||
Oracle Corp. | 52,201 | 2,930,564 | ||||||
5,696,179 | ||||||||
Finance - Investment Banker/Broker — 0.7% |
| |||||||
Charles Schwab Corp. | 138,496 | 6,855,552 | ||||||
Food - Misc./Diversified — 2.8% |
| |||||||
Conagra Brands, Inc. | 134,847 | 3,893,033 | ||||||
Kellogg Co. | 62,622 | 4,077,945 | ||||||
Kraft Heinz Co. | 422,583 | 12,888,781 | ||||||
Nestle SA | 73,436 | 7,631,469 | ||||||
28,491,228 | ||||||||
Home Decoration Products — 0.5% |
| |||||||
Newell Brands, Inc. | 257,907 | 4,956,973 | ||||||
Insurance Brokers — 1.5% |
| |||||||
Arthur J. Gallagher & Co. | 74,334 | 6,933,132 | ||||||
Marsh & McLennan Cos., Inc. | 5,638 | 609,299 | ||||||
Willis Towers Watson PLC | 40,884 | 8,031,253 | ||||||
15,573,684 | ||||||||
Insurance - Life/Health — 0.9% |
| |||||||
AXA Equitable Holdings, Inc. | 232,572 | 5,753,832 | ||||||
Prudential Financial, Inc. | 40,202 | 3,763,711 | ||||||
9,517,543 | ||||||||
Insurance - Multi-line — 1.8% |
| |||||||
Hartford Financial Services Group, Inc. | 60,853 | 3,764,367 | ||||||
MetLife, Inc. | 299,561 | 14,951,089 | ||||||
18,715,456 | ||||||||
Insurance - Property/Casualty — 0.6% |
| |||||||
Travelers Cos., Inc. | 44,179 | 6,040,153 | ||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
Raymond James Financial, Inc. | 45,320 | 4,070,642 | ||||||
49 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Machinery - Construction & Mining — 1.3% |
| |||||||
Caterpillar, Inc. | 92,744 | $ | 13,422,839 | |||||
Medical Instruments — 1.9% |
| |||||||
Alcon, Inc.† | 66,555 | 3,674,501 | ||||||
Medtronic PLC | 144,258 | 16,068,899 | ||||||
19,743,400 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Quest Diagnostics, Inc. | 20,984 | 2,235,845 | ||||||
Medical Products — 1.3% |
| |||||||
Koninklijke Philips NV | 288,031 | 13,373,611 | ||||||
Medical - Biomedical/Gene — 1.1% |
| |||||||
Gilead Sciences, Inc. | 174,945 | 11,763,302 | ||||||
Medical - Drugs — 7.3% |
| |||||||
AstraZeneca PLC | 99,538 | 9,601,240 | ||||||
Bayer AG | 95,036 | 7,192,971 | ||||||
Bristol-Myers Squibb Co. | 320,081 | 18,225,412 | ||||||
Johnson & Johnson | 85,664 | 11,777,943 | ||||||
Novo Nordisk A/S ADR | 30,609 | 1,718,695 | ||||||
Pfizer, Inc. | 578,047 | 22,266,370 | ||||||
Sanofi | 45,290 | 4,216,711 | ||||||
74,999,342 | ||||||||
Medical- HMO — 2.5% |
| |||||||
Anthem, Inc. | 42,409 | 12,241,782 | ||||||
Humana, Inc. | 29,327 | 10,007,252 | ||||||
UnitedHealth Group, Inc. | 12,474 | 3,491,099 | ||||||
25,740,133 | ||||||||
Medical - Wholesale Drug Distribution — 1.5% |
| |||||||
Cardinal Health, Inc. | 250,543 | 13,787,381 | ||||||
McKesson Corp. | 13,526 | 1,956,401 | ||||||
15,743,782 | ||||||||
Multimedia — 1.0% |
| |||||||
Viacom, Inc., Class B | 445,658 | 10,726,988 | ||||||
Networking Products — 1.6% |
| |||||||
Cisco Systems, Inc. | 363,209 | 16,457,000 | ||||||
Oil Companies - Exploration & Production — 0.7% |
| |||||||
ConocoPhillips | 66,540 | 3,988,408 | ||||||
Marathon Oil Corp. | 312,587 | 3,641,638 | ||||||
7,630,046 | ||||||||
Oil Companies - Integrated — 3.9% |
| |||||||
BP PLC | 2,045,833 | 12,705,985 | ||||||
Chevron Corp. | 93,619 | 10,965,594 | ||||||
Equinor ASA | 120,299 | 2,217,048 | ||||||
Exxon Mobil Corp. | 158,842 | 10,821,905 | ||||||
TOTAL SA ADR | 68,440 | 3,595,838 | ||||||
40,306,370 | ||||||||
Oil Refining & Marketing — 1.0% |
| |||||||
Marathon Petroleum Corp. | 172,106 | 10,436,508 | ||||||
Oil- Field Services — 0.5% |
| |||||||
Baker Hughes a GE Co., LLC | 241,655 | 5,417,905 | ||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 22,672 | 1,050,620 | ||||||
Pharmacy Services — 0.9% |
| |||||||
CVS Health Corp. | 125,512 | 9,447,288 | ||||||
Pipelines — 1.8% |
| |||||||
Enterprise Products Partners LP | 316,162 | 8,321,384 |
Security Description | Shares | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Williams Cos., Inc. | 427,789 | $ | 9,719,366 | |||||
18,040,750 | ||||||||
Resort/Theme Parks — 1.2% |
| |||||||
Six Flags Entertainment Corp. | 278,333 | 12,101,919 | ||||||
Retail - Apparel/Shoe — 2.2% |
| |||||||
Foot Locker, Inc. | 288,722 | 11,563,316 | ||||||
Gap, Inc. | 688,464 | 11,435,387 | ||||||
22,998,703 | ||||||||
Retail - Building Products — 0.6% |
| |||||||
Lowe’s Cos., Inc. | 51,572 | 6,049,911 | ||||||
Retail - Discount — 1.0% |
| |||||||
Dollar General Corp. | 63,334 | 9,966,238 | ||||||
Retail - Regional Department Stores — 1.1% |
| |||||||
Macy’s, Inc.# | 748,819 | 11,471,907 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
NXP Semiconductors NV | 24,240 | 2,801,659 | ||||||
QUALCOMM, Inc. | 10,733 | 896,742 | ||||||
3,698,401 | ||||||||
Soap & Cleaning Preparation — 0.2% |
| |||||||
Henkel AG & Co. KGaA (Preference Shares) | 21,730 | 2,295,362 | ||||||
Steel - Producers — 1.4% |
| |||||||
Steel Dynamics, Inc. | 410,923 | 13,860,433 | ||||||
Telecom Services — 0.1% |
| |||||||
BCE, Inc. | 13,974 | 671,730 | ||||||
Telephone - Integrated — 3.6% |
| |||||||
Verizon Communications, Inc. | 619,478 | 37,317,355 | ||||||
Tobacco — 3.7% |
| |||||||
Altria Group, Inc. | 485,219 | 24,115,384 | ||||||
Imperial Brands PLC | 50,728 | 1,117,453 | ||||||
Philip Morris International, Inc. | 156,061 | 12,942,139 | ||||||
38,174,976 | ||||||||
Toys — 0.1% |
| |||||||
Mattel, Inc.#† | 95,882 | 1,121,819 | ||||||
Transport - Rail — 0.3% |
| |||||||
Union Pacific Corp. | 16,320 | 2,872,157 | ||||||
Transport - Services — 0.6% |
| |||||||
FedEx Corp. | 39,074 | 6,253,794 | ||||||
Water Treatment Systems — 0.5% |
| |||||||
Pentair PLC | 106,771 | 4,735,294 | ||||||
Wireless Equipment — 0.6% |
| |||||||
Motorola Solutions, Inc. | 37,240 | 6,230,252 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $892,132,017) | 965,233,201 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 1,158,679 | 1,158,679 | ||||||
50 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 0.8% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $8,466,176 collateralized by $8,430,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $8,635,532 | $ | 8,466,000 | $ | 8,466,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $901,756,696)(3) | 94.9 | % | 974,857,880 | |||||
Other assets less liabilities | 5.1 | 52,411,275 | ||||||
NET ASSETS | 100.0 | % | $ | 1,027,269,155 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $30,584,197. This was secured by collateral of $1,158,679, which was received in cash and subsequently invested in short-term investments currently valued at $1,158,679 as reported in the Portfolio of Investments. Additional collateral of $30,581,855 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 05/21/2020 | $ | 46,420 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 30,535,435 |
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 965,233,201 | $ | — | $ | — | $ | 965,233,201 | ||||||||
Short-Term Investment Securities | 1,158,679 | — | — | 1,158,679 | ||||||||||||
Repurchase Agreements | — | 8,466,000 | — | 8,466,000 | ||||||||||||
Total Investments at Value | $ | 966,391,880 | $ | 8,466,000 | $ | — | $ | 974,857,880 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
51 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 52.3 | % | ||
Domestic Fixed Income Investment Companies | 18.6 | |||
United States Treasury Notes | 14.3 | |||
International Equity Investment Companies | 10.2 | |||
Registered Investment Companies | 3.6 | |||
United States Treasury Bonds | 0.4 | |||
International Fixed Income Investment Companies | 0.4 | |||
Options — Purchased | 0.6 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 81.5%(1)@ |
| |||||||
Domestic Equity Investment Companies — 52.3% |
| |||||||
VALIC Co. I Blue Chip Growth Fund | 308,428 | $ | 6,612,697 | |||||
VALIC Co. I Dividend Value Fund | 615,129 | 7,578,390 | ||||||
VALIC Co. I Growth & Income Fund | 158,520 | 3,710,955 | ||||||
VALIC Co. I Growth Fund | 410,495 | 7,643,412 | ||||||
VALIC Co. I Large Cap Core Fund | 596,103 | 7,522,819 | ||||||
VALIC Co. I Large Capital Growth Fund | 368,551 | 6,718,689 | ||||||
VALIC Co. I Mid Cap Index Fund | 141,519 | 3,720,542 | ||||||
VALIC Co. I Stock Index Fund | 561,576 | 25,366,402 | ||||||
VALIC Co. I Systematic Value Fund | 483,841 | 7,620,496 | ||||||
VALIC Co. I Value Fund | 427,374 | 8,453,457 | ||||||
VALIC Co. II Capital Appreciation Fund | 393,229 | 6,220,876 | ||||||
VALIC Co. II Large Cap Value Fund | 150,096 | 3,260,087 | ||||||
VALIC Co. II Mid Cap Growth Fund | 223,619 | 2,441,920 | ||||||
VALIC Co. II Mid Cap Value Fund | 133,404 | 2,481,317 | ||||||
VALIC Co. II Small Cap Growth Fund | 167,133 | 3,105,337 | ||||||
VALIC Co. II Small Cap Value Fund | 252,217 | 2,978,687 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $89,159,880) | 105,436,083 | |||||||
Domestic Fixed Income Investment Companies — 18.6% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,197,439 | 12,321,645 | ||||||
VALIC Co. I Government Securities Fund | 657,607 | 7,148,186 | ||||||
VALIC Co. I Inflation Protected Fund | 270,198 | 3,072,151 | ||||||
VALIC Co. II Core Bond Fund | 934,367 | 10,782,593 | ||||||
VALIC Co. II High Yield Bond Fund | 202,790 | 1,575,676 | ||||||
VALIC Co. II Strategic Bond Fund | 237,810 | 2,701,526 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $36,113,526) | 37,601,777 | |||||||
International Equity Investment Companies — 10.2% |
| |||||||
VALIC Co. I Emerging Economies Fund | 160,236 | 1,325,155 | ||||||
VALIC Co. I Global Real Estate Fund | 188,533 | 1,615,725 | ||||||
VALIC Co. I International Equities Index Fund | 760,168 | 5,602,441 | ||||||
VALIC Co. I International Growth Fund | 460,484 | 5,843,543 | ||||||
VALIC Co. I International Value Fund | 591,526 | 5,743,719 | ||||||
VALIC Co. II International Opportunities Fund | 26,090 | 516,057 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $18,838,274) | 20,646,640 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund (cost $723,593) | 62,137 | 757,445 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $144,835,273) | 164,441,945 | |||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 14.8% |
| |||||||
United States Treasury Bonds — 0.4% |
| |||||||
6.13% due 11/15/2027 | $ | 316,000 | $ | 419,021 | ||||
6.38% due 08/15/2027 | 278,000 | 370,848 | ||||||
789,869 | ||||||||
United States Treasury Notes — 14.3% |
| |||||||
1.63% due 08/15/2029 | 4,309,000 | 4,245,038 | ||||||
2.25% due 02/15/2027 | 337,100 | 348,991 | ||||||
2.25% due 08/15/2027# | 2,709,500 | 2,809,307 | ||||||
2.25% due 11/15/2027# | 2,706,700 | 2,808,413 | ||||||
2.38% due 05/15/2027 | 3,394,000 | 3,546,863 | ||||||
2.38% due 05/15/2029 | 2,956,000 | 3,107,033 | ||||||
2.63% due 02/15/2029 | 890,200 | 954,218 | ||||||
2.75% due 02/15/2028 | 2,396,100 | 2,579,177 | ||||||
2.88% due 05/15/2028 | 2,390,600 | 2,600,524 | ||||||
2.88% due 08/15/2028 | 2,891,400 | 3,149,932 | ||||||
3.13% due 11/15/2028 | 2,534,100 | 2,817,701 | ||||||
28,967,197 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $28,235,415) | 29,757,066 | |||||||
OPTIONS PURCHASED — 0.6% |
| |||||||
Over the Counter Purchased Put Options(2) |
| |||||||
(cost $2,090,075) | 46,000 | 1,242,600 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $175,160,763) | 195,441,611 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.6% |
| |||||||
Registered Investment Companies — 3.6% |
| |||||||
AB Government Money Market Portfolio, Class AB | 7,199,507 | 7,199,507 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $182,360,270)(4) | 100.4 | % | 202,641,118 | |||||
Liabilities in excess of other assets | (0.4 | ) | (906,447 | ) | ||||
NET ASSETS | 100.0 | % | $ | 201,734,671 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com. |
# | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | See Note 3 |
(2) | Options — Purchased |
Over the Counter Purchased Put Options | ||||||||||||||||||||||||||||||||
Issue | Counter Party | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Paid | Value at November 30, 2019 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | March 2020 | $ | 2,700 | 2,000 | $ | 6,281,960 | $ | 122,810 | $ | 41,023 | $ | (81,787 | ) | ||||||||||||||||||
S&P 500 Index | Goldman Sachs International | March 2020 | 2,700 | 9,000 | 28,268,820 | 521,117 | 184,604 | (336,513 | ) | |||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | April 2020 | 2,775 | 9,000 | 28,268,820 | 381,718 | 330,704 | (51,014 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | April 2020 | 2,775 | 8,000 | 25,127,840 | 335,520 | 293,959 | (41,561 | ) | |||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | June 2020 | 2,475 | 6,000 | 18,845,880 | 258,763 | 130,770 | (127,993 | ) | |||||||||||||||||||||||
S&P 500 Index | JPMorgan Chase Bank, N.A. | June 2020 | 2,475 | 1,000 | 3,140,980 | 40,050 | 21,795 | (18,255 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | June 2020 | 2,475 | 11,000 | 34,550,780 | 430,097 | 239,745 | (190,352 | ) | |||||||||||||||||||||||
46,000 | $ | 144,485,080 | $ | 2,090,075 | $ | 1,242,600 | $ | (847,475 | ) | |||||||||||||||||||||||
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
53 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
(3) | The rate shown is the7-day yield as of November 30, 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) | ||||||||||||||||
200 | Long | S&P 500 E-Mini Index | December 2019 | $ | 30,135,421 | $ | 31,437,000 | $ | 1,301,579 | |||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund's net assets as of November 30, 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 | $ | 164,441,945 | $ | — | $ | — | $ | 164,441,945 | ||||||||
U.S. Government Treasuries | — | 29,757,066 | — | 29,757,066 | ||||||||||||
Options Purchased | — | 1,242,600 | — | 1,242,600 | ||||||||||||
Short-Term Investment Securities | 7,199,507 | — | — | 7,199,507 | ||||||||||||
Total Investments at Value | $ | 171,641,452 | $ | 30,999,666 | $ | — | $ | 202,641,118 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,301,579 | $ | — | $ | — | $ | 1,301,579 | ||||||||
* | 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 —November 30, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 17.3 | % | ||
E-Commerce/Products | 6.8 | |||
Semiconductor Components — Integrated Circuits | 6.7 | |||
Internet Content — Information/News | 6.0 | |||
Electronic Components — Semiconductors | 5.5 | |||
Oil Companies — Integrated | 4.4 | |||
Real Estate Operations & Development | 3.2 | |||
Diversified Financial Services | 3.2 | |||
Auto — Cars/Light Trucks | 2.4 | |||
Insurance — Multi-line | 2.1 | |||
Finance — Mortgage Loan/Banker | 2.0 | |||
Tobacco | 1.8 | |||
Electric — Generation | 1.7 | |||
Building Products — Cement | 1.5 | |||
Circuit Boards | 1.4 | |||
Steel — Producers | 1.4 | |||
Metal — Iron | 1.4 | |||
Food — Retail | 1.3 | |||
Insurance — Life/Health | 1.3 | |||
Entertainment Software | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Oil Refining & Marketing | 1.3 | |||
Retail — Apparel/Shoe | 1.3 | |||
Retail — Hypermarkets | 1.2 | |||
Auto/Truck Parts & Equipment — Original | 1.2 | |||
Insurance — Reinsurance | 1.1 | |||
Appliances | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Schools | 0.9 | |||
Electric — Integrated | 0.8 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Metal — Diversified | 0.7 | |||
Cosmetics & Toiletries | 0.7 | |||
Water | 0.6 | |||
Diversified Banking Institutions | 0.6 | |||
Diamonds/Precious Stones | 0.6 | |||
Coal | 0.6 | |||
Banks — Special Purpose | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Auto/Truck Parts & Equipment — Replacement | 0.5 | |||
Transport — Truck | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Building & Construction — Misc. | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Airport Development/Maintenance | 0.4 | |||
Petrochemicals | 0.4 | |||
Finance — Consumer Loans | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Consulting Services | 0.3 | |||
Retail — Discount | 0.3 | |||
Athletic Footwear | 0.3 | |||
Diversified Operations | 0.3 | |||
Transport — Rail | 0.3 | |||
Insurance — Property/Casualty | 0.3 | |||
Telecommunication Equipment | 0.3 | |||
Computer Services | 0.3 | |||
Real Estate Investment Trusts | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Gas — Distribution | 0.3 | |||
Computers | 0.3 | |||
Paper & Related Products | 0.3 | |||
Gold Mining | 0.3 | |||
Transport — Services | 0.3 | |||
Advertising Agencies | 0.3 | |||
Medical — Drugs | 0.3 | |||
Banks — Regional | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
E-Commerce/Services | 0.2 |
Publishing — Books | 0.1 | |||
Public Thoroughfares | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
99.8 | % | |||
Country Allocation*
Cayman Islands | 18.2 | % | ||
China | 17.4 | |||
South Korea | 16.2 | |||
Taiwan | 12.5 | |||
Russia | 7.2 | |||
Brazil | 7.0 | |||
India | 4.7 | |||
Mexico | 3.4 | |||
Hungary | 1.9 | |||
Turkey | 1.9 | |||
South Africa | 1.8 | |||
United States | 1.4 | |||
Poland | 1.3 | |||
Hong Kong | 1.0 | |||
Netherlands | 1.0 | |||
Thailand | 1.0 | |||
Indonesia | 0.9 | |||
Bermuda | 0.6 | |||
Chile | 0.3 | |||
Argentina | 0.1 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
55 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.7% |
| |||||||
Argentina — 0.1% |
| |||||||
Banco Macro SA ADR | 38,994 | $ | 1,007,995 | |||||
Bermuda — 0.6% |
| |||||||
Kunlun Energy Co., Ltd. | 3,358,000 | 2,844,072 | ||||||
Nine Dragons Paper Holdings, Ltd. | 2,190,000 | 2,229,713 | ||||||
5,073,785 | ||||||||
Brazil — 7.0% |
| |||||||
Banco do Brasil SA | 848,397 | 9,569,862 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B (Preference Shares) | 364,965 | 1,733,336 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 370,881 | 5,022,666 | ||||||
Cia Paranaense de Energia, Class B (Preference Shares) | 179,738 | 2,682,182 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 379,350 | 2,402,207 | ||||||
EDP - Energias do Brasil SA | 796,775 | 3,739,024 | ||||||
IRB Brasil Resseguros S/A | 966,498 | 8,466,691 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 302,810 | 2,629,092 | ||||||
Smiles Fidelidade SA | 191,970 | 1,574,349 | ||||||
Vale SA ADR† | 922,560 | 10,849,306 | ||||||
YDUQS Part† | 730,898 | 7,313,291 | ||||||
55,982,006 | ||||||||
Cayman Islands — 18.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 255,528 | 51,105,600 | ||||||
ANTA Sports Products, Ltd. | 801,000 | 7,531,071 | ||||||
Chailease Holding Co., Ltd. | 591,170 | 2,644,817 | ||||||
China Lesso Group Holdings, Ltd. | 1,646,000 | 1,724,210 | ||||||
China Resources Cement Holdings, Ltd. | 3,612,000 | 4,323,483 | ||||||
Chlitina Holding, Ltd. | 161,000 | 1,261,172 | ||||||
Country Garden Holdings Co., Ltd. | 6,401,000 | 8,912,935 | ||||||
Geely Automobile Holdings, Ltd. | 2,872,000 | 5,371,207 | ||||||
NetEase, Inc. ADR | 33,768 | 10,647,726 | ||||||
Silicon Motion Technology Corp. ADR | 55,900 | 2,476,370 | ||||||
Tencent Holdings, Ltd. | 1,030,000 | 43,657,616 | ||||||
Vipshop Holdings, Ltd. ADR† | 246,700 | 3,152,826 | ||||||
Zhen Ding Technology Holding, Ltd. | 596,000 | 2,627,358 | ||||||
145,436,391 | ||||||||
Chile — 0.3% |
| |||||||
Banco Santander Chile ADR | 99,160 | 2,141,856 | ||||||
China — 17.4% |
| |||||||
Anhui Conch Cement Co., Ltd. | 1,314,500 | 8,404,485 | ||||||
Anhui Expressway Co., Ltd., Class A | 761,700 | 621,154 | ||||||
China Construction Bank Corp. | 22,782,000 | 18,131,190 | ||||||
China Life Insurance Co., Ltd. | 4,282,000 | 10,819,803 | ||||||
China Merchants Bank Co., Ltd. | 2,379,500 | 11,246,926 | ||||||
China Petroleum & Chemical Corp. | 13,814,000 | 7,746,943 | ||||||
China Vanke Co., Ltd. | 2,409,100 | 9,017,141 | ||||||
China Yangtze Power Co., Ltd. | 958,157 | 2,472,267 | ||||||
Chinese Universe Publishing and Media Group Co., Ltd., Class A | 647,886 | 1,100,941 | ||||||
Daqin Railway Co., Ltd., Class A | 2,173,400 | 2,452,866 | ||||||
Dongfeng Motor Group Co., Ltd. | 2,248,000 | 2,159,537 | ||||||
GD Power Development Co., Ltd. Class A | 1,982,600 | 637,683 | ||||||
Greendland Holdings Corp., Ltd., Class A | 2,351,600 | 2,192,127 | ||||||
Hangzhou Robam Appliances Co., Ltd. | 930,118 | 3,931,474 | ||||||
HLA Corp., Ltd., Class A | 2,210,119 | 2,415,671 | ||||||
Industrial & Commercial Bank of China, Ltd. | 20,705,000 | 14,758,963 | ||||||
Industrial Bank Co., Ltd., Class A | 869,231 | 2,336,835 | ||||||
Midea Group Co., Ltd. | 525,799 | 4,063,316 | ||||||
Ping An Bank Co., Ltd., Class A | 1,245,300 | 2,709,832 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 1,486,500 | 16,843,601 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 798,112 | 1,644,725 | ||||||
SDIC Power Holdings Co., Ltd., Class A Class A | 1,930,170 | 2,299,228 |
Security Description | Shares | Value (Note 2) | ||||||
China (continued) |
| |||||||
Shanghai Tunnel Engineering Co., Ltd., Class A | 689,900 | $ | 577,330 | |||||
Weichai Power Co., Ltd. | 2,322,881 | 3,970,356 | ||||||
Xiamen C & D, Inc., Class A | 1,879,298 | 2,139,669 | ||||||
Yanzhou Coal Mining Co., Ltd. | 2,344,000 | 2,072,097 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.* | 397,200 | 2,087,976 | ||||||
138,854,136 | ||||||||
Hong Kong — 1.0% |
| |||||||
Beijing Enterprises Holdings, Ltd. | 515,500 | 2,278,511 | ||||||
China Overseas Land & Investment, Ltd. | 1,126,000 | 3,775,845 | ||||||
Lenovo Group, Ltd. | 3,384,000 | 2,234,947 | ||||||
8,289,303 | ||||||||
Hungary — 1.9% |
| |||||||
MOL Hungarian Oil & Gas PLC | 406,281 | 3,927,264 | ||||||
OTP Bank PLC | 237,462 | 11,179,693 | ||||||
15,106,957 | ||||||||
India — 4.7% |
| |||||||
Bharat Petroleum Corp., Ltd. | 686,784 | 4,883,478 | ||||||
Graphite India, Ltd. | 164,035 | 740,515 | ||||||
HDFC Bank, Ltd. ADR | 101,836 | 6,288,373 | ||||||
HEG, Ltd. | 24,355 | 381,617 | ||||||
Housing Development Finance Corp., Ltd. | 503,215 | 16,105,686 | ||||||
ITC, Ltd. | 1,715,557 | 5,881,739 | ||||||
Oil & Natural Gas Corp., Ltd. | 1,917,674 | 3,511,225 | ||||||
37,792,633 | ||||||||
Indonesia — 0.9% |
| |||||||
Bank Rakyat Indonesia Persero Tbk PT | 25,239,900 | 7,318,766 | ||||||
Mexico — 3.4% |
| |||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 1,783,650 | 2,257,554 | ||||||
Fibra Uno Administracion SA de CV | 1,547,875 | 2,365,210 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 425,142 | 2,826,381 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,835,950 | 9,639,571 | ||||||
Wal-Mart de Mexico SAB de CV | 3,539,790 | 9,862,065 | ||||||
26,950,781 | ||||||||
Netherlands — 1.0% |
| |||||||
Prosus NV† | 58,913 | 4,020,336 | ||||||
X5 Retail Group NV GDR | 120,785 | 4,010,062 | ||||||
8,030,398 | ||||||||
Poland — 1.3% |
| |||||||
Polski Koncern Naftowy Orlen SA | 232,617 | 5,517,430 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 536,172 | 4,947,343 | ||||||
10,464,773 | ||||||||
Russia — 7.2% |
| |||||||
Alrosa PJSC | 3,885,516 | 4,701,389 | ||||||
Inter Rao UES PJSC† | 33,917,186 | 2,344,797 | ||||||
Lukoil PJSC ADR | 146,717 | 13,979,196 | ||||||
Magnit PJSC | 37,177 | 1,901,898 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 2,112,427 | 1,279,474 | ||||||
MMC Norilsk Nickel PJSC ADR | 198,025 | 5,204,097 | ||||||
RusHydro PJSC | 135,189,616 | 1,120,181 | ||||||
Sberbank of Russia PJSC ADR | 954,697 | 13,938,576 | ||||||
Severstal PJSC GDR | 263,333 | 3,699,828 | ||||||
Surgutneftegas OJSC (Preference Shares) | 6,011,744 | 3,359,531 | ||||||
Tatneft PJSC ADR# | 85,102 | 5,918,844 | ||||||
57,447,811 | ||||||||
56 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Africa — 1.8% |
| |||||||
Absa Group, Ltd. | 366,949 | $ | 3,686,513 | |||||
AngloGold Ashanti, Ltd. | 117,692 | 2,200,563 | ||||||
Capitec Bank Holdings, Ltd. | 29,180 | 2,821,390 | ||||||
Exxaro Resources, Ltd. | 265,510 | 2,415,094 | ||||||
SPAR Group, Ltd.# | 237,898 | 3,342,063 | ||||||
14,465,623 | ||||||||
South Korea — 16.2% |
| |||||||
Cheil Worldwide, Inc. | 104,331 | 2,089,005 | ||||||
Doosan Bobcat, Inc. | 75,350 | 1,996,745 | ||||||
E-Mart Co., Ltd. | 22,400 | 2,484,358 | ||||||
GS Engineering & Construction Corp. | 68,162 | 1,731,245 | ||||||
GS Holdings Corp. | 48,960 | 1,983,436 | ||||||
Hana Financial Group, Inc. | 324,230 | 9,813,506 | ||||||
Hyosung Corp. | 36,199 | 2,433,392 | ||||||
Hyundai Glovis Co., Ltd. | 31,091 | 3,961,559 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 102,981 | 2,441,238 | ||||||
Hyundai Mobis Co., Ltd. | 47,331 | 9,817,631 | ||||||
Industrial Bank of Korea | 419,522 | 4,173,376 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 77,949 | 2,346,092 | ||||||
Kia Motors Corp. | 254,141 | 9,305,845 | ||||||
KT&G Corp. | 106,674 | 8,832,678 | ||||||
LG Household & Health Care, Ltd. | 3,679 | 3,940,173 | ||||||
Lotte Chemical Corp. | 15,038 | 2,800,965 | ||||||
Samsung Electronics Co., Ltd. | 977,745 | 41,637,873 | ||||||
Samsung SDS Co., Ltd. | 14,570 | 2,411,578 | ||||||
Shinhan Financial Group Co., Ltd.# | 287,894 | 10,614,895 | ||||||
Woori Financial Group, Inc. | 480,141 | 4,756,085 | ||||||
129,571,675 | ||||||||
Taiwan — 12.5% |
| |||||||
Catcher Technology Co., Ltd. | 403,000 | 3,295,538 | ||||||
Chipbond Technology Corp. | 839,000 | 1,726,920 | ||||||
Delta Electronics, Inc. | 625,000 | 2,867,865 | ||||||
E.Sun Financial Holding Co., Ltd. | 3,423,618 | 3,035,311 | ||||||
Elite Material Co., Ltd. | 747,000 | 2,986,972 | ||||||
FLEXium Interconnect, Inc. | 731,072 | 2,707,630 | ||||||
Fubon Financial Holding Co., Ltd. | 5,560,000 | 8,164,009 | ||||||
Globalwafers Co., Ltd. | 370,000 | 4,014,028 | ||||||
ITEQ Corp. | 553,000 | 2,528,425 | ||||||
Nanya Technology Corp. | 1,723,000 | 4,020,832 | ||||||
Novatek Microelectronics Corp. | 414,000 | 3,032,694 | ||||||
Pou Chen Corp. | 1,897,000 | 2,471,469 | ||||||
Powertech Technology, Inc. | 761,000 | 2,347,064 | ||||||
Radiant Opto-Electronics Corp. | 717,000 | 2,749,512 | ||||||
Shin Zu Shing Co., Ltd. | 598,000 | 2,449,976 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 800,843 | 42,516,755 | ||||||
Unimicron Technology Corp. | 2,580,000 | 3,902,493 | ||||||
Yuanta Financial Holding Co., Ltd. | 7,514,000 | 4,863,948 | ||||||
99,681,441 | ||||||||
Thailand — 1.0% |
| |||||||
Krung Thai Bank PCL | 6,221,900 | 3,356,233 | ||||||
Ratch Group PCL | 1,892,500 | 4,431,021 | ||||||
7,787,254 | ||||||||
Turkey — 1.9% |
| |||||||
Eregli Demir ve Celik Fabrikalari TAS | 4,220,796 | 5,888,373 | ||||||
Ford Otomotiv Sanayi AS | 134,832 | 1,496,374 | ||||||
KOC Holding AS | 704,546 | 2,453,579 | ||||||
Tekfen Holding AS | 478,557 | 1,573,338 | ||||||
Yapi Ve Kredi Bankasi AS† | 8,563,309 | 3,575,028 | ||||||
14,986,692 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
United States — 1.3% |
| |||||||
Yum China Holdings, Inc. | 238,572 | $ | 10,621,225 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $707,832,912) | 797,011,501 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 577,368 | 577,368 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $708,410,280)(3) | 99.8 | % | 797,588,869 | |||||
Other assets less liabilities | 0.2 | 1,747,162 | ||||||
NET ASSETS | 100.0 | % | $ | 799,336,031 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $2,087,976 representing 0.3% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $5,292,471. This was secured by collateral of $577,368, which was received in cash and subsequently invested in short-term investments currently valued at $577,368 as reported in the Portfolio of Investments. Additional collateral of $4,899,122 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | $ | 400,312 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 02/15/2020 to 05/15/2049 | 4,498,810 |
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
57 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Portfolio’s net assets as of November 30, 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 | $ | 45,085,338 | $ | 12,362,473 | $ | — | $ | 57,447,811 | ||||||||
Other Countries | 739,563,690 | — | — | 739,563,690 | ||||||||||||
Short-Term Investment Securities | 577,368 | — | — | 577,368 | ||||||||||||
Total Investments at Value | $ | 785,226,396 | $ | 12,362,473 | $ | — | $ | 797,588,869 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
58 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 75.2 | % | ||
Real Estate Operations & Development | 13.5 | |||
Real Estate Management/Services | 7.7 | |||
Registered Investment Companies | 1.6 | |||
Hotels/Motels | 0.8 | |||
Private Equity | 0.5 | |||
99.3% | ||||
Country Allocation*
United States | 49.1 | % | ||
Japan | 13.2 | |||
United Kingdom | 5.5 | |||
Germany | 5.1 | |||
Australia | 4.4 | |||
Hong Kong | 4.2 | |||
Canada | 3.5 | |||
Singapore | 2.8 | |||
France | 2.5 | |||
Cayman Islands | 2.4 | |||
Spain | 1.5 | |||
Sweden | 1.3 | |||
Switzerland | 1.2 | |||
Norway | 0.8 | |||
Ireland | 0.7 | |||
SupraNational | 0.7 | |||
Belgium | 0.4 | |||
99.3% | ||||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.7% |
| |||||||
Australia — 4.4% |
| |||||||
BGP Holdings PLC†(1) | 479,213 | $ | 0 | |||||
Centuria Industrial REIT | 1,458,499 | 3,551,504 | ||||||
Dexus | 219,754 | 1,817,887 | ||||||
Goodman Group | 907,096 | 9,092,956 | ||||||
Mirvac Group | 2,985,104 | 6,804,450 | ||||||
Scentre Group | 493,205 | 1,314,399 | ||||||
22,581,196 | ||||||||
Belgium — 0.4% |
| |||||||
Warehouses De Pauw CVA | 11,028 | 1,951,218 | ||||||
Canada — 3.5% |
| |||||||
Allied Properties Real Estate Investment Trust | 68,739 | 2,763,429 | ||||||
Canadian Apartment Properties REIT | 131,921 | 5,506,061 | ||||||
Chartwell Retirement Residences | 526,310 | 5,769,083 | ||||||
Summit Industrial Income REIT | 391,492 | 3,784,354 | ||||||
17,822,927 | ||||||||
Cayman Islands — 2.4% |
| |||||||
CK Asset Holdings, Ltd. | 1,820,500 | 12,104,806 | ||||||
France — 2.5% |
| |||||||
Gecina SA | 40,230 | 6,949,595 | ||||||
Klepierre SA | 156,882 | 5,629,298 | ||||||
12,578,893 | ||||||||
Germany — 5.1% |
| |||||||
Alstria OfficeREIT-AG | 194,852 | 3,559,203 | ||||||
Instone Real Estate Group AG†* | 58,401 | 1,318,978 | ||||||
Vonovia SE | 399,404 | 20,808,709 | ||||||
25,686,890 | ||||||||
Hong Kong — 4.2% |
| |||||||
Link REIT | 925,500 | 9,458,294 | ||||||
Sun Hung Kai Properties, Ltd. | 806,504 | 11,734,826 | ||||||
21,193,120 | ||||||||
Ireland — 0.7% |
| |||||||
Dalata Hotel Group PLC | 256,885 | 1,533,915 | ||||||
Hibernia REIT PLC | 1,423,309 | 2,286,231 | ||||||
3,820,146 | ||||||||
Japan — 13.2% |
| |||||||
Activia Properties, Inc.# | 1,221 | 6,302,727 | ||||||
GLPJ-REIT | 4,647 | 6,181,565 | ||||||
Invincible Investment Corp. | 12,534 | 7,454,784 | ||||||
Japan Rental Housing Investments, Inc. | 3,283 | 3,260,354 | ||||||
Kyoritsu Maintenance Co., Ltd. | 54,000 | 2,595,039 | ||||||
Mitsubishi Estate Co., Ltd. | 779,800 | 14,295,087 | ||||||
Mitsui Fudosan Co., Ltd. | 265,700 | 6,610,032 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 882 | 3,912,211 | ||||||
Sankei Real Estate, Inc.# | 4,489 | 5,163,447 | ||||||
Sumitomo Realty & Development Co., Ltd. | 321,600 | 11,206,271 | ||||||
66,981,517 | ||||||||
Norway — 0.8% |
| |||||||
Entra ASA* | 255,089 | 3,876,101 | ||||||
Singapore — 2.8% |
| |||||||
Ascendas India Trust# | 4,297,799 | 4,870,651 | ||||||
Ascendas Real Estate Investment Trust | 727,300 | 1,584,671 | ||||||
CapitaLand Mall Trust | 936,100 | 1,724,773 | ||||||
CapitaLand, Ltd. | 2,290,800 | 6,163,738 | ||||||
14,343,833 | ||||||||
Spain — 1.5% |
| |||||||
Aedas Homes SAU†* | 59,687 | 1,361,174 |
Security Description | Shares | Value (Note 2) | ||||||
Spain (continued) |
| |||||||
Merlin Properties Socimi SA | 450,939 | $ | 6,443,490 | |||||
7,804,664 | ||||||||
SupraNational — 0.7% |
| |||||||
Unibail-Rodamco-Westfield (Euronext Paris) | 7,086 | 1,107,763 | ||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 14,924 | 2,333,088 | ||||||
3,440,851 | ||||||||
Sweden — 1.3% |
| |||||||
Castellum AB | 303,089 | 6,486,978 | ||||||
Switzerland — 1.2% |
| |||||||
PSP Swiss Property AG | 45,800 | 5,958,580 | ||||||
United Kingdom — 5.5% |
| |||||||
Big Yellow Group PLC | 429,209 | 6,134,047 | ||||||
Derwent London PLC | 137,357 | 6,569,521 | ||||||
Tritax Big Box REIT PLC | 2,338,198 | 4,481,728 | ||||||
Tritax EuroBox PLC* (GBP) | 672,689 | 823,041 | ||||||
Tritax EuroBox PLC* (EUR) | 1,518,162 | 1,831,453 | ||||||
UNITE Group PLC | 501,743 | 8,118,105 | ||||||
27,957,895 | ||||||||
United States — 47.5% |
| |||||||
Agree Realty Corp. | 47,849 | 3,578,148 | ||||||
Alexandria Real Estate Equities, Inc. | 20,567 | 3,342,549 | ||||||
American Assets Trust, Inc. | 27,824 | 1,322,475 | ||||||
American Homes 4 Rent, Class A | 141,366 | 3,775,886 | ||||||
American Tower Corp. | 103,974 | 22,253,555 | ||||||
Americold Realty Trust | 92,712 | 3,487,825 | ||||||
AvalonBay Communities, Inc. | 50,697 | 10,869,944 | ||||||
Boston Properties, Inc. | 81,481 | 11,288,378 | ||||||
Camden Property Trust | 22,611 | 2,522,257 | ||||||
CareTrust REIT, Inc. | 47,501 | 991,821 | ||||||
Crown Castle International Corp. | 98,021 | 13,101,487 | ||||||
CyrusOne, Inc. | 68,508 | 4,268,048 | ||||||
Digital Realty Trust, Inc.# | 19,157 | 2,317,039 | ||||||
EastGroup Properties, Inc. | 10,217 | 1,391,453 | ||||||
Empire State Realty Trust, Inc., Class A | 176,735 | 2,467,221 | ||||||
EPR Properties | 20,761 | 1,472,370 | ||||||
Equinix, Inc. | 15,489 | 8,779,940 | ||||||
Equity LifeStyle Properties, Inc. | 57,999 | 4,296,566 | ||||||
Essential Properties Realty Trust, Inc.# | 57,898 | 1,510,559 | ||||||
Essex Property Trust, Inc. | 20,685 | 6,457,443 | ||||||
Extra Space Storage, Inc. | 11,386 | 1,207,485 | ||||||
Federal Realty Investment Trust | 20,702 | 2,734,113 | ||||||
Four Corners Property Trust, Inc. | 30,098 | 852,375 | ||||||
Gaming and Leisure Properties, Inc. | 28,306 | 1,194,513 | ||||||
Healthpeak Properties, Inc. REIT | 214,974 | 7,498,293 | ||||||
Hudson Pacific Properties, Inc. | 149,576 | 5,354,821 | ||||||
Invitation Homes, Inc. | 168,497 | 5,144,213 | ||||||
Iron Mountain, Inc.# | 42,202 | 1,355,528 | ||||||
Lamar Advertising Co., Class A | 25,003 | 2,086,000 | ||||||
Macerich Co.# | 100,864 | 2,716,268 | ||||||
Medical Properties Trust, Inc. | 111,649 | 2,317,833 | ||||||
Mid-America Apartment Communities, Inc. | 30,495 | 4,150,674 | ||||||
National Retail Properties, Inc. | 748 | 41,694 | ||||||
Omega Healthcare Investors, Inc. | 75,738 | 3,183,268 | ||||||
Park Hotels & Resorts, Inc. | 99,952 | 2,363,865 | ||||||
Pebblebrook Hotel Trust# | 136,952 | 3,588,142 | ||||||
PotlatchDeltic Corp.# | 14,132 | 613,753 | ||||||
Prologis, Inc. | 127,003 | 11,627,125 | ||||||
Public Storage | 18,299 | 3,855,233 | ||||||
QTS Realty Trust, Inc., Class A | 38,126 | 2,023,347 | ||||||
Rayonier, Inc. | 42,685 | 1,307,442 | ||||||
Realty Income Corp. | 29,996 | 2,298,593 |
60 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Regency Centers Corp. | 56,142 | $ | 3,651,476 | |||||
Retail Opportunity Investments Corp. | 127,330 | 2,322,499 | ||||||
Rexford Industrial Realty, Inc. | 50,166 | 2,400,945 | ||||||
RLJ Lodging Trust | 161,552 | 2,760,924 | ||||||
SBA Communications Corp. | 10,174 | 2,405,846 | ||||||
Simon Property Group, Inc. | 41,081 | 6,211,858 | ||||||
STAG Industrial, Inc. | 95,533 | 2,960,568 | ||||||
Sun Communities, Inc. | 33,589 | 5,532,444 | ||||||
Sunstone Hotel Investors, Inc. | 94,589 | 1,324,246 | ||||||
Terreno Realty Corp. | 43,280 | 2,498,122 | ||||||
UDR, Inc. | 82,758 | 3,976,522 | ||||||
Ventas, Inc. | 140,202 | 8,175,179 | ||||||
VEREIT, Inc. | 327,065 | 3,192,154 | ||||||
VICI Properties, Inc. | 230,827 | 5,708,352 | ||||||
Vornado Realty Trust | 53,395 | 3,447,715 | ||||||
Welltower, Inc. | 38,775 | 3,279,202 | ||||||
Weyerhaeuser Co. | 148,939 | 4,395,160 | ||||||
241,252,754 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $450,212,518) | 495,842,369 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 1.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.34%(2) | $ | 8,397,419 | 8,397,419 | |||||
TOTAL INVESTMENTS — | ||||||||
(cost $458,609,937)(3) | 99.3 | % | 504,239,788 | |||||
Other assets less liabilities | 0.7 | 3,369,445 | ||||||
NET ASSETS | 100.0 | % | $ | 507,609,233 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $9,210,747 representing 1.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2019, the Fund had loaned securities with a total value of $18,085,285. This was secured by collateral of $18,857,017 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 November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | $ | 46,746 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 18,810,271 |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
CVA—Certification Van Aandelen (Dutch Cert.)
EUR—Euro Currency
GBP—British Pound
Euronext Paris—Euronext Stock Exchange, Paris
Euronext Amsterdam—Euronext Stock Exchange, Amsterdam
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 22,581,196 | $ | — | $ | 0 | $ | 22,581,196 | ||||||||
Other Countries | 473,261,173 | — | — | 473,261,173 | ||||||||||||
Short-Term Investment Securities | 8,397,419 | — | — | 8,397,419 | ||||||||||||
Total Investments at Value | $ | 504,239,788 | $ | — | $ | 0 | $ | 504,239,788 | ||||||||
* | 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
61 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Sovereign | 23.9 | % | ||
Medical-Drugs | 7.0 | |||
Foreign Government Obligations | 7.0 | |||
U.S. Government Agencies | 6.1 | |||
United States Treasury Notes | 5.7 | |||
Oil Companies-Integrated | 5.3 | |||
Telephone-Integrated | 3.6 | |||
Diversified Banking Institutions | 3.6 | |||
Banks-Commercial | 2.8 | |||
Food-Retail | 2.3 | |||
Cellular Telecom | 2.0 | |||
Semiconductor Components-Integrated Circuits | 1.9 | |||
Banks-Super Regional | 1.7 | |||
Water | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Electronic Components-Semiconductors | 1.3 | |||
Medical Labs & Testing Services | 1.1 | |||
Real Estate Operations & Development | 1.1 | |||
Enterprise Software/Service | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Precious Metals | 1.0 | |||
Brewery | 1.0 | |||
Diversified Operations | 1.0 | |||
Electric-Distribution | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Gold Mining | 0.9 | |||
Telecom Services | 0.8 | |||
Medical-Biomedical/Gene | 0.7 | |||
Food-Misc./Diversified | 0.7 | |||
Dialysis Centers | 0.7 | |||
Agricultural Chemicals | 0.7 | |||
Energy-Alternate Sources | 0.6 | |||
Finance-Credit Card | 0.6 | |||
Containers-Metal/Glass | 0.6 | |||
Internet Connectivity Services | 0.6 | |||
Diversified Minerals | 0.6 | |||
Building & Construction Products-Misc. | 0.6 | |||
Transport-Services | 0.6 | |||
Steel Pipe & Tube | 0.5 | |||
Rubber-Tires | 0.5 | |||
Telecommunication Equipment | 0.5 | |||
Diversified Financial Services | 0.4 | |||
Oil Companies-Exploration & Production | 0.4 | |||
Central Bank | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Satellite Telecom | 0.3 | |||
Aerospace/Defense-Equipment | 0.2 | |||
98.3 | % | |||
Country Allocation*
United States | 26.6 | % | ||
Japan | 11.5 | |||
South Korea | 7.1 | |||
Germany | 6.2 | |||
United Kingdom | 6.2 | |||
France | 5.9 | |||
Brazil | 4.7 | |||
Mexico | 4.7 | |||
India | 4.0 | |||
Indonesia | 3.0 | |||
Norway | 2.6 | |||
Canada | 2.2 | |||
Netherlands | 2.1 | |||
Switzerland | 1.9 | |||
Ireland | 1.8 | |||
Cayman Islands | 1.0 | |||
Italy | 0.9 | |||
Taiwan | 0.8 | |||
Luxembourg | 0.8 | |||
Singapore | 0.8 | |||
Denmark | 0.6 | |||
Ghana | 0.6 | |||
Colombia | 0.6 | |||
China | 0.6 | |||
Hong Kong | 0.6 | |||
Argentina | 0.5 | |||
98.3 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 55.0% |
| |||||||
Canada — 2.2% |
| |||||||
Barrick Gold Corp. | 166,100 | $ | 2,790,480 | |||||
Husky Energy, Inc.# | 142,300 | 1,035,942 | ||||||
Wheaton Precious Metals Corp. | 123,600 | 3,396,371 | ||||||
7,222,793 | ||||||||
Cayman Islands — 1.0% |
| |||||||
CK Hutchison Holdings, Ltd. | 339,000 | 3,079,043 | ||||||
China — 0.6% |
| |||||||
China Telecom Corp., Ltd. | 5,036,000 | 1,904,249 | ||||||
Denmark — 0.6% |
| |||||||
Vestas Wind Systems A/S | 20,760 | 1,975,569 | ||||||
France — 5.9% |
| |||||||
BNP Paribas SA | 78,576 | 4,412,330 | ||||||
Cie de Saint-Gobain | 44,395 | 1,797,442 | ||||||
Cie Generale des Etablissements Michelin SCA | 13,460 | 1,614,865 | ||||||
Sanofi | 36,049 | 3,356,330 | ||||||
TOTAL SA | 60,774 | 3,189,723 | ||||||
Veolia Environnement SA | 177,171 | 4,536,200 | ||||||
18,906,890 | ||||||||
Germany — 6.2% |
| |||||||
Bayer AG | 37,351 | 2,826,978 | ||||||
Deutsche Telekom AG | 367,578 | 6,169,982 | ||||||
E.ON SE | 278,248 | 2,911,572 | ||||||
Fresenius Medical Care AG & Co. KGaA | 29,573 | 2,168,563 | ||||||
Merck KGaA | 24,537 | 2,865,436 | ||||||
Siemens AG ADR | 45,043 | 2,902,571 | ||||||
19,845,102 | ||||||||
Hong Kong — 0.6% |
| |||||||
China Mobile, Ltd. | 239,000 | 1,801,343 | ||||||
Ireland — 1.8% |
| |||||||
Allergan PLC | 22,965 | 4,247,147 | ||||||
Bank of Ireland Group PLC | 308,709 | 1,550,878 | ||||||
5,798,025 | ||||||||
Italy — 0.9% |
| |||||||
Eni SpA | 188,620 | 2,849,806 | ||||||
Japan — 5.7% |
| |||||||
IHI Corp. | 27,600 | 643,760 | ||||||
Kirin Holdings Co., Ltd. | 143,000 | 3,165,584 | ||||||
Mitsui Fudosan Co., Ltd. | 144,400 | 3,592,355 | ||||||
Seven & i Holdings Co., Ltd. | 79,800 | 2,973,134 | ||||||
Sumitomo Metal Mining Co., Ltd. | 62,700 | 1,899,531 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 80,100 | 2,919,181 | ||||||
Takeda Pharmaceutical Co., Ltd. | 75,133 | 3,058,038 | ||||||
18,251,583 | ||||||||
Luxembourg — 0.8% |
| |||||||
SES SA FDR | 69,568 | 923,166 | ||||||
Tenaris SA | 156,722 | 1,666,520 | ||||||
2,589,686 | ||||||||
Netherlands — 2.1% |
| |||||||
ING Groep NV | 283,195 | 3,258,486 | ||||||
NXP Semiconductors NV | 29,700 | 3,432,726 | ||||||
6,691,212 | ||||||||
Norway — 0.7% | ||||||||
Yara International ASA | 56,755 | 2,140,594 | ||||||
Singapore — 0.8% | ||||||||
Singapore Telecommunications, Ltd. | 1,026,800 | 2,530,026 | ||||||
Security Description | Shares/ Principal Amount(2) | Value (Note 2) | ||||||
South Korea — 1.7% | ||||||||
KB Financial Group, Inc. ADR | 35,528 | $ | 1,385,947 | |||||
Samsung Electronics Co., Ltd. | 96,297 | 4,100,867 | ||||||
5,486,814 | ||||||||
Switzerland — 1.9% | ||||||||
Novartis AG | 19,119 | 1,760,095 | ||||||
Roche Holding AG | 13,617 | 4,196,759 | ||||||
5,956,854 | ||||||||
Taiwan — 0.8% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 261,914 | 2,618,239 | ||||||
United Kingdom — 6.2% | ||||||||
BAE Systems PLC | 579,631 | 4,298,583 | ||||||
BP PLC | 579,669 | 3,600,131 | ||||||
Royal Dutch Shell PLC, Class B | 117,298 | 3,321,632 | ||||||
Standard Chartered PLC | 465,626 | 4,199,864 | ||||||
Vodafone Group PLC ADR | 220,547 | 4,371,241 | ||||||
19,791,451 | ||||||||
United States — 14.5% | ||||||||
Apache Corp. | 51,360 | 1,144,301 | ||||||
Capital One Financial Corp. | 19,520 | 1,952,195 | ||||||
Citigroup, Inc. | 57,030 | 4,284,094 | ||||||
Comcast Corp., Class A | 76,930 | 3,396,459 | ||||||
CommScope Holding Co., Inc.† | 112,400 | 1,528,640 | ||||||
Crown Holdings, Inc.† | 25,400 | 1,927,860 | ||||||
Exxon Mobil Corp. | 49,000 | 3,338,370 | ||||||
Gilead Sciences, Inc. | 33,550 | 2,255,902 | ||||||
Kellogg Co. | 34,300 | 2,233,616 | ||||||
Kroger Co. | 159,800 | 4,368,932 | ||||||
Laboratory Corp. of America Holdings† | 21,100 | 3,635,319 | ||||||
Oracle Corp. | 62,860 | 3,528,960 | ||||||
United Parcel Service, Inc., Class B | 14,700 | 1,760,031 | ||||||
Verizon Communications, Inc. | 92,700 | 5,584,248 | ||||||
Wells Fargo & Co. | 96,700 | 5,266,282 | ||||||
46,205,209 | ||||||||
Total Common Stocks | ||||||||
(cost $171,882,684) | 175,644,488 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 24.2% |
| |||||||
Argentina — 0.5% |
| |||||||
Republic of Argentina | ARS | 23,793,965 | 322,509 | |||||
Republic of Argentina | ARS | 12,936,205 | 156,366 | |||||
Republic of Argentina | ARS | 894,900 | 9,359 | |||||
Republic of Argentina | ARS | 10,517,100 | 111,765 | |||||
Republic of Argentina | ARS | 2,459,410 | 23,883 | |||||
Republic of Argentina | ARS | 6,119,490 | 59,425 | |||||
Republic of Argentina | ARS | 5,000 | 48 |
63 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Argentina (continued) | ||||||||
Republic of Argentina | 439,000 | $ | 147,065 | |||||
Republic of Argentina | ARS | 79,847,000 | 271,109 | |||||
Republic of Argentina | ARS | 43,574,000 | 150,908 | |||||
Republic of Argentina | ARS | 40,723,000 | 160,392 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 16,352 | |||||
Republic of Argentina FRS | ARS | 1,039,790 | 6,637 | |||||
1,435,818 | ||||||||
Brazil — 4.7% |
| |||||||
Federative Republic of Brazil | BRL | 210,000 | 49,358 | |||||
Federative Republic of Brazil | BRL | 790,000 | 183,710 | |||||
Federative Republic of Brazil | BRL | 2,320,000 | 533,797 | |||||
Federative Republic of Brazil | BRL | 370,000 | 81,958 | |||||
Federative Republic of Brazil | BRL | 10,820,000 | 2,362,547 | |||||
Federative Republic of Brazil | BRL | 3,660,000 | 944,990 | |||||
Federative Republic of Brazil | BRL | 11,195,000 | 3,043,061 | |||||
Federative Republic of Brazil | BRL | 15,050,000 | 4,218,292 | |||||
Federative Republic of Brazil | BRL | 12,430,000 | 3,566,517 | |||||
14,984,230 | ||||||||
Colombia — 0.6% | ||||||||
Republic of Colombia | COP | 64,000,000 | 17,783 | |||||
Republic of Colombia | COP | 2,472,300,000 | 690,606 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Colombia (continued) | ||||||||
Republic of Colombia | COP | 2,400,700,000 | $ | 739,437 | ||||
Republic of Colombia | COP | 329,000,000 | 96,793 | |||||
Republic of Colombia | COP | 1,269,000,000 | 424,862 | |||||
1,969,481 | ||||||||
Ghana — 0.6% |
| |||||||
Republic of Ghana | GHS | 1,400,000 | 246,193 | |||||
Republic of Ghana | GHS | 4,210,000 | 715,693 | |||||
Republic of Ghana | GHS | 1,400,000 | 247,061 | |||||
Republic of Ghana | GHS | 4,210,000 | 728,219 | |||||
Republic of Ghana | GHS | 50,000 | 9,091 | |||||
Republic of Ghana | GHS | 50,000 | 9,603 | |||||
Republic of Ghana | GHS | 50,000 | 9,573 | |||||
Republic of Ghana | GHS | 50,000 | 9,644 | |||||
1,975,077 | ||||||||
India — 4.0% |
| |||||||
Republic of India | INR | 380,000,000 | 5,325,144 | |||||
Republic of India | INR | 40,000,000 | 572,253 | |||||
Republic of India | INR | 150,000,000 | 2,157,867 | |||||
Republic of India | INR | 128,000,000 | 1,877,066 | |||||
Republic of India | INR | 142,000,000 | 2,086,724 | |||||
Republic of India | INR | 60,000,000 | 879,875 | |||||
12,898,929 | ||||||||
Indonesia — 3.0% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | 6,049 |
64 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) | ||||||||
Indonesia (continued) | ||||||||
Republic of Indonesia | IDR | 294,000,000 | $ | 21,252 | ||||
Republic of Indonesia | IDR | 4,525,000,000 | 332,104 | |||||
Republic of Indonesia | IDR | 85,869,000,000 | 6,501,814 | |||||
Republic of Indonesia | IDR | 2,285,000,000 | 181,601 | |||||
Republic of Indonesia | IDR | 116,000,000 | 9,010 | |||||
Republic of Indonesia | IDR | 260,000,000 | 22,677 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 991,673 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 552,842 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 890,153 | |||||
9,509,175 | ||||||||
Japan — 0.2% |
| |||||||
Government of Japan | JPY | 70,000,000 | 640,573 | |||||
Mexico — 3.9% |
| |||||||
United Mexican States | MXN | 2,655,648 | 135,048 | |||||
United Mexican States | MXN | 50,300,000 | 2,566,562 | |||||
United Mexican States | MXN | 20,960,000 | 1,066,592 | |||||
United Mexican States | MXN | 59,150,000 | 3,000,438 | |||||
United Mexican States | MXN | 76,290,000 | 3,923,915 | |||||
United Mexican States | MXN | 17,060,000 | 876,796 | |||||
United Mexican States | MXN | 8,520,000 | 451,913 | |||||
United Mexican States | MXN | 6,840,000 | 394,362 | |||||
12,415,626 | ||||||||
Norway — 1.5% |
| |||||||
Kingdom of Norway | NOK | 4,250,000 | 473,042 |
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
Norway (continued) | ||||||||
Kingdom of Norway | NOK | 13,317,000 | $ | 1,481,103 | ||||
Kingdom of Norway | NOK | 10,411,000 | 1,211,589 | |||||
Kingdom of Norway | NOK | 13,900,000 | 1,563,118 | |||||
4,728,852 | ||||||||
South Korea — 5.2% |
| |||||||
Republic of South Korea | KRW | 176,000,000 | 148,395 | |||||
Republic of South Korea | KRW | 1,470,700,000 | 1,244,463 | |||||
Republic of South Korea | KRW | 2,277,000,000 | 1,917,024 | |||||
Republic of South Korea | KRW | 98,000,000 | 83,134 | |||||
Republic of South Korea | KRW | 257,000,000 | 219,705 | |||||
Republic of South Korea | KRW | 2,889,000,000 | 2,482,577 | |||||
Republic of South Korea | KRW | 7,844,590,000 | 6,692,106 | |||||
Republic of South Korea | KRW | 321,000,000 | 274,897 | |||||
Republic of South Korea | KRW | 400,000,000 | 340,471 | |||||
Republic of South Korea | KRW | 851,000,000 | 723,170 | |||||
Republic of South Korea | KRW | 98,000,000 | 83,076 | |||||
Republic of South Korea | KRW | 742,000,000 | 645,639 | |||||
Republic of South Korea | KRW | 579,100,000 | 523,464 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,236,068 | |||||
16,614,189 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $90,238,725) | 77,171,950 | |||||||
U.S. GOVERNMENT TREASURIES — 5.7% |
| |||||||
United States Treasury Notes — 5.7% |
| |||||||
1.13% due 07/31/2021 | 10,413,000 | 10,319,853 | ||||||
1.13% due 09/30/2021 | 762,000 | 754,797 | ||||||
1.50% due 08/31/2021 | 2,375,000 | 2,368,320 | ||||||
1.50% due 09/30/2021 | 2,840,000 | 2,832,789 | ||||||
2.13% due 12/31/2021 | 862,000 | 870,654 |
65 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(2) | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) | ||||||||
United States Treasury Notes (continued) | ||||||||
2.63% due 07/15/2021 | 828,000 | $ | 840,452 | |||||
Total U.S. Government Treasuries | ||||||||
(cost $18,039,319) | 17,986,865 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $280,160,728) | 270,803,303 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 13.1% |
| |||||||
Foreign Government Obligations — 7.0% |
| |||||||
Republic of Argentina(5) | ARS | 686,800 | 2,836 | |||||
due 05/13/2020(4) | ARS | 1,859,870 | 17,697 | |||||
due 02/26/2020(4) | ARS | 2,219,320 | 17,211 | |||||
due 03/11/2020(4) | ARS | 1,331,720 | 9,586 | |||||
due 04/08/2020(4) | ARS | 4,253,010 | 41,011 | |||||
88,341 | ||||||||
Government of Japan | JPY | 643,100,000 | 5,877,807 | |||||
(0.21)% due 02/03/2020 | JPY | 261,900,000 | 2,393,589 | |||||
(0.22)% due 02/25/2020 | JPY | 445,700,000 | 4,074,084 | |||||
(0.25)% due 05/11/2020 | JPY | 65,000,000 | 594,385 | |||||
(0.25)%-(0.27)% due 01/27/2020 | JPY | 152,000,000 | 1,389,111 | |||||
(0.26)% due 05/20/2020 | JPY | 6,000,000 | 54,869 | |||||
(0.26)%-(0.30)% due 04/10/2020 | JPY | 77,850,000 | 711,790 | |||||
(0.30)% due 01/20/2020 | JPY | 92,000,000 | 840,739 | |||||
(0.31)% due 03/10/2020 | JPY | 75,000,000 | 685,622 | |||||
(0.40)% due 01/14/2020 | JPY | 153,100,000 | 1,399,046 | |||||
18,021,042 | ||||||||
Kingdom of Norway | NOK | 5,839,000 | 631,475 | |||||
1.18%-1.26% due 06/17/2020* | NOK | 2,278,000 | 245,583 | |||||
1.18%-1.19% due 09/16/2020* | NOK | 1,374,000 | 147,667 | |||||
1.31% due 12/18/2019* | NOK | 880,000 | 95,464 | |||||
1,120,189 | ||||||||
Republic of South Korea | KRW | 620,000,000 | 525,642 | |||||
United Mexican States | MXN | 251,978,000 | 1,256,150 | |||||
8.25%-8.46% due 01/02/2020 | MXN | 24,460,800 | 1,242,140 | |||||
2,498,290 | ||||||||
22,253,504 | ||||||||
U.S. Government Agencies — 6.1% |
| |||||||
Federal Home Loan Bank | 19,635,000 | 19,635,000 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $49,919,937) | 41,888,504 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $1,023,021 collateralized by $1,055,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $1,047,689 | 1,023,000 | $ | 1,023,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $331,103,665)(3) | 98.3 | % | 313,714,807 | |||||
Other assets less liabilities | 1.7 | 5,439,582 | ||||||
NET ASSETS | 100.0 | % | $ | 319,154,389 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2019, the Fund had loaned securities with a total value of $1,015,873.
This was secured by collateral of $1,116,166 which 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 as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Notes/Bonds | 0.13% to 4.25% | 03/31/2020 to 02/15/2046 | $ | 1,116,166 |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $5,849,041 representing 1.8% of net assets. |
(1) | Principal amount of security is adjusted for inflation. |
(2) | Denominated in United States Dollars unless otherwise indicated. |
(3) | See Note 5 for cost of investments on a tax basis. |
(4) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2019, the Fund held the following restricted securities: |
Description | Acquisition Date | Principal Amount | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||||||
Foreign Government Obligations | ||||||||||||||||||||||||||||
Republic of Argentina zero coupon due 03/30/2020 | 09/21/2018 | ARS | 23,793,965 | $ | 600,019 | $ | 322,509 | $ | 0.01 | 0.01 | % | |||||||||||||||||
Republic of Argentina zero coupon due 04/28/2020 | | 10/19/2018 - 11/25/2019 | | ARS | 12,936,205 | 324,296 | 156,366 | 0.01 | 0.01 | |||||||||||||||||||
Republic of Argentina zero coupon due 05/28/2020 | | 03/11/2019 - 11/26/2019 | | ARS | 894,900 | 11,737 | 9,359 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina zero coupon due 07/29/2020 | | 10/30/2018 - 11/26/2019 | | ARS | 10,517,100 | 245,327 | 111,765 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina zero coupon due 08/27/2020 | | 10/18/2019 - 11/15/2019 | | ARS | 2,459,410 | 24,826 | 23,883 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina zero coupon due 10/29/2020 | | 03/11/2019 - 11/22/2019 | | ARS | 6,119,490 | 96,359 | 59,425 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina 4.00% due 03/06/2020 | 07/27/2018 | ARS | 5,000 | 191 | 48 | 0.01 | 0.00 | |||||||||||||||||||||
Republic of Argentina zero coupon due 10/17/2026 | | 10/17/2016 - 05/17/2018 | | ARS | 79,847,000 | 4,460,922 | 271,109 | 0.00 | 0.01 | |||||||||||||||||||
Republic of Argentina zero coupon due 10/17/2023 | | 10/17/2016 - 05/17/2018 | | ARS | 43,574,000 | 2,079,973 | 150,908 | 0.00 | 0.00 |
66 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||||||
Republic of Argentina zero coupon due 10/03/2021 | | 10/03/2016 - 08/01/2018 | | ARS | 40,723,000 | $ | 2,672,053 | $ | 160,392 | $ | 0.00 | 0.01 | % | |||||||||||||||
Republic of Argentina 53.11% (BADLARPP+ | 04/03/2017 | ARS | 2,800,000 | 186,226 | 16,352 | 0.01 | 0.00 | |||||||||||||||||||||
Republic of Argentina 70.81% (ARLLMONP+ | | 08/01/2018 - 10/25/2019 | | ARS | 1,039,790 | 10,132 | 6,637 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina discount note due 12/12/2019 | | 10/21/2019 - 10/25/2019 | | ARS | 686,800 | 3,357 | 2,836 | 0.00 | 0.00 | |||||||||||||||||||
Republic of Argentina discount note due 05/13/2020 | | 10/18/2019 - 11/25/2019 | | ARS | 1,859,870 | 23,367 | 17,697 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina discount note due 02/26/2020 | | 10/18/2019 - 11/21/2019 | | ARS | 2,219,320 | 19,467 | 17,211 | 0.01 | 0.00 | |||||||||||||||||||
Republic of Argentina discount note due 03/11/2020 | | 10/28/2019 - 11/26/2019 | | ARS | 1,331,720 | 12,224 | 9,586 | 0.01 | 0.00 |
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||||||
Republic of Argentina discount note due 04/08/2020 | | 10/28/2019 - 11/26/2019 | | ARS | 4,253,010 | $ | 51,117 | $ | 41,011 | $ | 0.01 | 0.00 | % | |||||||||||||||
$ | 1,377,094 | 0.02 | % | |||||||||||||||||||||||||
(5) | The security was issued on a discount basis with no stated coupon rate. |
ADR—American Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Columbian Peso
FDR—Fiduciary Depositary Receipt
GHS—Ghanaian Cedi
IDR—Indonesian Rupiah
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
NOK—Norwegian Krone
FRS—Floating Rate Security
The rates shown on the FRS are the current interest rates at November 30, 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
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 | 1,229,116 | 12/04/2019 | $ | 33,646 | $ | – | |||||||||||||||||||
EUR | 117,110 | USD | 134,012 | 12/09/2019 | 4,946 | – | ||||||||||||||||||||||
EUR | 605,539 | USD | 690,314 | 12/18/2019 | 22,450 | – | ||||||||||||||||||||||
EUR | 117,036 | USD | 130,046 | 04/08/2020 | 13 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,511,680 | 04/29/2020 | 23,221 | – | ||||||||||||||||||||||
EUR | 2,236,820 | USD | 2,512,284 | 04/30/2020 | 23,672 | – | ||||||||||||||||||||||
EUR | 431,144 | USD | 480,591 | 05/29/2020 | 58 | – | ||||||||||||||||||||||
EUR | 584,552 | USD | 661,596 | 10/16/2020 | 4,793 | – | ||||||||||||||||||||||
USD | 1,200,561 | EUR | 1,085,049 | 12/04/2019 | – | (5,092 | ) | |||||||||||||||||||||
112,799 | (5,092 | ) | ||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 94,051 | USD | 105,689 | 02/28/2020 | 1,449 | – | |||||||||||||||||||||
EUR | 47,026 | USD | 52,104 | 03/31/2020 | – | (119 | ) | |||||||||||||||||||||
EUR | 183,000 | USD | 203,448 | 04/14/2020 | 49 | – | ||||||||||||||||||||||
EUR | 47,026 | USD | 52,621 | 05/29/2020 | 208 | – | ||||||||||||||||||||||
1,706 | (119 | ) | ||||||||||||||||||||||||||
BNP Paribas SA | EUR | 118,000 | USD | 131,463 | 05/27/2020 | – | (39 | ) | ||||||||||||||||||||
INR | 26,410,300 | USD | 368,319 | 01/07/2020 | 1,311 | – | ||||||||||||||||||||||
INR | 7,430,000 | USD | 101,854 | 01/13/2020 | – | (1,340 | ) | |||||||||||||||||||||
INR | 26,630,700 | USD | 371,514 | 02/06/2020 | 2,450 | – | ||||||||||||||||||||||
USD | 2,386,998 | JPY | 249,916,570 | 06/24/2020 | – | (75,060 | ) | |||||||||||||||||||||
3,761 | (76,439 | ) | ||||||||||||||||||||||||||
Citibank N.A. | AUD | 5,644,750 | JPY | 404,263,075 | 03/06/2020 | – | (111,049 | ) | ||||||||||||||||||||
EUR | 1,129,944 | BRL | 5,260,000 | 04/01/2020 | – | (20,587 | ) | |||||||||||||||||||||
EUR | 1,104,900 | USD | 1,245,581 | 05/04/2020 | 16,003 | – | ||||||||||||||||||||||
EUR | 1,906,904 | USD | 2,127,018 | 05/14/2020 | 3,629 | – | ||||||||||||||||||||||
EUR | 89,576 | USD | 101,060 | 10/15/2020 | 417 | – | ||||||||||||||||||||||
INR | 89,453,000 | USD | 1,221,535 | 01/16/2020 | – | (20,524 | ) | |||||||||||||||||||||
JPY | 162,550,000 | USD | 1,548,036 | 02/26/2020 | 54,474 | – | ||||||||||||||||||||||
KRW | 538,612,000 | USD | 448,694 | 01/17/2020 | – | (7,839 | ) | |||||||||||||||||||||
KRW | 1,049,895,196 | USD | 895,280 | 01/29/2020 | 5,146 | – | ||||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,069,496 | 02/21/2020 | 13,385 | – | ||||||||||||||||||||||
KRW | 889,209,609 | USD | 740,114 | 02/26/2020 | – | (14,275 | ) | |||||||||||||||||||||
KRW | 1,049,895,195 | USD | 873,857 | 02/28/2020 | – | (16,896 | ) | |||||||||||||||||||||
KRW | 524,000,000 | USD | 445,143 | 03/20/2020 | 327 | – | ||||||||||||||||||||||
KRW | 1,051,000,000 | USD | 909,681 | 05/15/2020 | 16,163 | – | ||||||||||||||||||||||
MXN | 6,058,000 | USD | 301,644 | 04/08/2020 | – | (2,578 | ) | |||||||||||||||||||||
MXN | 20,773,000 | USD | 1,021,764 | 06/17/2020 | – | (10,494 | ) | |||||||||||||||||||||
MXN | 6,216,000 | USD | 301,648 | 10/08/2020 | – | (2,171 | ) | |||||||||||||||||||||
MXN | 4,669,000 | USD | 226,250 | 10/09/2020 | – | (1,924 | ) | |||||||||||||||||||||
MXN | 15,565,000 | USD | 752,725 | 10/13/2020 | – | (7,500 | ) | |||||||||||||||||||||
MXN | 22,911,000 | USD | 1,111,979 | 10/15/2020 | – | (6,719 | ) | |||||||||||||||||||||
MXN | 20,978,000 | USD | 1,027,543 | 10/16/2020 | 3,375 | – |
67 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 1,669,687 | JPY | 175,367,100 | 02/26/2020 | $ | – | $ | (58,357 | ) | |||||||||||||||||||
USD | 1,137,389 | JPY | 119,577,800 | 02/27/2020 | – | (38,608 | ) | |||||||||||||||||||||
USD | 2,199,638 | JPY | 229,639,000 | 02/28/2020 | – | (89,406 | ) | |||||||||||||||||||||
USD | 1,392,178 | JPY | 143,881,000 | 08/31/2020 | – | (56,165 | ) | |||||||||||||||||||||
112,919 | (465,092 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 595,000 | USD | 680,275 | 12/09/2019 | 24,529 | – | |||||||||||||||||||||
EUR | 1,004,851 | SEK | 10,720,200 | 12/13/2019 | 12,112 | – | ||||||||||||||||||||||
EUR | 3,247,000 | USD | 3,700,281 | 12/18/2019 | 119,081 | – | ||||||||||||||||||||||
EUR | 68,878 | USD | 78,439 | 01/23/2020 | 2,271 | – | ||||||||||||||||||||||
EUR | 1,004,150 | SEK | 10,720,100 | 02/13/2020 | 12,026 | – | ||||||||||||||||||||||
EUR | 1,003,783 | SEK | 10,720,200 | 03/13/2020 | 11,927 | – | ||||||||||||||||||||||
EUR | 595,000 | USD | 661,759 | 04/08/2020 | 677 | – | ||||||||||||||||||||||
EUR | 986,301 | SEK | 10,720,200 | 04/15/2020 | 30,740 | – | ||||||||||||||||||||||
EUR | 68,877 | USD | 77,528 | 04/27/2020 | 912 | – | ||||||||||||||||||||||
EUR | 154,729 | USD | 173,745 | 04/30/2020 | 1,599 | – | ||||||||||||||||||||||
EUR | 1,007,074 | SEK | 10,720,200 | 05/13/2020 | 7,115 | – | ||||||||||||||||||||||
EUR | 2,907,096 | USD | 3,251,878 | 05/26/2020 | 12,354 | – | ||||||||||||||||||||||
EUR | 1,002,497 | SEK | 10,720,100 | 06/15/2020 | 11,583 | – | ||||||||||||||||||||||
EUR | 540,927 | USD | 610,176 | 10/15/2020 | 2,424 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 151,410 | 10/26/2020 | 1,890 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 762,473 | 02/10/2020 | – | (17,745 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 765,200 | 03/06/2020 | – | (15,483 | ) | |||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,779,894 | 05/29/2020 | 15,149 | – | ||||||||||||||||||||||
NOK | 8,667,000 | USD | 935,648 | 12/19/2019 | – | (5,215 | ) | |||||||||||||||||||||
NOK | 5,247,500 | USD | 573,542 | 12/23/2019 | 3,850 | – | ||||||||||||||||||||||
NOK | 2,621,000 | USD | 285,226 | 01/03/2020 | 624 | – | ||||||||||||||||||||||
NOK | 6,425,000 | USD | 699,206 | 02/26/2020 | 1,479 | – | ||||||||||||||||||||||
NOK | 5,247,500 | USD | 575,409 | 03/23/2020 | 5,567 | – | ||||||||||||||||||||||
NOK | 3,947,000 | USD | 429,531 | 03/24/2020 | 914 | – | ||||||||||||||||||||||
USD | 3,598,196 | EUR | 3,247,000 | 12/18/2019 | – | (16,996 | ) | |||||||||||||||||||||
USD | 963,525 | NOK | 8,667,000 | 12/19/2019 | – | (22,662 | ) | |||||||||||||||||||||
USD | 586,444 | NOK | 5,247,500 | 12/23/2019 | – | (16,752 | ) | |||||||||||||||||||||
USD | 287,110 | NOK | 2,621,000 | 01/03/2020 | – | (2,508 | ) | |||||||||||||||||||||
USD | 717,500 | NOK | 6,425,000 | 02/26/2020 | – | (19,774 | ) | |||||||||||||||||||||
USD | 586,923 | NOK | 5,247,500 | 03/23/2020 | – | (17,081 | ) | |||||||||||||||||||||
USD | 438,941 | NOK | 3,947,000 | 03/24/2020 | – | (10,325 | ) | |||||||||||||||||||||
278,823 | (144,541 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 787,530 | CHF | 865,054 | 02/12/2020 | – | (1,924 | ) | ||||||||||||||||||||
EUR | 161,487 | USD | 180,991 | 03/23/2020 | 1,745 | – | ||||||||||||||||||||||
EUR | 161,526 | USD | 182,379 | 04/23/2020 | 2,748 | – | ||||||||||||||||||||||
EUR | 79,216 | USD | 89,017 | 04/29/2020 | 889 | – | ||||||||||||||||||||||
EUR | 788,204 | CHF | 865,054 | 05/12/2020 | – | (1,975 | ) | |||||||||||||||||||||
EUR | 788,851 | CHF | 865,054 | 08/12/2020 | – | (1,905 | ) | |||||||||||||||||||||
EUR | 789,427 | CHF | 865,054 | 11/12/2020 | – | (1,675 | ) | |||||||||||||||||||||
USD | 180,447 | EUR | 161,487 | 03/23/2020 | – | (1,201 | ) | |||||||||||||||||||||
USD | 180,838 | EUR | 161,526 | 04/23/2020 | – | (1,207 | ) | |||||||||||||||||||||
USD | 88,720 | EUR | 79,216 | 04/29/2020 | – | (592 | ) | |||||||||||||||||||||
5,382 | (10,479 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | AUD | 3,450,000 | JPY | 258,854,400 | 12/12/2019 | 32,051 | – | |||||||||||||||||||||
AUD | 880,000 | JPY | 65,428,440 | 03/13/2020 | 4,936 | – | ||||||||||||||||||||||
AUD | 890,000 | JPY | 65,987,715 | 06/12/2020 | 5,127 | – | ||||||||||||||||||||||
EUR | 1,065,885 | JPY | 125,778,321 | 02/25/2020 | – | (25,508 | ) | |||||||||||||||||||||
EUR | 1,065,913 | JPY | 126,012,254 | 03/25/2020 | – | (23,588 | ) | |||||||||||||||||||||
EUR | 235,000 | USD | 261,893 | 05/14/2020 | 215 | – | ||||||||||||||||||||||
EUR | 2,131,771 | JPY | 253,883,577 | 05/22/2020 | – | (30,650 | ) | |||||||||||||||||||||
EUR | 1,065,885 | JPY | 125,952,699 | 08/24/2020 | – | (25,041 | ) | |||||||||||||||||||||
EUR | 517,579 | USD | 581,625 | 10/13/2020 | 167 | – | ||||||||||||||||||||||
INR | 22,443,000 | USD | 306,368 | 12/05/2019 | – | (6,431 | ) | |||||||||||||||||||||
INR | 24,050,542 | USD | 331,480 | 12/16/2019 | – | (3,407 | ) | |||||||||||||||||||||
INR | 90,526,300 | USD | 1,261,459 | 02/03/2020 | 6,546 | – | ||||||||||||||||||||||
INR | 78,496,266 | USD | 1,092,025 | 02/05/2020 | 4,077 | – | ||||||||||||||||||||||
INR | 47,978,000 | USD | 672,102 | 02/06/2020 | 7,195 | – | ||||||||||||||||||||||
INR | 24,050,542 | USD | 332,227 | 02/14/2020 | – | (835 | ) | |||||||||||||||||||||
INR | 62,448,000 | USD | 861,411 | 02/18/2020 | – | (3,076 | ) | |||||||||||||||||||||
JPY | 125,117,730 | USD | 1,185,894 | 12/06/2019 | 42,629 | – | ||||||||||||||||||||||
JPY | 201,326,000 | USD | 1,909,679 | 12/19/2019 | 68,168 | – | ||||||||||||||||||||||
JPY | 59,424,560 | USD | 567,318 | 03/23/2020 | 20,496 | – | ||||||||||||||||||||||
KRW | 1,103,729,587 | USD | 919,146 | 01/17/2020 | – | (16,386 | ) | |||||||||||||||||||||
KRW | 250,870,413 | USD | 214,456 | 01/28/2020 | 1,765 | – | ||||||||||||||||||||||
KRW | 3,737,958,907 | USD | 3,194,018 | 01/30/2020 | 24,787 | – | ||||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,726,648 | 02/12/2020 | 35,616 | – | ||||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,262,326 | 03/18/2020 | 1,797 | – | ||||||||||||||||||||||
MXN | 80,900,000 | USD | 3,971,928 | 04/06/2020 | – | (91,958 | ) | |||||||||||||||||||||
MXN | 60,330,000 | USD | 2,891,129 | 10/07/2020 | – | (58,040 | ) | |||||||||||||||||||||
USD | 312,098 | INR | 22,443,000 | 12/05/2019 | 701 | – |
68 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
USD | 1,173,062 | JPY | 125,117,730 | 12/06/2019 | $ | – | $ | (29,797 | ) | |||||||||||||||||||
USD | 334,779 | INR | 24,050,542 | 12/16/2019 | 108 | – | ||||||||||||||||||||||
USD | 1,878,870 | JPY | 201,326,000 | 12/19/2019 | – | (37,359 | ) | |||||||||||||||||||||
USD | 462,185 | JPY | 49,033,910 | 03/06/2020 | – | (11,418 | ) | |||||||||||||||||||||
USD | 2,746,874 | JPY | 291,865,120 | 03/23/2020 | – | (61,148 | ) | |||||||||||||||||||||
USD | 464,866 | JPY | 49,033,920 | 06/08/2020 | – | (11,660 | ) | |||||||||||||||||||||
256,381 | (436,302 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | AUD | 1,560,000 | JPY | 116,928,396 | 12/12/2019 | 13,407 | – | |||||||||||||||||||||
AUD | 2,260,000 | JPY | 165,768,717 | 01/14/2020 | – | (10,958 | ) | |||||||||||||||||||||
AUD | 2,220,750 | USD | 1,555,891 | 01/15/2020 | 51,991 | – | ||||||||||||||||||||||
AUD | 2,726,813 | JPY | 195,134,794 | 02/21/2020 | – | (55,806 | ) | |||||||||||||||||||||
AUD | 2,040,000 | JPY | 152,236,142 | 03/12/2020 | 16,556 | – | ||||||||||||||||||||||
AUD | 5,453,625 | JPY | 395,510,901 | 05/21/2020 | – | (52,918 | ) | |||||||||||||||||||||
AUD | 2,430,000 | JPY | 180,240,549 | 06/12/2020 | 14,662 | – | ||||||||||||||||||||||
AUD | 2,726,812 | JPY | 193,794,288 | 08/21/2020 | – | (57,763 | ) | |||||||||||||||||||||
BRL | 2,576,200 | USD | 625,793 | 02/04/2020 | 19,751 | – | ||||||||||||||||||||||
BRL | 3,230,300 | USD | 782,261 | 03/03/2020 | 23,155 | – | ||||||||||||||||||||||
BRL | 2,921,900 | USD | 704,906 | 05/05/2020 | 20,399 | – | ||||||||||||||||||||||
EUR | 2,120,000 | USD | 2,407,525 | 12/05/2019 | 71,642 | – | ||||||||||||||||||||||
EUR | 84,559 | USD | 94,208 | 02/12/2020 | 582 | – | ||||||||||||||||||||||
INR | 76,166,580 | USD | 1,055,048 | 12/16/2019 | – | (5,518 | ) | |||||||||||||||||||||
INR | 76,166,580 | USD | 1,051,190 | 02/20/2020 | – | (3,014 | ) | |||||||||||||||||||||
INR | 20,885,420 | USD | 286,004 | 03/16/2020 | – | (2,326 | ) | |||||||||||||||||||||
INR | 96,228,200 | USD | 1,327,286 | 04/29/2020 | 5,374 | – | ||||||||||||||||||||||
INR | 33,830,000 | USD | 459,397 | 05/18/2020 | – | (4,348 | ) | |||||||||||||||||||||
JPY | 40,736,200 | USD | 384,733 | 12/05/2019 | 12,524 | – | ||||||||||||||||||||||
JPY | 42,377,430 | USD | 400,258 | 12/06/2019 | 13,034 | – | ||||||||||||||||||||||
JPY | 98,894,600 | USD | 934,825 | 12/20/2019 | 30,161 | – | ||||||||||||||||||||||
JPY | 46,569,920 | USD | 442,665 | 03/06/2020 | 14,549 | – | ||||||||||||||||||||||
JPY | 197,576,600 | USD | 1,879,798 | 03/23/2020 | 61,710 | – | ||||||||||||||||||||||
JPY | 51,279,430 | USD | 487,913 | 03/24/2020 | 16,015 | – | ||||||||||||||||||||||
JPY | 46,569,920 | USD | 445,000 | 06/08/2020 | 14,567 | – | ||||||||||||||||||||||
JPY | 98,894,610 | USD | 945,678 | 06/22/2020 | 30,921 | – | ||||||||||||||||||||||
USD | 381,764 | JPY | 40,736,200 | 12/05/2019 | – | (9,555 | ) | |||||||||||||||||||||
USD | 397,245 | JPY | 42,377,430 | 12/06/2019 | – | (10,020 | ) | |||||||||||||||||||||
USD | 923,434 | JPY | 98,894,600 | 12/20/2019 | – | (18,770 | ) | |||||||||||||||||||||
USD | 1,060,078 | INR | 76,166,580 | 12/16/2019 | 489 | – | ||||||||||||||||||||||
USD | 1,514,634 | AUD | 2,220,750 | 01/15/2020 | – | (10,734 | ) | |||||||||||||||||||||
USD | 1,124,115 | JPY | 118,186,100 | 02/27/2020 | – | (38,122 | ) | |||||||||||||||||||||
USD | 439,434 | JPY | 46,569,920 | 03/06/2020 | – | (11,319 | ) | |||||||||||||||||||||
USD | 1,857,995 | JPY | 197,576,600 | 03/23/2020 | – | (39,906 | ) | |||||||||||||||||||||
USD | 486,813 | JPY | 51,279,430 | 03/24/2020 | – | (14,915 | ) | |||||||||||||||||||||
USD | 1,100,614 | JPY | 118,183,900 | 05/26/2020 | – | (9,078 | ) | |||||||||||||||||||||
USD | 442,020 | JPY | 46,569,920 | 06/08/2020 | – | (11,588 | ) | |||||||||||||||||||||
USD | 935,157 | JPY | 98,894,610 | 06/22/2020 | – | (20,400 | ) | |||||||||||||||||||||
431,489 | (387,058 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 153,898 | 05/27/2020 | 109 | – | |||||||||||||||||||||
Standard Chartered Bank | EUR | 3,642,368 | USD | 4,136,200 | 12/05/2019 | 122,924 | – | |||||||||||||||||||||
EUR | 1,210,000 | USD | 1,344,443 | 01/17/2020 | 6,873 | – | ||||||||||||||||||||||
EUR | 1,019,570 | USD | 1,130,234 | 03/31/2020 | – | (2,016 | ) | |||||||||||||||||||||
EUR | 999,742 | USD | 1,123,325 | 04/29/2020 | 11,113 | – | ||||||||||||||||||||||
INR | 45,804,000 | USD | 620,188 | 02/27/2020 | – | (13,367 | ) | |||||||||||||||||||||
INR | 55,008,000 | USD | 746,777 | 02/28/2020 | – | (14,016 | ) | |||||||||||||||||||||
INR | 114,436,600 | USD | 1,551,914 | 03/03/2020 | – | (30,232 | ) | |||||||||||||||||||||
140,910 | (59,631 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 200,706 | 12/05/2019 | 5,757 | – | |||||||||||||||||||||
EUR | 802,190 | CHF | 881,446 | 02/10/2020 | – | (1,681 | ) | |||||||||||||||||||||
EUR | 226,932 | USD | 252,485 | 04/09/2020 | 333 | – | ||||||||||||||||||||||
EUR | 802,869 | CHF | 881,446 | 05/08/2020 | – | (1,746 | ) | |||||||||||||||||||||
EUR | 1,679,100 | USD | 1,906,534 | 07/23/2020 | 28,971 | – | ||||||||||||||||||||||
EUR | 803,506 | CHF | 881,446 | 08/10/2020 | – | (1,631 | ) | |||||||||||||||||||||
EUR | 804,122 | CHF | 881,446 | 11/09/2020 | – | (1,438 | ) | |||||||||||||||||||||
USD | 1,657,815 | EUR | 1,470,776 | 07/23/2020 | – | (13,198 | ) | |||||||||||||||||||||
35,061 | (19,694 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 1,379,340 | $ | (1,604,447 | ) | |||||||||||||||||||||||
69 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
AUD—Australian Dollar
BRL—Brazilian Real
CHF—Swiss Franc
EUR—Euro Currency
INR—Indian Rupee
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
NOK—Norwegian Krone
SEK—Swedish Krona
USD—United States Dollar
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 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
USD | 11,200 | 03/08/2047 | 3 Months USD—LIBOR/Quarterly | 2.70%/Semi-annually | $ | – | $ | (2,025,883 | ) | |||||||||||||||
USD | 1,012 | 02/20/2048 | 3 Months USD—LIBOR/Quarterly | 2.98%/Semi-annually | – | (252,780 | ) | |||||||||||||||||
USD | 1,012 | 02/22/2048 | 3 Months USD—LIBOR/Quarterly | 3.00%/Semi-annually | – | (257,934 | ) | |||||||||||||||||
USD | 1,012 | 02/23/2048 | 3 Months USD—LIBOR/Quarterly | 3.02%/Semi-annually | – | (261,797 | ) | |||||||||||||||||
USD | 2,330 | 11/12/2049 | 3 Months USD—LIBOR-BBA/Quarterly | 2.00%/Semi-annually | – | 999,068 | ||||||||||||||||||
$ | (1,799,326 | ) | ||||||||||||||||||||||
BBA—British Bankers’ Association
LIBOR—London Interbank Offered rate
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 175,644,488 | $ | — | $ | — | $ | 175,644,488 | ||||||||
Foreign Government Obligations | — | 77,171,950 | — | 77,171,950 | ||||||||||||
U.S. Government Treasuries | — | 17,986,865 | — | 17,986,865 | ||||||||||||
Short-Term Investment Securities | — | 41,888,504 | — | 41,888,504 | ||||||||||||
Repurchase Agreements | — | 1,023,000 | — | 1,023,000 | ||||||||||||
Total Investments at Value | $ | 175,644,488 | $ | 138,070,319 | $ | — | $ | 313,714,807 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | — | 999,068 | — | 999,068 | ||||||||||||
Forward Foreign Currency Contracts | — | 1,379,340 | — | 1,379,340 | ||||||||||||
$ | — | $ | 2,378,408 | $ | — | $ | 2,378,408 | |||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Centrally Cleared Interest Rate Swap Contracts | — | 2,798,394 | — | 2,798,394 | ||||||||||||
Forward Foreign Currency Contracts | �� | — | 1,604,447 | — | 1,604,447 | |||||||||||
Total Other Financial Instruments | $ | — | $ | 4,402,841 | $ | — | $ | 4,402,841 | ||||||||
* | 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
70 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
U.S. Government Agencies | 64.4 | % | ||
U.S. Government Treasuries | 24.2 | |||
88.6 | % | |||
Credit Quality Allocation†#
P-1 | 88.6 | % | ||
* | Calculated as a percentage of net assets. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues |
Weighted Average days to Maturity — 16.5 days
71 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 88.6% |
| |||||||
U.S. Government Agencies — 64.4% |
| |||||||
Federal Home Loan Bank | ||||||||
1.53% due 12/03/2019 | $ | 7,000,000 | $ | 6,999,413 | ||||
1.54% due 12/09/2019 | 6,900,000 | 6,897,669 | ||||||
1.55% due 01/16/2020 | 8,000,000 | 7,984,411 | ||||||
1.56% due 01/16/2020 | 7,000,000 | 6,986,270 | ||||||
1.57% due 12/30/2019 | 4,500,000 | 4,494,381 | ||||||
1.58% due 01/13/2020 | 8,000,000 | 7,985,141 | ||||||
1.59% due 01/15/2020 | 8,000,000 | 7,984,400 | ||||||
1.59% due 01/23/2020 | 8,000,000 | 7,981,627 | ||||||
1.60% due 01/06/2020 | 7,000,000 | 6,989,010 | ||||||
1.60% due 01/30/2020 | 4,500,000 | 4,488,225 | ||||||
1.61% due 01/27/2020 | 7,000,000 | 6,982,488 | ||||||
1.61% due 02/05/2020 | 6,900,000 | 6,880,013 | ||||||
Federal Home Loan Bank FRS | ||||||||
1.57% (SOFR+0.02%) due 05/22/2020 | 5,000,000 | 5,000,000 | ||||||
1.63% (SOFR + 0.08%) due 05/11/2020 | 9,000,000 | 9,000,000 | ||||||
1.68% (SOFR + 0.13%) due 10/16/2020 | 8,000,000 | 8,000,000 | ||||||
1.71% (1 ML - 0.06%) due 01/14/2020 | 7,000,000 | 6,999,812 | ||||||
Federal Home Loan Mtg. Corp. FRS | ||||||||
1.55% (SOFR + 0.00%) due 04/13/2020 | 4,000,000 | 4,000,000 | ||||||
1.56% (SOFR + 0.01%) due 02/21/2020 | 6,500,000 | 6,500,000 | ||||||
1.56% (SOFR + 0.01%) due 05/13/2020 | 7,000,000 | 7,000,000 | ||||||
1.56% (SOFR + 0.01%) due 05/20/2020 | 8,000,000 | 8,000,000 | ||||||
1.56% (SOFR + 0.01%) due 07/22/2020 | 9,000,000 | 9,000,000 | ||||||
1.56% (SOFR + 0.01%) due 08/07/2020 | 7,000,000 | 7,000,000 | ||||||
1.57% (SOFR + 0.02%) due 02/28/2020 | 6,500,000 | 6,500,146 | ||||||
1.57% (SOFR + 0.02%) due 06/05/2020 | 8,000,000 | 8,000,000 | ||||||
1.58% (SOFR + 0.03%) due 06/02/2020 | 8,000,000 | 8,000,000 | ||||||
1.58% (SOFR + 0.03%) due 06/17/2020 | 8,000,000 | 8,000,000 | ||||||
1.59% (SOFR + 0.04%) due 04/03/2020 | 6,000,000 | 6,000,000 | ||||||
Federal National Mtg. Assoc. | ||||||||
1.45% due 12/02/2019 | 29,000,000 | 28,998,848 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $218,651,854) | 218,651,854 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 24.2% |
| |||||||
United States Treasury Bill | ||||||||
1.50% due 12/03/2019 | $ | 7,400,000 | $ | 7,399,382 | ||||
1.52% due 01/02/2020 | 7,000,000 | 6,990,542 | ||||||
1.53% due 12/03/2019 | 5,000,000 | 4,999,576 | ||||||
1.53% due 12/24/2019 | 9,000,000 | 8,991,231 | ||||||
1.53% due 01/07/2020 | 7,000,000 | 6,989,011 | ||||||
1.54% due 12/17/2019 | 5,000,000 | 4,996,576 | ||||||
1.55% due 12/03/2019 | 7,000,000 | 6,999,399 | ||||||
1.55% due 12/31/2019 | 2,100,000 | 2,097,296 | ||||||
1.57% due 01/21/2020 | 3,000,000 | 2,993,349 | ||||||
1.59% due 12/24/2019 | 1,900,000 | 1,898,068 | ||||||
1.65% due 12/10/2019 | 4,400,000 | 4,398,185 | ||||||
1.66% due 12/17/2019 | 6,000,000 | 5,995,585 | ||||||
United States Treasury Notes | ||||||||
1.13% due 12/31/2019 | 17,300,000 | 17,291,530 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $82,039,730) | 82,039,730 | |||||||
TOTAL INVESTMENTS — | ||||||||
(amortized cost $300,691,584)(1) | 88.6 | % | 300,691,584 | |||||
Other assets less liabilities | 11.4 | 38,869,088 | ||||||
NET ASSETS | 100.0% | $339,560,672 | ||||||
(1) | See Note 5 for cost of investments on a tax basis. |
FRS—Floating Rate Security
The rates shown on FRS are the current interest rates at November 30, 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 November 30, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Total Investments at Value | $ — | $300,691,584 | $ — | $300,691,584 | ||||||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
72 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 34.7 | % | ||
United States Treasury Notes | 20.3 | |||
Federal Home Loan Mtg. Corp. | 13.8 | |||
United States Treasury Bonds | 9.4 | |||
Diversified Financial Services | 4.7 | |||
Government National Mtg. Assoc. | 4.4 | |||
Repurchase Agreements | 4.1 | |||
Sovereign | 1.7 | |||
Resolution Funding Corp | 1.4 | |||
Federal Farm Credit Bank | 1.1 | |||
Diversified Banking Institutions | 1.0 | |||
Airlines | 0.7 | |||
Telephone — Integrated | 0.5 | |||
Multimedia | 0.3 | |||
Pharmacy Services | 0.3 | |||
Pipelines | 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 | |||
Medical — Generic Drugs | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Transport — Rail | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Medical Instruments | 0.1 | |||
99.7% | ||||
Credit Quality Allocation†#
Aaa | 94.0 | % | ||
Aa | 0.7 | |||
A | 1.9 | |||
Baa | 1.7 | |||
Not Rated@ | 1.7 | |||
100.0% | ||||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
73 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 4.7% |
| |||||||
Diversified Financial Services — 4.7% |
| |||||||
BBCMS Trust | $ | 317,316 | $ | 319,310 | ||||
COMM Mtg. Trust VRS | 770,990 | 26,939 | ||||||
DBUBS Mtg. Trust | 56,460 | 56,775 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 425,078 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,172,162 | ||||||
Progress Residential Trust | 298,906 | 299,682 | ||||||
Progress Residential Trust | 691,848 | 690,875 | ||||||
Sofi Professional Loan Program Trust | 1,000,000 | 1,024,143 | ||||||
Tricon American Homes Trust | 548,214 | 547,076 | ||||||
UBS Commercial Mtg. Trust | 1,500,000 | 1,605,205 | ||||||
UBS-BAMLL Trust | 217,000 | 222,618 | ||||||
WF-RBS Commercial Mtg. Trust | 310,000 | 316,566 | ||||||
Total Asset Backed Securities | ||||||||
(cost $6,560,003) | 6,706,429 | |||||||
U.S. CORPORATE BONDS & NOTES — 3.5% |
| |||||||
Airlines — 0.7% |
| |||||||
American Airlines Pass-Through Trust | 652,152 | 662,103 | ||||||
American Airlines Pass-Through Trust | 300,453 | 309,753 | ||||||
971,856 | ||||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026 | 400,000 | 420,053 | ||||||
Citigroup, Inc. | 162,000 | 169,982 | ||||||
Morgan Stanley | 319,000 | 320,968 | ||||||
911,003 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated — 0.1% |
| |||||||
San Diego Gas & Electric Co. | $ | 200,000 | $ | 236,912 | ||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 109,773 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 154,259 | ||||||
Medical Instruments — 0.1% |
| |||||||
Medtronic, Inc. | 99,000 | 101,799 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 152,206 | ||||||
Multimedia — 0.3% |
| |||||||
Walt Disney Co. | 500,000 | 485,655 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 121,620 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 479,621 | ||||||
Pipelines — 0.2% |
| |||||||
Enterprise Products Operating LLC | 127,000 | 134,740 | ||||||
Magellan Midstream Partners LP | 137,000 | 139,754 | ||||||
274,494 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 242,342 | ||||||
Telephone - Integrated — 0.5% |
| |||||||
AT&T, Inc. | 500,000 | 526,596 | ||||||
AT&T, Inc. | 171,000 | 182,839 | ||||||
709,435 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 90,924 | ||||||
Norfolk Southern Corp. | 19,000 | 22,162 | ||||||
113,086 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $4,902,386) | 5,064,061 | |||||||
74 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 0.6% |
| |||||||
Building Products- Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | $ | 200,000 | $ | 201,884 | ||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 219,241 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 369,164 | ||||||
588,405 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Allergan Funding SCS | 126,000 | 128,743 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $907,486) | 919,032 | |||||||
U.S. GOVERNMENT AGENCIES — 55.4% |
| |||||||
Federal Farm Credit Bank — 1.1% |
| |||||||
3.33% due 04/28/2037 | 500,000 | 556,042 | ||||||
3.35% due 10/21/2025 | 1,000,000 | 1,092,605 | ||||||
1,648,647 | ||||||||
Federal Home Loan Mtg. Corp. — 13.8% |
| |||||||
3.50% due 06/01/2033 | 1,165,471 | 1,217,307 | ||||||
4.50% due 09/01/2039 | 378,286 | 410,254 | ||||||
4.50% due 11/01/2039 | 201,301 | 218,244 | ||||||
4.50% due 02/01/2040 | 283,115 | 307,072 | ||||||
4.50% due 04/01/2040 | 26,738 | 29,000 | ||||||
4.50% due 06/01/2040 | 63,794 | 69,167 | ||||||
4.50% due 08/01/2040 | 308,799 | 334,843 | ||||||
4.50% due 03/01/2041 | 1,081,579 | 1,172,994 | ||||||
4.50% due 04/01/2041 | 136,725 | 148,256 | ||||||
4.50% due 06/01/2041 | 245,087 | 265,829 | ||||||
5.00% due 10/01/2034 | 21,481 | 22,932 | ||||||
5.50% due 12/01/2036 | 16,958 | 19,017 | ||||||
6.00% due 11/01/2033 | 53,787 | 61,786 | ||||||
6.50% due 02/01/2032 | 19,721 | 21,965 | ||||||
8.00% due 02/01/2030 | 492 | 494 | ||||||
8.00% due 08/01/2030 | 152 | 178 | ||||||
8.00% due 06/01/2031 | 1,324 | 1,494 | ||||||
Federal Home Loan Mtg. Corp. FRS | 6,777 | 7,130 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 791,486 | 814,548 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | ||||||||
Series KJ14, Class A2 | 591,000 | 608,167 | ||||||
Series K049, Class A2 | 430,000 | 451,012 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | 1,000,000 | 1,062,665 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4150, Class GE | 987,317 | 982,099 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Series 4186, Class JE | $ | 281,218 | $ | 279,499 | ||||
Series 4594, Class GN | 697,296 | 704,193 | ||||||
Series 3981, Class PA | 201,640 | 202,764 | ||||||
Series 4097, Class YK | 1,750,000 | 1,812,736 | ||||||
Series 4150, Class IG | 3,007,470 | 250,377 | ||||||
Series 4838, Class CY | 1,000,000 | 1,044,632 | ||||||
Series 4365, Class HZ | 821,294 | 844,283 | ||||||
Series 4599, Class PA | 1,242,975 | 1,278,772 | ||||||
Series 4057, Class WY | 1,000,000 | 1,051,183 | ||||||
Series 3813, Class D | 1,000,000 | 1,066,437 | ||||||
Series 3917, Class B | 465,000 | 502,337 | ||||||
Series 3927, Class AY | 1,494,968 | 1,607,409 | ||||||
Series 3786, Class PB | 809,771 | 836,262 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 416,308 | 69,649 | ||||||
19,776,986 | ||||||||
Federal National Mtg. Assoc. — 34.7% |
| |||||||
2.63% due 12/01/2026 | 1,923,836 | 1,977,113 | ||||||
2.81% due 04/01/2025 | 800,000 | 828,869 | ||||||
2.94% due 01/01/2026 | 1,574,635 | 1,644,082 | ||||||
3.00% due 03/01/2043 | 934,283 | 960,712 | ||||||
3.12% due 07/01/2029 | 3,500,000 | 3,747,268 | ||||||
3.30% due 02/01/2030 | 2,965,620 | 3,200,192 | ||||||
3.50% due 07/01/2049 | 1,657,465 | 1,705,439 | ||||||
3.64% due 07/01/2028 | 1,500,000 | 1,640,401 | ||||||
3.69% due 05/01/2030 | 1,495,977 | 1,655,034 | ||||||
4.00% due 09/01/2040 | 90,425 | 96,723 | ||||||
4.00% due 10/01/2040 | 71,973 | 77,011 | ||||||
4.00% due 12/01/2040 | 122,371 | 130,953 | ||||||
4.00% due 01/01/2041 | 254,758 | 272,683 | ||||||
4.00% due 02/01/2041 | 838,578 | 897,451 | ||||||
4.00% due 03/01/2041 | 1,399,438 | 1,497,308 | ||||||
4.00% due 06/01/2042 | 770,717 | 805,835 | ||||||
4.00% due 03/01/2043 | 2,131,463 | 2,264,020 | ||||||
5.00% due 12/01/2036 | 11,383 | 12,143 | ||||||
5.50% due 12/01/2033 | 16,194 | 17,911 | ||||||
5.50% due 10/01/2034 | 7,399 | 7,990 | ||||||
6.50% due 07/01/2032 | 4,445 | 4,981 | ||||||
7.00% due 09/01/2031 | 12,978 | 14,282 | ||||||
Federal National Mtg. Assoc. FRS | 12,616 | 13,356 | ||||||
4.09% (6 ML+1.50%) | 8,675 | 8,972 | ||||||
4.43% (12 ML+1.33%) | 1,104 | 1,136 | ||||||
Federal National Mtg. Assoc. STRIPS | 163,694 | 32,182 |
75 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) | ||||||||
Federal National Mtg. Assoc. Grantor Trust | $ | 1,125,902 | $ | 1,167,737 | ||||
Federal National Mtg. Assoc. REMIC |
| |||||||
Series2002-34, Class AO | 197,449 | 184,276 | ||||||
Series2013-15, Class DC | 728,999 | 724,471 | ||||||
Series2011-126, Class EC | 189,057 | 188,929 | ||||||
Series2013-23, Class KJ | 1,319,095 | 1,322,703 | ||||||
Series2012-93, Class ME | 1,625,421 | 1,643,025 | ||||||
Series2013-73, Class TD | 551,108 | 558,683 | ||||||
Series2013-100, Class DE | 1,998,002 | 2,030,270 | ||||||
Series2013-106, Class PY | 2,900,000 | 3,010,217 | ||||||
Series2016-30, Class PA | 693,805 | 711,674 | ||||||
Series2016-25, Class LA | 492,266 | 510,638 | ||||||
Series2016-33, Class JA | 497,090 | 514,076 | ||||||
Series2015-97, Class N | 2,000,000 | 2,074,446 | ||||||
Series2016-38, Class NA | 885,903 | 913,377 | ||||||
Series2016-30, Class LY | 800,000 | 875,532 | ||||||
Series2012-50, Class VB | 1,355,000 | 1,425,162 | ||||||
Series2012-47, Class VB | 2,000,000 | 2,093,589 | ||||||
Series2004-90, Class GC | 76,128 | 76,430 | ||||||
Series2010-117, Class DY | 974,930 | 1,043,282 | ||||||
Series2010-134, Class MB | 250,000 | 292,128 | ||||||
Series2007-116, Class PB | 54,471 | 61,508 | ||||||
Federal National Mtg. Assoc. REMIC VRS |
| |||||||
Series2015-M13, Class A2 | 515,000 | 529,900 | ||||||
Series2016-M1, Class A2 | 1,239,000 | 1,287,869 | ||||||
Series2014-M13, Class A2 | 1,273,000 | 1,320,496 | ||||||
Series2018-M4, Class A2 | 1,400,000 | 1,474,287 | ||||||
49,548,752 | ||||||||
Government National Mtg. Assoc. — 4.4% |
| |||||||
3.50% due 09/15/2048 | 882,107 | 928,283 | ||||||
3.50% due 10/15/2048 | 1,040,103 | 1,093,838 | ||||||
3.50% due 02/15/2049 | 1,002,312 | 1,054,262 | ||||||
4.50% due 03/15/2038 | 17,678 | 19,039 | ||||||
4.50% due 03/15/2039 | 4,678 | 5,091 | ||||||
4.50% due 05/15/2039 | 133,832 | 145,572 | ||||||
4.50% due 06/15/2039 | 112,365 | 122,294 | ||||||
4.50% due 07/15/2039 | 218,770 | 236,897 | ||||||
4.50% due 09/15/2039 | 3,082 | 3,354 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Government National Mtg. Assoc. (continued) | ||||||||
4.50% due 12/15/2039 | $ | 62,409 | $ | 66,501 | ||||
4.50% due 04/15/2040 | 89,212 | 97,112 | ||||||
4.50% due 06/15/2040 | 232,442 | 252,993 | ||||||
4.50% due 08/15/2040 | 42,304 | 46,074 | ||||||
5.00% due 09/15/2035 | 1,357 | 1,514 | ||||||
5.00% due 02/15/2036 | 55,022 | 61,387 | ||||||
5.00% due 05/15/2036 | 5,925 | 6,346 | ||||||
6.00% due 01/15/2032 | 8,244 | 9,192 | ||||||
7.50% due 02/15/2029 | 2,555 | 2,556 | ||||||
7.50% due 07/15/2030 | 118 | 120 | ||||||
7.50% due 01/15/2031 | 4,488 | 4,976 | ||||||
Government National Mtg. Assoc. REMIC |
| |||||||
Series2014-58, Class EP | 432,000 | 501,952 | ||||||
Series2004-18, Class Z | 249,146 | 267,864 | ||||||
Series2008-6, Class GL | 847,081 | 901,109 | ||||||
Series2005-21, Class Z | 433,583 | 477,307 | ||||||
6,305,633 | ||||||||
Resolution Funding Corp — 1.4% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,978,162 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $77,118,294) | 79,258,180 | |||||||
U.S. GOVERNMENT TREASURIES — 29.7% |
| |||||||
United States Treasury Bonds — 9.4% |
| |||||||
zero coupon due 08/15/2024 | 2,040,000 | 1,881,432 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 1,131,406 | ||||||
3.00% due 02/15/2048 | 750,000 | 874,775 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,170,430 | ||||||
3.75% due 08/15/2041 | 4,000,000 | 5,105,469 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,290,899 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 1,941,621 | ||||||
13,396,032 | ||||||||
United States Treasury Notes — 20.3% |
| |||||||
1.75% due 05/15/2023 | 8,000,000 | 8,035,938 | ||||||
2.00% due 02/15/2022 | 3,000,000 | 3,024,258 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,094,805 | ||||||
2.63% due 08/15/2020 | 6,750,000 | 6,794,033 | ||||||
2.75% due 02/15/2024 | 2,500,000 | 2,612,988 | ||||||
2.88% due 08/15/2028 | 5,000,000 | 5,447,070 | ||||||
29,009,092 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $39,411,087) | 42,405,124 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.7% |
| |||||||
Sovereign — 1.7% |
| |||||||
Israel Government AID | 2,641,000 | 2,428,858 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $131,316,201) | 136,781,684 | |||||||
76 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $5,800,121 collateralized by $6,020,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $5,978,281 | $ | 5,800,000 | $ | 5,800,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $137,116,201)(7) | 99.7 | % | 142,581,684 | |||||
Other assets less liabilities | 0.3 | 377,739 | ||||||
NET ASSETS | 100.0 | % | $ | 142,959,423 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $4,056,382 representing 2.8% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
At November 30, 2019, the Fund had loaned securities with a total value of $1,139,995. This was secured by collateral of $1,165,207 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 15.25% | 02/25/2023 to 11/15/2054 | $ | 570,343 | ||||
Federal National Mtg. Assoc. | 1.00% to 19.10% | 08/25/2021 to 05/25/2059 | 414,540 | |||||
Government National Mtg. Assoc. | 1.50% to 24.90% | 01/16/2034 to 05/16/2053 | 180,324 |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Collateralized Mortgage Obligation |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at November 30, 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 November 30, 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 November 30, 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 | $ | — | $ | 6,706,429 | $ | — | $ | 6,706,429 | ||||||||
U.S. Corporate Bonds & Notes | — | 5,064,061 | — | 5,064,061 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 919,032 | — | 919,032 | ||||||||||||
U.S. Government Agencies | — | 79,258,180 | — | 79,258,180 | ||||||||||||
U.S. Government Treasuries | — | 42,405,124 | — | 42,405,124 | ||||||||||||
Foreign Government Obligations | — | 2,428,858 | — | 2,428,858 | ||||||||||||
Repurchase Agreements | — | 5,800,000 | — | 5,800,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 142,581,684 | $ | — | $ | 142,581,684 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
77 |
Table of Contents
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 12.9 | % | ||
E-Commerce/Products | 10.5 | |||
Finance — Credit Card | 8.1 | |||
Internet Content — Entertainment | 5.6 | |||
Commercial Services — Finance | 5.2 | |||
Medical — Drugs | 3.8 | |||
Web Portals/ISP | 3.5 | |||
E-Commerce/Services | 3.4 | |||
Aerospace/Defense | 2.7 | |||
Medical Instruments | 2.4 | |||
Real Estate Investment Trusts | 2.3 | |||
Medical Labs & Testing Services | 2.1 | |||
Commercial Services | 2.1 | |||
Registered Investment Companies | 2.1 | |||
Electronic Forms | 2.1 | |||
Finance — Other Services | 1.9 | |||
Semiconductor Equipment | 1.8 | |||
Computer Aided Design | 1.8 | |||
Data Processing/Management | 1.7 | |||
Dental Supplies & Equipment | 1.7 | |||
Auto — Cars/Light Trucks | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Distribution/Wholesale | 1.6 | |||
Computers | 1.3 | |||
Beverages — Wine/Spirits | 1.2 | |||
Coatings/Paint | 1.1 | |||
Transport — Rail | 1.1 | |||
Containers — Metal/Glass | 1.0 | |||
Retail — Building Products | 1.0 | |||
Chemicals — Specialty | 0.9 | |||
Enterprise Software/Service | 0.9 | |||
Apparel Manufacturers | 0.8 | |||
Medical Products | 0.6 | |||
Medical — Biomedical/Gene | 0.5 | |||
Retail — Restaurants | 0.5 | |||
Telephone — Integrated | 0.4 | |||
Beverages —Non-alcoholic | 0.4 | |||
Electric — Integrated | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Networking Products | 0.4 | |||
Exchange-Traded Funds | 0.4 | |||
Diagnostic Equipment | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Oil Companies — Integrated | 0.3 | |||
Multimedia | 0.3 | |||
Repurchase Agreements | 0.2 | |||
Industrial Gases | 0.2 | |||
Cable/Satellite TV | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Banks — Super Regional | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Insurance Brokers | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Instruments — Controls | 0.1 | |||
Transport — Services | 0.1 | |||
Computer Services | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Tobacco | 0.1 | |||
Medical — HMO | 0.1 | |||
Athletic Footwear | 0.1 | |||
Machinery — General Industrial | 0.1 | |||
Non-Hazardous Waste Disposal | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Hotels/Motels | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Pharmacy Services | 0.1 |
Retail — Discount | 0.1 | |||
Finance — Investment Banker/Broker | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Consulting Services | 0.1 | |||
Banks — Commercial | 0.1 | |||
Computer Software | 0.1 | |||
Entertainment Software | 0.1 | |||
Wireless Equipment | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Medical Information Systems | 0.1 | |||
101.8 | % | |||
* | Calculated as a percentage of net assets |
78 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Aerospace/Defense — 2.7% |
| |||||||
Boeing Co. | 92,352 | $ | 33,817,455 | |||||
Lockheed Martin Corp. | 3,605 | 1,409,663 | ||||||
Raytheon Co. | 2,895 | 629,431 | ||||||
TransDigm Group, Inc. | 1,200 | 680,520 | ||||||
36,537,069 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
L3Harris Technologies, Inc. | 2,807 | 564,460 | ||||||
United Technologies Corp. | 9,412 | 1,396,176 | ||||||
1,960,636 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 2,270 | 104,897 | ||||||
Mosaic Co. | 4,033 | 76,828 | ||||||
181,725 | ||||||||
Apparel Manufacturers — 0.8% |
| |||||||
Canada Goose Holdings, Inc.†# | 247,576 | 9,445,024 | ||||||
Hanesbrands, Inc. | 3,845 | 57,944 | ||||||
Tapestry, Inc. | 4,646 | 124,931 | ||||||
Under Armour, Inc., Class A† | 2,957 | 55,858 | ||||||
Under Armour, Inc., Class C† | 3,053 | 52,817 | ||||||
VF Corp. | 7,893 | 698,846 | ||||||
10,435,420 | ||||||||
Applications Software — 12.9% |
| |||||||
Intuit, Inc. | 99,440 | 25,744,022 | ||||||
Microsoft Corp. | 580,122 | 87,818,868 | ||||||
salesforce.com, Inc.† | 211,204 | 34,403,020 | ||||||
ServiceNow, Inc.† | 107,857 | 30,527,845 | ||||||
178,493,755 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 15,434 | 1,442,925 | ||||||
Auto - Cars/Light Trucks — 1.6% |
| |||||||
Ferrari NV | 132,823 | 22,350,126 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Aptiv PLC | 3,778 | 354,679 | ||||||
Banks - Commercial — 0.1% |
| |||||||
First Republic Bank | 4,067 | 446,963 | ||||||
SVB Financial Group† | 1,246 | 288,736 | ||||||
735,699 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Northern Trust Corp. | 2,753 | 295,232 | ||||||
Banks - Super Regional — 0.2% |
| |||||||
Comerica, Inc. | 1,661 | 116,951 | ||||||
US Bancorp | 34,665 | 2,080,940 | ||||||
2,197,891 | ||||||||
Beverages -Non-alcoholic — 0.4% |
| |||||||
Coca-Cola Co. | 48,377 | 2,583,332 | ||||||
Monster Beverage Corp.† | 9,353 | 559,496 | ||||||
PepsiCo, Inc. | 20,618 | 2,800,543 | ||||||
5,943,371 | ||||||||
Beverages - Wine/Spirits — 1.2% |
| |||||||
Brown-Forman Corp., Class B | 4,400 | 298,408 | ||||||
Constellation Brands, Inc., Class A | 88,929 | 16,546,130 | ||||||
16,844,538 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Fox Corp., Class A | 3,941 | 140,930 |
Security Description | Shares | Value (Note 2) | ||||||
Broadcast Services/Program (continued) |
| |||||||
Fox Corp., Class B | 1,806 | $ | 63,174 | |||||
204,104 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Martin Marietta Materials, Inc. | 860 | 230,824 | ||||||
Vulcan Materials Co. | 1,535 | 217,770 | ||||||
448,594 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 3,289 | 153,103 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 3,404 | 122,033 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
NVR, Inc.† | 47 | 178,219 | ||||||
Cable/Satellite TV — 0.2% |
| |||||||
Charter Communications, Inc., Class A† | 1,681 | 790,087 | ||||||
Comcast Corp., Class A | 50,436 | 2,226,749 | ||||||
3,016,836 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Las Vegas Sands Corp. | 4,585 | 287,709 | ||||||
Cellular Telecom — 0.0% |
| |||||||
T-Mobile US, Inc.† | 1,911 | 150,109 | ||||||
Chemicals - Diversified — 0.1% |
| |||||||
Celanese Corp. | 1,585 | 199,028 | ||||||
Eastman Chemical Co. | 1,789 | 140,204 | ||||||
FMC Corp. | 1,388 | 135,968 | ||||||
PPG Industries, Inc. | 2,628 | 338,592 | ||||||
813,792 | ||||||||
Chemicals - Specialty — 0.9% |
| |||||||
Ecolab, Inc. | 6,052 | 1,129,727 | ||||||
International Flavors & Fragrances, Inc.# | 80,677 | 11,394,013 | ||||||
12,523,740 | ||||||||
Coatings/Paint — 1.1% |
| |||||||
Sherwin-Williams Co. | 26,315 | 15,345,066 | ||||||
Commercial Services — 2.1% |
| |||||||
Cintas Corp. | 2,007 | 515,919 | ||||||
CoStar Group, Inc.† | 46,465 | 28,476,540 | ||||||
28,992,459 | ||||||||
Commercial Services - Finance — 5.2% |
| |||||||
Adyen NV†#* | 16,726 | 12,828,903 | ||||||
Automatic Data Processing, Inc. | 10,490 | 1,791,482 | ||||||
Equifax, Inc. | 1,782 | 248,839 | ||||||
FleetCor Technologies, Inc.† | 1,255 | 385,185 | ||||||
Global Payments, Inc. | 7,253 | 1,313,518 | ||||||
H&R Block, Inc.# | 3,008 | 73,335 | ||||||
IHS Markit, Ltd.† | 9,696 | 704,414 | ||||||
MarketAxess Holdings, Inc. | 913 | 368,688 | ||||||
Moody’s Corp. | 1,927 | 436,793 | ||||||
PayPal Holdings, Inc.† | 28,445 | 3,072,344 | ||||||
S&P Global, Inc. | 124,099 | 32,842,800 | ||||||
TransUnion | 202,971 | 17,518,427 | ||||||
71,584,728 | ||||||||
Computer Aided Design — 1.8% |
| |||||||
ANSYS, Inc.† | 2,034 | 518,039 | ||||||
Autodesk, Inc.† | 127,241 | 23,017,897 | ||||||
Cadence Design Systems, Inc.† | 3,996 | 280,719 | ||||||
Synopsys, Inc.† | 2,071 | 292,094 | ||||||
24,108,749 | ||||||||
79 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 3,431 | $ | 360,632 | |||||
Computer Services — 0.1% |
| |||||||
Accenture PLC, Class A | 7,085 | 1,425,219 | ||||||
Leidos Holdings, Inc. | 3,268 | 296,865 | ||||||
1,722,084 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 3,988 | 347,434 | ||||||
Citrix Systems, Inc. | 2,975 | 335,610 | ||||||
683,044 | ||||||||
Computers — 1.3% |
| |||||||
Apple, Inc. | 68,713 | 18,363,549 | ||||||
Computers - Memory Devices — 0.1% |
| |||||||
NetApp, Inc. | 5,752 | 348,514 | ||||||
Seagate Technology PLC | 3,663 | 218,608 | ||||||
567,122 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 2,178 | 349,482 | ||||||
Verisk Analytics, Inc. | 2,728 | 402,325 | ||||||
751,807 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Clorox Co. | 3,040 | 450,619 | ||||||
Kimberly-Clark Corp. | 4,493 | 612,576 | ||||||
1,063,195 | ||||||||
Containers - Metal/Glass — 1.0% |
| |||||||
Ball Corp. | 216,879 | 14,327,027 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Amcor PLC | 19,243 | 197,433 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Colgate-Palmolive Co. | 11,823 | 801,836 | ||||||
Estee Lauder Cos., Inc., Class A | 3,636 | 710,729 | ||||||
Procter & Gamble Co. | 33,880 | 4,135,393 | ||||||
5,647,958 | ||||||||
Data Processing/Management — 1.7% |
| |||||||
Broadridge Financial Solutions, Inc. | 2,762 | 341,687 | ||||||
Fair Isaac Corp.† | 50,735 | 18,657,796 | ||||||
Fidelity National Information Services, Inc. | 14,829 | 2,048,626 | ||||||
Fiserv, Inc.† | 13,799 | 1,603,996 | ||||||
Jack Henry & Associates, Inc. | 894 | 135,835 | ||||||
Paychex, Inc. | 4,794 | 412,859 | ||||||
23,200,799 | ||||||||
Decision Support Software — 0.0% |
| |||||||
MSCI, Inc. | 2,047 | 530,562 | ||||||
Dental Supplies & Equipment — 1.7% |
| |||||||
Align Technology, Inc.† | 82,359 | 22,841,445 | ||||||
Diagnostic Equipment — 0.3% |
| |||||||
Danaher Corp. | 8,644 | 1,261,851 | ||||||
Thermo Fisher Scientific, Inc. | 9,681 | 3,039,350 | ||||||
4,301,201 | ||||||||
Diagnostic Kits — 0.0% |
| |||||||
IDEXX Laboratories, Inc.† | 2,081 | 523,538 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 2,199 | 157,822 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 1,118 | 395,034 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Copart, Inc.† | 240,397 | $ | 21,395,333 | |||||
Fastenal Co. | 13,862 | 492,378 | ||||||
WW Grainger, Inc. | 1,068 | 338,503 | ||||||
22,226,214 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
3M Co. | 7,092 | 1,204,009 | ||||||
Eaton Corp. PLC | 4,874 | 450,845 | ||||||
Illinois Tool Works, Inc. | 2,847 | 496,318 | ||||||
Ingersoll-Rand PLC | 5,840 | 765,682 | ||||||
2,916,854 | ||||||||
E-Commerce/Products — 10.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 130,313 | 26,062,600 | ||||||
Amazon.com, Inc.† | 65,454 | 117,869,563 | ||||||
eBay, Inc. | 7,242 | 257,236 | ||||||
144,189,399 | ||||||||
E-Commerce/Services — 3.4% |
| |||||||
Booking Holdings, Inc.† | 494 | 940,591 | ||||||
Expedia Group, Inc. | 2,095 | 212,978 | ||||||
IAC/InterActiveCorp† | 126,589 | 28,191,370 | ||||||
MercadoLibre, Inc.† | 29,587 | 17,177,621 | ||||||
TripAdvisor, Inc. | 1,701 | 48,308 | ||||||
46,570,868 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 1,469 | 198,388 | ||||||
Electric Products - Misc. — 0.0% |
| |||||||
AMETEK, Inc. | 5,520 | 546,535 | ||||||
Electric - Integrated — 0.4% |
| |||||||
Alliant Energy Corp. | 3,273 | 173,469 | ||||||
Ameren Corp. | 5,942 | 441,669 | ||||||
CMS Energy Corp. | 3,842 | 235,515 | ||||||
Dominion Energy, Inc. | 9,339 | 776,164 | ||||||
Eversource Energy | 4,302 | 355,517 | ||||||
NextEra Energy, Inc. | 11,816 | 2,762,817 | ||||||
Pinnacle West Capital Corp. | 2,715 | 237,264 | ||||||
WEC Energy Group, Inc. | 3,661 | 324,548 | ||||||
Xcel Energy, Inc. | 5,705 | 350,800 | ||||||
�� | 5,657,763 | |||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Garmin, Ltd. | 2,166 | 211,597 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Advanced Micro Devices, Inc.† | 26,243 | 1,027,413 | ||||||
Broadcom, Inc. | 9,624 | 3,043,205 | ||||||
Intel Corp. | 71,752 | 4,165,204 | ||||||
Microchip Technology, Inc.# | 2,935 | 277,475 | ||||||
NVIDIA Corp. | 7,803 | 1,691,222 | ||||||
Skyworks Solutions, Inc. | 2,532 | 248,896 | ||||||
Texas Instruments, Inc. | 14,896 | 1,790,648 | ||||||
Xilinx, Inc. | 107,725 | 9,994,725 | ||||||
22,238,788 | ||||||||
Electronic Connectors — 0.0% |
| |||||||
Amphenol Corp., Class A | 2,732 | 284,128 | ||||||
Electronic Forms — 2.1% |
| |||||||
Adobe, Inc.† | 93,276 | 28,871,720 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 3,965 | 320,253 | ||||||
Keysight Technologies, Inc.† | 4,534 | 485,274 | ||||||
805,527 | ||||||||
80 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 1,151 | $ | 138,155 | |||||
Enterprise Software/Service — 0.9% |
| |||||||
Coupa Software, Inc.†# | 71,453 | 10,967,321 | ||||||
Oracle Corp. | 26,611 | 1,493,942 | ||||||
12,461,263 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 3,420 | 345,454 | ||||||
Take-Two Interactive Software, Inc.† | 2,736 | 332,014 | ||||||
677,468 | ||||||||
Finance - Credit Card — 8.1% |
| |||||||
Alliance Data Systems Corp. | 991 | 105,948 | ||||||
American Express Co. | 8,223 | 987,747 | ||||||
Discover Financial Services | 5,001 | 424,435 | ||||||
Mastercard, Inc., Class A | 185,107 | 54,093,818 | ||||||
Visa, Inc., Class A | 302,790 | 55,867,783 | ||||||
Western Union Co.# | 4,303 | 115,665 | ||||||
111,595,396 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 14,624 | 723,888 | ||||||
E*TRADE Financial Corp. | 3,234 | 143,266 | ||||||
867,154 | ||||||||
Finance - Other Services — 1.9% |
| |||||||
Cboe Global Markets, Inc. | 2,699 | 320,911 | ||||||
CME Group, Inc. | 120,830 | 24,495,866 | ||||||
Intercontinental Exchange, Inc. | 13,548 | 1,275,815 | ||||||
Nasdaq, Inc. | 1,951 | 204,465 | ||||||
26,297,057 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 2,196 | 325,359 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Hormel Foods Corp.# | 6,712 | 298,885 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
Kellogg Co. | 6,011 | 391,436 | ||||||
Lamb Weston Holdings, Inc. | 3,522 | 295,778 | ||||||
McCormick & Co., Inc. | 2,975 | 503,519 | ||||||
1,190,733 | ||||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 7,816 | 629,579 | ||||||
Gas - Distribution — 0.0% |
| |||||||
Atmos Energy Corp. | 1,686 | 180,335 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 4,790 | 92,064 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 6,935 | 728,175 | ||||||
Marriott International, Inc., Class A | 2,644 | 371,112 | ||||||
1,099,287 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 1,308 | 76,126 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 6,115 | 242,949 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Rockwell Automation, Inc. | 1,414 | 276,918 | ||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 5,326 | 1,258,693 |
Security Description | Shares | Value (Note 2) | ||||||
Industrial Gases (continued) | ||||||||
Linde PLC | 8,756 | $ | 1,805,575 | |||||
3,064,268 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 8,697 | 1,552,849 | ||||||
Mettler-Toledo International, Inc.† | 380 | 273,376 | ||||||
1,826,225 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
PerkinElmer, Inc. | 1,396 | 129,688 | ||||||
Waters Corp.† | 968 | 214,964 | ||||||
344,652 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Aon PLC | 3,592 | 731,367 | ||||||
Arthur J. Gallagher & Co. | 3,014 | 281,116 | ||||||
Marsh & McLennan Cos., Inc. | 7,711 | 833,328 | ||||||
1,845,811 | ||||||||
Insurance - Life/Health — 0.0% |
| |||||||
Globe Life, Inc. | 1,092 | 112,214 | ||||||
Insurance - Multi-line — 0.0% |
| |||||||
Cincinnati Financial Corp. | 1,763 | 188,729 | ||||||
Insurance - Property/Casualty — 0.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 22,753 | 5,012,486 | ||||||
Progressive Corp. | 7,490 | 547,144 | ||||||
5,559,630 | ||||||||
Internet Content - Entertainment — 5.6% |
| |||||||
Facebook, Inc., Class A† | 251,719 | 50,756,619 | ||||||
Netflix, Inc.† | 83,022 | 26,123,703 | ||||||
Twitter, Inc.† | 18,687 | 577,615 | ||||||
�� | 77,457,937 | |||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 1,454 | 211,862 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 1,708 | 279,890 | ||||||
T. Rowe Price Group, Inc. | 2,848 | 351,899 | ||||||
631,789 | ||||||||
Machinery - General Industrial — 0.1% |
| |||||||
IDEX Corp. | 1,834 | 298,465 | ||||||
Roper Technologies, Inc. | 2,515 | 906,331 | ||||||
Wabtec Corp.# | 2,025 | 159,104 | ||||||
1,363,900 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
Flowserve Corp. | 1,681 | 81,865 | ||||||
Xylem, Inc. | 4,352 | 337,323 | ||||||
419,188 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 7,697 | 551,028 | ||||||
Medical Instruments — 2.4% |
| |||||||
Boston Scientific Corp.† | 33,674 | 1,456,401 | ||||||
Edwards Lifesciences Corp.† | 5,027 | 1,231,313 | ||||||
Intuitive Surgical, Inc.† | 44,387 | 26,317,052 | ||||||
Medtronic PLC | 32,433 | 3,612,712 | ||||||
32,617,478 | ||||||||
Medical Labs & Testing Services — 2.1% |
| |||||||
IQVIA Holdings, Inc.† | 119,629 | 17,463,442 |
81 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services (continued) |
| |||||||
Lonza Group AG | 34,692 | $ | 11,781,403 | |||||
29,244,845 | ||||||||
Medical Products — 0.6% |
| |||||||
Abbott Laboratories | 42,725 | 3,650,851 | ||||||
ABIOMED, Inc.† | 1,097 | 215,209 | ||||||
Baxter International, Inc. | 5,308 | 435,097 | ||||||
Becton Dickinson and Co. | 4,111 | 1,062,694 | ||||||
Cooper Cos., Inc. | 516 | 161,554 | ||||||
Henry Schein, Inc.† | 1,612 | 111,067 | ||||||
Hologic, Inc.† | 3,554 | 182,391 | ||||||
Stryker Corp. | 4,576 | 937,439 | ||||||
Varian Medical Systems, Inc.† | 2,202 | 294,474 | ||||||
Zimmer Biomet Holdings, Inc. | 4,963 | 721,025 | ||||||
7,771,801 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 5,421 | 617,669 | ||||||
Amgen, Inc. | 9,568 | 2,245,801 | ||||||
Biogen, Inc.† | 2,407 | 721,643 | ||||||
Illumina, Inc.† | 3,553 | 1,139,660 | ||||||
Incyte Corp.† | 2,071 | 195,005 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,140 | 420,660 | ||||||
Vertex Pharmaceuticals, Inc.† | 6,214 | 1,377,955 | ||||||
6,718,393 | ||||||||
Medical - Drugs — 3.8% |
| |||||||
AbbVie, Inc. | 18,585 | 1,630,462 | ||||||
Bristol-Myers Squibb Co. | 28,905 | 1,645,851 | ||||||
Eli Lilly & Co. | 20,538 | 2,410,134 | ||||||
Johnson & Johnson | 37,642 | 5,175,399 | ||||||
Merck & Co., Inc. | 61,895 | 5,396,006 | ||||||
Novartis AG ADR | 128,578 | 11,867,749 | ||||||
Pfizer, Inc. | 133,708 | 5,150,432 | ||||||
Zoetis, Inc. | 152,711 | 18,404,730 | ||||||
51,680,763 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Humana, Inc. | 3,266 | 1,114,457 | ||||||
WellCare Health Plans, Inc.† | 1,216 | 391,637 | ||||||
1,506,094 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA Healthcare, Inc. | 6,429 | 891,445 | ||||||
Universal Health Services, Inc., Class B | 1,120 | 156,229 | ||||||
1,047,674 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Freeport-McMoRan, Inc. | 15,783 | 179,611 | ||||||
Multimedia — 0.3% |
| |||||||
Walt Disney Co. | 24,387 | 3,696,581 | ||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 1,315 | 256,596 | ||||||
Cisco Systems, Inc. | 102,627 | 4,650,029 | ||||||
4,906,625 | ||||||||
Non-Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 2,201 | 195,118 | ||||||
Waste Management, Inc. | 9,436 | 1,065,419 | ||||||
1,260,537 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 916 | 119,419 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Apache Corp. | 9,089 | $ | 202,503 | |||||
Cabot Oil & Gas Corp. | 6,979 | 111,245 | ||||||
Cimarex Energy Co. | 1,374 | 63,163 | ||||||
Concho Resources, Inc. | 2,673 | 193,953 | ||||||
ConocoPhillips | 26,837 | 1,608,610 | ||||||
Devon Energy Corp. | 9,772 | 213,909 | ||||||
Diamondback Energy, Inc. | 3,941 | 304,797 | ||||||
Hess Corp. | 3,441 | 213,652 | ||||||
Marathon Oil Corp. | 19,437 | 226,441 | ||||||
Occidental Petroleum Corp. | 21,623 | 833,999 | ||||||
3,972,272 | ||||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Exxon Mobil Corp. | 57,279 | 3,902,418 | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
HollyFrontier Corp. | 3,661 | 188,725 | ||||||
Pharmacy Services — 0.1% |
| |||||||
Cigna Corp. | 5,204 | 1,040,384 | ||||||
Pipelines — 0.0% |
| |||||||
ONEOK, Inc. | 5,691 | 404,346 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
American Tower Corp. | 10,701 | 2,290,335 | ||||||
Apartment Investment & Management Co., Class A | 3,600 | 193,572 | ||||||
AvalonBay Communities, Inc. | 2,296 | 492,285 | ||||||
Boston Properties, Inc. | 1,841 | 255,052 | ||||||
Crown Castle International Corp. | 4,121 | 550,813 | ||||||
Digital Realty Trust, Inc.# | 2,820 | 341,079 | ||||||
Duke Realty Corp. | 5,854 | 205,944 | ||||||
Equinix, Inc. | 1,230 | 697,225 | ||||||
Equity Residential | 5,731 | 487,708 | ||||||
Essex Property Trust, Inc. | 1,175 | 366,811 | ||||||
Extra Space Storage, Inc. | 2,050 | 217,403 | ||||||
Federal Realty Investment Trust | 809 | 106,845 | ||||||
Healthpeak Properties, Inc. REIT | 11,872 | 414,095 | ||||||
Host Hotels & Resorts, Inc. | 8,293 | 145,045 | ||||||
Mid-America Apartment Communities, Inc. | 1,544 | 210,154 | ||||||
Public Storage | 3,630 | 764,768 | ||||||
Realty Income Corp. | 5,616 | 430,354 | ||||||
Regency Centers Corp. | 1,822 | 118,503 | ||||||
SBA Communications Corp. | 89,940 | 21,268,112 | ||||||
Simon Property Group, Inc. | 4,989 | 754,387 | ||||||
UDR, Inc. | 3,894 | 187,107 | ||||||
Vornado Realty Trust | 1,953 | 126,105 | ||||||
Welltower, Inc. | 9,797 | 828,532 | ||||||
31,452,234 | ||||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 988 | 151,213 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 3,474 | 519,710 | ||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 5,025 | 583,654 | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
Advance Auto Parts, Inc. | 1,122 | 176,244 | ||||||
AutoZone, Inc.† | 593 | 698,506 | ||||||
O’Reilly Automotive, Inc.† | 1,850 | 818,218 | ||||||
1,692,968 | ||||||||
Retail - Automobile — 0.0% |
| |||||||
CarMax, Inc.† | 1,801 | 175,165 | ||||||
82 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Building Products — 1.0% |
| |||||||
Home Depot, Inc. | 12,178 | $ | 2,685,371 | |||||
Lowe’s Cos., Inc. | 95,638 | 11,219,294 | ||||||
13,904,665 | ||||||||
Retail - Discount — 0.1% |
| |||||||
Dollar General Corp. | 6,214 | 977,835 | ||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 2,883 | 272,271 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 1,183 | 158,285 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Nordstrom, Inc.# | 1,266 | 48,323 | ||||||
TJX Cos., Inc. | 29,225 | 1,786,524 | ||||||
1,834,847 | ||||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 1,422 | 332,549 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Macy’s, Inc.# | 3,136 | 48,044 | ||||||
Retail - Restaurants — 0.5% |
| |||||||
Chipotle Mexican Grill, Inc.† | 617 | 502,189 | ||||||
Darden Restaurants, Inc. | 2,079 | 246,237 | ||||||
McDonald’s Corp. | 18,359 | 3,570,458 | ||||||
Starbucks Corp. | 14,758 | 1,260,776 | ||||||
Yum! Brands, Inc. | 7,356 | 740,528 | ||||||
6,320,188 | ||||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Analog Devices, Inc. | 4,822 | 544,645 | ||||||
Maxim Integrated Products, Inc. | 3,935 | 222,996 | ||||||
QUALCOMM, Inc. | 14,354 | 1,199,277 | ||||||
1,966,918 | ||||||||
Semiconductor Equipment — 1.8% |
| |||||||
ASML Holding NV | 92,316 | 24,982,556 | ||||||
KLA Corp. | 2,118 | 347,055 | ||||||
25,329,611 | ||||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 5,973 | 419,544 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
Verizon Communications, Inc. | 99,985 | 6,023,096 | ||||||
Tobacco — 0.1% |
| |||||||
Philip Morris International, Inc. | 19,182 | 1,590,763 | ||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 1,736 | 176,551 | ||||||
Transport - Rail — 1.1% |
| |||||||
CSX Corp. | 19,295 | 1,380,364 | ||||||
Kansas City Southern | 1,070 | 163,090 | ||||||
Norfolk Southern Corp. | 4,394 | 850,239 | ||||||
Union Pacific Corp. | 71,986 | 12,668,816 | ||||||
15,062,509 | ||||||||
Transport - Services — 0.1% |
| |||||||
Expeditors International of Washington, Inc. | 4,127 | 308,534 | ||||||
FedEx Corp. | 2,611 | 417,891 | ||||||
United Parcel Service, Inc., Class B | 8,441 | 1,010,641 | ||||||
1,737,066 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 1,383 | 159,902 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Water — 0.0% |
| |||||||
American Water Works Co., Inc. | 2,751 | $ | 332,954 | |||||
Web Hosting/Design — 0.0% |
| |||||||
VeriSign, Inc.† | 2,518 | 480,283 | ||||||
Web Portals/ISP — 3.5% |
| |||||||
Alphabet, Inc., Class A† | 30,077 | 39,223,115 | ||||||
Alphabet, Inc., Class C† | 7,305 | 9,532,733 | ||||||
48,755,848 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 4,002 | 669,535 | ||||||
Total Common Stocks |
| |||||||
(cost $1,152,543,743) | 1,367,466,475 | |||||||
EXCHANGE-TRADED FUNDS — 0.4% |
| |||||||
iShares S&P 500 Growth ETF# | 31,900 | 6,041,222 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $1,158,280,128) | 1,373,507,697 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Registered Investment Companies — 2.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 28,986,366 | 28,986,366 | ||||||
U.S. Government Treasuries — 0.0% |
| |||||||
United States Treasury Bills Disc. Notes | $ | 100,000 | 99,286 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $29,085,662) | 29,085,652 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $3,261,068 collateralized by $3,250,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $3,329,238 | 3,261,000 | 3,261,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,190,626,790)(4) | 101.8 | % | 1,405,854,349 | |||||
Liabilities in excess of other assets | (1.8 | ) | (25,414,527 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,380,439,822 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $12,828,903 representing 0.9% of net assets. |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $31,937,456. This was secured by collateral of $28,986,366, which was received in cash and subsequently invested in short-term investments currently valued at $28,986,366 as reported in the Portfolio of Investments. Additional collateral of $3,824,523 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | $ | 808,679 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2019 to 02/15/2049 | 3,015,844 |
83 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | The security or a portion thereof was pledge as collateral to cover margin requirements for open future contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Funds
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
5 | Long | S&P 500E-Mini Index | December 2019 | $ | 773,947 | $ | 785,925 | $ | 11,978 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 1,367,466,475 | $ | — | $ | — | $ | 1,367,466,475 | ||||||||
Exchange-Traded Funds | 6,041,222 | — | — | 6,041,222 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 28,986,366 | — | — | 28,986,366 | ||||||||||||
U.S Government Treasuries | — | 99,286 | — | 99,286 | ||||||||||||
Repurchase Agreements | — | 3,261,000 | — | 3,261,000 | ||||||||||||
Total Investments at Value | $ | 1,402,494,063 | $ | 3,360,286 | $ | — | $ | 1,405,854,349 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 11,978 | $ | — | $ | — | $ | 11,978 | ||||||||
* | 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
84 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 6.8 | % | ||
Medical — Drugs | 5.3 | |||
Computers | 5.0 | |||
Finance — Credit Card | 3.7 | |||
Diversified Banking Institutions | 3.6 | |||
Web Portals/ISP | 3.5 | |||
E-Commerce/Products | 3.3 | |||
Electric — Integrated | 3.1 | |||
Electronic Components — Semiconductors | 2.6 | |||
Cable/Satellite TV | 2.6 | |||
Commercial Services — Finance | 2.6 | |||
Real Estate Investment Trusts | 2.3 | |||
Medical Instruments | 2.2 | |||
Medical — HMO | 2.1 | |||
Internet Content — Entertainment | 1.9 | |||
Diversified Manufacturing Operations | 1.9 | |||
Retail — Building Products | 1.8 | |||
Banks — Super Regional | 1.8 | |||
Insurance — Property/Casualty | 1.8 | |||
Medical — Biomedical/Gene | 1.7 | |||
Oil Companies — Integrated | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Beverages —Non-alcoholic | 1.5 | |||
Chemicals — Diversified | 1.5 | |||
Transport — Rail | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.5 | |||
Oil Companies — Exploration & Production | 1.4 | |||
Aerospace/Defense | 1.4 | |||
Tobacco | 1.3 | |||
Telephone — Integrated | 1.2 | |||
Cosmetics & Toiletries | 1.1 | |||
Retail — Auto Parts | 1.0 | |||
Computer Services | 1.0 | |||
Diagnostic Equipment | 1.0 | |||
Finance — Other Services | 1.0 | |||
Instruments — Controls | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Retail — Restaurants | 0.9 | |||
Pharmacy Services | 0.9 | |||
Medical Products | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Athletic Footwear | 0.7 | |||
Oil Refining & Marketing | 0.6 | |||
E-Commerce/Services | 0.6 | |||
Tools — Hand Held | 0.6 | |||
Broadcast Services/Program | 0.6 | |||
Pipelines | 0.5 | |||
Non-Hazardous Waste Disposal | 0.5 | |||
Retail — Consumer Electronics | 0.5 | |||
Engines — Internal Combustion | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Beverages — Wine/Spirits | 0.5 | |||
Retail — Major Department Stores | 0.5 | |||
Multimedia | 0.4 | |||
Airlines | 0.4 | |||
Hotels/Motels | 0.4 | |||
Semiconductor Equipment | 0.3 | |||
Entertainment Software | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Industrial Gases | 0.3 | |||
Retail — Discount | 0.3 | |||
Building Products — Wood | 0.3 | |||
Banks — Commercial | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Machinery — Farming | 0.2 | |||
Data Processing/Management | 0.2 |
Registered Investment Companies | 0.2 | |||
Electric — Distribution | 0.2 | |||
Agricultural Biotech | 0.2 | |||
Networking Products | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Auto/Truck Parts & Equipment — Original | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Insurance Brokers | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Cellular Telecom | 0.1 | |||
Toys | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Cruise Lines | 0.1 | |||
Gold Mining | 0.1 | |||
Wireless Equipment | 0.1 | |||
Commercial Services | 0.1 | |||
Metal — Copper | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
99.5 | % | |||
* | Calculated as a percentage of net assets |
85 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense — 1.4% |
| |||||||
Boeing Co. | 796 | $ | 291,479 | |||||
General Dynamics Corp. | 5,383 | 978,306 | ||||||
Northrop Grumman Corp. | 1,354 | 476,297 | ||||||
1,746,082 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
United Technologies Corp. | 6,524 | 967,770 | ||||||
Agricultural Biotech — 0.2% |
| |||||||
Corteva, Inc. | 10,683 | 277,972 | ||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 4,806 | 275,432 | ||||||
Southwest Airlines Co. | 2,284 | 131,649 | ||||||
United Airlines Holdings, Inc.† | 1,181 | 109,597 | ||||||
516,678 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Ralph Lauren Corp. | 1,309 | 140,508 | ||||||
Applications Software — 6.8% |
| |||||||
Intuit, Inc. | 2,975 | 770,198 | ||||||
Microsoft Corp. | 46,121 | 6,981,797 | ||||||
salesforce.com, Inc.† | 6,845 | 1,114,982 | ||||||
8,866,977 | ||||||||
Athletic Footwear — 0.7% |
| |||||||
NIKE, Inc., Class B | 10,251 | 958,366 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
General Motors Co. | 10,969 | 394,884 | ||||||
Auto/Truck Parts & Equipment - Original — 0.2% |
| |||||||
Magna International, Inc. | 4,567 | 251,276 | ||||||
Banks - Commercial — 0.3% |
| |||||||
Citizens Financial Group, Inc. | 3,958 | 152,225 | ||||||
Regions Financial Corp. | 11,505 | 191,443 | ||||||
343,668 | ||||||||
Banks - Super Regional — 1.8% |
| |||||||
Fifth Third Bancorp | 7,433 | 224,402 | ||||||
KeyCorp | 34,765 | 674,093 | ||||||
SunTrust Banks, Inc. | 4,984 | 353,067 | ||||||
Wells Fargo & Co. | 19,868 | 1,082,011 | ||||||
2,333,573 | ||||||||
Beverages-Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Co. | 33,745 | 1,801,983 | ||||||
PepsiCo, Inc. | 1,117 | 151,722 | ||||||
1,953,705 | ||||||||
Beverages - Wine/Spirits — 0.5% |
| |||||||
Constellation Brands, Inc., Class A | 3,323 | 618,277 | ||||||
Broadcast Services/Program — 0.6% |
| |||||||
Discovery, Inc., Class A†# | 10,896 | 358,914 | ||||||
Discovery, Inc., Class C† | 11,897 | 363,097 | ||||||
722,011 | ||||||||
Building Products - Wood — 0.3% |
| |||||||
Masco Corp. | 8,085 | 376,357 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
Lennar Corp., Class A | 7,055 | 420,831 | ||||||
Cable/Satellite TV — 2.6% |
| |||||||
Altice USA, Inc., Class A† | 7,587 | 194,076 | ||||||
Charter Communications, Inc., Class A† | 2,579 | 1,212,156 |
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
Comcast Corp., Class A | 45,009 | $ | 1,987,147 | |||||
3,393,379 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 2,021 | 158,750 | ||||||
Chemicals - Diversified — 1.5% |
| |||||||
Celanese Corp. | 3,472 | 435,979 | ||||||
Dow, Inc. | 6,708 | 358,006 | ||||||
DuPont de Nemours, Inc. | 5,323 | 344,984 | ||||||
Eastman Chemical Co. | 7,203 | 564,499 | ||||||
LyondellBasell Industries NV, Class A | 2,532 | 234,311 | ||||||
1,937,779 | ||||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 310 | 79,689 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
Automatic Data Processing, Inc. | 9,324 | 1,592,353 | ||||||
H&R Block, Inc.# | 1,988 | 48,467 | ||||||
PayPal Holdings, Inc.† | 14,440 | 1,559,664 | ||||||
S&P Global, Inc. | 470 | 124,386 | ||||||
3,324,870 | ||||||||
Computer Services — 1.0% |
| |||||||
Accenture PLC, Class A | 3,708 | 745,901 | ||||||
International Business Machines Corp. | 1,667 | 224,128 | ||||||
Leidos Holdings, Inc. | 4,181 | 379,802 | ||||||
1,349,831 | ||||||||
Computers — 5.0% |
| |||||||
Apple, Inc. | 23,211 | 6,203,140 | ||||||
HP, Inc. | 16,441 | 330,135 | ||||||
6,533,275 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Kimberly-Clark Corp. | 463 | 63,125 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Crown Holdings, Inc.† | 4,512 | 342,461 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Packaging Corp. of America | 359 | 40,172 | ||||||
WestRock Co. | 4,420 | 178,259 | ||||||
218,431 | ||||||||
Cosmetics & Toiletries — 1.1% |
| |||||||
Procter & Gamble Co. | 11,236 | 1,371,466 | ||||||
Cruise Lines — 0.1% |
| |||||||
Royal Caribbean Cruises, Ltd. | 1,042 | 125,061 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Fiserv, Inc.† | 2,609 | 303,270 | ||||||
Diagnostic Equipment — 1.0% |
| |||||||
Thermo Fisher Scientific, Inc. | 4,169 | 1,308,857 | ||||||
Diversified Banking Institutions — 3.6% |
| |||||||
Bank of America Corp. | 52,098 | 1,735,905 | ||||||
Citigroup, Inc. | 24,070 | 1,808,139 | ||||||
Morgan Stanley | 22,183 | 1,097,615 | ||||||
4,641,659 | ||||||||
Diversified Manufacturing Operations — 1.9% |
| |||||||
Eaton Corp. PLC | 14,242 | 1,317,385 | ||||||
Ingersoll-Rand PLC | 3,911 | 512,771 | ||||||
Parker-Hannifin Corp. | 3,278 | 651,634 | ||||||
2,481,790 | ||||||||
86 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Products — 3.3% |
| |||||||
Amazon.com, Inc.† | 2,403 | $ | 4,327,322 | |||||
E-Commerce/Services — 0.6% |
| |||||||
Booking Holdings, Inc.† | 77 | 146,610 | ||||||
Expedia Group, Inc. | 5,096 | 518,059 | ||||||
Lyft, Inc., Class A†# | 1,764 | 86,401 | ||||||
751,070 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
Sempra Energy | 1,956 | 288,060 | ||||||
Electric - Integrated — 3.1% |
| |||||||
CMS Energy Corp. | 8,258 | 506,215 | ||||||
Edison International | 8,028 | 554,735 | ||||||
Entergy Corp. | 5,844 | 680,183 | ||||||
FirstEnergy Corp. | 4,127 | 196,817 | ||||||
NextEra Energy, Inc. | 5,106 | 1,193,885 | ||||||
Southern Co. | 1,831 | 113,504 | ||||||
Xcel Energy, Inc. | 11,970 | 736,035 | ||||||
3,981,374 | ||||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Advanced Micro Devices, Inc.† | 18,466 | 722,944 | ||||||
Intel Corp. | 3,634 | 210,954 | ||||||
NVIDIA Corp. | 4,371 | 947,370 | ||||||
Texas Instruments, Inc. | 12,713 | 1,528,230 | ||||||
3,409,498 | ||||||||
Engines - Internal Combustion — 0.5% |
| |||||||
Cummins, Inc. | 3,576 | 653,907 | ||||||
Entertainment Software — 0.3% |
| |||||||
Electronic Arts, Inc.† | 4,248 | 429,090 | ||||||
Finance - Consumer Loans — 0.2% |
| |||||||
Synchrony Financial | 7,056 | 263,965 | ||||||
Finance - Credit Card — 3.7% |
| |||||||
American Express Co. | 4,674 | 561,441 | ||||||
Capital One Financial Corp. | 8,543 | 854,386 | ||||||
Mastercard, Inc., Class A | 8,440 | 2,466,421 | ||||||
Visa, Inc., Class A | 5,020 | 926,240 | ||||||
4,808,488 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 11,260 | 557,370 | ||||||
TD Ameritrade Holding Corp. | 1,232 | 63,855 | ||||||
621,225 | ||||||||
Finance - Other Services — 1.0% |
| |||||||
Intercontinental Exchange, Inc. | 13,415 | 1,263,291 | ||||||
Food - Misc./Diversified — 1.0% |
| |||||||
Conagra Brands, Inc. | 2,444 | 70,558 | ||||||
General Mills, Inc. | 7,103 | 378,732 | ||||||
Mondelez International, Inc., Class A | 14,950 | 785,473 | ||||||
1,234,763 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Goldcorp Corp. | 2,333 | 89,587 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hilton Worldwide Holdings, Inc. | 4,502 | 472,710 | ||||||
Industrial Gases — 0.3% |
| |||||||
Linde PLC | 1,911 | 394,067 | ||||||
Instruments - Controls — 1.0% |
| |||||||
Honeywell International, Inc. | 6,943 | 1,239,673 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Insurance Brokers — 0.1% |
| |||||||
Arthur J. Gallagher & Co. | 2,048 | $ | 191,017 | |||||
Insurance - Life/Health — 0.1% |
| |||||||
Lincoln National Corp. | 1,285 | 75,879 | ||||||
Principal Financial Group, Inc. | 2,034 | 112,074 | ||||||
187,953 | ||||||||
Insurance - Multi-line — 1.6% |
| |||||||
Allstate Corp. | 1,537 | 171,145 | ||||||
Chubb, Ltd. | 1,107 | 167,689 | ||||||
Hartford Financial Services Group, Inc. | 13,579 | 839,997 | ||||||
MetLife, Inc. | 15,930 | 795,066 | ||||||
Voya Financial, Inc. | 1,012 | 58,979 | ||||||
2,032,876 | ||||||||
Insurance - Property/Casualty — 1.8% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 9,767 | 2,151,670 | ||||||
Progressive Corp. | 1,180 | 86,199 | ||||||
Travelers Cos., Inc. | 262 | 35,821 | ||||||
2,273,690 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Everest Re Group, Ltd. | 657 | 178,218 | ||||||
RenaissanceRe Holdings, Ltd. | 421 | 79,287 | ||||||
257,505 | ||||||||
Internet Content - Entertainment — 1.9% |
| |||||||
Facebook, Inc., Class A† | 8,003 | 1,613,725 | ||||||
Netflix, Inc.† | 2,816 | 886,082 | ||||||
2,499,807 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Ameriprise Financial, Inc. | 1,800 | 294,966 | ||||||
BlackRock, Inc. | 565 | 279,624 | ||||||
Franklin Resources, Inc. | 8,811 | 242,215 | ||||||
Invesco, Ltd. | 12,381 | 217,410 | ||||||
1,034,215 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 1,309 | 189,452 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 1,856 | 311,901 | ||||||
Medical Instruments — 2.2% |
| |||||||
Boston Scientific Corp.† | 24,597 | 1,063,820 | ||||||
Intuitive Surgical, Inc.† | 394 | 233,603 | ||||||
Medtronic PLC | 13,978 | 1,557,009 | ||||||
2,854,432 | ||||||||
Medical Products — 0.8% |
| |||||||
Becton Dickinson and Co. | 299 | 77,291 | ||||||
Zimmer Biomet Holdings, Inc. | 6,828 | 991,972 | ||||||
1,069,263 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 3,577 | 407,564 | ||||||
Amgen, Inc. | 528 | 123,932 | ||||||
Biogen, Inc.† | 1,874 | 561,844 | ||||||
Illumina, Inc.† | 732 | 234,796 | ||||||
Regeneron Pharmaceuticals, Inc.† | 965 | 356,085 | ||||||
Vertex Pharmaceuticals, Inc.† | 2,607 | 578,102 | ||||||
2,262,323 | ||||||||
Medical - Drugs — 5.3% |
| |||||||
AbbVie, Inc. | 13,859 | 1,215,850 | ||||||
Allergan PLC | 1,451 | 268,348 |
87 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Bristol-Myers Squibb Co. | 18,914 | $ | 1,076,963 | |||||
Bristol-Myers Squibb Co. CVR† | 3,918 | 8,424 | ||||||
Eli Lilly & Co. | 7,157 | 839,874 | ||||||
Johnson & Johnson | 9,501 | 1,306,293 | ||||||
Merck & Co., Inc. | 18,156 | 1,582,840 | ||||||
Pfizer, Inc. | 14,471 | 557,423 | ||||||
6,856,015 | ||||||||
Medical- HMO — 2.1% |
| |||||||
Anthem, Inc. | 2,914 | 841,155 | ||||||
UnitedHealth Group, Inc. | 6,561 | 1,836,227 | ||||||
2,677,382 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
McKesson Corp. | 1,361 | 196,855 | ||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 6,441 | 73,299 | ||||||
Multimedia — 0.4% |
| |||||||
Viacom, Inc., Class B | 2,514 | 60,512 | ||||||
Walt Disney Co. | 3,305 | 500,972 | ||||||
561,484 | ||||||||
Networking Products — 0.2% |
| |||||||
Cisco Systems, Inc. | 5,928 | 268,598 | ||||||
Non-Hazardous Waste Disposal — 0.5% |
| |||||||
Waste Management, Inc. | 6,092 | 687,848 | ||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Diamondback Energy, Inc. | 4,965 | 383,993 | ||||||
EOG Resources, Inc. | 11,222 | 795,640 | ||||||
Pioneer Natural Resources Co. | 4,608 | 589,087 | ||||||
1,768,720 | ||||||||
Oil Companies - Integrated — 1.6% |
| |||||||
Chevron Corp. | 15,574 | 1,824,183 | ||||||
Exxon Mobil Corp. | 3,970 | 270,476 | ||||||
2,094,659 | ||||||||
Oil Refining & Marketing — 0.6% |
| |||||||
Marathon Petroleum Corp. | 12,475 | 756,484 | ||||||
Pharmacy Services — 0.9% |
| |||||||
Cigna Corp. | 5,684 | 1,136,345 | ||||||
Pipelines — 0.5% |
| |||||||
ONEOK, Inc. | 9,730 | 691,316 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
AvalonBay Communities, Inc. | 2,610 | 559,610 | ||||||
Boston Properties, Inc. | 1,021 | 141,449 | ||||||
Equinix, Inc. | 848 | 480,689 | ||||||
Equity Residential | 3,751 | 319,210 | ||||||
Federal Realty Investment Trust | 1,848 | 244,065 | ||||||
Mid-America Apartment Communities, Inc. | 542 | 73,772 | ||||||
Prologis, Inc. | 7,025 | 643,139 | ||||||
Public Storage | 525 | 110,607 | ||||||
Ventas, Inc. | 4,409 | 257,089 | ||||||
VICI Properties, Inc.# | 4,460 | 110,296 | ||||||
2,939,926 | ||||||||
Retail - Apparel/Shoe — 0.3% |
| |||||||
Ross Stores, Inc. | 3,603 | 418,488 | ||||||
Retail - Auto Parts — 1.0% |
| |||||||
Advance Auto Parts, Inc. | 346 | 54,350 | ||||||
AutoZone, Inc.† | 842 | 991,808 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Auto Parts (continued) |
| |||||||
O’Reilly Automotive, Inc.† | 688 | $ | 304,289 | |||||
1,350,447 | ||||||||
Retail - Building Products — 1.8% |
| |||||||
Home Depot, Inc. | 6,121 | 1,349,742 | ||||||
Lowe’s Cos., Inc. | 8,611 | 1,010,156 | ||||||
2,359,898 | ||||||||
Retail - Consumer Electronics — 0.5% |
| |||||||
Best Buy Co., Inc. | 8,330 | 671,731 | ||||||
Retail - Discount — 0.3% |
| |||||||
Target Corp. | 1,592 | 199,016 | ||||||
Walmart, Inc. | 1,597 | 190,187 | ||||||
389,203 | ||||||||
Retail - Major Department Stores — 0.5% |
| |||||||
TJX Cos., Inc. | 10,034 | 613,378 | ||||||
Retail - Restaurants — 0.9% |
| |||||||
McDonald’s Corp. | 1,635 | 317,975 | ||||||
Yum! Brands, Inc. | 8,280 | 833,547 | ||||||
1,151,522 | ||||||||
Semiconductor Components - Integrated Circuits — 1.5% |
| |||||||
Analog Devices, Inc. | 9,971 | 1,126,225 | ||||||
NXP Semiconductors NV | 6,585 | 761,094 | ||||||
1,887,319 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Teradyne, Inc. | 6,944 | 434,625 | ||||||
Telephone - Integrated — 1.2% |
| |||||||
AT&T, Inc. | 3,944 | 147,427 | ||||||
Verizon Communications, Inc. | 23,561 | 1,419,314 | ||||||
1,566,741 | ||||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 9,382 | 466,285 | ||||||
Philip Morris International, Inc. | 15,394 | 1,276,625 | ||||||
1,742,910 | ||||||||
Tools - Hand Held — 0.6% |
| |||||||
Snap-on, Inc. | 1,175 | 188,540 | ||||||
Stanley Black & Decker, Inc. | 3,405 | 537,105 | ||||||
725,645 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 1,538 | 156,415 | ||||||
Transport - Rail — 1.5% |
| |||||||
Kansas City Southern | 476 | 72,552 | ||||||
Norfolk Southern Corp. | 6,057 | 1,172,030 | ||||||
Union Pacific Corp. | 3,668 | 645,531 | ||||||
1,890,113 | ||||||||
Web Portals/ISP — 3.5% |
| |||||||
Alphabet, Inc., Class A† | 1,822 | 2,376,052 | ||||||
Alphabet, Inc., Class C† | 1,667 | 2,175,368 | ||||||
4,551,420 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 497 | 83,148 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $99,611,699) | $ | 128,617,086 | ||||||
88 |
Table of Contents
VALIC Company I Growth & Income Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.2% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 297,228 | $ | 297,228 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $99,908,927)(3) | 99.5 | % | 128,914,314 | |||||
Other assets less liabilities | 0.5 | 621,623 | ||||||
NET ASSETS | 100.0 | % | $ | 129,535,937 | ||||
† | 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 November 30, 2019. |
(2) | At November 30, 2019, the Fund had loaned securities with a total value of $604,078. This was secured by collateral of $297,228, which was received in cash and subsequently invested in short-term investments currently valued at $297,228 as reported in the Portfolio of Investments. Additional collateral of $324,919 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 05/21/2020 | $ | 101 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.00% | 12/31/2019 to 02/15/2049 | 324,818 |
(3) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
6 | Long | S&P 500E-Mini Index | December 2019 | $ | 924,675 | $ | 943,110 | $ | 18,435 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 128,617,086 | $ | — | $ | — | $ | 128,617,086 | ||||||||
Short-Term Investment Securities | 297,228 | — | — | 297,228 | ||||||||||||
Total Investments at Value | $ | 128,914,314 | $ | — | $ | — | $ | 128,914,314 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 18,435 | $ | — | $ | — | $ | 18,435 | ||||||||
* | 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
89 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 28.6 | % | ||
Medical — Drugs | 17.8 | |||
Medical Products | 12.8 | |||
Medical — HMO | 10.6 | |||
Diagnostic Equipment | 6.9 | |||
Medical Instruments | 6.4 | |||
Therapeutics | 3.0 | |||
Pharmacy Services | 2.2 | |||
Electronic Measurement Instruments | 2.0 | |||
Medical — Hospitals | 2.0 | |||
Registered Investment Companies | 1.6 | |||
Medical Labs & Testing Services | 1.1 | |||
Drug Delivery Systems | 1.0 | |||
Disposable Medical Products | 0.9 | |||
Diagnostic Kits | 0.7 | |||
Patient Monitoring Equipment | 0.5 | |||
Dental Supplies & Equipment | 0.5 | |||
Diversified Manufacturing Operations | 0.4 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Instruments — Controls | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Veterinary Diagnostics | 0.2 | |||
Applications Software | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Commercial Services | 0.2 | |||
Medical Information Systems | 0.2 | |||
Medical Imaging Systems | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Health Care Providers & Services | 0.1 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
90 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Dental Supplies & Equipment — 0.5% |
| |||||||
Envista Holdings Corp.†# | 127,128 | $ | 3,574,840 | |||||
SmileDirectClub, Inc.† | 10,428 | 103,967 | ||||||
3,678,807 | ||||||||
Diagnostic Equipment — 6.9% |
| |||||||
Adaptive Biotechnologies Corp.† | 17,121 | 465,520 | ||||||
Avantor, Inc.† | 267,393 | 4,580,442 | ||||||
Danaher Corp. | 121,448 | 17,728,979 | ||||||
GenMark Diagnostics, Inc.†# | 92,065 | 513,723 | ||||||
Quanterix Corp.† | 50,393 | 1,276,455 | ||||||
Thermo Fisher Scientific, Inc. | 99,497 | 31,237,083 | ||||||
55,802,202 | ||||||||
Diagnostic Kits — 0.7% |
| |||||||
DiaSorin SpA | 18,099 | 2,418,682 | ||||||
Quidel Corp.† | 53,789 | 3,691,001 | ||||||
6,109,683 | ||||||||
Disposable Medical Products — 0.9% |
| |||||||
Teleflex, Inc. | 20,325 | 7,181,635 | ||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
General Electric Co. | 296,900 | 3,346,063 | ||||||
Drug Delivery Systems — 1.0% |
| |||||||
DexCom, Inc.† | 36,034 | 8,190,889 | ||||||
Electronic Measurement Instruments — 2.0% |
| |||||||
Agilent Technologies, Inc. | 167,177 | 13,502,886 | ||||||
Sartorius AG (Preference Shares) | 14,649 | 3,087,354 | ||||||
16,590,240 | ||||||||
Enterprise Software/Service — 0.2% |
| |||||||
Veeva Systems, Inc., Class A† | 9,100 | 1,357,538 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Tandem Diabetes Care, Inc.† | 11,600 | 800,748 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Mettler-Toledo International, Inc.† | 3,676 | 2,644,551 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 58,468 | 1,221,981 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Phreesia, Inc.†# | 17,329 | 487,291 | ||||||
Medical Instruments — 6.4% |
| |||||||
Alcon, Inc.† | 98,031 | 5,412,292 | ||||||
Boston Scientific Corp.† | 20,900 | 903,925 | ||||||
Bruker Corp. | 91,323 | 4,674,824 | ||||||
Intuitive Surgical, Inc.† | 68,647 | 40,700,806 | ||||||
NuVasive, Inc.† | 5,406 | 390,530 | ||||||
Silk Road Medical, Inc.† | 4,896 | 176,354 | ||||||
52,258,731 | ||||||||
Medical Labs & Testing Services — 0.8% |
| |||||||
Catalent, Inc.† | 45,989 | 2,390,968 | ||||||
Evotec SE†# | 42,189 | 934,705 | ||||||
Lonza Group AG | 5,277 | 1,792,069 | ||||||
Natera, Inc.† | 16,000 | 583,840 | ||||||
SI-BONE, Inc.† | 14,550 | 258,845 | ||||||
Wuxi Biologics Cayman, Inc.†* | 79,000 | 892,630 | ||||||
6,853,057 | ||||||||
Medical Products — 12.5% |
| |||||||
ABIOMED, Inc.† | 14,629 | 2,869,917 | ||||||
AtriCure, Inc.† | 36,900 | 1,097,775 | ||||||
Becton Dickinson and Co. | 133,394 | 34,482,349 | ||||||
Cooper Cos., Inc. | 17,475 | 5,471,248 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Products (continued) | ||||||||
Hologic, Inc.† | 193,612 | $ | 9,936,168 | |||||
ICU Medical, Inc.† | 14,414 | 2,702,337 | ||||||
iRhythm Technologies, Inc.†# | 17,229 | 1,242,039 | ||||||
Nevro Corp.† | 39,749 | 4,443,143 | ||||||
Novocure, Ltd.† | 32,350 | 2,982,023 | ||||||
Penumbra, Inc.†# | 23,318 | 4,125,420 | ||||||
Shockwave Medical, Inc.†# | 71,272 | 2,791,011 | ||||||
Stryker Corp. | 104,548 | 21,417,703 | ||||||
West Pharmaceutical Services, Inc. | 34,920 | 5,134,288 | ||||||
Zimmer Biomet Holdings, Inc. | 18,850 | 2,738,528 | ||||||
101,433,949 | ||||||||
Medical - Biomedical/Gene — 28.6% |
| |||||||
10X Genomics, Inc., Class A† | 9,432 | 612,042 | ||||||
Abcam PLC | 61,923 | 1,069,176 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 233,468 | 10,573,766 | ||||||
Acceleron Pharma, Inc.†# | 54,656 | 2,675,958 | ||||||
Acerta Pharma BV, Class B(2)† | 9,771,120 | 879,401 | ||||||
Adverum Biotechnologies, Inc.†# | 52,250 | 570,047 | ||||||
Akero Therapeutics, Inc.†# | 9,896 | 194,852 | ||||||
Alexion Pharmaceuticals, Inc.† | 99,562 | 11,344,094 | ||||||
Allakos, Inc.†# | 12,284 | 1,166,980 | ||||||
Allogene Therapeutics, Inc.† | 54,288 | 1,529,836 | ||||||
Alnylam Pharmaceuticals, Inc.† | 62,508 | 7,322,187 | ||||||
Amarin Corp. PLC ADR†# | 212,336 | 4,516,387 | ||||||
Amgen, Inc. | 86,260 | 20,246,947 | ||||||
Apellis Pharmaceuticals, Inc.† | 21,097 | 567,087 | ||||||
Ardelyx, Inc.† | 43,900 | 326,177 | ||||||
Argenx SE ADR† | 49,800 | 7,372,890 | ||||||
Audentes Therapeutics, Inc.† | 8,037 | 233,314 | ||||||
Autolus Therapeutics PLC ADR†# | 14,468 | 217,020 | ||||||
Avrobio, Inc.† | 12,888 | 206,724 | ||||||
BeiGene, Ltd. ADR† | 16,784 | 3,412,019 | ||||||
Biogen, Inc.† | 31,849 | 9,548,649 | ||||||
BioMarin Pharmaceutical, Inc.† | 69,751 | 5,629,603 | ||||||
Bluebird Bio, Inc.†# | 33,359 | 2,700,077 | ||||||
Blueprint Medicines Corp.†# | 41,972 | 3,443,383 | ||||||
Cara Therapeutics, Inc.†# | 78,934 | 2,050,705 | ||||||
Constellation Pharmaceuticals, Inc.†# | 14,600 | 679,776 | ||||||
Cortexyme, Inc.† | 2,386 | 62,633 | ||||||
CRISPR Therapeutics AG†# | 17,867 | 1,280,171 | ||||||
Deciphera Pharmaceuticals, Inc.† | 24,982 | 1,181,399 | ||||||
Denali Therapeutics, Inc.†# | 22,500 | 400,275 | ||||||
Dicerna Pharmaceuticals, Inc.† | 78,667 | 1,892,728 | ||||||
Epizyme, Inc.† | 31,700 | 523,684 | ||||||
Exact Sciences Corp.†# | 65,442 | 5,301,456 | ||||||
Exagen, Inc.† | 24,566 | 438,257 | ||||||
Exelixis, Inc.† | 107,530 | 1,788,224 | ||||||
Fate Therapeutics, Inc.† | 34,366 | 536,797 | ||||||
FibroGen, Inc.† | 46,387 | 1,965,417 | ||||||
Genmab A/S† | 4,359 | 1,015,500 | ||||||
Guardant Health, Inc.† | 30,322 | 2,355,110 | ||||||
Homology Medicines, Inc.†# | 45,297 | 724,752 | ||||||
HTG Molecular Diagnostics, Inc.†# | 91,620 | 60,469 | ||||||
IGM Biosciences, Inc.† | 20,843 | 471,260 | ||||||
Illumina, Inc.† | 11,315 | 3,629,399 | ||||||
Immunomedics, Inc.†# | 75,352 | 1,415,111 | ||||||
Incyte Corp.† | 85,731 | 8,072,431 | ||||||
Insmed, Inc.†# | 53,374 | 1,230,271 | ||||||
Intercept Pharmaceuticals, Inc.†# | 14,819 | 1,605,935 | ||||||
Ionis Pharmaceuticals, Inc.† | 41,054 | 2,625,814 | ||||||
Iovance Biotherapeutics, Inc.†# | 159,953 | 3,651,727 | ||||||
Karuna Therapeutics, Inc.†# | 26,118 | 1,877,362 | ||||||
Karyopharm Therapeutics, Inc.† | 4,600 | 80,592 | ||||||
Krystal Biotech, Inc.†# | 21,258 | 1,201,290 |
91 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) | ||||||||
Menlo Therapeutics, Inc.† | 29,200 | $ | 115,632 | |||||
Mirati Therapeutics, Inc.†# | 22,400 | 2,257,248 | ||||||
Moderna, Inc.†# | 4,863 | 99,011 | ||||||
Nektar Therapeutics†# | 24,929 | 505,809 | ||||||
Orchard Therapeutics PLC ADR† | 67,651 | 770,545 | ||||||
PTC Therapeutics, Inc.† | 66,481 | 3,121,948 | ||||||
Puma Biotechnology, Inc.†# | 22,100 | 209,729 | ||||||
Radius Health, Inc.† | 36,062 | 807,789 | ||||||
RAPT Therapeutics, Inc.†# | 12,732 | 329,886 | ||||||
RAPT Theraputics(1) | 10,814 | 266,181 | ||||||
Regeneron Pharmaceuticals, Inc.† | 30,530 | 11,265,570 | ||||||
REGENXBIO, Inc.† | 20,267 | 848,377 | ||||||
Rocket Pharmaceuticals, Inc.†# | 33,975 | 597,620 | ||||||
Sage Therapeutics, Inc.†# | 87,995 | 13,618,986 | ||||||
Scholar Rock Holding Corp.†# | 13,078 | 111,294 | ||||||
Seattle Genetics, Inc.† | 89,520 | 10,773,732 | ||||||
Stoke Therapeutics, Inc.†# | 21,278 | 521,311 | ||||||
Translate Bio, Inc.†# | 8,400 | 84,420 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 48,818 | 1,935,634 | ||||||
Verily Life Sciences LLC | 6,986 | 861,094 | ||||||
Vertex Pharmaceuticals, Inc.† | 162,563 | 36,048,345 | ||||||
WaVe Life Sciences, Ltd.†# | 13,468 | 446,464 | ||||||
Zai Lab, Ltd. ADR† | 10,058 | 400,308 | ||||||
Zeneca, Inc. CVR†(2) | 23,110 | 14,213 | ||||||
Zymeworks, Inc.†# | 34,025 | 1,483,150 | ||||||
231,971,457 | ||||||||
Medical - Drugs — 17.8% |
| |||||||
AbbVie, Inc. | 163,800 | 14,370,174 | ||||||
Aimmune Therapeutics, Inc.†# | 74,728 | 2,086,406 | ||||||
Alkermes PLC† | 62,738 | 1,318,753 | ||||||
Allergan PLC | 29,323 | 5,422,996 | ||||||
Ascendis Pharma A/S ADR† | 76,304 | 8,788,695 | ||||||
Astellas Pharma, Inc. | 181,300 | 3,093,305 | ||||||
AstraZeneca PLC ADR | 252,830 | 12,257,198 | ||||||
Bayer AG | 39,523 | 2,991,369 | ||||||
Bristol-Myers Squibb Co. | 156,963 | 8,937,473 | ||||||
Bristol-Myers Squibb Co. CVR† | 117,209 | 251,999 | ||||||
Chugai Pharmaceutical Co., Ltd. | 59,000 | 5,152,090 | ||||||
Daiichi Sankyo Co., Ltd. | 102,400 | 6,419,705 | ||||||
Eisai Co., Ltd. | 24,100 | 1,785,674 | ||||||
Eli Lilly & Co. | 82,241 | 9,650,981 | ||||||
Enanta Pharmaceuticals, Inc.† | 29,160 | 1,856,326 | ||||||
Galapagos NV†# | 13,772 | 2,713,622 | ||||||
Global Blood Therapeutics, Inc.† | 64,524 | 4,290,846 | ||||||
Ipsen SA | 11,111 | 1,254,701 | ||||||
Kadmon Holdings, Inc.† | 85,854 | 379,475 | ||||||
Merck & Co., Inc. | 180,788 | 15,761,098 | ||||||
Milestone Pharmaceuticals, Inc.†# | 33,922 | 574,978 | ||||||
Minerva Neurosciences, Inc.† | 47,580 | 297,375 | ||||||
MyoKardia, Inc.†# | 45,247 | 2,947,842 | ||||||
Myovant Sciences, Ltd.†# | 576 | 10,259 | ||||||
Novartis AG | 58,621 | 5,396,649 | ||||||
Odonate Therapeutics, Inc.†# | 23,658 | 813,362 | ||||||
Otsuka Holdings Co., Ltd. | 9,000 | 392,545 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 37,926 | 123,639 | ||||||
PRA Health Sciences, Inc.† | 23,800 | 2,589,678 | ||||||
Principia Biopharma, Inc.† | 19,546 | 700,333 | ||||||
Progenics Pharmaceuticals, Inc.†# | 128,200 | 669,204 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 26,003 | 5,073,965 | ||||||
Rhythm Pharmaceuticals, Inc.† | 18,727 | 420,421 | ||||||
Roche Holding AG | 32,668 | 10,068,278 | ||||||
Supernus Pharmaceuticals, Inc.† | 1,802 | 42,131 | ||||||
Tricida, Inc.†# | 81,337 | 3,250,226 | ||||||
Turning Point Therapeutics, Inc.†# | 19,364 | 1,088,644 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) | ||||||||
Zealand Pharma A/S† | 19,056 | $ | 586,114 | |||||
Zogenix, Inc.†# | 19,900 | 950,822 | ||||||
144,779,351 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Kodiak Sciences, Inc.†# | 54,120 | 1,601,952 | ||||||
Momenta Pharmaceuticals, Inc.† | 42,832 | 719,578 | ||||||
Perrigo Co. PLC | 740 | 37,910 | ||||||
2,359,440 | ||||||||
Medical- HMO — 10.6% |
| |||||||
Anthem, Inc. | 34,903 | 10,075,100 | ||||||
Centene Corp.† | 250,814 | 15,166,723 | ||||||
Humana, Inc. | 36,017 | 12,290,081 | ||||||
Molina Healthcare, Inc.† | 39,193 | 5,310,651 | ||||||
UnitedHealth Group, Inc. | 147,573 | 41,301,256 | ||||||
WellCare Health Plans, Inc.† | 6,789 | 2,186,533 | ||||||
86,330,344 | ||||||||
Medical - Hospitals — 2.0% |
| |||||||
Acadia Healthcare Co., Inc.† | 31,610 | 1,016,578 | ||||||
HCA Healthcare, Inc. | 111,432 | 15,451,161 | ||||||
16,467,739 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Amedisys, Inc.† | 14,590 | 2,377,587 | ||||||
Pennant Group, Inc.† | 37,541 | 879,210 | ||||||
3,256,797 | ||||||||
Patient Monitoring Equipment — 0.5% |
| |||||||
Insulet Corp.† | 22,400 | 4,159,680 | ||||||
Pharmacy Services — 2.0% |
| |||||||
Cigna Corp. | 78,374 | 15,668,530 | ||||||
JAND, Inc. (dba Warby Parker), Class A(1)(2)† | 36,095 | 567,305 | ||||||
16,235,835 | ||||||||
Therapeutics — 3.0% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 29,129 | 1,133,118 | ||||||
Axsome Therapeutics, Inc.†# | 34,500 | 1,358,265 | ||||||
G1 Therapeutics, Inc.†# | 24,412 | 527,299 | ||||||
GW Pharmaceuticals PLC ADR†# | 19,810 | 2,022,799 | ||||||
Neurocrine Biosciences, Inc.† | 93,751 | 10,932,304 | ||||||
Sarepta Therapeutics, Inc.† | 56,383 | 6,342,524 | �� | |||||
Xencor, Inc.†# | 61,689 | 2,430,547 | ||||||
24,746,856 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Elanco Animal Health, Inc.† | 70,288 | 1,947,680 | ||||||
Total Common Stocks | ||||||||
(cost $562,297,383) | 800,212,544 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.3% |
| |||||||
Applications Software — 0.2% |
| |||||||
Outset Medical, Inc | 320,192 | 858,114 | ||||||
Outset Medical, Inc. | 171,126 | 532,202 | ||||||
1,390,316 | ||||||||
Commercial Services — 0.2% |
| |||||||
Ginkgo Bioworks | 8,722 | 1,309,957 | ||||||
Health Care Providers & Services — 0.1% |
| |||||||
Freenome Holdings, Inc. | 94,602 | 431,108 | ||||||
92 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Medical Information Systems — 0.1% |
| |||||||
Doximity, Inc. | 64,785 | $ | 751,506 | |||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. | 160,251 | 271,140 | ||||||
Medical Labs & Testing Services — 0.3% |
| |||||||
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 | ||||||||
Medical Products — 0.3% |
| |||||||
Becton Dickinson and Co. | 26,711 | 1,663,027 | ||||||
Kardium, Inc. | 542,402 | 525,544 | ||||||
2,188,571 | ||||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Seer, Inc. | 142,683 | 463,720 | ||||||
Pharmacy Services — 0.2% |
| |||||||
JAND, Inc. (dba Warby Parker). | 75,264 | 1,182,924 | ||||||
JAND, Inc. (dba Warby Parker) | 2,948 | 46,334 | ||||||
1,229,258 | ||||||||
Total Convertible Preferred Securities | ||||||||
(cost $8,399,151) | 10,738,120 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $570,696,534) | 810,950,664 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 1.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 778,217 | 778,217 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,275,766 | 11,275,766 | ||||||
T. Rowe Price Government Reserve Fund | 1,195,085 | 1,195,085 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $13,249,068) | 13,249,068 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $583,945,602)(5) | 101.3 | % | 824,199,732 | |||||
Liabilities in excess of other assets | (1.3 | ) | (10,538,913 | ) | ||||
NET ASSETS | 100.0 | % | $ | 813,660,819 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $892,630 representing 0.1% 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 November 30, 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). | ||||||||||||||||||||||||
Class A | 4/23/2015 | 33,706 | $ | 387,123 | ||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | $ | 567,305 | $ | 15.72 | 0.07 | % | |||||||||||||||||
RAPT Theraputics | 6/7/2019 | 10,814 | 148,742 | 266,181 | 24.61 | 0.03 | % | |||||||||||||||||
Verily Life Sciences LLC | ||||||||||||||||||||||||
Series B | 1/25/2019 | 6,986 | 861,094 | 861,094 | 123.26 | 0.10 | % | |||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Doximity, Inc. | ||||||||||||||||||||||||
Series C | 4/10/2014 | 64,785 | 312,316 | 751,506 | 11.60 | 0.09 | % | |||||||||||||||||
Freenome Holdings, Inc. | ||||||||||||||||||||||||
Series B | 6/24/2019 | 94,602 | 431,111 | 431,108 | 4.56 | 0.05 | % | |||||||||||||||||
Gingko Bioworks | ||||||||||||||||||||||||
Series E | 9/9/2019 | 6,443 | 967,674 | 1,309,957 | 150.19 | 0.16 | % | |||||||||||||||||
9/30/2019 | 2,279 | 324,284 | ||||||||||||||||||||||
8,722 | 1,291,958 | |||||||||||||||||||||||
JAND, Inc. (dba Warby Parker). | ||||||||||||||||||||||||
Series D | 4/23/2015 | 75,264 | 864,430 | 1,182,924 | 15.72 | 0.15 | % | |||||||||||||||||
JAND, Inc. (dba Warby Parker). | ||||||||||||||||||||||||
Series E | 3/9/2018 | 2,948 | 46,334 | 46,334 | 15.72 | 0.01 | % | |||||||||||||||||
Kardium, Inc. | ||||||||||||||||||||||||
SeriesD-5 | 11/29/2018 | 542,402 | 525,533 | 525,544 | 0.97 | 0.07 | % | |||||||||||||||||
Outset Medical, Inc. | ||||||||||||||||||||||||
Series C | 4/19/2017 | 320,192 | 829,778 | 858,114 | 2.68 | 0.10 | % | |||||||||||||||||
Outset Medical, Inc. | ||||||||||||||||||||||||
Series D | 8/20/2018 | 171,126 | 532,202 | 532,202 | 3.11 | 0.07 | % | |||||||||||||||||
RefleXion Medical, Inc. | ||||||||||||||||||||||||
Series C | 4/23/2018 | 160,251 | 271,145 | 271,140 | 1.69 | 0.03 | % | |||||||||||||||||
Seer, Inc. | ||||||||||||||||||||||||
Series D | 11/15/2019 | 142,683 | 463,720 | 463,720 | 3.25 | 0.06 | % | |||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series D | 3/20/2018 | 60,677 | 568,780 | 1,459,961 | 24.06 | 0.18 | % | |||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series E | 8/23/2018 | 39,722 | 665,058 | 981,344 | 24.71 | 0.12 | % | |||||||||||||||||
Tempus Labs, Inc. | ||||||||||||||||||||||||
Series F | 5/1/2019 | 10,551 | 261,239 | 261,239 | 24.76 | 0.03 | % | |||||||||||||||||
$ | 10,769,673 | 1.32 | % | |||||||||||||||||||||
93 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
(2) | Securities classified as Level 3 (see Note 2). |
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $81,037,330. This was secured by collateral of $11,275,766, which was received in cash and subsequently invested in short-term investments currently valued at $11,275,766 as reported in the Portfolio of Investments. Additional collateral of $71,208,219 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 12/01/2047 | $ | 261,896 | ||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | 1,977,108 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 68,969,215 |
(4) | The rate shown is the7-day yield as of November 30, 2019. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 - Biomedical/Gene | $ | 229,950,568 | $ | 266,181 | $ | 1,754,708 | $ | 231,971,457 | ||||||||
Pharmacy Services | 15,668,530 | — | 567,305 | 16,235,835 | ||||||||||||
Other Industries | 552,005,252 | — | — | 552,005,252 | ||||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Medical Products | 1,663,027 | — | 525,544 | 2,188,571 | ||||||||||||
Other Industries | — | — | 8,549,549 | 8,549,549 | ||||||||||||
Short-Term Investment Securities | 13,249,068 | — | — | 13,249,068 | ||||||||||||
Total Investments at Value | $ | 812,536,445 | $ | 266,181 | $ | 11,397,106 | $ | 824,199,732 | ||||||||
* | 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:
Common Stocks | Convertible Preferred Securities | |||||||
Balance as of May 31, 2019 | $ | 2,209,214 | $ | 6,643,599 | ||||
Accrued Discounts | — | — | ||||||
Accrued Premiums | — | — | ||||||
Realized Gain | — | — | ||||||
Realized Loss | — | — | ||||||
Change in unrealized appreciation(1) | 112,799 | 382,390 | ||||||
Change in unrealized depreciation(1) | — | (137,685 | ) | |||||
Net purchases | — | 2,186,789 | ||||||
Net sales | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Balance as of November 30, 2019 | $ | 2,322,013 | $ | 9,075,093 | ||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2019 includes: |
Common Stocks | Convertible Preferred Securities | |||||||
$ | 112,799 | $ | 244,705 | |||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2019.
94 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 11/30/19 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 1,428,399 | Market Approach | Market Transaction Price* | $15.717 - $123.26 ($69.4885) | |||||
893,614 | Income Approach | Estimated Future Cash Distribution* | $0.09 - $0.615 ($0.3525) | |||||||
Preferred Securities | 5,243,472 | Market Approach | Market Transaction Price* | $0.96892 - $150.19000 ($25.38351) | ||||||
1,390,316 | Market Approach | Market Transaction Price* | $2.1900 | |||||||
Conversion Rate* | 1.00 - 1.32 (1.16) | |||||||||
Expected Cumulative Dividend at Conversion | $0.2205 - $0.4936 ($0.35705) | |||||||||
2,441,305 | Market Approach | Market Transaction Price* | $24.7596 | |||||||
Discount for Future Cumulative Dividend Variance | 0.22% - 2.82% (1.52%) |
(1) | The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with *, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have an inverse relationship. |
See Notes to Financial Statements
95 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
United States Treasury Notes | 29.8 | % | ||
United States Treasury Bonds | 21.6 | |||
Sovereign | 21.1 | |||
Diversified Banking Institutions | 10.5 | |||
Diversified Financial Services | 5.0 | |||
Banks — Commercial | 2.3 | |||
Pipelines | 1.9 | |||
Insurance — Life/Health | 1.3 | |||
Gold Mining | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Pharmacy Services | 0.5 | |||
Insurance — Multi-line | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Oil Companies — Integrated | 0.5 | |||
Building Products — Wood | 0.4 | |||
Banks — Super Regional | 0.4 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Federal Home Loan Mtg. Corp. | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Machinery — Farming | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Federal National Mtg. Assoc. | 0.2 | |||
Diversified Minerals | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Banks — Money Center | 0.2 | |||
Chemicals — Specialty | 0.1 | |||
Real Estate Investment Trusts | 0.1 | |||
Electric — Integrated | 0.1 | |||
Medical — Drugs | 0.1 | |||
Metal — Diversified | 0.1 | |||
100.1 | % | |||
Credit Quality#†
Aaa | 66.7 | % | ||
Aa | 0.4 | |||
A | 9.0 | |||
Baa | 12.8 | |||
Ba | 2.4 | |||
B | 0.1 | |||
Not Rated@ | 8.6 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
† | Source: Moody’s |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
96 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.0% |
| |||||||
Diversified Financial Services — 5.0% |
| |||||||
BANK | $ | 3,500,000 | $ | 3,675,761 | ||||
Benchmark Mtg. Trust | 6,000,000 | 6,642,004 | ||||||
Benchmark Mtg. Trust | 5,160,000 | 5,840,447 | ||||||
Benchmark Mtg. Trust VRS | 6,000,000 | 6,909,475 | ||||||
CAMB Commercial Mtg. Trust FRS | 750,000 | 751,403 | ||||||
Chase Issuance Trust | 1,500,000 | 1,496,551 | ||||||
CSAIL Commercial Mtg. Trust | 3,050,000 | 3,138,271 | ||||||
Jackson Park Trust | 3,000,000 | 3,031,313 | ||||||
One Bryant Park Trust | 2,040,000 | 2,021,128 | ||||||
Stonemont Portfolio Trust FRS | 435,747 | 435,332 | ||||||
Store Master FundingI-VII | 1,661,949 | 1,735,221 | ||||||
Total Asset Backed Securities | ||||||||
(cost $34,345,488) | 35,676,906 | |||||||
U.S. CORPORATE BONDS & NOTES — 10.6% |
| |||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
L3Harris Technologies, Inc. | 1,180,000 | 1,194,908 | ||||||
Banks - Commercial — 0.2% |
| |||||||
Zions Bancorp NA | 1,600,000 | 1,582,162 | ||||||
Banks - Super Regional — 0.4% |
| |||||||
SunTrust Banks, Inc. | 558,000 | 603,421 | ||||||
Wells Fargo & Co. FRS | 2,000,000 | 1,940,600 | ||||||
2,544,021 | ||||||||
Building Products - Wood — 0.4% |
| |||||||
Masco Corp. | 3,009,000 | 3,122,632 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
Dow Chemical Co. | $ | 1,915,000 | $ | 2,158,269 | ||||
DowDuPont, Inc. | 1,228,000 | 1,477,232 | ||||||
3,635,501 | ||||||||
Diversified Banking Institutions — 6.4% |
| |||||||
Bank of America Corp. FRS | 2,000,000 | 1,987,500 | ||||||
Bank of America Corp. FRS | 1,600,000 | 1,601,232 | ||||||
Bank of America Corp. | 2,614,000 | 2,831,396 | ||||||
Bank of America Corp. | 2,721,000 | 3,145,430 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,969,600 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,997,800 | ||||||
Citigroup, Inc. FRS | 4,000,000 | 3,948,800 | ||||||
Citigroup, Inc. | 2,902,000 | 3,602,944 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 4,086,340 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,016,200 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,007,700 | ||||||
JPMorgan Chase & Co. FRS | 5,000,000 | 4,934,000 | ||||||
Morgan Stanley FRS | 468,000 | 470,925 | ||||||
Morgan Stanley FRS | 1,402,000 | 1,461,585 | ||||||
Morgan Stanley FRS | 1,813,000 | 1,785,805 |
97 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) | ||||||||
Morgan Stanley FRS | $ | 2,203,000 | $ | 2,189,231 | ||||
Morgan Stanley FRS | 2,000,000 | 1,985,000 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,932,887 | ||||||
Morgan Stanley FRS | 664,000 | 676,450 | ||||||
45,630,825 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
SLM Corp. FRS | 2,017,000 | 2,009,436 | ||||||
Finance - Investment Banker/Broker — 0.0% |
| |||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 4,880 | ||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 7,225 | ||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 12,200 | ||||||
24,305 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Goldcorp Corp. | 781,000 | 772,915 | ||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 512,000 | 533,731 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 412,000 | 427,748 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Diamondback Energy, Inc. | 2,000,000 | 1,994,660 | ||||||
Noble Energy, Inc. | 478,000 | 496,678 | ||||||
2,491,338 | ||||||||
Pharmacy Services — 0.5% |
| |||||||
CVS Health Corp. | 3,488,000 | 3,961,952 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Pipelines — 0.8% |
| |||||||
Cheniere Corpus Christi Holdings LLC | $ | 580,000 | $ | 585,590 | ||||
Enable Midstream Partners LP | 887,000 | 886,807 | ||||||
Energy Transfer Operating LP | 1,159,000 | 1,308,376 | ||||||
EnLink Midstream LLC | 524,000 | 443,933 | ||||||
EnLink Midstream Partners LP | 1,299,000 | 1,148,381 | ||||||
MPLX LP | 1,274,000 | 1,335,840 | ||||||
5,708,927 | ||||||||
Real Estate Investment Trusts — 0.1% |
| |||||||
Alexandria Real Estate Equities, Inc. | 719,000 | 767,622 | ||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,398,000 | 1,397,722 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $73,719,080) | 75,805,745 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 6.6% |
| |||||||
Banks - Commercial — 2.0% |
| |||||||
Barclays Bank PLC FRS | 9,800,000 | 9,716,700 | ||||||
Danske Bank A/S | 675,000 | 741,260 | ||||||
Intesa Sanpaolo SpA | 3,561,000 | 3,600,805 | ||||||
14,058,765 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 910,000 | 912,841 | ||||||
Diversified Banking Institutions — 3.1% |
| |||||||
BNP Paribas SA FRS | 431,000 | 431,000 | ||||||
Credit Agricole SA | 2,548,000 | 2,647,270 | ||||||
Royal Bank of Scotland Group PLC | 2,729,000 | 2,753,267 | ||||||
Royal Bank of Scotland Group PLC | 1,142,000 | 1,205,272 |
98 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Banking Institutions (continued) | ||||||||
Royal Bank of Scotland Group PLC | $ | 1,434,000 | $ | 1,517,286 | ||||
Societe Generale SA VRS | 10,000,000 | 10,190,000 | ||||||
UniCredit SpA | 738,000 | 767,811 | ||||||
UniCredit SpA | 1,500,000 | 1,608,037 | ||||||
UniCredit SpA | 828,000 | 952,461 | ||||||
22,072,404 | ||||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American Capital PLC | 1,157,000 | 1,203,863 | ||||||
Gold Mining — 0.5% |
| |||||||
Newcrest Finance Pty, Ltd. | 1,627,000 | 1,697,051 | ||||||
Newcrest Finance Pty, Ltd. | 1,807,000 | 2,154,523 | ||||||
3,851,574 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial NV | 1,392,000 | 1,451,818 | ||||||
Oil Companies - Integrated — 0.5% |
| |||||||
Cenovus Energy, Inc. | 2,352,000 | 2,469,670 | ||||||
Petroleos Mexicanos | 1,002,000 | 1,074,404 | ||||||
3,544,074 | ||||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $45,775,337) | 47,095,339 | |||||||
U.S. GOVERNMENT AGENCIES — 0.5% |
| |||||||
Federal Home Loan Mtg. Corp. — 0.3% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS |
| |||||||
Series 4012, Class NF | 309,800 | 310,274 | ||||||
Series 3925, Class FL | 1,118,496 | 1,121,768 | ||||||
Series 4001, Class FM | 337,227 | 338,648 | ||||||
Series 3355, Class BF | 347,275 | 350,967 | ||||||
2,121,657 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Federal National Mtg. Assoc. — 0.2% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS |
| |||||||
Series2012-93, Class BF | $ | 617,613 | $ | 617,752 | ||||
Series2011-103, Class FD | 615,056 | 616,912 | ||||||
1,234,664 | ||||||||
Government National Mtg. Assoc. — 0.0% |
| |||||||
Government National Mtg. Assoc. FRS | 305,550 | 307,618 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $3,655,419) | 3,663,939 | |||||||
U.S. GOVERNMENT TREASURIES — 51.4% |
| |||||||
United States Treasury Bonds — 21.6% |
| |||||||
United States Treasury Bonds TIPS(6) | 6,527,404 | 6,721,789 | ||||||
0.75% due 02/15/2042 | 3,219,053 | 3,401,164 | ||||||
0.75% due 02/15/2045 | 8,551,676 | 9,036,857 | ||||||
0.88% due 02/15/2047 | 4,148,157 | 4,526,902 | ||||||
1.00% due 02/15/2046 | 7,487,243 | 8,388,619 | ||||||
1.00% due 02/15/2048 | 5,518,254 | 6,220,518 | ||||||
1.00% due 02/15/2049 | 4,081,320 | 4,627,934 | ||||||
1.38% due 02/15/2044 | 4,720,613 | 5,668,397 | ||||||
1.75% due 01/15/2028 | 13,971,498 | 15,668,063 | ||||||
2.00% due 01/15/2026 | 4,540,571 | 5,028,559 | ||||||
2.13% due 02/15/2040 | 2,850,960 | 3,775,011 | ||||||
2.13% due 02/15/2041 | 4,889,033 | 6,534,456 | ||||||
2.38% due 01/15/2025 | 4,086,300 | 4,532,485 | ||||||
2.38% due 01/15/2027 | 5,092,680 | 5,866,926 | ||||||
2.50% due 01/15/2029 | 10,164,895 | 12,245,131 | ||||||
3.63% due 04/15/2028 | 22,065,416 | 28,226,167 | ||||||
3.88% due 04/15/2029 | 18,351,385 | 24,495,996 | ||||||
154,964,974 | ||||||||
United States Treasury Notes — 29.8% |
| |||||||
United States Treasury Notes TIPS(6) | 6,797,618 | 6,778,472 | ||||||
0.13% due 04/15/2021 | 2,599,944 | 2,582,263 | ||||||
0.13% due 01/15/2022 | 5,671,950 | 5,638,016 | ||||||
0.13% due 04/15/2022 | 10,979,696 | 10,898,854 | ||||||
0.13% due 07/15/2022 | 2,567,927 | 2,563,531 | ||||||
0.13% due 01/15/2023 | 15,461,860 | 15,367,783 | ||||||
0.13% due 07/15/2024 | 19,923,137 | 19,912,754 | ||||||
0.13% due 10/15/2024 | 10,007,300 | 10,009,784 | ||||||
0.13% due 07/15/2026 | 6,835,202 | 6,824,816 | ||||||
0.25% due 01/15/2025 | 7,696,471 | 7,715,699 | ||||||
0.25% due 07/15/2029 | 10,037,500 | 10,114,421 | ||||||
0.38% due 07/15/2023 | 11,032,800 | 11,121,792 | ||||||
0.38% due 07/15/2025 | 7,531,841 | 7,630,163 | ||||||
0.38% due 01/15/2027 | 9,289,746 | 9,398,042 | ||||||
0.38% due 07/15/2027 | 15,609,651 | 15,864,764 | ||||||
0.50% due 01/15/2028 | 10,929,345 | 11,185,123 | ||||||
0.63% due 04/15/2023 | 13,127,482 | 13,254,868 | ||||||
0.63% due 01/15/2024 | 8,252,850 | 8,382,589 | ||||||
0.63% due 01/15/2026 | 6,115,645 | 6,272,165 | ||||||
0.75% due 07/15/2028 | 10,433,070 | 10,948,211 | ||||||
1.13% due 01/15/2021 | 4,460,098 | 4,489,295 | ||||||
1.25% due 07/15/2020 | 15,893,550 | 16,021,014 | ||||||
212,974,419 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $348,934,940) | 367,939,393 | |||||||
99 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 21.1% |
| |||||||
Sovereign — 21.1% |
| |||||||
Commonwealth of Australia | AUD | 22,448,150 | $ | 16,490,728 | ||||
Commonwealth of Australia | AUD | 16,100,500 | 13,139,856 | |||||
Government of Canada | CAD | 17,887,920 | 19,485,349 | |||||
Government of Canada | CAD | 37,712,640 | 30,645,105 | |||||
Government of Canada | CAD | 11,632,725 | 11,260,615 | |||||
Government of New Zealand | NZD | 36,387,700 | 26,060,080 | |||||
Kingdom of Spain | EUR | 14,152,590 | 16,070,800 | |||||
Kingdom of Spain | EUR | 9,681,420 | 12,539,914 | |||||
United Kingdom Gilt Treasury | GBP | 2,010,837 | 2,886,192 | |||||
United Mexican States | MXN | 44,154,914 | 2,245,421 | |||||
Total Foreign Government Obligations | ||||||||
(cost $152,496,540) | 150,824,060 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Banco Santander SA FRS | 9,950 | 229,447 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 4.3% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Corestates Capital II FRS | 669,000 | 632,205 | ||||||
Banks - Money Center — 0.2% |
| |||||||
BBVA Bancomer SA | 1,145,000 | 1,127,825 | ||||||
Diversified Banking Institutions — 1.0% |
| |||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,884,412 | ||||||
Goldman Sachs Group, Inc. | 2,799,000 | 2,819,993 | ||||||
HSBC Holdings PLC | 1,018,000 | 1,076,535 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 395,053 | ||||||
7,175,993 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
WEC Energy Group, Inc. FRS | 819,000 | 733,492 | ||||||
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
Insurance - Life/Health — 1.3% |
| |||||||
Prudential Financial, Inc. | $ | 8,376,000 | $ | 9,585,159 | ||||
Insurance - Multi-line — 0.5% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 464,000 | ||||||
Hartford Financial Services Group, Inc. FRS | 3,832,000 | 3,457,510 | ||||||
3,921,510 | ||||||||
Pipelines — 1.1% |
| |||||||
Enbridge, Inc. | 2,670,000 | 2,736,750 | ||||||
Energy Transfer Operating LP | 2,554,000 | 2,298,600 | ||||||
EnLink Midstream Partners LP | 475,000 | 237,500 | ||||||
Enterprise Products Operating LLC | 1,029,000 | 1,034,145 | ||||||
MPLX LP | 1,271,000 | 1,274,178 | ||||||
7,581,173 | ||||||||
Total Preferred Securities/Capital Securities |
| |||||||
(cost $30,115,238) | 30,757,357 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $689,280,873) | 711,992,186 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% | ||||||||
Registered Investment Companies — 0.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,391,291 | 2,391,291 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,948,328 | 1,948,328 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $4,339,619) | 4,339,619 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $693,620,492)(10) | 100.1 | % | 716,331,805 | |||||
Liabilities in excess of other assets | (0.1 | ) | (743,290 | ) | ||||
NET ASSETS | 100.0 | % | $ | 715,588,515 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $47,372,808 representing 6.6% 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) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Securities classified as Level 3 (see Note 2). |
(5) | 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 November 30, 2019. |
100 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
(9) | At November 30, 2019, the Fund had loaned securities with a total value of $2,183,998. This was secured by collateral of $1,948,328, which was received in cash and subsequently invested in short-term investments currently valued at $1,948,328 as reported in the Portfolio of Investments. Additional collateral of $283,621 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | $ | 34,987 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 04/15/2020 to 05/15/2048 | 248,634 |
(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 November 30, 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 November 30, 2019 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 35,676,906 | $ | — | $ | 35,676,906 | ||||||||
U.S. Corporate Bonds & Notes | — | 75,805,745 | — | 75,805,745 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 11,882,404 | 10,190,000 | 22,072,404 | ||||||||||||
Other Industries | — | 25,022,935 | — | 25,022,935 | ||||||||||||
U.S. Government Agencies | — | 3,663,939 | — | 3,663,939 | ||||||||||||
U.S. Government Treasuries | — | 367,939,393 | — | 367,939,393 | ||||||||||||
Foreign Government Obligations | — | 150,824,060 | — | 150,824,060 | ||||||||||||
Preferred Securities | 229,447 | — | — | 229,447 | ||||||||||||
Preferred Securities/Capital Securities | — | 30,757,357 | — | 30,757,357 | ||||||||||||
Short-Term Investment Securities | 4,339,619 | — | — | 4,339,619 | ||||||||||||
Total Investment at Value | $ | 4,569,066 | $ | 701,572,739 | $ | 10,190,000 | $ | 716,331,805 | ||||||||
* | 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 05/31/2019 | $ | 10,080,000 | ||
Accrued Discounts | — | |||
Accrued Premiums | — | |||
Realized Gain | — | |||
Realized Loss | — | |||
Change in unrealized appreciation(1) | 110,000 | |||
Change in unrealized depreciation(1) | — | |||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of 11/30/2019 | $ | 10,190,000 | ||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2019 includes: |
Foreign Corporate Bonds & Notes | ||||
$ | 110,000 | |||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2019.
The Fund’s security classified as Level 3, with a fair value of $10,190,000 at November 30, 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
101 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Repurchase Agreements | 15.1 | % | ||
Medical — Drugs | 6.8 | |||
Registered Investment Companies | 4.5 | |||
Banks — Commercial | 4.4 | |||
Diversified Banking Institutions | 4.4 | |||
Exchange — Traded Funds | 3.5 | |||
Oil Companies — Integrated | 3.2 | |||
Auto — Cars/Light Trucks | 2.7 | |||
Food — Misc./Diversified | 2.4 | |||
Telephone — Integrated | 2.1 | |||
Cosmetics & Toiletries | 2.0 | |||
Insurance — Life/Health | 1.7 | |||
Insurance — Multi-line | 1.6 | |||
Electric — Integrated | 1.6 | |||
Real Estate Investment Trusts | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Food — Retail | 1.2 | |||
Transport — Rail | 1.1 | |||
Electronic Components — Misc. | 1.0 | |||
Metal — Diversified | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
U.S. Government Treasuries | 0.9 | |||
Brewery | 0.9 | |||
Tobacco | 0.9 | |||
Industrial Automated/Robotic | 0.9 | |||
Commercial Services | 0.9 | |||
Beverages — Wine/Spirits | 0.8 | |||
Enterprise Software/Service | 0.8 | |||
Medical Products | 0.8 | |||
Aerospace/Defense — Equipment | 0.8 | |||
Cellular Telecom | 0.8 | |||
Diversified Minerals | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Finance — Other Services | 0.8 | |||
Import/Export | 0.8 | |||
Real Estate Operations & Development | 0.7 | |||
Textile — Apparel | 0.7 | |||
Chemicals — Specialty | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Building — Heavy Construction | 0.7 | |||
Retail — Apparel/Shoe | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Audio/Video Products | 0.6 | |||
Machinery — Electrical | 0.6 | |||
Computer Services | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Machinery — General Industrial | 0.5 | |||
Gas — Distribution | 0.5 | |||
Insurance — Reinsurance | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Food — Dairy Products | 0.5 | |||
Transport — Services | 0.4 | |||
Building & Construction Products — Misc. | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Building Products — Cement | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Human Resources | 0.4 | |||
Industrial Gases | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Toys | 0.4 | |||
Investment Companies | 0.3 | |||
Aerospace/Defense | 0.3 | |||
Rubber — Tires | 0.3 | |||
Athletic Footwear | 0.3 | |||
Electric — Distribution | 0.3 | |||
Machinery — Construction & Mining | 0.3 |
Oil Companies — Exploration & Production | 0.3 | |||
Internet Content — Information/News | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Food — Catering | 0.3 | |||
Paper & Related Products | 0.3 | |||
Telecom Services | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Optical Supplies | 0.3 | |||
Distribution/Wholesale | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Hotels/Motels | 0.3 | |||
Retail — Jewelry | 0.2 | |||
Electric — Generation | 0.2 | |||
Investment Management/Advisor Services | 0.2 | |||
Multimedia | 0.2 | |||
Steel — Producers | 0.2 | |||
Medical Instruments | 0.2 | |||
Diversified Operations | 0.2 | |||
Commercial Services — Finance | 0.2 | |||
Casino Hotels | 0.2 | |||
Instruments — Controls | 0.2 | |||
Retail — Building Products | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Dialysis Centers | 0.2 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Coatings/Paint | 0.2 | |||
Private Equity | 0.2 | |||
Machinery — Farming | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Networking Products | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Advertising Services | 0.2 | |||
Airport Development/Maintenance | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Beverages —Non-alcoholic | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Water | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Security Services | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Food — Confectionery | 0.1 | |||
Computer Aided Design | 0.1 | |||
Wireless Equipment | 0.1 | |||
Gambling(Non-Hotel) | 0.1 | |||
Computer Data Security | 0.1 | |||
Electric — Transmission | 0.1 | |||
Casino Services | 0.1 | |||
Web Portals/ISP | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Advertising Agencies | 0.1 | |||
Gold Mining | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Fisheries | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Applications Software | 0.1 | |||
Gas — Transportation | 0.1 | |||
Electronics — Military | 0.1 |
102 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Food — Meat Products | 0.1 | % | ||
Diagnostic Kits | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Metal — Iron | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Retail — Discount | 0.1 | |||
Respiratory Products | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Leisure Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
103.9 | % | |||
Country Allocation*
United States | 24.0 | % | ||
Japan | 19.8 | |||
United Kingdom | 12.3 | |||
France | 8.3 | |||
Switzerland | 7.5 | |||
Germany | 7.0 | |||
Australia | 5.4 | |||
Netherlands | 4.0 | |||
Spain | 2.2 | |||
Hong Kong | 2.0 | |||
Sweden | 2.0 | |||
Italy | 1.5 | |||
Denmark | 1.4 | |||
Singapore | 1.0 | |||
Finland | 0.9 | |||
Belgium | 0.8 | |||
Jersey | 0.6 | |||
Ireland | 0.6 | |||
Cayman Islands | 0.5 | |||
Norway | 0.5 | |||
Israel | 0.5 | |||
Luxembourg | 0.2 | |||
Bermuda | 0.2 | |||
New Zealand | 0.2 | |||
Austria | 0.2 | |||
SupraNational | 0.2 | |||
Portugal | 0.1 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
103 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 79.9% |
| |||||||
Australia — 5.4% |
| |||||||
AGL Energy, Ltd. | 46,199 | $ | 637,792 | |||||
Alumina, Ltd. | 188,700 | 294,841 | ||||||
AMP, Ltd.# | 238,550 | 315,450 | ||||||
APA Group | 80,758 | 600,872 | ||||||
Aristocrat Leisure, Ltd. | 41,068 | 942,243 | ||||||
ASX, Ltd. | 14,268 | 788,573 | ||||||
Aurizon Holdings, Ltd. | 143,587 | 561,367 | ||||||
AusNet Services | 125,630 | 147,859 | ||||||
Australia & New Zealand Banking Group, Ltd. | 201,583 | 3,386,953 | ||||||
Bank of Queensland, Ltd.# | 26,615 | 140,959 | ||||||
Bendigo & Adelaide Bank, Ltd.# | 32,122 | 217,925 | ||||||
BGP Holdings PLC†(1) | 835,027 | 0 | ||||||
BHP Group, Ltd. | 209,337 | 5,413,198 | ||||||
BlueScope Steel, Ltd. | 37,164 | 365,754 | ||||||
Boral, Ltd. | 82,816 | 287,926 | ||||||
Brambles, Ltd. | 111,996 | 950,714 | ||||||
Caltex Australia, Ltd. | 17,767 | 415,328 | ||||||
Challenger, Ltd.# | 41,315 | 227,476 | ||||||
CIMIC Group, Ltd. | 7,629 | 173,591 | ||||||
Coca-Cola Amatil, Ltd. | 36,036 | 277,385 | ||||||
Cochlear, Ltd. | 4,237 | 670,594 | ||||||
Coles Group, Ltd. | 81,100 | 891,959 | ||||||
Commonwealth Bank of Australia | 125,786 | 6,876,300 | ||||||
Computershare, Ltd. | 32,796 | 393,308 | ||||||
Crown Resorts, Ltd. | 26,919 | 235,065 | ||||||
CSL, Ltd. | 32,109 | 6,156,769 | ||||||
Dexus | 77,563 | 641,630 | ||||||
Flight Centre Travel Group, Ltd.# | 4,202 | 125,144 | ||||||
Fortescue Metals Group, Ltd.# | 98,450 | 647,936 | ||||||
Goodman Group | 116,569 | 1,168,517 | ||||||
GPT Group | 137,797 | 573,216 | ||||||
Harvey Norman Holdings, Ltd.# | 39,521 | 114,948 | ||||||
Incitec Pivot, Ltd. | 123,358 | 269,509 | ||||||
Insurance Australia Group, Ltd. | 169,510 | 904,640 | ||||||
LendLease Group | 40,862 | 533,710 | ||||||
Macquarie Group, Ltd. | 22,909 | 2,139,174 | ||||||
Magellan Financial Group, Ltd.# | 8,820 | 313,147 | ||||||
Medibank Private, Ltd. | 200,714 | 442,587 | ||||||
Mirvac Group | 274,370 | 625,418 | ||||||
National Australia Bank, Ltd. | 200,032 | 3,502,960 | ||||||
Newcrest Mining, Ltd. | 55,681 | 1,158,503 | ||||||
Orica, Ltd. | 27,724 | 445,935 | ||||||
Origin Energy, Ltd. | 125,305 | 737,380 | ||||||
QBE Insurance Group, Ltd. | 94,018 | 806,369 | ||||||
Ramsay Health Care, Ltd. | 11,299 | 557,760 | ||||||
REA Group, Ltd. | 3,971 | 280,309 | ||||||
Rio Tinto, Ltd. | 26,376 | 1,728,767 | ||||||
Santos, Ltd. | 125,818 | 693,592 | ||||||
Scentre Group | 378,348 | 1,008,304 | ||||||
SEEK, Ltd. | 24,730 | 387,908 | ||||||
Sonic Healthcare, Ltd. | 30,803 | 627,555 | ||||||
South32, Ltd. | 357,933 | 653,686 | ||||||
Stockland | 172,428 | 588,983 | ||||||
Suncorp Group, Ltd. | 88,472 | 800,692 | ||||||
Sydney Airport | 81,016 | 503,057 | ||||||
Tabcorp Holdings, Ltd. | 138,872 | 449,939 | ||||||
Telstra Corp., Ltd. | 291,845 | 761,979 | ||||||
TPG Telecom, Ltd.# | 24,261 | 114,707 | ||||||
Transurban Group | 190,095 | 1,973,707 | ||||||
Treasury Wine Estates, Ltd. | 52,547 | 664,650 | ||||||
Vicinity Centres | 242,195 | 439,040 | ||||||
Washington H. Soul Pattinson & Co., Ltd.# | 7,655 | 115,569 | ||||||
Wesfarmers, Ltd. | 81,100 | 2,324,251 | ||||||
Westpac Banking Corp. | 244,082 | 4,048,180 |
Security Description | Shares | Value (Note 2) | ||||||
Australia (continued) |
| |||||||
Woodside Petroleum, Ltd. | 66,566 | $ | 1,553,821 | |||||
Woolworths Group, Ltd. | 89,556 | 2,408,489 | ||||||
Worley, Ltd.# | 22,817 | 231,501 | ||||||
69,437,370 | ||||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 5,428 | 211,693 | ||||||
Erste Group Bank AG | 20,673 | 740,202 | ||||||
OMV AG | 10,710 | 610,491 | ||||||
Raiffeisen Bank International AG | 10,543 | 247,520 | ||||||
Verbund AG | 4,839 | 251,523 | ||||||
voestalpine AG | 8,261 | 218,883 | ||||||
2,280,312 | ||||||||
Belgium — 0.8% |
| |||||||
Ageas | 12,703 | 762,442 | ||||||
Anheuser-Busch InBev SA NV | 54,090 | 4,282,802 | ||||||
Colruyt SA | 4,269 | 221,049 | ||||||
Groupe Bruxelles Lambert SA | 6,021 | 610,930 | ||||||
KBC Group NV | 17,896 | 1,304,018 | ||||||
Proximus SADP | 11,273 | 340,045 | ||||||
Solvay SA# | 5,313 | 608,747 | ||||||
Telenet Group Holding NV†# | 3,294 | 148,644 | ||||||
UCB SA | 9,282 | 752,223 | ||||||
Umicore SA | 14,025 | 602,293 | ||||||
9,633,193 | ||||||||
Bermuda — 0.2% |
| |||||||
CK Infrastructure Holdings, Ltd. | 47,000 | 318,215 | ||||||
Dairy Farm International Holdings, Ltd. | 24,326 | 142,307 | ||||||
Hongkong Land Holdings, Ltd. | 83,800 | 460,900 | ||||||
Jardine Matheson Holdings, Ltd. | 15,386 | 865,001 | ||||||
Jardine Strategic Holdings, Ltd. | 15,461 | 490,887 | ||||||
Kerry Properties, Ltd. | 46,500 | 149,989 | ||||||
NWS Holdings, Ltd. | 108,000 | 144,864 | ||||||
Shangri-La Asia, Ltd. | 76,000 | 78,834 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 52,500 | 155,259 | ||||||
2,806,256 | ||||||||
Cayman Islands — 0.5% |
| |||||||
ASM Pacific Technology, Ltd. | 21,600 | 282,001 | ||||||
BeiGene, Ltd. ADR†# | 2,557 | 519,813 | ||||||
CK Asset Holdings, Ltd. | 185,308 | 1,232,144 | ||||||
CK Hutchison Holdings, Ltd. | 191,808 | 1,742,139 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 14,706 | 312,944 | ||||||
MGM China Holdings, Ltd.# | 69,600 | 103,492 | ||||||
Sands China, Ltd. | 177,200 | 837,552 | ||||||
WH Group, Ltd.* | 678,000 | 696,357 | ||||||
Wharf Real Estate Investment Co., Ltd. | 87,000 | 482,898 | ||||||
Wynn Macau, Ltd. | 114,800 | 252,535 | ||||||
6,461,875 | ||||||||
Denmark — 1.4% |
| |||||||
AP Moller — Maersk A/S, Series A | 282 | 366,112 | ||||||
AP Moller — Maersk A/S, Series B | 454 | 634,466 | ||||||
Carlsberg A/S, Class B | 7,611 | 1,094,837 | ||||||
Chr. Hansen Holding A/S# | 7,495 | 569,134 | ||||||
Coloplast A/S, Class B | 8,249 | 974,492 | ||||||
Danske Bank A/S | 47,747 | 644,596 | ||||||
Demant A/S†# | 7,179 | 219,643 | ||||||
DSV A/S | 15,523 | 1,690,064 | ||||||
Genmab A/S† | 4,622 | 1,076,770 | ||||||
H. Lundbeck A/S | 4,909 | 188,048 | ||||||
ISS A/S | 11,839 | 271,706 | ||||||
Novo Nordisk A/S, Class B | 125,897 | 7,076,265 |
104 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Novozymes A/S, Class B | 15,193 | $ | 725,812 | |||||
Orsted A/S* | 13,325 | 1,227,957 | ||||||
Pandora A/S | 7,115 | 286,400 | ||||||
Tryg A/S | 7,967 | 229,068 | ||||||
Vestas Wind Systems A/S | 13,444 | 1,279,362 | ||||||
18,554,732 | ||||||||
Finland — 0.9% |
| |||||||
Elisa Oyj | 10,120 | 540,848 | ||||||
Fortum Oyj | 32,722 | 771,106 | ||||||
Kone Oyj, Class B | 24,420 | 1,528,658 | ||||||
Metso Oyj | 7,488 | 287,084 | ||||||
Neste Oyj | 30,061 | 1,016,067 | ||||||
Nokia Oyj | 400,796 | 1,418,060 | ||||||
Nokian Renkaat Oyj | 8,381 | 226,771 | ||||||
Nordea Bank Abp | 230,526 | 1,632,526 | ||||||
Orion Oyj, Class B | 7,400 | 322,027 | ||||||
Sampo Oyj, Class A | 31,983 | 1,293,149 | ||||||
Stora Enso Oyj, Class R | 40,938 | 550,237 | ||||||
UPM-Kymmene Oyj | 37,990 | 1,269,001 | ||||||
Wartsila Oyj Abp | 32,816 | 330,297 | ||||||
11,185,831 | ||||||||
France — 8.3% |
| |||||||
Accor SA | 13,405 | 573,453 | ||||||
Aeroports de Paris | 2,199 | 430,018 | ||||||
Air Liquide SA | 33,477 | 4,538,283 | ||||||
Alstom SA | 13,321 | 580,866 | ||||||
Amundi SA* | 4,267 | 322,956 | ||||||
Arkema SA | 4,745 | 491,705 | ||||||
Atos SE | 6,676 | 566,920 | ||||||
AXA SA | 136,929 | 3,725,357 | ||||||
BioMerieux | 2,876 | 259,975 | ||||||
BNP Paribas SA | 79,774 | 4,479,602 | ||||||
Bollore SA | 62,795 | 268,423 | ||||||
Bouygues SA | 15,583 | 636,582 | ||||||
Bureau Veritas SA | 20,443 | 535,124 | ||||||
Capgemini SE | 11,338 | 1,340,917 | ||||||
Carrefour SA | 42,064 | 694,202 | ||||||
Casino Guichard Perrachon SA# | 4,178 | 183,840 | ||||||
Cie de Saint-Gobain | 35,192 | 1,424,835 | ||||||
Cie Generale des Etablissements Michelin SCA | 12,203 | 1,464,057 | ||||||
CNP Assurances | 12,765 | 252,013 | ||||||
Covivio | 3,236 | 357,936 | ||||||
Credit Agricole SA | 79,281 | 1,084,374 | ||||||
Danone SA | 43,785 | 3,604,339 | ||||||
Dassault Aviation SA | 161 | 219,057 | ||||||
Dassault Systemes SE | 9,148 | 1,441,204 | ||||||
Edenred | 16,741 | 830,882 | ||||||
Eiffage SA | 5,685 | 620,680 | ||||||
Electricite de France SA | 41,631 | 427,644 | ||||||
Engie SA | 129,463 | 2,048,158 | ||||||
EssilorLuxottica SA | 20,329 | 3,157,901 | ||||||
Eurazeo SE | 2,854 | 194,472 | ||||||
Eutelsat Communications SA | 11,271 | 184,893 | ||||||
Faurecia SA | 5,345 | 283,477 | ||||||
Gecina SA | 3,284 | 567,300 | ||||||
Getlink SE | 31,265 | 527,348 | ||||||
Hermes International | 2,248 | 1,684,103 | ||||||
ICADE | 2,383 | 238,513 | ||||||
Iliad SA# | 1,955 | 248,874 | ||||||
Imerys SA | 2,546 | 100,977 | ||||||
Ingenico Group SA | 4,268 | 455,441 | ||||||
Ipsen SA | 2,658 | 300,153 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
JCDecaux SA | 4,947 | $ | 141,703 | |||||
Kering SA | 5,368 | 3,233,143 | ||||||
Klepierre SA | 14,735 | 528,727 | ||||||
L’Oreal SA | 17,979 | 5,124,192 | ||||||
Legrand SA | 19,248 | 1,520,012 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 19,738 | 8,856,884 | ||||||
Natixis SA | 68,466 | 286,102 | ||||||
Orange SA# | 141,400 | 2,336,706 | ||||||
Pernod Ricard SA# | 15,176 | 2,787,124 | ||||||
Peugeot SA | 41,562 | 1,003,692 | ||||||
Publicis Groupe SA | 15,045 | 662,009 | ||||||
Remy Cointreau SA | 1,783 | 229,630 | ||||||
Renault SA | 13,573 | 649,799 | ||||||
Safran SA | 23,256 | 3,803,458 | ||||||
Sanofi | 80,043 | 7,452,378 | ||||||
Sartorius Stedim Biotech | 1,965 | 311,954 | ||||||
Schneider Electric SE | 38,836 | 3,748,021 | ||||||
SCOR SE | 11,282 | 484,622 | ||||||
SEB SA | 1,597 | 248,077 | ||||||
Societe BIC SA# | 1,822 | 125,456 | ||||||
Societe Generale SA | 54,565 | 1,716,863 | ||||||
Sodexo SA | 6,423 | 748,664 | ||||||
Suez | 26,068 | 385,841 | ||||||
Teleperformance | 4,099 | 970,912 | ||||||
Thales SA | 7,432 | 728,062 | ||||||
TOTAL SA | 170,122 | 8,928,852 | ||||||
Ubisoft Entertainment SA† | 5,591 | 339,394 | ||||||
Valeo SA | 16,828 | 662,969 | ||||||
Veolia Environnement SA | 37,862 | 969,400 | ||||||
Vinci SA | 36,054 | 3,931,555 | ||||||
Vivendi SA | 64,971 | 1,783,738 | ||||||
Wendel SA | 2,062 | 277,830 | ||||||
Worldline SA†* | 5,840 | 377,993 | ||||||
106,702,616 | ||||||||
Germany — 7.0% |
| |||||||
1&1 Drillisch AG | 3,752 | 99,289 | ||||||
adidas AG | 12,817 | 3,992,569 | ||||||
Allianz SE | 30,160 | 7,221,948 | ||||||
Axel Springer SE† | 3,455 | 237,898 | ||||||
BASF SE | 65,311 | 4,908,643 | ||||||
Bayer AG | 66,310 | 5,018,792 | ||||||
Bayerische Motoren Werke AG | 23,321 | 1,883,278 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 3,981 | 245,609 | ||||||
Beiersdorf AG | 7,163 | 835,313 | ||||||
Brenntag AG | 11,150 | 594,666 | ||||||
Carl Zeiss Meditec AG | 2,860 | 349,746 | ||||||
Commerzbank AG | 71,324 | 413,397 | ||||||
Continental AG | 7,919 | 1,034,709 | ||||||
Covestro AG* | 12,353 | 578,395 | ||||||
Daimler AG | 64,828 | 3,656,756 | ||||||
Delivery Hero SE†* | 7,992 | 422,630 | ||||||
Deutsche Bank AG | 139,746 | 1,007,502 | ||||||
Deutsche Boerse AG | 13,585 | 2,084,099 | ||||||
Deutsche Lufthansa AG | 17,562 | 333,174 | ||||||
Deutsche Post AG | 70,201 | 2,617,201 | ||||||
Deutsche Telekom AG | 235,411 | 3,951,492 | ||||||
Deutsche Wohnen SE | 25,137 | 981,732 | ||||||
E.ON SE | 155,437 | 1,626,485 | ||||||
Evonik Industries AG | 13,245 | 384,354 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 2,772 | 236,129 | ||||||
Fresenius Medical Care AG & Co. KGaA | 15,139 | 1,110,130 | ||||||
Fresenius SE & Co. KGaA | 29,462 | 1,611,229 | ||||||
Fuchs Petrolub SE (Preference Shares) | 5,403 | 233,337 |
105 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
GEA Group AG | 11,544 | $ | 370,985 | |||||
Hannover Rueck SE | 4,290 | 796,380 | ||||||
HeidelbergCement AG | 10,443 | 771,989 | ||||||
Henkel AG & Co. KGaA | 7,591 | 734,272 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 12,683 | 1,339,718 | ||||||
HOCHTIEF AG | 1,759 | 216,075 | ||||||
HUGO BOSS AG | 4,860 | 228,895 | ||||||
Infineon Technologies AG | 88,952 | 1,899,994 | ||||||
KION Group AG | 5,015 | 332,717 | ||||||
Knorr-Bremse AG | 3,436 | 334,179 | ||||||
LANXESS AG | 6,214 | 414,181 | ||||||
Merck KGaA | 9,357 | 1,092,712 | ||||||
METRO AG | 12,056 | 194,251 | ||||||
MTU Aero Engines AG | 3,634 | 984,480 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 10,268 | 2,947,974 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 10,897 | 806,511 | ||||||
Puma SE | 5,930 | 445,556 | ||||||
RWE AG | 38,865 | 1,152,221 | ||||||
SAP SE | 69,824 | 9,498,713 | ||||||
Sartorius AG (Preference Shares) | 2,528 | 532,789 | ||||||
Siemens AG | 54,333 | 7,010,648 | ||||||
Siemens Healthineers AG* | 10,641 | 516,055 | ||||||
Symrise AG | 8,980 | 871,003 | ||||||
Telefonica Deutschland Holding AG | 53,043 | 161,930 | ||||||
thyssenkrupp AG | 28,752 | 360,474 | ||||||
TUI AG | 31,357 | 431,309 | ||||||
Uniper SE | 14,171 | 457,437 | ||||||
United Internet AG | 8,730 | 295,749 | ||||||
Volkswagen AG | 2,310 | 440,654 | ||||||
Volkswagen AG (Preference Shares) | 13,109 | 2,534,315 | ||||||
Vonovia SE | 36,134 | 1,882,560 | ||||||
Wirecard AG | 8,322 | 1,098,368 | ||||||
Zalando SE†* | 8,906 | 383,639 | ||||||
89,209,235 | ||||||||
Hong Kong — 2.0% |
| |||||||
AIA Group, Ltd. | 860,000 | 8,613,128 | ||||||
Bank of East Asia, Ltd. | 85,600 | 193,113 | ||||||
BOC Hong Kong Holdings, Ltd. | 265,500 | 902,179 | ||||||
CLP Holdings, Ltd. | 118,500 | 1,221,626 | ||||||
Galaxy Entertainment Group, Ltd. | 154,000 | 1,007,250 | ||||||
Hang Lung Properties, Ltd. | 146,000 | 299,160 | ||||||
Hang Seng Bank, Ltd. | 54,600 | 1,113,197 | ||||||
Henderson Land Development Co., Ltd. | 102,231 | 491,693 | ||||||
Hong Kong & China Gas Co., Ltd. | 722,616 | 1,377,282 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 85,000 | 2,684,193 | ||||||
Hysan Development Co., Ltd. | 44,000 | 165,814 | ||||||
Link REIT | 150,000 | 1,532,949 | ||||||
MTR Corp., Ltd. | 109,000 | 611,276 | ||||||
New World Development Co., Ltd. | 435,000 | 567,919 | ||||||
PCCW, Ltd. | 296,000 | 178,476 | ||||||
Power Assets Holdings, Ltd. | 100,500 | 699,053 | ||||||
Sino Land Co., Ltd. | 236,000 | 353,937 | ||||||
SJM Holdings, Ltd. | 141,000 | 143,737 | ||||||
Sun Hung Kai Properties, Ltd. | 114,500 | 1,666,002 | ||||||
Swire Pacific, Ltd., Class A | 35,500 | 319,489 | ||||||
Swire Properties, Ltd. | 84,600 | 263,157 | ||||||
Techtronic Industries Co., Ltd. | 100,500 | 755,543 | ||||||
Vitasoy International Holdings, Ltd.# | 52,000 | 199,948 | ||||||
Wharf Holdings, Ltd. | 87,000 | 210,497 | ||||||
Wheelock & Co., Ltd. | 58,000 | 360,460 | ||||||
25,931,078 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 0.6% |
| |||||||
AIB Group PLC | 57,638 | $ | 188,594 | |||||
Bank of Ireland Group PLC | 67,506 | 339,133 | ||||||
CRH PLC | 57,650 | 2,205,807 | ||||||
DCC PLC | 6,981 | 596,628 | ||||||
Flutter Entertainment PLC# | 5,559 | 636,933 | ||||||
James Hardie Industries PLC CDI | 31,649 | 619,958 | ||||||
Kerry Group PLC, Class A | 11,285 | 1,447,165 | ||||||
Kingspan Group PLC | 10,883 | 586,541 | ||||||
Smurfit Kappa Group PLC | 16,002 | 567,667 | ||||||
7,188,426 | ||||||||
Isle of Man — 0.0% |
| |||||||
GVC Holdings PLC | 38,647 | 425,664 | ||||||
Israel — 0.5% |
| |||||||
Azrieli Group, Ltd. | 2,644 | 206,231 | ||||||
Bank Hapoalim B.M. | 77,903 | 628,263 | ||||||
Bank LeumiLe-Israel B.M. | 107,071 | 776,620 | ||||||
Check Point Software Technologies, Ltd.† | 8,881 | 1,046,892 | ||||||
CyberArk Software, Ltd.† | 2,643 | 323,900 | ||||||
Elbit Systems, Ltd. | 1,658 | 274,676 | ||||||
Israel Chemicals, Ltd. | 50,805 | 238,264 | ||||||
Israel Discount Bank, Ltd., Class A | 82,710 | 380,752 | ||||||
Mizrahi Tefahot Bank, Ltd. | 10,165 | 271,640 | ||||||
NICE, Ltd.† | 4,310 | 653,509 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR†# | 77,423 | 806,748 | ||||||
Wix.com, Ltd.†# | 3,370 | 407,399 | ||||||
6,014,894 | ||||||||
Italy — 1.5% |
| |||||||
Assicurazioni Generali SpA | 77,850 | 1,589,269 | ||||||
Atlantia SpA | 35,133 | 778,765 | ||||||
Davide Campari-Milano SpA | 40,454 | 369,247 | ||||||
Enel SpA | 578,403 | 4,368,826 | ||||||
Eni SpA | 181,577 | 2,743,395 | ||||||
FinecoBank Banca Fineco SpA | 43,325 | 537,453 | ||||||
Intesa Sanpaolo SpA | 1,058,103 | 2,681,721 | ||||||
Leonardo SpA | 29,108 | 340,405 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 44,112 | 493,272 | ||||||
Moncler SpA | 12,722 | 557,409 | ||||||
Pirelli & C SpA* | 28,567 | 162,082 | ||||||
Poste Italiane SpA* | 37,230 | 434,363 | ||||||
Prysmian SpA | 17,080 | 389,324 | ||||||
Recordati SpA | 7,375 | 309,320 | ||||||
Snam SpA | 147,897 | 735,177 | ||||||
Telecom Italia SpA† | 648,161 | 405,740 | ||||||
Telecom Italia SpA (RSP) | 450,374 | 277,363 | ||||||
Terna Rete Elettrica Nazionale SpA | 101,169 | 649,800 | ||||||
UniCredit SpA | 142,159 | 1,967,418 | ||||||
19,790,349 | ||||||||
Japan — 19.8% |
| |||||||
ABC-Mart, Inc. | 2,300 | 153,186 | ||||||
Acom Co., Ltd. | 29,500 | 122,361 | ||||||
Advantest Corp. | 14,200 | 694,075 | ||||||
Aeon Co., Ltd. | 46,500 | 948,650 | ||||||
AEON Financial Service Co., Ltd. | 8,100 | 122,475 | ||||||
Aeon Mall Co., Ltd. | 8,200 | 131,778 | ||||||
AGC, Inc. | 13,200 | 481,787 | ||||||
Air Water, Inc. | 11,500 | 184,706 | ||||||
Aisin Seiki Co., Ltd. | 11,600 | 438,756 | ||||||
Ajinomoto Co., Inc. | 32,700 | 544,925 | ||||||
Alfresa Holdings Corp. | 12,900 | 266,474 | ||||||
Alps Alpine Co., Ltd. | 14,202 | 320,617 | ||||||
Amada Holdings Co., Ltd. | 24,800 | 276,424 |
106 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
ANA Holdings, Inc. | 8,700 | $ | 296,240 | |||||
Aozora Bank, Ltd. | 8,300 | 211,415 | ||||||
Asahi Group Holdings, Ltd. | 25,800 | 1,241,266 | ||||||
Asahi Intecc Co., Ltd. | 13,800 | 402,193 | ||||||
Asahi Kasei Corp. | 91,100 | 1,023,320 | ||||||
Astellas Pharma, Inc. | 133,800 | 2,282,870 | ||||||
Bandai Namco Holdings, Inc. | 14,100 | 854,979 | ||||||
Bank of Kyoto, Ltd. | 3,700 | 152,624 | ||||||
Benesse Holdings, Inc. | 4,800 | 126,649 | ||||||
Bridgestone Corp. | 40,600 | 1,622,813 | ||||||
Brother Industries, Ltd. | 17,300 | 342,981 | ||||||
Calbee, Inc. | 5,300 | 170,687 | ||||||
Canon, Inc. | 71,600 | 1,982,075 | ||||||
Casio Computer Co., Ltd. | 15,400 | 293,635 | ||||||
Central Japan Railway Co. | 10,200 | 2,059,011 | ||||||
Chiba Bank, Ltd. | 42,800 | 244,002 | ||||||
Chubu Electric Power Co., Inc. | 45,800 | 638,535 | ||||||
Chugai Pharmaceutical Co., Ltd. | 16,300 | 1,423,374 | ||||||
Chugoku Electric Power Co., Inc.# | 19,900 | 263,079 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 8,802 | 211,415 | ||||||
Concordia Financial Group, Ltd. | 76,400 | 309,914 | ||||||
Credit Saison Co., Ltd. | 10,700 | 176,940 | ||||||
CyberAgent, Inc. | 7,249 | 250,342 | ||||||
Dai Nippon Printing Co., Ltd. | 18,300 | 489,371 | ||||||
Dai-ichi Life Holdings, Inc. | 75,800 | 1,220,916 | ||||||
Daicel Corp. | 19,000 | 186,780 | ||||||
Daifuku Co., Ltd. | 6,991 | 406,858 | ||||||
Daiichi Sankyo Co., Ltd. | 40,300 | 2,526,505 | ||||||
Daikin Industries, Ltd. | 17,600 | 2,531,744 | ||||||
Daito Trust Construction Co., Ltd. | 5,200 | 635,896 | ||||||
Daiwa House Industry Co., Ltd. | 40,100 | 1,226,942 | ||||||
Daiwa House REIT Investment Corp. | 133 | 363,804 | ||||||
Daiwa Securities Group, Inc. | 114,700 | 581,595 | ||||||
Denso Corp. | 31,000 | 1,384,386 | ||||||
Dentsu, Inc. | 15,300 | 554,940 | ||||||
Disco Corp.# | 1,900 | 410,013 | ||||||
East Japan Railway Co. | 22,000 | 2,024,028 | ||||||
Eisai Co., Ltd. | 17,800 | 1,318,880 | ||||||
Electric Power Development Co., Ltd. | 10,300 | 247,019 | ||||||
FamilyMart Co., Ltd. | 18,000 | 424,942 | ||||||
FANUC Corp. | 13,700 | 2,616,587 | ||||||
Fast Retailing Co., Ltd. | 4,100 | 2,498,095 | ||||||
Fuji Electric Co., Ltd. | 8,100 | 249,390 | ||||||
FUJIFILM Holdings Corp. | 25,600 | 1,209,659 | ||||||
Fujitsu, Ltd. | 14,100 | 1,281,888 | ||||||
Fukuoka Financial Group, Inc. | 10,900 | 207,633 | ||||||
GMO Payment Gateway, Inc.# | 2,900 | 205,600 | ||||||
Hakuhodo DY Holdings, Inc. | 17,100 | 276,368 | ||||||
Hamamatsu Photonics KK | 10,100 | 409,241 | ||||||
Hankyu Hanshin Holdings, Inc. | 16,600 | 712,804 | ||||||
Hikari Tsushin, Inc. | 1,500 | 349,733 | ||||||
Hino Motors, Ltd. | 18,400 | 180,041 | ||||||
Hirose Electric Co., Ltd. | 2,335 | 287,142 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,100 | 201,151 | ||||||
Hitachi Chemical Co., Ltd. | 7,600 | 273,574 | ||||||
Hitachi Construction Machinery Co., Ltd. | 7,900 | 208,299 | ||||||
Hitachi High-Technologies Corp. | 4,400 | 287,022 | ||||||
Hitachi Metals, Ltd. | 16,200 | 226,745 | ||||||
Hitachi, Ltd. | 68,700 | 2,698,917 | ||||||
Honda Motor Co., Ltd. | 115,900 | 3,247,593 | ||||||
Hoshizaki Corp. | 3,900 | 340,989 | ||||||
Hoya Corp. | 27,400 | 2,500,809 | ||||||
Hulic Co., Ltd. | 21,500 | 241,803 | ||||||
Idemitsu Kosan Co., Ltd. | 13,976 | 381,529 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
IHI Corp. | 11,100 | $ | 258,904 | |||||
Iida Group Holdings Co., Ltd. | 10,500 | 186,584 | ||||||
Inpex Corp. | 72,800 | 711,006 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 24,300 | 216,459 | ||||||
Isuzu Motors, Ltd. | 39,200 | 458,596 | ||||||
ITOCHU Corp. | 95,700 | 2,087,905 | ||||||
Itochu Techno-Solutions Corp. | 6,800 | 181,594 | ||||||
J. Front Retailing Co., Ltd. | 17,400 | 228,598 | ||||||
Japan Airlines Co., Ltd. | 8,900 | 276,623 | ||||||
Japan Airport Terminal Co., Ltd. | 3,000 | 155,955 | ||||||
Japan Exchange Group, Inc. | 36,200 | 615,488 | ||||||
Japan Post Bank Co., Ltd. | 29,600 | 286,657 | ||||||
Japan Post Holdings Co., Ltd. | 111,900 | 1,051,986 | ||||||
Japan Prime Realty Investment Corp. | 56 | 255,045 | ||||||
Japan Real Estate Investment Corp. | 92 | 626,193 | ||||||
Japan Retail Fund Investment Corp. | 180 | 409,977 | ||||||
Japan Tobacco, Inc.# | 85,300 | 1,944,003 | ||||||
JFE Holdings, Inc. | 36,100 | 460,093 | ||||||
JGC Corp. | 14,300 | 207,860 | ||||||
JSR Corp. | 13,000 | 230,058 | ||||||
JTEKT Corp. | 14,800 | 183,893 | ||||||
JXTG Holdings, Inc. | 232,000 | 1,031,394 | ||||||
Kajima Corp. | 31,300 | 412,644 | ||||||
Kakaku.com, Inc. | 10,700 | 258,176 | ||||||
Kamigumi Co., Ltd. | 7,500 | 166,233 | ||||||
Kaneka Corp. | 3,900 | 126,312 | ||||||
Kansai Electric Power Co., Inc. | 51,600 | 588,340 | ||||||
Kansai Paint Co., Ltd. | 12,600 | 317,489 | ||||||
Kao Corp. | 35,100 | 2,761,694 | ||||||
Kawasaki Heavy Industries, Ltd. | 10,400 | 233,550 | ||||||
KDDI Corp. | 126,000 | 3,613,485 | ||||||
Keihan Holdings Co., Ltd. | 7,200 | 351,925 | ||||||
Keikyu Corp. | 16,399 | 337,254 | ||||||
Keio Corp. | 7,400 | 474,606 | ||||||
Keisei Electric Railway Co., Ltd. | 9,400 | 387,319 | ||||||
Keyence Corp. | 13,000 | 4,446,759 | ||||||
Kikkoman Corp. | 9,900 | 497,465 | ||||||
Kintetsu Group Holdings Co., Ltd. | 12,400 | 701,256 | ||||||
Kirin Holdings Co., Ltd. | 58,700 | 1,299,439 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 3,401 | 279,028 | ||||||
Kobe Steel, Ltd. | 22,300 | 113,889 | ||||||
Koito Manufacturing Co., Ltd. | 7,500 | 386,460 | ||||||
Komatsu, Ltd. | 65,700 | 1,540,833 | ||||||
Konami Holdings Corp. | 6,600 | 290,640 | ||||||
Konica Minolta, Inc. | 32,200 | 210,931 | ||||||
Kose Corp. | 2,379 | 378,840 | ||||||
Kubota Corp. | 74,400 | 1,147,726 | ||||||
Kuraray Co., Ltd. | 22,500 | 271,961 | ||||||
Kurita Water Industries, Ltd. | 7,400 | 206,880 | ||||||
Kyocera Corp. | 22,900 | 1,558,049 | ||||||
Kyowa Kirin Co., Ltd. | 18,100 | 384,142 | ||||||
Kyushu Electric Power Co., Inc. | 27,100 | 238,677 | ||||||
Kyushu Railway Co. | 11,500 | 391,371 | ||||||
Lawson, Inc. | 3,500 | 190,581 | ||||||
LINE Corp.†# | 4,300 | 202,321 | ||||||
Lion Corp. | 15,800 | 318,295 | ||||||
LIXIL Group Corp. | 19,400 | 327,897 | ||||||
M3, Inc. | 30,600 | 841,497 | ||||||
Makita Corp. | 15,800 | 522,553 | ||||||
Marubeni Corp. | 112,200 | 828,469 | ||||||
Marui Group Co., Ltd. | 14,700 | 353,751 | ||||||
Maruichi Steel Tube, Ltd.# | 3,300 | 94,971 | ||||||
Mazda Motor Corp. | 39,800 | 352,711 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 4,700 | 232,306 |
107 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Mebuki Financial Group, Inc. | 66,900 | $ | 172,972 | |||||
Medipal Holdings Corp. | 12,000 | 257,421 | ||||||
MEIJI Holdings Co., Ltd. | 8,100 | 550,582 | ||||||
Mercari, Inc.†# | 5,300 | 116,890 | ||||||
Minebea Mitsumi, Inc. | 26,800 | 520,060 | ||||||
MISUMI Group, Inc. | 19,500 | 482,801 | ||||||
Mitsubishi Chemical Holdings Corp. | 91,200 | 676,324 | ||||||
Mitsubishi Corp. | 96,100 | 2,516,309 | ||||||
Mitsubishi Electric Corp. | 129,800 | 1,792,451 | ||||||
Mitsubishi Estate Co., Ltd. | 84,100 | 1,541,699 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 11,700 | 183,001 | ||||||
Mitsubishi Heavy Industries, Ltd. | 22,200 | 849,423 | ||||||
Mitsubishi Materials Corp. | 7,900 | 211,042 | ||||||
Mitsubishi Motors Corp.# | 47,700 | 213,540 | ||||||
Mitsubishi Tanabe Pharma Corp. | 16,300 | 298,286 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 874,100 | 4,616,666 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 29,000 | 186,259 | ||||||
Mitsui & Co., Ltd. | 117,700 | 2,085,598 | ||||||
Mitsui Chemicals, Inc. | 13,300 | 318,724 | ||||||
Mitsui Fudosan Co., Ltd. | 64,300 | 1,599,643 | ||||||
Mitsui OSK Lines, Ltd. | 7,899 | 207,118 | ||||||
Mizuho Financial Group, Inc. | 1,711,300 | 2,645,397 | ||||||
MonotaRO Co., Ltd.# | 8,900 | 250,441 | ||||||
MS&AD Insurance Group Holdings, Inc. | 33,800 | 1,093,470 | ||||||
Murata Manufacturing Co., Ltd. | 40,800 | 2,364,764 | ||||||
Nabtesco Corp. | 8,300 | 254,790 | ||||||
Nagoya Railroad Co., Ltd. | 13,000 | 413,914 | ||||||
NEC Corp. | 19,000 | 759,445 | ||||||
Nexon Co., Ltd.† | 35,000 | 477,411 | ||||||
NGK Insulators, Ltd. | 19,000 | 313,325 | ||||||
NGK Spark Plug Co., Ltd. | 11,300 | 226,196 | ||||||
NH Foods, Ltd. | 6,500 | 272,578 | ||||||
Nidec Corp. | 15,900 | 2,351,843 | ||||||
Nikon Corp. | 22,800 | 312,665 | ||||||
Nintendo Co., Ltd. | 8,000 | 3,095,336 | ||||||
Nippon Building Fund, Inc. | 95 | 713,444 | ||||||
Nippon Electric Glass Co., Ltd.# | 5,500 | 116,628 | ||||||
Nippon Express Co., Ltd. | 5,300 | 336,047 | ||||||
Nippon Paint Holdings Co., Ltd. | 10,400 | 554,895 | ||||||
Nippon Prologis REIT, Inc.# | 142 | 381,028 | ||||||
Nippon Steel Corp. | 57,400 | 841,951 | ||||||
Nippon Telegraph & Telephone Corp. | 45,700 | 2,307,651 | ||||||
Nippon Yusen KK | 11,700 | 200,852 | ||||||
Nissan Chemical Corp. | 8,700 | 344,566 | ||||||
Nissan Motor Co., Ltd. | 166,000 | 1,029,471 | ||||||
Nisshin Seifun Group, Inc. | 14,100 | 264,854 | ||||||
Nissin Foods Holdings Co., Ltd. | 4,200 | 314,650 | ||||||
Nitori Holdings Co., Ltd. | 5,600 | 877,438 | ||||||
Nitto Denko Corp. | 11,500 | 645,105 | ||||||
Nomura Holdings, Inc. | 236,100 | 1,209,458 | ||||||
Nomura Real Estate Holdings, Inc. | 9,000 | 217,487 | ||||||
Nomura Real Estate Master Fund, Inc. | 276 | 503,813 | ||||||
Nomura Research Institute, Ltd. | 23,700 | 499,962 | ||||||
NSK, Ltd. | 27,500 | 265,817 | ||||||
NTT Data Corp. | 44,500 | 606,587 | ||||||
NTT DOCOMO, Inc. | 94,100 | 2,581,721 | ||||||
Obayashi Corp. | 46,800 | 495,985 | ||||||
OBIC Co., Ltd. | 4,600 | 610,644 | ||||||
Odakyu Electric Railway Co., Ltd. | 20,899 | 513,811 | ||||||
Oji Holdings Corp. | 57,400 | 327,760 | ||||||
Olympus Corp. | 82,400 | 1,222,581 | ||||||
Omron Corp. | 13,600 | 798,940 | ||||||
Ono Pharmaceutical Co., Ltd. | 27,100 | 607,834 | ||||||
Oracle Corp. Japan | 2,600 | 239,203 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Oriental Land Co., Ltd. | 14,200 | $ | 1,964,817 | |||||
ORIX Corp. | 93,400 | 1,529,574 | ||||||
Osaka Gas Co., Ltd. | 27,200 | 509,930 | ||||||
Otsuka Corp. | 6,700 | 268,416 | ||||||
Otsuka Holdings Co., Ltd. | 27,700 | 1,208,166 | ||||||
Pan Pacific International Holdings Corp | 31,600 | 512,159 | ||||||
Panasonic Corp. | 156,130 | 1,472,077 | ||||||
Park24 Co., Ltd. | 7,300 | 176,406 | ||||||
PeptiDream, Inc.† | 6,600 | 303,303 | ||||||
Persol Holdings Co., Ltd. | 12,574 | 231,250 | ||||||
Pigeon Corp. | 8,200 | 381,326 | ||||||
Pola Orbis Holdings, Inc. | 6,232 | 153,615 | ||||||
Rakuten, Inc. | 61,200 | 530,618 | ||||||
Recruit Holdings Co., Ltd. | 96,383 | 3,488,826 | ||||||
Renesas Electronics Corp.† | 54,100 | 352,412 | ||||||
Resona Holdings, Inc. | 148,700 | 630,503 | ||||||
Ricoh Co., Ltd. | 47,800 | 492,171 | ||||||
Rinnai Corp. | 2,500 | 191,860 | ||||||
Rohm Co., Ltd. | 6,700 | 563,154 | ||||||
Ryohin Keikaku Co., Ltd. | 17,140 | 390,389 | ||||||
Sankyo Co., Ltd. | 3,400 | 114,933 | ||||||
Santen Pharmaceutical Co., Ltd. | 26,700 | 500,069 | ||||||
SBI Holdings, Inc. | 16,000 | 332,264 | ||||||
Secom Co., Ltd. | 14,800 | 1,258,450 | ||||||
Sega Sammy Holdings, Inc. | 13,200 | 190,423 | ||||||
Seibu Holdings, Inc. | 15,700 | 276,692 | ||||||
Seiko Epson Corp. | 20,100 | 305,939 | ||||||
Sekisui Chemical Co., Ltd. | 25,900 | 450,774 | ||||||
Sekisui House, Ltd. | 43,300 | 935,585 | ||||||
Seven & i Holdings Co., Ltd. | 53,100 | 1,978,364 | ||||||
Seven Bank, Ltd. | 43,600 | 135,036 | ||||||
SG Holdings Co., Ltd. | 10,228 | 245,386 | ||||||
Sharp Corp. | 15,100 | 228,180 | ||||||
Shimadzu Corp. | 15,900 | 478,649 | ||||||
Shimamura Co., Ltd. | 1,500 | 120,323 | ||||||
Shimano, Inc. | 5,300 | 857,065 | ||||||
Shimizu Corp. | 42,100 | 403,095 | ||||||
Shin-Etsu Chemical Co., Ltd. | 26,100 | 2,792,298 | ||||||
Shinsei Bank, Ltd.# | 13,800 | 217,234 | ||||||
Shionogi & Co., Ltd. | 19,100 | 1,123,437 | ||||||
Shiseido Co., Ltd. | 28,400 | 2,051,090 | ||||||
Shizuoka Bank, Ltd. | 32,200 | 245,056 | ||||||
Showa Denko KK# | 9,600 | 256,368 | ||||||
SMC Corp. | 4,100 | 1,858,307 | ||||||
Softbank Corp. | 119,000 | 1,615,586 | ||||||
SoftBank Group Corp. | 117,400 | 4,561,712 | ||||||
Sohgo Security Services Co., Ltd. | 5,100 | 265,123 | ||||||
Sompo Holdings, Inc. | 23,700 | 934,532 | ||||||
Sony Corp. | 90,400 | 5,702,084 | ||||||
Sony Financial Holdings, Inc. | 10,800 | 250,624 | ||||||
Stanley Electric Co., Ltd. | 10,300 | 285,131 | ||||||
Subaru Corp. | 43,500 | 1,139,215 | ||||||
SUMCO Corp. | 16,604 | 256,520 | ||||||
Sumitomo Chemical Co., Ltd. | 108,600 | 490,141 | ||||||
Sumitomo Corp. | 84,400 | 1,271,533 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 11,500 | 217,171 | ||||||
Sumitomo Electric Industries, Ltd. | 53,700 | 801,661 | ||||||
Sumitomo Heavy Industries, Ltd. | 7,900 | 225,910 | ||||||
Sumitomo Metal Mining Co., Ltd. | 16,900 | 511,995 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 94,500 | 3,443,977 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 23,400 | 895,124 | ||||||
Sumitomo Realty & Development Co., Ltd. | 23,700 | 825,835 | ||||||
Sumitomo Rubber Industries, Ltd. | 12,700 | 161,397 | ||||||
Sundrug Co., Ltd. | 5,280 | 185,238 |
108 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Suntory Beverage & Food, Ltd. | 10,200 | $ | 442,648 | |||||
Suzuken Co., Ltd. | 5,500 | 240,441 | ||||||
Suzuki Motor Corp. | 26,200 | 1,162,370 | ||||||
Sysmex Corp. | 11,800 | 817,931 | ||||||
T&D Holdings, Inc. | 38,800 | 456,575 | ||||||
Taiheiyo Cement Corp. | 8,600 | 248,678 | ||||||
Taisei Corp. | 14,800 | 580,750 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 2,500 | 184,551 | ||||||
Taiyo Nippon Sanso Corp. | 9,200 | 204,837 | ||||||
Takeda Pharmaceutical Co., Ltd. | 105,600 | 4,298,095 | ||||||
TDK Corp. | 9,200 | 967,448 | ||||||
Teijin, Ltd. | 13,500 | 253,954 | ||||||
Terumo Corp. | 45,900 | 1,610,725 | ||||||
THK Co., Ltd. | 8,100 | 227,559 | ||||||
Tobu Railway Co., Ltd. | 14,000 | 512,265 | ||||||
Toho Co., Ltd. | 8,000 | 324,882 | ||||||
Toho Gas Co., Ltd. | 5,800 | 219,113 | ||||||
Tohoku Electric Power Co., Inc. | 30,000 | 297,382 | ||||||
Tokio Marine Holdings, Inc. | 46,000 | 2,501,412 | ||||||
Tokyo Century Corp. | 3,016 | 160,919 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 106,600 | 467,480 | ||||||
Tokyo Electron, Ltd. | 11,100 | 2,291,901 | ||||||
Tokyo Gas Co., Ltd. | 27,200 | 657,169 | ||||||
Tokyu Corp. | 35,500 | 700,238 | ||||||
Tokyu Fudosan Holdings Corp. | 43,000 | 295,034 | ||||||
Toppan Printing Co., Ltd. | 19,900 | 395,800 | ||||||
Toray Industries, Inc. | 99,500 | 658,152 | ||||||
Toshiba Corp. | 36,800 | 1,321,310 | ||||||
Tosoh Corp. | 18,400 | 274,012 | ||||||
TOTO, Ltd. | 10,000 | 437,623 | ||||||
Toyo Seikan Group Holdings, Ltd. | 11,700 | 203,845 | ||||||
Toyo Suisan Kaisha, Ltd. | 5,800 | 250,112 | ||||||
Toyoda Gosei Co., Ltd. | 4,600 | 107,462 | ||||||
Toyota Industries Corp. | 10,400 | 610,954 | ||||||
Toyota Motor Corp. | 162,300 | 11,325,635 | ||||||
Toyota Tsusho Corp. | 15,400 | 538,166 | ||||||
Trend Micro, Inc. | 8,800 | 475,154 | ||||||
Tsuruha Holdings, Inc. | 2,504 | 298,087 | ||||||
Unicharm Corp. | 28,700 | 940,016 | ||||||
United Urban Investment Corp. | 214 | 416,445 | ||||||
USS Co., Ltd. | 16,299 | 315,988 | ||||||
Welcia Holdings Co., Ltd. | 3,400 | 208,433 | ||||||
West Japan Railway Co. | 11,700 | 1,030,130 | ||||||
Yakult Honsha Co., Ltd. | 8,500 | 498,561 | ||||||
Yamada Denki Co., Ltd. | 48,800 | 243,432 | ||||||
Yamaha Corp. | 9,800 | 539,893 | ||||||
Yamaha Motor Co., Ltd. | 19,200 | 401,173 | ||||||
Yamato Holdings Co., Ltd. | 21,900 | 374,554 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 159,526 | ||||||
Yaskawa Electric Corp. | 17,200 | 631,712 | ||||||
Yokogawa Electric Corp. | 15,400 | 281,816 | ||||||
Yokohama Rubber Co., Ltd. | 7,200 | 148,335 | ||||||
Z Holdings Corp. | 189,600 | 653,046 | ||||||
ZOZO, Inc. | 13,693 | 272,596 | ||||||
254,338,790 | ||||||||
Jersey — 0.6% |
| |||||||
Experian PLC | 65,512 | 2,171,628 | ||||||
Ferguson PLC | 16,520 | 1,436,232 | ||||||
Glencore PLC | 781,152 | 2,464,129 | ||||||
WPP PLC | 90,261 | 1,167,974 | ||||||
7,239,963 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 0.2% |
| |||||||
ArcelorMittal | 47,219 | $ | 807,785 | |||||
Aroundtown SA | 64,707 | 561,890 | ||||||
Eurofins Scientific SE# | 780 | 409,555 | ||||||
Millicom International Cellular SA SDR | 4,849 | 216,880 | ||||||
RTL Group SA | 2,866 | 136,718 | ||||||
SES SA FDR | 25,672 | 340,667 | ||||||
Tenaris SA | 34,782 | 369,858 | ||||||
2,843,353 | ||||||||
Mauritius — 0.0% |
| |||||||
Golden Agri-Resources, Ltd. | 518,800 | 81,554 | ||||||
Netherlands — 4.0% |
| |||||||
ABN AMRO Group NV CVA* | 29,746 | 507,625 | ||||||
Adyen NV†* | 735 | 563,748 | ||||||
Aegon NV | 124,502 | 561,274 | ||||||
AerCap Holdings NV† | 8,895 | 549,800 | ||||||
Airbus SE | 41,334 | 6,074,726 | ||||||
Akzo Nobel NV | 15,928 | 1,525,262 | ||||||
ASML Holding NV | 30,246 | 8,230,540 | ||||||
CNH Industrial NV | 72,618 | 778,272 | ||||||
EXOR NV | 7,397 | 565,886 | ||||||
Ferrari NV | 8,741 | 1,477,236 | ||||||
Fiat Chrysler Automobiles NV | 76,112 | 1,125,302 | ||||||
Heineken Holding NV | 8,197 | 785,665 | ||||||
Heineken NV | 18,420 | 1,908,383 | ||||||
ING Groep NV | 275,827 | 3,173,709 | ||||||
Koninklijke Ahold Delhaize NV | 84,110 | 2,166,948 | ||||||
Koninklijke DSM NV | 12,811 | 1,641,444 | ||||||
Koninklijke KPN NV | 254,180 | 782,964 | ||||||
Koninklijke Philips NV | 65,811 | 3,055,681 | ||||||
Koninklijke Vopak NV | 5,185 | 276,419 | ||||||
NN Group NV | 21,332 | 818,791 | ||||||
NXP Semiconductors NV | 20,290 | 2,345,118 | ||||||
Prosus NV† | 35,000 | 2,385,677 | ||||||
QIAGEN NV† | 16,099 | 689,231 | ||||||
Randstad NV | 8,445 | 491,802 | ||||||
STMicroelectronics NV | 48,606 | 1,194,148 | ||||||
Unilever NV | 103,565 | 6,138,449 | ||||||
Wolters Kluwer NV | 19,876 | 1,426,834 | ||||||
51,240,934 | ||||||||
New Zealand — 0.2% |
| |||||||
a2 Milk Co., Ltd.†# | 52,170 | 519,652 | ||||||
Auckland International Airport, Ltd. | 71,869 | 416,514 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 40,224 | 571,819 | ||||||
Fletcher Building, Ltd. | 62,993 | 211,443 | ||||||
Meridian Energy, Ltd. | 90,234 | 272,766 | ||||||
Ryman Healthcare, Ltd. | 27,870 | 270,093 | ||||||
Spark New Zealand, Ltd. | 135,072 | 393,569 | ||||||
2,655,856 | ||||||||
Norway — 0.5% |
| |||||||
Aker BP ASA | 7,648 | 219,392 | ||||||
DNB ASA | 69,483 | 1,167,414 | ||||||
Equinor ASA | 71,169 | 1,311,608 | ||||||
Gjensidige Forsikring ASA | 14,948 | 281,406 | ||||||
Mowi ASA | 31,167 | 773,297 | ||||||
Norsk Hydro ASA | 99,265 | 351,228 | ||||||
Orkla ASA | 54,373 | 526,763 | ||||||
Schibsted ASA, Class B | 6,450 | 166,334 | ||||||
Telenor ASA | 52,282 | 954,451 | ||||||
Yara International ASA | 13,239 | 499,327 | ||||||
6,251,220 | ||||||||
109 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Papua New Guinea — 0.0% |
| |||||||
Oil Search, Ltd.# | 97,716 | $ | 491,748 | |||||
Portugal — 0.1% |
| |||||||
Banco Espirito Santo SA†(1) | 213,818 | 0 | ||||||
EDP — Energias de Portugal SA | 182,275 | 736,981 | ||||||
Galp Energia SGPS SA | 35,342 | 575,284 | ||||||
Jeronimo Martins SGPS SA | 18,410 | 293,992 | ||||||
1,606,257 | ||||||||
Singapore — 1.0% |
| |||||||
Ascendas Real Estate Investment Trust | 217,848 | 474,656 | ||||||
CapitaLand Commercial Trust | 186,300 | 273,790 | ||||||
CapitaLand Mall Trust | 177,900 | 327,782 | ||||||
CapitaLand, Ltd. | 187,800 | 505,304 | ||||||
City Developments, Ltd. | 29,600 | 223,780 | ||||||
ComfortDelGro Corp., Ltd. | 149,100 | 256,186 | ||||||
DBS Group Holdings, Ltd. | 127,700 | 2,357,553 | ||||||
Genting Singapore, Ltd. | 447,600 | 302,720 | ||||||
Jardine Cycle & Carriage, Ltd. | 7,600 | 170,260 | ||||||
Keppel Corp., Ltd.# | 105,000 | 515,903 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 226,900 | 1,788,391 | ||||||
SATS, Ltd. | 46,400 | 168,949 | ||||||
Sembcorp Industries, Ltd. | 71,200 | 114,007 | ||||||
Singapore Airlines, Ltd. | 40,100 | 269,444 | ||||||
Singapore Exchange, Ltd. | 57,300 | 370,772 | ||||||
Singapore Press Holdings, Ltd.# | 117,600 | 189,164 | ||||||
Singapore Technologies Engineering, Ltd. | 113,600 | 343,034 | ||||||
Singapore Telecommunications, Ltd. | 577,700 | 1,427,671 | ||||||
Suntec Real Estate Investment Trust | 133,300 | 179,332 | ||||||
United Overseas Bank, Ltd. | 89,600 | 1,691,505 | ||||||
UOL Group, Ltd. | 32,600 | 184,965 | ||||||
Venture Corp., Ltd. | 19,152 | 222,229 | ||||||
Wilmar International, Ltd. | 133,900 | 400,417 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 169,500 | 127,649 | ||||||
12,885,463 | ||||||||
Spain — 2.2% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 18,680 | 727,083 | ||||||
Aena SME SA* | 4,917 | 903,024 | ||||||
Amadeus IT Group SA | 31,515 | 2,510,262 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 471,742 | 2,485,033 | ||||||
Banco de Sabadell SA | 379,955 | 421,527 | ||||||
Banco Santander SA | 1,195,852 | 4,659,892 | ||||||
Bankia SA | 87,667 | 169,841 | ||||||
Bankinter SA | 49,434 | 345,721 | ||||||
CaixaBank SA | 253,681 | 748,728 | ||||||
Cellnex Telecom SA* | 13,798 | 592,849 | ||||||
Enagas SA | 16,049 | 399,772 | ||||||
Endesa SA | 22,893 | 622,460 | ||||||
Ferrovial SA | 34,570 | 1,026,412 | ||||||
Ferrovial SA† | 549 | 16,292 | ||||||
Grifols SA# | 22,026 | 752,490 | ||||||
Iberdrola SA | 426,681 | 4,196,825 | ||||||
Industria de Diseno Textil SA | 77,637 | 2,417,154 | ||||||
Mapfre SA | 68,236 | 192,374 | ||||||
Naturgy Energy Group SA | 21,331 | 554,609 | ||||||
Red Electrica Corp. SA | 31,823 | 622,304 | ||||||
Repsol SA | 103,389 | 1,627,684 | ||||||
Siemens Gamesa Renewable Energy SA | 16,898 | 269,660 | ||||||
Telefonica SA | 332,173 | 2,544,119 | ||||||
28,806,115 | ||||||||
SupraNational — 0.2% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd. | 178,269 | 174,670 | ||||||
HKT Trust & HKT, Ltd. | 263,000 | 385,695 |
Security Description | Shares | Value (Note 2) | ||||||
SupraNational (continued) |
| |||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 9,807 | $ | 1,533,140 | |||||
2,093,505 | ||||||||
Sweden — 2.0% |
| |||||||
Alfa Laval AB | 22,383 | 550,569 | ||||||
Assa Abloy AB, Class B | 71,393 | 1,694,979 | ||||||
Atlas Copco AB, Class A | 47,681 | 1,746,816 | ||||||
Atlas Copco AB, Class B | 28,670 | 926,717 | ||||||
Boliden AB | 20,092 | 518,130 | ||||||
Electrolux AB, Series B | 16,026 | 411,770 | ||||||
Epiroc AB, Class A | 47,681 | 556,552 | ||||||
Epiroc AB, Class B | 28,670 | 322,226 | ||||||
Essity AB, Class B | 43,520 | 1,367,646 | ||||||
Hennes & Mauritz AB, Class B | 57,084 | 1,101,612 | ||||||
Hexagon AB, Class B | 18,818 | 1,063,678 | ||||||
Husqvarna AB, Class B | 30,029 | 234,447 | ||||||
ICA Gruppen AB | 6,440 | 281,048 | ||||||
Industrivarden AB, Class C | 11,791 | 273,412 | ||||||
Investor AB, Class B | 32,680 | 1,727,120 | ||||||
Kinnevik AB† | 17,317 | 105,224 | ||||||
Kinnevik AB, Class B | 17,317 | 396,488 | ||||||
L E Lundbergforetagen AB, Class B | 5,083 | 201,449 | ||||||
Lundin Petroleum AB | 13,223 | 407,535 | ||||||
Sandvik AB | 79,957 | 1,453,779 | ||||||
Securitas AB, Class B | 23,107 | 383,100 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 115,760 | 992,489 | ||||||
Skanska AB, Class B | 24,109 | 532,615 | ||||||
SKF AB, Class B | 26,909 | 513,842 | ||||||
Svenska Handelsbanken AB, Class A | 106,313 | 1,043,356 | ||||||
Swedbank AB, Class A | 65,004 | 846,301 | ||||||
Swedish Match AB | 12,694 | 607,919 | ||||||
Tele2 AB, Class B | 35,477 | 523,368 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 218,809 | 1,971,489 | ||||||
Telia Co AB | 198,089 | 857,241 | ||||||
Volvo AB, Class B | 105,538 | 1,631,307 | ||||||
25,244,224 | ||||||||
Switzerland — 7.5% |
| |||||||
ABB, Ltd. | 130,187 | 2,847,190 | ||||||
Adecco Group AG | 11,245 | 695,166 | ||||||
Alcon, Inc.† | 29,556 | 1,631,787 | ||||||
Baloise Holding AG | 3,494 | 607,257 | ||||||
Barry Callebaut AG | 162 | 325,620 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 7 | 597,100 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 77 | 587,125 | ||||||
Cie Financiere Richemont SA | 36,825 | 2,804,592 | ||||||
Clariant AG | 14,146 | 292,256 | ||||||
Coca-Cola HBC AG | 14,325 | 477,817 | ||||||
Credit Suisse Group AG | 182,087 | 2,386,250 | ||||||
Dufry AG | 3,062 | 298,790 | ||||||
EMS-Chemie Holding AG | 608 | 377,264 | ||||||
Geberit AG | 2,616 | 1,404,269 | ||||||
Givaudan SA | 656 | 1,927,984 | ||||||
Julius Baer Group, Ltd. | 15,909 | 748,996 | ||||||
Kuehne & Nagel International AG | 4,014 | 652,676 | ||||||
LafargeHolcim, Ltd. | 34,670 | 1,787,585 | ||||||
Lonza Group AG | 5,236 | 1,778,146 | ||||||
Nestle SA | 217,935 | 22,647,805 | ||||||
Novartis AG | 152,851 | 14,071,463 | ||||||
Pargesa Holding SA | 2,743 | 216,423 | ||||||
Partners Group Holding AG | 1,328 | 1,119,770 | ||||||
Roche Holding AG | 49,925 | 15,386,885 | ||||||
Schindler Holding AG (Participation Certificate) | 2,834 | 706,516 |
110 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Switzerland (continued) |
| |||||||
Schindler Holding AG | 1,430 | $ | 342,056 | |||||
SGS SA | 390 | 1,014,780 | ||||||
Sika AG | 9,142 | 1,591,165 | ||||||
Sonova Holding AG | 3,947 | 901,100 | ||||||
Straumann Holding AG | 734 | 706,108 | ||||||
Swatch Group AG (TRQX) | 3,667 | 195,451 | ||||||
Swatch Group AG (XEGT) | 2,084 | 583,520 | ||||||
Swiss Life Holding AG | 2,432 | 1,205,786 | ||||||
Swiss Prime Site AG | 5,397 | 569,923 | ||||||
Swiss Re AG | 21,657 | 2,345,453 | ||||||
Swisscom AG | 1,863 | 964,289 | ||||||
Temenos AG | 4,543 | 689,173 | ||||||
UBS Group AG | 274,423 | 3,326,007 | ||||||
Vifor Pharma AG | 3,235 | 576,801 | ||||||
Zurich Insurance Group AG | 10,728 | 4,208,594 | ||||||
95,596,938 | ||||||||
United Kingdom — 12.3% |
| |||||||
3i Group PLC | 68,741 | 952,185 | ||||||
Admiral Group PLC | 13,417 | 371,352 | ||||||
Anglo American PLC | 75,007 | 1,965,914 | ||||||
Antofagasta PLC | 28,960 | 325,113 | ||||||
Ashtead Group PLC | 33,587 | 1,020,834 | ||||||
Associated British Foods PLC | 25,547 | 848,829 | ||||||
AstraZeneca PLC | 93,333 | 9,002,717 | ||||||
Auto Trader Group PLC* | 66,114 | 480,558 | ||||||
Aviva PLC | 278,372 | 1,453,811 | ||||||
BAE Systems PLC | 226,237 | 1,677,789 | ||||||
Barclays PLC | 1,216,032 | 2,697,904 | ||||||
Barratt Developments PLC | 72,142 | 622,157 | ||||||
Berkeley Group Holdings PLC | 9,227 | 547,281 | ||||||
BHP Group PLC | 150,087 | 3,319,366 | ||||||
BP PLC | 1,447,615 | 8,990,653 | ||||||
British American Tobacco PLC | 163,186 | 6,458,332 | ||||||
British Land Co. PLC | 66,038 | 491,621 | ||||||
BT Group PLC | 596,600 | 1,478,101 | ||||||
Bunzl PLC | 23,899 | 656,214 | ||||||
Burberry Group PLC | 29,276 | 796,661 | ||||||
Carnival PLC | 11,655 | 490,357 | ||||||
Centrica PLC | 385,717 | 400,191 | ||||||
Coca-Cola European Partners PLC | 16,850 | 850,251 | ||||||
Compass Group PLC | 112,849 | 2,765,084 | ||||||
Croda International PLC | 9,068 | 584,059 | ||||||
Diageo PLC | 169,037 | 6,919,449 | ||||||
Direct Line Insurance Group PLC | 100,658 | 397,588 | ||||||
easyJet PLC# | 11,959 | 206,951 | ||||||
Evraz PLC | 35,895 | 171,957 | ||||||
Fresnillo PLC# | 15,990 | 119,452 | ||||||
G4S PLC | 112,573 | 304,442 | ||||||
GlaxoSmithKline PLC | 354,886 | 8,050,715 | ||||||
Halma PLC | 26,976 | 734,771 | ||||||
Hargreaves Lansdown PLC | 20,264 | 486,167 | ||||||
HSBC Holdings PLC | 1,459,539 | 10,878,784 | ||||||
Imperial Brands PLC | 67,747 | 1,492,354 | ||||||
Informa PLC | 88,940 | 910,352 | ||||||
InterContinental Hotels Group PLC | 12,009 | 777,679 | ||||||
Intertek Group PLC | 11,469 | 818,212 | ||||||
Investec PLC | 46,487 | 263,884 | ||||||
ITV PLC | 258,732 | 485,550 | ||||||
J Sainsbury PLC | 124,973 | 346,381 | ||||||
John Wood Group PLC | 47,909 | 217,676 | ||||||
Johnson Matthey PLC | 13,823 | 513,813 | ||||||
Kingfisher PLC | 157,283 | 426,983 | ||||||
Land Securities Group PLC | 50,051 | 620,405 | ||||||
Legal & General Group PLC | 424,066 | 1,540,640 | ||||||
Lloyds Banking Group PLC | 5,054,797 | 3,997,755 | ||||||
London Stock Exchange Group PLC | 22,709 | 2,018,353 | ||||||
M&G PLC† | 183,250 | 559,335 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Marks & Spencer Group PLC | 138,746 | $ | 348,755 | |||||
Meggitt PLC | 58,387 | 485,560 | ||||||
Melrose Industries PLC | 345,681 | 1,026,511 | ||||||
Micro Focus International PLC | 25,835 | 378,510 | ||||||
Mondi PLC | 34,548 | 748,658 | ||||||
National Grid PLC# | 241,064 | 2,773,907 | ||||||
Next PLC | 9,638 | 842,405 | ||||||
NMC Health PLC# | 7,432 | 241,169 | ||||||
Ocado Group PLC†# | 32,299 | 553,504 | ||||||
Pearson PLC | 55,743 | 466,168 | ||||||
Persimmon PLC | 22,357 | 739,656 | ||||||
Prudential PLC | 183,250 | 3,262,393 | ||||||
Reckitt Benckiser Group PLC | 50,272 | 3,944,070 | ||||||
RELX PLC | 138,806 | 3,362,498 | ||||||
Rentokil Initial PLC | 131,406 | 756,125 | ||||||
Rio Tinto PLC | 80,998 | 4,401,439 | ||||||
Rolls-Royce Holdings PLC | 121,237 | 1,115,802 | ||||||
Rolls-Royce Holdings PLC (Entitlement Shares)† | 5,576,902 | 7,213 | ||||||
Royal Bank of Scotland Group PLC | 342,086 | 1,000,792 | ||||||
Royal Dutch Shell PLC, Class A | 309,723 | 8,856,828 | ||||||
Royal Dutch Shell PLC, Class B | 265,951 | 7,531,172 | ||||||
RSA Insurance Group PLC | 74,377 | 530,422 | ||||||
Sage Group PLC | 78,456 | 764,889 | ||||||
Schroders PLC | 9,288 | 396,297 | ||||||
Segro PLC | 77,060 | 891,010 | ||||||
Severn Trent PLC | 17,469 | 506,773 | ||||||
Smith & Nephew PLC | 62,200 | 1,392,526 | ||||||
Smiths Group PLC | 29,322 | 629,911 | ||||||
Spirax-Sarco Engineering PLC | 5,231 | 603,822 | ||||||
SSE PLC | 71,818 | 1,207,515 | ||||||
St James’s Place PLC | 37,789 | 531,998 | ||||||
Standard Chartered PLC | 199,640 | 1,800,717 | ||||||
Standard Life Aberdeen PLC | 167,713 | 687,393 | ||||||
Taylor Wimpey PLC | 236,758 | 533,573 | ||||||
Tesco PLC | 693,392 | 2,057,256 | ||||||
Unilever PLC | 78,879 | 4,670,391 | ||||||
United Utilities Group PLC | 49,515 | 546,519 | ||||||
Vodafone Group PLC | 1,891,827 | 3,752,404 | ||||||
Weir Group PLC | 17,514 | 316,105 | ||||||
Whitbread PLC | 9,510 | 565,912 | ||||||
WM Morrison Supermarkets PLC | 170,214 | 436,550 | ||||||
158,172,100 | ||||||||
Total Common Stocks | ||||||||
(cost $969,693,685) | 1,025,169,851 | |||||||
EXCHANGE-TRADED FUNDS — 3.5% |
| |||||||
United States — 3.5% |
| |||||||
iShares MSCI EAFE ETF# | 664,300 | 45,291,974 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,012,417,384) | 1,070,461,825 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.4% |
| |||||||
Registered Investment Companies — 4.5% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(2)(3) | 57,718,252 | 57,718,252 | ||||||
U.S. Government Treasuries — 0.9% | ||||||||
United States Treasury Bills | ||||||||
1.53% due 12/24/2019(4) | $ | 2,700,000 | 2,697,386 | |||||
1.53% due 01/14/2020(4) | 400,000 | 399,252 | ||||||
1.55% due 12/31/2019(4) | 500,000 | 499,357 | ||||||
1.56% due 12/31/2019(4) | 7,700,000 | 7,690,107 | ||||||
11,286,102 | ||||||||
Total Short-Term Investment Securities |
| |||||||
(cost $69,004,253) | 69,004,354 | |||||||
111 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 15.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019 to be repurchased 12/02/2019 in the amount of $194,170,045 collateralized by $193,340,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $198,053,823. | $ | 194,166,000 | $ | 194,166,000 | ||||
TOTAL INVESTMENTS — | ||||||||
(cost $1,275,587,637)(5) | 103.9 | % | 1,333,632,179 | |||||
Liabilities in excess of other assets | (3.9 | ) | (50,020,655 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,283,611,524 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $8,170,231 representing 0.6% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At November 30, 2019, the Fund had loaned securities with a total value of $67,808,961. This was secured by collateral of $57,718,252, which was received in cash and subsequently invested in short-term investments currently valued at $57,718,252 as |
reported in the Portfolio of Investments. Additional collateral of $12,634,137 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 | $ | 23,639 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2019 to 02/15/2049 | 12,610,498 |
(3) | The rate shown is the7-day yield as of November 30, 2019. |
(4) | The security or a portion thereof was pledged as collateral to cover margin requirements of open futures contracts. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert.)
ETF—Exchange-Traded Funds
FDR—Fiduciary Depositary Receipt
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR—Swedish Depositary Receipt
TRQX—Turquoise Stock Exchange
XEGT—Equiduct Stock Exchange
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
2144 | Long | MSCI EAFE Index | December 2019 | 207,385,455 | 211,966,560 | $ | 4,581,105 | |||||||||||||||
* | Notional Basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 Stock | ||||||||||||||||
Australia | $ | 69,437,370 | $ | — | $ | 0 | $ | 69,437,370 | ||||||||
Portugal | 1,606,257 | — | 0 | 1,606,257 | ||||||||||||
United Kingdom | 158,164,887 | 7,213 | — | 158,172,100 | ||||||||||||
Other Countries | 795,954,124 | — | — | 795,954,124 | ||||||||||||
Exchange-Traded Funds | 45,291,974 | — | — | 45,291,974 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 57,718,252 | — | — | 57,718,252 | ||||||||||||
U.S. Government Treasuries | — | 11,286,102 | — | 11,286,102 | ||||||||||||
Repurchase Agreements | — | 194,166,000 | — | 194,166,000 | ||||||||||||
Total Investments at Value | $ | 1,128,172,864 | $ | 205,459,315 | $ | 0 | $ | 1,333,632,179 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,581,105 | $ | — | $ | — | $ | 4,581,105 | ||||||||
* | 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 were not considered a material portion of the Fund. There are no Level 3 transfers during the reporting period.
See Notes to Financial Statements
112 |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Sovereign | 64.4 | % | ||
United States Treasury Notes | 23.1 | |||
United States Treasury Bonds | 3.6 | |||
Oil Companies — Integrated | 1.5 | |||
Banks — Commercial | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Airport Development/Maintenance | 0.3 | |||
Banks — Export/Import | 0.3 | |||
Diversified Banking Institutions | 0.3 | |||
Transport — Rail | 0.3 | |||
Finance — Commercial | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Telephone — Integrated | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Transport — Marine | 0.3 | |||
Metal — Diversified | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Electric — Generation | 0.2 | |||
Platinum | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Cellular Telecom | 0.1 | |||
Electric — Integrated | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
97.8 | % | |||
Country Allocation*
United States | 27.2 | % | ||
Japan | 12.2 | |||
Italy | 5.5 | |||
France | 3.8 | |||
Mexico | 3.7 | |||
United Kingdom | 3.6 | |||
Spain | 3.4 | |||
Germany | 2.7 | |||
Egypt | 1.9 | |||
Ukraine | 1.9 | |||
Indonesia | 1.9 | |||
Ivory Coast | 1.7 | |||
Australia | 1.7 | |||
Qatar | 1.5 | |||
United Arab Emirates | 1.5 | |||
Ecuador | 1.4 | |||
Russia | 1.3 | |||
Colombia | 1.2 | |||
Bahrain | 1.1 | |||
Panama | 1.1 | |||
Turkey | 1.1 | |||
South Africa | 1.0 | |||
Brazil | 1.0 | |||
Canada | 1.0 | |||
Sri Lanka | 0.9 | |||
Guatemala | 0.8 | |||
Ghana | 0.8 | |||
Saudi Arabia | 0.8 | |||
Dominican Republic | 0.8 | |||
Belgium | 0.7 | |||
Angola | 0.7 | |||
Mongolia | 0.7 | |||
Netherlands | 0.6 | |||
Honduras | 0.5 | |||
Nigeria | 0.5 | |||
India | 0.5 | |||
Kuwait | 0.5 | |||
Philippines | 0.4 | |||
Kazakhstan | 0.4 | |||
Ireland | 0.4 |
Hong Kong | 0.4 | |||
Kenya | 0.4 | |||
Luxembourg | 0.3 | |||
Uruguay | 0.3 | |||
South Korea | 0.3 | |||
Chile | 0.3 | |||
Peru | 0.3 | |||
Bermuda | 0.3 | |||
British Virgin Islands | 0.2 | |||
China | 0.3 | |||
Lebanon | 0.2 | |||
Cayman Islands | 0.1 | |||
97.8% | ||||
Credit Quality+#
Aaa | 32.9 | % | ||
Aa | 8.7 | |||
A | 17.3 | |||
Baa | 17.9 | |||
Ba | 4.3 | |||
B | 7.3 | |||
Caa | 0.6 | |||
Not Rated@ | 11.0 | |||
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. |
113 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 5.9% |
| |||||||
Bermuda — 0.3% |
| |||||||
Ooredoo International Finance, Ltd. | $ | 450,000 | $ | 458,204 | ||||
Brazil — 0.3% |
| |||||||
Banco do Brasil SA | 470,000 | 492,560 | ||||||
British Virgin Islands — 0.2% |
| |||||||
Chinalco Capital Holdings, Ltd. | 440,000 | 446,009 | ||||||
Cayman Islands — 0.1% |
| |||||||
Azure Orbit IV International Finance, Ltd. | 200,000 | 204,644 | ||||||
Chile — 0.3% |
| |||||||
Banco de Credito e Inversiones SA | 510,000 | 519,460 | ||||||
Colombia — 0.1% |
| |||||||
Ecopetrol SA | 175,000 | 200,375 | ||||||
Hong Kong — 0.4% |
| |||||||
CNAC HK Finbridge Co., Ltd. | 420,000 | 472,270 | ||||||
ICBCIL Finance Co., Ltd. | 200,000 | 205,255 | ||||||
677,525 | ||||||||
India — 0.5% |
| |||||||
Adani Green Energy UP, Ltd./Prayatna Developers Pvt, Ltd./Parampujya Solar Energy | 230,000 | 244,577 | ||||||
Export-Import Bank of India | 560,000 | 573,039 | ||||||
817,616 | ||||||||
Indonesia — 0.8% |
| |||||||
Pertamina Persero PT | 318,000 | 335,179 | ||||||
Perusahaan Listrik Negara PT | 200,000 | 212,776 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 422,500 | ||||||
Saka Energi Indonesia PT | 400,000 | 403,478 | ||||||
1,373,933 | ||||||||
Luxembourg — 0.3% |
| |||||||
Millicom International Cellular SA | 200,000 | 217,750 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Luxembourg (continued) |
| |||||||
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL | $ | 370,000 | $ | 390,585 | ||||
608,335 | ||||||||
Mexico — 1.4% |
| |||||||
Mexico City Airport Trust | 600,000 | 618,000 | ||||||
Petroleos Mexicanos | 640,000 | 621,376 | ||||||
Petroleos Mexicanos | 500,000 | 477,815 | ||||||
Petroleos Mexicanos | 500,000 | 491,775 | ||||||
Unifin Financiera SAB de CV SOFOM ENR | 290,000 | 300,513 | ||||||
2,509,479 | ||||||||
Netherlands — 0.6% |
| |||||||
Kazakhstan Temir Zholy Finance BV | 400,000 | 533,232 | ||||||
Petrobras Global Finance BV | 450,000 | 511,358 | ||||||
1,044,590 | ||||||||
South Korea — 0.3% |
| |||||||
Woori Bank | 555,000 | 557,864 | ||||||
Turkey — 0.2% |
| |||||||
Petkim Petrokimya Holding AS | 300,000 | 297,375 | ||||||
United Kingdom — 0.1% |
| |||||||
Petra Diamonds US Treasury PLC | 300,000 | 199,875 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $9,963,531) | 10,407,844 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 64.4% |
| |||||||
Angola — 0.7% |
| |||||||
Republic of Angola | 900,000 | 896,436 | ||||||
Republic of Angola | 370,000 | 378,880 | ||||||
1,275,316 | ||||||||
Australia — 1.7% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 682,865 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 736,229 |
114 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Australia (continued) |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | $ | 816,451 | ||||
Commonwealth of Australia | AUD | 800,000 | 708,364 | |||||
2,943,909 | ||||||||
Bahrain — 1.1% |
| |||||||
Kingdom of Bahrain | 420,000 | 437,220 | ||||||
Kingdom of Bahrain | 800,000 | 920,000 | ||||||
Kingdom of Bahrain | 550,000 | 646,415 | ||||||
2,003,635 | ||||||||
Belgium — 0.7% |
| |||||||
Kingdom of Belgium | EUR | 1,000,000 | 1,297,970 | |||||
Brazil — 0.7% |
| |||||||
Federative Republic of Brazil | 490,000 | 473,090 | ||||||
Federative Republic of Brazil | 750,000 | 824,063 | ||||||
1,297,153 | ||||||||
Canada — 1.0% |
| |||||||
Government of Canada | CAD | 2,400,000 | 1,745,226 | |||||
Colombia — 1.1% |
| |||||||
Republic of Colombia | 600,000 | 630,000 | ||||||
Republic of Colombia | 400,000 | 457,000 | ||||||
Republic of Colombia | 600,000 | 841,500 | ||||||
1,928,500 | ||||||||
Dominican Republic — 0.8% |
| |||||||
Dominican Republic | 1,270,000 | 1,389,380 | ||||||
Ecuador — 1.4% |
| |||||||
Republic of Ecuador | 1,250,000 | 975,000 | ||||||
Republic of Ecuador | 810,000 | 712,800 | ||||||
Republic of Ecuador | 960,000 | 801,610 | ||||||
2,489,410 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Egypt — 1.9% |
| |||||||
Arab Republic of Egypt | EUR | 500,000 | $ | 550,343 | ||||
Arab Republic of Egypt | EUR | 500,000 | 573,126 | |||||
Arab Republic of Egypt | 650,000 | 662,987 | ||||||
Arab Republic of Egypt | 770,000 | 816,262 | ||||||
Arab Republic of Egypt | 687,000 | 726,365 | ||||||
3,329,083 | ||||||||
France — 3.8% |
| |||||||
Government of France | EUR | 1,050,000 | 1,221,572 | |||||
Government of France | EUR | 1,200,000 | 1,651,112 | |||||
Government of France | EUR | 250,000 | 364,817 | |||||
Government of France | EUR | 790,000 | 1,167,470 | |||||
Government of France | EUR | 450,347 | 760,266 | |||||
Government of France | EUR | 1,000,000 | 1,519,533 | |||||
6,684,770 | ||||||||
Germany — 2.7% |
| |||||||
Federal Republic of Germany | EUR | 1,000,000 | 1,190,317 | |||||
Federal Republic of Germany | EUR | 2,000,000 | 2,356,977 | |||||
Federal Republic of Germany | EUR | 600,000 | 1,056,918 | |||||
Federal Republic of Germany | EUR | 50,000 | 95,652 | |||||
4,699,864 | ||||||||
Ghana — 0.8% |
| |||||||
Republic of Ghana | 640,000 | 630,400 | ||||||
Republic of Ghana | 380,000 | 372,020 | ||||||
Republic of Ghana | 370,000 | 462,507 | ||||||
1,464,927 | ||||||||
115 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Guatemala — 0.8% |
| |||||||
Republic of Guatemala | $ | 1,000,000 | $ | 1,050,000 | ||||
Republic of Guatemala | 400,000 | 420,000 | ||||||
1,470,000 | ||||||||
Honduras — 0.5% |
| |||||||
Republic of Honduras | 850,000 | 911,625 | ||||||
Indonesia — 1.1% |
| |||||||
Republic of Indonesia | EUR | 1,000,000 | 1,088,149 | |||||
Republic of Indonesia | 550,000 | 564,736 | ||||||
Republic of Indonesia | 200,000 | 217,313 | ||||||
1,870,198 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland | EUR | 600,000 | 710,293 | |||||
Italy — 5.5% |
| |||||||
Republic of Italy | EUR | 700,000 | 780,159 | |||||
Republic of Italy | EUR | 500,000 | 563,416 | |||||
Republic of Italy | EUR | 800,000 | 917,408 | |||||
Republic of Italy | EUR | 1,100,000 | 1,282,862 | |||||
Republic of Italy | EUR | 500,000 | 591,406 | |||||
Republic of Italy | EUR | 500,000 | 583,414 | |||||
Republic of Italy | EUR | 190,000 | 242,898 | |||||
Republic of Italy | EUR | 550,000 | 799,081 | |||||
Republic of Italy | EUR | 750,000 | 964,689 | |||||
Republic of Italy | EUR | 600,000 | 978,587 | |||||
Republic of Italy | EUR | 750,000 | 1,166,385 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 532,912 | $ | 782,950 | ||||
9,653,255 | ||||||||
Ivory Coast — 1.7% |
| |||||||
Republic of Ivory Coast | 1,346,400 | 1,321,869 | ||||||
Republic of Ivory Coast | EUR | 500,000 | 554,100 | |||||
Republic of Ivory Coast | 600,000 | 587,544 | ||||||
Republic of Ivory Coast | EUR | 500,000 | 534,324 | |||||
2,997,837 | ||||||||
Japan — 12.2% |
| |||||||
Government of Japan | JPY | 150,000,000 | 1,400,301 | |||||
Government of Japan | JPY | 150,000,000 | 1,418,761 | |||||
Government of Japan | JPY | 132,000,000 | 1,214,248 | |||||
Government of Japan | JPY | 75,000,000 | 808,586 | |||||
Government of Japan | JPY | 90,000,000 | 986,682 | |||||
Government of Japan | JPY | 125,000,000 | 1,341,339 | |||||
Government of Japan | JPY | 100,000,000 | 1,107,825 | |||||
Government of Japan | JPY | 200,000,000 | 2,220,876 | |||||
Government of Japan | JPY | 53,000,000 | 588,498 | |||||
Government of Japan | JPY | 120,000,000 | 1,483,262 | |||||
Government of Japan | JPY | 85,000,000 | 1,046,458 | |||||
Government of Japan | JPY | 100,000,000 | 1,243,561 | |||||
Government of Japan | JPY | 130,000,000 | 1,623,815 | |||||
Government of Japan | JPY | 60,000,000 | 649,681 | |||||
Government of Japan | JPY | 128,000,000 | 1,420,449 |
116 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 60,000,000 | $ | 677,347 | ||||
Government of Japan | JPY | 33,000,000 | 458,274 | |||||
Government of Japan | JPY | 130,000,000 | 1,608,898 | |||||
21,298,861 | ||||||||
Kazakhstan — 0.4% |
| |||||||
Republic of Kazakhstan | 500,000 | 725,340 | ||||||
Kenya — 0.4% |
| |||||||
Republic of Kenya | 600,000 | 639,444 | ||||||
Kuwait — 0.5% |
| |||||||
State of Kuwait | 800,000 | 811,176 | ||||||
Lebanon — 0.2% |
| |||||||
Republic of Lebanon | 730,000 | 328,318 | ||||||
Mexico — 2.3% |
| |||||||
United Mexican States | 220,000 | 234,300 | ||||||
United Mexican States | 700,000 | 724,668 | ||||||
United Mexican States | 700,000 | 754,257 | ||||||
United Mexican States | MXN | 10,000,000 | 561,058 | |||||
United Mexican States | MXN | 30,000,000 | 1,729,658 | |||||
4,003,941 | ||||||||
Mongolia — 0.7% |
| |||||||
Government of Mongolia | 640,000 | 652,505 | ||||||
Government of Mongolia | 600,000 | 615,105 | ||||||
1,267,610 | ||||||||
Nigeria — 0.5% |
| |||||||
Federal Republic of Nigeria | 470,000 | 468,834 | ||||||
Federal Republic of Nigeria | 370,000 | 348,910 | ||||||
817,744 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Panama — 1.1% |
| |||||||
Republic of Panama | $ | 500,000 | $ | 531,250 | ||||
Republic of Panama | 600,000 | 708,000 | ||||||
Republic of Panama | 500,000 | 703,130 | ||||||
1,942,380 | ||||||||
Peru — 0.3% |
| |||||||
Republic of Peru | 320,000 | 466,880 | ||||||
Philippines — 0.4% |
| |||||||
Republic of the Philippines | 500,000 | 737,855 | ||||||
Qatar — 1.5% |
| |||||||
State of Qatar | 750,000 | 751,875 | ||||||
State of Qatar | 900,000 | 1,029,470 | ||||||
State of Qatar | 720,000 | 921,600 | ||||||
2,702,945 | ||||||||
Russia — 1.3% |
| |||||||
Russian Federation | 800,000 | 880,080 | ||||||
Russian Federation | 400,000 | 443,440 | ||||||
Russian Federation | 400,000 | 491,072 | ||||||
Russian Federation | 435,500 | 496,505 | ||||||
2,311,097 | ||||||||
Saudi Arabia — 0.8% |
| |||||||
Kingdom of Saudi Arabia | 750,000 | 837,900 | ||||||
Kingdom of Saudi Arabia | 510,000 | 608,940 | ||||||
1,446,840 | ||||||||
South Africa — 1.0% |
| |||||||
Republic of South Africa | 350,000 | 329,368 | ||||||
Republic of South Africa | 960,000 | 916,769 | ||||||
Republic of South Africa | ZAR | 5,000,000 | 313,867 |
117 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
South Africa (continued) |
| |||||||
Republic of South Africa | ZAR | 4,000,000 | $ | 245,144 | ||||
1,805,148 | ||||||||
Spain — 3.4% |
| |||||||
Kingdom of Spain | EUR | 1,000,000 | 1,188,294 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,254,466 | |||||
Kingdom of Spain | EUR | 1,400,000 | 1,944,884 | |||||
Kingdom of Spain | EUR | 400,000 | 820,586 | |||||
Kingdom of Spain | EUR | 400,000 | 664,749 | |||||
5,872,979 | ||||||||
Sri Lanka — 0.9% |
| |||||||
Republic of Sri Lanka | 1,570,000 | 1,483,654 | ||||||
Turkey — 0.9% |
| |||||||
Republic of Turkey | 700,000 | 598,525 | ||||||
Republic of Turkey | 950,000 | �� | 950,456 | |||||
1,548,981 | ||||||||
Ukraine — 1.9% |
| |||||||
Government of Ukraine | EUR | 800,000 | 955,077 | |||||
Government of Ukraine | 550,000 | 583,600 | ||||||
Government of Ukraine | 460,000 | 485,758 | ||||||
Government of Ukraine | 1,100,000 | 1,276,840 | ||||||
3,301,275 | ||||||||
United Arab Emirates — 1.5% |
| |||||||
Emirate of Abu Dhabi | 730,000 | 737,855 | ||||||
Emirate of Abu Dhabi | 600,000 | 596,286 | ||||||
Emirate of Abu Dhabi | 1,250,000 | 1,308,975 | ||||||
2,643,116 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
United Kingdom — 3.5% |
| |||||||
United Kingdom Gilt Treasury | GBP | 400,000 | $ | 562,597 | ||||
United Kingdom Gilt Treasury | GBP | 800,000 | 1,233,959 | |||||
United Kingdom Gilt Treasury | GBP | 900,000 | 1,264,385 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 413,097 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 738,503 | |||||
United Kingdom Gilt Treasury | GBP | 700,000 | 956,065 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 440,256 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 496,931 | |||||
6,105,793 | ||||||||
Uruguay — 0.3% |
| |||||||
Oriental Republic of Uruguay | 500,000 | 597,000 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $112,040,384) | 113,020,728 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.2% |
| |||||||
United States — 0.2% |
| |||||||
Stillwater Mining Co. | 300,000 | 311,550 | ||||||
U.S. GOVERNMENT TREASURIES — 26.7% |
| |||||||
United States — 26.7% |
| |||||||
United States Treasury Bonds | 700,000 | 816,457 | ||||||
3.00% due 02/15/2049 | 1,200,000 | 1,404,891 | ||||||
3.13% due 08/15/2044 | 1,000,000 | 1,176,328 | ||||||
3.38% due 05/15/2044 | 700,000 | 856,242 | ||||||
3.38% due 11/15/2048 | 950,000 | 1,188,650 | ||||||
3.75% due 11/15/2043 | 500,000 | 645,449 | ||||||
United States Treasury Notes | 2,000,000 | 2,008,984 | ||||||
1.88% due 10/31/2022 | 2,000,000 | 2,015,234 | ||||||
1.88% due 08/31/2024 | 1,200,000 | 1,213,266 | ||||||
2.00% due 01/15/2021 | 2,000,000 | 2,006,484 | ||||||
2.00% due 11/30/2022 | 2,500,000 | 2,528,516 | ||||||
2.00% due 02/15/2025 | 2,500,000 | 2,542,480 | ||||||
2.00% due 08/15/2025 | 2,000,000 | 2,034,219 | ||||||
2.13% due 12/31/2022 | 2,100,000 | 2,132,895 | ||||||
2.13% due 03/31/2024 | 1,500,000 | 1,530,820 | ||||||
2.13% due 05/15/2025# | 1,500,000 | 1,535,098 | ||||||
2.25% due 11/15/2024 | 1,500,000 | 1,543,184 | ||||||
2.25% due 11/15/2025 | 2,000,000 | 2,062,031 | ||||||
2.25% due 02/15/2027 | 1,000,000 | 1,035,273 | ||||||
2.25% due 11/15/2027 | 600,000 | 622,547 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,118,227 | ||||||
2.38% due 05/15/2029 | 1,500,000 | 1,576,641 |
118 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States (continued) |
| |||||||
2.50% due 08/15/2023 | $ | 2,000,000 | $ | 2,063,203 | ||||
2.50% due 05/15/2024 | 2,700,000 | 2,800,406 | ||||||
2.63% due 11/15/2020 | 600,000 | 605,227 | ||||||
2.75% due 11/30/2020 | 800,000 | 808,281 | ||||||
2.75% due 11/15/2023 | 1,500,000 | 1,564,219 | ||||||
2.75% due 02/15/2024 | 1,200,000 | 1,254,234 | ||||||
3.13% due 11/15/2028 | 1,000,000 | 1,111,914 | ||||||
3.63% due 02/15/2021 | 2,000,000 | 2,045,469 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $45,201,948) | 46,846,869 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.3% |
| |||||||
China — 0.3% |
| |||||||
China Minmetals Corp. | 430,000 | 432,102 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $167,914,414) | 171,019,093 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 423,900 | 423,900 | ||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 72,870 | 72,870 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $496,770) | 496,770 | |||||||
TOTAL INVESTMENTS — | ||||||||
(cost $168,411,184)(5) | 97.8 | % | 171,515,863 | |||||
Other assets less liabilities | 2.2 | 3,883,136 | ||||||
NET ASSETS | 100.0 | % | $ | 175,398,999 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $19,813,118 representing 11.3% 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 November 30, 2019, the Fund had loaned securities with a total value of $4,084,942. This was secured by collateral of $423,900, which was received in cash and subsequently invested in short-term investments currently valued at $423,900 as reported in the Portfolio of Investments. Additional collateral of $3,862,441 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal Home Loan Mtg. Corp. | 3.50% to 3.50% | 07/01/2047 to 07/01/2047 | $ | 21,382 | ||||
Federal National Mtg. Assoc. | 2.50% to 6.00% | 11/25/2028 to 12/25/2049 | 2,741,568 | |||||
Government National Mtg. Assoc. | 2.50% to 4.50% | 09/16/2030 to 02/16/2061 | 1,099,488 | |||||
United States Treasury Notes/Bonds | 2.88% to 2.88% | 11/30/2023 to 11/30/2023 | 3 |
(4) | The rate shown is the7-days yield as of November 30, 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 Jen
MXN—Mexico Peso
ZAR—South Africa Rand
The following is a summary of the inputs used to value the Fund's net assets as of November 30, 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 . | $ | — | $ | 10,407,844 | $ | — | $ | 10,407,844 | ||||||||
Foreign Government Obligations | — | 113,020,728 | — | 113,020,728 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 311,550 | — | 311,550 | ||||||||||||
U.S. Government Treasuries | — | 46,846,869 | — | 46,846,869 | ||||||||||||
Preferred Securities/Captial Securities | — | 432,102 | — | 432,102 | ||||||||||||
Short-Term Investment Securities | 496,770 | — | — | 496,770 | ||||||||||||
Total Investments at Value | $ | 496,770 | $ | 171,019,093 | $ | — | $ | 171,515,863 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
119 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Apparel Manufacturers | 11.8 | % | ||
Transport — Services | 9.1 | |||
E-Commerce/Services | 7.5 | |||
Computer Services | 6.0 | |||
Banks — Commercial | 5.6 | |||
Industrial Automated/Robotic | 5.4 | |||
Registered Investment Companies | 5.3 | |||
Food — Misc./Diversified | 5.1 | |||
Beverages — Wine/Spirits | 4.3 | |||
Cosmetics & Toiletries | 3.9 | |||
Schools | 3.8 | |||
Semiconductor Equipment | 3.7 | |||
Food — Confectionery | 3.4 | |||
Electric — Transmission | 3.4 | |||
Private Equity | 2.6 | |||
Insurance — Life/Health | 2.6 | |||
Enterprise Software/Service | 2.6 | |||
Medical — Biomedical/Gene | 2.5 | |||
Soap & Cleaning Preparation | 2.4 | |||
Chemicals — Specialty | 2.3 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Appliances | 1.1 | |||
Retail — Restaurants | 1.0 | |||
Short-Term Investment Securities | 0.1 | |||
97.4 | % | |||
Country Allocation*
United States | 14.6 | % | ||
Japan | 11.5 | |||
Denmark | 9.4 | |||
France | 8.6 | |||
United Kingdom | 8.0 | |||
Italy | 6.2 | |||
India | 5.6 | |||
Switzerland | 5.4 | |||
Canada | 5.2 | |||
Cayman Islands | 4.8 | |||
Netherlands | 3.7 | |||
Bermuda | 3.4 | |||
China | 2.9 | |||
Hong Kong | 2.6 | |||
Sweden | 2.5 | |||
Taiwan | 1.9 | |||
Germany | 1.1 | |||
97.4 | % | |||
* | Calculated as a percentage of net assets |
120 |
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VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.0% |
| |||||||
Bermuda — 3.4% |
| |||||||
Brookfield Infrastructure Partners LP | 326,055 | $ | 16,987,465 | |||||
Canada — 5.2% |
| |||||||
Brookfield Asset Management, Inc., Class A# | 226,042 | 13,203,113 | ||||||
Constellation Software, Inc. | 12,048 | 12,879,832 | ||||||
26,082,945 | ||||||||
Cayman Islands — 4.8% |
| |||||||
Haidilao International Holding, Ltd.#* | 1,179,000 | 4,955,142 | ||||||
TAL Education Group ADR† | 423,499 | 18,744,066 | ||||||
23,699,208 | ||||||||
China — 2.9% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 946,327 | 14,408,036 | ||||||
Denmark — 9.4% |
| |||||||
Chr. Hansen Holding A/S# | 149,552 | 11,356,258 | ||||||
DSV A/S | 323,863 | 35,260,530 | ||||||
46,616,788 | ||||||||
France — 8.6% |
| |||||||
Hermes International | 37,450 | 28,055,896 | ||||||
Pernod Ricard SA# | 46,141 | 8,473,952 | ||||||
Remy Cointreau SA# | 50,532 | 6,507,953 | ||||||
43,037,801 | ||||||||
Germany — 1.1% |
| |||||||
Rational AG | 6,912 | 5,292,391 | ||||||
Hong Kong — 2.6% |
| |||||||
AIA Group, Ltd. | 1,315,118 | 13,171,256 | ||||||
India — 5.6% |
| |||||||
HDFC Bank, Ltd. | 1,118,588 | 19,880,811 | ||||||
Kotak Mahindra Bank, Ltd. | 350,018 | 7,845,673 | ||||||
27,726,484 | ||||||||
Italy — 6.2% |
| |||||||
Moncler SpA | 709,260 | 31,075,954 | ||||||
Japan — 11.5% |
| |||||||
Calbee, Inc. | 348,000 | 11,207,345 | ||||||
Keyence Corp. | 78,000 | 26,680,554 | ||||||
Pigeon Corp.# | 415,200 | 19,308,099 | ||||||
57,195,998 | ||||||||
Netherlands — 3.7% |
| |||||||
ASML Holding NV | 68,419 | 18,618,174 | ||||||
Sweden — 2.5% |
| |||||||
Vitrolife AB | 643,011 | 12,574,032 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Switzerland — 5.4% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 201 | $ | 17,145,300 | |||||
Kuehne & Nagel International AG | 60,634 | 9,859,088 | ||||||
27,004,388 | ||||||||
Taiwan — 1.9% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 178,321 | 9,467,062 | ||||||
United Kingdom — 8.0% |
| |||||||
Diageo PLC | 160,596 | 6,573,921 | ||||||
Reckitt Benckiser Group PLC | 153,768 | 12,063,807 | ||||||
Rightmove PLC | 2,609,889 | 21,049,615 | ||||||
39,687,343 | ||||||||
United States — 9.2% |
| |||||||
Booking Holdings, Inc.† | 8,425 | 16,041,453 | ||||||
EPAM Systems, Inc.† | 140,467 | 29,757,934 | ||||||
45,799,387 | ||||||||
Total Common Stocks | ||||||||
(cost $368,207,188) | 458,444,712 | |||||||
OPTIONS - PURCHASED†(1) — 0.1% |
| |||||||
Over the Counter Purchased Call Options | $ | 264,223,071 | 339,542 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $369,587,977) | 458,784,254 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.3% |
| |||||||
Registered Investment Companies — 5.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(2)(3) | 26,317,176 | 26,317,176 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $395,905,153)(4) | 97.4 | % | 485,101,430 | |||||
Other assets less liabilities | 2.6 | 12,774,567 | ||||||
NET ASSETS | 100.0 | % | $ | 497,875,997 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $4,955,142 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 November 30, 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 | $ | 428,103 | $ | 10,955 | $ | (417,148 | ) | ||||||||||||||||
Call option to sell Chinese Yuan in exchange for U.S. Dollars | NatWest Markets PLC | June 2020 | 7.85 CNY | 92,764 | 478,662 | 145,547 | (333,115 | ) | ||||||||||||||||||||
Call option to sell Chinese Yuan in exchange for U.S. Dollars | NatWest Markets PLC | September 2020 | 8.09 CNY | 87,831 | 474,024 | 183,040 | (290,984 | ) | ||||||||||||||||||||
$ | 264,223 | $ | 1,380,789 | $ | 339,542 | $ | (1,041,247 | ) | ||||||||||||||||||||
121 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $41,565,162. This was secured by collateral of $26,317,176, which was received in cash and subsequently invested in short-term investments currently valued at $26,317,176 as reported in the Portfolio of Investments. Additional collateral of $17,225,831 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 November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 to 03/26/2020 | $ | 126,703 | ||||
United States Treasury Notes/Bonds | 0.13% to 5.00% | 02/15/2020 to 02/15/2049 | 17,099,128 |
(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 November 30, 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 | $ | 458,444,712 | $ | — | $ | — | $ | 458,444,712 | ||||||||
Options - Purchased | — | 339,542 | — | 339,542 | ||||||||||||
Short-Term Investment Securities | 26,317,176 | — | — | 26,317,176 | ||||||||||||
Total Investments at Value | $ | 484,761,888 | $ | 339,542 | $ | — | $ | 485,101,430 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
122 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Repurchase Agreements | 6.6 | % | ||
Medical — Drugs | 5.0 | |||
Banks — Commercial | 4.1 | |||
Insurance — Multi-line | 3.5 | |||
Insurance — Life/Health | 2.7 | |||
Telephone — Integrated | 2.6 | |||
Real Estate Investment Trusts | 2.6 | |||
Cosmetics & Toiletries | 2.3 | |||
Auto — Cars/Light Trucks | 2.0 | |||
Oil Companies — Integrated | 1.7 | |||
Real Estate Operations & Development | 1.7 | |||
Investment Companies | 1.6 | |||
Gas — Distribution | 1.6 | |||
Commercial Services | 1.5 | |||
Transport — Rail | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Food — Retail | 1.3 | |||
Insurance — Reinsurance | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Diversified Banking Institutions | 1.2 | |||
Real Estate Management/Services | 1.2 | |||
Import/Export | 1.1 | |||
Semiconductor Equipment | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Finance — Other Services | 1.0 | |||
Medical Products | 1.0 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Medical — Biomedical/Gene | 0.9 | |||
Food — Dairy Products | 0.9 | |||
Apparel Manufacturers | 0.9 | |||
Building & Construction Products — Misc. | 0.9 | |||
Industrial Automated/Robotic | 0.9 | |||
Steel — Producers | 0.9 | |||
Insurance — Property/Casualty | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Rubber — Tires | 0.9 | |||
Machinery — General Industrial | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Industrial Gases | 0.8 | |||
Oil Refining & Marketing | 0.8 | |||
Audio/Video Products | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Hotels/Motels | 0.8 | |||
Food — Misc./Diversified | 0.7 | |||
Machinery — Electrical | 0.7 | |||
Electric — Integrated | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Water | 0.7 | |||
Private Equity | 0.7 | |||
Food — Catering | 0.6 | |||
Cellular Telecom | 0.6 | |||
Instruments — Controls | 0.6 | |||
U.S. Government Treasuries | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Electric — Distribution | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Airport Development/Maintenance | 0.5 | |||
Optical Supplies | 0.5 | |||
Beverages —Non-alcoholic | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Computer Services | 0.5 | |||
Paper & Related Products | 0.5 | |||
Telecom Services | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Building Products — Cement | 0.4 | |||
Multimedia | 0.4 | |||
Office Automation & Equipment | 0.4 | |||
Transport — Services | 0.4 |
Electric — Transmission | 0.4 | |||
Finance — Leasing Companies | 0.4 | |||
Human Resources | 0.4 | |||
Coatings/Paint | 0.4 | |||
Pipelines | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Gas — Transportation | 0.4 | |||
Public Thoroughfares | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Building — Heavy Construction | 0.3 | |||
Retail — Apparel/Shoe | 0.3 | |||
Medical Instruments | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Toys | 0.3 | |||
Machinery — Farming | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Rental Auto/Equipment | 0.2 | |||
Advertising Agencies | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Gold Mining | 0.2 | |||
Electronic Components — Semiconductors | 0.2 | |||
Computer Aided Design | 0.2 | |||
Metal — Copper | 0.2 | |||
Networking Products | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Applications Software | 0.2 | |||
Advertising Services | 0.2 | |||
Diversified Operations | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Fisheries | 0.2 | |||
MRI/Medical Diagnostic Imaging | 0.2 | |||
Wireless Equipment | 0.2 | |||
Metal — Diversified | 0.2 | |||
Television | 0.2 | |||
Computer Data Security | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Diversified Operations/Commercial Services | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Security Services | 0.1 | |||
Diversified Minerals | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Metal — Iron | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Steel — Specialty | 0.1 | |||
Travel Services | 0.1 | |||
Retail — Building Products | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Oil — Field Services | 0.1 | |||
Web Portals/ISP | 0.1 | |||
Food — Meat Products | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Satellite Telecom | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Consulting Services | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Silver Mining | 0.1 |
123 |
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VALIC Company I International Socially Responsible Fund@
PORTFOLIO PROFILE —November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
E-Commerce/Products | 0.1 | % | ||
Transactional Software | 0.1 | |||
97.5 | % | |||
Country Allocation*
Japan | 21.8 | % | ||
United Kingdom | 13.0 | |||
France | 10.1 | |||
Switzerland | 7.9 | |||
United States | 7.2 | |||
Australia | 5.7 | |||
Germany | 4.8 | |||
Netherlands | 4.1 | |||
Spain | 3.0 | |||
Sweden | 2.9 | |||
Hong Kong | 2.7 | |||
Finland | 1.8 | |||
Singapore | 1.8 | |||
Denmark | 1.7 | |||
Italy | 1.6 | |||
Norway | 1.3 | |||
Jersey | 1.2 | |||
Belgium | 1.1 | |||
Ireland | 0.8 | |||
Israel | 0.5 | |||
Austria | 0.5 | |||
Portugal | 0.5 | |||
Cayman Islands | 0.3 | |||
SupraNational | 0.3 | |||
Luxembourg | 0.3 | |||
Bermuda | 0.3 | |||
Papua New Guinea | 0.2 | |||
New Zealand | 0.1 | |||
97.5 | % | |||
* | Calculated as a percentage of net assets |
@ | See Note 1 |
124 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 90.3% |
| |||||||
Australia — 5.7% |
| |||||||
AGL Energy, Ltd. | 25,046 | $ | 345,768 | |||||
APA Group | 75,332 | 560,500 | ||||||
ASX, Ltd. | 9,202 | 508,582 | ||||||
Aurizon Holdings, Ltd. | 120,207 | 469,960 | ||||||
BGP Holdings PLC†(1) | 60,919 | 0 | ||||||
Brambles, Ltd. | 72,408 | 614,659 | ||||||
Caltex Australia, Ltd. | 23,515 | 549,696 | ||||||
Coca-Cola Amatil, Ltd. | 65,362 | 503,120 | ||||||
Coles Group, Ltd. | 47,183 | 518,931 | ||||||
Computershare, Ltd. | 16,395 | 196,618 | ||||||
CSL, Ltd. | 16,357 | 3,136,388 | ||||||
Dexus | 28,278 | 233,926 | ||||||
Fortescue Metals Group, Ltd. | 76,301 | 502,165 | ||||||
Goodman Group | 51,282 | 514,064 | ||||||
GPT Group | 61,897 | 257,483 | ||||||
Insurance Australia Group, Ltd. | 62,321 | 332,595 | ||||||
Macquarie Group, Ltd. | 16,161 | 1,509,066 | ||||||
Newcrest Mining, Ltd. | 41,998 | 873,813 | ||||||
Origin Energy, Ltd. | 123,475 | 726,611 | ||||||
QBE Insurance Group, Ltd. | 37,063 | 317,880 | ||||||
Ramsay Health Care, Ltd. | 9,388 | 463,426 | ||||||
Santos, Ltd. | 109,662 | 604,530 | ||||||
Scentre Group | 277,553 | 739,683 | ||||||
Sonic Healthcare, Ltd. | 34,789 | 708,762 | ||||||
Stockland | 85,968 | 293,651 | ||||||
Suncorp Group, Ltd. | 60,881 | 550,987 | ||||||
Sydney Airport | 81,224 | 504,349 | ||||||
Telstra Corp., Ltd. | 194,029 | 506,591 | ||||||
Transurban Group | 133,712 | 1,388,297 | ||||||
Vicinity Centres | 166,785 | 302,340 | ||||||
Woodside Petroleum, Ltd. | 72,103 | 1,683,069 | ||||||
Woolworths Group, Ltd. | 62,456 | 1,679,671 | ||||||
22,097,181 | ||||||||
Austria — 0.5% |
| |||||||
Erste Group Bank AG | 12,326 | 441,336 | ||||||
OMV AG | 15,366 | 875,892 | ||||||
voestalpine AG | 23,831 | 631,423 | ||||||
1,948,651 | ||||||||
Belgium — 1.1% |
| |||||||
Ageas | 2,563 | 153,833 | ||||||
Groupe Bruxelles Lambert SA | 12,657 | 1,284,262 | ||||||
KBC Group NV | 12,320 | 897,715 | ||||||
Proximus SADP | 2,316 | 69,861 | ||||||
Solvay SA | 3,637 | 416,716 | ||||||
UCB SA | 14,803 | 1,199,651 | ||||||
Umicore SA | 4,987 | 214,163 | ||||||
4,236,201 | ||||||||
Bermuda — 0.3% |
| |||||||
Hongkong Land Holdings, Ltd. | 55,100 | 303,050 | ||||||
Jardine Matheson Holdings, Ltd. | 8,700 | 489,114 | ||||||
Jardine Strategic Holdings, Ltd. | 8,800 | 279,400 | ||||||
1,071,564 | ||||||||
Cayman Islands — 0.3% |
| |||||||
CK Asset Holdings, Ltd. | 103,808 | 690,237 | ||||||
WH Group, Ltd.* | 336,500 | 345,611 | ||||||
Wharf Real Estate Investment Co., Ltd. | 49,000 | 271,977 | ||||||
1,307,825 | ||||||||
Denmark — 1.7% |
| |||||||
Chr. Hansen Holding A/S | 2,578 | 195,761 | ||||||
Demant A/S† | 2,605 | 79,701 |
Security Description | Shares | Value (Note 2) | ||||||
Denmark (continued) | ||||||||
DSV A/S | 5,197 | $ | 565,822 | |||||
Genmab A/S† | 2,025 | 471,757 | ||||||
Novo Nordisk A/S, Class B | 69,830 | 3,924,919 | ||||||
Novozymes A/S, Class B | 4,284 | 204,659 | ||||||
Orsted A/S* | 7,392 | 681,205 | ||||||
Pandora A/S | 3,725 | 149,942 | ||||||
Vestas Wind Systems A/S | 5,332 | 507,405 | ||||||
6,781,171 | ||||||||
Finland — 1.8% |
| |||||||
Elisa Oyj | 4,829 | 258,079 | ||||||
Kone Oyj, Class B | 14,796 | 926,209 | ||||||
Metso Oyj | 3,945 | 151,248 | ||||||
Neste Oyj | 23,260 | 786,192 | ||||||
Nokia Oyj | 195,633 | 692,171 | ||||||
Nokian Renkaat Oyj | 6,160 | 166,676 | ||||||
Nordea Bank Abp | 149,115 | 1,055,994 | ||||||
Orion Oyj, Class B | 11,247 | 489,437 | ||||||
Sampo Oyj, Class A | 25,403 | 1,027,104 | ||||||
Stora Enso Oyj, Class R | 30,154 | 405,292 | ||||||
UPM-Kymmene Oyj | 26,756 | 893,745 | ||||||
6,852,147 | ||||||||
France — 10.1% |
| |||||||
Accor SA | 12,998 | 556,042 | ||||||
Aeroports de Paris | 2,264 | 442,729 | ||||||
Air Liquide SA | 22,577 | 3,060,633 | ||||||
Arkema SA | 3,503 | 363,002 | ||||||
Atos SE | 4,174 | 354,452 | ||||||
AXA SA | 115,432 | 3,140,499 | ||||||
Bouygues SA | 21,474 | 877,235 | ||||||
Bureau Veritas SA | 11,721 | 306,813 | ||||||
Capgemini SE | 7,401 | 875,298 | ||||||
Carrefour SA | 31,256 | 515,832 | ||||||
Casino Guichard Perrachon SA | 3,862 | 169,935 | ||||||
Cie de Saint-Gobain | 27,860 | 1,127,981 | ||||||
Cie Generale des Etablissements Michelin SCA | 8,332 | 999,633 | ||||||
CNP Assurances | 24,774 | 489,100 | ||||||
Covivio | 4,578 | 506,376 | ||||||
Danone SA | 39,110 | 3,219,497 | ||||||
Dassault Systemes SE | 5,470 | 861,761 | ||||||
Edenred | 9,742 | 483,511 | ||||||
Eiffage SA | 10,257 | 1,119,844 | ||||||
EssilorLuxottica SA | 13,318 | 2,068,814 | ||||||
Eurazeo SE | 5,026 | 342,472 | ||||||
Eutelsat Communications SA | 11,227 | 184,171 | ||||||
Gecina SA | 3,778 | 652,637 | ||||||
Getlink SE | 26,210 | 442,085 | ||||||
Hermes International | 3,357 | 2,514,917 | ||||||
ICADE | 942 | 94,284 | ||||||
Iliad SA | 719 | 91,530 | ||||||
Ipsen SA | 3,263 | 368,472 | ||||||
Klepierre SA | 13,440 | 482,259 | ||||||
L’Oreal SA | 13,991 | 3,987,572 | ||||||
Legrand SA | 14,411 | 1,138,035 | ||||||
Natixis SA | 133,012 | 555,824 | ||||||
Publicis Groupe SA | 11,512 | 506,550 | ||||||
Sartorius Stedim Biotech | 2,629 | 417,367 | ||||||
Schneider Electric SE | 23,745 | 2,291,605 | ||||||
SCOR SE | 5,897 | 253,307 | ||||||
Societe BIC SA | 1,121 | 77,188 | ||||||
Sodexo SA | 4,267 | 497,361 | ||||||
Suez | 33,168 | 490,931 | ||||||
Teleperformance | 2,119 | 501,918 | ||||||
Veolia Environnement SA | 37,405 | 957,699 |
125 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
France (continued) | ||||||||
Wendel SA | 2,016 | $ | 271,632 | |||||
Worldline SA†* | 3,214 | 208,026 | ||||||
38,866,829 | ||||||||
Germany — 4.8% |
| |||||||
Beiersdorf AG | 7,876 | 918,459 | ||||||
Brenntag AG | 2,406 | 128,320 | ||||||
Commerzbank AG | 44,983 | 260,724 | ||||||
Continental AG | 5,691 | 743,595 | ||||||
Covestro AG* | 5,315 | 248,860 | ||||||
Deutsche Boerse AG | 6,646 | 1,019,575 | ||||||
Deutsche Wohnen SE | 17,209 | 672,102 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,451 | 123,601 | ||||||
Hannover Rueck SE | 1,641 | 304,629 | ||||||
HeidelbergCement AG | 7,777 | 574,908 | ||||||
Henkel AG & Co. KGaA | 4,203 | 406,553 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 14,936 | 1,577,705 | ||||||
Infineon Technologies AG | 23,094 | 493,282 | ||||||
LANXESS AG | 1,424 | 94,914 | ||||||
Merck KGaA | 11,987 | 1,399,844 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 6,793 | 1,950,291 | ||||||
SAP SE | 33,393 | 4,542,715 | ||||||
Siemens Healthineers AG* | 13,780 | 668,287 | ||||||
Symrise AG | 3,803 | 368,867 | ||||||
Telefonica Deutschland Holding AG | 26,017 | 79,425 | ||||||
TUI AG | 34,581 | 475,654 | ||||||
Vonovia SE | 21,799 | 1,135,715 | ||||||
Wirecard AG | 3,317 | 437,790 | ||||||
18,625,815 | ||||||||
Hong Kong — 2.7% |
| |||||||
AIA Group, Ltd. | 333,000 | 3,335,083 | ||||||
BOC Hong Kong Holdings, Ltd. | 126,500 | 429,852 | ||||||
Hang Lung Properties, Ltd. | 86,000 | 176,217 | ||||||
Hang Seng Bank, Ltd. | 22,000 | 448,541 | ||||||
Henderson Land Development Co., Ltd. | 106,503 | 512,240 | ||||||
Hong Kong & China Gas Co., Ltd. | 500,048 | 953,075 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 29,700 | 937,889 | ||||||
Link REIT | 50,500 | 516,093 | ||||||
MTR Corp., Ltd. | 77,000 | 431,819 | ||||||
New World Development Co., Ltd. | 325,000 | 424,307 | ||||||
Power Assets Holdings, Ltd. | 44,000 | 306,053 | ||||||
Sun Hung Kai Properties, Ltd. | 73,500 | 1,069,442 | ||||||
Swire Pacific, Ltd., Class A | 31,000 | 278,990 | ||||||
Swire Properties, Ltd. | 54,200 | 168,595 | ||||||
Wheelock & Co., Ltd. | 73,000 | 453,683 | ||||||
10,441,879 | ||||||||
Ireland — 0.8% |
| |||||||
CRH PLC | 31,818 | 1,217,422 | ||||||
DCC PLC | 7,978 | 681,836 | ||||||
Kerry Group PLC, Class A | 9,975 | 1,279,173 | ||||||
3,178,431 | ||||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim B.M. | 58,066 | 468,284 | ||||||
Bank LeumiLe-Israel B.M. | 74,268 | 538,690 | ||||||
Check Point Software Technologies, Ltd.† | 5,364 | 632,308 | ||||||
NICE, Ltd.† | 2,256 | 342,069 | ||||||
1,981,351 | ||||||||
Italy — 1.6% |
| |||||||
Assicurazioni Generali SpA | 107,154 | 2,187,496 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 56,238 | 628,868 | ||||||
Poste Italiane SpA* | 44,625 | 520,640 |
Security Description | Shares | Value (Note 2) | ||||||
Italy (continued) |
| |||||||
Recordati SpA | 13,203 | $ | 553,756 | |||||
Snam SpA | 284,615 | 1,414,784 | ||||||
Terna Rete Elettrica Nazionale SpA | 141,587 | 909,401 | ||||||
6,214,945 | ||||||||
Japan — 21.8% |
| |||||||
Aeon Co., Ltd. | 26,300 | 536,548 | ||||||
Ajinomoto Co., Inc. | 27,500 | 458,270 | ||||||
Aozora Bank, Ltd. | 2,300 | 58,585 | ||||||
Astellas Pharma, Inc. | 92,800 | 1,583,336 | ||||||
Bridgestone Corp. | 26,500 | 1,059,225 | ||||||
Canon, Inc. | 41,300 | 1,143,292 | ||||||
Central Japan Railway Co. | 6,500 | 1,312,115 | ||||||
Chiba Bank, Ltd. | 7,900 | 45,038 | ||||||
Chubu Electric Power Co., Inc. | 27,900 | 388,976 | ||||||
Chugai Pharmaceutical Co., Ltd. | 14,100 | 1,231,262 | ||||||
Concordia Financial Group, Ltd. | 24,700 | 100,195 | ||||||
Dai Nippon Printing Co., Ltd. | 5,700 | 152,427 | ||||||
Dai-ichi Life Holdings, Inc. | 35,200 | 566,969 | ||||||
Daiichi Sankyo Co., Ltd. | 20,900 | 1,310,272 | ||||||
Daikin Industries, Ltd. | 7,400 | 1,064,483 | ||||||
Daiwa House Industry Co., Ltd. | 18,300 | 559,926 | ||||||
Denso Corp. | 21,200 | 946,742 | ||||||
Dentsu, Inc. | 7,500 | 272,030 | ||||||
East Japan Railway Co. | 15,900 | 1,462,820 | ||||||
Eisai Co., Ltd. | 10,400 | 770,581 | ||||||
FANUC Corp. | 5,700 | 1,088,653 | ||||||
FUJIFILM Holdings Corp. | 12,100 | 571,753 | ||||||
Hankyu Hanshin Holdings, Inc. | 9,200 | 395,048 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 5,700 | 279,649 | ||||||
Hitachi Metals, Ltd. | 34,000 | 475,885 | ||||||
Hitachi, Ltd. | 25,800 | 1,013,567 | ||||||
Hoya Corp. | 10,700 | 976,593 | ||||||
Idemitsu Kosan Co., Ltd. | 9,300 | 253,880 | ||||||
Inpex Corp. | 62,900 | 614,317 | ||||||
Isuzu Motors, Ltd. | 19,400 | 226,958 | ||||||
JFE Holdings, Inc. | 58,000 | 739,208 | ||||||
JXTG Holdings, Inc. | 156,300 | 694,857 | ||||||
Kajima Corp. | 22,500 | 296,629 | ||||||
Kao Corp. | 17,300 | 1,361,177 | ||||||
KDDI Corp. | 51,500 | 1,476,940 | ||||||
Keikyu Corp. | 400 | 8,226 | ||||||
Keio Corp. | 2,000 | 128,272 | ||||||
Keyence Corp. | 4,600 | 1,573,469 | ||||||
Kintetsu Group Holdings Co., Ltd. | 7,700 | 435,457 | ||||||
Komatsu, Ltd. | 29,200 | 684,815 | ||||||
Kubota Corp. | 32,100 | 495,188 | ||||||
Kyocera Corp. | 6,200 | 421,830 | ||||||
Kyowa Kirin Co., Ltd. | 25,100 | 532,706 | ||||||
LIXIL Group Corp. | 3,000 | 50,706 | ||||||
Marubeni Corp. | 85,200 | 629,105 | ||||||
Mazda Motor Corp. | 40,800 | 361,573 | ||||||
MEIJI Holdings Co., Ltd. | 6,900 | 469,015 | ||||||
Mitsubishi Chemical Holdings Corp. | 59,600 | 441,984 | ||||||
Mitsubishi Corp. | 54,500 | 1,427,043 | ||||||
Mitsubishi Electric Corp. | 57,500 | 794,036 | ||||||
Mitsubishi Estate Co., Ltd. | 41,900 | 768,100 | ||||||
Mitsubishi Tanabe Pharma Corp. | 39,800 | 728,330 | ||||||
Mitsui & Co., Ltd. | 91,200 | 1,616,028 | ||||||
Mitsui Fudosan Co., Ltd. | 37,100 | 922,966 | ||||||
MS&AD Insurance Group Holdings, Inc. | 13,100 | 423,801 | ||||||
Murata Manufacturing Co., Ltd. | 14,700 | 852,010 | ||||||
NGK Spark Plug Co., Ltd. | 1,300 | 26,023 | ||||||
Nidec Corp. | 6,600 | 976,237 | ||||||
Nikon Corp. | 1,100 | 15,085 |
126 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Japan (continued) | ||||||||
Nintendo Co., Ltd. | 3,200 | $ | 1,238,134 | |||||
Nippon Steel Corp. | 111,800 | 1,639,897 | ||||||
Nippon Telegraph & Telephone Corp. | 25,000 | 1,262,391 | ||||||
Nisshin Seifun Group, Inc. | 16,400 | 308,057 | ||||||
Nitori Holdings Co., Ltd. | 2,000 | 313,371 | ||||||
NTT DOCOMO, Inc. | 42,600 | 1,168,771 | ||||||
Ono Pharmaceutical Co., Ltd. | 35,300 | 791,755 | ||||||
Oriental Land Co., Ltd. | 5,400 | 747,184 | ||||||
ORIX Corp. | 58,800 | 962,944 | ||||||
Osaka Gas Co., Ltd. | 28,100 | 526,803 | ||||||
Otsuka Holdings Co., Ltd. | 29,700 | 1,295,398 | ||||||
Panasonic Corp. | 65,600 | 618,512 | ||||||
Rakuten, Inc. | 27,100 | 234,963 | ||||||
Recruit Holdings Co., Ltd. | 30,300 | 1,096,785 | ||||||
Resona Holdings, Inc. | 98,100 | 415,954 | ||||||
Ryohin Keikaku Co., Ltd. | 5,000 | 113,882 | ||||||
Santen Pharmaceutical Co., Ltd. | 27,600 | 516,925 | ||||||
Secom Co., Ltd. | 6,500 | 552,697 | ||||||
Sekisui House, Ltd. | 11,000 | 237,678 | ||||||
Shimano, Inc. | 1,800 | 291,078 | ||||||
Shin-Etsu Chemical Co., Ltd. | 11,100 | 1,187,529 | ||||||
Shionogi & Co., Ltd. | 16,300 | 958,745 | ||||||
Shiseido Co., Ltd. | 12,800 | 924,435 | ||||||
Shizuoka Bank, Ltd. | 4,500 | 34,247 | ||||||
SMC Corp. | 1,500 | 679,868 | ||||||
Softbank Corp. | 54,200 | 735,838 | ||||||
SoftBank Group Corp. | 46,600 | 1,810,697 | ||||||
Sony Corp. | 35,600 | 2,245,511 | ||||||
Sumitomo Chemical Co., Ltd. | 44,800 | 202,194 | ||||||
Sumitomo Corp. | 63,600 | 958,169 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 8,500 | 160,518 | ||||||
Sumitomo Electric Industries, Ltd. | 43,100 | 643,419 | ||||||
Sumitomo Metal Mining Co., Ltd. | 18,200 | 551,379 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 68,600 | 2,500,072 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 21,000 | 803,316 | ||||||
Sumitomo Realty & Development Co., Ltd. | 17,500 | 609,794 | ||||||
Suntory Beverage & Food, Ltd. | 8,500 | 368,873 | ||||||
Sysmex Corp. | 4,700 | 325,786 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 5,700 | 420,776 | ||||||
Terumo Corp. | 19,100 | 670,258 | ||||||
Tobu Railway Co., Ltd. | 4,000 | 146,361 | ||||||
Tohoku Electric Power Co., Inc. | 17,900 | 177,438 | ||||||
Tokio Marine Holdings, Inc. | 18,800 | 1,022,316 | ||||||
Tokyo Electron, Ltd. | 3,000 | 619,433 | ||||||
Tokyo Gas Co., Ltd. | 24,900 | 601,599 | ||||||
Tokyu Corp. | 18,500 | 364,912 | ||||||
Toppan Printing Co., Ltd. | 8,100 | 161,105 | ||||||
Toray Industries, Inc. | 42,100 | 278,474 | ||||||
TOTO, Ltd. | 800 | 35,010 | ||||||
Toyota Industries Corp. | 8,900 | 522,836 | ||||||
Toyota Motor Corp. | 93,600 | 6,531,605 | ||||||
Toyota Tsusho Corp. | 5,200 | 181,718 | ||||||
Unicharm Corp. | 21,100 | 691,092 | ||||||
West Japan Railway Co. | 7,500 | 660,340 | ||||||
Yakult Honsha Co., Ltd. | 6,300 | 369,522 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 159,526 | ||||||
Z Holdings Corp. | 81,500 | 280,714 | ||||||
84,198,815 | ||||||||
Jersey — 1.2% |
| |||||||
Amcor PLC CDI | 60,352 | 622,537 | ||||||
Experian PLC | 51,790 | 1,716,763 | ||||||
Ferguson PLC | 14,538 | 1,263,919 | ||||||
WPP PLC | 72,061 | 932,467 | ||||||
4,535,686 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Luxembourg — 0.3% |
| |||||||
Aroundtown SA | 43,901 | $ | 381,219 | |||||
SES SA FDR | 10,069 | 133,615 | ||||||
Tenaris SA | 56,576 | 601,607 | ||||||
1,116,441 | ||||||||
Netherlands — 4.1% |
| |||||||
ABN AMRO Group NV CVA* | 40,437 | 690,071 | ||||||
Aegon NV | 159,801 | 720,408 | ||||||
AerCap Holdings NV† | 9,300 | 574,833 | ||||||
Akzo Nobel NV | 15,299 | 1,465,029 | ||||||
ASML Holding NV | 13,050 | 3,551,165 | ||||||
CNH Industrial NV | 68,258 | 731,544 | ||||||
EXOR NV | 8,039 | 615,000 | ||||||
Ferrari NV | 4,742 | 801,402 | ||||||
Koninklijke DSM NV | 7,823 | 1,002,343 | ||||||
Koninklijke KPN NV | 179,435 | 552,723 | ||||||
Koninklijke Vopak NV | 16,573 | 883,528 | ||||||
NN Group NV | 28,286 | 1,085,708 | ||||||
NXP Semiconductors NV | 8,951 | 1,034,557 | ||||||
QIAGEN NV† | 19,562 | 837,490 | ||||||
STMicroelectronics NV | 15,441 | 379,353 | ||||||
Wolters Kluwer NV | 11,208 | 804,586 | ||||||
15,729,740 | ||||||||
New Zealand — 0.1% |
| |||||||
Auckland International Airport, Ltd. | 28,716 | 166,422 | ||||||
Fletcher Building, Ltd. | 14,028 | 47,087 | ||||||
Spark New Zealand, Ltd. | 26,250 | 76,486 | ||||||
289,995 | ||||||||
Norway — 1.3% |
| |||||||
Equinor ASA | 137,665 | 2,537,094 | ||||||
Mowi ASA | 28,738 | 713,031 | ||||||
Orkla ASA | 78,880 | 764,186 | ||||||
Telenor ASA | 36,831 | 672,380 | ||||||
Yara International ASA | 8,435 | 318,138 | ||||||
5,004,829 | ||||||||
Papua New Guinea — 0.2% |
| |||||||
Oil Search, Ltd. | 157,585 | 793,033 | ||||||
Portugal — 0.5% |
| |||||||
Banco Espirito Santo SA(1)† | 126,030 | 0 | ||||||
EDP - Energias de Portugal SA | 194,077 | 784,700 | ||||||
Galp Energia SGPS SA | 62,555 | 1,018,246 | ||||||
1,802,946 | ||||||||
Singapore — 1.8% |
| |||||||
CapitaLand, Ltd. | 262,700 | 706,833 | ||||||
City Developments, Ltd. | 27,000 | 204,124 | ||||||
ComfortDelGro Corp., Ltd. | 16,400 | 28,179 | ||||||
DBS Group Holdings, Ltd. | 84,200 | 1,554,471 | ||||||
Jardine Cycle & Carriage, Ltd. | 10,700 | 239,707 | ||||||
Keppel Corp., Ltd. | 121,200 | 595,499 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 157,800 | 1,243,755 | ||||||
Singapore Telecommunications, Ltd. | 401,500 | 992,228 | ||||||
United Overseas Bank, Ltd. | 66,200 | 1,249,751 | ||||||
6,814,547 | ||||||||
Spain — 3.0% |
| |||||||
Aena SME SA* | 4,547 | 835,072 | ||||||
Amadeus IT Group SA | 17,484 | 1,392,652 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 291,055 | 1,533,213 | ||||||
Banco de Sabadell SA | 251,989 | 279,560 | ||||||
Bankia SA | 128,235 | 248,435 | ||||||
Bankinter SA | 29,064 | 203,262 |
127 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Spain (continued) | ||||||||
CaixaBank SA | �� | 173,134 | $ | 510,997 | ||||
Enagas SA | 29,593 | 737,145 | ||||||
Grifols SA | 19,249 | 657,617 | ||||||
Red Electrica Corp. SA | 33,714 | 659,283 | ||||||
Repsol SA | 159,901 | 2,517,369 | ||||||
Telefonica SA | 246,900 | 1,891,012 | ||||||
11,465,617 | ||||||||
SupraNational — 0.3% |
| |||||||
Unibail-Rodamco-Westfield | 7,305 | 1,142,000 | ||||||
Sweden — 2.9% |
| |||||||
Assa Abloy AB, Class B | 32,092 | 761,914 | ||||||
Atlas Copco AB, Class B | 37,418 | 1,209,483 | ||||||
Boliden AB | 26,697 | 688,459 | ||||||
Epiroc AB, Class A | 22,823 | 266,399 | ||||||
Essity AB, Class B | 38,080 | 1,196,690 | ||||||
Hennes & Mauritz AB, Class B | 27,444 | 529,617 | ||||||
Hexagon AB, Class B | 5,502 | 310,998 | ||||||
Industrivarden AB, Class C | 2,994 | 69,426 | ||||||
Investor AB, Class B | 42,629 | 2,252,919 | ||||||
Sandvik AB | 36,253 | 659,152 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 75,933 | 651,025 | ||||||
Svenska Handelsbanken AB, Class A | 95,987 | 942,017 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 93,191 | 839,659 | ||||||
Volvo AB, Class B | 60,577 | 936,342 | ||||||
11,314,100 | ||||||||
Switzerland — 7.9% |
| |||||||
ABB, Ltd. | 108,821 | 2,379,915 | ||||||
Adecco Group AG | 6,603 | 408,197 | ||||||
Alcon, Inc.† | 23,158 | 1,278,553 | ||||||
Baloise Holding AG | 3,177 | 552,163 | ||||||
Coca-Cola HBC AG | 24,531 | 818,244 | ||||||
EMS-Chemie Holding AG | 545 | 338,173 | ||||||
Geberit AG | 2,039 | 1,094,535 | ||||||
Givaudan SA | 554 | 1,628,206 | ||||||
Julius Baer Group, Ltd. | 13,548 | 637,840 | ||||||
Kuehne & Nagel International AG | 3,473 | 564,710 | ||||||
Lonza Group AG | 3,956 | 1,343,458 | ||||||
Pargesa Holding SA | 10,987 | 866,874 | ||||||
Partners Group Holding AG | 1,194 | 1,006,781 | ||||||
Schindler Holding AG | 215 | 51,428 | ||||||
Schindler Holding AG (Participation Certificate) | 3,620 | 902,466 | ||||||
SGS SA | 344 | 895,088 | ||||||
Sika AG | 6,257 | 1,089,031 | ||||||
Sonova Holding AG | 2,318 | 529,199 | ||||||
Straumann Holding AG | 453 | 435,786 | ||||||
Swatch Group AG | 3,991 | 1,117,480 | ||||||
Swiss Life Holding AG | 2,980 | 1,477,484 | ||||||
Swiss Prime Site AG | 16,778 | 1,771,757 | ||||||
Swiss Re AG | 20,951 | 2,268,993 | ||||||
Swisscom AG | 2,858 | 1,479,301 | ||||||
Temenos AG | 2,443 | 370,603 | ||||||
Vifor Pharma AG | 4,670 | 832,661 | ||||||
Zurich Insurance Group AG | 11,057 | 4,337,661 | ||||||
30,476,587 | ||||||||
United Kingdom — 13.0% |
| |||||||
3i Group PLC | 74,419 | 1,030,835 | ||||||
Admiral Group PLC | 20,276 | 561,193 | ||||||
Antofagasta PLC | 76,756 | 861,684 | ||||||
Ashtead Group PLC | 31,569 | 959,499 | ||||||
Auto Trader Group PLC* | 66,834 | 485,791 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) | ||||||||
Aviva PLC | 384,999 | $ | 2,010,675 | |||||
Barratt Developments PLC | 67,164 | 579,226 | ||||||
Berkeley Group Holdings PLC | 9,353 | 554,755 | ||||||
British Land Co. PLC | 143,217 | 1,066,182 | ||||||
BT Group PLC | 452,868 | 1,121,999 | ||||||
Bunzl PLC | 26,567 | 729,472 | ||||||
Burberry Group PLC | 34,562 | 940,504 | ||||||
Centrica PLC | 425,667 | 441,640 | ||||||
Coca-Cola European Partners PLC | 7,016 | 354,027 | ||||||
Compass Group PLC | 80,380 | 1,969,512 | ||||||
Croda International PLC | 13,657 | 879,631 | ||||||
Direct Line Insurance Group PLC | 168,705 | 666,366 | ||||||
Evraz PLC | 67,752 | 324,571 | ||||||
Fresnillo PLC | 33,358 | 249,197 | ||||||
Halma PLC | 19,981 | 544,241 | ||||||
Hargreaves Lansdown PLC | 17,251 | 413,880 | ||||||
Informa PLC | 115,137 | 1,178,493 | ||||||
InterContinental Hotels Group PLC | 16,870 | 1,092,468 | ||||||
Intertek Group PLC | 12,850 | 916,734 | ||||||
Investec PLC | 80,697 | 458,078 | ||||||
ITV PLC | 339,979 | 638,022 | ||||||
J Sainsbury PLC | 245,839 | 681,379 | ||||||
John Wood Group PLC | 87,524 | 397,669 | ||||||
Johnson Matthey PLC | 16,550 | 615,178 | ||||||
Kingfisher PLC | 172,440 | 468,130 | ||||||
Land Securities Group PLC | 112,381 | 1,393,015 | ||||||
Legal & General Group PLC | 468,105 | 1,700,635 | ||||||
London Stock Exchange Group PLC | 18,633 | 1,656,082 | ||||||
Marks & Spencer Group PLC | 207,182 | 520,778 | ||||||
Melrose Industries PLC | 227,485 | 675,524 | ||||||
Micro Focus International PLC | 15,513 | 227,282 | ||||||
Mondi PLC | 28,293 | 613,112 | ||||||
National Grid PLC | 222,892 | 2,564,803 | ||||||
Next PLC | 9,684 | 846,426 | ||||||
Pearson PLC | 65,779 | 550,097 | ||||||
Persimmon PLC | 20,231 | 669,320 | ||||||
RELX PLC | 94,653 | 2,292,916 | ||||||
Rentokil Initial PLC | 157,402 | 905,709 | ||||||
RSA Insurance Group PLC | 84,074 | 599,576 | ||||||
Sage Group PLC | 80,754 | 787,293 | ||||||
Schroders PLC | 17,665 | 753,723 | ||||||
Segro PLC | 136,585 | 1,579,271 | ||||||
Smith & Nephew PLC | 57,248 | 1,281,662 | ||||||
Smiths Group PLC | 46,568 | 1,000,399 | ||||||
Spirax-Sarco Engineering PLC | 5,213 | 601,744 | ||||||
SSE PLC | 84,085 | 1,413,767 | ||||||
St James’s Place PLC | 58,462 | 823,035 | ||||||
Taylor Wimpey PLC | 204,175 | 460,142 | ||||||
United Utilities Group PLC | 88,464 | 976,417 | ||||||
Weir Group PLC | 15,798 | 285,133 | ||||||
Whitbread PLC | 14,210 | 845,595 | ||||||
WM Morrison Supermarkets PLC | 364,283 | 934,281 | ||||||
50,148,768 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $307,895,275) | 348,437,094 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
U.S. Government Treasuries — 0.6% |
| |||||||
United States Treasury Bills | ||||||||
(cost 2,347,523) | $ | 2,350,000 | 2,347,725 | |||||
128 |
Table of Contents
VALIC Company I International Socially Responsible Fund@
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 6.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $25,304,527 collateralized by $25,200,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $25,814,401 | $ | 25,304,000 | $ | 25,304,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $335,546,798)(3) | 97.5 | % | 376,088,819 | |||||
Other assets less liabilities | 2.5 | 9,782,308 | ||||||
NET ASSETS | 100.0 | % | $ | 385,871,127 | ||||
@ | 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 November 30, 2019, the aggregate value of these securities was $4,683,563 representing 1.2% of net assets. |
(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. |
CDI—Chess Depositary Interest
CVA—Certification Van Aandelen (Dutch Cert)
FDR—Fiduciary Depositary Receipt
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
383 | Long | MSCI EAFE Index | December 2019 | $ | 36,711,821 | $ | 37,865,295 | $ | 1,153,474 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 22,097,181 | $ | — | $ | 0 | $ | 22,097,181 | ||||||||
Portugal | 1,802,946 | — | 0 | 1,802,946 | ||||||||||||
Other Countries | 324,536,967 | — | — | 324,536,967 | ||||||||||||
Short-Term Investment Securities | — | 2,347,725 | — | 2,347,725 | ||||||||||||
Repurchase Agreements | — | 25,304,000 | — | 25,304,000 | ||||||||||||
Total Investments at Value | $ | 348,437,094 | $ | 27,651,725 | $ | 0 | $ | 376,088,819 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,153,474 | $ | — | $ | — | $ | 1,153,474 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
† | Amounts presented 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
129 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 6.7 | % | ||
Oil Companies — Integrated | 5.6 | |||
Registered Investment Companies | 5.5 | |||
Electronic Components — Misc. | 5.0 | |||
Medical — Drugs | 4.8 | |||
Cellular Telecom | 4.8 | |||
Diversified Manufacturing Operations | 4.6 | |||
Diversified Minerals | 3.1 | |||
Building Products — Cement | 3.0 | |||
Finance — Investment Banker/Broker | 3.0 | |||
Computer Data Security | 2.9 | |||
Building & Construction Products — Misc. | 2.9 | |||
Machinery — Electrical | 2.8 | |||
Appliances | 2.7 | |||
Wire & Cable Products | 2.7 | |||
Oil — Field Services | 2.6 | |||
Diversified Banking Institutions | 2.6 | |||
Building — Heavy Construction | 2.5 | |||
Electronic Components — Semiconductors | 2.4 | |||
Broadcast Services/Program | 2.4 | |||
Building Products — Doors & Windows | 2.2 | |||
Investment Companies | 2.1 | |||
Insurance — Life/Health | 2.0 | |||
Industrial Automated/Robotic | 1.9 | |||
Agricultural Chemicals | 1.9 | |||
Food — Misc./Diversified | 1.8 | |||
Medical Products | 1.7 | |||
E-Commerce/Products | 1.7 | |||
Retail — Drug Store | 1.6 | |||
Enterprise Software/Service | 1.4 | |||
Telephone — Integrated | 1.4 | |||
Banks — Mortgage | 1.2 | |||
Diversified Financial Services | 1.2 | |||
Retail — Building Products | 1.1 | |||
Insurance — Reinsurance | 1.0 | |||
Food — Retail | 0.8 | |||
Containers — Paper/Plastic | 0.8 | |||
Silver Mining | 0.7 | |||
Investment Management/Advisor Services | 0.6 | |||
Electric — Integrated | 0.6 | |||
Sugar | 0.5 | |||
Aerospace/Defense | 0.5 | |||
101.3 | % | |||
Country Allocation*
United Kingdom | 14.6 | % | ||
Japan | 12.9 | |||
United States | 8.1 | |||
Netherlands | 5.6 | |||
Italy | 5.4 | |||
Germany | 4.8 | |||
Switzerland | 4.8 | |||
South Korea | 4.7 | |||
Canada | 4.3 | |||
China | 4.3 | |||
France | 4.3 | |||
Cayman Islands | 3.9 | |||
Israel | 2.9 | |||
Singapore | 2.5 | |||
Thailand | 2.4 | |||
India | 2.4 | |||
Malaysia | 2.3 | |||
Russia | 2.1 | |||
Norway | 2.0 | |||
British Virgin Islands | 1.9 | |||
Ireland | 1.8 | |||
Hong Kong | 1.6 | |||
Jersey | 0.6 | |||
Australia | 0.6 | |||
Bermuda | 0.5 | |||
101.3 | % | |||
* | Calculated as a percentage of net assets |
130 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.8% |
| |||||||
Australia — 0.6% |
| |||||||
Origin Energy, Ltd. | 720,932 | $ | 4,242,455 | |||||
Bermuda — 0.5% |
| |||||||
Cosan, Ltd., Class A† | 206,317 | 3,608,484 | ||||||
British Virgin Islands — 1.9% |
| |||||||
Hollysys Automation Technologies, Ltd. | 928,386 | 13,656,558 | ||||||
Canada — 4.3% |
| |||||||
Home Capital Group, Inc.†# | 351,100 | 9,116,494 | ||||||
Lundin Mining Corp. | 4,106,800 | 22,229,837 | ||||||
31,346,331 | ||||||||
Cayman Islands — 3.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 61,237 | 12,247,400 | ||||||
Xinyi Glass Holdings, Ltd. | 13,490,000 | 15,854,268 | ||||||
28,101,668 | ||||||||
China — 4.3% |
| |||||||
Midea Group Co., Ltd. | 2,545,239 | 19,669,320 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 6,204,100 | 11,127,364 | ||||||
30,796,684 | ||||||||
France — 4.3% |
| |||||||
Cie de Saint-Gobain | 514,452 | 20,828,865 | ||||||
Orange SA# | 594,344 | 9,821,833 | ||||||
30,650,698 | ||||||||
Germany — 4.8% |
| |||||||
METRO AG | 372,212 | 5,997,215 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 25,763 | 7,396,636 | ||||||
Rheinmetall AG | 30,909 | 3,290,829 | ||||||
SAP SE | 74,020 | 10,069,528 | ||||||
Siemens AG | 62,109 | 8,013,994 | ||||||
34,768,202 | ||||||||
Hong Kong — 1.6% |
| |||||||
China Everbright, Ltd. | 2,714,000 | 4,368,444 | ||||||
China Mobile, Ltd. | 945,000 | 7,122,464 | ||||||
11,490,908 | ||||||||
India — 2.4% |
| |||||||
Zee Telefilms, Ltd. | 4,251,096 | 16,977,717 | ||||||
Ireland — 1.8% |
| |||||||
Greencore Group PLC | 4,038,602 | 12,687,457 | ||||||
Israel — 2.9% |
| |||||||
Check Point Software Technologies, Ltd.† | 179,722 | 21,185,629 | ||||||
Italy — 5.4% |
| |||||||
Eni SpA | 1,307,841 | 19,759,798 | ||||||
Prysmian SpA | 850,998 | 19,397,798 | ||||||
39,157,596 | ||||||||
Japan — 12.9% |
| |||||||
Alps Alpine Co., Ltd. | 485,900 | 10,969,429 | ||||||
Daiwa Securities Group, Inc. | 4,219,800 | 21,396,821 | ||||||
Hitachi, Ltd. | 512,800 | 20,145,631 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,479,400 | 18,376,878 | ||||||
Takeda Pharmaceutical Co., Ltd. | 538,800 | 21,930,053 | ||||||
92,818,812 | ||||||||
Jersey — 0.6% |
| |||||||
Man Group PLC | 2,194,995 | 4,308,025 | ||||||
Malaysia — 2.3% |
| |||||||
CIMB Group Holdings Bhd | 13,126,591 | 16,280,556 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Netherlands — 5.6% |
| |||||||
Koninklijke Philips NV | 267,251 | $ | 12,408,772 | |||||
NN Group NV | 384,167 | 14,745,571 | ||||||
OCI NV†# | 708,672 | 13,428,798 | ||||||
40,583,141 | ||||||||
Norway — 2.0% |
| |||||||
DNB ASA | 853,405 | 14,338,427 | ||||||
Russia — 2.1% |
| |||||||
Mobile TeleSystems PJSC ADR | 1,622,032 | 15,311,982 | ||||||
Singapore — 2.5% |
| |||||||
Keppel Corp., Ltd.# | 3,604,300 | 17,709,217 | ||||||
South Korea — 4.7% |
| |||||||
Hana Financial Group, Inc. | 144,737 | 4,380,771 | ||||||
Samsung Electronics Co., Ltd. | 412,288 | 17,557,538 | ||||||
SK Telecom Co., Ltd. | 57,131 | 11,898,765 | ||||||
33,837,074 | ||||||||
Switzerland — 4.8% |
| |||||||
LafargeHolcim, Ltd. | 425,000 | 21,913,000 | ||||||
Novartis AG | 139,213 | 12,815,949 | ||||||
34,728,949 | ||||||||
Thailand — 2.4% |
| |||||||
Siam Commercial Bank PCL | 4,371,500 | 17,504,807 | ||||||
United Kingdom — 14.6% |
| |||||||
BP PLC | 3,378,093 | 20,980,207 | ||||||
Fresnillo PLC# | 712,309 | 5,321,225 | ||||||
John Wood Group PLC# | 4,069,613 | 18,490,442 | ||||||
Kingfisher PLC | 2,996,503 | 8,134,731 | ||||||
Melrose Industries PLC | 5,066,663 | 15,045,614 | ||||||
Sensata Technologies Holding PLC† | 235,694 | 12,135,884 | ||||||
Smiths Group PLC# | 1,167,845 | 25,088,278 | ||||||
105,196,381 | ||||||||
United States — 2.6% |
| |||||||
Berry Global Group, Inc.† | 125,040 | 5,838,118 | ||||||
Gentex Corp. | 457,838 | 13,002,599 | ||||||
18,840,717 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $708,609,657) | 690,128,475 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.5% |
| |||||||
Registered Investment Companies — 5.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 35,508,916 | 35,508,916 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,175,478 | 4,175,478 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $39,684,394) | 39,684,394 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $748,294,051)(3) | 101.3 | % | 729,812,869 | |||||
Liabilities in excess of other assets | (1.3 | ) | (9,498,479 | ) | ||||
NET ASSETS | 100.0 | % | $ | 720,314,390 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $38,643,275. This was secured by collateral of $4,175,478, which was received in cash and subsequently invested in short-term investments currently valued at $4,175,478 as |
131 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
reported in the Portfolio of Investments. Additional collateral of $36,763,688 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 to 03/26/2020 | $ | 695,492 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2019 to 02/15/2049 | 36,068,196 |
(2) | The rate shown is the7-day yield as of November 30, 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 | 22,317,800 | USD | 24,526,184 | 12/09/2019 | $ | — | $ | (70,138 | ) | ||||||||||||||||||
GBP | 41,554,100 | USD | 51,233,641 | 12/09/2019 | — | (2,518,896 | ) | |||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | — | $ | (2,589,034 | ) | |||||||||||||||||||||||
EUR—Euro Currency
GBP—Pound Sterling
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 690,128,475 | $ | — | $ | — | $ | 690,128,475 | ||||||||
Short-Term Investment Securities | 39,684,394 | — | — | 39,684,394 | ||||||||||||
Total Investments at Value | $ | 729,812,869 | $ | — | $ | — | $ | 729,812,869 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,589,034 | $ | — | $ | 2,589,034 | ||||||||
* | 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
132 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
| ||||
Diversified Banking Institutions | 7.8 | % | ||
Applications Software | 6.5 | |||
Computers | 4.7 | |||
E-Commerce/Products | 4.2 | |||
Insurance — Property/Casualty | 4.0 | |||
Web Portals/ISP | 4.0 | |||
Medical — Drugs | 3.9 | |||
Data Processing/Management | 3.3 | |||
Medical Instruments | 2.9 | |||
Electronic Components — Semiconductors | 2.6 | |||
Cable/Satellite TV | 2.5 | |||
Internet Content — Entertainment | 2.5 | |||
Finance — Credit Card | 2.4 | |||
Oil Companies — Integrated | 2.2 | |||
Entertainment Software | 2.1 | |||
Telephone — Integrated | 2.1 | |||
Tobacco | 2.1 | |||
Instruments — Controls | 2.1 | |||
Medical Products | 2.0 | |||
Aerospace/Defense | 2.0 | |||
Food — Misc./Diversified | 1.9 | |||
Retail — Building Products | 1.8 | |||
Oil Companies — Exploration & Production | 1.8 | |||
Investment Management/Advisor Services | 1.5 | |||
Electric Products — Misc. | 1.4 | |||
Computer Services | 1.4 | |||
Electronic Forms | 1.2 | |||
Semiconductor Equipment | 1.2 | |||
Repurchase Agreements | 1.1 | |||
Real Estate Investment Trusts | 1.1 | |||
Pharmacy Services | 1.1 | |||
Semiconductor Components — Integrated Circuits | 1.0 | |||
Dental Supplies & Equipment | 1.0 | |||
Machinery — Construction & Mining | 1.0 | |||
Telecom Equipment — Fiber Optics | 0.9 | |||
Medical — HMO | 0.8 | |||
Insurance Brokers | 0.8 | |||
Electric — Integrated | 0.8 | |||
Banks — Super Regional | 0.8 | |||
Gold Mining | 0.8 | |||
Food — Catering | 0.7 | |||
Oil Refining & Marketing | 0.7 | |||
Internet Security | 0.7 | |||
Networking Products | 0.7 | |||
Medical — Biomedical/Gene | 0.7 | |||
Coatings/Paint | 0.6 | |||
Agricultural Biotech | 0.6 | |||
Oil — Field Services | 0.6 | |||
Cellular Telecom | 0.5 | |||
Chemicals — Diversified | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Cosmetics & Toiletries | 0.5 | |||
Computer Aided Design | 0.5 | |||
Industrial Gases | 0.4 | |||
Building — Residential/Commercial | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Television | 0.4 | |||
Textile — Home Furnishings | 0.4 | |||
Apparel Manufacturers | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Retail — Restaurants | 0.2 | |||
99.9% | ||||
* | Calculated as a percentage of net assets |
133 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Aerospace/Defense — 2.0% |
| |||||||
Northrop Grumman Corp. | 8,245 | $ | 2,900,343 | |||||
Spirit AeroSystems Holdings, Inc., Class A | 9,015 | 784,215 | ||||||
3,684,558 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
L3Harris Technologies, Inc. | 4,390 | 882,785 | ||||||
Agricultural Biotech — 0.6% |
| |||||||
Corteva, Inc. | 41,473 | 1,079,127 | ||||||
Apparel Manufacturers — 0.3% |
| |||||||
Capri Holdings, Ltd.† | 14,915 | 553,943 | ||||||
Applications Software — 6.5% |
| |||||||
CDK Global, Inc. | 15,825 | 847,429 | ||||||
Microsoft Corp. | 72,610 | 10,991,702 | ||||||
11,839,131 | ||||||||
Banks - Super Regional — 0.8% |
| |||||||
Wells Fargo & Co. | 26,660 | 1,451,904 | ||||||
Building - Residential/Commercial — 0.4% |
| |||||||
D.R. Horton, Inc. | 13,895 | 769,088 | ||||||
Cable/Satellite TV — 2.5% |
| |||||||
Comcast Corp., Class A | 104,503 | 4,613,807 | ||||||
Cellular Telecom — 0.5% |
| |||||||
T-Mobile US, Inc.† | 12,305 | 966,558 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
DuPont de Nemours, Inc. | 13,673 | 886,147 | ||||||
Coatings/Paint — 0.6% |
| |||||||
Sherwin-Williams Co. | 1,978 | 1,153,431 | ||||||
Computer Aided Design — 0.5% |
| |||||||
Autodesk, Inc.† | 4,730 | 855,657 | ||||||
Computer Services — 1.4% |
| |||||||
DXC Technology Co. | 17,661 | 659,285 | ||||||
International Business Machines Corp. | 13,545 | 1,821,125 | ||||||
2,480,410 | ||||||||
Computers — 4.7% |
| |||||||
Apple, Inc. | 32,088 | 8,575,518 | ||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Colgate-Palmolive Co. | 12,830 | 870,131 | ||||||
Data Processing/Management — 3.3% |
| |||||||
Fidelity National Information Services, Inc. | 25,585 | 3,534,568 | ||||||
Fiserv, Inc.† | 21,332 | 2,479,631 | ||||||
6,014,199 | ||||||||
Dental Supplies & Equipment — 1.0% |
| |||||||
DENTSPLY SIRONA, Inc. | 32,475 | 1,836,136 | ||||||
Diversified Banking Institutions — 7.8% |
| |||||||
Citigroup, Inc. | 70,586 | 5,302,420 | ||||||
JPMorgan Chase & Co. | 44,190 | 5,822,475 | ||||||
Morgan Stanley | 64,215 | 3,177,358 | ||||||
14,302,253 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
3M Co. | 3,135 | 532,229 | ||||||
E-Commerce/Products — 4.2% |
| |||||||
Amazon.com, Inc.† | 3,035 | 5,465,428 | ||||||
eBay, Inc. | 64,735 | 2,299,387 | ||||||
7,764,815 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Emerson Electric Co. | 33,780 | $ | 2,494,991 | |||||
Electric - Integrated — 0.8% |
| |||||||
American Electric Power Co., Inc. | 16,125 | 1,473,019 | ||||||
Electronic Components - Semiconductors — 2.6% |
| |||||||
Broadcom, Inc. | 3,340 | 1,056,141 | ||||||
Intel Corp. | 20,410 | 1,184,801 | ||||||
Marvell Technology Group, Ltd. | 30,970 | 816,679 | ||||||
NVIDIA Corp. | 7,635 | 1,654,810 | ||||||
4,712,431 | ||||||||
Electronic Forms — 1.2% |
| |||||||
Adobe, Inc.† | 7,180 | 2,222,425 | ||||||
Entertainment Software — 2.1% |
| |||||||
Activision Blizzard, Inc. | 42,339 | 2,321,447 | ||||||
Electronic Arts, Inc.† | 15,760 | 1,591,918 | ||||||
3,913,365 | ||||||||
Finance - Credit Card — 2.4% |
| |||||||
Mastercard, Inc., Class A | 14,837 | 4,335,816 | ||||||
Food - Catering — 0.7% |
| |||||||
Aramark | 30,412 | 1,327,180 | ||||||
Food - Misc./Diversified — 1.9% |
| |||||||
Conagra Brands, Inc. | 60,698 | 1,752,351 | ||||||
Mondelez International, Inc., Class A | 34,290 | 1,801,597 | ||||||
3,553,948 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Sysco Corp. | 9,204 | 741,382 | ||||||
Gold Mining — 0.8% |
| |||||||
Newmont Goldcorp Corp. | 36,800 | 1,413,120 | ||||||
Industrial Gases — 0.4% |
| |||||||
Air Products & Chemicals, Inc. | 3,290 | 777,526 | ||||||
Instruments - Controls — 2.1% |
| |||||||
Honeywell International, Inc. | 21,141 | 3,774,726 | ||||||
Insurance Brokers — 0.8% |
| |||||||
Aon PLC | 7,327 | 1,491,850 | ||||||
Insurance - Property/Casualty — 4.0% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 33,601 | 7,402,300 | ||||||
Internet Content - Entertainment — 2.5% |
| |||||||
Facebook, Inc., Class A† | 22,670 | 4,571,179 | ||||||
Internet Security — 0.7% |
| |||||||
Palo Alto Networks, Inc.† | 5,570 | 1,265,615 | ||||||
Investment Management/Advisor Services — 1.5% |
| |||||||
BlackRock, Inc. | 5,437 | 2,690,826 | ||||||
Machinery - Construction & Mining — 1.0% |
| |||||||
Caterpillar, Inc. | 12,590 | 1,822,151 | ||||||
Medical Instruments — 2.9% |
| |||||||
Medtronic PLC | 47,154 | 5,252,484 | ||||||
Medical Products — 2.0% |
| |||||||
Abbott Laboratories | 17,196 | 1,469,398 | ||||||
Becton Dickinson and Co. | 8,585 | 2,219,223 | ||||||
3,688,621 | ||||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 10,720 | 1,221,437 | ||||||
Medical - Drugs — 3.9% |
| |||||||
Allergan PLC | 8,465 | 1,565,517 | ||||||
Johnson & Johnson | 25,703 | 3,533,906 |
134 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Pfizer, Inc. | 51,020 | $ | 1,965,290 | |||||
7,064,713 | ||||||||
Medical - HMO — 0.8% |
| |||||||
Anthem, Inc. | 5,419 | 1,564,249 | ||||||
Networking Products — 0.7% |
| |||||||
Cisco Systems, Inc. | 27,620 | 1,251,462 | ||||||
Oil Companies - Exploration & Production — 1.8% |
| |||||||
Canadian Natural Resources, Ltd. | 50,380 | 1,409,129 | ||||||
EOG Resources, Inc. | 27,498 | 1,949,608 | ||||||
3,358,737 | ||||||||
Oil Companies - Integrated — 2.2% |
| |||||||
Chevron Corp. | 33,985 | 3,980,663 | ||||||
Oil Refining & Marketing — 0.7% |
| |||||||
Marathon Petroleum Corp. | 12,045 | 730,409 | ||||||
Valero Energy Corp. | 5,781 | 552,027 | ||||||
1,282,436 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Schlumberger, Ltd. | 29,515 | 1,068,443 | ||||||
Pharmacy Services — 1.1% |
| |||||||
Cigna Corp. | 9,914 | 1,982,007 | ||||||
Real Estate Investment Trusts — 1.1% |
| |||||||
American Tower Corp. | 9,295 | 1,989,409 | ||||||
Retail - Building Products — 1.8% |
| |||||||
Lowe’s Cos., Inc. | 28,715 | 3,368,557 | ||||||
Retail - Restaurants — 0.2% |
| |||||||
McDonald’s Corp. | 1,910 | 371,457 | ||||||
Semiconductor Components - Integrated Circuits — 1.0% |
| |||||||
NXP Semiconductors NV | 16,450 | 1,901,291 | ||||||
Semiconductor Equipment — 1.2% |
| |||||||
Lam Research Corp. | 8,185 | 2,184,004 | ||||||
Telecom Equipment - Fiber Optics — 0.9% |
| |||||||
Corning, Inc. | 57,185 | 1,660,652 | ||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Telephone - Integrated — 2.1% |
| |||||||
AT&T, Inc. | 64,070 | $ | 2,394,937 | |||||
Verizon Communications, Inc. | 24,558 | 1,479,374 | ||||||
3,874,311 | ||||||||
Television — 0.4% |
| |||||||
CBS Corp., Class B | 18,215 | 735,522 | ||||||
Textile - Home Furnishings — 0.4% |
| |||||||
Mohawk Industries, Inc.† | 5,165 | 719,846 | ||||||
Tobacco — 2.1% |
| |||||||
Philip Morris International, Inc. | 45,695 | 3,789,486 | ||||||
Web Portals/ISP — 4.0% |
| |||||||
Alphabet, Inc., Class A† | 2,502 | 3,262,833 | ||||||
Alphabet, Inc., Class C† | 3,073 | 4,010,142 | ||||||
7,272,975 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $137,390,249) | 180,678,439 | |||||||
REPURCHASE AGREEMENTS — 1.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, repurchased 12/02/2019 in the amount of $2,064,043 collateralized by $2,120,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $2,105,308 | ||||||||
(cost $2,064,000) | $ | 2,064,000 | 2,064,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $139,454,249)(1) | 99.9 | % | 182,742,439 | |||||
Other assets less liabilities | 0.1 | 218,018 | ||||||
NET ASSETS | 100.0 | % | $ | 182,960,457 | ||||
† | 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 Fund’s net assets as of November 30, 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 | $ | 180,678,439 | $ | — | $ | — | $ | 180,678,439 | ||||||||
Repurchase Agreements | — | 2,064,000 | — | 2,064,000 | ||||||||||||
Total Investments at Value | $ | 180,678,439 | $ | 2,064,000 | $ | — | $ | 182,742,439 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
135 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Web Portals/ISP | 6.1 | % | ||
Computer Services | 5.3 | |||
Applications Software | 5.2 | |||
Finance — Credit Card | 4.7 | |||
Insurance Brokers | 4.0 | |||
Data Processing/Management | 3.9 | |||
Medical Products | 3.8 | |||
Diagnostic Equipment | 3.8 | |||
Cosmetics & Toiletries | 3.3 | |||
Computers | 3.2 | |||
Electronic Connectors | 3.1 | |||
Hotels/Motels | 2.8 | |||
Semiconductor Components — Integrated Circuits | 2.6 | |||
Finance — Investment Banker/Broker | 2.6 | |||
Commercial Services — Finance | 2.6 | |||
Medical — Drugs | 2.6 | |||
Electronic Components — Semiconductors | 2.3 | |||
Athletic Footwear | 2.3 | |||
Machinery — General Industrial | 2.1 | |||
Transport — Rail | 2.1 | |||
Cable/Satellite TV | 2.1 | |||
Coatings/Paint | 2.1 | |||
Retail — Major Department Stores | 2.0 | |||
E-Commerce/Products | 1.8 | |||
Electronic Measurement Instruments | 1.7 | |||
Instruments — Scientific | 1.7 | |||
Chemicals — Diversified | 1.7 | |||
Beverages —Non-alcoholic | 1.7 | |||
Textile — Apparel | 1.6 | |||
Registered Investment Companies | 1.5 | |||
Aerospace/Defense — Equipment | 1.5 | |||
Entertainment Software | 1.5 | |||
Private Equity | 1.5 | |||
Soap & Cleaning Preparation | 1.4 | |||
Chemicals — Specialty | 1.3 | |||
Instruments — Controls | 1.1 | |||
Retail — Restaurants | 1.1 | |||
Consulting Services | 1.1 | |||
Apparel Manufacturers | 1.1 | |||
Pharmacy Services | 0.9 | |||
Food — Misc./Diversified | 0.8 | |||
Veterinary Diagnostics | 0.8 | |||
U.S. Government Agencies | 0.7 | |||
Multimedia | 0.4 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
136 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.3% |
| |||||||
Aerospace/Defense - Equipment — 1.5% |
| |||||||
United Technologies Corp. | 54,538 | $ | 8,090,167 | |||||
Apparel Manufacturers — 1.1% |
| |||||||
VF Corp. | 64,822 | 5,739,340 | ||||||
Applications Software — 5.2% |
| |||||||
Microsoft Corp. | 188,785 | 28,578,273 | ||||||
Athletic Footwear — 2.3% |
| |||||||
adidas AG | 8,302 | 2,586,120 | ||||||
NIKE, Inc., Class B | 106,734 | 9,978,562 | ||||||
12,564,682 | ||||||||
Beverages-Non-alcoholic — 1.7% |
| |||||||
PepsiCo, Inc. | 66,713 | 9,061,627 | ||||||
Cable/Satellite TV — 2.1% |
| |||||||
Comcast Corp., Class A | 256,359 | 11,318,250 | ||||||
Chemicals - Diversified — 1.7% |
| |||||||
PPG Industries, Inc. | 71,069 | 9,156,530 | ||||||
Chemicals - Specialty — 1.3% |
| |||||||
Ecolab, Inc. | 37,048 | 6,915,750 | ||||||
Coatings/Paint — 2.1% |
| |||||||
Sherwin-Williams Co. | 19,373 | 11,296,978 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
Equifax, Inc. | 35,865 | 5,008,188 | ||||||
Moody’s Corp. | 40,634 | 9,210,509 | ||||||
14,218,697 | ||||||||
Computer Services — 5.3% |
| |||||||
Accenture PLC, Class A | 99,704 | 20,056,456 | ||||||
Cognizant Technology Solutions Corp., Class A | 140,534 | 9,009,635 | ||||||
29,066,091 | ||||||||
Computers — 3.2% |
| |||||||
Apple, Inc. | 66,096 | 17,664,156 | ||||||
Consulting Services — 1.1% |
| |||||||
Verisk Analytics, Inc. | 39,118 | 5,769,123 | ||||||
Cosmetics & Toiletries — 3.3% |
| |||||||
Colgate-Palmolive Co. | 144,370 | 9,791,173 | ||||||
Estee Lauder Cos., Inc., Class A | 24,210 | 4,732,329 | ||||||
L’Oreal SA | 11,719 | 3,340,030 | ||||||
17,863,532 | ||||||||
Data Processing/Management — 3.9% |
| |||||||
Fidelity National Information Services, Inc. | 87,412 | 12,075,968 | ||||||
Fiserv, Inc.† | 81,315 | 9,452,055 | ||||||
21,528,023 | ||||||||
Diagnostic Equipment — 3.8% |
| |||||||
Danaher Corp. | 43,262 | 6,315,387 | ||||||
Thermo Fisher Scientific, Inc. | 45,630 | 14,325,538 | ||||||
20,640,925 | ||||||||
E-Commerce/Products — 1.8% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 49,020 | 9,804,000 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Texas Instruments, Inc. | 106,148 | 12,760,051 | ||||||
Electronic Connectors — 3.1% |
| |||||||
Amphenol Corp., Class A | 87,564 | 9,106,656 | ||||||
TE Connectivity, Ltd. | 84,780 | 7,859,954 | ||||||
16,966,610 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Measurement Instruments — 1.7% |
| |||||||
Fortive Corp. | 132,118 | $ | 9,534,956 | |||||
Entertainment Software — 1.5% |
| |||||||
Electronic Arts, Inc.† | 79,807 | 8,061,305 | ||||||
Finance - Credit Card — 4.7% |
| |||||||
Mastercard, Inc., Class A | 25,982 | 7,592,720 | ||||||
Visa, Inc., Class A | 97,324 | 17,957,251 | ||||||
25,549,971 | ||||||||
Finance - Investment Banker/Broker — 2.6% |
| |||||||
Charles Schwab Corp. | 86,014 | 4,257,693 | ||||||
TD Ameritrade Holding Corp. | 195,054 | 10,109,649 | ||||||
14,367,342 | ||||||||
Food - Misc./Diversified — 0.8% |
| |||||||
Nestle SA | 44,186 | 4,591,809 | ||||||
Hotels/Motels — 2.8% |
| |||||||
Marriott International, Inc., Class A | 108,434 | 15,219,796 | ||||||
Instruments - Controls — 1.1% |
| |||||||
Mettler-Toledo International, Inc.† | 8,430 | 6,064,626 | ||||||
Instruments - Scientific — 1.7% |
| |||||||
Waters Corp.† | 41,780 | 9,278,085 | ||||||
Insurance Brokers — 4.0% |
| |||||||
Aon PLC | 74,538 | 15,176,682 | ||||||
Marsh & McLennan Cos., Inc. | 63,099 | 6,819,109 | ||||||
21,995,791 | ||||||||
Machinery - General Industrial — 2.1% |
| |||||||
Nordson Corp. | 70,114 | 11,627,005 | ||||||
Medical Products — 3.8% |
| |||||||
Abbott Laboratories | 114,004 | 9,741,642 | ||||||
Becton Dickinson and Co. | 43,118 | 11,146,003 | ||||||
20,887,645 | ||||||||
Medical - Drugs — 2.6% |
| |||||||
Eli Lilly & Co. | 41,757 | 4,900,184 | ||||||
Roche Holding AG | 17,783 | 5,480,721 | ||||||
Zoetis, Inc. | 31,047 | 3,741,784 | ||||||
14,122,689 | ||||||||
Multimedia — 0.4% |
| |||||||
Walt Disney Co. | 14,073 | 2,133,185 | ||||||
Pharmacy Services — 0.9% |
| |||||||
Cigna Corp. | 25,602 | 5,118,352 | ||||||
Private Equity — 1.5% |
| |||||||
Blackstone Group, Inc., Class A# | 146,253 | 7,929,838 | ||||||
Retail - Major Department Stores — 2.0% |
| |||||||
TJX Cos., Inc. | 177,452 | 10,847,641 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Starbucks Corp. | 68,738 | 5,872,287 | ||||||
Semiconductor Components - Integrated Circuits — 2.6% |
| |||||||
Analog Devices, Inc. | 70,961 | 8,015,045 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 120,606 | 6,402,973 | ||||||
14,418,018 | ||||||||
Soap & Cleaning Preparation — 1.4% |
| |||||||
Church & Dwight Co., Inc. | 33,149 | 2,328,386 | ||||||
Reckitt Benckiser Group PLC | 69,261 | 5,433,844 | ||||||
7,762,230 | ||||||||
137 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Textile - Apparel — 1.6% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 19,243 | $ | 8,634,766 | |||||
Transport - Rail — 2.1% |
| |||||||
Union Pacific Corp. | 65,026 | 11,443,926 | ||||||
Veterinary Diagnostics — 0.8% |
| |||||||
Elanco Animal Health, Inc.† | 163,406 | 4,527,980 | ||||||
Web Portals/ISP — 6.1% |
| |||||||
Alphabet, Inc., Class A† | 25,519 | 33,279,073 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $358,948,594) | 542,271,121 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.2% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 8,103,000 | 8,103,000 | ||||||
U.S. Government Agencies — 0.7% |
| |||||||
Federal Home Loan Bank | $ | 3,625,000 | 3,625,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $11,727,846) | 11,728,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $370,676,440)(3) | 101.5 | % | 553,999,121 | |||||
Liabilities in excess of other assets | (1.5 | ) | (7,969,681 | ) | ||||
NET ASSETS | 100.0 | % | $ | 546,029,440 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $7,916,120. This was secured by collateral of $8,103,000, which was received in cash and subsequently invested in short-term investments currently valued at $8,103,000 as reported in the Portfolio of Investments |
(2) | The rate shown is the7-day yield as of November 30, 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 November 30, 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 | $ | 542,271,121 | $ | — | $ | — | $ | 542,271,121 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,103,000 | — | — | 8,103,000 | ||||||||||||
U.S. Government Agencies | — | 3,625,000 | — | 3,625,000 | ||||||||||||
Total Investments at Value | $ | 550,374,121 | $ | 3,625,000 | $ | — | $ | 553,999,121 | ||||||||
* | 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 Mid Cap Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 10.2 | % | ||
Banks — Commercial | 6.5 | |||
Repurchase Agreements | 4.1 | |||
Registered Investment Companies | 2.5 | |||
Medical Products | 2.1 | |||
Insurance — Property/Casualty | 2.1 | |||
Retail — Restaurants | 1.9 | |||
Electric — Integrated | 1.8 | |||
Enterprise Software/Service | 1.6 | |||
Transport — Truck | 1.6 | |||
Gas — Distribution | 1.6 | |||
Chemicals — Specialty | 1.4 | |||
Medical Instruments | 1.2 | |||
Medical — Biomedical/Gene | 1.2 | |||
Steel — Producers | 1.2 | |||
Insurance — Multi-line | 1.1 | |||
Electronic Parts Distribution | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Medical Labs & Testing Services | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Electronic Components — Misc. | 1.0 | |||
Computer Services | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Distribution/Wholesale | 1.0 | |||
Diversified Manufacturing Operations | 0.9 | |||
Semiconductor Equipment | 0.9 | |||
Building & Construction Products — Misc. | 0.8 | |||
Commercial Services — Finance | 0.8 | |||
Electronic Measurement Instruments | 0.8 | |||
Applications Software | 0.8 | |||
Machinery — Pumps | 0.7 | |||
Office Automation & Equipment | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Lighting Products & Systems | 0.7 | |||
Theaters | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Semiconductor Components — Integrated Circuits | 0.7 | |||
Disposable Medical Products | 0.7 | |||
Data Processing/Management | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Savings & Loans/Thrifts | 0.7 | |||
Aerospace/Defense | 0.7 | |||
Garden Products | 0.7 | |||
Human Resources | 0.6 | |||
Medical — Outpatient/Home Medical | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Commercial Services | 0.6 | |||
Finance — Other Services | 0.6 | |||
Building — Residential/Commercial | 0.5 | |||
Hotels/Motels | 0.5 | |||
Hazardous Waste Disposal | 0.5 | |||
Multimedia | 0.5 | |||
Building Products — Cement | 0.5 | |||
Casino Hotels | 0.5 | |||
Coatings/Paint | 0.5 | |||
Water | 0.5 | |||
Apparel Manufacturers | 0.5 | |||
Finance — Consumer Loans | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Insurance Brokers | 0.5 | |||
Medical — Drugs | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Industrial Automated/Robotic | 0.5 |
Medical — HMO | 0.5 | |||
Resorts/Theme Parks | 0.4 | |||
Energy — Alternate Sources | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Funeral Services & Related Items | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Publishing — Newspapers | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Gold Mining | 0.4 | |||
Patient Monitoring Equipment | 0.4 | |||
Computer Software | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Racetracks | 0.4 | |||
Physical Therapy/Rehabilitation Centers | 0.4 | |||
Oil — Field Services | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Instruments — Controls | 0.3 | |||
Retail — Discount | 0.3 | |||
Retail — Convenience Store | 0.3 | |||
Transport — Rail | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
Lasers — System/Components | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Wireless Equipment | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Airlines | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Computers — Other | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
E-Commerce/Products | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Transport — Marine | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Casino Services | 0.3 | |||
Machinery — Farming | 0.3 | |||
Poultry | 0.3 | |||
Environmental Consulting & Engineering | 0.3 | |||
Security Services | 0.2 | |||
Television | 0.2 | |||
Schools | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Health Care Cost Containment | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Firearms & Ammunition | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Food — Baking | 0.2 | |||
Diagnostic Equipment | 0.2 | |||
Consulting Services | 0.2 | |||
Electronics — Military | 0.2 | |||
Consumer Products — Misc. | 0.2 | |||
Toys | 0.2 | |||
Food — Catering | 0.2 | |||
Home Furnishings | 0.2 | |||
Networking Products | 0.2 | |||
Rubber — Tires | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Oil Companies — Integrated | 0.2 | |||
Brewery | 0.2 | |||
Building — Mobile Home/Manufactured Housing | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Pipelines | 0.2 |
139 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Catalog Shopping | 0.2 | % | ||
Steel Pipe & Tube | 0.2 | |||
Retail — Sporting Goods | 0.2 | |||
Retail — Automobile | 0.2 | |||
Steel — Specialty | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Oil & Gas Drilling | 0.2 | |||
Transport — Services | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Food — Retail | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Paper & Related Products | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Publishing — Books | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Quarrying | 0.1 | |||
Retail — Bedding | 0.1 | |||
Medical Information Systems | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Publishing — Periodicals | 0.1 | |||
102.4 | % | |||
* | Calculated as a percentage of net assets |
140 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.6% |
| |||||||
Aerospace/Defense — 0.7% |
| |||||||
Teledyne Technologies, Inc.† | 64,000 | $ | 21,887,360 | |||||
Airlines — 0.3% |
| |||||||
JetBlue Airways Corp.† | 521,210 | 10,043,717 | ||||||
Apparel Manufacturers — 0.5% |
| |||||||
Carter’s, Inc. | 78,707 | 8,131,220 | ||||||
Deckers Outdoor Corp.† | 50,809 | 8,545,058 | ||||||
16,676,278 | ||||||||
Applications Software — 0.8% |
| |||||||
CDK Global, Inc. | 213,220 | 11,417,931 | ||||||
PTC, Inc.† | 182,367 | 13,969,312 | ||||||
25,387,243 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Adient PLC† | 153,174 | 3,348,384 | ||||||
Dana, Inc. | 253,192 | 4,291,604 | ||||||
Delphi Technologies PLC† | 153,251 | 1,909,508 | ||||||
Visteon Corp.† | 49,178 | 4,599,618 | ||||||
14,149,114 | ||||||||
Banks - Commercial — 6.5% |
| |||||||
Associated Banc-Corp. | 285,294 | 6,116,704 | ||||||
BancorpSouth Bank | 164,717 | 5,122,699 | ||||||
Bank of Hawaii Corp.# | 71,472 | 6,440,342 | ||||||
Bank OZK | 212,668 | 6,311,986 | ||||||
Cathay General Bancorp | 133,399 | 4,911,751 | ||||||
Commerce Bancshares, Inc.# | 173,766 | 11,647,535 | ||||||
Cullen/Frost Bankers, Inc.# | 100,308 | 9,384,817 | ||||||
East West Bancorp, Inc. | 256,055 | 11,732,440 | ||||||
First Financial Bankshares, Inc.# | 238,923 | 8,259,568 | ||||||
First Horizon National Corp. | 549,729 | 8,839,642 | ||||||
FNB Corp. | 571,536 | 7,098,477 | ||||||
Fulton Financial Corp. | 292,512 | 5,019,506 | ||||||
Hancock Whitney Corp. | 159,584 | 6,480,706 | ||||||
Home BancShares, Inc. | 273,996 | 5,156,605 | ||||||
International Bancshares Corp. | 101,648 | 4,311,908 | ||||||
PacWest Bancorp | 207,955 | 7,744,244 | ||||||
Pinnacle Financial Partners, Inc. | 127,252 | 7,815,818 | ||||||
Prosperity Bancshares, Inc. | 166,845 | 11,720,861 | ||||||
Signature Bank | 96,289 | 11,878,211 | ||||||
Synovus Financial Corp. | 257,811 | 9,820,021 | ||||||
TCF Financial Corp. | 270,016 | 11,472,980 | ||||||
Texas Capital Bancshares, Inc.† | 88,494 | 5,114,953 | ||||||
Trustmark Corp. | 113,298 | 3,892,919 | ||||||
UMB Financial Corp. | 75,964 | 5,110,098 | ||||||
Umpqua Holdings Corp. | 387,387 | 6,341,525 | ||||||
United Bankshares, Inc. | 179,219 | 6,787,024 | ||||||
Valley National Bancorp | 583,710 | 6,759,362 | ||||||
Webster Financial Corp. | 162,133 | 7,894,256 | ||||||
Wintrust Financial Corp. | 99,731 | 6,772,732 | ||||||
215,959,690 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
Energizer Holdings, Inc.# | 112,731 | 5,624,150 | ||||||
EnerSys | 74,737 | 5,244,295 | ||||||
10,868,445 | ||||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 16,159 | 6,210,227 | ||||||
Building & Construction Products - Misc. — 0.8% |
| |||||||
Louisiana-Pacific Corp. | 217,467 | 6,450,071 | ||||||
Owens Corning | 191,393 | 12,834,815 | ||||||
Trex Co., Inc.† | 102,785 | 8,845,677 | ||||||
28,130,563 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction - Misc. — 0.3% |
| |||||||
EMCOR Group, Inc. | 98,756 | $ | 8,782,371 | |||||
Building Products - Air & Heating — 0.5% |
| |||||||
Lennox International, Inc. | 61,997 | 15,861,932 | ||||||
Building Products - Cement — 0.5% |
| |||||||
Eagle Materials, Inc. | 73,929 | 6,803,686 | ||||||
MDU Resources Group, Inc. | 350,196 | 10,169,692 | ||||||
16,973,378 | ||||||||
Building - Heavy Construction — 0.4% |
| |||||||
Arcosa, Inc. | 1 | 39 | ||||||
Dycom Industries, Inc.† | 55,404 | 2,883,778 | ||||||
Granite Construction, Inc. | 82,404 | 2,122,727 | ||||||
MasTec, Inc.†# | 106,058 | 7,035,888 | ||||||
12,042,432 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.2% |
| |||||||
Thor Industries, Inc.# | 96,870 | 6,177,400 | ||||||
Building - Residential/Commercial — 0.5% |
| |||||||
KB Home | 150,446 | 5,202,423 | ||||||
Toll Brothers, Inc. | 227,287 | 9,130,119 | ||||||
TRI Pointe Group, Inc.† | 250,270 | 3,899,206 | ||||||
18,231,748 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 8,834 | 13,560,190 | ||||||
Casino Hotels — 0.5% |
| |||||||
Boyd Gaming Corp. | 140,777 | 4,140,251 | ||||||
Caesars Entertainment Corp.† | 977,741 | 12,749,743 | ||||||
16,889,994 | ||||||||
Casino Services — 0.3% |
| |||||||
Eldorado Resorts, Inc.†# | 114,924 | 6,149,583 | ||||||
Scientific Games Corp.†# | 95,040 | 2,600,295 | ||||||
8,749,878 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Olin Corp. | 289,043 | 5,064,033 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 135,236 | 4,263,991 | ||||||
Chemicals - Specialty — 1.4% |
| |||||||
Ashland Global Holdings, Inc. | 106,474 | 7,634,186 | ||||||
Cabot Corp. | 101,655 | 4,776,768 | ||||||
Chemours Co.# | 287,607 | 4,541,315 | ||||||
Ingevity Corp.† | 73,639 | 6,650,338 | ||||||
Minerals Technologies, Inc. | 61,685 | 3,330,990 | ||||||
NewMarket Corp. | 12,991 | 6,417,164 | ||||||
Sensient Technologies Corp. | 74,450 | 4,711,940 | ||||||
Valvoline, Inc. | 331,075 | 7,498,849 | ||||||
45,561,550 | ||||||||
Coatings/Paint — 0.5% |
| |||||||
RPM International, Inc. | 228,125 | 16,819,656 | ||||||
Commercial Services — 0.6% |
| |||||||
CoreLogic, Inc.† | 140,976 | 5,840,636 | ||||||
Healthcare Services Group, Inc.# | 130,386 | 3,279,208 | ||||||
LiveRamp Holdings, Inc.† | 118,996 | 5,960,509 | ||||||
WW International, Inc.† | 81,692 | 3,536,447 | ||||||
18,616,800 | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
Green Dot Corp., Class A† | 83,872 | 1,992,799 | ||||||
Sabre Corp. | 481,467 | 10,799,305 |
141 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services - Finance (continued) |
| |||||||
WEX, Inc.† | 76,132 | $ | 15,312,429 | |||||
28,104,533 | ||||||||
Computer Services — 1.0% |
| |||||||
CACI International, Inc., Class A† | 43,774 | 10,475,994 | ||||||
MAXIMUS, Inc. | 112,260 | 8,380,209 | ||||||
Perspecta, Inc. | 242,694 | 6,693,501 | ||||||
Science Applications International Corp. | 86,284 | 7,364,339 | ||||||
32,914,043 | ||||||||
Computer Software — 0.4% |
| |||||||
j2 Global, Inc. | 81,755 | 7,931,870 | ||||||
Teradata Corp.† | 200,731 | 5,331,415 | ||||||
13,263,285 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
NCR Corp.† | 224,103 | 7,357,301 | ||||||
NetScout Systems, Inc.† | 117,444 | 2,959,589 | ||||||
10,316,890 | ||||||||
Computers - Other — 0.3% |
| |||||||
Lumentum Holdings, Inc.† | 135,287 | 9,965,240 | ||||||
Consulting Services — 0.2% |
| |||||||
FTI Consulting, Inc.† | 66,043 | 7,198,027 | ||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Helen of Troy, Ltd.† | 44,170 | 7,129,921 | ||||||
Containers - Metal/Glass — 0.3% |
| |||||||
Greif, Inc., Class A | 46,195 | 1,993,314 | ||||||
Owens-Illinois, Inc. | 273,489 | 2,702,071 | ||||||
Silgan Holdings, Inc. | 136,911 | 4,218,228 | ||||||
8,913,613 | ||||||||
Containers - Paper/Plastic — 0.3% |
| |||||||
Sonoco Products Co. | 176,061 | 10,656,972 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Edgewell Personal Care Co.† | 95,283 | 2,969,018 | ||||||
Data Processing/Management — 0.7% |
| |||||||
CommVault Systems, Inc.† | 73,125 | 3,701,587 | ||||||
Fair Isaac Corp.† | 50,837 | 18,695,307 | ||||||
22,396,894 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 151,291 | 2,944,123 | ||||||
Diagnostic Equipment — 0.2% |
| |||||||
Repligen Corp.† | 81,591 | 7,241,201 | ||||||
Disposable Medical Products — 0.7% |
| |||||||
STERIS PLC | 148,986 | 22,517,744 | ||||||
Distribution/Wholesale — 1.0% |
| |||||||
KAR Auction Services, Inc.# | 234,817 | 4,959,335 | ||||||
Pool Corp. | 70,233 | 14,499,603 | ||||||
Resideo Technologies, Inc.† | 216,000 | 2,112,480 | ||||||
Watsco, Inc. | 57,376 | 10,211,207 | ||||||
31,782,625 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Carlisle Cos., Inc. | 99,585 | 15,533,268 | ||||||
ITT, Inc. | 154,815 | 10,802,991 | ||||||
Trinity Industries, Inc. | 179,971 | 3,786,590 | ||||||
30,122,849 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 0.3% |
| |||||||
Etsy, Inc.† | 211,920 | $ | 9,195,209 | |||||
Electric Products - Misc. — 0.2% |
| |||||||
Littelfuse, Inc. | 43,257 | 7,847,252 | ||||||
Electric - Integrated — 1.8% |
| |||||||
ALLETE, Inc. | 90,876 | 7,280,076 | ||||||
Black Hills Corp. | 107,426 | 8,225,609 | ||||||
Hawaiian Electric Industries, Inc. | 191,712 | 8,372,063 | ||||||
IDACORP, Inc. | 88,661 | 9,313,838 | ||||||
NorthWestern Corp. | 88,742 | 6,351,265 | ||||||
OGE Energy Corp. | 352,161 | 14,811,892 | ||||||
PNM Resources, Inc. | 140,132 | 6,789,395 | ||||||
61,144,138 | ||||||||
Electronic Components - Misc. — 1.0% |
| |||||||
Gentex Corp. | 448,217 | 12,729,363 | ||||||
Jabil, Inc. | 244,825 | 9,509,003 | ||||||
nVent Electric PLC | 273,714 | 6,763,473 | ||||||
Vishay Intertechnology, Inc. | 232,834 | 4,631,068 | ||||||
33,632,907 | ||||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
Cree, Inc.† | 188,198 | 8,320,234 | ||||||
Monolithic Power Systems, Inc. | 70,752 | 11,368,431 | ||||||
Semtech Corp.† | 117,043 | 5,671,904 | ||||||
Silicon Laboratories, Inc.† | 76,253 | 8,077,480 | ||||||
Synaptics, Inc.† | 57,899 | 3,309,507 | ||||||
36,747,556 | ||||||||
Electronic Measurement Instruments — 0.8% |
| |||||||
National Instruments Corp. | 208,818 | 8,795,414 | ||||||
Trimble, Inc.† | 442,964 | 17,953,331 | ||||||
26,748,745 | ||||||||
Electronic Parts Distribution — 1.1% |
| |||||||
Arrow Electronics, Inc.† | 146,265 | 11,648,545 | ||||||
Avnet, Inc. | 182,294 | 7,410,251 | ||||||
SYNNEX Corp. | 71,883 | 8,827,951 | ||||||
Tech Data Corp.† | 62,633 | 9,074,895 | ||||||
36,961,642 | ||||||||
Electronics - Military — 0.2% |
| |||||||
Mercury Systems, Inc.† | 97,581 | 7,147,808 | ||||||
Energy - Alternate Sources — 0.4% |
| |||||||
First Solar, Inc.† | 133,500 | 7,374,540 | ||||||
SolarEdge Technologies, Inc.† | 84,393 | 6,887,313 | ||||||
14,261,853 | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
AECOM† | 277,483 | 12,023,338 | ||||||
Fluor Corp. | 246,168 | 4,293,170 | ||||||
KBR, Inc. | 249,032 | 7,413,683 | ||||||
23,730,191 | ||||||||
Enterprise Software/Service — 1.6% |
| |||||||
ACI Worldwide, Inc.† | 205,330 | 7,699,875 | ||||||
Blackbaud, Inc.# | 86,508 | 7,169,783 | ||||||
Ceridian HCM Holding, Inc.†# | 174,199 | 10,514,651 | ||||||
Manhattan Associates, Inc.† | 113,164 | 9,450,326 | ||||||
Tyler Technologies, Inc.† | 67,877 | 19,695,869 | ||||||
54,530,504 | ||||||||
Environmental Consulting & Engineering — 0.3% |
| |||||||
Tetra Tech, Inc. | 96,142 | 8,488,377 | ||||||
142 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Filtration/Separation Products — 0.4% |
| |||||||
Donaldson Co., Inc. | 224,353 | $ | 12,581,716 | |||||
Finance - Consumer Loans — 0.5% |
| |||||||
LendingTree, Inc.†# | 13,482 | 4,860,665 | ||||||
Navient Corp. | 356,839 | 5,120,640 | ||||||
SLM Corp. | 750,491 | 6,401,688 | ||||||
16,382,993 | ||||||||
Finance - Investment Banker/Broker — 0.6% |
| |||||||
Evercore, Inc., Class A | 70,145 | 5,427,820 | ||||||
Interactive Brokers Group, Inc., Class A# | 135,020 | 6,537,669 | ||||||
Jefferies Financial Group, Inc. | 443,337 | 9,265,743 | ||||||
21,231,232 | ||||||||
Finance - Other Services — 0.6% |
| |||||||
Deluxe Corp. | 75,527 | 3,857,919 | ||||||
SEI Investments Co. | 223,180 | 14,401,806 | ||||||
18,259,725 | ||||||||
Firearms & Ammunition — 0.2% |
| |||||||
Axon Enterprise, Inc.† | 104,245 | 7,693,281 | ||||||
Food - Baking — 0.2% |
| |||||||
Flowers Foods, Inc. | 338,618 | 7,290,446 | ||||||
Food - Catering — 0.2% |
| |||||||
GrubHub, Inc.†# | 160,714 | 6,929,988 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 29,679 | 1,019,474 | ||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Hain Celestial Group, Inc.†# | 141,178 | 3,489,920 | ||||||
Ingredion, Inc. | 117,394 | 9,763,659 | ||||||
Lancaster Colony Corp. | 34,823 | 5,503,079 | ||||||
Post Holdings, Inc.† | 120,831 | 12,759,754 | ||||||
TreeHouse Foods, Inc.† | 98,872 | 4,833,852 | ||||||
36,350,264 | ||||||||
Food - Retail — 0.1% |
| |||||||
Sprouts Farmers Market, Inc.† | 207,791 | 4,114,262 | ||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Skechers U.S.A., Inc., Class A† | 235,303 | 9,463,887 | ||||||
Funeral Services & Related Items — 0.4% |
| |||||||
Service Corp. International | 320,820 | 14,122,496 | ||||||
Garden Products — 0.7% |
| |||||||
ScottsMiracle-Gro Co. | 69,320 | 7,006,866 | ||||||
Toro Co. | 187,540 | 14,661,877 | ||||||
21,668,743 | ||||||||
Gas - Distribution — 1.6% |
| |||||||
National Fuel Gas Co. | 151,850 | 6,836,287 | ||||||
New Jersey Resources Corp. | 158,298 | 6,733,997 | ||||||
ONE Gas, Inc. | 92,774 | 8,244,826 | ||||||
Southwest Gas Holdings, Inc. | 95,570 | 7,240,383 | ||||||
Spire, Inc. | 89,386 | 6,920,264 | ||||||
UGI Corp. | 367,615 | 16,009,633 | ||||||
51,985,390 | ||||||||
Gold Mining — 0.4% |
| |||||||
Royal Gold, Inc. | 115,337 | 13,525,570 | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Clean Harbors, Inc.† | 90,414 | 7,472,717 | ||||||
Stericycle, Inc.†# | 160,305 | 10,070,360 | ||||||
17,543,077 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Health Care Cost Containment — 0.2% |
| |||||||
HealthEquity, Inc.† | 124,241 | $ | 7,813,516 | |||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 81,000 | 6,875,280 | ||||||
Hotels/Motels — 0.5% |
| |||||||
Wyndham Destinations, Inc. | 162,249 | 7,869,076 | ||||||
Wyndham Hotels & Resorts, Inc. | 169,647 | 9,827,651 | ||||||
17,696,727 | ||||||||
Human Resources — 0.6% |
| |||||||
ASGN, Inc.† | 93,065 | 6,236,286 | ||||||
Insperity, Inc. | 68,109 | 5,296,837 | ||||||
ManpowerGroup, Inc. | 105,274 | 9,752,583 | ||||||
21,285,706 | ||||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Cognex Corp. | 300,237 | 15,065,893 | ||||||
Instruments - Controls — 0.3% |
| |||||||
Woodward, Inc. | 99,011 | 11,563,495 | ||||||
Insurance Brokers — 0.5% |
| |||||||
Brown & Brown, Inc. | 410,713 | 15,500,309 | ||||||
Insurance - Life/Health — 0.7% |
| |||||||
Brighthouse Financial, Inc.† | 195,999 | 8,067,319 | ||||||
CNO Financial Group, Inc. | 274,432 | 4,972,708 | ||||||
Primerica, Inc. | 73,679 | 9,861,197 | ||||||
22,901,224 | ||||||||
Insurance - Multi-line — 1.1% |
| |||||||
American Financial Group, Inc. | 131,332 | 14,408,434 | ||||||
Genworth Financial, Inc., Class A† | 885,459 | 3,506,418 | ||||||
Kemper Corp. | 110,168 | 8,143,618 | ||||||
Old Republic International Corp. | 501,404 | 11,311,674 | ||||||
37,370,144 | ||||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
Alleghany Corp.† | 25,386 | 19,802,095 | ||||||
First American Financial Corp. | 197,211 | 12,546,564 | ||||||
Hanover Insurance Group, Inc. | 69,586 | 9,458,825 | ||||||
Mercury General Corp. | 47,718 | 2,337,228 | ||||||
Selective Insurance Group, Inc. | 104,447 | 6,916,480 | ||||||
WR Berkley Corp. | 254,581 | 17,311,508 | ||||||
68,372,700 | ||||||||
Insurance - Reinsurance — 1.0% |
| |||||||
Reinsurance Group of America, Inc. | 110,413 | 18,268,935 | ||||||
RenaissanceRe Holdings, Ltd. | 77,692 | 14,631,734 | ||||||
32,900,669 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 113,711 | 3,943,497 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Eaton Vance Corp. | 198,870 | 9,380,698 | ||||||
Federated Investors, Inc., Class B | 169,115 | 5,668,735 | ||||||
Janus Henderson Group PLC | 279,840 | 7,107,936 | ||||||
Legg Mason, Inc. | 143,455 | 5,606,221 | ||||||
Stifel Financial Corp. | 122,416 | 7,653,448 | ||||||
35,417,038 | ||||||||
Lasers - System/Components — 0.3% |
| |||||||
Coherent, Inc.† | 42,191 | 6,364,934 | ||||||
II-VI, Inc.† | 152,424 | 4,449,257 | ||||||
10,814,191 | ||||||||
143 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Lighting Products & Systems — 0.7% |
| |||||||
Acuity Brands, Inc. | 70,193 | $ | 9,179,840 | |||||
Universal Display Corp. | 74,586 | 14,486,093 | ||||||
23,665,933 | ||||||||
Machine Tools & Related Products — 0.6% |
| |||||||
Colfax Corp.† | 146,975 | 4,953,057 | ||||||
Kennametal, Inc. | 145,072 | 5,052,858 | ||||||
Lincoln Electric Holdings, Inc. | 108,685 | 10,027,278 | ||||||
20,033,193 | ||||||||
Machinery - Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 120,324 | 10,884,509 | ||||||
Terex Corp. | 115,238 | 3,234,731 | ||||||
14,119,240 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 73,774 | 6,029,549 | ||||||
Machinery - Farming — 0.3% |
| |||||||
AGCO Corp. | 111,324 | 8,697,744 | ||||||
Machinery - General Industrial — 0.7% |
| |||||||
Crane Co. | 89,644 | 7,446,727 | ||||||
Nordson Corp. | 90,014 | 14,927,022 | ||||||
22,373,749 | ||||||||
Machinery - Pumps — 0.7% |
| |||||||
Curtiss-Wright Corp. | 75,173 | 10,322,005 | ||||||
Graco, Inc. | 293,453 | 14,176,714 | ||||||
24,498,719 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 293,186 | 3,160,545 | ||||||
Medical Instruments — 1.2% |
| |||||||
Bio-Techne Corp. | 66,964 | 14,614,893 | ||||||
Cantel Medical Corp.# | 64,658 | 4,972,200 | ||||||
Integra LifeSciences Holdings Corp.† | 124,895 | 7,617,346 | ||||||
LivaNova PLC† | 85,134 | 7,130,824 | ||||||
NuVasive, Inc.† | 91,562 | 6,614,439 | ||||||
40,949,702 | ||||||||
Medical Labs & Testing Services — 1.1% |
| |||||||
Catalent, Inc.† | 256,894 | 13,355,919 | ||||||
Charles River Laboratories International, Inc.† | 85,864 | 12,471,746 | ||||||
MEDNAX, Inc.† | 148,152 | 3,869,730 | ||||||
Syneos Health, Inc.† | 109,234 | 5,998,039 | ||||||
35,695,434 | ||||||||
Medical Products — 2.1% |
| |||||||
Avanos Medical, Inc.† | 83,934 | 2,909,152 | ||||||
Globus Medical, Inc., Class A† | 134,842 | 7,544,410 | ||||||
Haemonetics Corp.† | 89,318 | 10,771,751 | ||||||
Hill-Rom Holdings, Inc. | 117,545 | 12,602,000 | ||||||
ICU Medical, Inc.† | 33,812 | 6,339,074 | ||||||
Penumbra, Inc.†# | 56,313 | 9,962,896 | ||||||
West Pharmaceutical Services, Inc. | 129,744 | 19,076,260 | ||||||
69,205,543 | ||||||||
Medical - Biomedical/Gene — 1.2% |
| |||||||
Bio-Rad Laboratories, Inc., Class A† | 37,812 | 13,966,997 | ||||||
Exelixis, Inc.† | 532,890 | 8,861,961 | ||||||
Ligand Pharmaceuticals, Inc.†# | 30,898 | 3,491,474 | ||||||
Nektar Therapeutics†# | 308,352 | 6,256,462 | ||||||
United Therapeutics Corp.† | 77,143 | 7,117,213 | ||||||
39,694,107 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs — 0.5% |
| |||||||
PRA Health Sciences, Inc.† | 110,473 | $ | 12,020,567 | |||||
Prestige Consumer Healthcare, Inc.†# | 88,387 | 3,338,377 | ||||||
15,358,944 | ||||||||
Medical - HMO — 0.5% |
| |||||||
Molina Healthcare, Inc.† | 110,325 | 14,949,037 | ||||||
Medical - Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.†# | 155,738 | 5,008,534 | ||||||
Tenet Healthcare Corp.† | 181,992 | 5,860,142 | ||||||
10,868,676 | ||||||||
Medical - Outpatient/Home Medical — 0.6% |
| |||||||
Amedisys, Inc.† | 56,604 | 9,224,188 | ||||||
Chemed Corp. | 28,011 | 12,045,290 | ||||||
21,269,478 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 120,400 | 6,331,836 | ||||||
Metal Products - Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 65,200 | 2,497,160 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
AptarGroup, Inc. | 112,665 | 12,632,000 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 97,722 | 3,736,889 | ||||||
Multimedia — 0.5% |
| |||||||
FactSet Research Systems, Inc.# | 67,302 | 17,474,964 | ||||||
Networking Products — 0.2% |
| |||||||
LogMeIn, Inc. | 86,971 | 6,781,999 | ||||||
Office Automation & Equipment — 0.7% |
| |||||||
Zebra Technologies Corp., Class A† | 95,204 | 23,890,492 | ||||||
Office Furnishings - Original — 0.2% |
| |||||||
Herman Miller, Inc. | 103,891 | 4,963,912 | ||||||
HNI Corp. | 75,428 | 2,963,566 | ||||||
7,927,478 | ||||||||
Oil & Gas Drilling — 0.2% |
| |||||||
Transocean, Ltd.†# | 1,011,740 | 5,038,465 | ||||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
Chesapeake Energy Corp.†# | 1,984,051 | 1,181,106 | ||||||
CNX Resources Corp.† | 329,972 | 2,280,106 | ||||||
EQT Corp. | 449,489 | 3,924,039 | ||||||
Matador Resources Co.†# | 192,899 | 2,716,018 | ||||||
Oasis Petroleum, Inc.† | 509,629 | 1,192,532 | ||||||
Southwestern Energy Co.†# | 952,316 | 1,733,215 | ||||||
WPX Energy, Inc.† | 743,102 | 7,312,124 | ||||||
20,339,140 | ||||||||
Oil Companies - Integrated — 0.2% |
| |||||||
Murphy Oil Corp.# | 271,169 | 6,239,599 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
Murphy USA, Inc.† | 52,869 | 6,213,693 | ||||||
PBF Energy, Inc., Class A | 179,286 | 5,611,652 | ||||||
11,825,345 | ||||||||
Oil- Field Services — 0.4% |
| |||||||
Apergy Corp.† | 136,272 | 3,480,387 | ||||||
Core Laboratories NV# | 78,046 | 3,418,415 | ||||||
NOW, Inc.† | 191,402 | 2,145,616 | ||||||
Patterson-UTI Energy, Inc. | 356,438 | 3,186,556 | ||||||
12,230,974 | ||||||||
144 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 100,758 | $ | 3,760,289 | |||||
Patient Monitoring Equipment — 0.4% |
| |||||||
Masimo Corp.† | 86,309 | 13,383,937 | ||||||
Physical Therapy/Rehabilitation Centers — 0.4% |
| |||||||
Encompass Health Corp. | 173,542 | 12,271,155 | ||||||
Pipelines — 0.2% |
| |||||||
Antero Midstream Corp.# | 526,088 | 2,409,483 | ||||||
Equitrans Midstream Corp.# | 358,931 | 3,578,542 | ||||||
5,988,025 | ||||||||
Poultry — 0.3% |
| |||||||
Pilgrim’s Pride Corp.† | 92,105 | 2,901,307 | ||||||
Sanderson Farms, Inc. | 34,686 | 5,743,308 | ||||||
8,644,615 | ||||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Hubbell, Inc. | 95,719 | 14,072,607 | ||||||
Publishing - Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 77,468 | 3,661,138 | ||||||
Publishing - Newspapers — 0.4% |
| |||||||
New York Times Co., Class A | 252,858 | 8,154,670 | ||||||
TEGNA, Inc. | 381,150 | 5,850,653 | ||||||
14,005,323 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 70,493 | 2,470,075 | ||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 59,611 | 3,294,700 | ||||||
Racetracks — 0.4% |
| |||||||
Churchill Downs, Inc. | 62,686 | 8,149,807 | ||||||
Penn National Gaming, Inc.† | 191,615 | 4,412,893 | ||||||
12,562,700 | ||||||||
Real Estate Investment Trusts — 10.2% |
| |||||||
Alexander & Baldwin, Inc. | 119,467 | 2,590,045 | ||||||
American Campus Communities, Inc. | 241,726 | 11,612,517 | ||||||
Brixmor Property Group, Inc.# | 523,988 | 11,496,297 | ||||||
Camden Property Trust | 170,344 | 19,001,873 | ||||||
CoreCivic, Inc. | 209,521 | 3,174,243 | ||||||
CoreSite Realty Corp. | 64,901 | 7,359,124 | ||||||
Corporate Office Properties Trust | 196,949 | 5,746,972 | ||||||
Cousins Properties, Inc. | 258,194 | 10,454,275 | ||||||
CyrusOne, Inc. | 199,134 | 12,406,048 | ||||||
Douglas Emmett, Inc. | 289,811 | 12,771,971 | ||||||
EastGroup Properties, Inc. | 66,076 | 8,998,891 | ||||||
EPR Properties | 136,443 | 9,676,538 | ||||||
First Industrial Realty Trust, Inc. | 222,523 | 9,475,029 | ||||||
GEO Group, Inc. | 213,314 | 2,956,532 | ||||||
Healthcare Realty Trust, Inc. | 227,375 | 7,546,576 | ||||||
Highwoods Properties, Inc. | 182,477 | 8,859,258 | ||||||
JBG SMITH Properties | 207,648 | 8,281,002 | ||||||
Kilroy Realty Corp. | 163,425 | 13,603,497 | ||||||
Lamar Advertising Co., Class A | 151,219 | 12,616,201 | ||||||
Liberty Property Trust | 277,563 | 17,103,432 | ||||||
Life Storage, Inc. | 82,069 | 8,988,197 | ||||||
Mack-Cali Realty Corp. | 159,308 | 3,407,598 | ||||||
Medical Properties Trust, Inc. | 873,108 | 18,125,722 | ||||||
National Retail Properties, Inc. | 301,954 | 16,830,916 | ||||||
Omega Healthcare Investors, Inc. | 380,974 | 16,012,337 | ||||||
Park Hotels & Resorts, Inc. | 421,763 | 9,974,695 | ||||||
Pebblebrook Hotel Trust | 229,817 | 6,021,205 | ||||||
PotlatchDeltic Corp.# | 118,199 | 5,133,383 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
PS Business Parks, Inc. | 35,228 | $ | 6,220,913 | |||||
Rayonier, Inc. | 228,053 | 6,985,263 | ||||||
Sabra Health Care REIT, Inc. | 333,406 | 7,428,286 | ||||||
Senior Housing Properties Trust | 418,243 | 3,061,539 | ||||||
Service Properties Trust | 289,308 | 6,737,983 | ||||||
Spirit Realty Capital, Inc. | 175,451 | 9,193,633 | ||||||
Tanger Factory Outlet Centers, Inc.# | 164,568 | 2,504,725 | ||||||
Taubman Centers, Inc. | 107,682 | 3,497,511 | ||||||
Uniti Group, Inc.# | 339,788 | 2,283,375 | ||||||
Urban Edge Properties | 202,513 | 4,198,095 | ||||||
Weingarten Realty Investors | 212,782 | 6,774,979 | ||||||
339,110,676 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 90,641 | 15,076,318 | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Brunswick Corp. | 150,811 | 8,863,163 | ||||||
Polaris, Inc. | 101,079 | 9,875,418 | ||||||
18,738,581 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 118,833 | 6,939,847 | ||||||
Avis Budget Group, Inc.† | 102,926 | 3,062,049 | ||||||
10,001,896 | ||||||||
Resorts/Theme Parks — 0.4% |
| |||||||
Marriott Vacations Worldwide Corp. | 68,152 | 8,371,791 | ||||||
Six Flags Entertainment Corp. | 138,016 | 6,000,936 | ||||||
14,372,727 | ||||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
American Eagle Outfitters, Inc. | 279,415 | 4,182,842 | ||||||
Foot Locker, Inc. | 192,992 | 7,729,330 | ||||||
Urban Outfitters, Inc.† | 124,089 | 3,184,124 | ||||||
15,096,296 | ||||||||
Retail - Automobile — 0.2% |
| |||||||
AutoNation, Inc.† | 103,426 | 5,284,034 | ||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 224,787 | 3,277,394 | ||||||
Retail - Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 79,181 | 5,812,677 | ||||||
Retail - Convenience Store — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 64,684 | 11,240,139 | ||||||
Retail - Discount — 0.3% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†# | 214,151 | 5,075,379 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 96,208 | 6,292,003 | ||||||
11,367,382 | ||||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Williams-Sonoma, Inc.# | 137,579 | 9,547,983 | ||||||
Retail - Misc./Diversified — 0.5% |
| |||||||
Five Below, Inc.† | 97,933 | 12,115,292 | ||||||
Sally Beauty Holdings, Inc.†# | 212,066 | 3,908,376 | ||||||
16,023,668 | ||||||||
Retail - Pawn Shops — 0.2% |
| |||||||
FirstCash, Inc. | 75,583 | 6,110,130 | ||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 115,024 | 4,877,018 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 17,967 | 1,290,031 | ||||||
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Restaurants — 1.9% |
| |||||||
Brinker International, Inc.# | 65,972 | $ | 2,955,546 | |||||
Cheesecake Factory, Inc.# | 72,238 | 3,150,299 | ||||||
Cracker Barrel Old Country Store, Inc.# | 42,300 | 6,503,202 | ||||||
Domino’s Pizza, Inc. | 72,539 | 21,348,228 | ||||||
Dunkin’ Brands Group, Inc. | 145,521 | 11,139,633 | ||||||
Jack in the Box, Inc. | 41,610 | 3,299,257 | ||||||
Papa John’s International, Inc.# | 38,583 | 2,441,532 | ||||||
Texas Roadhouse, Inc. | 115,055 | 6,661,684 | ||||||
Wendy’s Co. | 324,552 | 6,958,395 | ||||||
64,457,776 | ||||||||
Retail - Sporting Goods — 0.2% |
| |||||||
Dick’s Sporting Goods, Inc.# | 115,914 | 5,310,020 | ||||||
Rubber - Tires — 0.2% |
| |||||||
Goodyear Tire & Rubber Co. | 409,064 | 6,540,933 | ||||||
Savings & Loans/Thrifts — 0.7% |
| |||||||
New York Community Bancorp, Inc. | 822,210 | 9,800,743 | ||||||
Sterling Bancorp | 360,996 | 7,371,538 | ||||||
Washington Federal, Inc. | 139,687 | 5,141,879 | ||||||
22,314,160 | ||||||||
Schools — 0.2% |
| |||||||
Adtalem Global Education, Inc.† | 96,624 | 3,259,127 | ||||||
Graham Holdings Co., Class B | 7,655 | 4,834,975 | ||||||
8,094,102 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 87,961 | 8,180,373 | ||||||
Semiconductor Components - Integrated Circuits — 0.7% |
| |||||||
Cirrus Logic, Inc.† | 102,285 | 7,333,834 | ||||||
Cypress Semiconductor Corp. | 649,720 | 15,235,934 | ||||||
22,569,768 | ||||||||
Semiconductor Equipment — 0.9% |
| |||||||
MKS Instruments, Inc. | 95,853 | 10,187,257 | ||||||
Teradyne, Inc. | 298,979 | 18,713,095 | ||||||
28,900,352 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 38,058 | 5,447,622 | ||||||
Steel - Producers — 1.2% |
| |||||||
Carpenter Technology Corp. | 83,853 | 4,408,152 | ||||||
Commercial Metals Co. | 207,459 | 4,431,324 | ||||||
Reliance Steel & Aluminum Co. | 117,263 | 13,834,689 | ||||||
Steel Dynamics, Inc. | 386,356 | 13,031,788 | ||||||
United States Steel Corp.# | 300,381 | 3,940,999 | ||||||
39,646,952 | ||||||||
Steel - Specialty — 0.2% |
| |||||||
Allegheny Technologies, Inc.†# | 221,806 | 5,114,846 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Ciena Corp.† | 272,884 | 10,358,677 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Plantronics, Inc.# | 57,092 | 1,446,711 | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 171,650 | 4,069,822 | ||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A†# | 77,687 | 2,985,511 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television (continued) |
| |||||||
World Wrestling Entertainment, Inc., Class A# | 83,672 | $ | 5,189,338 | |||||
8,174,849 | ||||||||
Theaters — 0.7% |
| |||||||
Cinemark Holdings, Inc.# | 187,552 | 6,352,386 | ||||||
Live Nation Entertainment, Inc.† | 244,654 | 17,079,296 | ||||||
23,431,682 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
MSA Safety, Inc. | 62,667 | 7,766,321 | ||||||
Toys — 0.2% |
| |||||||
Mattel, Inc.†# | 607,885 | 7,112,255 | ||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp.# | 62,806 | 5,076,609 | ||||||
Transport - Marine — 0.3% |
| |||||||
Kirby Corp.† | 105,383 | 8,891,164 | ||||||
Transport - Rail — 0.3% |
| |||||||
Genesee & Wyoming, Inc., Class A† | 99,592 | 11,099,528 | ||||||
Transport - Services — 0.1% |
| |||||||
Ryder System, Inc. | 93,830 | 4,925,137 | ||||||
Transport - Truck — 1.6% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 215,982 | 7,989,174 | ||||||
Landstar System, Inc. | 69,719 | 7,767,394 | ||||||
Old Dominion Freight Line, Inc. | 112,601 | 21,573,226 | ||||||
Werner Enterprises, Inc. | 77,908 | 2,863,898 | ||||||
XPO Logistics, Inc.†# | 162,170 | 13,409,837 | ||||||
53,603,529 | ||||||||
Water — 0.5% |
| |||||||
Aqua America, Inc. | 379,607 | 16,805,202 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 67,968 | 3,652,600 | ||||||
Wireless Equipment — 0.3% |
| |||||||
InterDigital, Inc. | 54,760 | 3,110,368 | ||||||
ViaSat, Inc.† | 101,367 | 7,450,475 | ||||||
10,560,843 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,355,892,719) | 3,175,873,364 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.7% |
| |||||||
Registered Investment Companies — 2.5% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 81,916,048 | 81,916,048 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills Disc. Notes | $ | 400,000 | 399,613 | |||||
1.53% due 01/14/2020(3) | 3,500,000 | 3,493,458 | ||||||
1.66% due 12/17/2019(3) | 800,000 | 799,472 | ||||||
1.67% due 12/17/2019(3) | 10,000 | 9,993 | ||||||
1.68% due 12/10/2019(3) | 2,700,000 | 2,699,052 | ||||||
7,401,588 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $89,317,400) | 89,317,636 | |||||||
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $135,839,830 collateralized by $135,260,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $138,557,774 | $ | 135,837,000 | $ | 135,837,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $2,581,047,119)(4) | 102.4 | % | 3,401,028,000 | |||||
Liabilities in excess of other assets | (2.4 | ) | (80,720,968 | ) | ||||
NET ASSETS | 100.0 | % | $ | 3,320,307,032 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $244,311,509. This was secured by collateral of $81,916,048, which was received in cash and subsequently invested in short-term investments currently valued at $81,916,048 as reported in the Portfolio of Investments. Additional collateral of $172,009,911 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 12/01/2047 | $ | 147,698 | ||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | 12,988,443 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 158,873,770 |
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(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. |
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
721 | Long | S&P Mid Cap 400E-Mini Index | December 2019 | $ | 140,604,997 | $ | 144,921,000 | $ | 4,316,003 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 3,175,873,364 | $ | — | $ | — | $ | 3,175,873,364 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 81,916,048 | — | — | 81,916,048 | ||||||||||||
U.S. Government Treasuries | — | 7,401,588 | — | 7,401,588 | ||||||||||||
Repurchase Agreements | — | 135,837,000 | — | 135,837,000 | ||||||||||||
Total Investments at Value | $ | 3,257,789,412 | $ | 143,238,588 | $ | — | $ | 3,401,028,000 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,316,003 | $ | — | $ | — | $ | 4,316,003 | ||||||||
* | 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
147 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Commercial Services — Finance | 5.2 | % | ||
Electronic Components — Semiconductors | 4.8 | |||
Enterprise Software/Service | 4.1 | |||
Semiconductor Equipment | 3.0 | |||
Medical Products | 3.0 | |||
Data Processing/Management | 2.9 | |||
Consulting Services | 2.7 | |||
Insurance — Property/Casualty | 2.6 | |||
Real Estate Investment Trusts | 2.3 | |||
Electronic Measurement Instruments | 2.2 | |||
Finance — Investment Banker/Broker | 2.2 | |||
Computer Software | 2.2 | |||
Commercial Paper | 2.2 | |||
Insurance Brokers | 2.2 | |||
Medical Labs & Testing Services | 2.1 | |||
Telecommunication Equipment | 2.1 | |||
Aerospace/Defense — Equipment | 2.1 | |||
Computer Services | 2.1 | |||
Electronic Components — Misc. | 2.0 | |||
Medical Instruments | 1.9 | |||
Registered Investment Companies | 1.9 | |||
Instruments — Scientific | 1.8 | |||
Entertainment Software | 1.8 | |||
Drug Delivery Systems | 1.6 | |||
Electronic Connectors | 1.5 | |||
Disposable Medical Products | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Investment Management/Advisor Services | 1.4 | |||
Web Hosting/Design | 1.2 | |||
Apparel Manufacturers | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
Commercial Services | 1.2 | |||
Medical Drugs | 1.1 | |||
Cruise Lines | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Transport — Truck | 1.0 | |||
Retail — Apparel/Shoe | 1.0 | |||
Diversified Manufacturing Operations | 1.0 | |||
Aerospace/Defense | 0.9 | |||
Containers — Metal/Glass | 0.9 | |||
Printing — Commercial | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Therapeutics | 0.8 | |||
Veterinary Diagnostics | 0.8 | |||
Non-Hazardous Waste Disposal | 0.8 | |||
Auction Houses/Art Dealers | 0.7 | |||
Diagnostic Kits | 0.7 | |||
Hazardous Waste Disposal | 0.7 | |||
Containers — Paper/Plastic | 0.7 | |||
Metal Processors & Fabrication | 0.6 | |||
Audio/Video Products | 0.6 | |||
Retail — Discount | 0.6 | |||
Building — Maintenance & Services | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Food — Catering | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Retail — Pet Food & Supplies | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Advertising Services | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Transport — Rail | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Airlines | 0.5 | |||
Retail — Automobile | 0.5 | |||
Food — Wholesale/Distribution | 0.5 | |||
Poultry | 0.5 | |||
Advertising Agencies | 0.5 | |||
Retail — Floor Coverings | 0.4 | |||
Wire & Cable Products | 0.4 |
Finance — Other Services | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Decision Support Software | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Beverages — Wine/Spirits | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Broadcast Services/Program | 0.4 | |||
Retail — Home Furnishings | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Banks — Commercial | 0.3 | |||
Applications Software | 0.3 | |||
E-Commerce/Products | 0.2 | |||
101.6% | ||||
* | Calculated as a percentage of net assets |
148 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Advertising Agencies — 0.5% |
| |||||||
Omnicom Group, Inc. | 18,846 | $ | 1,497,880 | |||||
Advertising Services — 0.5% |
| |||||||
Trade Desk, Inc., Class A†# | 6,781 | 1,785,709 | ||||||
Aerospace/Defense — 0.9% |
| |||||||
Teledyne Technologies, Inc.† | 9,169 | 3,135,706 | ||||||
Aerospace/Defense - Equipment — 2.1% |
| |||||||
HEICO Corp., Class A | 16,625 | 1,669,815 | ||||||
L3Harris Technologies, Inc. | 25,983 | 5,224,922 | ||||||
6,894,737 | ||||||||
Airlines — 0.5% |
| |||||||
Ryanair Holdings PLC ADR† | 19,348 | 1,612,075 | ||||||
Apparel Manufacturers — 1.2% |
| |||||||
Gildan Activewear, Inc. | 87,484 | 2,546,659 | ||||||
VF Corp. | 15,805 | 1,399,375 | ||||||
3,946,034 | ||||||||
Applications Software — 0.3% |
| |||||||
Intuit, Inc. | 3,640 | 942,360 | ||||||
Auction Houses/Art Dealers — 0.7% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 54,653 | 2,349,532 | ||||||
Audio/Video Products — 0.6% |
| |||||||
Dolby Laboratories, Inc., Class A | 30,476 | 2,099,187 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Visteon Corp.†# | 11,494 | 1,075,034 | ||||||
Banks - Commercial — 0.3% |
| |||||||
SVB Financial Group† | 4,307 | 998,061 | ||||||
Beverages - Wine/Spirits — 0.4% |
| |||||||
MGP Ingredients, Inc.# | 26,615 | 1,214,176 | ||||||
Broadcast Services/Program — 0.4% |
| |||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 26,352 | 1,188,212 | ||||||
Building & Construction - Misc. — 0.4% |
| |||||||
Frontdoor, Inc.† | 26,393 | 1,194,547 | ||||||
Building - Maintenance & Services — 0.6% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 52,786 | 2,068,683 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
FMC Corp. | 18,364 | 1,798,937 | ||||||
Commercial Services — 1.2% |
| |||||||
CoStar Group, Inc.† | 3,625 | 2,221,617 | ||||||
Edenred | 33,361 | 1,655,760 | ||||||
3,877,377 | ||||||||
Commercial Services - Finance — 5.2% |
| |||||||
Equifax, Inc. | 14,619 | 2,041,397 | ||||||
Euronet Worldwide, Inc.† | 6,842 | 1,075,494 | ||||||
Global Payments, Inc. | 27,990 | 5,068,989 | ||||||
IHS Markit, Ltd.† | 23,675 | 1,719,989 | ||||||
Repay Holdings Corp.† | 28,475 | 393,809 | ||||||
WEX, Inc.† | 34,264 | 6,891,518 | ||||||
17,191,196 | ||||||||
Computer Services — 2.1% |
| |||||||
Amdocs, Ltd. | 47,122 | 3,265,555 | ||||||
EPAM Systems, Inc.† | 16,865 | 3,572,850 | ||||||
6,838,405 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Computer Software — 2.2% |
| |||||||
Splunk, Inc.† | 20,893 | $ | 3,117,653 | |||||
SS&C Technologies Holdings, Inc. | 68,496 | 4,113,185 | ||||||
7,230,838 | ||||||||
Consulting Services — 2.7% |
| |||||||
Booz Allen Hamilton Holding Corp. | 28,110 | 2,045,284 | ||||||
Gartner, Inc.† | 6,423 | 1,030,635 | ||||||
Verisk Analytics, Inc. | 40,876 | 6,028,392 | ||||||
9,104,311 | ||||||||
Containers - Metal/Glass — 0.9% |
| |||||||
Crown Holdings, Inc.† | 38,715 | 2,938,469 | ||||||
Containers - Paper/Plastic — 0.7% |
| |||||||
Sealed Air Corp. | 58,210 | 2,196,263 | ||||||
Cruise Lines — 1.0% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.† | 32,180 | 1,726,135 | ||||||
Royal Caribbean Cruises, Ltd. | 14,528 | 1,743,651 | ||||||
3,469,786 | ||||||||
Data Processing/Management — 2.9% |
| |||||||
Broadridge Financial Solutions, Inc. | 24,670 | 3,051,926 | ||||||
Fidelity National Information Services, Inc. | 47,804 | 6,604,122 | ||||||
9,656,048 | ||||||||
Decision Support Software — 0.4% |
| |||||||
MSCI, Inc. | 4,906 | 1,271,586 | ||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
DENTSPLY SIRONA, Inc. | 24,823 | 1,403,492 | ||||||
Diagnostic Kits — 0.7% |
| |||||||
IDEXX Laboratories, Inc.† | 8,975 | 2,257,931 | ||||||
Disposable Medical Products — 1.5% |
| |||||||
STERIS PLC | 22,114 | 3,342,310 | ||||||
Teleflex, Inc. | 4,872 | 1,721,472 | ||||||
5,063,782 | ||||||||
Distribution/Wholesale — 0.4% |
| |||||||
Ferguson PLC | 14,883 | 1,293,913 | ||||||
Diversified Manufacturing Operations — 1.0% |
| |||||||
Carlisle Cos., Inc. | 14,969 | 2,334,865 | ||||||
Parker-Hannifin Corp. | 4,445 | 883,621 | ||||||
3,218,486 | ||||||||
Drug Delivery Systems — 1.6% |
| |||||||
DexCom, Inc.† | 24,016 | 5,459,077 | ||||||
E-Commerce/Products — 0.2% |
| |||||||
Wayfair, Inc., Class A†# | 6,781 | 575,843 | ||||||
Electric Products - Misc. — 0.8% |
| |||||||
AMETEK, Inc. | 28,218 | 2,793,864 | ||||||
Electronic Components - Misc. — 2.0% |
| |||||||
Flex, Ltd.† | 164,318 | 1,950,455 | ||||||
Sensata Technologies Holding PLC† | 90,606 | 4,665,303 | ||||||
6,615,758 | ||||||||
Electronic Components - Semiconductors — 4.8% |
| |||||||
Advanced Micro Devices, Inc.† | 71,415 | 2,795,897 | ||||||
IPG Photonics Corp.† | 4,030 | 572,623 | ||||||
Microchip Technology, Inc.# | 47,249 | 4,466,921 | ||||||
Monolithic Power Systems, Inc. | 9,497 | 1,525,978 | ||||||
ON Semiconductor Corp.† | 152,309 | 3,270,074 | ||||||
Xilinx, Inc. | 34,814 | 3,230,043 | ||||||
15,861,536 | ||||||||
149 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 1.5% |
| |||||||
TE Connectivity, Ltd. | 55,554 | $ | 5,150,411 | |||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 19,374 | 1,564,838 | ||||||
Keysight Technologies, Inc.† | 18,620 | 1,992,898 | ||||||
National Instruments Corp. | 60,076 | 2,530,401 | ||||||
Trimble, Inc.† | 30,692 | 1,243,947 | ||||||
7,332,084 | ||||||||
Enterprise Software/Service — 4.1% |
| |||||||
Atlassian Corp. PLC, Class A† | 31,437 | 3,995,957 | ||||||
Ceridian HCM Holding, Inc.†# | 36,440 | 2,199,518 | ||||||
Constellation Software, Inc. | 5,181 | 5,538,713 | ||||||
Workday, Inc., Class A† | 10,844 | 1,942,377 | ||||||
13,676,565 | ||||||||
Entertainment Software — 1.8% |
| |||||||
Take-Two Interactive Software, Inc.† | 29,535 | 3,584,072 | ||||||
Zynga, Inc., Class A† | 360,312 | 2,244,744 | ||||||
5,828,816 | ||||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Synchrony Financial | 33,729 | 1,261,802 | ||||||
Finance - Investment Banker/Broker — 2.2% |
| |||||||
E*TRADE Financial Corp. | 33,416 | 1,480,329 | ||||||
TD Ameritrade Holding Corp. | 86,578 | 4,487,337 | ||||||
Tradeweb Markets, Inc. | 29,160 | 1,304,327 | ||||||
7,271,993 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 11,902 | 1,415,148 | ||||||
Food - Catering — 0.6% |
| |||||||
Aramark | 45,984 | 2,006,742 | ||||||
Food - Misc./Diversified — 0.6% |
| |||||||
Lamb Weston Holdings, Inc. | 24,440 | 2,052,471 | ||||||
Food - Wholesale/Distribution — 0.5% |
| |||||||
Grocery Outlet Holding Corp.† | 46,150 | 1,528,950 | ||||||
Hazardous Waste Disposal — 0.7% |
| |||||||
Clean Harbors, Inc.† | 27,285 | 2,255,105 | ||||||
Instruments - Scientific — 1.8% |
| |||||||
PerkinElmer, Inc. | 39,278 | 3,648,926 | ||||||
Waters Corp.† | 11,045 | 2,452,763 | ||||||
6,101,689 | ||||||||
Insurance Brokers — 2.2% |
| |||||||
Aon PLC | 20,125 | 4,097,651 | ||||||
Arthur J. Gallagher & Co. | 25,870 | 2,412,895 | ||||||
Willis Towers Watson PLC | 3,434 | 674,575 | ||||||
7,185,121 | ||||||||
Insurance - Property/Casualty — 2.6% |
| |||||||
Intact Financial Corp. | 32,362 | 3,337,065 | ||||||
James River Group Holdings, Ltd. | 53,765 | 2,126,943 | ||||||
WR Berkley Corp. | 46,051 | 3,131,468 | ||||||
8,595,476 | ||||||||
Investment Management/Advisor Services — 1.4% |
| |||||||
LPL Financial Holdings, Inc. | 49,092 | 4,533,646 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
Middleby Corp.† | 11,741 | 1,359,138 | ||||||
Wabtec Corp#. | 32,617 | 2,562,718 | ||||||
3,921,856 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Instruments — 1.9% |
| |||||||
Boston Scientific Corp.† | 101,097 | $ | 4,372,445 | |||||
Edwards Lifesciences Corp.† | 8,307 | 2,034,717 | ||||||
6,407,162 | ||||||||
Medical Labs & Testing Services — 2.1% |
| |||||||
Catalent, Inc.† | 82,486 | 4,288,447 | ||||||
IQVIA Holdings, Inc.† | 19,021 | 2,776,686 | ||||||
7,065,133 | ||||||||
Medical Products — 3.0% |
| |||||||
Cooper Cos., Inc. | 18,651 | 5,839,442 | ||||||
Haemonetics Corp.† | 14,725 | 1,775,835 | ||||||
ICU Medical, Inc.† | 6,402 | 1,200,247 | ||||||
Varian Medical Systems, Inc.† | 8,925 | 1,193,540 | ||||||
10,009,064 | ||||||||
Medical - Biomedical/Gene — 0.5% |
| |||||||
Exact Sciences Corp.†# | 14,010 | 1,134,950 | ||||||
Sage Therapeutics, Inc.†# | 3,878 | 600,198 | ||||||
1,735,148 | ||||||||
Medical - Drugs — 1.1% |
| |||||||
Bristol-Myers Squibb Co. | 16,783 | 955,624 | ||||||
Bristol-Myers Squibb Co. CVR† | 16,783 | 36,083 | ||||||
Horizon Therapeutics PLC† | 37,830 | 1,240,067 | ||||||
PRA Health Sciences, Inc.† | 13,103 | 1,425,738 | ||||||
3,657,512 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Rexnord Corp.† | 68,378 | 2,160,061 | ||||||
Non-Hazardous Waste Disposal — 0.8% |
| |||||||
Waste Connections, Inc. | 28,176 | 2,551,337 | ||||||
Poultry — 0.5% |
| |||||||
Sanderson Farms, Inc. | 9,225 | 1,527,476 | ||||||
Printing - Commercial — 0.8% |
| |||||||
Cimpress NV† | 21,899 | 2,806,138 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
Crown Castle International Corp. | 28,816 | 3,851,547 | ||||||
Lamar Advertising Co., Class A | 46,752 | 3,900,519 | ||||||
7,752,066 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
CBRE Group, Inc., Class A† | 28,421 | 1,620,565 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
United Rentals, Inc.† | 12,526 | 1,917,104 | ||||||
Retail - Apparel/Shoe — 1.0% |
| |||||||
Lululemon Athletica, Inc.† | 14,620 | 3,299,588 | ||||||
Retail - Automobile — 0.5% |
| |||||||
CarMax, Inc.†# | 16,558 | 1,610,431 | ||||||
Retail - Discount — 0.6% |
| |||||||
Dollar Tree, Inc.† | 22,768 | 2,082,361 | ||||||
Retail - Floor Coverings — 0.4% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 30,131 | 1,446,589 | ||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Williams-Sonoma, Inc. | 16,084 | 1,116,230 | ||||||
Retail- Pet Food & Supplies — 0.6% |
| |||||||
Freshpet, Inc.† | 35,410 | 1,902,933 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Chipotle Mexican Grill, Inc.† | 2,860 | 2,327,811 | ||||||
Dunkin’ Brands Group, Inc. | 34,660 | 2,653,223 | ||||||
4,981,034 | ||||||||
150 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Semiconductor Equipment — 3.0% |
| |||||||
Entegris, Inc. | 31,650 | $ | 1,497,678 | |||||
KLA Corp. | 24,971 | 4,091,748 | ||||||
Lam Research Corp. | 17,012 | 4,539,312 | ||||||
10,128,738 | ||||||||
Telecommunication Equipment — 2.1% |
| |||||||
NICE, Ltd., ADR†# | 45,622 | 6,911,277 | ||||||
Therapeutics — 0.8% |
| |||||||
Neurocrine Biosciences, Inc.† | 16,333 | 1,904,591 | ||||||
Sarepta Therapeutics, Inc.† | 6,870 | 772,806 | ||||||
2,677,397 | ||||||||
Transport - Rail — 0.5% |
| |||||||
Kansas City Southern | 11,375 | 1,733,778 | ||||||
Transport - Truck — 1.0% |
| |||||||
Old Dominion Freight Line, Inc. | 6,892 | 1,320,438 | ||||||
XPO Logistics, Inc.†# | 25,328 | 2,094,373 | ||||||
3,414,811 | ||||||||
Veterinary Diagnostics — 0.8% |
| |||||||
Elanco Animal Health, Inc.† | 92,297 | 2,557,550 | ||||||
Web Hosting/Design — 1.2% |
| |||||||
GoDaddy, Inc., Class A† | 46,157 | 3,063,902 | ||||||
Wix.com, Ltd.†# | 8,678 | 1,049,083 | ||||||
4,112,985 | ||||||||
Wire & Cable Products — 0.4% |
| |||||||
Belden, Inc. | 26,709 | 1,435,342 | ||||||
Total Common Stocks | ||||||||
(cost $215,691,724) | 320,856,516 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.0% |
| |||||||
E-Commerce/Services — 1.0% |
| |||||||
Airbnb, Inc., Series D†(1)(2) | 29,418 | 3,452,595 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $216,889,420) | 324,309,111 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.1% |
| |||||||
Commercial Paper — 2.2% |
| |||||||
Corpoerative Centrale | $ | 7,300,000 | 7,299,092 | |||||
Registered Investment Companies — 1.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 6,302,841 | 6,302,841 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $13,602,529) | 13,601,933 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $230,491,949)(5) | 101.6 | % | 337,911,044 | |||||
Liabilities in excess of other assets | (1.6 | ) | (5,324,747 | ) | ||||
NET ASSETS | 100.0 | % | $ | 332,586,297 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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. | 4/16/2014 | 29,418 | $ | 1,197,696 | $ | 3,452,595 | $ | 117.36 | 1.04 | % | ||||||||||||||
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $23,527,721. This was secured by collateral of $6,302,841, which was received in cash and subsequently invested in short-term investments currently valued at $6,302,841 as reported in the Portfolio of Investments. Additional collateral of $17,962,035 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/19/2019 to 06/18/2020 | $ | 83,584 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 17,878,451 |
(4) | The rate shown is the7-day yield as of November 30, 2019. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
151 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 320,856.516 | $ | — | $ | — | $ | 320,856,516 | ||||||||
Convertible Preferred Securities: | — | — | 3,452,595 | 3,452,595 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 7,299,092 | — | 7,299,092 | ||||||||||||
Registered Investment Companies | 6,302,841 | — | — | 6,302,841 | ||||||||||||
Total Investments at Value | $ | 327,159,357 | $ | 7,299,092 | $ | 3,452,595 | $ | 337,911,044 | ||||||||
* | 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:
Convertible Preferred Securities | ||||
Balance as of 05/31/2019 | $ | 3,600,175 | ||
Accrued discounts | — | |||
Accrued premiums | — | |||
Realized Gain | — | |||
Realized Loss | — | |||
Change in unrealized appreciation(1) | ||||
Change in unrealized depreciation(1) | (147,580 | ) | ||
Net Purchases | — | |||
Net Sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of 11/30/2019 | $ | 3,452,595 | ||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at November 30, 2019 includes: |
Convertible Preferred Securities | ||||
$ | (147,580 | ) | ||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at November 30, 2019.
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) | ||||||
Convertible Preferred Securities | $ | 3,452,595 | Market Approach | Last Twelve Months Revenue Multiple* | 7.60x | |||||
2021 Estimated Revenue Multiple* | 4.80x - 7.00x (5.60x) | |||||||||
2021 Estimated Gross Profit Multiple* | 5.40x | |||||||||
2022 Estimated Revenue Multiple* | 4.30x | |||||||||
2022 Estimated Gross Profit Multiple* | 4.80x | |||||||||
2023 Estimated Revenue Multiple* | 3.90x | |||||||||
2023 Estimated Gross Profit Multiple* | 4.40x | |||||||||
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
152 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 12.1 | % | ||
Computers | 11.9 | |||
E-Commerce/Products | 9.4 | |||
Web Portals/ISP | 8.8 | |||
Electronic Components — Semiconductors | 8.6 | |||
Internet Content — Entertainment | 6.3 | |||
Medical — Biomedical/Gene | 5.3 | |||
Cable/Satellite TV | 3.8 | |||
Beverages —Non-alcoholic | 2.4 | |||
Commercial Services — Finance | 2.2 | |||
Networking Products | 2.1 | |||
Semiconductor Components — Integrated Circuits | 2.1 | |||
Retail — Discount | 1.7 | |||
Electronic Forms | 1.6 | |||
Repurchase Agreements | 1.6 | |||
E-Commerce/Services | 1.5 | |||
Semiconductor Equipment | 1.5 | |||
Food — Misc./Diversified | 1.2 | |||
Data Processing/Management | 1.2 | |||
Entertainment Software | 1.2 | |||
Retail — Restaurants | 1.1 | |||
Computer Aided Design | 0.9 | |||
Electric — Integrated | 0.8 | |||
Retail — Apparel/Shoe | 0.8 | |||
Medical Instruments | 0.8 | |||
Cellular Telecom | 0.7 | |||
Auto — Cars/Light Trucks | 0.7 | |||
Transport — Rail | 0.6 | |||
Retail — Drug Store | 0.6 | |||
Hotels/Motels | 0.5 | |||
Airlines | 0.4 | |||
Computer Services | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Enterprise Software/Service | 0.3 | |||
Computers — Memory Devices | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Commercial Services | 0.3 | |||
Insurance Brokers | 0.3 | |||
Consulting Services | 0.3 | |||
Medical Information Systems | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Dental Supplies & Equipment | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Computer Data Security | 0.2 | |||
Internet Security | 0.2 | |||
Computer Software | 0.2 | |||
Retail — Perfume & Cosmetics | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Casino Hotels | 0.1 | |||
Toys | 0.1 | |||
Transport — Truck | 0.1 | |||
Medical Products | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
100.1% | ||||
* | Calculated as a percentage of net assets |
153 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Airlines — 0.4% |
| |||||||
American Airlines Group, Inc.# | 27,216 | $ | 782,188 | |||||
United Airlines Holdings, Inc.† | 15,704 | 1,457,331 | ||||||
2,239,519 | ||||||||
Applications Software — 12.1% |
| |||||||
Intuit, Inc. | 15,896 | 4,115,315 | ||||||
Microsoft Corp. | 420,528 | 63,659,529 | ||||||
67,774,844 | ||||||||
Auto - Cars/Light Trucks — 0.7% |
| |||||||
Tesla, Inc.† | 10,949 | 3,612,513 | ||||||
Auto - Heavy Duty Trucks — 0.3% |
| |||||||
PACCAR, Inc. | 21,171 | 1,722,684 | ||||||
Beverages-Non-alcoholic — 2.4% |
| |||||||
Monster Beverage Corp.† | 33,304 | 1,992,245 | ||||||
PepsiCo, Inc. | 85,460 | 11,608,032 | ||||||
13,600,277 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Fox Corp., Class A | 21,096 | 754,393 | ||||||
Fox Corp., Class B | 16,046 | 561,289 | ||||||
1,315,682 | ||||||||
Cable/Satellite TV — 3.8% |
| |||||||
Charter Communications, Inc., Class A† | 13,537 | 6,362,525 | ||||||
Comcast Corp., Class A | 277,224 | 12,239,440 | ||||||
Liberty Global PLC, Class A† | 11,095 | 250,192 | ||||||
Liberty Global PLC, Class C† | 26,819 | 576,609 | ||||||
Sirius XM Holdings, Inc.# | 271,985 | 1,898,455 | ||||||
21,327,221 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Wynn Resorts, Ltd. | 6,578 | 794,951 | ||||||
Cellular Telecom — 0.7% |
| |||||||
T-Mobile US, Inc.† | 52,227 | 4,102,431 | ||||||
Commercial Services — 0.3% |
| |||||||
Cintas Corp. | 6,264 | 1,610,224 | ||||||
Commercial Services - Finance — 2.2% |
| |||||||
Automatic Data Processing, Inc. | 26,524 | 4,529,769 | ||||||
PayPal Holdings, Inc.† | 71,922 | 7,768,295 | ||||||
12,298,064 | ||||||||
Computer Aided Design — 0.9% |
| |||||||
Autodesk, Inc.† | 13,424 | 2,428,402 | ||||||
Cadence Design Systems, Inc.† | 17,124 | 1,202,961 | ||||||
Synopsys, Inc.† | 9,186 | 1,295,593 | ||||||
4,926,956 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 9,305 | 1,096,873 | ||||||
Computer Services — 0.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 33,758 | 2,164,225 | ||||||
Computer Software — 0.2% |
| |||||||
Citrix Systems, Inc. | 8,001 | 902,593 | ||||||
Computers — 11.9% |
| |||||||
Apple, Inc. | 248,905 | 66,519,861 | ||||||
Computers - Memory Devices — 0.3% |
| |||||||
NetApp, Inc. | 14,542 | 881,100 | ||||||
Western Digital Corp. | 18,093 | 910,620 | ||||||
1,791,720 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc. | 9,994 | $ | 1,473,915 | |||||
Data Processing/Management — 1.2% |
| |||||||
Fiserv, Inc.† | 41,544 | 4,829,074 | ||||||
Paychex, Inc. | 21,964 | 1,891,540 | ||||||
6,720,614 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 4,882 | 1,353,974 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
IDEXX Laboratories, Inc.† | 5,262 | 1,323,814 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Fastenal Co. | 35,050 | 1,244,976 | ||||||
E-Commerce/Products — 9.4% |
| |||||||
Amazon.com, Inc.† | 27,249 | 49,069,999 | ||||||
eBay, Inc. | 51,267 | 1,821,004 | ||||||
JD.com, Inc. ADR† | 56,553 | 1,846,456 | ||||||
52,737,459 | ||||||||
E-Commerce/Services — 1.5% |
| |||||||
Booking Holdings, Inc.† | 2,598 | 4,946,670 | ||||||
Expedia Group, Inc. | 8,364 | 850,284 | ||||||
MercadoLibre, Inc.† | 3,038 | 1,763,802 | ||||||
Trip.com Group, Ltd.† ADR | 29,765 | 989,389 | ||||||
8,550,145 | ||||||||
Electric - Integrated — 0.8% |
| |||||||
Exelon Corp. | 59,386 | �� | 2,636,738 | |||||
Xcel Energy, Inc. | 31,479 | 1,935,644 | ||||||
4,572,382 | ||||||||
Electronic Components - Semiconductors — 8.6% |
| |||||||
Advanced Micro Devices, Inc.† | 66,352 | 2,597,681 | ||||||
Broadcom, Inc. | 24,331 | 7,693,705 | ||||||
Intel Corp. | 270,773 | 15,718,373 | ||||||
Microchip Technology, Inc.# | 14,550 | 1,375,557 | ||||||
Micron Technology, Inc.† | 67,467 | 3,205,357 | ||||||
NVIDIA Corp. | 37,224 | 8,067,930 | ||||||
Skyworks Solutions, Inc. | 10,495 | 1,031,658 | ||||||
Texas Instruments, Inc. | 57,065 | 6,859,784 | ||||||
Xilinx, Inc. | 15,440 | 1,432,523 | ||||||
47,982,568 | ||||||||
Electronic Forms — 1.6% |
| |||||||
Adobe, Inc.† | 29,671 | 9,184,065 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Workday, Inc., Class A† | 10,024 | 1,795,499 | ||||||
Entertainment Software — 1.2% |
| |||||||
Activision Blizzard, Inc. | 46,883 | 2,570,595 | ||||||
Electronic Arts, Inc.† | 18,013 | 1,819,493 | ||||||
NetEase, Inc. ADR | 4,459 | 1,406,012 | ||||||
Take-Two Interactive Software, Inc.† | 6,918 | 839,499 | ||||||
6,635,599 | ||||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Kraft Heinz Co. | 74,569 | 2,274,354 | ||||||
Mondelez International, Inc., Class A | 88,148 | 4,631,296 | ||||||
6,905,650 | ||||||||
Hotels/Motels — 0.5% |
| |||||||
Marriott International, Inc., Class A | 20,131 | 2,825,587 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Willis Towers Watson PLC | 7,884 | 1,548,733 | ||||||
154 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Content - Entertainment — 6.3% |
| |||||||
Facebook, Inc., Class A† | 133,750 | $ | 26,969,350 | |||||
Netflix, Inc.† | 26,762 | 8,420,931 | ||||||
35,390,281 | ||||||||
Internet Security — 0.2% |
| |||||||
NortonLifeLock, Inc. | 37,776 | 940,622 | ||||||
Medical Information Systems — 0.3% |
| |||||||
Cerner Corp. | 19,461 | 1,393,213 | ||||||
Medical Instruments — 0.8% |
| |||||||
Intuitive Surgical, Inc.† | 7,045 | 4,176,981 | ||||||
Medical Products — 0.1% |
| |||||||
Henry Schein, Inc.† | 9,062 | 624,372 | ||||||
Medical - Biomedical/Gene — 5.3% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 13,705 | 1,561,548 | ||||||
Amgen, Inc. | 36,655 | 8,603,661 | ||||||
Biogen, Inc.† | 11,274 | 3,380,058 | ||||||
BioMarin Pharmaceutical, Inc.† | 10,969 | 885,308 | ||||||
Gilead Sciences, Inc. | 77,409 | 5,204,981 | ||||||
Illumina, Inc.† | 8,985 | 2,882,029 | ||||||
Incyte Corp.† | 13,145 | 1,237,733 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,600 | 2,435,400 | ||||||
Vertex Pharmaceuticals, Inc.† | 15,711 | 3,483,914 | ||||||
29,674,632 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 31,531 | 592,152 | ||||||
Networking Products — 2.1% |
| |||||||
Cisco Systems, Inc. | 261,650 | 11,855,362 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Lululemon Athletica, Inc.† | 7,512 | 1,695,383 | ||||||
Ross Stores, Inc. | 22,291 | 2,589,100 | ||||||
4,284,483 | ||||||||
Retail - Auto Parts — 0.4% |
| |||||||
O’Reilly Automotive, Inc.† | 4,677 | 2,068,544 | ||||||
Retail - Discount — 1.7% |
| |||||||
Costco Wholesale Corp. | 26,881 | 8,059,193 | ||||||
Dollar Tree, Inc.† | 14,463 | 1,322,786 | ||||||
9,381,979 | ||||||||
Retail - Drug Store — 0.6% |
| |||||||
Walgreens Boots Alliance, Inc. | 55,203 | 3,290,099 | ||||||
Retail - Perfume & Cosmetics — 0.2% |
| |||||||
Ulta Beauty, Inc.† | 3,597 | 841,194 | ||||||
Retail - Restaurants — 1.1% |
| |||||||
Starbucks Corp. | 73,164 | 6,250,401 | ||||||
Semiconductor Components - Integrated Circuits — 2.1% |
| |||||||
Analog Devices, Inc. | 22,579 | 2,550,298 | ||||||
Maxim Integrated Products, Inc. | 16,581 | 939,645 | ||||||
NXP Semiconductors NV | 17,085 | 1,974,685 | ||||||
QUALCOMM, Inc. | 74,304 | 6,208,099 | ||||||
11,672,727 | ||||||||
Semiconductor Equipment — 1.5% |
| |||||||
Applied Materials, Inc. | 56,462 | 3,269,150 | ||||||
ASML Holding NV | 4,440 | 1,201,553 | ||||||
KLA Corp. | 9,734 | 1,595,013 | ||||||
Lam Research Corp. | 8,834 | 2,357,176 | ||||||
8,422,892 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 7,714 | $ | 784,514 | |||||
Transport - Rail — 0.6% |
| |||||||
CSX Corp. | 48,787 | 3,490,222 | ||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 6,526 | 754,536 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
VeriSign, Inc.† | 7,235 | 1,380,004 | ||||||
Web Portals/ISP — 8.8% |
| |||||||
Alphabet, Inc., Class A† | 16,957 | 22,113,454 | ||||||
Alphabet, Inc., Class C† | 19,276 | 25,154,409 | ||||||
Baidu, Inc. ADR† | 17,216 | 2,040,613 | ||||||
49,308,476 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $200,775,976) | 549,233,304 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 809,676 | 809,676 | ||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 1,200,000 | 1,198,766 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $2,008,155) | 2,008,442 | |||||||
REPURCHASE AGREEMENTS — 1.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount $8,821,184 collateralized by $8,785,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $8,999,187 | 8,821,000 | 8,821,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $211,605,131)(4) | 100.1 | % | 560,062,746 | |||||
Liabilities in excess of other assets | (0.1 | ) | (472,842 | ) | ||||
NET ASSETS | 100.0 | % | $ | 559,589,904 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | The rate shown is the7-day yield as of November 30, 2019. |
(2) | At November 30, 2019, the Fund had loaned securities with a total value of $4,056,200. This was secured by collateral of $809,676, which was received in cash and subsequently invested in short-term investments currently valued at $809,676 as reported in the Portfolio of Investments. Additional collateral of $3,341,801 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 04/09/2020 | $ | 457 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 12/31/2019 to 11/15/2048 | 3,341,344 |
(3) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
155 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
63 | Long | NASDAQ 100E-Mini Index | December 2019 | $ | 10,063,827 | $ | 10,606,050 | $ | 542,223 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 549,233,304 | $ | — | $ | — | $ | 549,233,304 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 809,676 | — | — | 809,676 | ||||||||||||
U.S. Government Treasuries | — | 1,198,766 | — | 1,198,766 | ||||||||||||
Repurchase Agreements | — | 8,821,000 | — | 8,821,000 | ||||||||||||
Total Investments at Value | $ | 550,042,980 | $ | 10,019,766 | $ | — | $ | 560,062,746 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 542,223 | $ | — | $ | — | $ | 542,223 | ||||||||
* | 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
156 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 10.8 | % | ||
Electronic Components — Semiconductors | 10.6 | |||
Web Portals/ISP | 9.2 | |||
Internet Content — Entertainment | 6.3 | |||
Enterprise Software/Service | 6.3 | |||
Commercial Services — Finance | 6.3 | |||
E-Commerce/Services | 5.1 | |||
E-Commerce/Products | 4.5 | |||
Semiconductor Equipment | 4.1 | |||
Registered Investment Companies | 4.0 | |||
Computer Software | 3.8 | |||
Finance — Credit Card | 3.3 | |||
Semiconductor Components — Integrated Circuits | 2.9 | |||
Entertainment Software | 2.8 | |||
Computers — Memory Devices | 2.2 | |||
Internet Security | 1.8 | |||
Internet Application Software | 1.5 | |||
Computer Data Security | 1.3 | |||
Computers | 1.3 | |||
Computer Services | 1.1 | |||
Internet Telephone | 1.1 | |||
Internet Content — Information/News | 1.0 | |||
Retail — Apparel/Shoe | 0.9 | |||
Data Processing/Management | 0.7 | |||
Electronic Forms | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Medical Instruments | 0.5 | |||
Computers — Other | 0.5 | |||
Computer Aided Design | 0.4 | |||
Auto — Cars/Light Trucks | 0.4 | |||
Networking Products | 0.4 | |||
Aerospace/Defense — Equipment | 0.4 | |||
Web Hosting/Design | 0.3 | |||
Communications Software | 0.2 | |||
Educational Software | 0.2 | |||
Pharmacy Services | 0.2 | |||
Publishing — Newspapers | 0.1 | |||
Wireless Equipment | 0.1 | |||
Consulting Services | 0.1 | |||
IT Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Repurchase Agreements | 0.1 | |||
98.3 | % | |||
* | Calculated as a percentage of net assets |
157 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.7% |
| |||||||
Advertising Services — 0.0% |
| |||||||
Trade Desk, Inc., Class A†# | 2,650 | $ | 697,851 | |||||
Aerospace/Defense - Equipment — 0.4% |
| |||||||
L3Harris Technologies, Inc. | 26,231 | 5,274,792 | ||||||
Applications Software — 10.8% |
| |||||||
Elastic NV† | 119,405 | 9,481,951 | ||||||
Intuit, Inc. | 11,637 | 3,012,703 | ||||||
Microsoft Corp. | 597,962 | 90,519,488 | ||||||
salesforce.com, Inc.† | 285,834 | 46,559,500 | ||||||
ServiceNow, Inc.† | 47,331 | 13,396,566 | ||||||
162,970,208 | ||||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Tesla, Inc.† | 13,132 | 4,332,772 | ||||||
Commercial Services - Finance — 6.3% |
| |||||||
Equifax, Inc. | 38,975 | 5,442,469 | ||||||
FleetCor Technologies, Inc.† | 41,489 | 12,733,804 | ||||||
Global Payments, Inc. | 204,297 | 36,998,187 | ||||||
PayPal Holdings, Inc.† | 193,946 | 20,948,107 | ||||||
Square, Inc., Class A† | 61,720 | 4,266,086 | ||||||
TransUnion | 44,138 | 3,809,551 | ||||||
WEX, Inc.† | 51,189 | 10,295,644 | ||||||
94,493,848 | ||||||||
Communications Software — 0.2% |
| |||||||
Slack Technologies, Inc., Class A†# | 131,638 | 3,003,979 | ||||||
Computer Aided Design — 0.4% |
| |||||||
Autodesk, Inc.† | 7,020 | 1,269,918 | ||||||
Synopsys, Inc.† | 35,276 | 4,975,327 | ||||||
6,245,245 | ||||||||
Computer Data Security — 1.3% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 17,280 | 1,002,240 | ||||||
Fortinet, Inc.† | 74,597 | 7,840,891 | ||||||
Rapid7, Inc.† | 18,975 | 1,063,928 | ||||||
Zscaler, Inc.†# | 181,925 | 9,483,750 | ||||||
19,390,809 | ||||||||
Computer Services — 1.1% |
| |||||||
DXC Technology Co. | 157,010 | 5,861,183 | ||||||
EPAM Systems, Inc.† | 8,870 | 1,879,110 | ||||||
Genpact, Ltd. | 218,117 | 8,877,362 | ||||||
16,617,655 | ||||||||
Computer Software — 3.8% |
| |||||||
Akamai Technologies, Inc.† | 73,010 | 6,360,631 | ||||||
Dynatrace, Inc.† | 9,080 | 241,256 | ||||||
MongoDB, Inc.†# | 129,655 | 19,279,698 | ||||||
Splunk, Inc.† | 72,299 | 10,788,457 | ||||||
Twilio, Inc., Class A†# | 190,285 | 19,652,635 | ||||||
56,322,677 | ||||||||
Computers — 1.3% |
| |||||||
Apple, Inc. | 71,945 | 19,227,301 | ||||||
Computers - Memory Devices — 2.2% |
| |||||||
NetApp, Inc. | 109,010 | 6,604,916 | ||||||
Pure Storage, Inc., Class A†# | 1,186,137 | 19,061,222 | ||||||
Western Digital Corp. | 131,976 | 6,642,352 | ||||||
32,308,490 | ||||||||
Computers - Other — 0.5% |
| |||||||
Lumentum Holdings, Inc.† | 101,372 | 7,467,062 | ||||||
Consulting Services — 0.1% |
| |||||||
Verisk Analytics, Inc. | 11,605 | 1,711,505 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.7% |
| |||||||
Fidelity National Information Services, Inc. | 30,650 | $ | 4,234,297 | |||||
Fiserv, Inc.† | 54,070 | 6,285,097 | ||||||
10,519,394 | ||||||||
E-Commerce/Products — 4.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 163,321 | 32,664,200 | ||||||
Amazon.com, Inc.† | 19,600 | 35,295,680 | ||||||
67,959,880 | ||||||||
E-Commerce/Services — 4.9% |
| |||||||
58.com, Inc. ADR† | 254,531 | 15,658,747 | ||||||
Booking Holdings, Inc.† | 13,257 | 25,241,726 | ||||||
Lyft, Inc., Class A†# | 9,690 | 474,616 | ||||||
MercadoLibre, Inc.† | 3,742 | 2,172,530 | ||||||
Trip.com Group, Ltd.† | 803,898 | 26,721,570 | ||||||
Uber Technologies, Inc.† | 110,644 | 3,275,062 | ||||||
73,544,251 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 7,490 | 1,011,525 | ||||||
Educational Software — 0.2% |
| |||||||
GSX Techedu, Inc. ADR† | 138,884 | 2,442,970 | ||||||
Electronic Components-Misc. — 0.6% |
| |||||||
Flex, Ltd.† | 718,276 | 8,525,936 | ||||||
Electronic Components - Semiconductors — 10.6% |
| |||||||
Advanced Micro Devices, Inc.† | 930,047 | 36,411,340 | ||||||
Broadcom, Inc. | 15,670 | 4,955,011 | ||||||
Cree, Inc.† | 59,970 | 2,651,274 | ||||||
Infineon Technologies AG | 55,465 | 1,184,719 | ||||||
Lattice Semiconductor Corp.† | 286,876 | 5,419,088 | ||||||
Marvell Technology Group, Ltd. | 692,813 | 18,269,479 | ||||||
Micron Technology, Inc.† | 623,798 | 29,636,643 | ||||||
NVIDIA Corp. | 117,033 | 25,365,732 | ||||||
ON Semiconductor Corp.† | 41,250 | 885,637 | ||||||
Samsung Electronics Co., Ltd. | 602,745 | 25,668,267 | ||||||
SK Hynix, Inc. | 63,004 | 4,315,306 | ||||||
STMicroelectronics NV# | 93,140 | 2,269,822 | ||||||
STMicroelectronics NV | 48,880 | 1,200,879 | ||||||
Xilinx, Inc. | 3,550 | 329,369 | ||||||
158,562,566 | ||||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 30,400 | 9,409,712 | ||||||
Enterprise Software/Service — 6.3% |
| |||||||
Alteryx, Inc., Class A†# | 99,670 | 11,315,535 | ||||||
Atlassian Corp. PLC, Class A† | 57,275 | 7,280,225 | ||||||
AVEVA Group PLC | 44,320 | 2,612,703 | ||||||
Datadog, Inc., Class A†# | 13,279 | 541,385 | ||||||
Guidewire Software, Inc.†# | 75,615 | 9,212,175 | ||||||
New Relic, Inc.† | 10,225 | 695,505 | ||||||
Paycom Software, Inc.† | 86,185 | 23,856,870 | ||||||
SVMK, Inc.† | 190,704 | 3,255,317 | ||||||
Veeva Systems, Inc., Class A† | 67,260 | 10,033,847 | ||||||
Workday, Inc., Class A† | 147,809 | 26,475,548 | ||||||
95,279,110 | ||||||||
Entertainment Software — 2.8% |
| |||||||
Activision Blizzard, Inc. | 129,070 | 7,076,908 | ||||||
Electronic Arts, Inc.† | 98,454 | 9,944,839 | ||||||
Mail.ru Group, Ltd. GDR† | 554,675 | 11,204,435 | ||||||
Nexon Co., Ltd.† | 277,800 | 3,789,278 | ||||||
Take-Two Interactive Software, Inc.† | 66,125 | 8,024,269 |
158 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Entertainment Software (continued) | ||||||||
Zynga, Inc., Class A† | 200,515 | $ | 1,249,208 | |||||
41,288,937 | ||||||||
Finance - Credit Card — 3.3% |
| |||||||
Mastercard, Inc., Class A | 80,000 | 23,378,400 | ||||||
Visa, Inc., Class A | 142,299 | 26,255,588 | ||||||
49,633,988 | ||||||||
Food - Catering — 0.0% |
| |||||||
GrubHub, Inc.†# | 9,850 | 424,732 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Cognex Corp. | 1,855 | 93,084 | ||||||
Internet Application Software — 1.5% |
| |||||||
Okta, Inc.† | 160,965 | 20,890,038 | ||||||
Zendesk, Inc.† | 27,495 | 2,172,105 | ||||||
23,062,143 | ||||||||
Internet Content - Entertainment — 6.3% |
| |||||||
Facebook, Inc., Class A† | 436,539 | 88,023,724 | ||||||
Netflix, Inc.† | 11,676 | 3,673,970 | ||||||
Roku, Inc.†# | 11,990 | 1,922,836 | ||||||
Snap, Inc., Class A†# | 108,980 | 1,661,945 | ||||||
95,282,475 | ||||||||
Internet Content - Information/News — 1.0% |
| |||||||
Naspers, Ltd., Class N | 45,436 | 6,493,585 | ||||||
Prosus NV† | 45,617 | 3,109,354 | ||||||
Tencent Holdings, Ltd. | 139,381 | 5,907,808 | ||||||
15,510,747 | ||||||||
Internet Security — 1.8% |
| |||||||
NortonLifeLock, Inc. | 739,009 | 18,401,324 | ||||||
Palo Alto Networks, Inc.† | 21,555 | 4,897,727 | ||||||
Proofpoint, Inc.† | 27,325 | 3,243,204 | ||||||
26,542,255 | ||||||||
Internet Telephone — 1.1% |
| |||||||
RingCentral, Inc., Class A† | 95,125 | 16,406,209 | ||||||
Machinery - Electrical — 0.1% |
| |||||||
Bloom Energy Corp. Class A†# | 188,900 | 1,231,628 | ||||||
Medical Instruments — 0.5% |
| |||||||
Intuitive Surgical, Inc.† | 13,769 | 8,163,640 | ||||||
Networking Products — 0.4% |
| |||||||
Arista Networks, Inc.† | 8,765 | 1,710,314 | ||||||
Cisco Systems, Inc. | 16,735 | 758,263 | ||||||
Telefonaktiebolaget LM Ericsson ADR# | 247,625 | 2,238,530 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 84,993 | 765,795 | ||||||
5,472,902 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker), | 49,774 | 782,298 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
News Corp., Class A | 171,113 | 2,203,935 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
Equinix, Inc. | 955 | 541,342 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Zalando SE†* | 324,658 | 13,985,122 | ||||||
Semiconductor Components - Integrated Circuits — 2.9% |
| |||||||
Analog Devices, Inc. | 14,360 | 1,621,962 | ||||||
Maxim Integrated Products, Inc. | 134,304 | 7,611,008 | ||||||
NXP Semiconductors NV | 48,235 | 5,575,001 |
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits (continued) | ||||||||
QUALCOMM, Inc. | 95,200 | $ | 7,953,960 | |||||
Renesas Electronics Corp.† | 1,552,900 | 10,115,734 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 208,500 | 11,069,265 | ||||||
43,946,930 | ||||||||
Semiconductor Equipment — 4.1% |
| |||||||
Applied Materials, Inc. | 164,600 | 9,530,340 | ||||||
ASML Holding NV | 6,750 | 1,826,685 | ||||||
FormFactor, Inc.† | 166,906 | 3,862,205 | ||||||
KLA Corp. | 139,629 | 22,879,608 | ||||||
Lam Research Corp. | 32,730 | 8,733,346 | ||||||
Teradyne, Inc. | 152,375 | 9,537,151 | ||||||
Tokyo Electron, Ltd. | 26,221 | 5,414,048 | ||||||
61,783,383 | ||||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Viavi Solutions, Inc.† | 45,440 | 682,509 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
GoDaddy, Inc., Class A† | 32,356 | 2,147,791 | ||||||
VeriSign, Inc.† | 11,265 | 2,148,686 | ||||||
4,296,477 | ||||||||
Web Portals/ISP — 9.2% |
| |||||||
Alphabet, Inc., Class A† | 31,191 | 40,675,871 | ||||||
Alphabet, Inc., Class C† | 59,289 | 77,369,774 | ||||||
NAVER Corp. | 96,019 | 13,982,363 | ||||||
Yandex NV, Class A† | 147,863 | 6,205,810 | ||||||
138,233,818 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 11,605 | 1,941,518 | ||||||
Total Common Stocks | ||||||||
(cost $1,109,151,461) | 1,408,829,610 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% |
| |||||||
Auto - Cars/Light Trucks — 0.1% |
| |||||||
GM Cruise Holdings, LLC | 89,700 | 1,637,025 | ||||||
E-Commerce/Services — 0.2% |
| |||||||
Airbnb, Inc., Series E†(1)(2) | 26,943 | 3,162,120 | ||||||
Xiaoju Kuaizhi, Inc., SeriesA-17†(1)(2) | 11,731 | 597,485 | ||||||
3,759,605 | ||||||||
IT Services — 0.1% |
| |||||||
Mesosphere, Inc. | 151,129 | 1,326,913 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 61,401 | 965,039 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $7,102,699) | 7,688,582 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $1,116,254,160) | 1,416,518,192 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.0% |
| |||||||
Registered Investment Companies — 4.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,015,798 | 1,015,798 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 7,727,009 | 7,727,009 |
159 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) | ||||||||
Registered Investment Companies (continued) | ||||||||
T. Rowe Price Government Reserve Fund | 50,916,736 | $ | 50,916,736 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $59,659,543) | 59,659,543 | |||||||
REPURCHASE AGREEMENTS — 0.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $945,020 collateralized by $975,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $968,243 | $ | 945,000 | 945,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,176,858,703)(5) | 98.3 | % | 1,477,122,735 | |||||
Other assets less liabilities | 1.7 | 26,035,531 | ||||||
NET ASSETS | 100.0 | % | $ | 1,503,158,266 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $13,985,122 representing 0.9% 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 November 30, 2019, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
JAND, Inc., (dba Warby Parker), | 03/09/2018 | 49,774 | $ | 782,298 | $ | 782,298 | $ | 15.72 | 0.05 | % | ||||||||||||||
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 | 3,162,120 | 117.36 | 0.21 | ||||||||||||||||||||
GM Cruise Holdings, LLC | 05/07/2019 | 89,700 | 1,637,025 | 1,637,025 | 18.25 | 0.11 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | 03/09/2018 | 61,401 | 965,040 | 965,039 | 15.72 | 0.06 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | Value as a % of Net Assets | ||||||||||||||||||
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 | 597,485 | 50.93 | 0.04 | ||||||||||||||||||
$ | 8,470,880 | 0.56 | % | |||||||||||||||||||||
(2) | Securities classified as Level 3 (see Note 2). |
(3) | The rate shown is the7-day yield as of November 30, 2019. |
(4) | At November 30, 2019, the Fund had loaned securities with a total value of $73,732,650. This was secured by collateral of $7,727,009, which was received in cash and subsequently invested in short-term investments currently valued at $7,727,009 as reported in the Portfolio of Investments. Additional collateral of $67,633,759 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 12/01/2047 to 12/01/2047 | $ | 145,526 | ||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | 5,401,504 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 12/31/2019 to 02/15/2049 | 62,086,729 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
160 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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: | ||||||||||||||||
Pharmacy Services | $ | — | $ | — | $ | 782,298 | $ | 782,298 | ||||||||
Other Industries | 1,408,047,312 | — | — | 1,408,047,312 | ||||||||||||
Convertible Preferred Securities | — | — | 7,688,582 | 7,688,582 | ||||||||||||
Short-Term Investment Securities | 59,659,543 | — | — | 59,659,543 | ||||||||||||
Repurchase Agreements | — | 945,000 | — | 945,000 | ||||||||||||
Total Investments at Value | $ | 1,467,706,855 | $ | 945,000 | $ | 8,470,880 | $ | 1,477,122,735 | ||||||||
* | 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
161 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 10.5 | % | ||
Computer Software | 5.4 | |||
Enterprise Software/Service | 4.4 | |||
Medical Products | 4.1 | |||
Medical — Drugs | 3.6 | |||
Electronic Components — Semiconductors | 3.4 | |||
Commercial Services — Finance | 2.8 | |||
Web Hosting/Design | 2.6 | |||
Building & Construction Products — Misc. | 2.6 | |||
Registered Investment Companies | 2.4 | |||
Repurchase Agreements | 2.2 | |||
Internet Telephone | 2.1 | |||
Computer Data Security | 2.1 | |||
Patient Monitoring Equipment | 2.1 | |||
Food — Misc./Diversified | 2.0 | |||
Distribution/Wholesale | 1.8 | |||
Retail — Pawn Shops | 1.7 | |||
Medical — Outpatient/Home Medical | 1.7 | |||
Schools | 1.6 | |||
Electronics — Military | 1.6 | |||
Insurance — Reinsurance | 1.6 | |||
Electronic Components — Misc. | 1.6 | |||
Instruments — Controls | 1.5 | |||
Power Converter/Supply Equipment | 1.5 | |||
Retail — Restaurants | 1.5 | |||
Electronic Measurement Instruments | 1.4 | |||
Firearms & Ammunition | 1.4 | |||
Machinery — General Industrial | 1.4 | |||
Airlines | 1.4 | |||
Auto Repair Centers | 1.3 | |||
Retail — Discount | 1.3 | |||
Computer Services | 1.3 | |||
Filtration/Separation Products | 1.3 | |||
Semiconductor Equipment | 1.3 | |||
Casino Services | 1.3 | |||
Educational Software | 1.3 | |||
Finance — Consumer Loans | 1.2 | |||
Recreational Centers | 1.2 | |||
Insurance Brokers | 1.1 | |||
Chemicals — Specialty | 1.1 | |||
Medical Labs & Testing Services | 1.0 | |||
Commercial Services | 1.0 | |||
Food — Baking | 0.9 | |||
Footwear & Related Apparel | 0.9 | |||
Consulting Services | 0.9 | |||
Therapeutics | 0.9 | |||
Health Care Cost Containment | 0.9 | |||
Medical Information Systems | 0.9 | |||
Building & Construction — Misc. | 0.8 | |||
Electric Products — Misc. | 0.7 | |||
Retail — Pet Food & Supplies | 0.7 | |||
Banks — Commercial | 0.7 | |||
E-Marketing/Info | 0.7 | |||
Medical Instruments | 0.6 | |||
Rental Auto/Equipment | 0.6 | |||
Oil — Field Services | 0.6 | |||
Transport — Services | 0.6 | |||
Retail — Hair Salons | 0.5 | |||
Building — Mobile Home/Manufactured Housing | 0.5 | |||
Machinery — Electrical | 0.4 | |||
102.5 | % | |||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.9% |
| |||||||
Airlines — 1.4% |
| |||||||
Azul SA ADR†# | 64,040 | $ | 2,384,850 | |||||
Auto Repair Centers — 1.3% |
| |||||||
Monro, Inc.# | 30,740 | 2,256,316 | ||||||
Banks - Commercial — 0.7% |
| |||||||
Western Alliance Bancorp | 22,100 | 1,152,736 | ||||||
Building & Construction Products - Misc. — 2.6% |
| |||||||
Armstrong World Industries, Inc. | 14,990 | 1,439,340 | ||||||
Simpson Manufacturing Co., Inc. | 15,701 | 1,274,921 | ||||||
Trex Co., Inc.†# | 18,500 | 1,592,110 | ||||||
4,306,371 | ||||||||
Building & Construction - Misc. — 0.8% |
| |||||||
Frontdoor, Inc.† | 29,610 | 1,340,149 | ||||||
Building - Mobile Home/Manufactured Housing — 0.5% |
| |||||||
Skyline Champion Corp.† | 26,820 | 889,888 | ||||||
Casino Services — 1.3% |
| |||||||
Eldorado Resorts, Inc.†# | 40,320 | 2,157,523 | ||||||
Chemicals - Specialty — 1.1% |
| |||||||
Ingevity Corp.† | 19,570 | 1,767,367 | ||||||
Commercial Services — 1.0% |
| |||||||
LiveRamp Holdings, Inc.† | 33,960 | 1,701,056 | ||||||
Commercial Services - Finance — 2.8% |
| |||||||
Euronet Worldwide, Inc.† | 14,388 | 2,261,650 | ||||||
Evo Payments, Inc., Class A†# | 88,430 | 2,482,230 | ||||||
4,743,880 | ||||||||
Computer Data Security — 2.1% |
| |||||||
Varonis Systems, Inc.† | 44,790 | 3,498,547 | ||||||
Computer Services — 1.3% |
| |||||||
WNS Holdings, Ltd. ADR† | 35,290 | 2,227,505 | ||||||
Computer Software — 5.4% |
| |||||||
Bandwidth, Inc., Class A† | 26,510 | 1,482,704 | ||||||
Cornerstone OnDemand, Inc.† | 48,880 | 3,014,430 | ||||||
Envestnet, Inc.† | 19,990 | 1,423,488 | ||||||
InterXion Holding NV† | 36,874 | 3,135,765 | ||||||
9,056,387 | ||||||||
Consulting Services — 0.9% |
| |||||||
FTI Consulting, Inc.† | 13,720 | 1,495,343 | ||||||
Distribution/Wholesale — 1.8% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 34,000 | 3,017,840 | ||||||
E-Marketing/Info — 0.7% |
| |||||||
QuinStreet, Inc.†# | 69,450 | 1,093,143 | ||||||
Educational Software — 1.3% |
| |||||||
Arco Platform, Ltd., Class A† | 49,966 | 2,148,538 | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
Littelfuse, Inc. | 6,762 | 1,226,694 | ||||||
Electronic Components - Misc. — 1.6% |
| |||||||
Advanced Energy Industries, Inc.† | 41,090 | 2,638,389 | ||||||
Electronic Components - Semiconductors — 3.4% |
| |||||||
Inphi Corp.† | 6,840 | 476,269 | ||||||
Lattice Semiconductor Corp.† | 74,000 | 1,397,860 | ||||||
MACOM Technology Solutions Holdings, Inc.† | 32,740 | 807,696 | ||||||
Monolithic Power Systems, Inc. | 4,015 | 645,130 | ||||||
Silicon Laboratories, Inc.† | 22,770 | 2,412,026 | ||||||
5,738,981 | ||||||||
Security Description | Shares | Value | ||||||
Electronic Measurement Instruments — 1.4% |
| |||||||
Itron, Inc.† | 30,230 | $ | 2,420,818 | |||||
Electronics - Military — 1.6% |
| |||||||
Mercury Systems, Inc.† | 36,560 | 2,678,020 | ||||||
Enterprise Software/Service — 4.4% |
| |||||||
ACI Worldwide, Inc.† | 88,420 | 3,315,750 | ||||||
Coupa Software, Inc.† | 8,230 | 1,263,223 | ||||||
Everbridge, Inc.†# | 32,100 | 2,822,874 | ||||||
7,401,847 | ||||||||
Filtration/Separation Products — 1.3% |
| |||||||
ESCO Technologies, Inc. | 25,260 | 2,224,648 | ||||||
Finance - Consumer Loans — 1.2% |
| |||||||
LendingTree, Inc.†# | 5,600 | 2,018,968 | ||||||
Firearms & Ammunition — 1.4% |
| |||||||
Axon Enterprise, Inc.†# | 32,550 | 2,402,190 | ||||||
Food - Baking — 0.9% |
| |||||||
Hostess Brands, Inc.† | 117,520 | 1,580,644 | ||||||
Food - Misc./Diversified — 2.0% |
| |||||||
BellRing Brands, Inc., Class A† | 70,720 | 1,416,522 | ||||||
Nomad Foods, Ltd.† | 89,950 | 1,888,950 | ||||||
3,305,472 | ||||||||
Footwear & Related Apparel — 0.9% |
| |||||||
Steven Madden, Ltd. | 35,627 | 1,513,079 | ||||||
Health Care Cost Containment — 0.9% |
| |||||||
HealthEquity, Inc.† | 23,540 | 1,480,431 | ||||||
Instruments - Controls — 1.5% |
| |||||||
Watts Water Technologies, Inc., Class A | 26,010 | 2,521,930 | ||||||
Insurance Brokers — 1.1% |
| |||||||
eHealth, Inc.†# | 19,790 | 1,825,825 | ||||||
Insurance - Reinsurance — 1.6% |
| |||||||
Essent Group, Ltd. | 48,890 | 2,671,838 | ||||||
Internet Telephone — 2.1% |
| |||||||
RingCentral, Inc., Class A† | 20,771 | 3,582,374 | ||||||
Machinery - Electrical — 0.4% |
| |||||||
SPX Corp.† | 13,980 | 667,964 | ||||||
Machinery - General Industrial — 1.4% |
| |||||||
Albany International Corp., Class A | 28,620 | 2,394,922 | ||||||
Medical Information Systems — 0.9% |
| |||||||
Health Catalyst, Inc.†# | 36,570 | 1,452,926 | ||||||
Medical Instruments — 0.6% |
| |||||||
Silk Road Medical, Inc.† | 30,320 | 1,092,126 | ||||||
Medical Labs & Testing Services — 1.0% |
| |||||||
Invitae Corp.†# | 85,570 | 1,702,843 | ||||||
Medical Products — 4.1% |
| |||||||
Hanger, Inc.† | 64,460 | 1,688,852 | ||||||
Inspire Medical Systems, Inc.† | 25,770 | 1,828,639 | ||||||
iRhythm Technologies, Inc.†# | 20,940 | 1,509,565 | ||||||
Nevro Corp.† | 16,630 | 1,858,901 | ||||||
6,885,957 | ||||||||
Medical - Biomedical/Gene — 10.5% |
| |||||||
Amicus Therapeutics, Inc.† | 149,847 | 1,570,397 | ||||||
Apellis Pharmaceuticals, Inc.† | 65,160 | 1,751,501 | ||||||
Arena Pharmaceuticals, Inc.† | 20,900 | 990,242 | ||||||
Audentes Therapeutics, Inc.† | 38,940 | 1,130,428 | ||||||
Bluebird Bio, Inc.†# | 24,208 | 1,959,395 |
163 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Blueprint Medicines Corp.†# | 18,122 | $ | 1,486,729 | |||||
Celyad SA ADR† | 26,526 | 296,030 | ||||||
CytomX Therapeutics, Inc.† | 86,820 | 543,493 | ||||||
Epizyme, Inc.†# | 92,320 | 1,525,126 | ||||||
Equillium, Inc.†# | 56,930 | 183,315 | ||||||
Fate Therapeutics, Inc.† | 117,050 | 1,828,321 | ||||||
Gossamer Bio, Inc.†# | 45,820 | 1,168,410 | ||||||
Iovance Biotherapeutics, Inc.†# | 80,688 | 1,842,107 | ||||||
Mirati Therapeutics, Inc.†# | 14,240 | 1,434,965 | ||||||
17,710,459 | ||||||||
Medical - Drugs — 3.6% |
| |||||||
Aimmune Therapeutics, Inc.†# | 68,580 | 1,914,753 | ||||||
Ascendis Pharma A/S ADR† | 14,870 | 1,712,727 | ||||||
Kura Oncology, Inc.† | 66,500 | 1,060,010 | ||||||
Myovant Sciences, Ltd.†# | 81,970 | 1,459,886 | ||||||
6,147,376 | ||||||||
Medical - Outpatient/Home Medical — 1.7% |
| |||||||
LHC Group, Inc.† | 21,410 | 2,856,094 | ||||||
Oil - Field Services — 0.6% |
| |||||||
Newpark Resources, Inc.† | 183,960 | 1,078,006 | ||||||
Patient Monitoring Equipment — 2.1% |
| |||||||
Insulet Corp.† | 8,930 | 1,658,301 | ||||||
Masimo Corp.† | 11,790 | 1,828,275 | ||||||
3,486,576 | ||||||||
Power Converter/Supply Equipment — 1.5% |
| |||||||
Generac Holdings, Inc.† | 25,330 | 2,495,005 | ||||||
Recreational Centers — 1.2% |
| |||||||
Planet Fitness, Inc., Class A† | 26,960 | 1,992,883 | ||||||
Rental Auto/Equipment — 0.6% |
| |||||||
Aaron’s, Inc. | 18,610 | 1,086,824 | ||||||
Retail - Discount — 1.3% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†# | 94,050 | 2,228,985 | ||||||
Retail - Hair Salons — 0.5% |
| |||||||
Regis Corp.† | 55,650 | 897,634 | ||||||
Retail - Pawn Shops — 1.7% |
| |||||||
FirstCash, Inc. | 36,300 | 2,934,492 | ||||||
Retail - Pet Food & Supplies — 0.7% |
| |||||||
Freshpet, Inc.† | 22,270 | 1,196,790 | ||||||
Retail - Restaurants — 1.5% |
| |||||||
Dine Brands Global, Inc.# | 29,590 | 2,452,419 | ||||||
Schools — 1.6% |
| |||||||
Strategic Education, Inc. | 19,190 | 2,719,991 | ||||||
Semiconductor Equipment — 1.3% |
| |||||||
Cabot Microelectronics Corp. | 16,590 | 2,213,272 | ||||||
Therapeutics — 0.9% |
| |||||||
GW Pharmaceuticals PLC ADR†# | 14,520 | 1,482,637 | ||||||
Transport - Services — 0.6% |
| |||||||
CryoPort, Inc.†# | 66,890 | 1,053,517 | ||||||
Web Hosting/Design — 2.6% |
| |||||||
Q2 Holdings, Inc.†# | 15,790 | 1,333,150 | ||||||
Wix.com, Ltd.†# | 24,890 | 3,008,952 | ||||||
4,342,102 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $144,653,575) | 165,041,387 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.4% |
| |||||||
Registered Investment Companies — 2.4% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 4,062,616 | $ | 4,062,616 | |||||
REPURCHASE AGREEMENTS — 2.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25% dated 11/29/2019, to be purchased 12/02/2019 in the amount $3,758,078 and collaterallized by $3,860,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $3,833,250 | $ | 3,758,000 | 3,758,000 | |||||
TOTAL INVESTMENTS |
| |||||||
(cost $152,474,191)(3) | 102.5 | % | 172,862,003 | |||||
Liabilities in excess of other assets | (2.5 | ) | (4,233,566 | ) | ||||
NET ASSETS | 100.0 | % | $ | 168,628,437 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At November 30, 2019, the Fund had loaned securities with a total value of $37,213,657. This was secured by collateral of $4,062,616, which was received in cash and subsequently invested in short-term investments currently valued at $4,062,616 as reported in the Portfolio of Investments. Additional collateral of $33,798,600 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 05/21/2020 | $ | 16,272 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 33,782,328 |
(2) | The rate shown is the7-day yield as of November 30, 2019. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
164 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Portfolio’s net assets as of November 30, 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 | $ | 165,041,387 | $ | — | $ | — | $ | 165,041,387 | ||||||||
Short-Term Investment Securities | 4,062,616 | — | — | 4,062,616 | ||||||||||||
Repurchase Agreements | — | 3,758,000 | — | 3,758,000 | ||||||||||||
Total Investments at Value | $ | 169,104,003 | $ | 3,758,000 | $ | — | $ | 172,862,003 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
165 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 10.0 | % | ||
Real Estate Investment Trusts | 5.1 | |||
Distribution/Wholesale | 2.8 | |||
Enterprise Software/Service | 2.7 | |||
Medical Products | 2.7 | |||
Medical — Biomedical/Gene | 2.4 | |||
Medical — Drugs | 2.2 | |||
Repurchase Agreements | 2.1 | |||
Insurance — Property/Casualty | 2.1 | |||
Registered Investment Companies | 2.0 | |||
Electric — Integrated | 1.8 | |||
Chemicals — Specialty | 1.7 | |||
Garden Products | 1.7 | |||
Medical Labs & Testing Services | 1.7 | |||
Machinery — General Industrial | 1.7 | |||
Miscellaneous Manufacturing | 1.6 | |||
Food — Wholesale/Distribution | 1.6 | |||
Transport — Truck | 1.5 | |||
Computer Software | 1.5 | |||
Commercial Services | 1.3 | |||
Building — Mobile Home/Manufactured Housing | 1.2 | |||
Semiconductor Equipment | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Medical — HMO | 1.1 | |||
Retail — Restaurants | 1.0 | |||
Metal Processors & Fabrication | 1.0 | |||
Physical Therapy/Rehabilitation Centers | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Oil — Field Services | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Real Estate Management/Services | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Food — Misc./Diversified | 0.9 | |||
Recreational Vehicles | 0.9 | |||
Machine Tools & Related Products | 0.9 | |||
Applications Software | 0.9 | |||
Electronic Components — Semiconductors | 0.8 | |||
Savings & Loans/Thrifts | 0.8 | |||
Tools — Hand Held | 0.8 | |||
Retail — Discount | 0.8 | |||
Electric Products — Misc. | 0.8 | |||
Identification Systems | 0.8 | |||
Gas — Distribution | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Instruments — Controls | 0.7 | |||
Building — Maintenance & Services | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Building & Construction — Misc. | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Theaters | 0.7 | |||
Multimedia | 0.7 | |||
Apparel Manufacturers | 0.6 | |||
Computer Aided Design | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Containers — Metal/Glass | 0.6 | |||
Non-Hazardous Waste Disposal | 0.5 | |||
Aerospace/Defense | �� | 0.5 | ||
Retail — Apparel/Shoe | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Auto/Truck Parts & Equipment — Replacement | 0.5 | |||
Consulting Services | 0.4 | |||
Golf | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Gold Mining | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Engines — Internal Combustion | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Water | 0.4 | |||
Machinery — Pumps | 0.4 |
Semiconductor Components — Integrated Circuits | 0.4 | |||
Security Services | 0.4 | |||
Finance — Other Services | 0.4 | |||
Beverages — Non-alcoholic | 0.4 | |||
Hazardous Waste Disposal | 0.4 | |||
Health Care Cost Containment | 0.4 | |||
Machinery — Electrical | 0.4 | |||
Schools | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Medical Instruments | 0.3 | |||
Auto Repair Centers | 0.3 | |||
Recreational Centers | 0.3 | |||
Brewery | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Medical — Outpatient/Home Medical | 0.3 | |||
Forestry | 0.3 | |||
Internet Application Software | 0.2 | |||
Transport — Services | 0.2 | |||
Therapeutics | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Food — Catering | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Poultry | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Internet Security | 0.2 | |||
Home Furnishings | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Banks — Super Regional | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Entertainment Software | 0.2 | |||
Electronic Security Devices | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Human Resources | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Metal — Copper | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Building Products — Wood | 0.1 | |||
Airlines | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Advanced Materials | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Retail — Misc./Diversified | 0.1 | |||
Food — Retail | 0.1 | |||
Communications Software | 0.1 | |||
Seismic Data Collection | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Wireless Equipment | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Building Products — Light Fixtures | 0.1 | |||
Diversified Minerals | 0.1 | |||
Investment Companies | 0.1 | |||
Computer Services | 0.1 |
166 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Medical — Generic Drugs | 0.1 | % | ||
Food — Canned | 0.1 | |||
Retail — Building Products | 0.1 | |||
Telecom Services | 0.1 | |||
Internet Connectivity Services | 0.1 | |||
Advertising Services | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Finance — Commercial | 0.1 | |||
Radio | 0.1 | |||
Medical Information Systems | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Non-Ferrous Metals | 0.1 | |||
101.2 | % | |||
* | Calculated as a percentage of net assets |
167 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.5% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc.† | 7,500 | $ | 27,675 | |||||
Haynes International, Inc. | 7,795 | 286,232 | ||||||
313,907 | ||||||||
Advertising Services — 0.1% |
| |||||||
Marchex, Inc., Class B† | 40,000 | 160,800 | ||||||
Marin Software, Inc.† | 13,571 | 19,814 | ||||||
180,614 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Bombardier, Inc., Class B† | 133,000 | 197,252 | ||||||
Kratos Defense & Security Solutions, Inc.† | 2,700 | 48,762 | ||||||
Teledyne Technologies, Inc.† | 3,600 | 1,231,164 | ||||||
1,477,178 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 10,655 | 470,951 | ||||||
Barnes Group, Inc. | 4,700 | 278,193 | ||||||
CPI Aerostructures, Inc.† | 8,000 | 55,120 | ||||||
804,264 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 20,000 | 73,600 | ||||||
Agricultural Operations — 0.0% |
| |||||||
Alico, Inc. | 2,860 | 96,840 | ||||||
Airlines — 0.1% |
| |||||||
Hawaiian Holdings, Inc. | 10,400 | 315,016 | ||||||
Mesa Air Group, Inc.† | 4,600 | 33,442 | ||||||
348,458 | ||||||||
Apparel Manufacturers — 0.6% |
| |||||||
Carter’s, Inc. | 13,738 | 1,419,273 | ||||||
Delta Apparel, Inc.† | 5,500 | 153,890 | ||||||
Lakeland Industries, Inc.† | 10,000 | 103,100 | ||||||
Tandy Leather Factory, Inc.† | 15,000 | 78,300 | ||||||
1,754,563 | ||||||||
Applications Software — 0.7% |
| |||||||
BSQUARE Corp.† | 15,000 | 18,750 | ||||||
Descartes Systems Group, Inc.†# | 22,392 | 959,049 | ||||||
Five9, Inc.† | 7,944 | 541,542 | ||||||
Medallia, Inc.†# | 9,180 | 278,705 | ||||||
PDF Solutions, Inc.† | 13,140 | 208,138 | ||||||
ServiceTitan, Inc.†(1)(2) | 191 | 5,081 | ||||||
Toast, Inc.†(1)(2) | 11 | 303 | ||||||
2,011,568 | ||||||||
Audio/Video Products — 0.0% |
| |||||||
VOXX International Corp.† | 20,000 | 92,200 | ||||||
Auto Repair Centers — 0.3% |
| |||||||
Monro, Inc.# | 13,425 | 985,395 | ||||||
Auto - Heavy Duty Trucks — 0.0% |
| |||||||
REV Group, Inc. | 8,365 | 108,745 | ||||||
Auto/Truck Parts & Equipment - Original — 0.4% |
| |||||||
Gentherm, Inc.† | 8,555 | 358,027 | ||||||
Meritor, Inc.† | 15,500 | 391,375 | ||||||
SORL Auto Parts, Inc.†# | 15,300 | 67,626 | ||||||
Visteon Corp.† | 4,630 | 433,044 | ||||||
1,250,072 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.5% |
| |||||||
Douglas Dynamics, Inc. | 25,765 | 1,394,144 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial — 10.0% |
| |||||||
1st Constitution Bancorp | 6,400 | $ | 130,432 | |||||
AmeriServ Financial, Inc. | 22,000 | 91,300 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,446 | 178,718 | ||||||
Bank of Commerce Holdings | 7,640 | 87,478 | ||||||
Bank of Princeton | 2,051 | 58,782 | ||||||
BankUnited, Inc. | 63,281 | 2,218,632 | ||||||
Bridge Bancorp, Inc. | 9,900 | 323,532 | ||||||
C&F Financial Corp. | 3,000 | 168,900 | ||||||
Cadence BanCorp# | 69,154 | 1,141,733 | ||||||
CenterState Bank Corp. | 17,665 | 449,221 | ||||||
Chemung Financial Corp. | 5,500 | 251,735 | ||||||
Citizens Holding Co. | 4,500 | 99,990 | ||||||
Codorus Valley Bancorp, Inc. | 3,646 | 78,417 | ||||||
Colony Bankcorp, Inc. | 7,500 | 121,575 | ||||||
Columbia Banking System, Inc. | 6,369 | 248,901 | ||||||
Commerce Bancshares, Inc.# | 31,115 | 2,085,638 | ||||||
CrossFirst Bankshares, Inc.†(2) | 5,156 | 64,950 | ||||||
CrossFirst Bankshares, Inc.†# | 7,472 | 99,079 | ||||||
Cullen/Frost Bankers, Inc.# | 15,538 | 1,453,735 | ||||||
East West Bancorp, Inc. | 6,100 | 279,502 | ||||||
Equity Bancshares, Inc., Class A† | 7,100 | 209,095 | ||||||
FB Financial Corp. | 11,209 | 431,546 | ||||||
First Bancshares, Inc. | 7,547 | 253,277 | ||||||
First Bank# | 10,000 | 108,300 | ||||||
First Business Financial Services, Inc. | 6,500 | 162,370 | ||||||
First Financial Bancorp | 62,477 | 1,519,441 | ||||||
First Hawaiian, Inc. | 67,798 | 1,934,955 | ||||||
First Horizon National Corp. | 95,140 | 1,529,851 | ||||||
First Internet Bancorp | 5,000 | 113,500 | ||||||
First Northwest Bancorp | 6,500 | 114,595 | ||||||
Grasshopper Bancorp, Inc.†(1)(2) | 5,208 | 52,080 | ||||||
Hawthorn Bancshares, Inc. | 3,244 | 78,927 | ||||||
Heritage Commerce Corp. | 20,379 | 254,738 | ||||||
Heritage Financial Corp. | 9,600 | 264,768 | ||||||
Home BancShares, Inc. | 37,900 | 713,278 | ||||||
Hope Bancorp, Inc. | 17,200 | 249,572 | ||||||
IBERIABANK Corp. | 19,080 | 1,392,649 | ||||||
Independent Bank Corp./Massachusetts | 2,694 | 226,835 | ||||||
Live Oak Bancshares, Inc.# | 10,813 | 197,337 | ||||||
Meridian Corp.† | 6,900 | 127,098 | ||||||
Mid Penn Bancorp, Inc. | 4,700 | 126,759 | ||||||
Northeast Bank | 6,500 | 140,400 | ||||||
Northrim BanCorp, Inc. | 3,600 | 134,892 | ||||||
Ohio Valley Banc Corp. | 4,000 | 150,680 | ||||||
Origin Bancorp, Inc.# | 10,071 | 359,233 | ||||||
Pacific Mercantile Bancorp† | 16,000 | 114,560 | ||||||
Penns Woods Bancorp, Inc. | 4,800 | 152,016 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 190,575 | ||||||
Pinnacle Financial Partners, Inc. | 11,558 | 709,892 | ||||||
Premier Financial Bancorp, Inc. | 5,892 | 106,940 | ||||||
Prosperity Bancshares, Inc. | 6,800 | 477,700 | ||||||
SB One Bancorp | 6,000 | 141,840 | ||||||
Seacoast Banking Corp. of Florida† | 19,724 | 586,789 | ||||||
Select Bancorp, Inc.† | 10,600 | 126,458 | ||||||
Shore Bancshares, Inc. | 8,000 | 133,920 | ||||||
South State Corp. | 4,036 | 336,118 | ||||||
Southern First Bancshares, Inc.† | 2,300 | 98,509 | ||||||
Sterling Bancorp, Inc. | 16,136 | 156,358 | ||||||
Texas Capital Bancshares, Inc.† | 4,050 | 234,090 | ||||||
Towne Bank | 11,200 | 315,280 | ||||||
United Bancshares, Inc. | 6,000 | 130,680 | ||||||
United Security Bancshares | 12,055 | 125,854 | ||||||
Unity Bancorp, Inc. | 8,000 | 177,200 | ||||||
Webster Financial Corp. | 7,815 | 380,512 | ||||||
Western Alliance Bancorp | 53,423 | 2,786,544 |
168 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Western New England Bancorp, Inc. | 8,000 | $ | 78,480 | |||||
Wintrust Financial Corp. | 27,350 | 1,857,338 | ||||||
29,896,079 | ||||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank(Non-Voting Shares)†(1)(2) | 3,056 | 30,560 | ||||||
Sound Bank (Voting Shares)†(1)(2) | 1,501 | 15,010 | ||||||
45,570 | ||||||||
Banks - Super Regional — 0.2% |
| |||||||
Independent Bank Group, Inc. | 9,547 | 550,194 | ||||||
Beverages -Non-alcoholic — 0.4% |
| |||||||
Cott Corp. | 83,237 | 1,112,879 | ||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,437 | 936,588 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 28,500 | 1,802,910 | ||||||
Gibraltar Industries, Inc.† | 11,655 | 608,624 | ||||||
Simpson Manufacturing Co., Inc. | 5,300 | 430,360 | ||||||
2,841,894 | ||||||||
Building & Construction - Misc. — 0.7% |
| |||||||
WillScot Corp.† | 112,066 | 1,990,292 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
PGT Innovations, Inc.† | 16,009 | 230,209 | ||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 40,000 | 217,200 | ||||||
Building Products - Wood — 0.1% |
| |||||||
Stella-Jones, Inc. | 12,300 | 352,712 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 84,735 | ||||||
Orion Group Holdings, Inc.† | 16,100 | 88,711 | ||||||
173,446 | ||||||||
Building - Maintenance & Services — 0.7% |
| |||||||
BrightView Holdings, Inc.†# | 34,596 | 554,920 | ||||||
Rentokil Initial PLC | 100,976 | 581,027 | ||||||
ServiceMaster Global Holdings, Inc.† | 27,197 | 1,065,851 | ||||||
2,201,798 | ||||||||
Building - Mobile Home/Manufactured Housing — 1.2% |
| |||||||
Cavco Industries, Inc.† | 1,500 | 300,015 | ||||||
Horizon Global Corp.† | 35,000 | 120,750 | ||||||
LCI Industries | 21,928 | 2,334,455 | ||||||
Skyline Champion Corp.† | 12,402 | 411,498 | ||||||
Thor Industries, Inc.# | 8,544 | 544,851 | ||||||
3,711,569 | ||||||||
Building - Residential/Commercial — 0.2% |
| |||||||
New Home Co., Inc.† | 10,500 | 47,040 | ||||||
TRI Pointe Group, Inc.† | 30,017 | 467,665 | ||||||
�� | 514,705 | |||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 832 | 1,277,120 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†# | 3,000 | 5,580 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
Quaker Chemical Corp. | 13,562 | 2,023,857 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 7,100 | 223,863 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
AgroFresh Solutions, Inc.† | 61,800 | $ | 146,466 | |||||
Element Solutions, Inc.† | 18,047 | 210,969 | ||||||
GCP Applied Technologies, Inc.† | 66,745 | 1,493,086 | ||||||
Minerals Technologies, Inc. | 7,000 | 378,000 | ||||||
Oil-Dri Corp. of America | 4,900 | 177,821 | ||||||
PQ Group Holdings, Inc.† | 96,270 | 1,526,842 | ||||||
Valvoline, Inc. | 55,184 | 1,249,918 | ||||||
5,183,102 | ||||||||
Commercial Services — 1.3% |
| |||||||
Acacia Research Corp.† | 40,000 | 118,800 | ||||||
Collectors Universe, Inc. | 7,200 | 189,144 | ||||||
CoreLogic, Inc.† | 31,286 | 1,296,179 | ||||||
HMS Holdings Corp.† | 13,000 | 392,600 | ||||||
Morningstar, Inc. | 10,174 | 1,598,336 | ||||||
nCino, Inc.†(1)(2) | 4,283 | 93,155 | ||||||
Performant Financial Corp.† | 50,000 | 47,500 | ||||||
Team, Inc.†# | 14,000 | 226,380 | ||||||
3,962,094 | ||||||||
Commercial Services - Finance — 0.7% |
| |||||||
Clarivate Analytics PLC†# | 30,077 | 540,785 | ||||||
Euronet Worldwide, Inc.† | 5,100 | 801,669 | ||||||
Evo Payments, Inc., Class A† | 3,100 | 87,017 | ||||||
PRGX Global, Inc.† | 26,500 | 119,250 | ||||||
StoneCo, Ltd., Class A†# | 10,342 | 423,815 | ||||||
1,972,536 | ||||||||
Communications Software — 0.1% |
| |||||||
SeaChange International, Inc.† | 74,500 | 260,750 | ||||||
Computer Aided Design — 0.6% |
| |||||||
Aspen Technology, Inc.† | 13,580 | 1,702,932 | ||||||
Computer Services — 0.1% |
| |||||||
Parsons Corp.† | 4,943 | 197,868 | ||||||
Computer Software — 1.4% |
| |||||||
Checkr, Inc.†(1)(2) | 700 | 20,111 | ||||||
Cision, Ltd.† | 87,804 | 872,772 | ||||||
Computer Modelling Group, Ltd. | 14,800 | 94,150 | ||||||
Cornerstone OnDemand, Inc.† | 22,657 | 1,397,257 | ||||||
Envestnet, Inc.† | 12,762 | 908,782 | ||||||
SS&C Technologies Holdings, Inc. | 14,715 | 883,636 | ||||||
4,176,708 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Cubic Corp. | 10,029 | 597,227 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
Everspin Technologies, Inc.†# | 10,000 | 52,300 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Key Tronic Corp.† | 9,633 | 53,463 | ||||||
TransAct Technologies, Inc. | 7,500 | 84,225 | ||||||
137,688 | ||||||||
Consulting Services — 0.4% |
| |||||||
Booz Allen Hamilton Holding Corp. | 11,600 | 844,016 | ||||||
Franklin Covey Co.† | 3,000 | 110,730 | ||||||
GP Strategies Corp.† | 8,000 | 101,600 | ||||||
Huron Consulting Group, Inc.† | 3,100 | 207,855 | ||||||
Information Services Group, Inc.† | 27,400 | 67,404 | ||||||
1,331,605 | ||||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Acme United Corp. | 4,570 | 101,408 | ||||||
CSS Industries, Inc. | 4,500 | 19,890 |
169 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Consumer Products - Misc. (continued) | ||||||||
Quanex Building Products Corp. | 7,984 | $ | 155,369 | |||||
276,667 | ||||||||
Containers - Metal/Glass — 0.6% |
| |||||||
Crown Holdings, Inc.† | 21,763 | 1,651,812 | ||||||
Cosmetics & Toiletries — 0.0% |
| |||||||
CCA Industries, Inc.†# | 3,421 | 9,784 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Innodata, Inc.† | 52,600 | 63,120 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Envista Holdings Corp.†# | 19,358 | 544,347 | ||||||
Diagnostic Equipment — 0.0% |
| |||||||
Adaptive Biotechnologies Corp.† | 2,357 | 64,087 | ||||||
Diagnostic Kits — 0.2% |
| |||||||
Quidel Corp.† | 10,119 | 694,366 | ||||||
Distribution/Wholesale — 2.8% |
| |||||||
BlueLinx Holdings, Inc.†# | 5,500 | 56,485 | ||||||
Educational Development Corp. | 16,000 | 97,600 | ||||||
Houston Wire & Cable Co.† | 14,739 | 57,924 | ||||||
IAA, Inc.† | 40,957 | 1,856,581 | ||||||
KAR Auction Services, Inc.# | 42,309 | 893,566 | ||||||
Pool Corp. | 20,521 | 4,236,560 | ||||||
SiteOne Landscape Supply, Inc.†# | 12,526 | 1,111,808 | ||||||
8,310,524 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Actuant Corp., Class A | 8,600 | 211,216 | ||||||
Federal Signal Corp. | 2,600 | 85,644 | ||||||
LSB Industries, Inc.†# | 17,500 | 69,300 | ||||||
366,160 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Lundin Mining Corp. | 38,196 | 206,752 | ||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Colliers International Group, Inc. | 1,535 | 110,843 | ||||||
Volt Information Sciences, Inc.† | 14,393 | 38,573 | ||||||
149,416 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
US Auto Parts Network, Inc.† | 20,000 | 44,800 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
A Place For Rover, Inc.†(1)(2) | 513 | 3,565 | ||||||
Leaf Group, Ltd.† | 33,000 | 122,100 | ||||||
125,665 | ||||||||
Educational Software — 0.0% |
| |||||||
Zovio, Inc.† | 25,000 | 50,500 | ||||||
Electric Products - Misc. — 0.8% |
| |||||||
Graham Corp. | 5,800 | 123,192 | ||||||
Littelfuse, Inc. | 2,200 | 399,102 | ||||||
nLight, Inc.†# | 51,318 | 1,022,768 | ||||||
Novanta, Inc.† | 8,701 | 810,759 | ||||||
2,355,821 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Genie Energy, Ltd., Class B# | 12,500 | 101,125 | ||||||
Electric - Integrated — 1.8% |
| |||||||
NorthWestern Corp. | 31,421 | 2,248,801 | ||||||
PNM Resources, Inc. | 20,900 | 1,012,605 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Portland General Electric Co. | 40,569 | $ | 2,251,985 | |||||
5,513,391 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Applied Optoelectronics, Inc.†# | 5,000 | 53,500 | ||||||
Ballantyne Strong, Inc.† | 14,000 | 37,800 | ||||||
Bel Fuse, Inc., Class B | 6,000 | 99,420 | ||||||
Sypris Solutions, Inc.† | 24,000 | 19,920 | ||||||
ZAGG, Inc.†# | 14,000 | 107,520 | ||||||
318,160 | ||||||||
Electronic Components - Semiconductors — 0.8% |
| |||||||
AXT, Inc.† | 27,200 | 85,952 | ||||||
CTS Corp. | 13,929 | 381,376 | ||||||
EMCORE Corp.† | 32,200 | 101,752 | ||||||
GSI Technology, Inc.† | 19,800 | 144,936 | ||||||
Inphi Corp.† | 5,148 | 358,455 | ||||||
Lattice Semiconductor Corp.† | 49,925 | 943,083 | ||||||
Monolithic Power Systems, Inc. | 1,447 | 232,504 | ||||||
Pixelworks, Inc.† | 22,000 | 74,140 | ||||||
Richardson Electronics, Ltd. | 15,000 | 83,100 | ||||||
Semtech Corp.† | 2,100 | 101,766 | ||||||
2,507,064 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
CyberOptics Corp.† | 6,700 | 118,992 | ||||||
National Instruments Corp. | 16,497 | 694,854 | ||||||
Stoneridge, Inc.† | 8,300 | 250,162 | ||||||
1,064,008 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
ADT, Inc.# | 16,024 | 148,062 | ||||||
J2 Acquisition, Ltd.†* | 27,496 | 266,436 | ||||||
414,498 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
NextEra Energy Partners LP | 5,900 | 313,467 | ||||||
Engines - Internal Combustion — 0.4% |
| |||||||
Gates Industrial Corp. PLC†# | 105,420 | 1,253,444 | ||||||
Enterprise Software/Service — 2.6% |
| |||||||
Blackbaud, Inc. | 17,214 | 1,426,696 | ||||||
Ceridian HCM Holding, Inc.†# | 11,294 | 681,706 | ||||||
Coupa Software, Inc.† | 4,347 | 667,221 | ||||||
Guidewire Software, Inc.†# | 15,378 | 1,873,502 | ||||||
Paycom Software, Inc.† | 2,613 | 723,304 | ||||||
SailPoint Technologies Holding, Inc.† | 33,318 | 833,950 | ||||||
Tyler Technologies, Inc.† | 5,641 | 1,636,849 | ||||||
7,843,228 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Zynga, Inc., Class A† | 81,200 | 505,876 | ||||||
Environmental Consulting & Engineering — 0.0% |
| |||||||
Ecology and Environment, Inc., Class A | 6,000 | 90,600 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
ESCO Technologies, Inc. | 8,845 | 778,979 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 82,075 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Marlin Business Services Corp. | 7,500 | 160,800 | ||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Asta Funding, Inc.† | 13,200 | 136,092 | ||||||
Encore Capital Group, Inc.†# | 12,432 | 453,395 |
170 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Consumer Loans (continued) | ||||||||
PRA Group, Inc.† | 13,900 | $ | 509,296 | |||||
Regional Management Corp.† | 1,100 | 35,750 | ||||||
SLM Corp. | 20,100 | 171,453 | ||||||
1,305,986 | ||||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
JMP Group LLC | 16,300 | 52,812 | ||||||
Lazard, Ltd., Class A | 42,611 | 1,646,489 | ||||||
Moelis & Co., Class A | 38,857 | 1,280,727 | ||||||
2,980,028 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
PennyMac Financial Services, Inc. | 16,455 | 564,571 | ||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 9,495 | 1,128,955 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Radian Group, Inc. | 15,200 | 392,768 | ||||||
Food - Canned — 0.1% |
| |||||||
Seneca Foods Corp., Class A† | 5,000 | 195,500 | ||||||
Food - Catering — 0.2% |
| |||||||
GrubHub, Inc.†# | 15,777 | 680,304 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Rocky Mountain Chocolate Factory, Inc. | 6,500 | 56,550 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 13,668 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
BellRing Brands, Inc., Class A† | 6,255 | 125,287 | ||||||
Cal-Maine Foods, Inc. | 12,651 | 550,698 | ||||||
Nomad Foods, Ltd.† | 15,023 | 315,483 | ||||||
Post Holdings, Inc.† | 7,200 | 760,320 | ||||||
Simply Good Foods Co.† | 12,506 | 345,541 | ||||||
TreeHouse Foods, Inc.† | 12,700 | 620,903 | ||||||
2,718,232 | ||||||||
Food - Retail — 0.0% |
| |||||||
Blue Apron Holdings, Inc., Class A†# | 3,000 | 20,220 | ||||||
Food - Wholesale/Distribution — 1.6% |
| |||||||
AMCON Distributing Co. | 500 | 35,710 | ||||||
Performance Food Group Co.†# | 99,733 | 4,693,435 | ||||||
4,729,145 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Iconix Brand Group, Inc.†# | 31,400 | 37,366 | ||||||
Rocky Brands, Inc. | 6,711 | 187,103 | ||||||
224,469 | ||||||||
Forestry — 0.3% |
| |||||||
Interfor Corp.† | 19,400 | 230,031 | ||||||
West Fraser Timber Co., Ltd. | 12,300 | 534,948 | ||||||
764,979 | ||||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Monarch Casino & Resort, Inc.† | 13,156 | 599,914 | ||||||
Garden Products — 1.7% |
| |||||||
Toro Co. | 65,482 | 5,119,383 | ||||||
Gas - Distribution — 0.8% |
| |||||||
Chesapeake Utilities Corp. | 5,300 | 483,042 | ||||||
ONE Gas, Inc. | 10,300 | 915,361 | ||||||
RGC Resources, Inc. | 469 | 13,779 |
Security Description | Shares | Value (Note 2) | ||||||
Gas - Distribution (continued) | ||||||||
Southwest Gas Holdings, Inc. | 11,337 | $ | 858,891 | |||||
2,271,073 | ||||||||
Gold Mining — 0.4% |
| |||||||
Alacer Gold Corp.† | 32,836 | 176,503 | ||||||
Franco-Nevada Corp. | 4,100 | 403,333 | ||||||
Gold Resource Corp. | 37,100 | 165,466 | ||||||
Northern Star Resources, Ltd. | 62,136 | 403,056 | ||||||
Osisko Gold Royalties, Ltd. | 15,500 | 136,295 | ||||||
1,284,653 | ||||||||
Golf — 0.4% |
| |||||||
Acushnet Holdings Corp. | 41,431 | 1,245,830 | ||||||
Drive Shack, Inc.† | 17,900 | 68,736 | ||||||
1,314,566 | ||||||||
Hazardous Waste Disposal — 0.4% |
| |||||||
Heritage-Crystal Clean, Inc.† | 8,900 | 275,277 | ||||||
Stericycle, Inc.†# | 1,900 | 119,358 | ||||||
US Ecology, Inc. | 12,898 | 709,261 | ||||||
1,103,896 | ||||||||
Health Care Cost Containment — 0.4% |
| |||||||
HealthEquity, Inc.†# | 17,093 | 1,074,979 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Alpha Pro Tech, Ltd.† | 30,000 | 101,100 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 42,000 | ||||||
143,100 | ||||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 6,900 | 585,672 | ||||||
Housewares — 0.0% |
| |||||||
Libbey, Inc.† | 40,000 | 69,200 | ||||||
Lifetime Brands, Inc. | 8,000 | 52,160 | ||||||
121,360 | ||||||||
Human Resources — 0.1% |
| |||||||
Computer Task Group, Inc.† | 19,600 | 119,560 | ||||||
Cross Country Healthcare, Inc.† | 12,791 | 154,387 | ||||||
Paylocity Holding Corp.† | 500 | 61,160 | ||||||
RCM Technologies, Inc.† | 20,000 | 54,200 | ||||||
389,307 | ||||||||
Identification Systems — 0.8% |
| |||||||
Aware, Inc.† | 34,900 | 117,264 | ||||||
Brady Corp., Class A | 39,086 | 2,227,902 | ||||||
2,345,166 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,000 | 107,340 | ||||||
Instruments - Controls — 0.7% |
| |||||||
Woodward, Inc. | 18,883 | 2,205,346 | ||||||
Insurance - Multi-line — 0.3% |
| |||||||
Assurant, Inc. | 6,223 | 826,850 | ||||||
Insurance - Property/Casualty — 2.1% |
| |||||||
FedNat Holding Co. | 7,600 | 113,316 | ||||||
First Acceptance Corp.† | 2,558 | 1,944 | ||||||
Hanover Insurance Group, Inc. | 4,500 | 611,685 | ||||||
Kinsale Capital Group, Inc.# | 20,491 | 2,074,919 | ||||||
ProSight Global, Inc.† | 3,865 | 66,362 | ||||||
RLI Corp. | 21,661 | 1,979,165 | ||||||
Safety Insurance Group, Inc. | 3,058 | 298,614 | ||||||
Selective Insurance Group, Inc. | 12,600 | 834,372 |
171 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Insurance - Property/Casualty (continued) | ||||||||
State Auto Financial Corp. | 6,461 | $ | 211,792 | |||||
6,192,169 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Axis Capital Holdings, Ltd. | 8,850 | 523,743 | ||||||
Essent Group, Ltd. | 6,000 | 327,900 | ||||||
851,643 | ||||||||
Internet Application Software — 0.2% |
| |||||||
Tucows, Inc., Class A†# | 2,266 | 128,595 | ||||||
Zendesk, Inc.† | 7,500 | 592,500 | ||||||
721,095 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
PC-Tel, Inc. | 21,200 | 182,744 | ||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 25,000 | 84,250 | ||||||
Internet Security — 0.2% |
| |||||||
Proofpoint, Inc.† | 5,000 | 593,450 | ||||||
Investment Companies — 0.1% |
| |||||||
Altus Midstream Co., Class A†# | 30,000 | 57,900 | ||||||
Medallion Financial Corp.† | 17,100 | 108,927 | ||||||
Portman Ridge Finance Corp. | 16,700 | 35,070 | ||||||
201,897 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
AssetMark Financial Holdings, Inc.† | 13,714 | 343,261 | ||||||
Eaton Vance Corp. | 24,786 | 1,169,156 | ||||||
Focus Financial Partners, Inc. Class A† | 46,718 | 1,313,243 | ||||||
Manning & Napier, Inc.# | 8,400 | 14,196 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 129,500 | ||||||
2,969,356 | ||||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 59,020 | ||||||
Machine Tools & Related Products — 0.9% |
| |||||||
L.S. Starrett Co., Class A† | 8,000 | 46,706 | ||||||
Lincoln Electric Holdings, Inc. | 26,977 | 2,488,898 | ||||||
2,535,604 | ||||||||
Machinery - Electrical — 0.4% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 20,000 | 69,200 | ||||||
Bloom Energy Corp. Class A†# | 10,512 | 68,538 | ||||||
BWX Technologies, Inc. | 13,473 | 810,132 | ||||||
SPX Corp.† | 2,600 | 124,228 | ||||||
1,072,098 | ||||||||
Machinery - General Industrial — 1.7% |
| |||||||
Altra Industrial Motion Corp. | 46,241 | 1,519,942 | ||||||
Applied Industrial Technologies, Inc. | 27,159 | 1,734,102 | ||||||
Chart Industries, Inc.† | 7,700 | 425,040 | ||||||
Gencor Industries, Inc.† | 8,650 | 108,558 | ||||||
Intevac, Inc.† | 6,100 | 36,417 | ||||||
Twin Disc, Inc.† | 5,000 | 50,900 | ||||||
Welbilt, Inc.† | 64,441 | 1,075,520 | ||||||
4,950,479 | ||||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.† | 900 | 2,448 | ||||||
Machinery - Pumps — 0.4% |
| |||||||
Gardner Denver Holdings, Inc.†# | 12,500 | 423,375 | ||||||
Graco, Inc. | 8,500 | 410,635 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - Pumps (continued) | ||||||||
Mueller Water Products, Inc., Class A | 34,900 | $ | 393,672 | |||||
1,227,682 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Castlight Health, Inc., Class B† | 38,500 | 53,515 | ||||||
Tabula Rasa HealthCare, Inc.†# | 2,200 | 98,142 | ||||||
151,657 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Bruker Corp. | 13,390 | 685,434 | ||||||
NuVasive, Inc.† | 4,750 | 343,140 | ||||||
1,028,574 | ||||||||
Medical Labs & Testing Services — 1.7% |
| |||||||
Catalent, Inc.† | 68,496 | 3,561,107 | ||||||
Neuronetics, Inc.† | 14,500 | 62,640 | ||||||
Syneos Health, Inc.† | 25,975 | 1,426,287 | ||||||
5,050,034 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
IRIDEX Corp.† | 8,100 | 17,577 | ||||||
Medical Products — 2.7% |
| |||||||
Alphatec Holdings, Inc.† | 80,000 | 564,000 | ||||||
AtriCure, Inc.† | 5,600 | 166,600 | ||||||
Avanos Medical, Inc.† | 12,300 | 426,318 | ||||||
Conformis, Inc.†# | 50,000 | 93,000 | ||||||
Electromed, Inc.† | 13,900 | 137,054 | ||||||
Hanger, Inc.† | 20,771 | 544,200 | ||||||
ICU Medical, Inc.† | 10,187 | 1,909,859 | ||||||
InfuSystem Holdings, Inc.† | 25,000 | 209,000 | ||||||
iRhythm Technologies, Inc.†# | 5,141 | 370,615 | ||||||
Micron Solutions, Inc.† | 6,425 | 15,741 | ||||||
Nevro Corp.† | 3,589 | 401,179 | ||||||
OrthoPediatrics Corp.†# | 3,500 | 137,690 | ||||||
Penumbra, Inc.†# | 400 | 70,768 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 34,000 | ||||||
United-Guardian, Inc. | 3,500 | 70,210 | ||||||
West Pharmaceutical Services, Inc. | 18,847 | 2,771,074 | ||||||
7,921,308 | ||||||||
Medical - Biomedical/Gene — 2.4% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 2,150 | 97,373 | ||||||
Acceleron Pharma, Inc.† | 3,400 | 166,464 | ||||||
Acorda Therapeutics, Inc.† | 23,606 | 37,770 | ||||||
Aduro Biotech, Inc.† | 41,000 | 48,790 | ||||||
Allena Pharmaceuticals, Inc.†# | 30,200 | 66,742 | ||||||
Allogene Therapeutics, Inc.†# | 1,676 | 47,230 | ||||||
Alpine Immune Sciences, Inc.† | 3,750 | 11,194 | ||||||
Applied Genetic Technologies Corp.† | �� | 20,000 | 54,800 | |||||
Aptevo Therapeutics, Inc.†# | 10,100 | 6,565 | ||||||
Arcturus Therapeutics Holdings, Inc.† | 5,000 | 55,850 | ||||||
Ardelyx, Inc.† | 17,000 | 126,310 | ||||||
Argenx SE ADR†# | 3,038 | 449,776 | ||||||
Blueprint Medicines Corp.†# | 4,429 | 363,355 | ||||||
Calithera Biosciences, Inc.† | 16,600 | 81,672 | ||||||
Cara Therapeutics, Inc.†# | 4,346 | 112,909 | ||||||
CEL-SCI Corp.†# | 10,300 | 78,486 | ||||||
CRISPR Therapeutics AG† | 653 | 46,787 | ||||||
Curis, Inc.†# | 51,300 | 92,340 | ||||||
Eiger BioPharmaceuticals, Inc.† | 20,000 | 263,000 | ||||||
Enzo Biochem, Inc.† | 37,500 | 99,375 | ||||||
Evelo Biosciences, Inc.†# | 10,000 | 45,100 | ||||||
EyePoint Pharmaceuticals, Inc.†# | 75,000 | 115,500 | ||||||
Five Prime Therapeutics, Inc.† | 20,800 | 81,536 |
172 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Harvard Bioscience, Inc.† | 45,000 | $ | 130,500 | |||||
Homology Medicines, Inc.†# | 4,710 | 75,360 | ||||||
IGM Biosciences, Inc.† | 2,027 | 45,830 | ||||||
Immunomedics, Inc.†# | 7,800 | 146,484 | ||||||
Infinity Pharmaceuticals, Inc.† | 100,000 | 127,000 | ||||||
Insmed, Inc.†# | 15,092 | 347,871 | ||||||
Iovance Biotherapeutics, Inc.† | 1,500 | 34,245 | ||||||
Kaleido Biosciences, Inc.†# | 13,000 | 113,230 | ||||||
Krystal Biotech, Inc.†# | 1,053 | 59,505 | ||||||
Lineage Cell Therapeutics, Inc.†# | 6,712 | 6,041 | ||||||
Menlo Therapeutics, Inc.† | 19,400 | 76,824 | ||||||
Merrimack Pharmaceuticals, Inc.† | 5,000 | 18,250 | ||||||
Mustang Bio, Inc.†# | 27,500 | 87,175 | ||||||
NantKwest, Inc.† | 5,400 | 9,288 | ||||||
Neon Therapeutics, Inc.†# | 23,000 | 26,220 | ||||||
Novavax, Inc.†# | 14,300 | 69,355 | ||||||
Oncocyte Corp.†# | 50,000 | 88,000 | ||||||
Orchard Therapeutics PLC ADR† | 13,373 | 152,318 | ||||||
Otonomy, Inc.† | 35,000 | 87,850 | ||||||
Ovid therapeutics, Inc.†# | 60,200 | 256,452 | ||||||
Palatin Technologies, Inc.†# | 100,000 | 82,500 | ||||||
Pfenex, Inc.† | 14,000 | 145,320 | ||||||
Protalix BioTherapeutics, Inc.† | 22,016 | 6,849 | ||||||
PTC Therapeutics, Inc.† | 3,500 | 164,360 | ||||||
Radius Health, Inc.†# | 19,286 | 432,006 | ||||||
Sage Therapeutics, Inc.†# | 5,381 | 832,817 | ||||||
Scholar Rock Holding Corp.†# | 2,208 | 18,790 | ||||||
Seattle Genetics, Inc.† | 2,500 | 300,875 | ||||||
Sesen Bio, Inc.†# | 50,000 | 59,000 | ||||||
Synlogic, Inc.† | 13,400 | 28,676 | ||||||
Tocagen, Inc.† | 13,300 | 8,712 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 5,433 | 215,418 | ||||||
VolitionRX, Ltd.†# | 29,400 | 158,172 | ||||||
WaVe Life Sciences, Ltd.†# | 1,344 | 44,554 | ||||||
XOMA Corp.†# | 7,246 | 177,382 | ||||||
7,182,153 | ||||||||
Medical - Drugs — 2.2% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 59,706 | ||||||
Aclaris Therapeutics, Inc.†# | 3,100 | 5,084 | ||||||
Adamas Pharmaceuticals, Inc.†# | 13,500 | 80,325 | ||||||
Aeglea BioTherapeutics, Inc.† | 25,000 | 213,750 | ||||||
Aimmune Therapeutics, Inc.†# | 8,175 | 228,246 | ||||||
Alimera Sciences, Inc.†# | 7,667 | 43,395 | ||||||
Altimmune, Inc.† | 15,000 | 27,300 | ||||||
Ascendis Pharma A/S ADR† | 7,035 | 810,291 | ||||||
cbdMD, Inc.†# | 18,600 | 60,450 | ||||||
Chiasma, Inc.†# | 45,000 | 240,750 | ||||||
Chimerix, Inc.† | 57,300 | 126,060 | ||||||
Conatus Pharmaceuticals, Inc.†# | 19,500 | 7,207 | ||||||
Corvus Pharmaceuticals, Inc.†# | 23,722 | 72,352 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 133,162 | ||||||
Eloxx Pharmaceuticals, Inc.† | 1,900 | 9,918 | ||||||
Enanta Pharmaceuticals, Inc.† | 500 | 31,830 | ||||||
Global Blood Therapeutics, Inc.† | 9,284 | 617,386 | ||||||
Kala Pharmaceuticals, Inc.†# | 18,900 | 78,813 | ||||||
KalVista Pharmaceuticals, Inc.†# | 7,900 | 114,392 | ||||||
Marinus Pharmaceuticals, Inc.†# | 28,800 | 38,016 | ||||||
Melinta Therapeutics, Inc.†# | 1,600 | 2,592 | ||||||
Millendo Therapeutics, Inc.† | 3,333 | 25,364 | ||||||
Minerva Neurosciences, Inc.† | 20,300 | 126,875 | ||||||
MyoKardia, Inc.†# | 5,248 | 341,907 | ||||||
Neoleukin Therapeutics, Inc.† | 50,000 | 279,000 | ||||||
Neos Therapeutics, Inc.†# | 15,000 | 24,900 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Odonate Therapeutics, Inc.† | 1,159 | $ | 39,846 | |||||
PhaseBio Pharmaceuticals, Inc.†# | 24,000 | 78,240 | ||||||
Prestige Consumer Healthcare, Inc.† | 28,037 | 1,058,958 | ||||||
Principia Biopharma, Inc.† | 3,029 | 108,529 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 2,137 | 416,993 | ||||||
scPharmaceuticals, Inc.† | 11,500 | 49,450 | ||||||
Spero Therapeutics, Inc.† | 8,600 | 102,856 | ||||||
Sutro Biopharma, Inc.† | 8,400 | 93,072 | ||||||
Syros Pharmaceuticals, Inc.† | 20,000 | 102,000 | ||||||
TherapeuticsMD, Inc.†# | 100,029 | 251,073 | ||||||
Trevena, Inc.†# | 55,000 | 37,703 | ||||||
Tricida, Inc.†# | 2,428 | 97,023 | ||||||
Turning Point Therapeutics, Inc.† | 2,274 | 127,844 | ||||||
VIVUS, Inc.†# | 24,100 | 66,998 | ||||||
6,429,656 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Kodiak Sciences, Inc.†# | 1,400 | 41,440 | ||||||
Momenta Pharmaceuticals, Inc.† | 8,390 | 140,952 | ||||||
Teligent, Inc.† | 25,000 | 15,067 | ||||||
197,459 | ||||||||
Medical - HMO — 1.1% |
| |||||||
Molina Healthcare, Inc.† | 23,678 | 3,208,369 | ||||||
Medical - Hospitals — 0.1% |
| |||||||
Acadia Healthcare Co., Inc.†# | 11,670 | 375,307 | ||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Genesis Healthcare, Inc.†# | 100,000 | 168,000 | ||||||
Medical - Outpatient/Home Medical — 0.3% |
| |||||||
Amedisys, Inc.† | 3,862 | 629,351 | ||||||
Pennant Group, Inc.† | 6,228 | 145,860 | ||||||
775,211 | ||||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Great Elm Capital Group, Inc.† | 40,000 | 125,200 | ||||||
Premier, Inc., Class A†# | 37,593 | 1,336,055 | ||||||
1,461,255 | ||||||||
Metal Processors & Fabrication — 1.0% |
| |||||||
AZZ, Inc. | 10,400 | 395,928 | ||||||
Helios Technologies, Inc. | 5,177 | 231,826 | ||||||
RBC Bearings, Inc.† | 14,413 | 2,390,828 | ||||||
Strattec Security Corp. | 1,500 | 35,070 | ||||||
3,053,652 | ||||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 5,500 | 92,180 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Constellium NV, Class A† | 25,100 | 354,914 | ||||||
Metal - Copper — 0.1% |
| |||||||
ERO Copper Corp.† | 23,700 | 365,768 | ||||||
Miscellaneous Manufacturing — 1.6% |
| |||||||
AptarGroup, Inc. | 33,833 | 3,793,356 | ||||||
John Bean Technologies Corp. | 8,617 | 943,992 | ||||||
4,737,348 | ||||||||
Multimedia — 0.7% |
| |||||||
E.W. Scripps Co., Class A | 40,420 | 603,067 | ||||||
FactSet Research Systems, Inc.# | 5,139 | 1,334,341 | ||||||
1,937,408 | ||||||||
173 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Non-Ferrous Metals — 0.1% |
| |||||||
Centrus Energy Corp, Class A† | 9,600 | $ | 52,032 | |||||
Uranium Energy Corp.†# | 100,500 | 88,741 | ||||||
140,773 | ||||||||
Non-Hazardous Waste Disposal — 0.5% |
| |||||||
Advanced Disposal Services, Inc.† | 31,985 | 1,053,906 | ||||||
Waste Connections, Inc. | 5,550 | 502,552 | ||||||
1,556,458 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Quintana Energy Services, Inc.† | 15,000 | 38,775 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
Amplify Energy Corp. | 15,000 | 82,500 | ||||||
Chaparral Energy, Inc., Class A†# | 65,600 | 70,848 | ||||||
Cimarex Energy Co. | 17,948 | 825,070 | ||||||
Contango Oil & Gas Co.†# | 61,600 | 203,280 | ||||||
Diamondback Energy, Inc. | 4,600 | 355,764 | ||||||
Earthstone Energy, Inc., Class A† | 18,400 | 82,248 | ||||||
Evolution Petroleum Corp. | 23,100 | 120,351 | ||||||
Goodrich Petroleum Corp.† | 9,000 | 88,380 | ||||||
Jagged Peak Energy, Inc.† | 23,062 | 153,824 | ||||||
Kosmos Energy, Ltd. | 8,064 | 48,142 | ||||||
Lonestar Resources US, Inc., Class A† | 30,000 | 59,400 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 31,800 | 345,348 | ||||||
Mammoth Energy Services, Inc.# | 30,000 | 47,100 | ||||||
Panhandle Oil and Gas, Inc., Class A | 5,000 | 59,100 | ||||||
SandRidge Energy, Inc.† | 25,000 | 82,250 | ||||||
Seven Generations Energy, Ltd., Class A† | 26,700 | 144,525 | ||||||
SilverBow Resources, Inc.† | 10,000 | 87,200 | ||||||
VAALCO Energy, Inc.† | 30,000 | 54,900 | ||||||
Venture Global LNG, Inc., Series B†(1)(2) | 4 | 20,800 | ||||||
Venture Global LNG, Inc., Series C†(1)(2) | 59 | 306,800 | ||||||
3,237,830 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.†# | 4,200 | 177,492 | ||||||
Flotek Industries, Inc.† | 50,000 | 88,500 | ||||||
Hi-Crush Partners LP† | 45,000 | 37,741 | ||||||
Mitcham Industries, Inc.† | 22,400 | 48,608 | ||||||
Natural Gas Services Group, Inc.† | 7,400 | 80,216 | ||||||
Smart Sand, Inc.†# | 15,000 | 34,800 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 51,520 | ||||||
Thermon Group Holdings, Inc.† | 5,200 | 136,448 | ||||||
655,325 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 106,512 | ||||||
Trecora Resources† | 2,100 | 16,170 | ||||||
122,682 | ||||||||
Oil - Field Services — 1.0% |
| |||||||
Basic Energy Services, Inc.† | 89,100 | 40,897 | ||||||
Core Laboratories NV | 21,226 | 929,699 | ||||||
Era Group, Inc.† | 15,000 | 143,550 | ||||||
Gulf Island Fabrication, Inc.† | 9,100 | 49,504 | ||||||
Independence Contract Drilling, Inc.† | 31,100 | 24,569 | ||||||
KLX Energy Services Holdings, Inc.† | 10,000 | 56,500 | ||||||
Liberty Oilfield Services, Inc., Class A# | 25,718 | 227,347 | ||||||
NCS Multistage Holdings, Inc.† | 23,000 | 49,450 | ||||||
NexTier Oilfield Solutions, Inc.† | 24,200 | 115,918 | ||||||
Nine Energy Service, Inc.†# | 20,000 | 109,600 | ||||||
Nuverra Environmental Solutions, Inc.†# | 6,300 | 16,632 | ||||||
Patterson-UTI Energy, Inc. | 128,970 | 1,152,992 |
Security Description | Shares | Value (Note 2) | ||||||
Oil - Field Services (continued) | ||||||||
TETRA Technologies, Inc.† | 50,000 | $ | 61,500 | |||||
2,978,158 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 4,462 | 70,129 | ||||||
Physical Therapy/Rehabilitation Centers — 1.0% |
| |||||||
Encompass Health Corp. | 37,289 | 2,636,705 | ||||||
U.S. Physical Therapy, Inc. | 3,221 | 376,406 | ||||||
3,013,111 | ||||||||
Pipelines — 0.0% |
| |||||||
New Fortress Energy LLC†# | 6,195 | 92,739 | ||||||
Pollution Control — 0.0% |
| |||||||
Fuel Tech, Inc.†# | 75,000 | 72,937 | ||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc. | 3,800 | 629,204 | ||||||
Power Converter/Supply Equipment — 0.6% |
| |||||||
Generac Holdings, Inc.† | 17,200 | 1,694,200 | ||||||
Printing - Commercial — 0.0% |
| |||||||
ARC Document Solutions, Inc.† | 40,000 | 44,800 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
Lee Enterprises, Inc.† | 84,700 | 164,318 | ||||||
Radio — 0.1% |
| |||||||
Saga Communications, Inc., Class A | 1,623 | 49,891 | ||||||
Salem Media Group, Inc. | 10,000 | 14,800 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 90,530 | ||||||
155,221 | ||||||||
Real Estate Investment Trusts — 5.1% |
| |||||||
Acadia Realty Trust | 9,900 | 266,112 | ||||||
Alexander & Baldwin, Inc. | 11,376 | 246,632 | ||||||
American Campus Communities, Inc. | 13,700 | 658,148 | ||||||
Community Healthcare Trust, Inc. | 2,600 | 123,760 | ||||||
CubeSmart | 68,230 | 2,104,213 | ||||||
EastGroup Properties, Inc. | 27,793 | 3,785,129 | ||||||
First Industrial Realty Trust, Inc. | 6,600 | 281,028 | ||||||
JBG SMITH Properties | 18,932 | 755,008 | ||||||
National Retail Properties, Inc. | 41,775 | 2,328,539 | ||||||
Outfront Media, Inc. | 47,884 | 1,196,142 | ||||||
Paramount Group, Inc. | 16,227 | 220,525 | ||||||
PS Business Parks, Inc. | 5,656 | 998,793 | ||||||
Regency Centers Corp. | 4,035 | 262,436 | ||||||
Rexford Industrial Realty, Inc. | 13,200 | 631,752 | ||||||
RLJ Lodging Trust | 80,038 | 1,367,849 | ||||||
15,226,066 | ||||||||
Real Estate Management/Services — 1.0% |
| |||||||
Cushman & Wakefield PLC†# | 90,242 | 1,749,792 | ||||||
FirstService Corp. | 10,236 | 981,530 | ||||||
Maui Land & Pineapple Co., Inc.† | 10,000 | 113,500 | ||||||
2,844,822 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
Consolidated-Tomoka Land Co. | 3,100 | 194,339 | ||||||
Stratus Properties, Inc.† | 3,000 | 85,800 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 30,800 | ||||||
310,939 | ||||||||
Recreational Centers — 0.3% |
| |||||||
OneSpaWorld Holdings, Ltd.†# | 14,700 | 240,051 | ||||||
Planet Fitness, Inc., Class A† | 9,745 | 720,350 | ||||||
960,401 | ||||||||
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Recreational Vehicles — 0.9% |
| |||||||
Brunswick Corp. | 43,332 | $ | 2,546,622 | |||||
Malibu Boats, Inc., Class A† | 2,039 | 80,622 | ||||||
2,627,244 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
Aaron’s, Inc. | 14,615 | 853,516 | ||||||
Retail - Apparel/Shoe — 0.5% |
| |||||||
Allbirds, Inc.†(1)(2) | 1,134 | 62,184 | ||||||
Burlington Stores, Inc.† | 5,300 | 1,192,500 | ||||||
J. Jill, Inc.# | 35,500 | 61,770 | ||||||
RTW RetailWinds, Inc.† | 33,029 | 44,259 | ||||||
Tilly’s, Inc., Class A | 10,968 | 108,144 | ||||||
1,468,857 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 33,800 | 276,484 | ||||||
Retail - Building Products — 0.1% |
| |||||||
Aspen Aerogels, Inc.† | 28,200 | 192,042 | ||||||
Retail - Discount — 0.8% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†# | 63,965 | 1,515,971 | ||||||
Citi Trends, Inc. | 6,200 | 127,286 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.†# | 12,426 | 812,660 | ||||||
2,455,917 | ||||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Bassett Furniture Industries, Inc. | 6,500 | 98,930 | ||||||
Kirkland’s, Inc.†# | 12,200 | 19,032 | ||||||
RH†# | 1,052 | 216,281 | ||||||
Tuesday Morning Corp.† | 42,000 | 66,360 | ||||||
400,603 | ||||||||
Retail - Misc./Diversified — 0.1% |
| |||||||
Container Store Group, Inc.†# | 20,000 | 83,200 | ||||||
Five Below, Inc.† | 900 | 111,339 | ||||||
Gaia, Inc.†# | 9,400 | 78,678 | ||||||
273,217 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America, Inc.† | 4,000 | 40,680 | ||||||
Retail - Restaurants — 1.0% |
| |||||||
BBQ Holdings, Inc.† | 8,250 | 38,858 | ||||||
Chuy’s Holdings, Inc.† | 8,670 | 249,869 | ||||||
Denny’s Corp.† | 18,000 | 351,720 | ||||||
Dunkin’ Brands Group, Inc. | 7,200 | 551,160 | ||||||
Fiesta Restaurant Group, Inc.† | 12,319 | 121,958 | ||||||
Habit Restaurants, Inc., Class A† | 10,000 | 106,400 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 134,810 | ||||||
Luby’s, Inc.† | 25,000 | 52,000 | ||||||
Papa John’s International, Inc. | 10,000 | 632,800 | ||||||
Potbelly Corp.† | 10,000 | 50,600 | ||||||
Red Robin Gourmet Burgers, Inc.† | 7,839 | 213,770 | ||||||
Wendy’s Co. | 28,619 | 613,591 | ||||||
3,117,536 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Sportsman’s Warehouse Holdings, Inc.† | 16,500 | 120,615 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 8,000 | 24,000 | ||||||
Retail - Vision Service Center — 0.0% |
| |||||||
National Vision Holdings, Inc.† | 4,166 | 125,813 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.† | 17,000 | $ | 64,940 | |||||
Satellite Telecom — 0.0% |
| |||||||
KVH Industries, Inc.† | 8,357 | 95,688 | ||||||
Savings & Loans/Thrifts — 0.8% |
| |||||||
BankFinancial Corp. | 9,300 | 126,945 | ||||||
Capitol Federal Financial, Inc. | 27,367 | 388,064 | ||||||
Entegra Financial Corp.† | 6,000 | 180,240 | ||||||
ESSA Bancorp, Inc. | 9,000 | 155,070 | ||||||
First Financial Northwest, Inc. | 10,000 | 147,300 | ||||||
Investors Bancorp, Inc. | 26,400 | 318,384 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 153,500 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 87,248 | ||||||
Meridian Bancorp, Inc. | 21,660 | 436,016 | ||||||
Pacific Premier Bancorp, Inc. | 8,800 | 281,952 | ||||||
Provident Financial Holdings, Inc. | 3,414 | 74,698 | ||||||
Territorial Bancorp, Inc. | 1,300 | 41,197 | ||||||
Timberland Bancorp, Inc. | 3,900 | 115,577 | ||||||
2,506,191 | ||||||||
Schools — 0.4% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 3,416 | 514,176 | ||||||
Chegg, Inc.† | 6,280 | 243,476 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 35,000 | ||||||
Strategic Education, Inc. | 400 | 56,696 | ||||||
Universal Technical Institute, Inc.† | 37,000 | 217,190 | ||||||
1,066,538 | ||||||||
Security Services — 0.4% |
| |||||||
Brink’s Co. | 12,402 | 1,153,386 | ||||||
Seismic Data Collection — 0.1% |
| |||||||
Dawson Geophysical Co.† | 19,927 | 45,035 | ||||||
Geospace Technologies Corp.† | 8,900 | 128,338 | ||||||
173,373 | ||||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Power Integrations, Inc. | 12,736 | 1,165,217 | ||||||
Semiconductor Equipment — 1.1% |
| |||||||
Cabot Microelectronics Corp. | 15,629 | 2,085,065 | ||||||
Entegris, Inc. | 20,700 | 979,524 | ||||||
MKS Instruments, Inc. | 1,900 | 201,932 | ||||||
3,266,521 | ||||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Collier Creek Holdings† | 14,012 | 150,069 | ||||||
Conyers Park II Acquisition Corp.† | 14,312 | 154,140 | ||||||
304,209 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Synalloy Corp. | 7,900 | 102,226 | ||||||
Valmont Industries, Inc. | 3,048 | 436,291 | ||||||
538,517 | ||||||||
Steel - Producers — 0.0% |
| |||||||
Friedman Industries, Inc. | 10,000 | 61,198 | ||||||
Shiloh Industries, Inc.† | 13,600 | 51,816 | ||||||
113,014 | ||||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 10,500 | 87,675 | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Clearfield, Inc.† | 10,000 | 135,700 | ||||||
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc. | 1 | $ | 4 | |||||
RigNet, Inc.† | 12,600 | 65,520 | ||||||
Spok Holdings, Inc. | 9,800 | 120,638 | ||||||
186,162 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Communications Systems, Inc. | 30,000 | 233,700 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 72,990 | ||||||
306,690 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc.† | 77,000 | 137,060 | ||||||
Frontier Communications Corp.†# | 55,000 | 37,119 | ||||||
Shenandoah Telecommunications Co. | 1,600 | 60,080 | ||||||
234,259 | ||||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 6,500 | 104,780 | ||||||
Dixie Group, Inc.† | 10,000 | 15,900 | ||||||
120,680 | ||||||||
Theaters — 0.7% |
| |||||||
Cinemark Holdings, Inc.# | 58,130 | 1,968,863 | ||||||
Therapeutics — 0.2% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 2,933 | 114,094 | ||||||
CorMedix, Inc.†# | 11,800 | 72,334 | ||||||
G1 Therapeutics, Inc.†# | 2,875 | 62,100 | ||||||
MannKind Corp.†# | 60,000 | 73,800 | ||||||
Trevi Therapeutics, Inc.† | 15,000 | 52,800 | ||||||
Xencor, Inc.†# | 8,193 | 322,804 | ||||||
697,932 | ||||||||
Tobacco — 0.0% |
| |||||||
Greenlane Holdings, Inc., Class A†# | 10,000 | 33,900 | ||||||
Tools - Hand Held — 0.8% |
| |||||||
MSA Safety, Inc. | 20,140 | 2,495,950 | ||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 30,000 | 30,300 | ||||||
Transport - Equipment & Leasing — 0.0% |
| |||||||
Willis Lease Finance Corp.† | 2,300 | 138,000 | ||||||
Transport - Marine — 0.0% |
| |||||||
Hornbeck Offshore Services, Inc.†# | 75,000 | 27,750 | ||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | 61,250 | ||||||
89,000 | ||||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 16,300 | 615,162 | ||||||
Steel Connect, Inc.† | 71,500 | 102,245 | ||||||
717,407 | ||||||||
Transport - Truck — 1.5% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 58,066 | 2,147,861 | ||||||
Landstar System, Inc. | 16,297 | 1,815,649 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 70,835 | ||||||
Patriot Transportation Holding, Inc.† | 5,000 | 87,000 | ||||||
Schneider National, Inc., Class B | 11,988 | 272,727 | ||||||
USA Truck, Inc.† | 4,000 | 30,440 | ||||||
XPO Logistics, Inc.† | 1 | 83 | ||||||
YRC Worldwide, Inc.†# | 22,000 | 76,780 | ||||||
4,501,375 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. CVR†(1) | 3,000 | 0 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Natural Grocers by Vitamin Cottage, Inc. | 14,000 | $ | 130,900 | |||||
Water — 0.4% |
| |||||||
California Water Service Group | 6,600 | 339,240 | ||||||
Middlesex Water Co. | 4,582 | 287,796 | ||||||
PICO Holdings, Inc.† | 10,000 | 109,800 | ||||||
SJW Group | 6,970 | 493,615 | ||||||
1,230,451 | ||||||||
Web Hosting/Design — 0.8% |
| |||||||
Q2 Holdings, Inc.†# | 26,490 | 2,236,551 | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.† | 44,000 | 77,880 | ||||||
Wire & Cable Products — 0.0% |
| |||||||
Belden, Inc. | 1,600 | 85,984 | ||||||
Wireless Equipment — 0.1% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | 100,100 | ||||||
PagerDuty, Inc.†# | 3,125 | 81,406 | ||||||
Sonim Technologies, Inc.†# | 18,900 | 52,542 | ||||||
234,048 | ||||||||
Total Common Stocks | ||||||||
(cost $239,718,364) | 288,224,907 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.6% |
| |||||||
Applications Software — 0.2% |
| |||||||
Convoy, Inc., | 12,094 | 163,753 | ||||||
Convoy, Inc., | 7,659 | 103,703 | ||||||
ServiceTitan, Inc., | 4 | 106 | ||||||
ServiceTitan, Inc., | 1,942 | 51,657 | ||||||
Toast, Inc., | 98 | 2,698 | ||||||
Toast, Inc. | 7,194 | 198,063 | ||||||
519,980 | ||||||||
Computer Software — 0.1% |
| |||||||
Checkr, Inc. | 2,998 | 90,679 | ||||||
Checkr, Inc., | 4,084 | 123,527 | ||||||
214,206 | ||||||||
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 | 159,433 | ||||||
Vroom, Inc. | 1,919 | 52,184 | ||||||
404,773 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Plex Systems, Inc., | 50,422 | 124,038 | ||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. | 618 | 240,186 |
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
CONVERTIBLE PREFERRED SECURITIES (continued) |
| |||||||
Food - Retail (continued) | ||||||||
Roofoods, Ltd. | 16 | $ | 6,686 | |||||
246,872 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
A Place For Rover, Inc. | 7,335 | 50,978 | ||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker) | 5,505 | 86,522 | ||||||
Retail - Apparel/Shoe — 0.0% | ||||||||
Allbirds, Inc., | 370 | 20,289 | ||||||
Allbirds, Inc., | 65 | 3,565 | ||||||
Allbirds, Inc., | 622 | 34,108 | ||||||
Allbirds, Inc., | 199 | 10,912 | ||||||
68,874 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Seismic Software Holdings, Inc., | 2,336 | 73,632 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,517,410) | 1,845,552 | |||||||
WARRANTS† — 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2) | 1,009 | 3,764 | ||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank(1)(2) | 456 | 0 | ||||||
Electronic Security Devices — 0.0% |
| |||||||
J2 Acquisition, Ltd. | 27,696 | 0 | ||||||
Total Warrants | ||||||||
(cost $277) | 3,764 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $241,236,051) | 290,074,223 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.0% |
| |||||||
Registered Investment Companies — 2.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 708,780 | 708,780 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,419,658 | 4,419,658 | ||||||
T. Rowe Price Government Reserve Fund | 856,214 | 856,214 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,984,652) | 5,984,652 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.42%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $6,278,131 collateralized by $6,450,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $6,450,302 | $ | 6,278,000 | $ | 6,278,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $253,498,703)(5) | 101.2 | % | 302,336,875 | |||||
Liabilities in excess of other assets | (1.2 | ) | (3,630,955 | ) | ||||
NET ASSETS | 100.0 | % | $ | 298,705,920 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2019, the aggregate value of these securities was $266,436 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 November 30, 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 | 20,111 | 28.73 | 0.01 | ||||||||||||||||||
CrossFirst Bankshares, Inc. | 10/23/2018 | 5,156 | 73,473 | 64,950 | 12.60 | 0.02 | ||||||||||||||||||
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 | 70,129 | 15.72 | 0.02 | ||||||||||||||||||
nCino, Inc. | 09/16/2019 | 4,283 | 93,155 | 93,155 | 21.75 | 0.03 | ||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 5,081 | 26.60 | 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 | 303 | 27.55 | 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 | 0.10 | ||||||||||||||||||||
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
1stdibs.com, Inc., Series D | 02/07/2019 | 11,111 | $ | 55,677 | $ | 55,677 | $ | 5.01 | 0.02 | % | ||||||||||||||
A Place For Rover, Inc., Series G | 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., Series SEED | 10/10/2018 | 199 | 10,912 | 10,912 | 54.84 | 0.00 | ||||||||||||||||||
Checkr, Inc., Series C | 04/10/2018 | 2,998 | 40,926 | 90,679 | 30.25 | 0.03 | ||||||||||||||||||
Checkr, Inc., Series D | 09/06/2019 | 4,084 | 123,527 | 123,527 | 30.25 | 0.04 | ||||||||||||||||||
Convoy, Inc., Series C | 09/14/2018 | 12,094 | 85,875 | 163,753 | 13.54 | 0.05 | ||||||||||||||||||
Convoy, Inc., Series D | 10/30/2019 | 7,659 | 103,703 | 103,703 | 13.54 | 0.04 | ||||||||||||||||||
Farmers Business Network, Inc., Series D | 11/03/2017 | 8,287 | 153,012 | 193,156 | 23.31 | 0.06 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series E | 03/09/2018 | 5,505 | 86,522 | 86,522 | 15.72 | 0.03 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 124,038 | 2.46 | 0.04 | ||||||||||||||||||
Roofoods, Ltd., Series F | 09/12/2017 | 618 | 218,507 | 240,186 | 388.65 | 0.08 | ||||||||||||||||||
Roofoods, Ltd., Series G | 05/16/2019 | 16 | 6,686 | 6,686 | 417.88 | 0.00 | ||||||||||||||||||
Seismic Software Holdings, Inc., Series E | 12/13/2018 | 2,336 | 73,632 | 73,632 | 31.52 | 0.02 | ||||||||||||||||||
ServiceTitan, Inc.,Series A-1 | 11/09/2018 | 4 | 105 | 106 | 26.51 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., Series D | 11/09/2018 | 1,942 | 51,064 | 51,657 | 26.60 | 0.02 | ||||||||||||||||||
Toast, Inc., Series B | 09/14/2018 | 98 | 1,696 | 2,698 | 27.53 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 198,063 | 27.53 | 0.07 | ||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 5,863 | 100,009 | 159,433 | 27.19 | 0.05 | ||||||||||||||||||
Vroom, Inc., Series H | 11/21/2019 | 1,919 | 52,184 | 52,184 | 27.19 | 0.02 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. Expires 10/12/2028 | 10/12/2018 | 1,009 | $ | 0 | $ | 3,764 | $ | 3.73 | 0.00 | % | ||||||||||||||
Sound Bank | 05/06/2019 | 456 | 0 | 0 | 0.00 | – | ||||||||||||||||||
$ | 2,594,044 | 0.86 | % | |||||||||||||||||||||
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $45,572,510. This was secured by collateral of $4,419,658, which was received in cash and subsequently invested in short-term investments currently valued at $4,419,658 as reported in the Portfolio of Investments. Additional collateral of $42,580,346 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% to 3.50% | 12/01/2047 to 12/01/2047 | $ | 328,903 | ||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | 3,173,163 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 39,078,280 |
(4) | The rate shown is the7-day yield as of November 30, 2019. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CVR—Contingent Value Rights
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 2,006,184 | $ | — | $ | 5,384 | $ | 2,011,568 | ||||||||
Banks - Commercial | 29,779,049 | 64,950 | 52,080 | 29,896,079 | ||||||||||||
Banks - Regional | — | — | 45,570 | 45,570 | ||||||||||||
Commercial Services | 3,868,939 | — | 93,155 | 3,962,094 | ||||||||||||
Computer Software | 4,156,597 | — | 20,111 | 4,176,708 | ||||||||||||
E-Commerce\Services | 122,100 | — | 3,565 | 125,665 | ||||||||||||
Oil Companies - Exploration & Production | 2,910,230 | — | 327,600 | 3,237,830 | ||||||||||||
Pharmacy Services | — | — | 70,129 | 70,129 | ||||||||||||
Retail - Apparel/Shoe | 1,406,673 | — | 62,184 | 1,468,857 | ||||||||||||
Veterinary Diagnostics | — | — | 0 | 0 | ||||||||||||
Other Industries | 243,230,407 | — | — | 243,230,407 | ||||||||||||
Convertible Preferred Securities | — | — | 1,845,552 | 1,845,552 | ||||||||||||
Warrants: | ||||||||||||||||
Electronic Security Devices | — | 0 | — | 0 | ||||||||||||
Other Industries | — | — | 3,764 | 3,764 | ||||||||||||
Short-Term Investment Securities | 5,984,652 | — | — | 5,984,652 | ||||||||||||
Repurchase Agreements | — | 6,278,000 | — | 6,278,000 | ||||||||||||
Total Investments at Value | $ | 293,464,831 | $ | 6,342,950 | $ | 2,529,094 | $ | 302,336,875 | ||||||||
* | 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 material Level 3 transfers during the reporting period.
See Notes to Financial Statements
178 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 8.7 | % | ||
Real Estate Investment Trusts | 7.9 | |||
Repurchase Agreements | 6.3 | |||
Medical — Biomedical/Gene | 5.8 | |||
Registered Investment Companies | 5.3 | |||
Medical Products | 2.4 | |||
Medical — Drugs | 2.3 | |||
Enterprise Software/Service | 1.9 | |||
Electric — Integrated | 1.5 | |||
Retail — Restaurants | 1.4 | |||
Savings & Loans/Thrifts | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Insurance — Property/Casualty | 1.2 | |||
Computer Services | 1.2 | |||
Chemicals — Specialty | 1.2 | |||
Building & Construction Products — Misc. | 1.1 | |||
Investment Management/Advisor Services | 1.1 | |||
Gas — Distribution | 1.1 | |||
Computer Software | 1.0 | |||
Electronic Components — Misc. | 0.9 | |||
Oil Companies — Exploration & Production | 0.9 | |||
Building — Residential/Commercial | 0.9 | |||
Human Resources | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Commercial Services | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Machinery — General Industrial | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Schools | 0.6 | |||
Metal Processors & Fabrication | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Oil — Field Services | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Building — Heavy Construction | 0.6 | |||
Applications Software | 0.6 | |||
Energy — Alternate Sources | 0.5 | |||
Medical — Outpatient/Home Medical | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Computer Data Security | 0.5 | |||
Consulting Services | 0.5 | |||
Transport — Marine | 0.5 | |||
Retail — Automobile | 0.5 | |||
Medical Instruments | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Water | 0.5 | |||
Real Estate Management/Services | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Airlines | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Office Furnishings — Original | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Footwear & Related Apparel | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Therapeutics | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Financial Guarantee Insurance | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Semiconductor Components — Integrated Circuits | 0.4 | |||
Computers — Other | 0.4 |
Diagnostic Equipment | 0.4 | % | ||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Transport — Truck | 0.3 | |||
Power Converter/Supply Equipment | 0.3 | |||
Racetracks | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Transport — Services | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Steel — Producers | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Non-Hazardous Waste Disposal | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Data Processing/Management | 0.3 | |||
Medical Information Systems | 0.3 | |||
Casino Services | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Miscellaneous Manufacturing | 0.3 | |||
Retail — Building Products | 0.3 | |||
Firearms & Ammunition | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Web Hosting/Design | 0.2 | |||
Electronic Parts Distribution | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Health Care Cost Containment | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Insurance — Multi-line | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Environmental Consulting & Engineering | 0.2 | |||
Security Services | 0.2 | |||
Medical — Generic Drugs | 0.2 | |||
Athletic Equipment | 0.2 | |||
Building Products — Wood | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Paper & Related Products | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Coal | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Networking Products | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Electronics — Military | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Healthcare Safety Devices | 0.2 | |||
Printing — Commercial | 0.2 | |||
Wire & Cable Products | 0.2 | |||
Retail — Discount | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Satellite Telecom | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Wireless Equipment | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Brewery | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Electric — Generation | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Poultry | 0.2 | |||
Golf | 0.1 | |||
Medical — HMO | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Tobacco | 0.1 | |||
Telecom Services | 0.1 | |||
Finance — Mortgage Loan/Banker | 0.1 |
179 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Internet Connectivity Services | 0.1 | % | ||
Linen Supply & Related Items | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Identification Systems | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Batteries/Battery Systems | 0.1 | |||
Instruments — Controls | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Steel — Specialty | 0.1 | |||
Banks — Mortgage | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Private Equity | 0.1 | |||
Retail — Pet Food & Supplies | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Insurance Brokers | 0.1 | |||
Precious Metals | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Casino Hotels | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Finance — Commercial | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Home Furnishings | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Television | 0.1 | |||
Finance — Other Services | 0.1 | |||
Agricultural Operations | 0.1 | |||
Metal — Iron | 0.1 | |||
Independent Power Producers | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Machinery — Farming | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Hotels/Motels | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Audio/Video Products | 0.1 | |||
Building Products — Cement | 0.1 | |||
Publishing — Books | 0.1 | |||
Internet Telephone | 0.1 | |||
Quarrying | 0.1 | |||
Gold Mining | 0.1 | |||
Educational Software | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Retail — Bedding | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Optical Supplies | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Food — Baking | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Metal Products — Fasteners | 0.1 | |||
Capacitors | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Communications Software | 0.1 | |||
Rubber — Tires | 0.1 | |||
Containers — Metal/Glass | 0.1 |
Publishing — Periodicals | 0.1 | % | ||
Diversified Minerals | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
E-Services/Consulting | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Circuit Boards | 0.1 | |||
Appliances | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
Retirement/Aged Care | 0.1 | |||
Computer Aided Design | 0.1 | |||
Professional Sports | 0.1 | |||
Pipelines | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Food — Retail | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Electric — Distribution | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Investment Companies | 0.1 | |||
105.2 | % | |||
* | Calculated as a percentage of net assets |
180 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 93.2% |
| |||||||
Advanced Materials — 0.0% |
| |||||||
Haynes International, Inc. | 6,429 | $ | 236,073 | |||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A† | 29,270 | 68,199 | ||||||
Telaria, Inc.† | 22,364 | 186,516 | ||||||
254,715 | ||||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A†# | 5,336 | 113,817 | ||||||
Clear Channel Outdoor Holdings, Inc.† | 25,282 | 62,699 | ||||||
National CineMedia, Inc. | 32,239 | 216,324 | ||||||
392,840 | ||||||||
Advertising Services — 0.0% |
| |||||||
Fluent, Inc.† | 22,064 | 36,185 | ||||||
Marchex, Inc., Class B† | 18,573 | 74,663 | ||||||
SharpSpring, Inc.†# | 5,291 | 66,561 | ||||||
177,409 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 11,017 | 675,783 | ||||||
Kratos Defense & Security Solutions, Inc.† | 46,631 | 842,156 | ||||||
National Presto Industries, Inc.# | 2,574 | 229,034 | ||||||
Park Aerospace Corp. | 9,664 | 157,620 | ||||||
1,904,593 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
AAR Corp. | 17,250 | 770,902 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 37,805 | 1,670,981 | ||||||
Astronics Corp.† | 12,679 | 369,593 | ||||||
Barnes Group, Inc. | 24,389 | 1,443,585 | ||||||
Coda Octopus Group, Inc.†# | 2,396 | 17,251 | ||||||
Ducommun, Inc.† | 5,553 | 271,431 | ||||||
Kaman Corp. | 14,321 | 910,816 | ||||||
Moog, Inc., Class A | 16,638 | 1,428,705 | ||||||
Triumph Group, Inc. | 25,666 | 711,205 | ||||||
7,594,469 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Calyxt, Inc.†# | 4,825 | 17,756 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 49,328 | 112,468 | ||||||
Marrone Bio Innovations, Inc.† | 26,845 | 28,992 | ||||||
141,460 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,089 | 70,734 | ||||||
Andersons, Inc. | 16,290 | 376,299 | ||||||
Cadiz, Inc.†# | 6,805 | 77,985 | ||||||
Limoneira Co. | 8,092 | 159,777 | ||||||
Phibro Animal Health Corp., Class A | 10,552 | 255,991 | ||||||
Tejon Ranch Co.† | 10,864 | 178,604 | ||||||
1,119,390 | ||||||||
Airlines — 0.4% |
| |||||||
Allegiant Travel Co. | 6,727 | 1,141,774 | ||||||
Hawaiian Holdings, Inc. | 24,266 | 735,017 | ||||||
Mesa Air Group, Inc.† | 10,765 | 78,261 | ||||||
SkyWest, Inc. | 25,905 | 1,622,689 | ||||||
Spirit Airlines, Inc.† | 35,496 | 1,386,829 | ||||||
4,964,570 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Centric Brands, Inc.†# | 8,643 | 26,102 | ||||||
Deckers Outdoor Corp.† | 15,140 | 2,546,245 | ||||||
Delta Apparel, Inc.† | 3,197 | 89,452 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) | ||||||||
Kontoor Brands, Inc.# | 22,890 | $ | 820,607 | |||||
Oxford Industries, Inc.# | 8,609 | 640,682 | ||||||
Superior Group of Cos., Inc. | 5,510 | 73,999 | ||||||
Vince Holding Corp.† | 1,596 | 36,181 | ||||||
4,233,268 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,398 | 66,805 | ||||||
iRobot Corp.†# | 14,201 | 618,595 | ||||||
685,400 | ||||||||
Applications Software — 0.6% |
| |||||||
Appfolio, Inc., Class A†# | 8,131 | 918,152 | ||||||
Brightcove, Inc.† | 19,842 | 177,387 | ||||||
Digi International, Inc.† | 14,363 | 256,236 | ||||||
Ebix, Inc.# | 12,038 | 418,682 | ||||||
Five9, Inc.† | 30,953 | 2,110,066 | ||||||
GTY Technology Holdings, Inc.†# | 20,506 | 101,095 | ||||||
Ideanomics, Inc.† | 26,465 | 24,091 | ||||||
Immersion Corp.† | 16,131 | 108,884 | ||||||
Model N, Inc.† | 16,797 | 510,965 | ||||||
PDF Solutions, Inc.† | 14,625 | 231,660 | ||||||
Upland Software, Inc.† | 11,846 | 458,559 | ||||||
Verra Mobility Corp.†# | 59,967 | 897,706 | ||||||
6,213,483 | ||||||||
Athletic Equipment — 0.2% |
| |||||||
Clarus Corp. | 12,125 | 152,654 | ||||||
Fox Factory Holding Corp.† | 19,471 | 1,283,723 | ||||||
Vista Outdoor, Inc.† | 29,918 | 247,721 | ||||||
YETI Holdings, Inc.† | 20,942 | 666,374 | ||||||
2,350,472 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 18,960 | 116,794 | ||||||
Sonos, Inc.† | 36,544 | 506,134 | ||||||
Universal Electronics, Inc.† | 6,954 | 386,642 | ||||||
1,009,570 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc.# | 16,894 | 1,240,020 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 7,833 | 159,401 | ||||||
Navistar International Corp.† | 25,658 | 837,734 | ||||||
REV Group, Inc. | 14,053 | 182,689 | ||||||
1,179,824 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 27,772 | 437,409 | ||||||
Auto/Truck Parts & Equipment - Original — 0.8% |
| |||||||
Adient PLC† | 45,380 | 992,007 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 57,958 | 571,466 | ||||||
Cooper-Standard Holdings, Inc.† | 8,676 | 246,659 | ||||||
Dana, Inc. | 74,754 | 1,267,080 | ||||||
Dorman Products, Inc.† | 13,946 | 1,036,467 | ||||||
Gentherm, Inc.† | 17,106 | 715,886 | ||||||
Meritor, Inc.† | 41,060 | 1,036,765 | ||||||
Methode Electronics, Inc. | 18,910 | 703,641 | ||||||
Miller Industries, Inc. | 5,717 | 209,528 | ||||||
Modine Manufacturing Co.† | 25,625 | 190,137 | ||||||
Spartan Motors, Inc. | 17,754 | 315,133 | ||||||
Telenav, Inc.† | 16,827 | 96,250 | ||||||
Tenneco, Inc., Class A | 26,258 | 325,337 | ||||||
Titan International, Inc. | 25,950 | 76,034 |
181 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Auto/Truck Parts & Equipment - Original (continued) | ||||||||
Visteon Corp.†# | 14,452 | $ | 1,351,696 | |||||
9,134,086 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Commercial Vehicle Group, Inc.† | 15,715 | 112,205 | ||||||
Douglas Dynamics, Inc. | 11,593 | 627,297 | ||||||
Motorcar Parts of America, Inc.† | 9,673 | 188,720 | ||||||
Standard Motor Products, Inc. | 10,896 | 548,832 | ||||||
1,477,054 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 6,908 | 577,302 | ||||||
Banks - Commercial — 8.7% |
| |||||||
1st Constitution Bancorp | 3,880 | 79,074 | ||||||
1st Source Corp. | 7,301 | 375,344 | ||||||
ACNB Corp. | 3,539 | 124,644 | ||||||
Allegiance Bancshares, Inc.†# | 10,072 | 361,383 | ||||||
Amalgamated Bank, Class A | 7,169 | 137,071 | ||||||
Amerant Bancorp, Inc.† | 10,010 | 220,620 | ||||||
American National Bankshares, Inc. | 5,535 | 209,389 | ||||||
Ameris Bancorp | 31,621 | 1,380,257 | ||||||
Ames National Corp. | 4,592 | 129,448 | ||||||
Arrow Financial Corp. | 6,601 | 236,712 | ||||||
Atlantic Capital Bancshares, Inc.† | 11,580 | 219,094 | ||||||
Atlantic Union Bankshares Corp. | 42,058 | 1,589,792 | ||||||
BancFirst Corp. | 9,635 | 569,332 | ||||||
Bancorp, Inc.† | 25,984 | 288,163 | ||||||
BancorpSouth Bank | 49,529 | 1,540,352 | ||||||
Bank First Corp. | 2,989 | 202,983 | ||||||
Bank of Commerce Holdings | 8,967 | 102,672 | ||||||
Bank of Marin Bancorp | 6,926 | 312,570 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 28,312 | 978,180 | ||||||
Bank of Princeton# | 2,906 | 83,286 | ||||||
Bank7 Corp. | 1,948 | 36,837 | ||||||
Bankwell Financial Group, Inc. | 3,440 | 100,723 | ||||||
Banner Corp. | 17,592 | 961,051 | ||||||
Bar Harbor Bankshares | 7,892 | 202,351 | ||||||
Baycom Corp.† | 5,627 | 123,569 | ||||||
BCB Bancorp, Inc. | 7,217 | 97,718 | ||||||
Bridge Bancorp, Inc. | 8,437 | 275,721 | ||||||
Bridgewater Bancshares, Inc.† | 11,567 | 147,826 | ||||||
Bryn Mawr Bank Corp. | 10,293 | 404,206 | ||||||
Business First Bancshares, Inc. | 6,457 | 158,842 | ||||||
Byline Bancorp, Inc.† | 12,055 | 221,691 | ||||||
C&F Financial Corp. | 1,682 | 94,697 | ||||||
Cadence BanCorp | 64,982 | 1,072,853 | ||||||
Cambridge Bancorp | 2,220 | 172,938 | ||||||
Camden National Corp. | 7,936 | 344,740 | ||||||
Capital Bancorp, Inc.† | 4,115 | 61,314 | ||||||
Capital City Bank Group, Inc. | 6,951 | 201,092 | ||||||
Capstar Financial Holdings, Inc. | 7,555 | 126,924 | ||||||
Carolina Financial Corp. | 10,829 | 457,958 | ||||||
Carter Bank & Trust† | 11,718 | 247,484 | ||||||
Cathay General Bancorp | 39,686 | 1,461,239 | ||||||
CenterState Bank Corp. | 64,351 | 1,636,446 | ||||||
Central Pacific Financial Corp. | 14,439 | 419,597 | ||||||
Central Valley Community Bancorp | 5,935 | 125,229 | ||||||
Century Bancorp, Inc., Class A | 1,468 | 128,083 | ||||||
Chemung Financial Corp. | 1,837 | 84,079 | ||||||
Citizens & Northern Corp. | 6,206 | 163,218 | ||||||
City Holding Co. | 8,322 | 661,433 | ||||||
Civista Bancshares, Inc. | 7,936 | 172,052 | ||||||
CNB Financial Corp. | 7,512 | 237,830 | ||||||
Coastal Financial Corp.† | 4,015 | 68,215 | ||||||
Codorus Valley Bancorp, Inc. | 4,980 | 107,123 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
Colony Bankcorp, Inc. | 3,843 | $ | 62,295 | |||||
Columbia Banking System, Inc. | 38,039 | 1,486,564 | ||||||
Community Bank System, Inc. | 26,313 | 1,785,337 | ||||||
Community Financial Corp. | 2,532 | 87,278 | ||||||
Community Trust Bancorp, Inc. | 8,003 | 359,655 | ||||||
ConnectOne Bancorp, Inc. | 17,139 | 431,731 | ||||||
CrossFirst Bankshares, Inc.†# | 3,437 | 45,575 | ||||||
Customers Bancorp, Inc.† | 14,673 | 343,055 | ||||||
CVB Financial Corp. | 69,098 | 1,475,933 | ||||||
DNB Financial Corp. | 1,798 | 83,050 | ||||||
Eagle Bancorp, Inc. | 17,422 | 773,885 | ||||||
Enterprise Bancorp, Inc. | 4,638 | 147,906 | ||||||
Enterprise Financial Services Corp. | 12,748 | 576,210 | ||||||
Equity Bancshares, Inc., Class A† | 7,692 | 226,529 | ||||||
Esquire Financial Holdings, Inc.† | 3,298 | 78,954 | ||||||
Evans Bancorp, Inc. | 2,443 | 99,406 | ||||||
Farmers & Merchants Bancorp, Inc. | 5,217 | 135,381 | ||||||
Farmers National Banc Corp. | 13,251 | 203,270 | ||||||
FB Financial Corp. | 8,805 | 338,993 | ||||||
Fidelity D&D Bancorp, Inc.# | 1,445 | 94,763 | ||||||
Financial Institutions, Inc. | 8,007 | 260,868 | ||||||
First Bancorp, Inc. | 5,302 | 151,001 | ||||||
First Bancorp/North Carolina | 15,163 | 592,873 | ||||||
First BanCorp/Puerto Rico | 111,085 | 1,166,393 | ||||||
First Bancshares, Inc. | 8,580 | 287,945 | ||||||
First Bank# | 8,593 | 93,062 | ||||||
First Busey Corp. | 26,857 | 714,396 | ||||||
First Business Financial Services, Inc. | 4,270 | 106,665 | ||||||
First Choice Bancorp | 5,219 | 118,784 | ||||||
First Commonwealth Financial Corp. | 50,642 | 719,623 | ||||||
First Community Bankshares, Inc. | 7,943 | 242,182 | ||||||
First Financial Bancorp | 50,441 | 1,226,725 | ||||||
First Financial Bankshares, Inc.# | 67,323 | 2,327,356 | ||||||
First Financial Corp. | 6,776 | 299,635 | ||||||
First Foundation, Inc. | �� | 20,229 | 331,553 | |||||
First Guaranty Bancshares, Inc. | 2,425 | 52,138 | ||||||
First Internet Bancorp | 5,002 | 113,545 | ||||||
First Interstate BancSystem, Inc., Class A | 19,586 | 824,571 | ||||||
First Merchants Corp. | 28,247 | 1,143,721 | ||||||
First Mid Bancshares, Inc. | 7,529 | 263,364 | ||||||
First Midwest Bancorp, Inc. | 55,134 | 1,188,689 | ||||||
First Northwest Bancorp | 4,639 | 81,786 | ||||||
First of Long Island Corp. | 12,394 | 300,307 | ||||||
FNCB Bancorp, Inc. | 8,852 | 71,878 | ||||||
Franklin Financial Network, Inc. | 6,785 | 231,640 | ||||||
Franklin Financial Services Corp. | 2,143 | 80,320 | ||||||
Fulton Financial Corp. | 84,121 | 1,443,516 | ||||||
FVCBankcorp, Inc.† | 6,278 | 107,542 | ||||||
German American Bancorp, Inc. | 12,815 | 431,866 | ||||||
Glacier Bancorp, Inc. | 44,953 | 1,971,189 | ||||||
Great Southern Bancorp, Inc. | 5,730 | 349,702 | ||||||
Great Western Bancorp, Inc. | 29,612 | 1,017,764 | ||||||
Guaranty Bancshares, Inc. | 4,207 | 139,041 | ||||||
Hancock Whitney Corp. | 46,684 | 1,895,837 | ||||||
Hanmi Financial Corp. | 15,675 | 307,700 | ||||||
HarborOne Bancorp, Inc.† | 13,566 | 143,935 | ||||||
Hawthorn Bancshares, Inc. | 2,927 | 71,214 | ||||||
Heartland Financial USA, Inc. | 17,992 | 849,582 | ||||||
Heritage Commerce Corp. | 21,606 | 270,075 | ||||||
Heritage Financial Corp. | 18,964 | 523,027 | ||||||
Hilltop Holdings, Inc. | 37,038 | 912,246 | ||||||
Home BancShares, Inc. | 80,302 | 1,511,284 | ||||||
HomeStreet, Inc.† | 11,604 | 370,400 | ||||||
Hope Bancorp, Inc. | 62,418 | 905,685 | ||||||
Horizon Bancorp | 19,311 | 363,433 |
182 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Banks - Commercial (continued) | ||||||||
Howard Bancorp, Inc.† | 6,667 | $ | 111,072 | |||||
IBERIABANK Corp. | 27,012 | 1,971,606 | ||||||
Independent Bank Corp./Massachusetts | 17,185 | 1,446,977 | ||||||
Independent Bank Corp./Michigan | 11,196 | 250,231 | ||||||
International Bancshares Corp. | 28,785 | 1,221,060 | ||||||
Investar Holding Corp. | 4,815 | 120,471 | ||||||
Kearny Financial Corp. | 42,432 | 598,291 | ||||||
Lakeland Bancorp, Inc. | 25,216 | 420,603 | ||||||
Lakeland Financial Corp. | 12,751 | 600,827 | ||||||
LCNB Corp. | 6,289 | 116,284 | ||||||
Level One Bancorp, Inc. | 2,663 | 65,217 | ||||||
Live Oak Bancshares, Inc.# | 13,178 | 240,499 | ||||||
Luther Burbank Corp. | 10,326 | 119,369 | ||||||
Macatawa Bank Corp. | 13,457 | 144,124 | ||||||
Mackinac Financial Corp. | 4,770 | 75,080 | ||||||
MainStreet Bancshares, Inc.† | 3,674 | 80,571 | ||||||
Mercantile Bank Corp. | 8,301 | 292,610 | ||||||
Merchants Bancorp | 4,460 | 80,191 | ||||||
Meta Financial Group, Inc. | 18,270 | 649,864 | ||||||
Metropolitan Bank Holding Corp.† | 3,630 | 163,677 | ||||||
Mid Penn Bancorp, Inc. | 3,567 | 96,202 | ||||||
Midland States Bancorp, Inc. | 11,349 | 318,680 | ||||||
MidWestOne Financial Group, Inc. | 6,141 | 208,794 | ||||||
MVB Financial Corp. | 4,882 | 103,987 | ||||||
National Bankshares, Inc. | 3,269 | 140,175 | ||||||
NBT Bancorp, Inc. | 22,091 | 883,640 | ||||||
Nicolet Bankshares, Inc.† | 4,240 | 307,230 | ||||||
Northeast Bank | 3,877 | 83,743 | ||||||
Northrim BanCorp, Inc. | 3,406 | 127,623 | ||||||
Norwood Financial Corp. | 2,987 | 104,545 | ||||||
Oak Valley Bancorp | 3,541 | 66,323 | ||||||
OFG Bancorp | 26,171 | 561,368 | ||||||
Ohio Valley Banc Corp. | 2,143 | 80,727 | ||||||
Old National Bancorp | 88,630 | 1,602,430 | ||||||
Old Second Bancorp, Inc. | 15,007 | 185,336 | ||||||
OP Bancorp | 6,790 | 66,406 | ||||||
Opus Bank | 11,326 | 291,191 | ||||||
Origin Bancorp, Inc.# | 9,886 | 352,634 | ||||||
Orrstown Financial Services, Inc. | 5,299 | 116,154 | ||||||
Pacific Mercantile Bancorp† | 10,064 | 72,058 | ||||||
Park National Corp. | 6,866 | 688,866 | ||||||
PCB Bancorp | 6,406 | 109,671 | ||||||
PCSB Financial Corp. | 8,380 | 170,952 | ||||||
Peapack Gladstone Financial Corp. | 9,784 | 292,542 | ||||||
Penns Woods Bancorp, Inc. | 3,549 | 112,397 | ||||||
People’s Utah Bancorp | 8,112 | 238,087 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,382 | 75,033 | ||||||
Peoples Bancorp, Inc. | 9,311 | 304,563 | ||||||
Peoples Financial Services Corp. | 3,566 | 175,162 | ||||||
Pioneer Bancorp, Inc.† | 5,714 | 75,882 | ||||||
Preferred Bank | 7,264 | 400,610 | ||||||
Premier Financial Bancorp, Inc. | 6,746 | 122,440 | ||||||
Provident Bancorp, Inc.† | 4,460 | 52,628 | ||||||
QCR Holdings, Inc. | 7,635 | 319,143 | ||||||
RBB Bancorp | 8,399 | 168,148 | ||||||
Red River Bancshares, Inc.† | 360 | 18,180 | ||||||
Reliant Bancorp, Inc. | 5,283 | 118,022 | ||||||
Renasant Corp. | 29,497 | 1,044,194 | ||||||
Republic Bancorp, Inc., Class A | 5,015 | 231,693 | ||||||
Republic First Bancorp, Inc.† | 22,597 | 89,484 | ||||||
Richmond Mutual Bancorp., Inc.†# | 6,799 | 98,653 | ||||||
S&T Bancorp, Inc. | 17,471 | 659,006 | ||||||
Sandy Spring Bancorp, Inc. | 18,196 | 643,411 | ||||||
SB One Bancorp | 4,235 | 100,115 | ||||||
Seacoast Banking Corp. of Florida† | 26,123 | 777,159 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) | ||||||||
Select Bancorp, Inc.† | 8,482 | $ | 101,190 | |||||
ServisFirst Bancshares, Inc. | 24,616 | 895,038 | ||||||
Shore Bancshares, Inc. | 6,541 | 109,496 | ||||||
Sierra Bancorp | 7,322 | 196,230 | ||||||
Simmons First National Corp., Class A | 46,980 | 1,217,252 | ||||||
SmartFinancial, Inc. | 6,585 | 150,138 | ||||||
South Plains Financial, Inc. | 1,815 | 34,449 | ||||||
South State Corp. | 17,526 | 1,459,565 | ||||||
Southern First Bancshares, Inc.† | 3,610 | 154,616 | ||||||
Southern National Bancorp of Virginia, Inc. | 10,199 | 162,470 | ||||||
Southside Bancshares, Inc. | 16,591 | 582,510 | ||||||
Spirit of Texas Bancshares, Inc.† | 6,966 | 159,103 | ||||||
Sterling Bancorp, Inc. | 8,558 | 82,927 | ||||||
Stock Yards Bancorp, Inc. | 10,486 | 434,016 | ||||||
Summit Financial Group, Inc. | 5,683 | 153,157 | ||||||
Tompkins Financial Corp. | 7,519 | 652,273 | ||||||
Towne Bank | 34,489 | 970,865 | ||||||
TriCo Bancshares | 13,848 | 535,225 | ||||||
TriState Capital Holdings, Inc.† | 12,638 | 306,219 | ||||||
Triumph Bancorp, Inc.† | 12,502 | 448,322 | ||||||
TrustCo Bank Corp. | 49,207 | 432,037 | ||||||
Trustmark Corp. | 33,291 | 1,143,879 | ||||||
UMB Financial Corp. | 22,935 | 1,542,837 | ||||||
United Bankshares, Inc. | 50,503 | 1,912,549 | ||||||
United Community Banks, Inc. | 40,767 | 1,263,777 | ||||||
United Security Bancshares | 6,968 | 72,746 | ||||||
Unity Bancorp, Inc. | 4,080 | 90,372 | ||||||
Univest Financial Corp. | 14,884 | 388,621 | ||||||
Valley National Bancorp | 167,983 | 1,945,243 | ||||||
Veritex Holdings, Inc. | 26,830 | 697,848 | ||||||
Washington Trust Bancorp, Inc. | 7,824 | 408,335 | ||||||
WesBanco, Inc. | 33,528 | 1,223,114 | ||||||
West Bancorporation, Inc. | 8,275 | 200,917 | ||||||
Westamerica Bancorporation | 13,490 | 876,850 | ||||||
Western New England Bancorp, Inc. | 12,331 | 120,967 | ||||||
98,076,337 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Parke Bancorp, Inc. | 4,659 | 111,490 | ||||||
Union Bankshares, Inc. | 2,014 | 68,436 | ||||||
179,926 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Flagstar Bancorp, Inc. | 14,762 | 550,032 | ||||||
Walker & Dunlop, Inc. | 14,332 | 940,753 | ||||||
1,490,785 | ||||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 18,450 | 1,063,273 | ||||||
National Bank Holdings Corp., Class A | 15,264 | 547,062 | ||||||
1,610,335 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 22,084 | 1,549,634 | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Celsius Holdings, Inc.†# | 13,003 | 63,064 | ||||||
Coca-Cola Consolidated, Inc. | 2,431 | 656,759 | ||||||
National Beverage Corp.†# | 6,111 | 303,350 | ||||||
New Age Beverages Corp.†# | 38,805 | 83,819 | ||||||
Primo Water Corp.†# | 18,128 | 184,906 | ||||||
1,291,898 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc.# | 6,716 | 306,384 | ||||||
183 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Brewery — 0.2% |
| |||||||
Boston Beer Co., Inc., Class A†# | 4,323 | $ | 1,661,415 | |||||
Craft Brew Alliance, Inc.† | 6,001 | 98,897 | ||||||
1,760,312 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Hemisphere Media Group, Inc.† | 8,749 | 122,486 | ||||||
MSG Networks, Inc., Class A† | 30,281 | 491,763 | ||||||
614,249 | ||||||||
Building & Construction Products - Misc. — 1.1% |
| |||||||
American Woodmark Corp.† | 8,720 | 897,288 | ||||||
Armstrong Flooring, Inc.† | 9,159 | 36,728 | ||||||
Builders FirstSource, Inc.† | 58,983 | 1,498,758 | ||||||
Caesarstone, Ltd.# | 11,666 | 182,690 | ||||||
Forterra, Inc.† | 9,610 | 106,767 | ||||||
Gibraltar Industries, Inc.† | 16,702 | 872,178 | ||||||
Louisiana-Pacific Corp. | 64,260 | 1,905,952 | ||||||
Patrick Industries, Inc.† | 11,671 | 577,948 | ||||||
Select Interior Concepts, Inc., Class A† | 10,734 | 110,560 | ||||||
Simpson Manufacturing Co., Inc. | 23,181 | 1,882,297 | ||||||
Summit Materials, Inc., Class A† | 58,230 | 1,389,950 | ||||||
Trex Co., Inc.†# | 30,409 | 2,616,998 | ||||||
12,078,114 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
Comfort Systems USA, Inc. | 18,822 | 961,804 | ||||||
Concrete Pumping Holdings, Inc.†# | 8,320 | 39,936 | ||||||
EMCOR Group, Inc. | 28,888 | 2,569,010 | ||||||
IES Holdings, Inc.† | 4,270 | 92,616 | ||||||
MYR Group, Inc.† | 8,330 | 286,219 | ||||||
NV5 Global, Inc.† | 5,358 | 257,666 | ||||||
TopBuild Corp.† | 17,561 | 1,936,627 | ||||||
WillScot Corp.† | 26,725 | 474,636 | ||||||
6,618,514 | ||||||||
Building Products - Air & Heating — 0.1% |
| |||||||
AAON, Inc. | 21,250 | 1,049,113 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Continental Building Products, Inc.† | 18,007 | 662,478 | ||||||
US Concrete, Inc.† | 8,267 | 338,368 | ||||||
1,000,846 | ||||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 13,539 | 517,731 | ||||||
Cornerstone Building Brands, Inc.† | 23,793 | 164,172 | ||||||
Griffon Corp. | 18,882 | 400,676 | ||||||
JELD-WEN Holding, Inc.† | 34,947 | 795,044 | ||||||
Masonite International Corp.† | 12,881 | 924,856 | ||||||
PGT Innovations, Inc.† | 29,364 | 422,254 | ||||||
3,224,733 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 20,097 | 762,078 | ||||||
Universal Forest Products, Inc. | 30,813 | 1,528,325 | ||||||
2,290,403 | ||||||||
Building - Heavy Construction — 0.6% |
| |||||||
Aegion Corp.† | 15,763 | 341,427 | ||||||
Arcosa, Inc. | 25,192 | 987,778 | ||||||
Construction Partners, Inc., Class A† | 6,495 | 128,601 | ||||||
Dycom Industries, Inc.† | 15,733 | 818,903 | ||||||
Granite Construction, Inc. | 24,270 | 625,195 | ||||||
Great Lakes Dredge & Dock Corp.† | 31,534 | 336,783 | ||||||
MasTec, Inc.†# | 31,060 | 2,060,520 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction (continued) | ||||||||
Primoris Services Corp. | 22,930 | $ | 504,919 | |||||
Sterling Construction Co., Inc.† | 13,509 | 196,826 | ||||||
Tutor Perini Corp.†# | 20,640 | 328,795 | ||||||
6,329,747 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 34,455 | 1,308,945 | ||||||
BrightView Holdings, Inc.† | 16,144 | 258,950 | ||||||
1,567,895 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Cavco Industries, Inc.† | 4,457 | 891,445 | ||||||
LCI Industries | 12,627 | 1,344,270 | ||||||
Skyline Champion Corp.† | 26,048 | 864,273 | ||||||
Winnebago Industries, Inc. | 16,096 | 765,043 | ||||||
3,865,031 | ||||||||
Building - Residential/Commercial — 0.9% |
| |||||||
Beazer Homes USA, Inc.† | 14,874 | 227,870 | ||||||
Century Communities, Inc.† | 13,565 | 386,602 | ||||||
Forestar Group, Inc.† | 5,451 | 111,200 | ||||||
Green Brick Partners, Inc.† | 12,581 | 143,549 | ||||||
Installed Building Products, Inc.† | 11,720 | 840,324 | ||||||
KB Home | 44,369 | 1,534,280 | ||||||
LGI Homes, Inc.† | 10,366 | 749,151 | ||||||
M/I Homes, Inc.† | 13,740 | 608,270 | ||||||
MDC Holdings, Inc. | 25,684 | 1,016,316 | ||||||
Meritage Homes Corp.† | 18,747 | 1,247,425 | ||||||
Taylor Morrison Home Corp., Class A† | 54,460 | 1,264,561 | ||||||
TRI Pointe Group, Inc.† | 73,144 | 1,139,584 | ||||||
William Lyon Homes, Class A† | 16,442 | 343,309 | ||||||
9,612,441 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Latin America, Ltd., Class A† | 23,930 | 425,954 | ||||||
Liberty Latin America, Ltd., Class C† | 58,905 | 1,056,756 | ||||||
WideOpenWest, Inc.† | 12,749 | 78,151 | ||||||
1,560,861 | ||||||||
Capacitors — 0.1% |
| |||||||
KEMET Corp. | 29,458 | 787,118 | ||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 41,702 | 1,226,456 | ||||||
Century Casinos, Inc.† | 14,101 | 114,218 | ||||||
1,340,674 | ||||||||
Casino Services — 0.3% |
| |||||||
Eldorado Resorts, Inc.†# | 34,090 | 1,824,156 | ||||||
Everi Holdings, Inc.† | 35,555 | 478,926 | ||||||
Scientific Games Corp.† | 28,864 | 789,719 | ||||||
3,092,801 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
ATN International, Inc. | 5,726 | 321,515 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 14,438 | 292,081 | ||||||
Codexis, Inc.†# | 27,354 | 425,081 | ||||||
Innophos Holdings, Inc. | 10,147 | 323,689 | ||||||
Innospec, Inc. | 12,578 | 1,237,675 | ||||||
Koppers Holdings, Inc.† | 9,737 | 360,756 | ||||||
Orion Engineered Carbons SA | 31,184 | 566,925 | ||||||
Quaker Chemical Corp. | 6,790 | 1,013,272 | ||||||
4,219,479 | ||||||||
184 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 25,252 | $ | 98,988 | |||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 14,926 | 240,309 | ||||||
Chemicals - Plastics — 0.1% |
| |||||||
A. Schulman, Inc. CVR†(1) | 15,061 | 4,492 | ||||||
PolyOne Corp. | 39,710 | 1,252,056 | ||||||
1,256,548 | ||||||||
Chemicals - Specialty — 1.2% |
| |||||||
Amyris, Inc.† | 19,275 | 77,486 | ||||||
Balchem Corp. | 16,662 | 1,660,035 | ||||||
Ferro Corp.† | 42,233 | 609,000 | ||||||
GCP Applied Technologies, Inc.† | 27,991 | 626,159 | ||||||
H.B. Fuller Co. | 26,354 | 1,314,538 | ||||||
Hawkins, Inc. | 5,045 | 208,459 | ||||||
Ingevity Corp.† | 21,758 | 1,964,965 | ||||||
Kraton Corp.† | 16,197 | 364,918 | ||||||
Materion Corp. | 10,504 | 618,265 | ||||||
Minerals Technologies, Inc. | 18,229 | 984,366 | ||||||
Oil-Dri Corp. of America | 2,682 | 97,330 | ||||||
OMNOVA Solutions, Inc.† | 22,670 | 229,420 | ||||||
PQ Group Holdings, Inc.† | 19,600 | 310,856 | ||||||
Rogers Corp.† | 9,575 | 1,244,941 | ||||||
Sensient Technologies Corp. | 21,924 | 1,387,570 | ||||||
Stepan Co. | 10,592 | 1,026,365 | ||||||
Tronox Holdings PLC, Class A | 47,233 | 546,958 | ||||||
Valhi, Inc. | 14,984 | 29,069 | ||||||
13,300,700 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.† | 51,254 | 687,316 | ||||||
Coal — 0.2% |
| |||||||
Advanced Emissions Solutions, Inc.# | 8,515 | 86,597 | ||||||
Arch Coal, Inc., Class A# | 8,434 | 625,044 | ||||||
CONSOL Energy, Inc.† | 14,053 | 179,316 | ||||||
Hallador Energy Co. | 10,518 | 31,449 | ||||||
NACCO Industries, Inc., Class A | 1,908 | 89,867 | ||||||
Peabody Energy Corp. | 35,459 | 343,243 | ||||||
Ramaco Resources, Inc.† | 4,233 | 14,477 | ||||||
SunCoke Energy, Inc. | 39,689 | 203,208 | ||||||
Warrior Met Coal, Inc. | 26,749 | 549,157 | ||||||
2,122,358 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 11,721 | 161,398 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Brothers Co.† | 5,478 | 83,101 | ||||||
Youngevity International, Inc.†# | 4,458 | 19,660 | ||||||
102,761 | ||||||||
Commercial Services — 0.7% |
| |||||||
Acacia Research Corp.† | 25,137 | 74,657 | ||||||
Care.com, Inc.† | 11,164 | 139,885 | ||||||
Collectors Universe, Inc. | 4,144 | 108,863 | ||||||
Emerald Expositions Events, Inc. | 12,789 | 128,018 | ||||||
Forrester Research, Inc. | 5,508 | 219,934 | ||||||
Harsco Corp.† | 41,169 | 916,010 | ||||||
Healthcare Services Group, Inc.# | 38,486 | 967,923 | ||||||
HMS Holdings Corp.† | 44,914 | 1,356,403 | ||||||
LiveRamp Holdings, Inc.† | 34,686 | 1,737,422 | ||||||
Medifast, Inc.# | 5,874 | 516,383 | ||||||
National Research Corp. | 6,224 | 401,510 | ||||||
SP Plus Corp.† | 11,802 | 517,518 |
Security Description | Shares | Value (Note 2) | ||||||
Commercial Services (continued) | ||||||||
Team, Inc.†# | 15,412 | $ | 249,212 | |||||
WW International, Inc.† | 24,182 | 1,046,839 | ||||||
8,380,577 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics PLC, Class A† | 19,324 | 815,859 | ||||||
Cass Information Systems, Inc. | 7,287 | 411,497 | ||||||
CBIZ, Inc.† | 26,549 | 713,106 | ||||||
EVERTEC, Inc. | 31,383 | 1,017,437 | ||||||
Evo Payments, Inc., Class A† | 18,351 | 515,113 | ||||||
Green Dot Corp., Class A† | 25,032 | 594,760 | ||||||
International Money Express, Inc.† | 7,035 | 95,606 | ||||||
PRGX Global, Inc.† | 10,783 | 48,524 | ||||||
Priority Technology Holdings, Inc.† | 3,391 | 11,563 | ||||||
4,223,465 | ||||||||
Communications Software — 0.1% |
| |||||||
Avaya Holdings Corp.† | 57,390 | 732,870 | ||||||
Pareteum Corp.†# | 55,578 | 24,232 | ||||||
757,102 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Altair Engineering, Inc., Class A†# | 20,319 | 673,981 | ||||||
Computer Data Security — 0.5% |
| |||||||
ForeScout Technologies, Inc.†# | 21,459 | 768,876 | ||||||
OneSpan, Inc.† | 16,949 | 316,099 | ||||||
Qualys, Inc.† | 17,597 | 1,539,913 | ||||||
Rapid7, Inc.† | 25,222 | 1,414,198 | ||||||
SecureWorks Corp., Class A†# | 4,341 | 49,227 | ||||||
Tenable Holdings, Inc.† | 19,156 | 520,085 | ||||||
Varonis Systems, Inc.† | 15,343 | 1,198,442 | ||||||
5,806,840 | ||||||||
Computer Services — 1.2% |
| |||||||
Carbonite, Inc.†# | 17,133 | 394,059 | ||||||
Conduent, Inc.† | 89,552 | 606,267 | ||||||
ExlService Holdings, Inc.† | 17,348 | 1,211,064 | ||||||
Insight Enterprises, Inc.† | 18,339 | 1,202,855 | ||||||
MAXIMUS, Inc. | 32,917 | 2,457,254 | ||||||
Parsons Corp.† | 9,943 | 398,018 | ||||||
Perspecta, Inc. | 73,180 | 2,018,304 | ||||||
Presidio, Inc. | 23,863 | 393,978 | ||||||
Rimini Street, Inc.† | 10,399 | 41,284 | ||||||
Science Applications International Corp. | 30,719 | 2,621,867 | ||||||
StarTek, Inc.† | 8,587 | 68,181 | ||||||
Sykes Enterprises, Inc.† | 19,784 | 695,210 | ||||||
TTEC Holdings, Inc. | 7,410 | 340,341 | ||||||
Unisys Corp.† | 26,358 | 299,954 | ||||||
Virtusa Corp.† | 15,047 | 672,451 | ||||||
13,421,087 | ||||||||
Computer Software — 1.0% |
| |||||||
Avid Technology, Inc.† | 14,662 | 115,390 | ||||||
Bandwidth, Inc., Class A†# | 8,317 | 465,170 | ||||||
Box, Inc., Class A† | 74,149 | 1,352,478 | ||||||
Cision, Ltd.† | 47,379 | 470,947 | ||||||
Cloudera, Inc.†# | 122,155 | 1,206,891 | ||||||
Cornerstone OnDemand, Inc.† | 29,480 | 1,818,032 | ||||||
Envestnet, Inc.† | 24,724 | 1,760,596 | ||||||
j2 Global, Inc.# | 24,133 | 2,341,384 | ||||||
Simulations Plus, Inc. | 6,181 | 206,569 | ||||||
TiVo Corp. | 63,455 | 495,583 | ||||||
Yext, Inc.†# | 48,095 | 830,120 | ||||||
Zuora, Inc., Class A† | 44,964 | 716,726 | ||||||
11,779,886 | ||||||||
185 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Computers — 0.0% |
| |||||||
Inspired Entertainment, Inc.† | 4,577 | $ | 31,993 | |||||
Computers - Integrated Systems — 0.3% |
| |||||||
Agilysys, Inc.† | 10,706 | 271,183 | ||||||
Cubic Corp. | 16,179 | 963,459 | ||||||
Diebold Nixdorf, Inc.†# | 39,737 | 288,888 | ||||||
MTS Systems Corp. | 9,293 | 422,088 | ||||||
NetScout Systems, Inc.† | 37,673 | 949,360 | ||||||
PAR Technology Corp.†# | 5,984 | 180,059 | ||||||
3,075,037 | ||||||||
Computers - Other — 0.4% |
| |||||||
3D Systems Corp.† | 59,515 | 505,283 | ||||||
Lumentum Holdings, Inc.† | 39,585 | 2,915,831 | ||||||
PlayAGS, Inc.† | 13,766 | 158,171 | ||||||
Stratasys, Ltd.† | 26,605 | 490,596 | ||||||
4,069,881 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Mitek Systems, Inc.† | 19,088 | 136,097 | ||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.†# | 16,113 | 349,652 | ||||||
Consulting Services — 0.5% |
| |||||||
CRA International, Inc. | 3,969 | 203,491 | ||||||
Franklin Covey Co.† | 5,041 | 186,063 | ||||||
FTI Consulting, Inc.† | 19,272 | 2,100,455 | ||||||
GP Strategies Corp.† | 6,614 | 83,998 | ||||||
Hackett Group, Inc. | 12,651 | 193,940 | ||||||
Huron Consulting Group, Inc.† | 11,603 | 777,981 | ||||||
ICF International, Inc. | 9,391 | 842,654 | ||||||
Information Services Group, Inc.† | 18,459 | 45,409 | ||||||
Kelly Services, Inc., Class A | 17,138 | 375,494 | ||||||
R1 RCM, Inc.† | 53,705 | 692,257 | ||||||
Vectrus, Inc.† | 5,842 | 297,592 | ||||||
5,799,334 | ||||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Central Garden & Pet Co.†# | 5,419 | 142,953 | ||||||
Central Garden & Pet Co., Class A† | 21,739 | 543,692 | ||||||
Helen of Troy, Ltd.† | 12,995 | 2,097,653 | ||||||
Quanex Building Products Corp. | 17,073 | 332,241 | ||||||
WD-40 Co.# | 7,111 | 1,373,205 | ||||||
4,489,744 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 13,385 | 577,563 | ||||||
Greif, Inc., Class B | 3,119 | 168,956 | ||||||
746,519 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Matthews International Corp., Class A | 15,954 | 611,836 | ||||||
UFP Technologies, Inc.† | 3,496 | 162,040 | ||||||
773,876 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.† | 13,576 | 224,954 | ||||||
Edgewell Personal Care Co.† | 27,974 | 871,670 | ||||||
Inter Parfums, Inc. | 9,108 | 642,023 | ||||||
Revlon, Inc., Class A†# | 3,572 | 88,621 | ||||||
1,827,268 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 11,877 | 184,094 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Bottomline Technologies, Inc.† | 22,173 | 1,097,342 |
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management (continued) | ||||||||
CommVault Systems, Inc.† | 20,897 | $ | 1,057,806 | |||||
CSG Systems International, Inc. | 17,021 | 973,431 | ||||||
3,128,579 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc.# | 43,260 | 841,840 | ||||||
Diagnostic Equipment — 0.4% |
| |||||||
Accelerate Diagnostics, Inc.†# | 14,112 | 210,833 | ||||||
BioTelemetry, Inc.† | 17,171 | 795,189 | ||||||
GenMark Diagnostics, Inc.† | 28,172 | 157,200 | ||||||
OPKO Health, Inc.†# | 184,520 | 293,387 | ||||||
Quanterix Corp.†# | 6,724 | 170,319 | ||||||
Repligen Corp.† | 26,772 | 2,376,015 | ||||||
4,002,943 | ||||||||
Diagnostic Kits — 0.2% |
| |||||||
Celcuity, Inc.† | 3,044 | 32,571 | ||||||
Meridian Bioscience, Inc. | 21,791 | 199,388 | ||||||
OraSure Technologies, Inc.† | 31,824 | 257,774 | ||||||
Quidel Corp.† | 18,319 | 1,257,050 | ||||||
1,746,783 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 9,491 | 89,785 | ||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.† | 38,821 | 404,903 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
BioLife Solutions, Inc.†# | 3,490 | 58,458 | ||||||
CONMED Corp. | 14,097 | 1,596,767 | ||||||
Merit Medical Systems, Inc.† | 27,724 | 776,272 | ||||||
Utah Medical Products, Inc. | 1,801 | 192,383 | ||||||
2,623,880 | ||||||||
Distribution/Wholesale — 0.7% |
| |||||||
Anixter International, Inc.† | 15,772 | 1,353,868 | ||||||
BlueLinx Holdings, Inc.†# | 4,627 | 47,519 | ||||||
Core-Mark Holding Co., Inc. | 23,442 | 631,762 | ||||||
EVI Industries, Inc.# | 2,351 | 71,870 | ||||||
Fossil Group, Inc.†# | 24,211 | 181,340 | ||||||
G-III Apparel Group, Ltd.† | 23,399 | 692,610 | ||||||
H&E Equipment Services, Inc. | 16,524 | 545,292 | ||||||
ScanSource, Inc.† | 13,366 | 473,424 | ||||||
SiteOne Landscape Supply, Inc.†# | 21,147 | 1,877,008 | ||||||
Systemax, Inc. | 6,399 | 148,201 | ||||||
Titan Machinery, Inc.† | 9,800 | 132,006 | ||||||
Triton International, Ltd. | 28,629 | 1,084,467 | ||||||
Veritiv Corp.† | 6,705 | 122,970 | ||||||
Wesco Aircraft Holdings, Inc.† | 27,555 | 302,003 | ||||||
7,664,340 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
Actuant Corp., Class A | 28,867 | 708,973 | ||||||
Chase Corp. | 3,786 | 445,423 | ||||||
EnPro Industries, Inc. | 10,646 | 706,788 | ||||||
Fabrinet† | 18,866 | 1,141,204 | ||||||
Federal Signal Corp. | 30,919 | 1,018,472 | ||||||
LSB Industries, Inc.†# | 11,635 | 46,075 | ||||||
Lydall, Inc.† | 8,823 | 164,284 | ||||||
NL Industries, Inc.† | 4,328 | 18,351 | ||||||
Standex International Corp. | 6,495 | 501,284 | ||||||
4,750,854 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Covia Holdings Corp.†# | 21,524 | 32,071 |
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Diversified Minerals (continued) | ||||||||
Livent Corp.† | 75,895 | $ | 591,981 | |||||
United States Lime & Minerals, Inc. | 1,038 | 106,779 | ||||||
730,831 | ||||||||
Diversified Operations/Commercial Services — 0.1% |
| |||||||
Viad Corp. | 10,383 | 653,091 | ||||||
Drug Delivery Systems — 0.2% |
| |||||||
Antares Pharma, Inc.† | 83,681 | 395,811 | ||||||
Assertio Therapeutics, Inc.† | 33,367 | 25,359 | ||||||
BioDelivery Sciences International, Inc.† | 43,215 | 294,726 | ||||||
Heron Therapeutics, Inc.†# | 38,186 | 976,034 | ||||||
Revance Therapeutics, Inc.†# | 22,784 | 407,834 | ||||||
Senseonics Holdings, Inc.†# | 63,360 | 65,895 | ||||||
2,165,659 | ||||||||
E-Commerce/Products — 0.1% |
| |||||||
1-800-flowers.com, Inc., Class A† | 12,835 | 172,887 | ||||||
Lands’ End, Inc.†# | 5,496 | 64,743 | ||||||
Overstock.com, Inc.† | 13,911 | 105,585 | ||||||
RealReal, Inc.† | 9,043 | 155,540 | ||||||
Stitch Fix, Inc., Class A†# | 21,699 | 511,662 | ||||||
1,010,417 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Cargurus, Inc.† | 38,409 | 1,539,817 | ||||||
Cars.com, Inc.† | 34,710 | 461,296 | ||||||
ChannelAdvisor Corp.† | 13,813 | 131,085 | ||||||
Eventbrite, Inc., Class A† | 18,905 | 406,646 | ||||||
EverQuote, Inc., Class A† | 4,549 | 160,170 | ||||||
Groupon, Inc.†# | 233,763 | 677,913 | ||||||
Leaf Group, Ltd.† | 8,943 | 33,089 | ||||||
Shutterstock, Inc.† | 9,878 | 410,727 | ||||||
Stamps.com, Inc.† | 8,668 | 756,283 | ||||||
Travelzoo† | 2,720 | 28,098 | ||||||
TrueCar, Inc.†# | 53,588 | 281,337 | ||||||
Upwork, Inc.†# | 29,381 | 342,289 | ||||||
5,228,750 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Cardlytics, Inc.†# | 7,120 | 399,076 | ||||||
comScore, Inc.†# | 25,334 | 103,616 | ||||||
Gannett Co, Inc.# | 60,747 | 386,351 | ||||||
Liquidity Services, Inc.† | 14,172 | 99,062 | ||||||
QuinStreet, Inc.† | 23,439 | 368,930 | ||||||
Rubicon Project, Inc.† | 25,379 | 205,062 | ||||||
1,562,097 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 16,700 | 706,076 | ||||||
Educational Software — 0.1% |
| |||||||
Instructure, Inc.†# | 17,652 | 939,792 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 4,965 | 105,456 | ||||||
nLight, Inc.† | 17,099 | 340,783 | ||||||
Novanta, Inc.† | 17,426 | 1,623,755 | ||||||
2,069,994 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Genie Energy, Ltd., Class B | 7,442 | 60,206 | ||||||
Spark Energy, Inc., Class A# | 6,124 | 67,548 | ||||||
Unitil Corp. | 7,554 | 461,096 | ||||||
588,850 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Generation — 0.2% |
| |||||||
Atlantic Power Corp.† | 55,308 | $ | 130,527 | |||||
Ormat Technologies, Inc. | 20,536 | 1,578,191 | ||||||
1,708,718 | ||||||||
Electric - Integrated — 1.5% |
| |||||||
ALLETE, Inc. | 26,831 | 2,149,431 | ||||||
Ameresco, Inc., Class A† | 11,364 | 185,801 | ||||||
Avista Corp. | 33,961 | 1,605,676 | ||||||
Black Hills Corp. | 31,605 | 2,419,995 | ||||||
El Paso Electric Co. | 21,008 | 1,424,762 | ||||||
MGE Energy, Inc. | 18,061 | 1,400,089 | ||||||
NorthWestern Corp. | 26,214 | 1,876,136 | ||||||
Otter Tail Corp. | 20,404 | 1,003,061 | ||||||
PNM Resources, Inc. | 41,146 | 1,993,524 | ||||||
Portland General Electric Co. | 46,466 | 2,579,328 | ||||||
16,637,803 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Advanced Energy Industries, Inc.† | 19,698 | 1,264,809 | ||||||
Applied Optoelectronics, Inc.†# | 9,834 | 105,224 | ||||||
Atkore International Group, Inc.† | 24,220 | 1,010,458 | ||||||
Bel Fuse, Inc., Class B | 5,107 | 84,623 | ||||||
Benchmark Electronics, Inc. | 19,471 | 671,165 | ||||||
Comtech Telecommunications Corp. | 12,154 | 459,300 | ||||||
IntriCon Corp.†# | 4,246 | 79,910 | ||||||
Kimball Electronics, Inc.† | 12,696 | 222,688 | ||||||
Knowles Corp.† | 42,094 | 921,859 | ||||||
NVE Corp. | 2,469 | 157,004 | ||||||
OSI Systems, Inc.† | 8,615 | 857,106 | ||||||
Plexus Corp.† | 14,957 | 1,135,236 | ||||||
Sanmina Corp.† | 35,027 | 1,114,209 | ||||||
SMART Global Holdings, Inc.† | 6,769 | 208,485 | ||||||
Transcat, Inc.† | 3,575 | 117,224 | ||||||
Vishay Intertechnology, Inc. | 68,657 | 1,365,588 | ||||||
Vishay Precision Group, Inc.† | 5,396 | 185,676 | ||||||
ZAGG, Inc.†# | 14,514 | 111,467 | ||||||
10,072,031 | ||||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
Adesto Technologies Corp.†# | 14,005 | 100,836 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 10,359 | 123,169 | ||||||
Ambarella, Inc.† | 16,341 | 894,506 | ||||||
Amkor Technology, Inc.† | 50,823 | 614,450 | ||||||
AVX Corp. | 24,356 | 495,645 | ||||||
AXT, Inc.† | 19,927 | 62,969 | ||||||
CEVA, Inc.† | 11,236 | 291,237 | ||||||
CTS Corp. | 16,816 | 460,422 | ||||||
Diodes, Inc.† | 21,247 | 980,337 | ||||||
DSP Group, Inc.† | 11,271 | 159,710 | ||||||
GSI Technology, Inc.† | 8,214 | 60,127 | ||||||
Impinj, Inc.† | 7,644 | 241,245 | ||||||
Inphi Corp.† | 23,262 | 1,619,733 | ||||||
Lattice Semiconductor Corp.† | 64,527 | 1,218,915 | ||||||
MACOM Technology Solutions Holdings, Inc.† | 23,775 | 586,529 | ||||||
Photronics, Inc.† | 33,745 | 396,841 | ||||||
Rambus, Inc.† | 57,148 | 745,781 | ||||||
Semtech Corp.† | 34,103 | 1,652,631 | ||||||
Silicon Laboratories, Inc.† | 22,246 | 2,356,519 | ||||||
Synaptics, Inc.†# | 17,407 | 994,984 | ||||||
Xperi Corp. | 25,485 | 504,348 | ||||||
14,560,934 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Badger Meter, Inc. | 14,800 | 917,600 | ||||||
FARO Technologies, Inc.† | 8,915 | 434,339 |
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Electronic Measurement Instruments (continued) | ||||||||
Fitbit, Inc., Class A† | 116,303 | $ | 809,469 | |||||
Itron, Inc.† | 17,746 | 1,421,099 | ||||||
Mesa Laboratories, Inc.# | 1,986 | 464,962 | ||||||
Stoneridge, Inc.† | 13,691 | 412,647 | ||||||
4,460,116 | ||||||||
Electronic Parts Distribution — 0.2% |
| |||||||
Tech Data Corp.† | 18,833 | 2,728,713 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 19,013 | 829,347 | ||||||
Napco Security Technologies, Inc.† | 5,985 | 187,031 | ||||||
Wrap Technologies, Inc.†# | 4,235 | 19,354 | ||||||
1,035,732 | ||||||||
Electronics - Military — 0.2% |
| |||||||
Mercury Systems, Inc.† | 28,074 | 2,056,420 | ||||||
Energy - Alternate Sources — 0.5% |
| |||||||
Clean Energy Fuels Corp.† | 69,511 | 135,546 | ||||||
Enphase Energy, Inc.†# | 47,522 | 1,039,306 | ||||||
FutureFuel Corp. | 13,360 | 149,899 | ||||||
Green Plains, Inc.# | 18,855 | 287,539 | ||||||
Pattern Energy Group, Inc., Class A | 45,704 | 1,257,774 | ||||||
Plug Power, Inc.†# | 122,141 | 476,350 | ||||||
Renewable Energy Group, Inc.†# | 19,044 | 324,891 | ||||||
REX American Resources Corp.† | 2,901 | 266,457 | ||||||
Sunnova Energy International, Inc.†# | 6,942 | 71,364 | ||||||
SunPower Corp.†# | 32,548 | 243,785 | ||||||
Sunrun, Inc.†# | 58,471 | 811,577 | ||||||
TerraForm Power, Inc., Class A | 37,820 | 586,588 | ||||||
TPI Composites, Inc.†# | 14,944 | 269,739 | ||||||
Vivint Solar, Inc.†# | 22,563 | 165,838 | ||||||
6,086,653 | ||||||||
Engineering/R&D Services — 0.4% |
| |||||||
Argan, Inc. | 7,617 | 279,087 | ||||||
Exponent, Inc. | 26,775 | 1,701,551 | ||||||
Iteris, Inc.† | 20,771 | 107,386 | ||||||
KBR, Inc. | 73,285 | 2,181,694 | ||||||
Mistras Group, Inc.† | 9,313 | 123,304 | ||||||
VSE Corp. | 4,511 | 184,004 | ||||||
4,577,026 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp. | 21,090 | 112,832 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
ACI Worldwide, Inc.† | 59,594 | 2,234,775 | ||||||
American Software, Inc., Class A | 14,920 | 235,885 | ||||||
Appian Corp.†# | 16,136 | 695,139 | ||||||
Benefitfocus, Inc.†# | 15,331 | 367,637 | ||||||
Blackbaud, Inc. | 25,285 | 2,095,621 | ||||||
Blackline, Inc.† | 22,133 | 1,191,198 | ||||||
Daily Journal Corp.†# | 587 | 166,767 | ||||||
Domo, Inc., Class B† | 9,057 | 170,272 | ||||||
Donnelley Financial Solutions, Inc.† | 16,132 | 161,965 | ||||||
eGain Corp.† | 10,544 | 80,451 | ||||||
Everbridge, Inc.† | 17,203 | 1,512,832 | ||||||
Evolent Health, Inc., Class A† | 38,325 | 276,323 | ||||||
Exela Technologies, Inc.†# | 23,198 | 7,514 | ||||||
Intelligent Systems Corp.†# | 3,528 | 153,609 | ||||||
LivePerson, Inc.†# | 31,808 | 1,262,459 | ||||||
Majesco† | 3,925 | 35,168 | ||||||
ManTech International Corp., Class A | 13,858 | 1,075,104 | ||||||
MicroStrategy, Inc., Class A† | 4,281 | 643,563 | ||||||
MobileIron, Inc.† | 49,484 | 239,008 |
Security Description | Shares | Value (Note 2) | ||||||
Enterprise Software/Service (continued) | ||||||||
Omnicell, Inc.† | 21,439 | $ | 1,714,906 | |||||
Phunware, Inc.†# | 16,579 | 21,221 | ||||||
Progress Software Corp. | 23,010 | 966,650 | ||||||
PROS Holdings, Inc.† | 17,025 | 1,060,487 | ||||||
QAD, Inc., Class A | 5,705 | 291,582 | ||||||
SailPoint Technologies Holding, Inc.† | 44,369 | 1,110,556 | ||||||
SPS Commerce, Inc.† | 18,102 | 1,019,686 | ||||||
SVMK, Inc.† | 44,408 | 758,044 | ||||||
Verint Systems, Inc.† | 33,859 | 1,645,886 | ||||||
Workiva, Inc.† | 19,013 | 824,594 | ||||||
22,018,902 | ||||||||
Entertainment Software — 0.0% |
| |||||||
Glu Mobile, Inc.† | 59,929 | 331,407 | ||||||
Environmental Consulting & Engineering — 0.2% |
| |||||||
Tetra Tech, Inc. | 28,242 | 2,493,486 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 13,220 | 1,164,285 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.# | 32,770 | 961,799 | ||||||
Marlin Business Services Corp. | 4,536 | 97,252 | ||||||
MMA Capital Holdings, Inc.† | 2,540 | 81,204 | ||||||
NewStar Financial, Inc. CVR†(1) | 17,919 | 9,676 | ||||||
On Deck Capital, Inc.† | 34,398 | 141,376 | ||||||
1,291,307 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Curo Group Holdings Corp.†# | 8,775 | 119,428 | ||||||
Elevate Credit, Inc.† | 11,617 | 48,210 | ||||||
Encore Capital Group, Inc.†# | 15,988 | 583,082 | ||||||
Enova International, Inc.† | 17,051 | 392,684 | ||||||
LendingClub Corp.† | 34,044 | 470,148 | ||||||
Nelnet, Inc., Class A | 9,262 | 583,506 | ||||||
Ocwen Financial Corp.† | 69,685 | 108,709 | ||||||
PRA Group, Inc.† | 23,291 | 853,382 | ||||||
Regional Management Corp.† | 4,614 | 149,955 | ||||||
World Acceptance Corp.† | 3,237 | 307,483 | ||||||
3,616,587 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
I3 Verticals, Inc., Class A† | 7,491 | 204,654 | ||||||
Paysign, Inc.†# | 15,407 | 158,076 | ||||||
362,730 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
Cowen, Inc., Class A† | 14,890 | 228,115 | ||||||
Diamond Hill Investment Group, Inc. | 1,649 | 225,171 | ||||||
GAIN Capital Holdings, Inc.# | 10,002 | 41,508 | ||||||
Greenhill & Co., Inc. | 8,424 | 143,292 | ||||||
Houlihan Lokey, Inc. | 21,341 | 1,017,325 | ||||||
INTL. FCStone, Inc.† | 8,251 | 330,040 | ||||||
Ladenburg Thalmann Financial Services, Inc. | 61,464 | 214,509 | ||||||
Moelis & Co., Class A | 24,571 | 809,860 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,939 | 140,811 | ||||||
Piper Jaffray Cos. | 7,121 | 575,947 | ||||||
PJT Partners, Inc., Class A | 11,701 | 498,697 | ||||||
Siebert Financial Corp.† | 3,925 | 41,762 | ||||||
4,267,037 | ||||||||
Finance - Leasing Companies — 0.1% |
| |||||||
Aircastle, Ltd. | 27,110 | 867,249 | ||||||
Finance - Mortgage Loan/Banker — 0.1% |
| |||||||
CBTX, Inc. | 9,313 | 274,920 | ||||||
Federal Agricultural Mtg. Corp., Class C | 4,667 | 387,594 |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Mortgage Loan/Banker (continued) | ||||||||
Mr. Cooper Group, Inc.† | 39,382 | $ | 529,294 | |||||
PennyMac Financial Services, Inc. | 12,925 | 443,457 | ||||||
1,635,265 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
Deluxe Corp. | 22,266 | 1,137,347 | ||||||
Financial Guarantee Insurance — 0.4% |
| |||||||
MBIA, Inc.† | 41,217 | 384,554 | ||||||
NMI Holdings, Inc., Class A† | 33,705 | 1,131,477 | ||||||
Radian Group, Inc. | 105,846 | 2,735,061 | ||||||
4,251,092 | ||||||||
Firearms & Ammunition — 0.3% |
| |||||||
American Outdoor Brands Corp.† | 27,991 | 244,641 | ||||||
Axon Enterprise, Inc.† | 30,186 | 2,227,727 | ||||||
Sturm Ruger & Co., Inc.# | 8,653 | 394,144 | ||||||
2,866,512 | ||||||||
Food - Baking — 0.1% |
| |||||||
Hostess Brands, Inc.† | 61,835 | 831,681 | ||||||
Food - Canned — 0.0% |
| |||||||
Landec Corp.† | 12,647 | 144,935 | ||||||
Seneca Foods Corp., Class A† | 3,465 | 135,481 | ||||||
280,416 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 8,515 | 292,490 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,516 | 113,018 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
B&G Foods, Inc.# | 33,493 | 554,644 | ||||||
Bridgford Foods Corp.† | 896 | 23,995 | ||||||
Cal-Maine Foods, Inc. | 16,302 | 709,626 | ||||||
J&J Snack Foods Corp. | 7,824 | 1,447,440 | ||||||
John B. Sanfilippo & Son, Inc. | 4,464 | 436,311 | ||||||
Lancaster Colony Corp. | 9,782 | 1,545,850 | ||||||
Simply Good Foods Co.† | 42,698 | 1,179,746 | ||||||
5,897,612 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 7,321 | 325,345 | ||||||
Village Super Market, Inc., Class A | 4,270 | 120,756 | ||||||
Weis Markets, Inc. | 4,937 | 196,641 | ||||||
642,742 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc.# | 8,386 | 747,947 | ||||||
Chefs’ Warehouse, Inc.† | 12,640 | 449,478 | ||||||
Fresh Del Monte Produce, Inc. | 16,065 | 525,326 | ||||||
HF Foods Group, Inc.† | 3,892 | 105,084 | ||||||
Performance Food Group Co.†# | 53,266 | 2,506,698 | ||||||
SpartanNash Co. | 18,552 | 262,696 | ||||||
United Natural Foods, Inc.† | 27,271 | 248,712 | ||||||
4,845,941 | ||||||||
Footwear & Related Apparel — 0.4% |
| |||||||
Crocs, Inc.† | 32,113 | 1,120,744 | ||||||
Rocky Brands, Inc. | 3,587 | 100,006 | ||||||
Steven Madden, Ltd. | 43,465 | 1,845,958 | ||||||
Weyco Group, Inc. | 3,177 | 77,995 | ||||||
Wolverine World Wide, Inc. | 43,430 | 1,394,103 | ||||||
4,538,806 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Carriage Services, Inc. | 8,499 | $ | 204,401 | |||||
Gambling(Non-Hotel) — 0.1% |
| |||||||
Golden Entertainment, Inc.† | 8,849 | 160,344 | ||||||
Monarch Casino & Resort, Inc.† | 5,866 | 267,489 | ||||||
Red Rock Resorts, Inc., Class A | 36,127 | 845,372 | ||||||
Twin River Worldwide Holdings, Inc.# | 10,180 | 247,374 | ||||||
1,520,579 | ||||||||
Gas - Distribution — 1.1% |
| |||||||
Chesapeake Utilities Corp. | 8,268 | 753,545 | ||||||
New Jersey Resources Corp. | 45,952 | 1,954,798 | ||||||
Northwest Natural Holding Co. | 15,656 | 1,076,663 | ||||||
ONE Gas, Inc. | 27,040 | 2,403,045 | ||||||
RGC Resources, Inc. | 3,891 | 114,318 | ||||||
South Jersey Industries, Inc.# | 47,938 | 1,497,583 | ||||||
Southwest Gas Holdings, Inc. | 28,106 | 2,129,310 | ||||||
Spire, Inc. | 25,730 | 1,992,017 | ||||||
11,921,279 | ||||||||
Gold Mining — 0.1% |
| |||||||
Gold Resource Corp. | 31,409 | 140,084 | ||||||
Novagold Resources, Inc.†# | 119,763 | 833,551 | ||||||
973,635 | ||||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 18,207 | 547,485 | ||||||
Callaway Golf Co. | 48,367 | 1,005,066 | ||||||
Drive Shack, Inc.† | 31,270 | 120,077 | ||||||
1,672,628 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,773 | 240,419 | ||||||
US Ecology, Inc. | 12,476 | 686,055 | ||||||
926,474 | ||||||||
Health Care Cost Containment — 0.2% |
| |||||||
CorVel Corp.† | 4,665 | 384,909 | ||||||
HealthEquity, Inc.†# | 35,836 | 2,253,726 | ||||||
2,638,635 | ||||||||
Healthcare Safety Devices — 0.2% |
| |||||||
Tandem Diabetes Care, Inc.† | 29,007 | 2,002,353 | ||||||
Home Furnishings — 0.1% |
| |||||||
Ethan Allen Interiors, Inc. | 12,420 | 222,070 | ||||||
Flexsteel Industries, Inc. | 3,866 | 71,057 | ||||||
Hooker Furniture Corp. | 6,015 | 143,217 | ||||||
Purple Innovation, Inc.† | 1,934 | 15,472 | ||||||
Sleep Number Corp.† | 14,907 | 719,561 | ||||||
1,171,377 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
BBX Capital Corp. | 33,888 | 155,207 | ||||||
Bluegreen Vacations Corp.# | 3,705 | 36,568 | ||||||
Marcus Corp. | 11,575 | 364,149 | ||||||
Red Lion Hotels Corp.† | 12,471 | 43,524 | ||||||
St. Joe Co.†# | 17,506 | 332,614 | ||||||
Target Hospitality Corp.†# | 17,087 | 80,822 | ||||||
1,012,884 | ||||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 6,138 | 40,020 | ||||||
Tupperware Brands Corp. | 25,249 | 213,354 | ||||||
253,374 | ||||||||
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 23,826 | $ | 1,416,932 | |||||
ASGN, Inc.† | 26,444 | 1,772,013 | ||||||
Barrett Business Services, Inc. | 3,710 | 327,816 | ||||||
BG Staffing, Inc. | 5,137 | 110,959 | ||||||
Cross Country Healthcare, Inc.† | 18,489 | 223,162 | ||||||
Heidrick & Struggles International, Inc. | 9,739 | 302,104 | ||||||
Insperity, Inc. | 20,056 | 1,559,755 | ||||||
Kforce, Inc. | 11,162 | 441,122 | ||||||
Korn Ferry | 29,196 | 1,146,819 | ||||||
Resources Connection, Inc. | 15,822 | 244,450 | ||||||
TriNet Group, Inc.† | 23,125 | 1,266,094 | ||||||
TrueBlue, Inc.† | 20,627 | 480,815 | ||||||
Willdan Group, Inc.†# | 5,198 | 148,195 | ||||||
9,440,236 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 24,728 | 1,409,496 | ||||||
Digimarc Corp.†# | 6,065 | 196,385 | ||||||
1,605,881 | ||||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 18,037 | 342,342 | ||||||
Clearway Energy, Inc., Class C | 38,161 | 756,733 | ||||||
1,099,075 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Akoustis Technologies, Inc.†# | 12,994 | 99,144 | ||||||
GoPro, Inc., Class A†# | 65,153 | 263,218 | ||||||
362,362 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Hurco Cos., Inc. | 3,284 | 117,501 | ||||||
Ichor Holdings, Ltd.† | 11,387 | 359,260 | ||||||
476,761 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Allied Motion Technologies, Inc. | 3,659 | 163,923 | ||||||
Watts Water Technologies, Inc., Class A | 14,284 | 1,384,977 | ||||||
1,548,900 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.† | 35,772 | 90,145 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Crawford & Co., Class A | 8,559 | 93,807 | ||||||
eHealth, Inc.†# | 11,563 | 1,066,802 | ||||||
Goosehead Insurance, Inc., Class A# | 5,914 | 239,635 | ||||||
1,400,244 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
American Equity Investment Life Holding Co. | 46,651 | 1,386,468 | ||||||
CNO Financial Group, Inc. | 80,796 | 1,464,023 | ||||||
FBL Financial Group, Inc., Class A | 5,010 | 288,426 | ||||||
FGL Holdings | 75,449 | 688,849 | ||||||
GWG Holdings, Inc.†# | 941 | 9,786 | ||||||
Health Insurance Innovations, Inc., Class A†# | 5,048 | 90,713 | ||||||
Independence Holding Co. | 2,570 | 108,608 | ||||||
National Western Life Group, Inc., Class A | 1,181 | 297,884 | ||||||
Tiptree, Inc. | 12,868 | 100,242 | ||||||
Trupanion, Inc.†# | 14,711 | 501,351 | ||||||
4,936,350 | ||||||||
Insurance - Multi-line — 0.2% |
| |||||||
Citizens, Inc.†# | 25,596 | 174,565 | ||||||
Genworth Financial, Inc., Class A† | 261,927 | 1,037,231 | ||||||
Horace Mann Educators Corp. | 21,401 | 929,017 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Multi-line (continued) | ||||||||
United Fire Group, Inc. | 10,959 | $ | 481,539 | |||||
2,622,352 | ||||||||
Insurance - Property/Casualty — 1.2% |
| |||||||
Ambac Financial Group, Inc.† | 23,384 | 486,855 | ||||||
AMERISAFE, Inc. | 9,888 | 668,429 | ||||||
Donegal Group, Inc., Class A | 5,343 | 78,168 | ||||||
Employers Holdings, Inc. | 16,335 | 701,915 | ||||||
Enstar Group, Ltd.† | 5,949 | 1,214,845 | ||||||
FedNat Holding Co. | 5,974 | 89,072 | ||||||
Hallmark Financial Services, Inc.† | 6,759 | 128,894 | ||||||
HCI Group, Inc.# | 3,235 | 149,780 | ||||||
Heritage Insurance Holdings, Inc. | 13,785 | 188,717 | ||||||
Investors Title Co. | 721 | 115,540 | ||||||
James River Group Holdings, Ltd. | 15,322 | 606,138 | ||||||
Kinsale Capital Group, Inc. | 10,572 | 1,070,521 | ||||||
National General Holdings Corp. | 35,071 | 746,662 | ||||||
NI Holdings, Inc.† | 4,937 | 82,645 | ||||||
Palomar Holdings, Inc.† | 3,045 | 166,166 | ||||||
ProAssurance Corp. | 27,580 | 1,037,008 | ||||||
ProSight Global, Inc.† | 4,716 | 80,974 | ||||||
Protective Insurance Corp., Class B | 4,741 | 79,981 | ||||||
RLI Corp. | 20,671 | 1,888,709 | ||||||
Safety Insurance Group, Inc. | 7,642 | 746,241 | ||||||
Selective Insurance Group, Inc. | 30,289 | 2,005,737 | ||||||
State Auto Financial Corp. | 8,906 | 291,939 | ||||||
Stewart Information Services Corp. | 12,135 | 519,014 | ||||||
United Insurance Holdings Corp. | 10,668 | 135,377 | ||||||
Universal Insurance Holdings, Inc. | 15,821 | 460,391 | ||||||
Watford Holdings, Ltd.† | 10,473 | 283,295 | ||||||
14,023,013 | ||||||||
Insurance - Reinsurance — 0.4% |
| |||||||
Argo Group International Holdings, Ltd. | 16,897 | 1,111,485 | ||||||
Essent Group, Ltd. | 49,851 | 2,724,357 | ||||||
Global Indemnity, Ltd. | 4,303 | 123,797 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 15,091 | 157,550 | ||||||
Third Point Reinsurance, Ltd.† | 38,244 | 365,230 | ||||||
4,482,419 | ||||||||
Internet Application Software — 0.0% |
| |||||||
Tucows, Inc., Class A†# | 4,884 | 277,167 | ||||||
VirnetX Holding Corp.†# | 31,744 | 112,056 | ||||||
389,223 | ||||||||
Internet Connectivity Services — 0.1% |
| |||||||
Boingo Wireless, Inc.† | 22,486 | 258,814 | ||||||
Cogent Communications Holdings, Inc. | 21,735 | 1,362,350 | ||||||
1,621,164 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.† | 58,602 | 250,231 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 26,461 | 89,174 | ||||||
HealthStream, Inc.† | 13,479 | 392,643 | ||||||
LiveXLive Media, Inc.†# | 16,898 | 32,444 | ||||||
OptimizeRx Corp.†# | 7,139 | 76,387 | ||||||
TechTarget, Inc.† | 11,745 | 311,478 | ||||||
Yelp, Inc.† | 35,891 | 1,244,700 | ||||||
2,146,826 | ||||||||
Internet Security — 0.0% |
| |||||||
Zix Corp.† | 27,657 | 208,534 | ||||||
Internet Telephone — 0.1% |
| |||||||
8x8, Inc.†# | 48,507 | 995,364 | ||||||
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Investment Companies — 0.1% |
| |||||||
Altus Midstream Co., Class A†# | 26,065 | $ | 50,306 | |||||
Ellington Financial, Inc. | 15,846 | 286,971 | ||||||
Medallion Financial Corp.† | 10,676 | 68,006 | ||||||
PDL Community Bancorp† | 4,387 | 64,050 | ||||||
Rafael Holdings, Inc., Class B† | 5,454 | 92,282 | ||||||
561,615 | ||||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
Altisource Portfolio Solutions SA†# | 2,981 | 53,718 | ||||||
Ares Management Corp., Class A | 34,656 | 1,146,767 | ||||||
Artisan Partners Asset Management, Inc., Class A | 25,894 | 768,275 | ||||||
Assetmark Financial Holdings, Inc.† | 7,128 | 178,414 | ||||||
Associated Capital Group, Inc., Class A# | 995 | 35,920 | ||||||
B. Riley Financial, Inc. | 10,616 | 310,093 | ||||||
Blucora, Inc.† | 24,885 | 585,793 | ||||||
Boston Private Financial Holdings, Inc. | 42,917 | 503,846 | ||||||
Brightsphere Investment Group, Inc. | 35,842 | 345,158 | ||||||
Cohen & Steers, Inc. | 11,787 | 791,261 | ||||||
Columbia Financial, Inc.† | 27,380 | 456,151 | ||||||
Federated Investors, Inc., Class B | 49,898 | 1,672,581 | ||||||
Focus Financial Partners, Inc. Class A† | 15,679 | 440,737 | ||||||
GAMCO Investors, Inc., Class A | 2,744 | 49,337 | ||||||
Hamilton Lane, Inc., Class A | 11,277 | 654,066 | ||||||
Pzena Investment Management, Inc., Class A | 9,138 | 81,237 | ||||||
Sculptor Capital Management, Inc. | 8,716 | 168,916 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 4,478 | 57,990 | ||||||
Stifel Financial Corp. | 35,001 | 2,188,263 | ||||||
Virtus Investment Partners, Inc. | 3,443 | 405,585 | ||||||
Waddell & Reed Financial, Inc., Class A# | 37,332 | 602,912 | ||||||
Westwood Holdings Group, Inc. | 4,226 | 130,414 | ||||||
WisdomTree Investments, Inc.# | 68,968 | 335,184 | ||||||
11,962,618 | ||||||||
Lasers - System/Components — 0.1% |
| |||||||
II-VI, Inc.† | 46,260 | 1,350,329 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,539 | 62,868 | ||||||
Johnson Outdoors, Inc., Class A | 2,552 | 164,859 | ||||||
227,727 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 7,834 | 1,615,762 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Kennametal, Inc. | 42,498 | 1,480,206 | ||||||
Luxfer Holdings PLC | 13,522 | 236,229 | ||||||
1,716,435 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 11,558 | 432,963 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,235 | 310,069 | ||||||
Terex Corp. | 32,793 | 920,499 | ||||||
1,663,531 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Bloom Energy Corp. Class A†# | 28,521 | 185,957 | ||||||
Franklin Electric Co., Inc. | 23,918 | 1,326,731 | ||||||
SPX Corp.† | 22,606 | 1,080,115 | ||||||
2,592,803 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 5,044 | 579,051 | ||||||
Lindsay Corp.# | 5,588 | 504,150 | ||||||
1,083,201 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial — 0.7% |
| |||||||
Albany International Corp., Class A | 15,849 | $ | 1,326,244 | |||||
Altra Industrial Motion Corp. | 33,293 | 1,094,341 | ||||||
Applied Industrial Technologies, Inc. | 19,845 | 1,267,103 | ||||||
Chart Industries, Inc.† | 18,638 | 1,028,818 | ||||||
DXP Enterprises, Inc.† | 8,415 | 324,230 | ||||||
Gencor Industries, Inc.† | 4,700 | 58,985 | ||||||
Kadant, Inc. | 5,686 | 553,816 | ||||||
Manitowoc Co, Inc.† | 18,155 | 290,480 | ||||||
Tennant Co. | 9,310 | 693,223 | ||||||
Twin Disc, Inc.† | 5,339 | 54,351 | ||||||
Welbilt, Inc.† | 67,199 | 1,121,551 | ||||||
7,813,142 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,924 | 489,838 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
Cactus, Inc., Class A | 24,364 | 735,549 | ||||||
CSW Industrials, Inc. | 7,692 | 567,901 | ||||||
Gorman-Rupp Co. | 9,116 | 337,383 | ||||||
Mueller Water Products, Inc., Class A | 81,220 | 916,162 | ||||||
NN, Inc.# | 21,706 | 189,059 | ||||||
SPX FLOW, Inc.† | 21,670 | 1,027,158 | ||||||
3,773,212 | ||||||||
Marine Services — 0.0% |
| |||||||
SEACOR Marine Holdings, Inc.† | 10,191 | 120,560 | ||||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 19,742 | 412,608 | ||||||
Medical Information Systems — 0.3% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 85,825 | 925,193 | ||||||
Castlight Health, Inc., Class B† | 52,740 | 73,309 | ||||||
Computer Programs & Systems, Inc. | 6,572 | 174,749 | ||||||
Health Catalyst, Inc.† | 4,202 | 166,945 | ||||||
Inovalon Holdings, Inc., Class A†# | 36,822 | 662,796 | ||||||
NextGen Healthcare, Inc.† | 28,295 | 521,194 | ||||||
Phreesia, Inc.†# | 5,296 | 148,924 | ||||||
Tabula Rasa HealthCare, Inc.†# | 10,093 | 450,249 | ||||||
3,123,359 | ||||||||
Medical Instruments — 0.5% |
| |||||||
AngioDynamics, Inc.† | 18,878 | 290,155 | ||||||
Apyx Medical Corp.† | 17,229 | 137,487 | ||||||
LivaNova PLC† | 25,125 | 2,104,470 | ||||||
Misonix, Inc.† | 3,806 | 78,289 | ||||||
Natus Medical, Inc.† | 17,456 | 558,418 | ||||||
NuVasive, Inc.† | 26,871 | 1,941,161 | ||||||
Silk Road Medical, Inc.† | 6,052 | 217,993 | ||||||
TransEnterix, Inc.†# | 95,226 | 19,141 | ||||||
5,347,114 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Avalon GloboCare Corp.† | 11,214 | 17,382 | ||||||
Cellular Biomedicine Group, Inc.†# | 6,260 | 113,056 | ||||||
Invitae Corp.†# | 44,835 | 892,216 | ||||||
Medpace Holdings, Inc.† | 14,283 | 1,095,078 | ||||||
Natera, Inc.† | 28,951 | 1,056,422 | ||||||
Neuronetics, Inc.†# | 6,782 | 29,298 | ||||||
Personalis, Inc.†# | 4,608 | 41,011 | ||||||
SI-BONE, Inc.†# | 8,320 | 148,013 | ||||||
Syneos Health, Inc.† | 32,221 | 1,769,255 | ||||||
Teladoc Health, Inc.†# | 36,960 | 3,095,030 | ||||||
Vapotherm, Inc.†# | 7,584 | 83,879 | ||||||
8,340,640 | ||||||||
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 7,155 | $ | 274,037 | |||||
Medical Products — 2.4% |
| |||||||
Accuray, Inc.† | 44,949 | 138,443 | ||||||
Alphatec Holdings, Inc.† | 19,752 | 139,252 | ||||||
AtriCure, Inc.† | 19,199 | 571,170 | ||||||
Atrion Corp. | 741 | 522,183 | ||||||
Avanos Medical, Inc.† | 24,476 | 848,338 | ||||||
AxoGen, Inc.†# | 17,550 | 304,142 | ||||||
Axonics Modulation Technologies, Inc.†# | 7,992 | 194,925 | ||||||
BioSig Technologies, Inc.†# | 8,106 | 55,040 | ||||||
Cardiovascular Systems, Inc.† | 17,671 | 805,091 | ||||||
Castle Biosciences, Inc.† | 1,911 | 51,463 | ||||||
Cerus Corp.† | 71,748 | 311,386 | ||||||
Conformis, Inc.† | 33,446 | 62,210 | ||||||
CryoLife, Inc.† | 18,864 | 466,507 | ||||||
CytoSorbents Corp.†# | 15,841 | 63,206 | ||||||
Glaukos Corp.†# | 20,130 | 1,290,937 | ||||||
Globus Medical, Inc., Class A† | 39,343 | 2,201,241 | ||||||
Haemonetics Corp.† | 26,503 | 3,196,262 | ||||||
Hanger, Inc.† | 18,745 | 491,119 | ||||||
Inogen, Inc.† | 9,453 | 695,835 | ||||||
Inspire Medical Systems, Inc.† | 6,893 | 489,127 | ||||||
Integer Holdings Corp.† | 16,817 | 1,275,569 | ||||||
Intersect ENT, Inc.† | 15,891 | 344,517 | ||||||
Invacare Corp. | 17,400 | 151,902 | ||||||
iRadimed Corp.† | 2,327 | 51,147 | ||||||
iRhythm Technologies, Inc.†# | 12,804 | 923,040 | ||||||
LeMaitre Vascular, Inc. | 8,372 | 297,792 | ||||||
Luminex Corp. | 21,744 | 459,451 | ||||||
NanoString Technologies, Inc.† | 17,295 | 465,581 | ||||||
Nevro Corp.† | 15,476 | 1,729,907 | ||||||
Novocure, Ltd.† | 44,949 | 4,143,399 | ||||||
Orthofix Medical, Inc.† | 9,350 | 424,490 | ||||||
OrthoPediatrics Corp.†# | 4,620 | 181,751 | ||||||
Pulse Biosciences, Inc.† | 5,818 | 84,477 | ||||||
Rockwell Medical, Inc.†# | 32,001 | 72,962 | ||||||
RTI Surgical Holdings, Inc.† | 29,390 | 54,372 | ||||||
SeaSpine Holdings Corp.† | 8,206 | 108,565 | ||||||
Shockwave Medical, Inc.†# | 3,421 | 133,966 | ||||||
Sientra, Inc.†# | 19,946 | 170,738 | ||||||
Soliton, Inc.†# | 2,734 | 31,058 | ||||||
Surmodics, Inc.† | 6,781 | 278,292 | ||||||
Tactile Systems Technology, Inc.† | 9,396 | 603,317 | ||||||
Wright Medical Group NV† | 65,292 | 1,943,743 | ||||||
Zynex, Inc.# | 8,057 | 84,599 | ||||||
26,912,512 | ||||||||
Medical - Biomedical/Gene — 5.8% |
| |||||||
Abeona Therapeutics, Inc.†# | 16,654 | 56,124 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 54,513 | 2,468,894 | ||||||
Acceleron Pharma, Inc.†# | 23,302 | 1,140,866 | ||||||
Acer Therapeutics, Inc.†# | 2,597 | 9,038 | ||||||
Achillion Pharmaceuticals, Inc.† | 70,500 | 437,805 | ||||||
Acorda Therapeutics, Inc.† | 23,219 | 37,150 | ||||||
ADMA Biologics, Inc.†# | 26,040 | 123,690 | ||||||
Aduro Biotech, Inc.† | 33,891 | 40,330 | ||||||
Adverum Biotechnologies, Inc.†# | 27,928 | 304,694 | ||||||
Affimed NV†# | 31,158 | 80,388 | ||||||
Agenus, Inc.†# | 55,370 | 232,000 | ||||||
AgeX Therapeutics, Inc.†# | 11,005 | 15,627 | ||||||
Akero Therapeutics, Inc.†# | 2,473 | 48,693 | ||||||
Albireo Pharma, Inc.† | 5,630 | 127,351 | ||||||
Alder Biopharmaceuticals, Inc. CVR†(1) | 37,741 | 33,212 | ||||||
Aldeyra Therapeutics, Inc.† | 11,669 | 93,119 | ||||||
Allakos, Inc.†# | 10,076 | 957,220 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Allogene Therapeutics, Inc.†# | 20,069 | $ | 565,544 | |||||
AMAG Pharmaceuticals, Inc.†# | 17,420 | 185,523 | ||||||
Amicus Therapeutics, Inc.† | 132,387 | 1,387,416 | ||||||
AnaptysBio, Inc.†# | 12,710 | 171,458 | ||||||
Anavex Life Sciences Corp.†# | 22,211 | 53,306 | ||||||
ANI Pharmaceuticals, Inc.† | 4,729 | 291,401 | ||||||
Apellis Pharmaceuticals, Inc.† | 25,008 | 672,215 | ||||||
Applied Therapeutics, Inc.†# | 1,044 | 18,322 | ||||||
Arcus Biosciences, Inc.† | 16,797 | 138,911 | ||||||
Ardelyx, Inc.† | 24,402 | 181,307 | ||||||
Arena Pharmaceuticals, Inc.† | 25,850 | 1,224,773 | ||||||
ArQule, Inc.†# | 58,046 | 556,661 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 48,313 | 3,527,332 | ||||||
Assembly Biosciences, Inc.† | 11,704 | 189,839 | ||||||
Atara Biotherapeutics, Inc.†# | 26,639 | 378,540 | ||||||
Athersys, Inc.†# | 67,527 | 89,136 | ||||||
Atreca, Inc., Class A†# | 3,368 | 33,478 | ||||||
Audentes Therapeutics, Inc.† | 23,282 | 675,876 | ||||||
Avid Bioservices, Inc.† | 29,000 | 159,790 | ||||||
Avrobio, Inc.†# | 10,662 | 171,018 | ||||||
Baudax Bio, Inc.†# | 4,008 | 21,523 | ||||||
BioCryst Pharmaceuticals, Inc.† | 56,975 | 162,379 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 20,237 | 1,159,985 | ||||||
Blueprint Medicines Corp.†# | 25,267 | 2,072,905 | ||||||
Bridgebio Pharma, Inc.†# | 11,690 | 339,010 | ||||||
Calithera Biosciences, Inc.† | 24,412 | 120,107 | ||||||
Cara Therapeutics, Inc.†# | 20,603 | 535,266 | ||||||
CASI Pharmaceuticals, Inc.†# | 26,090 | 86,358 | ||||||
CEL-SCI Corp.†# | 14,082 | 107,305 | ||||||
Cerecor, Inc.†# | 11,101 | 41,851 | ||||||
ChemoCentryx, Inc.† | 21,080 | 639,356 | ||||||
ChromaDex Corp.†# | 20,408 | 74,285 | ||||||
Constellation Pharmaceuticals, Inc.†# | 7,998 | 372,387 | ||||||
Cortexyme, Inc.†# | 1,543 | 40,504 | ||||||
Crinetics Pharmaceuticals, Inc.†# | 5,713 | 111,746 | ||||||
Cue Biopharma, Inc.†# | 10,143 | 120,093 | ||||||
Cymabay Therapeutics, Inc.† | 35,640 | 62,726 | ||||||
CytomX Therapeutics, Inc.† | 23,297 | 145,839 | ||||||
Deciphera Pharmaceuticals, Inc.† | 9,810 | 463,915 | ||||||
Denali Therapeutics, Inc.†# | 24,808 | 441,334 | ||||||
Dicerna Pharmaceuticals, Inc.† | 26,788 | 644,519 | ||||||
Dynavax Technologies Corp.†# | 43,120 | 243,628 | ||||||
Editas Medicine, Inc.†# | 25,678 | 777,530 | ||||||
Eidos Therapeutics, Inc.† | 5,726 | 322,546 | ||||||
Eiger BioPharmaceuticals, Inc.† | 12,128 | 159,483 | ||||||
ElectroCore, Inc.† | 6,715 | 10,140 | ||||||
Emergent BioSolutions, Inc.† | 23,609 | 1,295,190 | ||||||
Enochian Biosciences, Inc.†# | 2,078 | 12,073 | ||||||
Enzo Biochem, Inc.† | 22,832 | 60,505 | ||||||
Epizyme, Inc.†# | 40,179 | 663,757 | ||||||
Esperion Therapeutics, Inc.†# | 12,901 | 662,595 | ||||||
Evelo Biosciences, Inc.†# | 7,112 | 32,075 | ||||||
Evolus, Inc.† | 7,816 | 109,346 | ||||||
EyePoint Pharmaceuticals, Inc.†# | 32,028 | 49,323 | ||||||
Fate Therapeutics, Inc.† | 27,067 | 422,787 | ||||||
FibroGen, Inc.† | 40,166 | 1,701,833 | ||||||
Five Prime Therapeutics, Inc.† | 17,836 | 69,917 | ||||||
Forty Seven, Inc.† | 11,503 | 145,398 | ||||||
Geron Corp.†# | 90,409 | 129,285 | ||||||
GlycoMimetics, Inc.†# | 17,497 | 102,882 | ||||||
Gossamer Bio, Inc.†# | 22,188 | 565,794 | ||||||
Halozyme Therapeutics, Inc.†# | 74,065 | 1,436,120 | ||||||
Homology Medicines, Inc.†# | 12,828 | 205,248 | ||||||
ImmunoGen, Inc.† | 75,039 | 270,891 | ||||||
Immunomedics, Inc.†# | 90,559 | 1,700,698 |
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Biomedical/Gene (continued) | ||||||||
Innoviva, Inc.† | 33,051 | $ | 445,527 | |||||
Inovio Pharmaceuticals, Inc.†# | 47,963 | 120,867 | ||||||
Insmed, Inc.†# | 46,072 | 1,061,960 | ||||||
Intercept Pharmaceuticals, Inc.†# | 13,018 | 1,410,761 | ||||||
Intrexon Corp.†# | 37,128 | 206,803 | ||||||
Iovance Biotherapeutics, Inc.† | 59,335 | 1,354,618 | ||||||
Kaleido Biosciences, Inc.†# | 2,610 | 22,733 | ||||||
Karuna Therapeutics, Inc.† | 2,369 | 170,284 | ||||||
Karyopharm Therapeutics, Inc.†# | 30,401 | 532,626 | ||||||
Kezar Life Sciences, Inc.†# | 8,048 | 21,005 | ||||||
Kindred Biosciences, Inc.†# | 19,165 | 150,829 | ||||||
Kiniksa Pharmaceuticals, Ltd., Class A† | 7,219 | 76,882 | ||||||
Krystal Biotech, Inc.†# | 5,431 | 306,906 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 21,474 | 75,803 | ||||||
Ligand Pharmaceuticals, Inc.†# | 9,587 | 1,083,331 | ||||||
Lineage Cell Therapeutics, Inc.†# | 55,955 | 50,359 | ||||||
Liquidia Technologies, Inc.† | 6,945 | 30,211 | ||||||
Livongo Health, Inc.†# | 7,503 | 214,286 | ||||||
MacroGenics, Inc.† | 24,661 | 233,540 | ||||||
Magenta Therapeutics, Inc.†# | 9,940 | 131,606 | ||||||
Marker Therapeutics, Inc.† | 14,021 | 46,830 | ||||||
Medicines Co.†# | 39,099 | 3,292,136 | ||||||
MEI Pharma, Inc.† | 35,260 | 69,110 | ||||||
MeiraGTx Holdings PLC†# | 8,858 | 170,694 | ||||||
Menlo Therapeutics, Inc.† | 8,014 | 31,735 | ||||||
Mersana Therapeutics, Inc.† | 18,581 | 71,537 | ||||||
Mirati Therapeutics, Inc.†# | 14,093 | 1,420,152 | ||||||
Molecular Templates, Inc.† | 8,809 | 114,781 | ||||||
Mustang Bio, Inc.† | 14,403 | 45,658 | ||||||
Myriad Genetics, Inc.† | 36,294 | 934,208 | ||||||
NeoGenomics, Inc.† | 49,330 | 1,273,207 | ||||||
Neon Therapeutics, Inc.†# | 7,316 | 8,340 | ||||||
NextCure, Inc.†# | 1,549 | 74,058 | ||||||
NGM Biopharmaceuticals, Inc.†# | 3,536 | 58,273 | ||||||
Novavax, Inc.†# | 12,375 | 60,019 | ||||||
Omeros Corp.†# | 24,084 | 356,443 | ||||||
Oncocyte Corp.† | 11,122 | 19,575 | ||||||
Oncternal Therapeutics, Inc. CVR†#(1) | 368 | 754 | ||||||
Organogenesis Holdings, Inc.† | 5,451 | 27,964 | ||||||
Osmotica Pharmaceuticals PLC† | 4,133 | 27,629 | ||||||
Pacific Biosciences of California, Inc.† | 73,645 | 378,535 | ||||||
Palatin Technologies, Inc.†# | 104,708 | 86,384 | ||||||
PDL BioPharma, Inc.† | 58,290 | 180,699 | ||||||
Pfenex, Inc.† | 15,435 | 160,215 | ||||||
Pieris Pharmaceuticals, Inc.† | 23,946 | 97,460 | ||||||
PolarityTE, Inc.†# | 7,585 | 24,575 | ||||||
Precision BioSciences, Inc.†# | 4,742 | 84,265 | ||||||
Prevail Therapeutics, Inc.†# | 3,838 | 55,229 | ||||||
Prothena Corp. PLC† | 20,800 | 266,656 | ||||||
PTC Therapeutics, Inc.† | 29,631 | 1,391,472 | ||||||
Puma Biotechnology, Inc.† | 15,916 | 151,043 | ||||||
Radius Health, Inc.†# | 23,316 | 522,278 | ||||||
REGENXBIO, Inc.† | 17,272 | 723,006 | ||||||
Replimune Group, Inc.† | 6,002 | 83,428 | ||||||
resTORbio, Inc.†# | 7,950 | 9,540 | ||||||
Retrophin, Inc.† | 21,424 | 297,151 | ||||||
Rigel Pharmaceuticals, Inc.† | 87,034 | 194,956 | ||||||
Rocket Pharmaceuticals, Inc.†# | 15,386 | 270,640 | ||||||
Rubius Therapeutics, Inc.†# | 18,079 | 139,208 | ||||||
Sangamo Therapeutics, Inc.†# | 59,435 | 641,898 | ||||||
Savara, Inc.†# | 17,950 | 22,617 | ||||||
Scholar Rock Holding Corp.†# | 9,081 | 77,279 | ||||||
Solid Biosciences, Inc.†# | 10,168 | 39,960 | ||||||
Sorrento Therapeutics, Inc.†# | 64,734 | 189,023 | ||||||
Spark Therapeutics, Inc.†# | 17,788 | 1,976,958 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) | ||||||||
Stemline Therapeutics, Inc.†# | 23,190 | $ | 247,901 | |||||
Stoke Therapeutics, Inc.†# | 4,736 | 116,032 | ||||||
Strongbridge Biopharma PLC† | 18,725 | 33,892 | ||||||
Syndax Pharmaceuticals, Inc.† | 10,401 | 75,823 | ||||||
Synlogic, Inc.† | 8,119 | 17,375 | ||||||
Synthorx, Inc.†# | 4,950 | 88,605 | ||||||
TCR2 Therapeutics, Inc.†# | 6,061 | 102,734 | ||||||
Theravance Biopharma, Inc.†# | 22,879 | 497,847 | ||||||
Tobira Therapeutics, Inc. CVR†(1) | 4,989 | 0 | ||||||
Tocagen, Inc.†# | 10,977 | 7,190 | ||||||
Translate Bio, Inc.†# | 15,198 | 152,740 | ||||||
TransMedics Group, Inc.†# | 3,415 | 64,031 | ||||||
Twist Bioscience Corp.†# | 11,238 | 267,802 | ||||||
Tyme Technologies, Inc.†# | 30,540 | 34,510 | ||||||
Ultragenyx Pharmaceutical, Inc.†# | 28,274 | 1,121,064 | ||||||
UNITY Biotechnology, Inc.†# | 13,809 | 106,605 | ||||||
VBI Vaccines, Inc.† | 43,414 | 38,999 | ||||||
Veracyte, Inc.†# | 24,411 | 701,084 | ||||||
Vericel Corp.†# | 22,751 | 424,534 | ||||||
Viking Therapeutics, Inc.†# | 33,574 | 245,762 | ||||||
WaVe Life Sciences, Ltd.†# | 11,651 | 386,231 | ||||||
X4 Pharmaceuticals, Inc.† | 6,141 | 65,279 | ||||||
XBiotech, Inc.†# | 9,816 | 112,786 | ||||||
Y-mAbs Therapeutics, Inc.† | 10,529 | 355,354 | ||||||
Zeneca, Inc. CVR†(1) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 83,051 | 432,696 | ||||||
65,358,304 | ||||||||
Medical - Drugs — 2.3% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 40,542 | 75,408 | ||||||
Aclaris Therapeutics, Inc.†# | 15,942 | 26,145 | ||||||
Adamas Pharmaceuticals, Inc.†# | 11,682 | 69,508 | ||||||
Aeglea BioTherapeutics, Inc.† | 13,537 | 115,741 | ||||||
Aerie Pharmaceuticals, Inc.†# | 21,841 | 414,761 | ||||||
Aimmune Therapeutics, Inc.†# | 22,987 | 641,797 | ||||||
Akcea Therapeutics, Inc.†# | 6,435 | 125,289 | ||||||
Akorn, Inc.† | 48,318 | 176,361 | ||||||
Alector, Inc.†# | 15,674 | 292,163 | ||||||
Amphastar Pharmaceuticals, Inc.† | 18,565 | 362,203 | ||||||
Athenex, Inc.†# | 35,329 | 550,426 | ||||||
Axcella Health, Inc.† | 846 | 3,384 | ||||||
Beyondspring, Inc.† | 6,205 | 77,252 | ||||||
BioSpecifics Technologies Corp.† | 3,174 | 174,570 | ||||||
Bioxcel Therapeutics, Inc.† | 3,119 | 19,400 | ||||||
Catalyst Pharmaceuticals, Inc.† | 49,910 | 231,582 | ||||||
cbdMD, Inc.†# | 5,325 | 17,306 | ||||||
Checkpoint Therapeutics, Inc.† | 12,659 | 16,710 | ||||||
Chiasma, Inc.†# | 17,724 | 94,823 | ||||||
Chimerix, Inc.† | 24,803 | 54,567 | ||||||
Clovis Oncology, Inc.†# | 26,050 | 388,927 | ||||||
Coherus Biosciences, Inc.†# | 32,025 | 576,130 | ||||||
Collegium Pharmaceutical, Inc.† | 16,629 | 361,348 | ||||||
Concert Pharmaceuticals, Inc.† | 11,146 | 84,041 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 30,712 | 144,346 | ||||||
Corcept Therapeutics, Inc.† | 49,536 | 635,547 | ||||||
Corium International, Inc. CVR†#(1) | 14,912 | 2,684 | ||||||
Cyclerion Therapeutics, Inc.†# | 12,217 | 22,601 | ||||||
Cytokinetics, Inc.†# | 28,805 | 278,544 | ||||||
Eagle Pharmaceuticals, Inc.†# | 4,711 | 275,499 | ||||||
Eloxx Pharmaceuticals, Inc.†# | 13,017 | 67,949 | ||||||
Enanta Pharmaceuticals, Inc.† | 8,878 | 565,174 | ||||||
Fulcrum Therapeutics, Inc.†# | 2,349 | 29,010 | ||||||
Galectin Therapeutics, Inc.†# | 20,725 | 66,942 | ||||||
Global Blood Therapeutics, Inc.†# | 29,973 | 1,993,205 | ||||||
Gritstone Oncology, Inc.†# | 12,894 | 112,307 |
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Medical - Drugs (continued) | ||||||||
Harpoon Therapeutics,, Inc †# | 3,752 | $ | 70,162 | |||||
Hookipa Pharma, Inc.† | 1,081 | 10,929 | ||||||
Intellia Therapeutics, Inc.†# | 20,003 | 346,652 | ||||||
Intra-Cellular Therapies, Inc.†# | 23,040 | 223,718 | ||||||
Ironwood Pharmaceuticals, Inc.† | 79,517 | 955,794 | ||||||
Jounce Therapeutics, Inc.† | 8,371 | 45,287 | ||||||
Kadmon Holdings, Inc.†# | 67,363 | 297,745 | ||||||
Kala Pharmaceuticals, Inc.†# | 11,299 | 47,117 | ||||||
KalVista Pharmaceuticals, Inc.†# | 6,039 | 87,445 | ||||||
Kura Oncology, Inc.† | 17,756 | 283,031 | ||||||
Lannett Co., Inc.†# | 16,359 | 144,286 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 4,043 | 447,520 | ||||||
Mallinckrodt PLC†# | 43,479 | 163,916 | ||||||
Marinus Pharmaceuticals, Inc.†# | 25,963 | 34,271 | ||||||
MediciNova, Inc.†# | 21,299 | 151,649 | ||||||
Millendo Therapeutics, Inc.†# | 4,859 | 36,977 | ||||||
Minerva Neurosciences, Inc.† | 15,299 | 95,619 | ||||||
Mirum Pharmaceuticals, Inc.† | 1,392 | 10,036 | ||||||
Morphic Holding, Inc.†# | 2,558 | 40,621 | ||||||
MyoKardia, Inc.†# | 22,988 | 1,497,668 | ||||||
Ocular Therapeutix, Inc.†# | 21,452 | 85,594 | ||||||
Odonate Therapeutics, Inc.† | 6,067 | 208,583 | ||||||
Optinose, Inc.†# | 12,895 | 120,439 | ||||||
Pacira BioSciences, Inc.† | 20,984 | 969,881 | ||||||
Paratek Pharmaceuticals, Inc.†# | 16,561 | 48,524 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 7,099 | 23,143 | ||||||
Prestige Consumer Healthcare, Inc.†# | 26,093 | 985,533 | ||||||
Principia Biopharma, Inc.† | 6,930 | 248,302 | ||||||
Progenics Pharmaceuticals, Inc.† | 44,982 | 234,806 | ||||||
Protagonist Therapeutics, Inc.† | 8,813 | 76,673 | ||||||
Ra Pharmaceuticals, Inc.† | 18,006 | 841,420 | ||||||
Reata Pharmaceuticals, Inc., Class A†# | 11,423 | 2,228,970 | ||||||
Rhythm Pharmaceuticals, Inc.† | 11,887 | 266,863 | ||||||
Seres Therapeutics, Inc.†# | 18,874 | 74,552 | ||||||
SIGA Technologies, Inc.†# | 28,502 | 139,660 | ||||||
Spectrum Pharmaceuticals, Inc.† | 57,686 | 518,020 | ||||||
Spero Therapeutics, Inc.† | 5,643 | 67,490 | ||||||
Supernus Pharmaceuticals, Inc.† | 25,514 | 596,517 | ||||||
Sutro Biopharma, Inc.† | 5,629 | 62,369 | ||||||
Syros Pharmaceuticals, Inc.† | 17,929 | 91,438 | ||||||
TG Therapeutics, Inc.†# | 42,435 | 347,543 | ||||||
TherapeuticsMD, Inc.†# | 101,921 | 255,822 | ||||||
Tricida, Inc.†# | 11,295 | 451,348 | ||||||
Turning Point Therapeutics, Inc.† | 3,436 | 193,172 | ||||||
UroGen Pharma, Ltd.†# | 9,694 | 306,718 | ||||||
Vanda Pharmaceuticals, Inc.† | 26,943 | 450,756 | ||||||
Verrica Pharmaceuticals, Inc.†# | 6,670 | 100,517 | ||||||
Voyager Therapeutics, Inc.†# | 12,490 | 170,364 | ||||||
Xeris Pharmaceuticals, Inc.†# | 13,796 | 123,198 | ||||||
Zogenix, Inc.†# | 22,070 | 1,054,505 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 11,841 | 74,954 | ||||||
25,551,767 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Amneal Pharmaceuticals, Inc.† | 48,478 | 182,277 | ||||||
Arvinas, Inc.†# | 9,495 | 364,608 | ||||||
Endo International PLC† | 116,327 | 590,941 | ||||||
Kodiak Sciences, Inc.†# | 12,199 | 361,091 | ||||||
LogicBio Therapeutics, Inc.†# | 4,249 | 34,162 | ||||||
Momenta Pharmaceuticals, Inc.† | 50,979 | 856,447 | ||||||
2,389,526 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Magellan Health, Inc.† | 11,355 | 882,624 | ||||||
Tivity Health, Inc.†# | 24,561 | 556,307 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO (continued) | ||||||||
Triple-S Management Corp., Class B† | 11,847 | $ | 226,870 | |||||
1,665,801 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
Community Health Systems, Inc.†# | 44,579 | 142,653 | ||||||
Select Medical Holdings Corp.† | 56,926 | 1,258,634 | ||||||
Surgery Partners, Inc.† | 12,435 | 171,354 | ||||||
Tenet Healthcare Corp.† | 53,227 | 1,713,909 | ||||||
3,286,550 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 26,180 | 1,136,997 | ||||||
Genesis Healthcare, Inc.†# | 43,336 | 72,805 | ||||||
National HealthCare Corp. | 6,324 | 537,540 | ||||||
1,747,342 | ||||||||
Medical - Outpatient/Home Medical — 0.5% |
| |||||||
Addus HomeCare Corp.† | 5,459 | 508,833 | ||||||
Amedisys, Inc.† | 16,232 | 2,645,167 | ||||||
Joint Corp.† | 6,756 | 129,377 | ||||||
LHC Group, Inc.† | 15,577 | 2,077,972 | ||||||
Pennant Group, Inc.† | 13,090 | 306,568 | ||||||
Providence Service Corp.† | 6,034 | 360,170 | ||||||
6,028,087 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Diplomat Pharmacy, Inc.† | 30,238 | 155,726 | ||||||
Evofem Biosciences, Inc.†# | 7,321 | 44,731 | ||||||
Owens & Minor, Inc. | 31,895 | 211,145 | ||||||
411,602 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
AZZ, Inc. | 13,443 | 511,775 | ||||||
CIRCOR International, Inc.† | 10,102 | 448,125 | ||||||
Helios Technologies, Inc. | 15,158 | 678,775 | ||||||
Lawson Products, Inc.† | 2,161 | 111,421 | ||||||
LB Foster Co., Class A† | 5,178 | 98,071 | ||||||
Mayville Engineering Co., Inc.† | 3,262 | 30,500 | ||||||
Mueller Industries, Inc. | 28,702 | 900,956 | ||||||
Park-Ohio Holdings Corp. | 4,505 | 142,493 | ||||||
RBC Bearings, Inc.† | 12,551 | 2,081,960 | ||||||
Rexnord Corp.† | 54,486 | 1,721,213 | ||||||
Tredegar Corp. | 13,482 | 290,267 | ||||||
7,015,556 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 4,772 | 79,979 | ||||||
Ryerson Holding Corp.† | 8,372 | 89,246 | ||||||
Worthington Industries, Inc. | 20,011 | 766,421 | ||||||
935,646 | ||||||||
Metal Products - Fasteners — 0.1% |
| |||||||
Eastern Co. | 2,797 | 76,862 | ||||||
TriMas Corp.† | 23,525 | 728,804 | ||||||
805,666 | ||||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 25,985 | 183,194 | ||||||
Kaiser Aluminum Corp. | 8,276 | 906,884 | ||||||
1,090,078 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.# | 139,091 | 1,111,337 | ||||||
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Mining Services — 0.0% |
| |||||||
Contura Energy, Inc.† | 9,829 | $ | 65,559 | |||||
Miscellaneous Manufacturing — 0.3% |
| |||||||
Hillenbrand, Inc. | 37,788 | 1,194,852 | ||||||
John Bean Technologies Corp. | 16,141 | 1,768,247 | ||||||
2,963,099 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 37,757 | 100,811 | ||||||
IMAX Corp.† | 27,068 | 581,962 | ||||||
682,773 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 21,742 | 416,577 | ||||||
Multimedia — 0.0% |
| |||||||
E.W. Scripps Co., Class A | 28,309 | 422,370 | ||||||
Entravision Communications Corp., Class A | 31,401 | 89,179 | ||||||
Media General, Inc. CVR†#(1) | 61,443 | 0 | ||||||
511,549 | ||||||||
Networking Products — 0.2% |
| |||||||
A10 Networks, Inc.† | 29,257 | 195,144 | ||||||
Calix, Inc.† | 24,175 | 187,356 | ||||||
Extreme Networks, Inc.† | 60,492 | 425,259 | ||||||
Infinera Corp.† | 90,780 | 579,177 | ||||||
Inseego Corp.†# | 23,293 | 147,911 | ||||||
NeoPhotonics Corp.† | 20,017 | 164,139 | ||||||
NETGEAR, Inc.† | 15,910 | 399,500 | ||||||
2,098,486 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 4,679 | 86,094 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Energy Fuels, Inc.†# | 47,307 | 93,668 | ||||||
Uranium Energy Corp.†# | 92,224 | 81,434 | ||||||
175,102 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Advanced Disposal Services, Inc.† | 37,602 | 1,238,986 | ||||||
Casella Waste Systems, Inc., Class A† | 23,062 | 1,077,226 | ||||||
Charah Solutions, Inc.†# | 4,816 | 11,269 | ||||||
Covanta Holding Corp. | 61,063 | 898,237 | ||||||
3,225,718 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
AstroNova, Inc. | 3,537 | 54,646 | ||||||
Pitney Bowes, Inc.# | 88,663 | 417,603 | ||||||
472,249 | ||||||||
Office Furnishings - Original — 0.4% |
| |||||||
CompX International, Inc. | 854 | 12,989 | ||||||
Herman Miller, Inc. | 30,492 | 1,456,908 | ||||||
HNI Corp. | 22,169 | 871,020 | ||||||
Interface, Inc. | 29,942 | 502,726 | ||||||
Kimball International, Inc., Class B | 18,454 | 394,547 | ||||||
Knoll, Inc. | 25,371 | 699,225 | ||||||
Steelcase, Inc., Class A | 44,995 | 815,309 | ||||||
4,752,724 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 49,875 | 456,356 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Diamond Offshore Drilling, Inc.†# | 33,582 | 189,738 | ||||||
Nabors Industries, Ltd.# | 182,466 | 375,880 | ||||||
Noble Corp. PLC† | 128,381 | 136,084 |
Security Description | Shares | Value (Note 2) | ||||||
Oil & Gas Drilling (continued) | ||||||||
Pacific Drilling SA† | 15,445 | $ | 44,018 | |||||
Parker Drilling Co.†# | 4,824 | 92,139 | ||||||
Seadrill, Ltd.†# | 30,332 | 33,972 | ||||||
871,831 | ||||||||
Oil Companies - Exploration & Production — 0.9% |
| |||||||
Abraxas Petroleum Corp.† | 82,870 | 21,298 | ||||||
Amplify Energy Corp. | 6,761 | 37,186 | ||||||
Berry Petroleum Corp. | 32,421 | 258,395 | ||||||
Bonanza Creek Energy, Inc.† | 9,791 | 170,951 | ||||||
Brigham Minerals, Inc., Class A | 8,325 | 161,172 | ||||||
California Resources Corp.†# | 25,013 | 163,585 | ||||||
Callon Petroleum Co.†# | 118,399 | 432,156 | ||||||
Carrizo Oil & Gas, Inc.†# | 45,991 | 294,802 | ||||||
Chaparral Energy, Inc., Class A†# | 16,073 | 17,359 | ||||||
CNX Resources Corp.† | 96,474 | 666,635 | ||||||
Comstock Resources, Inc.†# | 7,793 | 49,486 | ||||||
Denbury Resources, Inc.†# | 242,283 | 239,012 | ||||||
DLB Oil & Gas, Inc.†(1) | 3,000 | 0 | ||||||
Earthstone Energy, Inc., Class A† | 10,090 | 45,102 | ||||||
Evolution Petroleum Corp. | 14,062 | 73,263 | ||||||
Extraction Oil & Gas, Inc.†# | 43,802 | 63,075 | ||||||
Falcon Minerals Corp.# | 19,964 | 128,768 | ||||||
Goodrich Petroleum Corp.† | 4,701 | 46,164 | ||||||
Gulfport Energy Corp.† | 82,879 | 196,423 | ||||||
HighPoint Resources Corp.† | 58,129 | 72,661 | ||||||
Jagged Peak Energy, Inc.† | 33,890 | 226,046 | ||||||
Laredo Petroleum, Inc.† | 93,359 | 201,656 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 52,290 | 567,870 | ||||||
Mammoth Energy Services, Inc. | 6,724 | 10,557 | ||||||
Matador Resources Co.†# | 57,461 | 809,051 | ||||||
Montage Resources Corp., Class A†# | 11,069 | 54,681 | ||||||
Northern Oil and Gas, Inc.†# | 150,721 | 268,283 | ||||||
Oasis Petroleum, Inc.† | 165,253 | 386,692 | ||||||
Panhandle Oil and Gas, Inc., Class A | 7,937 | 93,815 | ||||||
PDC Energy, Inc.† | 32,480 | 738,271 | ||||||
Penn Virginia Corp.† | 7,013 | 169,364 | ||||||
PrimeEnergy Resources Corp.† | 266 | 39,607 | ||||||
QEP Resources, Inc. | 123,810 | 404,859 | ||||||
Ring Energy, Inc.†# | 31,159 | 59,825 | ||||||
Roan Resources, Inc.†# | 18,458 | 28,056 | ||||||
Rosehill Resources, Inc.†# | 5,460 | 6,388 | ||||||
SandRidge Energy, Inc.† | 15,948 | 52,469 | ||||||
SilverBow Resources, Inc.† | 3,661 | 31,924 | ||||||
SM Energy Co. | 57,984 | 481,847 | ||||||
Southwestern Energy Co.†# | 281,305 | 511,975 | ||||||
SRC Energy, Inc.† | 125,244 | 447,121 | ||||||
Talos Energy, Inc.† | 10,416 | 241,651 | ||||||
Tellurian, Inc.†# | 48,859 | 356,182 | ||||||
Unit Corp.† | 27,486 | 23,520 | ||||||
W&T Offshore, Inc.† | 48,715 | 208,500 | ||||||
Whiting Petroleum Corp.†# | 47,079 | 215,622 | ||||||
9,773,325 | ||||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.† | 18,727 | 791,403 | ||||||
Exterran Corp.† | 15,809 | 85,053 | ||||||
Flotek Industries, Inc.† | 27,817 | 49,236 | ||||||
Forum Energy Technologies, Inc.† | 42,817 | 56,090 | ||||||
Natural Gas Services Group, Inc.† | 6,506 | 70,525 | ||||||
Smart Sand, Inc.†# | 11,159 | 25,889 | ||||||
Thermon Group Holdings, Inc.† | 16,822 | 441,409 | ||||||
US Silica Holdings, Inc.# | 37,930 | 186,995 | ||||||
1,706,600 | ||||||||
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Oil Refining & Marketing — 0.4% |
| |||||||
CVR Energy, Inc. | 15,310 | $ | 664,301 | |||||
Delek US Holdings, Inc. | 38,862 | 1,333,355 | ||||||
Murphy USA, Inc.† | 15,777 | 1,854,271 | ||||||
Par Pacific Holdings, Inc.† | 18,327 | 456,159 | ||||||
Trecora Resources† | �� | 11,043 | 85,031 | |||||
4,393,117 | ||||||||
Oil - Field Services — 0.6% |
| |||||||
Archrock, Inc. | 66,675 | 560,737 | ||||||
DMC Global, Inc. | 7,305 | 336,687 | ||||||
Era Group, Inc.† | 10,088 | 96,542 | ||||||
Frank’s International NV†# | 55,163 | 281,331 | ||||||
FTS International, Inc.†# | 17,188 | 17,876 | ||||||
Helix Energy Solutions Group, Inc.† | 73,429 | 609,461 | ||||||
Independence Contract Drilling, Inc.† | 24,831 | 19,617 | ||||||
KLX Energy Services Holdings, Inc.† | 10,771 | 60,856 | ||||||
Liberty Oilfield Services, Inc., Class A# | 27,537 | 243,427 | ||||||
Matrix Service Co.† | 13,745 | 287,820 | ||||||
McDermott International, Inc.†# | 93,902 | 75,159 | ||||||
MRC Global, Inc.† | 41,147 | 548,901 | ||||||
National Energy Services Reunited Corp.†# | 12,274 | 112,307 | ||||||
NCS Multistage Holdings, Inc.† | 5,943 | 12,777 | ||||||
Newpark Resources, Inc.† | 46,033 | 269,753 | ||||||
NexTier Oilfield Solutions, Inc.† | 82,444 | 394,907 | ||||||
Nine Energy Service, Inc.†# | 8,224 | 45,068 | ||||||
NOW, Inc.† | 56,043 | 628,242 | ||||||
Oceaneering International, Inc.† | 51,266 | 687,477 | ||||||
Oil States International, Inc.† | 31,001 | 494,156 | ||||||
ProPetro Holding Corp.† | 41,354 | 356,472 | ||||||
RPC, Inc.# | 30,052 | 116,001 | ||||||
Select Energy Services, Inc., Class A† | 30,660 | 235,469 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A# | 16,091 | 172,656 | ||||||
TETRA Technologies, Inc.† | 62,703 | 77,125 | ||||||
US Well Services, Inc.† | 10,384 | 16,614 | ||||||
6,757,438 | ||||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.†# | 22,994 | 847,559 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 8,271 | 181,052 | ||||||
Neenah, Inc. | 8,662 | 630,420 | ||||||
P.H. Glatfelter Co. | 22,534 | 402,232 | ||||||
Schweitzer-Mauduit International, Inc. | 15,981 | 700,927 | ||||||
Verso Corp., Class A† | 18,040 | 333,019 | ||||||
2,247,650 | ||||||||
Pastoral & Agricultural — 0.2% |
| |||||||
Darling Ingredients, Inc.† | 84,986 | 2,022,667 | ||||||
Patient Monitoring Equipment — 0.0% |
| |||||||
CareDx, Inc.†# | 21,277 | 436,604 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Option Care Health, Inc.† | 63,736 | 198,219 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
Catasys, Inc.†# | 3,729 | 57,427 | ||||||
U.S. Physical Therapy, Inc. | 6,503 | 759,940 | ||||||
817,367 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Apollo Medical Holdings, Inc.†# | 3,265 | 59,652 | ||||||
Pipelines — 0.1% |
| |||||||
NextDecade Corp.†# | 5,914 | 38,737 | ||||||
SemGroup Corp., Class A | 41,088 | 631,522 | ||||||
670,259 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp.† | 15,898 | $ | 125,117 | |||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc. | 10,295 | 1,704,646 | ||||||
Power Converter/Supply Equipment — 0.3% |
| |||||||
Energous Corp.† | 14,539 | 30,532 | ||||||
Generac Holdings, Inc.† | 31,656 | 3,118,116 | ||||||
Powell Industries, Inc. | 4,614 | 191,896 | ||||||
Vicor Corp.† | 9,211 | 378,296 | ||||||
3,718,840 | ||||||||
Precious Metals — 0.1% |
| |||||||
Coeur Mining, Inc.† | 113,853 | 746,876 | ||||||
Hecla Mining Co. | 249,281 | 615,724 | ||||||
1,362,600 | ||||||||
Printing - Commercial — 0.2% |
| |||||||
Cimpress NV†# | 11,227 | 1,438,628 | ||||||
Ennis, Inc. | 13,191 | 272,262 | ||||||
LSC Communications, Inc. | 16,948 | 7,315 | ||||||
Quad/Graphics, Inc. | 16,636 | 74,695 | ||||||
RR Donnelley & Sons Co.# | 36,541 | 145,068 | ||||||
1,937,968 | ||||||||
Private Equity — 0.1% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 63,497 | 1,435,667 | ||||||
Professional Sports — 0.1% |
| |||||||
Liberty Media Corp. - Liberty Braves, Series A† | 5,147 | 146,123 | ||||||
Liberty Media Corp. - Liberty Braves, Series C† | 18,647 | 527,710 | ||||||
673,833 | ||||||||
Protection/Safety — 0.0% |
| |||||||
ShotSpotter, Inc.†# | 4,209 | 103,205 | ||||||
Publishing - Books — 0.1% |
| |||||||
Houghton Mifflin Harcourt Co.† | 54,023 | 317,115 | ||||||
Scholastic Corp. | 15,272 | 567,050 | ||||||
Tribune Publishing Co. | 9,062 | 113,456 | ||||||
997,621 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Lee Enterprises, Inc.† | 27,703 | 53,744 | ||||||
TEGNA, Inc. | 112,517 | 1,727,136 | ||||||
1,780,880 | ||||||||
Publishing - Periodicals — 0.1% |
| |||||||
Meredith Corp.# | 20,599 | 721,789 | ||||||
Value Line, Inc. | 548 | 15,021 | ||||||
736,810 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 17,656 | 975,847 | ||||||
Racetracks — 0.3% |
| |||||||
Churchill Downs, Inc. | 18,187 | 2,364,492 | ||||||
Penn National Gaming, Inc.† | 56,846 | 1,309,163 | ||||||
3,673,655 | ||||||||
Radio — 0.0% |
| |||||||
Cumulus Media, Inc., Class A† | 7,444 | 129,079 | ||||||
Entercom Communications Corp., Class A# | 63,984 | 302,644 | ||||||
Saga Communications, Inc., Class A | 1,966 | 60,435 | ||||||
492,158 | ||||||||
Real Estate Investment Trusts — 7.9% |
| |||||||
Acadia Realty Trust | 42,995 | 1,155,706 | ||||||
AG Mortgage Investment Trust, Inc. | 16,839 | 262,183 |
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Investment Trusts (continued) | ||||||||
Agree Realty Corp. | 21,234 | $ | 1,587,878 | |||||
Alexander & Baldwin, Inc. | 35,509 | 769,835 | ||||||
Alexander’s, Inc. | 1,103 | 359,975 | ||||||
American Assets Trust, Inc. | 25,014 | 1,188,915 | ||||||
American Finance Trust, Inc.# | 55,326 | 818,272 | ||||||
Anworth Mtg. Asset Corp. | 50,533 | 177,876 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 79,855 | 1,458,951 | ||||||
Ares Commercial Real Estate Corp. | 13,965 | 218,413 | ||||||
Arlington Asset Investment Corp., Class A# | 18,671 | 109,225 | ||||||
Armada Hoffler Properties, Inc. | 27,237 | 491,900 | ||||||
ARMOUR Residential REIT, Inc.# | 30,493 | 526,309 | ||||||
Ashford Hospitality Trust, Inc. | 46,583 | 128,103 | ||||||
Blackstone Mtg. Trust, Inc., Class A# | 65,317 | 2,392,562 | ||||||
Bluerock Residential Growth REIT, Inc. | 11,674 | 143,123 | ||||||
Braemar Hotels & Resorts, Inc. | 15,541 | 152,457 | ||||||
BRT Apartments Corp. | 5,041 | 92,553 | ||||||
Capstead Mtg. Corp. | 48,386 | 376,443 | ||||||
CareTrust REIT, Inc. | 49,412 | 1,031,723 | ||||||
CatchMark Timber Trust, Inc., Class A | 25,370 | 301,142 | ||||||
CBL & Associates Properties, Inc.# | 87,722 | 126,320 | ||||||
Cedar Realty Trust, Inc. | 44,374 | 118,479 | ||||||
Chatham Lodging Trust | 23,747 | 434,570 | ||||||
Cherry Hill Mtg. Investment Corp. | 8,116 | 121,578 | ||||||
CIM Commercial Trust Corp. | 695 | 10,077 | ||||||
City Office REIT, Inc. | 20,059 | 269,392 | ||||||
Clipper Realty, Inc. | 7,456 | 66,731 | ||||||
Colony Credit Real Estate, Inc.# | 41,863 | 554,685 | ||||||
Community Healthcare Trust, Inc. | 9,549 | 454,532 | ||||||
CoreCivic, Inc. | 61,656 | 934,088 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 6,659 | 294,594 | ||||||
CorePoint Lodging, Inc. | 20,694 | 209,216 | ||||||
DiamondRock Hospitality Co. | 104,222 | 1,073,487 | ||||||
Dynex Capital, Inc.# | 12,402 | 209,470 | ||||||
Easterly Government Properties, Inc. | 40,729 | 947,357 | ||||||
EastGroup Properties, Inc. | 19,204 | 2,615,393 | ||||||
Essential Properties Realty Trust, Inc. | 39,339 | 1,026,354 | ||||||
Exantas Capital Corp. | 15,781 | 190,003 | ||||||
Farmland Partners, Inc.# | 14,156 | 94,421 | ||||||
First Industrial Realty Trust, Inc. | 65,264 | 2,778,941 | ||||||
Four Corners Property Trust, Inc. | 35,449 | 1,003,916 | ||||||
Franklin Street Properties Corp. | 53,717 | 467,875 | ||||||
Front Yard Residential Corp. | 25,626 | 297,262 | ||||||
GEO Group, Inc. | 61,594 | 853,693 | ||||||
Getty Realty Corp. | 17,269 | 579,548 | ||||||
Gladstone Commercial Corp. | 15,857 | 361,222 | ||||||
Gladstone Land Corp.# | 9,514 | 120,638 | ||||||
Global Medical REIT, Inc. | 16,308 | 227,007 | ||||||
Global Net Lease, Inc. | 43,674 | 890,513 | ||||||
Granite Point Mtg. Trust, Inc. | 28,058 | 509,814 | ||||||
Great Ajax Corp. | 8,612 | 131,161 | ||||||
Healthcare Realty Trust, Inc. | 66,220 | 2,197,842 | ||||||
Hersha Hospitality Trust | 18,056 | 256,034 | ||||||
Independence Realty Trust, Inc. | 46,567 | 695,711 | ||||||
Industrial Logistics Properties Trust | 33,542 | 725,849 | ||||||
Innovative Industrial Properties, Inc.# | 5,592 | 432,877 | ||||||
Invesco Mtg. Capital, Inc. | 74,345 | 1,207,363 | ||||||
Investors Real Estate Trust | 6,028 | 466,085 | ||||||
iStar, Inc.# | 30,746 | 399,391 | ||||||
Jernigan Capital, Inc.# | 11,040 | 192,979 | ||||||
Kite Realty Group Trust | 42,880 | 829,728 | ||||||
KKR Real Estate Finance Trust, Inc.# | 13,067 | 263,823 | ||||||
Ladder Capital Corp. | 53,273 | 921,090 | ||||||
Lexington Realty Trust | 118,560 | 1,313,645 | ||||||
LTC Properties, Inc. | 20,373 | 953,660 | ||||||
Mack-Cali Realty Corp. | 44,827 | 958,850 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Monmouth Real Estate Investment Corp. | 47,816 | $ | 733,019 | |||||
National Health Investors, Inc. | 21,663 | 1,754,486 | ||||||
National Storage Affiliates Trust | 30,709 | 1,028,751 | ||||||
New Senior Investment Group, Inc. | 43,323 | 340,086 | ||||||
New York Mtg. Trust, Inc. | 121,252 | 755,400 | ||||||
NexPoint Residential Trust, Inc. | 9,792 | 468,547 | ||||||
Office Properties Income Trust | 24,688 | 823,592 | ||||||
One Liberty Properties, Inc. | 8,047 | 219,764 | ||||||
Orchid Island Capital, Inc.# | 32,767 | 186,117 | ||||||
Pebblebrook Hotel Trust | 67,308 | 1,763,470 | ||||||
Pennsylvania Real Estate Investment Trust# | 35,929 | 206,951 | ||||||
PennyMac Mtg. Investment Trust | 44,828 | 1,035,078 | ||||||
Physicians Realty Trust | 96,097 | 1,844,101 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 64,806 | 1,433,509 | ||||||
PotlatchDeltic Corp.# | 34,231 | 1,486,652 | ||||||
Preferred Apartment Communities, Inc., Class A# | 22,984 | 316,490 | ||||||
PS Business Parks, Inc. | 10,358 | 1,829,119 | ||||||
QTS Realty Trust, Inc., Class A | 28,323 | 1,503,102 | ||||||
Ready Capital Corp.# | 16,139 | 254,512 | ||||||
Redwood Trust, Inc. | 49,756 | 805,052 | ||||||
Retail Opportunity Investments Corp. | 58,277 | 1,062,972 | ||||||
Retail Value, Inc. | 7,719 | 274,102 | ||||||
Rexford Industrial Realty, Inc. | 56,698 | 2,713,566 | ||||||
RLJ Lodging Trust | 89,114 | 1,522,958 | ||||||
RPT Realty | 40,416 | 597,348 | ||||||
Ryman Hospitality Properties, Inc. | 23,750 | 2,119,212 | ||||||
Sabra Health Care REIT, Inc. | 97,780 | 2,178,538 | ||||||
Saul Centers, Inc. | 6,149 | 326,758 | ||||||
Senior Housing Properties Trust | 122,512 | 896,788 | ||||||
Seritage Growth Properties, Class A# | 17,451 | 737,828 | ||||||
STAG Industrial, Inc. | 66,242 | 2,052,840 | ||||||
Summit Hotel Properties, Inc. | 53,573 | 649,305 | ||||||
Sunstone Hotel Investors, Inc. | 116,177 | 1,626,478 | ||||||
Tanger Factory Outlet Centers, Inc.# | 47,288 | 719,723 | ||||||
Terreno Realty Corp. | 33,395 | 1,927,559 | ||||||
TPG RE Finance Trust, Inc. | 25,652 | 519,453 | ||||||
UMH Properties, Inc. | 18,548 | 289,534 | ||||||
Uniti Group, Inc.# | 95,767 | 643,554 | ||||||
Universal Health Realty Income Trust | 6,635 | 790,892 | ||||||
Urban Edge Properties | 59,571 | 1,234,907 | ||||||
Urstadt Biddle Properties, Inc., Class A | 15,304 | 372,958 | ||||||
Washington Prime Group, Inc.# | 96,686 | 402,214 | ||||||
Washington Real Estate Investment Trust | 41,512 | 1,289,778 | ||||||
Western Asset Mtg. Capital Corp. | 26,896 | 276,491 | ||||||
Whitestone REIT# | 19,828 | 278,385 | ||||||
Xenia Hotels & Resorts, Inc. | 58,663 | 1,235,443 | ||||||
89,058,190 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Cushman & Wakefield PLC†# | 53,024 | 1,028,135 | ||||||
eXp World Holdings, Inc.†# | 8,438 | 92,396 | ||||||
Marcus & Millichap, Inc.† | 11,882 | 436,782 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,493 | 39,646 | ||||||
Newmark Group, Inc., Class A | 74,307 | 969,706 | ||||||
RE/MAX Holdings, Inc., Class A | 9,246 | 354,584 | ||||||
Realogy Holdings Corp.# | 58,882 | 616,494 | ||||||
Redfin Corp.† | 45,681 | 880,730 | ||||||
RMR Group, Inc., Class A | 7,844 | 368,433 | ||||||
Safehold, Inc. | 5,508 | 225,002 | ||||||
5,011,908 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
American Realty Investors, Inc.† | 1,289 | 17,053 | ||||||
Consolidated-Tomoka Land Co. | 2,531 | 158,668 | ||||||
FRP Holdings, Inc.† | 3,643 | 181,786 |
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Real Estate Operations & Development (continued) | ||||||||
Griffin Industrial Realty, Inc. | 500 | $ | 19,325 | |||||
Legacy Housing Corp.† | 2,986 | 47,836 | ||||||
McGrath RentCorp | 12,527 | 918,730 | ||||||
Stratus Properties, Inc.† | 3,037 | 86,858 | ||||||
Transcontinental Realty Investors, Inc.† | 549 | 18,908 | ||||||
1,449,164 | ||||||||
Recreational Centers — 0.0% |
| |||||||
OneSpaWorld Holdings, Ltd.†# | 23,499 | 383,739 | ||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A | 17,036 | 205,114 | ||||||
Malibu Boats, Inc., Class A† | 10,734 | 424,422 | ||||||
Marine Products Corp. | 3,822 | 57,827 | ||||||
MasterCraft Boat Holdings, Inc.† | 9,525 | 158,210 | ||||||
845,573 | ||||||||
Rental Auto/Equipment — 0.5% |
| |||||||
Aaron’s, Inc. | 34,966 | 2,042,014 | ||||||
Avis Budget Group, Inc.† | 30,611 | 910,677 | ||||||
CAI International, Inc.† | 8,498 | 204,802 | ||||||
Herc Holdings, Inc.† | 12,472 | 583,191 | ||||||
Hertz Global Holdings, Inc.† | 52,513 | 813,952 | ||||||
Rent-A-Center, Inc. | 25,205 | 656,086 | ||||||
Textainer Group Holdings, Ltd.† | 14,569 | 133,015 | ||||||
5,343,737 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 22,189 | 2,725,697 | ||||||
SeaWorld Entertainment, Inc.†# | 24,405 | 714,578 | ||||||
3,440,275 | ||||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Abercrombie & Fitch Co., Class A | 33,947 | 542,134 | ||||||
American Eagle Outfitters, Inc. | 83,740 | 1,253,588 | ||||||
Ascena Retail Group, Inc.†# | 81,033 | 36,522 | ||||||
Boot Barn Holdings, Inc.† | 14,479 | 576,554 | ||||||
Buckle, Inc.# | 14,949 | 415,881 | ||||||
Caleres, Inc. | 21,159 | 463,170 | ||||||
Cato Corp., Class A | 11,474 | 218,694 | ||||||
Chico’s FAS, Inc. | 60,402 | 288,117 | ||||||
Children’s Place, Inc.# | 7,950 | 574,467 | ||||||
Designer Brands, Inc., Class A | 33,656 | 555,324 | ||||||
Duluth Holdings, Inc., Class B†# | 5,556 | 51,282 | ||||||
Express, Inc.† | 34,049 | 133,813 | ||||||
Genesco, Inc.† | 8,262 | 306,851 | ||||||
Guess?, Inc. | 25,987 | 500,250 | ||||||
J. Jill, Inc.# | 8,721 | 15,174 | ||||||
RTW RetailWinds, Inc.† | 15,697 | 21,034 | ||||||
Shoe Carnival, Inc.# | 4,860 | 172,530 | ||||||
Tailored Brands, Inc.# | 25,864 | 136,820 | ||||||
Tilly’s, Inc., Class A | 11,241 | 110,836 | ||||||
Vera Bradley, Inc.† | 10,590 | 116,914 | ||||||
Winmark Corp. | 1,265 | 223,905 | ||||||
6,713,860 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.†# | 10,302 | 225,923 | ||||||
Retail - Arts & Crafts — 0.0% |
| |||||||
Michaels Cos., Inc.†# | 44,212 | 361,654 | ||||||
Retail - Automobile — 0.5% |
| |||||||
America’sCar-Mart, Inc.† | 3,230 | 352,910 | ||||||
Asbury Automotive Group, Inc.† | 9,990 | 1,107,292 | ||||||
Group 1 Automotive, Inc. | 9,127 | 940,902 | ||||||
Lithia Motors, Inc., Class A | 11,454 | 1,839,283 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Automobile (continued) | ||||||||
Rush Enterprises, Inc., Class A | 14,244 | $ | 652,660 | |||||
Rush Enterprises, Inc., Class B | 2,357 | 107,526 | ||||||
Sonic Automotive, Inc., Class A# | 12,602 | 412,716 | ||||||
5,413,289 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 63,091 | 919,867 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 21,236 | 107,029 | ||||||
Retail - Building Products — 0.3% |
| |||||||
At Home Group, Inc.† | 24,663 | 211,609 | ||||||
Beacon Roofing Supply, Inc.† | 35,146 | 1,042,079 | ||||||
BMC Stock Holdings, Inc.† | 34,466 | 1,020,538 | ||||||
Foundation Building Materials, Inc.† | 7,678 | 156,938 | ||||||
GMS, Inc.† | 16,620 | 514,555 | ||||||
2,945,719 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,823 | 287,190 | ||||||
Retail - Discount — 0.2% |
| |||||||
Big Lots, Inc. | 20,147 | 421,072 | ||||||
BJ’s Wholesale Club Holdings, Inc.†# | 57,735 | 1,368,320 | ||||||
Citi Trends, Inc. | 5,872 | 120,552 | ||||||
1,909,944 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
Rite Aid Corp.†# | 28,038 | 254,024 | ||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.†# | 14,758 | 131,494 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 14,752 | 237,950 | ||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Bassett Furniture Industries, Inc. | 5,084 | 77,379 | ||||||
Haverty Furniture Cos., Inc. | 9,230 | 185,615 | ||||||
La-Z-Boy, Inc. | 23,213 | 733,531 | ||||||
Lovesac Co.†# | 4,544 | 69,341 | ||||||
RH† | 8,561 | 1,760,056 | ||||||
2,825,922 | ||||||||
Retail - Jewelry — 0.1% |
| |||||||
Movado Group, Inc. | 8,144 | 159,215 | ||||||
Signet Jewelers, Ltd.# | 26,823 | 492,739 | ||||||
651,954 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 10,908 | 180,637 | ||||||
Party City Holdco, Inc.†# | 27,910 | 53,866 | ||||||
234,503 | ||||||||
Retail - Major Department Stores — 0.0% |
| |||||||
J.C. Penney Co., Inc.†# | 164,620 | 186,021 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 8,230 | 34,237 | ||||||
Gaia, Inc.†# | 5,436 | 45,499 | ||||||
GameStop Corp., Class A# | 46,496 | 294,785 | ||||||
Hudson, Ltd., Class A† | 20,524 | 285,489 | ||||||
PriceSmart, Inc. | 11,627 | 869,002 | ||||||
Sally Beauty Holdings, Inc.†# | 62,451 | 1,150,972 | ||||||
2,679,984 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 281,255 | 627,199 | ||||||
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Retail - Pawn Shops — 0.2% |
| |||||||
EZCORP, Inc., Class A†# | 26,313 | $ | 134,723 | |||||
FirstCash, Inc. | 21,925 | 1,772,417 | ||||||
1,907,140 | ||||||||
Retail - Pet Food & Supplies — 0.1% |
| |||||||
Freshpet, Inc.† | 17,810 | 957,110 | ||||||
PetIQ, Inc.†# | 10,038 | 230,874 | ||||||
PetMed Express, Inc. | 10,139 | 231,473 | ||||||
1,419,457 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 33,383 | 1,415,439 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 5,355 | 384,489 | ||||||
Retail - Restaurants — 1.4% |
| |||||||
Biglari Holdings, Inc., Class B† | 489 | 55,159 | ||||||
BJ’s Restaurants, Inc. | 10,567 | 434,832 | ||||||
Bloomin’ Brands, Inc. | 45,033 | 1,083,044 | ||||||
Brinker International, Inc.# | 19,338 | 866,342 | ||||||
Cannae Holdings, Inc.† | 34,975 | 1,311,213 | ||||||
Carrols Restaurant Group, Inc.†# | 18,065 | 143,075 | ||||||
Cheesecake Factory, Inc.# | 21,524 | 938,662 | ||||||
Chuy’s Holdings, Inc.† | 8,582 | 247,333 | ||||||
Cracker Barrel Old Country Store, Inc.# | 9,964 | 1,531,865 | ||||||
Dave & Buster’s Entertainment, Inc.# | 18,853 | 757,514 | ||||||
Del Taco Restaurants, Inc.† | 14,933 | 111,848 | ||||||
Denny’s Corp.† | 29,973 | 585,672 | ||||||
Dine Brands Global, Inc.# | 8,455 | 700,750 | ||||||
El Pollo Loco Holdings, Inc.† | 10,688 | 172,291 | ||||||
Fiesta Restaurant Group, Inc.† | 12,134 | 120,127 | ||||||
Habit Restaurants, Inc., Class A† | 10,651 | 113,327 | ||||||
J Alexander’s Holdings, Inc.† | 6,643 | 68,888 | ||||||
Jack in the Box, Inc. | 13,353 | 1,058,759 | ||||||
Kura Sushi USA, Inc., Class A† | 1,741 | 45,162 | ||||||
Noodles & Co.†# | 14,773 | 93,070 | ||||||
Papa John’s International, Inc. | 11,443 | 724,113 | ||||||
Potbelly Corp.† | 10,908 | 55,194 | ||||||
Red Robin Gourmet Burgers, Inc.† | 6,713 | 183,063 | ||||||
Ruth’s Hospitality Group, Inc. | 14,594 | 341,062 | ||||||
Shake Shack, Inc., Class A† | 15,011 | 930,382 | ||||||
Texas Roadhouse, Inc. | 34,176 | 1,978,790 | ||||||
Waitr Holdings, Inc.†# | 29,868 | 11,350 | ||||||
Wingstop, Inc. | 15,186 | 1,214,880 | ||||||
15,877,767 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Hibbett Sports, Inc.† | 9,212 | 261,345 | ||||||
Sportsman’s Warehouse Holdings, Inc.† | 21,956 | 160,498 | ||||||
Zumiez, Inc.† | 10,326 | 305,030 | ||||||
726,873 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 40,541 | 1,224,338 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A†# | 42,312 | 124,397 | ||||||
Retirement/Aged Care — 0.1% |
| |||||||
Brookdale Senior Living, Inc.† | 95,510 | 681,941 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 26,018 | 749,839 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 18,354 | 303,759 | ||||||
Proto Labs, Inc.† | 13,956 | 1,352,197 | ||||||
Raven Industries, Inc. | 18,562 | 637,976 |
Security Description | Shares | Value (Note 2) | ||||||
Rubber/Plastic Products (continued) | ||||||||
Trinseo SA | 20,856 | $ | 792,319 | |||||
3,086,251 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.†# | 28,415 | 143,780 | ||||||
Intelsat SA†# | 34,691 | 210,921 | ||||||
Iridium Communications, Inc.†# | 51,249 | 1,194,102 | ||||||
KVH Industries, Inc.† | 8,391 | 96,077 | ||||||
Loral Space & Communications, Inc.† | 6,641 | 224,864 | ||||||
1,869,744 | ||||||||
Savings & Loans/Thrifts — 1.4% |
| |||||||
Axos Financial, Inc.† | 29,917 | 881,056 | ||||||
Banc of California, Inc. | 23,444 | 360,100 | ||||||
BankFinancial Corp. | 7,213 | 98,457 | ||||||
Berkshire Hills Bancorp, Inc. | 23,932 | 755,055 | ||||||
Brookline Bancorp, Inc. | 40,579 | 651,293 | ||||||
Capitol Federal Financial, Inc. | 68,342 | 969,089 | ||||||
Community Bankers Trust Corp. | 11,179 | 97,145 | ||||||
Dime Community Bancshares, Inc. | 16,407 | 330,765 | ||||||
Entegra Financial Corp.† | 3,488 | 104,779 | ||||||
ESSA Bancorp, Inc. | 4,894 | 84,324 | ||||||
First Capital, Inc.# | 1,677 | 113,952 | ||||||
First Defiance Financial Corp. | 10,050 | 303,007 | ||||||
First Financial Northwest, Inc. | 4,101 | 60,408 | ||||||
Flushing Financial Corp. | 13,988 | 296,546 | ||||||
FS Bancorp, Inc. | 2,069 | 123,685 | ||||||
Greene County Bancorp, Inc. | 1,712 | 49,511 | ||||||
Hingham Institution for Savings | 718 | 137,684 | ||||||
Home Bancorp, Inc. | 4,025 | 155,284 | ||||||
HomeTrust Bancshares, Inc. | 8,207 | 214,449 | ||||||
Investors Bancorp, Inc. | 119,328 | 1,439,096 | ||||||
Malvern Bancorp, Inc.† | 3,908 | 89,728 | ||||||
Meridian Bancorp, Inc. | 24,824 | 499,707 | ||||||
MutualFirst Financial, Inc. | 3,030 | 120,139 | ||||||
Northfield Bancorp, Inc. | 22,589 | 381,754 | ||||||
Northwest Bancshares, Inc. | 51,939 | 864,265 | ||||||
OceanFirst Financial Corp. | 26,152 | 627,125 | ||||||
Oritani Financial Corp. | 20,399 | 379,421 | ||||||
Pacific Premier Bancorp, Inc. | 30,594 | 980,232 | ||||||
Provident Financial Holdings, Inc. | 3,031 | 66,318 | ||||||
Provident Financial Services, Inc. | 31,950 | 777,024 | ||||||
Prudential Bancorp, Inc. | 4,526 | 81,468 | ||||||
Riverview Bancorp, Inc. | 11,003 | 79,552 | ||||||
Southern Missouri Bancorp, Inc. | 4,073 | 152,249 | ||||||
Territorial Bancorp, Inc. | 4,030 | 127,711 | ||||||
Timberland Bancorp, Inc. | 3,838 | 113,739 | ||||||
United Community Financial Corp. | 24,360 | 270,640 | ||||||
Washington Federal, Inc. | 40,933 | 1,506,744 | ||||||
Waterstone Financial, Inc. | 12,366 | 233,346 | ||||||
WSFS Financial Corp. | 27,202 | 1,212,937 | ||||||
15,789,784 | ||||||||
Schools — 0.6% |
| |||||||
Adtalem Global Education, Inc.† | 29,221 | 985,624 | ||||||
American Public Education, Inc.† | 8,150 | 201,794 | ||||||
Career Education Corp.† | 35,677 | 595,092 | ||||||
Chegg, Inc.† | 60,041 | 2,327,790 | ||||||
K12, Inc.† | 19,952 | 392,057 | ||||||
Laureate Education, Inc., Class A† | 54,239 | 941,047 | ||||||
Rosetta Stone, Inc.† | 10,632 | 165,221 | ||||||
Strategic Education, Inc. | 11,036 | 1,564,243 | ||||||
7,172,868 | ||||||||
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 25,833 | $ | 2,402,469 | |||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 6,845 | 98,705 | ||||||
Semiconductor Components - Integrated Circuits — 0.4% |
| |||||||
Cirrus Logic, Inc.† | 30,150 | 2,161,755 | ||||||
MaxLinear, Inc.† | 33,732 | 670,255 | ||||||
Power Integrations, Inc. | 14,655 | 1,340,786 | ||||||
4,172,796 | ||||||||
Semiconductor Equipment — 0.6% |
| |||||||
Axcelis Technologies, Inc.† | 16,689 | 357,812 | ||||||
Brooks Automation, Inc. | 36,727 | 1,644,268 | ||||||
Cabot Microelectronics Corp. | 15,007 | 2,002,084 | ||||||
Cohu, Inc. | 20,831 | 369,542 | ||||||
FormFactor, Inc.† | 38,474 | 890,288 | ||||||
Onto Innovation, Inc.† | 24,905 | 835,812 | ||||||
Ultra Clean Holdings, Inc.† | 20,208 | 449,426 | ||||||
Veeco Instruments, Inc.† | 24,911 | 341,031 | ||||||
6,890,263 | ||||||||
Silver Mining — 0.0% |
| |||||||
Pan American Silver Corp. CVR†(1)(2) | 171,891 | 36,097 | ||||||
Software Tools — 0.0% |
| |||||||
Digital Turbine, Inc.† | 40,600 | 360,528 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Advanced Drainage Systems, Inc. | 18,835 | 718,743 | ||||||
Northwest Pipe Co.† | 4,951 | 169,968 | ||||||
Omega Flex, Inc. | 1,500 | 143,715 | ||||||
Synalloy Corp. | 4,303 | 55,681 | ||||||
TimkenSteel Corp.† | 20,823 | 121,190 | ||||||
1,209,297 | ||||||||
Steel - Producers — 0.3% |
| |||||||
AK Steel Holding Corp.†# | 162,980 | 449,825 | ||||||
Carpenter Technology Corp. | 24,374 | 1,281,341 | ||||||
Commercial Metals Co. | 61,020 | 1,303,387 | ||||||
Schnitzer Steel Industries, Inc., Class A | 13,294 | 286,486 | ||||||
3,321,039 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.† | 65,091 | 1,500,998 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 23,147 | 878,660 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.†# | 10,867 | 90,739 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 15,966 | 344,387 | ||||||
Telecom Equipment - Fiber Optics — 0.3% |
| |||||||
Acacia Communications, Inc.† | 19,622 | 1,307,610 | ||||||
Clearfield, Inc.† | 5,795 | 78,638 | ||||||
Harmonic, Inc.† | 44,573 | 368,173 | ||||||
Viavi Solutions, Inc.† | 118,963 | 1,786,824 | ||||||
3,541,245 | ||||||||
Telecom Services — 0.1% |
| |||||||
Consolidated Communications Holdings, Inc.# | 36,474 | 132,401 | ||||||
GTT Communications, Inc.†# | 17,214 | 152,688 | ||||||
Ooma, Inc.† | 10,038 | 139,327 | ||||||
ORBCOMM, Inc.† | 38,500 | 154,385 | ||||||
RigNet, Inc.† | 7,515 | 39,078 | ||||||
Spok Holdings, Inc. | 9,271 | 114,126 |
Security Description | Shares | Value (Note 2) | ||||||
Telecom Services (continued) | ||||||||
Vonage Holdings Corp.† | 117,175 | $ | 926,854 | |||||
1,658,859 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
ADTRAN, Inc. | 24,663 | 226,653 | ||||||
Airgain, Inc.† | 4,624 | 43,651 | ||||||
Casa Systems, Inc.† | 16,380 | 60,278 | ||||||
DASAN Zhone Solutions, Inc.† | 4,072 | 32,454 | ||||||
Plantronics, Inc.# | 17,297 | 438,306 | ||||||
Preformed Line Products Co. | 1,589 | 114,249 | ||||||
915,591 | ||||||||
Telephone - Integrated — 0.1% |
| |||||||
Cincinnati Bell, Inc.† | 25,665 | 166,566 | ||||||
Frontier Communications Corp.†# | 54,281 | 36,634 | ||||||
IDT Corp., Class B† | 8,616 | 61,432 | ||||||
Shenandoah Telecommunications Co. | 24,811 | 931,653 | ||||||
1,196,285 | ||||||||
Television — 0.1% |
| |||||||
Central European Media Enterprises, Ltd., Class A† | 45,884 | 206,478 | ||||||
Gray Television, Inc.† | 47,118 | 953,668 | ||||||
1,160,146 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 7,462 | 181,700 | ||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,704 | 91,948 | ||||||
Theaters — 0.0% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 26,693 | 218,349 | ||||||
Reading International, Inc., Class A† | 8,669 | 93,018 | ||||||
311,367 | ||||||||
Therapeutics — 0.4% |
| |||||||
Akebia Therapeutics, Inc.†# | 61,083 | 384,212 | ||||||
Anika Therapeutics, Inc.† | 6,930 | 400,554 | ||||||
Axsome Therapeutics, Inc.†# | 13,020 | 512,597 | ||||||
CorMedix, Inc.†# | 12,194 | 74,749 | ||||||
Flexion Therapeutics, Inc.†# | 17,476 | 309,849 | ||||||
G1 Therapeutics, Inc.†# | 17,506 | 378,130 | ||||||
La Jolla Pharmaceutical Co.†# | 10,716 | 29,362 | ||||||
MannKind Corp.†# | 97,015 | 119,328 | ||||||
Portola Pharmaceuticals, Inc.†# | 38,663 | 1,103,829 | ||||||
Recro Pharma, Inc.† | 10,020 | 165,731 | ||||||
Xencor, Inc.†# | 24,479 | 964,473 | ||||||
4,442,814 | ||||||||
Tobacco — 0.1% |
| |||||||
22nd Century Group, Inc.†# | 59,870 | 61,666 | ||||||
Greenlane Holdings, Inc., Class A†# | 3,210 | 10,882 | ||||||
Pyxus International, Inc.†# | 4,365 | 35,051 | ||||||
Turning Point Brands, Inc.# | 4,282 | 118,226 | ||||||
Universal Corp. | 12,702 | 663,299 | ||||||
Vector Group, Ltd.# | 57,419 | 771,711 | ||||||
1,660,835 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
MSA Safety, Inc. | 18,269 | 2,264,077 | ||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 9,240 | 131,855 | ||||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.† | 38,250 | 132,345 | ||||||
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Transactional Software — 0.0% |
| |||||||
InnerWorkings, Inc.† | 22,840 | $ | 107,576 | |||||
Synchronoss Technologies, Inc.†# | 19,798 | 89,883 | ||||||
197,459 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 30,257 | 744,625 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 12,029 | 313,836 | ||||||
1,058,461 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 18,434 | 1,490,020 | ||||||
General Finance Corp.†# | 6,008 | 64,947 | ||||||
Greenbrier Cos., Inc. | 16,617 | 467,602 | ||||||
Willis Lease Finance Corp.† | 1,510 | 90,600 | ||||||
2,113,169 | ||||||||
Transport - Marine — 0.5% |
| |||||||
Ardmore Shipping Corp.† | 17,276 | 138,035 | ||||||
Costamare, Inc. | 25,402 | 209,058 | ||||||
DHT Holdings, Inc. | 45,862 | 336,627 | ||||||
Diamond S Shipping, Inc.†# | 11,515 | 166,161 | ||||||
Dorian LPG, Ltd.† | 14,384 | 206,410 | ||||||
Eagle Bulk Shipping, Inc.† | 22,902 | 109,243 | ||||||
GasLog, Ltd. | 20,935 | 195,952 | ||||||
Genco Shipping & Trading, Ltd. | 7,849 | 82,415 | ||||||
Golar LNG, Ltd.# | 49,029 | 638,358 | ||||||
International Seaways, Inc.† | 13,047 | 345,485 | ||||||
Nordic American Tankers, Ltd. | 72,089 | 260,962 | ||||||
Overseas Shipholding Group, Inc., Class A† | 33,479 | 58,588 | ||||||
Safe Bulkers, Inc.†# | 26,332 | 46,081 | ||||||
Scorpio Bulkers, Inc. | 28,220 | 172,706 | ||||||
Scorpio Tankers, Inc. | 22,819 | 784,726 | ||||||
SEACOR Holdings, Inc.† | 9,001 | 381,102 | ||||||
SFL Corp., Ltd. | 42,069 | 595,697 | ||||||
Teekay Corp. | 35,527 | 170,885 | ||||||
Teekay Tankers, Ltd.† | 12,318 | 232,813 | ||||||
Tidewater, Inc.† | 19,915 | 304,700 | ||||||
5,436,004 | ||||||||
Transport - Services — 0.3% |
| |||||||
CryoPort, Inc.†# | 16,306 | 256,819 | ||||||
Daseke, Inc.†# | 23,658 | 69,791 | ||||||
Echo Global Logistics, Inc.† | 13,871 | 277,836 | ||||||
Forward Air Corp. | 14,591 | 1,021,808 | ||||||
Hub Group, Inc., Class A† | 16,725 | 854,146 | ||||||
Matson, Inc. | 21,996 | 830,129 | ||||||
Radiant Logistics, Inc.† | 20,224 | 108,198 | ||||||
Universal Logistics Holdings, Inc. | 4,290 | 85,543 | ||||||
3,504,270 | ||||||||
Transport - Truck — 0.3% |
| |||||||
ArcBest Corp. | 13,178 | 379,263 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,526 | 87,644 | ||||||
Heartland Express, Inc. | 23,765 | 508,809 | ||||||
Marten Transport, Ltd. | 20,301 | 428,960 | ||||||
P.A.M. Transportation Services, Inc.† | 987 | 51,521 | ||||||
Roadrunner Transportation Systems, Inc.†# | 1,846 | 17,242 | ||||||
Saia, Inc.† | 13,421 | 1,273,653 | ||||||
US Xpress Enterprises, Inc. Class A†# | 11,298 | 54,230 | ||||||
Werner Enterprises, Inc. | 23,418 | 860,846 | ||||||
YRC Worldwide, Inc.†# | 17,255 | 60,220 | ||||||
3,722,388 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 37,573 | 260,381 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc.† | 10,085 | $ | 116,179 | |||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,590 | 342,845 | ||||||
Neogen Corp.† | 26,528 | 1,765,969 | ||||||
2,108,814 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Lifevantage Corp.† | 7,118 | 107,268 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,690 | 43,852 | ||||||
Nature’s Sunshine Products, Inc.† | 4,525 | 45,454 | ||||||
USANA Health Sciences, Inc.† | 6,672 | 491,059 | ||||||
687,633 | ||||||||
Water — 0.5% |
| |||||||
American States Water Co. | 18,976 | 1,618,463 | ||||||
Artesian Resources Corp., Class A | 4,139 | 153,971 | ||||||
California Water Service Group | 24,876 | 1,278,626 | ||||||
Consolidated Water Co., Ltd. | 7,464 | 124,499 | ||||||
Global Water Resources, Inc. | 6,102 | 82,194 | ||||||
Middlesex Water Co. | 8,296 | 521,072 | ||||||
PICO Holdings, Inc.† | 9,466 | 103,937 | ||||||
SJW Group | 13,621 | 964,639 | ||||||
York Water Co. | 6,682 | 296,213 | ||||||
5,143,614 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
AquaVenture Holdings, Ltd.† | 7,255 | 161,496 | ||||||
Energy Recovery, Inc.†# | 19,219 | 167,397 | ||||||
Evoqua Water Technologies Corp.† | 38,739 | 733,717 | ||||||
Pure Cycle Corp.† | 8,857 | 110,004 | ||||||
1,172,614 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Endurance International Group Holdings, Inc.† | 37,041 | 150,016 | ||||||
NIC, Inc. | 34,024 | 772,005 | ||||||
Q2 Holdings, Inc.†# | 22,347 | 1,886,757 | ||||||
2,808,778 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Meet Group, Inc.† | 38,026 | 184,046 | ||||||
Wire & Cable Products — 0.2% |
| |||||||
Belden, Inc. | 20,194 | 1,085,226 | ||||||
Encore Wire Corp. | 10,536 | 614,670 | ||||||
Insteel Industries, Inc. | 9,545 | 222,685 | ||||||
1,922,581 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Anterix, Inc.†# | 5,562 | 236,218 | ||||||
CalAmp Corp.† | 16,911 | 177,396 | ||||||
Cambium Networks Corp.† | 2,244 | 16,269 | ||||||
InterDigital, Inc. | 16,141 | 916,809 | ||||||
Maxar Technologies, Inc.# | 30,923 | 321,599 | ||||||
Ribbon Communications, Inc.† | 30,877 | 90,470 | ||||||
Sonim Technologies, Inc.† | 1,945 | 5,407 | ||||||
TESSCO Technologies, Inc. | 3,340 | 37,475 | ||||||
1,801,643 | ||||||||
Wound, Burn & Skin Care — 0.0% |
| |||||||
Dermira, Inc.†# | 24,454 | 199,056 | ||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 19,482 | 583,291 | ||||||
ViewRay, Inc.†# | 36,489 | 121,144 | ||||||
704,435 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $825,961,916) | 1,056,384,907 | |||||||
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 5.7% |
| |||||||
Registered Investment Companies — 5.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 59,660,445 | $ | 59,660,445 | |||||
U.S. Government Treasuries — 0.4% |
| |||||||
United States Treasury Bills | ||||||||
1.56% due 12/31/2019(5) | $ | 2,000,000 | 1,997,430 | |||||
1.83% due 12/26/2019(5) | 3,000,000 | 2,996,915 | ||||||
4,994,345 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $64,654,052) | 64,654,790 | |||||||
REPURCHASE AGREEMENTS — 6.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount $71,203,483 collateralized by $70,900,000 of United States Treasury Notes, bearing interest at 2.88% due 11/15/2021 and having an approximate value of $72,628,613 | 71,202,000 | 71,202,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $961,817,968)(6) | 105.2 | % | 1,192,241,697 | |||||
Liabilities in excess of other assets | (5.2 | ) | (58,964,261 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,133,277,436 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public |
offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 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 Silver Corp. CVR | 06/22/2018 | 171,891 | $ | 52,963 | $ | 36,097 | $ | 0.21 | 0.00 | % | ||||||||||||||
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $147,532,834. This was secured by collateral of $59,660,445, which was received in cash and subsequently invested in short-term investments currently valued at $59,660,445 as reported in the Portfolio of Investments. Additional collateral of $92,570,298 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 12/01/2047 | $ | 158,033 | ||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | 5,632,235 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 86,780,030 |
(4) | The rate shown is the7-day yield as of November 30, 2019. |
(5) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(6) | See Note 5 for cost of investments on a tax basis. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
937 | Long | E-mini Russell 2000 Index | December 2019 | $ | 73,929,659 | $ | 76,075,030 | $ | 2,145,371 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 1,252,056 | $ | — | $ | 4,492 | $ | 1,256,548 | ||||||||
Finance - Commercial | 1,281,631 | — | 9,676 | 1,291,307 | ||||||||||||
Medical - Biomedical/Gene | 65,321,909 | — | 36,395 | 65,358,304 | ||||||||||||
Medical - Drugs | 25,549,083 | — | 2,684 | 25,551,767 | ||||||||||||
Metal - Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 511,549 | — | 0 | 511,549 | ||||||||||||
Oil Companies - Exploration & Production | 9,773,325 | — | 0 | 9,773,325 | ||||||||||||
Silver Mining | — | — | 36,097 | 36,097 | ||||||||||||
Other Industries | 952,606,010 | — | — | 952,606,010 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | $ | 59,660,445 | $ | — | $ | — | $ | 59,660,445 | ||||||||
U.S. Government Treasuries | — | 4,994,345 | — | 4,994,345 | ||||||||||||
Repurchase Agreements | — | 71,202,000 | — | 71,202,000 | ||||||||||||
Total Investment at Value | $ | 1,115,956,008 | $ | 76,196,345 | $ | 89,344 | $ | 1,192,241,697 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,145,371 | $ | — | $ | — | $ | 2,145,371 | ||||||||
* | 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
203 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Banks — Commercial | 11.7 | % | ||
Retail — Restaurants | 5.4 | |||
Insurance — Property/Casualty | 5.3 | |||
Real Estate Investment Trusts | 5.2 | |||
Consumer Products — Misc. | 4.4 | |||
Food — Misc./Diversified | 4.3 | |||
Paper & Related Products | 3.4 | |||
Electric — Integrated | 3.1 | |||
Chemicals — Diversified | 3.1 | |||
Building Products — Cement | 2.8 | |||
Metal Processors & Fabrication | 2.3 | |||
Machinery — Electrical | 2.1 | |||
Machinery — Pumps | 2.0 | |||
Semiconductor Equipment | 1.9 | |||
Computer Services | 1.8 | |||
Oil Companies — Exploration & Production | 1.7 | |||
Containers — Metal/Glass | 1.5 | |||
Investment Companies | 1.5 | |||
Electric Products — Misc. | 1.4 | |||
Investment Management/Advisor Services | 1.4 | |||
Chemicals — Specialty | 1.3 | |||
Oil — Field Services | 1.3 | |||
Electronic Components — Misc. | 1.3 | |||
Auto/Truck Parts & Equipment — Replacement | 1.2 | |||
Building & Construction Products — Misc. | 1.1 | |||
Human Resources | 1.1 | |||
Electronic Components — Semiconductors | 1.1 | |||
Chemicals — Plastics | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Diversified Operations/Commercial Services | 1.0 | |||
Medical — Drugs | 0.9 | |||
Beverages —Non-alcoholic | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Food — Baking | 0.8 | |||
Medical Products | 0.8 | |||
Miscellaneous Manufacturing | 0.8 | |||
Finance — Other Services | 0.8 | |||
Retail — Discount | 0.8 | |||
Printing — Commercial | 0.7 | |||
Machinery — Farming | 0.7 | |||
Quarrying | 0.6 | |||
Wire & Cable Products | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Savings & Loans/Thrifts | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Metal Products — Fasteners | 0.5 | |||
Computers — Integrated Systems | 0.5 | |||
Resorts/Theme Parks | 0.5 | |||
Networking Products | 0.5 | |||
Apparel Manufacturers | 0.4 | |||
Building Products — Doors & Windows | 0.4 | |||
Commercial Services | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Computer Software | 0.4 | |||
Insurance — Life/Health | 0.4 | |||
Building — Maintenance & Services | 0.3 | |||
Batteries/Battery Systems | 0.3 | |||
E-Marketing/Info | 0.2 | |||
Applications Software | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Commercial Services — Finance | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
95.9 | % | |||
* | Calculated as a percentage of net assets |
204 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 95.8% |
| |||||||
Apparel Manufacturers — 0.4% |
| |||||||
Delta Apparel, Inc.† | 36,982 | $ | 1,034,756 | |||||
Applications Software — 0.2% |
| |||||||
BlackBerry, Ltd.† | 85,753 | 477,644 | ||||||
Auto/Truck Parts & Equipment - Replacement — 1.2% |
| |||||||
Douglas Dynamics, Inc. | 51,795 | 2,802,627 | ||||||
Banks - Commercial — 11.7% |
| |||||||
Associated Banc-Corp. | 130,024 | 2,787,715 | ||||||
CVB Financial Corp. | 62,739 | 1,340,105 | ||||||
First Citizens BancShares, Inc., Class A | 7,971 | 4,143,326 | ||||||
First Hawaiian, Inc. | 108,537 | 3,097,646 | ||||||
Hancock Whitney Corp. | 72,707 | 2,952,631 | ||||||
IBERIABANK Corp. | 31,884 | 2,327,213 | ||||||
Prosperity Bancshares, Inc. | 13,078 | 918,730 | ||||||
Renasant Corp. | 78,665 | 2,784,741 | ||||||
South State Corp. | 27,041 | 2,251,974 | ||||||
UMB Financial Corp. | 73,804 | 4,964,795 | ||||||
27,568,876 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
EnerSys | 8,540 | 599,252 | ||||||
Beverages -Non-alcoholic — 0.9% |
| |||||||
Cott Corp. | 156,759 | 2,095,868 | ||||||
Building & Construction Products - Misc. — 1.1% |
| |||||||
Simpson Manufacturing Co., Inc. | 32,951 | 2,675,621 | ||||||
Building Products - Cement — 2.8% |
| |||||||
Eagle Materials, Inc. | 72,765 | 6,696,563 | ||||||
Building Products - Doors & Windows — 0.4% |
| |||||||
Griffon Corp. | 48,104 | 1,020,767 | ||||||
Building - Maintenance & Services — 0.3% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 18,084 | 708,712 | ||||||
Chemicals - Diversified — 3.1% |
| |||||||
Innospec, Inc. | 58,087 | 5,715,761 | ||||||
Quaker Chemical Corp. | 9,741 | 1,453,649 | ||||||
7,169,410 | ||||||||
Chemicals - Plastics — 1.0% |
| |||||||
A. Schulman, Inc. CVR†(1) | 71,421 | 21,301 | ||||||
PolyOne Corp. | 76,027 | 2,397,132 | ||||||
2,418,433 | ||||||||
Chemicals - Specialty — 1.3% |
| |||||||
Element Solutions, Inc.† | 84,154 | 983,760 | ||||||
PQ Group Holdings, Inc.† | 68,371 | 1,084,364 | ||||||
Sensient Technologies Corp. | 17,083 | 1,081,183 | ||||||
3,149,307 | ||||||||
Commercial Services — 0.4% |
| |||||||
Healthcare Services Group, Inc.# | 39,557 | 994,859 | ||||||
Commercial Services - Finance — 0.1% |
| |||||||
Franchise Group, Inc.†# | 22,831 | 319,177 | ||||||
Computer Services — 1.8% |
| |||||||
MAXIMUS, Inc. | 15,745 | 1,175,364 | ||||||
Parsons Corp.† | 48,591 | 1,945,098 | ||||||
Sykes Enterprises, Inc.† | 30,745 | 1,080,379 | ||||||
4,200,841 | ||||||||
Computer Software — 0.4% |
| |||||||
Cision, Ltd.† | 93,054 | 924,957 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Computers - Integrated Systems — 0.5% |
| |||||||
NCR Corp.† | 34,397 | $ | 1,129,254 | |||||
Computers - Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.† | 292 | 14,600 | ||||||
Consumer Products - Misc. — 4.4% |
| |||||||
Central Garden & Pet Co.†# | 54,667 | 1,442,116 | ||||||
Central Garden & Pet Co., Class A† | 61,570 | 1,539,866 | ||||||
Helen of Troy, Ltd.† | 20,965 | 3,384,170 | ||||||
Quanex Building Products Corp. | 81,458 | 1,585,173 | ||||||
Spectrum Brands Holdings, Inc.# | 36,847 | 2,303,674 | ||||||
10,254,999 | ||||||||
Containers - Metal/Glass — 1.5% |
| |||||||
Silgan Holdings, Inc. | 115,417 | 3,555,998 | ||||||
Diversified Operations/Commercial Services — 1.0% |
| |||||||
Viad Corp. | 37,238 | 2,342,270 | ||||||
E-Marketing/Info — 0.2% |
| |||||||
Gannett Co, Inc.# | 86,724 | 551,565 | ||||||
Electric Products - Misc. — 1.4% |
| |||||||
Littelfuse, Inc. | 2,777 | 503,776 | ||||||
Novanta, Inc.† | 29,739 | 2,771,080 | ||||||
3,274,856 | ||||||||
Electric - Integrated — 3.1% |
| |||||||
Hawaiian Electric Industries, Inc. | 88,817 | 3,878,638 | ||||||
IDACORP, Inc. | 32,141 | 3,376,412 | ||||||
7,255,050 | ||||||||
Electronic Components - Misc. — 1.3% |
| |||||||
Atkore International Group, Inc.† | 72,849 | 3,039,260 | ||||||
Electronic Components - Semiconductors — 1.1% |
| |||||||
AVX Corp. | 91,785 | 1,867,825 | ||||||
DSP Group, Inc.† | 45,342 | 642,496 | ||||||
2,510,321 | ||||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Badger Meter, Inc. | 20,311 | 1,259,282 | ||||||
Enterprise Software/Service — 1.0% |
| |||||||
ACI Worldwide, Inc.† | 32,058 | 1,202,175 | ||||||
Verint Systems, Inc.† | 24,529 | 1,192,355 | ||||||
2,394,530 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Jefferies Financial Group, Inc. | 58,021 | 1,212,639 | ||||||
Finance - Other Services — 0.8% |
| |||||||
Deluxe Corp. | 35,806 | 1,828,970 | ||||||
Food - Baking — 0.8% |
| |||||||
Hostess Brands, Inc.† | 148,178 | 1,992,994 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc. | 967 | 33,216 | ||||||
Food - Misc./Diversified — 4.3% |
| |||||||
J&J Snack Foods Corp. | 16,706 | 3,090,610 | ||||||
Lancaster Colony Corp. | 3,575 | 564,957 | ||||||
Nomad Foods, Ltd.† | 216,620 | 4,549,020 | ||||||
TreeHouse Foods, Inc.† | 37,232 | 1,820,273 | ||||||
10,024,860 | ||||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Steven Madden, Ltd. | 31,138 | 1,322,431 | ||||||
205 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Human Resources — 1.1% |
| |||||||
Korn Ferry | 65,987 | $ | 2,591,969 | |||||
Insurance - Life/Health — 0.4% |
| |||||||
CNO Financial Group, Inc. | 48,679 | 882,063 | ||||||
Insurance - Property/Casualty — 5.3% |
| |||||||
Enstar Group, Ltd.† | 11,253 | 2,297,975 | ||||||
Hanover Insurance Group, Inc. | 20,066 | 2,727,571 | ||||||
ProAssurance Corp. | 71,523 | 2,689,265 | ||||||
Stewart Information Services Corp. | 56,887 | 2,433,057 | ||||||
White Mountains Insurance Group, Ltd. | 2,104 | 2,328,960 | ||||||
12,476,828 | ||||||||
Investment Companies — 1.5% |
| |||||||
Apollo Investment Corp.# | 101,437 | 1,712,257 | ||||||
New Mountain Finance Corp.# | 135,689 | 1,831,801 | ||||||
3,544,058 | ||||||||
Investment Management/Advisor Services — 1.4% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 60,766 | 1,802,927 | ||||||
Westwood Holdings Group, Inc. | 45,280 | 1,397,341 | ||||||
3,200,268 | ||||||||
Machinery - Electrical — 2.1% |
| |||||||
Franklin Electric Co., Inc. | 87,991 | 4,880,861 | ||||||
Machinery - Farming — 0.7% |
| |||||||
Alamo Group, Inc. | 14,274 | 1,638,655 | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Kadant, Inc. | 21,069 | 2,052,121 | ||||||
Machinery - Pumps — 2.0% |
| |||||||
CSW Industrials, Inc. | 56,609 | 4,179,442 | ||||||
NN, Inc.# | 56,532 | 492,394 | ||||||
4,671,836 | ||||||||
Medical Products — 0.8% |
| |||||||
Avanos Medical, Inc.† | 16,960 | 587,834 | ||||||
Hanger, Inc.† | 29,547 | 774,131 | ||||||
ICU Medical, Inc.† | 3,132 | 587,187 | ||||||
1,949,152 | ||||||||
Medical - Drugs — 0.9% |
| |||||||
Prestige Consumer Healthcare, Inc.†# | 55,501 | 2,096,273 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Premier, Inc., Class A† | 35,525 | 1,262,559 | ||||||
Metal Processors & Fabrication — 2.3% |
| |||||||
Mayville Engineering Co., Inc.† | 36,778 | 343,874 | ||||||
Mueller Industries, Inc. | 162,644 | 5,105,395 | ||||||
5,449,269 | ||||||||
Metal Products - Fasteners — 0.5% |
| |||||||
TriMas Corp.† | 37,035 | 1,147,344 | ||||||
Miscellaneous Manufacturing — 0.8% |
| |||||||
Hillenbrand, Inc. | 58,110 | 1,837,438 | ||||||
Networking Products — 0.5% |
| |||||||
NETGEAR, Inc.† | 42,353 | 1,063,484 | ||||||
Office Supplies & Forms — 0.4% |
| |||||||
ACCO Brands Corp. | 103,498 | 947,007 | ||||||
Oil Companies - Exploration & Production — 1.7% |
| |||||||
Berry Petroleum Corp. | 88,079 | 701,990 | ||||||
Callon Petroleum Co.†# | 134,873 | 492,286 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 73,269 | 795,701 | ||||||
QEP Resources, Inc. | 231,540 | 757,136 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
WPX Energy, Inc.† | 122,264 | $ | 1,203,078 | |||||
3,950,191 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Forum Energy Technologies, Inc.† | 202,572 | 265,369 | ||||||
Oil - Field Services — 1.3% |
| |||||||
NexTier Oilfield Solutions, Inc.† | 85,608 | 410,063 | ||||||
Oil States International, Inc.† | 53,646 | 855,117 | ||||||
Patterson-UTI Energy, Inc. | 180,349 | 1,612,320 | ||||||
TETRA Technologies, Inc.† | 159,356 | 196,008 | ||||||
3,073,508 | ||||||||
Paper & Related Products — 3.4% |
| |||||||
Neenah, Inc. | 71,786 | 5,224,585 | ||||||
Schweitzer-Mauduit International, Inc. | 65,301 | 2,864,102 | ||||||
8,088,687 | ||||||||
Printing - Commercial — 0.7% |
| |||||||
Ennis, Inc. | 82,663 | 1,706,164 | ||||||
Publishing - Newspapers — 0.2% |
| |||||||
A.H. Belo Corp., Class A | 133,475 | 389,734 | ||||||
Quarrying — 0.6% |
| |||||||
Compass Minerals International, Inc.# | 24,961 | 1,379,594 | ||||||
Real Estate Investment Trusts — 5.2% |
| |||||||
Acadia Realty Trust | 65,268 | 1,754,404 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 101,618 | 1,856,561 | ||||||
Invesco Mtg. Capital, Inc. | 58,766 | 954,360 | ||||||
New York Mtg. Trust, Inc. | 149,553 | 931,715 | ||||||
Pebblebrook Hotel Trust | 91,246 | 2,390,645 | ||||||
Two Harbors Investment Corp. | 129,855 | 1,888,092 | ||||||
Washington Real Estate Investment Trust | 77,302 | 2,401,773 | ||||||
12,177,550 | ||||||||
Resort/Theme Parks — 0.5% |
| |||||||
Six Flags Entertainment Corp. | 24,891 | 1,082,261 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc. | 32,966 | 493,501 | ||||||
Urban Outfitters, Inc.† | 18,262 | 468,603 | ||||||
962,104 | ||||||||
Retail - Discount — 0.8% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.†# | 74,802 | 1,772,807 | ||||||
Retail - Restaurants — 5.4% |
| |||||||
Denny’s Corp.† | 228,337 | 4,461,705 | ||||||
Dine Brands Global, Inc.# | 63,807 | 5,288,324 | ||||||
Jack in the Box, Inc. | 10,603 | 840,712 | ||||||
Wendy’s Co. | 97,120 | 2,082,253 | ||||||
12,672,994 | ||||||||
Savings & Loans/Thrifts — 0.5% |
| |||||||
People’s United Financial, Inc. | 77,073 | 1,271,705 | ||||||
Semiconductor Equipment — 1.9% |
| |||||||
Brooks Automation, Inc. | 41,870 | 1,874,520 | ||||||
Cabot Microelectronics Corp. | 18,863 | 2,516,513 | ||||||
4,391,033 | ||||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 24,612 | 1,322,649 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $207,752,571) | 225,052,300 | |||||||
206 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.1% |
| |||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(2)(3) | 284,504 | $ | 284,504 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $208,037,075)(4) | 95.9 | % | 225,336,804 | |||||
Other assets less liabilities | 4.1 | 9,747,868 | ||||||
NET ASSETS | 100.0 | % | $ | 235,084,672 | ||||
† | 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 November 30, 2019, the Fund had loaned securities with a total value of $14,221,141. This was secured by collateral of $284,504, which was received in cash and subsequently invested in short-term investments currently valued at $284,504 as reported in the Portfolio of Investments. Additional collateral of $14,533,907 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | $ | 312,259 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 14,221,648 |
(3) | The rate shown is the7-day yield as of November 30, 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 November 30, 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 | $ | 2,397,132 | $ | — | $ | 21,301 | $ | 2,418,433 | ||||||||
Other Industries | 222,633,867 | — | — | 222,633,867 | ||||||||||||
Short-Term Investment Securities | 284,504 | — | — | 284,504 | ||||||||||||
Total Investments at Value | $ | 225,315,503 | $ | — | $ | 21,301 | $ | 225,336,804 | ||||||||
* | 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
207 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Registered Investment Companies | 10.9 | % | ||
Medical — Biomedical/Gene | 7.8 | |||
Enterprise Software/Service | 4.6 | |||
Medical Products | 4.5 | |||
Retail — Restaurants | 3.6 | |||
Real Estate Investment Trusts | 3.4 | |||
Internet Application Software | 3.3 | |||
Semiconductor Equipment | 3.3 | |||
Therapeutics | 3.0 | |||
Electronic Components — Semiconductors | 2.2 | |||
Electronic Measurement Instruments | 2.1 | |||
Retail — Apparel/Shoe | 2.0 | |||
Applications Software | 1.8 | |||
Schools | 1.8 | |||
Instruments — Scientific | 1.7 | |||
Machinery — General Industrial | 1.7 | |||
Consulting Services | 1.7 | |||
Aerospace/Defense — Equipment | 1.7 | |||
Chemicals — Specialty | 1.7 | |||
Electronic Security Devices | 1.6 | |||
Electric Products — Misc. | 1.6 | |||
Computer Software | 1.5 | |||
Commercial Services — Finance | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Disposable Medical Products | 1.5 | |||
Machine Tools & Related Products | 1.4 | |||
Food — Misc./Diversified | 1.4 | |||
Coatings/Paint | 1.4 | |||
Medical Instruments | 1.3 | |||
Veterinary Diagnostics | 1.3 | |||
Hotels/Motels | 1.2 | |||
Resorts/Theme Parks | 1.2 | |||
Drug Delivery Systems | 1.2 | |||
Office Automation & Equipment | 1.2 | |||
Data Processing/Management | 1.1 | |||
Miscellaneous Manufacturing | 1.1 | |||
Office Supplies & Forms | 1.1 | |||
Banks — Commercial | 1.1 | |||
Retail — Misc./Diversified | 1.1 | |||
Shipbuilding | 1.0 | |||
Finance — Investment Banker/Broker | 1.0 | |||
Finance — Other Services | 1.0 | |||
Medical — HMO | 1.0 | |||
Entertainment Software | 0.9 | |||
Internet Telephone | 0.9 | |||
Computers — Other | 0.8 | |||
Telecom Equipment — Fiber Optics | 0.8 | |||
Recreational Centers | 0.8 | |||
Distribution/Wholesale | 0.8 | |||
Advanced Materials | 0.8 | |||
Metal Processors & Fabrication | 0.8 | |||
Retail — Floor Coverings | 0.8 | |||
Machinery — Pumps | 0.7 | |||
Internet Security | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Healthcare Safety Devices | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Advertising Services | 0.6 | |||
Decision Support Software | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Transport — Truck | 0.6 | |||
Medical — Drugs | 0.6 | |||
Apparel Manufacturers | 0.5 | |||
Building — Maintenance & Services | 0.4 | |||
108.5% | ||||
* | Calculated as a percentage of net assets |
208 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.6% |
| |||||||
Advanced Materials — 0.8% |
| |||||||
Hexcel Corp. | 12,613 | $ | 1,004,373 | |||||
Advertising Services — 0.6% |
| |||||||
Trade Desk, Inc., Class A†# | 3,075 | 809,770 | ||||||
Aerospace/Defense — 1.5% |
| |||||||
Teledyne Technologies, Inc.† | 5,484 | 1,875,473 | ||||||
Aerospace/Defense - Equipment — 1.7% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 31,518 | 1,393,096 | ||||||
HEICO Corp., Class A | 7,451 | 748,378 | ||||||
2,141,474 | ||||||||
Apparel Manufacturers — 0.5% |
| |||||||
Columbia Sportswear Co. | 7,037 | 650,922 | ||||||
Applications Software — 1.8% |
| |||||||
Cloudflare, Inc., Class A† | 27,717 | 539,927 | ||||||
Elastic NV† | 8,473 | 672,841 | ||||||
HubSpot, Inc.†# | 7,378 | 1,114,078 | ||||||
2,326,846 | ||||||||
Banks - Commercial — 1.1% |
| |||||||
First Republic Bank | 6,073 | 667,423 | ||||||
Glacier Bancorp, Inc. | 15,890 | 696,776 | ||||||
1,364,199 | ||||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 12,040 | 761,650 | ||||||
Building - Maintenance & Services — 0.4% |
| |||||||
Rollins, Inc. | 14,409 | 516,563 | ||||||
Chemicals - Specialty — 1.7% |
| |||||||
Ashland Global Holdings, Inc. | 20,922 | 1,500,107 | ||||||
Ingevity Corp.† | 6,857 | 619,256 | ||||||
2,119,363 | ||||||||
Coatings/Paint — 1.4% |
| |||||||
RPM International, Inc. | 24,079 | 1,775,345 | ||||||
Commercial Services - Finance — 1.5% |
| |||||||
Euronet Worldwide, Inc.† | 6,037 | 948,956 | ||||||
MarketAxess Holdings, Inc. | 2,379 | 960,688 | ||||||
1,909,644 | ||||||||
Computer Software — 1.5% |
| |||||||
Splunk, Inc.† | 12,958 | 1,933,593 | ||||||
Computers - Other — 0.8% |
| |||||||
Lumentum Holdings, Inc.† | 14,204 | 1,046,267 | ||||||
Consulting Services — 1.7% |
| |||||||
Booz Allen Hamilton Holding Corp. | 29,657 | 2,157,843 | ||||||
Data Processing/Management — 1.1% |
| |||||||
DocuSign, Inc.† | 20,484 | 1,458,666 | ||||||
Decision Support Software — 0.6% |
| |||||||
MSCI, Inc. | 3,089 | 800,638 | ||||||
Disposable Medical Products — 1.5% |
| |||||||
Teleflex, Inc. | 5,294 | 1,870,582 | ||||||
Distribution/Wholesale — 0.8% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 11,471 | 1,018,166 | ||||||
Diversified Manufacturing Operations — 0.6% |
| |||||||
Standex International Corp. | 9,759 | 753,200 | ||||||
Drug Delivery Systems — 1.2% |
| |||||||
DexCom, Inc.† | 6,817 | 1,549,572 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 0.7% |
| |||||||
IAC/InterActiveCorp† | 4,162 | $ | 926,877 | |||||
Electric Products - Misc. — 1.6% |
| |||||||
Novanta, Inc.† | 21,661 | 2,018,372 | ||||||
Electronic Components - Semiconductors — 2.2% |
| |||||||
Marvell Technology Group, Ltd. | 62,257 | 1,641,717 | ||||||
Monolithic Power Systems, Inc. | 7,393 | 1,187,907 | ||||||
2,829,624 | ||||||||
Electronic Measurement Instruments — 2.1% |
| |||||||
Badger Meter, Inc. | 23,033 | 1,428,046 | ||||||
Keysight Technologies, Inc.† | 12,054 | 1,290,140 | ||||||
2,718,186 | ||||||||
Electronic Security Devices — 1.6% |
| |||||||
Allegion PLC | 17,028 | 2,043,871 | ||||||
Enterprise Software/Service — 4.6% |
| |||||||
Alteryx, Inc., Class A†# | 7,270 | 825,363 | ||||||
Black Knight, Inc.†# | 21,233 | 1,337,892 | ||||||
Coupa Software, Inc.†# | 8,702 | 1,335,670 | ||||||
Paycom Software, Inc.† | 4,810 | 1,331,456 | ||||||
Tyler Technologies, Inc.† | 3,795 | 1,101,195 | ||||||
5,931,576 | ||||||||
Entertainment Software — 0.9% |
| |||||||
Take-Two Interactive Software, Inc.† | 9,622 | 1,167,630 | ||||||
Finance - Investment Banker/Broker — 1.0% |
| |||||||
Evercore, Inc., Class A | 16,331 | 1,263,693 | ||||||
Finance - Other Services — 1.0% |
| |||||||
Cboe Global Markets, Inc. | 10,514 | 1,250,115 | ||||||
Food - Misc./Diversified — 1.4% |
| |||||||
BellRing Brands, Inc., Class A†# | 35,130 | 703,654 | ||||||
Beyond Meat, Inc.†# | 2,196 | 182,180 | ||||||
Lamb Weston Holdings, Inc. | 10,618 | 891,700 | ||||||
1,777,534 | ||||||||
Healthcare Safety Devices — 0.7% |
| |||||||
Tandem Diabetes Care, Inc.† | 13,417 | 926,175 | ||||||
Hotels/Motels — 1.2% |
| |||||||
Choice Hotels International, Inc. | 16,406 | 1,595,483 | ||||||
Instruments - Scientific — 1.7% |
| |||||||
PerkinElmer, Inc. | 23,829 | 2,213,714 | ||||||
Internet Application Software — 3.3% |
| |||||||
Anaplan, Inc.† | 21,645 | 1,167,099 | ||||||
Okta, Inc.†# | 11,594 | 1,504,669 | ||||||
Zendesk, Inc.† | 19,996 | 1,579,684 | ||||||
4,251,452 | ||||||||
Internet Security — 0.7% |
| |||||||
Proofpoint, Inc.† | 7,942 | 942,636 | ||||||
Internet Telephone — 0.9% |
| |||||||
RingCentral, Inc., Class A† | 6,551 | 1,129,851 | ||||||
Machine Tools & Related Products — 1.4% |
| |||||||
Colfax Corp.†# | 54,213 | 1,826,978 | ||||||
Machinery - General Industrial — 1.7% |
| |||||||
IDEX Corp. | 7,528 | 1,225,107 | ||||||
Welbilt, Inc.† | 57,284 | 956,070 | ||||||
2,181,177 | ||||||||
Machinery - Pumps — 0.7% |
| |||||||
Xylem, Inc. | 12,353 | 957,481 | ||||||
209 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 1.3% |
| |||||||
Bio-Techne Corp. | 6,099 | $ | 1,331,107 | |||||
Silk Road Medical, Inc.†# | 8,983 | 323,567 | ||||||
1,654,674 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
SI-BONE, Inc.†# | 2,750 | 48,922 | ||||||
Teladoc Health, Inc.†# | 9,989 | 836,479 | ||||||
885,401 | ||||||||
Medical Products — 4.5% |
| |||||||
Castle Biosciences, Inc.† | 16,368 | 440,790 | ||||||
Cooper Cos., Inc. | 4,161 | 1,302,768 | ||||||
Glaukos Corp.†# | 10,438 | 669,389 | ||||||
Nevro Corp.† | 10,823 | 1,209,795 | ||||||
West Pharmaceutical Services, Inc. | 14,269 | 2,097,971 | ||||||
5,720,713 | ||||||||
Medical - Biomedical/Gene — 7.8% |
| |||||||
10X Genomics, Inc., Class A†# | 5,626 | 365,071 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 16,462 | 745,564 | ||||||
Amarin Corp. PLC ADR†# | 39,487 | 839,888 | ||||||
Atreca, Inc., Class A†# | 20,734 | 206,096 | ||||||
Bluebird Bio, Inc.†# | 8,280 | 670,183 | ||||||
Centogene NV†# | 34,659 | 449,527 | ||||||
Exelixis, Inc.† | 67,806 | 1,127,614 | ||||||
Guardant Health, Inc.† | 14,205 | 1,103,302 | ||||||
Incyte Corp.† | 10,044 | 945,743 | ||||||
Moderna, Inc.†# | 30,910 | 629,328 | ||||||
Rigel Pharmaceuticals, Inc.† | 107,494 | 240,787 | ||||||
Sage Therapeutics, Inc.†# | 4,153 | 642,760 | ||||||
Stemline Therapeutics, Inc.†# | 72,608 | 776,180 | ||||||
Synthorx, Inc.†# | 26,962 | 482,620 | ||||||
Y-mAbs Therapeutics, Inc.† | 22,790 | 769,162 | ||||||
9,993,825 | ||||||||
Medical - Drugs — 0.6% |
| |||||||
Alector, Inc.†# | 22,726 | 423,613 | ||||||
BioSpecifics Technologies Corp.† | 5,331 | 293,205 | ||||||
716,818 | ||||||||
Medical - HMO — 1.0% |
| |||||||
Molina Healthcare, Inc.† | 9,065 | 1,228,307 | ||||||
Metal Processors & Fabrication — 0.8% |
| |||||||
RBC Bearings, Inc.† | 6,024 | 999,261 | ||||||
Miscellaneous Manufacturing — 1.1% |
| |||||||
Hillenbrand, Inc. | 22,930 | 725,047 | ||||||
John Bean Technologies Corp. | 6,400 | 701,120 | ||||||
1,426,167 | ||||||||
Office Automation & Equipment — 1.2% |
| |||||||
Zebra Technologies Corp., Class A† | 5,975 | 1,499,366 | ||||||
Office Supplies & Forms — 1.1% |
| |||||||
Avery Dennison Corp. | 10,738 | 1,399,913 | ||||||
Real Estate Investment Trusts — 3.4% |
| |||||||
Equity LifeStyle Properties, Inc. | 22,440 | 1,662,355 | ||||||
Ryman Hospitality Properties, Inc. | 11,110 | 991,345 | ||||||
SBA Communications Corp. | 3,591 | 849,164 | ||||||
Terreno Realty Corp. | 13,687 | 790,014 | ||||||
4,292,878 | ||||||||
Recreational Centers — 0.8% |
| |||||||
Planet Fitness, Inc., Class A† | 13,839 | 1,022,979 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Resort/Theme Parks — 1.2% |
| |||||||
Vail Resorts, Inc. | 6,462 | $ | 1,568,134 | |||||
Retail - Apparel/Shoe — 2.0% |
| |||||||
Burlington Stores, Inc.† | 11,294 | 2,541,150 | ||||||
Retail - Floor Coverings — 0.8% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 19,992 | 959,816 | ||||||
Retail - Misc./Diversified — 1.1% |
| |||||||
Five Below, Inc.† | 10,994 | 1,360,068 | ||||||
Retail - Restaurants — 3.6% |
| |||||||
Domino’s Pizza, Inc.# | 6,413 | 1,887,346 | ||||||
Dunkin’ Brands Group, Inc. | 19,409 | 1,485,759 | ||||||
Wingstop, Inc. | 14,631 | 1,170,480 | ||||||
4,543,585 | ||||||||
Schools — 1.8% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 14,856 | 2,236,125 | ||||||
Semiconductor Equipment — 3.3% |
| |||||||
Entegris, Inc. | 38,517 | 1,822,625 | ||||||
MKS Instruments, Inc. | 11,122 | 1,182,046 | ||||||
Teradyne, Inc. | 19,407 | 1,214,684 | ||||||
4,219,355 | ||||||||
Shipbuilding — 1.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 5,041 | 1,268,668 | ||||||
Telecom Equipment - Fiber Optics — 0.8% |
| |||||||
Viavi Solutions, Inc.† | 69,354 | 1,041,697 | ||||||
Therapeutics — 3.0% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 28,634 | 1,113,863 | ||||||
GW Pharmaceuticals PLC ADR†# | 3,990 | 407,419 | ||||||
Neurocrine Biosciences, Inc.† | 9,194 | 1,072,112 | ||||||
Sarepta Therapeutics, Inc.†# | 10,418 | 1,171,921 | ||||||
3,765,315 | ||||||||
Transport - Truck — 0.6% |
| |||||||
Old Dominion Freight Line, Inc. | 3,914 | 749,883 | ||||||
Veterinary Diagnostics — 1.3% |
| |||||||
Elanco Animal Health, Inc.† | 28,933 | 801,733 | ||||||
Neogen Corp.† | 12,482 | 830,927 | ||||||
1,632,660 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $103,828,211) | 124,523,332 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 10.9% |
| |||||||
Registered Investment Companies — 10.9% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.34%(1) | 3,802,463 | 3,802,463 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio 1.62%(1)(2) | 10,057,402 | 10,057,402 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $13,859,865) | 13,859,865 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $117,688,076)(3) | 108.5 | % | 138,383,197 | |||||
Liabilities in excess of other assets | (8.5 | ) | (10,826,083 | ) | ||||
NET ASSETS | 100.0 | % | $ | 127,557,114 | ||||
† | 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 November 30, 2019. |
210 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
(2) | At November 30, 2019, the Fund had loaned securities with a total value of $19,042,589. This was secured by collateral of $10,057,402, which was received in cash and subsequently invested in short-term investments currently valued at $10,057,402 as reported in the Portfolio of Investments. Additional collateral of $9,411,134 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
Federal National Mtg. Assoc. | 3.50% | 12/01/2047 | $ | 40,800 | ||||
United States Treasury Bills | 0.00% | 12/12/2019 to 06/18/2020 | 493,276 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 8,877,058 |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 124,523,332 | $ | — | $ | — | $ | 124,523,332 | ||||||||
Short-Term Investment Securities | 13,859,865 | — | — | 13,859,865 | ||||||||||||
Total Investments at Value | $ | 138,383,197 | $ | — | $ | — | $ | 138,383,197 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
211 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Applications Software | 5.3 | % | ||
Medical — Drugs | 4.8 | |||
Computers | 4.5 | |||
Diversified Banking Institutions | 3.8 | |||
Electronic Components — Semiconductors | 3.0 | |||
Web Portals/ISP | 3.0 | |||
E-Commerce/Products | 2.9 | |||
Real Estate Investment Trusts | 2.9 | |||
Electric — Integrated | 2.8 | |||
Finance — Credit Card | 2.8 | |||
Internet Content — Entertainment | 2.4 | |||
Telephone — Integrated | 2.0 | |||
Oil Companies — Integrated | 1.9 | |||
Insurance — Property/Casualty | 1.9 | |||
Aerospace/Defense | 1.8 | |||
Banks — Super Regional | 1.8 | |||
Medical — Biomedical/Gene | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Retail — Discount | 1.6 | |||
Medical — HMO | 1.6 | |||
Medical Products | 1.6 | |||
Beverages — Non-alcoholic | 1.6 | |||
Cosmetics & Toiletries | 1.5 | |||
Repurchase Agreements | 1.5 | |||
Diversified Manufacturing Operations | 1.4 | |||
Retail — Building Products | 1.3 | |||
Medical Instruments | 1.2 | |||
Retail — Restaurants | 1.2 | |||
Computer Services | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Multimedia | 1.1 | |||
Oil Companies — Exploration & Production | 1.0 | |||
Insurance — Multi-line | 0.9 | |||
Transport — Rail | 0.9 | |||
Tobacco | 0.8 | |||
Diagnostic Equipment | 0.8 | |||
Data Processing/Management | 0.8 | |||
Networking Products | 0.8 | |||
Food — Misc./Diversified | 0.7 | |||
Chemicals — Diversified | 0.7 | |||
Aerospace/Defense — Equipment | 0.7 | |||
Pharmacy Services | 0.7 | |||
Industrial Gases | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Finance — Other Services | 0.6 | |||
Electronic Forms | 0.6 | |||
Instruments — Controls | 0.6 | |||
Insurance Brokers | 0.5 | |||
Transport — Services | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Investment Management/Advisor Services | 0.5 | |||
Banks — Commercial | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Insurance — Life/Health | 0.5 | |||
Semiconductor Equipment | 0.4 | |||
Athletic Footwear | 0.4 | |||
Computer Aided Design | 0.4 | |||
Airlines | 0.4 | |||
E-Commerce/Services | 0.4 | |||
Pipelines | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Oil — Field Services | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Entertainment Software | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Chemicals — Specialty | 0.3 |
Hotels/Motels | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Apparel Manufacturers | 0.3 | |||
Consumer Products — Misc. | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Electronic Connectors | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Machinery — Farming | 0.2 | |||
Electric — Distribution | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Cruise Lines | 0.2 | |||
Casino Hotels | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Coatings/Paint | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Food — Meat Products | 0.1 | |||
Consulting Services | 0.1 | |||
Machinery — Pumps | 0.1 | |||
Building Products — Cement | 0.1 | |||
Commercial Services | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Food — Confectionery | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Gold Mining | 0.1 | |||
U.S. Government Treasuries | 0.1 | |||
Engines — Internal Combustion | 0.1 | |||
Computer Software | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Wireless Equipment | 0.1 | |||
Advertising Agencies | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Cellular Telecom | 0.1 | |||
Agricultural Operations | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Finance — Consumer Loans | 0.1 | |||
Medical Information Systems | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Gas — Distribution | 0.1 | |||
Decision Support Software | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Water | 0.1 | |||
Food — Retail | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Respiratory Products | 0.1 | |||
Web Hosting/Design | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Agricultural Biotech | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Paper & Related Products | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Steel — Producers | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Metal — Copper | 0.1 | |||
Disposable Medical Products | 0.1 |
212 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE —November 30, 2019 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Automobile | 0.1 | % | ||
Computer Data Security | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Internet Security | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Building Products — Wood | 0.1 | |||
Television | 0.1 | |||
Toys | 0.1 | |||
100.0% | ||||
* | Calculated as a percentage of net assets |
213 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.2% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 74,037 | $ | 1,658,429 | |||||
Omnicom Group, Inc. | 41,590 | 3,305,573 | ||||||
4,964,002 | ||||||||
Aerospace/Defense — 1.8% |
| |||||||
Boeing Co. | 102,211 | 37,427,624 | ||||||
General Dynamics Corp. | 44,733 | 8,129,775 | ||||||
Lockheed Martin Corp. | 47,515 | 18,579,791 | ||||||
Northrop Grumman Corp. | 30,086 | 10,583,352 | ||||||
Raytheon Co. | 53,248 | 11,577,180 | ||||||
TransDigm Group, Inc. | 9,491 | 5,382,346 | ||||||
91,680,068 | ||||||||
Aerospace/Defense - Equipment — 0.7% |
| |||||||
Arconic, Inc. | 74,064 | 2,293,022 | ||||||
L3Harris Technologies, Inc. | 42,692 | 8,584,934 | ||||||
United Technologies Corp. | 155,091 | 23,006,199 | ||||||
33,884,155 | ||||||||
Agricultural Biotech — 0.1% |
| |||||||
Corteva, Inc. | 143,188 | 3,725,752 | ||||||
Agricultural Chemicals — 0.1% |
| |||||||
CF Industries Holdings, Inc. | 41,744 | 1,928,990 | ||||||
Mosaic Co. | 67,876 | 1,293,038 | ||||||
3,222,028 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 106,493 | 4,571,744 | ||||||
Airlines — 0.4% |
| |||||||
Alaska Air Group, Inc. | 23,570 | 1,626,566 | ||||||
American Airlines Group, Inc.# | 75,771 | 2,177,658 | ||||||
Delta Air Lines, Inc. | 110,644 | 6,341,008 | ||||||
Southwest Airlines Co. | 92,496 | 5,331,469 | ||||||
United Airlines Holdings, Inc.† | 42,246 | 3,920,429 | ||||||
19,397,130 | ||||||||
Apparel Manufacturers — 0.3% |
| |||||||
Capri Holdings, Ltd.† | 28,982 | 1,076,392 | ||||||
Hanesbrands, Inc. | 69,128 | 1,041,759 | ||||||
PVH Corp. | 14,177 | 1,374,602 | ||||||
Ralph Lauren Corp. | 9,912 | 1,063,954 | ||||||
Tapestry, Inc. | 54,845 | 1,474,782 | ||||||
Under Armour, Inc., Class A†# | 35,973 | 679,530 | ||||||
Under Armour, Inc., Class C† | 37,160 | 642,868 | ||||||
VF Corp. | 62,428 | 5,527,375 | ||||||
12,881,262 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp. | 12,147 | 1,738,236 | ||||||
Applications Software — 5.3% |
| |||||||
Intuit, Inc. | 49,726 | 12,873,564 | ||||||
Microsoft Corp. | 1,459,891 | 220,998,299 | ||||||
salesforce.com, Inc.† | 167,682 | 27,313,721 | ||||||
ServiceNow, Inc.† | 35,843 | 10,145,003 | ||||||
271,330,587 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 239,357 | 22,377,486 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co. | 749,312 | 6,788,767 | ||||||
General Motors Co. | 240,224 | 8,648,064 | ||||||
15,436,831 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
PACCAR, Inc. | 66,226 | $ | 5,388,810 | |||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Aptiv PLC | 48,984 | 4,598,618 | ||||||
BorgWarner, Inc. | 39,485 | 1,660,344 | ||||||
6,258,962 | ||||||||
Banks - Commercial — 0.5% |
| |||||||
BB&T Corp. | 146,490 | 8,015,933 | ||||||
Citizens Financial Group, Inc. | 85,483 | 3,287,676 | ||||||
First Republic Bank | 32,164 | 3,534,824 | ||||||
M&T Bank Corp. | 25,557 | 4,210,260 | ||||||
Regions Financial Corp. | 190,774 | 3,174,479 | ||||||
SVB Financial Group† | 9,854 | 2,283,468 | ||||||
Zions Bancorp NA | 33,835 | 1,684,306 | ||||||
26,190,946 | ||||||||
Banks - Fiduciary — 0.4% |
| |||||||
Bank of New York Mellon Corp. | 164,017 | 8,031,912 | ||||||
Northern Trust Corp. | 41,087 | 4,406,170 | ||||||
State Street Corp. | 71,238 | 5,349,974 | ||||||
17,788,056 | ||||||||
Banks - Super Regional — 1.8% |
| |||||||
Comerica, Inc. | 28,558 | 2,010,769 | ||||||
Fifth Third Bancorp | 139,670 | 4,216,637 | ||||||
Huntington Bancshares, Inc. | 198,436 | 2,954,712 | ||||||
KeyCorp | 191,823 | 3,719,448 | ||||||
PNC Financial Services Group, Inc. | 85,133 | 13,043,227 | ||||||
SunTrust Banks, Inc. | 84,881 | 6,012,970 | ||||||
US Bancorp | 274,182 | 16,459,145 | ||||||
Wells Fargo & Co. | 766,628 | 41,750,561 | ||||||
90,167,469 | ||||||||
Beverages -Non-alcoholic — 1.6% |
| |||||||
Coca-Cola Co. | 735,819 | 39,292,734 | ||||||
Monster Beverage Corp.† | 73,968 | 4,424,766 | ||||||
PepsiCo, Inc. | 267,330 | 36,311,434 | ||||||
80,028,934 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class B | 34,801 | 2,360,204 | ||||||
Constellation Brands, Inc., Class A | 31,976 | 5,949,454 | ||||||
8,309,658 | ||||||||
Brewery — 0.0% |
| |||||||
Molson Coors Brewing Co., Class B | 35,917 | 1,813,090 | ||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A†# | 30,217 | 995,348 | ||||||
Discovery, Inc., Class C† | 66,339 | 2,024,666 | ||||||
Fox Corp., Class A | 67,768 | 2,423,384 | ||||||
Fox Corp., Class B | 31,044 | 1,085,919 | ||||||
6,529,317 | ||||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 26,746 | 1,691,952 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Johnson Controls International PLC | 152,139 | 6,516,113 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 11,939 | 3,204,427 | ||||||
Vulcan Materials Co. | 25,294 | 3,588,460 | ||||||
6,792,887 | ||||||||
214 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 55,344 | $ | 2,576,263 | |||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc.# | 26,924 | 965,225 | ||||||
Building - Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 64,346 | 3,561,551 | ||||||
Lennar Corp., Class A | 54,378 | 3,243,648 | ||||||
NVR, Inc.† | 670 | 2,540,566 | ||||||
PulteGroup, Inc. | 49,286 | 1,954,190 | ||||||
11,299,955 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A† | 30,912 | 14,528,949 | ||||||
Comcast Corp., Class A | 867,196 | 38,286,704 | ||||||
DISH Network Corp., Class A† | 46,000 | 1,571,820 | ||||||
54,387,473 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Las Vegas Sands Corp. | 64,760 | 4,063,690 | ||||||
MGM Resorts International | 99,697 | 3,185,319 | ||||||
Wynn Resorts, Ltd. | 18,519 | 2,238,021 | ||||||
9,487,030 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 60,448 | 4,748,190 | ||||||
Chemicals - Diversified — 0.7% |
| |||||||
Celanese Corp. | 23,660 | 2,970,986 | ||||||
Dow, Inc. | 142,103 | 7,584,037 | ||||||
DuPont de Nemours, Inc. | 142,537 | 9,237,823 | ||||||
Eastman Chemical Co. | 26,193 | 2,052,746 | ||||||
FMC Corp. | 24,939 | 2,443,025 | ||||||
LyondellBasell Industries NV, Class A | 49,356 | 4,567,404 | ||||||
PPG Industries, Inc. | 45,179 | 5,820,862 | ||||||
34,676,883 | ||||||||
Chemicals - Specialty — 0.3% |
| |||||||
Albemarle Corp.# | 20,264 | 1,324,860 | ||||||
Ecolab, Inc. | 47,866 | 8,935,146 | ||||||
International Flavors & Fragrances, Inc.# | 20,415 | 2,883,211 | ||||||
13,143,217 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 15,699 | 9,154,558 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 15,872 | 4,080,056 | ||||||
Nielsen Holdings PLC | 68,005 | 1,329,498 | ||||||
Quanta Services, Inc. | 27,186 | 1,132,025 | ||||||
6,541,579 | ||||||||
Commercial Services - Finance — 1.7% |
| |||||||
Automatic Data Processing, Inc. | 82,970 | 14,169,617 | ||||||
Equifax, Inc. | 23,113 | 3,227,499 | ||||||
FleetCor Technologies, Inc.† | 16,551 | 5,079,833 | ||||||
Global Payments, Inc. | 57,367 | 10,389,164 | ||||||
H&R Block, Inc.# | 38,377 | 935,631 | ||||||
IHS Markit, Ltd.† | 76,691 | 5,571,601 | ||||||
MarketAxess Holdings, Inc. | 7,219 | 2,915,177 | ||||||
Moody’s Corp. | 31,111 | 7,051,930 | ||||||
PayPal Holdings, Inc.† | 224,981 | 24,300,198 | ||||||
S&P Global, Inc. | 47,093 | 12,463,162 | ||||||
86,103,812 | ||||||||
Computer Aided Design — 0.4% |
| |||||||
ANSYS, Inc.† | 16,080 | 4,095,415 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Aided Design (continued) |
| |||||||
Autodesk, Inc.† | 41,985 | $ | 7,595,087 | |||||
Cadence Design Systems, Inc.† | 53,566 | 3,763,012 | ||||||
Synopsys, Inc.† | 28,734 | 4,052,643 | ||||||
19,506,157 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 27,136 | 2,852,265 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 121,822 | 24,505,713 | ||||||
Cognizant Technology Solutions Corp., Class A | 105,598 | 6,769,888 | ||||||
DXC Technology Co. | 50,087 | 1,869,748 | ||||||
International Business Machines Corp. | 169,379 | 22,773,006 | ||||||
Leidos Holdings, Inc. | 25,846 | 2,347,851 | ||||||
58,266,206 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 31,544 | 2,748,113 | ||||||
Citrix Systems, Inc. | 23,527 | 2,654,081 | ||||||
5,402,194 | ||||||||
Computers — 4.5% |
| |||||||
Apple, Inc. | 812,225 | 217,067,131 | ||||||
Hewlett Packard Enterprise Co. | 249,631 | 3,951,659 | ||||||
HP, Inc. | 283,342 | 5,689,507 | ||||||
226,708,297 | ||||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 45,490 | 2,756,239 | ||||||
Seagate Technology PLC | 45,267 | 2,701,534 | ||||||
Western Digital Corp. | 56,596 | 2,848,477 | ||||||
8,306,250 | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 17,234 | 2,765,367 | ||||||
Verisk Analytics, Inc. | 31,262 | 4,610,520 | ||||||
7,375,887 | ||||||||
Consumer Products - Misc. — 0.2% |
| |||||||
Clorox Co. | 24,042 | 3,563,745 | ||||||
Kimberly-Clark Corp. | 65,811 | 8,972,672 | ||||||
12,536,417 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 63,479 | 4,193,423 | ||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 310,606 | 3,186,818 | ||||||
Packaging Corp. of America | 18,099 | 2,025,278 | ||||||
Sealed Air Corp. | 29,546 | 1,114,771 | ||||||
WestRock Co. | 49,204 | 1,984,397 | ||||||
8,311,264 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co. | 164,051 | 11,125,939 | ||||||
Coty, Inc., Class A | 56,239 | 648,998 | ||||||
Estee Lauder Cos., Inc., Class A | 42,297 | 8,267,795 | ||||||
Procter & Gamble Co. | 478,505 | 58,406,320 | ||||||
78,449,052 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Carnival Corp. | 76,557 | 3,451,189 | ||||||
Norwegian Cruise Line Holdings, Ltd.† | 41,223 | 2,211,202 | ||||||
Royal Caribbean Cruises, Ltd. | 32,856 | 3,943,377 | ||||||
9,605,768 | ||||||||
215 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Data Processing/Management — 0.8% |
| |||||||
Broadridge Financial Solutions, Inc. | 21,851 | $ | 2,703,187 | |||||
Fidelity National Information Services, Inc. | 117,290 | 16,203,613 | ||||||
Fiserv, Inc.† | 109,140 | 12,686,434 | ||||||
Jack Henry & Associates, Inc. | 14,722 | 2,236,861 | ||||||
Paychex, Inc. | 61,149 | 5,266,152 | ||||||
39,096,247 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 16,195 | 4,197,582 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 13,897 | 3,854,194 | ||||||
DENTSPLY SIRONA, Inc. | 42,864 | 2,423,531 | ||||||
6,277,725 | ||||||||
Diagnostic Equipment — 0.8% |
| |||||||
Danaher Corp. | 122,073 | 17,820,217 | ||||||
Thermo Fisher Scientific, Inc. | 76,571 | 24,039,465 | ||||||
41,859,682 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 16,460 | 4,141,007 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 17,390 | 1,248,080 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 8,839 | 3,123,172 | ||||||
Distribution/Wholesale — 0.2% |
| |||||||
Copart, Inc.† | 38,550 | 3,430,950 | ||||||
Fastenal Co. | 109,640 | 3,894,413 | ||||||
LKQ Corp.† | 58,928 | 2,078,980 | ||||||
WW Grainger, Inc. | 8,452 | 2,678,861 | ||||||
12,083,204 | ||||||||
Diversified Banking Institutions — 3.8% |
| |||||||
Bank of America Corp. | 1,601,773 | 53,371,076 | ||||||
Citigroup, Inc. | 431,932 | 32,446,732 | ||||||
Goldman Sachs Group, Inc. | 61,873 | 13,695,589 | ||||||
JPMorgan Chase & Co. | 611,359 | 80,552,662 | ||||||
Morgan Stanley | 240,167 | 11,883,463 | ||||||
191,949,522 | ||||||||
Diversified Manufacturing Operations — 1.4% |
| |||||||
3M Co. | 109,993 | 18,673,512 | ||||||
A.O. Smith Corp. | 26,453 | 1,280,325 | ||||||
Eaton Corp. PLC | 80,305 | 7,428,212 | ||||||
General Electric Co. | 1,668,618 | 18,805,325 | ||||||
Illinois Tool Works, Inc. | 56,282 | 9,811,641 | ||||||
Ingersoll-Rand PLC | 46,190 | 6,055,971 | ||||||
Parker-Hannifin Corp. | 24,558 | 4,881,885 | ||||||
Textron, Inc. | 43,999 | 2,034,514 | ||||||
68,971,385 | ||||||||
E-Commerce/Products — 2.9% |
| |||||||
Amazon.com, Inc.† | 79,446 | 143,066,357 | ||||||
eBay, Inc. | 150,750 | 5,354,640 | ||||||
148,420,997 | ||||||||
E-Commerce/Services — 0.4% |
| |||||||
Booking Holdings, Inc.† | 8,128 | 15,475,956 | ||||||
Cars.com, Inc.† | 1 | 13 | ||||||
Expedia Group, Inc. | 26,739 | 2,718,287 | ||||||
TripAdvisor, Inc. | 20,075 | 570,130 | ||||||
18,764,386 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 27,669 | $ | 3,736,698 | |||||
Electric Products - Misc. — 0.3% |
| |||||||
AMETEK, Inc. | 43,660 | 4,322,777 | ||||||
Emerson Electric Co. | 117,607 | 8,686,453 | ||||||
13,009,230 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 96,025 | 2,358,374 | ||||||
Sempra Energy | 52,494 | 7,730,791 | ||||||
10,089,165 | ||||||||
Electric - Integrated — 2.8% |
| |||||||
AES Corp. | 126,929 | 2,400,227 | ||||||
Alliant Energy Corp. | 45,414 | 2,406,942 | ||||||
Ameren Corp. | 46,997 | 3,493,287 | ||||||
American Electric Power Co., Inc. | 94,414 | 8,624,719 | ||||||
CMS Energy Corp. | 54,260 | 3,326,138 | ||||||
Consolidated Edison, Inc. | 63,506 | 5,518,036 | ||||||
Dominion Energy, Inc. | 157,150 | 13,060,736 | ||||||
DTE Energy Co. | 35,048 | 4,378,897 | ||||||
Duke Energy Corp. | 139,309 | 12,282,875 | ||||||
Edison International | 68,466 | 4,731,001 | ||||||
Entergy Corp. | 38,016 | 4,424,682 | ||||||
Evergy, Inc. | 45,021 | 2,848,479 | ||||||
Eversource Energy | 61,872 | 5,113,102 | ||||||
Exelon Corp. | 185,768 | 8,248,099 | ||||||
FirstEnergy Corp. | 103,246 | 4,923,802 | ||||||
NextEra Energy, Inc. | 93,449 | 21,850,245 | ||||||
Pinnacle West Capital Corp. | 21,472 | 1,876,438 | ||||||
PPL Corp. | 138,094 | 4,699,339 | ||||||
Public Service Enterprise Group, Inc. | 96,678 | 5,733,972 | ||||||
Southern Co. | 199,849 | 12,388,640 | ||||||
WEC Energy Group, Inc. | 60,311 | 5,346,570 | ||||||
Xcel Energy, Inc. | 100,259 | 6,164,926 | ||||||
143,841,152 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Garmin, Ltd. | 27,623 | 2,698,491 | ||||||
Electronic Components - Semiconductors — 3.0% |
| |||||||
Advanced Micro Devices, Inc.† | 207,557 | 8,125,857 | ||||||
Broadcom, Inc. | 76,112 | 24,067,375 | ||||||
Intel Corp. | 847,017 | 49,169,337 | ||||||
IPG Photonics Corp.† | 6,815 | 968,343 | ||||||
Microchip Technology, Inc.# | 45,514 | 4,302,894 | ||||||
Micron Technology, Inc.† | 211,047 | 10,026,843 | ||||||
NVIDIA Corp. | 116,441 | 25,237,422 | ||||||
Qorvo, Inc.† | 22,520 | 2,346,809 | ||||||
Skyworks Solutions, Inc. | 32,829 | 3,227,091 | ||||||
Texas Instruments, Inc. | 178,509 | 21,458,567 | ||||||
Xilinx, Inc. | 48,298 | 4,481,088 | ||||||
153,411,626 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 56,871 | 5,914,584 | ||||||
TE Connectivity, Ltd. | 64,231 | 5,954,856 | ||||||
11,869,440 | ||||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 92,816 | 28,729,336 | ||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
Agilent Technologies, Inc. | 59,170 | 4,779,161 | ||||||
FLIR Systems, Inc. | 25,928 | 1,388,704 | ||||||
Fortive Corp. | 56,455 | 4,074,357 |
216 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Keysight Technologies, Inc.† | 35,865 | $ | 3,838,631 | |||||
14,080,853 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 17,854 | 2,143,016 | ||||||
Engineering/R&D Services — 0.0% |
| |||||||
Jacobs Engineering Group, Inc. | 25,907 | 2,385,776 | ||||||
Engines - Internal Combustion — 0.1% |
| |||||||
Cummins, Inc. | 30,169 | 5,516,703 | ||||||
Enterprise Software/Service — 0.5% |
| |||||||
Oracle Corp. | 420,955 | 23,632,414 | ||||||
Entertainment Software — 0.3% |
| |||||||
Activision Blizzard, Inc. | 146,656 | 8,041,149 | ||||||
Electronic Arts, Inc.† | 56,348 | 5,691,711 | ||||||
Take-Two Interactive Software, Inc.† | 21,640 | 2,626,014 | ||||||
16,358,874 | ||||||||
Finance - Consumer Loans — 0.1% |
| |||||||
Synchrony Financial | 116,702 | 4,365,822 | ||||||
Finance - Credit Card — 2.8% |
| |||||||
Alliance Data Systems Corp. | 7,832 | 837,319 | ||||||
American Express Co. | 130,079 | 15,625,090 | ||||||
Capital One Financial Corp. | 89,928 | 8,993,699 | ||||||
Discover Financial Services | 60,848 | 5,164,170 | ||||||
Mastercard, Inc., Class A | 170,697 | 49,882,784 | ||||||
Visa, Inc., Class A | 330,197 | 60,924,649 | ||||||
Western Union Co.# | 81,048 | 2,178,570 | ||||||
143,606,281 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 222,441 | 11,010,830 | ||||||
E*TRADE Financial Corp. | 43,364 | 1,921,025 | ||||||
12,931,855 | ||||||||
Finance - Other Services — 0.6% |
| |||||||
Cboe Global Markets, Inc. | 21,354 | 2,538,990 | ||||||
CME Group, Inc. | 68,467 | 13,880,315 | ||||||
Intercontinental Exchange, Inc. | 107,151 | 10,090,410 | ||||||
Nasdaq, Inc. | 22,042 | 2,310,002 | ||||||
28,819,717 | ||||||||
Food - Confectionery — 0.1% |
| |||||||
Hershey Co. | 28,482 | 4,219,893 | ||||||
J.M. Smucker Co. | 21,806 | 2,291,593 | ||||||
6,511,486 | ||||||||
Food - Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 53,089 | 2,364,053 | ||||||
Tyson Foods, Inc., Class A | 56,342 | 5,064,583 | ||||||
7,428,636 | ||||||||
Food - Misc./Diversified — 0.7% |
| |||||||
Campbell Soup Co. | 32,245 | 1,501,650 | ||||||
Conagra Brands, Inc. | 93,038 | 2,686,007 | ||||||
General Mills, Inc. | 115,388 | 6,152,488 | ||||||
Kellogg Co. | 47,544 | 3,096,065 | ||||||
Kraft Heinz Co. | 118,964 | 3,628,402 | ||||||
Lamb Weston Holdings, Inc. | 27,853 | 2,339,095 | ||||||
McCormick & Co., Inc. | 23,527 | 3,981,945 | ||||||
Mondelez International, Inc., Class A | 275,739 | 14,487,327 | ||||||
37,872,979 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Retail — 0.1% |
| |||||||
Kroger Co. | 152,730 | $ | 4,175,638 | |||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
Sysco Corp. | 98,120 | 7,903,566 | ||||||
Gas- Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | 22,600 | 2,417,296 | ||||||
NiSource, Inc. | 71,384 | 1,888,107 | ||||||
4,305,403 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Goldcorp Corp. | 156,764 | 6,019,738 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 72,859 | 1,400,350 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 25,137 | 1,315,168 | ||||||
Hotels/Motels — 0.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 54,846 | 5,758,830 | ||||||
Marriott International, Inc., Class A | 52,268 | 7,336,336 | ||||||
13,095,166 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 22,478 | 1,308,220 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 48,372 | 1,921,820 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 22,372 | 4,381,332 | ||||||
Industrial Gases — 0.6% |
| |||||||
Air Products & Chemicals, Inc. | 42,132 | 9,957,055 | ||||||
Linde PLC | 103,361 | 21,314,072 | ||||||
31,271,127 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
Honeywell International, Inc. | 137,570 | 24,563,124 | ||||||
Mettler-Toledo International, Inc.† | 4,705 | 3,384,824 | ||||||
27,947,948 | ||||||||
Instruments - Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 21,237 | 1,972,917 | ||||||
Waters Corp.† | 12,764 | 2,834,502 | ||||||
4,807,419 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 45,093 | 9,181,386 | ||||||
Arthur J. Gallagher & Co. | 35,576 | 3,318,174 | ||||||
Marsh & McLennan Cos., Inc. | 96,806 | 10,461,824 | ||||||
Willis Towers Watson PLC | 24,664 | 4,844,996 | ||||||
27,806,380 | ||||||||
Insurance - Life/Health — 0.5% |
| |||||||
Aflac, Inc. | 141,562 | 7,763,260 | ||||||
Globe Life, Inc. | 19,191 | 1,972,067 | ||||||
Lincoln National Corp. | 38,276 | 2,260,198 | ||||||
Principal Financial Group, Inc. | 49,574 | 2,731,528 | ||||||
Prudential Financial, Inc. | 76,863 | 7,195,914 | ||||||
Unum Group | 39,891 | 1,226,249 | ||||||
23,149,216 | ||||||||
Insurance - Multi-line — 0.9% |
| |||||||
Allstate Corp. | 62,941 | 7,008,480 | ||||||
American International Group, Inc.(1) | 166,327 | 8,758,780 | ||||||
Assurant, Inc. | 11,688 | 1,552,984 | ||||||
Chubb, Ltd. | 87,139 | 13,199,816 |
217 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Multi-line (continued) |
| |||||||
Cincinnati Financial Corp. | 29,044 | $ | 3,109,160 | |||||
Hartford Financial Services Group, Inc. | 69,135 | 4,276,691 | ||||||
Loews Corp. | 49,721 | 2,530,799 | ||||||
MetLife, Inc. | 152,192 | 7,595,903 | ||||||
48,032,613 | ||||||||
Insurance - Property/Casualty — 1.9% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 374,916 | 82,593,995 | ||||||
Progressive Corp. | 111,785 | 8,165,894 | ||||||
Travelers Cos., Inc. | 49,785 | 6,806,605 | ||||||
97,566,494 | ||||||||
Insurance - Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 7,789 | 2,112,844 | ||||||
Internet Content - Entertainment — 2.4% |
| |||||||
Facebook, Inc., Class A† | 459,976 | 92,749,561 | ||||||
Netflix, Inc.† | 83,714 | 26,341,447 | ||||||
Twitter, Inc.† | 147,801 | 4,568,529 | ||||||
123,659,537 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 11,496 | 1,675,082 | ||||||
Internet Security — 0.1% |
| |||||||
NortonLifeLock, Inc. | 108,715 | 2,707,003 | ||||||
Investment Management/Advisor Services — 0.5% |
| |||||||
Affiliated Managers Group, Inc. | 9,682 | 826,552 | ||||||
Ameriprise Financial, Inc. | 25,022 | 4,100,355 | ||||||
BlackRock, Inc. | 22,462 | 11,116,669 | ||||||
Franklin Resources, Inc. | 53,928 | 1,482,481 | ||||||
Invesco, Ltd. | 73,656 | 1,293,399 | ||||||
Raymond James Financial, Inc. | 23,626 | 2,122,087 | ||||||
T. Rowe Price Group, Inc. | 45,040 | 5,565,143 | ||||||
26,506,686 | ||||||||
Machinery - Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 107,568 | 15,568,317 | ||||||
Machinery - Farming — 0.2% |
| |||||||
Deere & Co. | 60,204 | 10,117,282 | ||||||
Machinery - General Industrial — 0.2% |
| |||||||
IDEX Corp. | 14,502 | 2,360,056 | ||||||
Roper Technologies, Inc. | 19,885 | 7,165,957 | ||||||
Wabtec Corp. | 34,820 | 2,735,807 | ||||||
12,261,820 | ||||||||
Machinery - Pumps — 0.1% |
| |||||||
Dover Corp. | 27,808 | 3,100,036 | ||||||
Flowserve Corp. | 25,080 | 1,221,396 | ||||||
Xylem, Inc. | 34,421 | 2,667,972 | ||||||
6,989,404 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 60,877 | 4,358,184 | ||||||
Medical Instruments — 1.2% |
| |||||||
Boston Scientific Corp.† | 266,336 | 11,519,032 | ||||||
Edwards Lifesciences Corp.† | 39,763 | 9,739,549 | ||||||
Intuitive Surgical, Inc.† | 22,036 | 13,065,145 | ||||||
Medtronic PLC | 256,528 | 28,574,654 | ||||||
62,898,380 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 34,834 | 5,085,067 | ||||||
Laboratory Corp. of America Holdings† | 18,680 | 3,218,377 |
Security Description | Shares | Value (Note 2) | ||||||
Medical Labs & Testing Services (continued) |
| |||||||
Quest Diagnostics, Inc. | 25,749 | $ | 2,743,556 | |||||
11,047,000 | ||||||||
Medical Products — 1.6% |
| |||||||
Abbott Laboratories | 337,927 | 28,875,862 | ||||||
ABIOMED, Inc.† | 8,676 | 1,702,058 | ||||||
Baxter International, Inc. | 97,618 | 8,001,747 | ||||||
Becton Dickinson and Co. | 51,615 | 13,342,478 | ||||||
Cooper Cos., Inc. | 9,478 | 2,967,467 | ||||||
Henry Schein, Inc.† | 28,347 | 1,953,108 | ||||||
Hologic, Inc.† | 51,110 | 2,622,965 | ||||||
Stryker Corp. | 61,351 | 12,568,366 | ||||||
Varian Medical Systems, Inc.† | 17,411 | 2,328,373 | ||||||
Zimmer Biomet Holdings, Inc. | 39,257 | 5,703,257 | ||||||
80,065,681 | ||||||||
Medical - Biomedical/Gene — 1.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 42,872 | 4,884,836 | ||||||
Amgen, Inc. | 114,663 | 26,913,699 | ||||||
Biogen, Inc.† | 35,266 | 10,573,099 | ||||||
Gilead Sciences, Inc. | 242,146 | 16,281,897 | ||||||
Illumina, Inc.† | 28,106 | 9,015,281 | ||||||
Incyte Corp.† | 34,130 | 3,213,681 | ||||||
Regeneron Pharmaceuticals, Inc.† | 15,278 | 5,637,582 | ||||||
Vertex Pharmaceuticals, Inc.† | 49,146 | 10,898,125 | ||||||
87,418,200 | ||||||||
Medical - Drugs — 4.8% |
| |||||||
AbbVie, Inc. | 282,687 | 24,800,130 | ||||||
Allergan PLC | 62,720 | 11,599,437 | ||||||
Bristol-Myers Squibb Co. | 448,271 | 25,524,551 | ||||||
Eli Lilly & Co. | 162,440 | 19,062,334 | ||||||
Johnson & Johnson | 504,610 | 69,378,829 | ||||||
Merck & Co., Inc. | 489,544 | 42,678,446 | ||||||
Pfizer, Inc. | 1,057,538 | 40,736,364 | ||||||
Zoetis, Inc. | 91,309 | 11,004,560 | ||||||
244,784,651 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 98,634 | 1,852,347 | ||||||
Perrigo Co. PLC | 26,014 | 1,332,697 | ||||||
3,185,044 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Anthem, Inc. | 48,912 | 14,118,938 | ||||||
Centene Corp.† | 79,081 | 4,782,028 | ||||||
Humana, Inc. | 25,829 | 8,813,630 | ||||||
UnitedHealth Group, Inc. | 181,197 | 50,711,604 | ||||||
WellCare Health Plans, Inc.† | 9,619 | 3,097,991 | ||||||
81,524,191 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
HCA Healthcare, Inc. | 50,852 | 7,051,138 | ||||||
Universal Health Services, Inc., Class B | 15,532 | 2,166,559 | ||||||
9,217,697 | ||||||||
Medical - Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 29,077 | 2,556,159 | ||||||
Cardinal Health, Inc. | 57,003 | 3,136,875 | ||||||
McKesson Corp. | 35,354 | 5,113,603 | ||||||
10,806,637 | ||||||||
Metal - Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 277,410 | 3,156,926 | ||||||
218 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc.# | 29,967 | $ | 1,090,199 | |||||
Multimedia — 1.1% |
| |||||||
Viacom, Inc., Class B | 67,678 | 1,629,009 | ||||||
Walt Disney Co. | 344,424 | 52,207,790 | ||||||
53,836,799 | ||||||||
Networking Products — 0.8% |
| |||||||
Arista Networks, Inc.† | 10,405 | 2,030,328 | ||||||
Cisco Systems, Inc. | 811,701 | 36,778,172 | ||||||
38,808,500 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 40,477 | 3,588,286 | ||||||
Waste Management, Inc. | 74,624 | 8,425,796 | ||||||
12,014,082 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Holdings Corp. | 36,386 | 1,416,507 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 16,098 | 2,098,696 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Helmerich & Payne, Inc. | 20,924 | 827,126 | ||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
Apache Corp. | 71,883 | 1,601,553 | ||||||
Cabot Oil & Gas Corp. | 79,996 | 1,275,136 | ||||||
Cimarex Energy Co. | 19,399 | 891,772 | ||||||
Concho Resources, Inc. | 38,447 | 2,789,714 | ||||||
ConocoPhillips | 212,260 | 12,722,864 | ||||||
Devon Energy Corp. | 77,283 | 1,691,725 | ||||||
Diamondback Energy, Inc. | 31,174 | 2,410,997 | ||||||
EOG Resources, Inc. | 110,965 | 7,867,419 | ||||||
Hess Corp. | 49,485 | 3,072,524 | ||||||
Marathon Oil Corp. | 153,733 | 1,790,990 | ||||||
Noble Energy, Inc. | 91,442 | 1,898,336 | ||||||
Occidental Petroleum Corp. | 171,025 | 6,596,434 | ||||||
Pioneer Natural Resources Co. | 31,958 | 4,085,511 | ||||||
48,694,975 | ||||||||
Oil Companies - Integrated — 1.9% |
| |||||||
Chevron Corp. | 362,978 | 42,515,613 | ||||||
Exxon Mobil Corp. | 808,989 | 55,116,421 | ||||||
97,632,034 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 73,783 | 1,663,807 | ||||||
Oil Refining & Marketing — 0.5% |
| |||||||
HollyFrontier Corp. | 28,950 | 1,492,373 | ||||||
Marathon Petroleum Corp. | 125,871 | 7,632,817 | ||||||
Phillips 66 | 85,761 | 9,838,502 | ||||||
Valero Energy Corp. | 79,234 | 7,566,055 | ||||||
26,529,747 | ||||||||
Oil - Field Services — 0.3% |
| |||||||
Baker Hughes a GE Co., LLC | 124,115 | 2,782,659 | ||||||
Halliburton Co. | 167,479 | 3,515,384 | ||||||
Schlumberger, Ltd. | 264,431 | 9,572,402 | ||||||
TechnipFMC PLC | 80,245 | 1,511,816 | ||||||
17,382,261 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 75,110 | 3,480,597 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Pharmacy Services — 0.7% |
| |||||||
Cigna Corp. | 72,199 | $ | 14,434,024 | |||||
CVS Health Corp. | 248,655 | 18,716,262 | ||||||
33,150,286 | ||||||||
Pipelines — 0.4% |
| |||||||
Kinder Morgan, Inc. | 372,242 | 7,299,666 | ||||||
ONEOK, Inc. | 78,960 | 5,610,108 | ||||||
Williams Cos., Inc. | 231,738 | 5,265,087 | ||||||
18,174,861 | ||||||||
Publishing - Newspapers — 0.0% |
| |||||||
News Corp., Class A | 73,735 | 949,707 | ||||||
News Corp., Class B | 23,284 | 306,650 | ||||||
1,256,357 | ||||||||
Real Estate Investment Trusts — 2.9% |
| |||||||
Alexandria Real Estate Equities, Inc. | 21,686 | 3,524,409 | ||||||
American Tower Corp. | 84,642 | 18,115,927 | ||||||
Apartment Investment & Management Co., Class A | 28,466 | 1,530,617 | ||||||
AvalonBay Communities, Inc. | 26,702 | 5,725,176 | ||||||
Boston Properties, Inc. | 27,484 | 3,807,633 | ||||||
Crown Castle International Corp. | 79,492 | 10,624,901 | ||||||
Digital Realty Trust, Inc.# | 39,835 | 4,818,043 | ||||||
Duke Realty Corp. | 69,108 | 2,431,219 | ||||||
Equinix, Inc. | 16,217 | 9,192,607 | ||||||
Equity Residential | 66,653 | 5,672,170 | ||||||
Essex Property Trust, Inc. | 12,567 | 3,923,166 | ||||||
Extra Space Storage, Inc. | 24,573 | 2,605,967 | ||||||
Federal Realty Investment Trust | 13,328 | 1,760,229 | ||||||
Healthpeak Properties, Inc. | 93,900 | 3,275,232 | ||||||
Host Hotels & Resorts, Inc. | 139,557 | 2,440,852 | ||||||
Iron Mountain, Inc.# | 54,895 | 1,763,227 | ||||||
Kimco Realty Corp. | 80,705 | 1,744,842 | ||||||
Macerich Co.# | 21,068 | 567,361 | ||||||
Mid-America Apartment Communities, Inc. | 21,805 | 2,967,879 | ||||||
Prologis, Inc. | 120,671 | 11,047,430 | ||||||
Public Storage | 28,710 | 6,048,623 | ||||||
Realty Income Corp. | 60,846 | 4,662,629 | ||||||
Regency Centers Corp. | 32,037 | 2,083,687 | ||||||
SBA Communications Corp. | 21,626 | 5,113,900 | ||||||
Simon Property Group, Inc. | 58,892 | 8,905,059 | ||||||
SL Green Realty Corp. | 15,758 | 1,344,630 | ||||||
UDR, Inc. | 55,991 | 2,690,368 | ||||||
Ventas, Inc. | 71,239 | 4,153,946 | ||||||
Vornado Realty Trust | 30,281 | 1,955,244 | ||||||
Welltower, Inc. | 77,483 | 6,552,737 | ||||||
Weyerhaeuser Co. | 142,431 | 4,203,139 | ||||||
145,252,849 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 64,308 | 3,666,842 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 14,754 | 2,258,100 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 27,471 | 4,109,662 | ||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Gap, Inc. | 40,955 | 680,263 | ||||||
L Brands, Inc.# | 44,390 | 849,625 | ||||||
Ross Stores, Inc. | 69,730 | 8,099,139 | ||||||
9,629,027 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 13,649 | 2,143,985 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Auto Parts (continued) |
| |||||||
AutoZone, Inc.† | 4,690 | $ | 5,524,445 | |||||
Genuine Parts Co. | 27,930 | 2,915,054 | ||||||
O’Reilly Automotive, Inc.† | 14,630 | 6,470,556 | ||||||
17,054,040 | ||||||||
Retail - Automobile — 0.1% |
| |||||||
CarMax, Inc.†# | 31,661 | 3,079,349 | ||||||
Retail - Building Products — 1.3% |
| |||||||
Home Depot, Inc. | 209,393 | 46,173,250 | ||||||
Lowe’s Cos., Inc. | 147,568 | 17,311,202 | ||||||
63,484,452 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 44,348 | 3,576,223 | ||||||
Retail - Discount — 1.6% |
| |||||||
Costco Wholesale Corp. | 84,088 | 25,210,423 | ||||||
Dollar General Corp. | 49,151 | 7,734,402 | ||||||
Dollar Tree, Inc.† | 45,243 | 4,137,925 | ||||||
Target Corp. | 97,690 | 12,212,227 | ||||||
Walmart, Inc. | 271,914 | 32,382,238 | ||||||
81,677,215 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 145,052 | 8,645,099 | ||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 22,804 | 2,153,610 | ||||||
Retail - Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 20,787 | 2,781,301 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 20,438 | 780,119 | ||||||
TJX Cos., Inc. | 231,149 | 14,130,138 | ||||||
14,910,257 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 11,252 | 2,631,393 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp. | 30,424 | 1,430,232 | ||||||
Macy’s, Inc.# | 59,065 | 904,876 | ||||||
2,335,108 | ||||||||
Retail - Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,877 | 3,969,488 | ||||||
Darden Restaurants, Inc. | 23,482 | 2,781,208 | ||||||
McDonald’s Corp. | 145,206 | 28,239,663 | ||||||
Starbucks Corp. | 228,866 | 19,552,022 | ||||||
Yum! Brands, Inc. | 58,180 | 5,856,981 | ||||||
60,399,362 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 84,799 | 1,399,183 | ||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 70,630 | 7,977,658 | ||||||
Maxim Integrated Products, Inc. | 51,868 | 2,939,360 | ||||||
QUALCOMM, Inc. | 218,321 | 18,240,720 | ||||||
29,157,738 | ||||||||
Semiconductor Equipment — 0.4% |
| |||||||
Applied Materials, Inc. | 176,622 | 10,226,414 | ||||||
KLA Corp. | 30,450 | 4,989,537 | ||||||
Lam Research Corp. | 27,634 | 7,373,580 | ||||||
22,589,531 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 7,903 | $ | 1,988,948 | |||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 47,245 | 3,318,489 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 57,964 | 3,266,851 | ||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 149,301 | 4,335,701 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 66,120 | 1,656,967 | ||||||
Telephone - Integrated — 2.0% |
| |||||||
AT&T, Inc. | 1,397,100 | 52,223,598 | ||||||
CenturyLink, Inc. | 187,700 | 2,719,773 | ||||||
Verizon Communications, Inc. | 790,805 | 47,638,093 | ||||||
102,581,464 | ||||||||
Television — 0.1% |
| |||||||
CBS Corp., Class B | 62,567 | 2,526,455 | ||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 11,450 | 1,595,786 | ||||||
Tobacco — 0.8% |
| |||||||
Altria Group, Inc. | 357,181 | 17,751,896 | ||||||
Philip Morris International, Inc. | 297,477 | 24,669,767 | ||||||
42,421,663 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 10,557 | 1,693,976 | ||||||
Stanley Black & Decker, Inc. | 29,014 | 4,576,669 | ||||||
6,270,645 | ||||||||
Toys — 0.1% |
| |||||||
Hasbro, Inc. | 24,078 | 2,448,733 | ||||||
Transport - Rail — 0.9% |
| |||||||
CSX Corp. | 152,611 | 10,917,791 | ||||||
Kansas City Southern | 19,233 | 2,931,494 | ||||||
Norfolk Southern Corp. | 50,363 | 9,745,240 | ||||||
Union Pacific Corp. | 134,706 | 23,706,909 | ||||||
47,301,434 | ||||||||
Transport - Services — 0.5% |
| |||||||
C.H. Robinson Worldwide, Inc. | 25,885 | 1,989,262 | ||||||
Expeditors International of Washington, Inc. | 32,642 | 2,440,316 | ||||||
FedEx Corp. | 45,887 | 7,344,215 | ||||||
United Parcel Service, Inc., Class B | 133,522 | 15,986,589 | ||||||
27,760,382 | ||||||||
Transport - Truck — 0.0% |
| |||||||
JB Hunt Transport Services, Inc. | 16,331 | 1,888,190 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 34,541 | 4,180,497 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 32,131 | 1,425,010 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 19,916 | 3,798,778 | ||||||
Web Portals/ISP — 3.0% |
| |||||||
Alphabet, Inc., Class A† | 57,271 | 74,686,538 | ||||||
Alphabet, Inc., Class C† | 57,779 | 75,399,284 | ||||||
150,085,822 | ||||||||
220 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 31,655 | $ | 5,295,881 | |||||
Total Common Stocks | ||||||||
(cost $2,174,015,913) | 4,989,918,414 | |||||||
RIGHTS — 0.0% |
| |||||||
Cable/Satellite TV — 0.0% |
| |||||||
DISH Network Corp | 2,489 | 1,693 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,174,015,913) | 4,989,920,107 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 8,619,037 | 8,619,037 | ||||||
U.S. Government Treasuries — 0.1% |
| |||||||
United States Treasury Bills | ||||||||
1.54% due 02/20/2020(4) | $ | 3,700,000 | 3,687,194 | |||||
1.65% due 12/24/2019(4) | 2,000,000 | 1,998,063 | ||||||
5,685,257 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $14,304,175) | 14,304,294 | |||||||
REPURCHASE AGREEMENTS — 1.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $77,311,611 and collateralized by $76,980,000 of United States Treasury Notes, bearing interest at 2.88%, due 11/15/2021 and having an approximate value of $78,856,849 | 77,310,000 | 77,310,000 | ||||||
TOTAL INVESTMENTS |
| |||||||
(cost $2,265,630,088)(5) | 100.0 | % | 5,081,534,401 | |||||
Liabilities in excess of other assets | (0.0 | ) | (1,086,476 | ) | ||||
NET ASSETS | 100.0 | % | $ | 5,080,447,925 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
(1) | Security represents an investment in an affiliated company (see Note 3) |
(2) | The rate shown is the 7-day yield as of November 30, 2019. |
(3) | At November 30, 2019, the Fund had loaned securities with a total value of $28,349,782. This was secured by collateral of $8,619,037, which was received in cash and subsequently invested in short-term investments currently valued at $8,619,037 as reported in the Portfolio of Investments. Additional collateral of $20,553,709 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||||
United States Treasury Bills | 0.00% | 01/23/2020 to 05/21/2020 | $ | 20,985 | ||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 12/31/2019 to 02/15/2049 | 20,532,724 |
(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) | ||||||||||||||||
593 | Long | S&P 500E-Mini Index | December 2019 | $ | 92,056,659 | $ | 93,210,705 | $ | 1,154,046 | |||||||||||||
* | 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. |
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 4,989,918,414 | $ | — | $ | — | $ | 4,989,918,414 | ||||||||
Rights | 1,693 | — | — | 1,693 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 8,619,037 | — | — | 8,619,037 | ||||||||||||
U.S. Government Treasuries | — | 5,685,257 | — | 5,685,257 | ||||||||||||
Repurchase Agreements | — | 77,310,000 | — | 77,310,000 | ||||||||||||
Total Investments at Value | $ | 4,998,539,144 | $ | 82,995,257 | $ | — | $ | 5,081,534,401 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 1,154,046 | $ | — | $ | — | $ | 1,154,046 | ||||||||
* | 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
222 |
Table of Contents
VALIC Company I Systematic Value Fund@
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 9.8 | % | ||
Medical — Drugs | 6.7 | |||
Insurance — Life/Health | 6.3 | |||
Insurance — Multi-line | 5.0 | |||
Finance — Credit Card | 4.8 | |||
Retail — Discount | 4.4 | |||
Medical — Wholesale Drug Distribution | 4.1 | |||
Aerospace/Defense — Equipment | 3.8 | |||
Electronic Components — Semiconductors | 3.6 | |||
Telephone — Integrated | 2.9 | |||
Medical — HMO | 2.8 | |||
Insurance — Property/Casualty | 2.8 | |||
Medical — Biomedical/Gene | 2.6 | |||
Cable/Satellite TV | 2.4 | |||
Cosmetics & Toiletries | 2.3 | |||
Building — Residential/Commercial | 2.1 | |||
Insurance — Reinsurance | 2.1 | |||
Diversified Banking Institutions | 2.0 | |||
Advertising Agencies | 1.8 | |||
Computers | 1.6 | |||
Investment Management/Advisor Services | 1.6 | |||
Pharmacy Services | 1.6 | |||
Banks — Commercial | 1.5 | |||
Medical Products | 1.5 | |||
Semiconductor Equipment | 1.4 | |||
Banks — Fiduciary | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Finance — Consumer Loans | 1.1 | |||
Banks — Super Regional | 1.1 | |||
Dental Supplies & Equipment | 1.1 | |||
Consumer Products — Misc. | 0.9 | |||
Beverages — Non-alcoholic | 0.9 | |||
Real Estate Management/Services | 0.8 | |||
Medical Instruments | 0.8 | |||
Office Automation & Equipment | 0.7 | |||
Instruments — Controls | 0.7 | |||
Computer Services | 0.7 | |||
Steel — Producers | 0.7 | |||
Oil Refining & Marketing | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Electric — Integrated | 0.6 | |||
Diversified Manufacturing Operations | 0.6 | |||
Computers — Memory Devices | 0.5 | |||
Airlines | 0.5 | |||
Toys | 0.5 | |||
Finance — Investment Banker/Broker | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Broadcast Services/Program | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Repurchase Agreements | 0.3 | |||
Commercial Services — Finance | 0.3 | |||
Data Processing/Management | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Medical Labs & Testing Services | 0.2 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
223 |
Table of Contents
VALIC Company I Systematic Value Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Advertising Agencies — 1.8% |
| |||||||
Interpublic Group of Cos., Inc. | 16,119 | $ | 361,066 | |||||
Omnicom Group, Inc.# | 7,348 | 584,019 | ||||||
945,085 | ||||||||
Aerospace/Defense - Equipment — 3.8% |
| |||||||
Arconic, Inc. | 13,897 | 430,251 | ||||||
L3Harris Technologies, Inc. | 3,499 | 703,614 | ||||||
United Technologies Corp. | 5,999 | 889,892 | ||||||
2,023,757 | ||||||||
Airlines — 0.5% |
| |||||||
Southwest Airlines Co. | 4,831 | 278,459 | ||||||
Auto/Truck Parts & Equipment - Original — 0.6% |
| |||||||
Lear Corp. | 2,684 | 322,912 | ||||||
Banks - Commercial — 1.5% |
| |||||||
East West Bancorp, Inc. | 6,868 | 314,692 | ||||||
Regions Financial Corp. | 30,210 | 502,694 | ||||||
817,386 | ||||||||
Banks - Fiduciary — 1.3% |
| |||||||
State Street Corp. | 9,471 | 711,272 | ||||||
Banks - Super Regional — 1.1% |
| |||||||
Fifth Third Bancorp | 19,600 | 591,724 | ||||||
Beverages-Non-alcoholic — 0.9% |
| |||||||
PepsiCo, Inc. | 3,384 | 459,649 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Fox Corp., Class B | 5,258 | 183,925 | ||||||
Building - Residential/Commercial — 2.1% |
| |||||||
D.R. Horton, Inc. | 5,348 | 296,012 | ||||||
PulteGroup, Inc. | 19,527 | 774,245 | ||||||
1,070,257 | ||||||||
Cable/Satellite TV — 2.4% |
| |||||||
Comcast Corp., Class A | 28,595 | 1,262,469 | ||||||
Commercial Services - Finance — 0.3% |
| |||||||
Equifax, Inc. | 991 | 138,383 | ||||||
Computer Services — 0.7% |
| |||||||
International Business Machines Corp. | 2,648 | 356,024 | ||||||
Computers — 1.6% |
| |||||||
Hewlett Packard Enterprise Co. | 11,515 | 182,282 | ||||||
HP, Inc. | 34,182 | 686,375 | ||||||
868,657 | ||||||||
Computers - Memory Devices — 0.5% |
| |||||||
Seagate Technology PLC | 4,837 | 288,672 | ||||||
Consumer Products - Misc. — 0.9% |
| |||||||
Kimberly-Clark Corp. | 3,499 | 477,054 | ||||||
Cosmetics & Toiletries — 2.3% |
| |||||||
Procter & Gamble Co. | 9,849 | 1,202,169 | ||||||
Data Processing/Management — 0.2% |
| |||||||
Paychex, Inc. | 1,458 | 125,563 | ||||||
Dental Supplies & Equipment — 1.1% |
| |||||||
DENTSPLY SIRONA, Inc. | 10,198 | 576,595 | ||||||
Diversified Banking Institutions — 2.0% |
| |||||||
JPMorgan Chase & Co. | 8,270 | 1,089,655 | ||||||
Diversified Manufacturing Operations — 0.6% |
| |||||||
General Electric Co. | 27,196 | 306,499 | ||||||
Security Description | Shares | Value | ||||||
Electric - Integrated — 0.6% |
| |||||||
CMS Energy Corp. | 2,269 | $ | 139,090 | |||||
WEC Energy Group, Inc. | 1,966 | 174,286 | ||||||
313,376 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Garmin, Ltd. | 2,032 | 198,506 | ||||||
Electronic Components - Semiconductors — 3.6% |
| |||||||
Intel Corp. | 32,590 | 1,891,849 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Agilent Technologies, Inc. | 1,260 | 101,770 | ||||||
Finance - Consumer Loans — 1.1% |
| |||||||
Synchrony Financial | 16,286 | 609,259 | ||||||
Finance - Credit Card — 4.8% |
| |||||||
Capital One Financial Corp. | 19,044 | 1,904,590 | ||||||
Discover Financial Services | 7,556 | 641,278 | ||||||
2,545,868 | ||||||||
Finance - Investment Banker/Broker — 0.4% |
| |||||||
E*TRADE Financial Corp. | 5,334 | 236,296 | ||||||
Food - Misc./Diversified — 1.3% |
| |||||||
General Mills, Inc. | 11,599 | 618,458 | ||||||
McCormick & Co., Inc. | 539 | 91,226 | ||||||
709,684 | ||||||||
Instruments - Controls — 0.7% |
| |||||||
Honeywell International, Inc. | 2,100 | 374,955 | ||||||
Insurance - Life/Health — 6.3% |
| |||||||
Aflac, Inc. | 14,371 | 788,106 | ||||||
Athene Holding, Ltd., Class A† | 5,960 | 268,319 | ||||||
Brighthouse Financial, Inc.† | 6,080 | 250,253 | ||||||
Globe Life, Inc. | 5,023 | 516,163 | ||||||
Principal Financial Group, Inc. | 8,355 | 460,360 | ||||||
Prudential Financial, Inc. | 8,045 | 753,173 | ||||||
Unum Group | 10,144 | 311,827 | ||||||
3,348,201 | ||||||||
Insurance - Multi-line — 5.0% |
| |||||||
Allstate Corp. | 6,664 | 742,036 | ||||||
American Financial Group, Inc. | 3,201 | 351,182 | ||||||
Cincinnati Financial Corp. | 3,874 | 414,712 | ||||||
MetLife, Inc. | 15,658 | 781,491 | ||||||
Voya Financial, Inc. | 6,150 | 358,422 | ||||||
2,647,843 | ||||||||
Insurance - Property/Casualty — 2.8% |
| |||||||
Arch Capital Group, Ltd.† | 13,548 | 568,609 | ||||||
Fidelity National Financial, Inc. | 4,757 | 226,576 | ||||||
Travelers Cos., Inc. | 5,044 | 689,616 | ||||||
1,484,801 | ||||||||
Insurance - Reinsurance — 2.1% |
| |||||||
Everest Re Group, Ltd. | 1,484 | 402,550 | ||||||
Reinsurance Group of America, Inc. | 2,367 | 391,644 | ||||||
RenaissanceRe Holdings, Ltd. | 1,821 | 342,949 | ||||||
1,137,143 | ||||||||
Investment Management/Advisor Services — 1.6% |
| |||||||
Affiliated Managers Group, Inc. | 2,979 | 254,317 | ||||||
Ameriprise Financial, Inc. | 3,611 | 591,735 | ||||||
846,052 | ||||||||
224 |
Table of Contents
VALIC Company I Systematic Value Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Instruments — 0.8% |
| |||||||
Medtronic PLC | 3,698 | $ | 411,920 | |||||
Medical Labs & Testing Services — 0.2% |
| |||||||
Laboratory Corp. of America Holdings† | 569 | 98,033 | ||||||
Medical Products — 1.5% |
| |||||||
Abbott Laboratories | 3,870 | 330,691 | ||||||
Becton Dickinson and Co. | 775 | 200,338 | ||||||
Hologic, Inc.† | 1,487 | 76,313 | ||||||
Zimmer Biomet Holdings, Inc. | 1,254 | 182,181 | ||||||
789,523 | ||||||||
Medical - Biomedical/Gene — 2.6% |
| |||||||
Amgen, Inc. | 5,848 | 1,372,642 | ||||||
Medical - Drugs — 6.7% |
| |||||||
AbbVie, Inc. | 16,849 | 1,478,163 | ||||||
Johnson & Johnson | 4,691 | 644,966 | ||||||
Merck & Co., Inc. | 16,447 | 1,433,849 | ||||||
3,556,978 | ||||||||
Medical- HMO — 2.8% |
| |||||||
Anthem, Inc. | 5,151 | 1,486,888 | ||||||
Medical - Wholesale Drug Distribution — 4.1% |
| |||||||
AmerisourceBergen Corp. | 11,640 | 1,023,272 | ||||||
Cardinal Health, Inc. | 9,490 | 522,235 | ||||||
McKesson Corp. | 4,488 | 649,144 | ||||||
2,194,651 | ||||||||
Office Automation & Equipment — 0.7% |
| |||||||
Xerox Holdings Corp. | 9,788 | 381,047 | ||||||
Oil Refining & Marketing — 0.6% |
| |||||||
HollyFrontier Corp. | 6,597 | 340,075 | ||||||
Pharmacy Services — 1.6% |
| |||||||
CVS Health Corp. | 11,099 | 835,422 | ||||||
Real Estate Investment Trusts — 9.8% |
| |||||||
Alexandria Real Estate Equities, Inc. | 894 | 145,293 | ||||||
AvalonBay Communities, Inc. | 852 | 182,677 | ||||||
Boston Properties, Inc. | 1,104 | 152,948 | ||||||
Camden Property Trust | 977 | 108,984 | ||||||
Equity LifeStyle Properties, Inc. | 12,182 | 902,443 | ||||||
Equity Residential | 6,541 | 556,639 | ||||||
Essex Property Trust, Inc. | 1,626 | 507,605 | ||||||
Federal Realty Investment Trust | 786 | 103,807 | ||||||
Mid-America Apartment Communities, Inc. | 3,957 | 538,587 | ||||||
National Retail Properties, Inc. | 1,776 | 98,994 | ||||||
Prologis, Inc. | 10,005 | 915,958 | ||||||
Public Storage | 893 | 188,137 | ||||||
Realty Income Corp. | 2,108 | 161,536 | ||||||
Regency Centers Corp. | 1,666 | 108,357 | ||||||
Simon Property Group, Inc. | 1,469 | 222,128 | ||||||
SL Green Realty Corp. | 1,039 | 88,658 | ||||||
Sun Communities, Inc. | 644 | 106,073 | ||||||
UDR, Inc. | 2,542 | 122,143 | ||||||
5,210,967 | ||||||||
Real Estate Management/Services — 0.8% |
| |||||||
Jones Lang LaSalle, Inc. | 2,550 | 424,141 | ||||||
Retail - Discount — 4.4% |
| |||||||
Target Corp. | 11,048 | 1,381,111 | ||||||
Walmart, Inc. | 8,048 | 958,436 | ||||||
2,339,547 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Semiconductor Equipment — 1.4% |
| |||||||
Lam Research Corp. | 2,867 | $ | 765,002 | |||||
Steel - Producers — 0.7% |
| |||||||
Steel Dynamics, Inc. | 10,428 | 351,736 | ||||||
Telephone - Integrated — 2.9% |
| |||||||
Verizon Communications, Inc. | 25,396 | 1,529,855 | ||||||
Tools - Hand Held — 0.3% |
| |||||||
Stanley Black & Decker, Inc. | 1,017 | 160,422 | ||||||
Toys — 0.5% |
| |||||||
Hasbro, Inc. | 2,458 | 249,979 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $49,350,488) | 53,040,597 | |||||||
REPURCHASE AGREEMENTS — 0.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $158,003 collateralized by $165,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $163,857 | $ | 158,000 | 158,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $49,508,488)(1) | 100.1 | % | 53,198,597 | |||||
Liabilities in excess of other assets | (0.1 | ) | 66,878 | |||||
NET ASSETS | 100.0 | % | $ | 53,265,475 | ||||
@ | See Note 1 |
# | The security or a portion thereof is out on loan. (See Note 2) |
At November 30, 2019, the Fund had loaned securities with a total value of $584,019. This was secured by collateral of $618,660 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of November 30, 2019 | |||
United States Treasury Notes/Bonds | 1.13% to 8.75% | 12/31/2019 to 09/30/2022 | $618,660 |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
225 |
Table of Contents
VALIC Company I Systematic Value Fund@
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 53,040,597 | $ | — | $ | — | $ | 53,040,597 | ||||||||
Repurchase Agreements | — | 158,000 | — | 158,000 | ||||||||||||
Total Investments at Value | $ | 53,040,597 | $ | 158,000 | $ | — | $ | 53,198,597 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
226 |
Table of Contents
PORTFOLIO PROFILE —November 30, 2019 (unaudited)
Industry Allocation*
Diversified Banking Institutions | 10.6 | % | ||
Medical — Drugs | 8.6 | |||
Electronic Components — Semiconductors | 4.6 | |||
Chemicals — Diversified | 4.4 | |||
Insurance — Multi-line | 4.3 | |||
Real Estate Investment Trusts | 4.3 | |||
Medical — HMO | 3.9 | |||
Electric — Integrated | 3.8 | |||
Oil Companies — Integrated | 3.2 | |||
Oil Companies — Exploration & Production | 3.1 | |||
Aerospace/Defense — Equipment | 3.0 | |||
Telephone — Integrated | 2.8 | |||
Insurance — Property/Casualty | 2.6 | |||
Medical Instruments | 2.6 | |||
Medical Products | 2.4 | |||
Electronic Components — Misc. | 2.2 | |||
Cable/Satellite TV | 1.9 | |||
Banks — Super Regional | 1.9 | |||
Retail — Building Products | 1.7 | |||
Investment Management/Advisor Services | 1.6 | |||
Repurchase Agreements | 1.6 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Computer Services | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Machinery — Farming | 1.3 | |||
Telecom Equipment — Fiber Optics | 1.3 | |||
Food — Misc./Diversified | 1.2 | |||
Banks — Commercial | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Electric — Distribution | 1.1 | |||
Networking Products | 1.1 | |||
Computers — Memory Devices | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Containers — Paper/Plastic | 1.1 | |||
Building — Residential/Commercial | 1.0 | |||
Retail — Major Department Stores | 1.0 | |||
Cosmetics & Toiletries | 1.0 | |||
Hotels/Motels | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
Food — Wholesale/Distribution | 1.0 | |||
Transport — Rail | 1.0 | |||
Apparel Manufacturers | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Private Equity | 0.5 | |||
99.9 | % | |||
* | Calculated as a percentage of net assets |
227 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.3% |
| |||||||
Aerospace/Defense — 1.3% |
| |||||||
Lockheed Martin Corp. | 4,123 | $ | 1,612,217 | |||||
Aerospace/Defense - Equipment — 3.0% |
| |||||||
L3Harris Technologies, Inc. | 7,860 | 1,580,567 | ||||||
United Technologies Corp. | 14,829 | 2,199,734 | ||||||
3,780,301 | ||||||||
Apparel Manufacturers — 0.8% |
| |||||||
Tapestry, Inc. | 35,658 | 958,844 | ||||||
Banks - Commercial — 1.2% |
| |||||||
M&T Bank Corp. | 9,030 | 1,487,602 | ||||||
Banks - Super Regional — 1.9% |
| |||||||
PNC Financial Services Group, Inc. | 15,871 | 2,431,596 | ||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
Fortune Brands Home & Security, Inc. | 23,303 | 1,474,148 | ||||||
Building - Residential/Commercial — 1.0% |
| |||||||
Lennar Corp., Class A | 22,080 | 1,317,072 | ||||||
Cable/Satellite TV — 1.9% |
| |||||||
Comcast Corp., Class A | 55,277 | 2,440,480 | ||||||
Chemicals - Diversified — 4.4% |
| |||||||
Celanese Corp. | 16,020 | 2,011,632 | ||||||
Dow, Inc. | 31,478 | 1,679,981 | ||||||
FMC Corp. | 18,942 | 1,855,558 | ||||||
5,547,171 | ||||||||
Computer Services — 1.3% |
| |||||||
Amdocs, Ltd. | 24,070 | 1,668,051 | ||||||
Computers - Memory Devices — 1.1% |
| |||||||
NetApp, Inc. | 22,499 | 1,363,214 | ||||||
Containers - Paper/Plastic — 1.1% |
| |||||||
Sealed Air Corp. | 35,411 | 1,336,057 | ||||||
Cosmetics & Toiletries — 1.0% |
| |||||||
Unilever NV | 21,846 | 1,300,929 | ||||||
Diversified Banking Institutions — 10.6% |
| |||||||
Bank of America Corp. | 136,079 | 4,534,152 | ||||||
Citigroup, Inc. | 42,864 | 3,219,944 | ||||||
JPMorgan Chase & Co. | 42,452 | 5,593,476 | ||||||
13,347,572 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Ingersoll-Rand PLC | 10,303 | 1,350,826 | ||||||
Electric - Distribution — 1.1% |
| |||||||
Sempra Energy | 9,760 | 1,437,355 | ||||||
Electric - Integrated — 3.8% |
| |||||||
Dominion Energy, Inc. | 23,530 | 1,955,578 | ||||||
Entergy Corp. | 11,720 | 1,364,091 | ||||||
Exelon Corp. | 32,110 | 1,425,684 | ||||||
4,745,353 | ||||||||
Electronic Components - Misc. — 2.2% |
| |||||||
Gentex Corp. | 44,120 | 1,253,008 | ||||||
nVent Electric PLC | 62,495 | 1,544,251 | ||||||
2,797,259 | ||||||||
Electronic Components - Semiconductors — 4.6% |
| |||||||
Intel Corp. | 70,345 | 4,083,527 | ||||||
Micron Technology, Inc.† | 34,420 | 1,635,294 | ||||||
5,718,821 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 1.2% |
| |||||||
Mondelez International, Inc., Class A | 29,371 | $ | 1,543,152 | |||||
Food - Wholesale/Distribution — 1.0% |
| |||||||
US Foods Holding Corp.† | 31,588 | 1,256,255 | ||||||
Hotels/Motels — 1.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 12,279 | 1,289,295 | ||||||
Insurance - Multi-line — 4.3% |
| |||||||
Assurant, Inc. | 11,700 | 1,554,579 | ||||||
Chubb, Ltd. | 13,823 | 2,093,908 | ||||||
MetLife, Inc. | 35,512 | 1,772,404 | ||||||
5,420,891 | ||||||||
Insurance - Property/Casualty — 2.6% |
| |||||||
Intact Financial Corp. | 14,812 | 1,527,366 | ||||||
Progressive Corp. | 24,600 | 1,797,030 | ||||||
3,324,396 | ||||||||
Investment Management/Advisor Services — 1.6% |
| |||||||
BlackRock, Inc. | 4,128 | 2,042,988 | ||||||
Machinery - Farming — 1.3% |
| |||||||
Deere & Co. | 9,490 | 1,594,795 | ||||||
Medical Instruments — 2.6% |
| |||||||
Medtronic PLC | 29,023 | 3,232,872 | ||||||
Medical Products — 2.4% |
| |||||||
Koninklijke Philips NV | 34,848 | 1,618,033 | ||||||
Zimmer Biomet Holdings, Inc. | 9,348 | 1,358,077 | ||||||
2,976,110 | ||||||||
Medical - Biomedical/Gene — 0.8% |
| |||||||
Biogen, Inc.† | 3,180 | 953,396 | ||||||
Medical - Drugs — 8.6% |
| |||||||
AstraZeneca PLC ADR | 38,509 | 1,866,916 | ||||||
Eli Lilly & Co. | 15,593 | 1,829,839 | ||||||
Merck & Co., Inc. | 17,751 | 1,547,532 | ||||||
Pfizer, Inc. | 90,840 | 3,499,157 | ||||||
Roche Holding AG | 6,781 | 2,089,904 | ||||||
10,833,348 | ||||||||
Medical - HMO — 3.9% |
| |||||||
Anthem, Inc. | 9,148 | 2,640,662 | ||||||
UnitedHealth Group, Inc. | 8,019 | 2,244,277 | ||||||
4,884,939 | ||||||||
Networking Products — 1.1% |
| |||||||
Cisco Systems, Inc. | 30,460 | 1,380,143 | ||||||
Oil Companies - Exploration & Production — 3.1% |
| |||||||
Concho Resources, Inc. | 13,775 | 999,514 | ||||||
Noble Energy, Inc. | 72,890 | 1,513,196 | ||||||
Pioneer Natural Resources Co. | 10,864 | 1,388,854 | ||||||
3,901,564 | ||||||||
Oil Companies - Integrated — 3.2% |
| |||||||
Exxon Mobil Corp. | 58,777 | 4,004,477 | ||||||
Private Equity — 0.5% |
| |||||||
Blackstone Group, Inc., Class A | 11,960 | 648,471 | ||||||
Real Estate Investment Trusts — 4.3% |
| |||||||
Brixmor Property Group, Inc. | 42,009 | 921,678 | ||||||
Crown Castle International Corp. | 9,741 | 1,301,982 | ||||||
Gaming and Leisure Properties, Inc. | 40,820 | 1,722,604 | ||||||
Highwoods Properties, Inc. | 29,420 | 1,428,341 | ||||||
5,374,605 | ||||||||
228 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS —November 30, 2019 (unaudited) — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Building Products — 1.7% |
| |||||||
Home Depot, Inc. | 9,726 | $ | 2,144,680 | |||||
Retail - Major Department Stores — 1.0% |
| |||||||
TJX Cos., Inc. | 21,476 | 1,312,828 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
Analog Devices, Inc. | 15,044 | 1,699,220 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
KLA Corp. | 7,695 | 1,260,903 | ||||||
Telecom Equipment - Fiber Optics — 1.3% |
| |||||||
Corning, Inc. | 54,900 | 1,594,296 | ||||||
Telephone - Integrated — 2.8% |
| |||||||
Verizon Communications, Inc. | 58,327 | 3,513,618 | ||||||
Transport - Rail — 1.0% |
| |||||||
Union Pacific Corp. | 7,110 | 1,251,289 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $98,045,821) | 123,553,399 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 1.6% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.25%, dated 11/29/2019, to be repurchased 12/02/2019 in the amount of $1,957,041 collateralized by $2,015,000 of United States Treasury Notes, bearing interest at 1.25% due 10/31/2021 and having an approximate value of $2,001,036 | $ | 1,957,000 | $ | 1,957,000 | ||||
TOTAL INVESTMENTS |
| |||||||
(cost $100,002,821)(1) | 99.9 | % | 125,510,399 | |||||
Other assets less liabilities | 0.1 | 149,589 | ||||||
NET ASSETS | 100.0 | % | $ | 125,659,988 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 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 | $ | 123,553,399 | $ | — | $ | — | $ | 123,553,399 | ||||||||
Repurchase Agreements | — | 1,957,000 | — | 1,957,000 | ||||||||||||
Total Investments at Value | $ | 123,553,399 | $ | 1,957,000 | $ | — | $ | 125,510,399 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
229 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2019 (unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 134,522,551 | $ | 842,778,753 | $ | 232,733,738 | $ | 246,701,448 | $ | 966,391,880 | $ | 38,199,173 | $ | 797,588,869 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | 164,441,945 | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 634,000 | 8,466,000 | – | – | |||||||||||||||||||||
Cash | – | 505,108 | – | 858 | 50,752,356 | – | – | |||||||||||||||||||||
Foreign cash* | 15,583,181 | – | – | – | 97,787 | – | 6,265,780 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 772,832 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 8,052 | 101,922 | 56,223 | 7,714 | 307,546 | 25,611 | 113,564 | |||||||||||||||||||||
Dividends and interest | 308,227 | 561,823 | 1,237,261 | 451,555 | 3,116,394 | 133,821 | 704,463 | |||||||||||||||||||||
Investments sold | – | 921,457 | 393,917 | 2,837 | 30 | – | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | 137,016 | – | – | 1,809,762 | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 2,492 | 1,984 | 523 | 340 | 5,534 | – | 2,346 | |||||||||||||||||||||
Prepaid expenses and other assets | 27,794 | 22,856 | 17,119 | 23,923 | 24,220 | 7,961 | 22,960 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 36,338 | 92,042 | 3,334 | – | |||||||||||||||||||||
Variation margin on futures contracts | 25,645 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 333,480 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 151,584,254 | 844,893,903 | 234,575,797 | 247,859,013 | 1,029,253,789 | 204,621,607 | 804,697,982 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 464 | 42,066 | 90,610 | 86,049 | 28,693 | 22,638 | 143,390 | |||||||||||||||||||||
Investments purchased | – | 892,379 | – | – | – | 2,362 | 3,174,969 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | 6,427 | 1,270,019 | – | – | 1,891,129 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | 176,363 | |||||||||||||||||||||
Investment advisory and management fees | 61,220 | 487,357 | 94,737 | 161,499 | 586,406 | 41,352 | 509,180 | |||||||||||||||||||||
Administrative service fee | 8,171 | 44,994 | 12,643 | 13,471 | 55,836 | 2,057 | 44,967 | |||||||||||||||||||||
Transfer agent fees and expenses | 191 | 444 | 444 | 191 | 430 | 127 | 634 | |||||||||||||||||||||
Directors’ fees and expenses | 8,636 | 20,385 | 8,652 | 19,285 | 22,680 | 4,124 | 19,819 | |||||||||||||||||||||
Other accrued expenses | 145,877 | 119,042 | 92,574 | 65,164 | 131,910 | 56,982 | 490,212 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | 225,000 | |||||||||||||||||||||
Variation margin on futures contracts | 74,693 | – | – | – | – | 101,000 | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 1,733,708 | – | 495,605 | 94,270 | 1,158,679 | – | 577,368 | |||||||||||||||||||||
Due to custodian | 8,541 | – | – | – | – | – | 28 | |||||||||||||||||||||
Due to broker | – | – | – | – | – | 765,165 | 21 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 502,313 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 2,543,814 | 1,613,094 | 2,065,284 | 439,929 | 1,984,634 | 2,886,936 | 5,361,951 | |||||||||||||||||||||
NET ASSETS | $ | 149,040,440 | $ | 843,280,809 | $ | 232,510,513 | $ | 247,419,084 | $ | 1,027,269,155 | $ | 201,734,671 | $ | 799,336,031 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 142,698 | $ | 393,248 | $ | 225,957 | $ | 107,114 | $ | 833,800 | $ | 160,145 | $ | 966,804 | ||||||||||||||
Additionalpaid-in capital | 143,320,910 | 361,850,484 | 214,926,078 | 160,263,982 | 848,049,584 | 167,317,900 | 738,627,835 | |||||||||||||||||||||
Total accumulated earnings (loss) | 5,576,832 | 481,037,077 | 17,358,478 | 87,047,988 | 178,385,771 | 34,256,626 | 59,741,392 | |||||||||||||||||||||
NET ASSETS | $ | 149,040,440 | $ | 843,280,809 | $ | 232,510,513 | $ | 247,419,084 | $ | 1,027,269,155 | $ | 201,734,671 | $ | 799,336,031 | ||||||||||||||
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 | 14,269,780 | 39,324,779 | 22,595,678 | 10,711,375 | 83,380,039 | 16,014,515 | 96,680,354 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 10.44 | $ | 21.44 | $ | 10.29 | $ | 23.10 | $ | 12.32 | $ | 12.60 | $ | 8.27 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 129,695,073 | $ | 486,993,533 | $ | 225,087,488 | $ | 187,825,573 | $ | 893,290,696 | $ | 37,524,997 | $ | 708,410,280 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 144,835,273 | $ | – | ||||||||||||||
Foreign cash | $ | 15,642,956 | $ | – | $ | – | $ | – | $ | 97,811 | $ | – | $ | 6,264,196 | ||||||||||||||
† Including securities on loan | $ | 8,884,359 | $ | 1,007,230 | $ | 2,594,234 | $ | 2,992,725 | $ | 30,584,197 | $ | – | $ | 5,292,471 | ||||||||||||||
See Notes to Financial Statements
230 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2019 (unaudited) — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 504,239,788 | $ | 312,691,807 | $ | 300,691,584 | $ | 136,781,684 | $ | 1,402,593,349 | $ | 128,914,314 | $ | 824,199,732 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 1,023,000 | – | 5,800,000 | 3,261,000 | – | – | |||||||||||||||||||||
Cash | 3,719,636 | 67,420 | 38,813,263 | 998 | 155,517 | 688,707 | 320,488 | |||||||||||||||||||||
Foreign cash* | 82,542 | 370,595 | – | – | 34,200 | – | 7,819 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | 186,000 | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | 1,789,777 | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | 3,997,003 | – | – | 11 | 18 | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 195,664 | 21,969 | 57,324 | 12,265 | 304,060 | 46,233 | 83,397 | |||||||||||||||||||||
Dividends and interest | 901,202 | 2,028,965 | 604,039 | 515,535 | 1,506,660 | 201,646 | 586,222 | |||||||||||||||||||||
Investments sold | 533,096 | 3,685 | – | – | 2,600,997 | 6,983 | 1,383,315 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | 57,475 | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 2,707 | 63 | – | 162 | 5,074 | 70 | 41,206 | |||||||||||||||||||||
Prepaid expenses and other assets | 15,018 | 20,275 | 35,842 | 24,899 | 47,432 | 11,336 | 22,166 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | 176,952 | 4,682 | 26,888 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | 1,379,340 | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | 999,068 | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 509,689,653 | 324,450,442 | 340,202,052 | 143,135,543 | 1,410,685,252 | 130,059,989 | 826,671,233 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 11,212 | 392,500 | 385,090 | 34,757 | 161,003 | 29,675 | 321,484 | |||||||||||||||||||||
Investments purchased | 732,727 | – | – | – | – | 40,172 | 591,284 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 879,721 | – | – | – | – | – | 4,765 | |||||||||||||||||||||
Payments on swap contracts | – | 95,304 | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 54,228 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 290,937 | 132,125 | 108,716 | 58,436 | 756,988 | 78,812 | 628,093 | |||||||||||||||||||||
Administrative service fee | 26,766 | 17,633 | 18,136 | 7,799 | 73,800 | 7,012 | 42,679 | |||||||||||||||||||||
Transfer agent fees and expenses | 444 | 190 | 390 | 578 | 317 | 408 | 254 | |||||||||||||||||||||
Directors’ fees and expenses | 11,368 | 16,056 | 24,730 | 7,800 | 41,644 | 6,998 | 19,324 | |||||||||||||||||||||
Other accrued expenses | 127,245 | 185,176 | 104,318 | 66,750 | 222,787 | 60,717 | 126,765 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 2,525 | 3,030 | – | |||||||||||||||||||||
Collateral upon return of securities loaned | – | – | – | – | 28,986,366 | 297,228 | 11,275,766 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | 1,604,447 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | 2,798,394 | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 2,080,420 | 5,296,053 | 641,380 | 176,120 | 30,245,430 | 524,052 | 13,010,414 | |||||||||||||||||||||
NET ASSETS | $ | 507,609,233 | $ | 319,154,389 | $ | 339,560,672 | $ | 142,959,423 | $ | 1,380,439,822 | $ | 129,535,937 | $ | 813,660,819 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 592,008 | $ | 296,864 | $ | 3,395,723 | $ | 131,578 | $ | 741,549 | $ | 55,340 | $ | 363,156 | ||||||||||||||
Additionalpaid-in capital | 432,359,784 | 299,578,392 | 336,175,438 | 135,937,793 | 901,052,959 | 81,763,352 | 495,137,806 | |||||||||||||||||||||
Total accumulated earnings (loss) | 74,657,441 | 19,279,133 | (10,489 | ) | 6,890,052 | 478,645,314 | 47,717,245 | 318,159,857 | ||||||||||||||||||||
NET ASSETS | $ | 507,609,233 | $ | 319,154,389 | $ | 339,560,672 | $ | 142,959,423 | $ | 1,380,439,822 | $ | 129,535,937 | $ | 813,660,819 | ||||||||||||||
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 | 59,200,763 | 29,686,405 | 339,572,300 | 13,157,789 | 74,154,909 | 5,533,983 | 36,315,628 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.57 | $ | 10.75 | $ | 1.00 | $ | 10.87 | $ | 18.62 | $ | 23.41 | $ | 22.41 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 458,609,937 | $ | 330,080,665 | $ | 300,691,584 | $ | 131,316,201 | $ | 1,187,365,790 | $ | 99,908,927 | $ | 583,945,602 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 83,165 | $ | 420,201 | $ | – | $ | – | $ | 34,408 | $ | – | $ | 7,822 | ||||||||||||||
† Including securities on loan | $ | 18,085,285 | $ | 1,015,873 | $ | – | $ | 1,139,995 | $ | 31,937,456 | $ | 604,078 | $ | 81,037,330 | ||||||||||||||
See Notes to Financial Statements
231 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2019 (unaudited) — (continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND | INTERNATIONAL VALUE FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 716,331,805 | $ | 1,139,466,179 | $ | 171,515,863 | $ | 485,101,430 | $ | 350,784,819 | $ | 729,812,869 | $ | 180,678,439 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 194,166,000 | – | – | 25,304,000 | – | 2,064,000 | |||||||||||||||||||||
Cash | 925,621 | 288,782 | – | 38,127,429 | 55 | – | 323 | |||||||||||||||||||||
Foreign cash* | 305,306 | 3,930,416 | 2,883,950 | 87,809 | 9,268,353 | 526,607 | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | 41 | – | – | – | 2,470,000 | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 153,116 | 367,985 | 27,397 | 60,462 | 76,027 | 40,790 | 90,412 | |||||||||||||||||||||
Dividends and interest | 3,357,664 | 5,321,494 | 1,572,218 | 816,491 | 1,025,620 | 2,292,354 | 312,839 | |||||||||||||||||||||
Investments sold | – | – | – | 1,433,887 | – | 5,110,801 | 668,697 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 1,602 | 15,649 | 789 | 6,012 | – | 23,085 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 17,901 | 46,311 | 14,876 | 30,361 | 25,822 | 34,970 | 9,559 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 80,726 | – | 41,204 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 721,093,015 | 1,343,602,857 | 176,015,093 | 525,744,607 | 386,484,696 | 740,352,680 | 183,824,269 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 242,381 | 17,793 | 7,677 | 79,078 | 49,578 | 117,780 | 126 | |||||||||||||||||||||
Investments purchased | 890,085 | – | – | – | – | 9,256,107 | 681,910 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 1,994,820 | 57,780 | – | – | – | 25,997 | – | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | 567,953 | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 256,199 | 298,224 | 73,095 | 373,512 | 158,124 | 401,577 | 104,012 | |||||||||||||||||||||
Administrative service fee | 37,613 | 69,244 | 9,755 | 26,934 | 21,103 | 39,280 | 9,915 | |||||||||||||||||||||
Transfer agent fees and expenses | 444 | 829 | 444 | 444 | 381 | 508 | 444 | |||||||||||||||||||||
Directors’ fees and expenses | 14,987 | 41,205 | 8,944 | 26,152 | 19,800 | 31,469 | 5,375 | |||||||||||||||||||||
Other accrued expenses | 119,643 | 319,366 | 92,279 | 133,361 | 102,222 | 199,499 | 62,030 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | 1,468,640 | – | – | 262,355 | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 1,948,328 | 57,718,252 | 423,900 | 26,317,176 | – | 4,175,478 | – | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | 3,201,561 | – | |||||||||||||||||||||
Due to broker | – | – | – | 344,000 | 6 | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | 2,589,034 | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 5,504,500 | 59,991,333 | 616,094 | 27,868,610 | 613,569 | 20,038,290 | 863,812 | |||||||||||||||||||||
NET ASSETS | $ | 715,588,515 | $ | 1,283,611,524 | $ | 175,398,999 | $ | 497,875,997 | $ | 385,871,127 | $ | 720,314,390 | $ | 182,960,457 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 629,112 | $ | 1,741,337 | $ | 143,917 | $ | 392,472 | $ | 135,625 | $ | 741,923 | $ | 144,982 | ||||||||||||||
Additionalpaid-in capital | 668,811,896 | 1,163,061,307 | 170,176,768 | 410,826,471 | 258,288,362 | 731,059,470 | 123,489,057 | |||||||||||||||||||||
Total accumulated earnings (loss) | 46,147,507 | 118,808,880 | 5,078,314 | 86,657,054 | 127,447,140 | (11,487,003 | ) | 59,326,418 | ||||||||||||||||||||
NET ASSETS | $ | 715,588,515 | $ | 1,283,611,524 | $ | 175,398,999 | $ | 497,875,997 | $ | 385,871,127 | $ | 720,314,390 | $ | 182,960,457 | ||||||||||||||
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 | 62,911,183 | 174,133,682 | 14,391,669 | 39,247,207 | 13,562,504 | 74,192,338 | 14,498,187 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 11.37 | $ | 7.37 | $ | 12.19 | $ | 12.69 | $ | 28.45 | $ | 9.71 | $ | 12.62 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 693,620,492 | $ | 1,081,421,637 | $ | 168,411,184 | $ | 395,905,153 | $ | 310,242,798 | $ | 748,294,051 | $ | 137,390,249 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 306,360 | $ | 3,911,167 | $ | 2,890,160 | $ | 87,863 | $ | 9,297,606 | $ | 524,809 | $ | – | ||||||||||||||
† Including securities on loan | $ | 2,183,998 | $ | 67,808,961 | $ | 4,084,942 | $ | 41,565,162 | $ | – | $ | 38,643,275 | $ | – | ||||||||||||||
See Notes to Financial Statements
232 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2019 (unaudited) — (continued)
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 | SMALL CAP FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 553,999,121 | $ | 3,265,191,000 | $ | 337,911,044 | $ | 551,241,746 | $ | 1,476,177,735 | $ | 169,104,003 | $ | 296,058,875 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 135,837,000 | – | 8,821,000 | 945,000 | 3,758,000 | 6,278,000 | |||||||||||||||||||||
Cash | 978 | 131 | 823,556 | 255 | 32,577,145 | 999 | 851,260 | |||||||||||||||||||||
Foreign cash* | – | – | 2 | – | 958,556 | – | 5,181 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | 163,487 | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 41,650 | 506,510 | 45,792 | 214,456 | 94,703 | 20,601 | 15,570 | |||||||||||||||||||||
Dividends and interest | 626,664 | 3,592,623 | 242,245 | 512,072 | 907,423 | 21,419 | 245,264 | |||||||||||||||||||||
Investments sold | – | 302,923 | 402,338 | – | 1,505,625 | 8,260 | 21,931 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 65 | 61,483 | 2,802 | 495 | 21,365 | 3,834 | 25,287 | |||||||||||||||||||||
Prepaid expenses and other assets | 19,594 | 138,202 | 14,442 | 14,896 | 58,290 | 8,228 | 26,438 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | – | – | – | 18,452 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 554,688,072 | 3,405,793,359 | 339,442,221 | 560,804,920 | 1,513,245,842 | 172,925,344 | 303,546,258 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 138,063 | 661,671 | 112 | 1,906 | 11,739 | 40,549 | 45,362 | |||||||||||||||||||||
Investments purchased | – | – | 152,676 | – | 863,419 | – | 19,201 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | 114,340 | – | 66,264 | – | 1,836 | |||||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 282,065 | 703,596 | 183,602 | 175,276 | 1,047,580 | 114,039 | 216,094 | |||||||||||||||||||||
Administrative service fee | 29,410 | 180,058 | 17,797 | 30,210 | 80,632 | 8,952 | 16,161 | |||||||||||||||||||||
Transfer agent fees and expenses | 513 | 1,082 | 444 | 888 | 915 | 190 | 191 | |||||||||||||||||||||
Directors’ fees and expenses | 16,038 | 127,302 | 10,617 | 10,948 | 58,041 | 3,747 | 22,143 | |||||||||||||||||||||
Other accrued expenses | 89,543 | 368,050 | 73,495 | 139,171 | 231,977 | 66,814 | 99,692 | |||||||||||||||||||||
Line of credit | – | – | – | – | – | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | 1,528,520 | – | 46,935 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 8,103,000 | 81,916,048 | 6,302,841 | 809,676 | 7,727,009 | 4,062,616 | 4,419,658 | |||||||||||||||||||||
Due to custodian | – | – | – | – | – | – | – | |||||||||||||||||||||
Due to broker | – | – | – | 6 | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 8,658,632 | 85,486,327 | 6,855,924 | 1,215,016 | 10,087,576 | 4,296,907 | 4,840,338 | |||||||||||||||||||||
NET ASSETS | $ | 546,029,440 | $ | 3,320,307,032 | $ | 332,586,297 | $ | 559,589,904 | $ | 1,503,158,266 | $ | 168,628,437 | $ | 298,705,920 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 299,576 | $ | 1,263,108 | $ | 190,917 | $ | 336,269 | $ | 506,990 | $ | 109,698 | $ | 259,218 | ||||||||||||||
Additionalpaid-in capital | 294,277,992 | 2,168,231,913 | 204,129,050 | 182,117,986 | 969,154,138 | 117,493,727 | 214,925,868 | |||||||||||||||||||||
Total accumulated earnings (loss) | 251,451,872 | 1,150,812,011 | 128,266,330 | 377,135,649 | 533,497,138 | 51,025,012 | 83,520,834 | |||||||||||||||||||||
NET ASSETS | $ | 546,029,440 | $ | 3,320,307,032 | $ | 332,586,297 | $ | 559,589,904 | $ | 1,503,158,266 | $ | 168,628,437 | $ | 298,705,920 | ||||||||||||||
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 | 29,957,601 | 126,310,776 | 19,091,651 | 33,626,881 | 50,698,996 | 10,969,789 | 25,921,809 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 18.23 | $ | 26.29 | $ | 17.42 | $ | 16.64 | $ | 29.65 | $ | 15.37 | $ | 11.52 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 370,676,440 | $ | 2,445,210,119 | $ | 230,491,949 | $ | 202,784,131 | $ | 1,175,913,703 | $ | 148,716,191 | $ | 247,220,703 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | – | $ | 2 | $ | – | $ | 933,374 | $ | – | $ | 5,194 | ||||||||||||||
† Including securities on loan | $ | 7,916,120 | $ | 244,311,509 | $ | 23,527,721 | $ | 4,056,200 | $ | 73,732,650 | $ | 37,213,657 | $ | 45,572,510 | ||||||||||||||
See Notes to Financial Statements
233 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES —November 30, 2019 (unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | SYSTEMATIC VALUE FUND | VALUE FUND | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 1,121,039,697 | $ | 225,336,804 | $ | 138,383,197 | $ | 4,995,465,621 | $ | 53,040,597 | $ | 123,553,399 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | 8,758,780 | – | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | 71,202,000 | – | – | 77,310,000 | 158,000 | 1,957,000 | ||||||||||||||||||
Cash | 757 | 9,842,774 | – | 845 | 371 | 428 | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for centrally cleared swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | 129,581 | – | – | 24 | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 109,619 | 22,934 | 21,377 | 609,911 | 3,672 | 3,514 | ||||||||||||||||||
Dividends and interest | 924,739 | 305,742 | 66,484 | 9,582,858 | 91,135 | 313,649 | ||||||||||||||||||
Investments sold | 1,045,561 | 335,211 | 210,221 | – | – | – | ||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Receipts on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Securites lending income | 103,295 | 3,173 | 3,301 | 2,427 | 55 | – | ||||||||||||||||||
Prepaid expenses and other assets | 48,641 | 11,020 | 8,905 | 291,607 | 6,172 | 10,074 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 7,092 | 198,335 | 79,688 | 3,631 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized appreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 1,194,603,890 | 235,857,658 | 138,700,577 | 5,092,220,408 | 53,379,690 | 125,841,695 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 427,482 | 20,454 | 47,336 | 780,725 | 34,757 | 32,769 | ||||||||||||||||||
Investments purchased | – | 240,764 | 889,735 | – | – | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | 12,088 | – | – | – | – | – | ||||||||||||||||||
Payments on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 273,014 | 141,851 | 86,114 | 989,485 | 30,272 | 79,679 | ||||||||||||||||||
Administrative service fee | 61,933 | 12,621 | 6,760 | 276,141 | 2,886 | 6,816 | ||||||||||||||||||
Transfer agent fees and expenses | 998 | 380 | 190 | 1,332 | 254 | 444 | ||||||||||||||||||
Directors’ fees and expenses | 44,948 | 8,857 | 4,250 | 221,314 | 1,483 | 5,440 | ||||||||||||||||||
Other accrued expenses | 316,141 | 63,555 | 51,676 | 584,984 | 44,563 | 56,559 | ||||||||||||||||||
Line of credit | – | – | – | – | – | – | ||||||||||||||||||
Variation margin on futures contracts | 529,405 | – | – | 299,465 | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 59,660,445 | 284,504 | 10,057,402 | 8,619,037 | – | – | ||||||||||||||||||
Due to custodian | – | – | – | – | – | – | ||||||||||||||||||
Due to broker | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
Unrealized depreciation on swap contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 61,326,454 | 772,986 | 11,143,463 | 11,772,483 | 114,215 | 181,707 | ||||||||||||||||||
NET ASSETS | $ | 1,133,277,436 | $ | 235,084,672 | $ | 127,557,114 | $ | 5,080,447,925 | $ | 53,265,475 | $ | 125,659,988 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 542,106 | $ | 187,668 | $ | 87,454 | $ | 1,124,836 | $ | 33,829 | $ | 63,516 | ||||||||||||
Additionalpaid-in capital | 709,726,096 | 191,095,609 | 83,857,063 | 1,626,028,046 | 34,880,863 | 83,914,334 | ||||||||||||||||||
Total accumulated earnings (loss) | 423,009,234 | 43,801,395 | 43,612,597 | 3,453,295,043 | 18,350,783 | 41,682,138 | ||||||||||||||||||
NET ASSETS | $ | 1,133,277,436 | $ | 235,084,672 | $ | 127,557,114 | $ | 5,080,447,925 | $ | 53,265,475 | $ | 125,659,988 | ||||||||||||
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 | 54,210,594 | 18,766,754 | 8,745,408 | 112,483,627 | 3,382,945 | 6,351,576 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 20.91 | $ | 12.53 | $ | 14.59 | $ | 45.17 | $ | 15.75 | $ | 19.78 | ||||||||||||
* Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 890,615,968 | $ | 208,037,075 | $ | 117,688,076 | $ | 2,182,415,836 | $ | 49,350,488 | $ | 98,045,821 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | 5,904,252 | $ | – | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 147,532,834 | $ | 14,221,141 | $ | 19,042,589 | $ | 28,349,782 | $ | 584,019 | $ | – | ||||||||||||
See Notes to Financial Statements
234 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2019(unaudited)
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 872,890 | $ | 2,589,391 | $ | 4,171 | $ | 2,279,756 | $ | 15,593,667 | $ | – | $ | 18,373,671 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | 542,976 | – | |||||||||||||||||||||
Securities lending income | 13,618 | 16,355 | 5,407 | 1,706 | 53,885 | – | 20,669 | |||||||||||||||||||||
Interest (unaffiliated) | 660,989 | 34,386 | 3,703,983 | 1,408 | 10,013 | 435,294 | 1,769 | |||||||||||||||||||||
Total investment income* | 1,547,497 | 2,640,132 | 3,713,561 | 2,282,870 | 15,657,565 | 978,270 | 18,396,109 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 372,372 | 2,952,444 | 600,484 | 956,715 | 3,469,023 | 256,843 | 3,173,237 | |||||||||||||||||||||
Administrative service fee | 49,692 | 272,490 | 80,133 | 79,795 | 329,398 | 13,120 | 280,591 | |||||||||||||||||||||
Transfer agent fees and expenses | 538 | 1,196 | 1,256 | 549 | 1,241 | 359 | 1,792 | |||||||||||||||||||||
Custodian fees | 57,060 | 13,022 | 17,475 | 6,595 | 22,779 | 11,342 | 194,222 | |||||||||||||||||||||
Reports to shareholders | 9,088 | 51,452 | 15,075 | 14,815 | 93,602 | 12,393 | 53,643 | |||||||||||||||||||||
Audit and tax fees | 29,987 | 18,104 | 25,684 | 18,097 | 18,363 | 18,441 | 25,410 | |||||||||||||||||||||
Legal fees | 6,796 | 10,621 | 5,554 | 5,464 | 10,828 | 5,959 | 18,926 | |||||||||||||||||||||
Directors’ fees and expenses | 3,446 | 18,696 | 5,594 | 5,474 | 22,640 | 4,807 | 19,255 | |||||||||||||||||||||
Interest expense | – | 90 | – | 204 | 2,479 | – | 18,230 | |||||||||||||||||||||
License fee | 673 | 673 | 673 | 4,086 | 23,536 | 672 | 673 | |||||||||||||||||||||
Other expenses | 31,933 | 17,818 | 9,804 | 11,496 | 19,048 | 8,922 | 25,805 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 561,585 | 3,356,606 | 761,732 | 1,103,290 | 4,012,937 | 332,858 | 3,811,784 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (215,261 | ) | (182,700 | ) | (8,175 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | – | – | (241 | ) | ||||||||||||||||||||
Net expenses | 561,585 | 3,356,606 | 761,732 | 888,029 | 3,830,237 | 324,683 | 3,811,543 | |||||||||||||||||||||
Net investment income (loss) | 985,912 | (716,474 | ) | 2,951,829 | 1,394,841 | 11,827,328 | 653,587 | 14,584,566 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (256,287 | ) | 46,032,583 | 3,298,862 | 6,608,406 | 26,745,967 | (1,418,476 | ) | 4,658,980 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 1,211,193 | – | |||||||||||||||||||||
Futures contracts | (150,509 | ) | – | – | – | – | 1,715,929 | (876,823 | ) | |||||||||||||||||||
Forward contracts | (567,358 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | 3,681,096 | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 115,281 | 285 | – | 560 | (15,170 | ) | – | (373,103 | ) | |||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (858,873 | ) | 46,032,868 | 3,298,862 | 6,608,966 | 26,730,797 | 5,189,742 | 3,409,054 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 8,213,865 | 45,384,486 | 3,680,161 | 24,411,791 | 92,121,246 | (1,478,040 | ) | 39,426,982 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 11,774,144 | – | |||||||||||||||||||||
Futures contracts | (248,400 | ) | – | – | – | – | 2,822,489 | – | ||||||||||||||||||||
Forward contracts | (125,157 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (143,229 | ) | (51 | ) | – | – | 3,583 | – | (5,723 | ) | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | 327,087 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 7,697,079 | 45,384,435 | 3,680,161 | 24,411,791 | 92,124,829 | 13,118,593 | 39,748,346 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 6,838,206 | 91,417,303 | 6,979,023 | 31,020,757 | 118,855,626 | 18,308,335 | 43,157,400 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,824,118 | $ | 90,700,829 | $ | 9,930,852 | $ | 32,415,598 | $ | 130,682,954 | $ | 18,961,922 | $ | 57,741,966 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 28,396 | $ | 2,686 | $ | (144 | ) | $ | 44,309 | $ | 106,262 | $ | – | $ | 2,366,118 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 580,846 | ||||||||||||||
See Notes to Financial Statements
235 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2019 (unaudited) — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | GROWTH & INCOME FUND | HEALTH SCIENCES FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 7,149,550 | $ | 2,344,466 | $ | – | $ | – | $ | 5,802,961 | $ | 1,117,466 | $ | 2,563,143 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 44,970 | 17,585 | – | 1,143 | 139,056 | 2,110 | 125,842 | |||||||||||||||||||||
Interest (unaffiliated) | 49,369 | 9,658,771 | 3,788,831 | 2,003,073 | 11,131 | 1,260 | 40,097 | |||||||||||||||||||||
Total investment income* | 7,243,889 | 12,020,822 | 3,788,831 | 2,004,216 | 5,953,148 | 1,120,836 | 2,729,082 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,757,145 | 810,040 | 723,772 | 357,450 | 4,229,882 | 468,279 | 3,756,802 | |||||||||||||||||||||
Administrative service fee | 161,545 | 108,098 | 120,732 | 47,701 | 409,718 | 41,660 | 255,082 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,256 | 537 | 2,224 | 1,703 | 897 | 1,341 | 718 | |||||||||||||||||||||
Custodian fees | 28,406 | 74,094 | 7,247 | 12,127 | 53,265 | 9,646 | 15,288 | |||||||||||||||||||||
Reports to shareholders | 31,316 | 19,267 | 23,634 | 9,262 | 133,751 | 7,805 | 45,252 | |||||||||||||||||||||
Audit and tax fees | 19,096 | 24,951 | 21,225 | 21,966 | 18,547 | 18,975 | 19,251 | |||||||||||||||||||||
Legal fees | 16,628 | 12,776 | 6,572 | 6,160 | 67,954 | 4,535 | 9,087 | |||||||||||||||||||||
Directors’ fees and expenses | 11,176 | 7,547 | 8,989 | 3,353 | 27,304 | 2,850 | 17,764 | |||||||||||||||||||||
Interest expense | 1,483 | – | – | – | 950 | 39 | – | |||||||||||||||||||||
License fee | 673 | 673 | 672 | 673 | 17,473 | 673 | 673 | |||||||||||||||||||||
Other expenses | 21,029 | 16,713 | 7,768 | 9,196 | 31,335 | 13,392 | 18,769 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 2,049,753 | 1,074,696 | 922,835 | 469,591 | 4,991,076 | 569,195 | 4,138,686 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | – | (549,417 | ) | (38,479 | ) | (127,224 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | (1,018 | ) | – | – | – | (158 | ) | – | |||||||||||||||||||
Net expenses | 2,049,753 | 1,073,678 | 922,835 | 469,591 | 4,441,659 | 530,558 | 4,011,462 | |||||||||||||||||||||
Net investment income (loss) | 5,194,136 | 10,947,144 | 2,865,996 | 1,534,625 | 1,511,489 | 590,278 | (1,282,380 | ) | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 16,020,416 | (6,177,540 | ) | 569 | 11,951 | 152,573,720 | 5,051,166 | 30,605,439 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | 307,130 | 1,489 | – | |||||||||||||||||||||
Forward contracts | – | 1,201,515 | – | – | 202,843 | – | – | |||||||||||||||||||||
Swap contracts | – | (1,300,663 | ) | – | – | – | – | – | ||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (20,238 | ) | (335,482 | ) | – | – | (104,486 | ) | – | (9,949 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 16,000,178 | (6,612,170 | ) | 569 | 11,951 | 152,979,207 | 5,052,655 | 30,595,490 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 12,577,774 | 12,487,078 | – | 2,300,818 | 1,608,259 | 11,714,778 | 83,996,338 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | 11,978 | 51,108 | – | |||||||||||||||||||||
Forward contracts | – | (1,082,576 | ) | – | – | (88,830 | ) | – | – | |||||||||||||||||||
Swap contracts | – | 188,625 | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (3,376 | ) | (65,255 | ) | – | – | (2,304 | ) | – | (868 | ) | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | (22,554 | ) | – | – | 12,214 | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 12,574,398 | 11,505,318 | – | 2,300,818 | 1,541,317 | 11,765,886 | 83,995,470 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 28,574,576 | 4,893,148 | 569 | 2,312,769 | 154,520,524 | 16,818,541 | 114,590,960 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 33,768,712 | $ | 15,840,292 | $ | 2,866,565 | $ | 3,847,394 | $ | 156,032,013 | $ | 17,408,819 | $ | 113,308,580 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 360,712 | $ | 234,086 | $ | – | $ | – | $ | 64,056 | $ | 877 | $ | 10,949 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | 21,971 | $ | – | $ | – | $ | 13,044 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
236 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2019 (unaudited) — (continued)
INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND | INTERNATIONAL VALUE FUND | LARGE CAP CORE FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 5,039 | $ | 12,278,945 | $ | – | $ | 2,157,031 | $ | 3,758,926 | $ | 10,552,999 | $ | 1,593,521 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 6,495 | 148,236 | 4,820 | 51,538 | 112 | 180,314 | 43 | |||||||||||||||||||||
Interest (unaffiliated) | 9,620,472 | 266,351 | 2,733,893 | – | 68,256 | 164,177 | 8,609 | |||||||||||||||||||||
Total investment income* | 9,632,006 | 12,693,532 | 2,738,713 | 2,208,569 | 3,827,294 | 10,897,490 | 1,602,173 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,546,531 | 1,692,394 | 469,092 | 2,210,005 | 935,789 | 2,402,245 | 618,596 | |||||||||||||||||||||
Administrative service fee | 226,699 | 387,110 | 62,599 | 159,211 | 124,879 | 234,565 | 58,965 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,256 | 2,598 | 1,256 | 1,256 | 1,076 | 1,435 | 1,256 | |||||||||||||||||||||
Custodian fees | 13,477 | 107,006 | 12,915 | 31,310 | 12,943 | 16,419 | 7,313 | |||||||||||||||||||||
Reports to shareholders | 41,889 | 74,620 | 11,624 | 30,158 | 23,726 | 43,653 | 11,117 | |||||||||||||||||||||
Audit and tax fees | 22,251 | 28,452 | 25,954 | 22,852 | 18,811 | 23,029 | 18,088 | |||||||||||||||||||||
Legal fees | 10,074 | 17,151 | 9,293 | 9,733 | 9,185 | 18,630 | 5,415 | |||||||||||||||||||||
Directors’ fees and expenses | 15,927 | 26,017 | 4,464 | 10,919 | 8,591 | 16,334 | 4,033 | |||||||||||||||||||||
Interest expense | 1,266 | – | – | – | – | 342 | – | |||||||||||||||||||||
License fee | 673 | 116,033 | 673 | 673 | 673 | 673 | 3,157 | |||||||||||||||||||||
Other expenses | 12,629 | 8,898 | 9,462 | 31,474 | 26,430 | 22,076 | 11,035 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,892,672 | 2,460,279 | 607,332 | 2,507,591 | 1,162,103 | 2,779,401 | 738,975 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (477,224 | ) | – | (246,083 | ) | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | – | – | (3,293 | ) | ||||||||||||||||||||
Net expenses | 1,892,672 | 2,460,279 | 607,332 | 2,030,367 | 1,162,103 | 2,533,318 | 735,682 | |||||||||||||||||||||
Net investment income (loss) | 7,739,334 | 10,233,253 | 2,131,381 | 178,202 | 2,665,191 | 8,364,172 | 866,491 | |||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 1,812,437 | 569,351 | 2,906,464 | 191,173 | 65,488,111 | (9,736,691 | ) | 3,926,424 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 4,275,971 | – | – | 1,428,415 | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | 4,280,753 | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (32,492 | ) | (86,905 | ) | 18,292 | 27,546 | (137,676 | ) | (175,801 | ) | 153 | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 1,779,945 | 4,758,417 | 2,924,756 | 218,719 | 66,778,850 | (5,631,739 | ) | 3,926,577 | ||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 9,508,179 | 83,299,552 | 1,151,772 | 53,145,529 | (35,569,780 | ) | 60,797,106 | 19,288,867 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 5,869,547 | – | – | 1,298,691 | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | (5,064,388 | ) | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 7,639 | (48,891 | ) | 3,629 | (5,107 | ) | (39,586 | ) | (29,069 | ) | – | |||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | 10,590 | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 9,515,818 | 89,120,208 | 1,155,401 | 53,151,012 | (34,310,675 | ) | 55,703,649 | 19,288,867 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 11,295,763 | 93,878,625 | 4,080,157 | 53,369,731 | 32,468,175 | 50,071,910 | 23,215,444 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 19,035,097 | $ | 104,111,878 | $ | 6,211,538 | $ | 53,547,933 | $ | 35,133,366 | $ | 58,436,082 | $ | 24,081,935 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | (8 | ) | $ | 793,207 | $ | 341 | $ | 192,177 | $ | 257,032 | $ | 586,533 | $ | 6,655 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | 6,848 | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
237 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2019 (unaudited) — (continued)
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 | SMALL CAP FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 3,047,723 | $ | 27,668,169 | $ | 1,198,315 | $ | 2,702,399 | $ | 7,167,424 | $ | 212,561 | $ | 1,668,306 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 8,546 | 363,935 | 18,058 | 7,691 | 159,442 | 30,576 | 185,411 | |||||||||||||||||||||
Interest (unaffiliated) | 25,007 | 201,392 | 69,781 | 59,129 | 356,658 | 7,704 | 31,576 | |||||||||||||||||||||
Total investment income* | 3,081,276 | 28,233,496 | 1,286,154 | 2,769,219 | 7,683,524 | 250,841 | 1,885,293 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 1,649,631 | 4,129,810 | 1,106,133 | 1,036,868 | 6,359,851 | 704,286 | 1,313,895 | |||||||||||||||||||||
Administrative service fee | 171,985 | 1,044,460 | 107,131 | 178,279 | 489,428 | 55,286 | 98,233 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,470 | 3,317 | 1,256 | 2,511 | 2,776 | 537 | 538 | |||||||||||||||||||||
Custodian fees | 5,991 | 50,775 | 5,745 | 10,895 | 19,697 | 11,501 | 15,826 | |||||||||||||||||||||
Reports to shareholders | 33,883 | 194,499 | 20,397 | 33,559 | 91,777 | 10,331 | 18,297 | |||||||||||||||||||||
Audit and tax fees | 18,125 | 19,070 | 18,217 | 19,007 | 18,661 | 18,074 | 18,799 | |||||||||||||||||||||
Legal fees | 8,447 | 28,037 | 6,620 | 8,439 | 19,972 | 4,860 | 6,330 | |||||||||||||||||||||
Directors’ fees and expenses | 11,656 | 71,250 | 7,321 | 12,129 | 33,255 | 3,817 | 6,788 | |||||||||||||||||||||
Interest expense | – | – | 19 | – | – | – | 8 | |||||||||||||||||||||
License fee | 7,635 | 15,653 | 5,059 | 106,875 | 673 | 3,017 | 4,873 | |||||||||||||||||||||
Other expenses | 13,171 | 39,188 | 13,376 | 12,028 | 44,114 | 11,363 | 24,125 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,921,994 | 5,596,059 | 1,291,274 | 1,420,590 | 7,080,204 | 823,072 | 1,507,712 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (4,493 | ) | – | (2,787 | ) | (138,539 | ) | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | (2,801 | ) | – | (25,489 | ) | (1,497 | ) | (930 | ) | |||||||||||||||||
Net expenses | 1,921,994 | 5,596,059 | 1,288,473 | 1,416,097 | 7,054,715 | 818,788 | 1,368,243 | |||||||||||||||||||||
Net investment income (loss) | 1,159,282 | 22,637,437 | (2,319 | ) | 1,353,122 | 628,809 | (567,947 | ) | 517,050 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 26,096,964 | 23,948,029 | 7,692,411 | 5,877,423 | 88,082,280 | 14,227,086 | 11,931,585 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 3,850,213 | – | 2,306,956 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | 6,383 | – | 672 | – | (69,885 | ) | – | (169 | ) | |||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 26,103,347 | 27,798,242 | 7,693,083 | 8,184,379 | 88,012,395 | 14,227,086 | 11,931,416 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 50,084,450 | 289,506,998 | 29,714,339 | 77,695,682 | 104,938,800 | 1,025,115 | 20,383,376 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | 5,635,912 | – | 1,202,220 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | (30 | ) | – | (4 | ) | – | 33,755 | – | 3 | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 50,084,420 | 295,142,910 | 29,714,335 | 78,897,902 | 104,972,555 | 1,025,115 | 20,383,379 | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 76,187,767 | 322,941,152 | 37,407,418 | 87,082,281 | 192,984,950 | 15,252,201 | 32,314,795 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 77,347,049 | $ | 345,578,589 | $ | 37,405,099 | $ | 88,435,403 | $ | 193,613,759 | $ | 14,684,254 | $ | 32,831,845 | ||||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 51,841 | $ | 12,996 | $ | 15,160 | $ | 2,652 | $ | 79,833 | $ | – | $ | 7,878 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
238 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS —For the Six Months Ended November 30, 2019 (unaudited) — (continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | SYSTEMATIC VALUE FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 7,615,012 | $ | 2,495,973 | $ | 304,801 | $ | 48,541,017 | $ | 621,663 | $ | 1,488,551 | ||||||||||||
Dividends (affiliated) | – | – | – | 111,660 | – | – | ||||||||||||||||||
Securities lending income | 730,789 | 15,019 | 125,396 | 32,148 | 1,131 | 3,799 | ||||||||||||||||||
Interest (unaffiliated) | 178,811 | – | 49,724 | 90,490 | 212 | 3,754 | ||||||||||||||||||
Total investment income* | 8,524,612 | 2,510,992 | 479,921 | 48,775,315 | 623,006 | 1,496,104 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,615,803 | 849,217 | 517,968 | 5,941,393 | 183,828 | 474,959 | ||||||||||||||||||
Administrative service fee | 364,528 | 75,551 | 40,660 | 1,649,689 | 17,522 | 40,630 | ||||||||||||||||||
Transfer agent fees and expenses | 3,181 | 1,076 | 537 | 3,766 | 718 | 1,255 | ||||||||||||||||||
Custodian fees | 47,649 | 4,239 | 8,298 | 70,498 | 10,050 | 5,222 | ||||||||||||||||||
Reports to shareholders | 66,630 | 13,528 | 8,550 | 311,402 | 6,487 | 7,624 | ||||||||||||||||||
Audit and tax fees | 20,325 | 18,098 | 18,083 | 19,028 | 18,120 | 18,097 | ||||||||||||||||||
Legal fees | 12,461 | 5,125 | 4,510 | 44,759 | 69,905 | 4,629 | ||||||||||||||||||
Directors’ fees and expenses | 24,980 | 5,221 | 2,783 | 113,820 | 1,211 | 2,819 | ||||||||||||||||||
Interest expense | – | – | – | 22,602 | 73 | – | ||||||||||||||||||
License fee | 43,706 | 4,056 | 2,363 | 24,724 | 1,434 | 2,399 | ||||||||||||||||||
Other expenses | 23,766 | 13,003 | 11,081 | 46,637 | 6,968 | 10,185 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 2,223,029 | 989,114 | 614,833 | 8,248,318 | 316,316 | 567,819 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (42,656 | ) | (378,574 | ) | (109,708 | ) | (50,236 | ) | ||||||||||||||
Fees paid indirectly (Note 7) | – | (2,640 | ) | (149 | ) | – | (874 | ) | (165 | ) | ||||||||||||||
Net expenses | 2,223,029 | 986,474 | 572,028 | 7,869,744 | 205,734 | 517,418 | ||||||||||||||||||
Net investment income (loss) | 6,301,583 | 1,524,518 | (92,107 | ) | 40,905,571 | 417,272 | 978,686 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | 45,091,526 | 7,094,814 | 9,533,210 | 235,826,656 | 8,379,734 | 3,903,593 | ||||||||||||||||||
Investments (affiliated) | – | – | – | 204,936 | – | – | ||||||||||||||||||
Futures contracts | 1,353,715 | – | – | 2,319,146 | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | ||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 4 | (106 | ) | |||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 46,445,241 | 7,094,814 | 9,533,210 | 238,350,738 | 8,379,738 | 3,903,487 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | 59,352,853 | 18,054,451 | 6,506,104 | 407,171,393 | (2,382,995 | ) | 9,960,082 | |||||||||||||||||
Investments (affiliated) | – | – | – | 76,810 | – | – | ||||||||||||||||||
Futures contracts | 4,340,152 | – | – | 1,637,484 | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 1 | 456 | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 63,693,005 | 18,054,451 | 6,506,104 | 408,885,687 | (2,382,994 | ) | 9,960,538 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 110,138,246 | 25,149,265 | 16,039,314 | 647,236,425 | 5,996,744 | 13,864,025 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 116,439,829 | $ | 26,673,783 | $ | 15,947,207 | $ | 688,141,996 | $ | 6,414,016 | $ | 14,842,711 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 2,597 | $ | 2,822 | $ | – | $ | – | $ | 1,075 | $ | 7,164 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
239 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS
ASSET ALLOCATION FUND | BLUE CHIP GROWTH FUND | CAPITAL CONSERVATION FUND | CORE EQUITY FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 985,912 | $ | 2,633,275 | $ | (716,474 | ) | $ | (259,449 | ) | $ | 2,951,829 | $ | 6,434,069 | $ | 1,394,841 | $ | 2,954,115 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (858,873 | ) | (504,223 | ) | 46,032,868 | 81,119,429 | 3,298,862 | (1,452,053 | ) | 6,608,966 | 17,891,133 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 7,697,079 | (7,632,207 | ) | 45,384,435 | (50,550,722 | ) | 3,680,161 | 8,917,354 | 24,411,791 | (19,195,294 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 7,824,118 | (5,503,155 | ) | 90,700,829 | 30,309,258 | 9,930,852 | 13,899,370 | 32,415,598 | 1,649,954 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (14,272,597 | ) | – | (91,702,729 | ) | – | (5,692,352 | ) | – | (31,653,198 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (6,326,774 | ) | 1,653,489 | (28,656,157 | ) | 63,293,609 | (24,316,440 | ) | (16,395,200 | ) | (13,405,884 | ) | 5,452,101 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 1,497,344 | (18,122,263 | ) | 62,044,672 | 1,900,138 | (14,385,588 | ) | (8,188,182 | ) | 19,009,714 | (24,551,143 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 147,543,096 | 165,665,359 | 781,236,137 | 779,335,999 | 246,896,101 | 255,084,283 | 228,409,370 | 252,960,513 | ||||||||||||||||||||||||
End of period | $ | 149,040,440 | $ | 147,543,096 | $ | 843,280,809 | $ | 781,236,137 | $ | 232,510,513 | $ | 246,896,101 | $ | 247,419,084 | $ | 228,409,370 | ||||||||||||||||
See Notes to Financial Statements
240 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
DIVIDEND VALUE FUND | DYNAMIC ALLOCATION FUND | EMERGING ECONOMIES FUND | GLOBAL REAL ESTATE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 11,827,328 | $ | 21,774,322 | $ | 653,587 | $ | 3,090,645 | $ | 14,584,566 | $ | 17,186,228 | $ | 5,194,136 | $ | 8,827,783 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 26,730,797 | 47,497,709 | 5,189,742 | 9,014,539 | 3,409,054 | (24,270,556 | ) | 16,000,178 | 12,217,387 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 92,124,829 | (71,877,542 | ) | 13,118,593 | (8,279,857 | ) | 39,748,346 | (90,805,607 | ) | 12,574,398 | 13,028,683 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 130,682,954 | (2,605,511 | ) | 18,961,922 | 3,825,327 | 57,741,966 | (97,889,935 | ) | 33,768,712 | 34,073,853 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (111,492,491 | ) | – | (15,660,572 | ) | – | (12,932,082 | ) | – | (16,229,726 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (63,127,766 | ) | 189,631,683 | (21,070,302 | ) | (28,153,689 | ) | (81,476,678 | ) | 116,660,454 | 15,220,089 | 77,553,216 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 67,555,188 | 75,533,681 | (2,108,380 | ) | (39,988,934 | ) | (23,734,712 | ) | 5,838,437 | 48,988,801 | 95,397,343 | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 959,713,967 | 884,180,286 | 203,843,051 | 243,831,985 | 823,070,743 | 817,232,306 | 458,620,432 | 363,223,089 | ||||||||||||||||||||||||
End of period | $ | 1,027,269,155 | $ | 959,713,967 | $ | 201,734,671 | $ | 203,843,051 | $ | 799,336,031 | $ | 823,070,743 | $ | 507,609,233 | $ | 458,620,432 | ||||||||||||||||
See Notes to Financial Statements
241 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 10,947,144 | $ | 13,704,694 | $ | 2,865,996 | $ | 6,017,535 | $ | 1,534,625 | $ | 2,892,682 | $ | 1,511,489 | $ | 4,131,596 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (6,612,170 | ) | 27,112,974 | 569 | 2,452 | 11,951 | 2,314 | 152,979,207 | 109,695,520 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 11,505,318 | (59,111,021 | ) | – | – | 2,300,818 | 5,457,227 | 1,541,317 | (83,233,844 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 15,840,292 | (18,293,353 | ) | 2,866,565 | 6,019,987 | 3,847,394 | 8,352,223 | 156,032,013 | 30,593,272 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (35,015,636 | ) | (2,865,996 | ) | (6,017,418 | ) | – | (3,165,086 | ) | – | (94,348,347 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (20,388,166 | ) | (12,626,254 | ) | (55,623,320 | ) | 83,472,727 | (4,259,949 | ) | 16,760,114 | 175,227,201 | (89,713,529 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (4,547,874 | ) | (65,935,243 | ) | (55,622,751 | ) | 83,475,296 | (412,555 | ) | 21,947,251 | 331,259,214 | (153,468,604 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 323,702,263 | 389,637,506 | 395,183,423 | 311,708,127 | 143,371,978 | 121,424,727 | 1,049,180,608 | 1,202,649,212 | ||||||||||||||||||||||||
End of period | $ | 319,154,389 | $ | 323,702,263 | $ | 339,560,672 | $ | 395,183,423 | $ | 142,959,423 | $ | 143,371,978 | $ | 1,380,439,822 | $ | 1,049,180,608 | ||||||||||||||||
See Notes to Financial Statements
242 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
GROWTH & INCOME FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 590,278 | $ | 1,194,243 | $ | (1,282,380 | ) | $ | (1,088,949 | ) | $ | 7,739,334 | $ | 14,810,702 | $ | 10,233,253 | $ | 30,524,462 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 5,052,655 | 12,098,972 | 30,595,490 | 53,676,862 | 1,779,945 | (939,776 | ) | 4,758,417 | 31,178,910 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 11,765,886 | (9,559,940 | ) | 83,995,470 | (27,630,295 | ) | 9,515,818 | 10,959,089 | 89,120,208 | (133,577,315 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 17,408,819 | 3,733,275 | 113,308,580 | 24,957,618 | 19,035,097 | 24,830,015 | 104,111,878 | (71,873,943 | ) | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (13,348,269 | ) | – | (65,443,360 | ) | – | (11,852,024 | ) | – | (34,840,449 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (5,373,896 | ) | (1,056,401 | ) | (41,720,037 | ) | 13,325,327 | (4,020,352 | ) | 92,552,853 | 137,772,151 | (139,544,765 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 12,034,923 | (10,671,395 | ) | 71,588,543 | (27,160,415 | ) | 15,014,745 | 105,530,844 | 241,884,029 | (246,259,157 | ) | |||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 117,501,014 | 128,172,409 | 742,072,276 | 769,232,691 | 700,573,770 | 595,042,926 | 1,041,727,495 | 1,287,986,652 | ||||||||||||||||||||||||
End of period | $ | 129,535,937 | $ | 117,501,014 | $ | 813,660,819 | $ | 742,072,276 | $ | 715,588,515 | $ | 700,573,770 | $ | 1,283,611,524 | $ | 1,041,727,495 | ||||||||||||||||
See Notes to Financial Statements
243 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND# | INTERNATIONAL VALUE FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,131,381 | $ | 4,825,278 | $ | 178,202 | $ | 1,358,043 | $ | 2,665,191 | $ | 6,518,528 | $ | 8,364,172 | $ | 15,117,643 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 2,924,756 | (5,668,323 | ) | 218,719 | (2,963,432 | ) | 66,778,850 | 11,679,822 | (5,631,739 | ) | 18,761,611 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 1,155,401 | 6,706,238 | 53,151,012 | 924,838 | (34,310,675 | ) | (16,334,849 | ) | 55,703,649 | (148,590,824 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 6,211,538 | 5,863,193 | 53,547,933 | (680,551 | ) | 35,133,366 | 1,863,501 | 58,436,082 | (114,711,570 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (3,136,028 | ) | – | (111,324,142 | ) | – | (6,661,198 | ) | – | (21,077,701 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (33,996,090 | ) | (19,292,034 | ) | (22,034,004 | ) | 87,446,136 | (13,079,893 | ) | (59,836,632 | ) | (26,606,707 | ) | (45,142,157 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (27,784,552 | ) | (16,564,869 | ) | 31,513,929 | (24,558,557 | ) | 22,053,473 | (64,634,329 | ) | 31,829,375 | (180,931,428 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 203,183,551 | 219,748,420 | 466,362,068 | 490,920,625 | 363,817,654 | 428,451,983 | 688,485,015 | 869,416,443 | ||||||||||||||||||||||||
End of period | $ | 175,398,999 | $ | 203,183,551 | $ | 497,875,997 | $ | 466,362,068 | $ | 385,871,127 | $ | 363,817,654 | $ | 720,314,390 | $ | 688,485,015 | ||||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
244 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 866,491 | $ | 1,819,362 | $ | 1,159,282 | $ | 3,758,695 | $ | 22,637,437 | $ | 39,223,368 | $ | (2,319 | ) | $ | (51,232 | ) | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 3,926,577 | 9,880,150 | 26,103,347 | 37,492,457 | 27,798,242 | 255,786,968 | 7,693,083 | 13,473,635 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 19,288,867 | (6,168,078 | ) | 50,084,420 | 11,376,579 | 295,142,910 | (482,259,301 | ) | 29,714,335 | 8,415,185 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 24,081,935 | 5,531,434 | 77,347,049 | 52,627,731 | 345,578,589 | (187,248,965 | ) | 37,405,099 | 21,837,588 | |||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (14,922,577 | ) | – | (33,112,343 | ) | – | (342,040,572 | ) | – | (27,034,945 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (7,549,093 | ) | (4,530,438 | ) | (8,618,942 | ) | 13,153,251 | 77,415,111 | (7,486,282 | ) | (8,106,742 | ) | 16,830,795 | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 16,532,842 | (13,921,581 | ) | 68,728,107 | 32,668,639 | 422,993,700 | (536,775,819 | ) | 29,298,357 | 11,633,438 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 166,427,615 | 180,349,196 | 477,301,333 | 444,632,694 | 2,897,313,332 | 3,434,089,151 | 303,287,940 | 291,654,502 | ||||||||||||||||||||||||
End of period | $ | 182,960,457 | $ | 166,427,615 | $ | 546,029,440 | $ | 477,301,333 | $ | 3,320,307,032 | $ | 2,897,313,332 | $ | 332,586,297 | $ | 303,287,940 | ||||||||||||||||
See Notes to Financial Statements
245 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,353,122 | $ | 4,259,617 | $ | 628,809 | $ | (4,776,757 | ) | $ | (567,947 | ) | $ | (965,376 | ) | $ | 517,050 | $ | 1,002,400 | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 8,184,379 | 14,853,850 | 88,012,395 | 155,564,353 | 14,227,086 | 18,141,026 | 11,931,416 | 21,659,551 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 78,897,902 | (6,049,668 | ) | 104,972,555 | (109,708,268 | ) | 1,025,115 | (18,560,079 | ) | 20,383,379 | (27,990,997 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 88,435,403 | 13,063,799 | 193,613,759 | 41,079,328 | 14,684,254 | (1,384,429 | ) | 32,831,845 | (5,329,046 | ) | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (9,579,982 | ) | – | (267,545,909 | ) | – | (22,033,890 | ) | – | (26,310,691 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (28,114,712 | ) | 22,272,378 | (83,289,207 | ) | 215,867,521 | (7,967,857 | ) | 28,160,534 | (18,144,315 | ) | (5,578,082 | ) | |||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 60,320,691 | 25,756,195 | 110,324,552 | (10,599,060 | ) | 6,716,397 | 4,742,215 | 14,687,530 | (37,217,819 | ) | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 499,269,213 | 473,513,018 | 1,392,833,714 | 1,403,432,774 | 161,912,040 | 157,169,825 | 284,018,390 | 321,236,209 | ||||||||||||||||||||||||
End of period | $ | 559,589,904 | $ | 499,269,213 | $ | 1,503,158,266 | $ | 1,392,833,714 | $ | 168,628,437 | $ | 161,912,040 | $ | 298,705,920 | $ | 284,018,390 | ||||||||||||||||
See Notes to Financial Statements
246 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
SMALL CAP INDEX FUND | SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | |||||||||||||||||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 6,301,583 | $ | 11,988,301 | $ | 1,524,518 | $ | 2,473,875 | $ | (92,107 | ) | $ | (268,330 | ) | $ | 40,905,571 | $ | 88,113,912 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 46,445,241 | 129,834,566 | 7,094,814 | 17,580,533 | 9,533,210 | 14,183,813 | 238,350,738 | 310,060,564 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 63,693,005 | (248,132,839 | ) | 18,054,451 | (39,180,954 | ) | 6,506,104 | (6,868,859 | ) | 408,885,687 | (220,898,080 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 116,439,829 | (106,309,972 | ) | 26,673,783 | (19,126,546 | ) | 15,947,207 | 7,046,624 | 688,141,996 | 177,276,396 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | – | (106,796,337 | ) | – | (33,301,346 | ) | – | (14,991,380 | ) | – | (187,995,413 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 4,797,877 | (69,283,785 | ) | (15,165,047 | ) | (24,741,428 | ) | (4,587,553 | ) | 5,620,151 | (245,239,646 | ) | (310,238,062 | ) | ||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 121,237,706 | (282,390,094 | ) | 11,508,736 | (77,169,320 | ) | 11,359,654 | (2,324,605 | ) | 442,902,350 | (320,957,079 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,012,039,730 | 1,294,429,824 | 223,575,936 | 300,745,256 | 116,197,460 | 118,522,065 | 4,637,545,575 | 4,958,502,654 | ||||||||||||||||||||||||
End of period | $ | 1,133,277,436 | $ | 1,012,039,730 | $ | 235,084,672 | $ | 223,575,936 | $ | 127,557,114 | $ | 116,197,460 | $ | 5,080,447,925 | $ | 4,637,545,575 | ||||||||||||||||
See Notes to Financial Statements
247 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS —(continued)
SYSTEMATIC VALUE FUND# | VALUE FUND | |||||||||||||||
For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | For the Six Months Ended November 30, 2019 (unaudited) | For the Year Ended May 31, 2019 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 417,272 | $ | 1,206,456 | $ | 978,686 | $ | 1,970,939 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 8,379,738 | 5,572,700 | 3,903,487 | 9,482,370 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (2,382,994 | ) | (7,626,296 | ) | 9,960,538 | (12,337,081 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | 6,414,016 | (847,140 | ) | 14,842,711 | (883,772 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Distributable earnings | – | (5,742,883 | ) | – | (1,664,301 | ) | ||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (4,360,794 | ) | (1,729,270 | ) | (7,310,063 | ) | 5,201,683 | |||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 2,053,222 | (8,319,293 | ) | 7,532,648 | 2,653,610 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 51,212,253 | 59,531,546 | 118,127,340 | 115,473,730 | ||||||||||||
End of period | $ | 53,265,475 | $ | 51,212,253 | $ | 125,659,988 | $ | 118,127,340 | ||||||||
# | See Note 1 |
See Notes to Financial Statements
248 |
Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited)
Note 1 — Organization
VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:
Asset Allocation Fund | International Growth Fund | |
Blue Chip Growth Fund | International Socially Responsible 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 Strategy Fund | Science & Technology Fund | |
Government Money Market I Fund | Small Cap Aggressive Growth Fund | |
Government Securities Fund | Small Cap Fund | |
Growth Fund | Small Cap Index Fund | |
Growth & Income Fund | Small Cap Special Values Fund | |
Health Sciences Fund | Small-Mid Growth Fund | |
Inflation Protected Fund | Stock Index Fund | |
International Equities Index Fund | Systematic Value Fund*** | |
International Government Bond 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 June 4, 2019, the name of the Global Social Awareness Fund changed to International Socially Responsible Fund. |
*** | Effective October 1, 2019, the name of the Broad Cap Value Income Fund changed to Systematic Value Fund. |
Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100® Index Fund, which are non-diversified as defined by the 1940 Act.
Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.
Note 2 — Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:
Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1 — Unadjusted quoted prices in active markets for identical securities
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)
Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of November 30, 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(unaudited) —(continued)
Derivative Instruments
Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund and the International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.
A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.
Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Futures:During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Growth & Income Fund and Emerging Economies Fund used futures contracts to equitize cash, providing exposure to equity markets. The Growth Fund, International Equities Index Fund, International Socially Responsible 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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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).
Interest Rate Swap Agreements:During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.
Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.
Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.
Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.
Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.
Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of November 30, 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 six months ended November 30, 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 November 30, 2019, please refer to the Portfolio of Investments.
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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 | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 5,352 | $ | — | $ | — | $ | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Global Strategy | — | 999,068 | — | — | — | 2,798,394 | — | — | ||||||||||||||||||||||||||||
Equity Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 20,293 | $ | — | $ | — | $ | — | $ | 74,693 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Dynamic Allocation | — | — | 1,242,600 | — | 101,000 | — | — | — | ||||||||||||||||||||||||||||
Emerging Economies | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Growth | — | — | — | — | 2,525 | — | — | — | ||||||||||||||||||||||||||||
Growth & Income | — | — | — | — | 3,030 | — | — | — | ||||||||||||||||||||||||||||
International Equities Index | — | — | — | — | 1,468,640 | — | — | — | ||||||||||||||||||||||||||||
International Socially Responsible | — | — | — | — | 262,355 | — | — | — | ||||||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | 1,528,520 | — | — | — | ||||||||||||||||||||||||||||
Nasdaq-100® Index | — | — | — | — | 46,935 | — | — | — | ||||||||||||||||||||||||||||
Small Cap Index | — | — | — | — | 529,405 | — | — | — | ||||||||||||||||||||||||||||
Stock Index | — | — | — | — | 299,465 | — | — | — | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | 333,480 | $ | — | $ | — | $ | — | $ | 502,313 | ||||||||||||||||||||
Global Strategy | — | — | — | 1,379,340 | — | — | — | 1,604,447 | ||||||||||||||||||||||||||||
Growth | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Growth | — | — | 339,542 | — | — | — | — | — | ||||||||||||||||||||||||||||
International Value | — | — | — | — | — | — | — | 2,589,034 |
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 | $ | (291,491 | ) | |
Dynamic Allocation | 1,301,579 | |||
Growth | 11,978 | |||
Growth & Income | 18,435 | |||
International Equities Index | 4,581,105 | |||
International Socially Responsible | 1,153,474 | |||
Mid Cap Index | 4,316,003 | |||
Nasdaq-100® Index | 542,223 | |||
Small Cap Index | 2,145,371 | |||
Stock Index | 1,154,046 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(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 | $ | (136,044 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Global Strategy | — | (1,300,663 | ) | — | — | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | (14,465 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Dynamic Allocation | 1,715,929 | — | — | (1,820,289 | ) | — | ||||||||||||||
Emerging Economies | (876,823 | ) | — | — | — | — | ||||||||||||||
Growth | 307,130 | — | — | — | — | |||||||||||||||
Growth & Income | 1,489 | — | — | — | — | |||||||||||||||
International Equities Index | 4,275,971 | — | — | — | — | |||||||||||||||
International Socially Responsible | 1,428,415 | — | — | — | — | |||||||||||||||
Mid Cap Index | 3,850,213 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 2,306,956 | — | — | — | — | |||||||||||||||
Small Cap Index | 1,353,715 | — | — | — | — | |||||||||||||||
Stock Index | 2,319,146 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | (567,358 | ) | |||||||||
Global Strategy | — | — | — | — | 1,201,515 | |||||||||||||||
Growth | — | — | — | — | 202,843 | |||||||||||||||
International Growth | — | — | — | — | — | |||||||||||||||
International Value | — | — | — | — | 4,280,753 | |||||||||||||||
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 | $ | 50,471 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Global Strategy | — | 188,625 | — | — | — | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | (298,871 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Dynamic Allocation | 2,822,489 | — | — | (1,820,475 | ) | — | ||||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Growth | 11,978 | — | — | — | — | |||||||||||||||
Growth & Income | 51,108 | — | — | — | — | |||||||||||||||
International Equities Index | 5,869,547 | — | — | — | — | |||||||||||||||
International Socially Responsible | 1,298,691 | — | — | — | — | |||||||||||||||
Mid Cap Index | 5,635,912 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 1,202,220 | — | — | — | — | |||||||||||||||
Small Cap Index | 4,340,152 | — | — | — | — | |||||||||||||||
Stock Index | 1,637,484 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | (125,157 | ) | |||||||||
Global Strategy | — | — | — | — | (1,082,576 | ) | ||||||||||||||
Growth | — | — | — | — | (88,830 | ) | ||||||||||||||
International Growth | — | — | — | (1,041,247 | ) | — | ||||||||||||||
International Value | — | — | — | — | (5,064,388 | ) | ||||||||||||||
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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 |
The following table represents the average monthly balances of derivatives held during the six months ended November 30, 2019.
Average Amount Outstanding During the Period | ||||||||||||||||||||
Futures Contracts(2) | Foreign Exchange Contracts(2) | Purchased Put Options Contracts(1) | Written Call Options Contracts(1) | Interest Rate Swap Contracts(2) | ||||||||||||||||
Portfolio | ||||||||||||||||||||
Asset Allocation | $ | 21,849,440 | $ | 55,053,105 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 37,188,433 | — | 1,641,950 | — | — | |||||||||||||||
Emerging Economies | 1,957,187 | — | — | — | — | |||||||||||||||
Global Strategy | — | 176,000,000 | — | — | 25,036,833 | |||||||||||||||
Growth | 2,750,780 | 3,891,887 | — | — | — | |||||||||||||||
Growth & Income | 1,394,553 | — | — | — | — | |||||||||||||||
International Equities Index | 154,440,550 | — | — | — | — | |||||||||||||||
International Socially Responsible | 34,885,015 | — | — | — | — | |||||||||||||||
International Growth | — | — | 579,187 | — | — | |||||||||||||||
International Value | — | 71,606,102 | — | — | — | |||||||||||||||
Mid Cap Index | 105,829,337 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 19,326,504 | — | — | — | — | |||||||||||||||
Small Cap Index | 82,310,188 | — | — | — | — | |||||||||||||||
Stock Index | 57,198,854 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of November 30, 2019. The repurchase agreements held by the Funds and the securities on loan as of November 30, 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 | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | |||||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC | $ | 64,989 | $ | — | $ | — | $ | 64,989 | $ | 21,766 | $ | — | $ | — | $ | 21,766 | $ | 43,223 | $ | — | $ | 43,223 | ||||||||||||||||||||||||||
Morgan Stanley Capital Services, Inc. | 268,491 | — | — | 268,491 | 480,547 | — | — | 480,547 | (212,056 | ) | 212,056 | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 333,480 | $ | — | $ | — | $ | 333,480 | $ | 502,313 | $ | — | $ | — | $ | 502,313 | $ | (168,833 | ) | $ | 212,056 | $ | 43,223 | |||||||||||||||||||||||||
(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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Dynamic Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward Foreign Currency Contracts | OTC Swaps | Options Purchased | Total | Forward Foreign Currency Contracts | OTC Swaps | Options Written | Total | Net Derivative Assets (Liabilities) | Collateral Pledged/ (Received)(2) | Net Amount(3) | |||||||||||||||||||||||||||||||||||||
Citibank N.A. | $ | — | $ | — | $ | 502,497 | $ | 502,497 | $ | — | $ | — | $ | — | $ | — | $ | 502,497 | $ | (440,000 | ) | $ | 62,497 | |||||||||||||||||||||||||
Goldman Sachs International | — | — | 184,604 | 184,604 | — | — | — | — | 184,604 | (184,604 | ) | — | ||||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank, N.A. | — | — | 21,795 | 21,795 | 21,795 | (20,000 | ) | 1,795 | ||||||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 533,704 | 533,704 | — | — | — | — | 533,704 | — | 533,704 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 1,242,600 | $ | 1,242,600 | $ | — | $ | — | $ | — | $ | — | $ | 1,242,600 | $ | (644,604 | ) | $ | 597,996 | |||||||||||||||||||||||||
(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. |
Global Strategy 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. | $ | 112,799 | $ | — | $ | — | $ | 112,799 | $ | 5,092 | $ | — | $ | — | $ | 5,092 | $ | 107,707 | $ | — | $ | 107,707 | ||||||||||||||||||||||||||
Barclays Bank PLC | 1,706 | — | — | 1,706 | 119 | — | — | 119 | 1,587 | — | 1,587 | |||||||||||||||||||||||||||||||||||||
BNP Paribas SA | 3,761 | — | — | 3,761 | 76,439 | — | — | 76,439 | (72,678 | ) | — | (72,678 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 112,919 | — | — | 112,919 | 465,092 | — | — | 465,092 | (352,173 | ) | — | (352,173 | ) | |||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 278,823 | — | — | 278,823 | 144,541 | — | — | 144,541 | 134,282 | — | 134,282 | |||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 5,382 | — | — | 5,382 | 10,479 | — | — | 10,479 | (5,097 | ) | — | (5,097 | ) | |||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 256,381 | — | — | 256,381 | 436,302 | — | — | 436,302 | (179,921 | ) | — | (179,921 | ) | |||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 431,489 | — | — | 431,489 | 387,058 | — | — | 387,058 | 44,431 | — | 44,431 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | 109 | — | — | 109 | — | — | — | — | 109 | — | 109 | |||||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 140,910 | — | — | 140,910 | 59,631 | — | — | 59,631 | 81,279 | — | 81,279 | |||||||||||||||||||||||||||||||||||||
UBS AG | 35,061 | — | — | 35,061 | 19,694 | — | — | 19,694 | 15,367 | — | 15,367 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,379,340 | $ | — | $ | — | $ | 1,379,340 | $ | 1,604,447 | $ | — | $ | — | $ | 1,604,447 | $ | (225,107 | ) | $ | — | $ | (225,107 | ) | ||||||||||||||||||||||||
(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. |
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 | $ | — | $ | — | $ | 10,955 | $ | 10,955 | $ | — | $ | — | $ | — | $ | — | $ | 10,955 | $ | — | $ | 10,955 | ||||||||||||||||||||||||||
NatWest Markets PLC | — | — | 328,587 | 328,587 | — | — | — | — | 328,587 | — | 328,587 | |||||||||||||||||||||||||||||||||||||
$ | — | $ | — | $ | 339,542 | $ | 339,542 | $ | — | $ | — | $ | — | $ | — | $ | 339,542 | $ | — | $ | 339,542 | |||||||||||||||||||||||||||
(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. |
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 | $ | — | $ | — | $ | — | $ | — | $ | 2,589,034 | $ | — | $ | — | $ | 2,589,034 | $ | (2,589,034 | ) | $ | 2,470,000 | $ | (119,034 | ) | ||||||||||||||||||||||||
(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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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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NOTES TO FINANCIAL STATEMENTS(unaudited) —(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.
LIBOR Conversion
The Funds may invest in securities and other instruments whose interest payments are determined by references to the London Interbank Offered Rate (“LIBOR”). In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) stated that LIBOR is not guaranteed to be available or appropriate for use by 2021. The unavailability of LIBOR presents risks to any such investments, including the risk that any pricing or adjustments to such investments resulting from a substitute reference rate may adversely affect a Fund’s performance and/or net asset value. It remains uncertain how such changes would be implemented and the effects such changes would have on a Fund, including any negative effects on a Fund’s liquidity and valuation of its investments, issuers of instruments in which a Fund invests and financial markets generally.
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
New Accounting Pronouncement
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.
Effective June 1, 2019, the Funds are subject to ASU2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities withnon-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount is not impacted. Adoption of the ASU had no material impact on the Fund.
Note 3 — Advisory Fees and Other Transactions with Affiliates
VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.
VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:
International Equities Index Fund | 0.35% on the first $500 million | |
0.25% on the next $500 million | ||
0.24% on assets over $1 billion | ||
Mid Cap Index Fund | 0.35% on the first $500 million | |
Small Cap Index Fund | 0.25% on the next $2.5 billion | |
Stock Index Fund | 0.20% on the next $2 billion | |
0.15% on assets over $5 billion | ||
Blue Chip Growth Fund | 0.75% on the first $250 million | |
0.725% on the next $250 million | ||
0.70% on assets over $500 million | ||
Core Equity Fund(1) | 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(2) | 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(3) | 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 |
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International Socially Responsible Fund | 0.50% on first $500 million | |
0.475% on next $500 million | ||
0.45% on assets over $1 billion | ||
Global Strategy Fund | 0.50% on the first $500 million | |
0.46% on assets over $500 million | ||
Capital Conservation Fund | 0.50% on the first $250 million | |
Government Securities Fund | 0.45% on the next $250 million | |
International Government Bond Fund | 0.40% on the next $500 million | |
0.35% on assets over $1 billion | ||
Government Money Market I Fund | 0.40% | |
Nasdaq-100® Index Fund | 0.40% on the first $250 million | |
0.38% on the next $250 million | ||
0.36% on assets over $500 million | ||
Dividend Value Fund(4) | 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 | ||
Large Cap Core Fund | 0.70% on the first $250 million | |
Systematic Value Fund(5) | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
International Value Fund(6) | 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(7) | 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(8) | 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(9) | 0.25% on the first $1 billion | |
0.22% on the next $1 billion | ||
0.20% on assets over $2 billion |
(1) | 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. |
(2) | 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. |
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
(3) | Pursuant to an 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. |
(4) | Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC agreed to waive the Dividend Value Fund’s advisory fees in order that such fees equal: 0.64% of the Fund’s average daily net assets on Fund’s first $250 million; 0.61% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.56% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.51% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion. |
(5) | Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC agreed to waive the Systematic Value Fund’s advisory fees in order that such fees equal: 0.40% of the Fund’s average daily net assets on Fund’s first $250 million; 0.35% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.30% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.25% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion. |
(6) | Pursuant to an Advisory Fee Wavier Agreement, 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. |
(7) | 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. |
(8) | Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.57% of the average daily net assets on the first $500 million, 0.51% on the next $500 million, 0.48% on the next $500 million and 0.45% thereafter. Prior to October 1, 2019, VALIC had agreed to waive the Growth Funds advisory fees in order that such fees equaled: 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. |
(9) | 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. |
For the six months ended November 30, 2019, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 215,261 | ||
Dividend Value | 182,700 | |||
Dynamic Allocation | 4,075 | |||
Growth | 549,417 | |||
Health Sciences | 127,224 | |||
International Growth | 477,224 | |||
International Value | 246,083 | |||
Small-Mid Growth | 42,656 | |||
Systematic Value | 26,117 |
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.
BlackRock Investment Management, LLC (“BlackRock”)*—subadviser for the Core Equity Fund, a portion of the Growth 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 Government Money Market I Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, a portion of the Growth 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.
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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(“Wellington Management”)**—subadviser for the Systematic Value Fund, 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 October 1, 2019, BlackRock and SunAmerica replaced American Century Investment Management, Inc. as co-subadvisers for the Growth Fund. |
** | Effective October 1, 2019, Wellington Management replaced Barrow, Hanley, Mewhinney & Strauss, LLC as subadviser for the Systematic 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, 2020. 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. The contractual fee waivers and fee reimbursements will continue until September 30, 2020, subject to termination by the Board, including a majority of the Directors who are not “interested persons” of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).
Fund | Maximum Expense Limitation | |||
Blue Chip Growth | 0.85 | % | ||
Dynamic Allocation | 0.32 | % | ||
Government Money Market I | 0.55 | % | ||
Growth & Income | 0.85 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
Stock Index | 0.29 | % | ||
Value | 0.85 | % |
For the six months ended November 30, 2019, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Dynamic Allocation | $ | 4,303 | ||
Growth & Income | 38,479 | |||
Nasdaq-100® Index | 4,493 | |||
Small Cap Aggressive Growth | 2,787 | |||
Small Cap Fund | 138,539 | |||
Stock Index* | 378,574 | |||
Systematic Value** | 83,591 | |||
Value | 50,236 |
* | The Expense Limitation Agreement with respect to this Fund was instituted effective October 1, 2019. |
** | The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2019. Prior to October 1, 2019, the Fund’s Maximum Expense Limitation was 0.85% of the Fund’s average daily net assets. |
VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Government Money Market I Fund will be able to avoid a negative yield. For the six months ended November 30, 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 six months ended November 30, 2019, the amount recouped by VALIC for the Dynamic Allocation Fund was $203.
At November 30, 2019, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:
Expenses Reimbursed | ||||||||
Fund | May 31, 2021 | November 30, 2021 | ||||||
Dynamic Allocation | $ | 1,133 | $ | 4,303 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the six months ended November 30, 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 six months ended November 30, 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 six months ended November 30, 2019, certain Directors of VC I have deferred $18,594 of director compensation.
At November 30, 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 | |||||||||||||||||||||
Capital Conservation | — | — | 68.88 | 5.30 | 4.16 | 7.69 | 13.97 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 87.71 | 0.74 | 3.34 | 1.59 | 6.62 | |||||||||||||||||||||
Dynamic Allocation | 2.78 | — | 97.22 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.02 | 0.01 | 91.05 | 0.17 | 4.13 | 1.05 | 3.57 | |||||||||||||||||||||
Global Real Estate | — | — | 88.93 | 0.32 | 4.22 | 1.78 | 4.75 | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 4.27 | 0.00 | 87.65 | — | 3.47 | 1.77 | 2.84 | |||||||||||||||||||||
Government Securities | 0.55 | — | 73.80 | 5.00 | 4.13 | 6.40 | 10.12 | |||||||||||||||||||||
Growth | — | — | 99.45 | 0.55 | — | — | — | |||||||||||||||||||||
Growth & Income | 2.21 | — | 94.93 | 2.86 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.02 | — | 99.98 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 86.94 | 0.43 | 3.40 | 2.86 | 6.37 | |||||||||||||||||||||
International Equities Index | 3.29 | 0.02 | 89.51 | 0.44 | 2.78 | 0.93 | 3.03 | |||||||||||||||||||||
International Government Bond | — | — | 63.70 | 0.43 | 8.72 | 8.80 | 18.35 | |||||||||||||||||||||
International Growth | — | — | 95.33 | 1.17 | 1.96 | 0.31 | 1.23 | |||||||||||||||||||||
International Socially Responsible | 0.28 | — | 99.72 | — | — | — | — | |||||||||||||||||||||
International Value | 0.01 | — | 89.02 | 0.80 | 4.53 | 1.15 | 4.49 | |||||||||||||||||||||
Large Cap Core | — | — | 83.08 | 4.11 | 5.52 | 1.49 | 5.80 | |||||||||||||||||||||
Large Capital Growth | — | — | 93.47 | 1.23 | 1.94 | 0.32 | 3.04 | |||||||||||||||||||||
Mid Cap Index | 0.64 | 0.04 | 97.04 | 0.11 | 0.70 | 0.21 | 1.26 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.29 | — | 3.39 | 0.60 | 3.72 | |||||||||||||||||||||
Nasdaq-100® Index | 2.28 | 0.05 | 91.07 | — | 2.49 | 0.70 | 3.41 | |||||||||||||||||||||
Science & Technology | 0.51 | 0.00 | 95.59 | — | 1.39 | 0.41 | 2.10 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Small Cap Fund | — | — | 100.00 | — | — | — | — |
@ | The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component. |
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NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
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 | |||||||||||||||||||||
Small Cap Index | 2.27 | % | 0.12 | % | 93.84 | % | — | % | 1.27 | % | 0.31 | % | 2.19 | % | ||||||||||||||
Small Cap Special Values | — | — | 92.30 | — | 2.91 | 1.02 | 3.77 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.44 | 0.04 | 91.79 | 0.50 | 1.04 | 0.39 | 1.57 | |||||||||||||||||||||
Systematic Value | — | — | 85.70 | 14.30 | — | — | — | |||||||||||||||||||||
Value | — | — | 63.98 | 6.73 | 11.38 | 2.48 | 15.43 |
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the six months ended November 30, 2019, transactions in these securities were as follows:
Dynamic Allocation Fund
Security | Value at 05/31/2019 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value 11/30/2019 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 6,084,033 | $ | — | $ | — | $ | 508,722 | $ | 711,357 | $ | 105,338 | $ | 625,961 | $ | 6,612,697 | ||||||||||||||||
VALIC Co. I Capital Conservation Fund | 13,162,249 | — | — | 57,444 | 1,426,948 | 61,321 | 467,579 | 12,321,645 | ||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 7,289,325 | — | — | 102,312 | 802,658 | (33,837 | ) | 1,023,248 | 7,578,390 | |||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 2,059,912 | — | — | 8,012 | 827,772 | 76,648 | 8,355 | 1,325,155 | ||||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,671,757 | — | — | 7,181 | 178,369 | 182 | 114,974 | 1,615,725 | ||||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 7,746,971 | — | — | 34,107 | 847,250 | 17,468 | 196,890 | 7,148,186 | ||||||||||||||||||||||||
VALIC Co. I Growth & Income Fund | 3,427,813 | — | — | 165,798 | 391,564 | 98,948 | 409,960 | 3,710,955 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 7,670,335 | — | — | 32,313 | 1,052,658 | 45,386 | 948,036 | 7,643,412 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 3,326,287 | — | — | 14,361 | 356,737 | 644 | 87,596 | 3,072,151 | ||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 4,059,775 | — | — | 1,591,239 | 556,498 | (3,974 | ) | 511,899 | 5,602,441 | |||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 817,167 | — | — | 3,591 | 89,184 | 3,010 | 22,861 | 757,445 | ||||||||||||||||||||||||
VALIC Co. I International Growth Fund | 5,965,786 | — | — | 323,960 | 1,099,437 | (191,089 | ) | 844,323 | 5,843,543 | |||||||||||||||||||||||
VALIC Co. I International Value Fund | 5,178,784 | — | — | 684,414 | 606,453 | (22,808 | ) | 509,782 | 5,743,719 | |||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 6,673,283 | — | — | 631,954 | 791,834 | (153,983 | ) | 1,163,399 | 7,522,819 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 7,197,927 | — | — | 28,722 | 1,538,474 | 319,050 | 711,464 | 6,718,689 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 3,688,395 | — | — | 16,157 | 401,329 | 25,216 | 392,103 | 3,720,542 | ||||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 25,346,443 | — | — | 107,708 | 3,655,527 | 721,545 | 2,846,233 | 25,366,402 | ||||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | 8,167,778 | — | — | 32,312 | 1,534,775 | (3,061 | ) | 958,242 | 7,620,496 | |||||||||||||||||||||||
VALIC Co. I Value Fund | 8,276,033 | — | — | 35,902 | 891,842 | 285,139 | 748,225 | 8,453,457 | ||||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 5,795,077 | 14,916 | 1,610,126 | 1,921,610 | 659,117 | 5,358 | (842,052 | ) | 6,220,876 | |||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 11,512,151 | 239,382 | — | 289,646 | 1,248,579 | 47,302 | 182,073 | 10,782,593 | ||||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 1,722,784 | 74,904 | — | 82,085 | 238,369 | (3,185 | ) | 12,361 | 1,575,676 | |||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,566,301 | — | 92,052 | 102,822 | 392,553 | 24,547 | 140,803 | 2,441,920 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,408,393 | 13,352 | 461,304 | 485,428 | 267,553 | (95,243 | ) | (49,708 | ) | 2,481,317 | ||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 3,168,720 | 40,686 | 273,081 | 328,127 | 356,737 | (44,583 | ) | 164,560 | 3,260,087 | |||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | 1,322,307 | 9,903 | 38,622 | 52,039 | 845,404 | (95,067 | ) | 82,182 | 516,057 | |||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 3,816,134 | — | 718,898 | 731,823 | 1,172,757 | 245,259 | (515,122 | ) | 3,105,337 | |||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 3,473,197 | 48,838 | 487,013 | 548,775 | 822,969 | (212,819 | ) | (7,497 | ) | 2,978,687 | ||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 3,006,214 | 100,995 | — | 113,562 | 422,145 | (11,519 | ) | 15,414 | 2,701,526 | |||||||||||||||||||||||
$ | 166,601,331 | $ | 542,976 | $ | 3,681,096 | $ | 9,042,126 | $ | 24,186,849 | $ | 1,211,193 | $ | 11,774,144 | $ | 164,441,945 | |||||||||||||||||
Stock Index Fund
Security | Value at 05/31/2019 | Income | Capital Gain Distribution Received | Cost of Purchases | Proceeds from Sales | Realized Gain/(Loss) | Change in Unrealized Gain/(Loss) | Value at 11/30/2019 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 8,950,171 | $ | 111,660 | $ | — | $ | 76,573 | $ | 549,710 | $ | 204,936 | $ | 76,810 | $ | 8,758,780 | ||||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
During the six months ended November 30, 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. | $ | 189 | $ | — | ||||
Morgan Stanley & Co | 3,788 | 17,035 |
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended November 30, 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 | $ | 76,973,368 | $ | 61,282,417 | $ | 818,249 | $ | 21,239,325 | ||||||||
Blue Chip Growth | 126,690,543 | 155,383,769 | — | — | ||||||||||||
Capital Conservation | 46,805,764 | 48,131,688 | 22,265,333 | 36,347,440 | ||||||||||||
Core Equity | 35,848,344 | 48,178,784 | — | — | ||||||||||||
Dividend Value | 272,314,033 | 334,206,176 | — | — | ||||||||||||
Dynamic Allocation | 4,818,053 | 24,186,848 | 5,706,051 | 9,138,466 | ||||||||||||
Emerging Economies | 241,561,702 | 302,464,501 | — | — | ||||||||||||
Global Real Estate | 156,260,030 | 134,051,232 | — | — | ||||||||||||
Global Strategy | 32,427,880 | 56,779,224 | 18,035,666 | — | ||||||||||||
Government Securities | 492,585 | 2,547,308 | 4,174,240 | 4,188,975 | ||||||||||||
Growth | 2,371,663,614 | 2,194,513,079 | — | — | ||||||||||||
Growth & Income | 27,294,951 | 31,899,611 | — | — | ||||||||||||
Health Sciences | 155,858,244 | 197,177,739 | — | — | ||||||||||||
Inflation Protected | 68,957,190 | 51,053,247 | 50,371,327 | 59,059,611 | ||||||||||||
International Equities Index | 21,343,135 | 20,791,147 | — | — | ||||||||||||
International Government Bond | 75,493,622 | 94,286,847 | 5,999,180 | 15,228,780 | ||||||||||||
International Growth | 26,744,519 | 58,381,146 | — | — | ||||||||||||
International Socially Responsible | 212,152,322 | 251,625,792 | — | — | ||||||||||||
International Value | 137,803,004 | 161,459,743 | — | — | ||||||||||||
Large Cap Core | 36,638,286 | 40,478,823 | — | — | ||||||||||||
Large Capital Growth | 61,424,248 | 65,194,203 | — | — | ||||||||||||
Mid Cap Index | 228,247,954 | 197,659,287 | — | — | ||||||||||||
Mid Cap Strategic Growth | 32,919,506 | 38,162,471 | — | — | ||||||||||||
Nasdaq-100® Index | 8,683,848 | 9,327,192 | — | — | ||||||||||||
Science & Technology | 517,115,809 | 614,441,319 | — | — | ||||||||||||
Small Cap Aggressive Growth | 76,815,409 | 81,555,769 | — | — | ||||||||||||
Small Cap | 26,733,131 | 42,864,614 | — | — | ||||||||||||
Small Cap Index | 106,102,445 | 110,775,291 | — | — | ||||||||||||
Small Cap Special Values | 36,515,253 | 47,016,055 | — | — | ||||||||||||
Small-Mid Growth | 45,441,653 | 47,739,212 | — | — | ||||||||||||
Stock Index | 105,664,507 | 369,228,776 | — | — | ||||||||||||
Systematic Value | 61,839,012 | 65,203,991 | — | — | ||||||||||||
Value | 21,505,004 | 26,788,895 | — | — |
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.
265 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at November 30, 2019.
Fund | Identified Cost of Investments Owned | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 131,427,033 | $ | 9,230,637 | $ | (6,566,602 | ) | $ | 2,664,035 | |||||||
Blue Chip Growth | 488,680,196 | 357,967,977 | (3,869,420 | ) | 354,098,557 | |||||||||||
Capital Conservation | 225,221,435 | 8,148,024 | (635,721 | ) | 7,512,303 | |||||||||||
Core Equity | 188,760,692 | 63,156,128 | (4,581,372 | ) | 58,574,756 | |||||||||||
Dividend Value | 907,842,010 | 108,556,027 | (41,540,157 | ) | 67,015,870 | |||||||||||
Dynamic Allocation | 183,935,267 | 23,260,688 | (1,732,348 | ) | 21,528,340 | |||||||||||
Emerging Economies | 710,000,830 | 119,411,725 | (31,823,686 | ) | 87,588,039 | |||||||||||
Global Real Estate | 470,367,913 | 57,593,694 | (23,721,819 | ) | 33,871,875 | |||||||||||
Global Strategy | 332,605,380 | 21,457,178 | (43,231,216 | ) | (21,774,038 | ) | ||||||||||
Government Money Market I | 300,691,584 | — | — | — | ||||||||||||
Government Securities | 137,116,201 | 6,337,237 | (871,754 | ) | 5,465,483 | |||||||||||
Growth | 1,195,861,510 | 204,116,557 | (12,872,277 | ) | 191,244,280 | |||||||||||
Growth & Income | 100,410,903 | 30,810,924 | (2,256,405 | ) | 28,554,519 | |||||||||||
Health Sciences | 588,212,764 | 256,607,461 | (20,620,493 | ) | 235,986,968 | |||||||||||
Inflation Protected | 694,063,125 | 29,489,029 | (7,220,349 | ) | 22,268,680 | |||||||||||
International Equities Index | 1,287,209,731 | 199,653,585 | (147,361,590 | ) | 52,291,995 | |||||||||||
International Government Bond* | 168,416,474 | 5,776,071 | (2,676,682 | ) | 3,099,389 | |||||||||||
International Growth | 397,391,698 | 95,799,996 | (8,090,264 | ) | 87,709,732 | |||||||||||
International Socially Responsible | 337,654,128 | 57,477,023 | (14,581,112 | ) | 42,895,911 | |||||||||||
International Value | 749,452,256 | 37,307,128 | (59,391,683 | ) | (22,084,555 | ) | ||||||||||
Large Cap Core | 140,050,140 | 45,171,960 | (2,479,661 | ) | 42,692,299 | |||||||||||
Large Capital Growth | 371,334,219 | 184,860,828 | (2,195,926 | ) | 182,664,902 | |||||||||||
Mid Cap Index | 2,596,645,674 | 1,064,044,769 | (254,026,530 | ) | 810,018,239 | |||||||||||
Mid Cap Strategic Growth | 230,762,651 | 109,673,461 | (2,525,068 | ) | 107,148,393 | |||||||||||
Nasdaq-100® Index | 212,121,289 | 357,685,065 | (8,541,388 | ) | 349,143,677 | |||||||||||
Science & Technology | 1,197,226,865 | 320,048,884 | (40,153,014 | ) | 279,895,870 | |||||||||||
Small Cap Aggressive Growth | 153,025,606 | 26,989,580 | (7,153,183 | ) | 19,836,397 | |||||||||||
Small Cap | 253,886,853 | 69,326,751 | (20,876,728 | ) | 48,450,023 | |||||||||||
Small Cap Index | 964,210,804 | 372,038,276 | (139,667,230 | ) | 232,371,046 | |||||||||||
Small Cap Special Values | 210,644,469 | 36,714,123 | (22,021,788 | ) | 14,692,335 | |||||||||||
Small-Mid Growth | 117,928,153 | 23,478,616 | (3,023,572 | ) | 20,455,044 | |||||||||||
Stock Index | 2,302,547,782 | 2,921,636,078 | (141,011,975 | ) | 2,780,624,103 | |||||||||||
Systematic Value | 49,626,325 | 4,042,486 | (470,214 | ) | 3,572,272 | |||||||||||
Value | 100,158,752 | 28,306,293 | (2,954,646 | ) | 25,351,647 |
@ | Includes amounts for derivatives. |
* | The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2019. |
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 | |||||||||||||||
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 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 | — |
266 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(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 | |||||||||||||||
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* | 2,974,089 | — | 5,040,626 | 3,098,611 | 37,417 | |||||||||||||||
International Growth | 530,816 | (251,337 | ) | 33,984,620 | 16,089,078 | 95,235,064 | ||||||||||||||
International Socially Responsible | 6,483,500 | 11,887,580 | 74,001,331 | 6,661,198 | — | |||||||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Systematic Value | 1,206,430 | 4,775,803 | 5,955,266 | 726,807 | 5,016,076 | |||||||||||||||
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, 2019. |
@ | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
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 | — | — | ||||||
Capital Conservation | 1,814,566 | 1,381,667 | ||||||
Core Equity | — | — | ||||||
Dividend Value | — | — | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | 49,612,102 | — | ||||||
Global Real Estate | — | — | ||||||
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* | — | 323,641 | ||||||
International Growth | 251,337 | — | ||||||
International Socially Responsible | — | — |
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Table of Contents
VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Capital Loss Carryforward Unlimited | ||||||||
Fund | ST | LT | ||||||
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 | — | — | ||||||
Systematic Value | — | — | ||||||
Value | — | — |
* | The Capital Loss Carryforward is for the tax period ended September 30, 2019. |
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 | — | |||||||||
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 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* | — | — | 978,984 | |||||||||
International Growth | 8,916 | 4,798,303 | (3,723,317 | ) | ||||||||
International Socially Responsible | — | 49,359 | — | |||||||||
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 | — | |||||||||
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 | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Fund | Deferred Late Year Ordinary Loss | Deferred Post-October Short-Term Capital Loss | Deferred Post-October Long-Term Capital Loss | |||||||||
Stock Index | $ | — | $ | 959,101 | $ | — | ||||||
Systematic Value | 30 | — | — | |||||||||
Value | 883 | 891,353 | — |
* | The deferred post October capital loss is for the tax period ended September 30, 2019. |
Note 6 — Capital Share Transactions
Transactions in capital shares of each class of each Fund were as follows:
Asset Allocation | Blue Chip Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 571,995 | $ | 5,772,363 | 1,370,257 | $ | 14,799,122 | 488,075 | $ | 9,892,826 | 3,378,480 | $ | 70,596,024 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,427,260 | 14,272,597 | — | — | 4,829,001 | 91,702,729 | ||||||||||||||||||||||||
Shares redeemed | (1,194,003 | ) | (12,099,137 | ) | (2,529,795 | ) | (27,418,230 | ) | (1,889,846 | ) | (38,548,983 | ) | (4,877,769 | ) | (99,005,144 | ) | ||||||||||||||||
Net increase (decrease) | (622,008 | ) | $ | (6,326,774 | ) | 267,722 | $ | 1,653,489 | (1,401,771 | ) | $ | (28,656,157 | ) | 3,329,712 | $ | 63,293,609 | ||||||||||||||||
Capital Conservation | Core Equity | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,248,768 | $ | 12,653,313 | 5,107,863 | $ | 49,236,111 | 23,854 | $ | 525,637 | 107,152 | $ | 2,482,638 | ||||||||||||||||||||
Reinvested dividends | — | — | 594,812 | 5,692,352 |
| — |
|
| — |
|
| 1,552,388 |
| 31,653,198 | ||||||||||||||||||
Shares redeemed | (3,644,215 | ) | (36,969,753 | ) | (7,440,341 | ) | (71,323,663 | ) | (641,012 | ) | (13,931,521 | ) | (1,241,877 | ) | (28,683,735 | ) | ||||||||||||||||
Net increase (decrease) | (2,395,447 | ) | $ | (24,316,440 | ) | (1,737,666 | ) | $ | (16,395,200 | ) | (617,158 | ) | $ | (13,405,884 | ) | 417,663 | $ | 5,452,101 | ||||||||||||||
Dividend Value | Dynamic Allocation | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 5,191,208 | $ | 61,105,060 | 22,206,269 | $ | 265,649,445 | 211,952 | $ | 2,563,436 | 417,871 | $ | 5,030,895 | ||||||||||||||||||||
Reinvested dividends |
| — |
|
| — |
|
| 10,053,426 |
| 111,492,491 | — | — | 1,373,734 | 15,660,572 | ||||||||||||||||||
Shares redeemed | (10,660,913 | ) | (124,232,826 | ) | (14,757,947 | ) | (187,510,253 | ) | (1,942,663 | ) | (23,633,738 | ) | (4,029,619 | ) | (48,845,156 | ) | ||||||||||||||||
Net increase (decrease) | (5,469,705 | ) | $ | (63,127,766 | ) | 17,501,748 | $ | 189,631,683 | (1,730,711 | ) | $ | (21,070,302 | ) | (2,238,014 | ) | $ | (28,153,689 | ) | ||||||||||||||
Emerging Economies | Global Real Estate | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,719,014 | $ | 53,569,278 | 33,190,672 | $ | 264,302,309 | 6,728,523 | $ | 56,772,226 | 19,281,150 | $ | 149,473,543 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,612,479 | 12,932,082 | — | — | 2,105,023 | 16,229,726 | ||||||||||||||||||||||||
Shares redeemed | (16,736,260 | ) | (135,045,956 | ) | (19,981,046 | ) | (160,573,937 | ) | (4,886,093 | ) | (41,552,137 | ) | (11,341,281 | ) | (88,150,053 | ) | ||||||||||||||||
Net increase (decrease) | (10,017,246 | ) | $ | (81,476,678 | ) | 14,822,105 | $ | 116,660,454 | 1,842,430 | $ | 15,220,089 | 10,044,892 | $ | 77,553,216 | ||||||||||||||||||
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 277,609 | $ | 2,940,448 | 351,873 | $ | 4,116,856 | 124,009,364 | $ | 124,009,364 | 167,861,006 | $ | 167,861,006 | ||||||||||||||||||||
Reinvested dividends | — | — | 3,300,248 | 35,015,636 | 2,865,996 | 2,865,996 | 6,017,418 | 6,017,418 | ||||||||||||||||||||||||
Shares redeemed | (2,206,301 | ) | (23,328,614 | ) | (4,457,939 | ) | (51,758,746 | ) | (182,498,680 | ) | (182,498,680 | ) | (90,405,697 | ) | (90,405,697 | ) | ||||||||||||||||
Net increase (decrease) | (1,928,692 | ) | $ | (20,388,166 | ) | (805,818 | ) | $ | (12,626,254 | ) | (55,623,320 | ) | $ | (55,623,320 | ) | 83,472,727 | $ | 83,472,727 | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,271,843 | $ | 13,729,603 | 4,565,525 | $ | 46,513,157 | 13,867,010 | $ | 243,954,203 | 8,137,328 | $ | 145,253,247 | ||||||||||||||||||||
Reinvested dividends | — | — | 308,789 | 3,165,086 | — | — | 5,831,171 | 94,348,347 | ||||||||||||||||||||||||
Shares redeemed | (1,673,284 | ) | (17,989,552 | ) | (3,205,093 | ) | (32,918,129 | ) | (3,897,067 | ) | (68,727,002 | ) | (19,062,913 | ) | (329,315,123 | ) | ||||||||||||||||
Net increase (decrease) | (401,441 | ) | $ | (4,259,949 | ) | 1,669,221 | $ | 16,760,114 | 9,969,943 | $ | 175,227,201 | (5,094,414 | ) | $ | (89,713,529 | ) | ||||||||||||||||
Growth & Income | Health Sciences | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 536,076 | $ | 11,715,779 | 1,217,389 | $ | 27,205,841 | 292,328 | $ | 5,978,519 | 1,190,296 | $ | 25,058,429 | ||||||||||||||||||||
Reinvested dividends | — | — | 656,257 | 13,348,269 | — | — | 3,272,168 | 65,443,360 | ||||||||||||||||||||||||
Shares redeemed | (776,105 | ) | (17,089,675 | ) | (1,866,256 | ) | (41,610,511 | ) | (2,335,115 | ) | (47,698,556 | ) | (3,686,739 | ) | (77,176,462 | ) | ||||||||||||||||
Net increase (decrease) | (240,029 | ) | $ | (5,373,896 | ) | 7,390 | $ | (1,056,401 | ) | (2,042,787 | ) | $ | (41,720,037 | ) | 775,725 | $ | 13,325,327 | |||||||||||||||
Inflation Protected | International Equities Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 7,473,247 | $ | 84,584,176 | 16,916,272 | $ | 182,761,055 | 37,615,734 | $ | 266,368,561 | 31,902,509 | $ | 223,517,417 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,101,489 | 11,852,024 | — | — | 5,161,548 | 34,840,449 | ||||||||||||||||||||||||
Shares redeemed | (7,870,763 | ) | (88,604,528 | ) | (9,406,150 | ) | (102,060,226 | ) | (18,144,170 | ) | (128,596,410 | ) | (56,256,304 | ) | (397,902,631 | ) | ||||||||||||||||
Net increase (decrease) | (397,516 | ) | $ | (4,020,352 | ) | 8,611,611 | $ | 92,552,853 | 19,471,564 | $ | 137,772,151 | (19,192,247 | ) | $ | (139,544,765 | ) | ||||||||||||||||
International Government Bond | International Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 851,660 | $ | 10,338,003 | 3,793,281 | $ | 43,773,383 | 1,110,804 | $ | 12,907,652 | 3,698,069 | $ | 50,564,198 | ||||||||||||||||||||
Reinvested dividends | — | — | 271,753 | 3,136,028 | — | — | 10,157,312 | 111,324,142 | ||||||||||||||||||||||||
Shares redeemed | (3,646,493 | ) | (44,334,093 | ) | (5,753,244 | ) | (66,201,445 | ) | (2,956,421 | ) | (34,941,656 | ) | (5,469,273 | ) | (74,442,204 | ) | ||||||||||||||||
Net increase (decrease) | (2,794,833 | ) | $ | (33,996,090 | ) | (1,688,210 | ) | $ | (19,292,034 | ) | (1,845,617 | ) | $ | (22,034,004 | ) | 8,386,108 | $ | 87,446,136 | ||||||||||||||
International Socially Responsible | International Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 267,130 | $ | 7,203,941 | 332,664 | $ | 8,642,347 | 2,850,318 | $ | 27,171,404 | 5,459,443 | $ | 53,547,329 | ||||||||||||||||||||
Reinvested dividends | — | — | 260,000 | 6,661,198 | — | — | 2,232,807 | 21,077,701 | ||||||||||||||||||||||||
Shares redeemed | (748,872 | ) | (20,283,834 | ) | (2,879,170 | ) | (75,140,177 | ) | (5,741,236 | ) | (53,778,111 | ) | (12,113,394 | ) | (119,767,187 | ) | ||||||||||||||||
Net increase (decrease) | (481,742 | ) | $ | (13,079,893 | ) | (2,286,506 | ) | $ | (59,836,632 | ) | (2,890,918 | ) | $ | (26,606,707 | ) | (4,421,144 | ) | $ | (45,142,157 | ) | ||||||||||||
Large Cap Core | Large Capital Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 213,161 | $ | 2,541,181 | 568,822 | $ | 6,864,053 | 1,219,734 | $ | 20,771,648 | 2,634,276 | $ | 41,509,538 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,370,301 | 14,922,577 | — | — | 2,178,444 | 33,112,343 | ||||||||||||||||||||||||
Shares redeemed | (844,690 | ) | (10,090,274 | ) | (2,217,323 | ) | (26,317,068 | ) | (1,710,404 | ) | (29,390,590 | ) | (3,977,097 | ) | (61,468,630 | ) | ||||||||||||||||
Net increase (decrease) | (631,529 | ) | $ | (7,549,093 | ) | (278,200 | ) | $ | (4,530,438 | ) | (490,670 | ) | $ | (8,618,942 | ) | 835,623 | $ | 13,153,251 | ||||||||||||||
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Mid Cap Index | Mid Cap Strategic Growth | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 9,691,561 | $ | 243,234,950 | 9,407,600 | $ | 263,112,414 | 295,482 | $ | 4,951,634 | 880,052 | $ | 13,784,489 | ||||||||||||||||||||
Reinvested dividends | — | — | 14,163,171 | 342,040,572 | — | — | 1,803,532 | 27,034,945 | ||||||||||||||||||||||||
Shares redeemed | (6,580,467 | ) | (165,819,839 | ) | (22,836,952 | ) | (612,639,268 | ) | (785,159 | ) | (13,058,376 | ) | (1,505,933 | ) | (23,988,639 | ) | ||||||||||||||||
Net increase (decrease) | 3,111,094 | $ | 77,415,111 | 733,819 | $ | (7,486,282 | ) | (489,677 | ) | $ | (8,106,742 | ) | 1,177,651 | $ | 16,830,795 | |||||||||||||||||
Nasdaq-100® Index | Science & Technology | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 816,349 | $ | 12,644,023 | 4,330,128 | $ | 62,101,576 | 293,472 | $ | 8,225,738 | 2,418,061 | $ | 74,143,598 | ||||||||||||||||||||
Reinvested dividends | — | — | 690,698 | 9,579,982 | — | — | 10,496,113 | 267,545,909 | ||||||||||||||||||||||||
Shares redeemed | (2,636,658 | ) | (40,758,735 | ) | (3,464,310 | ) | (49,409,180 | ) | (3,260,534 | ) | (91,514,945 | ) | (4,312,130 | ) | (125,821,986 | ) | ||||||||||||||||
Net increase (decrease) | (1,820,309 | ) | $ | (28,114,712 | ) | 1,556,516 | $ | 22,272,378 | (2,967,062 | ) | $ | (83,289,207 | ) | 8,602,044 | $ | 215,867,521 | ||||||||||||||||
Small Cap Aggressive Growth | Small Cap | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 568,126 | $ | 8,397,667 | 2,338,726 | $ | 36,265,703 | 162,214 | $ | 1,778,324 | 513,787 | $ | 5,881,470 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,622,525 | 22,033,890 | — | — | 2,542,096 | 26,310,691 | ||||||||||||||||||||||||
Shares redeemed | (1,115,399 | ) | (16,365,524 | ) | (2,004,120 | ) | (30,139,059 | ) | (1,809,631 | ) | (19,922,639 | ) | (3,323,078 | ) | (37,770,243 | ) | ||||||||||||||||
Net increase (decrease) | (547,273 | ) | $ | (7,967,857 | ) | 1,957,131 | $ | 28,160,534 | (1,647,417 | ) | $ | (18,144,315 | ) | (267,195 | ) | $ | (5,578,082 | ) | ||||||||||||||
Small Cap Index | Small Cap Special Values | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 4,698,223 | $ | 93,320,823 | 5,157,787 | $ | 110,735,184 | 569,133 | $ | 6,914,906 | 1,924,460 | $ | 26,576,816 | ||||||||||||||||||||
Reinvested dividends | — | — | 5,493,639 | 106,796,337 | — | — | 2,903,343 | 33,301,346 | ||||||||||||||||||||||||
Shares redeemed | (4,432,050 | ) | (88,522,946 | ) | (13,457,398 | ) | (286,815,306 | ) | (1,878,623 | ) | (22,079,953 | ) | (6,481,787 | ) | (84,619,590 | ) | ||||||||||||||||
Net increase (decrease) | 266,173 | $ | 4,797,877 | (2,805,972 | ) | $ | (69,283,785 | ) | (1,309,490 | ) | $ | (15,165,047 | ) | (1,653,984 | ) | $ | (24,741,428 | ) | ||||||||||||||
Small-Mid Growth | Stock Index | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 224,990 | $ | 3,089,988 | 231,706 | $ | 3,180,101 | 4,194,605 | $ | 178,888,972 | 8,249,733 | $ | 334,996,625 | ||||||||||||||||||||
Reinvested dividends | — | — | 1,199,310 | 14,991,380 | — | — | 4,815,456 | 187,995,413 | ||||||||||||||||||||||||
Shares redeemed | (562,149 | ) | (7,677,541 | ) | (910,512 | ) | (12,551,330 | ) | (9,884,271 | ) | (424,128,618 | ) | (20,535,861 | ) | (833,230,100 | ) | ||||||||||||||||
Net increase (decrease) | (337,159 | ) | $ | (4,587,553 | ) | 520,504 | $ | 5,620,151 | (5,689,666 | ) | $ | (245,239,646 | ) | (7,470,672 | ) | $ | (310,238,062 | ) | ||||||||||||||
Systematic Value | Value | |||||||||||||||||||||||||||||||
For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | For the six months ended November 30, 2019 (unaudited) | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 85,425 | $ | 1,264,578 | 200,979 | $ | 3,104,021 | 120,316 | $ | 2,282,712 | 1,071,458 | $ | 19,401,702 | ||||||||||||||||||||
Reinvested dividends | — | — | 407,008 | 5,742,883 | — | — | 93,922 | 1,664,301 | ||||||||||||||||||||||||
Shares redeemed | (378,007 | ) | (5,625,372 | ) | (674,269 | ) | (10,576,174 | ) | (517,310 | ) | (9,592,775 | ) | (878,308 | ) | (15,864,320 | ) | ||||||||||||||||
Net increase (decrease) | (292,582 | ) | $ | (4,360,794 | ) | (66,282 | ) | $ | (1,729,270 | ) | (396,994 | ) | $ | (7,310,063 | ) | 287,072 | $ | 5,201,683 | ||||||||||||||
Note 7 — Expense Reductions
Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the six months ended November 30, 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.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Note 8 — Investment Concentration
Certain Funds invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value Fund.
Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the 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 six months ended November 30, 2019, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Blue Chip Growth | 2 | $ | 90 | $ | 450,000 | 3.61 | % | |||||||||
Core Equity | 13 | 204 | 65,441 | 3.37 | % | |||||||||||
Dividend Value | 6 | 2,479 | 4,360,833 | 3.56 | % | |||||||||||
Emerging Economies | 16 | 18,230 | 12,776,563 | 3.25 | % | |||||||||||
Global Real Estate | 5 | 1,483 | 3,415,000 | 3.12 | % | |||||||||||
Growth | 22 | 950 | 517,045 | 3.10 | % | |||||||||||
Growth & Income | 2 | 39 | 200,000 | 3.53 | % | |||||||||||
Inflation Protected | 6 | 1,266 | 2,241,667 | 3.38 | % | |||||||||||
International Value | 2 | 342 | 1,675,000 | 3.67 | % | |||||||||||
Mid Cap Strategic Growth | 2 | 19 | 100,000 | 3.40 | % | |||||||||||
Small Cap | 1 | 8 | 100,000 | 3.01 | % | |||||||||||
Stock Index | 40 | 22,602 | 5,977,500 | 3.64 | % | |||||||||||
Systematic Value | 7 | 73 | 110,714 | 3.39 | % |
As of November 30, 2019, the Emerging Economies Fund had an outstanding borrowing in the amount of $225,000.
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS(unaudited) —(continued)
Note 10 — Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.
For the six months ended November 30, 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 six months ended November 30, 2019, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain (Loss) | |||||||||
Blue Chip Growth | $ | 94,785 | $ | — | $ | — | ||||||
Growth | 428,445 | 1,023,824 | 129,203 | |||||||||
Health Sciences | — | 192,713 | 36,089 | |||||||||
Science & Technology | — | 725,371 | 56,615 |
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VALIC Company I
Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 12.67 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | $ | 17.12 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.07 | 0.18 | 0.16 | 0.16 | 0.23 | 0.23 | (0.02 | ) | (0.01 | ) | (0.01 | ) | 0.01 | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.46 | (0.55 | ) | 0.83 | 0.71 | (0.66 | ) | 0.53 | 2.28 | 0.86 | 4.82 | 3.46 | (0.24 | ) | 2.62 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.53 | (0.37 | ) | 0.99 | 0.87 | (0.43 | ) | 0.76 | 2.26 | 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 | $ | 10.44 | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 21.44 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 5.35 | % | (3.42 | )% | 8.91 | % | 8.35 | % | (2.16 | )% | 6.24 | % | 11.78 | % | 4.22 | % | 27.87 | % | 23.49 | % | 0.17 | % | 15.61 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | %@ | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.82 | %@ | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | %@ | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.68 | % | 0.82 | %@ | 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 | 1.32 | %@ | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | (0.18 | )%@ | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.32 | %@ | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | 1.81 | % | (0.18 | )%@ | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | (0.12 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 61 | % | 113 | % | 84 | % | 161 | % | 102 | % | 131 | % | 16 | % | 30 | % | 24 | % | 27 | % | 30 | % | 30 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,270 | 14,892 | 14,624 | 14,705 | 15,824 | 14,473 | 39,325 | 40,727 | 37,397 | 39,343 | 39,796 | 36,354 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 149,040 | $ | 147,543 | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 179,126 | $ | 843,281 | $ | 781,236 | $ | 779,336 | $ | 679,516 | $ | 615,927 | $ | 652,819 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
274 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Capital Conservation Fund | Core Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 9.84 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | $ | 18.63 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.25 | 0.20 | 0.18 | 0.18 | 0.17 | 0.13 | 0.28 | 0.26 | 0.25 | 0.21 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.28 | 0.32 | (0.29 | ) | (0.04 | ) | 0.06 | 0.10 | 2.81 | (0.16 | ) | 3.13 | 3.14 | (0.87 | ) | 1.74 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.41 | 0.57 | (0.09 | ) | 0.14 | 0.24 | 0.27 | 2.94 | 0.12 | 3.39 | 3.39 | (0.66 | ) | 1.93 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.23 | ) | (0.19 | ) | (0.23 | ) | (0.19 | ) | (0.19 | ) | – | (0.28 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | (0.03 | ) | (0.01 | ) | (0.02 | ) | – | – | (2.86 | ) | (1.85 | ) | (0.74 | ) | – | – | ||||||||||||||||||||||||||||||
Total distributions | – | (0.23 | ) | (0.22 | ) | (0.24 | ) | (0.21 | ) | (0.19 | ) | – | (3.14 | ) | (2.13 | ) | (0.98 | ) | (0.21 | ) | (0.18 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 10.29 | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 23.10 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 4.15 | % | 6.10 | % | (0.94 | )% | 1.45 | % | 2.47 | % | 2.76 | % | 14.58 | % | 0.35 | % | 15.42 | % | 17.48 | % | (3.07 | )% | 10.41 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.63 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | 0.74 | %@ | 0.74 | % | 0.77 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.63 | %@ | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.63 | % | 0.92 | %@ | 0.92 | % | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||||||
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) | 2.46 | %@ | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 1.17 | %@ | 1.20 | % | 1.10 | % | 1.19 | % | 1.11 | % | 0.94 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.46 | %@ | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.72 | % | 0.99 | %@ | 1.02 | % | 0.94 | % | 1.06 | % | 0.99 | % | 0.82 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 30 | % | 72 | % | 53 | % | 56 | % | 71 | % | 193 | % | 15 | % | 29 | % | 50 | % | 36 | % | 41 | % | 40 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 22,596 | 24,991 | 26,729 | 23,866 | 23,716 | 25,822 | 10,711 | 11,329 | 10,911 | 11,023 | 11,771 | 13,047 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 232,511 | $ | 246,896 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 256,043 | $ | 247,419 | $ | 228,409 | $ | 252,961 | $ | 241,647 | $ | 229,637 | $ | 265,955 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
275 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Dividend Value Fund | Dynamic Allocation Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 13.23 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | $ | 11.93 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.29 | 0.26 | 0.25 | 0.31 | 0.28 | 0.04 | 0.17 | 0.12 | 0.15 | 0.17 | 0.16 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.38 | (0.27 | ) | 0.74 | 1.62 | (0.24 | ) | 0.85 | 1.07 | 0.00 | 1.00 | 1.13 | (0.79 | ) | 0.32 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.52 | 0.02 | 1.00 | 1.87 | 0.07 | 1.13 | 1.11 | 0.17 | 1.12 | 1.28 | (0.62 | ) | 0.48 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.32 | ) | (0.28 | ) | – | (0.15 | ) | (0.16 | ) | (0.22 | ) | (0.22 | ) | (0.17 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.37 | ) | (0.46 | ) | (1.07 | ) | (1.44 | ) | (0.85 | ) | – | (0.73 | ) | (0.50 | ) | (0.08 | ) | (0.44 | ) | (0.20 | ) | ||||||||||||||||||||||||||
Total distributions | – | (1.61 | ) | (0.70 | ) | (1.32 | ) | (1.76 | ) | (1.13 | ) | – | (0.88 | ) | (0.66 | ) | (0.30 | ) | (0.66 | ) | (0.37 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.32 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 12.60 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 14.07 | % | (0.17 | )% | 8.14 | % | 16.51 | % | 2.20 | % | 8.69 | % | 9.66 | % | 1.47 | % | 9.45 | % | 11.98 | % | (4.70 | )% | 4.04 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.78 | %@ | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.82 | % | 0.32 | %@ | 0.32 | % | 0.31 | % | 0.31 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | %@ | 0.81 | % | 0.81 | % | 0.83 | % | 0.83 | % | 0.82 | % | 0.32 | %@ | 0.32 | % | 0.31 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.40 | %@ | 2.40 | % | 2.06 | % | 2.13 | % | 2.55 | % | 2.06 | % | 0.64 | %@ | 1.36 | % | 0.97 | % | 1.30 | % | 1.50 | % | 1.33 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.36 | %@ | 2.40 | % | 2.06 | % | 2.12 | % | 2.54 | % | 2.05 | % | 0.63 | %@ | 1.35 | % | 0.96 | % | 1.30 | % | 1.51 | % | 1.33 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 29 | % | 46 | % | 54 | % | 41 | % | 45 | % | 35 | % | 5 | % | 11 | % | 15 | % | 14 | % | 20 | % | 31 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 83,380 | 88,850 | 71,348 | 66,882 | 50,727 | 48,504 | 16,015 | 17,745 | 19,983 | 21,173 | 23,095 | 22,646 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,027,269 | $ | 959,714 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 641,719 | $ | 201,735 | $ | 203,843 | $ | 243,832 | $ | 248,630 | $ | 248,446 | $ | 272,705 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
276 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Emerging Economies Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.12 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | $ | 8.58 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.18 | 0.16 | 0.13 | 0.13 | 0.18 | 0.09 | 0.17 | 0.18 | 0.16 | 0.18 | 0.21 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.42 | (1.22 | ) | 0.92 | 1.74 | (1.61 | ) | (0.30 | ) | 0.48 | 0.44 | 0.28 | 0.21 | (0.14 | ) | 0.28 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.56 | (1.04 | ) | 1.08 | 1.87 | (1.48 | ) | (0.12 | ) | 0.57 | 0.61 | 0.46 | 0.37 | 0.04 | 0.49 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | – | (0.29 | ) | (0.31 | ) | (0.34 | ) | (0.26 | ) | (0.23 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | (0.10 | ) | (0.42 | ) | (0.36 | ) | (0.24 | ) | ||||||||||||||||||||||||||||||||
Total distributions | – | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.16 | ) | – | (0.29 | ) | (0.41 | ) | (0.76 | ) | (0.62 | ) | (0.47 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 8.27 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.57 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 7.26 | % | (11.75 | )% | 13.50 | % | 30.41 | % | (18.60 | )% | (1.35 | )% | 7.13 | % | 8.10 | % | 6.19 | % | 4.98 | % | 1.53 | % | 5.61 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.91 | %@ | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | 0.85 | %@ | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | %@ | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.94 | % | 0.85 | %@ | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 3.47 | %@ | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.15 | %@ | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 3.47 | %@ | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 2.23 | % | 2.15 | %@ | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | 2.46 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 29 | % | 72 | % | 53 | % | 69 | % | 64 | % | 65 | % | 28 | % | 44 | % | 50 | % | 47 | % | 71 | % | 44 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 96,680 | 106,698 | 91,875 | 89,332 | 83,618 | 82,682 | 59,201 | 57,358 | 47,313 | 50,730 | 61,190 | 59,795 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 799,336 | $ | 823,071 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 648,339 | $ | 507,609 | $ | 458,620 | $ | 363,223 | $ | 387,137 | $ | 490,714 | $ | 514,347 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
277 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 14.12 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.36 | 0.44 | 0.35 | 0.33 | 0.27 | 0.30 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.15 | (1.02 | ) | 0.20 | 1.14 | (1.80 | ) | (0.03 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.51 | (0.58 | ) | 0.55 | 1.47 | (1.53 | ) | 0.27 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.26 | ) | – | (0.10 | ) | (0.72 | ) | (0.37 | ) | (0.01 | ) | (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 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||||||
Net asset value at end of period | $ | 10.75 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 4.98 | % | (5.19 | )% | 4.72 | % | 14.16 | % | (10.23 | )% | 2.14 | % | 0.79 | % | 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 | %@ | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.51 | %@ | 0.51 | % | 0.51 | % | 0.45 | % | 0.26 | % | 0.14 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | %@ | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.51 | %@ | 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 | % | 0.00 | % | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 6.76 | %@ | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 1.58 | %@ | 1.70 | % | 0.71 | % | 0.08 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 6.76 | %@ | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 2.20 | % | 1.58 | %@ | 1.70 | % | 0.71 | % | (0.00 | )% | (0.24 | )% | (0.36 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 20 | % | 30 | % | 30 | % | 35 | % | 26 | % | 28 | % | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 29,686 | 31,615 | 32,421 | 36,070 | 41,208 | 37,891 | 339,572 | 395,196 | 311,723 | 330,780 | 343,490 | 343,881 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 319,154 | $ | 323,702 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 514,564 | $ | 339,561 | $ | 395,183 | $ | 311,708 | $ | 330,783 | $ | 343,490 | $ | 343,363 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
278 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 10.73 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | $ | 16.76 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.23 | 0.23 | 0.21 | 0.22 | 0.22 | 0.02 | 0.06 | 0.07 | 0.10 | 0.12 | 0.10 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.18 | 0.37 | (0.37 | ) | (0.18 | ) | 0.08 | 0.11 | 2.25 | 0.38 | 3.02 | 2.56 | (0.52 | ) | 1.67 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.30 | 0.60 | (0.14 | ) | 0.03 | 0.30 | 0.33 | 2.27 | 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 | $ | 10.87 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 18.62 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.84 | % | 5.98 | % | (1.32 | )% | 0.35 | % | 2.74 | % | 3.07 | % | 13.88 | % | 2.65 | % | 20.60 | % | 20.48 | % | (0.63 | )% | 10.89 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.66 | %@ | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.72 | %@ | �� | 0.74 | % | 0.74 | % | 0.76 | % | 0.79 | % | 0.80 | % | |||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | %@ | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.81 | %@ | 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) | 2.15 | %@ | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 0.25 | %@ | 0.34 | % | 0.42 | % | 0.71 | % | 0.78 | % | 0.60 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.15 | %@ | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 2.01 | % | 0.16 | %@ | 0.29 | % | 0.37 | % | 0.66 | % | 0.77 | % | 0.60 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 3 | % | 17 | % | 3 | % | 15 | % | 17 | % | 7 | % | 180 | % | 60 | % | 58 | % | 71 | % | 102 | % | 99 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,158 | 13,559 | 11,890 | 13,689 | 14,278 | 14,967 | 74,155 | 64,185 | 69,279 | 66,758 | 70,537 | 62,664 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 142,959 | $ | 143,372 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 161,977 | $ | 1,380,440 | $ | 1,049,181 | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 | $ | 1,027,988 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
279 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Growth & Income Fund | Health Sciences Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 17.74 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 21.10 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.10 | 0.21 | 0.19 | 0.20 | 0.20 | 0.20 | (0.03 | ) | (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.09 | ) | (0.14 | ) | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.96 | 0.43 | 2.34 | 2.94 | (0.34 | ) | 1.94 | 3.09 | 0.72 | 3.86 | 1.80 | (3.83 | ) | 9.66 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 3.06 | 0.64 | 2.53 | 3.14 | (0.14 | ) | 2.14 | 3.06 | 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 | $ | 23.41 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | $ | 22.41 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 15.04 | % | 2.87 | % | 12.17 | % | 17.22 | % | 0.08 | % | 12.11 | % | 15.81 | % | 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 | % | 0.85 | % | 1.05 | %@ | 1.05 | % | 1.06 | % | 1.07 | % | 1.06 | % | 1.09 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | %@ | 0.92 | % | 0.90 | % | 0.91 | % | 0.91 | % | 0.90 | % | 1.08 | %@ | 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 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.95 | %@ | 0.95 | % | 0.88 | % | 1.03 | % | 1.08 | % | 1.05 | % | (0.34 | )%@ | (0.14 | )% | (0.23 | )% | (0.21 | )% | (0.40 | )% | (0.59 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.88 | %@ | 0.88 | % | 0.83 | % | 0.97 | % | 1.02 | % | 1.00 | % | (0.37 | )%@ | (0.18 | )% | (0.27 | )% | (0.23 | )% | (0.43 | )% | (0.59 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 22 | % | 44 | % | 43 | % | 34 | % | 33 | % | 38 | % | 20 | % | 33 | % | 44 | % | 30 | % | 31 | % | 26 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 5,534 | 5,774 | 5,767 | 5,822 | 6,176 | 6,180 | 36,316 | 38,358 | 37,583 | 36,215 | 40,409 | 34,776 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 129,536 | $ | 117,501 | $ | 128,172 | $ | 120,515 | $ | 113,885 | $ | 121,742 | $ | 813,661 | $ | 742,072 | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 939,311 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
280 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Inflation Protected Fund | International Equities Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | �� | 2015 | ||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 11.33 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 7.44 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.24 | 0.26 | 0.25 | 0.15 | 0.12 | 0.06 | 0.19 | 0.19 | 0.17 | 0.16 | 0.19 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.17 | 0.14 | (0.14 | ) | 0.10 | (0.16 | ) | (0.30 | ) | 0.57 | (0.62 | ) | 0.35 | 0.81 | (0.89 | ) | (0.25 | ) | ||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.30 | 0.38 | 0.12 | 0.35 | (0.01 | ) | (0.18 | ) | 0.63 | (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 | $ | 11.37 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | $ | 7.37 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 2.71 | % | 3.51 | % | 1.11 | % | 3.29 | % | (0.09 | )% | (1.57 | )% | 9.35 | % | (5.81 | )% | 7.63 | % | 15.98 | % | (9.99 | )% | (0.57 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.56 | %@ | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.42 | %@ | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.44 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.56 | %@ | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | 0.58 | % | 0.42 | %@ | 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) | 2.28 | %@ | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 1.76 | %@ | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.28 | %@ | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | 1.12 | % | 1.76 | %@ | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.62 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 16 | % | 42 | % | 34 | % | 42 | % | 33 | % | 33 | % | 2 | % | 15 | % | 17 | % | 11 | % | 4 | % | 40 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 62,911 | 63,309 | 54,697 | 57,066 | 42,345 | 44,644 | 174,134 | 154,662 | 173,854 | 155,797 | 159,381 | 151,718 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 715,589 | $ | 700,574 | $ | 595,043 | $ | 631,552 | $ | 455,830 | $ | 487,477 | $ | 1,283,612 | $ | 1,041,727 | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 1,081,174 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
281 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Government Bond Fund | International Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.24 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 14.14 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.28 | 0.24 | 0.24 | 0.27 | 0.32 | 0.00 | 0.04 | 0.08 | 0.14 | 0.15 | 0.16 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.23 | 0.09 | (0.20 | ) | 0.04 | 0.23 | (0.98 | ) | 1.34 | (0.19 | ) | 2.29 | 1.45 | (1.58 | ) | 0.17 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.37 | 0.37 | 0.04 | 0.28 | 0.50 | (0.66 | ) | 1.34 | (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 | $ | 12.19 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | $ | 12.69 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 3.13 | % | 3.26 | % | 0.32 | % | 2.45 | % | 4.61 | % | (5.43 | )% | 11.81 | % | (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 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 0.85 | %@ | 0.89 | % | 0.98 | % | 1.01 | % | 1.01 | % | 1.01 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.65 | %@ | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | 0.65 | % | 1.05 | %@ | 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) | 2.27 | %@ | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | 0.07 | %@ | 0.30 | % | 0.58 | % | 1.15 | % | 1.21 | % | 1.15 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.27 | %@ | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | 2.69 | % | (0.13 | )%@ | 0.10 | % | 0.47 | % | 1.06 | % | 1.16 | % | 1.11 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 45 | % | 94 | % | 95 | % | 70 | % | 95 | % | 43 | % | 6 | % | 35 | % | 130 | % | 39 | % | 36 | % | 44 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,392 | 17,187 | 18,875 | 15,879 | 17,601 | 15,220 | 39,247 | 41,093 | 32,707 | 33,688 | 44,791 | 43,817 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 175,399 | $ | 203,184 | $ | 219,748 | $ | 185,943 | $ | 201,253 | $ | 171,312 | $ | 497,876 | $ | 466,362 | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 621,387 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
282 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
International Socially Responsible Fund* | International Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 21.00 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.44 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.19 | 0.44 | 0.37 | 0.32 | 0.34 | 0.35 | 0.11 | 0.20 | 0.21 | 0.20 | 0.18 | 0.20 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.35 | (0.29 | ) | 2.52 | 2.84 | (1.02 | ) | 1.20 | 0.67 | (1.66 | ) | 0.13 | 1.75 | (1.64 | ) | (0.94 | ) | |||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.54 | 0.15 | 2.89 | 3.16 | (0.68 | ) | 1.55 | 0.78 | (1.46 | ) | 0.34 | 1.95 | (1.46 | ) | (0.74 | ) | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | – | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||||||||
Total distributions | – | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | (0.44 | ) | – | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.26 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 28.45 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | $ | 9.71 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.80 | % | 0.57 | % | 12.16 | % | 15.15 | % | (2.83 | )% | 7.45 | % | 8.73 | % | (13.83 | )% | 3.19 | % | 22.36 | % | (13.72 | )% | (6.23 | )% | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.62 | %@ | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.72 | %@ | 0.77 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.62 | %@ | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | 0.62 | % | 0.79 | %@ | 0.82 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.79 | % | ||||||||||||||||||||||||
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) | 1.42 | %@ | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.38 | %@ | 1.97 | % | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.42 | %@ | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | 1.63 | % | 2.31 | %@ | 1.92 | % | 1.93 | % | 2.04 | % | 1.97 | % | 1.90 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 62 | % | 2 | % | 5 | % | 23 | % | 0 | % | 88 | % | 20 | % | 136 | % | 30 | % | 40 | % | 21 | % | 31 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,563 | 14,044 | 16,331 | 17,515 | 17,949 | 19,139 | 74,192 | 77,083 | 81,504 | 83,103 | 93,244 | 94,932 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 385,871 | $ | 363,818 | $ | 428,452 | $ | 416,564 | $ | 377,114 | $ | 423,242 | $ | 720,314 | $ | 688,485 | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 990,964 |
* | See Note 1 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
283 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Large Cap Core Fund | Large Capital Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 14.25 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 13.97 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.06 | 0.12 | 0.11 | 0.12 | 0.12 | 0.11 | 0.04 | 0.13 | 0.10 | 0.10 | 0.09 | 0.11 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.56 | 0.23 | 0.98 | 1.44 | (0.25 | ) | 1.84 | 2.51 | 1.71 | 2.09 | 1.87 | 0.04 | 1.35 | |||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.62 | 0.35 | 1.09 | 1.56 | (0.13 | ) | 1.95 | 2.55 | 1.84 | 2.19 | 1.97 | 0.13 | 1.46 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.11 | ) | (0.12 | ) | (0.11 | ) | (0.45 | ) | (0.16 | ) | – | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.11 | ) | (0.08 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (0.94 | ) | (0.62 | ) | (0.87 | ) | (2.39 | ) | (2.30 | ) | – | (1.07 | ) | (0.75 | ) | (0.43 | ) | (0.56 | ) | (2.60 | ) | ||||||||||||||||||||||||||
Total distributions | – | (1.05 | ) | (0.74 | ) | (0.98 | ) | (2.84 | ) | (2.46 | ) | – | (1.17 | ) | (0.84 | ) | (0.52 | ) | (0.67 | ) | (2.68 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 12.62 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | $ | 18.23 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 14.73 | % | 3.11 | % | 9.46 | % | 14.97 | % | 1.84 | % | 14.34 | % | 16.26 | % | 12.50 | % | 16.00 | % | 16.50 | % | 1.73 | % | 11.01 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.84 | %@ | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.84 | %@ | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | 0.83 | % | 0.75 | %@ | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | – | – | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.98 | %@ | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 0.45 | %@ | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.98 | %@ | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | 0.75 | % | 0.45 | %@ | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 0.83 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 21 | % | 56 | % | 59 | % | 54 | % | 53 | % | 64 | % | 12 | % | 26 | % | 21 | % | 23 | % | 24 | % | 26 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 14,498 | 15,130 | 15,408 | 15,120 | 15,240 | 13,111 | 29,958 | 30,448 | 29,613 | 30,427 | 32,186 | 33,071 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 182,960 | $ | 166,428 | $ | 180,349 | $ | 171,627 | $ | 164,060 | $ | 180,201 | $ | 546,029 | $ | 477,301 | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 421,567 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
284 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Mid Cap Index Fund | Mid Cap Strategic Growth Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 27.24 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 15.99 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.32 | 0.35 | 0.30 | 0.32 | 0.32 | (0.00 | ) | 0.00 | 0.01 | 0.02 | 0.00 | (0.03 | ) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.59 | (1.86 | ) | 3.45 | 3.91 | (1.06 | ) | 2.86 | 1.93 | 1.13 | 2.66 | 2.24 | (0.82 | ) | 1.83 | |||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.77 | (1.54 | ) | 3.80 | 4.21 | (0.74 | ) | 3.18 | 1.93 | 1.13 | 2.67 | 2.26 | (0.82 | ) | 1.80 | |||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.34 | ) | (0.29 | ) | – | (0.00 | ) | (0.01 | ) | – | – | – | |||||||||||||||||||||||||||||
Net realized gain on securities | – | (2.61 | ) | (1.87 | ) | (2.31 | ) | (2.57 | ) | (1.61 | ) | – | (1.49 | ) | (0.73 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | ||||||||||||||||||||||||||
Total distributions | – | (2.98 | ) | (2.19 | ) | (2.65 | ) | (2.91 | ) | (1.90 | ) | – | (1.49 | ) | (0.74 | ) | (0.92 | ) | (1.95 | ) | (2.44 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 26.29 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | $ | 17.42 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.78 | % | (5.76 | )% | 14.51 | %�� | 16.94 | % | (0.69 | )% | 11.92 | % | 12.46 | % | 7.45 | % | 19.17 | % | 18.43 | % | (2.91 | )% | 11.60 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.36 | %@ | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.80 | %@ | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.36 | %@ | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.80 | %@ | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.81 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.45 | %@ | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | (0.00 | )%@ | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.45 | %@ | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | 1.15 | % | (0.00 | )%@ | | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | (0.21 | )% | |||||||||||||||||||||||
Portfolio turnover rate | 6 | % | 14 | % | 15 | % | 14 | % | 15 | % | 13 | % | 11 | % | 31 | % | 40 | % | 38 | % | 95 | % | 47 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 126,311 | 123,200 | 122,466 | 128,379 | 119,786 | 116,969 | 19,092 | 19,581 | 18,404 | 18,691 | 19,764 | 18,777 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 3,320,307 | $ | 2,897,313 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 | $ | 3,335,644 | $ | 332,586 | $ | 303,288 | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 288,138 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
285 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Nasdaq-100® Index Fund | Science & Technology Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 8.71 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 24.83 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.12 | 0.06 | 0.07 | 0.08 | 0.07 | 0.01 | (0.10 | ) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.52 | 0.26 | 2.48 | 2.73 | (0.02 | ) | 1.79 | 3.69 | 0.94 | 7.89 | 6.56 | (0.71 | ) | 4.70 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.56 | 0.38 | 2.54 | 2.80 | 0.06 | 1.86 | 3.70 | 0.84 | 7.80 | 6.55 | (0.73 | ) | 4.67 | |||||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | (0.09 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (0.21 | ) | (0.61 | ) | (0.53 | ) | (0.43 | ) | (0.12 | ) | – | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | ||||||||||||||||||||||||||
Total distributions | – | (0.27 | ) | (0.68 | ) | (0.61 | ) | (0.50 | ) | (0.21 | ) | – | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (2.82 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 16.64 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | $ | 29.65 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 18.18 | % | 2.76 | % | 20.94 | % | 28.88 | % | 1.18 | % | 21.42 | % | 14.26 | % | 3.04 | % | 30.08 | % | 31.82 | % | 0.39 | % | 19.52 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.53 | %@ | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.97 | %@ | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.53 | %@ | 0.54 | % | 0.54 | % | 0.55 | % | 0.56 | % | 0.54 | % | 0.97 | %@ | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.98 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.51 | %@ | 0.85 | % | 0.49 | % | 0.67 | % | 0.80 | % | 0.72 | % | 0.08 | %@ | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.51 | %@ | 0.84 | % | 0.48 | % | 0.66 | % | 0.78 | % | 0.71 | % | 0.08 | %@ | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.12 | )% | ||||||||||||||||||||||||
Portfolio turnover rate | 2 | % | 6 | % | 3 | % | 4 | % | 8 | % | 7 | % | 37 | % | 89 | % | 84 | % | 92 | % | 107 | % | 101 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 33,627 | 35,447 | 33,891 | 32,558 | 32,164 | 31,854 | 50,699 | 53,666 | 45,064 | 43,461 | 43,694 | 38,035 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 559,590 | $ | 499,269 | $ | 473,513 | $ | 394,400 | $ | 319,222 | $ | 330,077 | $ | 1,503,158 | $ | 1,392,834 | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 1,014,902 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
286 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Aggressive Growth Fund | Small Cap Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 14.12 | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 15.00 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.05 | ) | (0.09 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | (0.06 | ) | 0.02 | 0.05 | 0.05 | 0.03 | 0.04 | 0.02 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.36 | (0.13 | ) | 4.68 | 2.67 | (2.61 | ) | 4.01 | 1.20 | (0.27 | ) | 1.97 | 1.58 | (1.17 | ) | 1.55 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.31 | (0.22 | ) | 4.59 | 2.63 | (2.64 | ) | 3.95 | 1.22 | (0.22 | ) | 2.02 | 1.61 | (1.13 | ) | 1.57 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | – | ||||||||||||||||||||||||||||||||
Net realized gain on securities | – | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | – | (0.97 | ) | (2.03 | ) | (0.94 | ) | (2.06 | ) | (2.39 | ) | ||||||||||||||||||||||||||
Total distributions | – | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | (3.51 | ) | – | (1.02 | ) | (2.07 | ) | (0.98 | ) | (2.09 | ) | (2.39 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.37 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | $ | 11.52 | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 9.32 | % | (0.89 | )% | 37.58 | % | 26.17 | % | (16.21 | )% | 30.24 | % | 11.84 | % | (1.94 | )% | 17.95 | % | 14.64 | % | (5.20 | )% | 11.10 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.99 | %@ | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.93 | %@ | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.99 | %@ | 1.00 | % | 1.00 | % | 1.02 | % | 1.01 | % | 1.01 | % | 1.02 | %@ | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | % | 1.00 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.00 | % | – | – | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | (0.69 | )%@ | (0.61 | )% | (0.61 | )% | (0.33 | )% | (0.24 | )% | (0.42 | )% | 0.35 | %@ | 0.33 | % | 0.40 | % | 0.27 | % | 0.29 | % | 0.15 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net | (0.69 | )%@ | (0.63 | )% | (0.62 | )% | (0.36 | )% | (0.26 | )% | (0.44 | )% | 0.26 | %@ | 0.23 | % | 0.31 | % | 0.18 | % | 0.21 | % | 0.08 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 48 | % | 94 | % | 74 | % | 82 | % | 101 | % | 94 | % | 9 | % | 25 | % | 25 | % | 82 | % | 29 | % | 32 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 10,970 | 11,517 | 9,560 | 9,176 | 10,084 | 7,959 | 25,922 | 27,569 | 27,836 | 26,815 | 27,431 | 24,990 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 168,628 | $ | 161,912 | $ | 157,170 | $ | 112,391 | $ | 102,540 | $ | 115,869 | $ | 298,706 | $ | 284,018 | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 354,294 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
287 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small Cap Index Fund | Small Cap Special Values Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 20.40 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 13.87 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.11 | 0.22 | 0.22 | 0.21 | 0.24 | 0.24 | 0.08 | 0.12 | 0.15 | 0.19 | 0.16 | 0.18 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.04 | (2.25 | ) | 3.85 | 3.43 | (1.86 | ) | 1.99 | 1.31 | (1.02 | ) | 1.84 | 1.97 | (0.24 | ) | 0.92 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.15 | (2.03 | ) | 4.07 | 3.64 | (1.62 | ) | 2.23 | 1.39 | (0.90 | ) | 1.99 | 2.16 | (0.08 | ) | 1.10 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | (0.23 | ) | – | (0.17 | ) | (0.18 | ) | (0.14 | ) | (0.21 | ) | (0.14 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.78 | ) | (1.27 | ) | (1.09 | ) | (1.45 | ) | (1.17 | ) | – | (1.63 | ) | (1.14 | ) | (0.90 | ) | (1.40 | ) | (1.09 | ) | ||||||||||||||||||||||||||
Total distributions | – | (2.02 | ) | (1.49 | ) | (1.32 | ) | (1.70 | ) | (1.40 | ) | – | (1.80 | ) | (1.32 | ) | (1.04 | ) | (1.61 | ) | (1.23 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 20.91 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | $ | 12.53 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 11.46 | % | (9.23 | )% | 20.42 | % | 20.25 | % | (6.05 | )% | 11.23 | % | 12.48 | % | (6.88 | )% | 15.39 | % | 17.65 | % | 1.49 | % | 8.16 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.41 | %@ | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.87 | %@ | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.41 | %@ | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | 0.40 | % | 0.87 | %@ | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.87 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | 0.00 | %@ | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.15 | %@ | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.34 | %@ | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.15 | %@ | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | 1.15 | % | 1.34 | %@ | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | 1.23 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 10 | % | 16 | % | 17 | % | 12 | % | 13 | % | 14 | % | 17 | % | 33 | % | 37 | % | 46 | % | 74 | % | 52 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 54,211 | 53,944 | 56,750 | 59,190 | 55,029 | 52,734 | 18,767 | 20,076 | 21,730 | 21,453 | 19,831 | 17,394 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,133,277 | $ | 1,012,040 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 | $ | 1,119,463 | $ | 235,085 | $ | 223,576 | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 238,986 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
288 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Small-Mid Growth Fund | Stock Index Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 14.54 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 34.65 | ||||||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | (0.06 | ) | 0.35 | 0.72 | 0.63 | 0.61 | 0.63 | 0.62 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.81 | 0.84 | 2.43 | 1.34 | (1.07 | ) | 2.72 | 5.58 | 0.62 | 4.49 | 4.96 | (0.59 | ) | 3.29 | ||||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.80 | 0.81 | 2.40 | 1.31 | (1.11 | ) | 2.66 | 5.93 | 1.34 | 5.12 | 5.57 | 0.04 | 3.91 | |||||||||||||||||||||||||||||||||||
Distributions from: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | (0.64 | ) | (0.67 | ) | (0.57 | ) | (0.89 | ) | (0.60 | ) | |||||||||||||||||||||||||||||||
Net realized gain on securities | – | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | – | (0.92 | ) | (1.46 | ) | (1.67 | ) | (2.61 | ) | (1.36 | ) | ||||||||||||||||||||||||||
Total distributions | – | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | (3.63 | ) | – | (1.56 | ) | (2.13 | ) | (2.24 | ) | (3.50 | ) | (1.96 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 14.59 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | $ | 45.17 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 14.07 | % | 6.17 | % | 20.07 | % | 11.94 | % | (6.27 | )% | 19.75 | % | 15.11 | % | 3.43 | % | 13.99 | % | 17.08 | % | 1.38 | % | 11.41 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.94 | %@ | 0.93 | % | 0.95 | % | 1.00 | % | 1.00 | % | 1.00 | % | 0.32 | %@ | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.01 | %@ | 1.00 | % | 1.01 | % | 1.01 | % | 1.00 | % | 1.00 | % | 0.33 | %@ | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.34 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | – | – | – | 0.01 | % | 0.01 | % | – | – | – | – | – | – | |||||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.15 | )%@ | (0.23 | )% | (0.21 | )% | (0.26 | )% | (0.33 | )% | (0.41 | )% | 1.65 | %@ | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.22 | )%@ | (0.30 | )% | (0.27 | )% | (0.27 | )% | (0.33 | )% | (0.41 | )% | 1.64 | %@ | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 1.68 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 39 | % | 77 | % | 62 | % | 61 | % | 64 | % | 55 | % | 2 | % | 4 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 8,745 | 9,083 | 8,562 | 8,994 | 9,812 | 9,713 | 112,484 | 118,173 | 125,644 | 124,560 | 124,483 | 123,499 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 127,557 | $ | 116,197 | $ | 118,522 | $ | 107,389 | $ | 110,230 | $ | 131,771 | $ | 5,080,448 | $ | 4,637,546 | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 4,519,626 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
289 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS —(continued)
Systematic Value Fund* | Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended November 30, 2019# | Year Ended May 31, | Six Months Ended November 30, 2019# | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 15.19 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | $ | 14.18 | ||||||||||||||||||||||||
Income (loss) from investment operations: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.34 | 0.20 | 0.24 | 0.22 | 0.21 | 0.15 | 0.29 | 0.26 | 0.25 | 0.26 | 0.21 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.70 | (0.61 | ) | 1.45 | 2.16 | (1.11 | ) | 1.38 | 2.13 | (0.41 | ) | 1.27 | 1.72 | (0.57 | ) | 1.29 | ||||||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.82 | (0.27 | ) | 1.65 | 2.40 | (0.89 | ) | 1.59 | 2.28 | (0.12 | ) | 1.53 | 1.97 | (0.31 | ) | 1.50 | ||||||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.26 | ) | – | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||||||||
Net realized gain on securities | – | (1.49 | ) | (1.10 | ) | (0.49 | ) | (0.96 | ) | (0.49 | ) | – | – | – | – | – | – | |||||||||||||||||||||||||||||||
Total distributions | – | (1.71 | ) | (1.38 | ) | (0.73 | ) | (1.17 | ) | (0.75 | ) | – | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||||||||
Net asset value at end of period | $ | 15.75 | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 19.78 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | ||||||||||||||||||||||||
TOTAL RETURN(a) | 13.07 | % | (1.84 | )% | 10.34 | % | 17.25 | % | (4.47 | )% | 10.70 | % | 13.03 | % | (0.71 | )% | 9.15 | % | 13.22 | % | (1.80 | )% | 10.65 | % | ||||||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.80 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | %@ | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.22 | %@ | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.93 | %@ | 0.94 | % | 0.94 | % | 0.94 | % | 0.93 | % | 0.93 | % | ||||||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.00 | %@ | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.59 | %@ | 2.14 | % | 1.20 | % | 1.57 | % | 1.49 | % | 1.33 | % | 1.61 | %@ | 1.63 | % | 1.47 | % | 1.54 | % | 1.78 | % | 1.33 | % | ||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.17 | %@ | 2.06 | % | 1.13 | % | 1.49 | % | 1.42 | % | 1.26 | % | 1.52 | %@ | 1.53 | % | 1.38 | % | 1.46 | % | 1.69 | % | 1.25 | % | ||||||||||||||||||||||||
Portfolio turnover rate | 119 | % | 28 | % | 24 | % | 20 | % | 26 | % | 23 | % | 18 | % | 46 | % | 19 | % | 15 | % | 15 | % | 16 | % | ||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,383 | 3,676 | 3,742 | 3,603 | 4,104 | 3,906 | 6,352 | 6,749 | 6,461 | 6,640 | 7,241 | 7,559 | ||||||||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 53,265 | $ | 51,212 | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 62,619 | $ | 125,660 | $ | 118,127 | $ | 115,474 | $ | 110,333 | $ | 108,136 | $ | 116,875 |
* | See Note 1 |
# | Unaudited |
@ | Annualized |
(a) | Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC Company I Systematic Value Fund Approval of Subadvisory Agreement
At anin-person meeting held on July8-9, 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 InvestmentSub-Advisory Agreement (the“Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Wellington Management Company LLP (“Wellington”) with respect to the Systematic Value Fund (the “Fund,” and formerly known as the Broad Cap Value Income Fund). In connection with the approval of theSub-Advisory Agreement with Wellington, the Board approved the termination of the existing InvestmentSub-Advisory Agreement between VALIC and the Fund’s priorsub-adviser, Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) with respect to the Fund.
In connection with the approval of theSub-Advisory Agreement, 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 theSub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Wellington; (2) thesub-advisory fees proposed to be charged in connection with Wellington’s management of the Fund, compared tosub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Subadvisory 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 back-tested performance of a hypothetical comparable portfolio managed by Wellington; (4) the costs of services and the benefits potentially to be derived by Wellington; (5) whether the Fund will benefit from possible economies of scale from engaging Wellington; (6) information regarding Wellington’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposedSub-Advisory Agreement.
In considering whether to approve theSub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from Wellington who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of theSub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Wellington. The Board reviewed information provided by Wellington relating to its operations and personnel. The Board also noted that Wellington’s management of the Fund will be subject to the oversight of the VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by Wellington. In this regard, the Board took into account its familiarity with Wellington, which is asub-adviser to other VC I funds. The Board noted that Wellington 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 Wellington, subject to its control, direction, and supervision, which may include affiliated brokers or dealers; (iv) keep records adequately demonstrating compliance with its obligations under theSub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board considered Wellington’s history and investment experience as well as information regarding the qualifications, background and responsibilities of Wellington’s investment personnel who would provide services to the Fund. The Board also reviewed Wellington’s brokerage practices. The Board also noted that it received information on Wellington’s financial condition and the compliance function of Wellington. The Board also considered Wellington’s risk management processes and regulatory history, including information regarding whether it was involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.
The Board concluded that the scope and quality of thesub-advisory services to be provided by Wellington were expected to be satisfactory and that there was a reasonable basis to conclude that Wellington would provide a high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board noted that thesub-advisory fee rate payable with respect to Fund would decline as a result of the change insub-adviser. The Board considered information received regarding thesub-advisory fees paid with respect to the Fund forsub-advisory services compared against thesub-advisory fees of the funds in the Fund’s Subadvisory Expense Group/Universe. The Board noted that VALIC negotiated thesub-advisory fee with Wellington at arm’s length.
The Board also considered that thesub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that thesub-advisory fees are not paid by the Fund, and thatsub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and VC I under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of Wellington will, therefore, result in a reduction to the management fee paid by the Fund to VALIC.
The Board considered that the proposedsub-advisory fee payable to Wellington is below the medians of the Fund’sSub-advisory Expense Group/Universe, while the currentsub-advisory fee rate was above the medians of the Fund’sSub-advisory Expense Group/Universe, in each case based on the Fund’s assets as of May 31, 2019. The Board also considered that thesub-advisory fee rate payable to Wellington contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposedsub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information 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 May 31, 2019. The Board also considered the performance of a model portfolio using a similar investment strategy as that which Wellington will use to manage the Fund. The Board noted that the model portfolio included hypothetical performance, the limits of which the Board noted, for periods prior when Wellington began running this strategy. The Board noted that such portfolio would have outperformed the Fund’s benchmark index for the three- and five-year periods ended May 31, 2019. The Board further noted that such portfolio would have outperformed both the Fund and the peer category for theone-, three- and five- year periods ended May 31, 2019.
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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with theSub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriatesub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by thesub-adviser; (4) product suitability; and (5) special considerations such as competitorsub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that thesub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of Barrow Hanley with Wellington. The Board also noted that VALIC would waive a portion of its management fee if theSub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if Wellington is retained as the Fund’ssub-adviser. In reviewing the expected impact on VALIC’s profitability, the Board noted that the contractual expense limitation between VALIC and the Fund would not be extended if theSub-Advisory Agreement were approved, but that reimbursements thereunder would not be expected to continue due to the increased management fee waiver. The Board also considered that thesub-advisory fee rate was negotiated with Wellington at arm’s length. In considering the anticipated profitability to Wellington in connection with its relationship to the Fund, the Directors noted that the fees under theSub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Wellington from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of theSub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to Wellington’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Wellington’s management of the Fund are not a material factor to the approval of theSub-Advisory Agreement, although the Board noted that the Fund has breakpoints at thesub-advisory fee level.
Terms of theSub-Advisory Agreement. The Board reviewed the terms of theSub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that theSub-Advisory Agreement contains several material changes to the currentsub-advisory agreement between VALIC and Barrow Hanley, including, but not limited to, (i) the name of thesub-adviser; (ii) the effective date of the agreement; (iii) the elimination of a provision requiring thesub-adviser to assist the Fund and its agents with respect to the valuation of Fund assets; (iv) the elimination of a provision expressly authorizing thesub-adviser to direct the Fund’s custodian to open and maintain brokerage accounts for securities and other property for and in the name of the Fund; (v) the elimination of a provision expressly authorizing thesub-adviser to instruct the custodian to pay for and deliver securities and other property; (vi) express terms relating to VALIC’s voting of proxies; (vii) the elimination of a provision requiring VALIC to perform quarterly and annual tax compliance tests and to furnish reports of such tests to thesub-adviser; (viii) terms relating to the indemnity arrangements between VALIC and thesub-adviser; and (ix) governing law. The Board concluded that the terms of theSub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve theSub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Wellington possesses the capability and resources to perform the duties required of it under theSub-Advisory Agreement.
Approval of Advisory andSub-Advisory Agreements
At anin-person meeting held on August5-6, 2019, the Board of Directors (the “Board”), including the Directors that are not interested persons of VALIC Company I (“VC I”), as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved with respect to each series of VC I (each a “Fund,” and collectively, the “Funds”) the Investment Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”) and VC I (the “Advisory Agreement”) and the InvestmentSub-Advisory Agreements between VALIC and each of the followingsub-advisers of VC I (collectively, the“Sub-advisory Agreements,” and together with the Advisory Agreement, the “Advisory Contracts”): AllianceBernstein, LP (“AllianceBernstein”), Allianz Global Investors US, LLC (“Allianz”), American Century Investment Management, Inc. (“American Century”), Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”), BlackRock Investment Management, LLC (“BlackRock”), Bridgeway Capital Management, Inc. (“Bridgeway”), Columbia Management Investment Advisers, LLC (“Columbia”), Franklin Advisers, Inc. (“Franklin”), Goldman Sachs Asset Management, L.P. (“GSAM”), Invesco Advisers, Inc. (“Invesco”), Invesco Asset Management Limited (“IAML”),1 Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management Inc. (“Morgan Stanley”), PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”), T. Rowe Price Associates, Inc. (“T. Rowe”), Templeton Investment Counsel, LLC (“Templeton Investment”), Victory Capital Management Inc. (“Victory”), Wellington Management Company LLP (“Wellington”) and Wells Capital Management Incorporated (“Wells Capital”) (each a“Sub-adviser,” and collectively, the“Sub-advisers”). Prior to the August5-6, 2019 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at anin-person meeting held on July8-9, 2019.
In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and theSub-advisers; (2) the advisory fee andsub-advisory fees charged in connection with VALIC’s and theSub-advisers’ management of each Fund, compared to advisory fee rates andsub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the“Sub-advisory Expense Group/Universe”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of mutual fund data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC and theSub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or
1 | Effective September 28, 2015, IAML became asub-sub-adviser pursuant to an InvestmentSub-Sub-Advisory Agreement between Invesco and IAML. The Board’s consideration and approval of VALIC’s InvestmentSub-Advisory Agreement with Invesco included a consideration and approval of this InvestmentSub-Sub-Advisory Agreement. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliatedSub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and theSub-advisers; (7) the profitability of VALIC, theSub-advisers and their respective affiliates, including amounts retained by VALIC after payment ofsub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and theSub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of theSub-advisers.
The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Directors in an executive session at anin-person meeting held on July8-9, 2019, and executive sessions held during the August 2019 meeting during which such independent counsel provided guidance to the Independent Directors. Following the July8-9, 2019 meeting, the Independent Directors submitted questions and requests for additional information to management, and considered management’s responses thereto at the August 2019 meeting. The continuation of all Advisory Contracts was approved at the August 2019 meeting for aone-year term beginning September 1, 2019 and ending August 31, 2020 .
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and theSub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC I. The Board considered that VALIC is responsible for the management of theday-to-day operations of VC I, including but not limited to, general supervision of and coordination of the services provided by theSub-advisers, and is also responsible for monitoring and reviewing the activities of theSub-advisers and other third-party service providers. The Board also noted that VALIC’s and theSub-advisers’ management of VC I is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC I’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and fromtime-to-time recommendsSub-adviser changes and/or other changes intended to improve the performance of the Funds.
The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC I, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generallyvis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes. The Board also considered the significant risks assumed by VALIC in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new Funds and ongoing risks including operational, compliance, reputational, litigation, regulatory and liquidity risks with respect to all Funds.
With respect to the services provided by theSub-advisers, the Board considered information provided to them regarding the services provided by eachSub-adviser, including information presented throughout the previous year. The Board noted that eachSub-adviser (i) determines the securities to be purchased or sold on behalf of the Fund(s) it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Directors of the Funds concerning its discharge of the foregoing responsibilities. The Board reviewed eachSub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of theSub-adviser’s investment, compliance and other personnel who provide services to the Funds. The Board also took into account the financial condition of eachSub-adviser. The Board also considered eachSub-adviser’s brokerage practices and risk management processes.
The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well assub-advises certain VC I Funds and VALIC Company II (“VC II”) Funds. The Board also considered VALIC’s and eachSub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.
The Board concluded that the scope and quality of the advisory services provided by VALIC and theSub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.
Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory andsub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group, Expense Universe andSub-advisory Expense Universe and, in some cases as noted below, theSub-advisory Expense Group. The Board noted that VALIC negotiates thesub-advisory fees with each of the unaffiliatedSub-advisers at arms-length. The Board also considered that thesub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and thatsub-advisory fees may vary widely within theSub-advisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board alsonoted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.
TheSub-advisers provided, and the Board also considered, expense information of comparable accounts managed by theSub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.
The total expense information, advisory fee information, andsub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated November 30, 2018.
The Board received and reviewed information prepared by management and by an independent third-party regarding each Fund’s investment performance compared against its benchmark and Performance Group/Universe. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2019 and that benchmark information provided by management was through the period ended May 31, 2019. The Board noted that it regularly reviews the performance of the Funds
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:
• | Asset Allocation Fund (PineBridge).The Fund’s actual management fees were above the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Blue Chip Growth Fund (T. Rowe).The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund underperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-year period and outperformed its Lipper peer index and the medians of the Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Capital Conservation Fund (PineBridge).The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-year period and underperformed its Lipper peer index and the medians of its Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance and potential steps under consideration to improve the Fund’s performance.
• | Core Equity Fund (BlackRock). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. |
The Fund underperformed its Lipper peer index and the median of the Performance Universe for theone- and five-year periods and outperformed its Lipper peer index and the median of the Performance Universe for the three-year period. The Fund equaled the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Dividend Value Fund (BlackRock/SunAmerica). The Fund’s actual management fees, actualsub-advisory fees, and total net expenses were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers. |
The Fund underperformed its Lipper peer index for theone-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund outperformed the medians of the Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone- and three-year periods and outperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Dynamic Allocation Fund (AllianceBernstein/SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund outperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Emerging Economies Fund (JPMIM).The Fund’s actual management fees, actualsub-advisory fees, and total net expenses were below the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. |
The Fund underperformed its Lipper peer index and the median of the Performance Universe for theone- and five-year periods and outperformed its Lipper peer index and the median of the Performance Universe for the three-year period. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Global Real Estate Fund (GSAM/Invesco/IAML). The Fund’s actual management fees were below the median of the Expense Group and above the median of the Expense Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. |
The Fund underperformed its Lipper peer index and the median of its Performance Group for theone-year period and outperformed its Lipper peer index and the median of its Performance Group for the three- and five-year periods. The Fund outperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone- and five-year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | International Socially Responsible Fund (formerly, Global Social Awareness Fund) (SunAmerica).The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. |
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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
The Fund underperformed the median of the Performance Group for theone-, three- and five-year periods. The Fund outperformed the median of the Performance Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Global Strategy Fund (Franklin/Templeton Investment).The Fund’s actual management fees were above the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Government Money Market I Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Government Securities Fund (JPMIM).The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index for theone- and five-year periods and underperformed its Lipper peer index for the three-year period. The Fund outperformed the median of the Performance Group for theone- and five-year periods and equaled the median of the Performance Group for the three-year period. The Fund outperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance.
• | Growth & Income Fund (JPMIM).The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Growth Fund (American Century). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were above the median of the Expense Group and below the median of the Expense Universe. The Fund’s actualsub-advisory fees were below the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Health Sciences Fund (T. Rowe). The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-year period and outperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Inflation Protected Fund (PineBridge).The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index for theone- and five-year periods and outperformed its Lipper peer index for the three-year period. The Fund underperformed the medians of its Performance Group/Universe for theone-year period, outperformed the medians of its Performance Group/Universe for the three-year period and equaled the medians of its Performance Group/Universe for the five-year period. The Fund underperformed its benchmark for theone- and five-year periods and outperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | International Equities Index Fund (SunAmerica).The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Universe. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
The Fund underperformed its Lipper peer index for theone-, three- and five-year periods. The Fund outperformed the median of the Performance Group for theone- and three-year periods and underperformed the median of the Performance Group for the five-year period. The Fund outperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Government Bond Fund (PineBridge).The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and below the median of itsSub-advisory Expense Universe. |
The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its blended benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Growth Fund (Morgan Stanley). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were equal to the median of the Expense Group and above the median of the Expense Universe. The Fund’s actualsub-advisory fees were equal to the median of itsSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | International Value Fund (formerly, Foreign Value Fund) (“Wells Capital”).The Fund’s actual management fees and total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the median of theSub-advisory Expense Universe. |
The Fund outperformed the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed the median of its Performance Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board noted that management replaced the Fund’ssub-adviser in September 2018.
• | Large Cap Core Fund (“Columbia”).The Fund’s actual management fees, actualsub-advisory fees and total net expenses were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses, including the effect of the size of the Fund on its expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone- and five-year periods and underperformed its Lipper peer index and the median of its Performance Universe for the three-year period. The Fund outperformed the median of its Performance Group for theone-year period and underperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Large Capital Growth Fund (“MFS”).The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-year period and underperformed its Lipper peer index and the median of the Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for theone-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance.
• | Mid Cap Index Fund (SunAmerica). The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the median of the Expense Group and were equal to the median of the Expense Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-year period and outperformed its Lipper peer index and the medians of the Performance Group/Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Mid Cap Strategic Growth Fund (Allianz/Janus).The Fund’s actual management fees were above the median of the Expense Group and equal to the median of the Expense Universe. The Fund’s total net expenses were equal to the median of the Expense Group and below the median of the Expense Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/ Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Group for theone- and three-year periods and underperformed the median of its Performance Group for the five-year period. The Fund outperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Nasdaq-100® Index Fund (SunAmerica). The Fund’s actual management fees, total net expenses andsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
The Fund outperformed its Lipper peer index and the median of the Performance Universe for theone-, three- and five-year periods. The Fund underperformed the median of the Performance Group for theone- and three-year periods and outperformed the median of the Performance Group for the five-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Science & Technology Fund (T. Rowe/Allianz/Wellington).The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the median of its Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of its Performance Group for theone- and five-year periods and underperformed the median of its Performance Group for the three-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Fund (Bridgeway/JPMIM/T. Rowe).The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Small Cap Index Fund (SunAmerica). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were below the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Small Cap Aggressive Growth Fund (Victory).The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund underperformed its Lipper peer index and the medians of the Performance Group/Universe for theone-year period and outperformed its Lipper peer index and the medians of the Performance Group/Universe for the three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Small Cap Special Values Fund (Wells Capital).The Fund’s actual management fees were above the medians of the Expense Group/Universe. The Fund’s total net expenses were below the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund outperformed its benchmark for theone-, three- and five-year periods.
• | Small-Mid Growth Fund (GSAM).The Fund’s actual management fees, total net expenses and actualsub-advisory fees were above the medians of the Expense Group/Universe andSub-advisory Expense Group/Universe, as applicable. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund underperformed its Lipper peer index and the median of the Performance Universe for theone-, three- and five-year periods. The Fund outperformed the median of the Performance Group for theone- and five-year periods and equaled the median of the Performance Group for the three-year period. The Fund outperformed its benchmark for theone- and five-year periods and underperformed its benchmark for the three-year period. The Board took into account management’s discussion of the Fund’s performance.
• | Stock Index Fund (SunAmerica).The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the median of theSub-advisory Expense Group and below the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board also noted that management instituted a contractual limitation on total expenses that would extend through September 30, 2020. |
The Fund underperformed its Lipper peer index for theone-year period, outperformed its Lipper peer index for the three-year period and equaled its Lipper peer index for the five-year period. The Fund underperformed the median of its Performance Group for theone-, three- and five-year periods. The Fund equaled the median of the Performance Universe for theone-year period and outperformed the median of the Performance Universe for the three- and five-year periods. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
• | Systematic Value (formerly, Broad Cap Value Income Fund) (Barrow Hanley). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were above the medians of theSub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. |
The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for theone-, three- and five-year periods. The Fund underperformed its benchmark for theone- and five-year periods and outperformed its benchmark for the three-year period.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
• | Value Fund (Wellington). The Fund’s actual management fees and total net expenses were above the medians of the Expense Group/Universe. The Fund’s actualsub-advisory fees were equal to the median of theSub-advisory Expense Group and above the median of theSub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses would be extended contractually through September 30, 2020. |
The Fund underperformed its Lipper peer index and the Performance Universe for theone- and three-year periods and outperformed its Lipper peer index and the Performance Universe for the five-year period. The Fund underperformed the median of its Performance Group for theone- and three-year periods and equaled the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for theone-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.
The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee andsub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.
The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriatesub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by thesub-advisers; (4) product suitability; and (5) special considerations such as competitorsub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, andsub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that the Funds pay SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensatesVALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company for calculation of the daily net asset value. The Board also noted that SunAmerica receivessub-advisory fees for those Funds for which it serves assub-adviser.
The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. These benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certainsub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and its affiliated life insurers (collectively, the “Life Companies”), the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.
In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on aFund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount ofsub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and thesub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and assub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds were reasonable.
In considering the profitability to theSub-advisers in connection with their relationship to the Funds, the Directors noted that the fees under theSub-advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliatedSub-advisers, the Board also relied on the ability of VALIC to negotiate theSub-advisory Agreements and the fees thereunder at arm’s length.
For each of the above reasons, the Directors determined that the profitability to theSub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of theSub-advisory Agreements.
Economies of Scale.The Board noted that the advisory fee rate andsub-advisory fee rates payable to VALIC and each of theSub-advisers with respect to most of the Funds contain breakpoints, which allows the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee andsub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.
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APPROVAL OF ADVISORY AGREEMENTS(unaudited) — (continued)
For similar reasons as stated above with respect to theSub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in theSub-advisers’ management of the Funds are not a material factor to the approval of theSub-advisory Agreements, although it was noted that most of the Funds have breakpoints at thesub-advisory fee level.
Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and theSub-advisers and noted that VALIC would compensate theSub-advisers out of the advisory fees it receives from the Funds. The Board noted that theSub-advisory Agreements provide that eachSub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.
Compliance. The Board reviewed VALIC’s and theSub-advisers’ compliance personnel and regulatory history, including information whether they are currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entities’ compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.
Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that VALIC and eachSub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Directors, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each Fund and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.
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VALIC Company I
Filed under Rule 497(k) and Rule 497(e)
RegistrationNo. 33-52742
VALIC Company I
International Socially Responsible Fund (the “Fund”)
Supplement dated October 14, 2019,
to the Fund’s Summary Prospectus and Prospectus
dated October 1, 2019, as supplemented and amended to date
Effective immediately, the “Average Annual Total Returns” table in the section entitled “Fund Summary: International Socially Responsible Fund — Performance Information,” is deleted and replaced with the following:
Average Annual Total Returns(For the periods ended December 31, 2018)
1 Year | 5 Years | 10 Years | ||||||||||
Fund | -8.45 | % | 5.27 | % | 10.47 | % | ||||||
MSCI EAFE Index (net)1 | -13.79 | % | 0.53 | % | 6.32 | % | ||||||
MSCI World Index (net)1 | -8.71 | % | 4.56 | % | 9.67 | % |
1 | Effective June 4, 2019, the Fund changed the benchmark against which it measures its performance from the MSCI World Index (net) to the MSCI EAFE Index (net). Fund management believes that the MSCI EAFE Index (net) is more representative of the securities in which the Fund invests. |
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 Pursuant to Rule 497(e) and Rule 497(k)
Registration No.:002-83631
VALIC COMPANY I
Global Strategy Fund
(the “Fund”)
Supplement dated November 13, 2019 to the Fund’s Summary Prospectus and Prospectus,
each dated October 1, 2019, as supplemented and amended to date
At anin-person meeting held on October 29, 2019 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (the “Company”) approved the termination of the InvestmentSub-Advisory Agreement between The Variable Annuity Life Insurance Company (“VALIC”), the Fund’s investment adviser, and Templeton Investment Counsel, LLC (“Templeton”) as the subadviser to the equity assets of the Fund. It is currently expected that the portion of the Fund’s assets managed by Templeton will be transitioned to Franklin Advisers, Inc. (“Franklin”), an existing subadviser to the Fund, on or about January 24, 2020 (the “Effective Date”). Upon the termination of Templeton, Franklin will become the Fund’s sole subadviser. The Board also approved certain changes to the Fund’s principal investment strategies and techniques solely with respect to the equity assets of the Fund.The Fund intends to file anamendment to its registration 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 by the SEC and is expected to become effective on the Effective Date.
Under normal market conditions, the Fund invests in equity securities of companies in any country, fixed income (debt) securities of companies and governments of any country, and in money market securities. The equity securities in which the Fund invests are primarily common stock. The Fund may invest in debt obligations of any maturity, such as bonds, notes, bills and debentures.
As of the Effective Date, under normal market conditions, the Fund will continue to invest in equity securities of companies in any country, fixed income (debt) securities of companies and governments of any country, and in money market securities. The equity securities in which the Fund will invest, however, will primarily be common stock of large- andmid-capitalization companies included in the MSCI ACWI Index (the “Index”) and depositary receipts representing such stocks. As of September 30, 2019, the market capitalization range of the companies in the Index was approximately $61.7 million to $1 trillion. With respect to its equity securities, the Fund will seek to achieve a lower level of risk and higher risk-adjusted performance than the Index over the long term through a rules-based multi-factor selection process employed by the Fund’s subadviser. Franklin’s selection process is designed to select stocks for the Fund that will have favorable exposure to four investment style factors (commonly referred to as “smart beta”) – quality, value, momentum and low volatility. The Fund will hold 600 to 700 of the common stocks in the Index, which Franklin will select on a semi-annual basis. The investment strategies and techniques employed by Franklin with respect to the Fund’s fixed income assets will not change.
At the Meeting, the Board approved an amendment (the “Amendment”) to the InvestmentSub-Advisory Agreement between VALIC and Franklin (the “Subadvisory Agreement”) with respect to the Fund, which will become effective on the Effective Date. The Amendment reduces the fees payable by VALIC under the Subadvisory Agreement. The Board also approved an Advisory Fee Waiver Agreement between VALIC and the Company, on behalf of the Fund, which will become effective on the Effective Date. Under the Advisory Fee Waiver Agreement, VALIC has contractually agreed to waive its advisory fee through September 30, 2021, so that the fee payable by the Fund to VALIC equals 0.48% of average monthly net assets on the first $500 million and 0.44% on assets over $500 million.
Once the changes to the Fund’s investment policies 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’sprincipal investment strategies, techniques and risks. Please read the prospectus carefully.
Capitalized terms used herein but not defined shall have the meanings assigned to them in the Summary Prospectus and/or 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
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
225 Franklin St.
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
111 Huntington Avenue
Boston, MA 02199
Morgan Stanley Investment Management, Inc.
522 Fifth Avenue, 5th Floor
New York, NY 10036
PineBridge Investments, LLC
Park Avenue Tower
65 E. 55th Street
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
Sharon French,
Executive Vice President
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
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VALIC Company I
DISCLOSURE OF QUARTERLY FUND HOLDINGS
The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year 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.
The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.
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aig.com/RetirementServices — 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 the 24-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 AIG Retirement Services accounts |
• | Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more |
Initiate account transactions including:
• | Change allocation |
• | Transfer money among investment options |
• | Rebalance account to your desired allocation mix |
• | Change contributions |
Start exploring your account online today!
• | Visit aig.com/RetirementServices |
• | Register for online access |
• | Follow steps to create a security profile |
PersonalDeliver-e®
• | It’s easy to sign up |
• | Simply visit aig.com/RetirementServices today to get started |
Please note:
Email delivery is not accessible to certain annuity contract owners.
Sign up today at aig.com/RetirementServices
We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.
Your Future is Calling.Sign up for PersonalDeliver-e® today.
CLICKaig.com/RetirementServices CALL1-800-448-2542 VISITyour financial advisor
Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser.
Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.
AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).
© American International Group, Inc. All rights reserved.
VC 23800 (09/2019) J359703 EE
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VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 |
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| PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765 |
VC 4873 (11/2019) J103179
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Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
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Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of RegulationS-K (17 CFR 229.407) (as required by 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a) | (1) Not applicable. |
(2) Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. |
(3) Not applicable. |
(4) Not applicable. |
(b) | Certification pursuant to Rule30a-2 (b) under the Investment Company Act of 1940 (17 CFR270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: February 6, 2020
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: February 6, 2020