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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03738
VALIC Company I
(Exact name of registrant as specified in charter)
2929 Allen Parkway, Houston, TX 77019
(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside 5
185 Hudson Street,
Suite 3300
Jersey City, NJ 07311
(Name and address of agent for service)
Registrant’s telephone number, including area code: (201) 324-6414
Date of fiscal year end: May 31
Date of reporting period: May 31, 2020
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Item 1. Reports to Stockholders
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SAVING : INVESTING : PLANNING |
VALIC Company I
Annual Report, May 31, 2020
This disclosure does not apply to investors who own fund shares beneficially through a variable insurance contract. Each applicable insurance company will provide information regarding delivery of fund shareholder reports to its contract owners.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Registrant’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Registrant. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Registrant or VALIC Retirement Services Company (VRSCO), as your retirement plan recordkeeper, electronically by contacting us at 1-800-448-2542 or logging into your account at VALIC Online at www.valic.com.
You may elect to receive all future reports in paper free of charge. You can inform the Registrant or VRSCO that you wish to continue receiving paper copies of your shareholder reports by contacting 1-866-345-5954 or visiting FundReports.com and providing the 20-digit unique ID located above or below your mailing address. Your election to receive reports in paper will apply to all funds held within your employer-sponsored retirement plan account with VRSCO.
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VALIC Company I
Statement Regarding Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, has been designated by the Board to administer the Funds’ liquidity risk management program (the “Program”). VALIC has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of SunAmerica Asset Management, LLC, in its capacity as the Funds’ administrator. The Committee is subject to the oversight of VALIC. VALIC and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Fund’s liquidity risk, based on factors specific to the circumstances of each Fund. “Liquidity risk” means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.
During the period covered by the liquidity Program report to the Board, the Program supported each Fund’s ability to honor redemption requests timely and VALIC’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Portfolio of the Funds, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Portfolios. Furthermore, the Program Administrator reported that each Fund operated as a “Primarily Highly Liquid Fund” during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum requirements. Finally, the Program Administrator reported that each Fund had no breaches of the limit on illiquid investments, and therefore, no Board notification or regulatory filings were required.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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VALIC Company I
ANNUAL REPORT MAY 31, 2020
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PRESIDENT’S LETTER
Dear Valued Investor:
We are pleased to provide you with the following Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the twelve-month period ended May 31, 2020. 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 inevitable ups-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 and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.
Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.
Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.
Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.
There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.
Investments are not guaranteed or endorsed by any bank, are not a deposit or obligation of any bank, and are not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.
* Not FDIC or NCUA/NCUSIF Insured
* May Lose Value * No Bank of Credit Union Guarantee
* Not a Deposit * Not insured by any Federal Government Agency
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VALIC Company I
EXPENSE EXAMPLE — May 31, 2020 (unaudited)
Disclosure of Fund Expenses in Shareholder Reports
As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2019 and held until May 31, 2020. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.
Actual Expenses
The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.
Hypothetical Example for Comparison Purposes
The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.
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VALIC Company I
EXPENSE EXAMPLE — May 31, 2020 (unaudited) — (continued)
Actual | Hypothetical | |||||||||||||||||||||||||||
Fund | Beginning Account Value at December 1, 2019 | Ending Account Value Using Actual Return at May 31, 2020 | Expenses Paid During the Six Months Ended May 31, 2020 | Beginning Account Value at December 1, 2019 | Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2020 | Expenses Paid During the Six Months Ended May 31, 2020 | Annualized Expense Ratio* | |||||||||||||||||||||
Asset Allocation | $ | 1,000.00 | $ | 935.36 | $ | 3.77 | $ | 1,000.00 | $ | 1,021.10 | $ | 3.94 | 0.78 | % | ||||||||||||||
Blue Chip Growth | $ | 1,000.00 | $ | 1,089.31 | $ | 4.34 | $ | 1,000.00 | $ | 1,020.85 | $ | 4.19 | 0.83 | % | ||||||||||||||
Capital Conservation | $ | 1,000.00 | $ | 1,051.86 | $ | 3.28 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.23 | 0.64 | % | ||||||||||||||
Core Equity# | $ | 1,000.00 | $ | 960.31 | $ | 3.72 | $ | 1,000.00 | $ | 1,021.20 | $ | 3.84 | 0.76 | % | ||||||||||||||
Dividend Value# | $ | 1,000.00 | $ | 873.76 | $ | 3.28 | $ | 1,000.00 | $ | 1,021.50 | $ | 3.54 | 0.70 | % | ||||||||||||||
Dynamic Allocation# | $ | 1,000.00 | $ | 1,006.98 | $ | 1.56 | $ | 1,000.00 | $ | 1,023.45 | $ | 1.57 | 0.31 | % | ||||||||||||||
Emerging Economies | $ | 1,000.00 | $ | 897.45 | $ | 4.36 | $ | 1,000.00 | $ | 1,020.40 | $ | 4.65 | 0.92 | % | ||||||||||||||
Global Real Estate | $ | 1,000.00 | $ | 836.67 | $ | 3.95 | $ | 1,000.00 | $ | 1,020.70 | $ | 4.34 | 0.86 | % | ||||||||||||||
Global Strategy# | $ | 1,000.00 | $ | 942.94 | $ | 3.84 | $ | 1,000.00 | $ | 1,021.05 | $ | 3.99 | 0.79 | % | ||||||||||||||
Government Money Market I | $ | 1,000.00 | $ | 1,003.04 | $ | 1.95 | $ | 1,000.00 | $ | 1,023.05 | $ | 1.97 | 0.39 | % | ||||||||||||||
Government Securities | $ | 1,000.00 | $ | 1,055.76 | $ | 3.44 | $ | 1,000.00 | $ | 1,021.65 | $ | 3.39 | 0.67 | % | ||||||||||||||
Growth# | $ | 1,000.00 | $ | 1,118.88 | $ | 3.44 | $ | 1,000.00 | $ | 1,021.75 | $ | 3.29 | 0.65 | % | ||||||||||||||
Health Sciences# | $ | 1,000.00 | $ | 1,090.71 | $ | 5.54 | $ | 1,000.00 | $ | 1,019.70 | $ | 5.35 | 1.06 | % | ||||||||||||||
Inflation Protected | $ | 1,000.00 | $ | 1,021.10 | $ | 2.88 | $ | 1,000.00 | $ | 1,022.15 | $ | 2.88 | 0.57 | % | ||||||||||||||
International Equities Index | $ | 1,000.00 | $ | 883.24 | $ | 2.02 | $ | 1,000.00 | $ | 1,022.85 | $ | 2.17 | 0.43 | % | ||||||||||||||
International Government Bond | $ | 1,000.00 | $ | 1,012.69 | $ | 3.27 | $ | 1,000.00 | $ | 1,021.75 | $ | 3.29 | 0.65 | % | ||||||||||||||
International Growth# | $ | 1,000.00 | $ | 983.83 | $ | 4.31 | $ | 1,000.00 | $ | 1,020.65 | $ | 4.39 | 0.87 | % | ||||||||||||||
International Socially Responsible† | $ | 1,000.00 | $ | 892.07 | $ | 3.03 | $ | 1,000.00 | $ | 1,021.80 | $ | 3.23 | 0.64 | % | ||||||||||||||
International Value# | $ | 1,000.00 | $ | 826.17 | $ | 3.38 | $ | 1,000.00 | $ | 1,021.30 | $ | 3.74 | 0.74 | % | ||||||||||||||
Large Cap Core | $ | 1,000.00 | $ | 1,007.04 | $ | 4.32 | $ | 1,000.00 | $ | 1,020.70 | $ | 4.34 | 0.86 | % | ||||||||||||||
Large Capital Growth | $ | 1,000.00 | $ | 1,006.99 | $ | 3.81 | $ | 1,000.00 | $ | 1,021.20 | $ | 3.84 | 0.76 | % | ||||||||||||||
Mid Cap Index | $ | 1,000.00 | $ | 883.45 | $ | 1.70 | $ | 1,000.00 | $ | 1,023.20 | $ | 1.82 | 0.36 | % | ||||||||||||||
Mid Cap Strategic Growth | $ | 1,000.00 | $ | 1,002.71 | $ | 4.11 | $ | 1,000.00 | $ | 1,020.90 | $ | 4.14 | 0.82 | % | ||||||||||||||
Nasdaq -100® Index# | $ | 1,000.00 | $ | 1,139.86 | $ | 2.84 | $ | 1,000.00 | $ | 1,022.35 | $ | 2.68 | 0.53 | % | ||||||||||||||
Science & Technology | $ | 1,000.00 | $ | 1,143.02 | $ | 5.20 | $ | 1,000.00 | $ | 1,020.15 | $ | 4.90 | 0.97 | % | ||||||||||||||
Small Cap Aggressive Growth# | $ | 1,000.00 | $ | 1,027.54 | $ | 5.02 | $ | 1,000.00 | $ | 1,020.05 | $ | 5.00 | 0.99 | % | ||||||||||||||
Small Cap# | $ | 1,000.00 | $ | 914.41 | $ | 4.45 | $ | 1,000.00 | $ | 1,020.35 | $ | 4.70 | 0.93 | % | ||||||||||||||
Small Cap Index | $ | 1,000.00 | $ | 862.90 | $ | 2.19 | $ | 1,000.00 | $ | 1,022.65 | $ | 2.38 | 0.47 | % | ||||||||||||||
Small Cap Special Values | $ | 1,000.00 | $ | 792.34 | $ | 4.03 | $ | 1,000.00 | $ | 1,020.50 | $ | 4.55 | 0.90 | % | ||||||||||||||
Small-Mid Growth# | $ | 1,000.00 | $ | 1,091.60 | $ | 5.02 | $ | 1,000.00 | $ | 1,020.20 | $ | 4.85 | 0.96 | % | ||||||||||||||
Stock Index# | $ | 1,000.00 | $ | 976.91 | $ | 1.43 | $ | 1,000.00 | $ | 1,023.55 | $ | 1.47 | 0.29 | % | ||||||||||||||
Systematic Core#† | $ | 1,000.00 | $ | 1,000.35 | $ | 4.25 | $ | 1,000.00 | $ | 1,020.75 | $ | 4.29 | 0.85 | % | ||||||||||||||
Systematic Value#† | $ | 1,000.00 | $ | 863.74 | $ | 3.73 | $ | 1,000.00 | $ | 1,021.00 | $ | 4.04 | 0.80 | % | ||||||||||||||
Value# | $ | 1,000.00 | $ | 895.18 | $ | 4.03 | $ | 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 May 31, 2020” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2020” and the “Annualized Expense Ratio” would have been lower. |
† | See Note 1 to Financial Statements |
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VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Registered Investment Companies | 14.7 | % | ||
Diversified Banking Institutions | 6.8 | |||
Electronic Components — Semiconductors | 3.6 | |||
Exchange — Traded Funds | 3.0 | |||
Applications Software | 2.7 | |||
Banks — Commercial | 2.7 | |||
Oil Companies — Exploration & Production | 2.6 | |||
Electric — Integrated | 2.5 | |||
Telephone — Integrated | 2.0 | |||
Sovereign | 1.9 | |||
U.S. Government Treasuries | 1.8 | |||
Computers | 1.7 | |||
Banks — Super Regional | 1.6 | |||
Oil Companies — Integrated | 1.6 | |||
Web Portals/ISP | 1.6 | |||
Computer Services | 1.5 | |||
E-Commerce/Products | 1.2 | |||
Internet Content — Entertainment | 1.1 | |||
Real Estate Investment Trusts | 1.1 | |||
Finance — Credit Card | 1.1 | |||
Diversified Financial Services | 1.0 | |||
Medical — Drugs | 0.9 | |||
Auto — Cars/Light Trucks | 0.9 | |||
Real Estate Operations & Development | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Insurance — Life/Health | 0.9 | |||
Enterprise Software/Service | 0.8 | |||
Cable/Satellite TV | 0.8 | |||
Electric — Generation | 0.8 | |||
Multimedia | 0.7 | |||
Transport — Rail | 0.7 | |||
Retail — Building Products | 0.7 | |||
Cellular Telecom | 0.6 | |||
Energy — Alternate Sources | 0.6 | |||
Pharmacy Services | 0.6 | |||
Commercial Services — Finance | 0.5 | |||
Medical — Biomedical/Gene | 0.5 | |||
Independent Power Producers | 0.5 | |||
Industrial Automated/Robotic | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Electric — Distribution | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Networking Products | 0.5 | |||
Brewery | 0.5 | |||
Retail — Restaurants | 0.4 | |||
Insurance — Property/Casualty | 0.4 | |||
Pipelines | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Banks — Fiduciary | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Beverages — Non — alcoholic | 0.4 | |||
Finance — Other Services | 0.4 | |||
Transport — Marine | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Retail — Discount | 0.3 | |||
Building — Heavy Construction | 0.3 | |||
Instruments — Controls | 0.3 | |||
Internet Security | 0.3 | |||
Coal | 0.3 | |||
Semiconductor Equipment | 0.3 | |||
Insurance — Multi-line | 0.3 | |||
Computer Software | 0.3 | |||
Steel — Producers | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Building & Construction Products — Misc. | 0.3 |
Gas — Distribution | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Oil Refining & Marketing | 0.2 | |||
Industrial Gases | 0.2 | |||
Appliances | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Software Tools | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Chemicals — Specialty | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Paper & Related Products | 0.2 | |||
Medical — HMO | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Computer Data Security | 0.2 | |||
Insurance — Mutual | 0.2 | |||
Electronic Forms | 0.2 | |||
Real Estate Management/Services | 0.2 | |||
Data Processing/Management | 0.2 | |||
Medical Instruments | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Oil — Field Services | 0.2 | |||
United States Treasury Bonds | 0.2 | |||
Building Products — Cement | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Machinery — Farming | 0.2 | |||
Banks — Special Purpose | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Television | 0.2 | |||
Commercial Services | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Transport — Services | 0.1 | |||
Metal — Diversified | 0.1 | |||
Medical Products | 0.1 | |||
Wireless Equipment | 0.1 | |||
Petrochemicals | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Entertainment Software | 0.1 | |||
Athletic Footwear | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Retail — Jewelry | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Computer Aided Design | 0.1 | |||
E-Commerce/Services | 0.1 | |||
Insurance — Reinsurance | 0.1 | |||
Food — Retail | 0.1 | |||
Engineering/R&D Services | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Power Converter/Supply Equipment | 0.1 | |||
Non — Hazardous Waste Disposal | 0.1 | |||
Coatings/Paint | 0.1 | |||
Shipbuilding | 0.1 | |||
Lasers — System/Components | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Consulting Services | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Distribution/Wholesale | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Insurance Brokers | 0.1 | |||
Gold Mining | 0.1 | |||
Tobacco | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Airport Development/Maintenance | 0.1 |
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Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Investment Companies | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Gambling (Non — Hotel) | 0.1 | |||
Industrial Audio & Video Products | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Fisheries | 0.1 | |||
Audio/Video Products | 0.1 | |||
Tools — Hand Held | 0.1 | |||
SupraNational Banks | 0.1 | |||
Import/Export | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Medical — Nursing Homes | 0.1 | |||
Leisure Products | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Electronic Connectors | 0.1 | |||
Trucking/Leasing | 0.1 | |||
Transactional Software | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
94.6 | % | |||
* | Calculated as a percentage of net assets |
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VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 48.0% |
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Advertising Services — 0.0% |
| |||||||
Stroeer SE & Co. KGaA | 558 | $ | 40,505 | |||||
Aerospace/Defense — 0.5% |
| |||||||
Boeing Co. | 740 | 107,929 | ||||||
General Dynamics Corp. | 330 | 48,454 | ||||||
Kawasaki Heavy Industries, Ltd. | 2,700 | 42,827 | ||||||
Korea Aerospace Industries, Ltd. | 926 | 19,024 | ||||||
Lockheed Martin Corp. | 340 | 132,070 | ||||||
Northrop Grumman Corp. | 284 | 95,197 | ||||||
Raytheon Technologies Corp. | 1,974 | 127,362 | ||||||
Saab AB, Series B† | 257 | 6,231 | ||||||
TransDigm Group, Inc. | 60 | 25,489 | ||||||
604,583 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
HEICO Corp. | 41 | 4,131 | ||||||
HEICO Corp., Class A | 93 | 7,807 | ||||||
Howmet Aerospace Inc Common Stock | 416 | 5,441 | ||||||
L3Harris Technologies, Inc. | 968 | 193,068 | ||||||
210,447 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Corteva, Inc. | 1,290 | 35,230 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 172 | 5,052 | ||||||
Airport Development/Maintenance — 0.1% |
| |||||||
Enav SpA* | 9,076 | 41,212 | ||||||
Flughafen Zurich AG† | 393 | 54,349 | ||||||
95,561 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
VF Corp. | 470 | 26,367 | ||||||
Wacoal Holdings Corp. | 700 | 14,498 | ||||||
40,865 | ||||||||
Appliances — 0.2% |
| |||||||
Coway Co, Ltd. | 554 | 29,869 | ||||||
De’Longhi SpA† | 561 | 12,031 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 31,100 | 248,192 | ||||||
Rational AG | 45 | 24,067 | ||||||
314,159 | ||||||||
Applications Software — 2.6% |
| |||||||
CDK Global, Inc. | 1,336 | 52,518 | ||||||
Intuit, Inc. | 432 | 125,418 | ||||||
Microsoft Corp. | 10,994 | 2,014,650 | ||||||
Nemetschek SE | 872 | 68,385 | ||||||
Nuance Communications, Inc.† | 145 | 3,318 | ||||||
PTC, Inc.† | 216 | 16,498 | ||||||
salesforce.com, Inc.† | 3,283 | 573,836 | ||||||
ServiceNow, Inc.† | 1,312 | 508,964 | ||||||
3,363,587 | ||||||||
Athletic Footwear — 0.1% |
| |||||||
NIKE, Inc., Class B | 1,740 | 171,529 | ||||||
Audio/Video Products — 0.1% |
| |||||||
LG Electronics, Inc. | 1,073 | 51,528 | ||||||
Sony Corp. | 500 | 31,929 | ||||||
83,457 | ||||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
Dongfeng Motor Group Co., Ltd. | 32,000 | 20,251 | ||||||
Ford Motor Co. | 5,510 | 31,462 | ||||||
General Motors Co. | 1,790 | 46,325 | ||||||
Hyundai Motor Co. | 1,518 | 120,529 |
Security Description | Shares | Value (Note 2) | ||||||
Auto - Cars/Light Trucks (continued) |
| |||||||
Hyundai Motor Co. (2nd Preference Shares) | 339 | $ | 16,523 | |||||
Kia Motors Corp. | 2,522 | 69,994 | ||||||
SAIC Motor Corp., Ltd., Class A | 48,700 | 122,333 | ||||||
Suzuki Motor Corp. | 700 | 24,365 | ||||||
Tesla, Inc.† | 194 | 161,990 | ||||||
Toyota Motor Corp. | 1,200 | 75,292 | ||||||
689,064 | ||||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
Cummins, Inc. | 200 | 33,920 | ||||||
PACCAR, Inc. | 440 | 32,498 | ||||||
Zhengzhou Yutong Bus Co., Ltd., Class A† | 143,000 | 242,414 | ||||||
308,832 | ||||||||
Auto/Truck Parts & Equipment-Original — 0.4% |
| |||||||
Aptiv PLC | 330 | 24,865 | ||||||
Brembo SpA†# | 3,962 | 37,188 | ||||||
Georg Fischer AG | 71 | 59,013 | ||||||
Hanon Systems | 2,415 | 19,033 | ||||||
Hyundai Mobis Co., Ltd. | 639 | 102,525 | ||||||
Koito Manufacturing Co., Ltd. | 500 | 21,204 | ||||||
Rheinmetall AG | 739 | 59,657 | ||||||
Weifu High-Technology Group Co., Ltd., Class A | 69,300 | 190,992 | ||||||
514,477 | ||||||||
Banks - Commercial — 1.5% |
| |||||||
Agricultural Bank of China, Ltd., Class A | 286,800 | 136,550 | ||||||
Banca Generali SpA | 384 | 10,437 | ||||||
Banque Cantonale Vaudoise | 730 | 71,104 | ||||||
BAWAG Group AG†* | 1,745 | 57,837 | ||||||
BPER Banca†# | 14,349 | 34,379 | ||||||
Cembra Money Bank AG | 607 | 60,219 | ||||||
China Everbright Bank Co., Ltd., Class A | 151,400 | 80,812 | ||||||
China Minsheng Banking Corp., Ltd., Class A | 171,900 | 136,996 | ||||||
Citizens Financial Group, Inc. | 2,867 | 69,095 | ||||||
Concordia Financial Group, Ltd. | 2,800 | 9,160 | ||||||
First Republic Bank | 1,112 | 120,285 | ||||||
Industrial & Commercial Bank of China, Ltd., Class A | 143,900 | 103,180 | ||||||
Industrial Bank Co., Ltd., Class A | 84,900 | 191,527 | ||||||
M&T Bank Corp. | 869 | 91,819 | ||||||
Regions Financial Corp. | 6,361 | 71,943 | ||||||
Ringkjoebing Landbobank A/S | 1,180 | 82,230 | ||||||
Shinhan Financial Group Co., Ltd. | 4,524 | 110,502 | ||||||
SVB Financial Group† | 340 | 73,015 | ||||||
Truist Financial Corp. | 8,839 | 325,098 | ||||||
Unione di Banche Italiane SpA† | 10,322 | 29,317 | ||||||
Valiant Holding AG | 753 | 67,431 | ||||||
Zions Bancorp NA | 1,119 | 36,821 | ||||||
1,969,757 | ||||||||
Banks - Fiduciary — 0.4% |
| |||||||
Bank of New York Mellon Corp. | 5,534 | 205,699 | ||||||
Northern Trust Corp. | 1,399 | 110,535 | ||||||
State Street Corp. | 2,398 | 146,182 | ||||||
462,416 | ||||||||
Banks - Super Regional — 1.2% |
| |||||||
Comerica, Inc. | 954 | 34,678 | ||||||
Fifth Third Bancorp | 4,680 | 90,745 | ||||||
Huntington Bancshares, Inc. | 6,806 | 60,505 | ||||||
KeyCorp | 6,495 | 76,966 | ||||||
PNC Financial Services Group, Inc. | 2,891 | 329,690 | ||||||
US Bancorp | 9,375 | 333,375 | ||||||
Wells Fargo & Co. | 25,380 | 671,808 | ||||||
1,597,767 | ||||||||
6 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Batteries/Battery Systems — 0.0% |
| |||||||
W-Scope Corp.† | 2,800 | $ | 12,052 | |||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Kweichow Moutai Co., Ltd., Class A | 1,100 | 210,648 | ||||||
Bicycle Manufacturing — 0.0% |
| |||||||
Shimano, Inc. | 100 | 18,389 | ||||||
Brewery — 0.1% |
| |||||||
Asahi Group Holdings, Ltd. | 600 | 22,626 | ||||||
Royal Unibrew A/S† | 582 | 46,752 | ||||||
69,378 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery, Inc., Class C† | 38 | 744 | ||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Forbo Holding AG | 32 | 45,810 | ||||||
ROCKWOOL International A/S, Class B | 141 | 39,588 | ||||||
Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A | 91,200 | 101,328 | ||||||
Wienerberger AG | 2,064 | 41,405 | ||||||
228,131 | ||||||||
Building & Construction - Misc. — 0.4% |
| |||||||
China State Construction Engineering Corp., Ltd., Class A | 397,300 | 278,376 | ||||||
Frontdoor, Inc.† | 296 | 13,512 | ||||||
GS Engineering & Construction Corp. | 783 | 18,118 | ||||||
JM AB | 889 | 17,472 | ||||||
Peab AB† | 4,436 | 36,222 | ||||||
Penta-Ocean Construction Co., Ltd. | 3,500 | 18,277 | ||||||
Samsung C&T Corp. | 863 | 69,253 | ||||||
451,230 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Belimo Holding AG | 7 | 52,765 | ||||||
Carrier Global Corp.† | 1,110 | 22,722 | ||||||
Daikin Industries, Ltd. | 200 | 29,449 | ||||||
Johnson Controls International PLC | 1,174 | 36,875 | ||||||
Nibe Industrier AB, Class B† | 3,875 | 86,315 | ||||||
228,126 | ||||||||
Building Products - Cement — 0.2% |
| |||||||
Anhui Conch Cement Co., Ltd., Class A | 23,500 | 187,102 | ||||||
Buzzi Unicem SpA | 863 | 17,226 | ||||||
Martin Marietta Materials, Inc. | 13 | 2,497 | ||||||
206,825 | ||||||||
Building - Heavy Construction — 0.3% |
| |||||||
Acciona SA | 1,528 | 153,196 | ||||||
Ackermans & van Haaren NV† | 303 | 41,731 | ||||||
Boskalis Westminster NV† | 448 | 8,315 | ||||||
China Railway Construction Corp., Ltd., Class A | 82,800 | 100,368 | ||||||
Daelim Industrial Co., Ltd. | 372 | 27,800 | ||||||
Hyundai Engineering & Construction Co., Ltd. | 869 | 24,082 | ||||||
Infrastrutture Wireless Italiane SpA* | 3,751 | 38,269 | ||||||
NCC AB, Class B | 1,124 | 17,832 | ||||||
411,593 | ||||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Bravida Holding AB†* | 6,124 | 59,341 | ||||||
Building - Residential/Commercial — 0.0% |
| |||||||
NVR, Inc.† | 5 | 16,108 | ||||||
PulteGroup, Inc. | 280 | 9,512 | ||||||
25,620 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications, Inc., Class A† | 247 | $ | 134,368 | |||||
Comcast Corp., Class A | 5,800 | 229,680 | ||||||
Sirius XM Holdings, Inc. | 2,838 | 16,517 | ||||||
380,565 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Kangwon Land, Inc. | 1,431 | 28,040 | ||||||
Las Vegas Sands Corp. | 480 | 23,011 | ||||||
51,051 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
Hikari Tsushin, Inc. | 100 | 21,937 | ||||||
LG Uplus Corp. | 2,308 | 24,563 | ||||||
SK Telecom Co., Ltd. | 239 | 41,753 | ||||||
Sunrise Communications Group AG* | 588 | 49,483 | ||||||
T-Mobile US, Inc.† | 430 | 43,017 | ||||||
180,753 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Dow, Inc. | 1,506 | 58,132 | ||||||
DuPont de Nemours, Inc. | 1,240 | 62,905 | ||||||
Hanwha Solutions Corp. | 1,224 | 16,028 | ||||||
K+S AG | 7,936 | 50,272 | ||||||
LyondellBasell Industries NV, Class A | 440 | 28,054 | ||||||
PPG Industries, Inc. | 400 | 40,668 | ||||||
256,059 | ||||||||
Chemicals - Other — 0.0% |
| |||||||
Wanhua Chemical Group Co., Ltd.† | 4,000 | 26,103 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
Sumitomo Bakelite Co., Ltd. | 200 | 5,634 | ||||||
Chemicals - Specialty — 0.2% |
| |||||||
Ecolab, Inc. | 460 | 97,787 | ||||||
IMCD NV | 923 | 87,320 | ||||||
Shin-Etsu Chemical Co., Ltd. | 300 | 35,203 | ||||||
220,310 | ||||||||
Circuit Boards — 0.0% |
| |||||||
Meiko Electronics Co. | 700 | 9,346 | ||||||
Coatings/Paint — 0.1% |
| |||||||
OC Oerlikon Corp. AG | 4,827 | 39,353 | ||||||
Sherwin-Williams Co. | 140 | 83,139 | ||||||
122,492 | ||||||||
Commercial Services — 0.2% |
| |||||||
Cintas Corp. | 196 | 48,600 | ||||||
CoreLogic, Inc. | 222 | 11,002 | ||||||
CoStar Group, Inc.† | 50 | 32,840 | ||||||
Elis SA† | 4,949 | 61,309 | ||||||
Wirecard AG | 403 | 42,487 | ||||||
196,238 | ||||||||
Commercial Services - Finance — 0.5% |
| |||||||
Automatic Data Processing, Inc. | 550 | 80,570 | ||||||
Experian PLC | 3,040 | 106,138 | ||||||
FleetCor Technologies, Inc.† | 160 | 39,006 | ||||||
Global Payments, Inc. | 353 | 63,360 | ||||||
IHS Markit, Ltd. | 774 | 53,762 | ||||||
MarketAxess Holdings, Inc. | 43 | 21,869 | ||||||
Moody’s Corp. | 8 | 2,139 | ||||||
PayPal Holdings, Inc.† | 1,445 | 223,990 | ||||||
S&P Global, Inc. | 96 | 31,202 | ||||||
Square, Inc., Class A† | 400 | 32,432 | ||||||
Worldline SA†* | 445 | 33,422 | ||||||
687,890 | ||||||||
7 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computer Aided Design — 0.1% |
| |||||||
Autodesk, Inc.† | 562 | $ | 118,233 | |||||
Synopsys, Inc.† | 201 | 36,363 | ||||||
154,596 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 768 | 84,227 | ||||||
Fortinet, Inc.† | 1,311 | 182,491 | ||||||
266,718 | ||||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 1,249 | 251,823 | ||||||
Atos SE† | 838 | 63,505 | ||||||
CACI International, Inc., Class A† | 52 | 13,041 | ||||||
CANCOM SE | 511 | 32,162 | ||||||
Capgemini SE | 727 | 74,649 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,142 | 113,526 | ||||||
DXC Technology Co. | 2,066 | 29,358 | ||||||
Fujitsu, Ltd. | 1,300 | 134,071 | ||||||
Indra Sistemas SA† | 4,575 | 35,472 | ||||||
International Business Machines Corp. | 2,156 | 269,284 | ||||||
Leidos Holdings, Inc. | 855 | 90,023 | ||||||
NEC Corp. | 500 | 22,464 | ||||||
Netcompany Group A/S†*# | 343 | 20,893 | ||||||
Nihon Unisys, Ltd. | 1,100 | 34,049 | ||||||
Nomura Research Institute, Ltd. | 1,900 | 50,259 | ||||||
NTT Data Corp. | 4,600 | 53,225 | ||||||
Perspecta, Inc. | 1,309 | 29,021 | ||||||
Samsung SDS Co., Ltd. | 367 | 56,613 | ||||||
Sopra Steria Group | 459 | 54,341 | ||||||
1,427,779 | ||||||||
Computer Software — 0.3% |
| |||||||
Akamai Technologies, Inc.† | 174 | 18,409 | ||||||
Software AG | 556 | 21,503 | ||||||
Splunk, Inc.† | 629 | 116,894 | ||||||
Zhejiang Dahua Technology Co., Ltd., Class A | 100,600 | 210,176 | ||||||
366,982 | ||||||||
Computers — 1.6% |
| |||||||
Apple, Inc. | 6,246 | 1,985,853 | ||||||
Hewlett Packard Enterprise Co. | 1,680 | 16,313 | ||||||
HP, Inc. | 1,830 | 27,706 | ||||||
2,029,872 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Bechtle AG | 482 | 84,390 | ||||||
Ingenico Group SA | 474 | 65,774 | ||||||
Net One Systems Co., Ltd. | 1,500 | 45,425 | ||||||
OBIC Co., Ltd. | 400 | 69,399 | ||||||
Otsuka Corp. | 1,200 | 57,957 | ||||||
322,945 | ||||||||
Computers - Periphery Equipment — 0.1% |
| |||||||
Logitech International SA | 1,498 | 88,692 | ||||||
Consulting Services — 0.1% |
| |||||||
Booz Allen Hamilton Holding Corp. | 938 | 74,815 | ||||||
Verisk Analytics, Inc. | 210 | 36,263 | ||||||
111,078 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 120 | 16,973 | ||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 550 | 39,193 | ||||||
Gerresheimer AG | 566 | 48,047 | ||||||
87,240 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Huhtamaki Oyj† | 1,440 | $ | 58,310 | |||||
Rengo Co., Ltd. | 4,000 | 31,644 | ||||||
89,954 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
Amorepacific Corp. | 351 | 46,418 | ||||||
AMOREPACIFIC Group | 334 | 15,654 | ||||||
Colgate-Palmolive Co. | 117 | 8,463 | ||||||
Fancl Corp.# | 700 | 19,904 | ||||||
LG Household & Health Care, Ltd. | 101 | 111,960 | ||||||
202,399 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Carnival Corp.# | 560 | 8,814 | ||||||
Royal Caribbean Cruises, Ltd. | 270 | 14,005 | ||||||
22,819 | ||||||||
Data Processing/Management — 0.2% |
| |||||||
CompuGroup Medical SE | 178 | 14,536 | ||||||
Fidelity National Information Services, Inc. | 750 | 104,122 | ||||||
Fiserv, Inc.† | 750 | 80,078 | ||||||
Paychex, Inc. | 370 | 26,744 | ||||||
225,480 | ||||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Lifco AB† | 286 | 17,540 | ||||||
Diagnostic Kits — 0.1% |
| |||||||
DiaSorin SpA | 338 | 70,954 | ||||||
Direct Marketing — 0.0% |
| |||||||
DKSH Holding AG | 724 | 39,977 | ||||||
Distribution/Wholesale — 0.1% |
| |||||||
Copart, Inc.† | 21 | 1,877 | ||||||
Fastenal Co. | 750 | 30,945 | ||||||
LG Corp. | 1,022 | 52,247 | ||||||
Pool Corp. | 86 | 23,136 | ||||||
108,205 | ||||||||
Diversified Banking Institutions — 3.8% |
| |||||||
Bank of America Corp. | 53,361 | 1,287,067 | ||||||
Citigroup, Inc. | 14,403 | 690,048 | ||||||
Goldman Sachs Group, Inc. | 2,106 | 413,808 | ||||||
JPMorgan Chase & Co. | 20,680 | 2,012,371 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 6,000 | 24,760 | ||||||
Morgan Stanley | 8,108 | 358,373 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,300 | 37,663 | ||||||
Woori Financial Group, Inc. | 6,420 | 47,486 | ||||||
4,871,576 | ||||||||
Diversified Financial Services — 0.1% |
| |||||||
Hana Financial Group, Inc. | 3,081 | 74,314 | ||||||
KB Financial Group, Inc. | 3,851 | 106,118 | ||||||
180,432 | ||||||||
Diversified Manufacturing Operations — 0.5% |
| |||||||
3M Co. | 800 | 125,152 | ||||||
Aalberts NV†# | 1,937 | 53,316 | ||||||
Eaton Corp. PLC | 560 | 47,544 | ||||||
General Electric Co. | 12,040 | 79,103 | ||||||
Illinois Tool Works, Inc. | 450 | 77,607 | ||||||
Indutrade AB† | 1,778 | 68,081 | ||||||
Parker-Hannifin Corp. | 170 | 30,595 | ||||||
Siemens AG | 1,059 | 115,594 | ||||||
Trane Technologies PLC | 330 | 29,769 | ||||||
626,761 | ||||||||
8 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Diversified Minerals — 0.0% |
| |||||||
Sumitomo Metal Mining Co., Ltd. | 400 | $ | 11,157 | |||||
Drug Delivery Systems — 0.0% |
| |||||||
DexCom, Inc.† | 12 | 4,540 | ||||||
E-Commerce/Products — 1.2% |
| |||||||
Amazon.com, Inc.† | 614 | 1,499,615 | ||||||
eBay, Inc. | 1,520 | 69,221 | ||||||
Rocket Internet SE†* | 1,658 | 32,978 | ||||||
1,601,814 | ||||||||
E-Commerce/Services — 0.1% |
| |||||||
Booking Holdings, Inc.† | 67 | 109,841 | ||||||
MercadoLibre, Inc.† | 50 | 42,584 | ||||||
152,425 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
Reply SpA | 207 | 18,145 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 300 | 27,513 | ||||||
Emerson Electric Co. | 850 | 51,867 | ||||||
LG Innotek Co., Ltd. | 143 | 17,094 | ||||||
96,474 | ||||||||
Electric - Distribution — 0.3% |
| |||||||
E.ON SE | 12,000 | 127,011 | ||||||
Orsted A/S* | 1,170 | 137,748 | ||||||
SSE PLC | 7,720 | 118,918 | ||||||
383,677 | ||||||||
Electric - Generation — 0.3% |
| |||||||
EDP Renovaveis SA | 9,750 | 129,383 | ||||||
Engie SA† | 11,310 | 134,044 | ||||||
GD Power Development Co., Ltd. | 128,500 | 32,754 | ||||||
SDIC Power Holdings Co., Ltd., Class A | 41,100 | 43,464 | ||||||
339,645 | ||||||||
Electric - Integrated — 1.0% |
| |||||||
A2A SpA | 10,565 | 14,698 | ||||||
ACEA SpA | 6,584 | 127,737 | ||||||
Avangrid, Inc. | 2,780 | 123,655 | ||||||
EDP - Energias de Portugal SA | 26,720 | 125,796 | ||||||
Enel SpA | 17,910 | 137,819 | ||||||
Enersis Chile SA ADR | 28,155 | 104,455 | ||||||
Fortum Oyj | 7,050 | 135,272 | ||||||
Hera SpA | 8,017 | 30,805 | ||||||
Iberdrola SA | 12,520 | 135,129 | ||||||
Iren SpA | 11,744 | 29,250 | ||||||
Korea Electric Power Corp.† | 2,515 | 43,960 | ||||||
NextEra Energy, Inc. | 510 | 130,336 | ||||||
Public Service Enterprise Group, Inc. | 119 | 6,074 | ||||||
RWE AG | 4,050 | 133,430 | ||||||
1,278,416 | ||||||||
Electronic Components - Misc. — 0.4% |
| |||||||
Barco NV | 105 | 18,342 | ||||||
Hoya Corp. | 300 | 28,159 | ||||||
LG Display Co., Ltd.† | 2,399 | 19,824 | ||||||
Luxshare Precision Industry Co., Ltd., Class A | 12,300 | 76,927 | ||||||
Minebea Mitsumi, Inc. | 1,200 | 21,103 | ||||||
Murata Manufacturing Co., Ltd. | 500 | 27,947 | ||||||
Nidec Corp. | 800 | 49,238 | ||||||
Omron Corp. | 1,400 | 92,919 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 531 | 53,785 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) |
| |||||||
TKH Group NV CVA | 1,893 | $ | 67,019 | |||||
455,263 | ||||||||
Electronic Components - Semiconductors — 3.4% |
| |||||||
Advanced Micro Devices, Inc.† | 1,278 | 68,756 | ||||||
ams AG† | 2,952 | 44,577 | ||||||
Broadcom, Inc. | 851 | 247,871 | ||||||
Dialog Semiconductor PLC† | 1,482 | 58,667 | ||||||
Intel Corp. | 5,962 | 375,189 | ||||||
IPG Photonics Corp.† | 110 | 17,094 | ||||||
Marvell Technology Group, Ltd. | 812 | 26,488 | ||||||
Microchip Technology, Inc.# | 1,469 | 141,053 | ||||||
Micron Technology, Inc.† | 1,350 | 64,679 | ||||||
NVIDIA Corp. | 1,263 | 448,390 | ||||||
ON Semiconductor Corp.† | 776 | 12,796 | ||||||
Samsung Electronics Co., Ltd. | 44,387 | 1,822,455 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 7,502 | 260,371 | ||||||
SK Hynix, Inc. | 5,053 | 333,640 | ||||||
SOITEC† | 198 | 19,313 | ||||||
STMicroelectronics NV | 2,375 | 58,665 | ||||||
Texas Instruments, Inc. | 2,464 | 292,575 | ||||||
Xilinx, Inc. | 994 | 91,398 | ||||||
4,383,977 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 360 | 34,762 | ||||||
TE Connectivity, Ltd. | 400 | 32,500 | ||||||
67,262 | ||||||||
Electronic Forms — 0.2% |
| |||||||
Adobe, Inc.† | 686 | 265,208 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
FLIR Systems, Inc. | 273 | 12,613 | ||||||
Fortive Corp. | 420 | 25,611 | ||||||
Keysight Technologies, Inc.† | 198 | 21,410 | ||||||
National Instruments Corp. | 278 | 10,764 | ||||||
Roper Technologies, Inc. | 130 | 51,194 | ||||||
Trimble, Inc.† | 446 | 17,447 | ||||||
Yokogawa Electric Corp. | 1,800 | 25,975 | ||||||
165,014 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
SYNNEX Corp. | 56 | 5,972 | ||||||
Electronic Security Devices — 0.0% |
| |||||||
dormakaba Holding AG | 77 | 43,469 | ||||||
Energy - Alternate Sources — 0.5% |
| |||||||
ERG SpA | 6,330 | 139,995 | ||||||
First Solar, Inc.† | 2,670 | 124,475 | ||||||
LONGi Green Energy Technology Co., Ltd., Class A | 7,500 | 34,139 | ||||||
NEL ASA†# | 12,249 | 19,009 | ||||||
Siemens Gamesa Renewable Energy SA† | 8,110 | 137,091 | ||||||
Vestas Wind Systems A/S | 1,350 | 138,218 | ||||||
592,927 | ||||||||
Engineering/R&D Services — 0.1% |
| |||||||
AF POYRY AB† | 1,159 | 24,839 | ||||||
Alten SA | 601 | 48,393 | ||||||
COMSYS Holdings Corp. | 600 | 16,723 | ||||||
Gaztransport Et Technigaz SA | 387 | 28,808 | ||||||
Samsung Engineering Co., Ltd.† | 1,764 | 17,310 | ||||||
136,073 | ||||||||
9 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Enterprise Software/Service — 0.7% |
| |||||||
Atlassian Corp. PLC, Class A† | 7 | $ | 1,297 | |||||
Guidewire Software, Inc.† | 1,137 | 116,633 | ||||||
Oracle Corp. | 3,063 | 164,697 | ||||||
Oracle Corp. Japan | 400 | 46,756 | ||||||
RIB Software SE† | 183 | 5,891 | ||||||
Tyler Technologies, Inc.† | 354 | 132,860 | ||||||
Veeva Systems, Inc., Class A† | 1,018 | 222,810 | ||||||
Workday, Inc., Class A† | 1,360 | 249,465 | ||||||
940,409 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Activision Blizzard, Inc. | 1,029 | 74,068 | ||||||
Capcom Co., Ltd. | 700 | 24,730 | ||||||
Electronic Arts, Inc.† | 380 | 46,694 | ||||||
Netmarble Corp.†* | 287 | 21,419 | ||||||
Take-Two Interactive Software, Inc.† | 49 | 6,672 | ||||||
173,583 | ||||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Sweco AB, Class B | 1,663 | 69,955 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Credit Acceptance Corp.† | 2 | 740 | ||||||
Finance - Credit Card — 0.7% |
| |||||||
Mastercard, Inc., Class A | 1,282 | 385,741 | ||||||
Visa, Inc., Class A | 2,533 | 494,543 | ||||||
880,284 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
CITIC Securities Co., Ltd.† | 43,800 | 136,716 | ||||||
Haitong Securities Co., Ltd. | 92,800 | 70,465 | ||||||
Korea Investment Holdings Co., Ltd. | 494 | 21,115 | ||||||
Mirae Asset Daewoo Co., Ltd. | 5,604 | 28,031 | ||||||
NH Investment & Securities Co., Ltd. | 2,440 | 19,235 | ||||||
Samsung Securities Co. Ltd. | 898 | 20,334 | ||||||
295,896 | ||||||||
Finance - Leasing Companies — 0.0% |
| |||||||
GRENKE AG | 610 | 49,048 | ||||||
Tokyo Century Corp. | 300 | 13,066 | ||||||
62,114 | ||||||||
Finance - Mortgage Loan/Banker — 0.0% |
| |||||||
Zenkoku Hosho Co., Ltd. | 100 | 3,852 | ||||||
Finance - Other Services — 0.2% |
| |||||||
Bolsas y Mercados Espanoles | 858 | 31,385 | ||||||
Cboe Global Markets, Inc. | 71 | 7,558 | ||||||
eGuarantee, Inc. | 600 | 12,168 | ||||||
Euronext NV* | 936 | 86,482 | ||||||
Intertrust NV* | 3,582 | 56,770 | ||||||
194,363 | ||||||||
Fisheries — 0.1% |
| |||||||
Bakkafrost P/F† | 651 | 40,658 | ||||||
Leroy Seafood Group ASA# | 3,588 | 20,196 | ||||||
Salmar ASA | 523 | 23,593 | ||||||
84,447 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Orion Corp. | 267 | 28,510 | ||||||
Food - Dairy Products — 0.1% |
| |||||||
Emmi AG | 38 | 32,911 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A† | 15,100 | 60,201 | ||||||
Morinaga Milk Industry Co., Ltd. | 800 | 33,646 | ||||||
126,758 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Food - Misc./Diversified — 0.3% |
| |||||||
AAK AB† | 2,236 | $ | 40,810 | |||||
Axfood AB | 1,943 | 43,596 | ||||||
CJ CheilJedang Corp. | 100 | 24,044 | ||||||
Corbion NV | 1,696 | 62,435 | ||||||
Fuji Oil Holdings, Inc. | 800 | 21,478 | ||||||
Glanbia PLC (LSE) | 2,154 | 23,633 | ||||||
Glanbia PLC (Euronext Dublin) | 3,633 | 39,697 | ||||||
Viscofan SA# | 1,229 | 81,000 | ||||||
336,693 | ||||||||
Food - Retail — 0.1% |
| |||||||
GS Holdings Corp. | 839 | 25,609 | ||||||
HelloFresh SE† | 1,907 | 77,730 | ||||||
Seven & i Holdings Co., Ltd. | 700 | 23,962 | ||||||
127,301 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Lacto Japan Co., Ltd. | 500 | 17,844 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Evolution Gaming Group AB†* | 1,554 | 92,036 | ||||||
Gas - Distribution — 0.1% |
| |||||||
Italgas SpA | 4,659 | 25,365 | ||||||
Rubis SCA | 1,052 | 50,326 | ||||||
75,691 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Corp. | 1,390 | 81,273 | ||||||
Hotels/Motels — 0.0% |
| |||||||
Hilton Worldwide Holdings, Inc. | 364 | 28,869 | ||||||
Marriott International, Inc., Class A | 370 | 32,745 | ||||||
61,614 | ||||||||
Human Resources — 0.0% |
| |||||||
Recruit Holdings Co., Ltd. | 500 | 17,251 | ||||||
Import/Export — 0.1% |
| |||||||
ITOCHU Corp. | 1,900 | 40,780 | ||||||
Mitsubishi Corp. | 1,600 | 37,376 | ||||||
78,156 | ||||||||
Independent Power Producers — 0.2% |
| |||||||
Atlantica Yield PLC | 5,070 | 132,834 | ||||||
Clearway Energy, Inc., Class A | 3,028 | 61,438 | ||||||
Clearway Energy, Inc., Class C | 2,900 | 63,539 | ||||||
257,811 | ||||||||
Industrial Audio & Video Products — 0.1% |
| |||||||
Hangzhou Hikvision Digital Technology Co., Ltd., Class A | 23,300 | 89,861 | ||||||
Industrial Automated/Robotic — 0.5% |
| |||||||
Cognex Corp. | 1,228 | 69,677 | ||||||
FANUC Corp. | 400 | 71,424 | ||||||
Harmonic Drive Systems, Inc. | 900 | 52,028 | ||||||
Keyence Corp. | 600 | 247,096 | ||||||
Rockwell Automation, Inc. | 637 | 137,694 | ||||||
THK Co., Ltd.# | 1,500 | 39,063 | ||||||
Yaskawa Electric Corp. | 500 | 17,993 | ||||||
634,975 | ||||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 370 | 89,411 | ||||||
Linde PLC | 960 | 194,246 | ||||||
283,657 | ||||||||
10 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Instruments - Controls — 0.3% |
| |||||||
ABB, Ltd. | 2,846 | $ | 56,202 | |||||
Honeywell International, Inc. | 1,966 | 286,741 | ||||||
Mettler-Toledo International, Inc.† | 1 | 795 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 12,400 | 59,699 | ||||||
Woodward, Inc. | 107 | 7,338 | ||||||
410,775 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Aflac, Inc. | 267 | 9,737 | ||||||
Dai-ichi Life Holdings, Inc. | 2,300 | 30,002 | ||||||
Samsung Life Insurance Co., Ltd. | 883 | 32,686 | ||||||
72,425 | ||||||||
Insurance - Multi-line — 0.3% |
| |||||||
Allstate Corp. | 79 | 7,727 | ||||||
ASR Nederland NV | 1,563 | 43,111 | ||||||
Chubb, Ltd. | 29 | 3,536 | ||||||
Hartford Financial Services Group, Inc. | 5 | 192 | ||||||
Helvetia Holding AG | 178 | 15,841 | ||||||
Ping An Insurance Group Co of China, Ltd., Class A | 10,700 | 106,022 | ||||||
Storebrand ASA† | 14,022 | 72,388 | ||||||
Topdanmark A/S | 511 | 21,270 | ||||||
Unipol Gruppo SpA† | 15,812 | 55,695 | ||||||
325,782 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Assurant, Inc. | 16 | 1,641 | ||||||
Berkshire Hathaway, Inc., Class B† | 42 | 7,794 | ||||||
Fidelity National Financial, Inc. | 120 | 3,828 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,500 | 44,101 | ||||||
Progressive Corp. | 12 | 932 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 336 | 49,629 | ||||||
107,925 | ||||||||
Internet Connectivity Services — 0.0% |
| |||||||
Masmovil Ibercom SA† | 1,455 | 30,319 | ||||||
Internet Content - Entertainment — 1.1% |
| |||||||
Adevinta ASA, Class B† | 695 | 7,401 | ||||||
Facebook, Inc., Class A† | 3,262 | 734,244 | ||||||
Kakao Corp. | 1,359 | 289,989 | ||||||
NCSoft Corp. | 157 | 100,396 | ||||||
Netflix, Inc.† | 556 | 233,370 | ||||||
Twitter, Inc.† | 860 | 26,634 | ||||||
1,392,034 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Scout24 AG* | 1,257 | 96,205 | ||||||
SINA Corp.† | 2,361 | 73,923 | ||||||
170,128 | ||||||||
Internet Financial Services — 0.0% |
| |||||||
Cerved Group SpA† | 5,425 | 37,630 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 520 | 75,358 | ||||||
Internet Security — 0.3% |
| |||||||
NortonLifeLock, Inc. | 4,488 | 102,237 | ||||||
Palo Alto Networks, Inc.† | 699 | 164,454 | ||||||
Trend Micro, Inc. | 2,400 | 132,016 | ||||||
398,707 | ||||||||
Investment Companies — 0.1% |
| |||||||
KBC Ancora | 1,420 | 47,568 | ||||||
Sofina SA | 175 | 47,978 | ||||||
95,546 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Azimut Holding SpA | 1,818 | $ | 30,276 | |||||
LPL Financial Holdings, Inc. | 7 | 500 | ||||||
T. Rowe Price Group, Inc. | 99 | 11,969 | ||||||
Vontobel Holding AG | 379 | 23,161 | ||||||
65,906 | ||||||||
Lasers-System/Components — 0.1% |
| |||||||
Han’s Laser Technology Industry Group Co., Ltd., Class A | 28,200 | 120,436 | ||||||
Leisure Products — 0.1% |
| |||||||
Thule Group AB* | 2,520 | 57,949 | ||||||
Yamaha Corp. | 300 | 14,611 | ||||||
72,560 | ||||||||
Lighting Products & Systems — 0.0% |
| |||||||
Signify NV†* | 1,594 | 34,186 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 820 | 98,506 | ||||||
Komatsu, Ltd. | 1,000 | 20,258 | ||||||
118,764 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Disco Corp. | 100 | 22,369 | ||||||
Fuji Electric Co., Ltd. | 800 | 21,418 | ||||||
Hitachi, Ltd. | 3,000 | 96,291 | ||||||
Mitsubishi Electric Corp. | 6,600 | 87,020 | ||||||
Union Tool Co.# | 200 | 5,220 | ||||||
232,318 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 410 | 62,369 | ||||||
Kubota Corp. | 2,000 | 26,928 | ||||||
89,297 | ||||||||
Machinery - General Industrial — 0.2% |
| |||||||
Beijer Ref AB | 306 | 9,102 | ||||||
Bucher Industries AG | 170 | 49,083 | ||||||
Conzzeta AG | 30 | 26,462 | ||||||
Hexagon AB, Class B† | 1,476 | 81,468 | ||||||
Otis Worldwide Corp. | 555 | 29,221 | ||||||
SIG Combibloc Group AG | 2,030 | 34,038 | ||||||
Valmet Oyj† | 1,461 | 38,091 | ||||||
267,465 | ||||||||
Machinery - Material Handling — 0.1% |
| |||||||
Daifuku Co., Ltd. | 800 | 62,281 | ||||||
Machinery - Pumps — 0.0% |
| |||||||
Curtiss-Wright Corp. | 30 | 3,009 | ||||||
Ingersoll Rand, Inc.† | 302 | 8,516 | ||||||
Interpump Group SpA | 1,379 | 41,334 | ||||||
52,859 | ||||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp. | 35 | 2,552 | ||||||
Medical Instruments — 0.2% |
| |||||||
Ambu A/S, Class B | 1,843 | 61,527 | ||||||
Edwards Lifesciences Corp.† | 112 | 25,169 | ||||||
Elekta AB, Series B | 3,492 | 36,980 | ||||||
Getinge AB, Class B† | 698 | 12,924 | ||||||
Shimadzu Corp. | 1,000 | 27,081 | ||||||
Tecan Group AG | 241 | 84,447 | ||||||
Topcon Corp. | 600 | 5,272 | ||||||
253,400 | ||||||||
11 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Labs & Testing Services — 0.0% |
| |||||||
Evotec SE† | 1,446 | $ | 38,742 | |||||
Medical Products — 0.1% |
| |||||||
Abbott Laboratories | 285 | 27,052 | ||||||
Arjo AB, Class B | 428 | 2,421 | ||||||
GN Store Nord A/S | 1,373 | 74,328 | ||||||
Henry Schein, Inc.† | 249 | 15,119 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 1,300 | 50,812 | ||||||
Terumo Corp. | 500 | 19,654 | ||||||
189,386 | ||||||||
Medical - Biomedical/Gene — 0.3% |
| |||||||
Amgen, Inc. | 20 | 4,594 | ||||||
Argenx SE† (NYSE) | 293 | 62,616 | ||||||
Argenx SE† (Euronext Brussels) | 71 | 15,093 | ||||||
Biogen, Inc.† | 35 | 10,748 | ||||||
Idorsia, Ltd.† | 1,345 | 41,117 | ||||||
Illumina, Inc.† | 10 | 3,630 | ||||||
JCR Pharmaceuticals Co., Ltd.† | 200 | 22,986 | ||||||
MorphoSys AG† | 437 | 56,553 | ||||||
Regeneron Pharmaceuticals, Inc.† | 3 | 1,838 | ||||||
Samsung Biologics Co, Ltd.†* | 160 | 80,535 | ||||||
Swedish Orphan Biovitrum AB† | 1,923 | 41,989 | ||||||
Vertex Pharmaceuticals, Inc.† | 77 | 22,173 | ||||||
363,872 | ||||||||
Medical - Drugs — 0.4% |
| |||||||
ALK-Abello A/S† | 44 | 11,739 | ||||||
Daiichi Sankyo Co., Ltd. | 500 | 46,842 | ||||||
Eli Lilly & Co. | 60 | 9,177 | ||||||
Fagron | 1,138 | 27,215 | ||||||
Hanmi Pharm Co., Ltd. | 94 | 18,032 | ||||||
Helixmith Co., Ltd.† | 255 | 12,923 | ||||||
Huadong Medicine Co., Ltd., Class A | 31,700 | 100,663 | ||||||
Hubei Jumpcan Pharmaceutical Co., Ltd. | 15,100 | 46,476 | ||||||
Jiangsu Hengrui Medicine Co., Ltd.† | 7,200 | 79,378 | ||||||
Merck & Co., Inc. | 133 | 10,736 | ||||||
Otsuka Holdings Co., Ltd. | 400 | 18,076 | ||||||
Pfizer, Inc. | 205 | 7,829 | ||||||
Santen Pharmaceutical Co., Ltd. | 2,400 | 44,340 | ||||||
Siegfried Holding AG† | 109 | 45,329 | ||||||
Zoetis, Inc. | 29 | 4,042 | ||||||
482,797 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Celltrion Healthcare Co., Ltd.† | 551 | 40,514 | ||||||
Celltrion, Inc.† | 903 | 156,181 | ||||||
196,695 | ||||||||
Medical - HMO — 0.0% |
| |||||||
Humana, Inc. | 51 | 20,943 | ||||||
UnitedHealth Group, Inc. | 117 | 35,668 | ||||||
56,611 | ||||||||
Medical - Hospitals — 0.0% |
| |||||||
Universal Health Services, Inc., Class B | 81 | 8,541 | ||||||
Medical - Nursing Homes — 0.1% |
| |||||||
Korian SA# | 685 | 24,702 | ||||||
Orpea | 407 | 47,862 | ||||||
72,564 | ||||||||
Medical - Outpatient/Home Medical — 0.0% |
| |||||||
Chemed Corp. | 17 | 8,135 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Amplifon SpA† | 947 | $ | 26,378 | |||||
Galenica AG* | 959 | 71,053 | ||||||
Guangxi Liuzhou Pharmaceutical Co., Ltd., Class A | 10,400 | 46,694 | ||||||
144,125 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Aurubis AG | 1,106 | 64,069 | ||||||
VAT Group AG* | 501 | 90,715 | ||||||
154,784 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
SFS Group AG | 222 | 20,089 | ||||||
Metal - Aluminum — 0.0% |
| |||||||
Arconic Corp.† | 48 | 695 | ||||||
Miscellaneous Manufacturing — 0.1% |
| |||||||
China Railway Signal & Communication Corp., Ltd.†* | 67,000 | 29,618 | ||||||
Stadler Rail AG# | 357 | 15,122 | ||||||
Towa Corp. | 700 | 7,285 | ||||||
Zhuzhou CRRC Times Electric Co., Ltd. | 24,900 | 64,548 | ||||||
116,573 | ||||||||
Multimedia — 0.2% |
| |||||||
Nordic Entertainment Group AB, Class B† | 1,627 | 49,056 | ||||||
Walt Disney Co. | 2,230 | 261,579 | ||||||
310,635 | ||||||||
Networking Products — 0.5% |
| |||||||
Arista Networks, Inc.† | 339 | 79,143 | ||||||
Cisco Systems, Inc. | 9,045 | 432,532 | ||||||
LogMeIn, Inc. | 1,006 | 85,409 | ||||||
597,084 | ||||||||
Non - Ferrous Metals — 0.0% |
| |||||||
Korea Zinc Co., Ltd. | 93 | 28,445 | ||||||
Non - Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 320 | 27,347 | ||||||
Waste Connections, Inc. | 370 | 34,795 | ||||||
Waste Management, Inc. | 600 | 64,050 | ||||||
126,192 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Zebra Technologies Corp., Class A† | 199 | 52,003 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Societe BIC SA | 404 | 21,528 | ||||||
Oil Companies - Exploration & Production — 1.4% |
| |||||||
Apache Corp.# | 9,830 | 106,066 | ||||||
Cabot Oil & Gas Corp. | 1,070 | 21,229 | ||||||
Cimarex Energy Co. | 4,565 | 119,968 | ||||||
Concho Resources, Inc. | 2,260 | 123,215 | ||||||
ConocoPhillips | 3,900 | 164,502 | ||||||
Continental Resources, Inc.# | 7,971 | 97,485 | ||||||
Devon Energy Corp. | 830 | 8,972 | ||||||
Diamondback Energy, Inc. | 2,680 | 114,115 | ||||||
EOG Resources, Inc. | 2,960 | 150,871 | ||||||
Hess Corp. | 2,720 | 129,119 | ||||||
Inpex Corp. | 1,500 | 10,474 | ||||||
Marathon Oil Corp. | 19,660 | 104,984 | ||||||
Noble Energy, Inc. | 12,610 | 110,085 | ||||||
Occidental Petroleum Corp. | 7,980 | 103,341 | ||||||
Parsley Energy, Inc., Class A | 12,290 | 112,331 | ||||||
PDC Energy, Inc.† | 9,193 | 111,971 | ||||||
Pioneer Natural Resources Co. | 1,430 | 130,988 | ||||||
WPX Energy, Inc.† | 19,291 | 109,380 | ||||||
1,829,096 | ||||||||
12 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil Companies - Integrated — 0.5% |
| |||||||
Chevron Corp. | 2,254 | $ | 206,692 | |||||
China Petroleum & Chemical Corp., Class A† | 43,900 | 25,445 | ||||||
Exxon Mobil Corp. | 5,030 | 228,714 | ||||||
Murphy Oil Corp.# | 10,410 | 124,400 | ||||||
585,251 | ||||||||
Oil Refining & Marketing — 0.2% |
| |||||||
HollyFrontier Corp. | 360 | 11,322 | ||||||
Hyundai Heavy Industries Holdings Co., Ltd. | 117 | 25,659 | ||||||
Marathon Petroleum Corp. | 750 | 26,355 | ||||||
Phillips 66 | 540 | 42,260 | ||||||
S-Oil Corp. | 477 | 27,317 | ||||||
SK Holdings Co., Ltd. | 360 | 69,722 | ||||||
SK Innovation Co., Ltd. | 548 | 52,651 | ||||||
Valero Energy Corp. | 370 | 24,657 | ||||||
279,943 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Baker Hughes Co. | 830 | 13,703 | ||||||
Halliburton Co. | 1,350 | 15,863 | ||||||
Saipem SpA | 10,791 | 25,711 | ||||||
SBM Offshore NV | 2,212 | 30,364 | ||||||
Schlumberger, Ltd. | 1,720 | 31,768 | ||||||
TechnipFMC PLC | 760 | 5,624 | ||||||
TGS NOPEC Geophysical Co. ASA | 3,805 | 54,480 | ||||||
177,513 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
BillerudKorsnas AB | 2,427 | 33,170 | ||||||
Holmen AB† | 1,215 | 40,022 | ||||||
Svenska Cellulosa AB SCA, Class B† | 6,436 | 80,625 | ||||||
153,817 | ||||||||
Pastoral & Agricultural — 0.2% |
| |||||||
Guangdong Haid Group Co., Ltd., Class A | 33,300 | 225,848 | ||||||
Liaoning Wellhope Agri-Tech JSC, Ltd., Class A | 36,900 | 73,434 | ||||||
299,282 | ||||||||
Petrochemicals — 0.1% |
| |||||||
LG Chem, Ltd. | 466 | 147,508 | ||||||
Lotte Chemical Corp. | 193 | 29,407 | ||||||
176,915 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
CVS Health Corp. | 237 | 15,540 | ||||||
Power Converter/Supply Equipment — 0.1% |
| |||||||
Schneider Electric SE | 1,265 | 126,199 | ||||||
Real Estate Investment Trusts — 0.9% |
| |||||||
Aedifica SA | 543 | 58,145 | ||||||
Alstria Office REIT-AG | 4,427 | 64,440 | ||||||
American Tower Corp. | 730 | 188,464 | ||||||
AvalonBay Communities, Inc. | 220 | 34,322 | ||||||
Boston Properties, Inc. | 268 | 23,043 | ||||||
Crown Castle International Corp. | 680 | 117,069 | ||||||
Digital Realty Trust, Inc. | 320 | 45,939 | ||||||
Equinix, Inc. | 121 | 84,413 | ||||||
Equity Residential | 666 | 40,333 | ||||||
Essex Property Trust, Inc. | 90 | 21,849 | ||||||
Highwoods Properties, Inc. | 25 | 957 | ||||||
Inmobiliaria Colonial Socimi SA | 4,215 | 38,233 | ||||||
Life Storage, Inc. | 18 | 1,755 | ||||||
Omega Healthcare Investors, Inc. | 7 | 218 | ||||||
Prologis, Inc. | 1,010 | 92,415 | ||||||
Public Storage | 277 | 56,159 | ||||||
Realty Income Corp. | 510 | 28,208 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
SBA Communications Corp. | 171 | $ | 53,716 | |||||
Simon Property Group, Inc. | 644 | 37,159 | ||||||
Ventas, Inc. | 600 | 20,970 | ||||||
Warehouses De Pauw CVA | 1,659 | 43,841 | ||||||
Welltower, Inc. | 690 | 34,962 | ||||||
Weyerhaeuser Co. | 1,240 | 25,036 | ||||||
1,111,646 | ||||||||
Real Estate Management/Services — 0.2% |
| |||||||
Entra ASA* | 4,046 | 55,031 | ||||||
Fabege AB | 2,149 | 26,110 | ||||||
Fastighets AB Balder, Class B† | 793 | 32,528 | ||||||
Hufvudstaden AB, Class A | 1,551 | 20,004 | ||||||
Kungsleden AB | 6,645 | 48,369 | ||||||
Wallenstam AB | 1,200 | 13,874 | ||||||
Wihlborgs Fastigheter AB | 3,751 | 60,486 | ||||||
256,402 | ||||||||
Real Estate Operations & Development — 0.4% |
| |||||||
CA Immobilien Anlagen AG | 1,171 | 39,513 | ||||||
Castellum AB | 1,595 | 29,973 | ||||||
China Vanke Co., Ltd., Class A† | 32,900 | 118,500 | ||||||
Grand City Properties SA | 2,122 | 48,099 | ||||||
IMMOFINANZ AG | 1,539 | 28,863 | ||||||
LEG Immobilien AG | 550 | 68,591 | ||||||
Mitsui Fudosan Co., Ltd. | 2,600 | 50,101 | ||||||
Nexity SA | 1,914 | 58,717 | ||||||
TAG Immobilien AG | 1,974 | 45,877 | ||||||
488,234 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Dometic Group AB†* | 4,581 | 40,292 | ||||||
Recycling — 0.0% |
| |||||||
Tomra Systems ASA | 1,367 | 49,318 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 59 | 9,488 | ||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Burlington Stores, Inc.† | 21 | 4,403 | ||||||
HUGO BOSS AG | 1,542 | 41,866 | ||||||
Lululemon Athletica, Inc.† | 140 | 42,014 | ||||||
Ross Stores, Inc. | 500 | 48,480 | ||||||
136,763 | ||||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 34 | 39,027 | ||||||
O’Reilly Automotive, Inc.† | 112 | 46,731 | ||||||
85,758 | ||||||||
Retail - Building Products — 0.5% |
| |||||||
Home Depot, Inc. | 1,646 | 408,998 | ||||||
Lowe’s Cos., Inc. | 1,058 | 137,910 | ||||||
Nitori Holdings Co., Ltd. | 300 | 54,413 | ||||||
601,321 | ||||||||
Retail - Consumer Electronics — 0.0% |
| |||||||
Best Buy Co., Inc. | 56 | 4,373 | ||||||
Retail - Discount — 0.2% |
| |||||||
Costco Wholesale Corp. | 5 | 1,542 | ||||||
Dollar General Corp. | 337 | 64,539 | ||||||
Dollar Tree, Inc.† | 320 | 31,318 | ||||||
E-MART Inc. | 256 | 23,520 | ||||||
Target Corp. | 724 | 88,567 | ||||||
Uniform Mtg. Backed Securities | 2,100 | 42,334 | ||||||
251,820 | ||||||||
13 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Drug Store — 0.0% |
| |||||||
Kusuri no Aoki Holdings Co., Ltd. | 100 | $ | 8,245 | |||||
Retail - Jewelry — 0.1% |
| |||||||
Lao Feng Xiang Co., Ltd., Class A | 24,600 | 160,716 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
Shinsegae, Inc. | 85 | 16,875 | ||||||
TJX Cos., Inc. | 1,750 | 92,330 | ||||||
109,205 | ||||||||
Retail - Misc./Diversified — 0.0% |
| |||||||
Hotel Shilla Co., Ltd. | 339 | 21,801 | ||||||
Retail - Restaurants — 0.3% |
| |||||||
Chipotle Mexican Grill, Inc.† | 30 | 30,117 | ||||||
Domino’s Pizza, Inc. | 5 | 1,929 | ||||||
McDonald’s Corp. | 1,081 | 201,412 | ||||||
Starbucks Corp. | 1,680 | 131,023 | ||||||
Yum! Brands, Inc. | 410 | 36,790 | ||||||
401,271 | ||||||||
Rubber - Tires — 0.0% |
| |||||||
Hankook Tire & Technology Co., Ltd. | 962 | 18,275 | ||||||
Rubber/Plastic Products — 0.0% |
| |||||||
Hexpol AB† | 6,250 | 46,887 | ||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 2,934 | 33,594 | ||||||
Security Services — 0.0% |
| |||||||
Loomis AB, Series B† | 1,167 | 29,407 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Analog Devices, Inc. | 1,063 | 120,066 | ||||||
Maxim Integrated Products, Inc. | 827 | 47,701 | ||||||
NXP Semiconductors NV | 1,502 | 144,342 | ||||||
QUALCOMM, Inc. | 3,050 | 246,684 | ||||||
Renesas Electronics Corp.†# | 9,700 | 50,449 | ||||||
609,242 | ||||||||
Semiconductor Equipment — 0.3% |
| |||||||
Applied Materials, Inc. | 1,434 | 80,562 | ||||||
ASM International NV | 454 | 53,079 | ||||||
ASM Pacific Technology, Ltd. | 4,800 | 43,823 | ||||||
BE Semiconductor Industries NV | 1,205 | 46,189 | ||||||
KLA Corp. | 180 | 31,673 | ||||||
Lam Research Corp. | 207 | 56,650 | ||||||
Siltronic AG | 355 | 34,715 | ||||||
Teradyne, Inc. | 645 | 43,228 | ||||||
389,919 | ||||||||
Shipbuilding — 0.1% |
| |||||||
HLB, Inc.† | 327 | 29,944 | ||||||
Huntington Ingalls Industries, Inc. | 7 | 1,399 | ||||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.† | 406 | 29,888 | ||||||
Samsung Heavy Industries Co., Ltd.† | 5,242 | 20,461 | ||||||
81,692 | ||||||||
Software Tools — 0.2% |
| |||||||
VMware, Inc., Class A† | 1,628 | 254,408 | ||||||
Steel - Producers — 0.2% |
| |||||||
Baoshan Iron & Steel Co., Ltd., Class A | 183,800 | 125,915 | ||||||
Hyundai Steel Co. | 980 | 17,354 | ||||||
POSCO | 742 | 108,728 | ||||||
Reliance Steel & Aluminum Co. | 93 | 9,021 | ||||||
SSAB AB, Class B† | 14,392 | 35,211 | ||||||
296,229 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Telecom Equipment - Fiber Optics — 0.0% |
| |||||||
Corning, Inc. | 1,050 | $ | 23,929 | |||||
Telecommunication Equipment — 0.1% |
| |||||||
Juniper Networks, Inc. | 2,757 | 66,885 | ||||||
Telephone - Integrated — 0.6% |
| |||||||
AT&T, Inc. | 9,630 | 297,182 | ||||||
Freenet AG† | 2,679 | 45,903 | ||||||
KDDI Corp. | 800 | 23,296 | ||||||
Nippon Telegraph & Telephone Corp. | 3,600 | 81,509 | ||||||
SoftBank Group Corp. | 800 | 35,932 | ||||||
Verizon Communications, Inc. | 5,450 | 312,721 | ||||||
796,543 | ||||||||
Television — 0.1% |
| |||||||
ION Media Networks, Inc.†(1)(2) | 18 | 10,851 | ||||||
ProSiebenSat.1 Media SE | 8,756 | 112,122 | ||||||
122,973 | ||||||||
Theaters — 0.0% |
| |||||||
CTS Eventim AG & Co. KGaA† | 955 | 43,384 | ||||||
Tobacco — 0.1% |
| |||||||
Altria Group, Inc. | 348 | 13,589 | ||||||
KT&G Corp. | 1,236 | 83,861 | ||||||
97,450 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Stanley Black & Decker, Inc. | 200 | 25,090 | ||||||
Transactional Software — 0.1% |
| |||||||
SimCorp A/S | 607 | 66,964 | ||||||
Transport - Marine — 0.0% |
| |||||||
Euronav NV | 4,006 | 40,041 | ||||||
Transport - Rail — 0.3% |
| |||||||
Central Japan Railway Co. | 100 | 17,127 | ||||||
CSX Corp. | 1,352 | 96,776 | ||||||
Kansas City Southern | 95 | 14,299 | ||||||
Norfolk Southern Corp. | 350 | 62,402 | ||||||
Tokyu Corp. | 1,300 | 20,621 | ||||||
Union Pacific Corp. | 900 | 152,874 | ||||||
364,099 | ||||||||
Transport - Services — 0.1% |
| |||||||
C.H. Robinson Worldwide, Inc. | 37 | 3,002 | ||||||
FedEx Corp. | 340 | 44,391 | ||||||
Sankyu, Inc. | 600 | 24,500 | ||||||
United Parcel Service, Inc., Class B | 1,000 | 99,710 | ||||||
171,603 | ||||||||
Transport - Truck — 0.0% |
| |||||||
Hyundai Glovis Co., Ltd. | 216 | 19,766 | ||||||
XPO Logistics, Inc.† | 67 | 5,280 | ||||||
25,046 | ||||||||
Water Treatment Systems — 0.0% |
| |||||||
Kurita Water Industries, Ltd. | 400 | 11,101 | ||||||
Web Hosting/Design — 0.3% |
| |||||||
GoDaddy, Inc., Class A† | 1,236 | 95,481 | ||||||
Shopify, Inc., Class A† | 409 | 309,940 | ||||||
VeriSign, Inc.† | 120 | 26,281 | ||||||
431,702 | ||||||||
Web Portals/ISP — 1.4% |
| |||||||
Alphabet, Inc., Class A† | 398 | 570,541 | ||||||
Alphabet, Inc., Class C† | 414 | 591,573 | ||||||
Baidu, Inc. ADR† | 1,171 | 124,770 |
14 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares Principal Amount(8) | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP (continued) |
| |||||||
NAVER Corp. | 2,216 | $ | 405,578 | |||||
United Internet AG | 1,791 | 72,317 | ||||||
1,764,779 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 227 | 30,720 | ||||||
Samsung SDI Co., Ltd. | 519 | 150,976 | ||||||
181,696 | ||||||||
Total Common Stocks | ||||||||
(cost $57,885,711) | 61,762,606 | |||||||
EXCHANGE - TRADED FUNDS — 3.0% |
| |||||||
iShares MSCI Europe Small-Cap ETF | 3,900 | 179,400 | ||||||
iShares Russell 1000 Growth ETF# | 107 | 19,722 | ||||||
VanEck Vectors Gold Miners ETF | 106,000 | 3,637,920 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $3,138,388) | 3,837,042 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
JPMorgan Chase & Co. | $ | 38,000 | 38,522 | |||||
Finance - Other Services — 0.2% |
| |||||||
China Huadian Overseas Development Management Co., Ltd. 4.00% due 05/29/2024(3) | 200,000 | 202,047 | ||||||
Insurance - Life/Health — 0.4% |
| |||||||
Dai-ichi Life Insurance Co., Ltd. | 200,000 | 211,500 | ||||||
Nippon Life Insurance Co. | 200,000 | 204,144 | ||||||
Prudential Financial, Inc. | 27,000 | 27,954 | ||||||
Prudential Financial, Inc. | 20,000 | 21,516 | ||||||
465,114 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Voya Financial, Inc. | 33,000 | 30,030 | ||||||
Insurance - Property/Casualty — 0.2% |
| |||||||
Mitsui Sumitomo Insurance Co., Ltd. | 200,000 | 223,000 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Chinalco Capital Holdings, Ltd. | 200,000 | 196,052 | ||||||
Pipelines — 0.1% |
| |||||||
Enbridge, Inc. | 60,000 | 55,309 | ||||||
Enterprise Products Operating LLC | 33,000 | 28,883 | ||||||
Enterprise Products Operating LLC | 24,000 | 21,624 | ||||||
105,816 | ||||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,234,763) | 1,260,581 | |||||||
RIGHTS — 0.0% |
| |||||||
Real Estate Operations & Development — 0.0% |
| |||||||
BUWOG AG†#(1) | 1,461 | 0 | ||||||
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 0.7% |
| |||||||
Diversified Financial Services — 0.7% |
| |||||||
Bain Capital Credit CLO, Limit Bcc | $ | 400,000 | $ | 400,000 | ||||
Bain Capital Credit CLO, Limit Bcc | 250,000 | 245,000 | ||||||
Voya CLO, Ltd. CLO FRS | 250,000 | 233,125 | ||||||
Total Asset Backed Securities | ||||||||
(cost $878,125) |
| 878,125 | ||||||
U.S. CORPORATE BONDS & NOTES — 14.2% |
| |||||||
Advertising Agencies — 0.0% |
| |||||||
Omnicom Group, Inc. | 29,000 | 31,421 | ||||||
Aerospace/Defense — 0.0% |
| |||||||
Lockheed Martin Corp. | 28,000 | 28,671 | ||||||
Applications Software — 0.1% |
| |||||||
Microsoft Corp. | 135,000 | 176,791 | ||||||
Auto - Cars/Light Trucks — 0.4% |
| |||||||
American Honda Finance Corp. FRS | 240,000 | 240,000 | ||||||
Ford Motor Co.# | 18,000 | 19,980 | ||||||
Toyota Motor Credit Corp. FRS | 190,000 | 190,019 | ||||||
449,999 | ||||||||
Banks - Commercial — 0.3% |
| |||||||
PNC Bank NA FRS | 370,000 | 370,413 | ||||||
Banks - Super Regional — 0.4% |
| |||||||
Wells Fargo & Co. FRS | 215,000 | 215,778 | ||||||
Wells Fargo & Co. | 34,000 | 34,475 | ||||||
Wells Fargo & Co. | 130,000 | 169,894 | ||||||
Wells Fargo & Co. | 28,000 | 37,012 | ||||||
457,159 | ||||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Coca-Cola Co. | 48,000 | 47,461 |
15 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Beverages - Non - alcoholic (continued) |
| |||||||
Coca-Cola Co. | $ | 48,000 | $ | 46,849 | ||||
Keurig Dr Pepper, Inc. | 61,000 | 66,538 | ||||||
Keurig Dr Pepper, Inc. | 80,000 | 95,848 | ||||||
Keurig Dr Pepper, Inc. | 24,000 | 30,225 | ||||||
PepsiCo, Inc. | 154,000 | 162,044 | ||||||
448,965 | ||||||||
Brewery — 0.4% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 353,000 | 408,688 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 64,000 | 71,283 | ||||||
Constellation Brands, Inc. | 32,000 | 33,124 | ||||||
513,095 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Discovery Communications LLC | 49,000 | 52,487 | ||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | 70,000 | 66,685 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
Carrier Global Corp. | 88,000 | 78,253 | ||||||
Carrier Global Corp. | 28,000 | 24,860 | ||||||
103,113 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
Vulcan Materials Co. | 27,000 | 28,115 | ||||||
Cable/Satellite TV — 0.5% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 40,000 | 38,340 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 41,000 | 45,660 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 63,000 | 82,507 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
Comcast Corp. FRS | $ | 205,000 | $ | 205,601 | ||||
Comcast Corp. | 7,000 | 7,510 | ||||||
Comcast Corp. | 29,000 | 33,099 | ||||||
Comcast Corp. | 14,000 | 16,341 | ||||||
Comcast Corp. | 54,000 | 63,815 | ||||||
Comcast Corp. | 116,000 | 144,270 | ||||||
Time Warner Cable LLC | 32,000 | 40,872 | ||||||
678,015 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile USA, Inc. | 72,000 | 77,921 | ||||||
T-Mobile USA, Inc. | 19,000 | 20,984 | ||||||
98,905 | ||||||||
Chemicals - Diversified — 0.0% |
| |||||||
LYB International Finance III LLC | 16,000 | 17,007 | ||||||
Chemicals - Specialty — 0.0% |
| |||||||
Huntsman International LLC | 53,000 | 53,862 | ||||||
Commercial Services — 0.0% |
| |||||||
RELX Capital, Inc. | 17,000 | 17,854 | ||||||
Computer Services — 0.4% |
| |||||||
IBM Corp. FRS | 310,000 | 310,971 | ||||||
International Business Machines Corp.# | 100,000 | 132,081 | ||||||
Leidos, Inc. | 44,000 | 48,959 | ||||||
492,011 | ||||||||
Computers — 0.1% |
| |||||||
Apple, Inc. | 40,000 | 41,305 |
16 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Computers (continued) |
| |||||||
Dell International LLC/EMC Corp. | $ | 22,000 | $ | 25,113 | ||||
Dell International LLC/EMC Corp. | 58,000 | 70,330 | ||||||
Hewlett Packard Enterprise Co. | 5,000 | 5,970 | ||||||
142,718 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 31,000 | 34,669 | ||||||
Containers - Paper/Plastic — 0.0% |
| |||||||
Sonoco Products Co | 39,000 | 39,579 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Fiserv, Inc. | 23,000 | 27,950 | ||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
DENTSPLY SIRONA, Inc. | 27,000 | 27,654 | ||||||
Diversified Banking Institutions — 1.7% |
| |||||||
Bank of America Corp. FRS | 290,000 | 288,899 | ||||||
Bank of America Corp. | 23,000 | 25,415 | ||||||
Bank of America Corp. | 172,000 | 203,715 | ||||||
Bank of America Corp. | 127,000 | 173,267 | ||||||
Citigroup, Inc. | 142,000 | 176,209 | ||||||
Citigroup, Inc. | 28,000 | 33,628 | ||||||
Citigroup, Inc. | 56,000 | 71,187 | ||||||
Goldman Sachs Group, Inc. FRS | 370,000 | 370,377 | ||||||
Goldman Sachs Group, Inc. | 59,000 | 65,295 | ||||||
Goldman Sachs Group, Inc. | 146,000 | 168,198 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Goldman Sachs Group, Inc. | $ | 62,000 | $ | 86,544 | ||||
JPMorgan Chase & Co. | 17,000 | 17,541 | ||||||
JPMorgan Chase & Co. | 76,000 | 76,721 | ||||||
JPMorgan Chase & Co. | 80,000 | 91,543 | ||||||
JPMorgan Chase & Co. | 9,000 | 10,693 | ||||||
JPMorgan Chase & Co. | 115,000 | 158,580 | ||||||
Morgan Stanley | 23,000 | 25,560 | ||||||
Morgan Stanley | 79,000 | 90,288 | ||||||
2,133,660 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
General Electric Co. | 35,000 | 34,181 | ||||||
Parker-Hannifin Corp. | 74,000 | 83,584 | ||||||
117,765 | ||||||||
Drug Delivery Systems — 0.0% |
| |||||||
Becton Dickinson and Co. | 37,000 | 45,476 | ||||||
E-Commerce/Products — 0.0% |
| |||||||
Amazon.com, Inc. | 24,000 | 32,508 | ||||||
Electric - Distribution — 0.0% |
| |||||||
Oklahoma Gas & Electric Co. | 3,000 | 3,269 | ||||||
Electric - Generation — 0.0% |
| |||||||
Emera US Finance LP | 42,000 | 47,423 | ||||||
Electric - Integrated — 1.2% |
| |||||||
AEP Texas, Inc. | 35,000 | 40,923 | ||||||
Berkshire Hathaway Energy Co. | 36,000 | 45,255 | ||||||
Black Hills Corp. | 45,000 | 45,242 |
17 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
CenterPoint Energy Houston Electric LLC | $ | 31,000 | $ | 38,368 | ||||
Cleveland Electric Illuminating Co. | 20,000 | 25,397 | ||||||
Consolidated Edison Co. of New York, Inc. | 25,000 | 29,327 | ||||||
Dominion Energy South Carolina, Inc. | 11,000 | 15,413 | ||||||
Dominion Resources, Inc. | 19,000 | 22,285 | ||||||
DTE Electric Co. | 44,000 | 45,693 | ||||||
DTE Electric Co. | 76,000 | 91,687 | ||||||
DTE Electric Co. | 18,000 | 22,194 | ||||||
Duke Energy Carolinas LLC | 88,000 | 101,790 | ||||||
Duke Energy Indiana LLC | 74,000 | 80,425 | ||||||
Duke Energy Ohio, Inc. | 19,000 | 19,511 | ||||||
Entergy Corp. | 20,000 | 21,806 | ||||||
Entergy Texas, Inc. | 89,000 | 106,096 | ||||||
Evergy Kansas Central, Inc. | 60,000 | 65,658 | ||||||
Exelon Corp. | 33,000 | 41,700 | ||||||
FirstEnergy Corp. | 58,000 | 85,175 | ||||||
Georgia Power Co. | 42,000 | 48,602 | ||||||
Interstate Power & Light Co. | 31,000 | 33,046 | ||||||
Kentucky Utilities Co. | 18,000 | 18,838 | ||||||
Mississippi Power Co. | 49,000 | 53,514 | ||||||
PacifiCorp | 35,000 | 38,042 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
PacifiCorp | $ | 73,000 | $ | 90,482 | ||||
PECO Energy Co. | 35,000 | 37,318 | ||||||
Public Service Co. of Colorado | 75,000 | 75,611 | ||||||
Public Service Co. of Colorado | 24,000 | 29,410 | ||||||
Public Service Electric & Gas Co. | 29,000 | 32,090 | ||||||
Puget Sound Energy, Inc. | 72,000 | 88,489 | ||||||
Southern California Edison Co. | 67,000 | 70,565 | ||||||
1,559,952 | ||||||||
Electric - Transmission — 0.0% |
| |||||||
AEP Transmission Co. LLC | 44,000 | 51,628 | ||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom, Inc. | 35,000 | 36,649 | ||||||
Broadcom, Inc. | 22,000 | 24,399 | ||||||
Intel Corp. | 73,000 | 77,345 | ||||||
Intel Corp. | 27,000 | 32,318 | ||||||
NVIDIA Corp. | 23,000 | 26,209 | ||||||
NVIDIA Corp. | 44,000 | 52,038 | ||||||
248,958 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Trimble, Inc. | 71,000 | 77,460 | ||||||
Enterprise Software/Service — 0.1% |
| |||||||
Oracle Corp. | 76,000 | 88,066 | ||||||
Oracle Corp. | 48,000 | 56,353 | ||||||
144,419 | ||||||||
Finance - Commercial — 0.0% |
| |||||||
GE Capital Funding LLC | 40,000 | 41,463 | ||||||
18 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Credit Card — 0.4% |
| |||||||
American Express Co. FRS | $ | 300,000 | $ | 300,445 | ||||
Mastercard, Inc. | 72,000 | 89,652 | ||||||
Mastercard, Inc. | 17,000 | 21,730 | ||||||
Visa, Inc. | 38,000 | 47,133 | ||||||
458,960 | ||||||||
Finance - Other Services — 0.0% |
| |||||||
Intercontinental Exchange, Inc. | 26,000 | 26,342 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Smithfield Foods, Inc. | 20,000 | 21,016 | ||||||
Food - Misc./Diversified — 0.2% |
| |||||||
Campbell Soup Co. | 41,000 | 40,658 | ||||||
Conagra Brands, Inc. | 84,000 | 111,611 | ||||||
Mars, Inc. | 102,000 | 119,457 | ||||||
271,726 | ||||||||
Food - Retail — 0.0% |
| |||||||
Kroger Co. | 19,000 | 21,356 | ||||||
Food - Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 58,000 | 75,183 | ||||||
Gas - Distribution — 0.2% |
| |||||||
Brooklyn Union Gas Co. | 6,000 | 7,330 | ||||||
NiSource, Inc. | 45,000 | 50,698 | ||||||
NiSource, Inc. | 41,000 | 54,956 | ||||||
ONE Gas, Inc. | 72,000 | 88,470 | ||||||
201,454 | ||||||||
Industrial Gases — 0.0% |
| |||||||
Air Products and Chemicals, Inc. | 36,000 | 37,363 | ||||||
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Insurance Brokers — 0.1% |
| |||||||
Willis North America, Inc. | $ | 61,000 | $ | 65,218 | ||||
Willis North America, Inc. | 28,000 | 34,610 | ||||||
99,828 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
Brighthouse Financial, Inc. | 104,000 | 90,967 | ||||||
Prudential Financial, Inc. | 29,000 | 29,004 | ||||||
Prudential Financial, Inc. | 98,000 | 128,974 | ||||||
Teachers Insurance & Annuity Association of America | 94,000 | 110,721 | ||||||
359,666 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Guardian Life Insurance Co. of America | 15,000 | 14,347 | ||||||
Insurance - Mutual — 0.2% |
| |||||||
Liberty Mutual Group, Inc. | 14,000 | 14,162 | ||||||
Liberty Mutual Group, Inc. | 43,000 | 46,163 | ||||||
New York Life Insurance Co. | 31,000 | 34,882 | ||||||
New York Life Insurance Co. | 74,000 | 90,635 | ||||||
Northwestern Mutual Life Insurance Co. | 74,000 | 80,290 | ||||||
266,132 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Assurant, Inc. | 2,000 | 2,336 | ||||||
Progressive Corp. | 14,000 | 17,596 | ||||||
Progressive Corp. | 103,000 | 133,288 | ||||||
153,220 | ||||||||
Insurance - Reinsurance — 0.1% |
| |||||||
Berkshire Hathaway Finance Corp. | 121,000 | 151,861 | ||||||
Machinery - Construction & Mining — 0.0% |
| |||||||
Caterpillar, Inc. | 44,000 | 48,778 | ||||||
19 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | $ | 94,000 | $ | 113,768 | ||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings | 48,000 | 57,915 | ||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Amgen, Inc. | 112,000 | 118,073 | ||||||
Amgen, Inc. | 35,000 | 37,600 | ||||||
Amgen, Inc. | 35,000 | 46,287 | ||||||
Baxalta, Inc. | 49,000 | 65,886 | ||||||
Biogen, Inc. | 26,000 | 25,383 | ||||||
293,229 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
AbbVie, Inc. | 79,000 | 88,224 | ||||||
AbbVie, Inc. | 101,000 | 116,031 | ||||||
AbbVie, Inc. | 30,000 | 35,428 | ||||||
Bristol-Myers Squibb Co. FRS | 233,000 | 233,123 | ||||||
Bristol-Myers Squibb Co. | 102,000 | 134,385 | ||||||
Bristol-Myers Squibb Co. | 15,000 | 20,063 | ||||||
Pfizer, Inc. | 39,000 | 39,513 | ||||||
Pfizer, Inc. | 9,000 | 9,835 | ||||||
Wyeth | 14,000 | 20,346 | ||||||
696,948 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 48,000 | 55,205 | ||||||
Medical - HMO — 0.2% |
| |||||||
Humana, Inc. | 74,000 | 91,398 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Medical - HMO (continued) |
| |||||||
UnitedHealth Group, Inc. | $ | 28,000 | $ | 29,428 | ||||
UnitedHealth Group, Inc. | 74,000 | 94,212 | ||||||
215,038 | ||||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 12,000 | 12,721 | ||||||
Cardinal Health, Inc. | 53,000 | 58,570 | ||||||
71,291 | ||||||||
Metal - Copper — 0.0% |
| |||||||
Southern Copper Corp. | 35,000 | 37,298 | ||||||
Multimedia — 0.4% |
| |||||||
Viacom, Inc. | 65,000 | 70,527 | ||||||
Walt Disney Co. FRS | 345,000 | 344,149 | ||||||
Walt Disney Co. | 58,000 | 63,771 | ||||||
Walt Disney Co. | 16,000 | 18,248 | ||||||
496,695 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 22,000 | 21,955 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
EOG Resources, Inc. | 16,000 | 18,932 | ||||||
EOG Resources, Inc. | 50,000 | 65,152 | ||||||
Hess Corp. | 61,000 | 66,355 | ||||||
Noble Energy, Inc. | 27,000 | 23,297 | ||||||
Noble Energy, Inc. | 115,000 | 101,917 | ||||||
275,653 | ||||||||
Oil Companies - Integrated — 0.1% |
| |||||||
BP Capital Markets America, Inc. | 161,000 | 157,389 | ||||||
20 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Marathon Petroleum Corp. | $ | 48,000 | $ | 45,676 | ||||
Oil - Field Services — 0.1% |
| |||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. | 18,000 | 20,323 | ||||||
Halliburton Co. | 44,000 | 40,881 | ||||||
61,204 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 84,000 | 87,546 | ||||||
Georgia-Pacific LLC | 48,000 | 49,102 | ||||||
136,648 | ||||||||
Pharmacy Services — 0.6% |
| |||||||
Cigna Corp. | 18,000 | 22,512 | ||||||
Cigna Corp. | 68,000 | 89,244 | ||||||
CVS Health Corp. FRS | 370,000 | 370,575 | ||||||
CVS Health Corp | 14,000 | 16,175 | ||||||
CVS Health Corp | 22,000 | 25,838 | ||||||
CVS Health Corp. | 28,000 | 34,182 | ||||||
CVS Health Corp. | 129,000 | 165,454 | ||||||
723,980 | ||||||||
Pipelines — 0.3% |
| |||||||
Cheniere Corpus Christi Holdings LLC | 30,000 | 29,840 | ||||||
Colonial Enterprises, Inc. | 17,000 | 17,985 | ||||||
Energy Transfer Operating LP | 23,000 | 21,760 | ||||||
Energy Transfer Operating LP | 23,000 | 24,241 | ||||||
Energy Transfer Operating LP | 25,000 | 26,198 | ||||||
Enterprise Products Operating LLC | 39,000 | 42,326 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Pipelines (continued) |
| |||||||
Enterprise Products Operating LLC | $ | 10,000 | $ | 11,421 | ||||
ONEOK, Inc. | 44,000 | 39,650 | ||||||
ONEOK, Inc. | 18,000 | 21,283 | ||||||
Sabine Pass Liquefaction LLC | 14,000 | 15,354 | ||||||
Sunoco Logistics Partners Operations LP | 30,000 | 29,539 | ||||||
Williams Cos., Inc. | 34,000 | 39,643 | ||||||
Williams Partners LP | 86,000 | 94,723 | ||||||
413,963 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Crown Castle International Corp. | 30,000 | 35,008 | ||||||
Crown Castle International Corp. | 48,000 | 62,994 | ||||||
Prologis LP | 46,000 | 46,192 | ||||||
Simon Property Group LP | 132,000 | 107,033 | ||||||
251,227 | ||||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 45,000 | 56,251 | ||||||
Retail - Automobile — 0.0% |
| |||||||
AutoNation, Inc. | 18,000 | 18,750 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Home Depot, Inc. | 53,000 | 60,035 | ||||||
Home Depot, Inc. | 39,000 | 50,096 | ||||||
Home Depot, Inc. | 34,000 | 45,019 | ||||||
Lowe’s Cos., Inc. | 73,000 | 83,809 | ||||||
238,959 | ||||||||
21 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Retail - Discount — 0.1% |
| |||||||
Target Corp. | $ | 48,000 | $ | 57,709 | ||||
Walmart, Inc. FRS | 105,000 | 105,208 | ||||||
162,917 | ||||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 98,000 | 95,227 | ||||||
Retail - Restaurants — 0.1% |
| |||||||
McDonald’s Corp. FRS | 55,000 | 54,928 | ||||||
McDonald’s Corp. | 26,000 | 28,329 | ||||||
McDonald’s Corp. | 25,000 | 29,743 | ||||||
McDonald’s Corp. | 26,000 | 31,777 | ||||||
144,777 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 36,000 | 38,995 | ||||||
Software Tools — 0.0% |
| |||||||
VMware, Inc. | 43,000 | 46,973 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 14,000 | 14,245 | ||||||
Steel Dynamics, Inc. | 56,000 | 55,326 | ||||||
69,571 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 132,000 | 150,891 | ||||||
Telephone - Integrated — 1.0% |
| |||||||
AT&T, Inc. FRS | 375,000 | 377,089 | ||||||
AT&T, Inc. | 37,000 | 41,630 | ||||||
AT&T, Inc. | 35,000 | 39,681 | ||||||
AT&T, Inc. | 88,000 | 102,424 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Telephone - Integrated (continued) |
| |||||||
AT&T, Inc. | $ | 46,000 | $ | 53,047 | ||||
AT&T, Inc. | 142,000 | 162,899 | ||||||
AT&T, Inc. | 74,000 | 86,879 | ||||||
AT&T, Inc. | 35,000 | 42,487 | ||||||
Verizon Communications, Inc. | 22,000 | 24,401 | ||||||
Verizon Communications, Inc. | 9,000 | 11,008 | ||||||
Verizon Communications, Inc. | 21,000 | 25,492 | ||||||
Verizon Communications, Inc. | 44,000 | 54,080 | ||||||
Verizon Communications, Inc. | 237,000 | 318,177 | ||||||
1,339,294 | ||||||||
Television — 0.1% |
| |||||||
Viacom, Inc. | 35,000 | 33,425 | ||||||
ViacomCBS, Inc. | 16,000 | 17,628 | ||||||
ViacomCBS, Inc. | 39,000 | 40,122 | ||||||
91,175 | ||||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 31,000 | 41,182 | ||||||
Stanley Black & Decker, Inc. | 13,000 | 16,671 | ||||||
57,853 | ||||||||
Transport - Rail — 0.4% |
| |||||||
Burlington Northern Santa Fe LLC | 24,000 | 28,921 | ||||||
Burlington Northern Santa Fe LLC | 121,000 | 149,447 | ||||||
CSX Corp. | 44,000 | 51,182 | ||||||
Kansas City Southern | 33,000 | 34,378 | ||||||
Kansas City Southern | 60,000 | 63,786 |
22 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Transport - Rail (continued) |
| |||||||
Kansas City Southern | $ | 72,000 | $ | 90,131 | ||||
Norfolk Southern Corp. | 74,000 | 89,001 | ||||||
506,846 | ||||||||
Transport - Services — 0.0% |
| |||||||
United Parcel Service, Inc. | 18,000 | 25,470 | ||||||
Trucking/Leasing — 0.1% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 67,000 | 67,172 | ||||||
Water — 0.0% |
| |||||||
American Water Capital Corp. | 13,000 | 14,285 | ||||||
Essential Utilities, Inc. | 27,000 | 27,511 | ||||||
41,796 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $17,870,279) | 18,346,350 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 9.1% |
| |||||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 43,000 | 46,973 | ||||||
Yara International ASA | 19,000 | 19,257 | ||||||
66,230 | ||||||||
Banks - Commercial — 0.9% |
| |||||||
Banco de Credito e Inversiones SA | 200,000 | 205,871 | ||||||
Bangkok Bank PCL | 200,000 | 220,627 | ||||||
First Abu Dhabi Bank PJSC | 200,000 | 205,000 | ||||||
Sumitomo Mitsui Banking Corp. FRS | 375,000 | 375,533 | ||||||
Toronto-Dominion Bank FRS | 143,000 | 143,161 | ||||||
1,150,192 | ||||||||
Banks - Special Purpose — 0.2% |
| |||||||
Korea Development Bank | 200,000 | 217,368 | ||||||
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Cellular Telecom — 0.4% |
| |||||||
America Movil SAB de CV | $ | 200,000 | $ | 236,400 | ||||
Turkcell Iletisim Hizmetleri AS | 200,000 | 188,960 | ||||||
Vodafone Group PLC | 21,000 | 26,106 | ||||||
Vodafone Group PLC | 64,000 | 83,123 | ||||||
534,589 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
CNAC HK Finbridge Co., Ltd. | 200,000 | 204,642 | ||||||
Chemicals - Specialty — 0.0% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 25,000 | 23,672 | ||||||
Coal — 0.3% |
| |||||||
Adaro Indonesia PT | 250,000 | 226,875 | ||||||
Indika Energy Capital III Pte, Ltd. | 200,000 | 169,112 | ||||||
395,987 | ||||||||
Diagnostic Equipment — 0.1% |
| |||||||
DH Europe Finance II SARL | 122,000 | 133,091 | ||||||
Diversified Banking Institutions — 1.3% |
| |||||||
HSBC Holdings PLC FRS | 200,000 | 201,693 | ||||||
HSBC Holdings PLC | 200,000 | 236,241 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 200,000 | 204,968 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 200,000 | 215,423 | ||||||
Mizuho Financial Group, Inc. | 200,000 | 205,210 | ||||||
Mizuho Financial Group, Inc. | 200,000 | 208,608 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 200,000 | 206,557 | ||||||
UniCredit SpA | 200,000 | 199,426 | ||||||
1,678,126 | ||||||||
23 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. ULC | $ | 200,000 | $ | 199,835 | ||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Ingersoll-Rand Luxembourg Finance SA | 72,000 | 82,929 | ||||||
Siemens Financieringsmaatschappij NV | 250,000 | 275,866 | ||||||
358,795 | ||||||||
Diversified Minerals — 0.0% |
| |||||||
Teck Resources, Ltd. | 29,000 | 30,003 | ||||||
Teck Resources, Ltd. | 21,000 | 21,186 | ||||||
51,189 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
State Grid Overseas Investment 2016, Ltd. | 200,000 | 231,265 | ||||||
Electric - Generation — 0.5% |
| |||||||
Electricite de France SA | 200,000 | 249,560 | ||||||
Korea East-West Power Co., Ltd. | 200,000 | 206,140 | ||||||
Three Gorges Finance I Cayman Islands, Ltd. | 200,000 | 204,404 | ||||||
660,104 | ||||||||
Electric - Integrated — 0.3% |
| |||||||
Korea Electric Power Corp. | 200,000 | 210,763 | ||||||
Orazul Energy Egenor SCA | 200,000 | 197,250 | ||||||
408,013 | ||||||||
Electronic Components - Semiconductors — 0.0% |
| |||||||
NXP BV/NXP Funding LLC | 18,000 | 18,557 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
ReNew Power Synthetic | 200,000 | 194,614 | ||||||
Gold Mining — 0.0% |
| |||||||
Newcrest Finance Pty, Ltd. | 16,000 | 17,269 | ||||||
Independent Power Producers — 0.3% |
| |||||||
Cometa Energia SA de CV | 190,000 | 187,815 |
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
Independent Power Producers (continued) |
| |||||||
Termocandelaria Power, Ltd. | $ | 200,000 | $ | 204,010 | ||||
391,825 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Athene Holding, Ltd. | 32,000 | 34,597 | ||||||
Manulife Financial Corp. | 48,000 | 50,133 | ||||||
84,730 | ||||||||
Insurance - Property/Casualty — 0.0% |
| |||||||
Enstar Group, Ltd. | 43,000 | 44,246 | ||||||
Machinery - Farming — 0.0% |
| |||||||
CNH Industrial NV | 27,000 | 26,515 | ||||||
Multimedia — 0.1% |
| |||||||
Globo Comunicacao e Participacoes SA | 200,000 | 172,200 | ||||||
Oil Companies - Exploration & Production — 1.0% |
| |||||||
CNPC HK Overseas Capital, Ltd. | 200,000 | 282,005 | ||||||
Korea National Oil Corp. | 200,000 | 215,661 | ||||||
PTTEP Treasury Center Co., Ltd. | 200,000 | 197,489 | ||||||
Sinopec Group Overseas Development 2017, Ltd. | 200,000 | 232,935 | ||||||
Tengizchevroil Finance Co. International, Ltd. | 200,000 | 201,366 | ||||||
Tullow Oil PLC | 200,000 | 112,500 | ||||||
1,241,956 | ||||||||
Oil Companies - Integrated — 1.0% |
| |||||||
Ecopetrol SA | 30,000 | 31,200 | ||||||
Equinor ASA | 40,000 | 41,269 | ||||||
Equinor ASA | 44,000 | 46,416 | ||||||
Equinor ASA | 27,000 | 30,393 | ||||||
Pertamina Persero PT | 200,000 | 207,992 |
24 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Integrated (continued) |
| |||||||
Petro-Canada | $ | 22,000 | $ | 25,451 | ||||
Petrobras Global Finance BV | 200,000 | 200,710 | ||||||
Petronas Capital, Ltd. | 200,000 | 241,737 | ||||||
Saudi Arabian Oil Co. | 200,000 | 212,425 | ||||||
Shell International Finance BV | 9,000 | 10,075 | ||||||
Shell International Finance BV | 134,000 | 156,047 | ||||||
Total Capital International SA | 42,000 | 45,376 | ||||||
1,249,091 | ||||||||
Real Estate Operations & Development — 0.5% |
| |||||||
Country Garden Holdings Co., Ltd. | 200,000 | 214,859 | ||||||
Sun Hung Kai Properties Capital Market, Ltd. | 200,000 | 216,961 | ||||||
Yuzhou Properties Co., Ltd. | 200,000 | 196,000 | ||||||
627,820 | ||||||||
Retail - Convenience Store — 0.0% |
| |||||||
Alimentation Couche-Tard, Inc. | 36,000 | 34,140 | ||||||
SupraNational Banks — 0.1% |
| |||||||
Inter-American Development Bank | 54,000 | 82,763 | ||||||
Telephone - Integrated — 0.4% |
| |||||||
Deutsche Telekom AG | 150,000 | 162,400 | ||||||
Telecom Italia Capital SA | 35,000 | 42,483 | ||||||
Telefonica Emisiones SAU | 150,000 | 171,477 | ||||||
Telefonica Emisiones SAU | 150,000 | 182,268 | ||||||
558,628 | ||||||||
Transport - Marine — 0.3% |
| |||||||
PSA Treasury Pte, Ltd. | 400,000 | 416,128 | ||||||
Security Description | Shares/ Principal Amount(8) | Value (Note 2) | ||||||
Transport - Rail — 0.0% |
| |||||||
Canadian Pacific Railway Co. | $ | 23,000 | $ | 34,602 | ||||
Web Portals/ISP — 0.2% |
| |||||||
Baidu, Inc. | 200,000 | 208,183 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $11,527,468) | 11,716,365 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.9% |
| |||||||
Sovereign — 1.9% |
| |||||||
United Mexican States | 41,000 | 42,804 | ||||||
United Mexican States | MXN 47,000,000 | 2,456,137 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $2,496,098) | 2,498,941 | |||||||
U.S. GOVERNMENT TREASURIES — 0.2% |
| |||||||
United States Treasury Bonds — 0.2% |
| |||||||
United States Treasury Bonds | 191,000 | 236,079 | ||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | 45,000 | 4 | ||||||
Lehman Brothers Holdings, Inc. | 44,000 | 493 | ||||||
Lehman Brothers Holdings, Inc. | 71,000 | 7 | ||||||
Lehman Brothers Holdings, Inc. | 69,000 | 7 | ||||||
Total Escrows And Litigation Trusts | ||||||||
(cost $0) | 511 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $95,269,739) | 100,536,600 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 16.5% |
| |||||||
Registered Investment Companies — 14.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 18,596,370 | 18,596,370 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 337,214 | 337,214 | ||||||
18,933,584 | ||||||||
25 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(8) | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 1.8% |
| |||||||
United States Treasury Bills 0.25% due 06/04/2020(6) | $ | 55,000 | $ | 55,000 | ||||
0.34% due 06/04/2020(6) | 355,000 | 354,997 | ||||||
0.40% due 06/04/2020(6) | 190,000 | 189,998 | ||||||
0.92% due 06/04/2020(6) | 310,000 | 309,998 | ||||||
1.46% due 06/04/2020(6) | 1,230,000 | 1,229,990 | ||||||
1.49% due 06/04/2020(6) | 110,000 | 109,999 | ||||||
2,249,982 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $21,183,380) |
| 21,183,566 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $116,453,119)(9) | 94.6 | % | 121,720,166 | |||||
Other assets less liabilities | 5.4 | 6,909,330 | ||||||
NET ASSETS | 100.0 | % | $ | 128,629,496 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $5,625,286 representing 4.4% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities |
for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
ION Media Networks, Inc. | 3/5/2014 | 18 | $ | 0 | $ | 10,851 | 602.83 | 0.01 | % | |||||||||||||||
(3) | Perpetual maturity — maturity date reflects the next call date. |
(4) | Collateralized Loan Obligation |
(5) | At May 31, 2020, the Fund had loaned securities with a total value of $790,057. This was secured by collateral of $337,214, which was received in cash and subsequently invested in short-term investments currently valued at $337,214 as reported in the Portfolio of Investments. Additional collateral of $489,617 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | $ | 14,121 | ||||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 06/15/2020 to 11/15/2049 | 475,496 |
(6) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(7) | The rate shown is the 7-day yield as of May 31, 2020. |
(8) | Denominated in Unites Sates dollars unless otherwise indicated. |
(9) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CLO—Collateralized Loan Obligation
CVA—Certification Van Aandelen (Dutch Cert.)
ETF—Exchange Traded Fund
Euronext Brussels—Euronext Stock Exchange, Brussels
Euronext Dublin—Euronext Stock Exchange, Dublin
LSE—London Stock Exchange
MXN—Mexican Peso
NYSE—New York Stock Exchange
FRS—Floating Rate Security
The rates shown on FRS are the current interest rate as of May 31, 2020, and unless noted otherwise, the dates shown are the original maturity date.
Index Legend
3ML—3 Month USD LIBOR
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation | ||||||||||||||||
5 | Long | MSCI Europe Index | June 2020 | $ | 248,011 | $ | 300,200 | $ | 52,189 | |||||||||||||
44 | Long | Nasdaq 100 E-mini Index | June 2020 | 8,101,104 | 8,413,020 | 311,916 | ||||||||||||||||
95 | Long | Russell 2000 E-mini Index | June 2020 | 6,359,612 | 6,615,800 | 256,188 | ||||||||||||||||
$ | 620,293 | |||||||||||||||||||||
Unrealized (Depreciation) | ||||||||||||||||||||||
354 | Short | FTSE China A50 Index | June 2020 | 4,638,410 | 4,671,030 | (32,620 | ) | |||||||||||||||
28 | Short | Russell 1000 E-mini Growth Index | June 2020 | 1,923,958 | 2,596,720 | (672,762 | ) | |||||||||||||||
17 | Short | U.S. Treasury 10 Year Notes | September 2020 | 2,663,653 | 2,674,578 | (10,925 | ) | |||||||||||||||
38 | Short | U.S. Treasury Long Bonds | September 2020 | 6,740,170 | 6,778,250 | (38,080 | ) | |||||||||||||||
31 | Short | U.S. Treasury Ultra Long Bonds | September 2020 | 6,694,966 | 6,758,969 | (64,003 | ) | |||||||||||||||
$ | (818,390 | ) | ||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) |
| $ | (198,097 | ) | ||||||||||||||||||
* | 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. |
26 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Morgan Stanley Capital Services Inc | CAD | 470,000 | USD | 334,259 | 06/17/2020 | $ | – | $ | (7,102 | ) | ||||||||||||||||||
CNH | 53,120,000 | USD | 7,483,288 | 06/17/2020 | 48,874 | – | ||||||||||||||||||||||
EUR | 1,520,000 | USD | 1,654,064 | 06/17/2020 | – | (33,721 | ) | |||||||||||||||||||||
JPY | 96,830,000 | USD | 912,758 | 06/17/2020 | 14,720 | – | ||||||||||||||||||||||
KRW | 2,645,600,000 | USD | 2,156,593 | 06/17/2020 | 20,490 | – | ||||||||||||||||||||||
MXN | 56,400,000 | USD | 2,498,882 | 09/17/2020 | – | (5,993 | ) | |||||||||||||||||||||
SEK | 14,130,000 | USD | 1,455,772 | 06/17/2020 | – | (44,029 | ) | |||||||||||||||||||||
USD | 457,236 | AUD | 720,000 | 06/17/2020 | 22,690 | – | ||||||||||||||||||||||
USD | 2,172,068 | CAD | 3,000,000 | 06/17/2020 | 6,836 | – | ||||||||||||||||||||||
USD | 1,669,342 | CHF | 1,570,000 | 06/17/2020 | – | (36,357 | ) | |||||||||||||||||||||
USD | 3,024,987 | CNH | 21,300,000 | 06/17/2020 | – | (43,944 | ) | |||||||||||||||||||||
USD | 16,631,967 | EUR | 14,860,000 | 06/17/2020 | – | (131,650 | ) | |||||||||||||||||||||
USD | 2,580,145 | GBP | 2,060,000 | 06/17/2020 | – | (35,898 | ) | |||||||||||||||||||||
USD | 9,752,520 | JPY | 1,029,350,000 | 06/17/2020 | – | (205,935 | ) | |||||||||||||||||||||
USD | 711,012 | SEK | 7,370,000 | 06/17/2020 | 71,261 | – | ||||||||||||||||||||||
184,871 | (544,629 | ) | ||||||||||||||||||||||||||
– | – | |||||||||||||||||||||||||||
Net Unrealized Appreciation/(Depreciation) | $ | 184,871 | $ | (544,629 | ) | |||||||||||||||||||||||
AUD—Australian Dollar
CAD—Canadian Dollar
CHF—Swiss Franc
CNH—Yuan Renminbi Offshore
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
KRW—South Korean Won
MXN—Mexican Peso
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 May 31, 2020 (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: | ||||||||||||||||
Television | $ | — | $ | 112,122 | ** | $ | 10,851 | $ | 122,973 | |||||||
Other Industries | 37,533,863 | 24,105,770 | ** | — | 61,639,633 | |||||||||||
Exchange-Traded Funds | 3,837,042 | — | — | 3,837,042 | ||||||||||||
Preferred Securitites/Capital Securities | — | 1,260,581 | — | 1,260,581 | ||||||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Asset Backed Securities | — | 878,125 | — | 878,125 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 18,346,350 | — | 18,346,350 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 11,716,365 | — | 11,716,365 | ||||||||||||
Foreign Government Obligations | — | 2,498,941 | — | 2,498,941 | ||||||||||||
U.S. Government Treasuries | — | 236,079 | — | 236,079 | ||||||||||||
Escrows and Lititgation Trusts | — | 493 | 18 | 511 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 18,933,584 | — | — | 18,933,584 | ||||||||||||
U.S. Government Treasuries | — | 2,249,982 | — | 2,249,982 | ||||||||||||
Total Investments at Value | $ | 60,304,489 | $ | 61,404,808 | $ | 10,869 | $ | 121,720,166 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 620,293 | $ | — | $ | — | $ | 620,293 | ||||||||
Forward Foreign Currency Contracts | — | 184,871 | — | 184,871 | ||||||||||||
Total Other Financial Instruments | $ | 620,293 | $ | 184,871 | $ | — | $ | 805,164 | ||||||||
27 |
Table of Contents
VALIC Company I Asset Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 818,390 | $ | — | $ | — | $ | 818,390 | ||||||||
Forward Foreign Currency Contracts | — | 544,629 | — | $ | 544,629 | |||||||||||
Total Other Financial Instruments | $ | 818,390 | $ | 544,629 | $ | — | $ | 1,363,019 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
28 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
E-Commerce/Products | 14.9 | % | ||
Applications Software | 11.8 | |||
Internet Content — Entertainment | 9.0 | |||
Web Portals/ISP | 6.7 | |||
Finance — Credit Card | 6.4 | |||
Commercial Services — Finance | 5.5 | |||
Medical — HMO | 4.1 | |||
Data Processing/Management | 3.5 | |||
Computers | 3.3 | |||
Medical — Biomedical/Gene | 2.9 | |||
Internet Content — Information/News | 2.9 | |||
Diagnostic Equipment | 2.4 | |||
Electronic Components — Semiconductors | 2.3 | |||
Pharmacy Services | 1.9 | |||
Enterprise Software/Service | 1.7 | |||
E-Commerce/Services | 1.5 | |||
Medical Products | 1.5 | |||
Retail — Apparel/Shoe | 1.4 | |||
Medical Instruments | 1.4 | |||
Retail — Discount | 1.3 | |||
Insurance Brokers | 1.3 | |||
Computer Software | 1.0 | |||
Transport — Rail | 0.9 | |||
Diversified Banking Institutions | 0.8 | |||
Drug Delivery Systems | 0.8 | |||
Electronic Measurement Instruments | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Commercial Services | 0.6 | |||
Computer Aided Design | 0.6 | |||
Retail — Restaurants | 0.6 | |||
Finance — Other Services | 0.6 | |||
Hotels/Motels | 0.6 | |||
Medical — Hospitals | 0.4 | |||
Software Tools | 0.4 | |||
Medical — Drugs | 0.3 | |||
Industrial Gases | 0.3 | |||
Entertainment Software | 0.3 | |||
Aerospace/Defense — Equipment | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Diversified Financial Services | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Coatings/Paint | 0.2 | |||
Athletic Footwear | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Retail — Major Department Stores | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Decision Support Software | 0.1 | |||
Insurance — Multi — line | 0.1 | |||
Internet Brokers | 0.1 | |||
Electric — Distribution | 0.1 | |||
Instruments — Controls | 0.1 | |||
Brewery | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
29 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Aerospace/Defense — 0.2% |
| |||||||
Boeing Co. | 1,027 | $ | 149,788 | |||||
Northrop Grumman Corp. | 3,362 | 1,126,942 | ||||||
1,276,730 | ||||||||
Aerospace/Defense - Equipment — 0.3% |
| |||||||
L3Harris Technologies, Inc. | 11,234 | 2,240,621 | ||||||
Airlines — 0.0% |
| |||||||
United Airlines Holdings, Inc.† | 451 | 12,646 | ||||||
Applications Software — 11.8% |
| |||||||
Intuit, Inc. | 57,736 | 16,761,916 | ||||||
Microsoft Corp. | 247,210 | 45,301,232 | ||||||
salesforce.com, Inc.† | 89,683 | 15,675,692 | ||||||
ServiceNow, Inc.† | 52,294 | 20,286,411 | ||||||
98,025,251 | ||||||||
Athletic Footwear — 0.2% |
| |||||||
NIKE, Inc., Class B | 13,469 | 1,327,774 | ||||||
Auto - Cars/Light Trucks — 0.0% |
| |||||||
Ferrari NV | 347 | 58,542 | ||||||
Auto/Truck Parts & Equipment-Original — 0.0% |
| |||||||
Aptiv PLC | 3,432 | 258,601 | ||||||
Banks - Fiduciary — 0.0% |
| |||||||
State Street Corp. | 6,196 | 377,708 | ||||||
Brewery — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 2,387 | 412,235 | ||||||
Casino Hotels — 0.0% |
| |||||||
Wynn Resorts, Ltd. | 4,241 | 353,191 | ||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 2,613 | 1,551,730 | ||||||
Commercial Services — 0.6% |
| |||||||
Cintas Corp. | 3,240 | 803,390 | ||||||
CoStar Group, Inc.† | 6,687 | 4,392,022 | ||||||
5,195,412 | ||||||||
Commercial Services - Finance — 5.5% |
| |||||||
Automatic Data Processing, Inc. | 600 | 87,894 | ||||||
Equifax, Inc. | 19,500 | 2,994,420 | ||||||
FleetCor Technologies, Inc.† | 7,039 | 1,716,038 | ||||||
Global Payments, Inc. | 89,909 | 16,137,766 | ||||||
IHS Markit, Ltd. | 2,360 | 163,925 | ||||||
PayPal Holdings, Inc.† | 117,163 | 18,161,437 | ||||||
S&P Global, Inc. | 19,700 | 6,402,894 | ||||||
45,664,374 | ||||||||
Computer Aided Design — 0.6% |
| |||||||
Synopsys, Inc.† | 27,178 | 4,916,772 | ||||||
Computer Software — 1.0% |
| |||||||
Citrix Systems, Inc. | 4,600 | 681,352 | ||||||
Splunk, Inc.† | 40,255 | 7,480,989 | ||||||
Twilio, Inc., Class A† | 900 | 177,840 | ||||||
8,340,181 | ||||||||
Computers — 3.3% |
| |||||||
Apple, Inc. | 86,815 | 27,601,961 | ||||||
Data Processing/Management — 3.5% |
| |||||||
DocuSign, Inc.† | 25,055 | 3,501,186 | ||||||
Fidelity National Information Services, Inc. | 100,290 | 13,923,260 | ||||||
Fiserv, Inc.† | 110,836 | 11,833,960 | ||||||
29,258,406 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 3,400 | $ | 1,118,090 | |||||
Diagnostic Equipment — 2.4% |
| |||||||
Danaher Corp. | 64,724 | 10,783,666 | ||||||
Thermo Fisher Scientific, Inc. | 27,091 | 9,459,906 | ||||||
20,243,572 | ||||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 239 | 86,724 | ||||||
Diversified Banking Institutions — 0.8% |
| |||||||
Goldman Sachs Group, Inc. | 15,905 | 3,125,173 | ||||||
JPMorgan Chase & Co. | 1,099 | 106,944 | ||||||
Morgan Stanley | 78,180 | 3,455,556 | ||||||
6,687,673 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
ANT International Co., Ltd., Class C†(1)(2) | 273,650 | 1,921,023 | ||||||
Diversified Manufacturing Operations — 0.0% |
| |||||||
General Electric Co. | 14,300 | 93,951 | ||||||
Drug Delivery Systems — 0.8% |
| |||||||
Becton Dickinson and Co. | 25,262 | 6,237,946 | ||||||
E-Commerce/Products — 14.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 162,829 | 33,769,106 | ||||||
Amazon.com, Inc.† | 36,937 | 90,213,821 | ||||||
Etsy, Inc.† | 800 | 64,784 | ||||||
124,047,711 | ||||||||
E-Commerce/Services — 1.5% |
| |||||||
Booking Holdings, Inc.† | 4,280 | 7,016,718 | ||||||
IAC/InterActiveCorp† | 19,357 | 5,233,552 | ||||||
Match Group, Inc.†# | 873 | 77,732 | ||||||
Trip.com Group, Ltd . ADR† | 10,299 | 273,644 | ||||||
12,601,646 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Sempra Energy | 4,691 | 592,520 | ||||||
Electric - Integrated — 0.0% |
| |||||||
NextEra Energy, Inc. | 260 | 66,446 | ||||||
Electronic Components - Semiconductors — 2.3% |
| |||||||
Advanced Micro Devices, Inc.† | 72,000 | 3,873,600 | ||||||
Marvell Technology Group, Ltd. | 140,901 | 4,596,191 | ||||||
NVIDIA Corp. | 26,183 | 9,295,489 | ||||||
Texas Instruments, Inc. | 10,571 | 1,255,200 | ||||||
19,020,480 | ||||||||
Electronic Measurement Instruments — 0.7% |
| |||||||
Agilent Technologies, Inc. | 1,853 | 163,324 | ||||||
Fortive Corp. | 8,084 | 492,962 | ||||||
Roper Technologies, Inc. | 13,493 | 5,313,543 | ||||||
5,969,829 | ||||||||
Enterprise Software/Service — 1.7% |
| |||||||
Atlassian Corp. PLC, Class A† | 15,427 | 2,858,623 | ||||||
Coupa Software, Inc.† | 1,400 | 318,514 | ||||||
Paycom Software, Inc.† | 5,737 | 1,705,208 | ||||||
Veeva Systems, Inc., Class A† | 6,300 | 1,378,881 | ||||||
Workday, Inc., Class A† | 43,697 | 8,015,341 | ||||||
14,276,567 | ||||||||
Entertainment Software — 0.3% |
| |||||||
Electronic Arts, Inc.† | 10,350 | 1,271,808 | ||||||
Sea, Ltd. ADR† | 16,900 | 1,348,620 | ||||||
2,620,428 | ||||||||
30 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Finance - Credit Card — 6.4% |
| |||||||
Mastercard, Inc., Class A | 80,607 | $ | 24,253,840 | |||||
Visa, Inc., Class A | 149,549 | 29,197,947 | ||||||
53,451,787 | ||||||||
Finance - Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 34,809 | 1,249,991 | ||||||
Finance - Other Services — 0.6% |
| |||||||
Intercontinental Exchange, Inc. | 49,427 | 4,806,776 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Hilton Worldwide Holdings, Inc. | 25,418 | 2,015,902 | ||||||
Marriott International, Inc., Class A | 29,179 | 2,582,341 | ||||||
4,598,243 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 385 | 93,035 | ||||||
Linde PLC | 12,560 | 2,541,391 | ||||||
2,634,426 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 3,305 | 482,034 | ||||||
Insurance Brokers — 1.3% |
| |||||||
Marsh & McLennan Cos., Inc. | 28,258 | 2,993,087 | ||||||
Willis Towers Watson PLC | 37,229 | 7,553,764 | ||||||
10,546,851 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Chubb, Ltd. | 8,815 | 1,074,901 | ||||||
Internet Brokers — 0.1% |
| |||||||
TD Ameritrade Holding Corp. | 26,128 | 973,791 | ||||||
Internet Content - Entertainment — 9.0% |
| |||||||
Facebook, Inc., Class A† | 246,773 | 55,546,135 | ||||||
Netflix, Inc.† | 43,974 | 18,457,207 | ||||||
Snap, Inc., Class A† | 46,900 | 888,286 | ||||||
74,891,628 | ||||||||
Internet Content - Information/News — 2.9% |
| |||||||
Spotify Technology SA† | 16,100 | 2,912,973 | ||||||
Tencent Holdings, Ltd. | 389,600 | 20,766,240 | ||||||
23,679,213 | ||||||||
Medical Instruments — 1.4% |
| |||||||
Intuitive Surgical, Inc.† | 19,455 | 11,284,484 | ||||||
Medical Products — 1.5% |
| |||||||
Abbott Laboratories | 1,196 | 113,524 | ||||||
Stryker Corp. | 62,520 | 12,237,040 | ||||||
12,350,564 | ||||||||
Medical - Biomedical/Gene — 2.9% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 22,554 | 2,704,224 | ||||||
Amgen, Inc. | 371 | 85,219 | ||||||
Exact Sciences Corp.† | 18,845 | 1,618,409 | ||||||
Incyte Corp.† | 28,201 | 2,873,964 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,000 | 612,810 | ||||||
Seattle Genetics, Inc.† | 4,075 | 640,631 | ||||||
Vertex Pharmaceuticals, Inc.† | 55,471 | 15,973,429 | ||||||
24,508,686 | ||||||||
Medical - Drugs — 0.3% |
| |||||||
AbbVie, Inc. | 2,044 | 189,418 | ||||||
Zoetis, Inc. | 17,914 | 2,497,032 | ||||||
2,686,450 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical - HMO — 4.1% |
| |||||||
Anthem, Inc. | 25,647 | $ | 7,543,039 | |||||
Centene Corp.† | 100,915 | 6,685,619 | ||||||
Humana, Inc. | 5,000 | 2,053,250 | ||||||
UnitedHealth Group, Inc. | 57,453 | 17,514,547 | ||||||
33,796,455 | ||||||||
Medical - Hospitals — 0.4% |
| |||||||
HCA Healthcare, Inc. | 29,812 | 3,186,903 | ||||||
Oil Companies - Exploration & Production — 0.0% |
| |||||||
Pioneer Natural Resources Co. | 1,767 | 161,857 | ||||||
Pharmacy Services — 1.9% |
| |||||||
Cigna Corp. | 80,108 | 15,806,911 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
American Tower Corp. | 792 | 204,471 | ||||||
Retail - Apparel/Shoe — 1.4% |
| |||||||
Lululemon Athletica, Inc.† | 18,381 | 5,516,046 | ||||||
Ross Stores, Inc. | 61,779 | 5,990,092 | ||||||
11,506,138 | ||||||||
Retail - Discount — 1.3% |
| |||||||
Dollar General Corp. | 55,237 | 10,578,438 | ||||||
Dollar Tree, Inc.† | 4,799 | 469,678 | ||||||
11,048,116 | ||||||||
Retail - Major Department Stores — 0.2% |
| |||||||
TJX Cos., Inc. | 24,096 | 1,271,305 | ||||||
Retail - Restaurants — 0.6% |
| |||||||
Chipotle Mexican Grill, Inc.† | 2,300 | 2,308,993 | ||||||
McDonald’s Corp. | 5,200 | 968,864 | ||||||
Restaurant Brands International, Inc. | 3,299 | 179,994 | ||||||
Yum! Brands, Inc. | 15,751 | 1,413,337 | ||||||
4,871,188 | ||||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
Maxim Integrated Products, Inc. | 13,395 | 772,623 | ||||||
QUALCOMM, Inc. | 15,778 | 1,276,125 | ||||||
2,048,748 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Applied Materials, Inc. | 57,789 | 3,246,586 | ||||||
KLA Corp. | 2,113 | 371,803 | ||||||
Lam Research Corp. | 8,379 | 2,293,081 | ||||||
5,911,470 | ||||||||
Software Tools — 0.4% |
| |||||||
VMware, Inc., Class A†# | 18,868 | 2,948,502 | ||||||
Transport - Rail — 0.9% |
| |||||||
Canadian Pacific Railway, Ltd. | 7,305 | 1,823,693 | ||||||
Kansas City Southern | 10,023 | 1,508,662 | ||||||
Norfolk Southern Corp. | 7,767 | 1,384,779 | ||||||
Union Pacific Corp. | 14,277 | 2,425,091 | ||||||
7,142,225 | ||||||||
Web Hosting/Design — 0.2% |
| |||||||
Wix.com, Ltd.† | 8,300 | 1,845,339 | ||||||
Web Portals/ISP — 6.7% |
| |||||||
Alphabet, Inc., Class A† | 7,081 | 10,150,755 | ||||||
Alphabet, Inc., Class C† | 32,085 | 45,846,898 | ||||||
55,997,653 | ||||||||
31 |
Table of Contents
VALIC Company I Blue Chip Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) | ||||||||
Wireless Equipment — 0.0% |
| |||||||
Motorola Solutions, Inc. | 430 | $ | 58,191 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $450,571,815) | 829,482,038 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,065 | 500,065 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 79,225 | 79,225 | ||||||
T. Rowe Price Government Reserve Fund† | 1,587,797 | 1,587,797 | ||||||
Total Short-Term Investment Securities |
| |||||||
(cost $2,167,087) | 2,167,087 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $452,738,902) | 100.1 | % | 831,649,125 | |||||
Liabilities in excess of other assets | (0.1 | ) | (643,023 | ) | ||||
NET ASSETS | 100.0 | % | $ | 831,006,102 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual |
restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, 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 | $ | 1,921,023 | $ | 7.02 | 0.23 | % | ||||||||||||||
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(4) | At May 31, 2020, the Fund had loaned securities with a total value of $3,026,234. This was secured by collateral of $79,225, which was received in cash and subsequently invested in short-term investments currently valued at $79,225 as reported in the Portfolio of Investments. Additional collateral of $2,760,834 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | $ | 134,226 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/15/2020 to 05/15/2048 | 2,626,608 |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | — | $ | — | $ | 1,921,023 | $ | 1,921,023 | ||||||||
Other Industries | 806,794,775 | 20,766,240 | ** | — | 827,561,015 | |||||||||||
Short-Term Investment Securities | 2,167,087 | — | — | 2,167,087 | ||||||||||||
Total Investments at Value | $ | 808,961,862 | $ | 20,766,240 | $ | 1,921,023 | $ | 831,649,125 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
32 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 19.4 | % | ||
United States Treasury Notes | 13.6 | |||
Federal Home Loan Mtg. Corp. | 12.8 | |||
United States Treasury Bonds | 6.6 | |||
Government National Mtg. Assoc. | 6.2 | |||
Registered Investment Companies | 5.7 | |||
Diversified Banking Institutions | 4.8 | |||
Diversified Financial Services | 3.2 | |||
Banks — Commercial | 2.8 | |||
Electric — Integrated | 2.5 | |||
Telephone — Integrated | 1.1 | |||
Banks — Super Regional | 0.8 | |||
Pipelines | 0.7 | |||
Oil Companies — Integrated | 0.7 | |||
Insurance — Life/Health | 0.7 | |||
Medical — Drugs | 0.7 | |||
Cable/Satellite TV | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Federal Home Loan Bank | 0.5 | |||
SupraNational Banks | 0.5 | |||
Auto — Cars/Light Trucks | 0.5 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Electric — Distribution | 0.5 | |||
Medical — Biomedical/Gene | 0.4 | |||
Paper & Related Products | 0.4 | |||
Brewery | 0.4 | |||
Machinery — Farming | 0.4 | |||
Computer Services | 0.4 | |||
Medical — HMO | 0.4 | |||
Computers | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Pharmacy Services | 0.4 | |||
Cellular Telecom | 0.4 | |||
Real Estate Investment Trusts | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Television | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Savings & Loans/Thrifts | 0.3 | |||
Retail — Restaurants | 0.3 | |||
Electric — Generation | 0.3 | |||
Transport — Rail | 0.3 | |||
Electronic Components — Semiconductors | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Sovereign | 0.2 | |||
Advertising Agencies | 0.2 | |||
Finance — Credit Card | 0.2 | |||
Enterprise Software/Service | 0.2 | |||
Medical Products | 0.2 | |||
Diversified Minerals | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Retail — Building Products | 0.2 | |||
Chemicals — Diversified | 0.2 | |||
Oil — Field Services | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Food — Meat Products | 0.2 | |||
Sovereign Agency | 0.2 | |||
Insurance — Property/Casualty | 0.1 | |||
Insurance Brokers | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Finance — Commercial | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Building Products — Cement | 0.1 | |||
Multimedia | 0.1 |
Building & Construction Products — Misc. | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Transport — Services | 0.1 | |||
Retail — Discount | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical Labs & Testing Services | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Medical — Wholesale Drug Distribution | 0.1 | |||
Steel — Producers | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Water | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Software Tools | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Oil Refining & Marketing | 0.1 | |||
Shipbuilding | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Industrial Gases | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Gas — Distribution | 0.1 | |||
Electric — Transmission | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Petrochemicals | 0.1 | |||
Semiconductor Components — Integrated Circuits | 0.1 | |||
Transport — Marine | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Transport — Truck | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Finance — Other Services | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
101.1 | % | |||
Credit Quality†#
Aaa | 64.1 | % | ||
Aa | 1.4 | |||
A | 11.2 | |||
Baa | 19.2 | |||
Ba | 1.0 | |||
Not Rated@ | 3.1 | |||
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. |
33 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 3.0% |
| |||||||
Diversified Financial Services — 3.0% |
| |||||||
American Express Credit Account Master Trust | $ | 125,000 | $ | 128,088 | ||||
BA Credit Card Trust | 100,000 | 102,710 | ||||||
BA Credit Card Trust | 262,000 | 267,853 | ||||||
BANK | 400,000 | 428,325 | ||||||
Benchmark Mtg. Trust | 186,000 | 193,993 | ||||||
Benchmark Mtg. Trust | 500,000 | 556,647 | ||||||
BX Commercial Mtg. Trust FRS | 100,000 | 91,974 | ||||||
Capital One Prime Auto Receivables Trust | 200,000 | 204,233 | ||||||
CarMax Auto Owner Trust | 230,000 | 235,999 | ||||||
CarMax Auto Owner Trust | 250,000 | 257,968 | ||||||
Chase Mtg. Finance Corp. VRS | 194,323 | 192,655 | ||||||
COMM Mtg. Trust VRS | 125,000 | 129,820 | ||||||
CSAIL Commercial Mtg. Trust | 1,764,000 | 1,797,892 | ||||||
Ford Credit Auto Owner Trust | 125,000 | 125,326 | ||||||
GM Financial Consumer Automobile Receivables Trust | 200,000 | 202,126 | ||||||
GM Financial Consumer Automobile Receivables Trust | 75,000 | 76,753 | ||||||
Honda Auto Receivables Owner Trust | 100,000 | 100,972 | ||||||
Honda Auto Receivables Owner Trust | 23,000 | 23,661 | ||||||
ILPT Trust | 410,000 | 450,961 | ||||||
Jackson Park Trust | 200,000 | 207,942 | ||||||
JP Morgan Mtg. Trust VRS | 470,012 | 475,563 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Financial Services (continued) |
| |||||||
Mercedes-Benz Auto Lease Trust | $ | 31,000 | $ | 31,670 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust | 23,863 | 23,849 | ||||||
Morgan Stanley Capital Barclays Bank Trust | 34,000 | 33,814 | ||||||
MSDB Trust VRS | 790,000 | 829,084 | ||||||
MTRO Commercial Mtg. Trust FRS | 250,000 | 235,622 | ||||||
One Bryant Park Trust | 270,000 | 275,770 | ||||||
Toyota Auto Loan Extended Note Trust | 100,000 | 103,535 | ||||||
Toyota Auto Receivables Owner Trust | 225,000 | 235,221 | ||||||
Verizon Owner Trust | 100,000 | 101,527 | ||||||
World Financial Network Credit Card Master Trust | 100,000 | 97,040 | ||||||
Total Asset Backed Securities |
| |||||||
(cost $8,064,896) | 8,218,593 | |||||||
U.S. CORPORATE BONDS & NOTES — 25.3% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 90,000 | 95,271 | ||||||
Omnicom Group, Inc. | 395,000 | 369,045 | ||||||
Omnicom Group, Inc. | 147,000 | 159,272 | ||||||
623,588 | ||||||||
Aerospace/Defense — 0.3% |
| |||||||
BAE Systems Holdings, Inc. | 352,000 | 386,405 | ||||||
Lockheed Martin Corp. | 154,000 | 157,691 | ||||||
Lockheed Martin Corp. | 4,000 | 4,182 | ||||||
Northrop Grumman Corp. | 193,000 | 279,253 | ||||||
827,531 | ||||||||
Agricultural Operations — 0.0% |
| |||||||
Archer-Daniels-Midland Co. | 105,000 | 113,153 | ||||||
34 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Auto - Cars/Light Trucks — 0.5% |
| |||||||
BMW US Capital LLC | $ | 193,000 | $ | 195,492 | ||||
Daimler Finance North America LLC | 257,000 | 255,871 | ||||||
General Motors Co. | 191,000 | 218,105 | ||||||
Hyundai Capital America | 168,000 | 164,828 | ||||||
Nissan Motor Acceptance Corp. | 119,000 | 110,830 | ||||||
Volkswagen Group of America Finance LLC | 452,000 | 470,805 | ||||||
1,415,931 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Lear Corp. | 127,000 | 115,246 | ||||||
Banks - Commercial — 1.4% |
| |||||||
BankUnited, Inc. | 707,000 | 759,217 | ||||||
Citizens Financial Group, Inc. | 61,000 | 58,440 | ||||||
Citizens Financial Group, Inc. | 102,000 | 104,765 | ||||||
Citizens Financial Group, Inc. | 340,000 | 354,746 | ||||||
Citizens Financial Group, Inc. | 135,000 | 147,400 | ||||||
Discover Bank | 250,000 | 235,717 | ||||||
First Horizon Bank | 250,000 | 254,278 | ||||||
Regions Financial Corp. | 223,000 | 227,133 | ||||||
Regions Financial Corp. | 309,000 | 434,088 | ||||||
Santander Holdings USA, Inc. | 120,000 | 121,153 | ||||||
SunTrust Bank | 422,000 | 454,845 | ||||||
SunTrust Bank | 4,000 | 4,119 | ||||||
Synovus Bank | 250,000 | 246,945 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Truist Bank | $ | 250,000 | $ | 246,701 | ||||
Zions Bancorp NA | 397,000 | 378,282 | ||||||
4,027,829 | ||||||||
Banks - Super Regional — 0.8% |
| |||||||
Wells Fargo & Co. | 409,000 | 412,551 | ||||||
Wells Fargo & Co. | 370,000 | 375,169 | ||||||
Wells Fargo & Co. | 863,000 | 970,511 | ||||||
Wells Fargo & Co. | 191,000 | 249,614 | ||||||
Wells Fargo & Co. | 135,000 | 178,449 | ||||||
2,186,294 | ||||||||
Beverages - Non-alcoholic — 0.5% |
| |||||||
Coca-Cola Co. | 255,000 | 248,886 | ||||||
Coca-Cola Co. | 237,000 | 261,441 | ||||||
Keurig Dr Pepper, Inc. | 157,000 | 171,253 | ||||||
Keurig Dr Pepper, Inc. | 309,000 | 352,037 | ||||||
PepsiCo, Inc. | 252,000 | 269,083 | ||||||
PepsiCo, Inc. | 192,000 | 202,029 | ||||||
1,504,729 | ||||||||
Brewery — 0.4% |
| |||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 497,000 | 575,405 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 365,000 | 406,535 | ||||||
Constellation Brands, Inc. | 158,000 | 163,553 | ||||||
1,145,493 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery Communications LLC | 185,000 | 210,122 | ||||||
35 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Building & Construction Products - Misc. — 0.1% |
| |||||||
Owens Corning | $ | 364,000 | $ | 346,761 | ||||
Building Products - Air & Heating — 0.1% |
| |||||||
Carrier Global Corp. | 314,000 | 279,220 | ||||||
Carrier Global Corp. | 134,000 | 118,972 | ||||||
398,192 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 193,000 | 206,486 | ||||||
Vulcan Materials Co. | 137,000 | 142,656 | ||||||
349,142 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
Toll Brothers Finance Corp. | 137,000 | 139,740 | ||||||
Cable/Satellite TV — 0.5% |
| |||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 62,000 | 59,426 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 189,000 | 210,481 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 33,000 | 39,384 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 108,000 | 141,441 | ||||||
Comcast Corp. | 240,000 | 267,472 | ||||||
Comcast Corp. | 100,000 | 114,133 | ||||||
Comcast Corp. | 71,000 | 82,872 | ||||||
Comcast Corp. | 258,000 | 320,877 | ||||||
Time Warner Cable LLC | 224,000 | 286,103 | ||||||
1,522,189 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile USA, Inc. | 367,000 | 397,178 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Cellular Telecom (continued) |
| |||||||
T-Mobile USA, Inc. | $ | 99,000 | $ | 109,338 | ||||
506,516 | ||||||||
Chemicals - Diversified — 0.0% |
| |||||||
LYB International Finance III LLC | 32,000 | 34,014 | ||||||
Chemicals - Specialty — 0.3% |
| |||||||
Ecolab, Inc. | 243,000 | 252,309 | ||||||
Huntsman International LLC | 247,000 | 251,016 | ||||||
Lubrizol Corp. | 146,000 | 224,028 | ||||||
727,353 | ||||||||
Commercial Services — 0.0% |
| |||||||
RELX Capital, Inc. | 88,000 | 92,419 | ||||||
Computer Services — 0.4% |
| |||||||
IBM Credit LLC | 628,000 | 668,557 | ||||||
Leidos, Inc. | 146,000 | 156,648 | ||||||
Leidos, Inc. | 224,000 | 249,247 | ||||||
1,074,452 | ||||||||
Computers — 0.4% |
| |||||||
Apple, Inc. | 167,000 | 178,409 | ||||||
Dell International LLC/EMC Corp. | 104,000 | 118,716 | ||||||
Dell International LLC/EMC Corp. | 253,000 | 306,785 | ||||||
Hewlett Packard Enterprise Co. | 212,000 | 233,546 | ||||||
Hewlett Packard Enterprise Co. | 190,000 | 226,874 | ||||||
1,064,330 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly-Clark Corp. | 4,000 | 4,572 | ||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Sonoco Products Co | 336,000 | 340,988 | ||||||
36 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Data Processing/Management — 0.0% |
| |||||||
Fiserv, Inc. | $ | 112,000 | $ | 136,105 | ||||
Dental Supplies & Equipment — 0.1% |
| |||||||
DENTSPLY SIRONA, Inc. | 138,000 | 141,344 | ||||||
Diversified Banking Institutions — 2.7% |
| |||||||
Bank of America Corp. | 478,000 | 485,648 | ||||||
Bank of America Corp. | 392,000 | 407,839 | ||||||
Bank of America Corp. | 151,000 | 154,631 | ||||||
Bank of America Corp. | 264,000 | 291,720 | ||||||
Bank of America Corp. | 119,000 | 140,942 | ||||||
Bank of America Corp. | 277,000 | 310,643 | ||||||
Bank of America Corp. | 234,000 | 319,248 | ||||||
Citigroup, Inc. | 180,000 | 196,196 | ||||||
Citigroup, Inc. | 234,000 | 270,103 | ||||||
Citigroup, Inc. | 223,000 | 248,279 | ||||||
Citigroup, Inc. | 115,000 | 138,114 | ||||||
Citigroup, Inc. | 155,000 | 194,139 | ||||||
Citigroup, Inc. | 295,000 | 375,002 | ||||||
Goldman Sachs Group, Inc. | 414,000 | 416,738 | ||||||
Goldman Sachs Group, Inc. | 225,000 | 249,586 | ||||||
Goldman Sachs Group, Inc. | 230,000 | 254,967 | ||||||
Goldman Sachs Group, Inc. | 430,000 | 600,225 | ||||||
JPMorgan Chase & Co. | 134,000 | 136,442 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
JPMorgan Chase & Co. | $ | 92,000 | $ | 94,928 | ||||
JPMorgan Chase & Co. | 97,000 | 97,920 | ||||||
JPMorgan Chase & Co. | 611,000 | 634,731 | ||||||
JPMorgan Chase & Co. | 339,000 | 370,211 | ||||||
JPMorgan Chase & Co. | 129,000 | 147,614 | ||||||
Morgan Stanley | 114,000 | 126,691 | ||||||
Morgan Stanley | 605,000 | 670,984 | ||||||
Morgan Stanley | 54,000 | 62,199 | ||||||
7,395,740 | ||||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Carlisle Cos., Inc. | 142,000 | 139,197 | ||||||
General Electric Co. | 86,000 | 83,989 | ||||||
Illinois Tool Works, Inc. | 180,000 | 197,185 | ||||||
420,371 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
Becton Dickinson and Co. | 184,000 | 194,922 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
Amazon.com, Inc. | 118,000 | 159,833 | ||||||
Electric - Distribution — 0.3% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 584,000 | 634,628 | ||||||
NSTAR Electric Co. | 210,000 | 251,185 | ||||||
885,813 | ||||||||
Electric - Generation — 0.1% |
| |||||||
Emera US Finance LP | 205,000 | 231,471 | ||||||
Electric - Integrated — 2.2% |
| |||||||
AEP Texas, Inc. | 92,000 | 107,568 |
37 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Electric - Integrated (continued) |
| |||||||
Appalachian Power Co. | $ | 233,000 | $ | 253,175 | ||||
Avangrid, Inc. | 558,000 | 597,016 | ||||||
Berkshire Hathaway Energy Co. | 105,000 | 131,993 | ||||||
Black Hills Corp. | 111,000 | 111,596 | ||||||
Consolidated Edison Co. of New York, Inc. | 54,000 | 63,345 | ||||||
Dominion Energy South Carolina, Inc. | 246,000 | 344,695 | ||||||
Dominion Resources, Inc. | 261,000 | 306,124 | ||||||
DTE Electric Co. | 372,000 | 448,786 | ||||||
Duke Energy Ohio, Inc. | 102,000 | 104,743 | ||||||
Entergy Corp. | 104,000 | 113,394 | ||||||
Entergy Texas, Inc. | 416,000 | 495,908 | ||||||
Exelon Corp. | 157,000 | 198,391 | ||||||
Exelon Generation Co. LLC | 198,000 | 204,967 | ||||||
FirstEnergy Corp. | 456,000 | 669,652 | ||||||
Interstate Power & Light Co. | 138,000 | 147,110 | ||||||
Kentucky Utilities Co. | 102,000 | 106,752 | ||||||
Mississippi Power Co. | 234,000 | 255,559 | ||||||
PECO Energy Co. | 162,000 | 172,729 | ||||||
Public Service Co. of Colorado | 385,000 | 388,137 | ||||||
Public Service Co. of Colorado | 219,000 | 250,548 | ||||||
Public Service Co. of Colorado | 155,000 | 189,937 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Electric - Integrated (continued) |
| |||||||
Southern California Edison Co. | $ | 116,000 | $ | 122,171 | ||||
Union Electric Co. | 227,000 | 245,461 | ||||||
6,029,757 | ||||||||
Electric - Transmission — 0.1% |
| |||||||
ITC Holdings Corp. | 167,000 | 175,573 | ||||||
Electronic Components - Semiconductors — 0.2% |
| |||||||
Broadcom, Inc. | 177,000 | 185,341 | ||||||
Broadcom, Inc. | 103,000 | 114,232 | ||||||
Intel Corp. | 168,000 | 201,088 | ||||||
NVIDIA Corp. | 122,000 | 139,024 | ||||||
639,685 | ||||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Trimble, Inc. | 22,000 | 23,519 | ||||||
Trimble, Inc. | 333,000 | 363,297 | ||||||
386,816 | ||||||||
Electronic Parts Distribution — 0.0% |
| |||||||
Arrow Electronics, Inc. | 126,000 | 133,259 | ||||||
Energy - Alternate Sources — 0.1% |
| |||||||
Hanwha Energy USA Holdings Corp. | 356,000 | 365,068 | ||||||
Enterprise Software/Service — 0.2% |
| |||||||
Oracle Corp. | 535,000 | 580,284 | ||||||
Finance - Commercial — 0.1% |
| |||||||
GE Capital Funding LLC | 385,000 | 390,599 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Synchrony Financial | 860,000 | 867,061 | ||||||
Finance - Credit Card — 0.2% |
| |||||||
American Express Co. | 158,000 | 170,988 |
38 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Credit Card (continued) |
| |||||||
American Express Co. | $ | 122,000 | $ | 140,525 | ||||
Mastercard, Inc. | 257,000 | 271,598 | ||||||
583,111 | ||||||||
Finance - Other Services — 0.1% |
| |||||||
Intercontinental Exchange, Inc. | 139,000 | 140,827 | ||||||
Food - Meat Products — 0.2% |
| |||||||
Smithfield Foods, Inc. | 92,000 | 90,796 | ||||||
Smithfield Foods, Inc. | 162,000 | 162,354 | ||||||
Smithfield Foods, Inc. | 168,000 | 176,534 | ||||||
429,684 | ||||||||
Food - Misc./Diversified — 0.5% |
| |||||||
Campbell Soup Co. | 198,000 | 196,351 | ||||||
Conagra Brands, Inc. | 188,000 | 216,226 | ||||||
Conagra Brands, Inc. | 8,000 | 10,630 | ||||||
Conagra Brands, Inc. | 211,000 | 282,647 | ||||||
Kraft Heinz Foods Co. | 98,000 | 102,793 | ||||||
Kraft Heinz Foods Co. | 133,000 | 136,238 | ||||||
Nestle Holdings, Inc. | 297,000 | 332,373 | ||||||
1,277,258 | ||||||||
Food - Retail — 0.0% |
| |||||||
Kroger Co. | 96,000 | 107,904 | ||||||
Food - Wholesale/Distribution — 0.2% |
| |||||||
Sysco Corp. | 199,000 | 185,807 | ||||||
Sysco Corp. | 182,000 | 218,136 | ||||||
Sysco Corp. | 94,000 | 121,849 | ||||||
525,792 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Gas - Distribution — 0.1% |
| |||||||
NiSource, Inc. | $ | 131,000 | $ | 175,590 | ||||
Industrial Gases — 0.1% |
| |||||||
Air Products and Chemicals, Inc. | 188,000 | 195,118 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Marsh & McLennan Cos., Inc. | 119,000 | 120,983 | ||||||
Willis North America, Inc. | 137,000 | 146,472 | ||||||
Willis North America, Inc. | 129,000 | 159,453 | ||||||
426,908 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
Brighthouse Financial, Inc. | 178,000 | 155,694 | ||||||
Brighthouse Financial, Inc. | 285,000 | 296,033 | ||||||
Prudential Financial, Inc. | 527,000 | 530,660 | ||||||
Prudential Financial, Inc. | 56,000 | 59,604 | ||||||
Unum Group | 94,000 | 97,612 | ||||||
1,139,603 | ||||||||
Insurance - Mutual — 0.1% |
| |||||||
Liberty Mutual Group, Inc. | 68,000 | 68,788 | ||||||
MassMutual Global Funding II | 200,000 | 213,350 | ||||||
New York Life Global Funding | 9,000 | 9,044 | ||||||
291,182 | ||||||||
Insurance - Property/Casualty — 0.0% |
| |||||||
Assurant, Inc. | 29,000 | 33,875 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 192,000 | 199,331 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar Financial Services Corp. | 253,000 | 259,120 | ||||||
39 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Machinery - Electrical — 0.1% |
| |||||||
ABB Finance USA, Inc. | $ | 267,000 | $ | 280,062 | ||||
Machinery - Farming — 0.4% |
| |||||||
CNH Industrial Capital LLC | 276,000 | 281,077 | ||||||
John Deere Capital Corp. | 352,000 | 367,353 | ||||||
John Deere Capital Corp. | 254,000 | 277,142 | ||||||
John Deere Capital Corp. | 112,000 | 123,618 | ||||||
1,049,190 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Laboratory Corp. of America Holdings | 269,000 | 289,440 | ||||||
Medical Products — 0.2% |
| |||||||
Baxter International, Inc. | 501,000 | 565,293 | ||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Amgen, Inc. | 890,000 | 938,255 | ||||||
Amgen, Inc. | 159,000 | 170,810 | ||||||
Biogen, Inc. | 139,000 | 135,702 | ||||||
1,244,767 | ||||||||
Medical - Drugs — 0.5% |
| |||||||
AbbVie, Inc. | 181,000 | 202,134 | ||||||
AbbVie, Inc. | 329,000 | 377,963 | ||||||
Bristol-Myers Squibb Co. | 226,000 | 248,394 | ||||||
Bristol-Myers Squibb Co. | 151,000 | 201,961 | ||||||
GlaxoSmithKline Capital, Inc. | 181,000 | 194,871 | ||||||
Pfizer, Inc. | 201,000 | 203,644 | ||||||
1,428,967 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Mylan, Inc. | 180,000 | 202,206 | ||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Medical - HMO — 0.4% |
| |||||||
Humana, Inc. | $ | 362,000 | $ | 447,108 | ||||
UnitedHealth Group, Inc. | 293,000 | 297,300 | ||||||
UnitedHealth Group, Inc. | 153,000 | 160,803 | ||||||
UnitedHealth Group, Inc. | 144,000 | 164,738 | ||||||
1,069,949 | ||||||||
Medical - Hospitals — 0.1% |
| |||||||
HCA, Inc. | 157,000 | 178,597 | ||||||
Medical - Wholesale Drug Distribution — 0.1% |
| |||||||
Cardinal Health, Inc. | 263,000 | 278,811 | ||||||
Multimedia — 0.1% |
| |||||||
Walt Disney Co. | 316,000 | 347,444 | ||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 109,000 | 108,776 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Apache Corp. | 383,000 | 307,058 | ||||||
Diamondback Energy, Inc. | 130,000 | 136,142 | ||||||
EOG Resources, Inc. | 137,000 | 162,102 | ||||||
EOG Resources, Inc. | 141,000 | 183,728 | ||||||
Marathon Oil Corp. | 103,000 | 98,392 | ||||||
Marathon Oil Corp. | 141,000 | 141,727 | ||||||
Noble Energy, Inc. | 125,000 | 107,855 | ||||||
Noble Energy, Inc. | 209,000 | 185,224 | ||||||
Occidental Petroleum Corp. | 66,000 | 46,860 | ||||||
1,369,088 | ||||||||
40 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Oil Companies - Integrated — 0.3% |
| |||||||
BP Capital Markets America, Inc. | $ | 177,000 | $ | 173,031 | ||||
BP Capital Markets America, Inc. | 216,000 | 242,304 | ||||||
Chevron Corp. | 447,000 | 458,941 | ||||||
874,276 | ||||||||
Oil Refining & Marketing — 0.1% |
| |||||||
Valero Energy Corp. | 211,000 | 221,706 | ||||||
Oil - Field Services — 0.2% |
| |||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. | 88,000 | 99,356 | ||||||
Halliburton Co. | 199,000 | 184,895 | ||||||
Schlumberger Holdings Corp. | 187,000 | 202,190 | ||||||
486,441 | ||||||||
Paper & Related Products — 0.4% |
| |||||||
Domtar Corp. | 359,000 | 374,152 | ||||||
Georgia-Pacific LLC | 256,000 | 261,879 | ||||||
Georgia-Pacific LLC | 288,000 | 306,495 | ||||||
Georgia-Pacific LLC | 222,000 | 226,403 | ||||||
1,168,929 | ||||||||
Petrochemicals — 0.1% |
| |||||||
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | 165,000 | 171,954 | ||||||
Pharmacy Services — 0.4% |
| |||||||
Cigna Corp. | 100,000 | 125,069 | ||||||
Cigna Corp. | 115,000 | 150,927 | ||||||
CVS Health Corp | 116,000 | 136,235 | ||||||
CVS Health Corp. | 385,000 | 470,001 | ||||||
CVS Health Corp. | 119,000 | 152,629 | ||||||
1,034,861 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Pipelines — 0.7% |
| |||||||
Cheniere Corpus Christi Holdings LLC | $ | 133,000 | $ | 132,292 | ||||
Colonial Enterprises, Inc. | 88,000 | 93,098 | ||||||
Enable Midstream Partners LP | 159,000 | 134,894 | ||||||
Energy Transfer Operating LP | 253,000 | 246,564 | ||||||
Energy Transfer Operating LP | 114,000 | 123,363 | ||||||
Energy Transfer Operating LP | 119,000 | 124,701 | ||||||
EnLink Midstream Partners LP | 28,000 | 16,282 | ||||||
Enterprise Products Operating LLC | 174,000 | 188,840 | ||||||
ONEOK, Inc. | 205,000 | 184,732 | ||||||
ONEOK, Inc. | 92,000 | 108,783 | ||||||
Sabine Pass Liquefaction LLC | 71,000 | 77,866 | ||||||
Transcontinental Gas Pipe Line Co. LLC | 158,000 | 168,233 | ||||||
Williams Cos., Inc. | 343,000 | 399,925 | ||||||
1,999,573 | ||||||||
Real Estate Investment Trusts — 0.3% |
| |||||||
Columbia Property Trust Operating Partnership LP | 282,000 | 290,746 | ||||||
Crown Castle International Corp. | 97,000 | 113,191 | ||||||
Prologis LP | 194,000 | 194,811 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 188,000 | 158,712 | ||||||
Sabra Health Care LP/Sabra Capital Corp. | 125,000 | 121,815 | ||||||
879,275 | ||||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 229,000 | 286,257 | ||||||
41 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Retail - Auto Parts — 0.1% |
| |||||||
Advance Auto Parts, Inc. | $ | 232,000 | $ | 237,745 | ||||
Retail - Automobile — 0.0% |
| |||||||
AutoNation, Inc. | 97,000 | 101,042 | ||||||
Retail - Building Products — 0.2% |
| |||||||
Home Depot, Inc. | 106,000 | 120,071 | ||||||
Lowe’s Cos., Inc. | 33,000 | 37,886 | ||||||
Lowe’s Cos., Inc. | 249,000 | 337,044 | ||||||
495,001 | ||||||||
Retail - Discount — 0.1% |
| |||||||
Walmart, Inc. | 293,000 | 308,696 | ||||||
Retail - Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 317,000 | 308,031 | ||||||
Retail - Major Department Stores — 0.1% |
| |||||||
TJX Cos, Inc. | 217,000 | 246,292 | ||||||
Retail - Regional Department Stores — 0.1% |
| |||||||
Kohl’s Corp. | 230,000 | 180,268 | ||||||
Kohl’s Corp. | 108,000 | 115,084 | ||||||
295,352 | ||||||||
Retail - Restaurants — 0.3% |
| |||||||
Darden Restaurants, Inc. | 204,000 | 189,575 | ||||||
McDonald’s Corp. | 128,000 | 139,464 | ||||||
McDonald’s Corp. | 136,000 | 161,800 | ||||||
McDonald’s Corp. | 206,000 | 251,775 | ||||||
742,614 | ||||||||
Savings & Loans/Thrifts — 0.3% |
| |||||||
First Niagara Financial Group, Inc. | 312,000 | 334,671 | ||||||
New York Community Bancorp, Inc. | 446,000 | 439,775 | ||||||
774,446 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Semiconductor Components - Integrated Circuits — 0.1% |
| |||||||
Analog Devices, Inc. | $ | 160,000 | $ | 170,425 | ||||
Shipbuilding — 0.1% |
| |||||||
Huntington Ingalls Industries, Inc. | 200,000 | 216,637 | ||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc. | 217,000 | 237,049 | ||||||
Steel - Producers — 0.1% |
| |||||||
Nucor Corp. | 73,000 | 74,280 | ||||||
Steel Dynamics, Inc. | 203,000 | 200,556 | ||||||
274,836 | ||||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Corning, Inc. | 416,000 | 475,535 | ||||||
Telephone - Integrated — 0.9% |
| |||||||
AT&T, Inc. | 755,000 | 849,482 | ||||||
AT&T, Inc. | 187,000 | 212,009 | ||||||
AT&T, Inc. | 135,000 | 154,869 | ||||||
AT&T, Inc. | 350,000 | 410,912 | ||||||
Verizon Communications, Inc. | 119,000 | 131,984 | ||||||
Verizon Communications, Inc. | 45,000 | 55,041 | ||||||
Verizon Communications, Inc. | 106,000 | 128,673 | ||||||
Verizon Communications, Inc. | 80,000 | 98,328 | ||||||
Verizon Communications, Inc. | 323,000 | 433,633 | ||||||
2,474,931 | ||||||||
Television — 0.3% |
| |||||||
Viacom, Inc. | 578,000 | 551,995 | ||||||
ViacomCBS, Inc. | 79,000 | 87,036 | ||||||
ViacomCBS, Inc. | 217,000 | 223,242 | ||||||
862,273 | ||||||||
42 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | $ | 158,000 | $ | 172,841 | ||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 167,000 | 172,927 | ||||||
GATX Corp. | 309,000 | 334,260 | ||||||
507,187 | ||||||||
Transport - Marine — 0.1% |
| |||||||
Kirby Corp. | 176,000 | 169,668 | ||||||
Transport - Rail — 0.2% |
| |||||||
Kansas City Southern | 157,000 | 163,558 | ||||||
Kansas City Southern | 103,000 | 128,937 | ||||||
Norfolk Southern Corp. | 195,000 | 234,530 | ||||||
527,025 | ||||||||
Transport - Services — 0.1% |
| |||||||
United Parcel Service, Inc. | 160,000 | 181,848 | ||||||
United Parcel Service, Inc. | 97,000 | 137,254 | ||||||
319,102 | ||||||||
Transport - Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 135,000 | 151,885 | ||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 38,000 | 38,098 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 506,000 | 522,636 | ||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 132,000 | 139,643 | ||||||
700,377 | ||||||||
Water — 0.1% |
| |||||||
American Water Capital Corp. | 105,000 | 115,383 | ||||||
Essential Utilities, Inc. | 130,000 | 132,459 | ||||||
247,842 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $66,361,887) | 70,242,282 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.9% |
| |||||||
Aerospace/Defense — 0.1% |
| |||||||
BAE Systems PLC | $ | 206,000 | $ | 223,624 | ||||
Agricultural Chemicals — 0.1% |
| |||||||
Nutrien, Ltd. | 236,000 | 257,808 | ||||||
Yara International ASA | 102,000 | 103,377 | ||||||
361,185 | ||||||||
Banks - Commercial — 1.4% |
| |||||||
Australia & New Zealand Banking Group, Ltd. | 200,000 | 200,919 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 228,000 | 244,758 | ||||||
Bank of Montreal | 525,000 | 539,919 | ||||||
Barclays Bank PLC | 207,000 | 209,607 | ||||||
Canadian Imperial Bank of Commerce | 359,000 | 368,165 | ||||||
Credit Suisse AG | 349,000 | 355,893 | ||||||
Danske Bank A/S | 200,000 | 204,313 | ||||||
Danske Bank A/S | 239,000 | 248,688 | ||||||
DBS Group Holdings, Ltd. | 231,000 | 237,736 | ||||||
ING Groep NV | 220,000 | 253,406 | ||||||
National Australia Bank, Ltd. | 200,000 | 212,120 | ||||||
National Bank of Canada | 387,000 | 395,375 | ||||||
Shinhan Bank Co., Ltd. | 200,000 | 211,368 | ||||||
Standard Chartered PLC | 200,000 | 223,041 | ||||||
3,905,308 | ||||||||
Beverages - Wine/Spirits — 0.1% |
| |||||||
Diageo Capital PLC | 233,000 | 235,774 | ||||||
43 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Cellular Telecom — 0.2% |
| |||||||
SK Telecom Co., Ltd. | $ | 200,000 | $ | 212,838 | ||||
Vodafone Group PLC | 107,000 | 133,015 | ||||||
Vodafone Group PLC | 136,000 | 176,636 | ||||||
522,489 | ||||||||
Chemicals - Diversified — 0.2% |
| |||||||
Braskem Netherlands Finance BV | 209,000 | 189,668 | ||||||
Braskem Netherlands Finance BV | 300,000 | 263,250 | ||||||
452,918 | ||||||||
Chemicals - Specialty — 0.0% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 121,000 | 114,573 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
DH Europe Finance II SARL | 216,000 | 235,636 | ||||||
Diversified Banking Institutions — 2.0% |
| |||||||
Banco Santander SA | 200,000 | 206,874 | ||||||
BNP Paribas SA | 399,000 | 408,891 | ||||||
BNP Paribas SA | 424,000 | 463,513 | ||||||
Credit Suisse Group AG | 256,000 | 261,946 | ||||||
Credit Suisse Group AG | 250,000 | 277,150 | ||||||
Deutsche Bank AG | 182,000 | 183,785 | ||||||
HSBC Holdings PLC | 225,000 | 224,874 | ||||||
HSBC Holdings PLC | 340,000 | 346,959 | ||||||
HSBC Holdings PLC | 200,000 | 236,241 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 302,000 | 309,502 | ||||||
Mizuho Financial Group, Inc. | 536,000 | 550,016 | ||||||
NatWest Markets PLC | 315,000 | 327,430 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) |
| |||||||
Royal Bank of Scotland Group PLC | $ | 414,000 | $ | 417,993 | ||||
Royal Bank of Scotland Group PLC | 400,000 | 404,559 | ||||||
UBS AG | 217,000 | 220,504 | ||||||
UBS Group Funding Switzerland AG | 200,000 | 208,270 | ||||||
UniCredit SpA | 377,000 | 392,873 | ||||||
UniCredit SpA | 200,000 | 218,330 | ||||||
5,659,710 | ||||||||
Diversified Financial Services — 0.2% |
| |||||||
GE Capital International Funding Co. ULC | 445,000 | 444,632 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Siemens Financieringsmaatschappij NV | 250,000 | 276,073 | ||||||
Diversified Minerals — 0.2% |
| |||||||
Anglo American Capital PLC | 200,000 | 219,598 | ||||||
Teck Resources, Ltd. | 212,000 | 219,333 | ||||||
Teck Resources, Ltd. | 103,000 | 103,914 | ||||||
542,845 | ||||||||
Electric - Generation — 0.2% |
| |||||||
Electricite de France SA | 400,000 | 499,120 | ||||||
Electric - Integrated — 0.2% |
| |||||||
Enel Finance International NV | 248,000 | 302,160 | ||||||
Engie Energia Chile SA | 209,000 | 210,643 | ||||||
512,803 | ||||||||
Electronic Components - Semiconductors — 0.0% |
| |||||||
NXP BV/NXP Funding LLC | 90,000 | 92,784 | ||||||
Gold Mining — 0.0% |
| |||||||
Newcrest Finance Pty, Ltd. | 79,000 | 85,264 | ||||||
44 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Insurance - Life/Health — 0.2% |
| |||||||
Athene Holding, Ltd. | $ | 166,000 | $ | 179,473 | ||||
Manulife Financial Corp. | 229,000 | 239,176 | ||||||
418,649 | ||||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Enstar Group, Ltd. | 392,000 | 403,362 | ||||||
Machinery - Farming — 0.0% |
| |||||||
CNH Industrial NV | 78,000 | 76,598 | ||||||
Medical - Drugs — 0.2% |
| |||||||
GlaxoSmithKline Capital PLC | 6,000 | 6,159 | ||||||
Shire Acquisitions Investments Ireland DAC | 397,000 | 438,627 | ||||||
444,786 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets PLC | 541,000 | 595,518 | ||||||
Equinor ASA | 132,000 | 134,842 | ||||||
Equinor ASA | 138,000 | 155,341 | ||||||
Petro-Canada | 103,000 | 119,157 | ||||||
Total Capital International SA | 93,000 | 100,476 | ||||||
1,105,334 | ||||||||
Retail - Convenience Store — 0.1% |
| |||||||
Alimentation Couche-Tard, Inc. | 183,000 | 173,547 | ||||||
SupraNational Banks — 0.5% |
| |||||||
African Development Bank | 311,000 | 314,343 | ||||||
European Bank for Reconstruction & Development | 381,000 | 396,805 | ||||||
International Bank for Reconstruction & Development | 235,000 | 267,449 | ||||||
International Finance Corp. | 455,000 | 457,084 | ||||||
1,435,681 | ||||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
Telephone - Integrated — 0.2% |
| |||||||
Deutsche Telekom AG | $ | 150,000 | $ | 162,400 | ||||
Telecom Italia Capital SA | 157,000 | 190,566 | ||||||
Telefonica Emisiones SAU | 212,000 | 242,355 | ||||||
595,321 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Canadian Pacific Railway Co. | 110,000 | 165,488 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $18,094,130) | 18,983,504 | |||||||
U.S. GOVERNMENT AGENCIES — 38.9% |
| |||||||
Federal Home Loan Bank — 0.5% |
| |||||||
2.13% due 09/14/2029 | 1,000,000 | 1,085,719 | ||||||
5.50% due 07/15/2036 | 250,000 | 390,233 | ||||||
1,475,952 | ||||||||
Federal Home Loan Mtg. Corp. — 12.8% |
| |||||||
2.50% due 01/01/2028 | 148,209 | 156,353 | ||||||
2.50% due 04/01/2028 | 726,676 | 766,627 | ||||||
2.50% due 03/01/2031 | 495,971 | 520,083 | ||||||
2.50% due 10/01/2032 | 662,824 | 695,080 | ||||||
3.00% due 08/01/2027 | 103,494 | 109,505 | ||||||
3.00% due 10/01/2042 | 381,019 | 415,029 | ||||||
3.00% due 11/01/2042 | 496,451 | 531,597 | ||||||
3.00% due 04/01/2043 | 525,593 | 562,819 | ||||||
3.00% due 05/01/2043 | 710,568 | 774,020 | ||||||
3.00% due 08/01/2043 | 509,957 | 545,810 | ||||||
3.00% due 10/01/2045 | 327,069 | 346,563 | ||||||
3.00% due 08/01/2046 | 1,956,762 | 2,068,891 | ||||||
3.00% due 08/01/2049 | 963,394 | 1,013,932 | ||||||
3.00% due 10/01/2049 | 1,769,917 | 1,862,763 | ||||||
3.00% due 01/01/2050 | 4,240,113 | 4,462,539 | ||||||
3.50% due 01/01/2032 | 1,109,242 | 1,176,687 | ||||||
3.50% due 11/01/2041 | 410,501 | 444,027 | ||||||
3.50% due 03/01/2042 | 148,545 | 161,288 | ||||||
3.50% due 04/01/2042 | 849,615 | 922,585 | ||||||
3.50% due 06/01/2042 | 972,295 | 1,055,679 | ||||||
3.50% due 08/01/2042 | 197,883 | 216,816 | ||||||
3.50% due 03/01/2045 | 671,913 | 722,051 | ||||||
3.50% due 07/01/2045 | 878,894 | 948,078 | ||||||
3.50% due 08/01/2045 | 504,178 | 548,474 | ||||||
3.50% due 11/01/2045 | 318,776 | 342,436 | ||||||
3.50% due 12/01/2046 | 636,313 | 680,849 | ||||||
3.50% due 11/01/2047 | 4,853,569 | 5,159,404 | ||||||
4.00% due 09/01/2040 | 205,372 | 225,661 | ||||||
4.00% due 10/01/2045 | 538,404 | 583,857 | ||||||
4.00% due 12/01/2048 | 1,090,074 | 1,158,831 | ||||||
4.00% due 07/01/2049 | 581,627 | 633,609 | ||||||
4.00% due 01/01/2050 | 1,930,976 | 2,053,983 | ||||||
4.50% due 04/01/2044 | 110,752 | 122,977 | ||||||
5.00% due 10/01/2033 | 316 | 355 | ||||||
5.00% due 06/01/2039 | 264,107 | 303,313 | ||||||
5.00% due 11/01/2043 | 353,885 | 406,011 | ||||||
5.50% due 02/01/2035 | 64,913 | 71,440 | ||||||
6.00% due 10/01/2033 | 79,585 | 88,931 | ||||||
6.00% due 03/01/2040 | 434 | 503 | ||||||
6.50% due 02/01/2035 | 1,688 | 1,956 | ||||||
6.75% due 09/15/2029 | 500,000 | 755,760 | ||||||
6.75% due 03/15/2031 | 250,000 | 394,173 |
45 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal Home Loan Mtg. Corp. (continued) |
| |||||||
Federal Home Loan Mtg. Corp. FRS | $ | 17,366 | $ | 17,824 | ||||
4.01% (12 ML+1.88%) | 233,103 | 247,101 | ||||||
Federal Home Loan Mtg. Corp. REMIC | ||||||||
Series 4740, Class BA | 568,032 | 585,460 | ||||||
Series 4800, Class KG | 100,000 | 103,631 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 129,204 | 21,399 | ||||||
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS | ||||||||
Series 2015-DNA1, Class M2 | 81,972 | 81,825 | ||||||
Series 2014-DN1, Class M2 | 172,387 | 165,348 | ||||||
Series 2014-HQ2, Class M2 | 244,359 | 245,358 | ||||||
35,479,291 | ||||||||
Federal National Mtg. Assoc. — 19.4% |
| |||||||
2.50% due 04/01/2028 | 212,122 | 223,747 | ||||||
2.50% due 01/01/2032 | 545,322 | 571,806 | ||||||
2.50% due 04/01/2035 | 1,753,486 | 1,835,946 | ||||||
3.00% due 10/01/2027 | 57,314 | 60,540 | ||||||
3.00% due 12/01/2027 | 589,387 | 622,659 | ||||||
3.00% due 01/01/2028 | 503,307 | 531,749 | ||||||
3.00% due 03/01/2030 | 1,217,786 | 1,298,994 | ||||||
3.00% due 10/01/2030 | 362,707 | 383,088 | ||||||
3.00% due 02/01/2033 | 226,981 | 239,259 | ||||||
3.00% due 07/01/2034 | 57,287 | 60,374 | ||||||
3.00% due 11/01/2039 | 1,090,590 | 1,149,244 | ||||||
3.00% due 03/01/2042 | 551,177 | 589,690 | ||||||
3.00% due 12/01/2042 | 509,349 | 547,064 | ||||||
3.00% due 02/01/2045 | 450,292 | 477,915 | ||||||
3.00% due 09/01/2046 | 78,670 | 83,201 | ||||||
3.00% due 01/01/2047 | 411,520 | 434,934 | ||||||
3.00% due 04/01/2048 | 1,924,671 | 2,025,635 | ||||||
3.50% due 08/01/2026 | 82,436 | 87,111 | ||||||
3.50% due 09/01/2026 | 26,578 | 28,089 | ||||||
3.50% due 08/01/2027 | 22,276 | 23,520 | ||||||
3.50% due 10/01/2028 | 281,640 | 300,759 | ||||||
3.50% due 03/01/2033 | 1,006,041 | 1,065,087 | ||||||
3.50% due 08/01/2033 | 572,522 | 603,952 | ||||||
3.50% due 12/01/2041 | 377,203 | 413,181 | ||||||
3.50% due 08/01/2042 | 1,079,634 | 1,166,096 | ||||||
3.50% due 07/01/2045 | 338,994 | 364,124 | ||||||
3.50% due 08/01/2045 | 387,004 | 417,313 | ||||||
3.50% due 09/01/2045 | 324,368 | 347,780 | ||||||
3.50% due 10/01/2045 | 559,798 | 611,868 | ||||||
3.50% due 11/01/2045 | 221,586 | 237,100 | ||||||
3.50% due 12/01/2045 | 1,863,016 | 2,000,476 | ||||||
3.50% due 02/01/2046 | 538,604 | 578,273 | ||||||
3.50% due 03/01/2046 | 293,151 | 313,842 | ||||||
3.50% due 07/01/2046 | 1,252,702 | 1,358,500 | ||||||
3.50% due 01/01/2047 | 1,962,206 | 2,097,169 | ||||||
3.50% due 12/01/2047 | 3,987,915 | 4,221,425 | ||||||
3.50% due 04/01/2048 | 2,118,607 | 2,282,457 | ||||||
3.50% due 08/01/2049 | 226,243 | 238,468 | ||||||
4.00% due 07/01/2040 | 101,500 | 111,788 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
4.00% due 10/01/2040 | $ | 56,027 | $ | 61,659 | ||||
4.00% due 12/01/2040 | 694,242 | 764,557 | ||||||
4.00% due 10/01/2041 | 365,632 | 402,474 | ||||||
4.00% due 11/01/2041 | 367,005 | 404,043 | ||||||
4.00% due 01/01/2043 | 444,610 | 492,608 | ||||||
4.00% due 02/01/2045 | 793,297 | 875,899 | ||||||
4.00% due 06/01/2046 | 214,797 | 231,674 | ||||||
4.00% due 01/01/2047 | 477,951 | 515,561 | ||||||
4.00% due 05/01/2047 | 600,020 | 643,887 | ||||||
4.00% due 06/01/2047 | 1,577,970 | 1,732,581 | ||||||
4.00% due 07/01/2047 | 1,400,701 | 1,497,867 | ||||||
4.00% due 08/01/2047 | 1,510,225 | 1,617,919 | ||||||
4.00% due 12/01/2048 | 761,395 | 809,420 | ||||||
4.00% due 01/01/2049 | 1,516,967 | 1,614,065 | ||||||
4.00% due 03/01/2049 | 512,464 | 545,052 | ||||||
4.50% due 11/01/2022 | 9,918 | 10,458 | ||||||
4.50% due 10/01/2024 | 106,609 | 113,826 | ||||||
4.50% due 08/01/2045 | 1,677,311 | 1,916,182 | ||||||
4.50% due 06/01/2048 | 1,147,470 | 1,238,136 | ||||||
4.50% due 10/01/2048 | 825,706 | 891,558 | ||||||
4.50% due 11/01/2048 | 363,193 | 392,755 | ||||||
4.50% due 12/01/2048 | 2,169,152 | 2,339,611 | ||||||
5.00% due 10/01/2033 | 1,707 | 1,953 | ||||||
5.00% due 03/01/2034 | 30,202 | 34,478 | ||||||
5.00% due 05/01/2040 | 66,857 | 76,828 | ||||||
5.00% due 06/01/2040 | 39,270 | 45,127 | ||||||
5.00% due 02/01/2045 | 228,913 | 260,650 | ||||||
5.50% due 12/01/2029 | 44,217 | 48,766 | ||||||
5.50% due 04/01/2033 | 39,505 | 45,528 | ||||||
5.50% due 12/01/2033 | 34,091 | 39,763 | ||||||
5.50% due 07/01/2037 | 167,353 | 189,291 | ||||||
5.50% due 08/01/2037 | 152,803 | 178,094 | ||||||
5.50% due 06/01/2038 | 18,392 | 21,352 | ||||||
6.00% due 12/01/2020 | 10 | 10 | ||||||
6.00% due 12/01/2036 | 236,769 | 273,936 | ||||||
6.00% due 11/01/2038 | 65,516 | 75,798 | ||||||
6.00% due 06/01/2040 | 50,880 | 58,879 | ||||||
6.50% due 10/01/2037 | 14,424 | 16,412 | ||||||
Federal National Mtg. Assoc. FRS | 209,744 | 215,767 | ||||||
3.72% (12 ML+1.67%) | 166,902 | 175,004 | ||||||
3.73% (12 ML+1.77%) | 219,130 | 229,202 | ||||||
3.76% (12 ML+1.83%) | 98,774 | 103,319 | ||||||
3.82% (12 ML+1.57%) | 38,611 | 40,346 | ||||||
4.07% (12 ML+1.82%) | 40,116 | 41,980 | ||||||
4.27% (12 ML+1.91%) | 123,792 | 130,653 | ||||||
4.27% (1 Yr USTYCR+2.22%) | 160,939 | 167,877 | ||||||
4.35% (1 Yr USTYCR+2.26%) | 73,324 | 76,817 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2017-100, Class NP | 233,128 | 249,431 | ||||||
Series 2018-27, Class EA | 1,113,261 | 1,169,890 | ||||||
Series 2018-35, Class CD | 711,737 | 744,637 | ||||||
53,827,803 | ||||||||
46 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Government National Mtg. Assoc. — 6.2% |
| |||||||
2.50% due 05/20/2050 | $ | 3,000,000 | $ | 3,159,718 | ||||
3.00% due 02/20/2045 | 385,969 | 411,364 | ||||||
3.00% due 05/20/2045 | 296,195 | 316,265 | ||||||
3.00% due 07/20/2045 | 50,400 | 53,713 | ||||||
3.00% due 11/20/2045 | 1,028,620 | 1,094,829 | ||||||
3.00% due 12/20/2045 | 473,328 | 503,668 | ||||||
3.00% due 01/20/2046 | 1,493,918 | 1,590,190 | ||||||
3.00% due 04/20/2046 | 1,966,837 | 2,093,166 | ||||||
3.00% due 09/20/2047 | 1,565,091 | 1,660,643 | ||||||
3.00% due 05/20/2050 | 2,000,000 | 2,120,061 | ||||||
3.50% due 03/20/2045 | 248,671 | 267,521 | ||||||
3.50% due 04/20/2045 | 469,649 | 505,196 | ||||||
3.50% due 07/20/2045 | 105,585 | 113,604 | ||||||
3.50% due 07/20/2046 | 145,012 | 155,904 | ||||||
3.50% due 03/20/2047 | 427,094 | 458,087 | ||||||
4.00% due 07/20/2045 | 149,586 | 163,090 | ||||||
4.00% due 05/20/2048 | 2,056,885 | 2,204,788 | ||||||
Government National Mtg. Assoc. REMIC VRS | 200,000 | 206,830 | ||||||
17,078,637 | ||||||||
Total U.S. Government Agencies | ||||||||
(cost $104,127,583) | 107,861,683 | |||||||
U.S. GOVERNMENT TREASURIES — 20.2% |
| |||||||
United States Treasury Bonds — 6.6% |
| |||||||
2.38% due 11/15/2049 | 5,400,000 | 6,674,484 | ||||||
2.75% due 11/15/2042 | 406,000 | 518,998 | ||||||
2.88% due 11/15/2046# | 384,000 | 510,855 | ||||||
3.00% due 11/15/2045 | 1,729,000 | 2,331,178 | ||||||
3.00% due 05/15/2047 | 1,441,000 | 1,964,151 | ||||||
3.13% due 11/15/2041 | 2,303,000 | 3,113,548 | ||||||
3.13% due 02/15/2042 | 392,000 | 530,961 | ||||||
3.88% due 08/15/2040 | 167,000 | 248,778 | ||||||
4.25% due 05/15/2039 | 256,000 | 396,260 | ||||||
4.38% due 11/15/2039 | 105,000 | 165,211 | ||||||
4.38% due 05/15/2040 | 192,000 | 303,660 | ||||||
4.75% due 02/15/2037 | 564,000 | 901,871 | ||||||
5.00% due 05/15/2037 | 153,000 | 251,506 | ||||||
5.25% due 11/15/2028 | 354,000 | 491,382 | ||||||
18,402,843 | ||||||||
United States Treasury Notes — 13.6% |
| |||||||
0.63% due 03/31/2027 | 600,000 | 605,672 | ||||||
1.38% due 10/15/2022 | 3,000,000 | 3,084,961 | ||||||
1.50% due 11/30/2024 | 1,500,000 | 1,582,266 | ||||||
1.50% due 02/15/2030 | 1,030,000 | 1,113,969 | ||||||
1.63% due 08/15/2022 | 2,296,000 | 2,369,454 | ||||||
1.63% due 08/31/2022 | 1,921,000 | 1,983,432 | ||||||
1.63% due 12/15/2022 | 400,000 | 414,703 | ||||||
1.63% due 02/15/2026 | 4,839,000 | 5,175,084 | ||||||
1.63% due 11/30/2026 | 1,600,000 | 1,719,250 | ||||||
1.63% due 08/15/2029# | 900,000 | 982,266 | ||||||
1.75% due 09/30/2022 | 5,137,000 | 5,325,022 | ||||||
1.75% due 11/15/2029 | 3,500,000 | 3,865,586 | ||||||
2.00% due 02/15/2025 | 1,729,000 | 1,866,104 | ||||||
2.00% due 11/15/2026 | 384,000 | 421,605 | ||||||
2.25% due 04/30/2024 | 167,000 | 180,040 | ||||||
2.25% due 11/15/2024# | 596,000 | 647,917 | ||||||
2.25% due 08/15/2027 | 576,000 | 647,618 | ||||||
2.38% due 05/15/2029 | 500,000 | 577,422 | ||||||
2.50% due 02/28/2021 | 2,401,000 | 2,442,361 | ||||||
2.50% due 01/15/2022 | 2,401,000 | 2,491,225 | ||||||
2.63% due 02/15/2029# | 171,000 | 200,598 | ||||||
37,696,555 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $50,450,957) | 56,099,398 | |||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS — 0.4% |
| |||||||
Sovereign — 0.2% |
| |||||||
Republic of Italy | $ | 200,000 | $ | 197,070 | ||||
United Mexican States | 228,000 | 246,470 | ||||||
United Mexican States | 207,000 | 216,110 | ||||||
659,650 | ||||||||
Sovereign Agency — 0.2% |
| |||||||
Kommunalbanken AS | 394,000 | 395,436 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $1,020,517) | 1,055,086 | |||||||
PREFERRED SECURITIES — 0.1% |
| |||||||
Electric - Distribution — 0.1% |
| |||||||
Entergy Louisiana LLC | 7,025 | 180,332 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6% |
| |||||||
Banks - Super Regional — 0.0% |
| |||||||
Wells Fargo & Co. | 74,000 | 85,821 | ||||||
Diversified Banking Institutions — 0.1% |
| |||||||
JPMorgan Chase & Co. | 225,000 | 228,094 | ||||||
Electric - Distribution — 0.1% |
| |||||||
National Rural Utilities Cooperative Finance Corp. | 156,000 | 155,651 | ||||||
Electric - Integrated — 0.1% |
| |||||||
CMS Energy Corp. | 160,000 | 163,730 | ||||||
Dominion Resources, Inc. | 115,000 | 117,438 | ||||||
281,168 | ||||||||
Insurance - Life/Health — 0.1% |
| |||||||
Prudential Financial, Inc. | 218,000 | 225,702 | ||||||
Prudential Financial, Inc. | 143,000 | 153,839 | ||||||
379,541 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Voya Financial, Inc. | 150,000 | 136,500 | ||||||
Pipelines — 0.0% |
| |||||||
Enterprise Products Operating LLC | 118,000 | 106,319 | ||||||
Tools - Hand Held — 0.1% |
| |||||||
Stanley Black & Decker, Inc. | 350,000 | 346,986 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $1,692,442) | 1,720,080 | |||||||
47 |
Table of Contents
VALIC Company I Capital Conservation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||
Lehman Brothers Holdings Capital Trust VII | $ | 78,000 | $ | 8 | ||||
Lehman Brothers Holdings, Inc. | 89,000 | 997 | ||||||
Lehman Brothers Holdings, Inc. | 87,000 | 9 | ||||||
Lehman Brothers Holdings, Inc. | 112,000 | 11 | ||||||
Total Escrows And Litigation Trusts | ||||||||
(cost $0) | 1,025 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $249,988,002) | 264,361,983 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 5.7% |
| |||||||
Registered Investment Companies — 5.7% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 14,535,182 | 14,535,182 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,320,590 | 1,320,590 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $15,855,772) | 15,855,772 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $265,843,774)(10) | 101.1 | % | 280,217,755 | |||||
Liabilities in excess of other assets | (1.1 | ) | (2,940,727 | ) | ||||
NET ASSETS | 100.0 | % | $ | 277,277,028 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $22,683,657 representing 8.2% 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) | Interest Only |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2020. |
(6) | Perpetual maturity — maturity date reflects the next call date. |
(7) | Securities classified as Level 3 (see Note 2). |
(8) | The rate shown is the 7-day yield as of May 31, 2020. |
(9) | At May 31, 2020, the Fund had loaned securities with a total value of $2,877,855. This was secured by collateral of $1,320,590, which was received in cash and subsequently invested in short-term investments currently valued at $1,320,590 as reported in the Portfolio of Investments. Additional collateral of $1,604,440 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 21.62% | 12/25/2020 to 06/25/2050 | $ | 541,797 | ||||
Federal National Mtg. Assoc. | 0.47% to 27.69% | 08/25/2026 to 02/25/2060 | 445,021 | |||||
Government National Mtg. Assoc. | 0.62% to 29.66% | 10/16/2032 to 02/16/2062 | 394,567 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | 10,845 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/15/2020 to 05/15/2048 | 212,210 |
(10) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | — | $ | 8,218,593 | $ | — | $ | 8,218,593 | ||||||||
U.S. Corporate Bonds & Notes | — | 70,242,282 | — | 70,242,282 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 18,983,504 | — | 18,983,504 | ||||||||||||
U.S. Government Agencies | — | 107,861,683 | — | 107,861,683 | ||||||||||||
U.S. Government Treasuries | — | 56,099,398 | — | 56,099,398 | ||||||||||||
Foreign Government Obligations | — | 1,055,086 | — | 1,055,086 | ||||||||||||
Preferred Securities | 180,332 | — | — | 180,332 | ||||||||||||
Preferred Securities/Capital Securities | — | 1,720,080 | — | 1,720,080 | ||||||||||||
Escrows and Litigation Trusts | — | 997 | 28 | 1,025 | ||||||||||||
Short-Term Investment Securities | 15,855,772 | — | — | 15,855,772 | ||||||||||||
Total Investment at Value | $ | 16,036,104 | $ | 264,181,623 | $ | 28 | $ | 280,217,755 | ||||||||
* | 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
48 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 7.4 | % | ||
Computers | 6.1 | |||
Retail — Discount | 5.8 | |||
Web Portals/ISP | 5.5 | |||
E-Commerce/Products | 5.2 | |||
Medical — Drugs | 5.1 | |||
Medical — HMO | 4.7 | |||
Internet Content — Entertainment | 3.7 | |||
Diversified Banking Institutions | 3.5 | |||
Finance — Credit Card | 3.1 | |||
Cable/Satellite TV | 2.6 | |||
Networking Products | 2.6 | |||
Oil Companies — Integrated | 2.3 | |||
Medical Labs & Testing Services | 2.3 | |||
Commercial Services | 2.0 | |||
Agricultural Biotech | 2.0 | |||
Tobacco | 2.0 | |||
Cosmetics & Toiletries | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Telephone — Integrated | 1.8 | |||
Computer Services | 1.7 | |||
Repurchase Agreements | 1.7 | |||
Retail — Building Products | 1.6 | |||
Medical — Biomedical/Gene | 1.5 | |||
Insurance — Property/Casualty | 1.5 | |||
Medical Products | 1.4 | |||
Retail — Auto Parts | 1.3 | |||
Electronic Measurement Instruments | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Electronic Components — Misc. | 1.3 | |||
Auto — Cars/Light Trucks | 1.2 | |||
Broadcast Services/Program | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Human Resources | 1.1 | |||
Banks — Super Regional | 1.0 | |||
Electric — Integrated | 1.0 | |||
Transport — Rail | 0.9 | |||
Finance — Auto Loans | 0.8 | |||
Internet Brokers | 0.7 | |||
Investment Management/Advisor Services | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
E-Commerce/Services | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Footwear & Related Apparel | 0.6 | |||
Rental Auto/Equipment | 0.3 | |||
Financial Guarantee Insurance | 0.2 | |||
99.8 | % | |||
* | Calculated as a percentage of net assets |
49 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Aerospace/Defense — 1.3% |
| |||||||
BAE Systems PLC ADR | 116,628 | $ | 2,866,716 | |||||
Agricultural Biotech — 2.0% |
| |||||||
Corteva, Inc. | 162,571 | 4,439,814 | ||||||
Applications Software — 7.4% |
| |||||||
CDK Global, Inc. | 65,937 | 2,591,983 | ||||||
Microsoft Corp. | 75,958 | 13,919,304 | ||||||
16,511,287 | ||||||||
Auto - Cars/Light Trucks — 1.2% |
| |||||||
General Motors Co. | 99,000 | 2,562,120 | ||||||
Banks - Super Regional — 1.0% |
| |||||||
US Bancorp | 62,469 | 2,221,398 | ||||||
Broadcast Services/Program — 1.1% |
| |||||||
Fox Corp., Class A | 87,212 | 2,543,974 | ||||||
Building - Residential/Commercial — 0.7% |
| |||||||
D.R. Horton, Inc. | 27,087 | 1,497,911 | ||||||
Cable/Satellite TV — 2.6% |
| |||||||
Comcast Corp., Class A | 147,742 | 5,850,583 | ||||||
Commercial Services — 2.0% |
| |||||||
Quanta Services, Inc. | 123,267 | 4,552,250 | ||||||
Computer Services — 1.7% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 72,544 | 3,844,832 | ||||||
Computers — 6.1% |
| |||||||
Apple, Inc. | 42,909 | 13,642,487 | ||||||
Cosmetics & Toiletries — 1.9% |
| |||||||
Unilever NV | 83,417 | 4,297,644 | ||||||
Diversified Banking Institutions — 3.5% |
| |||||||
Bank of America Corp. | 151,355 | 3,650,683 | ||||||
JPMorgan Chase & Co. | 43,149 | 4,198,829 | ||||||
7,849,512 | ||||||||
E-Commerce/Products — 5.2% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 16,374 | 3,395,804 | ||||||
Amazon.com, Inc.† | 3,367 | 8,223,460 | ||||||
11,619,264 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Booking Holdings, Inc.† | 833 | 1,365,637 | ||||||
Electric - Integrated — 1.0% |
| |||||||
AES Corp. | 174,873 | 2,184,164 | ||||||
Electronic Components - Misc. — 1.3% |
| |||||||
Hubbell, Inc. | 23,325 | 2,855,447 | ||||||
Electronic Measurement Instruments — 1.3% |
| |||||||
Fortive Corp. | 47,538 | 2,898,867 | ||||||
Finance - Auto Loans — 0.8% |
| |||||||
Ally Financial, Inc. | 106,209 | 1,852,285 | ||||||
Finance - Credit Card — 3.1% |
| |||||||
Visa, Inc., Class A | 35,420 | 6,915,401 | ||||||
Financial Guarantee Insurance — 0.2% |
| |||||||
Assured Guaranty, Ltd. | 17,478 | 453,205 | ||||||
Footwear & Related Apparel — 0.6% |
| |||||||
Skechers U.S.A., Inc., Class A† | 40,718 | 1,275,288 | ||||||
Human Resources — 1.1% |
| |||||||
Robert Half International, Inc. | 46,430 | 2,355,858 | ||||||
Insurance - Property/Casualty — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 15,710 | 2,915,462 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) |
| |||||||
Fidelity National Financial, Inc. | 11,065 | $ | 352,973 | |||||
3,268,435 | ||||||||
Internet Brokers — 0.7% |
| |||||||
E*TRADE Financial Corp. | 35,710 | 1,626,233 | ||||||
Internet Content - Entertainment — 3.7% |
| |||||||
Facebook, Inc., Class A† | 36,568 | 8,231,091 | ||||||
Investment Management/Advisor Services — 0.7% |
| |||||||
Raymond James Financial, Inc. | 23,422 | 1,622,676 | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
Otis Worldwide Corp. | 47,475 | 2,499,559 | ||||||
Medical Labs & Testing Services — 2.3% |
| |||||||
Laboratory Corp. of America Holdings† | 28,960 | 5,077,267 | ||||||
Medical Products — 1.4% |
| |||||||
Koninklijke Philips NV† | 70,456 | 3,202,930 | ||||||
Medical - Biomedical/Gene — 1.5% |
| |||||||
Biogen, Inc.† | 11,136 | 3,419,754 | ||||||
Medical - Drugs — 5.1% |
| |||||||
Novo Nordisk A/S ADR | 35,771 | 2,358,740 | ||||||
Pfizer, Inc. | 125,289 | 4,784,787 | ||||||
Sanofi ADR | 85,711 | 4,209,267 | ||||||
11,352,794 | ||||||||
Medical - HMO — 4.7% |
| |||||||
Anthem, Inc. | 14,777 | 4,346,063 | ||||||
UnitedHealth Group, Inc. | 20,170 | 6,148,825 | ||||||
10,494,888 | ||||||||
Networking Products — 2.6% |
| |||||||
Cisco Systems, Inc. | 121,625 | 5,816,107 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
ConocoPhillips | 59,727 | 2,519,285 | ||||||
Oil Companies - Integrated — 2.3% |
| |||||||
BP PLC ADR# | 93,225 | 2,157,227 | ||||||
Chevron Corp. | 32,505 | 2,980,708 | ||||||
5,137,935 | ||||||||
Rental Auto/Equipment — 0.3% |
| |||||||
United Rentals, Inc.† | 5,027 | 698,200 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Ross Stores, Inc. | 13,731 | 1,331,358 | ||||||
Retail - Auto Parts — 1.3% |
| |||||||
O’Reilly Automotive, Inc.† | 7,041 | 2,937,787 | ||||||
Retail - Building Products — 1.6% |
| |||||||
Lowe’s Cos., Inc. | 26,855 | 3,500,549 | ||||||
Retail - Discount — 5.8% |
| |||||||
Dollar General Corp. | 20,070 | 3,843,605 | ||||||
Dollar Tree, Inc.† | 52,733 | 5,160,979 | ||||||
Walmart, Inc. | 31,165 | 3,866,330 | ||||||
12,870,914 | ||||||||
Semiconductor Components - Integrated Circuits — 1.9% |
| |||||||
NXP Semiconductors NV | 5,570 | 547,289 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 72,848 | 3,666,440 | ||||||
4,213,729 | ||||||||
Telephone - Integrated — 1.8% |
| |||||||
Verizon Communications, Inc. | 70,475 | 4,043,855 | ||||||
50 |
Table of Contents
VALIC Company I Core Equity Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Tobacco — 2.0% |
| |||||||
Altria Group, Inc. | 113,332 | $ | 4,425,615 | |||||
Transport - Rail — 0.9% |
| |||||||
Norfolk Southern Corp. | 10,700 | 1,907,703 | ||||||
Web Portals/ISP — 5.5% |
| |||||||
Alphabet, Inc., Class A† | 4,255 | 6,099,628 | ||||||
Alphabet, Inc., Class C† | 4,275 | 6,108,633 | ||||||
12,208,261 | ||||||||
Total Long-Term Investment Securities |
| |||||||
(cost $187,253,165) | 218,862,869 | |||||||
REPURCHASE AGREEMENTS — 1.7% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% , dated 05/29/2020, to be repurchased 06/01/2020 in the amount $3,725,000 collateralized by $3,505,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,800,391 | $ | 3,725,000 | 3,725,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $190,978,165)(1) | 99.8 | % | 222,587,869 | |||||
Other assets less liabilities | 0.2 | 477,672 | ||||||
NET ASSETS | 100.0 | % | $ | 223,065,541 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
At May 31, 2020, the Fund had loaned securities with a total value of $2,157,227. This was secured by collateral of $2,227,536 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | $ | 108,299 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.13% | 07/15/2020 to 05/15/2048 | 2,119,237 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR — American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 218,862,869 | $ | — | $ | — | $ | 218,862,869 | ||||||||
Repurchase Agreements | — | 3,725,000 | — | 3,725,000 | ||||||||||||
Total Investments at Value | $ | 218,862,869 | $ | 3,725,000 | $ | — | $ | 222,587,869 | ||||||||
See Notes to Financial Statements
51 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 8.5 | % | ||
Diversified Banking Institutions | 7.3 | |||
Telephone — Integrated | 3.8 | |||
Tobacco | 3.7 | |||
Oil Companies — Integrated | 2.9 | |||
Chemicals — Diversified | 2.9 | |||
Diversified Manufacturing Operations | 2.8 | |||
Electric — Integrated | 2.6 | |||
Medical — Biomedical/Gene | 2.6 | |||
Medical — HMO | 2.4 | |||
Steel — Producers | 2.4 | |||
Food — Misc./Diversified | 2.3 | |||
Computer Services | 2.3 | |||
Medical Instruments | 2.2 | |||
Insurance — Multi-line | 2.1 | |||
Medical — Wholesale Drug Distribution | 2.1 | |||
Networking Products | 1.9 | |||
Advertising Agencies | 1.9 | |||
Pipelines | 1.9 | |||
Insurance Brokers | 1.8 | |||
Electronic Components — Semiconductors | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Banks — Super Regional | 1.4 | |||
Cosmetics & Toiletries | 1.4 | |||
Medical Products | 1.3 | |||
Aerospace/Defense | 1.3 | |||
Electric Products-Misc. | 1.2 | |||
Machinery — Construction & Mining | 1.2 | |||
Cable/Satellite TV | 1.2 | |||
Computers — Memory Devices | 1.1 | |||
Brewery | 1.1 | |||
Finance — Credit Card | 1.1 | |||
Data Processing/Management | 1.0 | |||
Computers | 1.0 | |||
Applications Software | 1.0 | |||
Pharmacy Services | 1.0 | |||
Insurance — Life/Health | 1.0 | |||
Apparel Manufacturers | 0.9 | |||
Oil Refining & Marketing | 0.9 | |||
Commercial Services — Finance | 0.9 | |||
Retail — Building Products | 0.9 | |||
Auto — Cars/Light Trucks | 0.8 | |||
Investment Management/Advisor Services | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Soap & Cleaning Preparation | 0.8 | |||
Retail — Discount | 0.7 | |||
Broadcast Services/Program | 0.7 | |||
Distribution/Wholesale | 0.6 | |||
Repurchase Agreements | 0.5 | |||
Transport — Rail | 0.5 | |||
Audio/Video Products | 0.5 | |||
Wireless Equipment | 0.5 | |||
Finance — Other Services | 0.4 | |||
Agricultural Biotech | 0.4 | |||
Home Decoration Products | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Transport — Services | 0.3 | |||
Beverages — Non-alcoholic | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Water Treatment Systems | 0.2 | |||
Medical Labs & Testing Services | 0.1 | |||
Building Products — Cement | 0.1 | |||
Gas — Distribution | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
95.1 | % | |||
* | Calculated as a percentage of net assets |
52 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.6% |
| |||||||
Advertising Agencies — 1.9% |
| |||||||
Interpublic Group of Cos., Inc. | 620,454 | $ | 10,615,968 | |||||
Omnicom Group, Inc.# | 162,350 | 8,895,156 | ||||||
19,511,124 | ||||||||
Aerospace/Defense — 1.3% |
| |||||||
BAE Systems PLC | 1,423,347 | 8,763,010 | ||||||
Lockheed Martin Corp. | 10,588 | 4,112,803 | ||||||
12,875,813 | ||||||||
Agricultural Biotech — 0.4% |
| |||||||
Corteva, Inc. | 129,885 | 3,547,159 | ||||||
Apparel Manufacturers — 0.9% |
| |||||||
Hanesbrands, Inc.# | 905,877 | 8,931,947 | ||||||
Applications Software — 1.0% |
| |||||||
Microsoft Corp. | 55,971 | 10,256,686 | ||||||
Audio/Video Products — 0.5% |
| |||||||
Sony Corp. | 76,900 | 4,910,650 | ||||||
Auto - Cars/Light Trucks — 0.8% |
| |||||||
General Motors Co. | 331,886 | 8,589,210 | ||||||
Auto/Truck Parts & Equipment - Original — 0.0% |
| |||||||
Lear Corp. | 3,700 | 392,385 | ||||||
Banks - Super Regional — 1.4% |
| |||||||
US Bancorp | 50,461 | 1,794,393 | ||||||
Wells Fargo & Co. | 485,039 | 12,838,982 | ||||||
14,633,375 | ||||||||
Beverages - Non-alcoholic — 0.2% |
| |||||||
PepsiCo, Inc. | 18,265 | 2,402,761 | ||||||
Brewery — 1.1% |
| |||||||
Constellation Brands, Inc., Class A | 64,570 | 11,151,239 | ||||||
Broadcast Services/Program — 0.7% |
| |||||||
Fox Corp., Class A | 197,970 | 5,774,785 | ||||||
Fox Corp., Class B | 30,040 | 864,551 | ||||||
6,639,336 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
CRH PLC | 40,130 | 1,306,480 | ||||||
Cable/Satellite TV — 1.2% |
| |||||||
Comcast Corp., Class A | 312,259 | 12,365,456 | ||||||
Chemicals - Diversified — 2.9% |
| |||||||
Dow, Inc. | 325,021 | 12,545,811 | ||||||
DuPont de Nemours, Inc. | 119,018 | 6,037,783 | ||||||
LyondellBasell Industries NV, Class A | 164,655 | 10,498,403 | ||||||
29,081,997 | ||||||||
Commercial Services - Finance — 0.9% |
| |||||||
H&R Block, Inc.# | 511,587 | 8,696,979 | ||||||
Computer Services — 2.3% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 226,911 | 12,026,283 | ||||||
International Business Machines Corp. | 91,507 | 11,429,224 | ||||||
23,455,507 | ||||||||
Computers — 1.0% |
| |||||||
HP, Inc. | 678,851 | 10,277,804 | ||||||
Computers - Memory Devices — 1.1% |
| |||||||
NetApp, Inc. | 254,536 | 11,337,033 | ||||||
Cosmetics & Toiletries — 1.4% |
| |||||||
Unilever NV | 267,549 | 13,784,124 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 1.0% |
| |||||||
Paychex, Inc. | 143,689 | $ | 10,385,841 | |||||
Distribution/Wholesale — 0.6% |
| |||||||
Ferguson PLC | 80,934 | 6,392,675 | ||||||
Diversified Banking Institutions — 7.3% |
| |||||||
Bank of America Corp. | 902,495 | 21,768,179 | ||||||
Citigroup, Inc. | 399,302 | 19,130,559 | ||||||
JPMorgan Chase & Co. | 221,977 | 21,600,582 | ||||||
Morgan Stanley | 253,118 | 11,187,816 | ||||||
73,687,136 | ||||||||
Diversified Manufacturing Operations — 2.8% |
| |||||||
3M Co. | 77,850 | 12,178,854 | ||||||
General Electric Co. | 1,088,954 | 7,154,428 | ||||||
Siemens AG | 83,017 | 9,061,644 | ||||||
28,394,926 | ||||||||
Electric Products - Misc. — 1.2% |
| |||||||
Emerson Electric Co. | 206,675 | 12,611,309 | ||||||
Electric - Integrated — 2.6% |
| |||||||
Edison International | 89,470 | 5,199,102 | ||||||
FirstEnergy Corp. | 316,099 | 13,358,344 | ||||||
PPL Corp. | 12,210 | 341,147 | ||||||
Public Service Enterprise Group, Inc. | 149,378 | 7,624,253 | ||||||
26,522,846 | ||||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Broadcom, Inc. | 25,717 | 7,490,590 | ||||||
Samsung Electronics Co., Ltd. GDR | 8,501 | 8,763,846 | ||||||
16,254,436 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Constellation Software, Inc. | 735 | 835,509 | ||||||
Finance - Credit Card — 1.1% |
| |||||||
American Express Co. | 29,760 | 2,829,283 | ||||||
Visa, Inc., Class A | 41,237 | 8,051,112 | ||||||
10,880,395 | ||||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Charles Schwab Corp. | 219,956 | 7,898,620 | ||||||
Finance - Other Services — 0.4% |
| |||||||
CME Group, Inc. | 22,630 | 4,132,238 | ||||||
Food - Misc./Diversified — 2.3% |
| |||||||
Conagra Brands, Inc. | 65,247 | 2,269,943 | ||||||
Kraft Heinz Co. | 475,779 | 14,496,986 | ||||||
Nestle SA | 64,082 | 6,938,117 | ||||||
23,705,046 | ||||||||
Gas - Distribution — 0.1% |
| |||||||
NiSource, Inc. | 49,580 | 1,181,491 | ||||||
Home Decoration Products — 0.3% |
| |||||||
Newell Brands, Inc. | 257,830 | 3,390,465 | ||||||
Insurance Brokers — 1.8% |
| |||||||
Arthur J. Gallagher & Co. | 94,504 | 8,909,837 | ||||||
Willis Towers Watson PLC | 45,804 | 9,293,632 | ||||||
18,203,469 | ||||||||
Insurance - Life/Health — 1.0% |
| |||||||
Equitable Holdings, Inc. | 265,272 | 5,069,348 | ||||||
Prudential Financial, Inc. | 76,212 | 4,645,883 | ||||||
9,715,231 | ||||||||
53 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Multi-line — 2.1% |
| |||||||
Allstate Corp. | 46,328 | $ | 4,531,342 | |||||
Hartford Financial Services Group, Inc. | 110,663 | 4,237,286 | ||||||
MetLife, Inc. | 347,471 | 12,512,431 | ||||||
21,281,059 | ||||||||
Insurance - Property/Casualty — 0.8% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 36,205 | 6,718,924 | ||||||
Fidelity National Financial, Inc. | 37,240 | 1,187,956 | ||||||
7,906,880 | ||||||||
Investment Management/Advisor Services — 0.8% |
| |||||||
Raymond James Financial, Inc. | 114,160 | 7,909,005 | ||||||
Machinery - Construction & Mining — 1.2% |
| |||||||
Caterpillar, Inc. | 104,419 | 12,543,854 | ||||||
Medical Instruments — 2.2% |
| |||||||
Alcon, Inc.† | 103,475 | 6,689,226 | ||||||
Medtronic PLC | 155,473 | 15,326,528 | ||||||
22,015,754 | ||||||||
Medical Labs & Testing Services — 0.1% |
| |||||||
Quest Diagnostics, Inc. | 11,484 | 1,358,328 | ||||||
Medical Products — 1.3% |
| |||||||
Koninklijke Philips NV† | 296,433 | 13,504,199 | ||||||
Medical - Biomedical/Gene — 2.6% |
| |||||||
Amgen, Inc. | 48,676 | 11,180,877 | ||||||
Gilead Sciences, Inc. | 196,968 | 15,330,020 | ||||||
26,510,897 | ||||||||
Medical - Drugs — 8.5% |
| |||||||
AbbVie, Inc. | 155,613 | 14,420,657 | ||||||
AstraZeneca PLC | 102,257 | 10,872,402 | ||||||
Bayer AG | 167,928 | 11,217,107 | ||||||
Bristol-Myers Squibb Co. | 258,604 | 15,443,831 | ||||||
Pfizer, Inc. | 481,750 | 18,398,032 | ||||||
Sanofi | 156,620 | 15,274,462 | ||||||
85,626,491 | ||||||||
Medical - HMO — 2.4% |
| |||||||
Anthem, Inc. | 49,879 | 14,669,913 | ||||||
UnitedHealth Group, Inc. | 31,820 | 9,700,327 | ||||||
24,370,240 | ||||||||
Medical - Wholesale Drug Distribution — 2.1% |
| |||||||
Cardinal Health, Inc. | 282,082 | 15,427,064 | ||||||
McKesson Corp. | 33,483 | 5,312,748 | ||||||
20,739,812 | ||||||||
Networking Products — 1.9% |
| |||||||
Cisco Systems, Inc. | 412,338 | 19,718,003 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
ConocoPhillips | 135,510 | 5,715,812 | ||||||
Pioneer Natural Resources Co. | 101,446 | 9,292,453 | ||||||
15,008,265 | ||||||||
Oil Companies - Integrated — 2.9% |
| |||||||
BP PLC | 935,454 | 3,552,189 | ||||||
Chevron Corp. | 105,403 | 9,665,455 | ||||||
Equinor ASA | 563,369 | 8,224,737 | ||||||
Exxon Mobil Corp. | 178,837 | 8,131,718 | ||||||
29,574,099 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Oil Refining & Marketing — 0.9% |
| |||||||
Marathon Petroleum Corp. | 249,322 | $ | 8,761,175 | |||||
Pharmacy Services — 1.0% |
| |||||||
CVS Health Corp. | 154,329 | 10,119,353 | ||||||
Pipelines — 1.9% |
| |||||||
Enterprise Products Partners LP | 503,865 | 9,623,821 | ||||||
Williams Cos., Inc. | 453,609 | 9,267,232 | ||||||
18,891,053 | ||||||||
Retail - Apparel/Shoe — 0.2% |
| |||||||
Ross Stores, Inc. | 21,710 | 2,105,002 | ||||||
Retail - Building Products — 0.9% |
| |||||||
Lowe’s Cos., Inc. | 66,662 | 8,689,392 | ||||||
Retail - Discount — 0.7% |
| |||||||
Dollar General Corp. | 37,612 | 7,203,074 | ||||||
Semiconductor Components - Integrated Circuits — 0.3% |
| |||||||
NXP Semiconductors NV | 34,770 | 3,341,397 | ||||||
Soap & Cleaning Preparation — 0.8% |
| |||||||
Henkel AG & Co. KGaA (Preference Shares)† | 86,400 | 7,673,136 | ||||||
Steel - Producers — 2.4% |
| |||||||
Nucor Corp. | 273,583 | 11,561,618 | ||||||
Steel Dynamics, Inc. | 462,652 | 12,288,037 | ||||||
23,849,655 | ||||||||
Telephone - Integrated — 3.8% |
| |||||||
Verizon Communications, Inc. | 674,734 | 38,716,237 | ||||||
Tobacco — 3.7% |
| |||||||
Altria Group, Inc. | 594,732 | 23,224,285 | ||||||
British American Tobacco PLC | 41,200 | 1,629,333 | ||||||
Philip Morris International, Inc. | 170,775 | 12,528,054 | ||||||
37,381,672 | ||||||||
Transport - Rail — 0.5% |
| |||||||
Union Pacific Corp. | 29,824 | 5,065,905 | ||||||
Transport - Services — 0.3% |
| |||||||
FedEx Corp. | 20,404 | 2,663,946 | ||||||
Water Treatment Systems — 0.2% |
| |||||||
Pentair PLC | 43,819 | 1,715,076 | ||||||
Wireless Equipment — 0.5% |
| |||||||
Motorola Solutions, Inc. | 34,100 | 4,614,753 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,008,875,056) | 957,196,410 | |||||||
REPURCHASE AGREEMENTS — 0.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,382,000 collateralized by $5,115,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $5,492,840 | $ | 5,382,000 | 5,382,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,014,257,056)(1) | 95.1 | % | 962,578,410 | |||||
Other assets less liabilities | 4.9 | 49,438,456 | ||||||
NET ASSETS | 100.0 | % | $ | 1,012,016,866 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
54 |
Table of Contents
VALIC Company I Dividend Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
At May 31, 2020, the Fund had loaned securities with a total value of $17,559,173. This was secured by collateral of $18,373,460 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 2,927,843 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 5,121,240 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 382,572 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | 118,201 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 06/15/2020 to 11/15/2049 | 9,823,604 |
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 832,423,197 | $ | 124,773,213 | ** | $ | — | $ | 957,196,410 | |||||||
Repurchase Agreements | — | 5,382,000 | — | 5,382,000 | ||||||||||||
Total Investments at Value | $ | 832,423,197 | $ | 130,155,213 | $ | — | $ | 962,578,410 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
55 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Domestic Equity Investment Companies | 50.9 | % | ||
Domestic Fixed Income Investment Companies | 19.8 | |||
United States Treasury Notes | 16.7 | |||
International Equity Investment Companies | 9.0 | |||
Registered Investment Companies | 3.0 | |||
Options — Purchased . | 0.8 | |||
International Fixed Income Investment Companies | 0.4 | |||
United States Treasury Bonds | 0.2 | |||
100.8 | % | |||
* | Calculated as a percentage of net assets |
56 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 80.1%(1)@ |
| |||||||
Domestic Equity Investment Companies — 50.9% |
| |||||||
VALIC Co. I Blue Chip Growth Fund† | 346,482 | $ | 7,206,817 | |||||
VALIC Co. I Dividend Value Fund | 716,569 | 7,151,356 | ||||||
VALIC Co. I Growth Fund | 413,627 | 7,784,470 | ||||||
VALIC Co. I Large Cap Core Fund | 651,934 | 7,601,545 | ||||||
VALIC Co. I Large Capital Growth Fund | 358,303 | 6,026,657 | ||||||
VALIC Co. I Mid Cap Index Fund | 148,390 | 3,079,082 | ||||||
VALIC Co. I Small Cap Aggressive Growth Fund† | 57,743 | 781,838 | ||||||
VALIC Co. I Small Cap Index Fund | 89,227 | 1,345,538 | ||||||
VALIC Co. I Small Cap Special Values Fund | 140,310 | 1,233,324 | ||||||
VALIC Co. I Stock Index Fund | 553,179 | 22,276,531 | ||||||
VALIC Co. I Systematic Core Fund | 167,410 | 3,443,623 | ||||||
VALIC Co. I Systematic Value Fund | 548,754 | 6,469,814 | ||||||
VALIC Co. I Value Fund | 460,028 | 7,199,448 | ||||||
VALIC Co. II Capital Appreciation Fund | 353,005 | 5,729,263 | ||||||
VALIC Co. II Large Cap Value Fund | 185,739 | 3,404,596 | ||||||
VALIC Co. II Mid Cap Growth Fund | 209,756 | 2,175,166 | ||||||
VALIC Co. II Mid Cap Value Fund | 124,952 | 1,915,516 | ||||||
VALIC Co. II Small Cap Growth Fund | 23,459 | 458,849 | ||||||
VALIC Co. II Small Cap Value Fund | 35,821 | 324,180 | ||||||
VALIC Co. II U.S. Socially Responsible Fund | 64,574 | 1,480,689 | ||||||
Total Domestic Equity Investment Companies | ||||||||
(cost $92,384,818) | 97,088,302 | |||||||
Domestic Fixed Income Investment Companies — 19.8% |
| |||||||
VALIC Co. I Capital Conservation Fund | 1,203,383 | 12,647,556 | ||||||
VALIC Co. I Government Securities Fund | 776,023 | 8,706,982 | ||||||
VALIC Co. I Inflation Protected Fund | 235,856 | 2,674,604 | ||||||
VALIC Co. II Core Bond Fund | 809,744 | 9,741,217 | ||||||
VALIC Co. II High Yield Bond Fund | 189,546 | 1,419,698 | ||||||
VALIC Co. II Strategic Bond Fund | 222,230 | 2,537,863 | ||||||
Total Domestic Fixed Income Investment Companies | ||||||||
(cost $35,639,874) | 37,727,920 | |||||||
International Equity Investment Companies — 9.0% |
| |||||||
VALIC Co. I Emerging Economies Fund | 154,300 | 1,115,590 | ||||||
VALIC Co. I Global Real Estate Fund | 184,312 | 1,262,539 | ||||||
VALIC Co. I International Equities Index Fund | 747,703 | 4,628,283 | ||||||
VALIC Co. I International Growth Fund | 433,206 | 5,402,085 | ||||||
VALIC Co. I International Socially Responsible Fund | 29,419 | 705,171 | ||||||
VALIC Co. I International Value Fund | 522,903 | 4,068,187 | ||||||
VALIC Co. II International Opportunities Fund | 5,386 | 101,424 | ||||||
Total International Equity Investment Companies | ||||||||
(cost $17,902,907) | 17,283,279 | |||||||
International Fixed Income Investment Companies — 0.4% |
| |||||||
VALIC Co. I International Government Bond Fund (cost $685,690) | 58,975 | 715,369 | ||||||
Total Affiliated Registered Investment Companies | ||||||||
(cost $146,613,289) | 152,814,870 | |||||||
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES — 16.9% |
| |||||||
United States Treasury Bonds — 0.2% |
| |||||||
6.13% due 11/15/2027 | $ | 316,000 | $ | 446,585 | ||||
United States Treasury Notes — 16.7% |
| |||||||
1.50% due 02/15/2030 | 2,675,000 | 2,893,075 | ||||||
1.63% due 08/15/2029 | 2,784,600 | 3,039,130 | ||||||
1.75% due 11/15/2029 | 2,652,400 | 2,929,451 | ||||||
2.25% due 08/15/2027# | 2,066,500 | 2,323,440 | ||||||
2.25% due 11/15/2027# | 3,848,800 | 4,339,071 | ||||||
2.38% due 05/15/2029 | 5,844,900 | 6,749,946 | ||||||
2.63% due 02/15/2029 | 787,200 | 923,453 | ||||||
2.75% due 02/15/2028 | 2,396,100 | 2,798,851 | ||||||
2.88% due 05/15/2028 | 2,390,600 | 2,825,671 | ||||||
3.13% due 11/15/2028 | 2,534,100 | 3,068,538 | ||||||
31,890,626 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $28,949,125) | 32,337,211 | |||||||
OPTIONS - PURCHASED — 0.8% |
| |||||||
Over the Counter Purchased Put Options(2) | 30,000 | 1,472,660 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $178,267,372) | 186,624,741 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 3.0% |
| |||||||
Registered Investment Companies — 3.0% |
| |||||||
AB Government Money Market Portfolio, Class AB | 5,676,971 | 5,676,971 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $183,944,343)(4) | 100.8 | % | 192,301,712 | |||||
Liabilities in excess of other assets | (0.8 | ) | (1,560,915 | ) | ||||
NET ASSETS | 100.0 | % | $ | 190,740,797 | ||||
@ | The Dynamic Allocation Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.. |
† | Non-income producing security |
# | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
(1) | See Note 3 |
(2) | Options — Purchased |
Over the Counter Purchased Put Options | ||||||||||||||||||||||||||||||||
Issue | Counter Party | Expiration Month | Strike Price | No. of Contracts | Notional Amount* | Premiums Paid | Value at May 31, 2020 | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | October 2020 | $ | 2,300 | 1,000 | $ | 3,044,310 | $ | 56,803 | $ | 38,510 | $ | (18,293 | ) | ||||||||||||||||||
S&P 500 Index | Goldman Sachs International | October 2020 | 2,300 | 8,000 | 24,354,480 | 751,320 | 308,081 | (443,239 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | October 2020 | 2,300 | 5,000 | 15,221,550 | 518,404 | 192,550 | (325,854 | ) | |||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | November 2020 | 2,200 | 9,000 | 27,398,790 | 724,500 | 384,300 | (340,200 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | November 2020 | 2,200 | 2,000 | 6,088,620 | 148,807 | 85,400 | (63,407 | ) | |||||||||||||||||||||||
S&P 500 Index | Citibank, N.A. | December 2020 | 2,500 | 4,000 | 12,177,240 | 407,326 | 371,055 | (36,271 | ) | |||||||||||||||||||||||
S&P 500 Index | UBS AG | December 2020 | 2,500 | 1,000 | 3,044,310 | 97,798 | 92,764 | (5,034 | ) | |||||||||||||||||||||||
30,000 | $ | 91,329,300 | $ | 2,704,958 | $ | 1,472,660 | $ | (1,232,298 | ) | |||||||||||||||||||||||
57 |
Table of Contents
VALIC Company I Dynamic Allocation Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
* | Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index. |
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(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) | ||||||||||||||||
90 | Short | S&P 500 E-Mini Index | June 2020 | $ | 13,244,595 | $ | 13,689,000 | $ | (444,405 | ) | ||||||||||||
# | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 152,814,870 | $ | — | $ | — | $ | 152,814,870 | ||||||||
U.S. Government Treasuries | — | 32,337,211 | — | 32,337,211 | ||||||||||||
Options Purchased | — | 1,472,660 | — | 1,472,660 | ||||||||||||
Short-Term Investment Securities | 5,676,971 | — | — | 5,676,971 | ||||||||||||
Total Investments at Value | $ | 158,491,841 | $ | 33,809,871 | $ | — | $ | 192,301,712 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 444,405 | $ | — | $ | — | $ | 444,405 | ||||||||
* | 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
58 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Banks — Commercial | 12.9 | % | ||
E-Commerce/Products | 10.7 | |||
Internet Content — Information/News | 7.5 | |||
Electronic Components — Semiconductors | 6.9 | |||
Semiconductor Components — Integrated Circuits | 6.8 | |||
Real Estate Operations & Development | 3.6 | |||
Oil Companies — Integrated | 3.1 | |||
Entertainment Software | 2.4 | |||
Food — Retail | 2.0 | |||
Building Products — Cement | 1.8 | |||
Medical — Drugs | 1.8 | |||
Auto — Cars/Light Trucks | 1.7 | |||
Tobacco | 1.6 | |||
Insurance — Multi-line | 1.6 | |||
Finance — Mortgage Loan/Banker | 1.5 | |||
Metal — Iron | 1.4 | |||
Steel — Producers | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Appliances | 1.2 | |||
Gold Mining | 1.2 | |||
Metal — Diversified | 1.1 | |||
Diversified Financial Services | 1.1 | |||
Auto/Truck Parts & Equipment — Original | 1.0 | |||
Registered Investment Companies | 1.0 | |||
Circuit Boards | 0.9 | |||
Oil Refining & Marketing | 0.8 | |||
Banks — Money Center | 0.8 | |||
Computer Services | 0.7 | |||
Food — Misc./Diversified | 0.7 | |||
Electric — Generation | 0.6 | |||
Home Furnishings | 0.6 | |||
Electronic Components — Misc. | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Electric — Integrated | 0.6 | |||
Food — Flour & Grain | 0.6 | |||
Auto/Truck Parts & Equipment — Replacement | 0.6 | |||
Cosmetics & Toiletries | 0.5 | |||
Schools | 0.5 | |||
Water | 0.5 | |||
Coal | 0.5 | |||
Rubber/Plastic Products | 0.5 | |||
Machinery — Construction & Mining | 0.5 | |||
Building & Construction — Misc. | 0.5 | |||
Disposable Medical Products | 0.5 | |||
Paper & Related Products | 0.4 | |||
Metal Processors & Fabrication | 0.4 | |||
Transport — Truck | 0.4 | |||
Banks — Special Purpose | 0.4 | |||
Building — Heavy Construction | 0.4 | |||
Consulting Services | 0.3 | |||
Platinum | 0.3 | |||
Retail — Drug Store | 0.3 | |||
Transport — Services | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Retail — Misc./Diversified | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Food — Meat Products | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Computers — Periphery Equipment | 0.3 | |||
Retail — Discount | 0.3 | |||
Telecom Equipment — Fiber Optics | 0.3 | |||
Retail — Hypermarkets | 0.3 | |||
Building & Construction Products — Misc. | 0.3 | |||
Engineering/R&D Services | 0.3 | |||
Airport Development/Maintenance | 0.3 |
Athletic Footwear | 0.3 | |||
Computers | 0.3 | |||
Gambling (Non-Hotel) | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Gas — Distribution | 0.2 | |||
Diversified Operations | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Apparel Manufacturers | 0.2 | |||
Advertising Agencies | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Telephone — Integrated | 0.1 | |||
E-Commerce/Services | 0.1 | |||
98.4 | % | |||
Country Allocation*
Cayman Islands | 22.5 | % | ||
China | 17.5 | |||
South Korea | 15.1 | |||
Taiwan | 10.4 | |||
Russia | 7.7 | |||
Brazil | 7.5 | |||
India | 4.3 | |||
South Africa | 3.0 | |||
United States | 2.3 | |||
Mexico | 2.1 | |||
Turkey | 2.1 | |||
Poland | 1.0 | |||
Hungary | 0.5 | |||
Hong Kong | 0.5 | |||
Netherlands | 0.5 | |||
Bermuda | 0.4 | |||
Thailand | 0.4 | |||
Colombia | 0.3 | |||
Greece | 0.2 | |||
Argentina | 0.1 | |||
98.4 | % | |||
* | Calculated as a percentage of net assets |
59 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.4% |
| |||||||
Argentina — 0.1% |
| |||||||
Banco Macro SA ADR# | 37,426 | $ | 642,230 | |||||
Bermuda — 0.4% |
| |||||||
Nine Dragons Paper Holdings, Ltd. | 3,318,000 | 2,907,644 | ||||||
Brazil — 7.5% |
| |||||||
Atacadao SA | 557,710 | 1,932,436 | ||||||
Banco do Brasil SA | 1,188,253 | 6,867,253 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 355,903 | 3,622,857 | ||||||
Cia Paranaense de Energia, Class B (Preference Shares) | 357,229 | 4,237,505 | ||||||
Construtora Tenda SA | 316,675 | 1,488,930 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 364,029 | 1,156,286 | ||||||
Hypera SA | 418,973 | 2,529,713 | ||||||
IRB Brasil Resseguros S/A | 819,217 | 1,274,198 | ||||||
Itau Unibanco Holding SA ADR | 1,463,202 | 6,218,608 | ||||||
Minerva SA† | 861,080 | 2,160,647 | ||||||
Petrobras Distribuidora SA | 556,385 | 2,256,277 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 544,205 | 2,419,006 | ||||||
Raia Drogasil SA | 112,532 | 2,307,873 | ||||||
Smiles Fidelidade SA | 184,216 | 417,017 | ||||||
Vale SA ADR | 996,841 | 9,729,168 | ||||||
YDUQS Part† | 701,370 | 3,743,234 | ||||||
52,361,008 | ||||||||
Cayman Islands — 22.5% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 279,369 | 57,938,337 | ||||||
China Lesso Group Holdings, Ltd. | 1,580,000 | 1,923,418 | ||||||
China Resources Cement Holdings, Ltd. | 3,468,000 | 4,380,639 | ||||||
Country Garden Holdings Co., Ltd. | 6,145,000 | 7,672,607 | ||||||
Geely Automobile Holdings, Ltd. | 2,037,000 | 2,817,407 | ||||||
JD.com, Inc. ADR† | 233,885 | 12,706,972 | ||||||
NetEase, Inc. ADR | 30,223 | 11,572,387 | ||||||
Silicon Motion Technology Corp. ADR | 53,648 | 2,417,915 | ||||||
Tencent Holdings, Ltd. | 863,000 | 45,999,141 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,280,000 | 3,925,128 | ||||||
Vipshop Holdings, Ltd. ADR† | 248,764 | 4,313,568 | ||||||
Zhen Ding Technology Holding, Ltd. | 574,000 | 2,289,169 | ||||||
157,956,688 | ||||||||
China — 17.5% |
| |||||||
Anhui Conch Cement Co., Ltd. | 1,091,000 | 8,226,237 | ||||||
China Construction Bank Corp. | 21,865,000 | 17,272,693 | ||||||
China Merchants Bank Co., Ltd. | 2,283,500 | 10,746,012 | ||||||
China Vanke Co., Ltd. | 2,312,100 | 7,573,191 | ||||||
Dongfeng Motor Group Co., Ltd. | 2,160,000 | 1,366,935 | ||||||
Greendland Holdings Corp., Ltd., Class A | 4,177,386 | 3,131,658 | ||||||
Hang Zhou Great Star Industrial Co., Ltd., Class A | 1,370,281 | 2,050,157 | ||||||
Hangzhou Robam Appliances Co., Ltd. | 892,718 | 4,258,019 | ||||||
Industrial & Commercial Bank of China, Ltd. | 19,871,000 | 12,892,502 | ||||||
Livzon Pharmaceutical Group, Inc. | 1,076,400 | 4,341,393 | ||||||
Midea Group Co., Ltd. | 508,699 | 4,206,585 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 1,106,500 | 10,985,578 | ||||||
Poly Developments and Holdings Group Co., Ltd., Class A | 2,145,174 | 4,317,413 | ||||||
Postal Savings Bank of China Co., Ltd.* | 9,037,000 | 5,778,933 | ||||||
Sany Heavy Industry Co., Ltd., Class A | 766,112 | 1,969,163 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd. | 1,792,000 | 3,150,329 | ||||||
Shanghai Construction Group Co., Ltd., Class A | 4,176,656 | 1,808,118 | ||||||
Suofeiya Home Collection Co., Ltd., Class A | 1,255,100 | 4,548,981 | ||||||
Weichai Power Co., Ltd. | 2,229,881 | 3,891,922 | ||||||
Xiamen C & D, Inc., Class A | 1,803,798 | 2,206,069 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.*# | 1,110,000 | 1,968,086 | ||||||
Yanzhou Coal Mining Co., Ltd. | 2,250,000 | 1,724,560 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.* | 539,200 | 1,915,472 | ||||||
Zhuzhou Kibing Group Co., Ltd., Class A | 2,698,693 | 2,195,947 | ||||||
122,525,953 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Colombia — 0.3% |
| |||||||
Ecopetrol SA ADR# | 183,088 | $ | 1,905,946 | |||||
Greece — 0.2% |
| |||||||
OPAP SA | 197,411 | 1,848,543 | ||||||
Hong Kong — 0.5% |
| |||||||
Beijing Enterprises Holdings, Ltd. | 495,500 | 1,650,423 | ||||||
Lenovo Group, Ltd. | 3,250,000 | 1,771,472 | ||||||
3,421,895 | ||||||||
Hungary — 0.5% |
| |||||||
Richter Gedeon Nyrt | 157,926 | 3,449,573 | ||||||
India — 4.3% |
| |||||||
HDFC Bank, Ltd. ADR | 163,367 | 6,833,642 | ||||||
Housing Development Finance Corp., Ltd. | 482,928 | 10,612,450 | ||||||
Infosys, Ltd. ADR | 516,334 | 4,698,640 | ||||||
ITC, Ltd. | 1,646,363 | 4,286,107 | ||||||
Kotak Mahindra Bank, Ltd. | 220,216 | 3,576,281 | ||||||
30,007,120 | ||||||||
Mexico — 2.1% |
| |||||||
Arca Continental SAB de CV | 490,289 | 2,189,602 | ||||||
Fibra Uno Administracion SA de CV | 1,485,516 | 1,139,535 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 408,024 | 1,796,818 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 2,423,343 | 7,382,210 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,402,746 | 2,183,715 | ||||||
14,691,880 | ||||||||
Netherlands — 0.5% |
| |||||||
X5 Retail Group NV GDR | 115,917 | 3,403,323 | ||||||
Poland — 1.0% |
| |||||||
CD Projekt SA | 34,733 | 3,515,645 | ||||||
Polski Koncern Naftowy Orlen SA | 223,217 | 3,733,310 | ||||||
7,248,955 | ||||||||
Russia — 7.7% |
| |||||||
Inter RAO UES PJSC† | 32,549,406 | 2,273,609 | ||||||
Lukoil PJSC ADR | 156,959 | 11,817,443 | ||||||
Magnitogorsk Iron & Steel Works PJSC† | 2,027,248 | 1,159,272 | ||||||
MMC Norilsk Nickel PJSC ADR# | 247,853 | 7,876,768 | ||||||
Polyus PJSC GDR | 96,815 | 7,996,919 | ||||||
Polyus PJSC GDR | 4,435 | 365,315 | ||||||
RusHydro PJSC† | 234,874,512 | 2,301,300 | ||||||
Sberbank of Russia PJSC ADR | 813,011 | 9,300,846 | ||||||
Severstal PAO GDR | 252,722 | 3,315,713 | ||||||
Surgutneftegas PJSC (Preference Shares)† | 5,769,320 | 2,920,643 | ||||||
Tatneft PJSC ADR# | 111,722 | 4,713,551 | ||||||
54,041,379 | ||||||||
South Africa — 3.0% |
| |||||||
Absa Group, Ltd. | 641,175 | 2,978,957 | ||||||
Clicks Group, Ltd. | 164,768 | 2,192,578 | ||||||
Exxaro Resources, Ltd. | 254,815 | 1,806,084 | ||||||
Foschini Group, Ltd. | 497,339 | 1,776,655 | ||||||
Impala Platinum Holdings, Ltd. | 354,932 | 2,381,679 | ||||||
Naspers, Ltd., Class N | 37,715 | 5,996,915 | ||||||
Netcare, Ltd. | 1,777,693 | 1,446,086 | ||||||
Telkom SA SOC, Ltd. | 885,717 | 908,616 | ||||||
Woolworths Holdings, Ltd. | 1,191,620 | 1,970,842 | ||||||
21,458,412 | ||||||||
South Korea — 15.1% |
| |||||||
Cheil Worldwide, Inc. | 100,140 | 1,347,117 | ||||||
Daelim Industrial Co., Ltd. | 34,548 | 2,581,842 | ||||||
Doosan Bobcat, Inc. | 72,321 | 1,389,110 |
60 |
Table of Contents
VALIC Company I Emerging Economies Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
South Korea (continued) |
| |||||||
E-MART Inc. | 21,509 | $ | 1,976,100 | |||||
F&F Co., Ltd. | 17,407 | 1,402,642 | ||||||
GS Engineering & Construction Corp. | 65,419 | 1,513,717 | ||||||
GS Holdings Corp. | 46,992 | 1,434,359 | ||||||
Hana Financial Group, Inc. | 311,177 | 7,505,611 | ||||||
Hyundai Glovis Co., Ltd. | 29,841 | 2,730,640 | ||||||
Hyundai Mobis Co., Ltd. | 45,428 | 7,288,760 | ||||||
Industrial Bank of Korea | 402,632 | 2,700,427 | ||||||
KEPCO Plant Service & Engineering Co., Ltd. | 74,818 | 1,867,814 | ||||||
Kia Motors Corp. | 243,913 | 6,769,418 | ||||||
KT&G Corp. | 102,377 | 6,946,123 | ||||||
LG Household & Health Care, Ltd. | 3,538 | 3,921,945 | ||||||
NongShim Co., Ltd.† | 7,861 | 2,003,432 | ||||||
Samsung Electronics Co., Ltd. | 783,717 | 32,178,088 | ||||||
Shinhan Financial Group Co., Ltd.# | 276,304 | 6,748,918 | ||||||
SK Hynix, Inc. | 212,333 | 14,019,937 | ||||||
106,326,000 | ||||||||
Taiwan — 10.4% |
| |||||||
Catcher Technology Co., Ltd. | 387,000 | 2,813,331 | ||||||
Chipbond Technology Corp. | 806,000 | 1,650,290 | ||||||
Elite Material Co., Ltd. | 717,000 | 3,528,859 | ||||||
FLEXium Interconnect, Inc. | 571,072 | 2,064,766 | ||||||
Globalwafers Co., Ltd. | 355,000 | 4,280,787 | ||||||
International Games System Co., Ltd.† | 101,000 | 1,886,435 | ||||||
ITEQ Corp. | 531,000 | 2,390,843 | ||||||
Lite-On Technology Corp. | 1,274,000 | 2,043,473 | ||||||
Nanya Technology Corp. | 1,958,000 | 3,908,370 | ||||||
Novatek Microelectronics Corp. | 398,000 | 2,720,647 | ||||||
Pou Chen Corp. | 1,823,000 | 1,796,681 | ||||||
Powertech Technology, Inc. | 731,000 | 2,364,749 | ||||||
Radiant Opto-Electronics Corp. | 688,000 | 2,364,792 | ||||||
Simplo Technology Co., Ltd.† | 201,000 | 2,143,010 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 697,579 | 35,109,151 | ||||||
United Microelectronics Corp. | 3,898,000 | 2,007,084 | ||||||
73,073,268 | ||||||||
Thailand — 0.4% |
| |||||||
Charoen Pokphand Foods PCL | 2,645,900 | 2,620,115 | ||||||
Turkey — 2.1% |
| |||||||
BIM Birlesik Magazalar AS | 451,742 | 4,314,847 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 4,050,683 | 4,770,291 | ||||||
Ford Otomotiv Sanayi AS | 129,404 | 1,175,768 | ||||||
KOC Holding AS | 676,154 | 1,603,270 | ||||||
Migros Ticaret AS† | 561,222 | 2,744,246 | ||||||
14,608,422 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
United States — 1.3% |
| |||||||
Yum China Holdings, Inc. | 193,434 | $ | 8,963,731 | |||||
Total Long-Term Investment Securities |
| |||||||
(cost $675,912,750) | 683,462,085 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.0% |
| |||||||
Registered Investment Companies — 1.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 6,798,425 | 6,798,425 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $682,711,175)(3) | 98.4 | % | 690,260,510 | |||||
Other assets less liabilities | 1.6 | 11,210,676 | ||||||
NET ASSETS | 100.0 | % | $ | 701,471,186 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $9,662,491 representing 1.4% of net assets. |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $10,060,498. This was secured by collateral of $6,798,425, which was received in cash and subsequently invested in short-term investments currently valued at $6,798,425 as reported in the Portfolio of Investments. Additional collateral of $4,234,180 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | $ | 134,756 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 06/15/2020 to 11/15/2049 | 4,099,424 |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 45,386,555 | $ | 8,654,824 | $ | — | $ | 54,041,379 | ||||||||
Other Countries | 219,813,530 | 409,607,176 | ** | — | 629,420,706 | |||||||||||
Short-Term Investment Securities | 6,798,425 | — | — | 6,798,425 | ||||||||||||
Total Investments at Value | $ | 271,998,510 | $ | 418,262,000 | $ | — | $ | 690,260,510 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
See Notes to Financial Statements
61 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 75.3 | % | ||
Real Estate Operations & Development | 10.9 | |||
Real Estate Management/Services | 9.2 | |||
Registered Investment Companies | 1.5 | |||
Private Equity | 1.2 | |||
Hotels/Motels | 0.7 | |||
Building — Heavy Construction | 0.3 | |||
99.1% | ||||
Country Allocation*
United States | 49.1 | % | ||
Japan | 13.2 | |||
Germany | 6.4 | |||
United Kingdom | 5.8 | |||
Australia | 4.4 | |||
Hong Kong | 4.2 | |||
Canada | 3.1 | |||
Singapore | 3.0 | |||
Cayman Islands | 2.1 | |||
France | 1.7 | |||
Sweden | 1.4 | |||
Switzerland | 1.3 | |||
Spain | 1.0 | |||
Norway | 0.9 | |||
Belgium | 0.7 | |||
Ireland | 0.6 | |||
SupraNational | 0.2 | |||
99.1 | % | |||
* | Calculated as a percentage of net assets |
62 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.6% |
| |||||||
Australia — 4.4% |
| |||||||
BGP Holdings PLC†(1) | 479,213 | $ | 0 | |||||
Centuria Industrial REIT | 1,607,726 | 3,154,688 | ||||||
Goodman Group | 804,488 | 8,155,336 | ||||||
Ingenia Communities Group | 1,170,299 | 3,391,399 | ||||||
Mirvac Group | 674,112 | 1,043,466 | ||||||
15,744,889 | ||||||||
Belgium — 0.7% |
| |||||||
Warehouses De Pauw CVA | 90,897 | 2,402,044 | ||||||
Canada — 3.1% |
| |||||||
Allied Properties Real Estate Investment Trust | 97,363 | 2,828,573 | ||||||
Canadian Apartment Properties REIT | 104,952 | 3,578,056 | ||||||
Summit Industrial Income REIT | 602,112 | 4,596,141 | ||||||
11,002,770 | ||||||||
Cayman Islands — 2.1% |
| |||||||
CK Asset Holdings, Ltd. | 1,352,000 | 7,431,743 | ||||||
France — 1.7% |
| |||||||
Gecina SA | 40,164 | 5,178,086 | ||||||
Klepierre SA# | 49,684 | 943,993 | ||||||
6,122,079 | ||||||||
Germany — 6.4% |
| |||||||
Alstria Office REIT-AG | 172,833 | 2,515,767 | ||||||
Deutsche Wohnen AG | 87,163 | 3,898,648 | ||||||
Instone Real Estate Group AG†* | 51,801 | 1,122,090 | ||||||
Vonovia SE | 270,512 | 15,606,720 | ||||||
23,143,225 | ||||||||
Hong Kong — 4.2% |
| |||||||
Link REIT | 924,700 | 6,962,647 | ||||||
Sun Hung Kai Properties, Ltd. | 498,504 | 5,766,695 | ||||||
Swire Properties, Ltd. | 1,003,400 | 2,234,764 | ||||||
14,964,106 | ||||||||
Ireland — 0.6% |
| |||||||
Dalata Hotel Group PLC | 271,529 | 983,812 | ||||||
Hibernia REIT PLC | 1,104,729 | 1,336,308 | ||||||
2,320,120 | ||||||||
Japan — 13.2% |
| |||||||
Activia Properties, Inc.# | 1,047 | 3,567,503 | ||||||
ESCON Japan Reit Investment Corp. | 1,737 | 1,703,771 | ||||||
GLP J-REIT | 3,286 | 4,388,415 | ||||||
Japan Rental Housing Investments, Inc. | 2,913 | 2,674,846 | ||||||
Kyoritsu Maintenance Co., Ltd. | 47,900 | 1,532,807 | ||||||
Mitsubishi Estate Co., Ltd. | 647,600 | 10,310,684 | ||||||
Mitsui Fudosan Co., Ltd. | 235,700 | 4,541,868 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 634 | 2,761,261 | ||||||
Nippon Prologis REIT, Inc.# | 1,870 | 5,274,316 | ||||||
Sankei Real Estate, Inc. | 4,092 | 3,918,122 | ||||||
Sumitomo Realty & Development Co., Ltd. | 239,200 | 6,634,794 | ||||||
47,308,387 | ||||||||
Norway — 0.9% |
| |||||||
Entra ASA* | 226,209 | 3,076,761 | ||||||
Singapore — 3.0% |
| |||||||
Ascendas India Trust# | 3,810,800 | 3,840,994 | ||||||
Ascendas Real Estate Investment Trust | 528,100 | 1,174,798 | ||||||
CapitaLand, Ltd.† | 624,400 | 1,282,585 | ||||||
Elite Commercial REIT† | 2,029,800 | 1,693,262 | ||||||
Keppel DC REIT | 1,628,900 | 2,971,044 | ||||||
10,962,683 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 1.0% |
| |||||||
Aedas Homes SA†* | 52,941 | $ | 869,831 | |||||
Cellnex Telecom SA* | 17,144 | 973,329 | ||||||
Merlin Properties Socimi SA | 226,361 | 1,903,306 | ||||||
3,746,466 | ||||||||
SupraNational — 0.2% |
| |||||||
Unibail-Rodamco-Westfield (Euronext Paris) | 1,270 | 67,246 | ||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 13,228 | 704,055 | ||||||
771,301 | ||||||||
Sweden — 1.4% |
| |||||||
Castellum AB | 268,760 | 5,050,525 | ||||||
Switzerland — 1.3% |
| |||||||
PSP Swiss Property AG | 40,629 | 4,622,534 | ||||||
United Kingdom — 5.8% |
| |||||||
Big Yellow Group PLC | 269,914 | 3,342,053 | ||||||
Derwent London PLC | 121,821 | 4,437,147 | ||||||
Segro PLC | 500,052 | 5,205,003 | ||||||
Tritax Big Box REIT PLC | 889,326 | 1,528,866 | ||||||
Tritax EuroBox PLC* (GBP) | 672,689 | 748,448 | ||||||
Tritax EuroBox PLC* (EUR) | 1,469,492 | 1,617,713 | ||||||
UNITE Group PLC | 381,811 | 4,106,891 | ||||||
20,986,121 | ||||||||
United States — 47.6% |
| |||||||
Agree Realty Corp. | 43,482 | 2,729,365 | ||||||
Alexandria Real Estate Equities, Inc. | 1,323 | 203,372 | ||||||
American Assets Trust, Inc. | 35,539 | 930,056 | ||||||
American Homes 4 Rent, Class A | 63,083 | 1,592,215 | ||||||
American Tower Corp. | 99,129 | 25,592,134 | ||||||
Americold Realty Trust | 32,999 | 1,178,394 | ||||||
Apartment Investment & Management Co., Class A | 106,997 | 3,944,979 | ||||||
Apple Hospitality REIT, Inc. | 189,804 | 1,937,899 | ||||||
AvalonBay Communities, Inc. | 15,634 | 2,439,060 | ||||||
Boston Properties, Inc. | 24,580 | 2,113,388 | ||||||
CareTrust REIT, Inc. | 47,947 | 893,253 | ||||||
CoreSite Realty Corp. | 17,124 | 2,137,418 | ||||||
Crown Castle International Corp. | 101,951 | 17,551,884 | ||||||
CubeSmart | 45,510 | 1,295,215 | ||||||
CyrusOne, Inc. | 36,663 | 2,725,527 | ||||||
DiamondRock Hospitality Co. | 244,385 | 1,463,866 | ||||||
Digital Realty Trust, Inc. | 35,399 | 5,081,880 | ||||||
Duke Realty Corp. | 68,214 | 2,352,019 | ||||||
Equinix, Inc. | 11,961 | 8,344,352 | ||||||
Equity LifeStyle Properties, Inc. | 41,115 | 2,561,465 | ||||||
Equity Residential | 52,904 | 3,203,866 | ||||||
Essential Properties Realty Trust, Inc. | 97,935 | 1,335,833 | ||||||
Extra Space Storage, Inc. | 19,628 | 1,899,009 | ||||||
Federal Realty Investment Trust | 24,587 | 1,964,747 | ||||||
Gaming and Leisure Properties, Inc. | 107,489 | 3,712,670 | ||||||
Healthcare Realty Trust, Inc. | 60,787 | 1,866,161 | ||||||
Healthcare Trust of America, Inc., Class A | 66,008 | 1,747,232 | ||||||
Healthpeak Properties, Inc. | 206,722 | 5,093,630 | ||||||
Hudson Pacific Properties, Inc. | 35,474 | 857,407 | ||||||
Invitation Homes, Inc. | 258,030 | 6,786,189 | ||||||
Kilroy Realty Corp. | 21,909 | 1,251,442 | ||||||
Kimco Realty Corp. | 195,814 | 2,175,494 | ||||||
Mid-America Apartment Communities, Inc. | 27,053 | 3,147,887 | ||||||
National Retail Properties, Inc. | 110,755 | 3,476,600 | ||||||
Omega Healthcare Investors, Inc. | 13,480 | 419,767 | ||||||
Pebblebrook Hotel Trust | 129,979 | 1,775,513 | ||||||
Prologis, Inc. | 84,007 | 7,686,641 | ||||||
QTS Realty Trust, Inc., Class A | 27,625 | 1,895,075 | ||||||
Regency Centers Corp. | 36,754 | 1,572,704 |
63 |
Table of Contents
VALIC Company I Global Real Estate Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Retail Opportunity Investments Corp. | 56,907 | $ | 534,357 | |||||
Rexford Industrial Realty, Inc. | 21,470 | 854,506 | ||||||
RLJ Lodging Trust | 171,785 | 1,771,103 | ||||||
SBA Communications Corp. | 1,602 | 503,236 | ||||||
STAG Industrial, Inc. | 81,799 | 2,200,393 | ||||||
Sun Communities, Inc. | 16,859 | 2,312,886 | ||||||
Sunstone Hotel Investors, Inc. | 138,877 | 1,229,062 | ||||||
UDR, Inc. | 172,310 | 6,372,024 | ||||||
Ventas, Inc. | 176,855 | 6,181,082 | ||||||
VEREIT, Inc. | 752,561 | 4,124,034 | ||||||
VICI Properties, Inc. | 86,329 | 1,693,775 | ||||||
Weyerhaeuser Co. | 223,976 | 4,522,075 | ||||||
171,234,141 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $363,372,197) | 350,889,895 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 4,307,473 | 4,307,473 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 1,020,792 | 1,020,792 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,328,265) | 5,328,265 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $368,700,462)(4) | 99.1 | % | 356,218,160 | |||||
Other assets less liabilities | 0.9 | 3,224,205 | ||||||
NET ASSETS | 100.0 | % | $ | 359,442,365 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $8,408,172 representing 2.3% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | At May 31, 2020, the Fund had loaned securities with a total value of $10,300,173. This was secured by collateral of $1,020,792, which was received in cash and subsequently invested in short-term investments currently valued at $1,020,792 as reported in the Portfolio of Investments. Additional collateral of $9,834,005 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Notes/Bonds | 0.63% to 8.13% | 07/31/2020 to 11/15/2049 | $ | 9,834,005 |
(4) | 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 May 31, 2020 (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 | $ | — | $ | 15,744,889 | ** | $ | 0 | $ | 15,744,889 | |||||||
Other Countries | 182,304,157 | 152,840,849 | ** | — | 335,145,006 | |||||||||||
Short-Term Investment Securities | 5,328,265 | — | — | 5,328,265 | ||||||||||||
Total Investments at Value | $ | 187,632,422 | $ | 168,585,738 | $ | 0 | $ | 356,218,160 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
64 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Sovereign | 20.0 | % | ||
Foreign Government Obligations | 7.9 | |||
Medical — Drugs | 6.7 | |||
Electronic Components — Semiconductors | 3.1 | |||
U.S. Government Agencies | 3.0 | |||
Medical — Biomedical/Gene | 2.5 | |||
Telephone — Integrated | 2.5 | |||
United States Treasury Notes | 2.4 | |||
Banks — Commercial | 2.4 | |||
Repurchase Agreements | 2.1 | |||
Cosmetics & Toiletries | 2.1 | |||
Computer Services | 1.9 | |||
Tobacco | 1.9 | |||
Electric — Integrated | 1.8 | |||
Retail — Building Products | 1.5 | |||
Applications Software | 1.4 | |||
Cellular Telecom | 1.4 | |||
Real Estate Investment Trusts | 1.2 | |||
Metal — Diversified | 1.1 | |||
Food — Misc./Diversified | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Oil Companies — Integrated | 0.9 | |||
Food — Retail | 0.9 | |||
Athletic Footwear | 0.8 | |||
Beverages — Non-alcoholic | 0.8 | |||
Semiconductor Components — Integrated Circuits | 0.8 | |||
Internet Content — Entertainment | 0.8 | |||
Building — Residential/Commercial | 0.8 | |||
Diversified Minerals | 0.7 | |||
Computers | 0.7 | |||
Networking Products | 0.7 | |||
Commercial Services — Finance | 0.7 | |||
Retail — Discount | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Finance — Credit Card | 0.6 | |||
Multimedia | 0.6 | |||
Aerospace/Defense | 0.6 | |||
Auto — Cars/Light Trucks | 0.6 | |||
Telecom Services | 0.6 | |||
Transport — Services | 0.6 | |||
Retail — Major Department Stores | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
Oil Refining & Marketing | 0.5 | |||
Transport — Rail | 0.5 | |||
Gold Mining | 0.5 | |||
Chemicals — Diversified | 0.4 | |||
Distribution/Wholesale | 0.4 | |||
Commercial Services | 0.4 | |||
Electronic Components — Misc. | 0.4 | |||
Medical Products | 0.4 | |||
Soap & Cleaning Preparation | 0.4 | |||
Apparel Manufacturers | 0.3 | |||
Metal — Iron | 0.3 | |||
Auto — Heavy Duty Trucks | 0.3 | |||
Casino Hotels | 0.3 | |||
Data Processing/Management | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Import/Export | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Steel — Producers | 0.2 | |||
Rubber — Tires | 0.2 | |||
E — Commerce/Services | 0.2 | |||
Non — Hazardous Waste Disposal | 0.2 | |||
Retail — Auto Parts | 0.2 | |||
Industrial Gases | 0.2 |
Food — Meat Products | 0.2 | % | ||
Diversified Financial Services | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Food — Wholesale/Distribution | 0.2 | |||
Precious Metals | 0.2 | |||
Finance — Other Services | 0.2 | |||
Transport — Truck | 0.2 | |||
Investment Management/Advisor Services | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Food — Confectionery | 0.1 | |||
Electric — Distribution | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Food — Catering | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Electronic Connectors | 0.1 | |||
Insurance — Life/Health | 0.1 | |||
Building Products — Cement | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Electric — Generation | 0.1 | |||
Private Equity | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Computer Aided Design | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Petrochemicals | 0.1 | |||
Diversified Operations | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Photo Equipment & Supplies | 0.1 | |||
Building & Construction Products — Misc. | 0.1 | |||
Television | 0.1 | |||
Coal | 0.1 | |||
Computer Software | 0.1 | |||
Retail — Hypermarkets | 0.1 | |||
Resorts/Theme Parks | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Computer Data Security | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Diversified Banking Institutions | 0.1 | |||
Diamonds/Precious Stones | 0.1 | |||
Registered Investment Companies | 0.1 | |||
Respiratory Products | 0.1 | |||
Advertising Agencies | 0.1 | |||
Toys | 0.1 | |||
Food — Dairy Products | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Textile — Apparel | 0.1 | |||
Paper & Related Products | 0.1 | |||
Beverages — Wine/Spirits | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Fisheries | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Instruments — Controls | 0.1 | |||
Investment Companies | 0.1 | |||
Central Bank | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Entertainment Software | 0.1 | |||
Agricultural Chemicals | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Brewery | 0.1 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
65 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Country Allocation*
United States | 41.1 | % | ||
Japan | 10.8 | |||
South Korea | 7.3 | |||
Mexico | 4.6 | |||
United Kingdom | 4.1 | |||
Australia | 3.8 | |||
Brazil | 3.4 | |||
India | 2.2 | |||
Norway | 2.3 | |||
Indonesia | 2.2 | |||
Switzerland | 2.0 | |||
Canada | 1.7 | |||
Taiwan | 1.5 | |||
China | 1.3 | |||
Russia | 1.3 | |||
Denmark | 1.0 | |||
Netherlands | 0.9 | |||
Ireland | 0.8 | |||
Spain | 0.8 | |||
Argentina | 0.6 | |||
Colombia | 0.7 | |||
Ghana | 0.7 | |||
Italy | 0.6 | |||
Hong Kong | 0.6 | |||
France | 0.4 | |||
Cayman Islands | 0.4 | |||
Thailand | 0.3 | |||
Germany | 0.3 | |||
Singapore | 0.3 | |||
Jersey | 0.2 | |||
Sweden | 0.2 | |||
South Africa | 0.2 | |||
New Zealand | 0.1 | |||
Finland | 0.1 | |||
Malaysia | 0.1 | |||
Turkey | 0.1 | |||
Israel | 0.1 | |||
Bermuda | 0.1 | |||
United Arab Emirates | 0.1 | |||
Belgium | 0.1 | |||
99.4 | % | |||
* | Calculated as a percentage of net assets |
66 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 63.8% |
| |||||||
Australia — 3.8% |
| |||||||
AGL Energy, Ltd. | 11,479 | $ | 127,526 | |||||
Alumina, Ltd.# | 60,728 | 59,427 | ||||||
Aristocrat Leisure, Ltd. | 4,809 | 81,519 | ||||||
ASX, Ltd. | 2,306 | 134,594 | ||||||
Aurizon Holdings, Ltd. | 38,699 | 121,722 | ||||||
Australia & New Zealand Banking Group, Ltd. | 34,983 | 411,535 | ||||||
Bendigo & Adelaide Bank, Ltd.# | 8,057 | 32,682 | ||||||
BHP Group, Ltd. | 59,407 | 1,389,328 | ||||||
BlueScope Steel, Ltd. | 9,893 | 71,873 | ||||||
Boral, Ltd.# | 9,919 | 20,329 | ||||||
Brambles, Ltd. | 28,250 | 217,697 | ||||||
CIMIC Group, Ltd.# | 1,856 | 30,908 | ||||||
Coca-Cola Amatil, Ltd. | 9,549 | 55,350 | ||||||
Cochlear, Ltd. | 1,292 | 166,376 | ||||||
Coles Group, Ltd. | 12,951 | 131,810 | ||||||
Commonwealth Bank of Australia | 22,261 | 934,524 | ||||||
Crown Resorts, Ltd. | 7,407 | 47,431 | ||||||
CSL, Ltd. | 8,481 | 1,547,190 | ||||||
Dexus# | 19,690 | 117,105 | ||||||
Flight Centre Travel Group, Ltd. | 1,117 | 9,759 | ||||||
Fortescue Metals Group, Ltd. | 41,438 | 380,217 | ||||||
Goodman Group | 24,806 | 251,466 | ||||||
GPT Group | 35,171 | 92,591 | ||||||
Harvey Norman Holdings, Ltd.# | 13,737 | 29,889 | ||||||
Magellan Financial Group, Ltd. | 1,534 | 59,897 | ||||||
Medibank Private, Ltd. | 62,121 | 117,279 | ||||||
Mirvac Group | 59,297 | 91,786 | ||||||
National Australia Bank, Ltd. | 49,092 | 575,620 | ||||||
Newcrest Mining, Ltd. | 6,922 | 139,880 | ||||||
Qantas Airways, Ltd. | 8,478 | 22,336 | ||||||
REA Group, Ltd. | 1,066 | 70,481 | ||||||
Rio Tinto, Ltd. | 9,095 | 562,111 | ||||||
Scentre Group# | 77,712 | 114,142 | ||||||
Sonic Healthcare, Ltd. | 7,450 | 140,053 | ||||||
South32, Ltd.# | 87,059 | 109,314 | ||||||
Telstra Corp., Ltd. | 87,578 | 188,199 | ||||||
Wesfarmers, Ltd. | 23,889 | 636,759 | ||||||
Westpac Banking Corp. | 45,005 | 510,232 | ||||||
Woodside Petroleum, Ltd. | 15,438 | 230,048 | ||||||
Woolworths Group, Ltd. | 24,859 | 582,216 | ||||||
10,613,201 | ||||||||
Austria — 0.0% |
| |||||||
OMV AG | 2,507 | 83,103 | ||||||
Belgium — 0.1% |
| |||||||
Colruyt SA | 1,062 | 64,239 | ||||||
Proximus SADP | 3,103 | 64,932 | ||||||
129,171 | ||||||||
Bermuda — 0.1% |
| |||||||
Invesco, Ltd. | 3,300 | 26,301 | ||||||
Jardine Matheson Holdings, Ltd. | 3,300 | 132,767 | ||||||
Kerry Properties, Ltd. | 15,500 | 36,897 | ||||||
Nine Dragons Paper Holdings, Ltd. | 28,000 | 24,537 | ||||||
NWS Holdings, Ltd. | 28,000 | 22,045 | ||||||
Yue Yuen Industrial Holdings, Ltd. | 13,000 | 18,816 | ||||||
261,363 | ||||||||
Brazil — 0.5% |
| |||||||
AMBEV SA | 39,000 | 91,209 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 5,700 | 58,022 | ||||||
Cielo SA | 22,600 | 17,322 | ||||||
Cosan SA | 2,500 | 30,850 | ||||||
Engie Brasil Energia SA | 4,200 | 33,379 | ||||||
Hapvida Participacoes e Investimentos SA* | 2,100 | 21,589 |
Security Description | Shares | Value (Note 2) | ||||||
Brazil (continued) | ||||||||
Hypera SA | 6,200 | $ | 37,435 | |||||
IRB Brasil Resseguros S/A | 10,400 | 16,176 | ||||||
Itau Unibanco Holding SA (Preference Shares) | 59,700 | 257,761 | ||||||
Itausa - Investimentos Itau SA (Preference Shares) | 95,300 | 158,229 | ||||||
Localiza Rent a Car SA | 4,800 | 34,613 | ||||||
Lojas Renner SA | 9,800 | 70,796 | ||||||
Petrobras Distribuidora SA | 10,100 | 40,958 | ||||||
Porto Seguro SA | 1,400 | 12,409 | ||||||
Telefonica Brasil SA (Preference Shares) | 9,300 | 82,155 | ||||||
Tim Participacoes SA | 11,500 | 29,352 | ||||||
Vale SA | 26,500 | 263,198 | ||||||
1,255,453 | ||||||||
British Virgin Islands — 0.0% |
| |||||||
Capri Holdings, Ltd.† | 2,800 | 42,112 | ||||||
Canada — 1.7% |
| |||||||
Air Canada† | 1,000 | 11,548 | ||||||
Algonquin Power & Utilities Corp. | 4,600 | 64,414 | ||||||
BCE, Inc. | 2,700 | 112,228 | ||||||
Canadian Apartment Properties REIT | 600 | 20,455 | ||||||
Canadian Imperial Bank of Commerce | 6,900 | 442,460 | ||||||
Canadian National Railway Co. | 11,900 | 1,025,050 | ||||||
CGI, Inc.† | 2,700 | 172,529 | ||||||
CI Financial Corp. | 4,300 | 50,968 | ||||||
Constellation Software, Inc. | 300 | 341,024 | ||||||
Empire Co., Ltd., Class A | 2,100 | 47,526 | ||||||
First Capital Real Estate Investment Trust | 2,900 | 27,571 | ||||||
Franco-Nevada Corp. | 1,300 | 182,473 | ||||||
Gildan Activewear, Inc. | 3,800 | 52,714 | ||||||
Great-West Lifeco, Inc.# | 3,100 | 50,479 | ||||||
H&R Real Estate Investment Trust | 2,800 | 19,726 | ||||||
Hydro One, Ltd.* | 4,200 | 81,386 | ||||||
IGM Financial, Inc. | 1,100 | 26,125 | ||||||
Inter Pipeline, Ltd. | 6,500 | 59,531 | ||||||
Keyera Corp. | 1,900 | 30,111 | ||||||
Kirkland Lake Gold, Ltd. | 3,800 | 146,414 | ||||||
Magna International, Inc. | 6,700 | 282,530 | ||||||
Metro, Inc., Class A | 4,500 | 187,667 | ||||||
Pembina Pipeline Corp. | 4,200 | 104,935 | ||||||
Power Corp. of Canada | 8,245 | 134,198 | ||||||
Quebecor, Inc., Class B | 2,400 | 52,764 | ||||||
RioCan Real Estate Investment Trust | 2,800 | 29,610 | ||||||
Rogers Communications, Inc., Class B | 5,700 | 238,871 | ||||||
Saputo, Inc. | 3,800 | 93,368 | ||||||
Shaw Communications, Inc., Class B | 3,600 | 60,739 | ||||||
SmartCentres Real Estate Investment Trust | 1,100 | 16,058 | ||||||
Teck Resources, Ltd., Class B | 8,200 | 77,900 | ||||||
TELUS Corp. (Non Voting Shares) | 6,900 | 119,784 | ||||||
Thomson Reuters Corp. | 2,200 | 147,354 | ||||||
West Fraser Timber Co., Ltd. | 900 | 24,356 | ||||||
Wheaton Precious Metals Corp. | 3,500 | 150,793 | ||||||
4,685,659 | ||||||||
Cayman Islands — 0.4% |
| |||||||
ANTA Sports Products, Ltd. | 20,000 | 179,516 | ||||||
China Conch Venture Holdings, Ltd. | 28,500 | 128,728 | ||||||
China Medical System Holdings, Ltd. | 25,000 | 28,643 | ||||||
China Resources Cement Holdings, Ltd. | 42,000 | 53,053 | ||||||
Country Garden Services Holdings Co., Ltd. | 14,000 | 65,880 | ||||||
Dali Foods Group Co., Ltd.* | 38,500 | 24,477 | ||||||
Kingboard Holdings, Ltd. | 10,500 | 25,454 | ||||||
Kingboard Laminates Holdings, Ltd. | 19,000 | 16,670 | ||||||
Lee & Man Paper Manufacturing, Ltd. | 27,000 | 14,646 | ||||||
Longfor Group Holdings, Ltd.* | 33,500 | 153,156 | ||||||
Sands China, Ltd. | 51,600 | 202,913 |
67 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Cayman Islands (continued) |
| |||||||
Shenzhou International Group Holdings, Ltd. | 11,600 | $ | 139,431 | |||||
Wynn Macau, Ltd. | 23,200 | 39,408 | ||||||
Zhen Ding Technology Holding, Ltd. | 8,000 | 31,905 | ||||||
1,103,880 | ||||||||
Chile — 0.0% |
| |||||||
Cia Cervecerias Unidas SA | 2,635 | 19,055 | ||||||
Enel Americas SA | 331,149 | 48,199 | ||||||
Enel Chile SA | 503,506 | 37,738 | ||||||
104,992 | ||||||||
China — 1.3% |
| |||||||
Agricultural Bank of China, Ltd. | 510,000 | 207,271 | ||||||
Agricultural Bank of China, Ltd., Class A | 49,700 | 23,663 | ||||||
Anhui Conch Cement Co., Ltd. | 24,000 | 180,962 | ||||||
Anhui Conch Cement Co., Ltd., Class A | 3,600 | 28,662 | ||||||
Bank of China, Ltd. | 1,496,000 | 549,463 | ||||||
Bank of Communications Co., Ltd. | 162,000 | 98,949 | ||||||
Bank of Communications Co., Ltd., Class A | 26,700 | 19,108 | ||||||
China Cinda Asset Management Co., Ltd. | 153,000 | 28,334 | ||||||
China CITIC Bank Corp., Ltd. | 187,000 | 81,555 | ||||||
China Construction Bank Corp. | 1,190,000 | 940,064 | ||||||
China Everbright Bank Co., Ltd. | 56,000 | 22,750 | ||||||
China Minsheng Banking Corp., Ltd. | 130,500 | 91,232 | ||||||
China Minsheng Banking Corp., Ltd., Class A | 24,600 | 19,605 | ||||||
China Petroleum & Chemical Corp. | 402,000 | 187,741 | ||||||
China Shenhua Energy Co., Ltd. | 70,000 | 128,687 | ||||||
China Telecom Corp., Ltd. | 172,000 | 57,297 | ||||||
China Yangtze Power Co., Ltd. | 13,500 | 32,901 | ||||||
Chongqing Rural Commercial Bank Co., Ltd. | 46,000 | 17,669 | ||||||
Dongfeng Motor Group Co., Ltd. | 58,000 | 36,705 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 2,160 | 34,763 | ||||||
Fuyao Glass Industry Group Co., Ltd.* | 8,400 | 18,495 | ||||||
Guangzhou Automobile Group Co., Ltd. | 54,000 | 44,573 | ||||||
Industrial & Commercial Bank of China, Ltd. | 793,000 | 514,506 | ||||||
Jiangsu Expressway Co., Ltd. | 22,000 | 25,974 | ||||||
Kweichow Moutai Co., Ltd., Class A | 600 | 114,899 | ||||||
Postal Savings Bank of China Co., Ltd.#* | 64,000 | 40,926 | ||||||
Sinopec Shanghai Petrochemical Co., Ltd. | 70,000 | 17,388 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 1,900 | 39,477 | ||||||
3,603,619 | ||||||||
Colombia — 0.0% |
| |||||||
Ecopetrol SA | 83,612 | 44,608 | ||||||
Czech Republic — 0.0% |
| |||||||
Moneta Money Bank AS* | 9,760 | 21,648 | ||||||
Denmark — 1.0% |
| |||||||
Coloplast A/S, Class B | 2,772 | 464,991 | ||||||
Novo Nordisk A/S, Class B | 33,783 | 2,202,547 | ||||||
Pandora A/S | 2,792 | 139,405 | ||||||
Tryg A/S | 1,513 | 42,471 | ||||||
2,849,414 | ||||||||
Egypt — 0.0% |
| |||||||
Commercial International Bank Egypt SAE | 17,432 | 68,902 | ||||||
Finland — 0.1% |
| |||||||
Elisa Oyj | 2,854 | 179,055 | ||||||
Nokian Renkaat Oyj | 2,384 | 55,672 | ||||||
Orion Oyj, Class B | 1,946 | 104,141 | ||||||
338,868 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
France — 0.4% |
| |||||||
Cie Generale des Etablissements Michelin SCA | 2,743 | $ | 277,954 | |||||
Covivio | 718 | 42,139 | ||||||
Hermes International | 579 | 482,713 | ||||||
Peugeot SA† | 11,112 | 159,053 | ||||||
Renault SA† | 2,441 | 55,135 | ||||||
Societe Generale SA† | 12,131 | 179,524 | ||||||
1,196,518 | ||||||||
Germany — 0.3% |
| |||||||
adidas AG† | 1,479 | 387,842 | ||||||
Covestro AG†* | 3,566 | 132,206 | ||||||
Deutsche Lufthansa AG† | 4,144 | 41,911 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 2,754 | 148,907 | ||||||
TUI AG | 7,813 | 42,536 | ||||||
753,402 | ||||||||
Greece — 0.0% |
| |||||||
JUMBO SA | 1,686 | 30,649 | ||||||
Motor Oil Hellas Corinth Refineries SA | 920 | 15,382 | ||||||
OPAP SA | 1,818 | 17,024 | ||||||
63,055 | ||||||||
Hong Kong — 0.6% |
| |||||||
China Mobile, Ltd. | 115,500 | 811,575 | ||||||
CNOOC, Ltd. | 224,000 | 253,347 | ||||||
Galaxy Entertainment Group, Ltd. | 31,000 | 211,472 | ||||||
Guangdong Investment, Ltd. | 50,000 | 98,770 | ||||||
Power Assets Holdings, Ltd. | 18,000 | 100,862 | ||||||
Sino Land Co., Ltd. | 26,000 | 30,380 | ||||||
Vitasoy International Holdings, Ltd. | 8,000 | 29,744 | ||||||
Wharf Holdings, Ltd.# | 11,000 | 19,741 | ||||||
1,555,891 | ||||||||
Hungary — 0.0% |
| |||||||
MOL Hungarian Oil & Gas PLC | 7,801 | 49,370 | ||||||
India — 1.0% |
| |||||||
Asian Paints, Ltd. | 2,371 | 52,421 | ||||||
Bajaj Auto, Ltd. | 1,499 | 53,738 | ||||||
Bharat Petroleum Corp., Ltd. | 12,655 | 57,011 | ||||||
Bharti Infratel, Ltd. | 7,225 | 21,689 | ||||||
Britannia Industries, Ltd. | 895 | 40,088 | ||||||
Coal India, Ltd. | 26,225 | 48,842 | ||||||
Dabur India, Ltd. | 9,197 | 56,974 | ||||||
Eicher Motors, Ltd. | 240 | 52,418 | ||||||
GAIL India, Ltd. | 25,071 | 30,246 | ||||||
HCL Technologies, Ltd. | 20,140 | 147,180 | ||||||
HDFC Asset Management Co., Ltd.* | 528 | 17,668 | ||||||
HDFC Life Insurance Co., Ltd.†* | 4,500 | 30,675 | ||||||
Hero MotoCorp, Ltd. | 1,440 | 44,553 | ||||||
Hindustan Petroleum Corp., Ltd. | 13,679 | 34,913 | ||||||
Hindustan Unilever, Ltd. | 15,414 | 420,912 | ||||||
ICICI Lombard General Insurance Co., Ltd.* | 1,589 | 27,350 | ||||||
Indian Oil Corp., Ltd. | 34,289 | 37,964 | ||||||
Infosys, Ltd. | 67,220 | 616,130 | ||||||
ITC, Ltd. | 61,740 | 160,733 | ||||||
Marico, Ltd. | 8,376 | 38,187 | ||||||
Nestle India, Ltd. | 456 | 105,991 | ||||||
Oil & Natural Gas Corp., Ltd. | 41,772 | 46,032 | ||||||
Page Industries, Ltd. | 91 | 22,407 | ||||||
Petronet LNG, Ltd. | 10,050 | 33,927 | ||||||
Pidilite Industries, Ltd. | 1,991 | 38,716 | ||||||
REC, Ltd. | 11,763 | 13,860 | ||||||
SBI Life Insurance Co., Ltd.†* | 3,266 | 32,989 | ||||||
Tata Consultancy Services, Ltd. | 19,126 | 501,102 | ||||||
Tech Mahindra, Ltd. | 7,989 | 56,129 | ||||||
2,840,845 | ||||||||
68 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Indonesia — 0.2% |
| |||||||
Adaro Energy Tbk PT | 262,200 | $ | 19,838 | |||||
Charoen Pokphand Indonesia Tbk PT | 90,400 | 35,837 | ||||||
Gudang Garam Tbk PT | 7,800 | 26,049 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 225,100 | 29,977 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 37,200 | 20,780 | ||||||
Telekomunikasi Indonesia Persero Tbk PT | 972,100 | 210,147 | ||||||
Unilever Indonesia Tbk PT | 177,600 | 94,455 | ||||||
United Tractors Tbk PT | 33,200 | 35,773 | ||||||
472,856 | ||||||||
Ireland — 0.8% |
| |||||||
Accenture PLC, Class A | 9,400 | 1,895,228 | ||||||
AIB Group PLC†# | 10,314 | 11,503 | ||||||
Jazz Pharmaceuticals PLC† | 400 | 47,728 | ||||||
Seagate Technology PLC | 5,900 | 312,936 | ||||||
2,267,395 | ||||||||
Israel — 0.1% |
| |||||||
Azrieli Group, Ltd. | 487 | 25,543 | ||||||
Check Point Software Technologies, Ltd.† | 2,000 | 219,340 | ||||||
ICL Group, Ltd. | 9,695 | 33,557 | ||||||
278,440 | ||||||||
Italy — 0.6% |
| |||||||
Assicurazioni Generali SpA | 12,949 | 180,321 | ||||||
Enel SpA | 105,249 | 809,901 | ||||||
Intesa Sanpaolo SpA† | 233,246 | 404,571 | ||||||
Moncler SpA† | 3,197 | 119,393 | ||||||
Poste Italiane SpA* | 8,732 | 76,918 | ||||||
Recordati SpA | 1,436 | 65,452 | ||||||
Snam SpA | 24,001 | 111,924 | ||||||
1,768,480 | ||||||||
Japan — 3.3% |
| |||||||
ABC-Mart, Inc. | 500 | 30,411 | ||||||
Advantest Corp. | 2,500 | 123,654 | ||||||
Astellas Pharma, Inc. | 35,000 | 622,185 | ||||||
Bandai Namco Holdings, Inc. | 3,700 | 206,080 | ||||||
Bridgestone Corp. | 10,800 | 358,848 | ||||||
Canon, Inc.# | 15,800 | 324,039 | ||||||
Daito Trust Construction Co., Ltd. | 1,100 | 116,299 | ||||||
Daiwa House Industry Co., Ltd. | 7,500 | 186,410 | ||||||
Hoya Corp. | 7,200 | 675,811 | ||||||
Iida Group Holdings Co., Ltd. | 2,400 | 35,677 | ||||||
ITOCHU Corp. | 26,600 | 570,915 | ||||||
Japan Airlines Co., Ltd. | 2,400 | 47,228 | ||||||
Japan Post Bank Co., Ltd. | 6,100 | 50,410 | ||||||
Japan Tobacco, Inc. | 22,100 | 438,529 | ||||||
Kakaku.com, Inc. | 2,900 | 70,244 | ||||||
Kao Corp. | 7,400 | 594,053 | ||||||
KDDI Corp. | 38,300 | 1,115,278 | ||||||
Marubeni Corp. | 24,700 | 120,116 | ||||||
Mitsubishi Chemical Holdings Corp. | 19,500 | 114,909 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,800 | 41,754 | ||||||
Nexon Co., Ltd. | 6,300 | 131,354 | ||||||
Nippon Building Fund, Inc. | 10 | 62,755 | ||||||
Nippon Telegraph & Telephone Corp. | 26,700 | 604,524 | ||||||
NTT DOCOMO, Inc. | 30,600 | 836,863 | ||||||
Obayashi Corp. | 5,100 | 47,248 | ||||||
Oracle Corp. Japan† | 500 | 58,445 | ||||||
Oriental Land Co., Ltd. | 1,600 | 232,068 | ||||||
Sekisui House, Ltd. | 8,700 | 165,870 | ||||||
Shionogi & Co., Ltd. | 4,400 | 259,983 | ||||||
Showa Denko KK | 1,600 | 38,296 | ||||||
Softbank Corp. | 15,900 | 201,570 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Subaru Corp. | 11,700 | $ | 258,543 | |||||
Tokyo Electron, Ltd. | 2,600 | 519,759 | ||||||
Tosoh Corp. | 5,100 | 70,988 | ||||||
ZOZO, Inc. | 3,100 | 57,157 | ||||||
9,388,273 | ||||||||
Jersey — 0.2% |
| |||||||
Amcor PLC | 25,800 | 263,418 | ||||||
Ferguson PLC | 1,856 | 146,599 | ||||||
Polymetal International PLC | 1,729 | 34,888 | ||||||
Polymetal International PLC | 10,913 | 218,774 | ||||||
663,679 | ||||||||
Luxembourg — 0.0% |
| |||||||
Aroundtown SA | 14,530 | 79,891 | ||||||
Malaysia — 0.1% |
| |||||||
DiGi.Com Bhd | 69,800 | 73,163 | ||||||
Hartalega Holdings Bhd | 23,800 | 68,727 | ||||||
Nestle Malaysia Bhd | 1,500 | 47,910 | ||||||
Petronas Chemicals Group Bhd | 49,300 | 71,568 | ||||||
Petronas Gas Bhd | 10,700 | 46,885 | ||||||
308,253 | ||||||||
Mexico — 0.1% |
| |||||||
Fibra Uno Administracion SA de CV | 58,700 | 45,028 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 6,700 | 44,597 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 27,700 | 43,122 | ||||||
Promotora y Operadora de Infraestructura SAB de CV† | 2,785 | 21,040 | ||||||
Wal-Mart de Mexico SAB de CV | 94,600 | 236,772 | ||||||
390,559 | ||||||||
Netherlands — 0.9% |
| |||||||
Ferrari NV | 968 | 163,957 | ||||||
Koninklijke Ahold Delhaize NV | 20,149 | 511,768 | ||||||
LyondellBasell Industries NV, Class A | 6,700 | 427,192 | ||||||
Unilever NV | 24,962 | 1,292,420 | ||||||
X5 Retail Group NV GDR | 1,604 | 47,939 | ||||||
2,443,276 | ||||||||
New Zealand — 0.1% |
| |||||||
Fisher & Paykel Healthcare Corp., Ltd. | 11,310 | 210,828 | ||||||
Meridian Energy, Ltd. | 15,679 | 46,476 | ||||||
Spark New Zealand, Ltd. | 44,710 | 122,902 | ||||||
380,206 | ||||||||
Norway — 0.2% |
| |||||||
Equinor ASA | 8,730 | 127,451 | ||||||
Mowi ASA | 8,567 | 161,950 | ||||||
Orkla ASA | 6,842 | 61,614 | ||||||
Telenor ASA | 13,441 | 204,302 | ||||||
555,317 | ||||||||
Panama — 0.0% |
| |||||||
Carnival Corp.# | 7,000 | 110,180 | ||||||
Philippines — 0.0% |
| |||||||
Globe Telecom, Inc. | 615 | 27,723 | ||||||
Manila Electric Co. | 4,420 | 24,728 | ||||||
52,451 | ||||||||
Poland — 0.0% |
| |||||||
Powszechny Zaklad Ubezpieczen SA | 7,293 | 54,466 | ||||||
Portugal — 0.0% |
| |||||||
Jeronimo Martins SGPS SA | 4,041 | 69,184 | ||||||
69 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Russia — 1.3% |
| |||||||
Alrosa PJSC | 226,910 | $ | 213,739 | |||||
Inter RAO UES PJSC | 2,229,000 | 156,272 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 142,800 | 81,868 | ||||||
MMC Norilsk Nickel PJSC | 3,344 | 1,057,414 | ||||||
Mobile TeleSystems PJSC ADR | 39,600 | 352,044 | ||||||
Moscow Exchange MICEX-RTS PJSC | 58,130 | 94,496 | ||||||
Novolipetsk Steel PJSC | 134,670 | 262,292 | ||||||
PhosAgro PJSC GDR | 8,225 | 113,505 | ||||||
Polyus PJSC | 1,665 | 276,426 | ||||||
Severstal PJSC | 20,678 | 274,212 | ||||||
Tatneft PJSC | 83,041 | 639,895 | ||||||
3,522,163 | ||||||||
Singapore — 0.3% |
| |||||||
CapitaLand Mall Trust | 42,000 | 60,613 | ||||||
ComfortDelGro Corp., Ltd. | 42,300 | 43,276 | ||||||
Mapletree Commercial Trust | 17,700 | 25,169 | ||||||
SATS, Ltd. | 12,800 | 24,225 | ||||||
Singapore Exchange, Ltd. | 22,500 | 132,489 | ||||||
Singapore Technologies Engineering, Ltd. | 27,200 | 61,647 | ||||||
Singapore Telecommunications, Ltd. | 155,000 | 273,992 | ||||||
Venture Corp., Ltd. | 4,700 | 51,211 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 50,100 | 33,543 | ||||||
706,165 | ||||||||
South Africa — 0.2% |
| |||||||
AngloGold Ashanti, Ltd. | 3,766 | 92,026 | ||||||
Capitec Bank Holdings, Ltd. | 692 | 33,646 | ||||||
Clicks Group, Ltd. | 4,263 | 56,728 | ||||||
Exxaro Resources, Ltd. | 5,846 | 41,436 | ||||||
Kumba Iron Ore, Ltd. | 1,660 | 44,882 | ||||||
Mr. Price Group, Ltd. | 5,754 | 43,089 | ||||||
RMB Holdings, Ltd. | 13,008 | 39,363 | ||||||
Tiger Brands, Ltd. | 2,775 | 24,884 | ||||||
Vodacom Group, Ltd. | 12,179 | 87,848 | ||||||
463,902 | ||||||||
South Korea — 1.5% |
| |||||||
BNK Financial Group, Inc. | 5,564 | 22,895 | ||||||
Coway Co, Ltd. | 1,137 | 61,302 | ||||||
Daelim Industrial Co., Ltd. | 393 | 29,370 | ||||||
DB Insurance Co., Ltd. | 881 | 30,944 | ||||||
Hana Financial Group, Inc. | 6,165 | 148,700 | ||||||
Hankook Tire & Technology Co., Ltd. | 1,287 | 24,449 | ||||||
Hyundai Marine & Fire Insurance Co., Ltd. | 1,169 | 22,927 | ||||||
Industrial Bank of Korea | 5,667 | 38,008 | ||||||
Kangwon Land, Inc. | 2,080 | 40,757 | ||||||
KB Financial Group, Inc. | 7,814 | 215,322 | ||||||
Kia Motors Corp. | 3,265 | 90,615 | ||||||
Korea Zinc Co., Ltd. | 143 | 43,738 | ||||||
KT&G Corp. | 2,242 | 152,116 | ||||||
LG Corp. | 1,578 | 80,671 | ||||||
LG Household & Health Care, Ltd. (Preference Shares) | 35 | 20,238 | ||||||
Lotte Chemical Corp. | 341 | 51,957 | ||||||
NCSoft Corp. | 239 | 152,833 | ||||||
S-1 Corp. | 297 | 22,389 | ||||||
Samsung Electronics Co., Ltd. | 39,022 | 1,602,177 | ||||||
Samsung Electronics Co., Ltd. (Preference Shares) | 7,464 | 259,052 | ||||||
Shinhan Financial Group Co., Ltd. | 6,318 | 154,322 | ||||||
SK Hynix, Inc. | 13,703 | 904,783 | ||||||
SK Telecom Co., Ltd. | 406 | 70,928 | ||||||
Woori Financial Group, Inc. | 5,034 | 37,234 | ||||||
4,277,727 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Spain — 0.8% |
| |||||||
Aena SME SA†* | 827 | $ | 118,360 | |||||
Banco de Sabadell SA | 90,604 | 27,412 | ||||||
Enagas SA | 3,475 | 78,239 | ||||||
Endesa SA | 6,087 | 144,771 | ||||||
Iberdrola SA | 77,892 | 840,694 | ||||||
Industria de Diseno Textil SA | 20,756 | 580,207 | ||||||
Red Electrica Corp. SA | 6,680 | 117,788 | ||||||
Repsol SA | 22,479 | 210,493 | ||||||
2,117,964 | ||||||||
SupraNational — 0.0% |
| |||||||
HKT Trust & HKT, Ltd. | 71,000 | 101,301 | ||||||
Sweden — 0.2% |
| |||||||
Boliden AB | 4,705 | 102,573 | ||||||
Hennes & Mauritz AB, Class B | 15,720 | 238,597 | ||||||
ICA Gruppen AB | 746 | 35,089 | ||||||
Skanska AB, Class B† | 2,735 | 54,864 | ||||||
Swedbank AB, Class A† | 6,826 | 85,816 | ||||||
Telia Co AB | 40,532 | 139,328 | ||||||
656,267 | ||||||||
Switzerland — 2.0% |
| |||||||
EMS-Chemie Holding AG | 151 | 112,053 | ||||||
Garmin, Ltd. | 2,200 | 198,374 | ||||||
Geberit AG | 496 | 241,888 | ||||||
Nestle SA | 18,176 | 1,967,904 | ||||||
Partners Group Holding AG | 383 | 318,256 | ||||||
Roche Holding AG | 6,141 | 2,131,688 | ||||||
Swisscom AG | 458 | 238,621 | ||||||
TE Connectivity, Ltd. | 4,400 | 357,500 | ||||||
5,566,284 | ||||||||
Taiwan — 1.5% |
| |||||||
Accton Technology Corp. | 4,000 | 32,222 | ||||||
Advantech Co., Ltd. | 5,000 | 49,527 | ||||||
Catcher Technology Co., Ltd. | 10,000 | 72,696 | ||||||
Chicony Electronics Co., Ltd. | 10,000 | 28,663 | ||||||
China Development Financial Holding Corp. | 192,000 | 58,199 | ||||||
Chunghwa Telecom Co., Ltd. | 65,000 | 239,276 | ||||||
Eclat Textile Co., Ltd. | 4,000 | 41,245 | ||||||
Far EasTone Telecommunications Co., Ltd. | 27,000 | 58,213 | ||||||
Feng TAY Enterprise Co., Ltd. | 6,000 | 36,232 | ||||||
Formosa Chemicals & Fibre Corp. | 56,000 | 134,479 | ||||||
Formosa Petrochemical Corp. | 20,000 | 58,492 | ||||||
Formosa Plastics Corp. | 72,000 | 199,303 | ||||||
Globalwafers Co., Ltd. | 2,000 | 24,117 | ||||||
Largan Precision Co., Ltd. | 2,000 | 255,590 | ||||||
Lite-On Technology Corp. | 36,000 | 57,743 | ||||||
Nan Ya Plastics Corp. | 82,000 | 172,067 | ||||||
Nanya Technology Corp. | 27,000 | 53,895 | ||||||
Nien Made Enterprise Co., Ltd. | 3,000 | 25,726 | ||||||
Novatek Microelectronics Corp. | 10,000 | 68,358 | ||||||
Phison Electronics Corp. | 4,000 | 36,712 | ||||||
Powertech Technology, Inc. | 12,000 | 38,819 | ||||||
President Chain Store Corp. | 10,000 | 98,453 | ||||||
Shanghai Commercial & Savings Bank, Ltd. | 36,000 | 51,400 | ||||||
Taiwan Business Bank | 69,000 | 24,393 | ||||||
Taiwan Cement Corp. | 41,000 | 58,175 | ||||||
Taiwan Mobile Co., Ltd. | 29,000 | 103,873 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 181,914 | 1,771,699 | ||||||
Vanguard International Semiconductor Corp. | 16,000 | 39,214 | ||||||
Walsin Technology Corp.† | 5,000 | 31,158 | ||||||
WPG Holdings, Ltd. | 23,000 | 30,101 | ||||||
Yageo Corp. | 7,000 | 86,427 | ||||||
Yuanta Financial Holding Co., Ltd. | 121,000 | 65,590 | ||||||
4,102,057 | ||||||||
70 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Thailand — 0.3% |
| |||||||
Advanced Info Service PCL | 24,100 | $ | 143,191 | |||||
Airports of Thailand PCL | 71,300 | 138,969 | ||||||
Bumrungrad Hospital PCL | 7,300 | 27,539 | ||||||
Electricity Generating PCL | 3,400 | 29,500 | ||||||
Home Product Center PCL | 89,500 | 40,234 | ||||||
Intouch Holdings PCL | 38,200 | 64,547 | ||||||
Land & Houses PCL | 93,500 | 21,016 | ||||||
PTT Exploration & Production PCL | 21,200 | 55,982 | ||||||
PTT Global Chemical PCL | 40,900 | 55,288 | ||||||
PTT PCL | 173,900 | 191,339 | ||||||
Ratch Group PCL | 10,000 | 22,006 | ||||||
Siam Cement PCL | 11,600 | 125,080 | ||||||
914,691 | ||||||||
Turkey — 0.1% |
| |||||||
BIM Birlesik Magazalar AS | 8,470 | 80,902 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 35,174 | 41,423 | ||||||
Ford Otomotiv Sanayi AS | 1,635 | 14,855 | ||||||
Haci Omer Sabanci Holding AS | 13,979 | 17,055 | ||||||
Tupras Turkiye Petrol Rafinerileri AS† | 2,683 | 33,756 | ||||||
Turkcell Iletisim Hizmetleri AS | 19,172 | 39,805 | ||||||
Turkiye Garanti Bankasi AS† | 33,253 | 38,007 | ||||||
Turkiye Is Bankasi, Class C† | 28,480 | 20,733 | ||||||
286,536 | ||||||||
United Arab Emirates — 0.1% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 37,941 | 45,514 | ||||||
Aldar Properties PJSC | 69,393 | 32,732 | ||||||
Dubai Islamic Bank PJSC | 30,905 | 29,912 | ||||||
Emirates Telecommunications Group Co. PJSC | 32,397 | 137,985 | ||||||
246,143 | ||||||||
United Kingdom — 4.1% |
| |||||||
Admiral Group PLC | 4,481 | 129,566 | ||||||
Anglo American PLC | 17,761 | 375,738 | ||||||
Auto Trader Group PLC* | 16,568 | 114,650 | ||||||
Barratt Developments PLC | 23,137 | 142,835 | ||||||
Berkeley Group Holdings PLC | 2,531 | 128,606 | ||||||
BHP Group PLC | 34,157 | 669,875 | ||||||
British American Tobacco PLC | 19,537 | 772,628 | ||||||
British Land Co. PLC | 16,611 | 83,914 | ||||||
BT Group PLC | 167,043 | 240,891 | ||||||
Burberry Group PLC | 7,771 | 144,329 | ||||||
Centrica PLC | 72,493 | 32,872 | ||||||
Compass Group PLC | 27,825 | 409,018 | ||||||
Direct Line Insurance Group PLC | 26,493 | 86,981 | ||||||
easyJet PLC# | 2,021 | 17,078 | ||||||
Evraz PLC | 10,541 | 37,056 | ||||||
GlaxoSmithKline PLC | 88,601 | 1,834,901 | ||||||
Hargreaves Lansdown PLC | 5,629 | 128,068 | ||||||
Imperial Brands PLC | 21,302 | 387,187 | ||||||
Intertek Group PLC | 2,630 | 179,653 | ||||||
ITV PLC | 82,811 | 82,479 | ||||||
Kingfisher PLC | 34,459 | 83,031 | ||||||
Land Securities Group PLC | 11,220 | 84,305 | ||||||
M&G PLC | 25,119 | 43,647 | ||||||
Marks & Spencer Group PLC | 32,461 | 39,357 | ||||||
Micro Focus International PLC | 3,121 | 15,749 | ||||||
Mondi PLC | 8,190 | 153,397 | ||||||
Next PLC | 3,227 | 194,734 | ||||||
Persimmon PLC | 8,388 | 238,842 | ||||||
RELX PLC | 37,377 | 868,148 | ||||||
Rio Tinto PLC | 23,077 | 1,236,946 | ||||||
Royal Dutch Shell PLC, Class A | 37,176 | 582,494 | ||||||
Royal Dutch Shell PLC, Class B | 31,764 | 484,708 |
Security Description | Shares | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Smith & Nephew PLC | 7,521 | $ | 153,186 | |||||
SSE PLC | 16,869 | 259,848 | ||||||
Taylor Wimpey PLC | 80,820 | 144,077 | ||||||
Unilever PLC | 19,317 | 1,036,534 | ||||||
11,617,328 | ||||||||
United States — 33.5% |
| |||||||
AbbVie, Inc. | 19,300 | 1,788,531 | ||||||
Air Products & Chemicals, Inc. | 2,500 | 604,125 | ||||||
Altria Group, Inc. | 38,600 | 1,507,330 | ||||||
American Electric Power Co., Inc. | 8,100 | 690,525 | ||||||
American Tower Corp. | 5,600 | 1,445,752 | ||||||
Amgen, Inc. | 8,600 | 1,975,420 | ||||||
Apple, Inc. | 6,300 | 2,003,022 | ||||||
Applied Materials, Inc. | 17,300 | 971,914 | ||||||
AT&T, Inc. | 50,700 | 1,564,602 | ||||||
Best Buy Co., Inc. | 4,200 | 327,978 | ||||||
Biogen, Inc.† | 3,700 | 1,136,233 | ||||||
Booking Holdings, Inc.† | 300 | 491,826 | ||||||
BorgWarner, Inc. | 2,500 | 80,375 | ||||||
Bristol-Myers Squibb Co. | 30,500 | 1,821,460 | ||||||
Broadcom, Inc. | 4,700 | 1,368,969 | ||||||
Broadridge Financial Solutions, Inc. | 1,700 | 205,870 | ||||||
Burlington Stores, Inc.† | 1,000 | 209,670 | ||||||
C.H. Robinson Worldwide, Inc. | 2,200 | 178,486 | ||||||
Cabot Oil & Gas Corp. | 5,500 | 109,120 | ||||||
Cadence Design Systems, Inc.† | 3,200 | 292,128 | ||||||
Campbell Soup Co. | 3,000 | 152,940 | ||||||
Celanese Corp. | 1,500 | 134,865 | ||||||
Church & Dwight Co., Inc. | 2,500 | 187,675 | ||||||
Cisco Systems, Inc. | 42,200 | 2,018,004 | ||||||
Citrix Systems, Inc. | 1,600 | 236,992 | ||||||
Clorox Co. | 2,600 | 536,250 | ||||||
Cognizant Technology Solutions Corp., Class A | 8,500 | 450,500 | ||||||
Copart, Inc.† | 3,300 | 294,987 | ||||||
Cummins, Inc. | 2,700 | 457,920 | ||||||
D.R. Horton, Inc. | 4,400 | 243,320 | ||||||
Darden Restaurants, Inc. | 2,300 | 176,778 | ||||||
Delta Air Lines, Inc. | 2,900 | 73,109 | ||||||
Dollar General Corp. | 4,500 | 861,795 | ||||||
Dominion Energy, Inc. | 9,300 | 790,593 | ||||||
Dow, Inc. | 8,700 | 335,820 | ||||||
Eli Lilly & Co. | 14,800 | 2,263,660 | ||||||
Equity LifeStyle Properties, Inc. | 1,800 | 112,140 | ||||||
Erie Indemnity Co., Class A | 200 | 36,048 | ||||||
Estee Lauder Cos., Inc., Class A | 3,700 | 730,639 | ||||||
Expeditors International of Washington, Inc. | 2,700 | 206,199 | ||||||
Extra Space Storage, Inc. | 1,700 | 164,475 | ||||||
F5 Networks, Inc.† | 1,100 | 159,412 | ||||||
Facebook, Inc., Class A† | 9,100 | 2,048,319 | ||||||
FactSet Research Systems, Inc. | 300 | 92,253 | ||||||
Fastenal Co. | 10,600 | 437,356 | ||||||
Fox Corp., Class A | 3,900 | 113,763 | ||||||
Fox Corp., Class B | 1,900 | 54,682 | ||||||
Gap, Inc. | 5,100 | 45,390 | ||||||
General Mills, Inc. | 10,300 | 649,312 | ||||||
General Motors Co. | 23,900 | 618,532 | ||||||
Gilead Sciences, Inc. | 23,450 | 1,825,113 | ||||||
Hanesbrands, Inc.# | 5,500 | 54,230 | ||||||
Healthpeak Properties, Inc. | 6,000 | 147,840 | ||||||
Hershey Co. | 3,100 | 420,608 | ||||||
HollyFrontier Corp. | 2,500 | 78,625 | ||||||
Home Depot, Inc. | 8,300 | 2,062,384 | ||||||
Hormel Foods Corp.# | 5,400 | 263,682 | ||||||
IDEXX Laboratories, Inc.† | 600 | 185,328 |
71 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United States (continued) |
| |||||||
Illinois Tool Works, Inc. | 4,200 | $ | 724,332 | |||||
Ingredion, Inc. | 900 | 75,807 | ||||||
Intel Corp. | 29,800 | 1,875,314 | ||||||
International Business Machines Corp. | 14,000 | 1,748,600 | ||||||
Intuit, Inc. | 4,900 | 1,422,568 | ||||||
Jack Henry & Associates, Inc. | 1,100 | 198,946 | ||||||
JB Hunt Transport Services, Inc. | 1,200 | 143,604 | ||||||
Johnson & Johnson | 13,900 | 2,067,625 | ||||||
Kellogg Co. | 3,500 | 228,585 | ||||||
Kimberly-Clark Corp. | 5,700 | 806,208 | ||||||
Kimco Realty Corp. | 6,000 | 66,660 | ||||||
KLA Corp. | 3,000 | 527,880 | ||||||
Kohl’s Corp. | 3,200 | 61,504 | ||||||
Kroger Co. | 13,200 | 430,584 | ||||||
Lam Research Corp. | 2,200 | 602,074 | ||||||
Lamb Weston Holdings, Inc. | 1,100 | 66,066 | ||||||
Las Vegas Sands Corp. | 6,200 | 297,228 | ||||||
Lear Corp. | 900 | 95,445 | ||||||
Leggett & Platt, Inc. | 2,100 | 64,239 | ||||||
Lockheed Martin Corp. | 4,200 | 1,631,448 | ||||||
Lowe’s Cos., Inc. | 13,500 | 1,759,725 | ||||||
Lululemon Athletica, Inc.† | 1,800 | 540,171 | ||||||
MarketAxess Holdings, Inc. | 500 | 254,295 | ||||||
Mastercard, Inc., Class A | 6,100 | 1,835,429 | ||||||
Match Group, Inc.†# | 500 | 44,520 | ||||||
Maxim Integrated Products, Inc. | 4,600 | 265,328 | ||||||
Medical Properties Trust, Inc. | 4,200 | 75,936 | ||||||
Merck & Co., Inc. | 22,900 | 1,848,488 | ||||||
Mettler-Toledo International, Inc.† | 200 | 159,000 | ||||||
Microsoft Corp. | 12,100 | 2,217,325 | ||||||
Monster Beverage Corp.† | 4,900 | 352,359 | ||||||
Moody’s Corp. | 2,000 | 534,820 | ||||||
NetApp, Inc. | 3,000 | 133,620 | ||||||
NIKE, Inc., Class B | 20,100 | 1,981,458 | ||||||
Nordstrom, Inc.# | 2,000 | 32,260 | ||||||
Nucor Corp. | 3,800 | 160,588 | ||||||
NVR, Inc.† | 70 | 225,513 | ||||||
O’Reilly Automotive, Inc.† | 1,500 | 625,860 | ||||||
Occidental Petroleum Corp. | 9,700 | 125,615 | ||||||
OGE Energy Corp. | 2,300 | 72,036 | ||||||
Old Dominion Freight Line, Inc. | 1,150 | 196,754 | ||||||
Omnicom Group, Inc.# | 3,800 | 208,202 | ||||||
PACCAR, Inc. | 4,500 | 332,370 | ||||||
Packaging Corp. of America | 900 | 91,269 | ||||||
Paychex, Inc. | 5,700 | 411,996 | ||||||
PepsiCo, Inc. | 14,400 | 1,894,320 | ||||||
Pfizer, Inc. | 53,700 | 2,050,803 | ||||||
Philip Morris International, Inc. | 23,100 | 1,694,616 | ||||||
Phillips 66 | 6,200 | 485,212 | ||||||
PPL Corp. | 8,500 | 237,490 | ||||||
Procter & Gamble Co. | 15,900 | 1,843,128 | ||||||
Public Service Enterprise Group, Inc. | 7,800 | 398,112 | ||||||
Public Storage | 3,500 | 709,590 | ||||||
PulteGroup, Inc. | 4,300 | 146,071 | ||||||
Ralph Lauren Corp. | 600 | 45,306 | ||||||
Regeneron Pharmaceuticals, Inc.† | 700 | 428,967 | ||||||
Robert Half International, Inc. | 2,300 | 116,702 | ||||||
Rockwell Automation, Inc. | 1,300 | 281,008 | ||||||
Rollins, Inc. | 2,400 | 100,320 | ||||||
Ross Stores, Inc. | 8,100 | 785,376 | ||||||
S&P Global, Inc. | 3,800 | 1,235,076 | ||||||
Simon Property Group, Inc. | 6,600 | 380,820 | ||||||
Skyworks Solutions, Inc. | 3,300 | 391,182 | ||||||
Snap-on, Inc. | 600 | 77,814 |
Security Description | Shares/ Principal Amount(3) | Value (Note 2) | ||||||
United States (continued) |
| |||||||
Southwest Airlines Co. | 2,400 | $ | 77,040 | |||||
Starbucks Corp. | 22,800 | 1,778,172 | ||||||
Steel Dynamics, Inc. | 2,700 | 71,712 | ||||||
Sysco Corp. | 8,500 | 468,860 | ||||||
T. Rowe Price Group, Inc. | 1,700 | 205,530 | ||||||
Tapestry, Inc. | 5,000 | 68,000 | ||||||
Target Corp. | 9,100 | 1,113,203 | ||||||
Texas Instruments, Inc. | 15,700 | 1,864,218 | ||||||
TJX Cos., Inc. | 25,800 | 1,361,208 | ||||||
Tractor Supply Co. | 2,200 | 268,444 | ||||||
Tyson Foods, Inc., Class A | 5,000 | 307,200 | ||||||
Ulta Beauty, Inc.† | 900 | 219,609 | ||||||
United Parcel Service, Inc., Class B | 10,400 | 1,036,984 | ||||||
Valero Energy Corp. | 6,700 | 446,488 | ||||||
Ventas, Inc. | 4,700 | 164,265 | ||||||
Verizon Communications, Inc. | 32,200 | 1,847,636 | ||||||
VF Corp. | 5,300 | 297,330 | ||||||
ViacomCBS, Inc., Class B | 7,600 | 157,624 | ||||||
Walgreens Boots Alliance, Inc. | 11,800 | 506,692 | ||||||
Walt Disney Co. | 13,200 | 1,548,360 | ||||||
Waste Management, Inc. | 4,800 | 512,400 | ||||||
Waters Corp.† | 400 | 79,940 | ||||||
WEC Energy Group, Inc. | 5,200 | 476,996 | ||||||
Western Union Co. | 4,200 | 84,084 | ||||||
WW Grainger, Inc. | 600 | 185,772 | ||||||
Xilinx, Inc. | 2,500 | 229,875 | ||||||
94,794,083 | ||||||||
Total Common Stocks | ||||||||
(cost $193,746,482) | 180,320,591 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 20.1% |
| |||||||
Argentina — 0.6% |
| |||||||
Republic of Argentina | ARS | 70,765,334 | 533,912 | |||||
Republic of Argentina | ARS | 40,580,167 | 281,140 | |||||
Republic of Argentina | ARS | 40,580,167 | 259,857 | |||||
Republic of Argentina | ARS | 79,847,000 | 297,408 | |||||
Republic of Argentina | ARS | 43,574,000 | 202,877 | |||||
Republic of Argentina | ARS | 40,723,000 | 268,874 | |||||
Republic of Argentina FRS | ARS | 2,800,000 | 22,845 | |||||
1,866,913 | ||||||||
Brazil — 2.9% |
| |||||||
Federative Republic of Brazil | BRL | 12,231,000 | 2,286,977 | |||||
Federative Republic of Brazil | BRL | 15,230,000 | 2,831,691 | |||||
Federative Republic of Brazil | BRL | 10,820,000 | 1,971,389 |
72 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Brazil (continued) |
| |||||||
Federative Republic of Brazil | BRL | 5,356,000 | $ | 1,087,488 | ||||
8,177,545 | ||||||||
Colombia — 0.7% |
| |||||||
Republic of Colombia | COP | 64,000,000 | 16,902 | |||||
Republic of Colombia | COP | 2,472,300,000 | 683,210 | |||||
Republic of Colombia | COP | 2,400,700,000 | 731,178 | |||||
Republic of Colombia | COP | 329,000,000 | 90,490 | |||||
Republic of Colombia | COP | 1,269,000,000 | 417,290 | |||||
1,939,070 | ||||||||
Ghana — 0.7% |
| |||||||
Republic of Ghana | GHS | 1,400,000 | 243,817 | |||||
Republic of Ghana | GHS | 4,210,000 | 683,798 | |||||
Republic of Ghana | GHS | 1,400,000 | 243,986 | |||||
Republic of Ghana | GHS | 4,210,000 | 675,639 | |||||
Republic of Ghana | GHS | 50,000 | 9,117 | |||||
Republic of Ghana | GHS | 50,000 | 9,006 | |||||
Republic of Ghana | GHS | 50,000 | 9,168 | |||||
1,874,531 | ||||||||
India — 1.2% |
| |||||||
Republic of India | INR | 118,010,000 | 1,629,522 | |||||
Republic of India | INR | 40,000,000 | 559,096 | |||||
Republic of India | INR | 96,000,000 | 1,345,306 | |||||
3,533,924 | ||||||||
Indonesia — 2.0% |
| |||||||
Republic of Indonesia | IDR | 87,000,000 | 5,807 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Indonesia (continued) | ||||||||
Republic of Indonesia | IDR | 294,000,000 | $ | 20,441 | ||||
Republic of Indonesia | IDR | 4,525,000,000 | 318,949 | |||||
Republic of Indonesia | IDR | 42,198,000,000 | 3,039,354 | |||||
Republic of Indonesia | IDR | 116,000,000 | 8,563 | |||||
Republic of Indonesia | IDR | 13,282,000,000 | 935,013 | |||||
Republic of Indonesia | IDR | 7,078,000,000 | 520,264 | |||||
Republic of Indonesia | IDR | 10,859,000,000 | 837,354 | |||||
5,685,745 | ||||||||
Japan — 0.2% |
| |||||||
Government of Japan | JPY | 70,000,000 | 649,373 | |||||
Mexico — 4.1% |
| |||||||
United Mexican States | MXN | 2,685,933 | 121,295 | |||||
United Mexican States | MXN | 20,960,000 | 957,716 | |||||
United Mexican States | MXN | 75,590,000 | 3,497,399 | |||||
United Mexican States | MXN | 89,440,000 | 4,156,039 | |||||
United Mexican States | MXN | 17,060,000 | 769,060 | |||||
United Mexican States | MXN | 35,640,000 | 1,745,684 | |||||
United Mexican States | MXN | 6,840,000 | 364,563 | |||||
11,611,756 | ||||||||
Norway — 1.9% |
| |||||||
Kingdom of Norway | NOK | 2,523,000 | 276,722 | |||||
Kingdom of Norway | NOK | 4,250,000 | 468,374 | |||||
Kingdom of Norway | NOK | 13,317,000 | 1,443,369 | |||||
Kingdom of Norway | NOK | 12,091,000 | 1,374,012 |
73 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Norway (continued) |
| |||||||
Kingdom of Norway | NOK | 15,973,000 | $ | 1,700,533 | ||||
5,263,010 | ||||||||
South Korea — 5.8% |
| |||||||
Republic of South Korea | KRW | 176,000,000 | 142,884 | |||||
Republic of South Korea | KRW | 1,470,700,000 | 1,197,861 | |||||
Republic of South Korea | KRW | 2,374,500,000 | 1,941,388 | |||||
Republic of South Korea | KRW | 9,776,590,000 | 7,898,920 | |||||
Republic of South Korea | KRW | 257,000,000 | 211,495 | |||||
Republic of South Korea | KRW | 2,889,000,000 | 2,406,653 | |||||
Republic of South Korea | KRW | 321,000,000 | 264,131 | |||||
Republic of South Korea | KRW | 742,000,000 | 624,641 | |||||
Republic of South Korea | KRW | 579,100,000 | 505,185 | |||||
Republic of South Korea | KRW | 1,400,000,000 | 1,172,179 | |||||
16,365,337 | ||||||||
Total Foreign Government Obligations | ||||||||
(cost $72,320,695) | 56,967,204 | |||||||
U.S. GOVERNMENT TREASURIES — 2.4% |
| |||||||
United States Treasury Notes — 2.4% |
| |||||||
1.50% due 10/31/2024 | 1,040,000 | 1,095,819 | ||||||
1.63% due 10/31/2026 | 1,210,000 | 1,299,474 | ||||||
2.13% due 05/31/2026 | 550,000 | 605,537 | ||||||
2.63% due 12/31/2025 | 2,227,000 | 2,503,026 | ||||||
1.63% due 02/15/2026 | 1,210,000 | 1,294,038 | ||||||
Total U.S. Government Treasuries | ||||||||
(cost $6,573,285) | 6,797,894 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $272,640,462) | 244,085,689 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 11.0% |
| |||||||
Foreign Government Obligations — 7.9% |
| |||||||
Republic of Argentina(6) | ||||||||
due 12/04/2020(1)(2) | ARS | 15,500,328 | 124,895 | |||||
due 04/17/2021(1)(2) | ARS | 14,833,238 | 120,512 | |||||
245,407 | ||||||||
Government of Japan | ||||||||
(0.13)% due 08/24/2020 | JPY | 13,500,000 | 125,215 | |||||
(0.15)%-(0.16)% due 08/11/2020 | JPY | 176,200,000 | 1,634,247 | |||||
(0.16)% due 07/10/2020 | JPY | 91,900,000 | 852,290 | |||||
(0.17)% due 07/06/2020 | JPY | 304,000,000 | 2,819,289 | |||||
(0.18)% due 08/11/2020 | JPY | 642,000,000 | 5,954,521 | |||||
(0.19)% due 11/10/2020 | JPY | 155,800,000 | 1,445,856 |
Security Description | Principal Amount(3) | Value (Note 2) | ||||||
Foreign Government Obligations (continued) | ||||||||
(0.22)% due 10/12/2020 | JPY | 77,000,000 | $ | 714,406 | ||||
(0.27)% due 09/10/2020 | JPY | 74,800,000 | 693,845 | |||||
(0.49)% due 06/15/2020 | JPY | 679,200,000 | 6,298,285 | |||||
20,537,954 | ||||||||
Kingdom of Norway | ||||||||
1.16%-1.23% due 06/17/2020* | NOK | 2,278,000 | 234,303 | |||||
1.15%-1.16% due 09/16/2020* | NOK | 1,374,000 | 141,162 | |||||
375,465 | ||||||||
United Mexican States | ||||||||
5.36% due 10/22/2020 | MXN | 50,563,000 | 223,321 | |||||
5.46% due 09/24/2020 | MXN | 90,291,000 | 400,314 | |||||
5.67%-5.68% due 08/13/2020 | MXN | 57,419,000 | 256,082 | |||||
5.73% due 07/16/2020 | MXN | 36,116,000 | 161,726 | |||||
5.75% due 07/23/2020 | MXN | 21,670,000 | 96,939 | |||||
1,138,382 | ||||||||
22,297,208 | ||||||||
Registered Investment Companies — 0.1% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 211,516 | 211,516 | ||||||
U.S. Government Agencies — 3.0% |
| |||||||
Federal Home Loan Bank | $ | 8,550,000 | 8,550,000 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $31,013,844) | 31,058,724 | |||||||
REPURCHASE AGREEMENTS — 2.1% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,536,000 collateralized by $4,680,000 of United States Treasury Notes, bearing interest at 3.13% due 11/15/2028 and having an approximate value of $5,650,318 | 5,536,000 | 5,536,000 | ||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $354,000 collateralized by $300,000 of United States Treasury Notes, bearing interest at 3.13% due 11/15/2028 and having an approximate value of $362,200 | 354,000 | 354,000 | ||||||
Total Repurchase Agreements | ||||||||
(cost $5,890,000) | 5,890,000 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $309,544,306)(7) | 99.4 | % | 281,034,413 | |||||
Other assets less liabilities | 0.6 | 1,673,524 | ||||||
NET ASSETS | 100.0 | % | $ | 282,707,937 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $6,550,968 representing 2.3% of net assets. |
† | Non-income producing security |
74 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
(1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities: |
Description | Acquistion Date | Principal Amount | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Foreign | ||||||||||||||||||||||||
Republic of | | 03/19/2020 - 04/24/2020 | | ARS 64,631,188 | $ | 1,073,868 | $ | 533,912 | $ | 0.01 | 0.19 | % | ||||||||||||
Republic of | | 03/26/2020 - 04/24/2020 | | ARS 37,208,142 | 684,556 | 281,140 | 0.01 | 0.10 | ||||||||||||||||
Republic of | | 03/26/2020 - 04/24/2020 | | ARS 37,208,142 | 684,556 | 259,857 | 0.01 | 0.09 | ||||||||||||||||
Republic of | | 10/17/2016 - 05/17/2018 | | ARS 79,847,000 | 4,460,922 | 297,408 | 0.00 | 0.11 | ||||||||||||||||
Republic of | | 10/17/2016 - 05/17/2018 | | ARS 43,574,000 | 2,079,973 | 202,877 | 0.00 | 0.07 | ||||||||||||||||
Republic of | | 10/03/2016 - 08/01/2018 | | ARS 40,723,000 | 2,672,053 | 268,874 | 0.01 | 0.10 | ||||||||||||||||
Republic of | 04/03/2017 | ARS 2,800,000 | 186,226 | 22,845 | 0.01 | 0.01 | ||||||||||||||||||
Republic of | 04/03/2020 | ARS 14,297,600 | 161,012 | 124,895 | 0.01 | 0.04 | ||||||||||||||||||
Republic of | 05/07/2020 | ARS 13,814,000 | 126,492 | 120,512 | 0.01 | 0.04 | ||||||||||||||||||
$ | 2,112,320 | 0.75 | % | |||||||||||||||||||||
(2) | Principal amount of security is adjusted for inflation. |
(3) | Denominated in United States Dollars unless otherwise indicated. |
(4) | At May 31, 2020, the Fund had loaned securities with a total value of $1,126,735. This was secured by collateral of $211,516, which was received in cash and subsequently invested in short-term investments currently valued at $211,516 as reported in the Portfolio of Investments. Additional collateral of $974,265 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $134,457 | |||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 235,186 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 17,569 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | 4,762 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 07/15/2020 to 08/15/2049 | 582,291 |
(5) | The rate shown is the 7-day yield as of May 31, 2020. |
(6) | The security was issued on a discount basis with no stated coupon rate |
(7) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ARS—Argentine Peso
BRL—Brazilian Real
COP—Colombian Peso
GDR—Global 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 May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
BADLARPP—Argentina Deposit Rates Badlar 30-35 days
75 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Bank of America, N.A. | EUR | 431,144 | USD | 475,512 | 08/31/2020 | $ | – | $ | (3,985 | ) | ||||||||||||||||||
EUR | 584,552 | USD | 661,596 | 10/16/2020 | 10,827 | – | ||||||||||||||||||||||
EUR | 36,820 | USD | 40,090 | 10/30/2020 | – | (914 | ) | |||||||||||||||||||||
10,827 | (4,899 | ) | ||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Barclays Bank PLC | EUR | 183,000 | USD | 198,996 | 06/15/2020 | – | (4,196 | ) | ||||||||||||||||||||
EUR | 47,026 | USD | 51,649 | 06/30/2020 | – | (582 | ) | |||||||||||||||||||||
– | (4,778 | ) | ||||||||||||||||||||||||||
BNP Paribas SA | EUR | 118,000 | USD | 129,737 | 08/28/2020 | – | (1,488 | ) | ||||||||||||||||||||
JPY | 249,916,570 | USD | 2,321,577 | 06/24/2020 | 3,492 | – | ||||||||||||||||||||||
USD | 2,386,998 | JPY | 249,916,570 | 06/24/2020 | – | (68,913 | ) | |||||||||||||||||||||
3,492 | (70,401 | ) | ||||||||||||||||||||||||||
Citibank N.A. | AUD | 5,644,750 | JPY | 400,873,210 | 06/09/2020 | – | (45,195 | ) | ||||||||||||||||||||
BRL | 2,842,695 | USD | 485,605 | 06/02/2020 | – | (47,104 | ) | |||||||||||||||||||||
BRL | 4,830,079 | USD | 895,926 | 07/02/2020 | – | (7,746 | ) | |||||||||||||||||||||
BRL | 1,762,475 | USD | 303,847 | 08/04/2020 | – | (25,546 | ) | |||||||||||||||||||||
BRL | 4,622,695 | USD | 849,040 | 09/02/2020 | – | (13,886 | ) | |||||||||||||||||||||
BRL | 4,999,700 | USD | 912,191 | 11/04/2020 | – | (19,066 | ) | |||||||||||||||||||||
EUR | 927,117 | BRL | 5,260,000 | 07/02/2020 | – | (45,671 | ) | |||||||||||||||||||||
EUR | 1,104,900 | USD | 1,200,485 | 08/05/2020 | – | (27,643 | ) | |||||||||||||||||||||
EUR | 1,906,904 | USD | 2,076,351 | 08/14/2020 | – | (43,638 | ) | |||||||||||||||||||||
EUR | 89,576 | USD | 101,060 | 10/15/2020 | 1,339 | – | ||||||||||||||||||||||
JPY | 130,275,000 | USD | 1,212,830 | 08/26/2020 | 3,291 | – | ||||||||||||||||||||||
KRW | 524,000,000 | USD | 437,999 | 06/22/2020 | 14,916 | – | ||||||||||||||||||||||
KRW | 538,612,000 | USD | 469,236 | 07/17/2020 | 34,330 | – | ||||||||||||||||||||||
KRW | 1,049,895,196 | USD | 904,926 | 07/29/2020 | 57,130 | – | ||||||||||||||||||||||
KRW | 889,209,609 | USD | 749,629 | 08/26/2020 | 31,547 | – | ||||||||||||||||||||||
KRW | 1,049,895,195 | USD | 870,127 | 08/31/2020 | 22,277 | – | ||||||||||||||||||||||
KRW | 1,051,000,000 | USD | 858,800 | 11/16/2020 | 9,406 | – | ||||||||||||||||||||||
KRW | 1,245,000,000 | USD | 1,015,001 | 11/23/2020 | 8,748 | – | ||||||||||||||||||||||
MXN | 20,773,000 | USD | 1,021,764 | 06/17/2020 | 87,116 | – | ||||||||||||||||||||||
MXN | 12,274,000 | USD | 539,040 | 10/08/2020 | – | (4,601 | ) | |||||||||||||||||||||
MXN | 4,669,000 | USD | 226,250 | 10/09/2020 | 19,477 | – | ||||||||||||||||||||||
MXN | 15,565,000 | USD | 752,725 | 10/13/2020 | 63,765 | – | ||||||||||||||||||||||
MXN | 22,911,000 | USD | 1,111,979 | 10/15/2020 | 98,122 | – | ||||||||||||||||||||||
MXN | 20,978,000 | USD | 1,027,543 | 10/16/2020 | 99,344 | – | ||||||||||||||||||||||
MXN | 18,134,000 | USD | 715,136 | 10/27/2020 | – | (86,087 | ) | |||||||||||||||||||||
MXN | 30,327,000 | USD | 1,188,940 | 10/29/2020 | – | (150,667 | ) | |||||||||||||||||||||
USD | 533,839 | BRL | 2,842,695 | 06/02/2020 | – | (1,130 | ) | |||||||||||||||||||||
USD | 1,196,898 | JPY | 132,394,900 | 08/26/2020 | 32,323 | – | ||||||||||||||||||||||
USD | 3,489,338 | JPY | 373,520,000 | 08/31/2020 | – | (21,120 | ) | |||||||||||||||||||||
583,131 | (539,100 | ) | ||||||||||||||||||||||||||
Deutsche Bank AG | EUR | 2,024,052 | SEK | 21,440,300 | 06/15/2020 | 28,310 | – | |||||||||||||||||||||
EUR | 985,394 | SEK | 10,720,200 | 06/16/2020 | 43,719 | – | ||||||||||||||||||||||
EUR | 977,933 | SEK | 10,720,200 | 07/15/2020 | 51,655 | – | ||||||||||||||||||||||
EUR | 2,020,742 | SEK | 21,440,300 | 08/13/2020 | 30,429 | – | ||||||||||||||||||||||
EUR | 2,907,096 | USD | 3,191,410 | 08/26/2020 | – | (41,375 | ) | |||||||||||||||||||||
EUR | 60,000 | USD | 65,132 | 10/08/2020 | – | (1,653 | ) | |||||||||||||||||||||
EUR | 540,927 | USD | 610,176 | 10/15/2020 | 7,988 | – | ||||||||||||||||||||||
EUR | 133,000 | USD | 151,410 | 10/26/2020 | 3,311 | – | ||||||||||||||||||||||
EUR | 68,877 | USD | 74,611 | 10/27/2020 | – | (2,087 | ) | |||||||||||||||||||||
EUR | 154,729 | USD | 168,395 | 10/30/2020 | – | (3,915 | ) | |||||||||||||||||||||
KRW | 920,000,000 | USD | 764,755 | 07/06/2020 | 21,936 | – | ||||||||||||||||||||||
KRW | 920,000,000 | USD | 776,175 | 08/07/2020 | 33,247 | – | ||||||||||||||||||||||
KRW | 2,075,000,000 | USD | 1,680,706 | 11/27/2020 | 3,550 | – | ||||||||||||||||||||||
SEK | 12,880,000 | EUR | 1,182,727 | 06/15/2020 | – | (53,868 | ) | |||||||||||||||||||||
USD | 2,397,932 | JPY | 256,287,860 | 10/30/2020 | – | (15,733 | ) | |||||||||||||||||||||
224,145 | (118,631 | ) | ||||||||||||||||||||||||||
Goldman Sachs International | EUR | 1,600,080 | CHF | 1,730,108 | 08/12/2020 | 23,647 | – | |||||||||||||||||||||
EUR | 670,937 | CHF | 705,054 | 08/13/2020 | – | (11,337 | ) | |||||||||||||||||||||
EUR | 789,427 | CHF | 865,054 | 11/12/2020 | 24,373 | – | ||||||||||||||||||||||
48,020 | (11,337 | ) | ||||||||||||||||||||||||||
HSBC Bank PLC | AUD | 2,615,000 | JPY | 192,654,465 | 06/12/2020 | 43,549 | – | |||||||||||||||||||||
AUD | 3,040,000 | JPY | 205,898,592 | 06/15/2020 | – | (116,830 | ) | |||||||||||||||||||||
AUD | 880,000 | JPY | 57,749,120 | 06/16/2020 | – | (50,997 | ) | |||||||||||||||||||||
AUD | 1,725,000 | JPY | 116,873,925 | 09/14/2020 | – | (64,275 | ) | |||||||||||||||||||||
BRL | 3,272,300 | USD | 648,442 | 06/02/2020 | 35,227 | – | ||||||||||||||||||||||
BRL | 1,410,100 | USD | 273,965 | 06/25/2020 | 10,051 | – |
76 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Forward Foreign Currency Contracts | ||||||||||||||||||||||||||||
Counterparty | Contract to Deliver | In Exchange For | Delivery Date | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
BRL | 3,285,500 | USD | 648,434 | 07/02/2020 | $ | 33,742 | $ | – | ||||||||||||||||||||
BRL | 2,223,816 | USD | 389,651 | 08/04/2020 | – | (25,964 | ) | |||||||||||||||||||||
BRL | 2,763,195 | USD | 474,826 | 09/02/2020 | – | (40,984 | ) | |||||||||||||||||||||
BRL | 3,272,300 | USD | 613,825 | 10/02/2020 | 3,618 | – | ||||||||||||||||||||||
EUR | 1,065,913 | JPY | 127,435,249 | 06/25/2020 | – | (1,734 | ) | |||||||||||||||||||||
EUR | 235,000 | USD | 256,065 | 08/14/2020 | – | (5,195 | ) | |||||||||||||||||||||
EUR | 2,131,771 | JPY | 251,803,394 | 08/24/2020 | – | (32,699 | ) | |||||||||||||||||||||
EUR | 1,065,885 | JPY | 129,223,689 | 08/25/2020 | 14,486 | – | ||||||||||||||||||||||
EUR | 517,579 | USD | 581,625 | 10/13/2020 | 5,453 | – | ||||||||||||||||||||||
EUR | 1,065,885 | JPY | 125,899,192 | 11/24/2020 | – | (16,895 | ) | |||||||||||||||||||||
INR | 51,400,000 | USD | 670,301 | 08/26/2020 | – | (3,804 | ) | |||||||||||||||||||||
JPY | 49,033,920 | USD | 455,412 | 06/08/2020 | 716 | – | ||||||||||||||||||||||
KRW | 1,103,729,587 | USD | 960,642 | 07/17/2020 | 69,428 | – | ||||||||||||||||||||||
KRW | 250,870,413 | USD | 203,703 | 07/28/2020 | 1,125 | – | ||||||||||||||||||||||
KRW | 3,737,958,907 | USD | 3,048,409 | 07/29/2020 | 29,985 | – | ||||||||||||||||||||||
KRW | 3,173,000,000 | USD | 2,600,820 | 08/11/2020 | 38,512 | – | ||||||||||||||||||||||
KRW | 1,485,000,000 | USD | 1,216,017 | 10/20/2020 | 16,205 | – | ||||||||||||||||||||||
MXN | 80,900,000 | USD | 3,278,888 | 10/06/2020 | – | (305,267 | ) | |||||||||||||||||||||
MXN | 60,330,000 | USD | 2,891,129 | 10/07/2020 | 218,644 | – | ||||||||||||||||||||||
USD | 617,182 | BRL | 3,272,300 | 06/02/2020 | – | (3,967 | ) | |||||||||||||||||||||
USD | 464,866 | JPY | 49,033,920 | 06/08/2020 | – | (10,170 | ) | |||||||||||||||||||||
USD | 461,883 | JPY | 49,033,910 | 09/09/2020 | – | (6,521 | ) | |||||||||||||||||||||
USD | 2,147,554 | JPY | 232,440,560 | 09/24/2020 | 11,613 | – | ||||||||||||||||||||||
532,354 | (685,302 | ) | ||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | AUD | 3,990,000 | JPY | 294,821,769 | 06/12/2020 | 74,489 | – | |||||||||||||||||||||
AUD | 2,260,000 | JPY | 168,762,110 | 07/14/2020 | 59,393 | – | ||||||||||||||||||||||
AUD | 4,773,844 | JPY | 342,356,422 | 08/21/2020 | – | (3,606 | ) | |||||||||||||||||||||
AUD | 2,040,000 | JPY | 138,499,782 | 09/14/2020 | – | (73,377 | ) | |||||||||||||||||||||
AUD | 1,363,406 | JPY | 99,913,673 | 11/24/2020 | 20,494 | – | ||||||||||||||||||||||
BRL | 5,498,100 | USD | 1,139,923 | 06/02/2020 | 109,602 | – | ||||||||||||||||||||||
BRL | 6,994,800 | USD | 1,378,889 | 07/02/2020 | 70,214 | – | ||||||||||||||||||||||
BRL | 8,728,400 | USD | 1,745,332 | 08/04/2020 | 114,059 | – | ||||||||||||||||||||||
BRL | 3,712,800 | USD | 711,878 | 10/02/2020 | 19,528 | – | ||||||||||||||||||||||
EUR | 2,120,000 | USD | 2,375,789 | 06/04/2020 | 22,391 | – | ||||||||||||||||||||||
JPY | 46,569,920 | USD | 445,000 | 06/08/2020 | 13,152 | – | ||||||||||||||||||||||
JPY | 98,894,610 | USD | 945,678 | 06/22/2020 | 28,418 | – | ||||||||||||||||||||||
NOK | 10,783,100 | USD | 1,038,917 | 06/15/2020 | – | (70,474 | ) | |||||||||||||||||||||
NOK | 10,979,000 | USD | 1,058,479 | 06/19/2020 | – | (71,106 | ) | |||||||||||||||||||||
USD | 1,033,089 | BRL | 5,498,100 | 06/02/2020 | – | (2,768 | ) | |||||||||||||||||||||
USD | 442,020 | JPY | 46,569,920 | 06/08/2020 | – | (10,173 | ) | |||||||||||||||||||||
USD | 1,178,359 | NOK | 10,783,100 | 06/15/2020 | – | (68,967 | ) | |||||||||||||||||||||
USD | 1,178,350 | NOK | 10,717,400 | 06/16/2020 | – | (75,709 | ) | |||||||||||||||||||||
USD | 1,218,170 | NOK | 10,979,000 | 06/19/2020 | – | (88,585 | ) | |||||||||||||||||||||
USD | 935,157 | JPY | 98,894,610 | 06/22/2020 | – | (17,896 | ) | |||||||||||||||||||||
USD | 1,061,597 | NOK | 11,353,925 | 06/30/2020 | 106,671 | – | ||||||||||||||||||||||
USD | 1,079,054 | JPY | 118,186,100 | 08/27/2020 | 18,262 | – | ||||||||||||||||||||||
USD | 1,066,299 | NOK | 9,620,500 | 09/21/2020 | – | (75,886 | ) | |||||||||||||||||||||
USD | 312,068 | JPY | 33,441,948 | 11/16/2020 | – | (1,131 | ) | |||||||||||||||||||||
656,673 | (559,678 | ) | ||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | EUR | 138,000 | USD | 151,002 | 11/27/2020 | – | (2,772 | ) | ||||||||||||||||||||
Standard Chartered Bank | EUR | 3,642,368 | USD | 4,082,552 | 06/05/2020 | 39,106 | – | |||||||||||||||||||||
INR | 114,436,600 | USD | 1,581,337 | 06/03/2020 | 68,093 | – | ||||||||||||||||||||||
INR | 45,804,000 | USD | 627,302 | 08/27/2020 | 26,647 | – | ||||||||||||||||||||||
INR | 55,008,000 | USD | 750,031 | 08/28/2020 | 28,748 | – | ||||||||||||||||||||||
INR | 114,436,600 | USD | 1,490,720 | 09/03/2020 | – | (8,922 | ) | |||||||||||||||||||||
USD | 1,509,399 | INR | 114,436,600 | 06/03/2020 | 3,844 | – | ||||||||||||||||||||||
166,438 | (8,922 | ) | ||||||||||||||||||||||||||
UBS AG | EUR | 176,932 | USD | 198,323 | 06/05/2020 | 1,908 | – | |||||||||||||||||||||
EUR | 1,679,100 | USD | 1,906,534 | 07/23/2020 | 40,680 | – | ||||||||||||||||||||||
EUR | 1,627,422 | CHF | 1,762,892 | 08/10/2020 | 27,375 | – | ||||||||||||||||||||||
EUR | 226,932 | USD | 248,281 | 10/09/2020 | – | (4,319 | ) | |||||||||||||||||||||
EUR | 804,122 | CHF | 881,446 | 11/09/2020 | 25,104 | – | ||||||||||||||||||||||
USD | 1,657,815 | EUR | 1,470,776 | 07/23/2020 | – | (23,454 | ) | |||||||||||||||||||||
95,067 | (27,773 | ) | ||||||||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) | $ | 2,320,147 | $ | (2,033,593 | ) | |||||||||||||||||||||||
77 |
Table of Contents
VALIC Company I Global Strategy Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (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
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 106,555,902 | $ | 73,764,689 | ** | $ | — | $ | 180,320,591 | |||||||
Foreign Government Obligations | — | 56,967,204 | — | 56,967,204 | ||||||||||||
U.S. Government Treasuries | — | 6,797,894 | — | 6,797,894 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 211,516 | — | — | 211,516 | ||||||||||||
Other Short-Term Investments | — | 30,847,208 | — | 30,847,208 | ||||||||||||
Repurchase Agreements | — | 5,890,000 | — | 5,890,000 | ||||||||||||
Total Investments at Value | $ | 106,767,418 | $ | 174,266,995 | $ | — | $ | 281,034,413 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,320,147 | $ | — | $ | 2,320,147 | ||||||||
LIABILITIES: | ||||||||||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 2,033,593 | $ | — | $ | 2,033,593 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
78 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
U.S. Government Treasuries | 51.2 | % | ||
U.S. Government Agencies | 47.1 | |||
Repurchase Agreements | 1.2 | |||
99.5 | % | |||
Credit Quality Allocation@#
P-1 | 98.3 | % | ||
* | Calculated as a percentage of net assets |
@ | Source: Moody’s |
# | Calculated as a percentage of total debt issues |
Weighted Average days to Maturity - 35.7 days
79 |
Table of Contents
VALIC Company I Government Money Market I Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 98.3% |
| |||||||
U.S. Government Agencies — 47.1% |
| |||||||
Federal Farm Credit Bank | $ | 9,000,000 | $ | 9,000,000 | ||||
Federal Farm Credit Bank FRS | 8,000,000 | 8,000,000 | ||||||
Federal Home Loan Bank | 32,000,000 | 32,000,000 | ||||||
0.17% due 06/19/2020 | 5,400,000 | 5,399,541 | ||||||
0.30% due 10/22/2020 | 5,500,000 | 5,493,446 | ||||||
0.30% due 10/23/2020 | 5,500,000 | 5,493,400 | ||||||
0.30% due 10/26/2020 | 5,500,000 | 5,493,262 | ||||||
0.32% due 11/25/2020 | 10,100,000 | 10,084,109 | ||||||
0.32% due 12/15/2020 | 7,500,000 | 7,486,867 | ||||||
0.35% due 12/24/2020 | 8,500,000 | 8,482,976 | ||||||
0.35% due 12/28/2020 | 8,500,000 | 8,482,646 | ||||||
Federal Home Loan Bank FRS | 8,000,000 | 8,000,000 | ||||||
Federal Home Loan Mtg. Corp. FRS | 8,000,000 | 8,000,000 | ||||||
0.07% (SOFR + 0.01%) | 9,000,000 | 9,000,000 | ||||||
0.07% (SOFR+0.01%) | 8,000,000 | 8,000,000 | ||||||
0.07% (SOFR + 0.01%) | 7,000,000 | 7,000,000 | ||||||
0.07% (SOFR+0.01%) | 5,000,000 | 5,000,000 | ||||||
0.08% (SOFR + 0.02%) | 8,000,000 | 8,000,000 | ||||||
0.09% (SOFR + 0.03%) | 8,000,000 | 8,000,000 | ||||||
0.09% (SOFR + 0.03%) | 8,000,000 | 8,000,000 | ||||||
0.09% (SOFR+0.03%) | 5,000,000 | 5,000,000 | ||||||
0.10% (SOFR+0.04%) | 5,000,000 | 5,000,000 | ||||||
Federal National Mtg. Assoc. FRS | 5,000,000 | 5,000,000 | ||||||
0.10% (SOFR+0.04%) | 6,000,000 | 6,000,000 | ||||||
Total U.S. Government Agencies | ||||||||
(amortized cost $195,416,247) | 195,416,247 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. Government Treasuries — 51.2% |
| |||||||
United States Treasury Bills | ||||||||
0.05% due 09/17/2020 | $ | 6,400,000 | $ | 6,399,098 | ||||
0.06% due 06/09/2020 | 10,000,000 | 9,999,857 | ||||||
0.07% due 06/02/2020 | 7,000,000 | 6,999,986 | ||||||
0.07% due 06/04/2020 | 33,000,000 | 32,999,804 | ||||||
0.07% due 06/11/2020 | 10,000,000 | 9,999,803 | ||||||
0.07% due 06/16/2020 | 17,000,000 | 16,999,518 | ||||||
0.07% due 06/18/2020 | 8,000,000 | 7,999,745 | ||||||
0.07% due 06/23/2020 | 11,000,000 | 10,999,530 | ||||||
0.07% due 07/09/2020 | 10,000,000 | 9,999,282 | ||||||
0.08% due 06/09/2020 | 15,000,000 | 14,999,733 | ||||||
0.08% due 06/23/2020 | 7,000,000 | 6,999,647 | ||||||
0.08% due 06/30/2020 | 11,000,000 | 10,999,291 | ||||||
0.09% due 06/18/2020 | 11,000,000 | 10,999,533 | ||||||
0.09% due 06/25/2020 | 4,000,000 | 3,999,773 | ||||||
0.09% due 06/30/2020 | 6,000,000 | 5,999,555 | ||||||
0.09% due 07/02/2020 | 10,000,000 | 9,999,212 | ||||||
0.10% due 06/11/2020 | 10,000,000 | 9,999,722 | ||||||
0.10% due 06/25/2020 | 7,000,000 | 6,999,557 | ||||||
0.10% due 07/07/2020 | 9,500,000 | 9,499,098 | ||||||
0.16% due 09/10/2020 | 9,700,000 | 9,695,782 | ||||||
Total U.S. Government Treasuries | ||||||||
(amortized cost $212,587,526) | 212,587,526 | |||||||
Total Short-Term Investment Securities — 98.3% | ||||||||
(amortized cost $408,003,773) | 408,003,773 | |||||||
REPURCHASE AGREEMENTS — 1.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,138,000 and collateralized by $4,790,000 of United States Treasury Notes, bearing interest at 2.63%, due 12/31/2023 and having an approximate value of $5,245,888 | 5,138,000 | 5,138,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(amortized cost $413,141,773)(1) | 99.5 | % | 413,141,773 | |||||
Other assets less liabilities | 0.5 | 2,059,207 | ||||||
NET ASSETS | 100.0 | % | $ | 415,200,980 | ||||
(1) | See Note 5 for cost of investments on a tax basis. |
FRS — Floating Rate Security
The rates shown on FRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML — 1 Month USD LIBOR
SOFR — Secured Overnight Financing Rate
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Short-Term Investment Securities | $ | — | $ | 408,003,773 | $ | — | $ | 408,003,773 | ||||||||
Repurchase Agreements | — | 5,138,000 | — | 5,138,000 | ||||||||||||
Total Investments at Value | $ | — | $ | 413,141,773 | $ | — | $ | 413,141,773 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
80 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Federal National Mtg. Assoc. | 36.8 | % | ||
United States Treasury Notes | 17.1 | |||
Federal Home Loan Mtg. Corp. | 13.7 | |||
United States Treasury Bonds | 10.3 | |||
Diversified Financial Services | 5.7 | |||
Government National Mtg. Assoc. | 4.9 | |||
Repurchase Agreements | 2.3 | |||
Sovereign | 1.7 | |||
Resolution Funding Corp | 1.4 | |||
Federal Farm Credit Bank | 1.2 | |||
Diversified Banking Institutions | 1.0 | |||
Banks — Super Regional | 0.6 | |||
Airlines | 0.5 | |||
Telephone — Integrated | 0.5 | |||
Multimedia | 0.3 | |||
Tennessee Valley Authority | 0.3 | |||
Pharmacy Services | 0.3 | |||
Pipelines | 0.2 | |||
Electric — Integrated | 0.2 | |||
Real Estate Investment Trusts | 0.2 | |||
Medical — Biomedical/Gene | 0.1 | |||
Insurance — Mutual | 0.1 | |||
Medical — Drugs | 0.1 | |||
Transport — Rail | 0.1 | |||
Oil Companies — Exploration & Production | 0.1 | |||
Finance — Credit Card | 0.1 | |||
Medical Instruments | 0.1 | |||
99.9 | % | |||
Credit Quality Allocation†#
Aaa | 92.6 | % | ||
A | 2.5 | |||
Baa | 2.0 | |||
Not Rated@ | 2.9 | |||
100.0 | % | |||
* | Calculated as a percentage of net assets. |
@ | Represents debt issues that either have no rating, or the rating is unavailable from the data source. |
† | Source: Moody’s |
# | Calculated as a percentage of total debt issues, excluding short-term securities. |
81 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Principal Amount | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 5.7% |
| |||||||
Diversified Financial Services — 5.7% |
| |||||||
BANK | $ | 500,000 | $ | 515,474 | ||||
BBCMS Trust | 294,576 | 287,489 | ||||||
Citigroup Commercial Mtg. Trust | 1,250,000 | 1,329,493 | ||||||
COMM Mtg. Trust VRS | 758,698 | 20,991 | ||||||
COMM Mtg. Trust VRS | 600,000 | 566,499 | ||||||
DBUBS Mtg. Trust | 32,636 | 32,799 | ||||||
Eleven Madison Mtg. Trust VRS | 398,000 | 424,006 | ||||||
GS Mtg. Securities Trust | 1,100,000 | 1,210,615 | ||||||
Progress Residential Trust | 298,742 | 302,766 | ||||||
Sofi Professional Loan Program Trust | 1,000,000 | 1,028,140 | ||||||
Tricon American Homes Trust | 540,020 | 542,751 | ||||||
UBS Commercial Mtg. Trust | 1,500,000 | 1,626,635 | ||||||
UBS-BAMLL Trust | 217,000 | 220,966 | ||||||
WF-RBS Commercial Mtg. Trust | 296,844 | 299,899 | ||||||
Total Asset Backed Securities | ||||||||
(cost $8,196,282) | 8,408,523 | |||||||
U.S. CORPORATE BONDS & NOTES — 4.1% |
| |||||||
Airlines — 0.5% |
| |||||||
American Airlines Pass-Through Trust | 633,421 | 554,769 | ||||||
American Airlines Pass-Through Trust | 291,604 | 255,454 | ||||||
810,223 | ||||||||
Banks - Super Regional — 0.6% |
| |||||||
Wells Fargo & Co. | 900,000 | 911,485 | ||||||
Diversified Banking Institutions — 0.6% |
| |||||||
Citigroup, Inc. | 400,000 | 433,811 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Diversified Banking Institutions (continued) | ||||||||
Citigroup, Inc. | $ | 162,000 | $ | 171,164 | ||||
Morgan Stanley | 319,000 | 324,425 | ||||||
929,400 | ||||||||
Electric - Integrated — 0.2% |
| |||||||
San Diego Gas & Electric Co. | 200,000 | 248,521 | ||||||
Finance - Credit Card — 0.1% |
| |||||||
American Express Co. | 104,000 | 114,201 | ||||||
Insurance - Mutual — 0.1% |
| |||||||
New York Life Global Funding | 154,000 | 156,246 | ||||||
Medical Instruments — 0.1% |
| |||||||
Medtronic, Inc. | 99,000 | 103,701 | ||||||
Medical - Biomedical/Gene — 0.1% |
| |||||||
Gilead Sciences, Inc. | 144,000 | 160,476 | ||||||
Medical - Drugs — 0.1% |
| |||||||
AbbVie, Inc. | 126,000 | 130,986 | ||||||
Multimedia — 0.3% |
| |||||||
Walt Disney Co. | 500,000 | 506,622 | ||||||
Oil Companies - Exploration & Production — 0.1% |
| |||||||
Noble Energy, Inc. | 116,000 | 114,639 | ||||||
Pharmacy Services — 0.3% |
| |||||||
CVS Health Corp. | 440,000 | 502,936 | ||||||
Pipelines — 0.2% |
| |||||||
Enterprise Products Operating LLC | 127,000 | 139,840 | ||||||
Magellan Midstream Partners LP | 137,000 | 140,141 | ||||||
279,981 | ||||||||
Real Estate Investment Trusts — 0.2% |
| |||||||
Boston Properties LP | 240,000 | 247,770 | ||||||
Telephone - Integrated — 0.5% |
| |||||||
AT&T, Inc. | 500,000 | 543,467 |
82 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Telephone - Integrated (continued) |
| |||||||
AT&T, Inc. | $ | 171,000 | $ | 187,370 | ||||
730,837 | ||||||||
Transport - Rail — 0.1% |
| |||||||
Norfolk Southern Corp. | 89,000 | 93,659 | ||||||
Norfolk Southern Corp. | 19,000 | 22,444 | ||||||
116,103 | ||||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $5,901,777) | 6,064,127 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 0.4% |
| |||||||
Diversified Banking Institutions — 0.4% |
| |||||||
Mitsubishi UFJ Financial Group, Inc. | 217,000 | 229,995 | ||||||
Mizuho Financial Group, Inc. | 363,000 | 375,307 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $580,000) | 605,302 | |||||||
U.S. GOVERNMENT AGENCIES — 58.3% |
| |||||||
Federal Farm Credit Bank — 1.2% |
| |||||||
3.33% due 04/28/2037 | 500,000 | 616,439 | ||||||
3.35% due 10/21/2025 | 1,000,000 | 1,142,780 | ||||||
1,759,219 | ||||||||
Federal Home Loan Mtg. Corp. — 13.7% |
| |||||||
2.50% due 05/01/2050 | 798,623 | 832,038 | ||||||
3.50% due 06/01/2033 | 1,044,858 | 1,121,567 | ||||||
4.50% due 09/01/2039 | 338,007 | 376,115 | ||||||
4.50% due 11/01/2039 | 178,723 | 198,769 | ||||||
4.50% due 02/01/2040 | 251,870 | 280,120 | ||||||
4.50% due 04/01/2040 | 24,601 | 27,353 | ||||||
4.50% due 06/01/2040 | 57,165 | 63,478 | ||||||
4.50% due 08/01/2040 | 275,773 | 306,483 | ||||||
4.50% due 03/01/2041 | 914,977 | 1,002,140 | ||||||
4.50% due 04/01/2041 | 123,568 | 137,339 | ||||||
4.50% due 06/01/2041 | 229,261 | 255,206 | ||||||
5.00% due 10/01/2034 | 20,917 | 22,827 | ||||||
5.50% due 12/01/2036 | 9,861 | 10,852 | ||||||
6.00% due 11/01/2033 | 52,498 | 60,619 | ||||||
6.50% due 02/01/2032 | 18,473 | 21,139 | ||||||
8.00% due 02/01/2030 | 342 | 344 | ||||||
8.00% due 08/01/2030 | 141 | 169 | ||||||
8.00% due 06/01/2031 | 1,281 | 1,489 | ||||||
Federal Home Loan Mtg. Corp. FRS | 5,317 | 5,421 | ||||||
Federal Home Loan Mtg. Corp. STRIPS | 720,807 | 778,961 | ||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | ||||||||
Series KJ14, Class A2 | 591,000 | 634,378 | ||||||
Series K049, Class A2 | 430,000 | 473,282 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal Home Loan Mtg. Corp. (continued) | ||||||||
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | $ | 1,000,000 | $ | 1,111,693 | ||||
Federal Home Loan Mtg. Corp. REMIC |
| |||||||
Series 4150, Class GE | 863,840 | 893,985 | ||||||
Series 4186, Class JE | 253,834 | 266,329 | ||||||
Series 4594, Class GN | 643,510 | 672,603 | ||||||
Series 3981, Class PA | 177,078 | 182,641 | ||||||
Series 4097, Class YK | 1,750,000 | 1,964,694 | ||||||
Series 4150, Class IG | 2,554,485 | 216,481 | ||||||
Series 4838, Class CY | 1,000,000 | 1,142,433 | ||||||
Series 4365, Class HZ | 831,611 | 891,928 | ||||||
Series 4599, Class PA | 1,138,696 | 1,212,362 | ||||||
Series 4057, Class WY | 1,000,000 | 1,098,178 | ||||||
Series 3813, Class D | 1,000,000 | 1,082,477 | ||||||
Series 3917, Class B | 465,000 | 516,283 | ||||||
Series 3927, Class AY | 1,494,968 | 1,657,474 | ||||||
Series 3786, Class PB | 675,269 | 711,013 | ||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 361,547 | 67,539 | ||||||
20,298,202 | ||||||||
Federal National Mtg. Assoc. — 36.8% |
| |||||||
2.55% due 09/01/2034 | 700,000 | 759,603 | ||||||
2.81% due 04/01/2025 | 800,000 | 863,403 | ||||||
2.94% due 01/01/2026 | 1,561,961 | 1,703,747 | ||||||
3.00% due 03/01/2043 | 902,064 | 967,075 | ||||||
3.00% due 02/01/2050 | 982,939 | 1,040,176 | ||||||
3.12% due 07/01/2029 | 3,500,000 | 3,993,939 | ||||||
3.30% due 02/01/2030 | 2,942,043 | 3,325,213 | ||||||
3.50% due 07/01/2049 | 1,297,177 | 1,368,014 | ||||||
3.64% due 07/01/2028 | 1,500,000 | 1,730,272 | ||||||
3.69% due 05/01/2030 | 1,484,534 | 1,741,339 | ||||||
4.00% due 09/01/2040 | 79,462 | 87,461 | ||||||
4.00% due 10/01/2040 | 61,426 | 67,502 | ||||||
4.00% due 12/01/2040 | 112,130 | 123,436 | ||||||
4.00% due 01/01/2041 | 234,133 | 257,715 | ||||||
4.00% due 02/01/2041 | 768,870 | 846,356 | ||||||
4.00% due 03/01/2041 | 1,270,138 | 1,398,249 | ||||||
4.00% due 06/01/2042 | 640,774 | 691,166 | ||||||
4.00% due 03/01/2043 | 1,973,835 | 2,159,558 | ||||||
5.00% due 12/01/2036 | 9,213 | 10,051 | ||||||
5.50% due 12/01/2033 | 13,356 | 15,020 | ||||||
5.50% due 10/01/2034 | 7,245 | 7,982 | ||||||
6.50% due 07/01/2032 | 4,046 | 4,608 | ||||||
7.00% due 09/01/2031 | 12,342 | 13,997 |
83 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT AGENCIES (continued) |
| |||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Federal National Mtg. Assoc. FRS | $ | 849 | $ | 856 | ||||
3.37% (6 ML+1.50%) | 8,474 | 8,621 | ||||||
3.98% (1 Yr USTYCR+2.23%) | 8,142 | 8,191 | ||||||
Federal National Mtg. Assoc. STRIPS | 145,935 | 30,090 | ||||||
Federal National Mtg. Assoc. VRS | 1,905,981 | 2,058,682 | ||||||
Federal National Mtg. Assoc. Grantor Trust | 1,125,012 | 1,213,205 | ||||||
Federal National Mtg. Assoc. REMIC | ||||||||
Series 2002-34, Class AO | 172,937 | 166,355 | ||||||
Series 2020-M8, Class A2 | 800,000 | 834,313 | ||||||
Series 2013-15, Class DC | 645,467 | 668,554 | ||||||
Series 2011-126, Class EC | 138,123 | 139,696 | ||||||
Series 2020-12, Class JC | 1,481,869 | 1,534,835 | ||||||
Series 2013-23, Class KJ | 1,209,009 | 1,249,720 | ||||||
Series 2012-93, Class ME | 1,426,354 | 1,488,335 | ||||||
Series 2013-73, Class TD | 484,607 | 502,825 | ||||||
Series 2019-M31, Class A2 | 1,000,000 | 1,098,007 | ||||||
Series 2013-100, Class DE | 1,704,839 | 1,757,817 | ||||||
Series 2013-106, Class PY | 2,900,000 | 3,229,474 | ||||||
Series 2016-30, Class PA | 633,461 | 671,315 | ||||||
Series 2016-25, Class LA | 454,894 | 483,030 | ||||||
Series 2016-33, Class JA | 459,295 | 487,415 | ||||||
Series 2015-97, Class N | 2,000,000 | 2,172,720 | ||||||
Series 2016-38, Class NA | 815,332 | 837,476 | ||||||
Series 2016-30, Class LY | 800,000 | 950,565 | ||||||
Series 2012-50, Class VB | 1,355,000 | 1,445,919 | ||||||
Series 2012-47, Class VB | 2,000,000 | 2,148,812 | ||||||
Series 2004-90, Class GC | 27,067 | 27,131 | ||||||
Series 2010-117, Class DY | 974,930 | 1,067,220 | ||||||
Series 2010-134, Class MB | 250,000 | 307,114 | ||||||
Series 2007-116, Class PB | 49,193 | 57,589 | ||||||
Federal National Mtg. Assoc. REMIC VRS | ||||||||
Series 2015-M13, Class A2 | 515,000 | 554,432 |
Security Description | Principal Amount | Value (Note 2) | ||||||
Federal National Mtg. Assoc. (continued) |
| |||||||
Series 2016-M1, Class A2 | $ | 1,239,000 | $ | 1,327,752 | ||||
Series 2014-M13, Class A2 | 1,220,693 | 1,307,609 | ||||||
Series 2018-M4, Class A2 | 1,400,000 | 1,574,729 | ||||||
54,586,286 | ||||||||
Government National Mtg. Assoc. — 4.9% |
| |||||||
3.50% due 09/15/2048 | 873,055 | 963,512 | ||||||
3.50% due 10/15/2048 | 1,030,450 | 1,136,210 | ||||||
3.50% due 02/15/2049 | 990,842 | 1,093,216 | ||||||
4.00% due 01/20/2050 | 977,311 | 1,042,085 | ||||||
4.50% due 03/15/2038 | 17,365 | 19,187 | ||||||
4.50% due 03/15/2039 | 4,265 | 4,751 | ||||||
4.50% due 05/15/2039 | 123,785 | 137,848 | ||||||
4.50% due 06/15/2039 | 100,820 | 112,207 | ||||||
4.50% due 07/15/2039 | 178,030 | 197,096 | ||||||
4.50% due 09/15/2039 | 2,852 | 3,177 | ||||||
4.50% due 12/15/2039 | 61,047 | 66,844 | ||||||
4.50% due 04/15/2040 | 85,103 | 94,813 | ||||||
4.50% due 06/15/2040 | 206,438 | 229,842 | ||||||
4.50% due 08/15/2040 | 37,529 | 41,784 | ||||||
5.00% due 09/15/2035 | 1,228 | 1,414 | ||||||
5.00% due 02/15/2036 | 44,981 | 51,136 | ||||||
5.00% due 05/15/2036 | 5,809 | 6,404 | ||||||
6.00% due 01/15/2032 | 6,060 | 6,798 | ||||||
7.50% due 02/15/2029 | 2,403 | 2,414 | ||||||
7.50% due 07/15/2030 | 114 | 117 | ||||||
7.50% due 01/15/2031 | 4,284 | 4,890 | ||||||
Government National Mtg. Assoc. REMIC |
| |||||||
Series 2014-58, Class EP | 432,000 | 524,933 | ||||||
Series 2004-18, Class Z | 222,918 | 248,783 | ||||||
Series 2008-6, Class GL | 780,812 | 854,369 | ||||||
Series 2005-21, Class Z | 395,627 | 452,996 | ||||||
7,296,826 | ||||||||
Resolution Funding Corp — 1.4% |
| |||||||
zero coupon due 07/15/2020 STRIPS | 2,000,000 | 1,999,347 | ||||||
Tennessee Valley Authority — 0.3% |
| |||||||
0.75% due 05/15/2025 | 500,000 | 505,065 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $80,998,906) |
| 86,444,945 | ||||||
U.S. GOVERNMENT TREASURIES — 27.4% |
| |||||||
United States Treasury Bonds — 10.3% |
| |||||||
zero coupon due 08/15/2024 STRIPS | 2,040,000 | 2,010,092 | ||||||
2.88% due 08/15/2045# | 1,000,000 | 1,318,320 | ||||||
3.00% due 02/15/2048 | 750,000 | 1,027,090 | ||||||
3.13% due 02/15/2043 | 1,000,000 | 1,354,961 | ||||||
3.75% due 08/15/2041# | 4,000,000 | 5,883,125 | ||||||
3.75% due 11/15/2043 | 1,000,000 | 1,488,399 | ||||||
3.88% due 08/15/2040 | 1,500,000 | 2,234,531 | ||||||
15,316,518 | ||||||||
United States Treasury Notes — 17.1% |
| |||||||
0.63% due 03/31/2027 | 5,000,000 | 5,047,265 | ||||||
1.75% due 05/15/2023 | 8,000,000 | 8,366,250 | ||||||
2.50% due 08/15/2023 | 3,000,000 | 3,219,844 |
84 |
Table of Contents
VALIC Company I Government Securities Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States Treasury Notes (continued) |
| |||||||
2.75% due 02/15/2024 | $ | 2,500,000 | $ | 2,732,031 | ||||
2.88% due 08/15/2028 | 5,000,000 | 5,930,469 | ||||||
25,295,859 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $34,765,721) | 40,612,377 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 1.7% |
| |||||||
Sovereign — 1.7% |
| |||||||
Israel Government AID | 2,641,000 | 2,557,845 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $132,885,263) | 144,693,119 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.0% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 16,040 | 16,040 | ||||||
REPURCHASE AGREEMENTS — 2.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,432,000 collateralized by $3,265,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,540,164 | 3,432,000 | 3,432,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $136,333,303)(9) | 99.9 | % | 148,141,159 | |||||
Other assets less liabilities | 0.1 | 197,056 | ||||||
NET ASSETS | 100.0 | % | $ | 148,338,215 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $3,992,547 representing 2.7% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Commercial Mortgage Backed Security |
(2) | Interest Only |
(3) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(4) | Collateralized Mortgage Obligation |
(5) | Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2020. |
(6) | Principal Only |
(7) | The rate shown is the 7-day yield as of May 31, 2020. |
(8) | At May 31, 2020, the Fund had loaned securities with a total value of $7,269,672. This was secured by collateral of $16,040, which was received in cash and subsequently invested in short-term investments currently valued at $16,040 as reported in the Portfolio of Investments. Additional collateral of $7,334,565 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 21.62% | 12/25/2020 to 06/25/2050 | $ | 2,876,712 | ||||
Federal National Mtg. Assoc. | 0.47% to 27.69% | 08/25/2026 to 02/25/2060 | 2,362,869 | |||||
Government National Mtg. Assoc. | 0.62% to 29.66% | 10/16/2032 to 02/16/2062 | 2,094,984 |
(9) | See Note 5 for cost of investments on a tax basis. |
REMIC—Real Estate Mortgage Investment Conduit
STRIPS—Separate Trading of Registered Interest and Principal Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates as of May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
6 ML—6 Month USD LIBOR
12 ML—12 Month USD LIBOR
1 Yr USTYCR—1 Year US Treasury Yield Curve Rate
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 8,408,523 | $ | — | $ | 8,408,523 | ||||||||
U.S. Corporate Bonds & Notes | — | 6,064,127 | — | 6,064,127 | ||||||||||||
Foreign Corporate Bonds & Notes | — | 605,302 | — | 605,302 | ||||||||||||
U.S. Government Agencies | — | 86,444,945 | — | 86,444,945 | ||||||||||||
U.S. Government Treasuries | — | 40,612,377 | — | 40,612,377 | ||||||||||||
Foreign Government Obligations | — | 2,557,845 | — | 2,557,845 | ||||||||||||
Short-Term Investment Securities | 16,040 | — | — | 16,040 | ||||||||||||
Repurchase Agreements | — | 3,432,000 | — | 3,432,000 | ||||||||||||
Total Investments at Value | $ | 16,040 | $ | 148,125,119 | $ | — | $ | 148,141,159 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
85 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 13.5 | % | ||
E-Commerce/Products | 12.1 | |||
Finance — Credit Card | 8.0 | |||
Internet Content — Entertainment | 6.4 | |||
Commercial Services — Finance | 6.3 | |||
Medical — Drugs | 4.4 | |||
Web Portals/ISP | 3.7 | |||
Computers | 3.6 | |||
Medical Instruments | 3.5 | |||
Real Estate Investment Trusts | 2.3 | |||
Electronic Forms | 2.3 | |||
E-Commerce/Services | 2.2 | |||
Semiconductor Equipment | 2.2 | |||
Retail — Building Products | 2.1 | |||
Commercial Services | 1.9 | |||
Distribution/Wholesale | 1.9 | |||
Athletic Footwear | 1.9 | |||
Finance — Other Services | 1.7 | |||
Data Processing/Management | 1.5 | |||
Medical — HMO | 1.5 | |||
Medical Labs & Testing Services | 1.5 | |||
Auto — Cars/Light Trucks | 1.3 | |||
Diagnostic Equipment | 1.3 | |||
Semiconductor Components — Integrated Circuits | 1.3 | |||
Retail — Major Department Stores | 1.2 | |||
Electronic Components — Semiconductors | 1.2 | |||
Coatings/Paint | 1.0 | |||
Containers — Metal/Glass | 0.6 | |||
Exchange — Traded Funds | 0.5 | |||
Registered Investment Companies | 0.4 | |||
Medical — Biomedical/Gene | 0.4 | |||
Aerospace/Defense | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Retail — Restaurants | 0.4 | |||
Medical Products | 0.3 | |||
Cable/Satellite TV | 0.3 | |||
Beverages — Non-alcoholic | 0.3 | |||
Retail — Discount | 0.3 | |||
Diversified Banking Institutions | 0.2 | |||
Transport — Rail | 0.2 | |||
Industrial Gases | 0.2 | |||
Multimedia | 0.2 | |||
Computer Aided Design | 0.2 | |||
Repurchase Agreements | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Computer Services | 0.1 | |||
Enterprise Software/Service | 0.1 | |||
Insurance Brokers | 0.1 | |||
Electronic Measurement Instruments | 0.1 | |||
Tobacco | 0.1 | |||
Investment Management/Advisor Services | 0.1 | |||
Electric — Integrated | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Instruments — Controls | 0.1 | |||
Retail — Auto Parts | 0.1 | |||
Diversified Manufacturing Operations | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Hotels/Motels | 0.1 | |||
Electronic Connectors | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Transport — Services | 0.1 | |||
Retail — Apparel/Shoe | 0.1 | |||
Drug Delivery Systems | 0.1 | |||
Entertainment Software | 0.1 | |||
Non — Hazardous Waste Disposal | 0.1 | |||
Consulting Services | 0.1 |
Finance — Investment Banker/Broker | 0.1 | |||
Machinery — Farming | 0.1 | |||
Decision Support Software | 0.1 | |||
Insurance — Property/Casualty | 0.1 | |||
Chemicals — Specialty | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Building Products — Cement | 0.1 | |||
100.6 | % | |||
* | Calculated as a percentage of net assets |
86 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.5% |
| |||||||
Aerospace/Defense — 0.4% |
| |||||||
Boeing Co. | 4,976 | $ | 725,750 | |||||
Lockheed Martin Corp. | 5,250 | 2,039,310 | ||||||
Northrop Grumman Corp. | 3,315 | 1,111,188 | ||||||
Raytheon Technologies Corp. | 16,454 | 1,061,612 | ||||||
TransDigm Group, Inc. | 1,053 | 447,335 | ||||||
5,385,195 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Howmet Aerospace Inc Common Stock | 4,096 | 53,575 | ||||||
L3Harris Technologies, Inc. | 4,675 | 932,429 | ||||||
986,004 | ||||||||
Apparel Manufacturers — 0.0% |
| |||||||
VF Corp. | 3,670 | 205,887 | ||||||
Applications Software — 13.5% |
| |||||||
Intuit, Inc. | 92,464 | 26,844,148 | ||||||
Microsoft Corp. | 531,085 | 97,321,326 | ||||||
salesforce.com, Inc.† | 127,607 | 22,304,428 | ||||||
ServiceNow, Inc.† | 94,054 | 36,486,368 | ||||||
182,956,270 | ||||||||
Athletic Footwear — 1.9% |
| |||||||
NIKE, Inc., Class B | 261,486 | 25,777,290 | ||||||
Auto - Cars/Light Trucks — 1.3% |
| |||||||
Ferrari NV | 105,401 | 17,782,203 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Cummins, Inc. | 2,042 | 346,323 | ||||||
PACCAR, Inc. | 7,315 | 540,286 | ||||||
886,609 | ||||||||
Banks - Commercial — 0.0% |
| |||||||
First Republic Bank | 1,747 | 188,973 | ||||||
SVB Financial Group† | 699 | 150,110 | ||||||
339,083 | ||||||||
Beverages - Non-alcoholic — 0.3% |
| |||||||
Coca - Cola Co. | 32,620 | 1,522,702 | ||||||
Monster Beverage Corp.† | 5,409 | 388,961 | ||||||
PepsiCo, Inc. | 14,156 | 1,862,222 | ||||||
3,773,885 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
Brown - Forman Corp., Class B | 3,853 | 254,028 | ||||||
Building & Construction Products - Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 2,942 | 179,344 | ||||||
Building Products - Air & Heating — 0.0% |
| |||||||
Carrier Global Corp.† | 9,094 | 186,154 | ||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 1,323 | 254,135 | ||||||
Vulcan Materials Co. | 2,799 | 303,188 | ||||||
557,323 | ||||||||
Building Products - Wood — 0.0% |
| |||||||
Masco Corp. | 6,008 | 280,273 | ||||||
Building - Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc. | 1,399 | 58,478 | ||||||
Building - Residential/Commercial — 0.1% |
| |||||||
D.R. Horton, Inc. | 7,093 | 392,243 | ||||||
NVR, Inc.† | 85 | 273,837 | ||||||
PulteGroup, Inc. | 5,387 | 182,996 | ||||||
849,076 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV — 0.3% |
| |||||||
Charter Communications, Inc., Class A† | 3,316 | $ | 1,803,904 | |||||
Comcast Corp., Class A | 53,767 | 2,129,173 | ||||||
3,933,077 | ||||||||
Casino Hotels — 0.0% |
| |||||||
Las Vegas Sands Corp. | 4,074 | 195,308 | ||||||
MGM Resorts International | 6,644 | 114,144 | ||||||
Wynn Resorts, Ltd. | 2,044 | 170,224 | ||||||
479,676 | ||||||||
Chemicals - Diversified — 0.1% |
| |||||||
Celanese Corp. | 2,556 | 229,810 | ||||||
Dow, Inc. | 15,682 | 605,325 | ||||||
FMC Corp. | 2,741 | 269,742 | ||||||
PPG Industries, Inc. | 2,551 | 259,360 | ||||||
1,364,237 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Ecolab, Inc. | 2,705 | 575,029 | ||||||
Coatings/Paint — 1.0% |
| |||||||
Sherwin - Williams Co. | 22,587 | 13,413,290 | ||||||
Commercial Services — 1.9% |
| |||||||
Cintas Corp. | 1,772 | 439,385 | ||||||
CoStar Group, Inc.† | 39,306 | 25,816,181 | ||||||
Quanta Services, Inc. | 1,355 | 50,040 | ||||||
26,305,606 | ||||||||
Commercial Services - Finance — 6.3% |
| |||||||
Adyen NV†* | 15,539 | 20,443,281 | ||||||
Automatic Data Processing, Inc. | 5,675 | 831,331 | ||||||
Equifax, Inc. | 1,537 | 236,022 | ||||||
FleetCor Technologies, Inc.† | 1,835 | 447,355 | ||||||
Global Payments, Inc. | 3,114 | 558,932 | ||||||
IHS Markit, Ltd. | 6,191 | 430,027 | ||||||
MarketAxess Holdings, Inc. | 801 | 407,380 | ||||||
Moody’s Corp. | 3,434 | 918,286 | ||||||
PayPal Holdings, Inc.† | 24,833 | 3,849,363 | ||||||
S&P Global, Inc. | 122,535 | 39,826,326 | ||||||
TransUnion | 204,986 | 17,688,242 | ||||||
85,636,545 | ||||||||
Computer Aided Design — 0.2% |
| |||||||
ANSYS, Inc.† | 1,811 | 512,513 | ||||||
Autodesk, Inc.† | 4,654 | 979,108 | ||||||
Cadence Design Systems, Inc.† | 5,934 | 541,715 | ||||||
Synopsys, Inc.† | 3,180 | 575,294 | ||||||
2,608,630 | ||||||||
Computer Data Security — 0.0% |
| |||||||
Fortinet, Inc.† | 3,002 | 417,878 | ||||||
Computer Services — 0.1% |
| |||||||
Accenture PLC, Class A | 8,462 | 1,706,109 | ||||||
Leidos Holdings, Inc. | 1,408 | 148,248 | ||||||
1,854,357 | ||||||||
Computer Software — 0.0% |
| |||||||
Akamai Technologies, Inc.† | 2,460 | 260,268 | ||||||
Citrix Systems, Inc. | 1,264 | 187,224 | ||||||
447,492 | ||||||||
Computers — 3.6% |
| |||||||
Apple, Inc. | 152,424 | 48,461,687 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
NetApp, Inc. | 2,220 | 98,879 | ||||||
Seagate Technology PLC | 2,934 | 155,619 | ||||||
254,498 | ||||||||
87 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Consulting Services — 0.1% |
| |||||||
Gartner, Inc.† | 1,892 | $ | 230,257 | |||||
Verisk Analytics, Inc. | 2,390 | 412,705 | ||||||
642,962 | ||||||||
Consumer Products - Misc. — 0.0% |
| |||||||
Kimberly - Clark Corp. | 3,552 | 502,395 | ||||||
Containers - Metal/Glass — 0.6% |
| |||||||
Ball Corp. | 116,171 | 8,278,345 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Colgate - Palmolive Co. | 8,157 | 589,996 | ||||||
Coty, Inc., Class A | 2,938 | 10,665 | ||||||
Estee Lauder Cos., Inc., Class A | 4,706 | 929,294 | ||||||
Procter & Gamble Co. | 30,590 | 3,545,992 | ||||||
5,075,947 | ||||||||
Data Processing/Management — 1.5% |
| |||||||
Broadridge Financial Solutions, Inc. | 1,697 | 205,507 | ||||||
Fair Isaac Corp.† | 46,425 | 18,693,026 | ||||||
Fiserv, Inc.† | 12,078 | 1,289,568 | ||||||
Jack Henry & Associates, Inc. | 846 | 153,007 | ||||||
Paychex, Inc. | 4,514 | 326,272 | ||||||
20,667,380 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 1,792 | 589,299 | ||||||
Dental Supplies & Equipment — 0.0% |
| |||||||
Align Technology, Inc.† | 1,516 | 372,360 | ||||||
DENTSPLY SIRONA, Inc. | 2,493 | 115,974 | ||||||
488,334 | ||||||||
Diagnostic Equipment — 1.3% |
| |||||||
Adaptive Biotechnologies Corp.† | 342,623 | 13,259,510 | ||||||
Danaher Corp. | 8,517 | 1,419,018 | ||||||
Thermo Fisher Scientific, Inc. | 8,480 | 2,961,131 | ||||||
17,639,659 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 1,814 | 560,308 | ||||||
Disposable Medical Products — 0.0% |
| |||||||
Teleflex, Inc. | 979 | 355,240 | ||||||
Distribution/Wholesale — 1.9% |
| |||||||
Copart, Inc.† | 288,244 | 25,766,131 | ||||||
Fastenal Co. | 8,491 | 350,339 | ||||||
LKQ Corp.† | 3,370 | 92,540 | ||||||
26,209,010 | ||||||||
Diversified Banking Institutions — 0.2% |
| |||||||
JPMorgan Chase & Co. | 31,840 | 3,098,350 | ||||||
Diversified Manufacturing Operations — 0.1% |
| |||||||
Illinois Tool Works, Inc. | 3,773 | 650,691 | ||||||
Parker - Hannifin Corp. | 1,495 | 269,055 | ||||||
Trane Technologies PLC | 3,141 | 283,350 | ||||||
1,203,096 | ||||||||
Drug Delivery Systems — 0.1% |
| |||||||
DexCom, Inc.† | 1,928 | 729,382 | ||||||
E-Commerce/Products — 12.1% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 129,745 | 26,907,815 | ||||||
Amazon.com, Inc.† | 56,023 | 136,828,895 | ||||||
eBay, Inc. | 16,174 | 736,564 | ||||||
164,473,274 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Services — 2.2% |
| |||||||
Booking Holdings, Inc.† | 885 | $ | 1,450,887 | |||||
Match Group, Inc.†# | 81,231 | 7,232,808 | ||||||
MercadoLibre, Inc.† | 24,657 | 20,999,627 | ||||||
29,683,322 | ||||||||
E-Services/Consulting — 0.0% |
| |||||||
CDW Corp. | 3,039 | 337,055 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 4,834 | 443,326 | ||||||
Emerson Electric Co. | 6,956 | 424,455 | ||||||
867,781 | ||||||||
Electric - Distribution — 0.0% |
| |||||||
Sempra Energy | 2,683 | 338,890 | ||||||
Electric - Integrated — 0.1% |
| |||||||
NextEra Energy, Inc. | 5,478 | 1,399,958 | ||||||
Electronic Components - Misc. — 0.0% |
| |||||||
Garmin, Ltd. | 3,056 | 275,560 | ||||||
Electronic Components - Semiconductors — 1.2% |
| |||||||
Advanced Micro Devices, Inc.† | 24,737 | 1,330,851 | ||||||
Broadcom, Inc. | 8,389 | 2,443,464 | ||||||
Intel Corp. | 52,439 | 3,299,986 | ||||||
IPG Photonics Corp.† | 376 | 58,430 | ||||||
Microchip Technology, Inc.# | 5,054 | 485,285 | ||||||
Micron Technology, Inc.† | 23,414 | 1,121,765 | ||||||
NVIDIA Corp. | 12,943 | 4,595,024 | ||||||
Qorvo, Inc.† | 2,456 | 257,241 | ||||||
Skyworks Solutions, Inc. | 2,090 | 247,749 | ||||||
Texas Instruments, Inc. | 12,256 | 1,455,278 | ||||||
Xilinx, Inc. | 3,298 | 303,251 | ||||||
15,598,324 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 6,270 | 605,431 | ||||||
TE Connectivity, Ltd. | 3,537 | 287,381 | ||||||
892,812 | ||||||||
Electronic Forms — 2.3% |
| |||||||
Adobe, Inc.† | 79,111 | 30,584,313 | ||||||
Electronic Measurement Instruments — 0.1% |
| |||||||
Agilent Technologies, Inc. | 3,729 | 328,674 | ||||||
FLIR Systems, Inc. | 1,361 | 62,878 | ||||||
Keysight Technologies, Inc.† | 3,968 | 429,060 | ||||||
Roper Technologies, Inc. | 2,200 | 866,360 | ||||||
1,686,972 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 1,965 | 195,911 | ||||||
Enterprise Software/Service — 0.1% |
| |||||||
Oracle Corp. | 27,490 | 1,478,137 | ||||||
Paycom Software, Inc.† | 1,038 | 308,525 | ||||||
1,786,662 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Electronic Arts, Inc.† | 3,272 | 402,063 | ||||||
Take - Two Interactive Software, Inc.† | 2,393 | 325,855 | ||||||
727,918 | ||||||||
Finance - Consumer Loans — 0.0% |
| |||||||
Synchrony Financial | 11,937 | 243,157 | ||||||
Finance - Credit Card — 8.0% |
| |||||||
American Express Co. | 8,514 | 809,426 | ||||||
Discover Financial Services | 4,110 | 195,266 | ||||||
Mastercard, Inc., Class A | 166,620 | 50,134,292 |
88 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Finance - Credit Card (continued) |
| |||||||
Visa, Inc., Class A | 292,221 | $ | 57,053,228 | |||||
Western Union Co. | 8,867 | 177,517 | ||||||
108,369,729 | ||||||||
Finance - Investment Banker/Broker — 0.1% |
| |||||||
Charles Schwab Corp. | 17,650 | 633,811 | ||||||
Finance - Other Services — 1.7% |
| |||||||
Cboe Global Markets, Inc. | 2,345 | 249,649 | ||||||
CME Group, Inc. | 119,527 | 21,825,630 | ||||||
Intercontinental Exchange, Inc. | 6,477 | 629,888 | ||||||
Nasdaq, Inc. | 1,140 | 135,045 | ||||||
22,840,212 | ||||||||
Food - Confectionery — 0.0% |
| |||||||
Hershey Co. | 2,102 | 285,199 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Tyson Foods, Inc., Class A | 2,997 | 184,136 | ||||||
Food - Misc./Diversified — 0.0% |
| |||||||
Campbell Soup Co. | 1,572 | 80,141 | ||||||
Lamb Weston Holdings, Inc. | 1,699 | 102,042 | ||||||
McCormick & Co., Inc. | 1,333 | 233,488 | ||||||
415,671 | ||||||||
Food - Wholesale/Distribution — 0.0% |
| |||||||
Sysco Corp. | 4,855 | 267,802 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 1,837 | 56,194 | ||||||
Hotels/Motels — 0.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 5,968 | 473,322 | ||||||
Marriott International, Inc., Class A | 5,739 | 507,902 | ||||||
981,224 | ||||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 5,321 | 191,822 | ||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Rockwell Automation, Inc. | 1,392 | 300,895 | ||||||
Industrial Gases — 0.2% |
| |||||||
Air Products & Chemicals, Inc. | 4,662 | 1,126,572 | ||||||
Linde PLC | 8,066 | 1,632,075 | ||||||
2,758,647 | ||||||||
Instruments - Controls — 0.1% |
| |||||||
Honeywell International, Inc. | 6,951 | 1,013,803 | ||||||
Mettler - Toledo International, Inc.† | 325 | 258,375 | ||||||
1,272,178 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
PerkinElmer, Inc. | 1,339 | 134,530 | ||||||
Waters Corp.† | 845 | 168,873 | ||||||
303,403 | ||||||||
Insurance Brokers — 0.1% |
| |||||||
Aon PLC, Class A | 3,120 | 614,484 | ||||||
Arthur J. Gallagher & Co. | 2,012 | 189,691 | ||||||
Marsh & McLennan Cos., Inc. | 6,510 | 689,539 | ||||||
Willis Towers Watson PLC | 1,305 | 264,785 | ||||||
1,758,499 | ||||||||
Insurance - Multi - line — 0.0% |
| |||||||
Cincinnati Financial Corp. | 1,478 | 87,128 | ||||||
Insurance - Property/Casualty — 0.1% |
| |||||||
Progressive Corp. | 7,542 | 585,863 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Internet Content - Entertainment — 6.4% |
| |||||||
Facebook, Inc., Class A† | 162,710 | $ | 36,624,394 | |||||
Netflix, Inc.† | 81,285 | 34,117,753 | ||||||
Snap, Inc., Class A† | 885,281 | 16,767,222 | ||||||
87,509,369 | ||||||||
Internet Security — 0.0% |
| |||||||
NortonLifeLock, Inc. | 7,519 | 171,283 | ||||||
Investment Management/Advisor Services — 0.1% |
| |||||||
Ameriprise Financial, Inc. | 1,741 | 243,862 | ||||||
BlackRock, Inc. | 1,644 | 869,084 | ||||||
T. Rowe Price Group, Inc. | 3,658 | 442,252 | ||||||
1,555,198 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 6,895 | 828,296 | ||||||
Machinery - Farming — 0.1% |
| |||||||
Deere & Co. | 3,929 | 597,679 | ||||||
Machinery - General Industrial — 0.0% |
| |||||||
IDEX Corp. | 918 | 146,302 | ||||||
Otis Worldwide Corp. | 4,547 | 239,399 | ||||||
385,701 | ||||||||
Machinery - Pumps — 0.0% |
| |||||||
Dover Corp. | 1,813 | 176,314 | ||||||
Ingersoll Rand, Inc.† | 5,341 | 150,616 | ||||||
Xylem, Inc. | 2,247 | 149,066 | ||||||
475,996 | ||||||||
Medical Information Systems — 0.0% |
| |||||||
Cerner Corp. | 4,186 | 305,159 | ||||||
Medical Instruments — 3.5% |
| |||||||
Boston Scientific Corp.† | 371,087 | 14,097,595 | ||||||
Edwards Lifesciences Corp.† | 4,411 | 991,240 | ||||||
Intuitive Surgical, Inc.† | 56,003 | 32,483,420 | ||||||
47,572,255 | ||||||||
Medical Labs & Testing Services — 1.5% |
| |||||||
IQVIA Holdings, Inc.† | 2,633 | 393,686 | ||||||
Lonza Group AG | 38,978 | 19,193,105 | ||||||
19,586,791 | ||||||||
Medical Products — 0.3% |
| |||||||
Abbott Laboratories | 21,679 | 2,057,771 | ||||||
ABIOMED, Inc.† | 545 | 122,025 | ||||||
Baxter International, Inc. | 4,859 | 437,358 | ||||||
Cooper Cos., Inc. | 597 | 189,237 | ||||||
Hologic, Inc.† | 3,062 | 162,286 | ||||||
STERIS PLC | 968 | 160,581 | ||||||
Stryker Corp. | 4,494 | 879,611 | ||||||
Varian Medical Systems, Inc.† | 1,056 | 128,188 | ||||||
West Pharmaceutical Services, Inc. | 1,565 | 338,103 | ||||||
4,475,160 | ||||||||
Medical - Biomedical/Gene — 0.4% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 2,714 | 325,409 | ||||||
Amgen, Inc. | 7,414 | 1,702,996 | ||||||
Illumina, Inc.† | 1,866 | 677,451 | ||||||
Incyte Corp.† | 3,781 | 385,322 | ||||||
Regeneron Pharmaceuticals, Inc.† | 1,429 | 875,705 | ||||||
Vertex Pharmaceuticals, Inc.† | 5,439 | 1,566,214 | ||||||
5,533,097 | ||||||||
89 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Drugs — 4.4% |
| |||||||
AbbVie, Inc. | 19,763 | $ | 1,831,437 | |||||
AstraZeneca PLC ADR | 320,833 | 17,517,482 | ||||||
Bristol - Myers Squibb Co. | 27,267 | 1,628,385 | ||||||
Eli Lilly & Co. | 9,828 | 1,503,193 | ||||||
Johnson & Johnson | 23,377 | 3,477,329 | ||||||
Merck & Co., Inc. | 29,615 | 2,390,523 | ||||||
Roche Holding AG | 34,842 | 12,094,491 | ||||||
Zoetis, Inc. | 135,375 | 18,869,921 | ||||||
59,312,761 | ||||||||
Medical - HMO — 1.5% |
| |||||||
Humana, Inc. | 50,148 | 20,593,276 | ||||||
Metal - Copper — 0.0% |
| |||||||
Freeport - McMoRan, Inc. | 16,877 | 153,074 | ||||||
Multimedia — 0.2% |
| |||||||
Walt Disney Co. | 23,252 | 2,727,460 | ||||||
Networking Products — 0.0% |
| |||||||
Arista Networks, Inc.† | 1,147 | 267,779 | ||||||
Non - Hazardous Waste Disposal — 0.1% |
| |||||||
Republic Services, Inc. | 2,048 | 175,022 | ||||||
Waste Management, Inc. | 4,787 | 511,012 | ||||||
686,034 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
Xerox Holdings Corp. | 3,932 | 62,440 | ||||||
Zebra Technologies Corp., Class A† | 1,140 | 297,905 | ||||||
360,345 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 1,255 | 138,891 | ||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Apache Corp. | 4,931 | 53,206 | ||||||
Cabot Oil & Gas Corp. | 5,435 | 107,830 | ||||||
ConocoPhillips | 23,206 | 978,829 | ||||||
EOG Resources, Inc. | 6,152 | 313,568 | ||||||
Hess Corp. | 5,477 | 259,993 | ||||||
Pioneer Natural Resources Co. | 2,172 | 198,955 | ||||||
1,912,381 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 2,530 | 31,549 | ||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Phillips 66 | 4,699 | 367,744 | ||||||
Real Estate Investment Trusts — 2.3% |
| |||||||
Alexandria Real Estate Equities, Inc. | 1,400 | 215,208 | ||||||
American Tower Corp. | 9,368 | 2,418,537 | ||||||
Boston Properties, Inc. | 1,338 | 115,041 | ||||||
Crown Castle International Corp. | 5,100 | 878,016 | ||||||
Duke Realty Corp. | 4,586 | 158,125 | ||||||
Equinix, Inc. | 1,865 | 1,301,080 | ||||||
Essex Property Trust, Inc. | 699 | 169,696 | ||||||
Extra Space Storage, Inc. | 1,588 | 153,639 | ||||||
Federal Realty Investment Trust | 624 | 49,864 | ||||||
Healthpeak Properties, Inc. | 4,919 | 121,204 | ||||||
Mid - America Apartment Communities, Inc. | 1,085 | 126,251 | ||||||
Prologis, Inc. | 8,901 | 814,441 | ||||||
Public Storage | 1,398 | 283,430 | ||||||
Realty Income Corp. | 3,261 | 180,366 | ||||||
SBA Communications Corp. | 75,189 | 23,619,121 | ||||||
Simon Property Group, Inc. | 2,597 | 149,847 | ||||||
UDR, Inc. | 2,913 | 107,723 | ||||||
30,861,589 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Management/Services — 0.0% |
| |||||||
CBRE Group, Inc., Class A† | 7,079 | $ | 311,334 | |||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 1,589 | 220,696 | ||||||
Respiratory Products — 0.0% |
| |||||||
ResMed, Inc. | 3,041 | 489,054 | ||||||
Retail - Apparel/Shoe — 0.1% |
| |||||||
Ross Stores, Inc. | 7,650 | 741,744 | ||||||
Retail - Auto Parts — 0.1% |
| |||||||
AutoZone, Inc.† | 503 | 577,374 | ||||||
O’Reilly Automotive, Inc.† | 1,600 | 667,584 | ||||||
1,244,958 | ||||||||
Retail - Automobile — 0.0% |
| |||||||
CarMax, Inc.† | 3,478 | 306,238 | ||||||
Retail - Building Products — 2.1% |
| |||||||
Home Depot, Inc. | 16,380 | 4,070,103 | ||||||
Lowe’s Cos., Inc. | 189,658 | 24,721,920 | ||||||
28,792,023 | ||||||||
Retail - Discount — 0.3% |
| |||||||
Costco Wholesale Corp. | 5,512 | 1,700,287 | ||||||
Dollar General Corp. | 5,384 | 1,031,090 | ||||||
Target Corp. | 6,859 | 839,061 | ||||||
3,570,438 | ||||||||
Retail - Gardening Products — 0.0% |
| |||||||
Tractor Supply Co. | 1,228 | 149,841 | ||||||
Retail - Jewelry — 0.0% |
| |||||||
Tiffany & Co. | 2,283 | 292,521 | ||||||
Retail - Major Department Stores — 1.2% |
| |||||||
TJX Cos., Inc. | 315,461 | 16,643,722 | ||||||
Retail - Perfume & Cosmetics — 0.0% |
| |||||||
Ulta Beauty, Inc.† | 666 | 162,511 | ||||||
Retail - Restaurants — 0.4% |
| |||||||
Chipotle Mexican Grill, Inc.† | 541 | 543,115 | ||||||
Darden Restaurants, Inc. | 1,269 | 97,536 | ||||||
Domino’s Pizza, Inc. | 817 | 315,231 | ||||||
McDonald’s Corp. | 7,008 | 1,305,731 | ||||||
Starbucks Corp. | 24,977 | 1,947,956 | ||||||
Yum! Brands, Inc. | 6,397 | 574,003 | ||||||
4,783,572 | ||||||||
Semiconductor Components - Integrated Circuits — 1.3% |
| |||||||
Analog Devices, Inc. | 134,681 | 15,212,219 | ||||||
Maxim Integrated Products, Inc. | 2,517 | 145,181 | ||||||
QUALCOMM, Inc. | 24,149 | 1,953,171 | ||||||
17,310,571 | ||||||||
Semiconductor Equipment — 2.2% | ||||||||
Applied Materials, Inc. | 19,536 | 1,097,532 | ||||||
ASML Holding NV | 81,445 | 26,836,942 | ||||||
KLA Corp. | 3,337 | 587,179 | ||||||
Lam Research Corp. | 3,068 | 839,620 | ||||||
29,361,273 | ||||||||
Shipbuilding — 0.0% | ||||||||
Huntington Ingalls Industries, Inc. | 511 | 102,144 | ||||||
Soap & Cleaning Preparation — 0.0% | ||||||||
Church & Dwight Co., Inc. | 2,803 | 210,421 | ||||||
Telecom Equipment - Fiber Optics — 0.0% | ||||||||
Corning, Inc. | 7,645 | 174,230 | ||||||
90 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Theaters — 0.0% | ||||||||
Live Nation Entertainment, Inc.† | 1,996 | $ | 98,123 | |||||
Tobacco — 0.1% | ||||||||
Altria Group, Inc. | 15,408 | 601,682 | ||||||
Philip Morris International, Inc. | 14,478 | 1,062,106 | ||||||
1,663,788 | ||||||||
Transport - Rail — 0.2% | ||||||||
CSX Corp. | 8,223 | 588,602 | ||||||
Kansas City Southern | 2,096 | 315,490 | ||||||
Norfolk Southern Corp. | 2,979 | 531,126 | ||||||
Union Pacific Corp. | 9,103 | 1,546,236 | ||||||
2,981,454 | ||||||||
Transport - Services — 0.1% | ||||||||
Expeditors International of Washington, Inc. | 1,872 | 142,965 | ||||||
United Parcel Service, Inc., Class B | 6,669 | 664,966 | ||||||
807,931 | ||||||||
Transport - Truck — 0.0% | ||||||||
JB Hunt Transport Services, Inc. | 1,064 | 127,329 | ||||||
Old Dominion Freight Line, Inc. | 2,026 | 346,628 | ||||||
473,957 | ||||||||
Water — 0.0% | ||||||||
American Water Works Co., Inc. | 1,912 | 242,824 | ||||||
Web Hosting/Design — 0.0% | ||||||||
VeriSign, Inc.† | 1,157 | 253,395 | ||||||
Web Portals/ISP — 3.7% | ||||||||
Alphabet, Inc., Class A† | 28,946 | 41,494,670 | ||||||
Alphabet, Inc., Class C† | 6,320 | 9,030,774 | ||||||
50,525,444 | ||||||||
Wireless Equipment — 0.0% | ||||||||
Motorola Solutions, Inc. | 3,623 | 490,301 | ||||||
Total Common Stocks | ||||||||
(cost $1,039,480,154) | 1,351,446,508 | |||||||
EXCHANGE-TRADED FUNDS — 0.5% | ||||||||
SPDR Portfolio S&P 500 Growth ETF# | 171,600 | 7,421,700 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,046,712,186) | 1,358,868,208 | |||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% | ||||||||
Registered Investment Companies — 0.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,962,655 | $ | 5,962,655 | |||||
U.S. Government Treasuries — 0.0% | ||||||||
United States Treasury Bills Disc. Notes | $ | 100,000 | 99,924 | |||||
Total Short-Term Investment Securities | ||||||||
(cost $6,062,591) | 6,062,579 | |||||||
REPURCHASE AGREEMENTS — 0.2% | ||||||||
Agreement with Fixed Income Clearing Corp. Repurchase Agreement, bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $2,466,000 collateralized by $2,325,000 of United States Treasury Notes, bearing interest at 2.00% due 02/29/2020 and having an approximate value of $2,520,944 | 2,466,000 | 2,466,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $1,055,240,777)(4) | 100.6 | % | 1,367,396,787 | |||||
Liabilities in excess of other assets | (0.6 | ) | (8,703,300 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,358,693,487 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $20,443,281 representing 1.5% of net assets. |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $5,917,100. This was secured by collateral of $5,962,655, which was received in cash and subsequently invested in short-term investments currently valued at $5,962,655 as reported in the Portfolio of Investments. Additional collateral of $67,008 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||
United States Treasury Notes/Bonds | 1.13% to 6.50% | 11/30/2020 to 02/15/2048 | $ 67,008 |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | The security or a portion thereof was pledge 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
ETF — Exchange-Traded Funds
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
6 | Long | S&P 500 E-Mini Index | June 2020 | $ | 821,606 | $ | 912,600 | $ | 90,994 | |||||||||||||
* | 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. |
91 |
Table of Contents
VALIC Company I Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 1,299,715,631 | $ | 51,730,877 | ** | $ | — | $ | 1,351,446,508 | |||||||
Exchange-Traded Funds | 7,421,700 | — | — | 7,421,700 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 5,962,655 | — | — | 5,962,655 | ||||||||||||
U.S Government Treasuries | — | 99,924 | — | 99,924 | ||||||||||||
Repurchase Agreements | — | 2,466,000 | — | 2,466,000 | ||||||||||||
Total Investments at Value | $ | 1,313,099,986 | $ | 54,296,801 | $ | — | $ | 1,367,396,787 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 90,994 | $ | — | $ | — | $ | 90,994 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
92 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 32.2 | % | ||
Medical — Drugs | 17.0 | |||
Medical — HMO | 11.8 | |||
Medical Products | 7.0 | |||
Diagnostic Equipment | 6.7 | |||
Medical Instruments | 4.5 | |||
Drug Delivery Systems | 4.1 | |||
Therapeutics | 2.3 | |||
Pharmacy Services | 2.3 | |||
Electronic Measurement Instruments | 2.0 | |||
Medical Labs & Testing Services | 2.0 | |||
Registered Investment Companies | 1.5 | |||
Diagnostic Kits | 1.4 | |||
Medical — Hospitals | 1.2 | |||
Disposable Medical Products | 1.0 | |||
Enterprise Software/Service | 0.5 | |||
Patient Monitoring Equipment | 0.5 | |||
Medical — Outpatient/Home Medical | 0.4 | |||
Medical — Wholesale Drug Distribution | 0.3 | |||
Instruments — Controls | 0.3 | |||
Medical Information Systems | 0.3 | |||
Applications Software | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Medical — Generic Drugs | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Healthcare Safety Devices | 0.2 | |||
Commercial Services | 0.2 | |||
Insurance Brokers | 0.1 | |||
Medical Imaging Systems | 0.1 | |||
101.1 | % | |||
* | Calculated as a percentage of net assets |
93 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Applications Software — 0.0% |
| |||||||
Outset Medical, Inc.†(1)(2) | 88,985 | $ | 195,767 | |||||
Diagnostic Equipment — 6.7% |
| |||||||
10X Genomics, Inc., Class A† | 17,732 | 1,382,564 | ||||||
Adaptive Biotechnologies Corp.† | 30,802 | 1,192,037 | ||||||
Avantor, Inc.† | 243,993 | 4,628,547 | ||||||
Danaher Corp. | 104,700 | 17,444,067 | ||||||
GenMark Diagnostics, Inc.† | 92,065 | 873,697 | ||||||
Quanterix Corp.† | 43,893 | 1,211,008 | ||||||
Repligen Corp.† | 3,680 | 481,970 | ||||||
Thermo Fisher Scientific, Inc. | 86,331 | 30,145,922 | ||||||
57,359,812 | ||||||||
Diagnostic Kits — 1.4% |
| |||||||
DiaSorin SpA | 22,938 | 4,815,187 | ||||||
Quidel Corp.† | 40,956 | 7,167,300 | ||||||
11,982,487 | ||||||||
Disposable Medical Products — 1.0% |
| |||||||
ICU Medical, Inc.† | 10,714 | 2,138,729 | ||||||
Teleflex, Inc. | 17,081 | 6,198,011 | ||||||
8,336,740 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
General Electric Co. | 335,200 | 2,202,264 | ||||||
Drug Delivery Systems — 4.1% |
| |||||||
Becton Dickinson and Co. | 103,052 | 25,446,630 | ||||||
DexCom, Inc.† | 25,434 | 9,621,937 | ||||||
35,068,567 | ||||||||
Electronic Measurement Instruments — 2.0% |
| |||||||
Agilent Technologies, Inc. | 139,589 | 12,303,375 | ||||||
Sartorius AG (Preference Shares)† | 13,251 | 4,915,671 | ||||||
17,219,046 | ||||||||
Enterprise Software/Service — 0.5% |
| |||||||
Veeva Systems, Inc., Class A† | 21,300 | 4,661,931 | ||||||
Healthcare Safety Devices — 0.2% |
| |||||||
Tandem Diabetes Care, Inc.† | 21,000 | 1,746,150 | ||||||
Instruments-Controls — 0.3% |
| |||||||
Mettler-Toledo International, Inc.† | 2,876 | 2,286,420 | ||||||
Insurance Brokers — 0.1% |
| |||||||
Selectquote, Inc.† | 41,191 | 1,133,576 | ||||||
Medical Imaging Systems — 0.1% |
| |||||||
Lantheus Holdings, Inc.† | 58,468 | 802,766 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Phreesia, Inc.† | 17,329 | 508,086 | ||||||
Schrodinger, Inc.† | 14,872 | 1,017,989 | ||||||
1,526,075 | ||||||||
Medical Instruments — 4.5% |
| |||||||
Alcon, Inc.† | 80,822 | 5,224,804 | ||||||
Bruker Corp. | 94,423 | 4,086,627 | ||||||
Intuitive Surgical, Inc.† | 50,564 | 29,328,637 | ||||||
38,640,068 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Alignment Healthcare Partners, Class A-1†(1)(2) | 87,707 | 1,062,886 | ||||||
Catalent, Inc.† | 43,589 | 3,388,173 | ||||||
Evotec SE† | 74,149 | 1,986,649 | ||||||
Lonza Group AG | 5,277 | 2,598,440 | ||||||
PPD, Inc.† | 47,279 | 1,287,880 | ||||||
Teladoc Health, Inc.† | 10,800 | 1,879,848 | ||||||
Wuxi Biologics Cayman, Inc.†* | 65,000 | 1,026,739 | ||||||
13,230,615 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 7.0% |
| |||||||
AtriCure, Inc.† | 38,426 | $ | 1,837,147 | |||||
Cooper Cos., Inc. | 14,875 | 4,715,077 | ||||||
Envista Holdings Corp.† | 140,161 | 2,963,004 | ||||||
Hologic, Inc.† | 159,760 | 8,467,280 | ||||||
Inari Medical, Inc.† | 10,170 | 447,480 | ||||||
iRhythm Technologies, Inc.† | 18,429 | 2,290,909 | ||||||
Nevro Corp.† | 36,949 | 4,640,794 | ||||||
Novocure, Ltd.† | 23,850 | 1,608,205 | ||||||
Penumbra, Inc.†# | 20,947 | 3,611,682 | ||||||
Shockwave Medical, Inc.†# | 57,872 | 2,546,947 | ||||||
Stryker Corp. | 88,248 | 17,272,781 | ||||||
West Pharmaceutical Services, Inc. | 31,820 | 6,874,393 | ||||||
Zimmer Biomet Holdings, Inc. | 15,950 | 2,015,123 | ||||||
59,290,822 | ||||||||
Medical - Biomedical/Gene — 32.2% |
| |||||||
Abcam PLC | 48,876 | 911,194 | ||||||
ACADIA Pharmaceuticals, Inc.†# | 172,575 | 8,573,526 | ||||||
Acceleron Pharma, Inc.†# | 77,534 | 7,662,685 | ||||||
Acerta Pharma BV, Class B†(1) | 9,771,120 | 1,074,823 | ||||||
ADC Therapeutics SA† | 12,124 | 447,982 | ||||||
Adverum Biotechnologies, Inc.† | 75,495 | 1,557,462 | ||||||
Agenus, Inc.† | 20,192 | 75,316 | ||||||
Akero Therapeutics, Inc.† | 9,896 | 251,556 | ||||||
Alexion Pharmaceuticals, Inc.† | 102,662 | 12,309,174 | ||||||
Allakos, Inc.†# | 7,184 | 466,960 | ||||||
Allogene Therapeutics, Inc.†# | 51,899 | 2,499,456 | ||||||
Alnylam Pharmaceuticals, Inc.† | 72,108 | 9,754,049 | ||||||
Amarin Corp. PLC ADR†# | 148,852 | 1,021,125 | ||||||
Amgen, Inc. | 78,500 | 18,031,450 | ||||||
Apellis Pharmaceuticals, Inc.† | 55,218 | 1,860,294 | ||||||
Applied Therapeutics, Inc.†# | 1,800 | 81,936 | ||||||
Aprea Therapeutics, Inc.† | 7,500 | 201,450 | ||||||
Arcturus Therapeutics Holdings, Inc.† | 15,028 | 585,190 | ||||||
Arcutis Biotherapeutics, Inc.†# | 14,920 | 500,566 | ||||||
Ardelyx, Inc.† | 71,911 | 527,108 | ||||||
Argenx SE ADR† | 47,249 | 10,361,706 | ||||||
Ascendis Pharma A/S ADR† | 62,504 | 9,093,707 | ||||||
Assembly Biosciences, Inc.† | 20,599 | 401,474 | ||||||
Avrobio, Inc.† | 16,443 | 332,477 | ||||||
Beam Therapeutics, Inc.† | 6,923 | 176,883 | ||||||
BeiGene, Ltd. ADR† | 15,084 | 2,497,005 | ||||||
BELLUS Health, Inc.†# | 42,032 | 440,916 | ||||||
Biogen, Inc.† | 38,048 | 11,684,160 | ||||||
BioMarin Pharmaceutical, Inc.† | 46,751 | 4,981,319 | ||||||
Bluebird Bio, Inc.† | 28,926 | 1,840,561 | ||||||
Blueprint Medicines Corp.† | 32,979 | 2,148,252 | ||||||
Cara Therapeutics, Inc.†# | 51,080 | 810,640 | ||||||
ChemoCentryx, Inc.† | 3,283 | 204,826 | ||||||
Compugen, Ltd.†# | 11,900 | 183,141 | ||||||
Constellation Pharmaceuticals, Inc.† | 11,600 | 412,148 | ||||||
Cortexyme, Inc.† | 2,800 | 129,052 | ||||||
CRISPR Therapeutics AG† | 17,967 | 1,160,309 | ||||||
Deciphera Pharmaceuticals, Inc.† | 28,382 | 1,662,334 | ||||||
Denali Therapeutics, Inc.† | 45,542 | 1,267,434 | ||||||
DermTech, Inc.† | 16,942 | 210,081 | ||||||
Dicerna Pharmaceuticals, Inc.† | 54,867 | 1,183,481 | ||||||
Epizyme, Inc.† | 45,000 | 789,750 | ||||||
Esperion Therapeutics, Inc.†# | 8,500 | 360,145 | ||||||
Exact Sciences Corp.† | 76,042 | 6,530,487 | ||||||
Exelixis, Inc.† | 280,713 | 6,936,418 | ||||||
Fate Therapeutics, Inc.†# | 28,166 | 913,423 | ||||||
FibroGen, Inc.† | 38,893 | 1,300,582 | ||||||
Guardant Health, Inc.† | 21,222 | 1,918,257 | ||||||
Halozyme Therapeutics, Inc.† | 17,100 | 415,017 |
94 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Homology Medicines, Inc.†# | 42,595 | $ | 606,553 | |||||
HTG Molecular Diagnostics, Inc.† | 91,620 | 48,549 | ||||||
IGM Biosciences, Inc.† | 15,643 | 1,013,354 | ||||||
Immunomedics, Inc.† | 81,967 | 2,753,272 | ||||||
Incyte Corp.† | 140,865 | 14,355,552 | ||||||
Insmed, Inc.† | 87,905 | 2,135,212 | ||||||
Intercept Pharmaceuticals, Inc.† | 12,119 | 875,719 | ||||||
Ionis Pharmaceuticals, Inc.† | 78,782 | 4,428,336 | ||||||
Iovance Biotherapeutics, Inc.† | 149,353 | 4,792,738 | ||||||
Karuna Therapeutics, Inc.†# | 25,118 | 2,357,575 | ||||||
Karyopharm Therapeutics, Inc.† | 37,524 | 693,819 | ||||||
Kodiak Sciences, Inc.† | 69,528 | 4,492,204 | ||||||
Krystal Biotech, Inc.†# | 18,865 | 969,850 | ||||||
Livongo Health, Inc.†# | 11,400 | 683,202 | ||||||
Mersana Therapeutics, Inc.† | 21,439 | 485,379 | ||||||
Mirati Therapeutics, Inc.†# | 23,390 | 2,320,054 | ||||||
Moderna, Inc.†# | 28,278 | 1,739,097 | ||||||
MorphoSys AG† | 8,069 | 1,044,219 | ||||||
Nektar Therapeutics†# | 38,129 | 827,399 | ||||||
Orchard Therapeutics PLC ADR† | 32,851 | 312,084 | ||||||
PTC Therapeutics, Inc.† | 19,270 | 977,182 | ||||||
Puma Biotechnology, Inc.†# | 40,700 | 415,547 | ||||||
Radius Health, Inc.†# | 36,062 | 456,545 | ||||||
RAPT Therapeutics, Inc.† | 26,257 | 479,978 | ||||||
Regeneron Pharmaceuticals, Inc.† | 30,349 | 18,598,171 | ||||||
REGENXBIO, Inc.† | 15,867 | 597,551 | ||||||
REVOLUTION Medicines, Inc.† | 7,466 | 229,356 | ||||||
Rocket Pharmaceuticals, Inc.† | 34,732 | 653,309 | ||||||
Sage Therapeutics, Inc.† | 49,195 | 1,757,245 | ||||||
Scholar Rock Holding Corp.†# | 13,078 | 240,635 | ||||||
Seattle Genetics, Inc.† | 81,868 | 12,870,468 | ||||||
Stoke Therapeutics, Inc.† | 23,049 | 637,535 | ||||||
Translate Bio, Inc.†# | 34,200 | 708,624 | ||||||
Turning Point Therapeutics, Inc.† | 22,037 | 1,526,062 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 74,412 | 5,094,246 | ||||||
United Therapeutics Corp.† | 9,100 | 1,073,345 | ||||||
Verily Life Sciences LLC, Series B†(1)(2) | 6,986 | 637,210 | ||||||
Vertex Pharmaceuticals, Inc.† | 128,008 | 36,861,184 | ||||||
WaVe Life Sciences, Ltd.†# | 39,568 | 402,802 | ||||||
Xencor, Inc.†# | 54,889 | 1,660,392 | ||||||
Zai Lab, Ltd. ADR† | 8,004 | 595,498 | ||||||
Zeneca, Inc. CVR†(1) | 23,110 | 14,213 | ||||||
Zentalis Pharmaceuticals, Inc.† | 19,067 | 995,679 | ||||||
Zymeworks, Inc.† | 28,517 | 1,087,068 | ||||||
274,243,299 | ||||||||
Medical - Drugs — 17.0% |
| |||||||
AbbVie, Inc. | 186,585 | 17,290,832 | ||||||
Aimmune Therapeutics, Inc.†# | 58,928 | 978,794 | ||||||
Alector, Inc.† | 31,243 | 1,021,646 | ||||||
Alkermes PLC† | 75,438 | 1,234,166 | ||||||
Astellas Pharma, Inc. | 152,900 | 2,718,058 | ||||||
AstraZeneca PLC ADR | 272,254 | 14,865,068 | ||||||
Bayer AG | 40,568 | 2,709,826 | ||||||
Bristol-Myers Squibb Co. | 146,363 | 8,740,798 | ||||||
Bristol-Myers Squibb Co. CVR† | 193,509 | 636,645 | ||||||
Chugai Pharmaceutical Co., Ltd. | 45,200 | 6,670,393 | ||||||
Cyclerion Therapeutics, Inc.†# | 24,300 | 96,714 | ||||||
Daiichi Sankyo Co., Ltd. | 64,200 | 6,014,509 | ||||||
Eisai Co., Ltd. | 38,200 | 2,994,502 | ||||||
Eli Lilly & Co. | 114,841 | 17,564,931 | ||||||
Enanta Pharmaceuticals, Inc.† | 23,260 | 1,197,657 | ||||||
Galapagos NV† | 5,180 | 1,061,429 | ||||||
Global Blood Therapeutics, Inc.† | 51,814 | 3,622,835 | ||||||
Gritstone Oncology, Inc.† | 17,600 | 113,696 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Horizon Therapeutics PLC† | 35,600 | $ | 1,805,988 | |||||
Intra-Cellular Therapies, Inc.† | 34,982 | 730,424 | ||||||
Ipsen SA | 28,472 | 2,241,725 | ||||||
Kadmon Holdings, Inc.†# | 115,854 | 514,392 | ||||||
Merck & Co., Inc. | 135,892 | 10,969,202 | ||||||
Milestone Pharmaceuticals, Inc.† | 24,122 | 76,226 | ||||||
MyoKardia, Inc.† | 45,769 | 4,681,711 | ||||||
Novartis AG | 37,570 | 3,256,928 | ||||||
Novo Nordisk A/S, Class B | 25,247 | 1,646,026 | ||||||
Odonate Therapeutics, Inc.† | 23,853 | 779,278 | ||||||
Passage Bio, Inc.† | 9,999 | 220,278 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 37,926 | 227,935 | ||||||
PRA Health Sciences, Inc.† | 22,600 | 2,339,100 | ||||||
Principia Biopharma, Inc.† | 22,446 | 1,434,075 | ||||||
Progenics Pharmaceuticals, Inc.† | 54,000 | 229,230 | ||||||
Protagonist Therapeutics, Inc.† | 36,052 | 595,940 | ||||||
Reata Pharmaceuticals, Inc., Class A† | 12,103 | 1,758,808 | ||||||
Roche Holding AG | 40,519 | 14,065,114 | ||||||
Sanofi | 42,965 | 4,190,188 | ||||||
Tricida, Inc.† | 45,434 | 1,220,357 | ||||||
uniQure NV† | 11,600 | 779,056 | ||||||
Zealand Pharma A/S† | 12,264 | 482,373 | ||||||
Zogenix, Inc.† | 27,465 | 800,055 | ||||||
144,576,908 | ||||||||
Medical - Generic Drugs — 0.2% |
| |||||||
Arvinas, Inc.†# | 4,800 | 159,696 | ||||||
Momenta Pharmaceuticals, Inc.† | 48,033 | 1,512,079 | ||||||
Perrigo Co. PLC | 740 | 40,530 | ||||||
1,712,305 | ||||||||
Medical - HMO — 11.8% |
| |||||||
Anthem, Inc. | 36,699 | 10,793,543 | ||||||
Centene Corp.† | 265,966 | 17,620,248 | ||||||
Humana, Inc. | 43,317 | 17,788,126 | ||||||
Molina Healthcare, Inc.† | 35,493 | 6,595,309 | ||||||
UnitedHealth Group, Inc. | 155,768 | 47,485,875 | ||||||
100,283,101 | ||||||||
Medical - Hospitals — 1.2% |
| |||||||
Acadia Healthcare Co., Inc.† | 35,110 | 1,004,497 | ||||||
HCA Healthcare, Inc. | 88,526 | 9,463,430 | ||||||
10,467,927 | ||||||||
Medical - Outpatient/Home Medical — 0.4% |
| |||||||
Amedisys, Inc.† | 11,990 | 2,302,679 | ||||||
Pennant Group, Inc.† | 37,591 | 958,195 | ||||||
3,260,874 | ||||||||
Medical - Wholesale Drug Distribution — 0.3% |
| |||||||
Cardinal Health, Inc. | 22,200 | 1,214,118 | ||||||
McKesson Corp. | 8,300 | 1,316,961 | ||||||
2,531,079 | ||||||||
Patient Monitoring Equipment — 0.5% |
| |||||||
CareDx, Inc.† | 7,495 | 240,739 | ||||||
Insulet Corp.† | 19,400 | 3,658,258 | ||||||
3,898,997 | ||||||||
Pharmacy Services — 2.0% |
| |||||||
Cigna Corp. | 78,443 | 15,478,373 | ||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 36,095 | 703,603 | ||||||
Option Care Health, Inc.† | 29,489 | 448,233 | ||||||
16,630,209 | ||||||||
95 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Therapeutics — 2.3% |
| |||||||
Agios Pharmaceuticals, Inc.† | 36,829 | $ | 1,905,532 | |||||
Axsome Therapeutics, Inc.† | 20,777 | 1,599,413 | ||||||
G1 Therapeutics, Inc.†# | 20,312 | 344,695 | ||||||
GW Pharmaceuticals PLC ADR†# | 13,310 | 1,633,803 | ||||||
Neurocrine Biosciences, Inc.† | 71,264 | 8,890,897 | ||||||
Sarepta Therapeutics, Inc.† | 33,483 | 5,098,456 | ||||||
19,472,796 | ||||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Elanco Animal Health, Inc.† | 76,388 | 1,635,467 | ||||||
Total Common Stocks | ||||||||
(cost $580,384,952) | 834,396,068 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 1.4% |
| |||||||
Applications Software — 0.2% |
| |||||||
Outset Medical, Inc | 320,192 | 704,422 | ||||||
Outset Medical, Inc. | 171,126 | 496,950 | ||||||
Outset Medical, Inc. | 152,385 | 335,247 | ||||||
1,536,619 | ||||||||
Commercial Services — 0.2% |
| |||||||
Ginkgo Bioworks | 8,722 | 1,309,957 | ||||||
Health Care Providers & Services — 0.0% |
| |||||||
Freenome Holdings, Inc. | 94,602 | 319,017 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Doximity, Inc. | 64,785 | 751,506 | ||||||
Medical Instruments — 0.0% |
| |||||||
RefleXion Medical, Inc. | 160,251 | 305,509 | ||||||
Reflexion Medical, Inc. | 67,040 | 127,808 | ||||||
433,317 | ||||||||
Medical Labs & Testing Services — 0.4% |
| |||||||
Tempus Labs, Inc. | 60,677 | 1,646,950 | ||||||
Tempus Labs, Inc. | 39,722 | 1,107,549 | ||||||
Tempus Labs, Inc. | 10,551 | 297,502 | ||||||
Tempus Labs, Inc. | 6,661 | 189,044 | ||||||
3,241,045 | ||||||||
Medical Products — 0.0% |
| |||||||
Kardium, Inc. | 542,402 | 388,902 | ||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Atea Pharmaceuticals, Inc. | 44,888 | 315,114 | ||||||
Generation Bio | 85,638 | 478,836 | ||||||
Seer, Inc. | 142,683 | 535,061 | ||||||
Seer, Inc. | 121,873 | 457,024 | ||||||
1,786,035 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Insitro,Inc. | 52,029 | $ | 324,177 | |||||
Pharmacy Services — 0.3% |
| |||||||
JAND, Inc. (dba Warby Parker). | 75,264 | 1,467,129 | ||||||
JAND, Inc. (dba Warby Parker) | 2,948 | 57,465 | ||||||
JAND, Inc. (dba Warby Parker) | 34,881 | 679,939 | ||||||
2,204,533 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. | 3,982 | 151,436 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $10,236,311) | 12,446,544 | |||||||
CONVERTIBLE BONDS & NOTES — 0.1% |
| |||||||
Applications Software — 0.1% |
| |||||||
Color Genomics, Inc. | $ | 543,971 | 543,971 | |||||
Total Long-Term Investment Securities | ||||||||
(cost $591,165,234) | 847,386,583 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.5% |
| |||||||
Registered Investment Companies — 1.5% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 500,079 | 500,079 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 5,817,616 | 5,817,616 | ||||||
T. Rowe Price Government Reserve Fund† | 6,232,269 | 6,232,269 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $12,549,964) | 12,549,964 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $603,715,198)(5) | 101.1 | % | 859,936,547 | |||||
Liabilities in excess of other assets | (1.1 | ) | (9,179,431 | ) | ||||
NET ASSETS | 100.0 | % | $ | 850,757,116 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,026,739 representing 0.12% 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. |
96 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities: |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
Alignment Healthcare Partners, Class A1 | 2/28/2020 | 87,707 | $ | 1,062,887 | $ | 1,062,886 | $ | 12.12 | 0.12% | |||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 33,706 | 387,123 | |||||||||||||||||||||
3/9/2018 | 2,389 | 37,548 | ||||||||||||||||||||||
36,095 | 424,671 | 703,603 | 19.49 | 0.08 | ||||||||||||||||||||
Outset Medical, Inc. | 1/28/2020 | 88,985 | 195,769 | 195,767 | 2.20 | 0.02 | ||||||||||||||||||
Verily Life Sciences LLC Series B | 1/25/2019 | 6,986 | 861,094 | 637,210 | 91.21 | 0.08 | ||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Atea Pharmaceuticals, Inc. Series D | 5/19/2020 | 44,888 | 315,114 | 315,114 | 7.02 | 0.04 | ||||||||||||||||||
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 | 319,017 | 3.37 | 0.04 | ||||||||||||||||||
Generation Bio Series C | 1/9/2020 | 85,638 | 478,836 | 478,836 | 5.59 | 0.06 | ||||||||||||||||||
Gingko Bioworks Series E | 9/9/2019 | 6,443 | 967,674 | |||||||||||||||||||||
9/30/2019 | 2,279 | 324,284 | ||||||||||||||||||||||
8,722 | 1,291,958 | 1,309,957 | 150.19 | 0.15 | ||||||||||||||||||||
Insitro, Inc. | 5/21/2020 | 52,029 | 324,177 | 324,177 | 6.23 | 0.04 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker). | 4/23/2015 | 75,264 | 864,430 | 1,467,129 | 19.49 | 0.17 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker). | 3/9/2018 | 2,948 | 46,334 | 57,465 | 19.49 | 0.01 | ||||||||||||||||||
Kardium, Inc. | 11/29/2018 | 542,402 | 525,533 | 388,902 | 0.72 | 0.04 | ||||||||||||||||||
Outset Medical, Inc. Series C | 4/19/2017 | 320,192 | 829,778 | 704,422 | 2.20 | 0.08 | ||||||||||||||||||
Outset Medical, Inc. Series D | 8/20/2018 | 171,126 | 532,202 | 496,950 | 2.90 | 0.06 | ||||||||||||||||||
Outset Medical, Inc. Series E | 1/27/2020 | 152,385 | 335,247 | 335,247 | 2.20 | 0.04 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
RefleXion Medical, Inc. Series C | 4/23/2018 | 160,251 | 271,145 | 305,509 | 1.91 | 0.04 | ||||||||||||||||||
RefleXion Medical, Inc. Series D | 4/4/2020 | 67,040 | 127,808 | 127,808 | 1.91 | 0.02 | ||||||||||||||||||
Seer, Inc. | 11/15/2019 | 142,683 | 463,720 | 535,061 | 3.75 | 0.06 | ||||||||||||||||||
Seer, Inc. | 5/12/2020 | 121,873 | 457,024 | 457,024 | 3.75 | 0.05 | ||||||||||||||||||
Tempus Labs, Inc. Series D | 3/20/2018 | 60,677 | 568,780 | 1,646,950 | 27.14 | 0.19 | ||||||||||||||||||
Tempus Labs, Inc. | 8/23/2018 | 39,722 | 665,058 | 1,107,549 | 27.88 | 0.13 | ||||||||||||||||||
Tempus Labs, Inc. | 5/1/2019 | 10,551 | 261,239 | 297,502 | 28.20 | 0.04 | ||||||||||||||||||
Tempus Labs, Inc. | 2/6/2020 | 6,661 | 255,465 | 189,044 | 28.38 | 0.02 | ||||||||||||||||||
Convertible Bonds & Notes | ||||||||||||||||||||||||
Color Genomics, Inc. | 1/13/2020 | 543,971 | 543,971 | 543,971 | 1.00 | 0.06 | ||||||||||||||||||
$ | 14,758,606 | 1.73% | ||||||||||||||||||||||
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(4) | At May 31, 2020, the Fund had loaned securities with a total value of $20,089,817. This was secured by collateral of $5,817,616, which was received in cash and subsequently invested in short-term investments currently valued at $5,817,616 as reported in the Portfolio of Investments. Additional collateral of $14,889,442 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 122,127 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 213,619 | |||||
Government National Mtg. Assoc. | 2.50% to 2.50% | 9/20/2046 | 15,958 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | 165,946 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 06/15/2020 to 11/15/2049 | 14,371,792 |
(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 May 31, 2020 (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: | ||||||||||||||||
Application Software | $ | — | $ | — | $ | 195,767 | $ | 195,767 | ||||||||
Medical Labs & Testing Services | 6,555,901 | 5,611,828 | ** | 1,062,886 | 13,230,615 | |||||||||||
Medical — Biomedical/Gene | 270,561,640 | 1,955,413 | ** | 1,726,246 | 274,243,299 | |||||||||||
Pharmacy Services | 15,926,606 | — | 703,603 | 16,630,209 | ||||||||||||
Other Industries | 467,089,445 | 63,006,733 | ** | — | 530,096,178 | |||||||||||
Convertible Preferred Securities: | ||||||||||||||||
Veterinary Diagnostics | 151,436 | — | — | 151,436 | ||||||||||||
Other Industries | — | — | 12,295,108 | 12,295,108 | ||||||||||||
Convertible Bonds & Notes: | — | — | 543,971 | 543,971 | ||||||||||||
Short-Term Investment Securities | 12,549,964 | — | — | 12,549,964 | ||||||||||||
Total Investments at Value | $ | 772,834,992 | $ | 70,573,974 | $ | 16,527,581 | $ | 859,936,547 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
97 |
Table of Contents
VALIC Company I Health Sciences Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
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 | Convertible Bonds & Notes | ||||||||||
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) | 444,520 | 1,132,894 | — | |||||||||
Change in unrealized depreciation(1) | (223,888 | ) | (641,783 | ) | — | |||||||
Net purchases | 1,258,656 | 5,160,398 | 543,971 | |||||||||
Net sales | — | — | — | |||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3 | — | — | — | |||||||||
Balance as of May 31, 2020 | $ | 3,688,502 | $ | 12,295,108 | $ | 543,971 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes: |
Common Stocks | Convertible Preferred Securities | Convertible Bonds & Notes | ||||||||||
$ | 220,632 | $ | 491,111 | $ | — | |||||||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at 5/31/20 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 1,962,256 | Market Approach | Market Transaction Price* | $2.20 - $19.49361 ($11.27073) | |||||
$ | 637,210 | Market Approach | Transaction Price* Discount for Market Volatility | $123.260 26.0% | ||||||
$ | 1,089,036 | Income Approach | Estimated Future Cash Distribution* | $0.11 - $0.615 ($0.3625) | ||||||
Convertible Preferred Securities | $ | 7,849,195 | Market Approach | Market Transaction Price* | $1.906434 - $150.19000 ($18.20173) | |||||
$ | 896,964 | Market Approach | Transaction Price* Discount for Market Volatility | $0.96892 - $38.3524($14.62613) 26.0% | ||||||
$ | 496,950 | Market Approach | Market Transaction Price* Conversion Rate* | $2.2000 1.3200 | ||||||
$ | 3,052,001 | Market Approach | Market Transaction Price* Est. Discount Rate for Future Dividend Payout Discount for Market Volatility | $38.3524 15.0% 26.0% | ||||||
Convertible Bonds & Notes | $ | 543,971 | Market Approach | Market Transaction Price* | $100.0000 |
(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
98 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
United States Treasury Notes | 30.2 | % | ||
Sovereign | 22.7 | |||
United States Treasury Bonds | 21.8 | |||
Diversified Banking Institutions | 8.4 | |||
Registered Investment Companies | 2.8 | |||
Banks — Commercial | 2.1 | |||
Federal Home Loan Bank | 1.6 | |||
Pipelines | 1.5 | |||
Insurance — Life/Health | 1.2 | |||
Diversified Financial Services | 1.0 | |||
Gold Mining | 0.9 | |||
Oil Companies — Integrated | 0.7 | |||
Diversified Minerals | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Industrial Gases | 0.5 | |||
Insurance — Multi-line | 0.4 | |||
Paper & Related Products | 0.4 | |||
Brewery | 0.4 | |||
Building Products — Wood | 0.4 | |||
Steel — Producers | 0.4 | |||
Food — Meat Products | 0.4 | |||
Chemicals — Specialty | 0.3 | |||
Agricultural Chemicals | 0.3 | |||
Building Products — Cement | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Federal Home Loan Mtg. Corp. | 0.3 | |||
Banks — Super Regional | 0.2 | |||
Finance — Consumer Loans | 0.2 | |||
Trucking/Leasing | 0.2 | |||
Machinery — Farming | 0.2 | |||
Federal National Mtg. Assoc. | 0.1 | |||
Banks — Money Center | 0.1 | |||
Metal — Diversified | 0.1 | |||
Cellular Telecom | 0.1 | |||
Food — Misc./Diversified | 0.1 | |||
Electric — Integrated | 0.1 | |||
101.8 | % | |||
Credit Quality†#
Aaa | 72.7 | % | ||
Aa | 1.9 | |||
A | 9.2 | |||
Baa | 10.9 | |||
Ba | 1.9 | |||
Not Rated@ | 3.4 | |||
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. |
99 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
ASSET BACKED SECURITIES — 1.0% |
| |||||||
Diversified Financial Services — 1.0% |
| |||||||
CAMB Commercial Mtg. Trust FRS | $ | 750,000 | $ | 722,117 | ||||
Jackson Park Trust | 3,000,000 | 3,119,127 | ||||||
One Bryant Park Trust | 2,040,000 | 2,083,597 | ||||||
Store Master Funding I-VII | 1,644,386 | 1,644,195 | ||||||
Total Asset Backed Securities | ||||||||
(cost $7,410,318) | 7,569,036 | |||||||
U.S. CORPORATE BONDS & NOTES — 12.4% |
| |||||||
Banks - Commercial — 0.7% |
| |||||||
Truist Bank | 1,627,000 | 1,605,532 | ||||||
Zions Bancorp NA | 3,600,000 | 3,430,261 | ||||||
5,035,793 | ||||||||
Banks - Super Regional — 0.2% |
| |||||||
Wells Fargo & Co. FRS | 2,000,000 | 1,939,600 | ||||||
Brewery — 0.4% |
| |||||||
Constellation Brands, Inc. | 3,000,000 | 3,099,546 | ||||||
Building Products - Cement — 0.3% |
| |||||||
Martin Marietta Materials, Inc. | 2,000,000 | 2,139,751 | ||||||
Building Products - Wood — 0.4% |
| |||||||
Masco Corp. | 3,009,000 | 3,019,084 | ||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile USA, Inc. | 726,000 | 801,811 | ||||||
Chemicals - Diversified — 0.5% |
| |||||||
Dow Chemical Co. | 1,915,000 | 2,238,044 | ||||||
DowDuPont, Inc. | 1,228,000 | 1,559,048 | ||||||
3,797,092 | ||||||||
Chemicals - Specialty — 0.2% |
| |||||||
Huntsman International LLC | 1,800,000 | 1,829,266 | ||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Diversified Banking Institutions — 5.5% |
| |||||||
Bank of America Corp. | $ | 7,000,000 | $ | 7,180,913 | ||||
Bank of America Corp. FRS | 2,000,000 | 2,015,000 | ||||||
Bank of America Corp. | 2,614,000 | 2,931,478 | ||||||
Bank of America Corp. | 2,721,000 | 3,199,959 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 1,985,000 | ||||||
Citigroup, Inc. FRS | 2,000,000 | 2,024,400 | ||||||
Citigroup, Inc. | 2,902,000 | 3,601,115 | ||||||
Goldman Sachs Group, Inc. FRS | 4,000,000 | 4,070,544 | ||||||
JPMorgan Chase & Co. FRS | 2,000,000 | 2,008,600 | ||||||
JPMorgan Chase & Co. | 3,013,000 | 3,108,900 | ||||||
JPMorgan Chase & Co. FRS | 1,000,000 | 1,000,900 | ||||||
Morgan Stanley FRS | 664,000 | 660,680 | ||||||
Morgan Stanley FRS | 468,000 | 456,300 | ||||||
Morgan Stanley FRS | 1,402,000 | 1,435,298 | ||||||
Morgan Stanley FRS | 3,870,000 | 3,811,950 | ||||||
Morgan Stanley | 2,340,000 | 2,695,297 | ||||||
42,186,334 | ||||||||
100 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
U.S. CORPORATE BONDS & NOTES (continued) |
| |||||||
Finance - Consumer Loans — 0.2% |
| |||||||
SLM Corp. FRS | $ | 2,017,000 | $ | 1,923,714 | ||||
Food - Meat Products — 0.4% |
| |||||||
Smithfield Foods, Inc. | 2,709,000 | 2,846,622 | ||||||
Food - Misc./Diversified — 0.1% |
| |||||||
General Mills, Inc. | 615,000 | 664,344 | ||||||
Gold Mining — 0.5% |
| |||||||
Newmont Corp. | 4,266,000 | 4,229,122 | ||||||
Industrial Gases — 0.5% |
| |||||||
Air Products and Chemicals, Inc. | 3,500,000 | 3,632,514 | ||||||
Metal - Diversified — 0.1% |
| |||||||
Glencore Funding LLC | 912,000 | 961,777 | ||||||
Oil Companies - Exploration & Production — 0.3% |
| |||||||
Apache Corp. | 1,800,000 | 1,583,328 | ||||||
Noble Energy, Inc. | 478,000 | 434,922 | ||||||
2,018,250 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
BP Capital Markets America, Inc. | 3,161,000 | 3,090,110 | ||||||
Paper & Related Products — 0.4% |
| |||||||
Georgia-Pacific LLC | 3,040,000 | 3,109,819 | ||||||
Pipelines — 0.6% |
| |||||||
Cheniere Corpus Christi Holdings LLC | 580,000 | 576,910 | ||||||
Enable Midstream Partners LP | 887,000 | 752,523 | ||||||
Energy Transfer Operating LP | 1,159,000 | 1,196,801 | ||||||
EnLink Midstream LLC | 524,000 | 405,676 | ||||||
MPLX LP | 1,274,000 | 1,335,065 | ||||||
4,266,975 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Steel - Producers — 0.4% |
| |||||||
Nucor Corp. | $ | 598,000 | $ | 608,483 | ||||
Steel Dynamics, Inc. | 2,385,000 | 2,356,294 | ||||||
2,964,777 | ||||||||
Trucking/Leasing — 0.2% |
| |||||||
Penske Truck Leasing Co. LP/PTL Finance Corp. | 1,398,000 | 1,401,592 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $93,441,301) | 94,957,893 | |||||||
FOREIGN CORPORATE BONDS & NOTES — 5.4% |
| |||||||
Agricultural Chemicals — 0.3% |
| |||||||
Nutrien, Ltd. | 2,083,000 | 2,176,753 | ||||||
Banks - Commercial — 1.3% |
| |||||||
Barclays Bank PLC FRS | 9,800,000 | 9,427,600 | ||||||
Danske Bank A/S | 675,000 | 689,556 | ||||||
10,117,156 | ||||||||
Chemicals - Specialty — 0.1% |
| |||||||
Albemarle Wodgina Pty, Ltd. | 910,000 | 861,663 | ||||||
Diversified Banking Institutions — 2.2% |
| |||||||
BNP Paribas SA FRS | 431,000 | 416,454 | ||||||
Credit Agricole SA | 2,548,000 | 2,747,667 | ||||||
Royal Bank of Scotland Group PLC VRS | 2,729,000 | 2,760,103 | ||||||
Societe Generale SA VRS | 10,000,000 | 9,640,000 | ||||||
UniCredit SpA VRS | 738,000 | 735,882 | ||||||
UniCredit SpA | 828,000 | 903,886 | ||||||
17,203,992 | ||||||||
Diversified Minerals — 0.6% |
| |||||||
Teck Resources, Ltd. | 4,157,000 | 4,300,794 | ||||||
Gold Mining — 0.4% |
| |||||||
Newcrest Finance Pty, Ltd. | 810,000 | 874,226 |
101 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Gold Mining (continued) |
| |||||||
Newcrest Finance Pty, Ltd. | $ | 1,807,000 | $ | 2,221,602 | ||||
3,095,828 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
CNH Industrial NV | 1,392,000 | 1,366,979 | ||||||
Oil Companies - Integrated — 0.3% |
| |||||||
Cenovus Energy, Inc. | 2,352,000 | 2,138,789 | ||||||
Total Foreign Corporate Bonds & Notes | ||||||||
(cost $41,569,834) | 41,261,954 | |||||||
U.S. GOVERNMENT AGENCIES — 2.0% |
| |||||||
Federal Home Loan Bank — 1.6% |
| |||||||
1.75% due 03/08/2030 | 5,100,000 | 5,356,801 | ||||||
3.25% due 11/16/2028# | 6,000,000 | 7,146,393 | ||||||
12,503,194 | ||||||||
Federal Home Loan Mtg. Corp. — 0.3% |
| |||||||
Federal Home Loan Mtg. Corp. REMIC FRS | 229,627 | 230,149 | ||||||
Series 3925, Class FL | 955,284 | 955,058 | ||||||
Series 4001, Class FM | 312,472 | 312,950 | ||||||
Series 3355, Class BF | 318,673 | 323,922 | ||||||
1,822,079 | ||||||||
Federal National Mtg. Assoc. — 0.1% |
| |||||||
Federal National Mtg. Assoc. REMIC FRS | 543,923 | 541,959 | ||||||
Series 2011-103, Class FD | 505,867 | 507,265 | ||||||
1,049,224 | ||||||||
Government National Mtg. Assoc. — 0.0% |
| |||||||
Government National Mtg. Assoc. REMIC FRS | 280,334 | 281,712 | ||||||
Total U.S. Government Agencies | ||||||||
(cost $15,204,893) | 15,656,209 | |||||||
U.S. GOVERNMENT TREASURIES — 52.0% |
| |||||||
United States Treasury Bonds — 21.8% |
| |||||||
United States Treasury Bonds TIPS(6) | 3,514,140 | 3,840,639 | ||||||
0.63% due 02/15/2043 | 6,562,474 | 7,565,170 | ||||||
0.75% due 02/15/2042 | 3,236,363 | 3,795,757 | ||||||
0.75% due 02/15/2045 | 8,597,637 | 10,296,764 | ||||||
0.88% due 02/15/2047 | 4,170,465 | 5,210,708 | ||||||
1.00% due 02/15/2046 | 7,527,456 | 9,569,378 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United States Treasury Bonds (continued) |
| |||||||
1.00% due 02/15/2048 | $ | 5,547,934 | $ | 7,182,947 | ||||
1.00% due 02/15/2049# | 5,129,100 | 6,714,554 | ||||||
1.38% due 02/15/2044 | 4,746,023 | 6,355,708 | ||||||
1.75% due 01/15/2028 | 14,046,624 | 16,490,641 | ||||||
2.00% due 01/15/2026 | 4,565,001 | 5,205,893 | ||||||
2.13% due 02/15/2040 | 2,866,296 | 4,136,117 | ||||||
2.13% due 02/15/2041 | 4,915,346 | 7,193,467 | ||||||
2.38% due 01/15/2025 | 4,108,290 | 4,650,281 | ||||||
2.38% due 01/15/2027 | 5,120,040 | 6,111,942 | ||||||
2.50% due 01/15/2029 | 10,219,550 | 12,871,154 | ||||||
3.63% due 04/15/2028 | 18,034,574 | 23,857,190 | ||||||
3.88% due 04/15/2029 | 18,450,085 | 25,547,281 | ||||||
166,595,591 | ||||||||
United States Treasury Notes — 30.2% |
| |||||||
United States Treasury Notes TIPS(6) | 9,211,410 | 9,526,770 | ||||||
0.13% due 04/15/2021 | 6,425,926 | 6,386,971 | ||||||
0.13% due 01/15/2022 | 5,702,450 | 5,715,985 | ||||||
0.13% due 04/15/2022 | 11,038,768 | 11,060,683 | ||||||
0.13% due 07/15/2022 | 2,581,750 | 2,608,806 | ||||||
0.13% due 01/15/2023 | 12,190,024 | 12,310,623 | ||||||
0.13% due 07/15/2024 | 9,158,986 | 9,407,573 | ||||||
0.13% due 10/15/2024 | 10,061,100 | 10,356,658 | ||||||
0.13% due 04/15/2025 | 8,994,150 | 9,284,131 | ||||||
0.13% due 07/15/2026 | 6,872,022 | 7,158,470 | ||||||
0.13% due 01/15/2030# | 4,715,510 | 4,995,304 | ||||||
0.25% due 01/15/2025 | 7,737,864 | 7,989,095 | ||||||
0.25% due 07/15/2029 | 10,091,500 | 10,811,331 | ||||||
0.38% due 07/15/2023 | 11,092,100 | 11,384,111 | ||||||
0.38% due 07/15/2025 | 7,572,329 | 7,933,071 | ||||||
0.38% due 01/15/2027 | 9,339,651 | 9,880,749 | ||||||
0.38% due 07/15/2027 | 15,693,678 | 16,744,604 | ||||||
0.50% due 01/15/2028 | 10,988,145 | 11,833,278 | ||||||
0.63% due 07/15/2021 | 5,497,440 | 5,538,112 | ||||||
0.63% due 04/15/2023 | 13,198,094 | 13,527,259 | ||||||
0.63% due 01/15/2024 | 8,297,250 | 8,598,601 | ||||||
0.63% due 01/15/2026 | 6,148,528 | 6,532,521 | ||||||
0.75% due 07/15/2028 | 10,489,170 | 11,598,974 | ||||||
1.13% due 01/15/2021 | 6,490,110 | 6,488,565 | ||||||
1.25% due 07/15/2020 | 13,019,930 | 12,946,281 | ||||||
230,618,526 | ||||||||
Total U.S. Government Treasuries | ||||||||
(cost $361,959,123) | 397,214,117 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 22.7% |
| |||||||
Sovereign — 22.7% |
| |||||||
Commonwealth of Australia | AUD | 22,704,000 | 15,914,376 | |||||
Commonwealth of Australia | AUD | 16,291,600 | 12,554,499 | |||||
Government of Canada | CAD | 25,416,700 | 27,228,368 | |||||
Government of Canada | CAD | 37,825,110 | 28,800,215 | |||||
Government of Canada | CAD | 11,667,375 | 10,832,944 | |||||
Government of New Zealand | NZD | 54,965,000 | 37,891,523 |
102 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sovereign (continued) |
| |||||||
Kingdom of Spain | EUR | 2,614,375 | $ | 2,933,053 | ||||
Kingdom of Spain | EUR | 9,657,463 | 12,016,437 | |||||
Republic of Italy | EUR | 10,487,455 | 11,173,611 | |||||
United Kingdom Gilt Treasury | GBP | 6,638,060 | 9,123,308 | |||||
United Kingdom Gilt Treasury | GBP | 2,694,960 | 5,368,572 | |||||
United Mexican States | MXN | 73 | 3 | |||||
Total Foreign Government Obligations | ||||||||
(cost $177,457,417) | 173,836,909 | |||||||
PREFERRED SECURITIES — 0.0% |
| |||||||
Diversified Banking Institutions — 0.0% |
| |||||||
Banco Santander SA FRS | 9,950 | 207,060 | ||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.5% |
| |||||||
Banks - Commercial — 0.1% |
| |||||||
Corestates Capital II FRS | 669,000 | 587,752 | ||||||
Banks - Money Center — 0.1% |
| |||||||
BBVA Bancomer SA | 1,145,000 | 1,041,950 | ||||||
Diversified Banking Institutions — 0.7% |
| |||||||
BAC Capital Trust XIV FRS | 3,161,000 | 2,770,648 | ||||||
Goldman Sachs Group, Inc. | 2,799,000 | 2,561,958 | ||||||
Royal Bank of Scotland Group PLC | 366,000 | 380,040 | ||||||
5,712,646 | ||||||||
Electric - Integrated — 0.1% |
| |||||||
WEC Energy Group, Inc. FRS | 819,000 | 660,328 | ||||||
Insurance - Life/Health — 1.2% |
| |||||||
Prudential Financial, Inc. | 8,376,000 | 9,010,901 | ||||||
Insurance - Multi-line — 0.4% |
| |||||||
Genworth Holdings, Inc. FRS | 800,000 | 248,000 | ||||||
Hartford Financial Services Group, Inc. FRS | 3,832,000 | 3,036,860 | ||||||
3,284,860 | ||||||||
Security Description | Principal Amount(1) | Value (Note 2) | ||||||||||
Pipelines — 0.9% |
| |||||||||||
Enbridge, Inc. | $ | 2,670,000 | $ | 2,461,233 | ||||||||
Energy Transfer Operating LP | 2,554,000 | 1,941,040 | ||||||||||
EnLink Midstream Partners LP | 475,000 | 133,000 | ||||||||||
Enterprise Products Operating LLC | 1,029,000 | 927,139 | ||||||||||
MPLX LP | 1,271,000 | 1,085,460 | ||||||||||
6,547,872 | ||||||||||||
Total Preferred Securities/Capital Securities | ||||||||||||
(cost $29,098,073) | 26,846,309 | |||||||||||
ESCROWS AND LITIGATION TRUSTS — 0.0% |
| |||||||||||
Lehman Brothers Holdings, Inc. FRS | 400,000 | 4,080 | ||||||||||
Lehman Brothers Holdings, Inc. FRS | 578,000 | 6,474 | ||||||||||
Lehman Brothers Holdings, Inc. FRS | 1,000,000 | 10,200 | ||||||||||
Total Escrows And Litigation Trusts | ||||||||||||
(cost $0) | 20,754 | |||||||||||
Total Long-Term Investment Securities | ||||||||||||
(cost $726,379,790) | 757,570,241 | |||||||||||
SHORT-TERM INVESTMENT SECURITIES — 2.8% |
| |||||||||||
Registered Investment Companies — 2.8% |
| |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,005,313 | 4,005,313 | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 17,035,095 | 17,035,095 | ||||||||||
Total Short-Term Investment Securities | ||||||||||||
(cost $21,040,408) | 21,040,408 | |||||||||||
TOTAL INVESTMENTS | ||||||||||||
(cost $747,420,198)(10) | 101.8 | % | 778,610,649 | |||||||||
Liabilities in excess of other assets | (1.8 | ) | (14,003,810 | ) | ||||||||
NET ASSETS | 100.0 | % | $ | 764,606,839 | ||||||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $54,158,659 representing 7.1% 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 the 7-day yield as of May 31, 2020. |
103 |
Table of Contents
VALIC Company I Inflation Protected Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
(9) | At May 31, 2020, the Fund had loaned securities with a total value of $17,723,036. This was secured by collateral of $17,035,095, which was received in cash and subsequently invested in short-term investments currently valued at $17,035,095 as reported in the Portfolio of Investments. Additional collateral of $1,126,815 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. |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Notes/Bonds | 0.13% to 3.88% | 01/15/2021 to 11/15/2048 | 1,126,815 |
(10) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canadian Dollar
EUR—Euro Currency
GBP—British Pound
MXN—Mexican Peso
NZD—New Zealand Dollar
REMIC—Real Estate Mortgage Investment Conduit
TIPS—Treasury Inflation Protected Securities
FRS—Floating Rate Security
VRS—Variable Rate Security
The rates shown on FRS and VRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.
Index Legend
1 ML—1 Month USD LIBOR
3 ML—3 Month USD LIBOR
CPIYOY—CPI Urban Consumers YoY NSA
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Asset Backed Securities | $ | — | $ | 7,569,036 | $ | — | $ | 7,569,036 | ||||||||
U.S. Corporate Bonds & Notes | — | 94,957,893 | — | 94,957,893 | ||||||||||||
Foreign Corporate Bonds & Notes: | ||||||||||||||||
Diversified Banking Institutions | — | 7,563,992 | 9,640,000 | 17,203,992 | ||||||||||||
Other Industries | — | 24,057,962 | — | 24,057,962 | ||||||||||||
U.S. Government Agencies | — | 15,656,209 | — | 15,656,209 | ||||||||||||
U.S. Government Treasuries | — | 397,214,117 | — | 397,214,117 | ||||||||||||
Foreign Government Obligations | — | 173,836,909 | — | 173,836,909 | ||||||||||||
Preferred Securities | 207,060 | — | — | 207,060 | ||||||||||||
Preferred Securities/Capital Securities | — | 26,846,309 | — | 26,846,309 | ||||||||||||
Escrows and Litigation Trusts | — | 20,754 | — | 20,754 | ||||||||||||
Short-Term Investment Securities | 21,040,408 | — | — | 21,040,408 | ||||||||||||
Total Investment at Value | $ | 21,247,468 | $ | 747,723,181 | $ | 9,640,000 | $ | 778,610,649 | ||||||||
* | 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) | ||||
Change in unrealized depreciation(1) | (440,000 | ) | ||
Net purchases | — | |||
Net sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of 05/31/2020 | $ | 9,640,000 | ||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes: |
Foreign Corporate Bonds & Notes | ||||
$ | (440,000 | ) | ||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.
The Fund’s security classified as Level 3, with a fair value of $9,640,000 at May 31, 2020, is attributable to valuations from a single broker which was deemed to be an indicative quote (which does not necessarily represent a price the broker may be willing to trade on).
See Notes to Financial Statements
104 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 9.7 | % | ||
Repurchase Agreements | 4.2 | |||
Banks — Commercial | 3.9 | |||
Registered Investment Companies | 3.7 | |||
Diversified Banking Institutions | 3.7 | |||
Food — Misc./Diversified | 2.9 | |||
Oil Companies — Integrated | 2.7 | |||
Auto — Cars/Light Trucks | 2.6 | |||
Exchange — Traded Funds | 2.5 | |||
Cosmetics & Toiletries | 2.3 | |||
Telephone — Integrated | 2.2 | |||
Electric — Integrated | 2.0 | |||
Insurance — Life/Health | 1.9 | |||
Semiconductor Equipment | 1.4 | |||
Medical Products | 1.4 | |||
Transport — Rail | 1.4 | |||
Food — Retail | 1.3 | |||
Chemicals — Diversified | 1.3 | |||
Industrial Automated/Robotic | 1.2 | |||
Insurance — Multi-line | 1.1 | |||
Cellular Telecom | 1.1 | |||
Electronic Components — Misc. | 1.1 | |||
Tobacco | 1.1 | |||
Metal — Diversified | 1.1 | |||
Real Estate Investment Trusts | 1.0 | |||
Enterprise Software/Service | 1.0 | |||
Finance — Other Services | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
U.S. Government Treasuries | 0.9 | |||
Brewery | 0.9 | |||
Commercial Services | 0.9 | |||
Diversified Minerals | 0.9 | |||
Textile — Apparel | 0.9 | |||
Import/Export | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Beverages — Wine/Spirits | 0.8 | |||
Real Estate Operations & Development | 0.8 | |||
Medical — Biomedical/Gene | 0.8 | |||
Audio/Video Products | 0.8 | |||
Building — Heavy Construction | 0.8 | |||
Computer Services | 0.8 | |||
Machinery — General Industrial | 0.7 | |||
Diversified Manufacturing Operations | 0.7 | |||
Soap & Cleaning Preparation | 0.7 | |||
Machinery — Electrical | 0.7 | |||
Building & Construction Products — Misc. | 0.7 | |||
Gas — Distribution | 0.6 | |||
Insurance — Property/Casualty | 0.6 | |||
Transport — Services | 0.6 | |||
Real Estate Management/Services | 0.6 | |||
Commercial Services — Finance | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Internet Content — Information/News | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Industrial Gases | 0.5 | |||
Electric — Distribution | 0.5 | |||
Medical Instruments | 0.5 | |||
Food — Dairy Products | 0.5 | |||
Electronic Components — Semiconductors | 0.5 | |||
Paper & Related Products | 0.5 | |||
Investment Companies | 0.4 | |||
Insurance — Reinsurance | 0.4 | |||
Human Resources | 0.4 | |||
Building Products — Cement | 0.4 | |||
Toys | 0.4 | |||
Athletic Footwear | 0.4 | |||
Medical Labs & Testing Services | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Building & Construction — Misc. | 0.4 |
Building Products — Air & Heating | 0.4 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Rubber — Tires | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Retail — Building Products | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Office Automation & Equipment | 0.3 | |||
Investment Management/Advisor Services | 0.3 | |||
Electric — Generation | 0.3 | |||
Telecom Services | 0.3 | |||
Dialysis Centers | 0.3 | |||
Optical Supplies | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Instruments — Controls | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Water | 0.3 | |||
Gold Mining | 0.3 | |||
Retail — Jewelry | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Casino Hotels | 0.2 | |||
Multimedia | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Food — Catering | 0.2 | |||
Private Equity | 0.2 | |||
Coatings/Paint | 0.2 | |||
Diversified Operations | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Steel — Producers | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Beverages — Non-alcoholic | 0.2 | |||
Networking Products | 0.2 | |||
Entertainment Software | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Food — Confectionery | 0.2 | |||
Retail — Discount | 0.2 | |||
Wireless Equipment | 0.2 | |||
Computer Aided Design | 0.2 | |||
Publishing — Periodicals | 0.2 | |||
Electric — Transmission | 0.2 | |||
Applications Software | 0.2 | |||
Electronic Security Devices | 0.2 | |||
E-Commerce/Services | 0.2 | |||
Advertising Services | 0.2 | |||
Airport Development/Maintenance | 0.1 | |||
Security Services | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Finance — Leasing Companies | 0.1 | |||
Hotels/Motels | 0.1 | |||
Machinery — Farming | 0.1 | |||
Web Portals/ISP | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Computer Data Security | 0.1 | |||
Metal — Iron | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Miscellaneous Manufacturing | 0.1 | |||
Pipelines | 0.1 | |||
Fisheries | 0.1 | |||
Consulting Services | 0.1 |
105 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Casino Services | 0.1 | % | ||
Diversified Operations/Commercial Services | 0.1 | |||
Transport — Marine | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Machinery — Material Handling | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Respiratory Products | 0.1 | |||
Printing — Commercial | 0.1 | |||
Computers — Periphery Equipment | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Gas — Transportation | 0.1 | |||
Advertising Agencies | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
MRI/Medical Diagnostic Imaging | 0.1 | |||
Food — Meat Products | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Electronics — Military | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Internet Security | 0.1 | |||
Leisure Products | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
103.5 | % | |||
Country Allocation*
Japan | 24.2 | % | ||
United Kingdom | 12.6 | |||
United States | 11.3 | |||
Switzerland | 9.6 | |||
France | 9.2 | |||
Germany | 8.2 | |||
Australia | 5.9 | |||
Netherlands | 4.6 | |||
Sweden | 2.7 | |||
Hong Kong | 2.2 | |||
Spain | 2.2 | |||
Denmark | 2.2 | |||
Italy | 1.7 | |||
Finland | 1.1 | |||
Singapore | 1.0 | |||
Belgium | 0.8 | |||
Ireland | 0.7 | |||
Israel | 0.6 | |||
Jersey | 0.6 | |||
Cayman Islands | 0.5 | |||
Norway | 0.5 | |||
New Zealand | 0.3 | |||
Luxembourg | 0.2 | |||
Bermuda | 0.2 | |||
Portugal | 0.2 | |||
Austria | 0.1 | |||
SupraNational | 0.1 | |||
103.5 | % | |||
* | Calculated as a percentage of net assets |
106 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.2% |
| |||||||
Australia — 5.9% |
| |||||||
Afterpay, Ltd.† | 19,326 | $ | 614,214 | |||||
AGL Energy, Ltd. | 57,821 | 642,365 | ||||||
AMP, Ltd.†# | 310,963 | 338,430 | ||||||
Ampol, Ltd. | 22,595 | 404,145 | ||||||
APA Group | 106,764 | 821,272 | ||||||
Aristocrat Leisure, Ltd. | 52,001 | 881,489 | ||||||
ASX, Ltd. | 17,518 | 1,022,471 | ||||||
Aurizon Holdings, Ltd. | 176,716 | 555,834 | ||||||
AusNet Services | 168,613 | 196,806 | ||||||
Australia & New Zealand Banking Group, Ltd. | 256,634 | 3,019,008 | ||||||
BGP Holdings PLC†(1) | 835,027 | 0 | ||||||
BHP Group, Ltd. | 266,558 | 6,233,887 | ||||||
BlueScope Steel, Ltd. | 45,744 | 332,331 | ||||||
Brambles, Ltd. | 139,643 | 1,076,099 | ||||||
CIMIC Group, Ltd. | 8,788 | 146,345 | ||||||
Coca-Cola Amatil, Ltd. | 45,858 | 265,814 | ||||||
Cochlear, Ltd. | 5,801 | 747,016 | ||||||
Coles Group, Ltd. | 120,702 | 1,228,454 | ||||||
Commonwealth Bank of Australia | 160,181 | 6,724,453 | ||||||
Computershare, Ltd. | 44,048 | 380,249 | ||||||
Crown Resorts, Ltd.# | 33,700 | 215,801 | ||||||
CSL, Ltd. | 41,070 | 7,492,404 | ||||||
Dexus | 99,209 | 590,040 | ||||||
Evolution Mining, Ltd. | 146,513 | 590,832 | ||||||
Fortescue Metals Group, Ltd. | 153,231 | 1,405,980 | ||||||
Goodman Group | 148,901 | 1,509,454 | ||||||
GPT Group | 176,260 | 464,020 | ||||||
Insurance Australia Group, Ltd. | 209,117 | 844,308 | ||||||
Lendlease Group | 59,849 | 509,539 | ||||||
Macquarie Group, Ltd. | 30,463 | 2,203,297 | ||||||
Magellan Financial Group, Ltd. | 11,546 | 450,830 | ||||||
Medibank Private, Ltd. | 249,198 | 470,463 | ||||||
Mirvac Group | 355,966 | 551,004 | ||||||
National Australia Bank, Ltd. | 289,207 | 3,391,051 | ||||||
Newcrest Mining, Ltd. | 73,104 | 1,477,289 | ||||||
Northern Star Resources, Ltd. | 66,964 | 653,587 | ||||||
Orica, Ltd. | 36,606 | 419,833 | ||||||
Origin Energy, Ltd. | 159,365 | 618,311 | ||||||
Qantas Airways, Ltd. | 66,099 | 174,141 | ||||||
QBE Insurance Group, Ltd. | 131,282 | 762,933 | ||||||
Ramsay Health Care, Ltd. | 16,180 | 747,825 | ||||||
REA Group, Ltd.# | 4,767 | 315,183 | ||||||
Rio Tinto, Ltd. | 33,590 | 2,076,010 | ||||||
Santos, Ltd. | 160,217 | 565,446 | ||||||
Scentre Group | 474,033 | 696,249 | ||||||
SEEK, Ltd.# | 30,264 | 401,564 | ||||||
Sonic Healthcare, Ltd. | 40,836 | 767,679 | ||||||
South32, Ltd. | 443,356 | 556,690 | ||||||
Stockland | 215,750 | 507,009 | ||||||
Suncorp Group, Ltd. | 114,098 | 702,755 | ||||||
Sydney Airport | 100,196 | 391,690 | ||||||
Tabcorp Holdings, Ltd. | 183,259 | 389,934 | ||||||
Telstra Corp., Ltd. | 376,661 | 809,417 | ||||||
TPG Telecom, Ltd.# | 33,582 | 188,548 | ||||||
Transurban Group | 247,481 | 2,361,312 | ||||||
Treasury Wine Estates, Ltd. | 65,145 | 419,940 | ||||||
Vicinity Centres | 288,982 | 306,785 | ||||||
Washington H. Soul Pattinson & Co., Ltd.# | 9,748 | 123,170 | ||||||
Wesfarmers, Ltd. | 102,596 | 2,734,688 | ||||||
Westpac Banking Corp. | 326,806 | 3,705,072 | ||||||
WiseTech Global, Ltd.# | 12,964 | 176,522 | ||||||
Woodside Petroleum, Ltd. | 85,264 | 1,270,552 | ||||||
Woolworths Group, Ltd. | 114,122 | 2,672,820 | ||||||
73,312,659 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Austria — 0.1% |
| |||||||
ANDRITZ AG† | 6,587 | $ | 247,523 | |||||
Erste Group Bank AG† | 25,279 | 557,626 | ||||||
OMV AG | 13,326 | 441,735 | ||||||
Raiffeisen Bank International AG | 13,394 | 247,389 | ||||||
Verbund AG# | 6,162 | 275,090 | ||||||
voestalpine AG | 10,502 | 205,261 | ||||||
1,974,624 | ||||||||
Belgium — 0.8% |
| |||||||
Ageas SA | 16,155 | 553,379 | ||||||
Anheuser-Busch InBev SA# | 68,946 | 3,227,696 | ||||||
Colruyt SA | 5,010 | 303,048 | ||||||
Elia Group SA/NV | 2,795 | 328,667 | ||||||
Galapagos NV† | 3,803 | 779,269 | ||||||
Groupe Bruxelles Lambert SA | 7,300 | 591,920 | ||||||
KBC Group NV | 22,607 | 1,187,327 | ||||||
Proximus SADP | 13,764 | 288,021 | ||||||
Sofina SA | 1,395 | 382,453 | ||||||
Solvay SA# | 6,706 | 511,899 | ||||||
Telenet Group Holding NV | 4,147 | 170,329 | ||||||
UCB SA | 11,440 | 1,146,624 | ||||||
Umicore SA | 17,837 | 792,986 | ||||||
10,263,618 | ||||||||
Bermuda — 0.2% |
| |||||||
CK Infrastructure Holdings, Ltd. | 60,000 | 300,472 | ||||||
Dairy Farm International Holdings, Ltd. | 30,626 | 129,582 | ||||||
Hongkong Land Holdings, Ltd. | 105,600 | 398,466 | ||||||
Jardine Matheson Holdings, Ltd. | 19,886 | 800,058 | ||||||
Jardine Strategic Holdings, Ltd. | 20,061 | 401,366 | ||||||
Kerry Properties, Ltd. | 59,500 | 141,636 | ||||||
NWS Holdings, Ltd. | 142,000 | 111,800 | ||||||
2,283,380 | ||||||||
Cayman Islands — 0.5% |
| |||||||
ASM Pacific Technology, Ltd. | 27,800 | 253,806 | ||||||
BeiGene, Ltd. ADR†# | 3,491 | 577,900 | ||||||
Budweiser Brewing Co. APAC, Ltd.*# | 155,800 | 438,874 | ||||||
CK Asset Holdings, Ltd. | 233,808 | 1,285,208 | ||||||
CK Hutchison Holdings, Ltd. | 244,308 | 1,509,129 | ||||||
Melco Resorts & Entertainment, Ltd. ADR | 19,770 | 316,913 | ||||||
Sands China, Ltd. | 219,600 | 863,559 | ||||||
WH Group, Ltd.* | 866,000 | 751,153 | ||||||
Wharf Real Estate Investment Co., Ltd.# | 96,000 | 370,649 | ||||||
Wynn Macau, Ltd. | 141,200 | 239,848 | ||||||
6,607,039 | ||||||||
Denmark — 2.2% |
| |||||||
Ambu A/S, Class B | 14,773 | 493,189 | ||||||
AP Moller - Maersk A/S, Series A# | 292 | 268,050 | ||||||
AP Moller - Maersk A/S, Series B | 592 | 581,165 | ||||||
Carlsberg A/S, Class B | 9,679 | 1,253,546 | ||||||
Chr. Hansen Holding A/S | 9,545 | 925,955 | ||||||
Coloplast A/S, Class B | 10,750 | 1,803,267 | ||||||
Danske Bank A/S† | 62,412 | 774,827 | ||||||
Demant A/S† | 9,988 | 282,945 | ||||||
DSV PANALPINA A/S | 19,138 | 2,029,835 | ||||||
Genmab A/S† | 5,888 | 1,813,922 | ||||||
GN Store Nord A/S | 11,586 | 627,213 | ||||||
H. Lundbeck A/S | 6,307 | 242,588 | ||||||
Novo Nordisk A/S, Class B | 160,109 | 10,438,611 | ||||||
Novozymes A/S, Class B | 19,322 | 1,058,650 | ||||||
Orsted A/S* | 17,117 | 2,015,232 | ||||||
Pandora A/S | 9,049 | 451,818 | ||||||
Tryg A/S | 10,936 | 306,982 |
107 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Denmark (continued) |
| |||||||
Vestas Wind Systems A/S | 17,998 | $ | 1,842,702 | |||||
27,210,497 | ||||||||
Finland — 1.1% |
| |||||||
Elisa Oyj | 12,870 | 807,443 | ||||||
Fortum Oyj | 40,189 | 771,128 | ||||||
Kone Oyj, Class B | 30,755 | 2,064,549 | ||||||
Metso Oyj | 9,523 | 309,870 | ||||||
Neste Oyj | 38,281 | 1,550,954 | ||||||
Nokia Oyj | 511,596 | 2,024,206 | ||||||
Nordea Bank Abp† | 293,170 | 1,989,579 | ||||||
Orion Oyj, Class B | 9,515 | 509,199 | ||||||
Sampo Oyj, Class A | 42,621 | 1,526,245 | ||||||
Stora Enso Oyj, Class R† | 52,640 | 647,584 | ||||||
UPM-Kymmene Oyj | 48,295 | 1,398,581 | ||||||
Wartsila Oyj Abp | 40,157 | 314,578 | ||||||
13,913,916 | ||||||||
France — 9.2% |
| |||||||
Accor SA† | 17,144 | 486,378 | ||||||
Aeroports de Paris | 2,686 | 280,648 | ||||||
Air Liquide SA | 42,809 | 5,825,610 | ||||||
Alstom SA | 17,380 | 733,996 | ||||||
Amundi SA†* | 5,488 | 409,428 | ||||||
Arkema SA | 6,240 | 545,768 | ||||||
Atos SE† | 8,893 | 673,926 | ||||||
AXA SA | 175,014 | 3,202,796 | ||||||
BioMerieux | 3,749 | 538,648 | ||||||
BNP Paribas SA† | 101,780 | 3,671,192 | ||||||
Bollore SA | 79,849 | 228,643 | ||||||
Bouygues SA† | 20,621 | 633,611 | ||||||
Bureau Veritas SA | 26,581 | 542,266 | ||||||
Capgemini SE | 14,557 | 1,494,730 | ||||||
Carrefour SA | 54,785 | 833,358 | ||||||
Casino Guichard Perrachon SA# | 3,924 | 147,598 | ||||||
Cie de Saint-Gobain | 46,822 | 1,519,950 | ||||||
Cie Generale des Etablissements Michelin SCA | 15,355 | 1,555,956 | ||||||
CNP Assurances† | 15,532 | 164,116 | ||||||
Covivio# | 4,343 | 254,889 | ||||||
Credit Agricole SA† | 104,409 | 913,737 | ||||||
Danone SA | 55,876 | 3,830,175 | ||||||
Dassault Aviation SA† | 227 | 194,046 | ||||||
Dassault Systemes SE | 11,896 | 2,019,448 | ||||||
Edenred | 22,041 | 923,012 | ||||||
Eiffage SA† | 7,537 | 689,516 | ||||||
Electricite de France SA | 56,167 | 498,694 | ||||||
Engie SA† | 165,269 | 1,958,740 | ||||||
EssilorLuxottica SA | 25,734 | 3,323,078 | ||||||
Eurazeo SE† | 3,557 | 173,429 | ||||||
Faurecia SE | 6,870 | 266,022 | ||||||
Gecina SA | 4,148 | 534,775 | ||||||
Getlink SE† | 39,814 | 575,411 | ||||||
Hermes International | 2,866 | 2,389,386 | ||||||
ICADE | 2,698 | 193,475 | ||||||
Iliad SA | 1,339 | 236,228 | ||||||
Ingenico Group SA | 5,477 | 760,009 | ||||||
Ipsen SA | 3,413 | 268,720 | ||||||
JCDecaux SA† | 7,703 | 156,976 | ||||||
Kering SA | 6,856 | 3,594,082 | ||||||
Klepierre SA# | 17,801 | 338,218 | ||||||
L’Oreal SA† | 22,726 | 6,635,752 | ||||||
La Francaise des Jeux SAEM†* | 7,777 | 265,763 | ||||||
Legrand SA# | 24,155 | 1,650,192 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 25,134 | 10,525,121 | ||||||
Natixis SA† | 85,593 | 190,921 |
Security Description | Shares | Value (Note 2) | ||||||
France (continued) |
| |||||||
Orange SA | 180,523 | $ | 2,181,297 | |||||
Orpea | 4,677 | 549,996 | ||||||
Pernod Ricard SA | 19,214 | 3,000,495 | ||||||
Peugeot SA†# | 53,218 | 761,743 | ||||||
Publicis Groupe SA | 19,580 | 557,025 | ||||||
Remy Cointreau SA# | 2,042 | 242,783 | ||||||
Renault SA† | 17,393 | 392,859 | ||||||
Safran SA† | 28,996 | 2,781,928 | ||||||
Sanofi | 102,110 | 9,958,340 | ||||||
Sartorius Stedim Biotech† | 2,502 | 680,606 | ||||||
Schneider Electric SE | 50,028 | 4,990,896 | ||||||
SCOR SE† | 14,347 | 355,202 | ||||||
SEB SA# | 2,048 | 281,426 | ||||||
Societe Generale SA† | 73,357 | 1,085,593 | ||||||
Sodexo SA# | 8,006 | 540,127 | ||||||
Suez SA# | 31,272 | 355,962 | ||||||
Teleperformance | 5,313 | 1,261,270 | ||||||
Thales SA | 9,641 | 738,838 | ||||||
TOTAL SA | 223,661 | 8,409,322 | ||||||
Ubisoft Entertainment SA† | 8,188 | 635,981 | ||||||
Valeo SA | 20,720 | 512,678 | ||||||
Veolia Environnement SA | 48,763 | 1,070,455 | ||||||
Vinci SA | 46,626 | 4,323,298 | ||||||
Vivendi SA | 75,031 | 1,708,241 | ||||||
Wendel SE | 2,426 | 223,308 | ||||||
Worldline SA†* | 12,407 | 931,833 | ||||||
115,379,935 | ||||||||
Germany — 8.2% |
| |||||||
adidas AG† | 17,228 | 4,517,743 | ||||||
Allianz SE | 37,748 | 6,849,476 | ||||||
BASF SE | 83,109 | 4,481,932 | ||||||
Bayer AG | 88,895 | 5,937,930 | ||||||
Bayerische Motoren Werke AG | 29,960 | 1,744,139 | ||||||
Bayerische Motoren Werke AG (Preference Shares) | 5,146 | 235,866 | ||||||
Beiersdorf AG | 9,121 | 952,310 | ||||||
Brenntag AG | 13,980 | 733,137 | ||||||
Carl Zeiss Meditec AG† | 3,642 | 373,458 | ||||||
Commerzbank AG† | 90,656 | 353,653 | ||||||
Continental AG† | 9,954 | 973,855 | ||||||
Covestro AG†* | 15,731 | 583,212 | ||||||
Daimler AG | 77,444 | 2,861,894 | ||||||
Delivery Hero SE†* | 11,583 | 1,103,617 | ||||||
Deutsche Bank AG† | 177,663 | 1,484,328 | ||||||
Deutsche Boerse AG | 17,192 | 2,832,906 | ||||||
Deutsche Lufthansa AG†# | 21,635 | 218,811 | ||||||
Deutsche Post AG | 89,509 | 2,772,884 | ||||||
Deutsche Telekom AG† | 301,591 | 4,680,937 | ||||||
Deutsche Wohnen SE | 30,922 | 1,383,087 | ||||||
E.ON SE | 203,151 | 2,150,205 | ||||||
Evonik Industries AG | 18,975 | 465,929 | ||||||
Fraport AG Frankfurt Airport Services Worldwide† | 3,765 | 187,051 | ||||||
Fresenius Medical Care AG & Co. KGaA | 19,283 | 1,611,023 | ||||||
Fresenius SE & Co. KGaA | 37,826 | 1,804,480 | ||||||
Fuchs Petrolub SE (Preference Shares) | 6,289 | 250,905 | ||||||
GEA Group AG | 13,882 | 412,046 | ||||||
Hannover Rueck SE | 5,456 | 875,420 | ||||||
HeidelbergCement AG | 13,465 | 666,530 | ||||||
Henkel AG & Co. KGaA† | 9,403 | 747,912 | ||||||
Henkel AG & Co. KGaA (Preference Shares)† | 16,121 | 1,431,697 | ||||||
HOCHTIEF AG | 2,237 | 195,963 | ||||||
Infineon Technologies AG | 113,191 | 2,359,080 | ||||||
KION Group AG | 5,877 | 326,470 | ||||||
Knorr-Bremse AG | 4,376 | 461,457 | ||||||
LANXESS AG | 7,517 | 387,307 |
108 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Germany (continued) |
| |||||||
LEG Immobilien AG | 6,244 | $ | 778,694 | |||||
Merck KGaA | 11,695 | 1,344,509 | ||||||
METRO AG | 16,293 | 152,300 | ||||||
MTU Aero Engines AG† | 4,804 | 771,013 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 13,059 | 2,964,883 | ||||||
Nemetschek SE | 5,226 | 409,838 | ||||||
Porsche Automobil Holding SE (Preference Shares) | 13,856 | 749,183 | ||||||
Puma SE† | 7,506 | 532,968 | ||||||
RWE AG | 52,844 | 1,740,983 | ||||||
SAP SE | 94,488 | 11,764,708 | ||||||
Sartorius AG (Preference Shares)† | 3,218 | 1,193,769 | ||||||
Scout24 AG* | 9,736 | 745,141 | ||||||
Siemens AG | 69,222 | 7,555,864 | ||||||
Siemens Healthineers AG* | 13,573 | 701,567 | ||||||
Symrise AG | 11,641 | 1,270,385 | ||||||
TeamViewer AG† | 11,763 | 599,249 | ||||||
Telefonica Deutschland Holding AG | 94,218 | 289,936 | ||||||
thyssenkrupp AG† | 36,615 | 246,001 | ||||||
Uniper SE | 18,213 | 566,093 | ||||||
United Internet AG | 9,275 | 374,507 | ||||||
Volkswagen AG | 2,937 | 462,409 | ||||||
Volkswagen AG (Preference Shares) | 16,793 | 2,461,908 | ||||||
Vonovia SE | 46,615 | 2,689,371 | ||||||
Wirecard AG# | 10,622 | 1,119,829 | ||||||
Zalando SE†* | 13,728 | 923,909 | ||||||
101,817,667 | ||||||||
Hong Kong — 2.2% |
| |||||||
AIA Group, Ltd. | 1,093,800 | 8,917,515 | ||||||
Bank of East Asia, Ltd. | 118,400 | 214,276 | ||||||
BOC Hong Kong Holdings, Ltd. | 335,000 | 940,267 | ||||||
CLP Holdings, Ltd. | 148,500 | 1,457,408 | ||||||
Galaxy Entertainment Group, Ltd. | 196,000 | 1,337,050 | ||||||
Hang Lung Properties, Ltd. | 183,000 | 385,946 | ||||||
Hang Seng Bank, Ltd. | 69,200 | 1,055,672 | ||||||
Henderson Land Development Co., Ltd. | 131,231 | 471,362 | ||||||
Hong Kong & China Gas Co., Ltd. | 918,616 | 1,553,858 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 108,400 | 3,792,767 | ||||||
Link REIT | 186,800 | 1,406,534 | ||||||
MTR Corp., Ltd. | 139,500 | 672,983 | ||||||
New World Development Co., Ltd. | 555,000 | 561,476 | ||||||
PCCW, Ltd. | 384,000 | 210,966 | ||||||
Power Assets Holdings, Ltd. | 125,500 | 703,232 | ||||||
Sino Land Co., Ltd. | 284,000 | 331,839 | ||||||
SJM Holdings, Ltd. | 180,000 | 202,220 | ||||||
Sun Hung Kai Properties, Ltd. | 118,000 | 1,365,024 | ||||||
Swire Pacific, Ltd., Class A | 45,000 | 235,945 | ||||||
Swire Properties, Ltd. | 105,800 | 235,637 | ||||||
Techtronic Industries Co., Ltd. | 124,000 | 1,079,189 | ||||||
Wheelock & Co., Ltd. | 65,000 | 440,920 | ||||||
27,572,086 | ||||||||
Ireland — 0.7% |
| |||||||
CRH PLC | 71,055 | 2,324,955 | ||||||
DCC PLC | 8,904 | 743,574 | ||||||
Flutter Entertainment PLC†# | 12,422 | 1,597,003 | ||||||
James Hardie Industries PLC CDI | 40,085 | 685,391 | ||||||
Kerry Group PLC, Class A | 14,375 | 1,785,863 | ||||||
Kingspan Group PLC | 13,921 | 861,745 | ||||||
Smurfit Kappa Group PLC | 20,450 | 668,362 | ||||||
8,666,893 | ||||||||
Isle of Man — 0.0% |
| |||||||
GVC Holdings PLC | 52,730 | 518,989 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Israel — 0.6% |
| |||||||
Azrieli Group, Ltd. | 3,862 | $ | 202,558 | |||||
Bank Hapoalim BM | 103,275 | 639,876 | ||||||
Bank Leumi Le-Israel BM | 133,424 | 712,825 | ||||||
Check Point Software Technologies, Ltd.† | 10,533 | 1,155,154 | ||||||
CyberArk Software, Ltd.† | 3,428 | 355,758 | ||||||
Elbit Systems, Ltd. | 2,211 | 309,636 | ||||||
ICL Group, Ltd. | 64,082 | 221,809 | ||||||
Israel Discount Bank, Ltd., Class A | 105,927 | 339,532 | ||||||
Mizrahi Tefahot Bank, Ltd. | 12,821 | 253,638 | ||||||
NICE, Ltd.† | 5,654 | 1,049,452 | ||||||
Teva Pharmaceutical Industries, Ltd. ADR† | 98,894 | 1,239,142 | ||||||
Wix.com, Ltd.† | 4,629 | 1,029,166 | ||||||
7,508,546 | ||||||||
Italy — 1.7% |
| |||||||
Assicurazioni Generali SpA | 99,429 | 1,384,599 | ||||||
Atlantia SpA† | 44,833 | 730,848 | ||||||
Davide Campari-Milano SpA | 52,554 | 427,738 | ||||||
DiaSorin SpA | 2,278 | 478,201 | ||||||
Enel SpA | 735,952 | 5,663,217 | ||||||
Eni SpA | 230,189 | 2,088,039 | ||||||
FinecoBank Banca Fineco SpA† | 55,136 | 647,043 | ||||||
Infrastrutture Wireless Italiane SpA* | 21,717 | 221,567 | ||||||
Intesa Sanpaolo SpA† | 1,346,724 | 2,335,929 | ||||||
Leonardo SpA | 36,620 | 229,144 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 56,197 | 366,402 | ||||||
Moncler SpA† | 17,530 | 654,665 | ||||||
Nexi SpA†* | 34,083 | 562,211 | ||||||
Pirelli & C SpA*# | 36,194 | 162,768 | ||||||
Poste Italiane SpA* | 47,274 | 416,424 | ||||||
Prysmian SpA | 21,837 | 466,591 | ||||||
Recordati SpA | 9,461 | 431,225 | ||||||
Snam SpA | 184,311 | 859,497 | ||||||
Telecom Italia SpA† | 756,616 | 280,069 | ||||||
Telecom Italia SpA (RSP) | 545,429 | 210,884 | ||||||
Terna Rete Elettrica Nazionale SpA | 127,313 | 861,466 | ||||||
UniCredit SpA† | 191,984 | 1,645,281 | ||||||
21,123,808 | ||||||||
Japan — 24.2% |
| |||||||
ABC-Mart, Inc. | 3,000 | 182,464 | ||||||
Acom Co., Ltd. | 36,100 | 147,193 | ||||||
Advantest Corp. | 18,100 | 895,253 | ||||||
Aeon Co., Ltd. | 59,200 | 1,310,312 | ||||||
Aeon Mall Co., Ltd. | 9,300 | 130,921 | ||||||
AGC, Inc. | 17,500 | 496,160 | ||||||
Air Water, Inc. | 16,600 | 241,290 | ||||||
Aisin Seiki Co., Ltd. | 14,700 | 463,914 | ||||||
Ajinomoto Co., Inc. | 42,200 | 719,811 | ||||||
Alfresa Holdings Corp. | 17,000 | 343,080 | ||||||
Amada Co., Ltd. | 30,000 | 267,890 | ||||||
ANA Holdings, Inc.† | 10,400 | 251,190 | ||||||
Aozora Bank, Ltd. | 10,700 | 199,092 | ||||||
Asahi Group Holdings, Ltd. | 35,000 | 1,319,847 | ||||||
Asahi Intecc Co., Ltd. | 17,700 | 542,395 | ||||||
Asahi Kasei Corp. | 113,500 | 896,630 | ||||||
Astellas Pharma, Inc. | 168,500 | 2,995,375 | ||||||
Bandai Namco Holdings, Inc.# | 18,100 | 1,008,120 | ||||||
Bank of Kyoto, Ltd. | 5,100 | 183,396 | ||||||
Benesse Holdings, Inc. | 6,500 | 176,116 | ||||||
Bridgestone Corp. | 48,400 | 1,608,173 | ||||||
Brother Industries, Ltd. | 20,200 | 380,961 | ||||||
Calbee, Inc. | 7,900 | 228,423 | ||||||
Canon, Inc.# | 90,500 | 1,856,047 | ||||||
Casio Computer Co., Ltd. | 17,600 | 310,324 |
109 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Central Japan Railway Co. | 13,100 | $ | 2,243,637 | |||||
Chiba Bank, Ltd. | 48,000 | 228,384 | ||||||
Chubu Electric Power Co., Inc. | 58,300 | 785,293 | ||||||
Chugai Pharmaceutical Co., Ltd. | 20,300 | 2,995,774 | ||||||
Chugoku Electric Power Co., Inc. | 26,300 | 361,169 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 11,202 | 222,713 | ||||||
Concordia Financial Group, Ltd. | 95,800 | 313,412 | ||||||
Cosmos Pharmaceutical Corp. | 1,810 | 259,841 | ||||||
CyberAgent, Inc. | 9,149 | 461,385 | ||||||
Dai Nippon Printing Co., Ltd. | 22,000 | 500,571 | ||||||
Dai-ichi Life Holdings, Inc. | 97,600 | 1,273,113 | ||||||
Daicel Corp. | 22,500 | 190,650 | ||||||
Daifuku Co., Ltd. | 9,191 | 715,530 | ||||||
Daiichi Sankyo Co., Ltd. | 51,300 | 4,805,986 | ||||||
Daikin Industries, Ltd. | 22,500 | 3,312,957 | ||||||
Daito Trust Construction Co., Ltd. | 5,800 | 613,214 | ||||||
Daiwa House Industry Co., Ltd. | 51,200 | 1,272,559 | ||||||
Daiwa House REIT Investment Corp. | 179 | 442,812 | ||||||
Daiwa Securities Group, Inc. | 130,700 | 542,468 | ||||||
Denso Corp. | 39,200 | 1,504,692 | ||||||
Dentsu Group, Inc. | 19,600 | 525,820 | ||||||
Disco Corp. | 2,600 | 581,599 | ||||||
East Japan Railway Co. | 27,400 | 2,150,046 | ||||||
Eisai Co., Ltd. | 22,800 | 1,787,295 | ||||||
Electric Power Development Co., Ltd. | 12,400 | 234,069 | ||||||
FamilyMart Co., Ltd. | 22,900 | 429,843 | ||||||
FANUC Corp. | 17,500 | 3,124,792 | ||||||
Fast Retailing Co., Ltd. | 5,300 | 2,981,981 | ||||||
Fuji Electric Co., Ltd. | 11,500 | 307,889 | ||||||
FUJIFILM Holdings Corp. | 32,600 | 1,506,165 | ||||||
Fujitsu, Ltd. | 17,800 | 1,835,734 | ||||||
Fukuoka Financial Group, Inc. | 15,600 | 254,113 | ||||||
GLP J-REIT | 330 | 440,711 | ||||||
GMO Payment Gateway, Inc. | 3,700 | 416,796 | ||||||
Hakuhodo DY Holdings, Inc. | 21,100 | 262,508 | ||||||
Hamamatsu Photonics KK | 12,700 | 575,591 | ||||||
Hankyu Hanshin Holdings, Inc. | 20,700 | 765,151 | ||||||
Hikari Tsushin, Inc. | 1,900 | 416,812 | ||||||
Hino Motors, Ltd. | 26,000 | 176,169 | ||||||
Hirose Electric Co., Ltd. | 2,935 | 350,864 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 4,600 | 232,069 | ||||||
Hitachi Construction Machinery Co., Ltd. | 9,700 | 255,225 | ||||||
Hitachi Metals, Ltd. | 19,400 | 223,968 | ||||||
Hitachi, Ltd. | 87,500 | 2,808,491 | ||||||
Honda Motor Co., Ltd. | 147,500 | 3,815,809 | ||||||
Hoshizaki Corp. | 4,600 | 371,680 | ||||||
Hoya Corp. | 34,200 | 3,210,103 | ||||||
Hulic Co., Ltd.# | 27,400 | 277,532 | ||||||
Idemitsu Kosan Co., Ltd. | 17,776 | 394,778 | ||||||
Iida Group Holdings Co., Ltd.# | 13,300 | 197,710 | ||||||
Inpex Corp. | 92,600 | 646,618 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 30,500 | 204,353 | ||||||
Isuzu Motors, Ltd. | 49,900 | 468,120 | ||||||
Ito En, Ltd. | 4,843 | 277,526 | ||||||
ITOCHU Corp. | 121,900 | 2,616,335 | ||||||
Itochu Techno-Solutions Corp. | 8,700 | 294,286 | ||||||
Japan Airlines Co., Ltd. | 10,300 | 202,689 | ||||||
Japan Airport Terminal Co., Ltd.# | 4,600 | 202,679 | ||||||
Japan Exchange Group, Inc. | 46,100 | 991,631 | ||||||
Japan Post Bank Co., Ltd.# | 36,600 | 302,462 | ||||||
Japan Post Holdings Co., Ltd. | 142,500 | 1,037,728 | ||||||
Japan Post Insurance Co., Ltd. | 20,400 | 259,324 | ||||||
Japan Prime Realty Investment Corp. | 71 | 216,938 | ||||||
Japan Real Estate Investment Corp. | 119 | 649,964 | ||||||
Japan Retail Fund Investment Corp. | 237 | 313,370 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Japan Tobacco, Inc. | 108,600 | $ | 2,154,944 | |||||
JFE Holdings, Inc. | 44,500 | 327,451 | ||||||
JGC Holdings Corp. | 19,900 | 214,439 | ||||||
JSR Corp. | 18,400 | 361,181 | ||||||
JTEKT Corp. | 18,600 | 150,303 | ||||||
JXTG Holdings, Inc. | 277,700 | 1,068,765 | ||||||
Kajima Corp. | 40,700 | 462,073 | ||||||
Kakaku.com, Inc. | 12,200 | 295,511 | ||||||
Kamigumi Co., Ltd. | 8,900 | 174,078 | ||||||
Kansai Electric Power Co., Inc. | 63,700 | 634,936 | ||||||
Kansai Paint Co., Ltd. | 16,000 | 331,653 | ||||||
Kao Corp. | 43,600 | 3,500,098 | ||||||
Kawasaki Heavy Industries, Ltd. | 12,900 | 204,619 | ||||||
KDDI Corp. | 149,200 | 4,344,635 | ||||||
Keihan Holdings Co., Ltd. | 8,700 | 413,487 | ||||||
Keikyu Corp. | 19,999 | 334,428 | ||||||
Keio Corp. | 9,300 | 552,722 | ||||||
Keisei Electric Railway Co., Ltd. | 11,700 | 384,286 | ||||||
Keyence Corp. | 16,500 | 6,795,156 | ||||||
Kikkoman Corp. | 13,200 | 664,936 | ||||||
Kintetsu Group Holdings Co., Ltd. | 15,500 | 761,289 | ||||||
Kirin Holdings Co., Ltd. | 74,400 | 1,525,054 | ||||||
Kobayashi Pharmaceutical Co., Ltd. | 4,501 | 401,023 | ||||||
Kobe Bussan Co., Ltd. | 5,570 | 288,197 | ||||||
Koito Manufacturing Co., Ltd. | 9,500 | 402,884 | ||||||
Komatsu, Ltd. | 79,200 | 1,604,422 | ||||||
Konami Holdings Corp. | 8,400 | 295,488 | ||||||
Kose Corp. | 2,979 | 373,432 | ||||||
Kubota Corp. | 93,900 | 1,264,282 | ||||||
Kuraray Co., Ltd. | 28,900 | 303,957 | ||||||
Kurita Water Industries, Ltd. | 8,900 | 247,003 | ||||||
Kyocera Corp. | 29,000 | 1,571,239 | ||||||
Kyowa Kirin Co., Ltd. | 24,400 | 662,306 | ||||||
Kyushu Electric Power Co., Inc. | 34,300 | 285,311 | ||||||
Kyushu Railway Co.# | 13,500 | 382,845 | ||||||
Lasertec Corp.† | 6,825 | 560,075 | ||||||
Lawson, Inc. | 4,500 | 248,929 | ||||||
LINE Corp.† | 5,500 | 274,478 | ||||||
Lion Corp. | 20,300 | 464,408 | ||||||
LIXIL Group Corp. | 24,100 | 336,896 | ||||||
M3, Inc. | 39,900 | 1,608,908 | ||||||
Makita Corp. | 20,300 | 688,529 | ||||||
Marubeni Corp. | 149,400 | 726,529 | ||||||
Marui Group Co., Ltd. | 17,200 | 310,610 | ||||||
Maruichi Steel Tube, Ltd. | 5,100 | 130,652 | ||||||
Mazda Motor Corp. | 51,500 | 329,816 | ||||||
McDonald’s Holdings Co. Japan, Ltd.# | 6,000 | 319,154 | ||||||
Mebuki Financial Group, Inc. | 85,400 | 193,494 | ||||||
Medipal Holdings Corp. | 16,600 | 329,494 | ||||||
MEIJI Holdings Co., Ltd. | 10,400 | 782,810 | ||||||
Mercari, Inc.† | 7,700 | 229,778 | ||||||
Minebea Mitsumi, Inc. | 32,800 | 576,805 | ||||||
MISUMI Group, Inc. | 25,700 | 683,238 | ||||||
Mitsubishi Chemical Holdings Corp. | 115,900 | 682,970 | ||||||
Mitsubishi Corp. | 122,300 | 2,856,924 | ||||||
Mitsubishi Electric Corp. | 165,100 | 2,176,814 | ||||||
Mitsubishi Estate Co., Ltd. | 107,000 | 1,703,587 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,300 | 213,242 | ||||||
Mitsubishi Heavy Industries, Ltd. | 29,000 | 751,035 | ||||||
Mitsubishi Materials Corp. | 10,100 | 230,191 | ||||||
Mitsubishi Motors Corp.# | 60,700 | 171,460 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1,106,100 | 4,564,543 | ||||||
Mitsubishi UFJ Lease & Finance Co., Ltd. | 36,500 | 178,457 | ||||||
Mitsui & Co., Ltd. | 149,800 | 2,275,449 | ||||||
Mitsui Chemicals, Inc. | 16,700 | 347,549 |
110 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Mitsui Fudosan Co., Ltd. | 84,200 | $ | 1,622,509 | |||||
Miura Co., Ltd. | 7,936 | 338,501 | ||||||
Mizuho Financial Group, Inc. | 2,182,800 | 2,727,183 | ||||||
MonotaRO Co., Ltd. | 11,300 | 410,797 | ||||||
MS&AD Insurance Group Holdings, Inc. | 40,300 | 1,184,843 | ||||||
Murata Manufacturing Co., Ltd. | 52,000 | 2,906,512 | ||||||
Nabtesco Corp. | 10,200 | 317,117 | ||||||
Nagoya Railroad Co., Ltd. | 16,900 | 509,942 | ||||||
NEC Corp. | 20,400 | 916,539 | ||||||
Nexon Co., Ltd. | 43,800 | 913,220 | ||||||
NGK Insulators, Ltd. | 23,700 | 347,801 | ||||||
NGK Spark Plug Co., Ltd. | 14,200 | 229,255 | ||||||
NH Foods, Ltd. | 7,500 | 277,325 | ||||||
Nidec Corp. | 40,500 | 2,492,683 | ||||||
Nihon M&A Center, Inc. | 13,524 | 544,019 | ||||||
Nikon Corp. | 27,200 | 250,171 | ||||||
Nintendo Co., Ltd. | 10,100 | 4,081,975 | ||||||
Nippon Building Fund, Inc. | 115 | 721,687 | ||||||
Nippon Express Co., Ltd. | 6,700 | 344,852 | ||||||
Nippon Paint Holdings Co., Ltd. | 13,300 | 925,524 | ||||||
Nippon Prologis REIT, Inc. | 190 | 535,893 | ||||||
Nippon Shinyaku Co., Ltd. | 4,100 | 353,295 | ||||||
Nippon Steel Corp. | 73,100 | 674,203 | ||||||
Nippon Telegraph & Telephone Corp. | 116,500 | 2,637,717 | ||||||
Nippon Yusen KK | 13,900 | 200,655 | ||||||
Nissan Chemical Corp. | 11,200 | 495,002 | ||||||
Nissan Motor Co., Ltd. | 210,100 | 782,581 | ||||||
Nisshin Seifun Group, Inc. | 17,900 | 279,105 | ||||||
Nissin Foods Holdings Co., Ltd. | 5,700 | 476,188 | ||||||
Nitori Holdings Co., Ltd. | 7,300 | 1,324,050 | ||||||
Nitto Denko Corp. | 14,400 | 780,071 | ||||||
Nomura Holdings, Inc. | 284,500 | 1,223,696 | ||||||
Nomura Real Estate Holdings, Inc. | 10,500 | 194,638 | ||||||
Nomura Real Estate Master Fund, Inc. | 384 | 473,047 | ||||||
Nomura Research Institute, Ltd. | 29,000 | 767,114 | ||||||
NSK, Ltd. | 32,400 | 237,334 | ||||||
NTT Data Corp. | 57,100 | 660,686 | ||||||
NTT DOCOMO, Inc. | 105,600 | 2,887,998 | ||||||
Obayashi Corp. | 58,800 | 544,745 | ||||||
OBIC Co., Ltd. | 6,300 | 1,093,039 | ||||||
Odakyu Electric Railway Co., Ltd. | 26,699 | 666,668 | ||||||
Oji Holdings Corp. | 78,000 | 390,637 | ||||||
Olympus Corp. | 105,400 | 1,833,868 | ||||||
Omron Corp. | 16,800 | 1,115,022 | ||||||
Ono Pharmaceutical Co., Ltd. | 33,500 | 957,400 | ||||||
Oracle Corp. Japan† | 3,500 | 409,114 | ||||||
Oriental Land Co., Ltd. | 18,100 | 2,625,267 | ||||||
ORIX Corp. | 119,900 | 1,592,635 | ||||||
Orix JREIT, Inc. | 237 | 343,215 | ||||||
Osaka Gas Co., Ltd. | 33,900 | 677,557 | ||||||
Otsuka Corp. | 9,500 | 458,821 | ||||||
Otsuka Holdings Co., Ltd. | 35,300 | 1,595,232 | ||||||
Pan Pacific International Holdings Corp. | 37,300 | 751,932 | ||||||
Panasonic Corp. | 199,830 | 1,788,265 | ||||||
Park24 Co., Ltd. | 9,800 | 190,476 | ||||||
PeptiDream, Inc.† | 8,500 | 381,720 | ||||||
Persol Holdings Co., Ltd. | 16,074 | 212,915 | ||||||
Pigeon Corp. | 10,500 | 409,487 | ||||||
Pola Orbis Holdings, Inc. | 8,332 | 162,205 | ||||||
Rakuten, Inc. | 77,900 | 706,438 | ||||||
Recruit Holdings Co., Ltd. | 115,083 | 3,970,608 | ||||||
Renesas Electronics Corp.†# | 69,600 | 361,980 | ||||||
Resona Holdings, Inc. | 189,300 | 682,071 | ||||||
Ricoh Co., Ltd. | 60,700 | 449,035 | ||||||
Rinnai Corp. | 3,300 | 277,922 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Rohm Co., Ltd. | 8,000 | $ | 539,337 | |||||
Ryohin Keikaku Co., Ltd. | 21,640 | 327,705 | ||||||
Santen Pharmaceutical Co., Ltd. | 32,600 | 602,279 | ||||||
SBI Holdings, Inc. | 21,400 | 459,338 | ||||||
SCSK Corp. | 4,714 | 230,730 | ||||||
Secom Co., Ltd. | 19,000 | 1,646,936 | ||||||
Sega Sammy Holdings, Inc. | 15,700 | 204,751 | ||||||
Seibu Holdings, Inc. | 19,600 | 256,266 | ||||||
Seiko Epson Corp. | 25,300 | 285,484 | ||||||
Sekisui Chemical Co., Ltd. | 32,900 | 460,035 | ||||||
Sekisui House, Ltd. | 56,200 | 1,071,480 | ||||||
Seven & i Holdings Co., Ltd. | 68,200 | 2,334,584 | ||||||
Seven Bank, Ltd. | 53,300 | 151,965 | ||||||
SG Holdings Co., Ltd. | 14,528 | 474,034 | ||||||
Sharp Corp.# | 19,300 | 209,424 | ||||||
Shimadzu Corp. | 20,100 | 544,323 | ||||||
Shimamura Co., Ltd. | 2,000 | 140,787 | ||||||
Shimano, Inc. | 6,700 | 1,232,065 | ||||||
Shimizu Corp. | 49,900 | 422,771 | ||||||
Shin-Etsu Chemical Co., Ltd. | 32,000 | 3,754,927 | ||||||
Shinsei Bank, Ltd.# | 14,100 | 180,136 | ||||||
Shionogi & Co., Ltd. | 24,400 | 1,441,722 | ||||||
Shiseido Co., Ltd. | 36,200 | 2,209,767 | ||||||
Shizuoka Bank, Ltd. | 38,300 | 244,052 | ||||||
Showa Denko KK | 12,200 | 292,006 | ||||||
SMC Corp. | 5,200 | 2,617,621 | ||||||
Softbank Corp. | 173,300 | 2,196,991 | ||||||
SoftBank Group Corp. | 141,800 | 6,369,004 | ||||||
Sohgo Security Services Co., Ltd. | 6,500 | 319,929 | ||||||
Sompo Holdings, Inc. | 30,400 | 1,082,409 | ||||||
Sony Corp. | 115,200 | 7,356,396 | ||||||
Sony Financial Holdings, Inc. | 13,800 | 332,851 | ||||||
Square Enix Holdings Co., Ltd. | 8,300 | 403,099 | ||||||
Stanley Electric Co., Ltd. | 11,800 | 287,291 | ||||||
Subaru Corp. | 55,700 | 1,230,843 | ||||||
SUMCO Corp. | 23,904 | 367,061 | ||||||
Sumitomo Chemical Co., Ltd. | 134,800 | 418,498 | ||||||
Sumitomo Corp. | 107,500 | 1,296,377 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 16,200 | 229,274 | ||||||
Sumitomo Electric Industries, Ltd. | 68,300 | 796,472 | ||||||
Sumitomo Heavy Industries, Ltd. | 10,000 | 228,674 | ||||||
Sumitomo Metal Mining Co., Ltd. | 21,100 | 588,544 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 118,000 | 3,418,619 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 30,600 | 901,685 | ||||||
Sumitomo Realty & Development Co., Ltd. | 28,000 | 776,648 | ||||||
Sumitomo Rubber Industries, Ltd. | 15,500 | 157,804 | ||||||
Sundrug Co., Ltd. | 6,480 | 218,325 | ||||||
Suntory Beverage & Food, Ltd. | 12,600 | 514,885 | ||||||
Suzuken Co., Ltd. | 6,100 | 221,789 | ||||||
Suzuki Motor Corp. | 33,300 | 1,159,059 | ||||||
Sysmex Corp. | 15,100 | 1,207,263 | ||||||
T&D Holdings, Inc. | 48,700 | 440,545 | ||||||
Taiheiyo Cement Corp. | 10,900 | 258,060 | ||||||
Taisei Corp. | 17,300 | 601,181 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 3,100 | 196,934 | ||||||
Taiyo Nippon Sanso Corp. | 13,700 | 230,598 | ||||||
Takeda Pharmaceutical Co., Ltd. | 142,600 | 5,552,509 | ||||||
TDK Corp. | 11,700 | 1,096,731 | ||||||
Teijin, Ltd. | 16,100 | 263,773 | ||||||
Terumo Corp. | 58,400 | 2,295,569 | ||||||
THK Co., Ltd. | 10,900 | 283,855 | ||||||
TIS, Inc. | 20,256 | 432,442 | ||||||
Tobu Railway Co., Ltd. | 17,300 | 613,569 | ||||||
Toho Co., Ltd. | 10,100 | 371,398 | ||||||
Toho Gas Co., Ltd. | 6,700 | 329,604 |
111 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Japan (continued) |
| |||||||
Tohoku Electric Power Co., Inc. | 38,700 | $ | 400,919 | |||||
Tokio Marine Holdings, Inc. | 57,800 | 2,505,705 | ||||||
Tokyo Century Corp.# | 3,916 | 170,557 | ||||||
Tokyo Electric Power Co. Holdings, Inc.† | 130,900 | 441,201 | ||||||
Tokyo Electron, Ltd. | 13,500 | 2,698,748 | ||||||
Tokyo Gas Co., Ltd. | 34,000 | 811,408 | ||||||
Tokyu Corp. | 45,200 | 716,979 | ||||||
Tokyu Fudosan Holdings Corp. | 55,400 | 281,266 | ||||||
Toppan Printing Co., Ltd. | 23,700 | 405,851 | ||||||
Toray Industries, Inc. | 125,500 | 611,164 | ||||||
Toshiba Corp. | 35,000 | 957,493 | ||||||
Tosoh Corp. | 23,500 | 327,101 | ||||||
TOTO, Ltd. | 12,800 | 507,133 | ||||||
Toyo Suisan Kaisha, Ltd. | 8,000 | 417,415 | ||||||
Toyoda Gosei Co., Ltd. | 5,900 | 126,281 | ||||||
Toyota Industries Corp. | 13,300 | 680,590 | ||||||
Toyota Motor Corp. | 191,900 | 12,040,451 | ||||||
Toyota Tsusho Corp. | 19,200 | 487,203 | ||||||
Trend Micro, Inc. | 12,100 | 665,583 | ||||||
Tsuruha Holdings, Inc.# | 3,304 | 488,287 | ||||||
Unicharm Corp. | 36,500 | 1,358,694 | ||||||
United Urban Investment Corp.# | 268 | 284,649 | ||||||
USS Co., Ltd. | 19,799 | 345,287 | ||||||
Welcia Holdings Co., Ltd. | 4,300 | 360,414 | ||||||
West Japan Railway Co. | 14,700 | 949,159 | ||||||
Yakult Honsha Co., Ltd. | 10,800 | 661,719 | ||||||
Yamada Denki Co., Ltd. | 65,600 | 319,197 | ||||||
Yamaha Corp. | 12,100 | 589,308 | ||||||
Yamaha Motor Co., Ltd. | 25,300 | 365,727 | ||||||
Yamato Holdings Co., Ltd. | 27,900 | 618,090 | ||||||
Yamazaki Baking Co., Ltd. | 11,000 | 196,828 | ||||||
Yaskawa Electric Corp. | 21,700 | 780,916 | ||||||
Yokogawa Electric Corp. | 20,700 | 298,710 | ||||||
Yokohama Rubber Co., Ltd. | 10,700 | 161,849 | ||||||
Z Holdings Corp. | 240,000 | 981,527 | ||||||
ZOZO, Inc.# | 9,893 | 182,405 | ||||||
301,752,029 | ||||||||
Jersey — 0.6% |
| |||||||
Experian PLC | 82,185 | 2,869,404 | ||||||
Ferguson PLC | 20,395 | 1,610,925 | ||||||
Glencore PLC | 904,245 | 1,686,373 | ||||||
WPP PLC | 111,968 | 850,581 | ||||||
7,017,283 | ||||||||
Luxembourg — 0.2% |
| |||||||
ArcelorMittal SA | 64,863 | 625,143 | ||||||
Aroundtown SA | 104,257 | 573,242 | ||||||
Eurofins Scientific SE# | 1,194 | 808,740 | ||||||
SES SA FDR | 34,697 | 257,125 | ||||||
Tenaris SA# | 42,729 | 266,914 | ||||||
2,531,164 | ||||||||
Netherlands — 4.6% |
| |||||||
ABN AMRO Bank NV CVA* | 38,275 | 308,257 | ||||||
Adyen NV†* | 1,634 | 2,149,709 | ||||||
Aegon NV | 161,912 | 435,240 | ||||||
AerCap Holdings NV† | 11,912 | 384,043 | ||||||
Airbus SE†# | 53,150 | 3,377,020 | ||||||
Akzo Nobel NV | 18,061 | 1,482,465 | ||||||
Altice Europe NV† | 56,355 | 227,037 | ||||||
ASML Holding NV | 38,516 | 12,608,293 | ||||||
CNH Industrial NV† | 92,594 | 563,523 | ||||||
EXOR NV | 9,813 | 531,257 | ||||||
Ferrari NV | 11,406 | 1,931,917 |
Security Description | Shares | Value (Note 2) | ||||||
Netherlands (continued) |
| |||||||
Fiat Chrysler Automobiles NV† | 99,287 | $ | 880,554 | |||||
Heineken Holding NV | 10,425 | 860,948 | ||||||
Heineken NV | 23,454 | 2,155,792 | ||||||
ING Groep NV | 352,604 | 2,289,555 | ||||||
Just Eat Takeaway.com NV†* | 10,981 | 1,195,677 | ||||||
Koninklijke Ahold Delhaize NV# | 99,600 | 2,529,758 | ||||||
Koninklijke DSM NV | 15,596 | 2,001,645 | ||||||
Koninklijke KPN NV | 323,253 | 793,771 | ||||||
Koninklijke Philips NV† | 81,142 | 3,696,477 | ||||||
Koninklijke Vopak NV | 6,362 | 349,306 | ||||||
NN Group NV | 26,424 | 819,054 | ||||||
Prosus NV† | 44,102 | 3,671,867 | ||||||
QIAGEN NV† | 20,887 | 911,697 | ||||||
Randstad NV | 10,781 | 453,803 | ||||||
STMicroelectronics NV | 57,715 | 1,426,440 | ||||||
Unilever NV | 132,174 | 6,843,376 | ||||||
Wolters Kluwer NV | 24,704 | 1,973,939 | ||||||
56,852,420 | ||||||||
New Zealand — 0.3% |
| |||||||
a2 Milk Co., Ltd.† | 66,587 | 787,195 | ||||||
Auckland International Airport, Ltd. | 109,957 | 444,087 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 51,989 | 969,120 | ||||||
Mercury NZ, Ltd. | 61,634 | 177,995 | ||||||
Meridian Energy, Ltd. | 115,957 | 343,718 | ||||||
Ryman Healthcare, Ltd. | 36,194 | 271,813 | ||||||
Spark New Zealand, Ltd. | 166,226 | 456,934 | ||||||
3,450,862 | ||||||||
Norway — 0.5% |
| |||||||
DNB ASA | 85,797 | 1,172,727 | ||||||
Equinor ASA# | 90,630 | 1,323,126 | ||||||
Gjensidige Forsikring ASA† | 18,097 | 329,197 | ||||||
Mowi ASA | 39,773 | 751,866 | ||||||
Norsk Hydro ASA† | 121,690 | 310,625 | ||||||
Orkla ASA | 67,961 | 612,005 | ||||||
Schibsted ASA, Class B† | 8,869 | 213,511 | ||||||
Telenor ASA | 65,261 | 991,960 | ||||||
Yara International ASA | 16,022 | 550,512 | ||||||
6,255,529 | ||||||||
Papua New Guinea — 0.0% |
| |||||||
Oil Search, Ltd. | 178,549 | 407,784 | ||||||
Portugal — 0.2% |
| |||||||
Banco Espirito Santo SA†(1) | 213,818 | 0 | ||||||
EDP - Energias de Portugal SA | 231,605 | 1,090,382 | ||||||
Galp Energia SGPS SA | 45,357 | 541,970 | ||||||
Jeronimo Martins SGPS SA | 22,777 | 389,950 | ||||||
2,022,302 | ||||||||
Singapore — 1.0% |
| |||||||
Ascendas Real Estate Investment Trust | 278,248 | 618,984 | ||||||
CapitaLand Commercial Trust | 244,300 | 303,868 | ||||||
CapitaLand Mall Trust | 233,700 | 337,269 | ||||||
CapitaLand, Ltd.† | 232,400 | 477,375 | ||||||
City Developments, Ltd. | 41,100 | 225,170 | ||||||
DBS Group Holdings, Ltd. | 162,400 | 2,246,321 | ||||||
Genting Singapore, Ltd. | 547,200 | 305,500 | ||||||
Jardine Cycle & Carriage, Ltd. | 8,900 | 138,260 | ||||||
Keppel Corp., Ltd.# | 131,600 | 552,009 | ||||||
Mapletree Commercial Trust | 194,500 | 276,572 | ||||||
Mapletree Logistics Trust | 240,709 | 349,273 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 299,200 | 1,819,191 | ||||||
Singapore Airlines, Ltd.# | 122,149 | 331,137 | ||||||
Singapore Exchange, Ltd. | 72,700 | 428,086 |
112 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Singapore (continued) |
| |||||||
Singapore Technologies Engineering, Ltd. | 141,300 | $ | 320,248 | |||||
Singapore Telecommunications, Ltd. | 738,800 | 1,306,324 | ||||||
Suntec Real Estate Investment Trust | 178,100 | 186,175 | ||||||
United Overseas Bank, Ltd. | 106,400 | 1,473,800 | ||||||
UOL Group, Ltd. | 42,000 | 204,437 | ||||||
Venture Corp., Ltd. | 24,952 | 271,875 | ||||||
Wilmar International, Ltd. | 173,800 | 492,744 | ||||||
Yangzijiang Shipbuilding Holdings, Ltd. | 233,700 | 156,465 | ||||||
12,821,083 | ||||||||
Spain — 2.2% |
| |||||||
ACS Actividades de Construccion y Servicios SA | 23,118 | 592,837 | ||||||
Aena SME SA†* | 6,108 | 874,177 | ||||||
Amadeus IT Group SA | 39,024 | 2,043,412 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 603,349 | 1,883,535 | ||||||
Banco Santander SA | 1,503,702 | 3,421,247 | ||||||
Bankinter SA | 61,001 | 259,513 | ||||||
CaixaBank SA | 324,741 | 609,077 | ||||||
Cellnex Telecom SA* | 22,663 | 1,286,664 | ||||||
Enagas SA | 22,521 | 507,055 | ||||||
Endesa SA | 28,741 | 683,564 | ||||||
Ferrovial SA | 43,851 | 1,194,581 | ||||||
Grifols SA# | 26,991 | 845,961 | ||||||
Iberdrola SA | 525,562 | 5,672,431 | ||||||
Industria de Diseno Textil SA | 98,704 | 2,759,141 | ||||||
Mapfre SA | 97,529 | 172,089 | ||||||
Naturgy Energy Group SA# | 26,715 | 497,169 | ||||||
Red Electrica Corp. SA | 39,168 | 690,645 | ||||||
Repsol SA | 127,534 | 1,194,230 | ||||||
Siemens Gamesa Renewable Energy SA†# | 21,572 | 364,653 | ||||||
Telefonica SA | 422,833 | 1,995,036 | ||||||
27,547,017 | ||||||||
SupraNational — 0.1% |
| |||||||
HK Electric Investments & HK Electric Investments, Ltd. | 239,769 | 238,051 | ||||||
HKT Trust & HKT, Ltd. | 343,000 | 489,383 | ||||||
Unibail-Rodamco-Westfield# | 12,521 | 666,425 | ||||||
1,393,859 | ||||||||
Sweden — 2.7% |
| |||||||
Alfa Laval AB† | 28,466 | 576,534 | ||||||
Assa Abloy AB, Class B | 90,694 | 1,843,677 | ||||||
Atlas Copco AB, Class A | 60,762 | 2,392,532 | ||||||
Atlas Copco AB, Class B | 35,309 | 1,251,067 | ||||||
Boliden AB | 24,749 | 539,550 | ||||||
Electrolux AB, Series B | 20,409 | 335,612 | ||||||
Epiroc AB, Class A | 59,631 | 664,680 | ||||||
Epiroc AB, Class B | 35,287 | 394,498 | ||||||
EQT AB† | 21,558 | 340,785 | ||||||
Essity AB, Class B† | 54,879 | 1,816,005 | ||||||
Evolution Gaming Group AB†* | 11,504 | 681,324 | ||||||
Hennes & Mauritz AB, Class B | 72,694 | 1,103,343 | ||||||
Hexagon AB, Class B† | 25,466 | 1,405,602 | ||||||
Husqvarna AB, Class B | 37,814 | 279,186 | ||||||
ICA Gruppen AB | 9,100 | 428,034 | ||||||
Industrivarden AB, Class C† | 14,358 | 320,533 | ||||||
Investment AB Latour, Class B | 13,396 | 241,223 | ||||||
Investor AB, Class B | 41,215 | 2,202,115 | ||||||
Kinnevik AB, Class B† | 21,890 | 553,301 | ||||||
L E Lundbergforetagen AB, Class B† | 6,877 | 342,377 | ||||||
Lundin Energy AB | 16,817 | 407,477 | ||||||
Nibe Industrier AB, Class B† | 28,217 | 628,530 | ||||||
Sandvik AB† | 102,154 | 1,700,051 | ||||||
Securitas AB, Class B† | 28,333 | 376,872 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Skandinaviska Enskilda Banken AB, Class A† | 147,267 | $ | 1,283,003 | |||||
Skanska AB, Class B† | 30,780 | 617,448 | ||||||
SKF AB, Class B | 34,444 | 634,921 | ||||||
Svenska Cellulosa AB SCA, Class B† | 54,822 | 686,759 | ||||||
Svenska Handelsbanken AB, Class A† | 140,780 | 1,337,313 | ||||||
Swedbank AB, Class A† | 81,944 | 1,030,195 | ||||||
Swedish Match AB | 15,378 | 1,070,762 | ||||||
Tele2 AB, Class B | 45,187 | 603,171 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 264,108 | 2,410,840 | ||||||
Telia Co AB | 228,542 | 785,608 | ||||||
Volvo AB, Class B† | 134,535 | 1,912,725 | ||||||
33,197,653 | ||||||||
Switzerland — 9.6% |
| |||||||
ABB, Ltd. | 166,759 | 3,293,112 | ||||||
Adecco Group AG | 14,041 | 669,478 | ||||||
Alcon, Inc.† | 44,492 | 2,876,221 | ||||||
Baloise Holding AG | 4,195 | 598,793 | ||||||
Banque Cantonale Vaudoise | 2,726 | 265,520 | ||||||
Barry Callebaut AG | 273 | 549,784 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 9 | 782,444 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | 98 | 818,717 | ||||||
Cie Financiere Richemont SA | 47,234 | 2,761,207 | ||||||
Clariant AG†# | 18,021 | 331,718 | ||||||
Coca-Cola HBC AG | 18,084 | 457,054 | ||||||
Credit Suisse Group AG | 219,718 | 2,017,988 | ||||||
EMS-Chemie Holding AG | 741 | 549,877 | ||||||
Geberit AG | 3,352 | 1,634,695 | ||||||
Givaudan SA | 836 | 3,008,126 | ||||||
Julius Baer Group, Ltd. | 20,252 | 866,429 | ||||||
Kuehne & Nagel International AG† | 4,886 | 706,209 | ||||||
LafargeHolcim, Ltd. | 47,373 | 1,968,348 | ||||||
Logitech International SA | 14,881 | 881,055 | ||||||
Lonza Group AG | 6,738 | 3,317,850 | ||||||
Nestle SA | 269,286 | 29,155,421 | ||||||
Novartis AG | 194,388 | 16,851,419 | ||||||
Pargesa Holding SA | 3,493 | 264,403 | ||||||
Partners Group Holding AG | 1,691 | 1,405,146 | ||||||
Roche Holding AG | 63,572 | 22,067,362 | ||||||
Schindler Holding AG (Participation Certificate) | 3,684 | 857,940 | ||||||
Schindler Holding AG | 1,821 | 422,773 | ||||||
SGS SA | 548 | 1,290,798 | ||||||
Sika AG | 12,829 | 2,204,451 | ||||||
Sonova Holding AG | 4,953 | 1,088,686 | ||||||
Straumann Holding AG | 934 | 760,051 | ||||||
Swatch Group AG (TRQX)# | 4,761 | 185,939 | ||||||
Swatch Group AG (XEGT) | 2,618 | 525,494 | ||||||
Swiss Life Holding AG | 2,888 | 1,019,037 | ||||||
Swiss Prime Site AG | 6,874 | 640,965 | ||||||
Swiss Re AG | 26,663 | 1,815,049 | ||||||
Swisscom AG# | 2,344 | 1,221,240 | ||||||
Temenos AG# | 5,925 | 909,194 | ||||||
UBS Group AG | 331,730 | 3,574,569 | ||||||
Vifor Pharma AG | 4,117 | 628,216 | ||||||
Zurich Insurance Group AG | 13,537 | 4,379,784 | ||||||
119,622,562 | ||||||||
United Kingdom — 12.6% |
| |||||||
3i Group PLC | 88,049 | 902,270 | ||||||
Admiral Group PLC | 17,273 | 499,441 | ||||||
Anglo American PLC | 111,139 | 2,351,171 | ||||||
Antofagasta PLC# | 35,682 | 388,694 | ||||||
Ashtead Group PLC | 40,793 | 1,214,082 |
113 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
United Kingdom (continued) |
| |||||||
Associated British Foods PLC | 32,236 | $ | 728,120 | |||||
AstraZeneca PLC | 118,734 | 12,624,307 | ||||||
Auto Trader Group PLC* | 87,417 | 604,924 | ||||||
AVEVA Group PLC | 5,846 | 296,628 | ||||||
Aviva PLC | 354,861 | 1,091,738 | ||||||
BAE Systems PLC | 290,095 | 1,786,005 | ||||||
Barclays PLC | 1,567,694 | 2,246,613 | ||||||
Barratt Developments PLC | 92,140 | 568,821 | ||||||
Berkeley Group Holdings PLC | 11,391 | 578,802 | ||||||
BHP Group PLC | 191,112 | 3,748,020 | ||||||
BP PLC | 1,832,633 | 6,959,036 | ||||||
British American Tobacco PLC | 207,564 | 8,208,517 | ||||||
British Land Co. PLC# | 79,658 | 402,410 | ||||||
BT Group PLC | 804,779 | 1,160,561 | ||||||
Bunzl PLC | 30,475 | 712,644 | ||||||
Burberry Group PLC | 36,617 | 680,080 | ||||||
Coca-Cola European Partners PLC | 18,573 | 700,202 | ||||||
Compass Group PLC | 161,403 | 2,372,566 | ||||||
Croda International PLC | 11,663 | 750,161 | ||||||
Diageo PLC | 211,460 | 7,312,550 | ||||||
Direct Line Insurance Group PLC | 124,418 | 408,486 | ||||||
Evraz PLC | 45,982 | 161,647 | ||||||
GlaxoSmithKline PLC | 453,914 | 9,400,428 | ||||||
Halma PLC | 34,353 | 992,929 | ||||||
Hargreaves Lansdown PLC | 30,043 | 683,523 | ||||||
Hikma Pharmaceuticals PLC | 13,156 | 418,864 | ||||||
HSBC Holdings PLC | 1,838,098 | 8,452,887 | ||||||
Imperial Brands PLC | 85,636 | 1,556,526 | ||||||
Informa PLC | 135,920 | 767,387 | ||||||
InterContinental Hotels Group PLC | 15,648 | 748,814 | ||||||
Intertek Group PLC | 14,604 | 997,587 | ||||||
ITV PLC | 327,818 | 326,501 | ||||||
J Sainsbury PLC | 160,187 | 385,052 | ||||||
JD Sports Fashion PLC | 39,629 | 323,591 | ||||||
Johnson Matthey PLC# | 17,512 | 459,387 | ||||||
Kingfisher PLC | 190,936 | 460,073 | ||||||
Land Securities Group PLC | 63,737 | 478,910 | ||||||
Legal & General Group PLC | 539,787 | 1,333,394 | ||||||
Lloyds Banking Group PLC | 6,359,822 | 2,335,161 | ||||||
London Stock Exchange Group PLC | 28,482 | 2,835,761 | ||||||
M&G PLC | 235,255 | 408,776 | ||||||
Melrose Industries PLC | 439,603 | 629,422 | ||||||
Mondi PLC | 43,936 | 822,912 | ||||||
National Grid PLC | 317,448 | 3,642,338 | ||||||
Next PLC | 12,030 | 725,954 | ||||||
Ocado Group PLC†# | 41,822 | 1,135,604 | ||||||
Pearson PLC# | 69,468 | 396,903 | ||||||
Persimmon PLC | 28,858 | 821,711 | ||||||
Prudential PLC | 235,382 | 3,070,070 | ||||||
Reckitt Benckiser Group PLC | 64,222 | 5,744,745 | ||||||
RELX PLC | 174,950 | 4,063,527 | ||||||
Rentokil Initial PLC | 167,338 | 1,031,158 | ||||||
Rio Tinto PLC | 101,496 | 5,440,270 | ||||||
Rolls-Royce Holdings PLC# | 174,728 | 589,552 | ||||||
Royal Bank of Scotland Group PLC | 437,731 | 599,912 | ||||||
Royal Dutch Shell PLC, Class A | 372,433 | 5,835,486 | ||||||
Royal Dutch Shell PLC, Class B | 336,976 | 5,142,140 | ||||||
RSA Insurance Group PLC | 93,350 | 456,967 | ||||||
Sage Group PLC | 98,771 | 845,852 | ||||||
Schroders PLC | 11,249 | 412,370 | ||||||
Segro PLC | 99,231 | 1,032,888 | ||||||
Severn Trent PLC | 21,531 | 651,691 | ||||||
Smith & Nephew PLC | 79,139 | 1,611,879 | ||||||
Smiths Group PLC | 35,851 | 581,888 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
Spirax-Sarco Engineering PLC | 6,666 | $ | 815,881 | |||||
SSE PLC | 93,195 | 1,435,565 | ||||||
St James’s Place PLC# | 48,411 | 552,109 | ||||||
Standard Chartered PLC | 245,830 | 1,124,400 | ||||||
Standard Life Aberdeen PLC | 210,700 | 676,243 | ||||||
Taylor Wimpey PLC | 297,112 | 529,660 | ||||||
Tesco PLC | 886,172 | 2,507,730 | ||||||
Unilever PLC | 105,735 | 5,673,653 | ||||||
United Utilities Group PLC | 61,701 | 702,195 | ||||||
Vodafone Group PLC | 2,422,411 | 3,998,513 | ||||||
Whitbread PLC†# | 18,238 | 572,448 | ||||||
WM Morrison Supermarkets PLC# | 217,614 | 503,436 | ||||||
157,201,119 | ||||||||
Total Common Stocks | ||||||||
(cost $1,183,155,479) | 1,150,226,323 | |||||||
EXCHANGE-TRADED FUNDS — 2.5% |
| |||||||
United States — 2.5% |
| |||||||
iShares MSCI EAFE ETF# | 518,100 | 30,899,484 | ||||||
RIGHTS — 0.0% |
| |||||||
Italy — 0.0% |
| |||||||
Davide Campari-Milano SpA† | 52,853 | 0 | ||||||
Spain — 0.0% |
| |||||||
Ferrovial SA†# | 40,206 | 15,154 | ||||||
United Kingdom — 0.0% |
| |||||||
Whitbread PLC† | 6,084 | 75,282 | ||||||
Total Rights |
| |||||||
(cost $140,534) | 90,436 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $1,212,248,926) | 1,181,216,243 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.6% |
| |||||||
Registered Investment Companies — 3.7% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 45,757,607 | 45,757,607 | ||||||
U.S. Government Treasuries — 0.9% |
| |||||||
United States Treasury Bills | ||||||||
0.07% due 02/25/2021(4) | $ | 6,000,000 | 5,991,986 | |||||
0.17% due 12/31/2020(4) | 750,000 | 749,229 | ||||||
0.22% due 09/10/2020(4) | 2,000,000 | 1,999,088 | ||||||
0.34% due 08/13/2020(4) | 2,500,000 | 2,499,322 | ||||||
1.52% due 07/16/2020(4) | 500,000 | 499,917 | ||||||
11,739,542 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $57,500,057) | 57,497,149 | |||||||
114 |
Table of Contents
VALIC Company I International Equities Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 4.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020 to be repurchased 06/01/2020 in the amount of $52,247,000 and collateralized by $49,630,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $53,296,118 | $ | 52,247,000 | $ | 52,247,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $1,321,995,983)(5) | 103.5 | % | 1,290,960,392 | |||||
Liabilities in excess of other assets | (3.5 | ) | (44,155,994 | ) | ||||
NET ASSETS | 100.0 | % | $ | 1,246,804,398 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $17,333,431 representing 1.4% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $51,896,426. This was secured by collateral of $45,757,607, which was received in cash and subsequently invested in short-term investments currently valued at $45,757,607 as reported in the Portfolio of Investments. Additional collateral of $8,798,714 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 08/13/2020 | $ | 7,603 | ||||
United States Treasury Notes/Bonds | 0.13% to 8.13% | 07/31/2020 to 11/15/2049 | 8,791,111 |
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(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 Fund
FDR—Fiduciary Depositary Receipt
RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange
TRQX—Turquoise Stock Exchange
XEGT—Equiduct Stock Exchange
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
752 | Long | MSCI EAFE Index | June 2020 | $ | 60,433,197 | $ | 64,882,560 | $ | 4,449,363 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Australia | $ | — | $ | 73,312,659 | ** | $ | 0 | $ | 73,312,659 | |||||||
Portugal | — | 2,022,302 | ** | 0 | 2,022,302 | |||||||||||
Other Countries | 7,912,635 | 1,066,978,727 | ** | — | 1,074,891,362 | |||||||||||
Exchange-Traded Funds | 30,899,484 | — | — | 30,899,484 | ||||||||||||
Rights: | ||||||||||||||||
United Kingdom | 75,282 | — | — | 75,282 | ||||||||||||
Other Countries | — | 15,154 | — | 15,154 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 45,757,607 | — | — | 45,757,607 | ||||||||||||
U.S. Government Treasuries | — | 11,739,542 | — | 11,739,542 | ||||||||||||
Repurchase Agreements | — | 52,247,000 | — | 52,247,000 | ||||||||||||
Total Investments at Value | $ | 84,645,008 | $ | 1,206,315,384 | $ | 0 | $ | 1,290,960,392 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,449,363 | $ | — | $ | — | $ | 4,449,363 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
115 |
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VALIC Company I International Government Bond Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Sovereign | 67.1 | % | ||
United States Treasury Notes | 17.0 | |||
United States Treasury Bonds | 4.7 | |||
Registered Investment Companies | 4.0 | |||
Oil Companies — Integrated | 1.3 | |||
Banks — Commercial | 0.9 | |||
Chemicals — Diversified | 0.9 | |||
Electric — Generation | 0.3 | |||
Independent Power Producers | 0.3 | |||
Airport Development/Maintenance | 0.3 | |||
Investment Companies | 0.3 | |||
Oil Companies — Exploration & Production | 0.3 | |||
Metal — Diversified | 0.3 | |||
Transport — Marine | 0.3 | |||
Electric — Distribution | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Industrial Gases | 0.2 | |||
Multimedia | 0.2 | |||
Oil Refining & Marketing | 0.2 | |||
Metal — Copper | 0.2 | |||
Platinum | 0.2 | |||
Transport — Rail | 0.2 | |||
Petrochemicals | 0.2 | |||
Food — Meat Products | 0.2 | |||
Chemicals — Other | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Cellular Telecom | 0.1 | |||
Electric — Integrated | 0.1 | |||
100.4 | % | |||
Country Allocation*
United States | 26.1 | % | ||
Japan | 9.7 | |||
Italy | 6.6 | |||
France | 4.2 | |||
Mexico | 3.7 | |||
Egypt | 3.0 | |||
United Kingdom | 2.6 | |||
Spain | 2.5 | |||
Bahrain | 2.3 | |||
Ivory Coast | 2.2 | |||
Germany | 2.1 | |||
Philippines | 1.9 | |||
Ukraine | 1.9 | |||
Turkey | 1.9 | |||
Dominican Republic | 1.7 | |||
Australia | 1.7 | |||
Canada | 1.6 | |||
Qatar | 1.5 | |||
Indonesia | 1.4 | |||
Sri Lanka | 1.3 | |||
Panama | 1.2 | |||
Kenya | 1.1 | |||
South Africa | 1.0 | |||
Oman | 1.0 | |||
Ghana | 1.0 | |||
Cayman Islands | 0.9 | |||
Angola | 1.0 | |||
Saudi Arabia | 0.9 | |||
Pakistan | 0.9 | |||
United Arab Emirates | 0.8 | |||
British Virgin Islands | 0.8 | |||
Hong Kong | 0.8 | |||
Chile | 0.7 | |||
Paraguay | 0.7 | |||
Romania | 0.7 | |||
Serbia | 0.7 | |||
Honduras | 0.6 |
El Salvador | 0.6 | |||
Colombia | 0.6 | |||
Guatemala | 0.6 | |||
Cameroon, United Republic of | 0.5 | |||
Brazil | 0.5 | |||
Ireland | 0.4 | |||
Luxembourg | 0.3 | |||
Poland | 0.3 | |||
Malaysia | 0.3 | |||
Netherlands | 0.3 | |||
Croatia | 0.3 | |||
China | 0.2 | |||
Uruguay | 0.2 | |||
Nigeria | 0.2 | |||
Georgia | 0.2 | |||
Armenia | 0.1 | |||
India | 0.1 | |||
100.4 | % | |||
Credit Quality†#
Aaa | 27.9 | % | ||
Aa | 7.8 | |||
A | 12.3 | |||
Baa | 18.1 | |||
Ba | 10.0 | |||
B | 10.9 | |||
Caa | 1.0 | |||
Not Rated@ | 12.0 | |||
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. |
116 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES — 6.8% |
| |||||||
Brazil — 0.5% |
| |||||||
BRF SA | $ | 300,000 | $ | 278,250 | ||||
Centrais Eletricas Brasileiras SA | 200,000 | 186,200 | ||||||
Globo Comunicacao e Participacoes SA | 400,000 | 344,400 | ||||||
808,850 | ||||||||
British Virgin Islands — 0.8% |
| |||||||
Chinalco Capital Holdings, Ltd. | 440,000 | 441,688 | ||||||
Huarong Finance 2019 Co., Ltd. | 300,000 | 303,660 | ||||||
Huarong Finance II Co., Ltd. | 200,000 | 210,796 | ||||||
Yingde Gases Investment, Ltd. | 400,000 | 408,370 | ||||||
1,364,514 | ||||||||
Canada — 0.1% |
| |||||||
MEGlobal Canada ULC | 235,000 | 249,394 | ||||||
Cayman Islands — 0.9% |
| |||||||
Energuate Trust | 200,000 | 191,276 | ||||||
Grupo Aval, Ltd. | 695,000 | 632,012 | ||||||
Lamar Funding, Ltd. | 280,000 | 246,413 | ||||||
Termocandelaria Power, Ltd. | 550,000 | 561,028 | ||||||
1,630,729 | ||||||||
Chile — 0.5% |
| |||||||
Banco de Credito e Inversiones SA | 510,000 | 524,971 | ||||||
Empresa Nacional del Petroleo | 300,000 | 329,386 | ||||||
854,357 | ||||||||
Colombia — 0.1% |
| |||||||
Ecopetrol SA | 175,000 | 182,002 | ||||||
Hong Kong — 0.6% |
| |||||||
CNAC HK Finbridge Co., Ltd. | 290,000 | 296,731 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Hong Kong (continued) |
| |||||||
CNAC HK Finbridge Co., Ltd. | $ | 200,000 | $ | 212,178 | ||||
CNAC HK Finbridge Co., Ltd. | 420,000 | 470,271 | ||||||
979,180 | ||||||||
India — 0.1% |
| |||||||
ReNew Power, Ltd. | 230,000 | 224,480 | ||||||
Indonesia — 0.8% |
| |||||||
Pertamina Persero PT | 300,000 | 355,421 | ||||||
Perusahaan Listrik Negara PT | 200,000 | 207,500 | ||||||
PT Pelabuhan Indonesia II | 400,000 | 404,000 | ||||||
Saka Energi Indonesia PT | 400,000 | 340,011 | ||||||
1,306,932 | ||||||||
Luxembourg — 0.3% |
| |||||||
Millicom International Cellular SA | 200,000 | 211,422 | ||||||
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL | 370,000 | 393,203 | ||||||
604,625 | ||||||||
Mexico — 1.3% |
| |||||||
Mexico City Airport Trust | 600,000 | 549,300 | ||||||
Petroleos Mexicanos | 640,000 | 521,376 | ||||||
Petroleos Mexicanos | 500,000 | 370,500 | ||||||
Petroleos Mexicanos | 490,000 | 392,441 | ||||||
Petroleos Mexicanos | 500,000 | 382,500 | ||||||
2,216,117 | ||||||||
Netherlands — 0.3% |
| |||||||
Braskem Netherlands Finance BV | 200,000 | 175,500 | ||||||
Equate Petrochemical BV | 300,000 | 297,305 | ||||||
472,805 | ||||||||
117 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN CORPORATE BONDS & NOTES (continued) |
| |||||||
Philippines — 0.2% |
| |||||||
Philippine National Bank | $ | 300,000 | $ | 300,017 | ||||
Turkey — 0.2% |
| |||||||
Petkim Petrokimya Holding AS | 300,000 | 287,910 | ||||||
United Kingdom — 0.1% |
| |||||||
Tullow Oil PLC | 300,000 | 168,750 | ||||||
Total Foreign Corporate Bonds & Notes |
| |||||||
(cost $11,944,837) | 11,650,662 | |||||||
FOREIGN GOVERNMENT OBLIGATIONS — 67.1% |
| |||||||
Angola — 0.9% |
| |||||||
Republic of Angola | 1,350,000 | 835,650 | ||||||
Republic of Angola | 870,000 | 520,260 | ||||||
Republic of Angola | 410,000 | 274,802 | ||||||
1,630,712 | ||||||||
Armenia — 0.1% |
| |||||||
Republic of Armenia | 260,000 | 258,437 | ||||||
Australia — 1.7% |
| |||||||
Commonwealth of Australia | AUD | 1,000,000 | 768,806 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 729,148 | |||||
Commonwealth of Australia | AUD | 1,000,000 | 806,769 | |||||
Commonwealth of Australia | AUD | 800,000 | 686,632 | |||||
2,991,355 | ||||||||
Bahrain — 2.3% |
| |||||||
Kingdom of Bahrain | 420,000 | 395,459 | ||||||
Kingdom of Bahrain | 200,000 | 179,570 | ||||||
Kingdom of Bahrain | 700,000 | 745,887 | ||||||
Kingdom of Bahrain | 1,000,000 | 1,044,250 | ||||||
Kingdom of Bahrain | 510,000 | 540,702 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Bahrain (continued) |
| |||||||
Kingdom of Bahrain | $ | 950,000 | $ | 966,925 | ||||
3,872,793 | ||||||||
Cameroon, United Republic of — 0.5% |
| |||||||
Republic of Cameroon | 850,000 | 821,156 | ||||||
Canada — 1.5% |
| |||||||
Government of Canada | CAD | 2,400,000 | 1,811,352 | |||||
Government of Canada | CAD | 1,000,000 | 777,485 | |||||
2,588,837 | ||||||||
Chile — 0.2% |
| |||||||
Republic of Chile | 350,000 | 374,500 | ||||||
Colombia — 0.5% |
| |||||||
Republic of Colombia | 400,000 | 453,604 | ||||||
Republic of Colombia | 300,000 | 410,250 | ||||||
863,854 | ||||||||
Croatia — 0.3% |
| |||||||
Republic of Croatia | 420,000 | 434,280 | ||||||
Dominican Republic — 1.7% |
| |||||||
Dominican Republic | 450,000 | 380,250 | ||||||
Dominican Republic | 1,300,000 | 1,339,650 | ||||||
Dominican Republic | 1,370,000 | 1,280,950 | ||||||
3,000,850 | ||||||||
Egypt — 3.0% |
| |||||||
Arab Republic of Egypt | EUR | 500,000 | 489,821 | |||||
Arab Republic of Egypt | 550,000 | 549,890 | ||||||
Arab Republic of Egypt | EUR | 500,000 | 501,399 | |||||
Arab Republic of Egypt | 650,000 | 630,500 | ||||||
Arab Republic of Egypt | $ | 260,000 | 228,150 |
118 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Egypt (continued) |
| |||||||
Arab Republic of Egypt | $ | 500,000 | $ | 472,500 | ||||
Arab Republic of Egypt | 200,000 | 207,750 | ||||||
Arab Republic of Egypt | 770,000 | 779,240 | ||||||
Arab Republic of Egypt | 687,000 | 666,046 | ||||||
Arab Republic of Egypt | 600,000 | 591,096 | ||||||
5,116,392 | ||||||||
El Salvador — 0.6% |
| |||||||
Republic of El Salvador | 420,000 | 345,454 | ||||||
Republic of El Salvador | 900,000 | 731,259 | ||||||
1,076,713 | ||||||||
France — 4.2% |
| |||||||
Government of France | EUR | 1,050,000 | 1,230,873 | |||||
Government of France | EUR | 800,000 | 1,109,962 | |||||
Government of France | EUR | 250,000 | 385,087 | |||||
Government of France | EUR | 1,490,000 | 2,231,001 | |||||
Government of France | EUR | 450,347 | 752,766 | |||||
Government of France | EUR | 1,000,000 | 1,497,513 | |||||
7,207,202 | ||||||||
Georgia — 0.2% |
| |||||||
Republic of Georgia | 270,000 | 276,750 | ||||||
Germany — 2.1% |
| |||||||
Federal Republic of Germany | EUR | 1,000,000 | 1,202,429 | |||||
Federal Republic of Germany | EUR | 1,000,000 | 1,175,737 | |||||
Federal Republic of Germany | EUR | 600,000 | 1,087,631 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Germany (continued) |
| |||||||
Federal Republic of Germany | EUR | 50,000 | $ | 95,973 | ||||
3,561,770 | ||||||||
Ghana — 1.0% |
| |||||||
Republic of Ghana | 600,000 | 535,500 | ||||||
Republic of Ghana | 314,000 | 271,610 | ||||||
Republic of Ghana | 980,000 | 850,150 | ||||||
1,657,260 | ||||||||
Guatemala — 0.6% |
| |||||||
Republic of Guatemala | 400,000 | 421,000 | ||||||
Republic of Guatemala | 500,000 | 541,000 | ||||||
962,000 | ||||||||
Honduras — 0.6% |
| |||||||
Republic of Honduras | 1,050,000 | 1,105,136 | ||||||
Indonesia — 0.6% |
| |||||||
Republic of Indonesia | EUR | 500,000 | 593,877 | |||||
Republic of Indonesia | 300,000 | 444,942 | ||||||
1,038,819 | ||||||||
Ireland — 0.4% |
| |||||||
Republic of Ireland | EUR | 600,000 | 711,600 | |||||
Italy — 6.6% |
| |||||||
Republic of Italy | EUR | 800,000 | 865,706 | |||||
Republic of Italy | EUR | 500,000 | 557,778 | |||||
Republic of Italy | EUR | 1,000,000 | 1,096,712 | |||||
Republic of Italy | EUR | 800,000 | 910,682 | |||||
Republic of Italy | EUR | 500,000 | 582,437 | |||||
Republic of Italy | EUR | 1,500,000 | 1,737,636 | |||||
Republic of Italy | EUR | 500,000 | 595,431 |
119 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Italy (continued) |
| |||||||
Republic of Italy | EUR | 190,000 | $ | 238,920 | ||||
Republic of Italy | EUR | 550,000 | 792,331 | |||||
Republic of Italy | EUR | 750,000 | 947,095 | |||||
Republic of Italy | EUR | 150,000 | 209,993 | |||||
Republic of Italy | EUR | 600,000 | 954,883 | |||||
Republic of Italy | EUR | 750,000 | 1,132,811 | |||||
Republic of Italy | EUR | 532,912 | 758,192 | |||||
11,380,607 | ||||||||
Ivory Coast — 2.2% |
| |||||||
Republic of Ivory Coast | 1,607,400 | 1,514,299 | ||||||
Republic of Ivory Coast | 1,360,000 | 1,277,856 | ||||||
Republic of Ivory Coast | 550,000 | 539,110 | ||||||
Republic of Ivory Coast | EUR | 500,000 | 485,925 | |||||
3,817,190 | ||||||||
Japan — 9.7% |
| |||||||
Government of Japan | JPY | 150,000,000 | 1,410,914 | |||||
Government of Japan | JPY | 200,000,000 | 1,872,947 | |||||
Government of Japan | JPY | 150,000,000 | 1,432,069 | |||||
Government of Japan | JPY | 75,000,000 | 804,856 | |||||
Government of Japan | JPY | 90,000,000 | 983,503 | |||||
Government of Japan | JPY | 53,000,000 | 588,192 | |||||
Government of Japan | JPY | 120,000,000 | 1,469,197 | |||||
Government of Japan | JPY | 85,000,000 | 1,040,989 | |||||
Government of Japan | JPY | 100,000,000 | 1,234,967 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Government of Japan | JPY | 130,000,000 | $ | 1,611,195 | ||||
Government of Japan | JPY | 60,000,000 | 649,082 | |||||
Government of Japan | JPY | 128,000,000 | 1,420,706 | |||||
Government of Japan | JPY | 33,000,000 | 453,417 | |||||
Government of Japan | JPY | 130,000,000 | 1,598,188 | |||||
16,570,222 | ||||||||
Kenya — 1.1% |
| |||||||
Republic of Kenya | 1,100,000 | 1,057,650 | ||||||
Republic of Kenya | 420,000 | 400,134 | ||||||
Republic of Kenya | 400,000 | 373,760 | ||||||
1,831,544 | ||||||||
Malaysia — 0.3% |
| |||||||
Government of Malaysia | MYR | 2,000,000 | 499,892 | |||||
Mexico — 2.4% |
| |||||||
United Mexican States | 800,000 | 824,000 | ||||||
United Mexican States | 380,000 | 408,120 | ||||||
United Mexican States | MXN | 22,000,000 | 1,005,237 | |||||
United Mexican States | MXN | 16,500,000 | 811,089 | |||||
United Mexican States | MXN | 10,000,000 | 522,582 | |||||
United Mexican States | MXN | 10,000,000 | 532,986 | |||||
4,104,014 | ||||||||
Nigeria — 0.2% |
| |||||||
Federal Republic of Nigeria | 370,000 | 305,250 | ||||||
Oman — 1.0% |
| |||||||
Sultanate of Oman | 620,000 | 512,864 | ||||||
Sultanate of Oman | 470,000 | 392,243 |
120 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Oman (continued) |
| |||||||
Sultanate of Oman | $ | 1,020,000 | $ | 767,893 | ||||
1,673,000 | ||||||||
Pakistan — 0.9% |
| |||||||
Islamic Republic of Pakistan | 1,020,000 | 948,680 | ||||||
Islamic Republic of Pakistan | 550,000 | 550,000 | ||||||
1,498,680 | ||||||||
Panama — 1.3% |
| |||||||
Republic of Panama | 500,000 | 546,250 | ||||||
Republic of Panama | 200,000 | 235,802 | ||||||
Republic of Panama | 500,000 | 695,630 | ||||||
Republic of Panama | 370,000 | 462,041 | ||||||
Republic of Panama | 140,000 | 204,751 | ||||||
2,144,474 | ||||||||
Paraguay — 0.7% |
| |||||||
Republic of Paraguay | 650,000 | 698,750 | ||||||
Republic of Paraguay | 450,000 | 496,580 | ||||||
1,195,330 | ||||||||
Philippines — 1.7% |
| |||||||
Republic of the Philippines | EUR | 1,000,000 | 1,024,022 | |||||
Republic of the Philippines | 700,000 | 726,934 | ||||||
Republic of the Philippines | 350,000 | 415,678 | ||||||
Republic of the Philippines | 500,000 | 743,145 | ||||||
2,909,779 | ||||||||
Poland — 0.3% |
| |||||||
Republic of Poland | PLN | 2,000,000 | 561,349 | |||||
Qatar — 1.5% |
| |||||||
State of Qatar | 480,000 | 512,515 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
Qatar (continued) |
| |||||||
State of Qatar | $ | 880,000 | $ | 1,046,109 | ||||
State of Qatar | 390,000 | 490,123 | ||||||
State of Qatar | 420,000 | 547,529 | ||||||
2,596,276 | ||||||||
Romania — 0.7% |
| |||||||
Government of Romania | EUR | 500,000 | 583,523 | |||||
Government of Romania | EUR | 500,000 | 621,229 | |||||
1,204,752 | ||||||||
Saudi Arabia — 0.9% |
| |||||||
Kingdom of Saudi Arabia | 995,000 | 1,030,860 | ||||||
Kingdom of Saudi Arabia | 500,000 | 552,330 | ||||||
1,583,190 | ||||||||
Serbia — 0.7% |
| |||||||
Republic of Serbia | EUR | 1,000,000 | 1,163,111 | |||||
South Africa — 1.0% |
| |||||||
Republic of South Africa | 560,000 | 502,523 | ||||||
Republic of South Africa | 350,000 | 286,125 | ||||||
Republic of South Africa | ZAR | 10,000,000 | 512,017 | |||||
Republic of South Africa | ZAR | 9,500,000 | 457,978 | |||||
1,758,643 | ||||||||
Spain — 2.5% |
| |||||||
Kingdom of Spain | EUR | 500,000 | 508,053 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,192,869 | |||||
Kingdom of Spain | EUR | 1,000,000 | 1,204,625 | |||||
Kingdom of Spain | EUR | 400,000 | 810,978 | |||||
Kingdom of Spain | EUR | 300,000 | 493,195 | |||||
4,209,720 | ||||||||
Sri Lanka — 1.3% |
| |||||||
Republic of Sri Lanka | 720,000 | 432,000 |
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VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
FOREIGN GOVERNMENT OBLIGATIONS (continued) |
| |||||||
Sri Lanka (continued) |
| |||||||
Republic of Sri Lanka | $ | 720,000 | $ | 388,789 | ||||
Republic of Sri Lanka | 250,000 | 175,000 | ||||||
Republic of Sri Lanka | 1,570,000 | 847,763 | ||||||
Republic of Sri Lanka | 800,000 | 431,981 | ||||||
2,275,533 | ||||||||
Turkey — 1.7% |
| |||||||
Republic of Turkey | 700,000 | 619,500 | ||||||
Republic of Turkey | 1,000,000 | 776,900 | ||||||
Republic of Turkey | 950,000 | 869,335 | ||||||
Republic of Turkey | 600,000 | 610,500 | ||||||
2,876,235 | ||||||||
Ukraine — 1.9% |
| |||||||
Government of Ukraine | EUR | 1,000,000 | 904,738 | |||||
Government of Ukraine | 370,000 | 373,245 | ||||||
Government of Ukraine | 680,000 | 685,644 | ||||||
Government of Ukraine | 460,000 | 462,377 | ||||||
Government of Ukraine | 700,000 | 750,837 | ||||||
3,176,841 | ||||||||
United Arab Emirates — 0.8% |
| |||||||
Emirate of Abu Dhabi | 1,050,000 | 1,128,750 | ||||||
Emirate of Abu Dhabi | 215,000 | 244,831 | ||||||
1,373,581 | ||||||||
United Kingdom — 2.5% |
| |||||||
United Kingdom Gilt Treasury | GBP | 400,000 | 559,247 | |||||
United Kingdom Gilt Treasury | GBP | 400,000 | 702,947 | |||||
United Kingdom Gilt Treasury | GBP | 300,000 | 398,214 |
Security Description | Principal Amount(1) | Value (Note 2) | ||||||
United Kingdom (continued) |
| |||||||
United Kingdom Gilt Treasury | GBP | 400,000 | $ | 783,139 | ||||
United Kingdom Gilt Treasury | GBP | 700,000 | 905,228 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 479,795 | |||||
United Kingdom Gilt Treasury | GBP | 200,000 | 544,778 | |||||
4,373,348 | ||||||||
Uruguay — 0.2% |
| |||||||
Oriental Republic of Uruguay | 350,000 | 425,691 | ||||||
Total Foreign Government Obligations | ||||||||
(cost $114,482,268) | 115,058,668 | |||||||
U.S. CORPORATE BONDS & NOTES — 0.4% |
| |||||||
United States — 0.4% |
| |||||||
Southern Copper Corp. | 300,000 | 319,694 | ||||||
Stillwater Mining Co. | 300,000 | 308,439 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(cost $611,190) | 628,133 | |||||||
U.S. GOVERNMENT TREASURIES — 21.7% |
| |||||||
United States — 21.7% |
| |||||||
United States Treasury Bonds | ||||||||
2.00% due 02/15/2050# | 600,000 | 687,656 | ||||||
2.50% due 02/15/2045 | 500,000 | 616,641 | ||||||
2.88% due 05/15/2049 | 400,000 | 541,063 | ||||||
3.00% due 02/15/2048 | 700,000 | 958,617 | ||||||
3.00% due 02/15/2049 | 600,000 | 828,094 | ||||||
3.13% due 08/15/2044 | 900,000 | 1,227,727 | ||||||
3.38% due 05/15/2044 | 700,000 | 990,062 | ||||||
3.38% due 11/15/2048 | 950,000 | 1,396,129 | ||||||
3.75% due 11/15/2043 | 500,000 | 744,199 | ||||||
United States Treasury Notes | ||||||||
1.38% due 06/30/2023 | 1,000,000 | 1,036,172 | ||||||
1.50% due 11/30/2024 | 1,000,000 | 1,054,844 | ||||||
1.50% due 02/15/2030 | 2,000,000 | 2,163,047 | ||||||
1.75% due 05/15/2023 | 2,000,000 | 2,091,562 | ||||||
2.00% due 11/30/2022 | 2,500,000 | 2,613,184 | ||||||
2.00% due 02/15/2025 | 1,037,400 | 1,119,663 | ||||||
2.00% due 08/15/2025 | 2,000,000 | 2,170,625 | ||||||
2.13% due 12/31/2022 | 2,100,000 | 2,204,918 | ||||||
2.13% due 03/31/2024 | 1,500,000 | 1,607,930 | ||||||
2.13% due 05/15/2025# | 500,000 | 544,238 | ||||||
2.25% due 11/15/2024# | 1,500,000 | 1,630,664 | ||||||
2.25% due 11/15/2025 | 1,000,000 | 1,101,406 | ||||||
2.25% due 11/15/2027 | 600,000 | 676,430 | ||||||
2.38% due 08/15/2024# | 2,050,000 | 2,230,896 | ||||||
2.50% due 08/15/2023 | 2,000,000 | 2,146,561 | ||||||
2.50% due 05/15/2024 | 1,700,000 | 1,850,543 | ||||||
2.75% due 11/15/2023 | 1,500,000 | 1,630,957 |
122 |
Table of Contents
VALIC Company I International Government Bond Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount(1)/ Shares | Value (Note 2) | ||||||
U.S. GOVERNMENT TREASURIES (continued) |
| |||||||
United States (continued) |
| |||||||
2.75% due 02/15/2024# | $ | 1,200,000 | $ | 1,311,375 | ||||
Total U.S. Government Treasuries | ||||||||
(cost $33,846,315) | 37,175,203 | |||||||
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4% |
| |||||||
China — 0.2% |
| |||||||
China Minmetals Corp. | 430,000 | 427,828 | ||||||
Hong Kong — 0.2% |
| |||||||
CRCC Chengan, Ltd. | 300,000 | 300,126 | ||||||
Total Preferred Securities/Capital Securities | ||||||||
(cost $713,717) | 727,954 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $161,598,327) | 165,240,620 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.0% |
| |||||||
Registered Investment Companies — 4.0% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,627,197 | 4,627,197 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 2,256,560 | 2,256,560 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,883,757) | 6,883,757 | |||||||
TOTAL INVESTMENTS |
| |||||||
(cost $168,482,084)(5) | 100.4 | % | 172,124,377 | |||||
Liabilities in excess of other assets | (0.4 | ) | (680,294 | ) | ||||
NET ASSETS | 100.0 | % | $ | 171,444,083 | ||||
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $25,813,091 representing 15.1% 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) | The rate shown is the 7-day yield as of May 31, 2020. |
(4) | At May 31, 2020, the Fund had loaned securities with a total value of $7,971,944. This was secured by collateral of $2,256,560, which was received in cash and subsequently invested in short-term investments currently valued at $2,256,560 as reported in the Portfolio of Investments. Additional collateral of $5,977,973 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | zero coupon to 21.62% | 12/25/2020 to 06/25/2050 | $ | 1,811,454 | ||||
Federal National Mtg. Assoc. | 0.47% to 27.69% | 08/25/2026 to 02/25/2060 | 2,820,929 | |||||
Government National Mtg. Assoc. | 0.62% to 29.66% | 10/16/2032 to 11/20/2069 | 1,345,590 |
(5) | See Note 5 for cost of investments on a tax basis. |
AUD—Australian Dollar
CAD—Canada Dollar
EUR—Euro Currency
GBP—British Pound
JPY—Japanese Yen
MXN—Mexican Peso
MYR—Malaysian Ringgit
PLN—Polish Zloty
ZAR—South Africa Rand
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | — | $ | 11,650,662 | $ | — | $ | 11,650,662 | ||||||||
Foreign Government Obligations | — | 115,058,668 | — | 115,058,668 | ||||||||||||
U.S. Corporate Bonds & Notes | — | 628,133 | — | 628,133 | ||||||||||||
U.S. Government Treasuries | — | 37,175,203 | — | 37,175,203 | ||||||||||||
Preferred Securities/Capital Securities | — | 727,954 | — | 727,954 | ||||||||||||
Short-Term Investment Securities | 6,883,757 | — | — | 6,883,757 | ||||||||||||
Total Investments at Value | $ | 6,883,757 | $ | 165,240,620 | $ | — | $ | 172,124,377 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
123 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Apparel Manufacturers | 8.8 | % | ||
Transport — Services | 8.1 | |||
Computer Services | 6.5 | |||
Industrial Automated/Robotic | 6.1 | |||
Food — Misc./Diversified | 5.7 | |||
Banks — Commercial | 5.7 | |||
Retail — Apparel/Shoe | 5.6 | |||
Semiconductor Equipment | 4.7 | |||
Beverages — Wine/Spirits | 4.3 | |||
E-Commerce/Services | 4.0 | |||
Schools | 3.8 | |||
Cosmetics & Toiletries | 3.4 | |||
Chemicals — Specialty | 3.1 | |||
Registered Investment Companies | 2.9 | |||
Electric — Transmission | 2.8 | |||
Medical — Biomedical/Gene | 2.8 | |||
Commercial Services — Finance | 2.3 | |||
E-Commerce/Products | 2.3 | |||
Insurance — Life/Health | 2.3 | |||
Private Equity | 2.2 | |||
Semiconductor Components — Integrated Circuits | 1.9 | |||
Food — Confectionery | 1.8 | |||
Medical Products | 1.7 | |||
Computer Aided Design | 1.7 | |||
Athletic Footwear | 1.5 | |||
Enterprise Software/Service | 1.0 | |||
Short-Term Investment Securities | 0.1 | |||
97.1 | % | |||
Country Allocation*
Japan | 11.4 | % | ||
Denmark | 9.6 | |||
United States | 9.5 | |||
France | 9.5 | |||
Italy | 7.2 | |||
Netherlands | 7.0 | |||
Cayman Islands | 6.1 | |||
Canada | 6.0 | |||
India | 5.7 | |||
United Kingdom | 5.2 | |||
Switzerland | 4.8 | |||
China | 3.8 | |||
Bermuda | 2.8 | |||
Sweden | 2.8 | |||
Hong Kong | 2.3 | |||
Taiwan | 1.9 | |||
Germany | 1.5 | |||
97.1 | % | |||
* | Calculated as a percentage of net assets |
124 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.1% |
| |||||||
Bermuda — 2.8% |
| |||||||
Brookfield Infrastructure Partners LP | 317,155 | $ | 12,895,522 | |||||
Canada — 6.0% |
| |||||||
Brookfield Asset Management, Inc., Class A | 329,784 | 10,342,026 | ||||||
Brookfield Infrastructure Corp., Class A | 35,239 | 1,529,373 | ||||||
Canada Goose Holdings, Inc.†# | 583,793 | 11,395,639 | ||||||
Constellation Software, Inc. | 3,935 | 4,473,099 | ||||||
27,740,137 | ||||||||
Cayman Islands — 6.1% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 50,584 | 10,490,616 | ||||||
TAL Education Group ADR† | 311,789 | 17,603,607 | ||||||
28,094,223 | ||||||||
China — 3.8% |
| |||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,104,512 | 17,775,794 | ||||||
Denmark — 9.6% |
| |||||||
Chr. Hansen Holding A/S | 145,605 | 14,125,052 | ||||||
DSV PANALPINA A/S | 284,572 | 30,182,587 | ||||||
44,307,639 | ||||||||
France — 9.5% |
| |||||||
Dassault Systemes SE | 45,755 | 7,767,305 | ||||||
Hermes International | 34,637 | 28,876,894 | ||||||
Pernod Ricard SA | 44,921 | 7,014,949 | ||||||
43,659,148 | ||||||||
Germany — 1.5% |
| |||||||
adidas AG† | 26,539 | 6,959,390 | ||||||
Hong Kong — 2.3% |
| |||||||
AIA Group, Ltd. | 1,278,918 | 10,426,742 | ||||||
India — 5.7% |
| |||||||
HDFC Bank, Ltd. | 1,675,782 | 21,027,618 | ||||||
Kotak Mahindra Bank, Ltd. | 340,440 | 5,528,705 | ||||||
26,556,323 | ||||||||
Italy — 7.2% |
| |||||||
Davide Campari-Milano SpA | 892,184 | 7,261,498 | ||||||
Moncler SpA† | 690,497 | 25,786,883 | ||||||
33,048,381 | ||||||||
Japan — 11.4% |
| |||||||
Calbee, Inc. | 304,800 | 8,813,075 | ||||||
Keyence Corp. | 68,300 | 28,127,829 | ||||||
Pigeon Corp#. | 404,000 | 15,755,483 | ||||||
52,696,387 | ||||||||
Netherlands — 7.0% |
| |||||||
Adyen NV†* | 8,029 | 10,563,042 | ||||||
ASML Holding NV | 66,609 | 21,804,596 | ||||||
32,367,638 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Sweden — 2.8% |
| |||||||
Vitrolife AB | 624,531 | $ | 12,834,907 | |||||
Switzerland — 4.8% |
| |||||||
Chocoladefabriken Lindt & Spruengli AG | 99 | 8,606,883 | ||||||
Kuehne & Nagel International AG† | 40,868 | 5,906,952 | ||||||
Straumann Holding AG# | 9,589 | 7,803,136 | ||||||
22,316,971 | ||||||||
Taiwan — 1.9% |
| |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 173,441 | 8,729,286 | ||||||
United Kingdom — 5.2% |
| |||||||
Diageo PLC | 158,015 | 5,464,355 | ||||||
Rightmove PLC | 2,540,563 | 18,468,432 | ||||||
23,932,787 | ||||||||
United States — 6.5% |
| |||||||
EPAM Systems, Inc.† | 131,216 | 30,263,658 | ||||||
Total Common Stocks | ||||||||
(cost $354,632,275) | 434,604,933 | |||||||
OPTIONS - PURCHASED†(1) — 0.1% |
| |||||||
Over the Counter Purchased Put Options on Currency Contracts | 180,594,948 | 167,912 | ||||||
RIGHTS — 0.0% |
| |||||||
Italy — 0.0% |
| |||||||
Davide Campari-Milano SpA† | 892,184 | 0 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $355,584,961) | 434,772,845 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.9% |
| |||||||
Registered Investment Companies — 2.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 13,410,289 | 13,410,289 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $368,995,250)(4) | 97.1 | % | 448,183,134 | |||||
Other assets less liabilities | 2.9 | 13,590,974 | ||||||
NET ASSETS | 100.0 | % | $ | 461,774,108 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $10,563,042 representing 2.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid. |
† | Non-income producing security |
(1) | Options — Purchased |
Over the Counter Purchased Put Options on Currency Contracts | ||||||||||||||||||||||||||||||||
Issue | Counterparty | Expiration Month | Strike Price | Notional Amount(000’s) | Premiums Paid | Value at May 31, 2020 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Put option to sell Chinese Yuan in exchange for U.S. Dollars in a strike price of 7.8470 CNY per $1 USD | NatWest Markets PLC | June 2020 | CNY | 7.85 | $ | 92,764 | $ | 478,662 | $ | 6,215 | $ | (472,447 | ) | |||||||||||||||||||
Put option to sell Chinese Yuan in exchange for U.S. Dollars in a strike price of 8.0925 CNY per $1 USD | NatWest Markets PLC | September 2020 | CNY | 8.09 | 87,831 | 474,024 | 161,697 | (312,327 | ) | |||||||||||||||||||||||
$ | 180,595 | $ | 952,686 | $ | 167,912 | $ | (784,774 | ) | ||||||||||||||||||||||||
125 |
Table of Contents
VALIC Company I International Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | At May 31, 2020, the Fund had loaned securities with a total value of $17,201,069. This was secured by collateral of $13,410,289, which was received in cash and subsequently invested in short-term investments currently valued at $13,410,289 as reported in the Portfolio of Investments. Additional collateral of $4,695,656 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||
United States Treasury Notes/Bonds | 2.25% to 3.38% | 05/15/2044 to 11/15/2046 | $4,695,656 |
(4) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
CNY—Chinese Yuan
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 107,722,826 | $ | 326,882,107 | ** | $ | — | $ | 434,604,933 | |||||||
Options — Purchased | — | 167,912 | — | 167,912 | ||||||||||||
Rights | — | 0 | — | 0 | ||||||||||||
Short-Term Investment Securities | 13,410,289 | — | — | 13,410,289 | ||||||||||||
Total Investments at Value | $ | 121,133,115 | $ | 327,050,019 | $ | — | $ | 448,183,134 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
See Notes to Financial Statements
126 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 6.7 | % | ||
Repurchase Agreements | 5.5 | |||
Banks — Commercial | 3.4 | |||
Insurance — Life/Health | 3.3 | |||
Cosmetics & Toiletries | 2.9 | |||
Telephone — Integrated | 2.8 | |||
Insurance — Multi-line | 2.6 | |||
Auto — Cars/Light Trucks | 2.0 | |||
Gas — Distribution | 1.7 | |||
Real Estate Operations & Development | 1.7 | |||
Transport — Rail | 1.6 | |||
Commercial Services | 1.6 | |||
Real Estate Investment Trusts | 1.6 | |||
Semiconductor Equipment | 1.5 | |||
Enterprise Software/Service | 1.4 | |||
Investment Companies | 1.4 | |||
Chemicals — Specialty | 1.4 | |||
Finance — Other Services | 1.3 | |||
Medical Products | 1.3 | |||
Oil Companies — Integrated | 1.3 | |||
Chemicals — Diversified | 1.2 | |||
Food — Retail | 1.2 | |||
U.S. Government Treasuries | 1.2 | |||
Import/Export | 1.1 | |||
Industrial Automated/Robotic | 1.1 | |||
Diversified Banking Institutions | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Medical — Biomedical/Gene | 1.0 | |||
Food — Dairy Products | 1.0 | |||
Apparel Manufacturers | 1.0 | |||
Insurance — Reinsurance | 1.0 | |||
Food — Misc./Diversified | 1.0 | |||
Electronic Components — Misc. | 1.0 | |||
Real Estate Management/Services | 0.9 | |||
Industrial Gases | 0.9 | |||
Oil Refining & Marketing | 0.9 | |||
Audio/Video Products | 0.9 | |||
Building & Construction Products — Misc. | 0.8 | |||
Steel — Producers | 0.8 | |||
Oil Companies — Exploration & Production | 0.8 | |||
Insurance — Property/Casualty | 0.8 | |||
Machinery — Electrical | 0.8 | |||
Electric — Integrated | 0.8 | |||
Rubber — Tires | 0.8 | |||
Investment Management/Advisor Services | 0.7 | |||
Cellular Telecom | 0.7 | |||
Water | 0.7 | |||
Instruments — Controls | 0.7 | |||
Power Converter/Supply Equipment | 0.6 | |||
Transport — Services | 0.6 | |||
Private Equity | 0.6 | |||
Medical Labs & Testing Services | 0.6 | |||
Distribution/Wholesale | 0.6 | |||
Internet Content — Information/News | 0.6 | |||
Auto/Truck Parts & Equipment — Original | 0.6 | |||
Machinery — Construction & Mining | 0.6 | |||
Electric — Distribution | 0.5 | |||
Beverages — Non-alcoholic | 0.5 | |||
Optical Supplies | 0.5 | |||
Paper & Related Products | 0.5 | |||
Soap & Cleaning Preparation | 0.5 | |||
Electric — Transmission | 0.5 | |||
Medical Instruments | 0.5 | |||
Retail — Apparel/Shoe | 0.5 | |||
Office Automation & Equipment | 0.5 | |||
Building — Residential/Commercial | 0.5 | |||
Airport Development/Maintenance | 0.4 | |||
Human Resources | 0.4 | |||
Telecom Services | 0.4 | |||
Gas — Transportation | 0.4 | |||
Pipelines | 0.4 |
Toys | 0.4 | % | ||
Building Products — Cement | 0.4 | |||
Food — Catering | 0.4 | |||
Auto — Heavy Duty Trucks | 0.4 | |||
Building — Heavy Construction | 0.3 | |||
Computer Services | 0.3 | |||
Hotels/Motels | 0.3 | |||
Public Thoroughfares | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Coatings/Paint | 0.3 | |||
Multimedia | 0.3 | |||
Retail — Jewelry | 0.3 | |||
Rental Auto/Equipment | 0.3 | |||
Computer Aided Design | 0.3 | |||
Building & Construction — Misc. | 0.3 | |||
Retail — Discount | 0.3 | |||
Publishing — Periodicals | 0.3 | |||
Electric Products — Misc. | 0.3 | |||
Electronic Components — Semiconductors | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Gold Mining | 0.3 | |||
Metal — Copper | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Steel Pipe & Tube | 0.3 | |||
Diversified Operations | 0.2 | |||
Networking Products | 0.2 | |||
Machinery — Farming | 0.2 | |||
Building — Maintenance & Services | 0.2 | |||
Diagnostic Kits | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Retail — Building Products | 0.2 | |||
Wireless Equipment | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Applications Software | 0.2 | |||
Web Portals/ISP | 0.2 | |||
MRI/Medical Diagnostic Imaging | 0.2 | |||
Fisheries | 0.2 | |||
Metal — Iron | 0.2 | |||
Metal — Diversified | 0.2 | |||
Security Services | 0.2 | |||
Advertising Agencies | 0.2 | |||
Energy — Alternate Sources | 0.2 | |||
Diversified Minerals | 0.2 | |||
Electronic Security Devices | 0.2 | |||
Advertising Services | 0.2 | |||
Computer Data Security | 0.2 | |||
E-Commerce/Services | 0.1 | |||
Diversified Operations/Commercial Services | 0.1 | |||
Medical — Hospitals | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Steel — Specialty | 0.1 | |||
Commercial Services — Finance | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Food — Meat Products | 0.1 | |||
Television | 0.1 | |||
Bicycle Manufacturing | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Consulting Services | 0.1 | |||
Food — Flour & Grain | 0.1 | |||
Retail — Major Department Stores | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Retail — Regional Department Stores | 0.1 | |||
Travel Services | 0.1 | |||
Food — Baking | 0.1 | |||
Electric — Generation | 0.1 | |||
99.1% | ||||
* | Calculated as a percentage of net assets |
127 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Country Allocation*
Japan | 24.7 | % | ||
United Kingdom | 11.2 | |||
France | 9.6 | |||
Switzerland | 8.3 | |||
United States | 6.7 | |||
Germany | 6.1 | |||
Australia | 5.2 | |||
Netherlands | 5.1 | |||
Sweden | 3.1 | |||
Hong Kong | 2.7 | |||
Denmark | 2.5 | |||
Spain | 2.1 | |||
Finland | 2.0 | |||
Italy | 1.7 | |||
Singapore | 1.5 | |||
Belgium | 1.2 | |||
Norway | 1.0 | |||
Ireland | 0.9 | |||
Portugal | 0.6 | |||
Israel | 0.5 | |||
Jersey | 0.5 | |||
Cayman Islands | 0.5 | |||
Austria | 0.4 | |||
Luxembourg | 0.3 | |||
Bermuda | 0.3 | |||
New Zealand | 0.2 | |||
Papua New Guinea | 0.1 | |||
SupraNational | 0.1 | |||
99.1% | ||||
* | Calculated as a percentage of net assets |
128 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.4% |
| |||||||
Australia — 5.2% |
| |||||||
AGL Energy, Ltd. | 25,046 | $ | 278,249 | |||||
Ampol, Ltd. | 23,515 | 420,601 | ||||||
APA Group | 75,332 | 579,484 | ||||||
ASX, Ltd. | 9,202 | 537,092 | ||||||
Aurizon Holdings, Ltd. | 120,207 | 378,094 | ||||||
BGP Holdings PLC†(1) | 60,919 | 0 | ||||||
BlueScope Steel, Ltd. | 27,529 | 199,999 | ||||||
Brambles, Ltd. | 63,470 | 489,105 | ||||||
Coca-Cola Amatil, Ltd. | 65,362 | 378,868 | ||||||
Coles Group, Ltd. | 47,183 | 480,208 | ||||||
Computershare, Ltd. | 16,395 | 141,532 | ||||||
CSL, Ltd. | 15,005 | 2,737,364 | ||||||
Dexus | 28,278 | 168,182 | ||||||
Fortescue Metals Group, Ltd. | 70,883 | 650,391 | ||||||
Goodman Group | 51,282 | 519,861 | ||||||
GPT Group | 61,897 | 162,949 | ||||||
Insurance Australia Group, Ltd. | 62,321 | 251,621 | ||||||
Macquarie Group, Ltd. | 16,161 | 1,168,876 | ||||||
Newcrest Mining, Ltd. | 41,495 | 838,533 | ||||||
Origin Energy, Ltd. | 123,475 | 479,063 | ||||||
QBE Insurance Group, Ltd. | 37,063 | 215,388 | ||||||
Ramsay Health Care, Ltd. | 9,388 | 433,905 | ||||||
Santos, Ltd. | 109,662 | 387,025 | ||||||
Scentre Group | 277,553 | 407,664 | ||||||
Sonic Healthcare, Ltd. | 34,789 | 654,001 | ||||||
Stockland | 85,968 | 202,023 | ||||||
Suncorp Group, Ltd. | 60,881 | 374,979 | ||||||
Sydney Airport | 81,224 | 317,524 | ||||||
Telstra Corp., Ltd. | 194,029 | 416,954 | ||||||
Transurban Group | 119,194 | 1,137,276 | ||||||
Vicinity Centres | 166,785 | 177,060 | ||||||
Washington H. Soul Pattinson & Co., Ltd. | 2,906 | 36,718 | ||||||
Woodside Petroleum, Ltd. | 84,232 | 1,255,173 | ||||||
Worley, Ltd. | 14,702 | 81,026 | ||||||
16,956,788 | ||||||||
Austria — 0.4% |
| |||||||
Erste Group Bank AG | 12,326 | 271,898 | ||||||
OMV AG | 15,366 | 509,357 | ||||||
voestalpine AG | 23,831 | 465,776 | ||||||
1,247,031 | ||||||||
Belgium — 1.2% |
| |||||||
Ageas | 2,563 | 87,794 | ||||||
Colruyt SA | 4,364 | 263,972 | ||||||
Galapagos NV† | 723 | 148,149 | ||||||
Groupe Bruxelles Lambert SA | 12,657 | 1,026,292 | ||||||
KBC Group NV | 12,320 | 647,050 | ||||||
Proximus SADP | 2,316 | 48,464 | ||||||
Solvay SA | 3,637 | 277,629 | ||||||
UCB SA | 11,341 | 1,136,701 | ||||||
Umicore SA | 4,987 | 221,709 | ||||||
3,857,760 | ||||||||
Bermuda — 0.3% |
| |||||||
CK Infrastructure Holdings, Ltd. | 8,000 | 40,063 | ||||||
Dairy Farm International Holdings, Ltd. | 27,500 | 116,356 | ||||||
Hongkong Land Holdings, Ltd. | 55,100 | 207,912 | ||||||
Jardine Matheson Holdings, Ltd. | 8,700 | 350,020 | ||||||
Jardine Strategic Holdings, Ltd. | 8,800 | 176,064 | ||||||
890,415 | ||||||||
Cayman Islands — 0.5% |
| |||||||
BeiGene, Ltd. ADR† | 317 | 52,477 | ||||||
CK Asset Holdings, Ltd. | 103,808 | 570,617 |
Security Description | Shares | Value (Note 2) | ||||||
Cayman Islands (continued) |
| |||||||
CK Hutchison Holdings, Ltd. | 63,000 | $ | 389,161 | |||||
WH Group, Ltd.* | 424,000 | 367,770 | ||||||
Wharf Real Estate Investment Co., Ltd. | 49,000 | 189,185 | ||||||
1,569,210 | ||||||||
Denmark — 2.5% |
| |||||||
Chr. Hansen Holding A/S | 2,578 | 250,090 | ||||||
Demant A/S† | 2,605 | 73,796 | ||||||
DSV PANALPINA A/S | 5,197 | 551,210 | ||||||
Genmab A/S† | 2,025 | 623,844 | ||||||
H. Lundbeck A/S | 3,753 | 144,352 | ||||||
Novo Nordisk A/S, Class B | 69,830 | 4,552,700 | ||||||
Novozymes A/S, Class B | 4,284 | 234,720 | ||||||
Orsted A/S* | 7,392 | 870,280 | ||||||
Pandora A/S | 3,725 | 185,990 | ||||||
Vestas Wind Systems A/S | 5,332 | 545,910 | ||||||
8,032,892 | ||||||||
Finland — 2.0% |
| |||||||
Elisa Oyj | 4,829 | 302,964 | ||||||
Kone Oyj, Class B | 14,452 | 970,147 | ||||||
Metso Oyj | 3,945 | 128,367 | ||||||
Neste Oyj | 21,971 | 890,155 | ||||||
Nokia Oyj | 195,633 | 774,051 | ||||||
Nokian Renkaat Oyj | 2,132 | 49,787 | ||||||
Nordea Bank Abp† | 149,115 | 1,011,960 | ||||||
Orion Oyj, Class B | 11,247 | 601,887 | ||||||
Sampo Oyj, Class A | 18,222 | 652,524 | ||||||
Stora Enso Oyj, Class R | 30,154 | 370,958 | ||||||
UPM-Kymmene Oyj | 26,756 | 774,830 | ||||||
6,527,630 | ||||||||
France — 9.6% |
| |||||||
Accor SA† | 6,150 | 174,477 | ||||||
Aeroports de Paris | 2,264 | 236,555 | ||||||
Air Liquide SA | 22,577 | 3,072,363 | ||||||
Arkema SA | 3,503 | 306,382 | ||||||
Atos SE | 4,174 | 316,312 | ||||||
AXA SA | 115,432 | 2,112,432 | ||||||
Bouygues SA | 21,140 | 649,558 | ||||||
Bureau Veritas SA | 11,721 | 239,114 | ||||||
Capgemini SE | 7,401 | 759,943 | ||||||
Carrefour SA | 31,256 | 475,448 | ||||||
Casino Guichard Perrachon SA | 3,862 | 145,266 | ||||||
Cie de Saint-Gobain | 23,752 | 771,044 | ||||||
Cie Generale des Etablissements Michelin SCA | 8,332 | 844,300 | ||||||
CNP Assurances | 21,713 | 229,426 | ||||||
Covivio | 2,035 | 119,433 | ||||||
Danone SA | 39,110 | 2,680,903 | ||||||
Dassault Systemes SE | 5,470 | 928,580 | ||||||
Edenred | 9,742 | 407,966 | ||||||
Eiffage SA | 5,995 | 548,447 | ||||||
EssilorLuxottica SA | 13,318 | 1,719,777 | ||||||
Eurazeo SE | 5,026 | 245,054 | ||||||
Eutelsat Communications SA | 11,227 | 112,053 | ||||||
Gecina SA | 1,567 | 202,023 | ||||||
Getlink SE | 26,210 | 378,800 | ||||||
Hermes International | 3,229 | 2,692,020 | ||||||
Iliad SA | 719 | 126,847 | ||||||
Ipsen SA | 3,610 | 284,231 | ||||||
Klepierre SA | 13,440 | 255,359 | ||||||
L’Oreal SA | 13,417 | 3,917,623 | ||||||
Legrand SA | 13,096 | 894,676 | ||||||
Natixis SA | 125,128 | 279,107 | ||||||
Publicis Groupe SA | 11,512 | 327,501 |
129 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
France (continued) |
| |||||||
Sartorius Stedim Biotech | 2,629 | $ | 715,153 | |||||
Schneider Electric SE | 20,895 | 2,084,528 | ||||||
SCOR SE | 5,897 | 145,998 | ||||||
Sodexo SA | 3,824 | 257,987 | ||||||
Suez SA | 33,168 | 377,544 | ||||||
Ubisoft Entertainment SA† | 1,031 | 80,080 | ||||||
Veolia Environnement SA | 37,405 | 821,122 | ||||||
Wendel SE | 2,016 | 185,569 | ||||||
Worldline SA†* | 3,214 | 241,389 | ||||||
31,362,390 | ||||||||
Germany — 6.1% |
| |||||||
Allianz SE | 9,745 | 1,768,256 | ||||||
Beiersdorf AG | 7,876 | 822,321 | ||||||
Brenntag AG | 2,406 | 126,175 | ||||||
Commerzbank AG | 68,685 | 267,943 | ||||||
Continental AG | 5,691 | 556,782 | ||||||
Covestro AG* | 5,315 | 197,049 | ||||||
Delivery Hero SE†* | 1,186 | 113,001 | ||||||
Deutsche Boerse AG | 6,646 | 1,095,131 | ||||||
Deutsche Wohnen SE | 17,209 | 769,728 | ||||||
Evonik Industries AG | 4,042 | 99,251 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,451 | 72,088 | ||||||
Hannover Rueck SE | 1,641 | 263,300 | ||||||
HeidelbergCement AG | 7,777 | 384,969 | ||||||
Henkel AG & Co. KGaA | 4,203 | 334,306 | ||||||
Henkel AG & Co. KGaA (Preference Shares) | 14,936 | 1,326,458 | ||||||
Infineon Technologies AG | 23,094 | 481,316 | ||||||
Knorr-Bremse AG | 755 | 79,616 | ||||||
LANXESS AG | 1,424 | 73,370 | ||||||
Merck KGaA | 12,248 | 1,408,084 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 6,793 | 1,542,266 | ||||||
Puma SE | 1,687 | 119,786 | ||||||
SAP SE | 33,393 | 4,157,765 | ||||||
Sartorius AG | 627 | 232,596 | ||||||
Siemens Healthineers AG* | 13,780 | 712,266 | ||||||
Symrise AG | 3,803 | 415,022 | ||||||
Telefonica Deutschland Holding AG | 107,196 | 329,873 | ||||||
TUI AG | 34,581 | 188,270 | ||||||
United Internet AG | 5,128 | 207,059 | ||||||
Vonovia SE | 21,799 | 1,257,655 | ||||||
Wirecard AG | 3,317 | 349,696 | ||||||
Zalando SE†* | 4,241 | 285,424 | ||||||
20,036,822 | ||||||||
Hong Kong — 2.7% |
| |||||||
AIA Group, Ltd. | 333,000 | 2,714,877 | ||||||
BOC Hong Kong Holdings, Ltd. | 126,500 | 355,056 | ||||||
Hang Lung Properties, Ltd. | 86,000 | 181,374 | ||||||
Hang Seng Bank, Ltd. | 22,000 | 335,618 | ||||||
Henderson Land Development Co., Ltd. | 106,503 | 382,543 | ||||||
Hong Kong & China Gas Co., Ltd. | 500,048 | 845,842 | ||||||
Hong Kong Exchanges & Clearing, Ltd. | 29,700 | 1,039,162 | ||||||
Link REIT | 50,500 | 380,246 | ||||||
MTR Corp., Ltd. | 77,000 | 371,467 | ||||||
New World Development Co., Ltd. | 325,000 | 328,792 | ||||||
Power Assets Holdings, Ltd. | 44,000 | 246,552 | ||||||
Sun Hung Kai Properties, Ltd. | 73,500 | 850,248 | ||||||
Swire Pacific, Ltd., Class A | 31,000 | 162,540 | ||||||
Swire Properties, Ltd. | 54,200 | 120,714 | ||||||
Vitasoy International Holdings, Ltd. | 18,000 | 66,923 | ||||||
Wheelock & Co., Ltd. | 73,000 | 495,187 | ||||||
8,877,141 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Ireland — 0.9% |
| |||||||
CRH PLC | 27,491 | $ | 899,519 | |||||
DCC PLC | 7,978 | 666,243 | ||||||
Kerry Group PLC, Class A | 9,975 | 1,239,234 | ||||||
2,804,996 | ||||||||
Israel — 0.5% |
| |||||||
Bank Hapoalim BM | 58,066 | 359,768 | ||||||
Bank Leumi Le-Israel BM | 74,268 | 396,781 | ||||||
Check Point Software Technologies, Ltd.† | 4,323 | 474,103 | ||||||
NICE, Ltd.† | 2,256 | 418,742 | ||||||
Wix.com, Ltd.† | 307 | 68,255 | ||||||
1,717,649 | ||||||||
Italy — 1.7% |
| |||||||
Assicurazioni Generali SpA | 107,154 | 1,492,173 | ||||||
FinecoBank Banca Fineco SpA | 13,037 | 152,994 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 56,238 | 366,670 | ||||||
Moncler SpA | 4,941 | 184,524 | ||||||
Poste Italiane SpA* | 44,625 | 393,090 | ||||||
Recordati SpA | 15,145 | 690,297 | ||||||
Snam SpA | 284,615 | 1,327,244 | ||||||
Terna Rete Elettrica Nazionale SpA | 141,587 | 958,052 | ||||||
5,565,044 | ||||||||
Japan — 24.7% |
| |||||||
Aeon Co., Ltd. | 37,200 | 823,372 | ||||||
Ajinomoto Co., Inc. | 27,500 | 469,071 | ||||||
Aozora Bank, Ltd. | 2,300 | 42,795 | ||||||
Astellas Pharma, Inc. | 92,800 | 1,649,678 | ||||||
Bridgestone Corp. | 26,500 | 880,508 | ||||||
Canon, Inc. | 41,300 | 847,014 | ||||||
Central Japan Railway Co. | 7,400 | 1,267,398 | ||||||
Chiba Bank, Ltd. | 7,900 | 37,588 | ||||||
Chubu Electric Power Co., Inc. | 27,900 | 375,809 | ||||||
Chugai Pharmaceutical Co., Ltd. | 11,500 | 1,697,113 | ||||||
Concordia Financial Group, Ltd. | 24,700 | 80,807 | ||||||
Dai Nippon Printing Co., Ltd. | 5,700 | 129,693 | ||||||
Dai-ichi Life Holdings, Inc. | 35,200 | 459,155 | ||||||
Daiichi Sankyo Co., Ltd. | 20,900 | 1,957,994 | ||||||
Daikin Industries, Ltd. | 7,400 | 1,089,595 | ||||||
Denso Corp. | 21,200 | 813,762 | ||||||
Dentsu Group, Inc. | 7,500 | 201,207 | ||||||
East Japan Railway Co. | 16,300 | 1,279,042 | ||||||
Eisai Co., Ltd. | 10,400 | 815,257 | ||||||
FamilyMart Co., Ltd. | 9,900 | 185,828 | ||||||
FANUC Corp. | 5,700 | 1,017,789 | ||||||
FUJIFILM Holdings Corp. | 12,100 | 559,037 | ||||||
Hankyu Hanshin Holdings, Inc. | 9,200 | 340,067 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 5,700 | 287,563 | ||||||
Hitachi Metals, Ltd. | 34,000 | 392,521 | ||||||
Hitachi, Ltd. | 25,800 | 828,104 | ||||||
Hoya Corp. | 10,700 | 1,004,330 | ||||||
Idemitsu Kosan Co., Ltd. | 9,300 | 206,539 | ||||||
Inpex Corp. | 68,800 | 480,425 | ||||||
Isetan Mitsukoshi Holdings, Ltd. | 29,100 | 194,973 | ||||||
Isuzu Motors, Ltd. | 19,400 | 181,995 | ||||||
J. Front Retailing Co., Ltd. | 5,200 | 44,220 | ||||||
JFE Holdings, Inc. | 94,400 | 694,638 | ||||||
JXTG Holdings, Inc. | 156,300 | 601,541 | ||||||
Kajima Corp. | 22,500 | 255,446 | ||||||
Kao Corp. | 17,300 | 1,388,800 | ||||||
KDDI Corp. | 51,500 | 1,499,656 | ||||||
Keikyu Corp. | 400 | 6,689 | ||||||
Keio Corp. | 2,000 | 118,865 | ||||||
Keyence Corp. | 4,600 | 1,894,407 |
130 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Japan (continued) |
| |||||||
Kintetsu Group Holdings Co., Ltd. | 7,700 | $ | 378,189 | |||||
Kobayashi Pharmaceutical Co., Ltd. | 400 | 35,639 | ||||||
Komatsu, Ltd. | 29,200 | 591,529 | ||||||
Kose Corp. | 1,300 | 162,961 | ||||||
Kubota Corp. | 32,100 | 432,199 | ||||||
Kyocera Corp. | 6,200 | 335,920 | ||||||
Kyowa Kirin Co., Ltd. | 25,100 | 681,307 | ||||||
Lawson, Inc. | 2,600 | 143,826 | ||||||
Lion Corp. | 4,200 | 96,084 | ||||||
LIXIL Group Corp. | 3,000 | 41,937 | ||||||
M3, Inc. | 1,200 | 48,388 | ||||||
Marubeni Corp. | 85,200 | 414,326 | ||||||
Maruichi Steel Tube, Ltd. | 7,200 | 184,449 | ||||||
Mazda Motor Corp. | 40,800 | 261,291 | ||||||
MEIJI Holdings Co., Ltd. | 8,200 | 617,216 | ||||||
Mitsubishi Chemical Holdings Corp. | 59,600 | 351,208 | ||||||
Mitsubishi Corp. | 54,500 | 1,273,118 | ||||||
Mitsubishi Electric Corp. | 57,500 | 758,127 | ||||||
Mitsubishi Estate Co., Ltd. | 37,600 | 598,644 | ||||||
Mitsui & Co., Ltd. | 91,200 | 1,385,320 | ||||||
Mitsui Fudosan Co., Ltd. | 37,100 | 714,906 | ||||||
MS&AD Insurance Group Holdings, Inc. | 13,100 | 385,147 | ||||||
Murata Manufacturing Co., Ltd. | 14,700 | 821,649 | ||||||
Nexon Co., Ltd. | 2,000 | 41,700 | ||||||
NGK Spark Plug Co., Ltd. | 1,300 | 20,988 | ||||||
NH Foods, Ltd. | 2,400 | 88,744 | ||||||
Nidec Corp. | 13,200 | 812,430 | ||||||
Nikon Corp. | 1,100 | 10,117 | ||||||
Nintendo Co., Ltd. | 3,200 | 1,293,299 | ||||||
Nippon Express Co., Ltd. | 2,400 | 123,529 | ||||||
Nippon Paint Holdings Co., Ltd. | 900 | 62,629 | ||||||
Nippon Shinyaku Co., Ltd. | 1,500 | 129,254 | ||||||
Nippon Steel Corp. | 114,300 | 1,054,191 | ||||||
Nippon Telegraph & Telephone Corp. | 50,000 | 1,132,068 | ||||||
Nisshin Seifun Group, Inc. | 16,400 | 255,717 | ||||||
Nissin Foods Holdings Co., Ltd. | 2,000 | 167,084 | ||||||
Nitori Holdings Co., Ltd. | 2,000 | 362,753 | ||||||
NTT DOCOMO, Inc. | 42,600 | 1,165,045 | ||||||
Odakyu Electric Railway Co., Ltd. | 5,700 | 142,328 | ||||||
Ono Pharmaceutical Co., Ltd. | 35,300 | 1,008,843 | ||||||
Oriental Land Co., Ltd. | 5,400 | 783,229 | ||||||
ORIX Corp. | 58,800 | 781,042 | ||||||
Osaka Gas Co., Ltd. | 28,100 | 561,633 | ||||||
Otsuka Holdings Co., Ltd. | 29,700 | 1,342,164 | ||||||
Panasonic Corp. | 65,600 | 587,050 | ||||||
Pigeon Corp. | 5,800 | 226,193 | ||||||
Rakuten, Inc. | 27,100 | 245,757 | ||||||
Recruit Holdings Co., Ltd. | 30,300 | 1,045,414 | ||||||
Resona Holdings, Inc. | 98,100 | 353,466 | ||||||
Ryohin Keikaku Co., Ltd. | 5,000 | 75,717 | ||||||
Santen Pharmaceutical Co., Ltd. | 27,600 | 509,905 | ||||||
Secom Co., Ltd. | 6,500 | 563,425 | ||||||
Sekisui House, Ltd. | 11,000 | 209,720 | ||||||
SG Holdings Co., Ltd. | 2,300 | 75,047 | ||||||
Shimano, Inc. | 1,800 | 331,003 | ||||||
Shin-Etsu Chemical Co., Ltd. | 11,100 | 1,302,490 | ||||||
Shionogi & Co., Ltd. | 16,300 | 963,117 | ||||||
Shiseido Co., Ltd. | 12,800 | 781,354 | ||||||
Shizuoka Bank, Ltd. | 4,500 | 28,675 | ||||||
SMC Corp. | 1,500 | 755,083 | ||||||
Softbank Corp. | 54,200 | 687,114 | ||||||
SoftBank Group Corp. | 43,500 | 1,953,820 | ||||||
Sony Corp. | 33,800 | 2,158,387 | ||||||
Sumitomo Chemical Co., Ltd. | 44,800 | 139,085 | ||||||
Sumitomo Corp. | 63,600 | 766,973 |
Security Description | Shares | Value (Note 2) | ||||||
Japan (continued) |
| |||||||
Sumitomo Dainippon Pharma Co., Ltd. | 13,300 | $ | 188,231 | |||||
Sumitomo Electric Industries, Ltd. | 43,100 | 502,605 | ||||||
Sumitomo Metal Mining Co., Ltd. | 19,300 | 538,337 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 68,600 | 1,987,434 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 21,000 | 618,803 | ||||||
Sumitomo Realty & Development Co., Ltd. | 11,100 | 307,886 | ||||||
Suntory Beverage & Food, Ltd. | 8,500 | 347,343 | ||||||
Sysmex Corp. | 4,700 | 375,771 | ||||||
Taisho Pharmaceutical Holdings Co., Ltd. | 6,900 | 438,338 | ||||||
Terumo Corp. | 19,100 | 750,777 | ||||||
Tobu Railway Co., Ltd. | 4,000 | 141,866 | ||||||
Toho Gas Co., Ltd. | 600 | 29,517 | ||||||
Tohoku Electric Power Co., Inc. | 17,900 | 185,438 | ||||||
Tokio Marine Holdings, Inc. | 18,800 | 815,005 | ||||||
Tokyo Electron, Ltd. | 3,000 | 599,722 | ||||||
Tokyo Gas Co., Ltd. | 24,900 | 594,237 | ||||||
Tokyu Corp. | 18,500 | 293,454 | ||||||
Toppan Printing Co., Ltd. | 8,100 | 138,709 | ||||||
Toray Industries, Inc. | 42,100 | 205,020 | ||||||
TOTO, Ltd. | 800 | 31,696 | ||||||
Toyo Suisan Kaisha, Ltd. | 2,100 | 109,572 | ||||||
Toyota Industries Corp. | 8,900 | 455,432 | ||||||
Toyota Motor Corp. | 88,800 | 5,571,610 | ||||||
Toyota Tsusho Corp. | 5,200 | 131,951 | ||||||
Unicharm Corp. | 21,100 | 785,437 | ||||||
Uniform Mtg. Backed Securities | 3,800 | 76,604 | ||||||
Welcia Holdings Co., Ltd. | 700 | 58,672 | ||||||
West Japan Railway Co. | 7,500 | 484,265 | ||||||
Yakult Honsha Co., Ltd. | 6,300 | 386,003 | ||||||
Yamazaki Baking Co., Ltd. | 8,700 | 155,673 | ||||||
Z Holdings Corp. | 81,500 | 333,310 | ||||||
80,549,971 | ||||||||
Jersey — 0.5% |
| |||||||
Ferguson PLC | 14,538 | 1,148,302 | ||||||
WPP PLC | 72,061 | 547,422 | ||||||
1,695,724 | ||||||||
Luxembourg — 0.3% |
| |||||||
Aroundtown SA | 43,901 | 241,384 | ||||||
SES SA FDR | 13,958 | 103,437 | ||||||
Tenaris SA | 89,317 | 557,933 | ||||||
902,754 | ||||||||
Netherlands — 5.1% |
| |||||||
ABN AMRO Bank NV CVA* | 40,437 | 325,669 | ||||||
Adyen NV†* | 113 | 148,664 | ||||||
Aegon NV | 159,801 | 429,565 | ||||||
AerCap Holdings NV† | 9,300 | 299,832 | ||||||
Akzo Nobel NV | 11,961 | 981,771 | ||||||
ASML Holding NV | 12,465 | 4,080,444 | ||||||
CNH Industrial NV | 68,258 | 415,415 | ||||||
EXOR NV | 8,039 | 435,216 | ||||||
Ferrari NV | 4,742 | 803,187 | ||||||
ING Groep NV | 127,273 | 826,419 | ||||||
Just Eat Takeaway.com NV†* | 2,005 | 218,316 | ||||||
Koninklijke DSM NV | 7,823 | 1,004,031 | ||||||
Koninklijke KPN NV | 179,435 | 440,616 | ||||||
Koninklijke Vopak NV | 13,031 | 715,467 | ||||||
NN Group NV | 28,286 | 876,770 | ||||||
NXP Semiconductors NV | 8,951 | 860,191 | ||||||
Prosus NV† | 21,492 | 1,789,392 | ||||||
QIAGEN NV† | 18,059 | 788,257 | ||||||
STMicroelectronics NV | 15,441 | 381,628 | ||||||
Wolters Kluwer NV | 11,208 | 895,560 | ||||||
16,716,410 | ||||||||
131 |
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VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
New Zealand — 0.2% |
| |||||||
a2 Milk Co., Ltd.† | 28,722 | $ | 339,553 | |||||
Auckland International Airport, Ltd. | 28,716 | 115,976 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 3,942 | 73,483 | ||||||
Fletcher Building, Ltd. | 14,028 | 30,587 | ||||||
Meridian Energy, Ltd. | 42,966 | 127,359 | ||||||
Spark New Zealand, Ltd. | 26,250 | 72,158 | ||||||
759,116 | ||||||||
Norway — 1.0% |
| |||||||
Equinor ASA | 95,688 | 1,396,968 | ||||||
Mowi ASA | 28,738 | 543,261 | ||||||
Orkla ASA | 68,334 | 615,365 | ||||||
Telenor ASA | 36,831 | 559,827 | ||||||
Yara International ASA | 2,341 | 80,436 | ||||||
3,195,857 | ||||||||
Papua New Guinea — 0.1% |
| |||||||
Oil Search, Ltd. | 177,283 | 404,892 | ||||||
Portugal — 0.6% |
| |||||||
Banco Espirito Santo SA†(1) | 126,030 | 0 | ||||||
EDP - Energias de Portugal SA | 194,077 | 913,703 | ||||||
Galp Energia SGPS SA | 62,555 | 747,468 | ||||||
Jeronimo Martins SGPS SA | 15,979 | 273,566 | ||||||
1,934,737 | ||||||||
Singapore — 1.5% |
| |||||||
CapitaLand, Ltd. | 198,400 | 407,535 | ||||||
City Developments, Ltd. | 20,800 | 113,955 | ||||||
ComfortDelGro Corp., Ltd. | 16,400 | 16,779 | ||||||
DBS Group Holdings, Ltd. | 84,200 | 1,164,656 | ||||||
Jardine Cycle & Carriage, Ltd. | 10,700 | 166,223 | ||||||
Keppel Corp., Ltd. | 121,200 | 508,385 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 157,800 | 959,453 | ||||||
Singapore Telecommunications, Ltd. | 401,500 | 709,920 | ||||||
United Overseas Bank, Ltd. | 66,200 | 916,969 | ||||||
4,963,875 | ||||||||
Spain — 2.1% |
| |||||||
Aena SME SA†* | 4,547 | 650,767 | ||||||
Amadeus IT Group SA | 17,484 | 915,514 | ||||||
Banco de Sabadell SA | 255,795 | 77,390 | ||||||
Bankia SA | 128,235 | 113,685 | ||||||
Bankinter SA | 29,064 | 123,645 | ||||||
CaixaBank SA | 173,134 | 324,726 | ||||||
Cellnex Telecom SA* | 2,809 | 159,478 | ||||||
Enagas SA | 29,593 | 666,280 | ||||||
Ferrovial SA | 3,878 | 105,644 | ||||||
Grifols SA | 19,249 | 603,309 | ||||||
Red Electrica Corp. SA | 33,714 | 594,475 | ||||||
Repsol SA | 164,746 | 1,542,683 | ||||||
Telefonica SA | 246,900 | 1,164,938 | ||||||
7,042,534 | ||||||||
SupraNational — 0.1% |
| |||||||
Unibail-Rodamco-Westfield (Euronext Amsterdam) | 7,305 | 388,806 | ||||||
Sweden — 3.1% |
| |||||||
Assa Abloy AB, Class B | 26,280 | 534,234 | ||||||
Atlas Copco AB, Class B | 37,418 | 1,325,793 | ||||||
Boliden AB | 26,697 | 582,018 | ||||||
Epiroc AB, Class A | 22,823 | 254,398 | ||||||
Essity AB, Class B | 38,080 | 1,260,108 | ||||||
Hennes & Mauritz AB, Class B | 27,444 | 416,542 | ||||||
Hexagon AB, Class B | 5,502 | 303,684 | ||||||
Industrivarden AB, Class C | 2,994 | 66,839 | ||||||
Investor AB, Class B | 29,152 | 1,557,590 |
Security Description | Shares | Value (Note 2) | ||||||
Sweden (continued) |
| |||||||
Sandvik AB | 36,253 | $ | 603,324 | |||||
Skandinaviska Enskilda Banken AB, Class A | 75,933 | 661,535 | ||||||
Svenska Handelsbanken AB, Class A | 79,367 | 753,932 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 93,191 | 850,669 | ||||||
Volvo AB, Class B | 60,577 | 861,242 | ||||||
10,031,908 | ||||||||
Switzerland — 8.3% |
| |||||||
ABB, Ltd. | 108,821 | 2,148,968 | ||||||
Adecco Group AG | 6,603 | 314,832 | ||||||
Alcon, Inc.† | 23,158 | 1,497,068 | ||||||
Baloise Holding AG | 3,177 | 453,484 | ||||||
Coca-Cola HBC AG | 24,531 | 619,995 | ||||||
EMS-Chemie Holding AG | 545 | 404,430 | ||||||
Geberit AG | 2,039 | 994,374 | ||||||
Givaudan SA | 554 | 1,993,423 | ||||||
Julius Baer Group, Ltd. | 13,548 | 579,616 | ||||||
Kuehne & Nagel International AG | 5,934 | 857,685 | ||||||
Lonza Group AG | 3,956 | 1,947,969 | ||||||
Pargesa Holding SA | 10,987 | 831,663 | ||||||
Partners Group Holding AG | 1,194 | 992,161 | ||||||
Schindler Holding AG (Participation Certificate) | 3,620 | 843,035 | ||||||
Schindler Holding AG | 215 | 49,915 | ||||||
SGS SA | 344 | 810,282 | ||||||
Sika AG | 6,257 | 1,075,162 | ||||||
Sonova Holding AG | 2,318 | 509,504 | ||||||
Straumann Holding AG | 453 | 368,633 | ||||||
Swatch Group AG | 3,991 | 801,087 | ||||||
Swiss Life Holding AG | 2,980 | 1,051,499 | ||||||
Swiss Prime Site AG | 5,084 | 474,057 | ||||||
Swiss Re AG | 18,604 | 1,266,443 | ||||||
Swisscom AG | 2,858 | 1,489,038 | ||||||
Temenos AG | 2,443 | 374,880 | ||||||
Vifor Pharma AG | 4,670 | 712,599 | ||||||
Zurich Insurance Group AG | 11,057 | 3,577,401 | ||||||
27,039,203 | ||||||||
United Kingdom — 11.2% |
| |||||||
3i Group PLC | 74,419 | 762,598 | ||||||
Admiral Group PLC | 14,949 | 432,244 | ||||||
Antofagasta PLC | 76,756 | 836,125 | ||||||
Ashtead Group PLC | 31,569 | 939,557 | ||||||
Auto Trader Group PLC* | 66,834 | 462,490 | ||||||
Aviva PLC | 384,999 | 1,184,458 | ||||||
Barratt Developments PLC | 42,101 | 259,908 | ||||||
Berkeley Group Holdings PLC | 5,382 | 273,471 | ||||||
British Land Co. PLC | 99,532 | 502,808 | ||||||
BT Group PLC | 452,868 | 653,075 | ||||||
Bunzl PLC | 26,567 | 621,257 | ||||||
Burberry Group PLC | 34,562 | 641,913 | ||||||
Centrica PLC | 425,667 | 193,021 | ||||||
Coca-Cola European Partners PLC | 8,714 | 328,518 | ||||||
Compass Group PLC | 67,664 | 994,637 | ||||||
Croda International PLC | 13,657 | 878,414 | ||||||
Direct Line Insurance Group PLC | 113,212 | 371,695 | ||||||
Evraz PLC | 106,219 | 373,406 | ||||||
Halma PLC | 19,981 | 577,525 | ||||||
Hargreaves Lansdown PLC | 17,251 | 392,486 | ||||||
Informa PLC | 115,137 | 650,049 | ||||||
InterContinental Hotels Group PLC | 10,143 | 485,380 | ||||||
Intertek Group PLC | 12,850 | 877,773 | ||||||
ITV PLC | 339,979 | 338,614 | ||||||
J Sainsbury PLC | 245,839 | 590,940 | ||||||
Johnson Matthey PLC | 16,550 | 434,151 | ||||||
Kingfisher PLC | 172,440 | 415,505 |
132 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
United Kingdom (continued) |
| |||||||
Land Securities Group PLC | 62,054 | $ | 466,264 | |||||
Legal & General Group PLC | 292,750 | 723,158 | ||||||
London Stock Exchange Group PLC | 16,352 | 1,628,059 | ||||||
M&G PLC | 19,032 | 33,070 | ||||||
Marks & Spencer Group PLC | 207,182 | 251,196 | ||||||
Melrose Industries PLC | 227,485 | 325,712 | ||||||
Micro Focus International PLC | 19,540 | 98,599 | ||||||
Mondi PLC | 28,293 | 529,922 | ||||||
National Grid PLC | 195,085 | 2,238,368 | ||||||
Next PLC | 9,684 | 584,384 | ||||||
Ocado Group PLC† | 13,495 | 366,433 | ||||||
Pearson PLC | 65,779 | 375,826 | ||||||
Persimmon PLC | 13,999 | 398,612 | ||||||
Prudential PLC | 65,427 | 853,359 | ||||||
RELX PLC | 90,689 | 2,106,415 | ||||||
Rentokil Initial PLC | 128,793 | 793,639 | ||||||
RSA Insurance Group PLC | 84,074 | 411,559 | ||||||
Sage Group PLC | 80,754 | 691,558 | ||||||
Schroders PLC | 17,665 | 647,570 | ||||||
Segro PLC | 67,895 | 706,714 | ||||||
Smith & Nephew PLC | 57,248 | 1,166,010 | ||||||
Smiths Group PLC | 46,568 | 755,832 | ||||||
Spirax-Sarco Engineering PLC | 5,213 | 638,042 | ||||||
SSE PLC | 72,392 | 1,115,118 | ||||||
St James’s Place PLC | 58,462 | 666,737 | ||||||
Taylor Wimpey PLC | 143,400 | 255,638 | ||||||
United Utilities Group PLC | 88,464 | 1,006,774 | ||||||
Weir Group PLC | 15,798 | 189,828 | ||||||
Whitbread PLC† | 10,271 | 322,383 | ||||||
WM Morrison Supermarkets PLC | 364,283 | 842,745 | ||||||
36,661,542 | ||||||||
Total Common Stocks | ||||||||
(cost $300,057,281) | 301,733,097 | |||||||
RIGHTS† — 0.0% |
| |||||||
Spain |
| |||||||
Ferrovial SA | 3,878 | 1,462 | ||||||
United Kingdom | ||||||||
Whitbread PLC | 5,136 | 63,550 | ||||||
Total Rights | ||||||||
(cost $112,144) | 65,012 | |||||||
Total Long-Term Investment Securities |
| |||||||
(cost $300,169,425) | 301,798,109 | |||||||
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 1.2% |
| |||||||
U.S. Government Treasuries — 1.2% |
| |||||||
United States Treasury Bills | ||||||||
0.07% due 02/25/2021(2) | $ | 700,000 | $ | 699,065 | ||||
0.11% due 12/31/2020(2) | 600,000 | 599,383 | ||||||
0.15% due 03/25/2021(2) | 900,000 | 898,534 | ||||||
0.17% due 05/20/2021(2) | 500,000 | 499,093 | ||||||
0.17% due 12/31/2020(2) | 500,000 | 499,486 | ||||||
0.22% due 09/10/2020(2) | 300,000 | 299,863 | ||||||
0.34% due 08/13/2020(2) | 250,000 | 249,932 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $3,746,451) | 3,745,356 | |||||||
REPURCHASE AGREEMENTS — 5.5% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $18,103,000 collateralized by $17,195,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $18,465,177 | 18,103,000 | 18,103,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $322,018,876)(3) | 99.1 | % | 323,646,465 | |||||
Other assets less liabilities | 0.9 | 3,024,120 | ||||||
NET ASSETS | 100.0 | % | $ | 326,670,585 | ||||
@ | See Note 1 |
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $5,145,653 representing 1.6% 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. |
ADR—American Depositary Receipt
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) | ||||||||||||||||
297 | Long | MSCI EAFE Index | June 2020 | $ | 21,005,144 | $ | 25,625,160 | $ | 4,620,016 | |||||||||||||
* | 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. |
133 |
Table of Contents
VALIC Company I International Socially Responsible Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | — | $ | 16,956,788 | ** | $ | 0 | $ | 16,956,788 | |||||||
Portugal | — | 1,934,737 | ** | 0 | 1,934,737 | |||||||||||
Other Countries | 2,083,376 | 280,758,196 | ** | — | 282,841,572 | |||||||||||
Rights | ||||||||||||||||
Spain | — | 1,462 | — | 1,462 | ||||||||||||
United Kingdom | 63,550 | — | — | 63,550 | ||||||||||||
Short-Term Investment Securities | — | 3,745,356 | — | 3,745,356 | ||||||||||||
Repurchase Agreements | — | 18,103,000 | — | 18,103,000 | ||||||||||||
Total Investments at Value | $ | 2,146,926 | $ | 321,499,539 | $ | 0 | $ | 323,646,465 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,620,016 | $ | — | $ | — | $ | 4,620,016 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
134 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 8.3 | % | ||
Cellular Telecom | 7.5 | |||
Appliances | 4.7 | |||
Registered Investment Companies | 4.4 | |||
Electronic Components — Misc. | 4.2 | |||
Diversified Manufacturing Operations | 4.0 | |||
Banks — Commercial | 3.8 | |||
Containers — Paper/Plastic | 3.0 | |||
Insurance — Life/Health | 2.9 | |||
Medical Products | 2.9 | |||
Insurance — Reinsurance | 2.8 | |||
Building & Construction Products — Misc. | 2.7 | |||
Diversified Financial Services | 2.7 | |||
Computer Data Security | 2.6 | |||
Wire & Cable Products | 2.6 | |||
Electronic Components — Semiconductors | 2.5 | |||
Auto/Truck Parts & Equipment — Original | 2.5 | |||
E-Commerce/Products | 2.3 | |||
Diversified Minerals | 2.3 | |||
Diversified Banking Institutions | 2.3 | |||
Machinery-Electrical | 2.2 | |||
Finance — Investment Banker/Broker | 2.2 | |||
Building Products — Doors & Windows | 2.2 | |||
Building — Heavy Construction | 2.0 | |||
Building Products — Cement | 2.0 | |||
Enterprise Software/Service | 1.9 | |||
Communications Software | 1.7 | |||
Oil — Field Services | 1.6 | |||
Airlines | 1.6 | |||
Food — Misc./Diversified | 1.5 | |||
Retail — Drug Store | 1.5 | |||
Home Furnishings | 1.4 | |||
Industrial Automated/Robotic | 1.4 | |||
Retail — Auto Parts | 1.3 | |||
Investment Companies | 1.3 | |||
Agricultural Chemicals | 1.2 | |||
Retail — Building Products | 1.1 | |||
Silver Mining | 1.0 | |||
Banks — Mortgage | 0.7 | |||
Investment Management/Advisor Services | 0.6 | |||
Food — Retail | 0.5 | |||
Energy — Alternate Sources | 0.3 | |||
Apparel Manufacturers | 0.2 | |||
102.4% | ||||
Country Allocation*
United States | 11.4 | % | ||
Japan | 10.5 | |||
South Korea | 9.4 | |||
Germany | 8.8 | |||
United Kingdom | 8.5 | |||
France | 8.4 | |||
Netherlands | 7.0 | |||
China | 5.7 | |||
Switzerland | 4.6 | |||
Cayman Islands | 4.5 | |||
Canada | 3.0 | |||
Norway | 2.8 | |||
Israel | 2.6 | |||
Italy | 2.6 | |||
Singapore | 2.0 | |||
Russia | 1.8 | |||
India | 1.7 | |||
Australia | 1.6 | |||
Ireland | 1.5 | |||
British Virgin Islands | 1.4 | |||
Hong Kong | 0.8 | |||
Thailand | 0.6 | |||
Jersey | 0.6 | |||
Malaysia | 0.4 | |||
Luxembourg | 0.2 | |||
102.4% | ||||
* | Calculated as a percentage of net assets |
135 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.0% |
| |||||||
Australia — 1.6% |
| |||||||
Qantas Airways, Ltd. | 3,624,802 | $ | 9,549,720 | |||||
British Virgin Islands — 1.4% |
| |||||||
Hollysys Automation Technologies, Ltd. | 664,029 | 8,293,722 | ||||||
Canada — 3.0% |
| |||||||
Home Capital Group, Inc.†# | 325,600 | 4,490,790 | ||||||
Lundin Mining Corp. | 2,984,750 | 13,743,919 | ||||||
18,234,709 | ||||||||
Cayman Islands — 4.5% |
| |||||||
Alibaba Group Holding, Ltd.† | 548,488 | 14,139,621 | ||||||
Xinyi Glass Holdings, Ltd. | 12,510,000 | 13,261,630 | ||||||
27,401,251 | ||||||||
China — 5.7% |
| |||||||
LONGi Green Energy Technology Co., Ltd., Class A | 381,500 | 1,736,514 | ||||||
Midea Group Co., Ltd. | 1,839,112 | 15,208,169 | ||||||
Oppein Home Group, Inc., Class A | 494,900 | 8,396,240 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. | 5,753,000 | 9,113,735 | ||||||
34,454,658 | ||||||||
France — 8.4% |
| |||||||
Cie de Saint-Gobain | 509,066 | 16,525,451 | ||||||
Orange SA | 1,451,012 | 17,532,878 | ||||||
Sanofi | 170,085 | 16,587,644 | ||||||
50,645,973 | ||||||||
Germany — 8.8% |
| |||||||
METRO AG | 345,133 | 3,226,158 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 74,774 | 16,976,502 | ||||||
Rheinmetall AG | 183,645 | 14,825,027 | ||||||
SAP SE | 93,243 | 11,609,693 | ||||||
Siemens AG | 57,592 | 6,286,402 | ||||||
52,923,782 | ||||||||
Hong Kong — 0.8% |
| |||||||
China Mobile, Ltd. | 649,500 | 4,563,795 | ||||||
India — 1.7% |
| |||||||
Tech Mahindra, Ltd. | 1,455,525 | 10,226,197 | ||||||
Ireland — 1.5% |
| |||||||
Greencore Group PLC | 5,539,597 | 9,282,520 | ||||||
Israel — 2.6% |
| |||||||
Check Point Software Technologies, Ltd.† | 145,681 | 15,976,835 | ||||||
Italy — 2.6% |
| |||||||
Prysmian SpA | 722,916 | 15,446,526 | ||||||
Japan — 10.5% |
| |||||||
Alps Alpine Co., Ltd. | 450,500 | 5,454,938 | ||||||
Daiwa Securities Group, Inc. | 3,196,800 | 13,268,270 | ||||||
Hitachi, Ltd. | 418,100 | 13,419,774 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,286,800 | 13,563,638 | ||||||
Takeda Pharmaceutical Co., Ltd. | 452,000 | 17,599,819 | ||||||
63,306,439 | ||||||||
Jersey — 0.6% |
| |||||||
Man Group PLC | 2,035,302 | 3,595,886 | ||||||
Luxembourg — 0.2% |
| |||||||
Samsonite International SA* | 1,334,100 | 1,236,775 | ||||||
Malaysia — 0.4% |
| |||||||
CIMB Group Holdings Bhd | 2,874,556 | 2,498,911 | ||||||
Security Description | Shares/ Principal | Value (Note 2) | ||||||
Netherlands — 7.0% |
| |||||||
Koninklijke Philips NV† | 380,196 | $ | 17,320,078 | |||||
NN Group NV | 560,871 | 17,385,093 | ||||||
OCI NV†# | 657,114 | 7,454,759 | ||||||
42,159,930 | ||||||||
Norway — 2.8% |
| |||||||
DNB ASA | 1,259,768 | 17,219,302 | ||||||
Russia — 1.8% |
| |||||||
Mobile TeleSystems PJSC ADR | 1,225,889 | 10,898,153 | ||||||
Singapore — 2.0% |
| |||||||
Keppel Corp., Ltd.# | 2,875,800 | 12,062,825 | ||||||
South Korea — 9.4% |
| |||||||
Coway Co, Ltd. | 249,445 | 13,449,068 | ||||||
Hana Financial Group, Inc. | 669,175 | 16,140,547 | ||||||
Samsung Electronics Co., Ltd. | 361,850 | 14,856,946 | ||||||
SK Telecom Co., Ltd. | 69,290 | 12,104,845 | ||||||
56,551,406 | ||||||||
Switzerland — 4.6% |
| |||||||
LafargeHolcim, Ltd. | 285,678 | 11,869,919 | ||||||
Novartis AG | 181,387 | 15,724,367 | ||||||
27,594,286 | ||||||||
Thailand — 0.6% |
| |||||||
Siam Commercial Bank PCL | 1,659,500 | 3,860,516 | ||||||
United Kingdom — 8.5% |
| |||||||
Fresnillo PLC# | 660,486 | 6,433,444 | ||||||
John Wood Group PLC# | 4,020,761 | 9,619,006 | ||||||
Kingfisher PLC | 2,778,501 | 6,694,976 | ||||||
Melrose Industries PLC | 5,481,544 | 7,848,456 | ||||||
Sensata Technologies Holding PLC† | 96,284 | 3,432,524 | ||||||
Smiths Group PLC# | 1,082,880 | 17,575,925 | ||||||
51,604,331 | ||||||||
United States — 11.4% |
| |||||||
Advance Auto Parts, Inc. | 57,846 | 8,059,105 | ||||||
Berry Global Group, Inc.† | 406,805 | 18,269,612 | ||||||
Gentex Corp. | 603,695 | 15,961,696 | ||||||
42,290,413 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $672,068,630) | 591,878,861 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.4% |
| |||||||
Registered Investment Companies — 4.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | $ | 15,694,034 | 15,694,034 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 11,178,756 | 11,178,756 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $26,872,790) | 26,872,790 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $698,941,420)(3) | 102.4 | % | 618,751,651 | |||||
Liabilities in excess of other assets | (2.4 | ) | (14,629,001 | ) | ||||
NET ASSETS | 100.0 | % | $ | 604,122,650 | ||||
136 |
Table of Contents
VALIC Company I International Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,236,775 representing 0.2% of net assets. |
(1) | The rate shown is the 7-day yield as of May 31, 2020. |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $22,879,908. This was secured by collateral of $11,178,756, which was received in cash and subsequently invested in short-term investments currently valued at $11,178,756 as reported in the Portfolio of Investments. Additional collateral of $13,331,934 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||
United States Treasury Notes/Bonds | 0.13% to 3.63% | 10/31/2020 to 02/15/2047 | $13,331,934 |
(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 | 25,583,000 | USD | 28,735,803 | 06/09/2020 | $ | 333,546 | $ | – | |||||||||||||||||||
EUR—Euro Currency
USD—United States Dollar
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 102,986,873 | $ | 488,891,988 | ** | $ | — | $ | 591,878,861 | |||||||
Short-Term Investment Securities | 26,872,790 | — | — | 26,872,790 | ||||||||||||
Total Investments at Value | $ | 129,859,663 | $ | 488,891,988 | $ | — | $ | 618,751,651 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 333,546 | $ | — | $ | 333,546 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
† | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
137 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO PROFILE — May 31, 2020
Industry Allocation*
Applications Software | 6.7 | % | ||
E-Commerce/Products | 6.5 | |||
Computers | 5.7 | |||
Medical — Drugs | 5.5 | |||
Web Portals/ISP | 4.1 | |||
Diversified Banking Institutions | 4.0 | |||
Insurance — Property/Casualty | 3.4 | |||
Data Processing/Management | 3.3 | |||
Electronic Components — Semiconductors | 3.0 | |||
Cable/Satellite TV | 2.6 | |||
Finance — Credit Card | 2.5 | |||
Internet Content — Entertainment | 2.2 | |||
Retail — Building Products | 2.1 | |||
Medical Instruments | 2.1 | |||
Aerospace/Defense | 2.0 | |||
Tobacco | 2.0 | |||
Medical Products | 1.9 | |||
Oil Companies — Integrated | 1.7 | |||
Commercial Services — Finance | 1.7 | |||
Oil Companies — Exploration & Production | 1.6 | |||
Electronic Forms | 1.6 | |||
Investment Management/Advisor Services | 1.5 | |||
Transport — Rail | 1.5 | |||
Gold Mining | 1.3 | |||
Food — Confectionery | 1.2 | |||
Real Estate Investment Trusts | 1.2 | |||
Medical Labs & Testing Services | 1.2 | |||
Food — Misc./Diversified | 1.1 | |||
Electric — Integrated | 1.1 | |||
Pharmacy Services | 1.1 | |||
Semiconductor Equipment | 1.0 | |||
Multimedia | 1.0 | |||
Retail — Discount | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Computer Services | 1.0 | |||
Entertainment Software | 1.0 | |||
Agricultural Biotech | 1.0 | |||
Networking Products | 0.9 | |||
Telephone — Integrated | 0.9 | |||
Cellular Telecom | 0.9 | |||
Tools — Hand Held | 0.9 | |||
Medical — HMO | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Industrial Gases | 0.8 | |||
Drug Delivery Systems | 0.8 | |||
Insurance Brokers | 0.8 | |||
Electronic Connectors | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Medical — Biomedical/Gene | 0.7 | |||
Building Products — Air & Heating | 0.7 | |||
Retail — Auto Parts | 0.6 | |||
Internet Security | 0.6 | |||
Computers — Memory Devices | 0.6 | |||
Cosmetics & Toiletries | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Instruments — Controls | 0.4 | |||
Dental Supplies & Equipment | 0.4 | |||
Coatings/Paint | 0.3 | |||
Computer Aided Design | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.2 | |||
Insurance — Life/Health | 0.2 | |||
100.4 | % | |||
* | Calculated as a percentage of net assets |
138 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.2% |
| |||||||
Aerospace/Defense — 2.0% |
| |||||||
Northrop Grumman Corp. | 7,560 | $ | 2,534,112 | |||||
Raytheon Technologies Corp. | 15,560 | 1,003,931 | ||||||
3,538,043 | ||||||||
Agricultural Biotech — 1.0% |
| |||||||
Corteva, Inc. | 60,948 | 1,664,490 | ||||||
Applications Software — 6.7% |
| |||||||
Intuit, Inc. | 3,135 | 910,153 | ||||||
Microsoft Corp. | 58,565 | 10,732,036 | ||||||
11,642,189 | ||||||||
Banks - Super Regional — 0.3% |
| |||||||
PNC Financial Services Group, Inc. | 4,110 | 468,704 | ||||||
Building Products - Air & Heating — 0.7% |
| |||||||
Carrier Global Corp.† | 60,603 | 1,240,543 | ||||||
Cable/Satellite TV — 2.6% |
| |||||||
Comcast Corp., Class A | 112,868 | 4,469,573 | ||||||
Cellular Telecom — 0.9% |
| |||||||
T-Mobile US, Inc.† | 15,810 | 1,581,632 | ||||||
Coatings/Paint — 0.3% |
| |||||||
Sherwin-Williams Co. | 928 | 551,093 | ||||||
Commercial Services - Finance — 1.7% |
| |||||||
Automatic Data Processing, Inc. | 10,335 | 1,513,974 | ||||||
PayPal Holdings, Inc.† | 8,875 | 1,375,714 | ||||||
2,889,688 | ||||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 2,305 | 484,926 | ||||||
Computer Services — 1.0% |
| |||||||
International Business Machines Corp. | 13,930 | 1,739,857 | ||||||
Computers — 5.7% |
| |||||||
Apple, Inc. | 31,228 | 9,928,630 | ||||||
Computers - Memory Devices — 0.6% |
| |||||||
Western Digital Corp. | 22,445 | 995,885 | ||||||
Cosmetics & Toiletries — 0.5% |
| |||||||
Colgate-Palmolive Co. | 12,530 | 906,295 | ||||||
Data Processing/Management — 3.3% |
| |||||||
Fidelity National Information Services, Inc. | 25,165 | 3,493,657 | ||||||
Fiserv, Inc.† | 21,292 | 2,273,347 | ||||||
5,767,004 | ||||||||
Dental Supplies & Equipment — 0.4% |
| |||||||
DENTSPLY SIRONA, Inc. | 14,300 | 665,236 | ||||||
Diversified Banking Institutions — 4.0% |
| |||||||
Citigroup, Inc. | 19,216 | 920,639 | ||||||
JPMorgan Chase & Co. | 47,358 | 4,608,407 | ||||||
Morgan Stanley | 32,240 | 1,425,008 | ||||||
6,954,054 | ||||||||
Drug Delivery Systems — 0.8% |
| |||||||
Becton Dickinson and Co. | 5,764 | 1,423,305 | ||||||
E-Commerce/Products — 6.5% |
| |||||||
Amazon.com, Inc.† | 3,765 | 9,195,523 | ||||||
eBay, Inc. | 46,420 | 2,113,967 | ||||||
11,309,490 | ||||||||
E-Commerce/Services — 1.0% |
| |||||||
Lyft, Inc., Class A† | 20,130 | 629,264 | ||||||
Uber Technologies, Inc.† | 30,810 | 1,119,019 | ||||||
1,748,283 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated — 1.1% |
| |||||||
American Electric Power Co., Inc. | 15,745 | $ | 1,342,261 | |||||
FirstEnergy Corp. | 14,585 | 616,362 | ||||||
1,958,623 | ||||||||
Electronic Components - Semiconductors — 3.0% |
| |||||||
Intel Corp. | 43,815 | 2,757,278 | ||||||
Marvell Technology Group, Ltd. | 30,730 | 1,002,412 | ||||||
NVIDIA Corp. | 4,040 | 1,434,281 | ||||||
5,193,971 | ||||||||
Electronic Connectors — 0.8% |
| |||||||
TE Connectivity, Ltd. | 16,595 | 1,348,344 | ||||||
Electronic Forms — 1.6% |
| |||||||
Adobe, Inc.† | 7,080 | 2,737,128 | ||||||
Entertainment Software — 1.0% |
| |||||||
Activision Blizzard, Inc. | 24,134 | 1,737,165 | ||||||
Finance - Credit Card — 2.5% |
| |||||||
American Express Co. | 5,810 | 552,357 | ||||||
Mastercard, Inc., Class A | 12,697 | 3,820,400 | ||||||
4,372,757 | ||||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Charles Schwab Corp. | 23,090 | 829,162 | ||||||
Food - Confectionery — 1.2% |
| |||||||
Mondelez International, Inc., Class A | 41,090 | 2,141,611 | ||||||
Food - Misc./Diversified — 1.1% |
| |||||||
Conagra Brands, Inc. | 56,478 | 1,964,870 | ||||||
Gold Mining — 1.3% |
| |||||||
Newmont Corp. | 37,630 | 2,200,226 | ||||||
Industrial Gases — 0.8% |
| |||||||
Air Products & Chemicals, Inc. | 6,020 | 1,454,733 | ||||||
Instruments - Controls — 0.4% |
| |||||||
Honeywell International, Inc. | 5,366 | 782,631 | ||||||
Insurance Brokers — 0.8% |
| |||||||
Aon PLC | 7,147 | 1,407,602 | ||||||
Insurance - Life/Health — 0.2% |
| |||||||
Principal Financial Group, Inc. | 10,738 | 414,702 | ||||||
Insurance - Property/Casualty — 3.4% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 32,176 | 5,971,222 | ||||||
Internet Content - Entertainment — 2.2% |
| |||||||
Facebook, Inc., Class A† | 17,305 | 3,895,182 | ||||||
Internet Security — 0.6% |
| |||||||
Palo Alto Networks, Inc.† | 4,275 | 1,005,779 | ||||||
Investment Management/Advisor Services — 1.5% |
| |||||||
BlackRock, Inc. | 5,068 | 2,679,148 | ||||||
Medical Instruments — 2.1% |
| |||||||
Medtronic PLC | 36,729 | 3,620,745 | ||||||
Medical Labs & Testing Services — 1.2% |
| |||||||
Quest Diagnostics, Inc. | 17,135 | 2,026,728 | ||||||
Medical Products — 1.9% |
| |||||||
Abbott Laboratories | 20,736 | 1,968,261 | ||||||
Stryker Corp. | 7,195 | 1,408,277 | ||||||
3,376,538 | ||||||||
Medical - Biomedical/Gene — 0.7% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 10,500 | 1,258,950 | ||||||
139 |
Table of Contents
VALIC Company I Large Cap Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical - Drugs — 5.5% |
| |||||||
Johnson & Johnson | 32,788 | $ | 4,877,215 | |||||
Merck & Co., Inc. | 30,345 | 2,449,448 | ||||||
Pfizer, Inc. | 61,090 | 2,333,027 | ||||||
9,659,690 | ||||||||
Medical - HMO — 0.9% |
| |||||||
Anthem, Inc. | 5,319 | 1,564,371 | ||||||
Multimedia — 1.0% |
| |||||||
Walt Disney Co. | 15,230 | 1,786,479 | ||||||
Networking Products — 0.9% |
| |||||||
Cisco Systems, Inc. | 34,740 | 1,661,267 | ||||||
Oil Companies - Exploration & Production — 1.6% |
| |||||||
Canadian Natural Resources, Ltd.# | 82,785 | 1,498,408 | ||||||
EOG Resources, Inc. | 25,280 | 1,288,522 | ||||||
2,786,930 | ||||||||
Oil Companies - Integrated — 1.7% |
| |||||||
Chevron Corp. | 31,890 | 2,924,313 | ||||||
Pharmacy Services — 1.1% |
| |||||||
Cigna Corp. | 9,714 | 1,916,766 | ||||||
Real Estate Investment Trusts — 1.2% |
| |||||||
American Tower Corp. | 8,120 | 2,096,340 | ||||||
Retail - Auto Parts — 0.6% |
| |||||||
AutoZone, Inc.† | 920 | 1,056,031 | ||||||
Retail - Building Products — 2.1% |
| |||||||
Lowe’s Cos., Inc. | 28,595 | 3,727,358 | ||||||
Retail - Discount — 1.0% |
| |||||||
Dollar Tree, Inc.† | 18,150 | 1,776,341 | ||||||
Retail - Restaurants — 0.8% |
| |||||||
McDonald’s Corp. | 7,220 | 1,345,230 | ||||||
Semiconductor Components - Integrated Circuits — 0.2% |
| |||||||
NXP Semiconductors NV | 4,565 | 438,697 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
Lam Research Corp. | 6,655 | 1,821,274 | ||||||
Telephone - Integrated — 0.9% |
| |||||||
Verizon Communications, Inc. | 28,278 | 1,622,592 | ||||||
Tobacco — 2.0% |
| |||||||
Philip Morris International, Inc. | 47,090 | 3,454,522 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tools - Hand Held — 0.9% |
| |||||||
Stanley Black & Decker, Inc. | 12,535 | $ | 1,572,516 | |||||
Transport - Rail — 1.5% |
| |||||||
Union Pacific Corp. | 15,375 | 2,611,598 | ||||||
Web Portals/ISP — 4.1% |
| |||||||
Alphabet, Inc., Class A† | 2,442 | 3,500,656 | ||||||
Alphabet, Inc., Class C† | 2,578 | 3,683,756 | ||||||
7,184,412 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $132,486,197) | 173,353,464 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.3% |
| |||||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 437,025 | 437,025 | ||||||
REPURCHASE AGREEMENTS — 0.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, repurchased 06/01/2020 in the amount of $1,531,000 collateralized by $1,445,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $1,566,780 | $ | 1,531,000 | 1,531,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $134,454,222)(3) | 100.4 | % | 175,321,489 | |||||
Liabilities in excess of other assets | (0.4 | ) | (621,316 | ) | ||||
NET ASSETS | 100.0 | % | $ | 174,700,173 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $421,875. This was secured by collateral of $437,025, which was received in cash and subsequently invested in short-term investments currently valued at $437,025 as reported in the Portfolio of Investments. |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 173,353,464 | $ | — | $ | — | $ | 173,353,464 | ||||||||
Short-Term Investment Securities | 437,025 | — | — | 437,025 | ||||||||||||
Repurchase Agreements | — | 1,531,000 | — | 1,531,000 | ||||||||||||
Total Investments at Value | $ | 173,790,489 | $ | 1,531,000 | $ | — | $ | 175,321,489 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
140 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 8.3 | % | ||
Web Portals/ISP | 6.6 | |||
Computer Services | 5.4 | |||
Finance — Credit Card | 4.7 | |||
Insurance Brokers | 4.3 | |||
Data Processing/Management | 4.1 | |||
Computers | 3.8 | |||
Cosmetics & Toiletries | 3.8 | |||
Diagnostic Equipment | 3.7 | |||
Athletic Footwear | 3.5 | |||
Electronic Connectors | 3.3 | |||
Electronic Measurement Instruments | 3.1 | |||
Medical Products | 3.0 | |||
Commercial Services — Finance | 2.6 | |||
Cable/Satellite TV | 2.6 | |||
Transport — Rail | 2.5 | |||
Beverages — Non-alcoholic | 2.4 | |||
Entertainment Software | 2.3 | |||
Medical Instruments | 2.1 | |||
Drug Delivery Systems | 2.1 | |||
Machinery — General Industrial | 2.0 | |||
Soap & Cleaning Preparation | 2.0 | |||
Medical — Drugs | 2.0 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
E-Commerce/Products | 1.6 | |||
Finance — Investment Banker/Broker | 1.6 | |||
Electronic Components — Semiconductors | 1.6 | |||
Textile — Apparel | 1.5 | |||
Coatings/Paint | 1.4 | |||
Retail — Discount | 1.4 | |||
Retail — Restaurants | 1.3 | |||
Pharmacy Services | 1.3 | |||
Internet Content — Information/News | 0.9 | |||
Retail — Apparel/Shoe | 0.9 | |||
Private Equity | 0.8 | |||
Apparel Manufacturers | 0.7 | |||
Instruments — Controls | 0.6 | |||
Retail — Major Department Stores | 0.6 | |||
Consulting Services | 0.5 | |||
Chemicals — Specialty | 0.5 | |||
99.1 | % | |||
* | Calculated as a percentage of net assets |
141 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.1% |
| |||||||
Apparel Manufacturers — 0.7% |
| |||||||
VF Corp. | 61,726 | $ | 3,462,829 | |||||
Applications Software — 8.3% |
| |||||||
Microsoft Corp. | 236,373 | 43,315,352 | ||||||
Athletic Footwear — 3.5% |
| |||||||
adidas AG | 31,703 | 8,313,559 | ||||||
NIKE, Inc., Class B | 101,638 | 10,019,474 | ||||||
18,333,033 | ||||||||
Beverages - Non-alcoholic — 2.4% |
| |||||||
PepsiCo, Inc. | 94,170 | 12,388,063 | ||||||
Cable/Satellite TV — 2.6% |
| |||||||
Comcast Corp., Class A | 347,195 | 13,748,922 | ||||||
Chemicals - Specialty — 0.5% |
| |||||||
Ecolab, Inc. | 12,625 | 2,683,822 | ||||||
Coatings/Paint — 1.4% |
| |||||||
Sherwin-Williams Co. | 12,725 | 7,556,741 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
Equifax, Inc. | 41,149 | 6,318,841 | ||||||
Moody’s Corp. | 27,847 | 7,446,566 | ||||||
13,765,407 | ||||||||
Computer Services — 5.4% |
| |||||||
Accenture PLC, Class A | 105,616 | 21,294,298 | ||||||
Cognizant Technology Solutions Corp., Class A | 133,823 | 7,092,619 | ||||||
28,386,917 | ||||||||
Computers — 3.8% |
| |||||||
Apple, Inc. | 62,940 | 20,011,144 | ||||||
Consulting Services — 0.5% |
| |||||||
Verisk Analytics, Inc. | 16,378 | 2,828,153 | ||||||
Cosmetics & Toiletries — 3.8% |
| |||||||
Colgate-Palmolive Co. | 181,157 | 13,103,086 | ||||||
Estee Lauder Cos., Inc., Class A | 34,034 | 6,720,694 | ||||||
19,823,780 | ||||||||
Data Processing/Management — 4.1% |
| |||||||
Fidelity National Information Services, Inc. | 83,239 | 11,556,070 | ||||||
Fiserv, Inc.† | 91,241 | 9,741,802 | ||||||
21,297,872 | ||||||||
Diagnostic Equipment — 3.7% |
| |||||||
Danaher Corp. | 41,198 | 6,863,999 | ||||||
Thermo Fisher Scientific, Inc. | 35,855 | 12,520,207 | ||||||
19,384,206 | ||||||||
Drug Delivery Systems — 2.1% |
| |||||||
Becton Dickinson and Co. | 44,328 | 10,945,913 | ||||||
E-Commerce/Products — 1.6% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 40,789 | 8,459,231 | ||||||
Electronic Components - Semiconductors — 1.6% |
| |||||||
Texas Instruments, Inc. | 68,883 | 8,179,167 | ||||||
Electronic Connectors — 3.3% |
| |||||||
Amphenol Corp., Class A | 112,236 | 10,837,508 | ||||||
TE Connectivity, Ltd. | 80,732 | 6,559,475 | ||||||
17,396,983 | ||||||||
Electronic Measurement Instruments — 3.1% |
| |||||||
Agilent Technologies, Inc. | 98,783 | 8,706,733 | ||||||
Fortive Corp. | 125,809 | 7,671,833 | ||||||
16,378,566 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 2.3% |
| |||||||
Electronic Arts, Inc.† | 97,661 | $ | 12,000,584 | |||||
Finance - Credit Card — 4.7% |
| |||||||
Mastercard, Inc., Class A | 21,160 | 6,366,832 | ||||||
Visa, Inc., Class A | 92,678 | 18,094,453 | ||||||
24,461,285 | ||||||||
Finance - Investment Banker/Broker — 1.6% |
| |||||||
Charles Schwab Corp. | 231,497 | 8,313,057 | ||||||
Instruments - Controls — 0.6% |
| |||||||
Mettler-Toledo International, Inc.† | 4,164 | 3,310,380 | ||||||
Insurance Brokers — 4.3% |
| |||||||
Aon PLC, Class A | 70,979 | 13,979,314 | ||||||
Marsh & McLennan Cos., Inc. | 80,120 | 8,486,310 | ||||||
22,465,624 | ||||||||
Internet Content - Information/News — 0.9% |
| |||||||
Tencent Holdings, Ltd. | 90,100 | 4,802,460 | ||||||
Machinery - General Industrial — 2.0% |
| |||||||
Nordson Corp. | 25,536 | 4,809,706 | ||||||
Otis Worldwide Corp. | 111,399 | 5,865,157 | ||||||
10,674,863 | ||||||||
Medical Instruments — 2.1% |
| |||||||
Boston Scientific Corp.† | 296,185 | 11,252,068 | ||||||
Medical Products — 3.0% |
| |||||||
Abbott Laboratories | 55,664 | 5,283,627 | ||||||
Stryker Corp. | 53,329 | 10,438,085 | ||||||
15,721,712 | ||||||||
Medical - Drugs — 2.0% |
| |||||||
PRA Health Sciences, Inc.† | 46,296 | 4,791,636 | ||||||
Roche Holding AG | 15,717 | 5,455,747 | ||||||
10,247,383 | ||||||||
Pharmacy Services — 1.3% |
| |||||||
Cigna Corp. | 34,456 | 6,798,858 | ||||||
Private Equity — 0.8% |
| |||||||
Blackstone Group, Inc., Class A | 75,857 | 4,308,678 | ||||||
Retail - Apparel/Shoe — 0.9% |
| |||||||
Ross Stores, Inc. | 47,836 | 4,638,179 | ||||||
Retail - Discount — 1.4% |
| |||||||
Dollarama, Inc. | 208,968 | 7,084,741 | ||||||
Retail - Major Department Stores — 0.6% |
| |||||||
TJX Cos., Inc. | 61,933 | 3,267,585 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
Starbucks Corp. | 88,787 | 6,924,498 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Analog Devices, Inc. | 49,478 | 5,588,540 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 70,912 | 3,569,001 | ||||||
9,157,541 | ||||||||
Soap & Cleaning Preparation — 2.0% |
| |||||||
Church & Dwight Co., Inc. | 139,986 | 10,508,749 | ||||||
Textile - Apparel — 1.5% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE | 18,325 | 7,673,782 | ||||||
Transport - Rail — 2.5% |
| |||||||
Canadian Pacific Railway, Ltd. | 15,701 | 3,919,755 | ||||||
Union Pacific Corp. | 52,855 | 8,977,950 | ||||||
12,897,705 | ||||||||
142 |
Table of Contents
VALIC Company I Large Capital Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Web Portals/ISP — 6.6% |
| |||||||
Alphabet, Inc., Class A† | 24,301 | $ | 34,835,970 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $363,407,031)(1) | 99.1 | % | 519,691,803 | |||||
Other assets less liabilities | 0.9 | 4,938,308 | ||||||
NET ASSETS | 100.0 | % | $ | 524,630,111 | ||||
† | Non-income producing security |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 493,446,256 | $ | 26,245,547 | ** | $ | — | $ | 519,691,803 | |||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
See Notes to Financial Statements
143 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Real Estate Investment Trusts | 9.1 | % | ||
Banks — Commercial | 5.7 | |||
Medical Products | 2.4 | |||
Repurchase Agreements | 2.2 | |||
Enterprise Software/Service | 2.1 | |||
Medical — Biomedical/Gene | 2.0 | |||
Insurance — Property/Casualty | 1.8 | |||
Electric — Integrated | 1.8 | |||
Gas — Distribution | 1.6 | |||
Medical Labs & Testing Services | 1.6 | |||
Electronic Components — Semiconductors | 1.5 | |||
Electronic Components — Misc. | 1.4 | |||
Semiconductor Equipment | 1.3 | |||
Chemicals — Specialty | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Investment Management/Advisor Services | 1.3 | |||
Food — Misc./Diversified | 1.3 | |||
Distribution/Wholesale | 1.2 | |||
Transport — Truck | 1.2 | |||
Medical — Outpatient/Home Medical | 1.2 | |||
Registered Investment Companies | 1.2 | |||
Medical Instruments | 1.2 | |||
Computer Services | 1.2 | |||
Electronic Parts Distribution | 1.1 | |||
Steel — Producers | 1.1 | |||
Insurance — Reinsurance | 1.0 | |||
Building & Construction Products — Misc. | 1.0 | |||
Energy — Alternate Sources | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Human Resources | 0.9 | |||
Diversified Manufacturing Operations | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Data Processing/Management | 0.8 | |||
Garden Products | 0.8 | |||
Applications Software | 0.8 | |||
Machinery — General Industrial | 0.8 | |||
Machinery — Pumps | 0.8 | |||
Auto/Truck Parts & Equipment — Original | 0.8 | |||
Multimedia | 0.7 | |||
Medical — HMO | 0.7 | |||
Building — Residential/Commercial | 0.7 | |||
Oil Companies — Exploration & Production | 0.7 | |||
Engineering/R&D Services | 0.7 | |||
Apparel Manufacturers | 0.7 | |||
Insurance — Life/Health | 0.6 | |||
Insurance — Multi-line | 0.6 | |||
Retail — Home Furnishings | 0.6 | |||
Hotels/Motels | 0.6 | |||
Coatings/Paint | 0.6 | |||
Industrial Automated/Robotic | 0.6 | |||
Machine Tools & Related Products | 0.6 | |||
Lighting Products & Systems | 0.6 | |||
E-Commerce/Products | 0.6 | |||
Recreational Vehicles | 0.6 | |||
Cable/Satellite TV | 0.6 | |||
Water | 0.6 | |||
Insurance Brokers | 0.6 | |||
Retail — Discount | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Finance — Investment Banker/Broker | 0.6 | |||
Racetracks | 0.6 | |||
Gold Mining | 0.6 | |||
Medical — Drugs | 0.5 | |||
Telecom Equipment — Fiber Optics | 0.5 | |||
Commercial Services | 0.5 | |||
Commercial Services — Finance | 0.5 | |||
Publishing — Newspapers | 0.5 | |||
Schools | 0.5 | |||
Casino Hotels | 0.5 |
Hazardous Waste Disposal | 0.5 | % | ||
Lasers — System/Components | 0.5 | |||
Building Products — Air & Heating | 0.5 | |||
Retail — Misc./Diversified | 0.5 | |||
Physical Therapy/Rehabilitation Centers | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Funeral Services & Related Items | 0.5 | |||
Building Products — Cement | 0.4 | |||
Miscellaneous Manufacturing | 0.4 | |||
Power Converter/Supply Equipment | 0.4 | |||
Finance — Other Services | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
U.S. Government Treasuries | 0.4 | |||
Diagnostic Equipment | 0.4 | |||
Computer Software | 0.4 | |||
Filtration/Separation Products | 0.4 | |||
Machinery — Construction & Mining | 0.4 | |||
Retail — Convenience Store | 0.4 | |||
Computers — Other | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Batteries/Battery Systems | 0.3 | |||
Real Estate Management/Services | 0.3 | |||
Brewery | 0.3 | |||
Containers — Paper/Plastic | 0.3 | |||
Resorts/Theme Parks | 0.3 | |||
Electronics — Military | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Building — Mobile Home/Manufactured Housing | 0.3 | |||
Containers — Metal/Glass | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Food — Baking | 0.3 | |||
Consulting Services | 0.3 | |||
Firearms & Ammunition | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Environmental Consulting & Engineering | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Semiconductor Components — Integrated Circuits | 0.3 | |||
Networking Products | 0.3 | |||
Wireless Equipment | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Electric Products — Misc. | 0.2 | |||
Instruments — Controls | 0.2 | |||
Disposable Medical Products | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Building — Heavy Construction | 0.2 | |||
Poultry | 0.2 | |||
Building & Construction — Misc. | 0.2 | |||
Machinery — Farming | 0.2 | |||
Television | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Toys | 0.2 | |||
Casino Services | 0.2 | |||
Retail — Catalog Shopping | 0.2 | |||
Transport — Marine | 0.2 | |||
Pipelines | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Food — Retail | 0.2 | |||
Home Furnishings | 0.2 | |||
Airlines | 0.2 | |||
Metal Processors & Fabrication | 0.2 | |||
Steel Pipe & Tube | 0.2 | |||
Office Furnishings — Original | 0.2 | |||
Retail — Automobile | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
Transport — Equipment & Leasing | 0.1 |
144 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Multilevel Direct Selling | 0.1 | % | ||
Security Services | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Chemicals — Diversified | 0.1 | |||
Transport — Services | 0.1 | |||
Oil Companies — Integrated | 0.1 | |||
Food — Catering | 0.1 | |||
Rubber — Tires | 0.1 | |||
Publishing — Books | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Cosmetics & Toiletries | 0.1 | |||
Quarrying | 0.1 | |||
Theaters | 0.1 | |||
Oil — Field Services | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Paper & Related Products | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Steel — Specialty | 0.1 | |||
Medical Information Systems | 0.1 | |||
Printing — Commercial | 0.1 | |||
Retail — Bedding | 0.1 | |||
101.5 | % | |||
* | Calculated as a percentage of net assets |
145 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.7% |
| |||||||
Aerospace/Defense — 0.9% |
| |||||||
Teledyne Technologies, Inc.† | 62,792 | $ | 23,491,743 | |||||
Airlines — 0.2% |
| |||||||
JetBlue Airways Corp.† | 497,061 | 5,005,404 | ||||||
Apparel Manufacturers — 0.7% |
| |||||||
Carter’s, Inc. | 76,010 | 6,530,019 | ||||||
Columbia Sportswear Co. | 49,993 | 3,652,489 | ||||||
Deckers Outdoor Corp.† | 48,168 | 8,792,105 | ||||||
18,974,613 | ||||||||
Applications Software — 0.8% |
| |||||||
CDK Global, Inc. | 209,018 | 8,216,498 | ||||||
PTC, Inc.† | 178,966 | 13,669,423 | ||||||
21,885,921 | ||||||||
Auto/Truck Parts & Equipment-Original — 0.8% |
| |||||||
Adient PLC† | 149,876 | 2,549,391 | ||||||
Dana, Inc. | 247,807 | 3,132,280 | ||||||
Delphi Technologies PLC† | 148,195 | 1,908,752 | ||||||
Lear Corp. | 94,744 | 10,047,601 | ||||||
Visteon Corp.† | 48,149 | 3,466,728 | ||||||
21,104,752 | ||||||||
Banks-Commercial — 5.7% |
| |||||||
Associated Banc-Corp | 274,348 | 3,843,615 | ||||||
BancorpSouth Bank | 165,209 | 3,672,596 | ||||||
Bank of Hawaii Corp. | 69,342 | 4,460,771 | ||||||
Bank OZK | 208,134 | 4,680,934 | ||||||
Cathay General Bancorp | 130,375 | 3,544,896 | ||||||
CIT Group, Inc. | 163,090 | 2,958,453 | ||||||
Commerce Bancshares, Inc.# | 178,564 | 11,379,884 | ||||||
Cullen/Frost Bankers, Inc.# | 98,026 | 7,447,035 | ||||||
East West Bancorp, Inc. | 250,731 | 8,763,048 | ||||||
First Financial Bankshares, Inc. | 233,892 | 7,166,451 | ||||||
First Horizon National Corp. | 535,776 | 5,009,506 | ||||||
FNB Corp. | 559,442 | 4,145,465 | ||||||
Fulton Financial Corp. | 282,579 | 3,167,711 | ||||||
Hancock Whitney Corp. | 150,161 | 3,246,481 | ||||||
Home BancShares, Inc. | 267,145 | 3,865,588 | ||||||
International Bancshares Corp. | 98,780 | 3,040,448 | ||||||
PacWest Bancorp | 206,320 | 3,571,399 | ||||||
Pinnacle Financial Partners, Inc. | 123,917 | 4,938,092 | ||||||
Prosperity Bancshares, Inc. | 162,541 | 10,628,556 | ||||||
Signature Bank | 92,956 | 9,566,102 | ||||||
Synovus Financial Corp. | 252,315 | 4,841,925 | ||||||
TCF Financial Corp. | 264,129 | 7,638,611 | ||||||
Texas Capital Bancshares, Inc.† | 86,640 | 2,318,486 | ||||||
Trustmark Corp. | 110,640 | 2,632,126 | ||||||
UMB Financial Corp. | 74,381 | 3,814,258 | ||||||
Umpqua Holdings Corp. | 379,160 | 4,318,632 | ||||||
United Bankshares, Inc. | 218,533 | 6,354,940 | ||||||
Valley National Bancorp | 674,390 | 5,381,632 | ||||||
Webster Financial Corp. | 158,457 | 4,484,333 | ||||||
Wintrust Financial Corp. | 98,264 | 4,162,463 | ||||||
155,044,437 | ||||||||
Batteries/Battery Systems — 0.3% |
| |||||||
Energizer Holdings, Inc. | 110,770 | 4,860,587 | ||||||
EnerSys | 72,806 | 4,608,620 | ||||||
9,469,207 | ||||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A† | 15,868 | 8,961,136 | ||||||
Building & Construction Products-Misc. — 1.0% |
| |||||||
Louisiana-Pacific Corp. | 202,225 | 4,774,532 |
Security Description | Shares | Value (Note 2) | ||||||
Building & Construction Products-Misc. (continued) |
| |||||||
Owens Corning | 187,304 | $ | 9,833,460 | |||||
Trex Co., Inc.† | 100,442 | 12,065,093 | ||||||
26,673,085 | ||||||||
Building & Construction-Misc. — 0.2% |
| |||||||
EMCOR Group, Inc. | 96,681 | 6,144,078 | ||||||
Building Products-Air & Heating — 0.5% |
| |||||||
Lennox International, Inc. | 60,371 | 12,909,735 | ||||||
Building Products-Cement — 0.4% |
| |||||||
Eagle Materials, Inc. | 71,679 | 4,785,290 | ||||||
MDU Resources Group, Inc. | 345,013 | 7,507,483 | ||||||
12,292,773 | ||||||||
Building-Heavy Construction — 0.2% |
| |||||||
Arcosa, Inc. | 1 | 38 | ||||||
Dycom Industries, Inc.†# | 54,277 | 2,285,062 | ||||||
MasTec, Inc.† | 103,825 | 4,064,749 | ||||||
6,349,849 | ||||||||
Building-Mobile Home/Manufactured Housing — 0.3% |
| |||||||
Thor Industries, Inc.# | 95,039 | 8,192,362 | ||||||
Building-Residential/Commercial — 0.7% |
| |||||||
KB Home | 147,502 | 4,879,366 | ||||||
Taylor Morrison Home Corp.† | 227,727 | 4,401,963 | ||||||
Toll Brothers, Inc. | 207,834 | 6,715,117 | ||||||
TRI Pointe Group, Inc.† | 239,734 | 3,432,991 | ||||||
19,429,437 | ||||||||
Cable/Satellite TV — 0.6% |
| |||||||
Cable One, Inc. | 8,653 | 16,327,259 | ||||||
Casino Hotels — 0.5% |
| |||||||
Boyd Gaming Corp. | 137,807 | 2,946,314 | ||||||
Caesars Entertainment Corp.† | 960,977 | 10,945,528 | ||||||
13,891,842 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.†# | 112,477 | 3,988,434 | ||||||
Scientific Games Corp.† | 93,123 | 1,464,825 | ||||||
5,453,259 | ||||||||
Chemicals-Diversified — 0.1% |
| |||||||
Olin Corp. | 274,914 | 3,307,215 | ||||||
Chemicals-Plastics — 0.1% |
| |||||||
PolyOne Corp. | 155,385 | 3,850,440 | ||||||
Chemicals-Specialty — 1.3% |
| |||||||
Ashland Global Holdings, Inc. | 103,698 | 6,964,358 | ||||||
Cabot Corp. | 98,102 | 3,504,203 | ||||||
Chemours Co. | 281,509 | 3,690,583 | ||||||
Ingevity Corp.† | 72,011 | 3,792,819 | ||||||
Minerals Technologies, Inc. | 60,012 | 2,959,192 | ||||||
NewMarket Corp. | 12,714 | 5,544,957 | ||||||
Sensient Technologies Corp. | 72,863 | 3,651,894 | ||||||
Valvoline, Inc. | 324,373 | 5,952,244 | ||||||
36,060,250 | ||||||||
Coatings/Paint — 0.6% |
| |||||||
RPM International, Inc. | 223,278 | 16,696,729 | ||||||
Commercial Services — 0.5% |
| |||||||
CoreLogic, Inc. | 136,913 | 6,785,408 | ||||||
LiveRamp Holdings, Inc.† | 116,556 | 5,877,919 | ||||||
WW International, Inc.† | 79,979 | 1,911,498 | ||||||
14,574,825 | ||||||||
146 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Commercial Services-Finance — 0.5% |
| |||||||
Sabre Corp. | 471,565 | $ | 3,286,808 | |||||
WEX, Inc.† | 74,535 | 11,037,143 | ||||||
14,323,951 | ||||||||
Computer Services — 1.2% |
| |||||||
CACI International, Inc., Class A† | 43,117 | 10,812,881 | ||||||
MAXIMUS, Inc. | 110,156 | 7,933,435 | ||||||
Perspecta, Inc. | 236,756 | 5,248,881 | ||||||
Science Applications International Corp. | 84,479 | 7,437,531 | ||||||
31,432,728 | ||||||||
Computer Software — 0.4% |
| |||||||
J2 Global, Inc.# | 79,707 | 6,241,058 | ||||||
Teradata Corp.† | 193,698 | 4,147,074 | ||||||
10,388,132 | ||||||||
Computers-Integrated Systems — 0.3% |
| |||||||
NCR Corp.† | 219,696 | 3,965,513 | ||||||
NetScout Systems, Inc.† | 113,391 | 3,114,851 | ||||||
7,080,364 | ||||||||
Computers-Other — 0.4% |
| |||||||
Lumentum Holdings, Inc.† | 132,920 | 9,745,694 | ||||||
Consulting Services — 0.3% |
| |||||||
FTI Consulting, Inc.† | 64,791 | 7,804,724 | ||||||
Consumer Products-Misc. — 0.3% |
| |||||||
Helen of Troy, Ltd.† | 43,327 | 7,882,048 | ||||||
Containers-Metal/Glass — 0.3% |
| |||||||
Greif, Inc., Class A | 45,210 | 1,536,236 | ||||||
O-I Glass, Inc. | 267,959 | 2,052,566 | ||||||
Silgan Holdings, Inc. | 133,501 | 4,464,273 | ||||||
8,053,075 | ||||||||
Containers-Paper/Plastic — 0.3% |
| |||||||
Sonoco Products Co. | 172,344 | 8,929,143 | ||||||
Cosmetics & Toiletries — 0.1% |
| |||||||
Edgewell Personal Care Co.† | 93,331 | 2,839,129 | ||||||
Data Processing/Management — 0.8% |
| |||||||
CommVault Systems, Inc.† | 72,407 | 2,929,587 | ||||||
Fair Isaac Corp.† | 49,866 | 20,078,545 | ||||||
23,008,132 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 148,326 | 2,920,539 | ||||||
Diagnostic Equipment — 0.4% |
| |||||||
Repligen Corp.† | 80,669 | 10,565,219 | ||||||
Disposable Medical Products — 0.2% |
| |||||||
ICU Medical, Inc.† | 33,103 | 6,608,021 | ||||||
Distribution/Wholesale — 1.2% |
| |||||||
KAR Auction Services, Inc.# | 221,716 | 3,181,624 | ||||||
Pool Corp. | 68,935 | 18,544,894 | ||||||
Resideo Technologies, Inc.† | 211,463 | 1,492,929 | ||||||
Watsco, Inc. | 56,212 | 10,000,677 | ||||||
33,220,124 | ||||||||
Diversified Manufacturing Operations — 0.9% |
| |||||||
Carlisle Cos., Inc. | 97,577 | 11,695,579 | ||||||
ITT, Inc. | 150,998 | 8,712,585 | ||||||
Trinity Industries, Inc. | 168,987 | 3,374,670 | ||||||
23,782,834 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Commerce/Products — 0.6% |
| |||||||
Etsy, Inc.† | 204,009 | $ | 16,520,649 | |||||
E-Commerce/Services — 0.5% |
| |||||||
GrubHub, Inc.†# | 157,453 | 8,933,883 | ||||||
TripAdvisor, Inc. | 180,907 | 3,487,887 | ||||||
12,421,770 | ||||||||
Electric Products-Misc. — 0.2% |
| |||||||
Littelfuse, Inc. | 41,939 | 6,814,668 | ||||||
Electric-Integrated — 1.8% |
| |||||||
ALLETE, Inc. | 88,960 | 5,224,621 | ||||||
Black Hills Corp. | 105,809 | 6,529,473 | ||||||
Hawaiian Electric Industries, Inc. | 187,625 | 7,403,682 | ||||||
IDACORP, Inc. | 86,772 | 8,089,754 | ||||||
NorthWestern Corp. | 86,857 | 5,221,843 | ||||||
OGE Energy Corp. | 344,655 | 10,794,595 | ||||||
PNM Resources, Inc. | 137,145 | 5,598,259 | ||||||
48,862,227 | ||||||||
Electronic Components-Misc. — 1.4% |
| |||||||
Gentex Corp. | 435,557 | 11,516,127 | ||||||
Hubbell, Inc. | 93,640 | 11,463,409 | ||||||
Jabil, Inc. | 239,181 | 7,156,296 | ||||||
nVent Electric PLC | 267,937 | 4,911,285 | ||||||
Vishay Intertechnology, Inc. | 227,871 | 3,705,182 | ||||||
38,752,299 | ||||||||
Electronic Components-Semiconductors — 1.5% |
| |||||||
Cree, Inc.† | 185,451 | 9,771,413 | ||||||
Monolithic Power Systems, Inc. | 69,556 | 14,589,371 | ||||||
Semtech Corp.† | 114,060 | 6,065,711 | ||||||
Silicon Laboratories, Inc.† | 74,678 | 6,994,342 | ||||||
Synaptics, Inc.† | 57,617 | 3,671,355 | ||||||
41,092,192 | ||||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
National Instruments Corp. | 203,087 | 7,863,529 | ||||||
Trimble, Inc.† | 428,949 | 16,780,485 | ||||||
24,644,014 | ||||||||
Electronic Parts Distribution — 1.1% |
| |||||||
Arrow Electronics, Inc.† | 140,236 | 9,687,503 | ||||||
Avnet, Inc. | 173,832 | 4,735,184 | ||||||
SYNNEX Corp. | 70,351 | 7,502,934 | ||||||
Tech Data Corp.† | 60,990 | 8,309,277 | ||||||
30,234,898 | ||||||||
Electronics-Military — 0.3% |
| |||||||
Mercury Systems, Inc.† | 95,621 | 8,543,736 | ||||||
Energy-Alternate Sources — 0.9% |
| |||||||
Enphase Energy, Inc.† | 136,967 | 7,970,110 | ||||||
First Solar, Inc.† | 130,669 | 6,091,789 | ||||||
SolarEdge Technologies, Inc.† | 83,697 | 11,876,604 | ||||||
25,938,503 | ||||||||
Engineering/R&D Services — 0.7% |
| |||||||
AECOM† | 270,464 | 10,485,889 | ||||||
Fluor Corp. | 241,346 | 2,802,027 | ||||||
KBR, Inc. | 243,997 | 5,721,730 | ||||||
19,009,646 | ||||||||
Enterprise Software/Service — 2.1% |
| |||||||
ACI Worldwide, Inc.† | 199,034 | 5,489,358 | ||||||
Blackbaud, Inc. | 84,687 | 4,963,505 | ||||||
Ceridian HCM Holding, Inc.† | 173,527 | 11,950,805 |
147 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Enterprise Software/Service (continued) |
| |||||||
Manhattan Associates, Inc.† | 110,022 | $ | 9,725,945 | |||||
Tyler Technologies, Inc.† | 67,124 | 25,192,308 | ||||||
57,321,921 | ||||||||
Environmental Consulting & Engineering — 0.3% |
| |||||||
Tetra Tech, Inc. | 93,988 | 7,415,653 | ||||||
Filtration/Separation Products — 0.4% |
| |||||||
Donaldson Co., Inc. | 217,908 | 10,339,735 | ||||||
Finance-Consumer Loans — 0.4% |
| |||||||
LendingTree, Inc.†# | 13,205 | 3,433,564 | ||||||
Navient Corp. | 292,928 | 2,179,384 | ||||||
SLM Corp. | 726,872 | 5,509,690 | ||||||
11,122,638 | ||||||||
Finance-Investment Banker/Broker — 0.6% |
| |||||||
Evercore, Inc., Class A | 67,297 | 3,708,738 | ||||||
Interactive Brokers Group, Inc., Class A | 132,143 | 5,596,256 | ||||||
Jefferies Financial Group, Inc. | 411,844 | 6,033,514 | ||||||
15,338,508 | ||||||||
Finance-Other Services — 0.4% |
| |||||||
SEI Investments Co. | 217,312 | 11,782,657 | ||||||
Firearms & Ammunition — 0.3% |
| |||||||
Axon Enterprise, Inc.† | 102,171 | 7,760,909 | ||||||
Food-Baking — 0.3% |
| |||||||
Flowers Foods, Inc. | 331,400 | 7,817,726 | ||||||
Food-Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc.# | 127,615 | 3,052,551 | ||||||
Food-Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 29,753 | 1,059,802 | ||||||
Food-Misc./Diversified — 1.3% |
| |||||||
Hain Celestial Group, Inc.†# | 138,321 | 4,354,345 | ||||||
Ingredion, Inc. | 114,952 | 9,682,407 | ||||||
Lancaster Colony Corp. | 34,072 | 5,228,689 | ||||||
Post Holdings, Inc.† | 114,436 | 9,962,798 | ||||||
TreeHouse Foods, Inc.† | 96,786 | 5,101,590 | ||||||
34,329,829 | ||||||||
Food-Retail — 0.2% |
| |||||||
Sprouts Farmers Market, Inc.† | 203,407 | 5,111,618 | ||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Skechers U.S.A., Inc., Class A† | 230,568 | 7,221,390 | ||||||
Funeral Services & Related Items — 0.5% |
| |||||||
Service Corp. International | 314,708 | 12,408,936 | ||||||
Garden Products — 0.8% |
| |||||||
Scotts Miracle-Gro Co. | 68,219 | 9,725,983 | ||||||
Toro Co. | 183,543 | 13,044,401 | ||||||
22,770,384 | ||||||||
Gas-Distribution — 1.6% |
| |||||||
National Fuel Gas Co.# | 148,631 | 6,238,043 | ||||||
New Jersey Resources Corp. | 164,433 | 5,774,887 | ||||||
ONE Gas, Inc. | 90,800 | 7,624,476 | ||||||
Southwest Gas Holdings, Inc. | 94,053 | 7,143,325 | ||||||
Spire, Inc. | 87,770 | 6,400,189 | ||||||
UGI Corp. | 359,867 | 11,458,165 | ||||||
44,639,085 | ||||||||
Gold Mining — 0.6% |
| |||||||
Royal Gold, Inc. | 112,934 | 15,042,809 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Hazardous Waste Disposal — 0.5% |
| |||||||
Clean Harbors, Inc.† | 88,403 | $ | 5,250,254 | |||||
Stericycle, Inc.†# | 156,900 | 8,602,827 | ||||||
13,853,081 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
HealthEquity, Inc.† | 122,036 | 7,562,571 | ||||||
Home Furnishings — 0.2% |
| |||||||
Tempur Sealy International, Inc.† | 78,229 | 5,102,878 | ||||||
Hotels/Motels — 0.6% |
| |||||||
Choice Hotels International, Inc. | 54,694 | 4,420,916 | ||||||
Wyndham Destinations, Inc. | 156,170 | 4,966,206 | ||||||
Wyndham Hotels & Resorts, Inc. | 163,855 | 7,525,860 | ||||||
16,912,982 | ||||||||
Human Resources — 0.9% |
| |||||||
ASGN, Inc.† | 90,909 | 5,599,085 | ||||||
Insperity, Inc. | 64,735 | 3,355,862 | ||||||
ManpowerGroup, Inc. | 101,519 | 7,019,024 | ||||||
Paylocity Holding Corp.† | 61,731 | 8,025,339 | ||||||
23,999,310 | ||||||||
Industrial Automated/Robotic — 0.6% |
| |||||||
Cognex Corp. | 294,243 | 16,695,348 | ||||||
Instruments-Controls — 0.2% |
| |||||||
Woodward, Inc. | 97,087 | 6,658,226 | ||||||
Insurance Brokers — 0.6% |
| |||||||
Brown & Brown, Inc. | 402,631 | 16,185,766 | ||||||
Insurance-Life/Health — 0.6% |
| |||||||
Brighthouse Financial, Inc.† | 188,126 | 5,589,224 | ||||||
CNO Financial Group, Inc. | 260,227 | 3,734,257 | ||||||
Primerica, Inc. | 71,212 | 8,092,532 | ||||||
17,416,013 | ||||||||
Insurance-Multi-line — 0.6% |
| |||||||
American Financial Group, Inc. | 128,867 | 7,762,948 | ||||||
Genworth Financial, Inc., Class A† | 866,585 | 2,643,084 | ||||||
Kemper Corp. | 107,865 | 6,838,641 | ||||||
17,244,673 | ||||||||
Insurance-Property/Casualty — 1.8% |
| |||||||
Alleghany Corp. | 24,781 | 12,715,131 | ||||||
First American Financial Corp. | 193,415 | 9,765,523 | ||||||
Hanover Insurance Group, Inc. | 67,824 | 6,806,139 | ||||||
Mercury General Corp. | 46,701 | 1,878,781 | ||||||
Old Republic International Corp. | 491,314 | 7,659,585 | ||||||
RLI Corp. | 68,705 | 5,424,947 | ||||||
Selective Insurance Group, Inc. | 102,276 | 5,364,376 | ||||||
49,614,482 | ||||||||
Insurance-Reinsurance — 1.0% |
| |||||||
Essent Group, Ltd. | 169,395 | 5,600,198 | ||||||
Reinsurance Group of America, Inc. | 107,801 | 9,782,941 | ||||||
RenaissanceRe Holdings, Ltd. | 76,036 | 12,763,403 | ||||||
28,146,542 | ||||||||
Internet Content-Information/News — 0.1% |
| |||||||
Yelp, Inc.† | 109,992 | 2,391,226 | ||||||
Investment Management/Advisor Services — 1.3% |
| |||||||
Affiliated Managers Group, Inc. | 84,835 | 5,651,708 | ||||||
Eaton Vance Corp. | 194,806 | 7,022,756 | ||||||
Federated Hermes, Inc. | 165,415 | 3,662,288 | ||||||
Janus Henderson Group PLC | 267,930 | 5,776,571 | ||||||
Legg Mason, Inc. | 140,487 | 7,000,467 |
148 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Investment Management/Advisor Services (continued) |
| |||||||
Stifel Financial Corp. | 117,723 | $ | 5,616,564 | |||||
34,730,354 | ||||||||
Lasers-System/Components — 0.5% |
| |||||||
Coherent, Inc.† | 41,584 | 6,038,413 | ||||||
II-VI, Inc.†# | 150,163 | 7,137,247 | ||||||
13,175,660 | ||||||||
Lighting Products & Systems — 0.6% |
| |||||||
Acuity Brands, Inc. | 68,221 | 5,877,239 | ||||||
Universal Display Corp. | 73,002 | 10,702,093 | ||||||
16,579,332 | ||||||||
Machine Tools & Related Products — 0.6% |
| |||||||
Colfax Corp.† | 143,952 | 4,039,293 | ||||||
Kennametal, Inc. | 142,660 | 3,957,389 | ||||||
Lincoln Electric Holdings, Inc. | 105,284 | 8,651,186 | ||||||
16,647,868 | ||||||||
Machinery-Construction & Mining — 0.4% |
| |||||||
Oshkosh Corp. | 117,178 | 8,415,724 | ||||||
Terex Corp. | 112,941 | 1,775,432 | ||||||
10,191,156 | ||||||||
Machinery-Electrical — 0.2% |
| |||||||
Regal Beloit Corp. | 70,492 | 5,606,934 | ||||||
Machinery-Farming — 0.2% |
| |||||||
AGCO Corp. | 107,925 | 5,960,698 | ||||||
Machinery-General Industrial — 0.8% |
| |||||||
Crane Co. | 87,779 | 4,891,046 | ||||||
Nordson Corp. | 88,095 | 16,592,693 | ||||||
21,483,739 | ||||||||
Machinery-Pumps — 0.8% |
| |||||||
Curtiss-Wright Corp. | 73,500 | 7,372,050 | ||||||
Graco, Inc. | 287,154 | 13,843,694 | ||||||
21,215,744 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.† | 279,555 | 1,766,788 | ||||||
Medical Instruments — 1.2% |
| |||||||
Bio-Techne Corp. | 65,620 | 17,376,176 | ||||||
Cantel Medical Corp. | 64,510 | 2,714,581 | ||||||
Integra LifeSciences Holdings Corp.† | 122,707 | 6,394,262 | ||||||
NuVasive, Inc.† | 89,659 | 5,433,335 | ||||||
31,918,354 | ||||||||
Medical Labs & Testing Services — 1.6% |
| |||||||
Catalent, Inc.† | 266,451 | 20,711,236 | ||||||
Charles River Laboratories International, Inc.† | 84,089 | 15,107,430 | ||||||
MEDNAX, Inc.† | 145,141 | 2,254,040 | ||||||
Syneos Health, Inc.† | 107,227 | 6,539,774 | ||||||
44,612,480 | ||||||||
Medical Products — 2.4% |
| |||||||
Avanos Medical, Inc.† | 82,522 | 2,398,089 | ||||||
Globus Medical, Inc., Class A† | 132,529 | 7,242,710 | ||||||
Haemonetics Corp.† | 87,264 | 9,571,116 | ||||||
Hill-Rom Holdings, Inc. | 114,948 | 11,686,763 | ||||||
LivaNova PLC† | 83,333 | 4,457,482 | ||||||
Masimo Corp.† | 84,469 | 20,288,609 | ||||||
Penumbra, Inc.†# | 55,305 | 9,535,688 | ||||||
65,180,457 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical-Biomedical/Gene — 2.0% |
| |||||||
Arrowhead Pharmaceuticals, Inc.†# | 172,358 | $ | 5,556,822 | |||||
Bio-Rad Laboratories, Inc., Class A† | 37,203 | 18,278,578 | ||||||
Exelixis, Inc.† | 523,149 | 12,927,012 | ||||||
Ligand Pharmaceuticals, Inc.†# | 28,418 | 2,886,416 | ||||||
Nektar Therapeutics†# | 302,895 | 6,572,822 | ||||||
United Therapeutics Corp.† | 75,552 | 8,911,358 | ||||||
55,133,008 | ||||||||
Medical-Drugs — 0.5% |
| |||||||
PRA Health Sciences, Inc.† | 108,898 | 11,270,943 | ||||||
Prestige Consumer Healthcare, Inc.† | 86,489 | 3,649,836 | ||||||
14,920,779 | ||||||||
Medical-HMO — 0.7% |
| |||||||
Molina Healthcare, Inc.† | 107,955 | 20,060,198 | ||||||
Medical-Hospitals — 0.3% |
| |||||||
Acadia Healthcare Co., Inc.† | 152,496 | 4,362,911 | ||||||
Tenet Healthcare Corp.† | 178,882 | 3,892,472 | ||||||
8,255,383 | ||||||||
Medical-Outpatient/Home Medical — 1.2% |
| |||||||
Amedisys, Inc.† | 55,535 | 10,665,497 | ||||||
Chemed Corp. | 27,563 | 13,189,171 | ||||||
LHC Group, Inc.† | 51,000 | 8,288,010 | ||||||
32,142,678 | ||||||||
Metal Processors & Fabrication — 0.2% |
| |||||||
Timken Co. | 116,721 | 4,965,311 | ||||||
Metal Products-Distribution — 0.1% |
| |||||||
Worthington Industries, Inc. | 63,550 | 1,901,416 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
AptarGroup, Inc. | 110,067 | 12,260,363 | ||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 95,638 | 3,555,821 | ||||||
Multimedia — 0.7% |
| |||||||
FactSet Research Systems, Inc. | 65,332 | 20,090,243 | ||||||
Networking Products — 0.3% |
| |||||||
LogMeIn, Inc. | 84,048 | 7,135,675 | ||||||
Office Furnishings-Original — 0.2% |
| |||||||
Herman Miller, Inc. | 101,684 | 2,340,766 | ||||||
HNI Corp. | 73,733 | 1,877,979 | ||||||
4,218,745 | ||||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Transocean, Ltd.†# | 990,270 | 1,317,059 | ||||||
Oil Companies-Exploration & Production — 0.7% |
| |||||||
Cimarex Energy Co. | 175,292 | 4,606,674 | ||||||
CNX Resources Corp.† | 321,258 | 3,273,619 | ||||||
EQT Corp. | 440,155 | 5,871,668 | ||||||
Matador Resources Co.†# | 188,778 | 1,480,019 | ||||||
WPX Energy, Inc.† | 717,527 | 4,068,378 | ||||||
19,300,358 | ||||||||
Oil Companies-Integrated — 0.1% |
| |||||||
Murphy Oil Corp.# | 257,176 | 3,073,253 | ||||||
Oil Refining & Marketing — 0.3% |
| |||||||
Murphy USA, Inc.† | 49,784 | 5,779,922 | ||||||
PBF Energy, Inc., Class A | 175,391 | 1,862,653 | ||||||
7,642,575 | ||||||||
149 |
Table of Contents
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PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Oil-Field Services — 0.1% |
| |||||||
Apergy Corp.† | 133,367 | $ | 1,209,639 | |||||
NOW, Inc.† | 187,328 | 1,395,593 | ||||||
2,605,232 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 98,610 | 2,011,644 | ||||||
Pastoral & Agricultural — 0.2% |
| |||||||
Darling Ingredients, Inc.† | 281,871 | 6,570,413 | ||||||
Physical Therapy/Rehabilitation Centers — 0.5% |
| |||||||
Encompass Health Corp. | 169,765 | 12,435,286 | ||||||
Pipelines — 0.2% |
| |||||||
Antero Midstream Corp. | 511,393 | 2,444,458 | ||||||
Equitrans Midstream Corp.# | 350,886 | 2,838,668 | ||||||
5,283,126 | ||||||||
Poultry — 0.2% |
| |||||||
Pilgrim’s Pride Corp.† | 90,237 | 1,865,199 | ||||||
Sanderson Farms, Inc. | 33,947 | 4,481,683 | ||||||
6,346,882 | ||||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Generac Holdings, Inc.† | 107,682 | 11,981,776 | ||||||
Printing-Commercial — 0.1% |
| |||||||
Deluxe Corp. | 72,490 | 1,691,192 | ||||||
Publishing-Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 75,324 | 3,028,025 | ||||||
Publishing-Newspapers — 0.5% |
| |||||||
New York Times Co., Class A | 247,510 | 9,709,817 | ||||||
TEGNA, Inc. | 373,456 | 4,376,905 | ||||||
14,086,722 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 58,340 | 2,810,821 | ||||||
Racetracks — 0.6% |
| |||||||
Churchill Downs, Inc. | 61,037 | 8,097,779 | ||||||
Penn National Gaming, Inc.†# | 216,857 | 7,115,078 | ||||||
15,212,857 | ||||||||
Real Estate Investment Trusts — 9.1% |
| |||||||
American Campus Communities, Inc. | 236,578 | 7,641,469 | ||||||
Brixmor Property Group, Inc. | 512,819 | 5,723,060 | ||||||
Camden Property Trust | 166,721 | 15,266,642 | ||||||
CoreCivic, Inc. | 205,054 | 2,466,800 | ||||||
CoreSite Realty Corp. | 69,401 | 8,662,633 | ||||||
Corporate Office Properties Trust | 192,938 | 4,817,662 | ||||||
Cousins Properties, Inc. | 252,689 | 7,863,682 | ||||||
CyrusOne, Inc. | 194,903 | 14,489,089 | ||||||
Douglas Emmett, Inc. | 283,794 | 8,332,192 | ||||||
EastGroup Properties, Inc. | 66,133 | 7,687,961 | ||||||
EPR Properties | 135,085 | 4,264,633 | ||||||
First Industrial Realty Trust, Inc. | 218,581 | 8,279,848 | ||||||
GEO Group, Inc. | 208,806 | 2,501,496 | ||||||
Healthcare Realty Trust, Inc. | 230,261 | 7,069,013 | ||||||
Highwoods Properties, Inc. | 178,622 | 6,835,864 | ||||||
Hudson Pacific Properties, Inc. | 266,804 | 6,448,653 | ||||||
JBG SMITH Properties | 203,222 | 6,041,790 | ||||||
Kilroy Realty Corp. | 167,924 | 9,591,819 | ||||||
Lamar Advertising Co., Class A | 148,090 | 9,818,367 | ||||||
Life Storage, Inc. | 80,320 | 7,829,594 | ||||||
Macerich Co.# | 189,715 | 1,291,959 | ||||||
Mack-Cali Realty Corp. | 155,912 | 2,371,421 | ||||||
Medical Properties Trust, Inc. | 890,906 | 16,107,580 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
National Retail Properties, Inc. | 295,519 | $ | 9,276,341 | |||||
Omega Healthcare Investors, Inc. | 376,207 | 11,715,086 | ||||||
Park Hotels & Resorts, Inc. | 412,166 | 4,051,592 | ||||||
Pebblebrook Hotel Trust | 224,920 | 3,072,407 | ||||||
Physicians Realty Trust | 339,253 | 5,858,899 | ||||||
PotlatchDeltic Corp. | 115,738 | 3,933,935 | ||||||
PS Business Parks, Inc. | 34,485 | 4,608,575 | ||||||
Rayonier, Inc. | 238,403 | 5,662,071 | ||||||
Sabra Health Care REIT, Inc. | 353,432 | 4,757,195 | ||||||
Service Properties Trust | 283,341 | 1,912,552 | ||||||
Spirit Realty Capital, Inc. | 171,710 | 4,881,715 | ||||||
STORE Capital Corp. | 367,891 | 7,115,012 | ||||||
Taubman Centers, Inc. | 105,406 | 4,357,484 | ||||||
Urban Edge Properties | 198,281 | 1,933,240 | ||||||
Weingarten Realty Investors | 208,251 | 3,723,528 | ||||||
248,262,859 | ||||||||
Real Estate Management/Services — 0.3% |
| |||||||
Jones Lang LaSalle, Inc. | 88,730 | 9,085,952 | ||||||
Recreational Vehicles — 0.6% |
| |||||||
Brunswick Corp. | 140,451 | 7,726,210 | ||||||
Polaris, Inc. | 99,006 | 8,647,184 | ||||||
16,373,394 | ||||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 115,620 | 4,267,534 | ||||||
Avis Budget Group, Inc.†# | 97,874 | 2,107,227 | ||||||
6,374,761 | ||||||||
Resorts/Theme Parks — 0.3% |
| |||||||
Marriott Vacations Worldwide Corp. | 64,424 | 5,787,208 | ||||||
Six Flags Entertainment Corp. | 135,343 | 3,110,182 | ||||||
8,897,390 | ||||||||
Retail-Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc.# | 273,459 | 2,504,884 | ||||||
Foot Locker, Inc. | 184,295 | 5,104,972 | ||||||
Urban Outfitters, Inc.† | 121,456 | 2,057,465 | ||||||
9,667,321 | ||||||||
Retail-Automobile — 0.1% |
| |||||||
AutoNation, Inc.† | 101,377 | 4,002,364 | ||||||
Retail-Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 217,916 | 1,584,249 | ||||||
Retail-Catalog Shopping — 0.2% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 77,556 | 5,377,733 | ||||||
Retail-Convenience Store — 0.4% |
| |||||||
Casey’s General Stores, Inc. | 63,332 | 10,116,020 | ||||||
Retail-Discount — 0.6% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 210,342 | 7,572,312 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 94,157 | 8,610,658 | ||||||
16,182,970 | ||||||||
Retail-Home Furnishings — 0.6% |
| |||||||
RH† | 28,129 | 6,100,899 | ||||||
Williams-Sonoma, Inc. | 133,629 | 11,119,269 | ||||||
17,220,168 | ||||||||
Retail-Misc./Diversified — 0.5% |
| |||||||
Five Below, Inc.† | 95,856 | 10,031,331 | ||||||
Sally Beauty Holdings, Inc.† | 200,285 | 2,611,716 | ||||||
12,643,047 | ||||||||
150 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Retail-Pawn Shops — 0.2% |
| |||||||
FirstCash, Inc. | 73,483 | $ | 5,126,909 | |||||
Retail-Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 112,590 | 2,868,793 | ||||||
Retail-Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 16,972 | 509,330 | ||||||
Retail-Restaurants — 1.3% |
| |||||||
Brinker International, Inc. | 64,344 | 1,695,464 | ||||||
Cheesecake Factory, Inc.# | 70,701 | 1,518,658 | ||||||
Cracker Barrel Old Country Store, Inc. | 41,425 | 4,437,860 | ||||||
Dunkin’ Brands Group, Inc. | 142,636 | 9,110,161 | ||||||
Jack in the Box, Inc. | 40,723 | 2,729,256 | ||||||
Papa John’s International, Inc. | 37,953 | 2,956,159 | ||||||
Texas Roadhouse, Inc. | 112,335 | 5,824,570 | ||||||
Wendy’s Co. | 316,868 | 6,736,614 | ||||||
35,008,742 | ||||||||
Retail-Sporting Goods — 0.1% |
| |||||||
Dick’s Sporting Goods, Inc. | 109,497 | 3,948,462 | ||||||
Rubber-Tires — 0.1% |
| |||||||
Goodyear Tire & Rubber Co. | 400,419 | 3,047,189 | ||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
New York Community Bancorp, Inc. | 804,665 | 8,086,883 | ||||||
Sterling Bancorp | 347,874 | 4,278,850 | ||||||
Washington Federal, Inc. | 134,893 | 3,488,333 | ||||||
15,854,066 | ||||||||
Schools — 0.5% |
| |||||||
Adtalem Global Education, Inc.† | 92,967 | 3,110,676 | ||||||
Graham Holdings Co., Class B | 7,489 | 2,682,784 | ||||||
Grand Canyon Education, Inc.† | 83,032 | 8,103,093 | ||||||
13,896,553 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 86,131 | 3,453,853 | ||||||
Semiconductor Components-Integrated Circuits — 0.3% |
| |||||||
Cirrus Logic, Inc.† | 99,516 | 7,212,920 | ||||||
Semiconductor Equipment — 1.3% |
| |||||||
Cabot Microelectronics Corp. | 50,110 | 7,258,935 | ||||||
MKS Instruments, Inc. | 93,853 | 9,913,692 | ||||||
Teradyne, Inc. | 288,528 | 19,337,147 | ||||||
36,509,774 | ||||||||
Steel Pipe & Tube — 0.2% |
| |||||||
Valmont Industries, Inc. | 37,063 | 4,225,182 | ||||||
Steel-Producers — 1.1% |
| |||||||
Carpenter Technology Corp. | 82,162 | 1,920,126 | ||||||
Commercial Metals Co. | 204,286 | 3,505,548 | ||||||
Reliance Steel & Aluminum Co. | 114,767 | 11,132,399 | ||||||
Steel Dynamics, Inc. | 370,956 | 9,852,591 | ||||||
United States Steel Corp.# | 292,765 | 2,353,831 | ||||||
28,764,495 | ||||||||
Steel-Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.† | 217,088 | 1,884,324 | ||||||
Telecom Equipment-Fiber Optics — 0.5% |
| |||||||
Ciena Corp.† | 266,349 | 14,718,446 | ||||||
Telephone-Integrated — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 168,393 | 3,450,373 | ||||||
Television — 0.2% |
| |||||||
AMC Networks, Inc., Class A† | 75,885 | 2,145,269 |
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Television (continued) |
| |||||||
World Wrestling Entertainment, Inc., Class A | 81,709 | $ | 3,780,675 | |||||
5,925,944 | ||||||||
Theaters — 0.1% |
| |||||||
Cinemark Holdings, Inc. | 183,549 | 2,758,741 | ||||||
Tools-Hand Held — 0.3% |
| |||||||
MSA Safety, Inc. | 61,361 | 7,298,277 | ||||||
Toys — 0.2% |
| |||||||
Mattel, Inc.†# | 596,959 | 5,497,992 | ||||||
Transport-Equipment & Leasing — 0.1% |
| |||||||
GATX Corp. | 60,434 | 3,791,629 | ||||||
Transport-Marine — 0.2% |
| |||||||
Kirby Corp.† | 103,214 | 5,292,814 | ||||||
Transport-Services — 0.1% |
| |||||||
Ryder System, Inc. | 91,756 | 3,143,561 | ||||||
Transport-Truck — 1.2% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 211,544 | 8,802,346 | ||||||
Landstar System, Inc. | 67,945 | 7,899,286 | ||||||
Werner Enterprises, Inc. | 76,259 | 3,524,691 | ||||||
XPO Logistics, Inc.† | 158,918 | 12,524,327 | ||||||
32,750,650 | ||||||||
Water — 0.6% |
| |||||||
Essential Utilities, Inc. | 371,626 | 16,262,354 | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 66,527 | 2,264,579 | ||||||
Wireless Equipment — 0.3% |
| |||||||
InterDigital, Inc. | 53,604 | 2,946,612 | ||||||
ViaSat, Inc.† | 99,297 | 4,170,474 | ||||||
7,117,086 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $2,328,802,633) | 2,671,305,730 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 1.6% |
| |||||||
Registered Investment Companies — 1.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 32,122,640 | 32,122,640 | ||||||
U.S. Government Treasuries— 0.4% |
| |||||||
United States Cash Management Bills | $ | 150,000 | 149,936 | |||||
United States Treasury Bills | 400,000 | 399,348 | ||||||
0.16% due 04/22/2021(3) | 3,500,000 | 3,494,194 | ||||||
0.21% due 09/10/2020(3) | 2,000,000 | 1,999,088 | ||||||
0.34% due 08/13/2020(3) | 900,000 | 899,756 | ||||||
1.52% due 07/16/2020(3) | 3,500,000 | 3,499,420 | ||||||
1.54% due 07/02/2020(3) | 350,000 | 349,958 | ||||||
10,791,700 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $42,908,245) | 42,914,340 | |||||||
151 |
Table of Contents
VALIC Company I Mid Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $59,545,000 collateralized by $56,560,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $60,738,031 | $ | 59,545,000 | 59,545,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $2,431,255,878)(4) | 101.5 | % | 2,773,765,070 | |||||
Liabilities in excess of other assets | (1.5 | ) | (39,651,037 | ) | ||||
NET ASSETS | 100.0 | % | $ | 2,734,114,033 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $81,419,499. This was secured by collateral of $32,122,640, which was received in cash and subsequently invested in short-term investments currently valued at $32,122,640 as reported in the Portfolio of Investments. Additional collateral of $52,218,085 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 5,057,624 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 8,846,549 | |||||
Government National Mtg. Assoc. | 2.50% to 2.50% | 09/20/2046 | 660,863 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | 969,166 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2020 to 11/15/2049 | 36,683,883 |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(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) | ||||||||||||||||
354 | Long | S&P Mid Cap 400 E-Mini Index | June 2020 | $ | 59,449,676 | $ | 62,385,420 | $ | 2,935,744 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 2,671,305,730 | $ | — | $ | — | $ | 2,671,305,730 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 32,122,640 | — | — | 32,122,640 | ||||||||||||
U.S. Government Treasuries | — | 10,791,700 | — | 10,791,700 | ||||||||||||
Repurchase Agreements | — | 59,545,000 | — | 59,545,000 | ||||||||||||
Total Investments at Value | $ | 2,703,428,370 | $ | 70,336,700 | $ | — | $ | 2,773,765,070 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 2,935,744 | $ | — | $ | — | $ | 2,935,744 | ||||||||
* | 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
152 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Commercial Services — Finance | 5.3 | % | ||
Electronic Components — Semiconductors | 4.5 | |||
Enterprise Software/Service | 4.7 | |||
Medical Products | 3.8 | |||
Semiconductor Equipment | 3.2 | |||
Data Processing/Management | 3.2 | |||
Computer Software | 3.0 | |||
Real Estate Investment Trusts | 2.9 | |||
Medical Labs & Testing Services | 2.8 | |||
Insurance — Property/Casualty | 2.5 | |||
Electronic Measurement Instruments | 2.2 | |||
Computer Services | 2.1 | |||
Entertainment Software | 2.1 | |||
Insurance Brokers | 2.0 | |||
Web Hosting/Design | 1.9 | |||
Consulting Services | 1.9 | |||
Instruments — Scientific | 1.9 | |||
Medical Instruments | 1.8 | |||
Short-Term Investment Securities | 1.8 | |||
Retail — Restaurants | 1.7 | |||
Telecommunication Equipment | 1.7 | |||
Electronic Connectors | 1.7 | |||
Medical — Drugs | 1.6 | |||
Electronic Components — Misc. | 1.6 | |||
Dental Supplies & Equipment | 1.3 | |||
Drug Delivery Systems | 1.3 | |||
Commercial Services | 1.2 | |||
Investment Management/Advisor Services | 1.1 | |||
Retail — Apparel/Shoe | 1.1 | |||
Distribution/Wholesale | 1.0 | |||
Disposable Medical Products | 1.0 | |||
Aerospace/Defense — Equipment | 0.9 | |||
Aerospace/Defense | 0.9 | |||
Machinery — General Industrial | 0.9 | |||
Retail — Automobile | 0.9 | |||
Finance — Investment Banker/Broker | 0.8 | |||
Containers — Metal/Glass | 0.8 | |||
Therapeutics | 0.8 | |||
Veterinary Diagnostics | 0.8 | |||
Internet Brokers | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Auction Houses/Art Dealers | 0.7 | |||
Retail — Pet Food & Supplies | 0.7 | |||
Diagnostic Kits | 0.7 | |||
Hazardous Waste Disposal | 0.7 | |||
Non-Hazardous Waste Disposal | 0.7 | |||
E-Commerce/Products | 0.7 | |||
Electric Products — Misc. | 0.7 | |||
E-Commerce/Services | 0.7 | |||
Computer Data Security | 0.7 | |||
Retail — Discount | 0.7 | |||
Food — Wholesale/Distribution | 0.7 | |||
Metal Processors & Fabrication | 0.6 | |||
Printing — Commercial | 0.6 | |||
Chemicals — Diversified | 0.6 | |||
Containers — Paper/Plastic | 0.6 | |||
Transport — Rail | 0.6 | |||
Audio/Video Products | 0.6 | |||
Transport — Truck | 0.6 | |||
Advertising Services | 0.6 | |||
Food — Misc./Diversified | 0.5 | |||
Building — Maintenance & Services | 0.5 | |||
Retail — Floor Coverings | 0.5 | |||
Rental Auto/Equipment | 0.5 | |||
Medical — HMO | 0.5 | |||
Cruise Lines | 0.5 | |||
Real Estate Management/Services | 0.5 | |||
Finance — Other Services | 0.5 | |||
Airlines | 0.4 |
Hotels/Motels | 0.4 | |||
Building & Construction — Misc. | 0.4 | |||
Finance — Credit Card | 0.4 | |||
Food — Catering | 0.4 | |||
Electronics — Military | 0.4 | |||
Electric — Integrated | 0.4 | |||
Decision Support Software | 0.3 | |||
Banks — Commercial | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Broadcast Services/Program | 0.3 | |||
Registered Investment Companies | 0.3 | |||
Auto/Truck Parts & Equipment — Original | 0.3 | |||
Medical — Biomedical/Gene | 0.2 | |||
Retail — Home Furnishings | 0.1 | |||
Wire & Cable Products | 0.1 | |||
100.1 | % | |||
* | Calculated as a percentage of net assets |
153 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.3% |
| |||||||
Advertising Services — 0.6% |
| |||||||
Trade Desk, Inc., Class A†# | 5,881 | $ | 1,832,284 | |||||
Aerospace/Defense — 0.9% |
| |||||||
Teledyne Technologies, Inc.† | 7,509 | 2,809,267 | ||||||
Aerospace/Defense - Equipment — 0.9% |
| |||||||
L3Harris Technologies, Inc. | 14,725 | 2,936,901 | ||||||
Airlines — 0.4% |
| |||||||
Ryanair Holdings PLC ADR† | 19,348 | 1,388,606 | ||||||
Apparel Manufacturers — 0.8% |
| |||||||
Gildan Activewear, Inc. | 87,484 | 1,216,902 | ||||||
VF Corp. | 21,970 | 1,232,517 | ||||||
2,449,419 | ||||||||
Auction Houses/Art Dealers — 0.7% |
| |||||||
Ritchie Bros. Auctioneers, Inc. | 54,653 | 2,364,835 | ||||||
Audio/Video Products — 0.6% |
| |||||||
Dolby Laboratories, Inc., Class A | 30,476 | 1,850,807 | ||||||
Auto/Truck Parts & Equipment - Original — 0.3% |
| |||||||
Visteon Corp.†# | 11,494 | 827,568 | ||||||
Banks - Commercial — 0.3% |
| |||||||
SVB Financial Group† | 4,938 | 1,060,436 | ||||||
Broadcast Services/Program — 0.3% |
| |||||||
Liberty Media Corp. — Liberty Formula One, Series C† | 26,823 | 929,417 | ||||||
Building & Construction - Misc. — 0.4% |
| |||||||
Frontdoor, Inc.† | 26,393 | 1,204,840 | ||||||
Building - Maintenance & Services — 0.5% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 52,786 | 1,736,659 | ||||||
Chemicals - Diversified — 0.6% |
| |||||||
FMC Corp. | 19,829 | 1,951,372 | ||||||
Commercial Services — 1.2% |
| |||||||
CoStar Group, Inc.† | 3,625 | 2,380,900 | ||||||
Edenred | 33,361 | 1,397,060 | ||||||
3,777,960 | ||||||||
Commercial Services - Finance — 5.3% |
| |||||||
Equifax, Inc. | 16,569 | 2,544,336 | ||||||
Euronet Worldwide, Inc.† | 8,062 | 763,713 | ||||||
Global Payments, Inc. | 23,489 | 4,216,041 | ||||||
IHS Markit, Ltd. | 18,510 | 1,285,704 | ||||||
Repay Holdings Corp.†# | 110,270 | 2,540,621 | ||||||
Square, Inc., Class A† | 24,060 | 1,950,785 | ||||||
WEX, Inc.† | 23,223 | 3,438,862 | ||||||
16,740,062 | ||||||||
Computer Data Security — 0.7% |
| |||||||
Zscaler, Inc.†# | 21,425 | 2,101,578 | ||||||
Computer Services — 2.1% |
| |||||||
Amdocs, Ltd. | 47,122 | 2,933,816 | ||||||
EPAM Systems, Inc.† | 15,870 | 3,660,257 | ||||||
6,594,073 | ||||||||
Computer Software — 3.0% |
| |||||||
Dynatrace, Inc.† | 4,149 | 159,612 | ||||||
Slack Technologies, Inc., Class A† | 40,880 | 1,432,844 | ||||||
Splunk, Inc.† | 19,658 | 3,653,243 | ||||||
SS&C Technologies Holdings, Inc. | 71,406 | 4,134,050 | ||||||
9,379,749 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 1.9% |
| |||||||
Booz Allen Hamilton Holding Corp. | 32,305 | $ | 2,576,647 | |||||
Verisk Analytics, Inc. | 19,846 | 3,427,007 | ||||||
6,003,654 | ||||||||
Containers - Metal/Glass — 0.8% |
| |||||||
Crown Holdings, Inc.† | 39,585 | 2,590,047 | ||||||
Containers - Paper/Plastic — 0.6% |
| |||||||
Sealed Air Corp. | 58,210 | 1,868,541 | ||||||
Cruise Lines — 0.5% |
| |||||||
Royal Caribbean Cruises, Ltd. | 28,033 | 1,454,072 | ||||||
Data Processing/Management — 3.2% |
| |||||||
Broadridge Financial Solutions, Inc. | 29,634 | 3,588,677 | ||||||
Fidelity National Information Services, Inc. | 47,009 | 6,526,260 | ||||||
10,114,937 | ||||||||
Decision Support Software — 0.3% |
| |||||||
MSCI, Inc. | 3,235 | 1,063,830 | ||||||
Dental Supplies & Equipment — 1.3% |
| |||||||
Align Technology, Inc.† | 10,660 | 2,618,309 | ||||||
DENTSPLY SIRONA, Inc. | 30,224 | 1,406,021 | ||||||
4,024,330 | ||||||||
Diagnostic Kits — 0.7% |
| |||||||
IDEXX Laboratories, Inc.† | 7,465 | 2,305,789 | ||||||
Disposable Medical Products — 1.0% |
| |||||||
ICU Medical, Inc.† | 6,402 | 1,277,967 | ||||||
Teleflex, Inc. | 4,872 | 1,767,854 | ||||||
3,045,821 | ||||||||
Distribution/Wholesale — 1.0% |
| |||||||
Ferguson PLC | 14,883 | 1,175,553 | ||||||
IAA, Inc.† | 48,905 | 2,005,105 | ||||||
3,180,658 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Carlisle Cos., Inc. | 8,128 | 974,222 | ||||||
Drug Delivery Systems — 1.3% |
| |||||||
DexCom, Inc.† | 10,621 | 4,018,031 | ||||||
E-Commerce/Products — 0.7% |
| |||||||
Wayfair, Inc., Class A†# | 13,079 | 2,243,702 | ||||||
Electric Products - Misc. — 0.7% |
| |||||||
AMETEK, Inc. | 24,348 | 2,232,955 | ||||||
Electric - Integrated — 0.4% |
| |||||||
Alliant Energy Corp. | 23,898 | 1,179,605 | ||||||
Electronic Components - Misc. — 1.6% |
| |||||||
Flex, Ltd.† | 172,800 | 1,677,888 | ||||||
Sensata Technologies Holding PLC† | 90,606 | 3,230,104 | ||||||
4,907,992 | ||||||||
Electronic Components - Semiconductors — 4.5% |
| |||||||
Advanced Micro Devices, Inc.† | 43,660 | 2,348,908 | ||||||
IPG Photonics Corp.† | 6,220 | 966,588 | ||||||
Microchip Technology, Inc.# | 47,249 | 4,536,849 | ||||||
Monolithic Power Systems, Inc. | 10,502 | 2,202,794 | ||||||
ON Semiconductor Corp.† | 133,138 | 2,195,446 | ||||||
Xilinx, Inc. | 19,665 | 1,808,197 | ||||||
14,058,782 | ||||||||
154 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Connectors — 1.7% |
| |||||||
TE Connectivity, Ltd. | 64,979 | $ | 5,279,544 | |||||
Electronic Measurement Instruments — 2.2% |
| |||||||
Agilent Technologies, Inc. | 15,134 | 1,333,911 | ||||||
Keysight Technologies, Inc.† | 16,030 | 1,733,324 | ||||||
National Instruments Corp. | 60,076 | 2,326,142 | ||||||
Trimble, Inc.† | 35,507 | 1,389,034 | ||||||
6,782,411 | ||||||||
Electronics - Military — 0.4% |
| |||||||
Mercury Systems, Inc.† | 13,260 | 1,184,781 | ||||||
Enterprise Software/Service — 4.7% |
| |||||||
Atlassian Corp. PLC, Class A† | 28,987 | 5,371,291 | ||||||
Ceridian HCM Holding, Inc.† | 29,105 | 2,004,461 | ||||||
Clarivate PLC† | 67,815 | 1,552,285 | ||||||
Constellation Software, Inc. | 5,181 | 5,889,486 | ||||||
14,817,523 | ||||||||
Entertainment Software — 2.1% |
| |||||||
Take-Two Interactive Software, Inc.† | 22,005 | 2,996,421 | ||||||
Zynga, Inc., Class A† | 381,772 | 3,493,214 | ||||||
6,489,635 | ||||||||
Finance - Credit Card — 0.4% |
| |||||||
Discover Financial Services | 25,320 | 1,202,953 | ||||||
Finance - Investment Banker/Broker — 0.8% |
| |||||||
Tradeweb Markets, Inc. | 40,510 | 2,672,040 | ||||||
Finance - Other Services — 0.5% |
| |||||||
Cboe Global Markets, Inc. | 13,579 | 1,445,620 | ||||||
Food - Catering — 0.4% |
| |||||||
Aramark | 45,984 | 1,190,526 | ||||||
Food - Misc./Diversified — 0.5% |
| |||||||
Lamb Weston Holdings, Inc. | 28,985 | 1,740,839 | ||||||
Food - Wholesale/Distribution — 0.7% |
| |||||||
Grocery Outlet Holding Corp.† | 56,390 | 2,075,716 | ||||||
Hazardous Waste Disposal — 0.7% |
| |||||||
Clean Harbors, Inc.† | 38,360 | 2,278,200 | ||||||
Hotels/Motels — 0.4% |
| |||||||
Hyatt Hotels Corp., Class A | 22,470 | 1,237,872 | ||||||
Instruments - Scientific — 1.9% |
| |||||||
PerkinElmer, Inc. | 39,278 | 3,946,261 | ||||||
Waters Corp.† | 10,225 | 2,043,466 | ||||||
5,989,727 | ||||||||
Insurance Brokers — 2.0% |
| |||||||
Aon PLC, Class A | 20,125 | 3,963,619 | ||||||
Willis Towers Watson PLC | 11,282 | 2,289,118 | ||||||
6,252,737 | ||||||||
Insurance - Property/Casualty — 2.5% |
| |||||||
Intact Financial Corp. | 32,362 | 3,089,415 | ||||||
James River Group Holdings, Ltd. | 57,855 | 2,237,253 | ||||||
WR Berkley Corp. | 46,051 | 2,668,655 | ||||||
7,995,323 | ||||||||
Internet Brokers — 0.8% |
| |||||||
TD Ameritrade Holding Corp. | 67,417 | 2,512,632 | ||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
LPL Financial Holdings, Inc. | 49,092 | 3,504,678 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial — 0.9% |
| |||||||
Middleby Corp.† | 11,741 | $ | 799,562 | |||||
Westinghouse Air Brake Technologies Corp. | 32,617 | 1,991,920 | ||||||
2,791,482 | ||||||||
Machinery - Pumps — 0.3% |
| |||||||
Ingersoll Rand, Inc.† | 33,521 | 945,292 | ||||||
Medical Instruments — 1.8% |
| |||||||
Boston Scientific Corp.† | 101,097 | 3,840,675 | ||||||
Edwards Lifesciences Corp.† | 8,137 | 1,828,547 | ||||||
5,669,222 | ||||||||
Medical Labs & Testing Services — 2.8% |
| |||||||
Catalent, Inc.† | 76,900 | 5,977,437 | ||||||
IQVIA Holdings, Inc.† | 19,021 | 2,844,020 | ||||||
8,821,457 | ||||||||
Medical Products — 3.8% |
| |||||||
Cooper Cos., Inc. | 16,945 | 5,371,226 | ||||||
Haemonetics Corp.† | 17,360 | 1,904,045 | ||||||
STERIS PLC | 21,235 | 3,522,674 | ||||||
Varian Medical Systems, Inc.† | 8,925 | 1,083,406 | ||||||
11,881,351 | ||||||||
Medical - Biomedical/Gene — 0.2% |
| |||||||
Ascendis Pharma A/S ADR† | 718 | 104,462 | ||||||
Immunomedics, Inc.† | 18,270 | 613,689 | ||||||
718,151 | ||||||||
Medical - Drugs — 1.6% |
| |||||||
Bristol-Myers Squibb Co. | 16,783 | 1,002,281 | ||||||
Horizon Therapeutics PLC† | 49,185 | 2,495,155 | ||||||
PRA Health Sciences, Inc.† | 14,100 | 1,459,350 | ||||||
4,956,786 | ||||||||
Medical - HMO — 0.5% |
| |||||||
Molina Healthcare, Inc.† | 8,565 | 1,591,548 | ||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
Rexnord Corp. | 68,378 | 2,058,178 | ||||||
Non-Hazardous Waste Disposal — 0.7% |
| |||||||
Waste Connections, Inc. | 23,981 | 2,255,173 | ||||||
Printing - Commercial — 0.6% |
| |||||||
Cimpress PLC†# | 21,899 | 1,973,757 | ||||||
Real Estate Investment Trusts — 2.9% |
| |||||||
Crown Castle International Corp. | 27,509 | 4,735,949 | ||||||
Lamar Advertising Co., Class A | 46,752 | 3,099,658 | ||||||
Terreno Realty Corp. | 23,855 | 1,221,137 | ||||||
9,056,744 | ||||||||
Real Estate Management/Services — 0.5% |
| |||||||
CBRE Group, Inc., Class A† | 32,956 | 1,449,405 | ||||||
Rental Auto/Equipment — 0.5% |
| |||||||
United Rentals, Inc.† | 11,541 | 1,602,929 | ||||||
Retail - Apparel/Shoe — 1.1% |
| |||||||
Lululemon Athletica, Inc.† | 11,240 | 3,373,068 | ||||||
Retail - Automobile — 0.9% |
| |||||||
CarMax, Inc.†# | 30,615 | 2,695,651 | ||||||
Retail - Discount — 0.7% |
| |||||||
Dollar Tree, Inc.† | 21,423 | 2,096,669 | ||||||
155 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Floor Coverings — 0.5% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 32,601 | $ | 1,695,252 | |||||
Retail - Home Furnishings — 0.1% |
| |||||||
Williams-Sonoma, Inc.# | 5,415 | 450,582 | ||||||
Retail - Pet Food & Supplies — 0.7% |
| |||||||
Freshpet, Inc.† | 30,515 | 2,355,148 | ||||||
Retail - Restaurants — 1.7% |
| |||||||
Chipotle Mexican Grill, Inc.† | 3,145 | 3,157,297 | ||||||
Dunkin’ Brands Group, Inc. | 35,716 | 2,281,181 | ||||||
5,438,478 | ||||||||
Semiconductor Equipment — 3.2% |
| |||||||
Entegris, Inc. | 29,765 | 1,782,328 | ||||||
KLA Corp. | 19,812 | 3,486,119 | ||||||
Lam Research Corp. | 18,186 | 4,976,963 | ||||||
10,245,410 | ||||||||
Telecommunication Equipment — 1.7% |
| |||||||
NICE, Ltd., ADR†# | 28,668 | 5,336,262 | ||||||
Therapeutics — 0.8% |
| |||||||
Neurocrine Biosciences, Inc.† | 11,263 | 1,405,172 | ||||||
Sarepta Therapeutics, Inc.† | 7,463 | 1,136,391 | ||||||
2,541,563 | ||||||||
Transport - Rail — 0.6% |
| |||||||
Kansas City Southern | 12,400 | 1,866,448 | ||||||
Transport - Truck — 0.6% |
| |||||||
XPO Logistics, Inc.†# | 23,328 | 1,838,480 | ||||||
Veterinary Diagnostics — 0.8% |
| |||||||
Elanco Animal Health, Inc.† | 118,106 | 2,528,649 | ||||||
Web Hosting/Design — 1.9% |
| |||||||
GoDaddy, Inc., Class A† | 50,795 | 3,923,914 | ||||||
Wix.com, Ltd.† | 9,588 | 2,131,700 | ||||||
6,055,614 | ||||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 8,019 | 272,967 | ||||||
Total Common Stocks | ||||||||
(cost $213,520,945) | 306,417,274 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.7% |
| |||||||
E-Commerce/Services — 0.7% |
| |||||||
Airbnb, Inc., Series D†(1)(2) | 29,418 | 2,192,524 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $214,718,641) | 308,609,798 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.1% |
| |||||||
Commercial Paper — 1.8% |
| |||||||
Credit Agricole | $ | 5,600,000 | 5,599,960 | |||||
Registered Investment Companies — 0.3% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 878,168 | 878,168 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,478,168) | 6,478,128 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $221,196,809)(5) | 100.1 | % | 315,087,926 | |||||
Liabilities in excess of other assets | (0.1 | ) | (243,241 | ) | ||||
NET ASSETS | 100.0 | % | $ | 314,844,685 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, 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. | 04/16/2014 | 29,418 | $ | 1,197,696 | $ | 2,192,524 | $ | 74.53 | 0.68 | % | ||||||||||||||
(3) | At May 31, 2020, the Fund had loaned securities with a total value of $10,698,793. This was secured by collateral of $878,168, which was received in cash and subsequently invested in short-term investments currently valued at $878,168 as reported in the Portfolio of Investments. Additional collateral of $9,323,210 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 543,429 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 950,540 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 71,008 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | 122,306 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 06/15/2020 to 11/15/2049 | 7,635,927 |
(4) | The rate shown is the 7-day yield as of May 31, 2020. |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
156 |
Table of Contents
VALIC Company I Mid Cap Strategic Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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: | ||||||||||||||||
Commercial Services | $ | 2,380,900 | $ | 1,397,060 | ** | $ | — | $ | 3,777,960 | |||||||
Distribution/Wholesale | 2,005,105 | 1,175,553 | ** | — | 3,180,658 | |||||||||||
Other Industries | 299,458,656 | — | — | 299,458,656 | ||||||||||||
Convertible Preffered Securities: | — | — | 2,192,524 | 2,192,524 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Commercial Paper | — | 5,599,960 | — | 5,599,960 | ||||||||||||
Registered Investment Companies | 878,168 | — | — | 878,168 | ||||||||||||
Total Investments at Value | $ | 304,722,829 | $ | 8,172,573 | $ | 2,192,524 | $ | 315,087,926 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
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) | (1,407,651 | ) | ||
Net Purchases | — | |||
Net Sales | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Balance as of 05/31/2020 | $ | 2,192,524 | ||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes: |
Convertible Preferred Securities | ||||
$ | (1,407,651 | ) | ||
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.
At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund.
See Notes to Financial Statements
157 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 11.2 | % | ||
Computers | 10.5 | |||
E-Commerce/Products | 9.9 | |||
Electronic Components — Semiconductors | 8.6 | |||
Web Portals/ISP | 7.7 | |||
Repurchase Agreements | 6.1 | |||
Internet Content — Entertainment | 5.8 | |||
Medical — Biomedical/Gene | 5.5 | |||
Cable/Satellite TV | 3.2 | |||
Commercial Services — Finance | 2.3 | |||
Beverages — Non-alcoholic | 2.1 | |||
Networking Products | 1.9 | |||
Electronic Forms | 1.8 | |||
Semiconductor Components — Integrated Circuits | 1.7 | |||
Retail — Discount | 1.5 | |||
Auto — Cars/Light Trucks | 1.5 | |||
Semiconductor Equipment | 1.4 | |||
Entertainment Software | 1.3 | |||
E-Commerce/Services | 1.3 | |||
Cellular Telecom | 1.2 | |||
Computer Aided Design | 1.2 | |||
Data Processing/Management | 0.9 | |||
Retail — Restaurants | 0.9 | |||
U.S. Government Treasuries | 0.9 | |||
Computer Software | 0.7 | |||
Food — Confectionery | 0.7 | |||
Retail — Apparel/Shoe | 0.7 | |||
Electric — Integrated | 0.7 | |||
Medical Instruments | 0.6 | |||
Transport — Rail | 0.5 | |||
Commercial Services | 0.5 | |||
Distribution/Wholesale | 0.4 | |||
Retail — Drug Store | 0.4 | |||
Food — Misc./Diversified | 0.4 | |||
Drug Delivery Systems | 0.3 | |||
Retail — Auto Parts | 0.3 | |||
Enterprise Software/Service | 0.3 | |||
Computer Services | 0.3 | |||
Hotels/Motels | 0.3 | |||
Consulting Services | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Medical Information Systems | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Broadcast Services/Program | 0.2 | |||
Computer Data Security | 0.2 | |||
E-Services/Consulting | 0.2 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Airlines | 0.1 | |||
99.9% | ||||
* | Calculated as a percentage of net assets |
158 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 92.9% |
| |||||||
Airlines — 0.1% |
| |||||||
United Airlines Holdings, Inc.† | 17,342 | $ | 486,270 | |||||
Applications Software — 11.2% |
| |||||||
Intuit, Inc. | 15,553 | 4,515,347 | ||||||
Microsoft Corp. | 356,019 | 65,240,482 | ||||||
69,755,829 | ||||||||
Auto - Cars/Light Trucks — 1.5% |
| |||||||
Tesla, Inc.† | 10,993 | 9,179,155 | ||||||
Auto - Heavy Duty Trucks — 0.2% |
| |||||||
PACCAR, Inc. | 20,682 | 1,527,572 | ||||||
Beverages - Non-alcoholic — 2.1% |
| |||||||
Monster Beverage Corp.† | 32,057 | 2,305,219 | ||||||
PepsiCo, Inc. | 82,967 | 10,914,309 | ||||||
13,219,528 | ||||||||
Broadcast Services/Program — 0.2% |
| |||||||
Fox Corp., Class A | 20,588 | 600,552 | ||||||
Fox Corp., Class B | 15,645 | 450,263 | ||||||
1,050,815 | ||||||||
Cable/Satellite TV — 3.2% |
| |||||||
Charter Communications, Inc., Class A† | 12,537 | 6,820,128 | ||||||
Comcast Corp., Class A | 271,289 | 10,743,045 | ||||||
Liberty Global PLC, Class A† | 10,841 | 230,263 | ||||||
Liberty Global PLC, Class C† | 26,205 | 540,609 | ||||||
Sirius XM Holdings, Inc.# | 263,548 | 1,533,849 | ||||||
19,867,894 | ||||||||
Cellular Telecom — 1.2% |
| |||||||
T-Mobile US, Inc.† | 73,785 | 7,381,451 | ||||||
Commercial Services — 0.5% |
| |||||||
Cintas Corp. | 6,195 | 1,536,112 | ||||||
CoStar Group, Inc.† | 2,188 | 1,437,079 | ||||||
2,973,191 | ||||||||
Commercial Services - Finance — 2.3% |
| |||||||
Automatic Data Processing, Inc. | 25,779 | 3,776,366 | ||||||
PayPal Holdings, Inc.† | 70,035 | 10,856,125 | ||||||
14,632,491 | ||||||||
Computer Aided Design — 1.2% |
| |||||||
ANSYS, Inc.† | 5,130 | 1,451,790 | ||||||
Autodesk, Inc.† | 13,111 | 2,758,292 | ||||||
Cadence Design Systems, Inc.† | 16,728 | 1,527,099 | ||||||
Synopsys, Inc.† | 8,970 | 1,622,763 | ||||||
7,359,944 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Check Point Software Technologies, Ltd.† | 8,686 | 952,594 | ||||||
Computer Services — 0.3% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 32,758 | 1,736,174 | ||||||
Computer Software — 0.7% |
| |||||||
Citrix Systems, Inc. | 7,306 | 1,082,165 | ||||||
Splunk, Inc.† | 9,313 | 1,730,728 | ||||||
Zoom Video Communications, Inc., Class A† | 10,004 | 1,795,518 | ||||||
4,608,411 | ||||||||
Computers — 10.5% |
| |||||||
Apple, Inc. | 204,805 | 65,115,702 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 13,206 | 588,195 | ||||||
Western Digital Corp. | 17,849 | 791,960 | ||||||
1,380,155 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consulting Services — 0.3% |
| |||||||
Verisk Analytics, Inc. | 9,737 | $ | 1,681,385 | |||||
Data Processing/Management — 0.9% |
| |||||||
Fiserv, Inc.† | 40,548 | 4,329,310 | ||||||
Paychex, Inc. | 21,399 | 1,546,720 | ||||||
5,876,030 | ||||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 4,702 | 1,154,905 | ||||||
Diagnostic Kits — 0.3% |
| |||||||
IDEXX Laboratories, Inc.† | 5,095 | 1,573,744 | ||||||
Distribution/Wholesale — 0.4% |
| |||||||
Copart, Inc.† | 13,954 | 1,247,348 | ||||||
Fastenal Co. | 34,296 | 1,415,053 | ||||||
2,662,401 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
DexCom, Inc.† | 5,469 | 2,068,977 | ||||||
E-Commerce/Products — 9.9% |
| |||||||
Amazon.com, Inc.† | 23,301 | 56,909,663 | ||||||
eBay, Inc. | 41,846 | 1,905,667 | ||||||
JD.com, Inc. ADR† | 55,344 | 3,006,840 | ||||||
61,822,170 | ||||||||
E-Commerce/Services — 1.3% |
| |||||||
Booking Holdings, Inc.† | 2,452 | 4,019,858 | ||||||
Expedia Group, Inc. | 8,029 | 638,145 | ||||||
MercadoLibre, Inc.† | 2,968 | 2,527,756 | ||||||
Trip.com Group, Ltd . ADR† | 31,226 | 829,675 | ||||||
8,015,434 | ||||||||
E-Services/Consulting — 0.2% |
| |||||||
CDW Corp. | 8,525 | 945,508 | ||||||
Electric - Integrated — 0.7% |
| |||||||
Exelon Corp. | 58,175 | 2,228,684 | ||||||
Xcel Energy, Inc. | 31,327 | 2,037,195 | ||||||
4,265,879 | ||||||||
Electronic Components - Semiconductors — 8.6% |
| |||||||
Advanced Micro Devices, Inc.† | 69,838 | 3,757,284 | ||||||
Broadcom, Inc. | 23,851 | 6,947,081 | ||||||
Intel Corp. | 255,371 | 16,070,497 | ||||||
Microchip Technology, Inc.# | 14,302 | 1,373,278 | ||||||
Micron Technology, Inc.† | 66,328 | 3,177,775 | ||||||
NVIDIA Corp. | 36,541 | 12,972,786 | ||||||
Skyworks Solutions, Inc. | 10,160 | 1,204,366 | ||||||
Texas Instruments, Inc. | 55,766 | 6,621,655 | ||||||
Xilinx, Inc. | 14,858 | 1,366,193 | ||||||
53,490,915 | ||||||||
Electronic Forms — 1.8% |
| |||||||
Adobe, Inc.† | 28,855 | 11,155,343 | ||||||
Enterprise Software/Service — 0.3% |
| |||||||
Workday, Inc., Class A† | 9,971 | 1,828,981 | ||||||
Entertainment Software — 1.3% |
| |||||||
Activision Blizzard, Inc. | 45,929 | 3,305,970 | ||||||
Electronic Arts, Inc.† | 17,296 | 2,125,333 | ||||||
NetEase, Inc. ADR | 4,356 | 1,667,912 | ||||||
Take-Two Interactive Software, Inc.† | 6,772 | 922,143 | ||||||
8,021,358 | ||||||||
Food - Confectionery — 0.7% |
| |||||||
Mondelez International, Inc., Class A | 85,558 | 4,459,283 | ||||||
159 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Misc./Diversified — 0.4% |
| |||||||
Kraft Heinz Co. | 72,927 | $ | 2,222,086 | |||||
Hotels/Motels — 0.3% |
| |||||||
Marriott International, Inc., Class A | 19,358 | 1,713,183 | ||||||
Internet Content - Entertainment — 5.8% |
| |||||||
Facebook, Inc., Class A† | 112,607 | 25,346,710 | ||||||
Netflix, Inc.† | 26,200 | 10,996,926 | ||||||
36,343,636 | ||||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp. | 18,625 | 1,357,762 | ||||||
Medical Instruments — 0.6% |
| |||||||
Intuitive Surgical, Inc.† | 6,925 | 4,016,708 | ||||||
Medical - Biomedical/Gene — 5.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 13,219 | 1,584,958 | ||||||
Amgen, Inc. | 35,216 | 8,089,115 | ||||||
Biogen, Inc.† | 10,393 | 3,191,586 | ||||||
BioMarin Pharmaceutical, Inc.† | 10,743 | 1,144,666 | ||||||
Gilead Sciences, Inc. | 75,449 | 5,872,196 | ||||||
Illumina, Inc.† | 8,777 | 3,186,490 | ||||||
Incyte Corp.† | 12,943 | 1,319,021 | ||||||
Regeneron Pharmaceuticals, Inc.† | 6,459 | 3,958,140 | ||||||
Seattle Genetics, Inc.† | 10,285 | 1,616,905 | ||||||
Vertex Pharmaceuticals, Inc.† | 15,480 | 4,457,621 | ||||||
34,420,698 | ||||||||
Networking Products — 1.9% |
| |||||||
Cisco Systems, Inc. | 253,214 | 12,108,693 | ||||||
Retail - Apparel/Shoe — 0.7% |
| |||||||
Lululemon Athletica, Inc.† | 7,364 | 2,209,899 | ||||||
Ross Stores, Inc. | 21,428 | 2,077,659 | ||||||
4,287,558 | ||||||||
Retail - Auto Parts — 0.3% |
| |||||||
O’Reilly Automotive, Inc.† | 4,472 | 1,865,897 | ||||||
Retail - Discount — 1.5% |
| |||||||
Costco Wholesale Corp. | 26,376 | 8,136,205 | ||||||
Dollar Tree, Inc.† | 14,131 | 1,383,001 | ||||||
9,519,206 | ||||||||
Retail - Drug Store — 0.4% |
| |||||||
Walgreens Boots Alliance, Inc. | 52,893 | 2,271,225 | ||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 3,413 | 832,806 | ||||||
Retail - Restaurants — 0.9% |
| |||||||
Starbucks Corp. | 70,079 | 5,465,461 | ||||||
Semiconductor Components - Integrated Circuits — 1.7% |
| |||||||
Analog Devices, Inc. | 21,986 | 2,483,319 | ||||||
Maxim Integrated Products, Inc. | 16,085 | 927,783 | ||||||
NXP Semiconductors NV | 16,703 | 1,605,158 | ||||||
QUALCOMM, Inc. | 68,249 | 5,519,979 | ||||||
10,536,239 | ||||||||
Semiconductor Equipment — 1.4% |
| |||||||
Applied Materials, Inc. | 54,830 | 3,080,349 | ||||||
ASML Holding NV | 4,415 | 1,454,787 | ||||||
KLA Corp. | 9,361 | 1,647,162 | ||||||
Lam Research Corp. | 8,690 | 2,378,192 | ||||||
8,560,490 | ||||||||
Transport - Rail — 0.5% |
| |||||||
CSX Corp. | 46,204 | 3,307,282 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Web Hosting/Design — 0.2% |
| |||||||
VeriSign, Inc.† | 6,951 | $ | 1,522,338 | |||||
Web Portals/ISP — 7.7% |
| |||||||
Alphabet, Inc., Class A† | 16,106 | 23,088,273 | ||||||
Alphabet, Inc., Class C† | 15,960 | 22,805,563 | ||||||
Baidu, Inc. ADR† | 16,509 | 1,759,034 | ||||||
47,652,870 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $211,170,007) | 578,253,627 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.9% |
| |||||||
Registered Investment Companies — 0.0% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) | 191,880 | 191,880 | ||||||
U.S. Government Treasuries — 0.9% |
| |||||||
United States Treasury Bills | ||||||||
0.11% due 12/31/2020(3) | $ | 150,000 | 149,846 | |||||
0.15% due 04/22/2021(3) | 3,500,000 | 3,494,194 | ||||||
0.22% due 09/10/2020(3) | 250,000 | 249,886 | ||||||
0.34% due 08/13/2020(3) | 100,000 | 99,973 | ||||||
1.57% due 06/25/2020(3) | 1,200,000 | 1,199,906 | ||||||
5,193,805 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $5,385,664) | 5,385,685 | |||||||
REPURCHASE AGREEMENTS — 6.1% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount $38,345,000 collateralized by $36,425,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $39,115,678 | 38,345,000 | 38,345,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $254,900,671)(4) | 99.9 | % | 621,984,312 | |||||
Other assets less liabilities | 0.1 | 534,528 | ||||||
NET ASSETS | 100.0 | % | $ | 622,518,840 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2020. |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $305,885. This was secured by collateral of $191,880, which was received in cash and subsequently invested in short-term investments currently valued at $191,880 as reported in the Portfolio of Investments. Additional collateral of $116,570 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Notes/Bonds | 0.25% to 6.25% | 06/15/2020 to 11/15/2048 | $ | 116,570 |
(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
160 |
Table of Contents
VALIC Company I Nasdaq-100 Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
232 | Long | NASDAQ 100 E-Mini Index | June 2020 | $ | 39,980,572 | $ | 44,359,560 | $ | 4,378,988 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 578,253,627 | $ | — | $ | — | $ | 578,253,627 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 191,880 | — | — | 191,880 | ||||||||||||
U.S. Government Treasuries | — | 5,193,805 | — �� | 5,193,805 | ||||||||||||
Repurchase Agreements | — | 38,345,000 | — | 38,345,000 | ||||||||||||
Total Investments at Value | $ | 578,445,507 | $ | 43,538,805 | $ | — | $ | 621,984,312 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 4,378,988 | $ | — | $ | — | $ | 4,378,988 | ||||||||
* | 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
161 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Electronic Components — Semiconductors | 10.9 | % | ||
Applications Software | 10.5 | |||
E-Commerce/Products | 7.9 | |||
Internet Content — Entertainment | 7.3 | |||
Commercial Services — Finance | 7.0 | |||
Computer Software | 6.6 | |||
Web Portals/ISP | 5.9 | |||
E-Commerce/Services | 5.7 | |||
Enterprise Software/Service | 4.7 | |||
Semiconductor Equipment | 4.1 | |||
Registered Investment Companies | 2.6 | |||
Entertainment Software | 2.6 | |||
Finance — Credit Card | 2.4 | |||
Computer Data Security | 2.1 | |||
Computers | 2.0 | |||
Retail — Apparel/Shoe | 1.9 | |||
Semiconductor Components — Integrated Circuits | 1.8 | |||
Computers — Memory Devices | 1.7 | |||
Internet Application Software | 1.3 | |||
Communications Software | 0.9 | |||
Internet Content — Information/News | 0.9 | |||
Data Processing/Management | 0.9 | |||
Computer Services | 0.7 | |||
Exchange — Traded Funds | 0.6 | |||
Web Hosting/Design | 0.6 | |||
Medical Instruments | 0.5 | |||
Electronic Forms | 0.5 | |||
Computers — Other | 0.5 | |||
Electronic Components — Misc. | 0.4 | |||
Aerospace/Defense | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Computer Aided Design | 0.3 | |||
Internet Security | 0.3 | |||
Wireless Equipment | 0.3 | |||
Repurchase Agreements | 0.2 | |||
Consulting Services | 0.2 | |||
Electronic Measurement Instruments | 0.2 | |||
Pharmacy Services | 0.2 | |||
Publishing — Newspapers | 0.1 | |||
Networking Products | 0.1 | |||
Transport — Services | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Electronic Connectors | 0.1 | |||
IT Services | 0.1 | |||
Machinery — Electrical | 0.1 | |||
98.5 | % | |||
* | Calculated as a percentage of net assets |
162 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.6% |
| |||||||
Aerospace/Defense — 0.3% |
| |||||||
Boeing Co. | 37,877 | $ | 5,524,360 | |||||
Applications Software — 10.5% |
| |||||||
Elastic NV† | 17,250 | 1,482,120 | ||||||
HubSpot, Inc.† | 23,470 | 4,692,592 | ||||||
Intuit, Inc. | 16,621 | 4,825,409 | ||||||
Microsoft Corp. | 531,997 | 97,488,450 | ||||||
salesforce.com, Inc.† | 247,901 | 43,330,616 | ||||||
ServiceNow, Inc.† | 35,102 | 13,617,119 | ||||||
TeamViewer AG† | 88,902 | 4,529,009 | ||||||
169,965,315 | ||||||||
Auto-Cars/Light Trucks — 0.2% |
| |||||||
Tesla, Inc.† | 4,430 | 3,699,050 | ||||||
Commercial Services-Finance — 7.0% |
| |||||||
Adyen NV†* | 1,575 | 2,072,087 | ||||||
Equifax, Inc. | 29,996 | 4,606,186 | ||||||
FleetCor Technologies, Inc.† | 41,120 | 10,024,645 | ||||||
Global Payments, Inc. | 207,606 | 37,263,201 | ||||||
PayPal Holdings, Inc.† | 267,635 | 41,486,101 | ||||||
Square, Inc., Class A† | 145,149 | 11,768,681 | ||||||
WEX, Inc.† | 46,458 | 6,879,501 | ||||||
114,100,402 | ||||||||
Communications Software — 0.9% |
| |||||||
RingCentral, Inc., Class A†# | 54,430 | 14,927,427 | ||||||
Computer Aided Design — 0.3% |
| |||||||
Autodesk, Inc.† | 6,595 | 1,387,456 | ||||||
Synopsys, Inc.† | 20,453 | 3,700,152 | ||||||
5,087,608 | ||||||||
Computer Data Security — 2.1% |
| |||||||
Crowdstrike Holdings, Inc., Class A† | 212,720 | 18,678,943 | ||||||
Fortinet, Inc.† | 7,522 | 1,047,063 | ||||||
Zscaler, Inc.†# | 145,045 | 14,227,464 | ||||||
33,953,470 | ||||||||
Computer Services — 0.7% |
| |||||||
DXC Technology Co. | 53,995 | 767,269 | ||||||
EPAM Systems, Inc.† | 10,565 | 2,436,712 | ||||||
Genpact, Ltd. | 216,455 | 7,781,557 | ||||||
10,985,538 | ||||||||
Computer Software — 6.6% |
| |||||||
Akamai Technologies, Inc.† | 7,085 | 749,593 | ||||||
Citrix Systems, Inc. | 48,938 | 7,248,696 | ||||||
Datadog, Inc., Class A† | 31,005 | 2,209,726 | ||||||
MongoDB, Inc.†# | 133,460 | 30,977,401 | ||||||
Slack Technologies, Inc., Class A† | 228,936 | 8,024,207 | ||||||
Splunk, Inc.† | 89,475 | 16,628,034 | ||||||
Twilio, Inc., Class A†# | 161,115 | 31,836,324 | ||||||
Zoom Video Communications, Inc., Class A† | 51,220 | 9,192,966 | ||||||
106,866,947 | ||||||||
Computers — 2.0% |
| |||||||
Apple, Inc. | 103,510 | 32,909,969 | ||||||
Computers-Memory Devices — 1.7% |
| |||||||
NetApp, Inc. | 53,740 | 2,393,580 | ||||||
Pure Storage, Inc., Class A† | 1,400,296 | 24,659,212 | ||||||
27,052,792 | ||||||||
Computers-Other — 0.5% |
| |||||||
Lumentum Holdings, Inc.† | 100,260 | 7,351,063 | ||||||
Consulting Services — 0.2% |
| |||||||
Verisk Analytics, Inc. | 16,365 | 2,825,908 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Data Processing/Management — 0.9% |
| |||||||
DocuSign, Inc.† | 10,620 | $ | 1,484,039 | |||||
Fidelity National Information Services, Inc. | 45,715 | 6,346,614 | ||||||
Fiserv, Inc.† | 62,490 | 6,672,057 | ||||||
14,502,710 | ||||||||
E-Commerce/Products — 7.9% |
| |||||||
Alibaba Group Holding, Ltd. ADR† | 115,671 | 23,989,009 | ||||||
Amazon.com, Inc.† | 39,237 | 95,831,272 | ||||||
Etsy, Inc.† | 79,587 | 6,444,955 | ||||||
JD.com, Inc. ADR† | 26,635 | 1,447,079 | ||||||
127,712,315 | ||||||||
E-Commerce/Services — 5.6% |
| |||||||
58.com, Inc. ADR† | 374,257 | 17,968,079 | ||||||
Booking Holdings, Inc.† | 21,558 | 35,342,616 | ||||||
Expedia Group, Inc. | 8,245 | 655,313 | ||||||
GrubHub, Inc.† | 7,130 | 404,556 | ||||||
Match Group, Inc.†# | 24,069 | 2,143,104 | ||||||
Tongcheng-Elong Holdings, Ltd.† | 1,927,600 | 3,472,468 | ||||||
Trainline PLC†* | 409,590 | 2,479,890 | ||||||
Trip.com Group, Ltd . ADR† | 906,132 | 24,075,927 | ||||||
Uber Technologies, Inc.† | 124,321 | 4,515,339 | ||||||
91,057,292 | ||||||||
Electronic Components-Misc. — 0.4% |
| |||||||
Flex, Ltd.† | 744,274 | 7,226,901 | ||||||
Electronic Components-Semiconductors — 10.9% |
| |||||||
Advanced Micro Devices, Inc.† | 579,735 | 31,189,743 | ||||||
Cree, Inc.† | 42,745 | 2,252,234 | ||||||
Intel Corp. | 56,640 | 3,564,355 | ||||||
IPG Photonics Corp.† | 8,995 | 1,397,823 | ||||||
Lattice Semiconductor Corp.† | 286,920 | 7,135,701 | ||||||
Marvell Technology Group, Ltd. | 552,236 | 18,013,938 | ||||||
Microchip Technology, Inc. | 26,765 | 2,569,975 | ||||||
Micron Technology, Inc.† | 743,586 | 35,625,205 | ||||||
NVIDIA Corp. | 81,338 | 28,876,617 | ||||||
Qorvo, Inc.† | 21,000 | 2,199,540 | ||||||
Samsung Electronics Co., Ltd. | 666,855 | 27,379,933 | ||||||
SK Hynix, Inc. | 91,155 | 6,018,788 | ||||||
Skyworks Solutions, Inc. | 36,465 | 4,322,561 | ||||||
STMicroelectronics NV (Euronext Paris) | 40,240 | 994,541 | ||||||
STMicroelectronics NV# | 182,950 | 4,546,308 | ||||||
176,087,262 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 11,020 | 1,064,091 | ||||||
Electronic Forms — 0.5% |
| |||||||
Adobe, Inc.† | 19,718 | 7,622,979 | ||||||
Electronic Measurement Instruments — 0.2% |
| |||||||
Koh Young Technology, Inc. | 25,228 | 1,908,670 | ||||||
Roper Technologies, Inc. | 2,070 | 815,166 | ||||||
2,723,836 | ||||||||
Enterprise Software/Service — 4.7% |
| |||||||
Alteryx, Inc., Class A†# | 63,515 | 9,142,349 | ||||||
Atlassian Corp. PLC, Class A† | 61,810 | 11,453,393 | ||||||
Guidewire Software, Inc.† | 80,306 | 8,237,790 | ||||||
Paycom Software, Inc.† | 39,880 | 11,853,532 | ||||||
SVMK, Inc.† | 199,097 | 4,011,805 | ||||||
Veeva Systems, Inc., Class A† | 52,200 | 11,425,014 | ||||||
Workday, Inc., Class A† | 109,701 | 20,122,454 | ||||||
76,246,337 | ||||||||
163 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Entertainment Software — 2.6% |
| |||||||
Activision Blizzard, Inc. | 105,540 | $ | 7,596,769 | |||||
Electronic Arts, Inc.† | 10,920 | 1,341,850 | ||||||
Mail.Ru Group, Ltd. GDR† | 746,579 | 13,364,795 | ||||||
NetEase, Inc. ADR | 8,170 | 3,128,293 | ||||||
Nexon Co., Ltd. | 168,300 | 3,509,018 | ||||||
Take-Two Interactive Software, Inc.† | 48,015 | 6,538,203 | ||||||
Zynga, Inc., Class A† | 672,850 | 6,156,577 | ||||||
41,635,505 | ||||||||
Finance-Credit Card — 2.4% |
| |||||||
Mastercard, Inc., Class A | 46,815 | 14,086,165 | ||||||
Visa, Inc., Class A | 123,477 | 24,107,650 | ||||||
38,193,815 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 25,330 | 1,437,224 | ||||||
Internet Application Software — 1.3% |
| |||||||
Okta, Inc.† | 111,870 | 21,879,535 | ||||||
Internet Content-Entertainment — 7.3% |
| |||||||
Facebook, Inc., Class A† | 461,533 | 103,886,463 | ||||||
Netflix, Inc.† | 30,995 | 13,009,531 | ||||||
Snap, Inc., Class A† | 118,209 | 2,238,879 | ||||||
119,134,873 | ||||||||
Internet Content-Information/News — 0.9% |
| |||||||
Naspers, Ltd., Class N | 50,766 | 8,072,103 | ||||||
Tencent Holdings, Ltd. | 80,071 | 4,267,899 | ||||||
Tencent Music Entertainment Group ADR† | 174,831 | 2,258,817 | ||||||
14,598,819 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 4,605 | 667,357 | ||||||
Internet Security — 0.3% |
| |||||||
Palo Alto Networks, Inc.† | 5,805 | 1,365,742 | ||||||
Proofpoint, Inc.† | 29,495 | 3,429,384 | ||||||
4,795,126 | ||||||||
Machinery-Electrical — 0.1% |
| |||||||
Bloom Energy Corp. Class A†# | 120,405 | 966,852 | ||||||
Medical Instruments — 0.5% |
| |||||||
Intuitive Surgical, Inc.† | 14,584 | 8,459,157 | ||||||
Networking Products — 0.1% |
| |||||||
Cisco Systems, Inc. | 16,020 | 766,077 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 153,280 | 1,400,979 | ||||||
2,167,056 | ||||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) Class A†(1)(2) | 49,774 | 970,250 | ||||||
Publishing-Newspapers — 0.1% |
| |||||||
News Corp., Class A | 191,022 | 2,340,019 | ||||||
Real Estate Investment Trusts — 0.0% |
| |||||||
Equinix, Inc. | 1,045 | 729,023 | ||||||
Retail-Apparel/Shoe — 1.9% |
| |||||||
Zalando SE†* | 465,530 | 31,330,658 | ||||||
Semiconductor Components-Integrated Circuits — 1.8% |
| |||||||
Maxim Integrated Products, Inc. | 175,848 | 10,142,913 | ||||||
QUALCOMM, Inc. | 181,954 | 14,716,439 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 94,135 | 4,737,815 | ||||||
29,597,167 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Semiconductor Equipment — 4.1% |
| |||||||
Applied Materials, Inc. | 192,281 | $ | 10,802,347 | |||||
ASML Holding NV | 13,300 | 4,382,483 | ||||||
BE Semiconductor Industries NV | 114,026 | 4,370,717 | ||||||
FormFactor, Inc.† | 166,906 | 4,201,024 | ||||||
Globalwafers Co., Ltd. | 269,000 | 3,243,752 | ||||||
KLA Corp. | 91,715 | 16,138,171 | ||||||
Lam Research Corp. | 40,425 | 11,063,110 | ||||||
Teradyne, Inc. | 85,173 | 5,708,294 | ||||||
Tokyo Electron, Ltd. | 35,221 | 7,040,933 | ||||||
66,950,831 | ||||||||
Web Hosting/Design — 0.6% |
| |||||||
Shopify, Inc., Class A† | 4,650 | 3,523,770 | ||||||
Wix.com, Ltd.† | 25,205 | 5,603,828 | ||||||
9,127,598 | ||||||||
Web Portals/ISP — 5.9% |
| |||||||
Alphabet, Inc., Class A† | 15,146 | 21,712,094 | ||||||
Alphabet, Inc., Class C† | 43,019 | 61,470,710 | ||||||
Baidu, Inc. ADR† | 40,337 | 4,297,907 | ||||||
NAVER Corp. | 48,122 | 8,807,417 | ||||||
96,288,128 | ||||||||
Wireless Equipment — 0.3% |
| |||||||
Motorola Solutions, Inc. | 4,765 | 644,848 | ||||||
Samsung SDI Co., Ltd. | 13,525 | 3,934,383 | ||||||
4,579,231 | ||||||||
Total Common Stocks | ||||||||
(cost $1,164,810,491) | 1,535,341,796 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.5% |
| |||||||
Auto-Cars/Light Trucks — 0.1% |
| |||||||
GM Cruise Holdings LLC | 89,700 | 1,637,025 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Airbnb, Inc. | 26,943 | 2,008,062 | ||||||
Xiaoju Kuaizhi, Inc. | 11,731 | 442,139 | ||||||
2,450,201 | ||||||||
IT Services — 0.1% |
| |||||||
Mesosphere, Inc. | 151,129 | 981,915 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 61,401 | 1,196,896 | ||||||
Transport-Services — 0.1% |
| |||||||
Waymo LLC | 21,059 | 1,808,277 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $8,910,977) | 8,074,314 | |||||||
EXCHANGE-TRADED FUNDS — 0.6% |
| |||||||
Invesco QQQ Trust ETF, Series 1# | 8,555 | 1,996,395 | ||||||
iShares S&P GSTI Technology Index Fund# | 7,490 | 1,981,929 | ||||||
Technology Select Sector SPDR Fund | 49,705 | 4,869,599 | ||||||
Total Exchange-Traded Funds | ||||||||
(cost $7,661,602) | 8,847,923 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $1,181,383,070) | 1,552,264,033 | |||||||
164 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
Registered Investment Companies — 2.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 502,637 | $ | 502,637 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 8,092,866 | 8,092,866 | ||||||
T. Rowe Price Government Reserve Fund | 34,305,910 | 34,305,910 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $42,901,413) | 42,901,413 | |||||||
REPURCHASE AGREEMENTS — 0.2% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,874,000 collateralized by $3,645,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,952,190 | $ | 3,874,000 | 3,874,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $1,228,158,483)(5) | 98.5 | % | 1,599,039,446 | |||||
Other assets less liabilities | 1.5 | 24,043,604 | ||||||
NET ASSETS | 100.0 | % | $ | 1,623,083,050 | ||||
† | Non-income producing security |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $35,882,635 representing 2.2% of net assets. |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities |
for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities: |
Description | Acquistion Date | Shares | Acquistion Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||
JAND, Inc., (dba Warby Parker), Class A | 03/09/2018 | 49,774 | $ | 782,298 | $ | 970,250 | $ | 19.49 | 0.06 | % | ||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
Airbnb, Inc., | ||||||||||||||||||||||||
Series E | 06/24/2015 | 16,260 | 1,513,715 | |||||||||||||||||||||
07/14/2015 | 10,683 | 994,527 | ||||||||||||||||||||||
26,943 | 2,508,242 | 2,008,062 | 74.53 | 0.12 | ||||||||||||||||||||
GM Cruise Holdings, LLC | 05/07/2019 | 89,700 | 1,637,025 | 1,637,025 | 18.25 | 0.10 | ||||||||||||||||||
JAND, Inc., (dba Warby Parker), | 03/09/2018 | 61,401 | 965,040 | 1,196,896 | 19.49 | 0.08 | ||||||||||||||||||
Mesophere, Inc., | 05/04/2018 | 151,129 | 1,670,656 | 981,915 | 6.50 | 0.06 | ||||||||||||||||||
Waymo LLC | 05/08/2020 | 21,059 | 1,808,277 | 1,808,277 | 85.87 | 0.11 | ||||||||||||||||||
Xiaoju Kuaizhi, Inc., | 10/19/2015 | 11,731 | 321,737 | 442,139 | 37.69 | 0.03 | ||||||||||||||||||
$ | 9,044,564 | 0.56 | % | |||||||||||||||||||||
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(4) | At May 31, 2020, the Fund had loaned securities with a total value of $51,962,144. This was secured by collateral of $8,092,866, which was received in cash and subsequently invested in short-term investments currently valued at $8,092,866 as reported in the Portfolio of Investments. Additional collateral of $40,574,364 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 2,626,535 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 4,594,208 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 343,201 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | 502,525 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 06/15/2020 to 11/15/2049 | 32,507,895 |
(5) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
ETF—Exchange-Traded Funds
GDR—Global Depositary Receipt
165 |
Table of Contents
VALIC Company I Science & Technology Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | — | $ | — | $ | 970,250 | $ | 970,250 | ||||||||
Other Industries | 1,397,574,485 | 136,797,061 | ** | — | 1,534,371,546 | |||||||||||
Convertible Preferred Securities | — | — | 8,074,314 | 8,074,314 | ||||||||||||
Exchange -Traded Funds | 8,847,923 | — | — | 8,847,923 | ||||||||||||
Short-Term Investment Securities | 42,901,413 | — | — | 42,901,413 | ||||||||||||
Repurchase Agreements | — | 3,874,000 | — | 3,874,000 | ||||||||||||
Total Investments at Value | $ | 1,449,323,821 | $ | 140,671,061 | $ | 9,044,564 | $ | 1,599,039,446 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.
See Notes to Financial Statements
166 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 17.6 | % | ||
Medical Products | 6.1 | |||
Computer Software | 5.5 | |||
Enterprise Software/Service | 4.7 | |||
Web Hosting/Design | 4.4 | |||
Electronic Components — Semiconductors | 4.2 | |||
Building & Construction Products — Misc. | 2.9 | |||
Medical — Drugs | 2.9 | |||
Repurchase Agreements | 2.4 | |||
Registered Investment Companies | 2.4 | |||
Medical — Outpatient/Home Medical | 2.3 | |||
Computer Data Security | 2.1 | |||
Schools | 2.0 | |||
Electronic Components — Misc. | 1.9 | |||
Food — Misc./Diversified | 1.9 | |||
Electronics — Military | 1.7 | |||
Consulting Services | 1.7 | |||
Food — Baking | 1.6 | |||
Commercial Services — Finance | 1.5 | |||
Finance — Consumer Loans | 1.5 | |||
Distribution/Wholesale | 1.5 | |||
Instruments — Controls | 1.4 | |||
Commercial Services | 1.4 | |||
Communications Software | 1.4 | |||
Educational Software | 1.3 | |||
Semiconductor Equipment | 1.3 | |||
Power Converter/Supply Equipment | 1.2 | |||
Recreational Centers | 1.2 | |||
Retail — Discount | 1.2 | |||
Cosmetics & Toiletries | 1.1 | |||
Firearms & Ammunition | 1.0 | |||
Medical Labs & Testing Services | 1.0 | |||
Health Care Cost Containment | 1.0 | |||
Casino Services | 1.0 | |||
Computer Services | 0.9 | |||
Insurance Brokers | 0.9 | |||
Water Treatment Systems | 0.9 | |||
Medical Instruments | 0.9 | |||
Building & Construction — Misc. | 0.9 | |||
Electronic Measurement Instruments | 0.9 | |||
Applications Software | 0.9 | |||
Banks — Commercial | 0.9 | |||
Medical Information Systems | 0.8 | |||
Retail — Pawn Shops | 0.8 | |||
Therapeutics | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Transport — Services | 0.8 | |||
Insurance — Reinsurance | 0.7 | |||
Filtration/Separation Products | 0.6 | |||
Banks — Mortgage | 0.6 | |||
E-Commerce/Services | 0.5 | |||
Building — Mobile Home/Manufactured Housing | 0.5 | |||
Investment Management/Advisor Services | 0.4 | |||
Steel Pipe & Tube | 0.4 | |||
E-Marketing/Info | 0.4 | |||
103.6 | % | |||
* | Calculated as a percentage of net assets |
167 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.8% |
| |||||||
Applications Software — 0.9% |
| |||||||
Five9, Inc.† | 13,230 | $ | 1,378,566 | |||||
Banks - Commercial — 0.9% |
| |||||||
Western Alliance Bancorp | 36,060 | 1,375,689 | ||||||
Banks - Mortgage — 0.6% |
| |||||||
Walker & Dunlop, Inc. | 23,060 | 933,930 | ||||||
Building & Construction Products - Misc. — 2.9% |
| |||||||
Armstrong World Industries, Inc. | 10,940 | 824,767 | ||||||
Simpson Manufacturing Co., Inc. | 24,651 | 1,973,559 | ||||||
Trex Co., Inc.†# | 16,070 | 1,930,328 | ||||||
4,728,654 | ||||||||
Building & Construction - Misc. — 0.9% |
| |||||||
Frontdoor, Inc.† | 32,320 | 1,475,408 | ||||||
Building - Mobile Home/Manufactured Housing — 0.5% |
| |||||||
Skyline Champion Corp.† | 29,290 | 727,564 | ||||||
Casino Services — 1.0% |
| |||||||
Eldorado Resorts, Inc.†# | 43,990 | 1,559,885 | ||||||
Commercial Services — 1.4% |
| |||||||
LiveRamp Holdings, Inc.† | 44,370 | 2,237,579 | ||||||
Commercial Services - Finance — 1.5% |
| |||||||
Evo Payments, Inc., Class A† | 81,320 | 1,800,425 | ||||||
Repay Holdings Corp.† | 29,180 | 672,307 | ||||||
2,472,732 | ||||||||
Communications Software — 1.4% |
| |||||||
Avaya Holdings Corp.† | 151,060 | 2,205,476 | ||||||
Computer Data Security — 2.1% |
| |||||||
Varonis Systems, Inc.† | 40,280 | 3,399,229 | ||||||
Computer Services — 0.9% |
| |||||||
WNS Holdings, Ltd. ADR† | 31,350 | 1,515,459 | ||||||
Computer Software — 5.5% |
| |||||||
Bandwidth, Inc., Class A† | 49,140 | 5,447,169 | ||||||
Bill.com Holdings, Inc.† | 5,830 | 406,001 | ||||||
Cornerstone OnDemand, Inc.† | 21,420 | 827,883 | ||||||
Envestnet, Inc.† | 29,050 | 2,109,321 | ||||||
8,790,374 | ||||||||
Consulting Services — 1.7% |
| |||||||
FTI Consulting, Inc.† | 22,010 | 2,651,325 | ||||||
Cosmetics & Toiletries — 1.1% |
| |||||||
e.l.f. Beauty, Inc.† | 100,540 | 1,723,256 | ||||||
Distribution/Wholesale — 1.5% |
| |||||||
SiteOne Landscape Supply, Inc.†# | 22,630 | 2,405,795 | ||||||
E-Commerce/Services — 0.5% |
| |||||||
EverQuote, Inc., Class A† | 16,090 | 867,573 | ||||||
E-Marketing/Info — 0.4% |
| |||||||
Cardlytics, Inc.†# | 8,270 | 563,104 | ||||||
Educational Software — 1.3% |
| |||||||
Arco Platform, Ltd., Class A† | 43,116 | 2,090,264 | ||||||
Electronic Components - Misc. — 1.9% |
| |||||||
Advanced Energy Industries, Inc.† | 44,820 | 2,995,321 | ||||||
Electronic Components - Semiconductors — 4.2% |
| |||||||
Lattice Semiconductor Corp.† | 118,810 | 2,954,805 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 65,030 | 2,064,702 | ||||||
Silicon Laboratories, Inc.† | 19,100 | 1,788,906 | ||||||
6,808,413 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electronic Measurement Instruments — 0.9% |
| |||||||
Itron, Inc.† | 22,210 | $ | 1,430,768 | |||||
Electronics - Military — 1.7% |
| |||||||
Mercury Systems, Inc.† | 29,810 | 2,663,523 | ||||||
Enterprise Software/Service — 4.7% |
| |||||||
ACI Worldwide, Inc.† | 88,190 | 2,432,280 | ||||||
Everbridge, Inc.†# | 35,000 | 5,119,100 | ||||||
7,551,380 | ||||||||
Filtration/Separation Products — 0.6% |
| |||||||
ESCO Technologies, Inc. | 12,070 | 997,103 | ||||||
Finance - Consumer Loans — 1.5% |
| |||||||
LendingTree, Inc.†# | 2,650 | 689,053 | ||||||
PRA Group, Inc.† | 51,020 | 1,740,802 | ||||||
2,429,855 | ||||||||
Firearms & Ammunition — 1.0% |
| |||||||
Axon Enterprise, Inc.† | 21,880 | 1,662,005 | ||||||
Food - Baking — 1.6% |
| |||||||
Hostess Brands, Inc.† | 216,790 | 2,617,739 | ||||||
Food - Misc./Diversified — 1.9% |
| |||||||
BellRing Brands, Inc., Class A† | 149,140 | 2,994,731 | ||||||
Health Care Cost Containment — 1.0% |
| |||||||
HealthEquity, Inc.† | 25,720 | 1,593,868 | ||||||
Instruments - Controls — 1.4% |
| |||||||
Watts Water Technologies, Inc., Class A | 26,910 | 2,237,836 | ||||||
Insurance Brokers — 0.9% |
| |||||||
eHealth, Inc.† | 11,600 | 1,512,872 | ||||||
Insurance - Reinsurance — 0.7% |
| |||||||
Essent Group, Ltd. | 32,520 | 1,074,786 | ||||||
Investment Management/Advisor Services — 0.4% |
| |||||||
AssetMark Financial Holdings, Inc.† | 26,400 | 704,880 | ||||||
Medical Information Systems — 0.8% |
| |||||||
Health Catalyst, Inc.† | 49,920 | 1,354,829 | ||||||
Medical Instruments — 0.9% |
| |||||||
Silk Road Medical, Inc.† | 39,150 | 1,498,270 | ||||||
Medical Labs & Testing Services — 1.0% |
| |||||||
Teladoc Health, Inc.† | 9,400 | 1,636,164 | ||||||
Medical Products — 6.1% |
| |||||||
Hanger, Inc.† | 49,020 | 900,007 | ||||||
Inspire Medical Systems, Inc.† | 24,280 | 1,979,791 | ||||||
iRhythm Technologies, Inc.†# | 22,830 | 2,837,997 | ||||||
Masimo Corp.† | 7,160 | 1,719,761 | ||||||
Nevro Corp.† | 18,070 | 2,269,592 | ||||||
9,707,148 | ||||||||
Medical - Biomedical/Gene — 17.6% |
| |||||||
Amicus Therapeutics, Inc.† | 180,637 | 2,253,447 | ||||||
Apellis Pharmaceuticals, Inc.† | 50,500 | 1,701,345 | ||||||
Arcus Biosciences, Inc.† | 25,320 | 793,782 | ||||||
Arena Pharmaceuticals, Inc.† | 33,350 | 1,993,329 | ||||||
Ascendis Pharma A/S ADR† | 11,390 | 1,657,131 | ||||||
Assembly Biosciences, Inc.† | 35,940 | 700,471 | ||||||
Bluebird Bio, Inc.† | 28,998 | 1,845,143 | ||||||
Blueprint Medicines Corp.† | 23,172 | 1,509,424 | ||||||
Celyad SA ADR† | 28,186 | 319,911 | ||||||
Constellation Pharmaceuticals, Inc.† | 26,980 | 958,599 | ||||||
CytomX Therapeutics, Inc.† | 94,730 | 839,308 | ||||||
Epizyme, Inc.†# | 92,810 | 1,628,815 | ||||||
Equillium, Inc.† | 61,960 | 213,762 |
168 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Fate Therapeutics, Inc.† | 87,890 | $ | 2,850,273 | |||||
Gossamer Bio, Inc.†# | 62,470 | 759,011 | ||||||
Immunomedics, Inc.† | 73,720 | 2,476,255 | ||||||
Iovance Biotherapeutics, Inc.† | 72,468 | 2,325,498 | ||||||
Krystal Biotech, Inc.† | 7,010 | 360,384 | ||||||
Mirati Therapeutics, Inc.†# | 15,460 | 1,533,477 | ||||||
Sage Therapeutics, Inc.† | 17,460 | 623,671 | ||||||
Twist Bioscience Corp.†# | 23,020 | 873,609 | ||||||
28,216,645 | ||||||||
Medical - Drugs — 2.9% |
| |||||||
Aimmune Therapeutics, Inc.†# | 87,850 | 1,459,188 | ||||||
Kura Oncology, Inc.† | 85,240 | 1,456,752 | ||||||
Myovant Sciences, Ltd.† | 89,400 | 1,095,150 | ||||||
ORIC Pharmaceuticals, Inc.†# | 24,460 | 709,829 | ||||||
4,720,919 | ||||||||
Medical - Outpatient/Home Medical — 2.3% |
| |||||||
LHC Group, Inc.† | 23,060 | 3,747,481 | ||||||
Power Converter/Supply Equipment — 1.2% |
| |||||||
Generac Holdings, Inc.† | 17,190 | 1,912,731 | ||||||
Recreational Centers — 1.2% |
| |||||||
Planet Fitness, Inc., Class A† | 29,440 | 1,902,707 | ||||||
Retail - Discount — 1.2% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 23,400 | 842,400 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 11,040 | 1,009,608 | ||||||
1,852,008 | ||||||||
Retail - Pawn Shops — 0.8% |
| |||||||
FirstCash, Inc. | 19,250 | 1,343,073 | ||||||
Retail - Pet Food & Supplies — 0.0% |
| |||||||
Freshpet, Inc.† | 890 | 68,690 | ||||||
Retail - Restaurants — 0.8% |
| |||||||
Denny’s Corp.† | 15,770 | 171,026 | ||||||
Wingstop, Inc. | 9,300 | 1,134,135 | ||||||
1,305,161 | ||||||||
Schools — 2.0% |
| |||||||
Strategic Education, Inc. | 18,860 | 3,199,222 | ||||||
Semiconductor Equipment — 1.3% |
| |||||||
Cabot Microelectronics Corp. | 14,030 | 2,032,386 | ||||||
Steel Pipe & Tube — 0.4% |
| |||||||
Advanced Drainage Systems, Inc. | 13,940 | 618,100 | ||||||
Therapeutics — 0.8% |
| |||||||
GW Pharmaceuticals PLC ADR†# | 10,760 | 1,320,790 | ||||||
Transport - Services — 0.8% |
| |||||||
CryoPort, Inc.†# | 49,990 | 1,228,254 | ||||||
Water Treatment Systems — 0.9% |
| |||||||
Evoqua Water Technologies Corp.† | 80,290 | 1,510,255 | ||||||
Web Hosting/Design — 4.4% |
| |||||||
Q2 Holdings, Inc.†# | 19,730 | 1,630,092 | ||||||
Wix.com, Ltd.† | 24,290 | 5,400,396 | ||||||
7,030,488 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $136,133,785) | 158,582,263 | |||||||
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 | 3,803,386 | $ | 3,803,386 | |||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,847,000 and collateralized by $3,620,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,925,083 | $ | 3,847,000 | 3,847,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $143,784,171)(3) | 103.6 | % | 166,232,649 | |||||
Liabilities in excess of other assets | (3.6 | ) | (5,705,945 | ) | ||||
NET ASSETS | 100.0 | % | $ | 160,526,704 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $14,804,196. This was secured by collateral of $3,803,386, which was received in cash and subsequently invested in short-term investments currently valued at $3,803,386 as reported in the Portfolio of Investments. Additional collateral of $11,159,765 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 718,922 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 1,257,502 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 93,939 | |||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 06/15/2020 to 11/15/2049 | 9,089,402 |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
169 |
Table of Contents
VALIC Company I Small Cap Aggressive Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 158,582,263 | $ | — | $ | — | $ | 158,582,263 | ||||||||
Short-Term Investment Securities | 3,803,386 | — | — | 3,803,386 | ||||||||||||
Repurchase Agreements | — | 3,847,000 | — | 3,847,000 | ||||||||||||
Total Investments at Value | $ | 162,385,649 | $ | 3,847,000 | $ | — | $ | 166,232,649 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
170 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Banks — Commercial | 7.9 | % | ||
Real Estate Investment Trusts | 4.3 | |||
Medical — Biomedical/Gene | 3.6 | |||
Distribution/Wholesale | 2.9 | |||
Registered Investment Companies | 2.6 | |||
Medical Labs & Testing Services | 2.4 | |||
Insurance — Property/Casualty | 2.4 | |||
Repurchase Agreements | 2.4 | |||
Medical Products | 2.4 | |||
Machinery — General Industrial | 2.0 | |||
Enterprise Software/Service | 2.0 | |||
Medical — Drugs | 1.8 | |||
Electric — Integrated | 1.8 | |||
Retail — Restaurants | 1.7 | |||
Transport — Truck | 1.7 | |||
Miscellaneous Manufacturing | 1.6 | |||
Applications Software | 1.6 | |||
Garden Products | 1.6 | |||
Medical — HMO | 1.6 | |||
Commercial Services | 1.5 | |||
Retail — Discount | 1.5 | |||
Building — Mobile Home/Manufactured Housing | 1.4 | |||
Semiconductor Equipment | 1.4 | |||
Electronic Components — Semiconductors | 1.3 | |||
Computer Software | 1.2 | |||
Chemicals — Specialty | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Electric Products — Misc. | 1.2 | |||
Physical Therapy/Rehabilitation Centers | 1.2 | |||
Investment Management/Advisor Services | 1.1 | |||
Metal Processors & Fabrication | 1.1 | |||
Oil Companies — Exploration & Production | 1.1 | |||
Finance — Investment Banker/Broker | 1.1 | |||
Chemicals — Diversified | 0.9 | |||
Food — Wholesale/Distribution | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Gas — Distribution | 0.9 | |||
Disposable Medical Products | 0.9 | |||
Tools — Hand Held | 0.9 | |||
Machine Tools & Related Products | 0.8 | |||
Medical — Outpatient/Home Medical | 0.8 | |||
Recreational Vehicles | 0.8 | |||
Real Estate Management/Services | 0.8 | |||
Web Hosting/Design | 0.8 | |||
Building & Construction Products — Misc. | 0.7 | |||
Identification Systems | 0.7 | |||
Multimedia | 0.7 | |||
Computer Aided Design | 0.6 | |||
Power Converter/Supply Equipment | 0.6 | |||
Savings & Loans/Thrifts | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Retail — Apparel/Shoe | 0.6 | |||
Schools | 0.6 | |||
Apparel Manufacturers | 0.6 | |||
Instruments — Controls | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Containers — Metal/Glass | 0.5 | |||
Golf | 0.5 | |||
Diagnostic Kits | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Brewery | 0.5 | |||
Machinery — Pumps | 0.5 | |||
Aerospace/Defense | 0.5 | |||
Auto/Truck Parts & Equipment — Original | 0.5 | |||
Water | 0.4 | |||
Oil — Field Services | 0.4 | |||
Finance — Consumer Loans | 0.4 | |||
Cable/Satellite TV | 0.4 | |||
Health Care Cost Containment | 0.4 |
Recreational Centers | 0.4 | % | ||
Beverages — Non-alcoholic | 0.4 | |||
Gold Mining | 0.4 | |||
Retail — Convenience Store | 0.4 | |||
Medical Instruments | 0.4 | |||
Consulting Services | 0.3 | |||
Auto/Truck Parts & Equipment — Replacement | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Finance — Other Services | 0.3 | |||
Electronic Measurement Instruments | 0.3 | |||
Building — Maintenance & Services | 0.3 | |||
Auto Repair Centers | 0.3 | |||
Filtration/Separation Products | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Machinery — Electrical | 0.3 | |||
Insurance Brokers | 0.3 | |||
E-Commerce/Services | 0.2 | |||
Entertainment Software | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Internet Security | 0.2 | |||
Diversified Manufacturing Operations | 0.2 | |||
Theaters | 0.2 | |||
Retail — Vision Service Center | 0.2 | |||
Gambling (Non — Hotel) | 0.2 | |||
Rental Auto/Equipment | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Transport — Services | 0.2 | |||
Poultry | 0.2 | |||
Oil Field Machinery & Equipment | 0.2 | |||
Home Furnishings | 0.2 | |||
Security Services | 0.2 | |||
Computers — Integrated Systems | 0.2 | |||
Food — Retail | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Therapeutics | 0.2 | |||
Medical — Generic Drugs | 0.1 | |||
Aerospace/Defense — Equipment | 0.1 | |||
Internet Application Software | 0.1 | |||
Healthcare Safety Devices | 0.1 | |||
Building — Residential/Commercial | 0.1 | |||
Energy — Alternate Sources | 0.1 | |||
Electronic Components — Misc. | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Pharmacy Services | 0.1 | |||
Specified Purpose Acquisitions | 0.1 | |||
Metal — Copper | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
E-Commerce/Products | 0.1 | |||
Computers — Other | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Computer Services | 0.1 | |||
Diversified Minerals | 0.1 | |||
Building Products — Doors & Windows | 0.1 | |||
Wireless Equipment | 0.1 | |||
Advanced Materials | 0.1 | |||
Radio | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
Building — Heavy Construction | 0.1 | |||
Telephone — Integrated | 0.1 | |||
Consumer Products — Misc. | 0.1 | |||
Financial Guarantee Insurance | 0.1 | |||
Building Products — Air & Heating | 0.1 | |||
Printing — Commercial | 0.1 | |||
Human Resources | 0.1 | |||
Retail — Automobile | 0.1 | |||
Audio/Video Products | 0.1 | |||
Environmental Consulting & Engineering | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Forestry | 0.1 | |||
Housewares | 0.1 |
171 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Building Products | 0.1 | % | ||
Real Estate Operations & Development | 0.1 | |||
Diagnostic Equipment | 0.1 | |||
Medical Information Systems | 0.1 | |||
Auto — Cars/Light Trucks | 0.1 | |||
Retail — Arts & Crafts | 0.1 | |||
Building Products-Light Fixtures | 0.1 | |||
Publishing-Newspapers | 0.1 | |||
102.1 | % | |||
* | Calculated as a percentage of net assets |
172 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.3% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Core Molding Technologies, Inc.† | 7,500 | $ | 35,625 | |||||
Haynes International, Inc. | 7,795 | 177,960 | ||||||
213,585 | ||||||||
Advertising Sales — 0.0% |
| |||||||
National CineMedia, Inc. | 32,706 | 89,942 | ||||||
Advertising Services — 0.0% |
| |||||||
Marchex, Inc., Class B† | 40,000 | 62,000 | ||||||
Marin Software, Inc.† | 13,571 | 20,357 | ||||||
82,357 | ||||||||
Aerospace/Defense — 0.5% |
| |||||||
Kratos Defense & Security Solutions, Inc.† | 9,200 | 170,660 | ||||||
Teledyne Technologies, Inc.† | 2,960 | 1,107,395 | ||||||
1,278,055 | ||||||||
Aerospace/Defense - Equipment — 0.1% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 6,655 | 291,822 | ||||||
CPI Aerostructures, Inc.† | 28,000 | 76,720 | ||||||
368,542 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 80,000 | 98,400 | ||||||
Agricultural Operations — 0.0% |
| |||||||
Alico, Inc. | 2,860 | 91,777 | ||||||
Airlines — 0.0% |
| |||||||
Mesa Air Group, Inc.† | 24,600 | 79,950 | ||||||
Apparel Manufacturers — 0.6% |
| |||||||
Carter’s, Inc.# | 13,738 | 1,180,232 | ||||||
Delta Apparel, Inc.† | 5,500 | 67,705 | ||||||
Superior Group of Cos., Inc. | 9,500 | 95,095 | ||||||
Tandy Leather Factory, Inc.† | 15,000 | 52,350 | ||||||
Vince Holding Corp.† | 10,000 | 62,400 | ||||||
1,457,782 | ||||||||
Appliances — 0.0% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 8,800 | 84,040 | ||||||
Applications Software — 1.4% |
| |||||||
Descartes Systems Group, Inc.† | 17,292 | 822,926 | ||||||
Five9, Inc.† | 6,844 | 713,145 | ||||||
Medallia, Inc.† | 35,022 | 990,422 | ||||||
PDF Solutions, Inc.† | 13,840 | 236,111 | ||||||
RealPage, Inc.† | 11,301 | 766,434 | ||||||
ServiceTitan, Inc.†(1)(2) | 191 | 6,455 | ||||||
Toast, Inc.†(1)(2) | 11 | 396 | ||||||
TransAct Technologies, Inc. | 7,500 | 30,750 | ||||||
3,566,639 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Emerson Radio Corp.† | 10,000 | 7,350 | ||||||
Pixelworks, Inc.† | 22,000 | 78,980 | ||||||
VOXX International Corp.† | 20,000 | 95,400 | ||||||
181,730 | ||||||||
Auto Repair Centers — 0.3% |
| |||||||
Monro, Inc. | 13,225 | 728,698 | ||||||
Auto/Truck Parts & Equipment - Original — 0.5% |
| |||||||
Gentherm, Inc.† | 8,755 | 356,328 | ||||||
Meritor, Inc.† | 25,400 | 517,652 | ||||||
Titan International, Inc. | 55,400 | 68,142 | ||||||
Visteon Corp.† | 3,930 | 282,960 | ||||||
1,225,082 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto/Truck Parts & Equipment - Replacement — 0.3% |
| |||||||
Douglas Dynamics, Inc. | 24,165 | $ | 882,989 | |||||
Banks - Commercial — 7.9% |
| |||||||
1st Constitution Bancorp | 6,400 | 82,176 | ||||||
AmeriServ Financial, Inc. | 22,000 | 65,340 | ||||||
Atlantic Capital Bancshares, Inc.† | 9,208 | 104,971 | ||||||
Bank of Commerce Holdings | 7,640 | 58,293 | ||||||
Bank of Princeton | 2,051 | 42,353 | ||||||
BankUnited, Inc. | 77,191 | 1,426,490 | ||||||
Bridge Bancorp, Inc. | 7,900 | 168,270 | ||||||
C&F Financial Corp. | 3,000 | 108,120 | ||||||
Cadence BanCorp | 16,464 | 132,864 | ||||||
Capital Bancorp, Inc.† | 8,000 | 91,040 | ||||||
CenterState Bank Corp. | 18,965 | 299,647 | ||||||
Chemung Financial Corp. | 2,600 | 65,832 | ||||||
Citizens Holding Co. | 4,500 | 101,250 | ||||||
Codorus Valley Bancorp, Inc. | 3,645 | 48,296 | ||||||
Colony Bankcorp, Inc. | 7,500 | 95,400 | ||||||
Columbia Banking System, Inc. | 6,369 | 155,149 | ||||||
Commerce Bancshares, Inc.# | 29,550 | 1,883,222 | ||||||
CrossFirst Bankshares, Inc.†# | 14,328 | 139,411 | ||||||
Cullen/Frost Bankers, Inc. | 15,538 | 1,180,422 | ||||||
East West Bancorp, Inc. | 10,400 | 363,480 | ||||||
Equity Bancshares, Inc., Class A† | 7,500 | 122,325 | ||||||
Evans Bancorp, Inc. | 2,900 | 70,876 | ||||||
FB Financial Corp. | 13,356 | 315,335 | ||||||
First Bancshares, Inc. | 9,044 | 191,642 | ||||||
First Financial Bancorp | 62,477 | 830,319 | ||||||
First Hawaiian, Inc. | 73,838 | 1,273,706 | ||||||
First Horizon National Corp. | 115,230 | 1,077,401 | ||||||
First Internet Bancorp | 5,000 | 80,400 | ||||||
First Northwest Bancorp | 6,500 | 88,140 | ||||||
Grasshopper Bancorp, Inc†(1)(2) | 5,208 | 38,539 | ||||||
Hawthorn Bancshares, Inc. | 3,244 | 63,907 | ||||||
Heritage Commerce Corp. | 23,379 | 190,071 | ||||||
Heritage Financial Corp. | 9,600 | 182,400 | ||||||
Home BancShares, Inc. | 41,200 | 596,164 | ||||||
IBERIABANK Corp. | 16,390 | 695,100 | ||||||
Live Oak Bancshares, Inc. | 12,094 | 163,753 | ||||||
Meridian Corp.† | 6,900 | 104,811 | ||||||
Northeast Bank | 6,500 | 111,540 | ||||||
Northrim BanCorp, Inc. | 3,600 | 83,052 | ||||||
Ohio Valley Banc Corp. | 4,000 | 100,200 | ||||||
Origin Bancorp, Inc. | 11,071 | 230,941 | ||||||
Pacific Mercantile Bancorp† | 16,000 | 60,800 | ||||||
Peoples Bancorp of North Carolina, Inc. | 6,050 | 105,875 | ||||||
Pinnacle Financial Partners, Inc. | 11,558 | 460,586 | ||||||
Popular, Inc. | 4,000 | 157,960 | ||||||
Prosperity Bancshares, Inc. | 6,600 | 431,574 | ||||||
SB One Bancorp | 6,000 | 101,940 | ||||||
Seacoast Banking Corp. of Florida† | 19,824 | 431,172 | ||||||
Shore Bancshares, Inc. | 8,000 | 80,000 | ||||||
Signature Bank | 14,899 | 1,533,256 | ||||||
South State Corp. | 4,236 | 222,687 | ||||||
Sterling Bancorp, Inc. | 14,534 | 41,422 | ||||||
Towne Bank | 9,839 | 185,564 | ||||||
United Bancshares, Inc. | 6,000 | 93,000 | ||||||
United Security Bancshares | 12,055 | 73,897 | ||||||
Unity Bancorp, Inc. | 8,000 | 114,480 | ||||||
Webster Financial Corp. | 9,627 | 272,444 | ||||||
Western Alliance Bancorp | 55,638 | 2,122,590 | ||||||
Wintrust Financial Corp. | 24,490 | 1,037,396 | ||||||
20,749,291 | ||||||||
173 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank (Non-Voting Shares)†(1)(2) | 3,056 | $ | 16,044 | |||||
Sound Bank (Voting Shares†(1)(2) | 1,501 | 7,880 | ||||||
23,924 | ||||||||
Banks - Super Regional — 0.0% |
| |||||||
Independent Bank Group, Inc. | 1,647 | 62,388 | ||||||
Beverages - Non-alcoholic — 0.4% |
| |||||||
Primo Water Corp. | 91,809 | 1,104,462 | ||||||
Brewery — 0.5% |
| |||||||
Boston Beer Co., Inc., Class A†# | 2,377 | 1,342,363 | ||||||
Building & Construction Products - Misc. — 0.7% |
| |||||||
Fortune Brands Home & Security, Inc. | 23,510 | 1,433,170 | ||||||
Gibraltar Industries, Inc.† | 11,355 | 499,733 | ||||||
1,932,903 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
WillScot Corp.†# | 114,048 | 1,521,400 | ||||||
Building Products - Air & Heating — 0.1% |
| |||||||
SPX Corp.† | 4,800 | 191,904 | ||||||
Building Products - Doors & Windows — 0.1% |
| |||||||
PGT Innovations, Inc.† | 16,009 | 217,882 | ||||||
Building Products - Light Fixtures — 0.1% |
| |||||||
LSI Industries, Inc. | 20,000 | 122,800 | ||||||
Building Products - Wood — 0.0% |
| |||||||
Stella-Jones, Inc. | 4,100 | 99,757 | ||||||
Building - Heavy Construction — 0.1% |
| |||||||
Goldfield Corp.† | 31,500 | 121,275 | ||||||
Orion Group Holdings, Inc.† | 31,100 | 81,793 | ||||||
203,068 | ||||||||
Building - Maintenance & Services — 0.3% |
| |||||||
BrightView Holdings, Inc.† | 7,132 | 97,637 | ||||||
Rentokil Initial PLC | 85,426 | 526,406 | ||||||
ServiceMaster Global Holdings, Inc.† | 3,800 | 125,020 | ||||||
749,063 | ||||||||
Building - Mobile Home/Manufactured Housing — 1.4% |
| |||||||
Cavco Industries, Inc.† | 1,400 | 266,266 | ||||||
Horizon Global Corp.† | 35,000 | 56,700 | ||||||
LCI Industries | 21,128 | 2,090,193 | ||||||
Skyline Champion Corp.† | 12,402 | 308,066 | ||||||
Thor Industries, Inc. | 11,899 | 1,025,694 | ||||||
3,746,919 | ||||||||
Building - Residential/Commercial — 0.1% |
| |||||||
New Home Co., Inc.† | 10,500 | 32,445 | ||||||
TRI Pointe Group, Inc.† | 19,517 | 279,483 | ||||||
311,928 | ||||||||
Cable/Satellite TV — 0.4% |
| |||||||
Cable One, Inc. | 592 | 1,117,039 | ||||||
Cellular Telecom — 0.0% |
| |||||||
NII Holdings, Inc.†(1) | 3,000 | 6,510 | ||||||
Chemicals - Diversified — 0.9% |
| |||||||
Quaker Chemical Corp.# | 14,562 | 2,487,918 | ||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 39,000 | 84,630 | ||||||
Chemicals - Plastics — 0.0% |
| |||||||
China XD Plastics Co., Ltd† | 20,000 | 18,122 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Chemicals - Specialty — 1.2% |
| |||||||
AgroFresh Solutions, Inc.† | 61,800 | $ | 164,388 | |||||
Element Solutions, Inc.† | 33,140 | 360,894 | ||||||
GCP Applied Technologies, Inc.† | 55,856 | 1,124,940 | ||||||
Minerals Technologies, Inc. | 7,700 | 379,687 | ||||||
Oil-Dri Corp. of America | 4,900 | 173,607 | ||||||
PQ Group Holdings, Inc.† | 82,109 | 1,030,468 | ||||||
3,233,984 | ||||||||
Circuit Boards — 0.0% |
| |||||||
IEC Electronics Corp.† | 12,300 | 97,047 | ||||||
Coal — 0.0% |
| |||||||
Ramaco Resources, Inc.†# | 30,000 | 81,300 | ||||||
Commercial Services — 1.5% |
| |||||||
Acacia Research Corp.† | 40,000 | 103,600 | ||||||
CoreLogic, Inc. | 27,896 | 1,382,526 | ||||||
HMS Holdings Corp.† | 14,400 | 449,856 | ||||||
Morningstar, Inc. | 10,914 | 1,673,334 | ||||||
nCino, Inc.†(1)(2) | 4,283 | 93,155 | ||||||
Performant Financial Corp.† | 50,000 | 30,000 | ||||||
ServiceSource International, Inc.† | 55,000 | 88,550 | ||||||
Team, Inc.†# | 14,000 | 69,020 | ||||||
3,890,041 | ||||||||
Commercial Services-Finance — 1.2% |
| |||||||
Avalara, Inc.† | 600 | 64,236 | ||||||
Clarivate Analytics PLC† | 35,987 | 823,742 | ||||||
Euronet Worldwide, Inc.† | 4,200 | 397,866 | ||||||
Evo Payments, Inc., Class A† | 3,900 | 86,346 | ||||||
MoneyGram International, Inc.†# | 47,000 | 114,680 | ||||||
PRGX Global, Inc.† | 26,500 | 104,410 | ||||||
StoneCo, Ltd., Class A† | 7,742 | 245,267 | ||||||
WEX, Inc.† | 8,905 | 1,318,652 | ||||||
3,155,199 | ||||||||
Computer Aided Design — 0.6% |
| |||||||
Aspen Technology, Inc.† | 15,700 | 1,658,548 | ||||||
Computer Services — 0.1% |
| |||||||
ALJ Regional Holdings, Inc.† | 40,000 | 26,000 | ||||||
Parsons Corp.† | 4,943 | 200,982 | ||||||
226,982 | ||||||||
Computer Software — 1.1% |
| |||||||
Bill.com Holdings, Inc.†# | 14,031 | 977,119 | ||||||
Checkr, Inc.†(1)(2) | 1,956 | 41,585 | ||||||
Computer Modelling Group, Ltd. | 14,800 | 49,446 | ||||||
Envestnet, Inc.† | 16,152 | 1,172,797 | ||||||
SS&C Technologies Holdings, Inc. | 14,615 | 846,135 | ||||||
3,087,082 | ||||||||
Computers - Integrated Systems — 0.2% |
| |||||||
Cubic Corp. | 10,029 | 413,295 | ||||||
Computers - Memory Devices — 0.0% |
| |||||||
Everspin Technologies, Inc.†# | 10,000 | 58,900 | ||||||
Computers - Other — 0.1% |
| |||||||
PlayAGS, Inc.† | 45,000 | 234,450 | ||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Key Tronic Corp.† | 9,633 | 39,399 | ||||||
Consulting Services — 0.3% |
| |||||||
Booz Allen Hamilton Holding Corp. | 8,200 | 654,032 | ||||||
Franklin Covey Co.† | 3,000 | 63,900 | ||||||
GP Strategies Corp.† | 11,300 | 88,705 | ||||||
Hill International, Inc.† | 30,000 | 44,100 | ||||||
Information Services Group, Inc.† | 27,400 | 47,128 | ||||||
897,865 | ||||||||
174 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Consumer Products - Misc. — 0.1% |
| |||||||
Acme United Corp. | 4,570 | $ | 97,753 | |||||
Reynolds Consumer Products, Inc. | 3,057 | 102,073 | ||||||
199,826 | ||||||||
Containers - Metal/Glass — 0.5% |
| |||||||
Crown Holdings, Inc.† | 21,763 | 1,423,953 | ||||||
Data Processing/Management — 0.0% |
| |||||||
Innodata, Inc.† | 52,600 | 71,536 | ||||||
Diagnostic Equipment — 0.1% |
| |||||||
Adaptive Biotechnologies Corp.† | 3,513 | 135,953 | ||||||
Diagnostic Kits — 0.5% |
| |||||||
Quidel Corp.† | 7,769 | 1,359,575 | ||||||
Disposable Medical Products — 0.9% |
| |||||||
ICU Medical, Inc.† | 10,987 | 2,193,225 | ||||||
Xtant Medical Holdings, Inc.†# | 50,000 | 61,500 | ||||||
2,254,725 | ||||||||
Distribution/Wholesale — 2.9% |
| |||||||
ADDvantage Technologies Group, Inc.† | 25,000 | 46,000 | ||||||
Educational Development Corp. | 16,000 | 132,160 | ||||||
Houston Wire & Cable Co.† | 14,739 | 35,816 | ||||||
IAA, Inc.† | 41,657 | 1,707,937 | ||||||
KAR Auction Services, Inc. | 23,834 | 342,018 | ||||||
Pool Corp. | 15,998 | 4,303,782 | ||||||
SiteOne Landscape Supply, Inc.† | 10,226 | 1,087,126 | ||||||
7,654,839 | ||||||||
Diversified Manufacturing Operations — 0.2% |
| |||||||
DIRTT Environmental Solutions† | 78,000 | 102,180 | ||||||
Enerpac Tool Group Corp. | 12,000 | 214,800 | ||||||
Federal Signal Corp. | 6,400 | 186,496 | ||||||
LSB Industries, Inc.† | 77,500 | 83,700 | ||||||
587,176 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Covia Holdings Corp.†# | 50,000 | 25,100 | ||||||
General Moly, Inc.† | 125,000 | 23,050 | ||||||
Lundin Mining Corp. | 38,196 | 175,882 | ||||||
224,032 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp., Class A† | 3,490 | 49,488 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Volt Information Sciences, Inc.† | 14,393 | 12,523 | ||||||
E-Commerce/Products — 0.1% |
| |||||||
US Auto Parts Network, Inc.† | 28,000 | 195,160 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
A Place For Rover, Inc.†(1)(2) | 513 | 2,373 | ||||||
Leaf Group, Ltd.† | 63,000 | 171,990 | ||||||
Travelzoo† | 11,000 | 67,320 | ||||||
Upwork, Inc.† | 6,400 | 79,616 | ||||||
321,299 | ||||||||
E-Marketing/Info — 0.0% |
| |||||||
Inuvo, Inc.† | 100,000 | 42,840 | ||||||
Educational Software — 0.0% |
| |||||||
Zovio, Inc.† | 25,000 | 70,000 | ||||||
Electric Products-Misc. — 1.2% |
| |||||||
Graham Corp. | 5,800 | 66,352 | ||||||
Littelfuse, Inc. | 2,600 | 422,474 | ||||||
nLight, Inc.† | 51,318 | 1,106,416 | ||||||
Novanta, Inc.† | 13,383 | 1,374,568 | ||||||
Ultralife Corp.† | 12,300 | 102,705 | ||||||
3,072,515 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Electric - Integrated — 1.8% |
| |||||||
MGE Energy, Inc. | 1,894 | $ | 128,584 | |||||
NorthWestern Corp. | 31,421 | 1,889,030 | ||||||
PNM Resources, Inc. | 22,338 | 911,837 | ||||||
Portland General Electric Co. | 40,569 | 1,911,206 | ||||||
4,840,657 | ||||||||
Electronic Components - Misc. — 0.1% |
| |||||||
Applied Optoelectronics, Inc.†# | 5,000 | 44,150 | ||||||
Ballantyne Strong, Inc.† | 14,000 | 23,240 | ||||||
Bel Fuse, Inc., Class B | 6,000 | 56,220 | ||||||
IntriCon Corp.† | 7,100 | 100,394 | ||||||
Sypris Solutions, Inc.† | 24,000 | 16,776 | ||||||
ZAGG, Inc.† | 20,000 | 59,700 | ||||||
300,480 | ||||||||
Electronic Components - Semiconductors — 1.3% |
| |||||||
CTS Corp. | 16,329 | 348,461 | ||||||
eMagin Corp.† | 40,000 | 21,016 | ||||||
EMCORE Corp.† | 25,700 | 77,871 | ||||||
GSI Technology, Inc.† | 19,800 | 149,094 | ||||||
Inphi Corp.† | 1,348 | 169,403 | ||||||
Intellicheck, Inc.†# | 24,800 | 152,272 | ||||||
Lattice Semiconductor Corp.† | 49,125 | 1,221,739 | ||||||
Monolithic Power Systems, Inc. | 4,594 | 963,591 | ||||||
Semtech Corp.† | 3,800 | 202,084 | ||||||
3,305,531 | ||||||||
Electronic Measurement Instruments — 0.3% |
| |||||||
National Instruments Corp. | 16,997 | 658,124 | ||||||
Stoneridge, Inc.† | 8,500 | 174,930 | ||||||
833,054 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
API Group Corp.†* | 24,996 | 281,705 | ||||||
WidePoint Corp.† | 70,000 | 39,900 | ||||||
321,605 | ||||||||
Energy - Alternate Sources — 0.1% |
| |||||||
NextEra Energy Partners LP | 6,100 | 311,771 | ||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp.# | 25,000 | 41,000 | ||||||
Enterprise Software/Service — 1.9% |
| |||||||
Blackbaud, Inc. | 3,951 | 231,568 | ||||||
Ceridian HCM Holding, Inc.† | 11,394 | 784,705 | ||||||
Coupa Software, Inc.† | 1,297 | 295,080 | ||||||
Guidewire Software, Inc.† | 14,678 | 1,505,669 | ||||||
Network-1 Technologies, Inc. | 20,000 | 44,400 | ||||||
Paycom Software, Inc.† | 1,773 | 526,989 | ||||||
Tyler Technologies, Inc.† | 4,322 | 1,622,090 | ||||||
5,010,501 | ||||||||
Entertainment Software — 0.2% |
| |||||||
Zynga, Inc., Class A† | 66,900 | 612,135 | ||||||
Environmental Consulting & Engineering — 0.1% |
| |||||||
Tetra Tech, Inc. | 2,300 | 181,470 | ||||||
Filtration/Separation Products — 0.3% |
| |||||||
ESCO Technologies, Inc. | 8,545 | 705,902 | ||||||
Finance - Auto Loans — 0.0% |
| |||||||
Consumer Portfolio Services, Inc.† | 24,500 | 63,455 | ||||||
Finance - Commercial — 0.0% |
| |||||||
Marlin Business Services Corp. | 7,500 | 56,175 | ||||||
On Deck Capital, Inc.† | 55,000 | 41,135 | ||||||
97,310 | ||||||||
175 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Finance - Consumer Loans — 0.4% |
| |||||||
Asta Funding, Inc.† | 13,200 | $ | 165,000 | |||||
Elevate Credit, Inc.† | 27,000 | 45,900 | ||||||
Encore Capital Group, Inc.† | 10,932 | 347,309 | ||||||
PRA Group, Inc.† | 11,740 | 400,569 | ||||||
Regional Management Corp.† | 1,100 | 17,446 | ||||||
SLM Corp. | 21,600 | 163,728 | ||||||
1,139,952 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
Atlanticus Holdings Corp.† | 7,434 | 107,793 | ||||||
Finance - Investment Banker/Broker — 1.1% |
| |||||||
Arlington Asset Investment Corp., Class A | 30,000 | 72,000 | ||||||
JMP Group LLC | 16,300 | 46,944 | ||||||
Lazard, Ltd., Class A | 47,831 | 1,284,741 | ||||||
Moelis & Co., Class A | 40,927 | 1,376,375 | ||||||
2,780,060 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
PennyMac Financial Services, Inc. | 15,555 | 522,337 | ||||||
Finance - Other Services — 0.3% |
| |||||||
Cboe Global Markets, Inc. | 7,916 | 842,737 | ||||||
Financial Guarantee Insurance — 0.1% |
| |||||||
Radian Group, Inc. | 12,100 | 192,148 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Rocky Mountain Chocolate Factory, Inc. | 6,500 | 27,885 | ||||||
Food - Dairy Products — 0.0% |
| |||||||
Lifeway Foods, Inc.† | 6,700 | 15,879 | ||||||
Food - Misc./Diversified — 0.9% |
| |||||||
BellRing Brands, Inc., Class A† | 6,255 | 125,600 | ||||||
Cal-Maine Foods, Inc.† | 12,351 | 550,361 | ||||||
Nomad Foods, Ltd.† | 17,023 | 360,547 | ||||||
Post Holdings, Inc.† | 6,500 | 565,890 | ||||||
Simply Good Foods Co.† | 3,806 | 64,816 | ||||||
TreeHouse Foods, Inc.† | 13,300 | 701,043 | ||||||
2,368,257 | ||||||||
Food - Retail — 0.1% |
| |||||||
Blue Apron Holdings, Inc., Class A† | 3,000 | 28,260 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 9,000 | 129,600 | ||||||
157,860 | ||||||||
Food - Wholesale/Distribution — 0.9% |
| |||||||
AMCON Distributing Co. | 500 | 27,685 | ||||||
Grocery Outlet Holding Corp.† | 1,000 | 36,810 | ||||||
Performance Food Group Co.† | 89,330 | 2,380,644 | ||||||
2,445,139 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Iconix Brand Group, Inc.† | 31,400 | 30,458 | ||||||
Rocky Brands, Inc. | 6,711 | 139,186 | ||||||
Steven Madden, Ltd. | 2,100 | 49,392 | ||||||
219,036 | ||||||||
Forestry — 0.1% |
| |||||||
West Fraser Timber Co., Ltd. | 6,400 | 173,195 | ||||||
Funeral Services & Related Items — 0.0% |
| |||||||
StoneMor, Inc.† | 65,000 | 48,003 | ||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
Canterbury Park Holding Corp. | 3,200 | 35,200 | ||||||
Monarch Casino & Resort, Inc.† | 13,156 | 528,082 | ||||||
563,282 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Garden Products — 1.6% |
| |||||||
Toro Co. | 57,666 | $ | 4,098,323 | |||||
Gas - Distribution — 0.9% |
| |||||||
Chesapeake Utilities Corp. | 5,400 | 487,836 | ||||||
ONE Gas, Inc. | 10,300 | 864,891 | ||||||
RGC Resources, Inc. | 469 | 12,382 | ||||||
Southwest Gas Holdings, Inc. | 12,037 | 914,210 | ||||||
2,279,319 | ||||||||
Gold Mining — 0.4% |
| |||||||
Franco-Nevada Corp. | 3,500 | 491,273 | ||||||
Northern Star Resources, Ltd. | 61,472 | 599,984 | ||||||
1,091,257 | ||||||||
Golf — 0.5% |
| |||||||
Acushnet Holdings Corp. | 38,377 | 1,282,559 | ||||||
Drive Shack, Inc.†# | 60,500 | 107,690 | ||||||
1,390,249 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Centrus Energy Corp, Class A† | 9,600 | 82,080 | ||||||
Heritage-Crystal Clean, Inc.† | 8,900 | 150,944 | ||||||
233,024 | ||||||||
Health Care Cost Containment — 0.4% |
| |||||||
HealthEquity, Inc.†# | 17,893 | 1,108,829 | ||||||
Healthcare Safety Devices — 0.1% |
| |||||||
Alpha Pro Tech, Ltd.†# | 12,000 | 149,400 | ||||||
Retractable Technologies, Inc.†# | 30,000 | 163,200 | ||||||
312,600 | ||||||||
Home Furnishings — 0.2% |
| |||||||
Flexsteel Industries, Inc. | 9,300 | 92,349 | ||||||
Tempur Sealy International, Inc.† | 5,500 | 358,765 | ||||||
451,114 | ||||||||
Hotels/Motels — 0.0% |
| |||||||
Red Lion Hotels Corp.† | 50,000 | 88,000 | ||||||
Housewares — 0.1% |
| |||||||
Libbey, Inc.†# | 40,000 | 31,828 | ||||||
Lifetime Brands, Inc. | 8,000 | 45,520 | ||||||
Tupperware Brands Corp. | 28,500 | 92,055 | ||||||
169,403 | ||||||||
Human Resources — 0.1% |
| |||||||
Computer Task Group, Inc.† | 19,600 | 81,144 | ||||||
Cross Country Healthcare, Inc.† | 12,791 | 77,641 | ||||||
RCM Technologies, Inc.† | 20,000 | 27,400 | ||||||
186,185 | ||||||||
Identification Systems — 0.7% |
| |||||||
Aware, Inc.† | 21,900 | 77,745 | ||||||
Brady Corp., Class A | 34,470 | 1,762,451 | ||||||
1,840,196 | ||||||||
Instruments - Controls — 0.6% |
| |||||||
Woodward, Inc. | 21,223 | 1,455,473 | ||||||
Insurance Brokers — 0.3% |
| |||||||
Selectquote, Inc.† | 14,231 | 391,637 | ||||||
Selectquote, Inc. Series E†(2) | 4,444 | 116,184 | ||||||
507,821 | ||||||||
Insurance - Multi-line — 0.0% |
| |||||||
Atlantic American Corp.† | 2,000 | 3,540 | ||||||
176 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty — 2.4% |
| |||||||
Assurant, Inc. | 5,923 | $ | 607,581 | |||||
Hallmark Financial Services, Inc.† | 15,000 | 34,950 | ||||||
Hanover Insurance Group, Inc. | 4,700 | 471,645 | ||||||
Kinsale Capital Group, Inc. | 14,561 | 2,174,249 | ||||||
ProSight Global, Inc.† | 1,507 | 13,352 | ||||||
RLI Corp. | 25,911 | 2,045,933 | ||||||
Safety Insurance Group, Inc. | 2,958 | 225,518 | ||||||
Selective Insurance Group, Inc. | 13,100 | 687,095 | ||||||
State Auto Financial Corp. | 6,461 | 128,832 | ||||||
6,389,155 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Axis Capital Holdings, Ltd. | 11,650 | 437,341 | ||||||
Essent Group, Ltd. | 12,441 | 411,175 | ||||||
848,516 | ||||||||
Internet Application Software — 0.1% |
| |||||||
GlobalSCAPE, Inc. | 12,200 | 115,290 | ||||||
RealNetworks, Inc.† | 50,000 | 92,500 | ||||||
Zendesk, Inc.† | 1,600 | 137,200 | ||||||
344,990 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
DHI Group, Inc.† | 25,000 | 66,750 | ||||||
Internet Security — 0.2% |
| |||||||
Proofpoint, Inc.† | 5,100 | 592,977 | ||||||
Investment Companies — 0.0% |
| |||||||
Altus Midstream Co., Class A† | 30,000 | 20,700 | ||||||
Entasis Therapeutics Holdings, Inc.† | 10,000 | 27,700 | ||||||
Medallion Financial Corp.†# | 17,100 | 39,843 | ||||||
Portman Ridge Finance Corp. | 16,700 | 21,710 | ||||||
109,953 | ||||||||
Investment Management/Advisor Services — 1.1% |
| |||||||
AssetMark Financial Holdings, Inc.† | 20,119 | 537,177 | ||||||
Eaton Vance Corp. | 28,756 | 1,036,654 | ||||||
First Western Financial, Inc.† | 5,000 | 64,900 | ||||||
Focus Financial Partners, Inc., Class A† | 43,888 | 1,221,842 | ||||||
Manning & Napier, Inc. | 8,400 | 26,796 | ||||||
Silvercrest Asset Management Group, Inc., Class A | 10,000 | 112,700 | ||||||
3,000,069 | ||||||||
Leisure Games — 0.0% |
| |||||||
Bowl America, Inc., Class A | 3,000 | 25,590 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,200 | 52,416 | ||||||
Machine Tools & Related Products — 0.8% |
| |||||||
L.S. Starrett Co., Class A† | 8,000 | 26,000 | ||||||
Lincoln Electric Holdings, Inc. | 26,547 | 2,181,367 | ||||||
2,207,367 | ||||||||
Machinery - Electrical — 0.3% |
| |||||||
Babcock & Wilcox Enterprises, Inc.†# | 55,000 | 118,250 | ||||||
BWX Technologies, Inc. | 8,473 | 530,156 | ||||||
648,406 | ||||||||
Machinery - General Industrial — 2.0% |
| |||||||
Altra Industrial Motion Corp. | 38,538 | 1,194,678 | ||||||
Applied Industrial Technologies, Inc. | 22,229 | 1,289,282 | ||||||
Chart Industries, Inc.† | 6,305 | 247,471 | ||||||
Gates Industrial Corp. PLC† | 80,030 | 804,302 | ||||||
Intevac, Inc.† | 6,100 | 31,781 | ||||||
Nordson Corp. | 5,919 | 1,114,844 | ||||||
Twin Disc, Inc.† | 12,500 | 68,625 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Welbilt, Inc.† | 65,041 | $ | 395,449 | |||||
5,146,432 | ||||||||
Machinery - Print Trade — 0.0% |
| |||||||
Eastman Kodak Co.†# | 35,900 | 89,032 | ||||||
Machinery - Pumps — 0.5% |
| |||||||
Graco, Inc. | 8,800 | 424,248 | ||||||
Ingersoll Rand, Inc.† | 20,174 | 568,907 | ||||||
Mueller Water Products, Inc., Class A | 32,900 | 307,286 | ||||||
1,300,441 | ||||||||
Marine Services — 0.0% |
| |||||||
SEACOR Marine Holdings, Inc.† | 15,000 | 23,250 | ||||||
Medical Information Systems — 0.1% |
| |||||||
Castlight Health, Inc., Class B† | 63,500 | 50,019 | ||||||
Tabula Rasa HealthCare, Inc.†# | 1,600 | 85,488 | ||||||
135,507 | ||||||||
Medical Instruments — 0.4% |
| |||||||
Bruker Corp. | 13,690 | 592,503 | ||||||
NuVasive, Inc.† | 4,750 | 287,850 | ||||||
TransEnterix, Inc.†# | 75,000 | 31,748 | ||||||
912,101 | ||||||||
Medical Labs & Testing Services — 2.4% |
| |||||||
Alignment Healthcare Partners, Class A1(1)(2) | 7,632 | 92,489 | ||||||
Catalent, Inc.† | 60,260 | 4,684,010 | ||||||
Neuronetics, Inc.† | 29,500 | 53,985 | ||||||
Syneos Health, Inc.† | 25,975 | 1,584,215 | ||||||
6,414,699 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
IRIDEX Corp.† | 8,100 | 14,580 | ||||||
Medical Products — 2.4% |
| |||||||
AtriCure, Inc.† | 7,261 | 347,148 | ||||||
Avanos Medical, Inc.† | 11,845 | 344,216 | ||||||
Axonics Modulation Technologies, Inc.†# | 2,451 | 89,878 | ||||||
Conformis, Inc.†# | 50,000 | 49,435 | ||||||
Electromed, Inc.† | 8,200 | 118,244 | ||||||
Envista Holdings Corp.† | 33,536 | 708,951 | ||||||
Hanger, Inc.† | 21,871 | 401,552 | ||||||
Inari Medical, Inc.† | 737 | 32,428 | ||||||
Intersect ENT, Inc.† | 4,200 | 46,830 | ||||||
iRhythm Technologies, Inc.† | 5,541 | 688,802 | ||||||
Nevro Corp.† | 2,949 | 370,394 | ||||||
Novan, Inc.† | 115,000 | 46,345 | ||||||
Penumbra, Inc.†# | 1,371 | 236,388 | ||||||
RA Medical Systems, Inc.†# | 35,000 | 18,060 | ||||||
Sientra, Inc.†# | 43,400 | 168,392 | ||||||
T2 Biosystems, Inc.†# | 25,000 | 20,983 | ||||||
United-Guardian, Inc. | 3,500 | 55,160 | ||||||
West Pharmaceutical Services, Inc. | 11,562 | 2,497,854 | ||||||
6,241,060 | ||||||||
Medical - Biomedical/Gene — 3.6% |
| |||||||
ACADIA Pharmaceuticals, Inc.† | 2,950 | 146,556 | ||||||
Acceleron Pharma, Inc.† | 3,900 | 385,437 | ||||||
Acorda Therapeutics, Inc.† | 23,606 | 17,648 | ||||||
Aduro Biotech, Inc.† | 32,600 | 106,602 | ||||||
Advaxis, Inc.†# | 70,000 | 48,020 | ||||||
Allena Pharmaceuticals, Inc.† | 30,200 | 50,736 | ||||||
Allogene Therapeutics, Inc.†# | 1,676 | 80,716 | ||||||
Altimmune, Inc.†# | 15,000 | 139,200 | ||||||
Amarin Corp. PLC ADR†# | 6,900 | 47,334 |
177 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Apellis Pharmaceuticals, Inc.† | 1,700 | $ | 57,273 | |||||
Applied Genetic Technologies Corp.† | 20,000 | 96,000 | ||||||
Arcutis Biotherapeutics, Inc.†# | 1,317 | 44,185 | ||||||
Argenx SE ADR† | 3,570 | 782,901 | ||||||
Ascendis Pharma A/S ADR† | 6,835 | 994,424 | ||||||
Bellicum Pharmaceuticals, Inc.†# | 3,900 | 29,757 | ||||||
Blueprint Medicines Corp.† | 5,453 | 355,208 | ||||||
Cara Therapeutics, Inc.†# | 4,346 | 68,971 | ||||||
Catabasis Pharmaceuticals, Inc.†# | 12,500 | 77,625 | ||||||
Clearside Biomedical, Inc.†# | 50,000 | 93,000 | ||||||
CRISPR Therapeutics AG† | 653 | 42,171 | ||||||
Curis, Inc.† | 51,300 | 42,846 | ||||||
Cymabay Therapeutics, Inc.† | 40,000 | 148,200 | ||||||
Enzo Biochem, Inc.† | 37,500 | 106,875 | ||||||
Equillium, Inc.† | 15,000 | 51,750 | ||||||
Evelo Biosciences, Inc.†# | 13,500 | 58,995 | ||||||
EyePoint Pharmaceuticals, Inc.†# | 75,000 | 64,500 | ||||||
Five Prime Therapeutics, Inc.† | 23,000 | 121,900 | ||||||
Harvard Bioscience, Inc.† | 45,000 | 118,800 | ||||||
Homology Medicines, Inc.† | 4,710 | 67,070 | ||||||
IGM Biosciences, Inc.† | 2,027 | 131,309 | ||||||
Immunomedics, Inc.† | 7,800 | 262,002 | ||||||
Infinity Pharmaceuticals, Inc.† | 100,000 | 90,000 | ||||||
Insmed, Inc.† | 17,192 | 417,594 | ||||||
Iovance Biotherapeutics, Inc.† | 1,500 | 48,135 | ||||||
Kodiak Sciences, Inc.† | 5,122 | 330,932 | ||||||
Krystal Biotech, Inc.†# | 1,598 | 82,153 | ||||||
Lineage Cell Therapeutics, Inc.†# | 6,712 | 5,918 | ||||||
LogicBio Therapeutics, Inc.†# | 16,500 | 113,190 | ||||||
Marker Therapeutics, Inc.†# | 36,000 | 81,720 | ||||||
Menlo Therapeutics, Inc.†# | 19,400 | 46,366 | ||||||
Merrimack Pharmaceuticals, Inc. | 5,000 | 16,950 | ||||||
Mustang Bio, Inc.† | 27,500 | 102,575 | ||||||
Novavax, Inc.†# | 1,800 | 82,872 | ||||||
Oncocyte Corp.† | 50,000 | 138,000 | ||||||
Orchard Therapeutics PLC ADR† | 11,673 | 110,894 | ||||||
Otonomy, Inc.† | 35,000 | 89,600 | ||||||
Palatin Technologies, Inc.†# | 195,000 | 98,846 | ||||||
Protalix BioTherapeutics, Inc.† | 8,701 | 29,061 | ||||||
PTC Therapeutics, Inc.† | 2,300 | 116,633 | ||||||
Radius Health, Inc.†# | 18,086 | 228,969 | ||||||
Savara, Inc.† | 26,000 | 63,440 | ||||||
Scholar Rock Holding Corp.†# | 3,108 | 57,187 | ||||||
Seattle Genetics, Inc.† | 2,600 | 408,746 | ||||||
Selecta Biosciences, Inc.†# | 35,000 | 128,450 | ||||||
Sesen Bio, Inc.† | 95,000 | 76,399 | ||||||
Sierra Oncology, Inc.† | 7,500 | 105,075 | ||||||
Surface Oncology, Inc.†# | 29,000 | 148,190 | ||||||
Synlogic, Inc.† | 53,400 | 134,034 | ||||||
Synthetic Biologics, Inc.† | 35,000 | 13,874 | ||||||
Tela Bio, Inc.†# | 8,700 | 119,625 | ||||||
Tocagen, Inc.†# | 13,300 | 16,093 | ||||||
Turning Point Therapeutics, Inc.† | 2,819 | 195,216 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 6,633 | 454,095 | ||||||
VolitionRX, Ltd.†# | 29,400 | 90,552 | ||||||
Xencor, Inc.† | 8,493 | 256,913 | ||||||
Zentalis Pharmaceuticals, Inc.† | 1,260 | 65,797 | ||||||
9,402,105 | ||||||||
Medical - Drugs — 1.8% |
| |||||||
AcelRx Pharmaceuticals, Inc.†# | 32,100 | 44,619 | ||||||
Aclaris Therapeutics, Inc.†# | 70,000 | 98,700 | ||||||
Adamas Pharmaceuticals, Inc.†# | 13,500 | 37,260 | ||||||
Aeglea BioTherapeutics, Inc.† | 12,700 | 111,887 | ||||||
Aimmune Therapeutics, Inc.†# | 8,475 | 140,770 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Drugs (continued) |
| |||||||
Alimera Sciences, Inc.† | 7,667 | $ | 37,798 | |||||
Ampio Pharmaceuticals, Inc.†# | 98,900 | 53,060 | ||||||
Assertio Holdings, Inc.† | 3,400 | 3,315 | ||||||
cbdMD, Inc.†# | 18,600 | 27,342 | ||||||
Chimerix, Inc.† | 57,300 | 178,776 | ||||||
Corvus Pharmaceuticals, Inc.†# | 20,000 | 69,000 | ||||||
Cumberland Pharmaceuticals, Inc.† | 27,800 | 92,018 | ||||||
Cyclerion Therapeutics, Inc.† | 20,000 | 79,600 | ||||||
Eloxx Pharmaceuticals, Inc.† | 16,900 | 57,291 | ||||||
Enanta Pharmaceuticals, Inc.† | 500 | 25,745 | ||||||
Global Blood Therapeutics, Inc.†# | 9,584 | 670,113 | ||||||
KalVista Pharmaceuticals, Inc.† | 700 | 7,875 | ||||||
Leap Therapeutics, Inc.† | 29,500 | 69,915 | ||||||
MyoKardia, Inc.† | 5,775 | 590,725 | ||||||
NanoViricides, Inc.† | 6,000 | 45,120 | ||||||
Neos Therapeutics, Inc.†# | 40,000 | 28,392 | ||||||
Odonate Therapeutics, Inc.† | 1,159 | 37,864 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 24,000 | 144,240 | ||||||
Prestige Consumer Healthcare, Inc.† | 17,270 | 728,794 | ||||||
Principia Biopharma, Inc.† | 3,229 | 206,301 | ||||||
Reata Pharmaceuticals, Inc., Class A† | 2,137 | 310,549 | ||||||
Rockwell Medical, Inc.†# | 45,000 | 96,300 | ||||||
scPharmaceuticals, Inc.† | 11,500 | 95,795 | ||||||
SCYNEXIS, Inc.† | 100,000 | 75,420 | ||||||
Tetraphase Pharmaceuticals, Inc.†# | 10,000 | 21,600 | ||||||
TherapeuticsMD, Inc.†# | 100,029 | 113,033 | ||||||
Tonix Pharmaceuticals Holding Corp.† | 50,000 | 32,500 | ||||||
Trevena, Inc.†# | 55,000 | 71,500 | ||||||
Tricida, Inc.†# | 5,747 | 154,364 | ||||||
VIVUS, Inc.†# | 24,100 | 26,992 | ||||||
Xeris Pharmaceuticals, Inc.† | 30,000 | 154,200 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 21,500 | 113,090 | ||||||
4,851,863 | ||||||||
Medical - Generic Drugs — 0.1% |
| |||||||
Momenta Pharmaceuticals, Inc.† | 10,239 | 322,324 | ||||||
Unum Therapeutics, Inc.† | 30,000 | 16,836 | ||||||
339,160 | ||||||||
Medical - HMO — 1.6% |
| |||||||
Molina Healthcare, Inc.† | 21,974 | 4,083,209 | ||||||
Medical - Nursing Homes — 0.0% |
| |||||||
Genesis Healthcare, Inc.† | 100,000 | 86,210 | ||||||
Medical - Outpatient/Home Medical — 0.8% |
| |||||||
Amedisys, Inc.† | 3,822 | 734,015 | ||||||
Chemed Corp. | 1,987 | 950,799 | ||||||
Pennant Group, Inc.† | 6,228 | 158,752 | ||||||
Providence Service Corp.† | 3,300 | 265,650 | ||||||
2,109,216 | ||||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Great Elm Capital Group, Inc.† | 40,000 | 96,000 | ||||||
Premier, Inc., Class A† | 36,049 | 1,254,145 | ||||||
1,350,145 | ||||||||
Metal Processors & Fabrication — 1.1% |
| |||||||
Ampco-Pittsburgh Corp.† | 19,500 | 64,155 | ||||||
AZZ, Inc. | 10,600 | 335,596 | ||||||
Gulf Island Fabrication, Inc.† | 9,100 | 27,209 | ||||||
Helios Technologies, Inc. | 8,277 | 296,068 | ||||||
Mayville Engineering Co., Inc.† | 10,000 | 61,200 | ||||||
RBC Bearings, Inc.† | 14,809 | 2,082,886 | ||||||
Strattec Security Corp. | 1,500 | 19,350 | ||||||
2,886,464 | ||||||||
178 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Metal Products - Distribution — 0.0% |
| |||||||
Olympic Steel, Inc. | 8,800 | $ | 97,064 | |||||
Metal Products - Fasteners — 0.0% |
| |||||||
Eastern Co. | 4,187 | 78,339 | ||||||
Metal - Aluminum — 0.2% |
| |||||||
Alcoa Corp.† | 17,800 | 163,938 | ||||||
Constellium SE† | 28,600 | 234,806 | ||||||
398,744 | ||||||||
Metal - Copper — 0.1% |
| |||||||
ERO Copper Corp.† | 24,400 | 284,077 | ||||||
Mining Services — 0.0% |
| |||||||
Contura Energy, Inc.† | 17,000 | 65,280 | ||||||
Miscellaneous Manufacturing — 1.6% |
| |||||||
AptarGroup, Inc. | 31,926 | 3,556,237 | ||||||
FreightCar America, Inc.† | 35,000 | 42,000 | ||||||
John Bean Technologies Corp. | 8,817 | 724,317 | ||||||
4,322,554 | ||||||||
Multimedia — 0.7% |
| |||||||
E.W. Scripps Co., Class A | 35,062 | 303,988 | ||||||
FactSet Research Systems, Inc. | 4,799 | 1,475,740 | ||||||
1,779,728 | ||||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Uranium Energy Corp.†# | 100,500 | 105,525 | ||||||
Office Automation & Equipment — 0.0% |
| |||||||
AstroNova, Inc. | 7,000 | 45,010 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Quintana Energy Services, Inc.† | 15,000 | 10,680 | ||||||
Oil Companies - Exploration & Production — 1.1% |
| |||||||
Amplify Energy Corp.# | 25,500 | 28,050 | ||||||
Barnwell Industries, Inc.† | 15,000 | 8,702 | ||||||
Chaparral Energy, Inc., Class A† | 60,000 | 29,916 | ||||||
Contango Oil & Gas Co.†# | 40,000 | 110,000 | ||||||
Denbury Resources, Inc.†# | 300,000 | 63,900 | ||||||
Devon Energy Corp. | 15,000 | 162,150 | ||||||
Diamondback Energy, Inc. | 12,200 | 519,476 | ||||||
Earthstone Energy, Inc., Class A†# | 33,400 | 99,532 | ||||||
Evolution Petroleum Corp. | 23,100 | 56,364 | ||||||
Extraction Oil & Gas, Inc.† | 190,000 | 55,100 | ||||||
Goodrich Petroleum Corp.† | 9,000 | 72,360 | ||||||
Gran Tierra Energy, Inc.†# | 215,000 | 51,213 | ||||||
HighPoint Resources Corp.† | 165,000 | 39,600 | ||||||
Kosmos Energy, Ltd. | 11,364 | 20,682 | ||||||
Laredo Petroleum, Inc.† | 100,000 | 84,850 | ||||||
Lonestar Resources US, Inc., Class A† | 30,000 | 17,505 | ||||||
Magnolia Oil & Gas Corp., Class A†# | 46,420 | 257,631 | ||||||
Mammoth Energy Services, Inc.# | 30,000 | 37,800 | ||||||
Montage Resources Corp., Class A† | 2,600 | 15,912 | ||||||
Panhandle Oil and Gas, Inc., Class A | 10,000 | 41,800 | ||||||
Parsley Energy, Inc., Class A | 10,308 | 94,215 | ||||||
PEDEVCO Corp.†# | 70,000 | 53,200 | ||||||
Penn Virginia Corp.† | 19,800 | 173,844 | ||||||
QEP Resources, Inc. | 145,000 | 123,772 | ||||||
Ring Energy, Inc.†# | 125,000 | 148,750 | ||||||
SandRidge Energy, Inc.† | 55,000 | 86,900 | ||||||
Seven Generations Energy, Ltd., Class A† | 26,700 | 56,237 | ||||||
SilverBow Resources, Inc.† | 10,000 | 37,800 | ||||||
VAALCO Energy, Inc.† | 30,000 | 29,757 | ||||||
Venture Global LNG, Inc., Series B†(1)(2) | 4 | 15,392 | ||||||
Venture Global LNG, Inc., Series C†(1)(2) | 59 | 227,032 | ||||||
2,819,442 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Oil Field Machinery & Equipment — 0.2% |
| |||||||
Dril-Quip, Inc.†# | 4,200 | $ | 127,638 | |||||
Flotek Industries, Inc.†# | 50,000 | 49,000 | ||||||
Forum Energy Technologies, Inc.† | 100,000 | 29,000 | ||||||
Hi-Crush Partners LP† | 90,000 | 22,653 | ||||||
Mitcham Industries, Inc.† | 22,400 | 34,272 | ||||||
Natural Gas Services Group, Inc.† | 10,400 | 65,104 | ||||||
Smart Sand, Inc.†# | 15,000 | 15,900 | ||||||
Superior Drilling Products, Inc.† | 56,000 | 42,398 | ||||||
Thermon Group Holdings, Inc.† | 4,100 | 65,723 | ||||||
451,688 | ||||||||
Oil Refining & Marketing — 0.0% |
| |||||||
Adams Resources & Energy, Inc. | 3,314 | 86,943 | ||||||
Trecora Resources† | 2,100 | 13,419 | ||||||
100,362 | ||||||||
Oil - Field Services — 0.4% |
| |||||||
Enservco Corp.† | 135,000 | 20,668 | ||||||
Era Group, Inc.† | 19,000 | 95,190 | ||||||
Halliburton Co. | 30,127 | 353,992 | ||||||
Independence Contract Drilling, Inc.† | 7,000 | 43,190 | ||||||
KLX Energy Services Holdings, Inc.†# | 14,000 | 20,720 | ||||||
Liberty Oilfield Services, Inc., Class A | 37,444 | 192,837 | ||||||
NCS Multistage Holdings, Inc.† | 94,500 | 49,131 | ||||||
Newpark Resources, Inc.† | 40,000 | 80,800 | ||||||
NexTier Oilfield Solutions, Inc.† | 55,000 | 159,500 | ||||||
Nine Energy Service, Inc.†# | 20,000 | 40,600 | ||||||
Nuverra Environmental Solutions, Inc.†# | 6,300 | 9,261 | ||||||
Ranger Energy Services, Inc.† | 5,000 | 18,300 | ||||||
Superior Energy Services, Inc.†# | 50,000 | 49,210 | ||||||
TETRA Technologies, Inc.† | 75,000 | 24,750 | ||||||
1,158,149 | ||||||||
Pharmacy Services — 0.0% |
| |||||||
JAND, Inc. (dba Warby Parker), Class A†(1)(2) | 4,462 | 86,978 | ||||||
Physical Therapy/Rehabilitation Centers — 1.2% |
| |||||||
Encompass Health Corp. | 37,289 | 2,731,419 | ||||||
U.S. Physical Therapy, Inc. | 4,321 | 320,359 | ||||||
3,051,778 | ||||||||
Pipelines — 0.0% |
| |||||||
New Fortress Energy LLC†# | 5,467 | 75,827 | ||||||
Pollution Control — 0.0% |
| |||||||
Fuel Tech, Inc.†# | 75,000 | 55,755 | ||||||
Poultry — 0.2% |
| |||||||
Sanderson Farms, Inc. | 3,600 | 475,272 | ||||||
Power Converter/Supply Equipment — 0.6% |
| |||||||
Generac Holdings, Inc.† | 14,330 | 1,594,499 | ||||||
LGL Group, Inc.† | 5,000 | 43,000 | ||||||
1,637,499 | ||||||||
Printing-Commercial — 0.1% |
| |||||||
ARC Document Solutions, Inc. | 103,000 | 105,060 | ||||||
Quad/Graphics, Inc. | 30,000 | 85,500 | ||||||
190,560 | ||||||||
Protection/Safety — 0.0% |
| |||||||
ADT, Inc.# | 16,024 | 113,450 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 15,000 | 23,250 | ||||||
Lee Enterprises, Inc.† | 84,700 | 94,017 | ||||||
117,267 | ||||||||
179 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Radio — 0.1% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 20,000 | $ | 47,800 | |||||
Cumulus Media, Inc., Class A† | 14,500 | 74,965 | ||||||
Salem Media Group, Inc. | 45,000 | 40,491 | ||||||
Townsquare Media, Inc., Class A | 11,000 | 49,170 | ||||||
212,426 | ||||||||
Real Estate Investment Trusts — 4.3% |
| |||||||
Acadia Realty Trust | 7,900 | 92,667 | ||||||
American Campus Communities, Inc. | 14,000 | 452,200 | ||||||
Community Healthcare Trust, Inc. | 2,800 | 101,976 | ||||||
CubeSmart | 76,789 | 2,185,415 | ||||||
Douglas Emmett, Inc. | 2,700 | 79,272 | ||||||
EastGroup Properties, Inc. | 26,004 | 3,022,965 | ||||||
First Industrial Realty Trust, Inc. | 6,600 | 250,008 | ||||||
JBG SMITH Properties | 19,532 | 580,686 | ||||||
National Retail Properties, Inc. | 45,169 | 1,417,855 | ||||||
Outfront Media, Inc. | 52,208 | 733,000 | ||||||
Paramount Group, Inc. | 9,727 | 74,995 | ||||||
PS Business Parks, Inc. | 5,656 | 755,868 | ||||||
Regency Centers Corp. | 3,435 | 146,984 | ||||||
Rexford Industrial Realty, Inc. | 13,200 | 525,360 | ||||||
RLJ Lodging Trust | 68,192 | 703,060 | ||||||
Ryman Hospitality Properties, Inc. | 10,694 | 365,521 | ||||||
11,487,832 | ||||||||
Real Estate Management/Services — 0.8% |
| |||||||
Cushman & Wakefield PLC†# | 108,312 | 1,110,198 | ||||||
FirstService Corp. | 10,036 | 936,660 | ||||||
2,046,858 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
CTO Realty Growth, Inc. | 3,100 | 129,518 | ||||||
Trinity Place Holdings, Inc.† | 10,000 | 17,200 | ||||||
146,718 | ||||||||
Recreational Centers — 0.4% |
| |||||||
OneSpaWorld Holdings, Ltd. | 14,640 | 95,745 | ||||||
Planet Fitness, Inc., Class A† | 14,652 | 946,959 | ||||||
Town Sports International Holdings, Inc.†# | 75,000 | 62,250 | ||||||
1,104,954 | ||||||||
Recreational Vehicles — 0.8% |
| |||||||
Brunswick Corp. | 37,558 | 2,066,066 | ||||||
Rental Auto/Equipment — 0.2% |
| |||||||
Aaron’s, Inc. | 14,715 | 543,131 | ||||||
Retail - Apparel/Shoe — 0.6% |
| |||||||
Allbirds, Inc.†(1)(2) | 5,670 | 54,066 | ||||||
Burlington Stores, Inc.† | 5,450 | 1,142,702 | ||||||
Destination XL Group, Inc.† | 40,000 | 17,096 | ||||||
Express, Inc.† | 50,000 | 98,000 | ||||||
Francesca’s Holdings Corp.†# | 14,100 | 45,966 | ||||||
J. Jill, Inc.��# | 35,500 | 21,762 | ||||||
RTW RetailWinds, Inc.† | 63,029 | 28,369 | ||||||
Tailored Brands, Inc.# | 30,000 | 38,700 | ||||||
Tilly’s, Inc., Class A | 10,968 | 56,156 | ||||||
1,502,817 | ||||||||
Retail - Arts & Crafts — 0.1% |
| |||||||
Michaels Cos., Inc.†# | 33,800 | 130,468 | ||||||
Retail - Automobile — 0.1% |
| |||||||
Rush Enterprises, Inc., Class A | 4,400 | 183,128 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 54,000 | 83,700 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Building Products — 0.1% |
| |||||||
Aspen Aerogels, Inc.† | 14,200 | $ | 88,040 | |||||
BlueLinx Holdings, Inc.†# | 10,500 | 72,450 | ||||||
160,490 | ||||||||
Retail - Convenience Store — 0.4% |
| |||||||
Casey’s General Stores, Inc. | 6,044 | 965,408 | ||||||
Retail - Discount — 1.5% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 67,311 | 2,423,196 | ||||||
Citi Trends, Inc. | 6,200 | 100,688 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 14,699 | 1,344,224 | ||||||
3,868,108 | ||||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Bassett Furniture Industries, Inc. | 6,500 | 41,600 | ||||||
Kirkland’s, Inc.†# | 45,000 | 50,850 | ||||||
Lovesac Co.†# | 8,000 | 146,480 | ||||||
RH† | 1,852 | 401,680 | ||||||
Tuesday Morning Corp.†# | 70,000 | 17,598 | ||||||
658,208 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Envela Corp.† | 15,000 | 53,850 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 35,000 | 99,750 | ||||||
Five Below, Inc.† | 1,600 | 167,440 | ||||||
Gaia, Inc.†# | 9,400 | 73,602 | ||||||
Party City Holdco, Inc.†# | 200,000 | 258,000 | ||||||
598,792 | ||||||||
Retail - Petroleum Products — 0.0% |
| |||||||
TravelCenters of America, Inc.† | 5,800 | 78,996 | ||||||
Retail - Restaurants — 1.7% |
| |||||||
Ark Restaurants Corp. | 8,000 | 102,000 | ||||||
BBQ Holdings, Inc.† | 8,250 | 24,585 | ||||||
BJ’s Restaurant, Inc. PIPE†(2) | 12,221 | 252,168 | ||||||
Carrols Restaurant Group, Inc.† | 40,000 | 171,600 | ||||||
Chuy’s Holdings, Inc.† | 13,470 | 215,385 | ||||||
Darden Restaurants, Inc. | 1,199 | 92,155 | ||||||
Denny’s Corp.† | 18,000 | 195,210 | ||||||
Dunkin’ Brands Group, Inc. | 14,369 | 917,748 | ||||||
Fiesta Restaurant Group, Inc.† | 21,719 | 178,747 | ||||||
Flanigan’s Enterprises, Inc.† | 44 | 722 | ||||||
J Alexander’s Holdings, Inc.† | 13,000 | 55,120 | ||||||
Kura Sushi USA, Inc., Class A†# | 4,500 | 65,655 | ||||||
Luby’s, Inc.† | 60,000 | 48,960 | ||||||
Papa John’s International, Inc. | 12,500 | 973,625 | ||||||
Potbelly Corp.† | 30,000 | 63,000 | ||||||
Red Robin Gourmet Burgers, Inc.† | 8,114 | 112,460 | ||||||
Wendy’s Co. | 49,567 | 1,053,795 | ||||||
4,522,935 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Big 5 Sporting Goods Corp.# | 95,000 | 176,700 | ||||||
Retail - Toy Stores — 0.0% |
| |||||||
Build-A-Bear Workshop, Inc.† | 10,500 | 23,835 | ||||||
Retail - Vision Service Center — 0.2% |
| |||||||
National Vision Holdings, Inc.† | 21,173 | 567,013 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Capital Senior Living Corp.† | 23,500 | 15,510 | ||||||
Savings & Loans/Thrifts — 0.6% |
| |||||||
BankFinancial Corp. | 9,300 | 84,444 | ||||||
Capitol Federal Financial, Inc. | 18,467 | 216,526 |
180 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Savings & Loans/Thrifts (continued) |
| |||||||
ESSA Bancorp, Inc. | 9,000 | $ | 129,150 | |||||
First Financial Northwest, Inc. | 10,000 | 97,700 | ||||||
Investors Bancorp, Inc. | 26,400 | 229,152 | ||||||
Lake Shore Bancorp, Inc. | 10,000 | 111,600 | ||||||
Malvern Bancorp, Inc.† | 3,800 | 45,144 | ||||||
Meridian Bancorp, Inc. | 21,160 | 243,763 | ||||||
Pacific Premier Bancorp, Inc. | 15,000 | 324,300 | ||||||
Provident Financial Holdings, Inc. | 3,414 | 43,938 | ||||||
Prudential Bancorp, Inc. | 5,000 | 61,100 | ||||||
1,586,817 | ||||||||
Schools — 0.6% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 11,178 | 1,250,595 | ||||||
Lincoln Educational Services Corp.† | 20,000 | 78,000 | ||||||
Strategic Education, Inc. | 877 | 148,765 | ||||||
1,477,360 | ||||||||
Security Services — 0.2% |
| |||||||
Brink’s Co. | 11,202 | 449,200 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Dawson Geophysical Co.† | 19,927 | 26,304 | ||||||
Geospace Technologies Corp.† | 8,900 | 70,132 | ||||||
96,436 | ||||||||
Semiconductor Components - Integrated Circuits — 0.6% |
| |||||||
Power Integrations, Inc. | 13,376 | 1,449,290 | ||||||
Semiconductor Equipment — 1.4% |
| |||||||
Cabot Microelectronics Corp. | 15,429 | 2,235,045 | ||||||
Entegris, Inc. | 18,900 | 1,131,732 | ||||||
MKS Instruments, Inc. | 1,400 | 147,882 | ||||||
Richardson Electronics, Ltd. | 15,000 | 62,400 | ||||||
3,577,059 | ||||||||
Silver Mining — 0.0% |
| |||||||
Golden Minerals Co.† | 85,000 | 28,968 | ||||||
Specified Purpose Acquisitions — 0.1% |
| |||||||
Collier Creek Holdings† | 13,012 | 142,481 | ||||||
Conyers Park II Acquisition Corp.† | 14,312 | 154,570 | ||||||
297,051 | ||||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Valmont Industries, Inc. | 648 | 73,872 | ||||||
Steel - Producers — 0.0% |
| |||||||
Friedman Industries, Inc. | 10,000 | 44,600 | ||||||
Shiloh Industries, Inc.† | 53,100 | 63,189 | ||||||
107,789 | ||||||||
Steel - Specialty — 0.0% |
| |||||||
Universal Stainless & Alloy Products, Inc.† | 7,500 | 58,800 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.† | 10,500 | 76,125 | ||||||
Telecom Services — 0.0% |
| |||||||
Consolidated Communications Holdings, Inc.† | 1 | 6 | ||||||
RigNet, Inc.† | 12,600 | 12,352 | ||||||
Spok Holdings, Inc. | 4,800 | 49,296 | ||||||
61,654 | ||||||||
Telecommunication Equipment — 0.1% |
| |||||||
Communications Systems, Inc. | 30,000 | 154,200 | ||||||
Wireless Telecom Group, Inc.† | 53,200 | 53,732 | ||||||
207,932 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Telephone - Integrated — 0.1% |
| |||||||
Alaska Communications Systems Group, Inc. | 77,000 | $ | 200,970 | |||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 11,500 | 88,665 | ||||||
Dixie Group, Inc.† | 10,000 | 10,400 | ||||||
99,065 | ||||||||
Theaters — 0.2% |
| |||||||
Cinemark Holdings, Inc. | 38,056 | 571,982 | ||||||
Therapeutics — 0.2% |
| |||||||
Agios Pharmaceuticals, Inc.† | 3,033 | 156,927 | ||||||
CorMedix, Inc.† | 11,800 | 52,156 | ||||||
G1 Therapeutics, Inc.† | 2,875 | 48,789 | ||||||
Proteostasis Therapeutics, Inc.† | 60,500 | 79,255 | ||||||
Trevi Therapeutics, Inc.† | 15,000 | 40,800 | ||||||
377,927 | ||||||||
Tobacco — 0.0% |
| |||||||
Greenlane Holdings, Inc., Class A†# | 10,000 | 34,400 | ||||||
Tools - Hand Held — 0.9% |
| |||||||
MSA Safety, Inc. | 18,880 | 2,245,587 | ||||||
Toys — 0.0% |
| |||||||
JAKKS Pacific, Inc.†# | 30,000 | 18,000 | ||||||
Transport - Marine — 0.0% |
| |||||||
Overseas Shipholding Group, Inc., Class A† | 35,000 | 77,350 | ||||||
Transport - Services — 0.2% |
| |||||||
Matson, Inc. | 16,900 | 482,833 | ||||||
Steel Connect, Inc.† | 71,500 | 37,109 | ||||||
519,942 | ||||||||
Transport - Truck — 1.7% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 53,484 | 2,225,469 | ||||||
Landstar System, Inc. | 15,317 | 1,780,755 | ||||||
P.A.M. Transportation Services, Inc.† | 1,357 | 47,359 | ||||||
Patriot Transportation Holding, Inc. | 5,000 | 42,025 | ||||||
Saia, Inc.† | 2,200 | 238,568 | ||||||
USA Truck, Inc.† | 4,000 | 25,640 | ||||||
XPO Logistics, Inc.† | 1 | 79 | ||||||
YRC Worldwide, Inc.†# | 30,000 | 44,400 | ||||||
4,404,295 | ||||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc. | 14,100 | 89,253 | ||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc. CVR†(1) | 3,000 | 0 | ||||||
Vitamins & Nutrition Products — 0.0% |
| |||||||
Calyxt, Inc.†# | 20,000 | 86,800 | ||||||
Water — 0.4% |
| |||||||
California Water Service Group | 6,600 | 310,200 | ||||||
Middlesex Water Co. | 4,782 | 324,506 | ||||||
PICO Holdings, Inc.† | 10,000 | 83,800 | ||||||
SJW Group | 7,170 | 450,563 | ||||||
1,169,069 | ||||||||
Web Hosting/Design — 0.8% |
| |||||||
Q2 Holdings, Inc.† | 23,925 | 1,976,683 | ||||||
Web Portals/ISP — 0.0% |
| |||||||
Synacor, Inc.† | 44,000 | 48,400 | ||||||
Wire & Cable Products — 0.0% |
| |||||||
Belden, Inc. | 1,600 | 54,464 | ||||||
181 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Wireless Equipment — 0.1% |
| |||||||
Frequency Electronics, Inc.† | 10,000 | $ | 81,000 | |||||
Powerfleet, Inc.† | 25,000 | 117,500 | ||||||
Sonim Technologies, Inc.†# | 18,900 | 15,687 | ||||||
214,187 | ||||||||
Total Common Stocks | ||||||||
(cost $229,241,490) | 254,844,499 | |||||||
CONVERTIBLE PREFERRED SECURITIES — 0.8% |
| |||||||
Applications Software — 0.2% |
| |||||||
Convoy, Inc., Series C | 12,094 | 121,177 | ||||||
Convoy, Inc., | 7,659 | 76,740 | ||||||
Haul Hub, Inc. | 2,168 | 23,391 | ||||||
ServiceTitan, Inc., | 4 | 135 | ||||||
ServiceTitan, Inc., | 1,942 | 65,634 | ||||||
Toast, Inc., Series B | 98 | 3,528 | ||||||
Toast, Inc. | 7,194 | 258,984 | ||||||
Toast, Inc. | 594 | 21,384 | ||||||
570,973 | ||||||||
Auto-Cars/Light Trucks — 0.1% |
| |||||||
Rivian Automotive, Inc., | 12,194 | 131,012 | ||||||
Computer Software — 0.1% |
| |||||||
Checkr, Inc., | 2,998 | 67,103 | ||||||
Checkr, Inc., | 4,084 | 91,410 | ||||||
158,513 | ||||||||
E-Commerce/Products — 0.0% |
| |||||||
1stdibs.com, Inc., Series D | 11,111 | 41,201 | ||||||
E-Commerce/Services — 0.1% |
| |||||||
Farmers Business Network, Inc., | 8,287 | 142,935 | ||||||
Vroom, Inc. | 5,863 | 159,433 | ||||||
Vroom, Inc. | 1,919 | 52,183 | ||||||
354,551 | ||||||||
Enterprise Software/Service — 0.1% |
| |||||||
Plex Systems, Inc., Series B†(1)(2) | 50,422 | 108,579 | ||||||
Food - Retail — 0.1% |
| |||||||
Roofoods, Ltd. | 618 | 240,186 | ||||||
Roofoods, Ltd.†(1)(2) | 16 | 6,686 | ||||||
246,872 | ||||||||
Footwear & Related Apparel — 0.0% |
| |||||||
Allbirds, Inc., | 1,850 | 17,641 | ||||||
Allbirds, Inc., | 325 | 3,099 |
Security Description | Principal Amount/ Shares | Value (Note 2) | ||||||
Footwear & Related Apparel (continued) |
| |||||||
Allbirds, Inc., | 3,110 | $ | 29,655 | |||||
Allbirds, Inc., | 995 | 9,488 | ||||||
59,883 | ||||||||
Internet Content - Information/News — 0.0% |
| |||||||
A Place For Rover, Inc. | 7,335 | 33,924 | ||||||
Medical - Biomedical/Gene — 0.0% |
| |||||||
Generation Bio, | 7,499 | 41,930 | ||||||
Pharmacy Services — 0.1% |
| |||||||
JAND, Inc. (dba Warby Parker) | 5,505 | 107,310 | ||||||
JAND, Inc. (dba Warby Parker) | 5,440 | 106,042 | ||||||
213,352 | ||||||||
Seismic Data Collection — 0.0% |
| |||||||
Seismic Software Holdings, Inc., | 2,336 | 61,211 | ||||||
Total Convertible Preferred Securities | ||||||||
(cost $1,855,000) | 2,022,001 | |||||||
WARRANTS†— 0.0% |
| |||||||
Banks - Commercial — 0.0% |
| |||||||
Grasshopper Bancorp, Inc.(1)(2) | 1,009 | 2,785 | ||||||
Banks - Regional — 0.0% |
| |||||||
Sound Bank(1)(2) | 456 | 0 | ||||||
Specified Purpose Acquisitions — 0.0% |
| |||||||
J2 Acquisition, Ltd. | 27,696 | 0 | ||||||
Total Warrants | ||||||||
(cost $277) | 2,785 | |||||||
Total Long-Term Investment Securities | ||||||||
(cost $231,096,767) | 256,869,285 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 2.6% |
| |||||||
Registered Investment Companies — 2.6% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | $ | 748,016 | 748,016 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio | 4,960,480 | 4,960,480 | ||||||
T. Rowe Price Government Reserve Fund | 1,105,477 | 1,105,477 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $6,813,973) | 6,813,973 | |||||||
182 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
REPURCHASE AGREEMENTS — 2.4% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $6,371,000 collateralized by $5,995,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $6,500,241 | $ | 6,371,000 | $ | 6,371,000 | ||||
TOTAL INVESTMENTS | ||||||||
(cost $244,281,739)(5) | 102.1 | % | 270,054,258 | |||||
Liabilities in excess of other assets | (2.1 | ) | (5,559,727 | ) | ||||
NET ASSETS | 100.0 | % | $ | 264,494,531 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $281,705 representing 0.1% of net assets. |
(1) | Securities classified as Level 3 (see Note 2). |
(2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, 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 | $ | 2,373 | $ | 4.63 | 0.00 | % | ||||||||||||||
Alignment Healthcare Partners, Class A | 02/28/2020 | 7,632 | 92,489 | 92,489 | 12.12 | 0.03 | ||||||||||||||||||
Allbirds, Inc. | 10/10/2018 | 4,690 | 51,436 | |||||||||||||||||||||
12/21/2018 | 980 | 10,748 | ||||||||||||||||||||||
5,670 | 62,184 | 54,066 | 9.54 | 0.02 | ||||||||||||||||||||
BJ’s Restaurant, Inc. PIPE | 05/05/2020 | 12,221 | 244,420 | 252,168 | 20.63 | 0.09 | ||||||||||||||||||
Checkr, Inc. | 06/29/2018 | 700 | 8,603 | |||||||||||||||||||||
12/02/2019 | 1,256 | 36,085 | ||||||||||||||||||||||
1,956 | 44,688 | 41,585 | 21.26 | 0.01 | ||||||||||||||||||||
Grasshopper Bancorp, Inc. | 10/12/2018 | 1,009 | 10,090 | |||||||||||||||||||||
05/02/2019 | 4,199 | 41,990 | ||||||||||||||||||||||
5,208 | 52,080 | 38,539 | 7.40 | 0.01 | ||||||||||||||||||||
JAND, Inc. (dba Warby Parker), Class A | 03/09/2018 | 4,462 | 70,129 | 86,978 | 19.49 | 0.03 | ||||||||||||||||||
nCino, Inc. | 09/16/2019 | 4,283 | 93,155 | 93,155 | 21.75 | 0.03 | ||||||||||||||||||
SelectQuote Inc., Series E | 05/06/2020 | 4,444 | 80,000 | 116,184 | 26.14 | 0.04 | ||||||||||||||||||
ServiceTitan, Inc. | 11/09/2018 | 191 | 5,022 | 6,455 | 33.80 | 0.00 | ||||||||||||||||||
Sound Bank (Non-voting Shares) | 05/06/2019 | 3,056 | 30,560 | 16,044 | 5.25 | 0.01 | ||||||||||||||||||
Sound Bank (Voting Shares) | 05/06/2019 | 1,501 | 15,010 | 7,880 | 5.25 | 0.00 | ||||||||||||||||||
Toast, Inc. | 09/14/2018 | 11 | 190 | 396 | 36.00 | 0.00 |
Description | Acquisition Date | Shares | Acquisition Cost | Value | Value Per Share | % of Net Assets | ||||||||||||||||||
Venture Global LNG, Inc., Series B | 03/08/2018 | 4 | $ | 12,080 | $ | 15,392 | $ | 3,848 | 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 | 227,032 | 3,848 | 0.08 | ||||||||||||||||||||
Convertible Preferred Securities | ||||||||||||||||||||||||
1stdibs.com, Inc., Series D | 02/07/2019 | 11,111 | 55,677 | 41,201 | 3.71 | 0.02 | ||||||||||||||||||
A Place For Rover, Inc., Series G | 05/11/2018 | 7,335 | 55,221 | 33,924 | 4.63 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series A | 10/10/2018 | 1,850 | 20,289 | 17,641 | 9.54 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series B | 10/10/2018 | 325 | 3,565 | 3,099 | 9.54 | 0.00 | ||||||||||||||||||
Allbirds, Inc., Series C | 10/09/2018 | 3,110 | 34,108 | 29,655 | 9.54 | 0.01 | ||||||||||||||||||
Allbirds, Inc., Series SEED | 10/10/2018 | 995 | 10,912 | 9,488 | 9.54 | 0.00 | ||||||||||||||||||
Checkr, Inc., Series C | 04/10/2018 | 2,998 | 40,926 | 67,103 | 22.38 | 0.02 | ||||||||||||||||||
Checkr, Inc., Series D | 09/06/2019 | 4,084 | 123,527 | 91,410 | 22.38 | 0.03 | ||||||||||||||||||
Convoy, Inc., Series C | 09/14/2018 | 12,094 | 85,875 | 121,177 | 10.02 | 0.05 | ||||||||||||||||||
Convoy, Inc., Series D | 10/30/2019 | 7,659 | 103,703 | 76,740 | 10.02 | 0.03 | ||||||||||||||||||
Farmers Business Network, Inc., Series D | 11/03/2017 | 8,287 | 153,012 | 142,935 | 17.25 | 0.05 | ||||||||||||||||||
Generation Bio, Series C | 01/09/2020 | 7,499 | 41,930 | 41,930 | 5.59 | 0.01 | ||||||||||||||||||
Haul Hub, Inc., Series B | 02/14/2020 | 2,168 | 31,609 | 23,391 | 10.79 | 0.01 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series E | 03/09/2018 | 5,505 | 86,522 | 107,310 | 19.49 | 0.04 | ||||||||||||||||||
JAND, Inc. (dba Warby Parker), Series F | 04/03/2020 | 5,440 | 106,042 | 106,042 | 19.49 | 0.04 | ||||||||||||||||||
Plex Systems, Inc., Series B | 06/09/2014 | 50,422 | 115,683 | 108,579 | 2.15 | 0.04 | ||||||||||||||||||
Rivian Automative, Inc. Series D | 12/23/2019 | 12,194 | 131,012 | 131,012 | 10.74 | 0.05 | ||||||||||||||||||
Roofoods, Ltd., Series F | 09/12/2017 | 618 | 218,506 | 240,186 | 388.65 | 0.09 | ||||||||||||||||||
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 | 61,211 | 26.20 | 0.02 | ||||||||||||||||||
ServiceTitan, Inc., Series A-1 | 11/09/2018 | 4 | 105 | 135 | 33.80 | 0.00 | ||||||||||||||||||
ServiceTitan, Inc., Series D | 11/09/2018 | 1,942 | 51,065 | 65,634 | 33.80 | 0.02 | ||||||||||||||||||
Toast, Inc., Series B | 09/14/2018 | 98 | 1,696 | 3,528 | 36.00 | 0.00 | ||||||||||||||||||
Toast, Inc., Series D | 06/27/2018 | 7,194 | 124,507 | 258,984 | 36.00 | 0.10 | ||||||||||||||||||
Toast, Inc., Series F | 02/14/2020 | 594 | 26,997 | 21,384 | 36.00 | 0.01 | ||||||||||||||||||
Vroom, Inc., Series F | 06/30/2017 | 5,863 | 100,009 | 159,433 | 27.19 | 0.06 | ||||||||||||||||||
Vroom, Inc., Series H | 11/21/2019 | 1,919 | 52,183 | 52,183 | 27.19 | 0.02 | ||||||||||||||||||
Warrants | ||||||||||||||||||||||||
Grasshopper Bancorp, Inc. Expires 10/12/2028 | 10/12/2018 | 1,009 | 0 | 2,785 | 2.76 | 0.06 | ||||||||||||||||||
Sound Bank Expires 05/01/2024 | 05/06/2019 | 456 | 0 | 0 | 0.00 | — | ||||||||||||||||||
$ | 3,075,522 | 1.16 | ||||||||||||||||||||||
183 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
(3) | At May 31, 2020, the Fund had loaned securities with a total value of $17,308,828. This was secured by collateral of $4,960,480, which was received in cash and subsequently invested in short-term investments currently valued at $4,960,480 as reported in the Portfolio of Investments. Additional collateral of $13,594,080 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 1,139,751 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 1,993,597 | |||||
Government National Mtg. Assoc. | 2.50% | 09/20/2046 | 148,928 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | 300,471 | |||||
United States Treasury Notes/Bonds | 0.00% to 8.75% | 06/15/2020 to 11/15/2049 | 10,011,333 |
(4) | The rate shown is the 7-day yield as of May 31, 2020. |
(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 May 31, 2020 (see Note 2)
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Applications Software | $ | 3,559,788 | $ | — | $ | 6,851 | $ | 3,566,639 | ||||||||
Banks-Commercial | 20,710,752 | — | 38,539 | 20,749,291 | ||||||||||||
Banks-Regional | — | — | 23,924 | 23,924 | ||||||||||||
Cellular Telecom | — | — | 6,510 | 6,510 | ||||||||||||
Commercial Services | 3,796,886 | — | 93,155 | 3,890,041 | ||||||||||||
Computer Software | 3,045,497 | — | 41,585 | 3,087,082 | ||||||||||||
E-Commerce\Services | 318,926 | — | 2,373 | 321,299 | ||||||||||||
Insurance Brokers | 391,637 | 116,184 | — | 507,821 | ||||||||||||
Medical Labs & Testing Services | 6,322,210 | — | 92,489 | 6,414,699 | ||||||||||||
Oil Companies-Exploration & Production | 2,577,018 | — | 242,424 | 2,819,442 | ||||||||||||
Pharmacy Services | — | — | 86,978 | 86,978 | ||||||||||||
Retail-Apparel/Shoe | 1,448,751 | — | 54,066 | 1,502,817 | ||||||||||||
Retail-Restaurants | 4,270,767 | 252,168 | — | 4,522,935 | ||||||||||||
Veterinary Diagnostics | — | — | 0 | 0 | ||||||||||||
Other Industries | 206,218,631 | 1,126,390 | ** | — | 207,345,021 | |||||||||||
Convertible Preferred Securities | — | — | 2,022,001 | 2,022,001 | ||||||||||||
Warrants: | ||||||||||||||||
Specified Purpose Acquisitions | — | 0 | — | 0 | ||||||||||||
Other Warrants | — | — | 2,785 | 2,785 | ||||||||||||
Short-Term Investment Securities | 6,813,973 | — | — | 6,813,973 | ||||||||||||
Repurchase Agreements | — | 6,371,000 | — | 6,371,000 | ||||||||||||
Total Investments at Value | $ | 259,474,836 | $ | 7,865,742 | $ | 2,713,680 | $ | 270,054,258 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
184 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
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 | Warrants | ||||||||||
Balance as of May 31, 2019 | $ | 646,663 | $ | 1,380,645 | $ | 3,763 | ||||||
Accrued Discounts | — | — | — | |||||||||
Accrued Premiums | — | — | — | |||||||||
Realized Gain | — | — | — | |||||||||
Realized Loss | — | — | — | |||||||||
Change in unrealized appreciation(1) | 20,241 | 215,886 | — | |||||||||
Change in unrealized depreciation(1) | (184,640 | ) | (191,534 | ) | (978 | ) | ||||||
Net purchases | 229,935 | 617,004 | — | |||||||||
Net Sales | — | — | — | |||||||||
Transfers into Level 3 | — | — | — | |||||||||
Transfers out of Level 3(2) | (23,305 | ) | — | — | ||||||||
Balance as of May 31, 2020 | $ | 688,894 | $ | 2,022,001 | $ | 2,785 | ||||||
(1) | The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31 , 2020 includes: |
Common Stocks | Convertible Preferred Securities | Warrants | ||||||||||
$ | (114,230 | ) | $ | 24,352 | $ | (978 | ) | |||||
(2) | Private Common Stock was converted to Common Stock following the Company’s IPO listing. Securities are now valued using Level 1 inputs. |
Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.
The following is quantitative information about Level 3 fair value measurements:
Description | Fair Value at May 31, 2020 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
Common Stocks | $ | 279,077 | Market Approach | Market Transaction Price* | $12.118 - $33.7969 ($21.78965) | |||||
$ | 376,614 | Market Approach | Transaction Price* | $10.00 - $5,200.00 ($2,090.32316) | ||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 24,320 | Market Approach | Pending Secondary Transaction Price* | $5.25 - $36.00 ($15.50) | ||||||
$ | 2,373 | Market Approach | Transaction Price* | $7.5285 | ||||||
2020 Estimated Revenue Multiple* | 5.0x | |||||||||
2021 Estimated Revenue Multiple* | 3.9x | |||||||||
2020 Estimated Gross Profit Multiple* | 10.5x | |||||||||
2021 Estimated Gross Profit Multiple* | 7.8x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 6,510 | Income Approach | Estimated Future Cash Distribution* | $0.00 - $2.17 ($1.085) | ||||||
Preferred Securities | $ | 670,365 | Market Approach | Market Transaction Price* | $5.59140 - $417.90113 ($66.13363) | |||||
$ | 283,896 | Market Approach | Pending Secondary Market | $36.0000 | ||||||
$ | 480,904 | Market Approach | Transaction Price* | $5.01101 - $30.24646 (15.87072) | ||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 240,186 | Market Approach | Market Transaction Price* | $417.9011 | ||||||
Discount for Potential Liquidation Preferences | 7.0% | |||||||||
$ | 33,924 | Market Approach | Transaction Price* | $7.5285 | ||||||
2020 Estimated Revenue Multiple* | 5.0x | |||||||||
2021 Estimated Revenue Multiple* | 3.9x | |||||||||
2020 Estimated Gross Profit Multiple* | 10.5x | |||||||||
2021 Estimated Gross Profit Multiple* | 7.8x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% |
185 |
Table of Contents
VALIC Company I Small Cap Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Description | Fair Value at May 31, 2020 | Valuation Technique(s) | Unobservable Input(1) | Range (weighted average) | ||||||
$ | 142,935 | Market Approach | Transaction Price* | $23.3083 | ||||||
2022 Estimated Gross Profit Multiple* | 12.0x | |||||||||
2023 Estimated Gross Profit Multiple* | 10.9x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 108,579 | Market Approach | 2019 Revenue Multiple* | 5.5x | ||||||
2020 Estimated Revenue Multiple* | 4.9x | |||||||||
2019 Gross Profit Multiple* | 8.2x | |||||||||
2020 Estimated Gross Profit Multiple* | 7.3x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 61,211 | Market Approach | Transaction Price* | $31.5200 | ||||||
2019 Revenue Multiple* | 12.1x | |||||||||
2020 Estimated Revenue Multiple* | 9.5x | |||||||||
2021 Estimated Revenue Multiple* | 7.6x | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
Warrants | $ | 2,785 | Market Approach | Strike Price* | $10.0000 | |||||
Risk-Free Rate* | 4.00% | |||||||||
Volatility Rate * | 22.51% | |||||||||
Discount for Lack of Marketability | 10.0% | |||||||||
Discount for Market Volatility | 26.0% | |||||||||
$ | 0 | Income Approach | Estimated Future Cash Distribution* | $0.0000 |
(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
186 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 7.8 | % | ||
Banks — Commercial | 7.2 | |||
Real Estate Investment Trusts | 6.4 | |||
Repurchase Agreements | 5.3 | |||
Registered Investment Companies | 3.9 | |||
Medical Products | 2.8 | |||
Medical — Drugs | 2.7 | |||
Enterprise Software/Service | 2.3 | |||
Electronic Components — Semiconductors | 1.7 | |||
Electric — Integrated | 1.5 | |||
Insurance — Property/Casualty | 1.3 | |||
Retail — Restaurants | 1.3 | |||
Medical Labs & Testing Services | 1.2 | |||
Gas — Distribution | 1.2 | |||
Building & Construction Products — Misc. | 1.2 | |||
Computer Services | 1.1 | |||
Computer Software | 1.1 | |||
Investment Management/Advisor Services | 1.0 | |||
Savings & Loans/Thrifts | 1.0 | |||
Chemicals — Specialty | 1.0 | |||
Building — Residential/Commercial | 0.9 | |||
Electronic Components — Misc. | 0.9 | |||
Schools | 0.9 | |||
Applications Software | 0.8 | |||
Energy — Alternate Sources | 0.8 | |||
Human Resources | 0.8 | |||
Medical — Outpatient/Home Medical | 0.7 | |||
U.S. Government Treasuries | 0.7 | |||
Auto/Truck Parts & Equipment — Original | 0.7 | |||
Semiconductor Equipment | 0.7 | |||
Distribution/Wholesale | 0.7 | |||
Computer Data Security | 0.7 | |||
Metal Processors & Fabrication | 0.6 | |||
Machinery — General Industrial | 0.6 | |||
Diagnostic Kits | 0.6 | |||
Food — Misc./Diversified | 0.6 | |||
Building & Construction — Misc. | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Commercial Services | 0.6 | |||
Consulting Services | 0.6 | |||
Diagnostic Equipment | 0.5 | |||
Water | 0.5 | |||
Aerospace/Defense — Equipment | 0.5 | |||
Consumer Products — Misc. | 0.5 | |||
E-Commerce/Services | 0.5 | |||
Building — Heavy Construction | 0.5 | |||
Racetracks | 0.5 | |||
Finance — Investment Banker/Broker | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Power Converter/Supply Equipment | 0.4 | |||
Chemicals — Diversified | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Transport — Truck | 0.4 | |||
Real Estate Management/Services | 0.4 | |||
Engineering/R&D Services | 0.4 | |||
Retail — Automobile | 0.4 | |||
Diversified Manufacturing Operations | 0.4 | |||
Computers — Other | 0.4 | |||
Medical Information Systems | 0.4 | |||
Commercial Services — Finance | 0.4 | |||
Transport — Marine | 0.4 | |||
Building — Mobile Home/Manufactured Housing | 0.4 | |||
Therapeutics | 0.4 | |||
Food — Wholesale/Distribution | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Rental Auto/Equipment | 0.4 | |||
Oil — Field Services | 0.3 | |||
Firearms & Ammunition | 0.3 |
Insurance — Life/Health | 0.3 | |||
Oil Refining & Marketing | 0.3 | |||
Footwear & Related Apparel | 0.3 | |||
Transport — Services | 0.3 | |||
Athletic Equipment | 0.3 | |||
Web Hosting/Design | 0.3 | |||
Retail — Discount | 0.3 | |||
Non — Hazardous Waste Disposal | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Machinery — Pumps | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Rubber/Plastic Products | 0.3 | |||
Data Processing/Management | 0.3 | |||
Retail — Home Furnishings | 0.3 | |||
Medical Instruments | 0.3 | |||
Insurance — Reinsurance | 0.3 | |||
Office Furnishings — Original | 0.3 | |||
Brewery | 0.3 | |||
Health Care Cost Containment | 0.3 | |||
Disposable Medical Products | 0.3 | |||
Electronics — Military | 0.3 | |||
Electronic Parts Distribution | 0.3 | |||
Financial Guarantee Insurance | 0.3 | |||
Building Products — Doors & Windows | 0.3 | |||
Healthcare Safety Devices | 0.3 | |||
Computers — Integrated Systems | 0.3 | |||
Medical — Hospitals | 0.3 | |||
Airlines | 0.2 | |||
Resorts/Theme Parks | 0.2 | |||
Retail — Building Products | 0.2 | |||
Miscellaneous Manufacturing | 0.2 | |||
Telecommunication Equipment | 0.2 | |||
Veterinary Diagnostics | 0.2 | |||
Environmental Consulting & Engineering | 0.2 | |||
Lasers — System/Components | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Tools — Hand Held | 0.2 | |||
Telecom Services | 0.2 | |||
Building Products — Wood | 0.2 | |||
Insurance Brokers | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Retail — Pet Food & Supplies | 0.2 | |||
Wireless Equipment | 0.2 | |||
Networking Products | 0.2 | |||
Aerospace/Defense | 0.2 | |||
Internet Connectivity Services | 0.2 | |||
Pastoral & Agricultural | 0.2 | |||
Casino Services | 0.2 | |||
Steel — Producers | 0.2 | |||
Drug Delivery Systems | 0.2 | |||
Paper & Related Products | 0.2 | |||
Retail — Misc./Diversified | 0.2 | |||
Telephone — Integrated | 0.2 | |||
Machinery — Electrical | 0.2 | |||
Printing — Commercial | 0.2 | |||
Electric — Generation | 0.2 | |||
Medical — Nursing Homes | 0.2 | |||
Precious Metals | 0.2 | |||
E-Commerce/Products | 0.2 | |||
Transport — Equipment & Leasing | 0.2 | |||
Cosmetics & Toiletries | 0.2 | |||
Internet Content — Information/News | 0.2 | |||
Retail — Pawn Shops | 0.2 | |||
Machine Tools & Related Products | 0.2 | |||
Telecom Equipment — Fiber Optics | 0.2 | |||
Satellite Telecom | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Finance — Mortgage Loan/Banker | 0.2 | |||
Linen Supply & Related Items | 0.1 |
187 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Golf | 0.1 | % | ||
Batteries/Battery Systems | 0.1 | |||
Tobacco | 0.1 | |||
Steel Pipe & Tube | 0.1 | |||
Identification Systems | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Wire & Cable Products | 0.1 | |||
Poultry | 0.1 | |||
Medical — HMO | 0.1 | |||
Instruments — Controls | 0.1 | |||
Agricultural Operations | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Gold Mining | 0.1 | |||
Independent Power Producers | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Chemicals — Plastics | 0.1 | |||
E-Marketing/Info | 0.1 | |||
Beverages — Non-alcoholic | 0.1 | |||
Oil Field Machinery & Equipment | 0.1 | |||
Transport — Air Freight | 0.1 | |||
Banks — Super Regional | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Appliances | 0.1 | |||
Retail — Vision Service Center | 0.1 | |||
Auto/Truck Parts & Equipment — Replacement | 0.1 | |||
Finance — Commercial | 0.1 | |||
Real Estate Operations & Development | 0.1 | |||
Recreational Vehicles | 0.1 | |||
Metal — Iron | 0.1 | |||
Coal | 0.1 | |||
Machinery — Farming | 0.1 | |||
Security Services | 0.1 | |||
Containers — Paper/Plastic | 0.1 | |||
Gambling (Non-Hotel) | 0.1 | |||
Water Treatment Systems | 0.1 | |||
Casino Hotels | 0.1 | |||
Insurance — Multi-line | 0.1 | |||
Auto Repair Centers | 0.1 | |||
Food — Catering | 0.1 | |||
Optical Supplies | 0.1 | |||
Private Equity | 0.1 | |||
Cable/Satellite TV | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Quarrying | 0.1 | |||
Retail — Petroleum Products | 0.1 | |||
Audio/Video Products | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Television | 0.1 | |||
Home Furnishings | 0.1 | |||
Computer Aided Design | 0.1 | |||
Advanced Materials | 0.1 | |||
Food — Retail | 0.1 | |||
Communications Software | 0.1 | |||
Food — Baking | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Internet Telephone | 0.1 | |||
Storage/Warehousing | 0.1 | |||
Vitamins & Nutrition Products | 0.1 | |||
Retail — Office Supplies | 0.1 | |||
Metal Products — Distribution | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Rubber — Tires | 0.1 | |||
Retail — Sporting Goods | 0.1 | |||
Hotels/Motels | 0.1 | |||
Publishing — Books | 0.1 | |||
Entertainment Software | 0.1 | |||
Diversified Minerals | 0.1 | |||
Circuit Boards | 0.1 | |||
Banks — Mortgage | 0.1 |
Containers — Metal/Glass | 0.1 | |||
Steel — Specialty | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Physical Therapy/Rehabilitation Centers | 0.1 | |||
Hazardous Waste Disposal | 0.1 | |||
Professional Sports | 0.1 | |||
B2B/E-Commerce | 0.1 | |||
Internet Application Software | 0.1 | |||
Electric — Distribution | 0.1 | |||
Motion Pictures & Services | 0.1 | |||
X-Ray Equipment | 0.1 | |||
Retail — Bedding | 0.1 | |||
103.9 | % | |||
* | Calculated as a percentage of net assets |
188 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 94.0% |
| |||||||
Advanced Materials — 0.1% |
| |||||||
Haynes International, Inc. | 5,986 | $ | 136,660 | |||||
Lydall, Inc.† | 8,216 | 88,897 | ||||||
Materion Corp. | 9,781 | 513,503 | ||||||
739,060 | ||||||||
Advertising Agencies — 0.0% |
| |||||||
MDC Partners, Inc., Class A† | 27,257 | 35,843 | ||||||
Advertising Sales — 0.0% |
| |||||||
Boston Omaha Corp., Class A† | 5,052 | 82,449 | ||||||
Clear Channel Outdoor Holdings, Inc.† | 23,544 | 22,739 | ||||||
National CineMedia, Inc. | 30,022 | 82,560 | ||||||
187,748 | ||||||||
Advertising Services — 0.0% |
| |||||||
Fluent, Inc.† | 20,546 | 40,989 | ||||||
Marchex, Inc., Class B† | 17,296 | 26,809 | ||||||
SharpSpring, Inc.†# | 5,219 | 51,668 | ||||||
119,466 | ||||||||
Aerospace/Defense — 0.2% |
| |||||||
AeroVironment, Inc.† | 10,259 | 726,645 | ||||||
Kratos Defense & Security Solutions, Inc.† | 43,424 | 805,515 | ||||||
National Presto Industries, Inc. | 2,396 | 215,616 | ||||||
Park Aerospace Corp. | 9,000 | 109,170 | ||||||
1,856,946 | ||||||||
Aerospace/Defense - Equipment — 0.5% |
| |||||||
AAR Corp. | 16,064 | 324,011 | ||||||
Aerojet Rocketdyne Holdings, Inc.† | 35,204 | 1,543,696 | ||||||
Astronics Corp.† | 11,015 | 100,567 | ||||||
Barnes Group, Inc. | 22,712 | 858,059 | ||||||
Coda Octopus Group, Inc.†# | 2,862 | 16,027 | ||||||
Ducommun, Inc.† | 5,171 | 166,506 | ||||||
Kaman Corp. | 13,336 | 533,440 | ||||||
Moog, Inc., Class A | 14,946 | 811,418 | ||||||
Triumph Group, Inc. | 23,900 | 179,011 | ||||||
4,532,735 | ||||||||
Agricultural Chemicals — 0.0% |
| |||||||
Intrepid Potash, Inc.† | 45,936 | 56,501 | ||||||
Marrone Bio Innovations, Inc.† | 24,999 | 26,749 | ||||||
83,250 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Alico, Inc. | 2,508 | 80,482 | ||||||
Andersons, Inc. | 15,170 | 196,603 | ||||||
Cadiz, Inc.†# | 6,337 | 70,150 | ||||||
Fresh Del Monte Produce, Inc. | 14,782 | 367,924 | ||||||
Limoneira Co. | 7,535 | 100,668 | ||||||
Phibro Animal Health Corp., Class A | 9,826 | 257,441 | ||||||
Tejon Ranch Co.† | 10,117 | 145,078 | ||||||
1,218,346 | ||||||||
Airlines — 0.2% |
| |||||||
Allegiant Travel Co. | 6,264 | 667,429 | ||||||
Hawaiian Holdings, Inc. | 21,921 | 316,320 | ||||||
Mesa Air Group, Inc.†# | 13,896 | 45,162 | ||||||
SkyWest, Inc. | 23,741 | 761,374 | ||||||
Spirit Airlines, Inc.†# | 33,055 | 428,062 | ||||||
2,218,347 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Deckers Outdoor Corp.† | 13,539 | 2,471,274 | ||||||
Delta Apparel, Inc.† | 2,977 | 36,647 | ||||||
Kontoor Brands, Inc.# | 21,316 | 311,640 |
Security Description | Shares | Value (Note 2) | ||||||
Apparel Manufacturers (continued) |
| |||||||
Oxford Industries, Inc. | 8,016 | $ | 341,642 | |||||
Superior Group of Cos., Inc. | 5,131 | 51,361 | ||||||
Vince Holding Corp.† | 1,486 | 9,272 | ||||||
3,221,836 | ||||||||
Appliances — 0.1% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 3,113 | 29,729 | ||||||
iRobot Corp.†# | 13,365 | 985,268 | ||||||
1,014,997 | ||||||||
Applications Software — 0.8% |
| |||||||
Agilysys, Inc.† | 9,970 | 191,723 | ||||||
Appfolio, Inc., Class A† | 7,571 | 1,200,079 | ||||||
Brightcove, Inc.† | 18,728 | 150,386 | ||||||
Digi International, Inc.† | 13,771 | 153,271 | ||||||
Ebix, Inc. | 11,210 | 251,216 | ||||||
Five9, Inc.† | 28,825 | 3,003,565 | ||||||
GTY Technology Holdings, Inc.†# | 19,096 | 71,610 | ||||||
Ideanomics, Inc.†# | 49,449 | 19,473 | ||||||
Immersion Corp.† | 15,021 | 101,467 | ||||||
Majesco† | 3,655 | 25,695 | ||||||
Model N, Inc.† | 16,061 | 515,880 | ||||||
PDF Solutions, Inc.† | 13,620 | 232,357 | ||||||
Sprout Social, Inc., Class A† | 4,595 | 126,592 | ||||||
Upland Software, Inc.† | 11,031 | 381,121 | ||||||
Verra Mobility Corp.† | 61,478 | 670,725 | ||||||
7,095,160 | ||||||||
Athletic Equipment — 0.3% |
| |||||||
Clarus Corp. | 11,317 | 118,833 | ||||||
Fox Factory Holding Corp.† | 18,132 | 1,307,498 | ||||||
Vista Outdoor, Inc.† | 27,860 | 270,521 | ||||||
YETI Holdings, Inc.† | 33,792 | 1,084,723 | ||||||
2,781,575 | ||||||||
Audio/Video Products — 0.1% |
| |||||||
Daktronics, Inc. | 17,656 | 74,862 | ||||||
Sonos, Inc.† | 38,600 | 419,196 | ||||||
Universal Electronics, Inc.† | 6,476 | 292,974 | ||||||
787,032 | ||||||||
Auto Repair Centers — 0.1% |
| |||||||
Monro, Inc. | 15,732 | 866,833 | ||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Blue Bird Corp.† | 7,400 | 106,190 | ||||||
Navistar International Corp.† | 23,893 | 600,670 | ||||||
REV Group, Inc. | 13,086 | 79,825 | ||||||
786,685 | ||||||||
Auto - Truck Trailers — 0.0% |
| |||||||
Wabash National Corp. | 25,396 | 242,532 | ||||||
Auto/Truck Parts & Equipment - Original — 0.7% |
| |||||||
Adient PLC† | 42,259 | 718,826 | ||||||
American Axle & Manufacturing Holdings, Inc.† | 53,972 | 383,741 | ||||||
Cooper-Standard Holdings, Inc.† | 8,080 | 84,759 | ||||||
Dana, Inc. | 69,613 | 879,908 | ||||||
Dorman Products, Inc.† | 12,987 | 908,051 | ||||||
Gentherm, Inc.† | 15,930 | 648,351 | ||||||
Meritor, Inc.† | 34,222 | 697,444 | ||||||
Methode Electronics, Inc. | 17,610 | 552,074 | ||||||
Miller Industries, Inc. | 5,324 | 157,750 | ||||||
Modine Manufacturing Co.† | 23,863 | 127,667 | ||||||
Spartan Motors, Inc. | 16,242 | 277,413 | ||||||
Telenav, Inc.† | 16,223 | 80,304 | ||||||
Tenneco, Inc., Class A†# | 24,452 | 165,296 | ||||||
Titan International, Inc. | 24,166 | 29,724 |
189 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Auto/Truck Parts & Equipment - Original (continued) |
| |||||||
Visteon Corp.† | 13,457 | $ | 968,904 | |||||
6,680,212 | ||||||||
Auto/Truck Parts & Equipment - Replacement — 0.1% |
| |||||||
Commercial Vehicle Group, Inc.† | 14,634 | 37,024 | ||||||
Douglas Dynamics, Inc. | 10,796 | 394,486 | ||||||
Motorcar Parts of America, Inc.† | 9,008 | 142,506 | ||||||
Standard Motor Products, Inc. | 10,147 | 431,755 | ||||||
1,005,771 | ||||||||
B2B/E-Commerce — 0.1% |
| |||||||
ePlus, Inc.† | 6,432 | 474,103 | ||||||
Banks - Commercial — 7.2% |
| |||||||
1st Constitution Bancorp | 4,268 | 54,801 | ||||||
1st Source Corp. | 6,799 | 235,177 | ||||||
ACNB Corp. | 3,861 | 95,907 | ||||||
Alerus Financial Corp. | 1,439 | 26,089 | ||||||
Allegiance Bancshares, Inc. | 9,024 | 231,105 | ||||||
Amalgamated Bank, Class A | 6,675 | 74,960 | ||||||
American National Bankshares, Inc. | 5,154 | 128,128 | ||||||
Ameris Bancorp | 29,446 | 713,477 | ||||||
Ames National Corp. | 4,277 | 85,968 | ||||||
Arrow Financial Corp. | 6,147 | 179,800 | ||||||
Atlantic Capital Bancshares, Inc.† | 10,317 | 117,614 | ||||||
Atlantic Union Bankshares Corp. | 38,496 | 891,182 | ||||||
BancFirst Corp. | 8,973 | 342,051 | ||||||
Bancorp, Inc.† | 24,197 | 212,934 | ||||||
BancorpSouth Bank | 47,813 | 1,062,883 | ||||||
Bank First Corp.# | 2,783 | 173,520 | ||||||
Bank of Commerce Holdings | 8,350 | 63,710 | ||||||
Bank of Marin Bancorp | 6,374 | 214,485 | ||||||
Bank of N.T. Butterfield & Son, Ltd. | 25,517 | 623,380 | ||||||
Bank of Princeton# | 2,705 | 55,858 | ||||||
Bank7 Corp. | 1,791 | 18,268 | ||||||
Bankwell Financial Group, Inc. | 3,203 | 46,892 | ||||||
Banner Corp. | 16,917 | 635,402 | ||||||
Bar Harbor Bankshares | 7,350 | 144,942 | ||||||
Baycom Corp.† | 5,041 | 66,440 | ||||||
BCB Bancorp, Inc. | 7,179 | 68,847 | ||||||
Bridge Bancorp, Inc. | 7,856 | 167,333 | ||||||
Bridgewater Bancshares, Inc.† | 10,771 | 112,234 | ||||||
Bryn Mawr Bank Corp. | 9,585 | 266,175 | ||||||
Business First Bancshares, Inc. | 6,013 | 87,128 | ||||||
Byline Bancorp, Inc. | 11,225 | 136,384 | ||||||
C&F Financial Corp. | 1,627 | 58,637 | ||||||
Cadence BanCorp | 60,512 | 488,332 | ||||||
Cambridge Bancorp# | 2,921 | 169,418 | ||||||
Camden National Corp. | 7,234 | 242,628 | ||||||
Capital Bancorp, Inc.† | 3,881 | 44,166 | ||||||
Capital City Bank Group, Inc. | 6,472 | 131,705 | ||||||
Capstar Financial Holdings, Inc. | 7,035 | 81,043 | ||||||
Carter Bank & Trust | 10,912 | 77,039 | ||||||
Cathay General Bancorp | 36,957 | 1,004,861 | ||||||
CBTX, Inc. | 8,673 | 177,103 | ||||||
CenterState Bank Corp. | 58,099 | 917,964 | ||||||
Central Pacific Financial Corp. | 13,286 | 214,037 | ||||||
Central Valley Community Bancorp | 5,364 | 80,782 | ||||||
Century Bancorp, Inc., Class A | 1,366 | 102,996 | ||||||
Chemung Financial Corp. | 1,729 | 43,778 | ||||||
Citizens & Northern Corp. | 5,779 | 110,841 | ||||||
City Holding Co. | 7,666 | 482,191 | ||||||
Civista Bancshares, Inc. | 7,391 | 112,639 | ||||||
CNB Financial Corp. | 6,995 | 123,951 | ||||||
Coastal Financial Corp.† | 3,739 | 47,485 | ||||||
Codorus Valley Bancorp, Inc. | 4,543 | 60,195 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
Colony Bankcorp, Inc. | 3,579 | $ | 45,525 | |||||
Columbia Banking System, Inc. | 34,739 | 846,242 | ||||||
Community Bank System, Inc. | 24,504 | 1,456,028 | ||||||
Community Financial Corp. | 2,358 | 55,885 | ||||||
Community Trust Bancorp, Inc. | 7,453 | 244,757 | ||||||
ConnectOne Bancorp, Inc. | 16,359 | 239,823 | ||||||
CrossFirst Bankshares, Inc.†# | 22,831 | 222,146 | ||||||
Customers Bancorp, Inc.† | 13,663 | 151,523 | ||||||
CVB Financial Corp. | 64,346 | 1,255,390 | ||||||
Eagle Bancorp, Inc. | 15,614 | 505,269 | ||||||
Enterprise Bancorp, Inc. | 4,320 | 99,533 | ||||||
Enterprise Financial Services Corp. | 11,711 | 343,952 | ||||||
Equity Bancshares, Inc., Class A† | 7,163 | 116,829 | ||||||
Esquire Financial Holdings, Inc.† | 3,120 | 53,446 | ||||||
Evans Bancorp, Inc. | 2,467 | 60,293 | ||||||
Farmers & Merchants Bancorp, Inc. | 4,858 | 105,564 | ||||||
Farmers National Banc Corp. | 12,339 | 144,983 | ||||||
FB Financial Corp. | 8,199 | 193,578 | ||||||
Fidelity D&D Bancorp, Inc. | 1,346 | 51,135 | ||||||
Financial Institutions, Inc. | 7,457 | 131,914 | ||||||
First Bancorp, Inc. | 4,938 | 101,772 | ||||||
First Bancorp/North Carolina | 14,120 | 358,930 | ||||||
First BanCorp/Puerto Rico | 103,445 | 565,844 | ||||||
First Bancshares, Inc. | 8,975 | 190,180 | ||||||
First Bank | 8,002 | 59,775 | ||||||
First Busey Corp. | 24,751 | 443,290 | ||||||
First Business Financial Services, Inc. | 3,977 | 65,819 | ||||||
First Choice Bancorp | 4,860 | 68,283 | ||||||
First Commonwealth Financial Corp. | 47,158 | 385,752 | ||||||
First Community Bankshares, Inc. | 8,627 | 184,359 | ||||||
First Financial Bancorp | 46,972 | 624,258 | ||||||
First Financial Bankshares, Inc. | 62,515 | 1,915,460 | ||||||
First Financial Corp. | 6,310 | 221,481 | ||||||
First Foundation, Inc. | 18,838 | 280,686 | ||||||
First Guaranty Bancshares, Inc. | 2,483 | 29,548 | ||||||
First Internet Bancorp | 4,556 | 73,260 | ||||||
First Interstate BancSystem, Inc., Class A | 18,239 | 569,969 | ||||||
First Merchants Corp. | 26,004 | 729,672 | ||||||
First Mid Bancshares, Inc. | 7,011 | 178,430 | ||||||
First Midwest Bancorp, Inc. | 51,342 | 670,013 | ||||||
First Northwest Bancorp | 4,221 | 57,237 | ||||||
First of Long Island Corp. | 11,094 | 169,405 | ||||||
Flagstar Bancorp, Inc. | 16,710 | 489,603 | ||||||
FNCB Bancorp, Inc. | 8,243 | 45,831 | ||||||
Franklin Financial Network, Inc. | 6,319 | 155,827 | ||||||
Franklin Financial Services Corp. | 1,996 | 49,900 | ||||||
Fulton Financial Corp. | 77,323 | 866,791 | ||||||
FVCBankcorp, Inc.† | 5,906 | 65,734 | ||||||
German American Bancorp, Inc. | 11,934 | 369,715 | ||||||
Glacier Bancorp, Inc. | 41,861 | 1,724,255 | ||||||
Great Southern Bancorp, Inc. | 5,335 | 216,388 | ||||||
Great Western Bancorp, Inc. | 27,258 | 388,154 | ||||||
Guaranty Bancshares, Inc. | 3,917 | 99,570 | ||||||
Hancock Whitney Corp. | 41,823 | 904,213 | ||||||
Hanmi Financial Corp. | 14,596 | 131,802 | ||||||
HarborOne Bancorp, Inc.† | 12,632 | 100,677 | ||||||
Hawthorn Bancshares, Inc. | 2,726 | 53,702 | ||||||
HBT Financial, Inc. | 4,382 | 55,739 | ||||||
Heartland Financial USA, Inc. | 16,754 | 536,296 | ||||||
Heritage Commerce Corp. | 26,370 | 214,388 | ||||||
Heritage Financial Corp. | 17,660 | 335,540 | ||||||
Hilltop Holdings, Inc. | 33,692 | 629,703 | ||||||
Home BancShares, Inc. | 74,779 | 1,082,052 | ||||||
HomeStreet, Inc. | 10,582 | 252,063 | ||||||
Hope Bancorp, Inc. | 58,125 | 551,897 |
190 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Banks - Commercial (continued) |
| |||||||
Horizon Bancorp, Inc. | 17,983 | $ | 184,506 | |||||
Howard Bancorp, Inc.† | 6,208 | 64,004 | ||||||
IBERIABANK Corp. | 25,154 | 1,066,781 | ||||||
Independent Bank Corp. | 10,426 | 144,087 | ||||||
Independent Bank Corp. | 16,003 | 1,111,728 | ||||||
International Bancshares Corp. | 26,806 | 825,089 | ||||||
Investar Holding Corp. | 4,438 | 57,916 | ||||||
Kearny Financial Corp. | 37,503 | 321,401 | ||||||
Lakeland Bancorp, Inc. | 23,482 | 260,650 | ||||||
Lakeland Financial Corp.# | 11,873 | 506,858 | ||||||
LCNB Corp. | 5,856 | 87,079 | ||||||
Level One Bancorp, Inc. | 2,479 | 46,630 | ||||||
Live Oak Bancshares, Inc. | 12,593 | 170,509 | ||||||
Luther Burbank Corp. | 9,616 | 98,852 | ||||||
Macatawa Bank Corp. | 12,531 | 92,604 | ||||||
Mackinac Financial Corp. | 4,442 | 46,685 | ||||||
MainStreet Bancshares, Inc.† | 3,421 | 45,397 | ||||||
Mercantile Bank Corp. | 7,730 | 177,326 | ||||||
Merchants Bancorp | 4,153 | 70,933 | ||||||
Meta Financial Group, Inc. | 16,324 | 295,791 | ||||||
Metrocity Bankshares, Inc. | 7,653 | 88,469 | ||||||
Metropolitan Bank Holding Corp.† | 3,380 | 94,640 | ||||||
Mid Penn Bancorp, Inc. | 3,322 | 61,989 | ||||||
Midland States Bancorp, Inc. | 10,568 | 158,203 | ||||||
MidWestOne Financial Group, Inc. | 5,719 | 109,748 | ||||||
MVB Financial Corp. | 4,618 | 65,576 | ||||||
National Bankshares, Inc. | 3,044 | 93,755 | ||||||
NBT Bancorp, Inc. | 20,572 | 644,315 | ||||||
Nicolet Bankshares, Inc.† | 4,450 | 248,799 | ||||||
Northeast Bank | 3,980 | 68,297 | ||||||
Northrim BanCorp, Inc. | 3,108 | 71,702 | ||||||
Norwood Financial Corp. | 2,781 | 68,107 | ||||||
Oak Valley Bancorp# | 3,297 | 45,367 | ||||||
OFG Bancorp | 24,371 | 296,108 | ||||||
Ohio Valley Banc Corp. | 1,995 | 49,975 | ||||||
Old National Bancorp | 81,480 | 1,107,313 | ||||||
Old Second Bancorp, Inc. | 13,974 | 107,600 | ||||||
OP Bancorp | 6,323 | 40,088 | ||||||
Opus Bank | 10,547 | 205,561 | ||||||
Origin Bancorp, Inc. | 9,206 | 192,037 | ||||||
Orrstown Financial Services, Inc. | 4,875 | 65,715 | ||||||
Pacific Mercantile Bancorp† | 9,372 | 35,614 | ||||||
Park National Corp. | 6,393 | 478,644 | ||||||
PCB Bancorp | 5,860 | 52,857 | ||||||
PCSB Financial Corp. | 7,470 | 99,799 | ||||||
Peapack-Gladstone Financial Corp. | 8,923 | 168,020 | ||||||
Penns Woods Bancorp, Inc. | 3,305 | 70,925 | ||||||
People’s Utah Bancorp | 7,555 | 187,137 | ||||||
Peoples Bancorp of North Carolina, Inc. | 2,218 | 38,815 | ||||||
Peoples Bancorp, Inc. | 8,671 | 194,837 | ||||||
Peoples Financial Services Corp. | 3,321 | 109,759 | ||||||
Pioneer Bancorp, Inc.† | 5,322 | 50,825 | ||||||
Preferred Bank | 6,608 | 248,263 | ||||||
Premier Financial Bancorp, Inc. | 6,283 | 83,313 | ||||||
Provident Bancorp, Inc. | 4,153 | 35,384 | ||||||
QCR Holdings, Inc. | 7,110 | 215,931 | ||||||
RBB Bancorp | 7,821 | 100,343 | ||||||
Red River Bancshares, Inc. | 2,366 | 95,231 | ||||||
Reliant Bancorp, Inc. | 4,919 | 68,866 | ||||||
Renasant Corp. | 26,823 | 646,971 | ||||||
Republic Bancorp, Inc., Class A | 4,669 | 149,641 | ||||||
Republic First Bancorp, Inc.† | 21,043 | 49,872 | ||||||
Richmond Mutual BanCorp, Inc. | 6,048 | 67,254 | ||||||
S&T Bancorp, Inc. | 18,311 | 407,237 | ||||||
Sandy Spring Bancorp, Inc. | 16,644 | 403,617 |
Security Description | Shares | Value (Note 2) | ||||||
Banks - Commercial (continued) |
| |||||||
SB One Bancorp | 3,895 | $ | 66,176 | |||||
Seacoast Banking Corp. of Florida† | 24,327 | 529,112 | ||||||
Select Bancorp, Inc.† | 7,566 | 56,745 | ||||||
ServisFirst Bancshares, Inc. | 22,923 | 799,554 | ||||||
Shore Bancshares, Inc. | 5,959 | 59,590 | ||||||
Sierra Bancorp | 6,818 | 128,451 | ||||||
Silvergate Capital Corp., Class A† | 1,539 | 22,454 | ||||||
Simmons First National Corp., Class A | 45,940 | 787,871 | ||||||
SmartFinancial, Inc. | 6,132 | 94,433 | ||||||
South Plains Financial, Inc. | 4,875 | 64,350 | ||||||
South State Corp. | 16,126 | 847,744 | ||||||
Southern First Bancshares, Inc.† | 3,412 | 99,153 | ||||||
Southern National Bancorp of Virginia, Inc. | 9,497 | 95,540 | ||||||
Southside Bancshares, Inc. | 15,450 | 435,690 | ||||||
Spirit of Texas Bancshares, Inc.† | 6,622 | 79,729 | ||||||
Sterling Bancorp, Inc. | 7,879 | 22,455 | ||||||
Stock Yards Bancorp, Inc. | 9,765 | 332,303 | ||||||
Summit Financial Group, Inc. | 5,311 | 89,225 | ||||||
Tompkins Financial Corp. | 6,929 | 445,881 | ||||||
Towne Bank | 32,117 | 605,727 | ||||||
TriCo Bancshares | 12,896 | 365,860 | ||||||
TriState Capital Holdings, Inc.† | 13,071 | 195,411 | ||||||
Triumph Bancorp, Inc.† | 10,932 | 268,381 | ||||||
TrustCo Bank Corp. | 45,822 | 288,679 | ||||||
Trustmark Corp. | 31,001 | 737,514 | ||||||
UMB Financial Corp. | 21,357 | 1,095,187 | ||||||
United Bankshares, Inc. | 59,757 | 1,737,734 | ||||||
United Community Banks, Inc. | 37,963 | 742,177 | ||||||
United Security Bancshares | 6,489 | 39,778 | ||||||
Unity Bancorp, Inc. | 3,800 | 54,378 | ||||||
Univest Financial Corp. | 13,860 | 227,858 | ||||||
Valley National Bancorp | 186,823 | 1,490,848 | ||||||
Veritex Holdings, Inc. | 23,847 | 417,799 | ||||||
Washington Trust Bancorp, Inc. | 7,286 | 232,933 | ||||||
WesBanco, Inc. | 31,223 | 668,797 | ||||||
West Bancorporation, Inc. | 7,706 | 135,934 | ||||||
Westamerica Bancorporation | 12,561 | 740,848 | ||||||
Western New England Bancorp, Inc. | 11,484 | 60,636 | ||||||
64,472,223 | ||||||||
Banks - Fiduciary — 0.0% |
| |||||||
Parke Bancorp, Inc. | 4,772 | 66,426 | ||||||
Union Bankshares, Inc. | 1,876 | 36,770 | ||||||
103,196 | ||||||||
Banks - Mortgage — 0.1% |
| |||||||
Walker & Dunlop, Inc. | 13,347 | 540,553 | ||||||
Banks - Super Regional — 0.1% |
| |||||||
Independent Bank Group, Inc. | 17,181 | 650,816 | ||||||
National Bank Holdings Corp., Class A | 14,214 | 373,828 | ||||||
1,024,644 | ||||||||
Batteries/Battery Systems — 0.1% |
| |||||||
EnerSys | 20,565 | 1,301,764 | ||||||
Beverages - Non-alcoholic — 0.1% |
| |||||||
Celsius Holdings, Inc.† | 14,553 | 134,906 | ||||||
Coca-Cola Consolidated, Inc. | 2,264 | 551,126 | ||||||
National Beverage Corp.†# | 5,691 | 324,273 | ||||||
New Age Beverages Corp.†# | 36,136 | 54,565 | ||||||
1,064,870 | ||||||||
Beverages - Wine/Spirits — 0.0% |
| |||||||
MGP Ingredients, Inc. | 6,254 | 234,588 | ||||||
191 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Brewery — 0.3% |
| |||||||
Boston Beer Co., Inc., Class A†# | 4,026 | $ | 2,273,603 | |||||
Craft Brew Alliance, Inc.† | 5,588 | 84,435 | ||||||
2,358,038 | ||||||||
Broadcast Services/Program — 0.0% |
| |||||||
Hemisphere Media Group, Inc.† | 8,385 | 82,173 | ||||||
MSG Networks, Inc., Class A† | 20,702 | 256,291 | ||||||
338,464 | ||||||||
Building & Construction Products - Misc. — 1.2% |
| |||||||
American Woodmark Corp.† | 8,120 | 509,611 | ||||||
Armstrong Flooring, Inc.† | 8,529 | 29,169 | ||||||
Builders FirstSource, Inc.† | 54,926 | 1,143,010 | ||||||
Caesarstone, Ltd.# | 10,864 | 121,025 | ||||||
Forterra, Inc.† | 8,949 | 78,930 | ||||||
Gibraltar Industries, Inc.† | 15,554 | 684,532 | ||||||
Louisiana-Pacific Corp. | 54,303 | 1,282,094 | ||||||
Patrick Industries, Inc. | 10,868 | 563,723 | ||||||
Select Interior Concepts, Inc., Class A† | 9,996 | 32,087 | ||||||
Simpson Manufacturing Co., Inc. | 21,587 | 1,728,256 | ||||||
Summit Materials, Inc., Class A† | 54,827 | 832,822 | ||||||
Trex Co., Inc.† | 28,318 | 3,401,558 | ||||||
10,406,817 | ||||||||
Building & Construction - Misc. — 0.6% |
| |||||||
Comfort Systems USA, Inc. | 17,527 | 648,499 | ||||||
Concrete Pumping Holdings, Inc.† | 12,772 | 42,531 | ||||||
EMCOR Group, Inc. | 26,901 | 1,709,558 | ||||||
IES Holdings, Inc.† | 3,977 | 93,062 | ||||||
MYR Group, Inc.† | 7,757 | 223,479 | ||||||
NV5 Global, Inc.† | 4,989 | 235,281 | ||||||
TopBuild Corp.† | 16,126 | 1,849,491 | ||||||
WillScot Corp.† | 24,887 | 331,993 | ||||||
5,133,894 | ||||||||
Building Products - Air & Heating — 0.2% |
| |||||||
AAON, Inc. | 19,789 | 1,071,970 | ||||||
SPX Corp.† | 21,051 | 841,619 | ||||||
1,913,589 | ||||||||
Building Products - Cement — 0.0% |
| |||||||
US Concrete, Inc.† | 7,699 | 160,601 | ||||||
Building Products - Doors & Windows — 0.3% |
| |||||||
Apogee Enterprises, Inc. | 12,608 | 260,355 | ||||||
Cornerstone Building Brands, Inc.† | 22,156 | 120,085 | ||||||
Griffon Corp. | 17,583 | 295,394 | ||||||
JELD-WEN Holding, Inc.† | 32,544 | 443,575 | ||||||
Masonite International Corp.† | 11,870 | 787,931 | ||||||
PGT Innovations, Inc.† | 27,344 | 372,152 | ||||||
2,279,492 | ||||||||
Building Products - Wood — 0.2% |
| |||||||
Boise Cascade Co. | 18,715 | 636,871 | ||||||
UFP Industries, Inc. | 28,694 | 1,312,177 | ||||||
1,949,048 | ||||||||
Building - Heavy Construction — 0.5% |
| |||||||
Aegion Corp.† | 14,679 | 220,332 | ||||||
Arcosa, Inc. | 23,459 | 895,430 | ||||||
Construction Partners, Inc., Class A† | 9,001 | 159,318 | ||||||
Dycom Industries, Inc.† | 14,651 | 616,807 | ||||||
Granite Construction, Inc. | 22,601 | 397,778 | ||||||
Great Lakes Dredge & Dock Corp.† | 29,365 | 272,213 | ||||||
MasTec, Inc.† | 28,924 | 1,132,375 | ||||||
Primoris Services Corp. | 21,353 | 356,381 |
Security Description | Shares | Value (Note 2) | ||||||
Building - Heavy Construction (continued) |
| |||||||
Sterling Construction Co., Inc.† | 12,580 | $ | 113,849 | |||||
Tutor Perini Corp.† | 19,220 | 201,810 | ||||||
4,366,293 | ||||||||
Building - Maintenance & Services — 0.1% |
| |||||||
ABM Industries, Inc. | 32,085 | 985,972 | ||||||
BrightView Holdings, Inc.† | 15,034 | 205,815 | ||||||
1,191,787 | ||||||||
Building - Mobile Home/Manufactured Housing — 0.4% |
| |||||||
Cavco Industries, Inc.† | 4,151 | 789,479 | ||||||
LCI Industries | 11,759 | 1,163,318 | ||||||
Skyline Champion Corp.† | 24,257 | 602,544 | ||||||
Winnebago Industries, Inc. | 14,989 | 815,401 | ||||||
3,370,742 | ||||||||
Building - Residential/Commercial — 0.9% |
| |||||||
Beazer Homes USA, Inc.† | 14,043 | 137,902 | ||||||
Century Communities, Inc.† | 13,780 | 407,061 | ||||||
Forestar Group, Inc.† | 8,014 | 121,573 | ||||||
Green Brick Partners, Inc.† | 11,716 | 125,361 | ||||||
Installed Building Products, Inc.† | 10,914 | 701,552 | ||||||
KB Home | 41,813 | 1,383,174 | ||||||
LGI Homes, Inc.† | 9,653 | 805,253 | ||||||
M/I Homes, Inc.† | 13,061 | 437,282 | ||||||
MDC Holdings, Inc. | 24,338 | 827,249 | ||||||
Meritage Homes Corp.† | 17,458 | 1,213,331 | ||||||
Taylor Morrison Home Corp., Class A† | 62,964 | 1,217,094 | ||||||
TRI Pointe Group, Inc.† | 66,690 | 955,001 | ||||||
8,331,833 | ||||||||
Cable/Satellite TV — 0.1% |
| |||||||
Liberty Latin America, Ltd., Class A† | 22,283 | 222,162 | ||||||
Liberty Latin America, Ltd., Class C† | 54,854 | 526,598 | ||||||
WideOpenWest, Inc.† | 11,871 | 77,280 | ||||||
826,040 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Boyd Gaming Corp. | 38,834 | 830,271 | ||||||
Century Casinos, Inc.† | 13,132 | 71,832 | ||||||
902,103 | ||||||||
Casino Services — 0.2% |
| |||||||
Eldorado Resorts, Inc.† | 31,746 | 1,125,713 | ||||||
Everi Holdings, Inc.† | 38,703 | 240,345 | ||||||
Scientific Games Corp.† | 26,879 | 422,807 | ||||||
1,788,865 | ||||||||
Cellular Telecom — 0.0% |
| |||||||
Cambium Networks Corp.† | 2,661 | 11,655 | ||||||
Chemicals - Diversified — 0.4% |
| |||||||
AdvanSix, Inc.† | 13,445 | 159,189 | ||||||
Codexis, Inc.† | 25,473 | 316,375 | ||||||
Innospec, Inc. | 11,713 | 902,955 | ||||||
Koppers Holdings, Inc.† | 9,068 | 150,257 | ||||||
Orion Engineered Carbons SA | 29,039 | 321,171 | ||||||
Quaker Chemical Corp.# | 6,323 | 1,080,284 | ||||||
Stepan Co. | 9,864 | 958,386 | ||||||
3,888,617 | ||||||||
Chemicals - Fibers — 0.0% |
| |||||||
Rayonier Advanced Materials, Inc. | 23,515 | 51,028 | ||||||
Chemicals - Other — 0.0% |
| |||||||
American Vanguard Corp. | 13,899 | 184,857 | ||||||
192 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Chemicals - Plastics — 0.1% |
| |||||||
PolyOne Corp. | 44,393 | $ | 1,100,059 | |||||
Chemicals - Specialty — 1.0% |
| |||||||
Amyris, Inc.†# | 28,746 | 107,223 | ||||||
Balchem Corp. | 15,517 | 1,561,786 | ||||||
Ferro Corp.† | 39,328 | 472,723 | ||||||
GCP Applied Technologies, Inc.† | 26,066 | 524,969 | ||||||
H.B. Fuller Co. | 24,541 | 923,232 | ||||||
Hawkins, Inc. | 4,699 | 201,587 | ||||||
Ingevity Corp.† | 20,262 | 1,067,200 | ||||||
Kraton Corp.† | 15,082 | 230,001 | ||||||
Minerals Technologies, Inc. | 16,608 | 818,940 | ||||||
Oil-Dri Corp. of America | 2,533 | 89,744 | ||||||
PQ Group Holdings, Inc.† | 18,252 | 229,063 | ||||||
Rogers Corp.† | 8,917 | 965,354 | ||||||
Sensient Technologies Corp. | 20,417 | 1,023,300 | ||||||
Tronox Holdings PLC, Class A | 43,985 | 292,060 | ||||||
Valhi, Inc. | 13,953 | 10,938 | ||||||
8,518,120 | ||||||||
Circuit Boards — 0.1% |
| |||||||
TTM Technologies, Inc.† | 47,729 | 552,225 | ||||||
Coal — 0.1% |
| |||||||
Advanced Emissions Solutions, Inc.# | 7,929 | 39,962 | ||||||
Arch Resources, Inc., Class A | 7,265 | 239,454 | ||||||
CONSOL Energy, Inc.† | 12,431 | 84,655 | ||||||
Hallador Energy Co. | 9,795 | 6,892 | ||||||
NACCO Industries, Inc., Class A | 1,777 | 46,700 | ||||||
Peabody Energy Corp. | 30,853 | 97,187 | ||||||
Ramaco Resources, Inc.† | 3,942 | 10,683 | ||||||
SunCoke Energy, Inc. | 34,145 | �� | 116,434 | |||||
Warrior Met Coal, Inc.# | 24,909 | 350,719 | ||||||
992,686 | ||||||||
Coatings/Paint — 0.0% |
| |||||||
Kronos Worldwide, Inc. | 10,914 | 106,521 | ||||||
Coffee — 0.0% |
| |||||||
Farmer Brothers Co.† | 5,158 | 39,768 | ||||||
Youngevity International, Inc.†# | 4,152 | 6,976 | ||||||
46,744 | ||||||||
Commercial Services — 0.6% |
| |||||||
Acacia Research Corp.† | 23,721 | 61,438 | ||||||
Collectors Universe, Inc. | 4,325 | 96,188 | ||||||
Emerald Holding, Inc. | 11,909 | 26,438 | ||||||
HMS Holdings Corp.† | 42,306 | 1,321,640 | ||||||
LiveRamp Holdings, Inc.† | 32,300 | 1,628,889 | ||||||
Medifast, Inc.# | 5,340 | 546,496 | ||||||
National Research Corp. | 5,796 | 328,749 | ||||||
Progyny, Inc.† | 5,717 | 142,696 | ||||||
SP Plus Corp.† | 10,990 | 223,866 | ||||||
Team, Inc.†# | 14,352 | 70,755 | ||||||
WW International, Inc.† | 22,519 | 538,204 | ||||||
4,985,359 | ||||||||
Commercial Services - Finance — 0.4% |
| |||||||
Cardtronics PLC, Class A† | 17,719 | 428,623 | ||||||
Cass Information Systems, Inc. | 6,785 | 273,707 | ||||||
CBIZ, Inc.† | 24,723 | 559,976 | ||||||
EVERTEC, Inc. | 29,225 | 851,032 | ||||||
Evo Payments, Inc., Class A† | 19,254 | 426,284 | ||||||
Green Dot Corp., Class A† | 23,311 | 890,014 | ||||||
PRGX Global, Inc.† | 9,844 | 38,785 | ||||||
Priority Technology Holdings, Inc.† | 3,158 | 5,905 | ||||||
3,474,326 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Communications Software — 0.1% |
| |||||||
Avaya Holdings Corp.† | 45,995 | $ | 671,527 | |||||
Pareteum Corp.†# | 62,035 | 27,053 | ||||||
698,580 | ||||||||
Computer Aided Design — 0.1% |
| |||||||
Altair Engineering, Inc., Class A†# | 19,273 | 753,382 | ||||||
Computer Data Security — 0.7% |
| |||||||
ForeScout Technologies, Inc.†# | 20,820 | 491,144 | ||||||
OneSpan, Inc.† | 15,784 | 320,731 | ||||||
Ping Identity Holding Corp.† | 6,637 | 187,893 | ||||||
Qualys, Inc.† | 16,221 | 1,870,606 | ||||||
Rapid7, Inc.† | 23,749 | 1,161,089 | ||||||
SecureWorks Corp., Class A† | 3,931 | 52,911 | ||||||
Tenable Holdings, Inc.† | 18,156 | 567,738 | ||||||
Varonis Systems, Inc.† | 14,455 | 1,219,857 | ||||||
5,871,969 | ||||||||
Computer Services — 1.1% |
| |||||||
Conduent, Inc.† | 83,393 | 199,309 | ||||||
ExlService Holdings, Inc.† | 16,154 | 988,140 | ||||||
Insight Enterprises, Inc.† | 16,836 | 863,013 | ||||||
MAXIMUS, Inc. | 30,653 | 2,207,629 | ||||||
Parsons Corp.†# | 9,259 | 376,471 | ||||||
Perspecta, Inc. | 67,416 | 1,494,613 | ||||||
Rimini Street, Inc.† | 9,791 | 45,137 | ||||||
Science Applications International Corp. | 27,897 | 2,456,052 | ||||||
StarTek, Inc.† | 7,997 | 33,667 | ||||||
Sykes Enterprises, Inc.† | 18,423 | 502,211 | ||||||
TTEC Holdings, Inc. | 8,353 | 353,833 | ||||||
Unisys Corp.† | 24,545 | 278,831 | ||||||
Virtusa Corp.† | 13,825 | 415,718 | ||||||
10,214,624 | ||||||||
Computer Software — 1.1% |
| |||||||
Avid Technology, Inc.† | 13,654 | 96,397 | ||||||
Bandwidth, Inc., Class A† | 7,745 | 858,533 | ||||||
Box, Inc., Class A† | 70,527 | 1,409,129 | ||||||
Cloudera, Inc.†# | 119,130 | 1,221,082 | ||||||
Cornerstone OnDemand, Inc.† | 27,452 | 1,061,020 | ||||||
Envestnet, Inc.† | 23,260 | 1,688,909 | ||||||
J2 Global, Inc.# | 22,473 | 1,759,636 | ||||||
Simulations Plus, Inc. | 5,756 | 291,657 | ||||||
TiVo Corp. | 59,913 | 364,870 | ||||||
Yext, Inc.†# | 46,373 | 732,230 | ||||||
Zuora, Inc., Class A† | 42,612 | 511,770 | ||||||
9,995,233 | ||||||||
Computers - Integrated Systems — 0.3% |
| |||||||
Cubic Corp. | 15,067 | 620,911 | ||||||
Diebold Nixdorf, Inc.†# | 37,004 | 177,249 | ||||||
MTS Systems Corp. | 9,342 | 164,512 | ||||||
NetScout Systems, Inc.† | 34,155 | 938,238 | ||||||
PAR Technology Corp.† | 5,572 | 139,356 | ||||||
2,040,266 | ||||||||
Computers - Other — 0.4% |
| |||||||
3D Systems Corp.†# | 55,422 | 408,460 | ||||||
Lumentum Holdings, Inc.† | 36,051 | 2,643,259 | ||||||
PlayAGS, Inc.† | 12,820 | 66,792 | ||||||
Stratasys, Ltd.†# | 24,775 | 442,482 | ||||||
3,560,993 | ||||||||
Computers - Periphery Equipment — 0.0% |
| |||||||
Mitek Systems, Inc.† | 19,153 | 178,697 | ||||||
193 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Computers - Voice Recognition — 0.0% |
| |||||||
Vocera Communications, Inc.†# | 15,005 | $ | 294,548 | |||||
Consulting Services — 0.6% |
| |||||||
CRA International, Inc. | 3,632 | 146,697 | ||||||
Forrester Research, Inc.† | 5,181 | 162,683 | ||||||
Franklin Covey Co.† | 4,694 | 99,982 | ||||||
FTI Consulting, Inc.† | 17,946 | 2,161,775 | ||||||
GP Strategies Corp.† | 6,159 | 48,348 | ||||||
Hackett Group, Inc. | 11,781 | 162,460 | ||||||
Huron Consulting Group, Inc.† | 10,804 | 499,793 | ||||||
ICF International, Inc. | 8,745 | 573,497 | ||||||
Information Services Group, Inc.† | 17,190 | 29,567 | ||||||
Kelly Services, Inc., Class A | 15,960 | 239,241 | ||||||
R1 RCM, Inc.† | 50,012 | 530,627 | ||||||
Vectrus, Inc.† | 5,440 | 298,765 | ||||||
4,953,435 | ||||||||
Consumer Products - Misc. — 0.5% |
| |||||||
Central Garden & Pet Co.† | 4,770 | 175,011 | ||||||
Central Garden & Pet Co., Class A† | 19,480 | 667,385 | ||||||
Helen of Troy, Ltd.† | 12,102 | 2,201,596 | ||||||
Quanex Building Products Corp. | 15,899 | 197,147 | ||||||
WD-40 Co. | 6,622 | 1,270,431 | ||||||
4,511,570 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Greif, Inc., Class A | 12,464 | 423,527 | ||||||
Greif, Inc., Class B | 2,905 | 111,377 | ||||||
534,904 | ||||||||
Containers - Paper/Plastic — 0.1% |
| |||||||
Matthews International Corp., Class A | 14,652 | 303,296 | ||||||
TriMas Corp.† | 21,603 | 510,911 | ||||||
UFP Technologies, Inc.† | 3,256 | 147,204 | ||||||
961,411 | ||||||||
Cosmetics & Toiletries — 0.2% |
| |||||||
e.l.f. Beauty, Inc.† | 12,642 | �� | 216,684 | |||||
Edgewell Personal Care Co.† | 26,050 | 792,441 | ||||||
Inter Parfums, Inc. | 8,482 | 393,650 | ||||||
Revlon, Inc., Class A†# | 3,326 | 34,058 | ||||||
1,436,833 | ||||||||
Cruise Lines — 0.0% |
| |||||||
Lindblad Expeditions Holdings, Inc.† | 11,060 | 86,821 | ||||||
Data Processing/Management — 0.3% |
| |||||||
Bottomline Technologies DE, Inc.† | 20,868 | 1,055,921 | ||||||
CommVault Systems, Inc.† | 20,118 | 813,974 | ||||||
CSG Systems International, Inc. | 15,850 | 750,498 | ||||||
2,620,393 | ||||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Patterson Cos., Inc. | 40,284 | 793,192 | ||||||
Diagnostic Equipment — 0.5% |
| |||||||
Accelerate Diagnostics, Inc.†# | 13,142 | 109,736 | ||||||
BioTelemetry, Inc.† | 15,990 | 754,408 | ||||||
GenMark Diagnostics, Inc.† | 26,718 | 253,554 | ||||||
Quanterix Corp.†# | 6,433 | 177,487 | ||||||
Repligen Corp.† | 25,186 | 3,298,610 | ||||||
4,593,795 | ||||||||
Diagnostic Kits — 0.6% |
| |||||||
Celcuity, Inc.† | 2,835 | 27,585 | ||||||
Meridian Bioscience, Inc.† | 20,292 | 313,714 | ||||||
Natera, Inc.† | 30,031 | 1,316,859 |
Security Description | Shares | Value (Note 2) | ||||||
Diagnostic Kits (continued) |
| |||||||
OraSure Technologies, Inc.† | 29,636 | $ | 430,908 | |||||
Precision BioSciences, Inc.†# | 17,310 | 121,343 | ||||||
Quidel Corp.† | 17,240 | 3,017,000 | ||||||
5,227,409 | ||||||||
Dialysis Centers — 0.0% |
| |||||||
American Renal Associates Holdings, Inc.† | 8,839 | 54,713 | ||||||
Direct Marketing — 0.0% |
| |||||||
Quotient Technology, Inc.† | 36,151 | 251,611 | ||||||
Disposable Medical Products — 0.3% |
| |||||||
BioLife Solutions, Inc.†# | 3,498 | 57,542 | ||||||
CONMED Corp. | 13,127 | 963,653 | ||||||
Merit Medical Systems, Inc.† | 25,817 | 1,161,507 | ||||||
Utah Medical Products, Inc. | 1,677 | 166,828 | ||||||
2,349,530 | ||||||||
Distribution/Wholesale — 0.7% |
| |||||||
Anixter International, Inc.† | 14,688 | 1,405,789 | ||||||
Core-Mark Holding Co., Inc. | 21,830 | 610,803 | ||||||
EVI Industries, Inc.†# | 2,218 | 43,606 | ||||||
Fossil Group, Inc.†# | 22,546 | 68,765 | ||||||
G-III Apparel Group, Ltd.† | 21,265 | 219,668 | ||||||
H&E Equipment Services, Inc. | 15,387 | 263,733 | ||||||
ScanSource, Inc.† | 12,221 | 301,248 | ||||||
SiteOne Landscape Supply, Inc.† | 19,693 | 2,093,563 | ||||||
Systemax, Inc. | 5,959 | 125,079 | ||||||
Titan Machinery, Inc.† | 9,126 | 95,549 | ||||||
Triton International, Ltd. | 26,067 | 795,044 | ||||||
Veritiv Corp.† | 6,244 | 77,800 | ||||||
6,100,647 | ||||||||
Diversified Manufacturing Operations — 0.4% |
| |||||||
Chase Corp. | 3,526 | 351,366 | ||||||
Enerpac Tool Group Corp. | 26,496 | 474,278 | ||||||
EnPro Industries, Inc. | 9,913 | 446,878 | ||||||
Fabrinet† | 17,568 | 1,123,298 | ||||||
Federal Signal Corp. | 28,792 | 838,999 | ||||||
LSB Industries, Inc.† | 10,835 | 11,702 | ||||||
NL Industries, Inc. | 4,030 | 12,614 | ||||||
Standex International Corp. | 5,947 | 314,656 | ||||||
3,573,791 | ||||||||
Diversified Minerals — 0.1% |
| |||||||
Covia Holdings Corp.†# | 20,043 | 10,062 | ||||||
Livent Corp.† | 70,676 | 476,356 | ||||||
United States Lime & Minerals, Inc. | 967 | 71,713 | ||||||
558,131 | ||||||||
Diversified Operations — 0.0% |
| |||||||
Professional Holding Corp., Class A† | 1,645 | 23,326 | ||||||
Diversified Operations/Commercial Services — 0.0% |
| |||||||
Viad Corp. | 9,668 | 177,311 | ||||||
Drug Delivery Systems — 0.2% |
| |||||||
Antares Pharma, Inc.†# | 77,926 | 223,647 | ||||||
BioDelivery Sciences International, Inc.† | 40,242 | 192,357 | ||||||
Heron Therapeutics, Inc.†# | 40,499 | 737,892 | ||||||
Revance Therapeutics, Inc.† | 24,869 | 519,762 | ||||||
Senseonics Holdings, Inc.† | 59,002 | 27,536 | ||||||
1,701,194 | ||||||||
E-Commerce/Products — 0.2% |
| |||||||
1-800-Flowers.com, Inc., Class A† | 11,952 | 264,617 | ||||||
Lands’ End, Inc.† | 5,117 | 32,135 | ||||||
Liquidity Services, Inc.† | 12,789 | 73,025 |
194 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
E-Commerce/Products (continued) |
| |||||||
Overstock.com, Inc.† | 16,909 | $ | 310,618 | |||||
RealReal, Inc.† | 24,986 | 335,062 | ||||||
Stitch Fix, Inc., Class A†# | 19,922 | 460,597 | ||||||
1,476,054 | ||||||||
E-Commerce/Services — 0.5% |
| |||||||
Cargurus, Inc.† | 36,127 | 938,579 | ||||||
Cars.com, Inc.† | 32,322 | 199,427 | ||||||
ChannelAdvisor Corp.† | 12,864 | 179,453 | ||||||
Eventbrite, Inc., Class A† | 17,605 | 151,755 | ||||||
EverQuote, Inc., Class A† | 4,237 | 228,459 | ||||||
Groupon, Inc.†# | 217,686 | 277,550 | ||||||
Leaf Group, Ltd.† | 8,439 | 23,038 | ||||||
Shutterstock, Inc. | 9,199 | 348,826 | ||||||
Stamps.com, Inc.† | 7,958 | 1,576,878 | ||||||
Travelzoo† | 2,533 | 15,502 | ||||||
TrueCar, Inc.† | 50,522 | 136,409 | ||||||
Upwork, Inc.† | 27,661 | 344,103 | ||||||
4,419,979 | ||||||||
E-Marketing/Info — 0.1% |
| |||||||
Cardlytics, Inc.† | 6,898 | 469,685 | ||||||
comScore, Inc.† | 23,591 | 88,820 | ||||||
QuinStreet, Inc.† | 22,294 | 226,061 | ||||||
Rubicon Project, Inc.† | 47,112 | 295,392 | ||||||
1,079,958 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
Perficient, Inc.† | 15,393 | 523,978 | ||||||
Electric Products - Misc. — 0.2% |
| |||||||
Graham Corp. | 4,624 | 52,899 | ||||||
nLight, Inc.† | 15,923 | 343,300 | ||||||
Novanta, Inc.† | 16,227 | 1,666,675 | ||||||
2,062,874 | ||||||||
Electric - Distribution — 0.1% |
| |||||||
Genie Energy, Ltd., Class B | 6,838 | 58,875 | ||||||
Spark Energy, Inc., Class A# | 5,703 | 46,879 | ||||||
Unitil Corp. | 7,034 | 338,828 | ||||||
444,582 | ||||||||
Electric - Generation — 0.2% |
| |||||||
Atlantic Power Corp.† | 51,504 | 108,158 | ||||||
Charah Solutions, Inc.†# | 4,485 | 8,297 | ||||||
Ormat Technologies, Inc. | 19,124 | 1,392,419 | ||||||
1,508,874 | ||||||||
Electric - Integrated — 1.5% |
| |||||||
ALLETE, Inc. | 24,985 | 1,467,369 | ||||||
Ameresco, Inc., Class A† | 10,825 | 232,305 | ||||||
Avista Corp. | 32,087 | 1,256,848 | ||||||
Black Hills Corp. | 29,431 | 1,816,187 | ||||||
El Paso Electric Co. | 19,562 | 1,329,629 | ||||||
MGE Energy, Inc. | 16,819 | 1,141,842 | ||||||
NorthWestern Corp. | 24,412 | 1,467,649 | ||||||
Otter Tail Corp. | 19,001 | 815,333 | ||||||
PNM Resources, Inc. | 38,316 | 1,564,059 | ||||||
Portland General Electric Co. | 43,270 | 2,038,450 | ||||||
13,129,671 | ||||||||
Electronic Components - Misc. — 0.9% |
| |||||||
Advanced Energy Industries, Inc.† | 18,344 | 1,225,930 | ||||||
Applied Optoelectronics, Inc.†# | 9,158 | 80,865 | ||||||
Atkore International Group, Inc.† | 22,874 | 613,938 | ||||||
Bel Fuse, Inc., Class B | 4,756 | 44,564 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Misc. (continued) |
| |||||||
Benchmark Electronics, Inc. | 17,790 | $ | 376,970 | |||||
Comtech Telecommunications Corp. | 11,432 | 203,604 | ||||||
IntriCon Corp.† | 3,953 | 55,895 | ||||||
KEMET Corp. | 27,432 | 741,487 | ||||||
Kimball Electronics, Inc.† | 11,823 | 167,768 | ||||||
Knowles Corp.† | 39,198 | 589,538 | ||||||
NVE Corp. | 2,299 | 139,158 | ||||||
OSI Systems, Inc.† | 8,134 | 616,313 | ||||||
Plexus Corp.† | 13,929 | 894,520 | ||||||
Sanmina Corp.† | 33,078 | 880,206 | ||||||
SMART Global Holdings, Inc.† | 6,529 | 174,847 | ||||||
Transcat, Inc.† | 3,363 | 84,210 | ||||||
Vishay Intertechnology, Inc. | 63,935 | 1,039,583 | ||||||
Vishay Precision Group, Inc.† | 5,025 | 118,691 | ||||||
ZAGG, Inc.†# | 13,516 | 40,345 | ||||||
8,088,432 | ||||||||
Electronic Components - Semiconductors — 1.7% |
| |||||||
Adesto Technologies Corp.†# | 13,043 | 157,429 | ||||||
Alpha & Omega Semiconductor, Ltd.† | 9,749 | 102,559 | ||||||
Ambarella, Inc.† | 15,593 | 884,747 | ||||||
Amkor Technology, Inc.† | 47,328 | 500,730 | ||||||
AXT, Inc.† | 18,556 | 98,161 | ||||||
CEVA, Inc.† | 10,463 | 360,660 | ||||||
CTS Corp. | 15,660 | 334,184 | ||||||
Diodes, Inc.† | 20,017 | 973,627 | ||||||
DSP Group, Inc.† | 10,630 | 191,553 | ||||||
GSI Technology, Inc.† | 7,733 | 58,230 | ||||||
Impinj, Inc.† | 8,087 | 209,049 | ||||||
Inphi Corp.† | 21,662 | 2,722,264 | ||||||
Lattice Semiconductor Corp.†# | 60,790 | 1,511,847 | ||||||
MACOM Technology Solutions Holdings, Inc.†# | 22,140 | 702,945 | ||||||
Photronics, Inc.† | 30,658 | 367,589 | ||||||
Rambus, Inc.† | 53,218 | 827,008 | ||||||
Semtech Corp.† | 31,757 | 1,688,837 | ||||||
Silicon Laboratories, Inc.† | 20,716 | 1,940,261 | ||||||
SiTime Corp.† | 2,361 | 70,381 | ||||||
Synaptics, Inc.† | 16,497 | 1,051,189 | ||||||
Xperi Corp. | 23,732 | 326,315 | ||||||
15,079,565 | ||||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Badger Meter, Inc. | 13,782 | 843,321 | ||||||
FARO Technologies, Inc.† | 8,302 | 467,237 | ||||||
Fitbit, Inc., Class A† | 111,459 | 706,650 | ||||||
Itron, Inc.† | 16,525 | 1,064,540 | ||||||
Mesa Laboratories, Inc. | 1,926 | 508,946 | ||||||
Stoneridge, Inc.† | 12,749 | 262,374 | ||||||
3,853,068 | ||||||||
Electronic Parts Distribution — 0.3% |
| |||||||
Tech Data Corp.† | 17,113 | 2,331,475 | ||||||
Electronic Security Devices — 0.1% |
| |||||||
Alarm.com Holdings, Inc.† | 20,435 | 966,371 | ||||||
Napco Security Technologies, Inc.† | 5,573 | 126,618 | ||||||
Wrap Technologies, Inc.†# | 3,944 | 25,439 | ||||||
1,118,428 | ||||||||
Electronics - Military — 0.3% |
| |||||||
Mercury Systems, Inc.† | 26,143 | 2,335,877 | ||||||
Energy - Alternate Sources — 0.8% |
| |||||||
Clean Energy Fuels Corp.† | 64,731 | 135,288 | ||||||
Enphase Energy, Inc.† | 44,254 | 2,575,140 | ||||||
FutureFuel Corp. | 12,441 | 162,728 |
195 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Energy - Alternate Sources (continued) |
| |||||||
Green Plains, Inc. | 16,532 | $ | 141,349 | |||||
Plug Power, Inc.†# | 143,587 | 604,501 | ||||||
Renewable Energy Group, Inc.† | 17,734 | 504,532 | ||||||
REX American Resources Corp.† | 2,702 | 158,472 | ||||||
Sunnova Energy International, Inc.†# | 15,314 | 229,710 | ||||||
SunPower Corp.†# | 35,731 | 257,978 | ||||||
Sunrun, Inc.† | 54,450 | 909,315 | ||||||
TerraForm Power, Inc., Class A | 38,233 | 702,723 | ||||||
TPI Composites, Inc.† | 13,916 | 288,757 | ||||||
Vivint Solar, Inc.† | 21,269 | 159,943 | ||||||
6,830,436 | ||||||||
Engineering/R&D Services — 0.4% |
| |||||||
Exponent, Inc. | 24,933 | 1,851,026 | ||||||
Iteris, Inc.† | 19,342 | 93,035 | ||||||
KBR, Inc. | 68,245 | 1,600,345 | ||||||
Mistras Group, Inc.† | 8,672 | 35,035 | ||||||
VSE Corp. | 4,201 | 109,226 | ||||||
3,688,667 | ||||||||
Engines - Internal Combustion — 0.0% |
| |||||||
Briggs & Stratton Corp.# | 19,838 | 32,534 | ||||||
Enterprise Software/Service — 2.3% |
| |||||||
ACI Worldwide, Inc.† | 55,496 | 1,530,580 | ||||||
American Software, Inc., Class A | 14,287 | 277,882 | ||||||
Appian Corp.†# | 16,411 | 934,770 | ||||||
Benefitfocus, Inc.†# | 14,277 | 181,746 | ||||||
Blackbaud, Inc. | 23,546 | 1,380,031 | ||||||
Blackline, Inc.† | 20,832 | 1,547,818 | ||||||
Daily Journal Corp.†# | 546 | 152,935 | ||||||
Domo, Inc., Class B† | 8,607 | 217,929 | ||||||
Donnelley Financial Solutions, Inc.† | 15,022 | 122,429 | ||||||
eGain Corp.† | 9,922 | 103,288 | ||||||
Everbridge, Inc.† | 16,020 | 2,343,085 | ||||||
Evolent Health, Inc., Class A† | 35,689 | 316,918 | ||||||
Exela Technologies, Inc.†# | 21,603 | 7,017 | ||||||
Intelligent Systems Corp.† | 3,286 | 105,251 | ||||||
LivePerson, Inc.†# | 29,924 | 1,120,654 | ||||||
ManTech International Corp., Class A | 12,905 | 1,003,235 | ||||||
MicroStrategy, Inc., Class A† | 3,920 | 487,962 | ||||||
MobileIron, Inc.† | 47,483 | 214,623 | ||||||
Omnicell, Inc.† | 19,965 | 1,335,858 | ||||||
Phunware, Inc.†# | 15,226 | 19,641 | ||||||
Progress Software Corp. | 21,719 | 877,448 | ||||||
PROS Holdings, Inc.† | 16,063 | 625,654 | ||||||
QAD, Inc., Class A | 5,523 | 252,235 | ||||||
SailPoint Technologies Holding, Inc.† | 41,317 | 943,267 | ||||||
SPS Commerce, Inc.† | 16,857 | 1,148,973 | ||||||
SVMK, Inc.† | 41,833 | 842,935 | ||||||
Verint Systems, Inc.† | 32,008 | 1,484,211 | ||||||
Workiva, Inc.† | 17,705 | 788,581 | ||||||
20,366,956 | ||||||||
Entertainment Software — 0.1% |
| |||||||
Glu Mobile, Inc.† | 55,807 | 556,954 | ||||||
Inspired Entertainment, Inc.†# | 4,262 | 11,465 | ||||||
568,419 | ||||||||
Environmental Consulting & Engineering — 0.2% |
| |||||||
Tetra Tech, Inc. | 26,300 | 2,075,070 | ||||||
Filtration/Separation Products — 0.1% |
| |||||||
ESCO Technologies, Inc. | 12,311 | 1,017,012 | ||||||
Finance - Commercial — 0.1% |
| |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 30,515 | 885,240 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Commercial (continued) |
| |||||||
Marlin Business Services Corp. | 4,157 | $ | 31,136 | |||||
MMA Capital Holdings, Inc.† | 2,317 | 57,833 | ||||||
NewStar Financial, Inc. CVR†(1) | 17,919 | 9,676 | ||||||
On Deck Capital, Inc.† | 28,000 | 20,941 | ||||||
1,004,826 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Curo Group Holdings Corp. | 7,490 | 50,108 | ||||||
Elevate Credit, Inc.† | 10,545 | 17,926 | ||||||
Encore Capital Group, Inc.† | 14,889 | 473,023 | ||||||
Enova International, Inc.† | 15,524 | 219,665 | ||||||
EZCORP, Inc., Class A† | 24,504 | 126,441 | ||||||
International Money Express, Inc.† | 8,687 | 95,818 | ||||||
LendingClub Corp.† | 32,343 | 173,035 | ||||||
Nelnet, Inc., Class A | 8,626 | 425,176 | ||||||
Ocwen Financial Corp.† | 64,892 | 47,968 | ||||||
Paysign, Inc.†# | 14,558 | 105,109 | ||||||
PRA Group, Inc.† | 21,689 | 740,029 | ||||||
Regional Management Corp.† | 4,126 | 65,438 | ||||||
World Acceptance Corp.†# | 2,638 | 175,427 | ||||||
2,715,163 | ||||||||
Finance - Credit Card — 0.0% |
| |||||||
I3 Verticals, Inc., Class A†# | 7,054 | 203,578 | ||||||
Finance - Investment Banker/Broker — 0.5% |
| |||||||
Amerant Bancorp, Inc.† | 9,321 | 121,546 | ||||||
Arlington Asset Investment Corp., Class A# | 17,386 | 41,726 | ||||||
Cowen, Inc., Class A | 13,597 | 177,713 | ||||||
Diamond Hill Investment Group, Inc. | 1,514 | 158,910 | ||||||
GAIN Capital Holdings, Inc.# | 9,314 | 58,492 | ||||||
Greenhill & Co., Inc. | 7,342 | 73,200 | ||||||
Houlihan Lokey, Inc. | 20,281 | 1,226,595 | ||||||
INTL. FCStone, Inc.† | 7,684 | 391,961 | ||||||
Moelis & Co., Class A | 22,881 | 769,488 | ||||||
Oppenheimer Holdings, Inc., Class A | 4,600 | 97,428 | ||||||
Piper Sandler Cos. | 6,385 | 380,801 | ||||||
PJT Partners, Inc., Class A | 10,896 | 595,902 | ||||||
Siebert Financial Corp.† | 4,099 | 28,037 | ||||||
4,121,799 | ||||||||
Finance - Mortgage Loan/Banker — 0.2% |
| |||||||
Ellington Financial, Inc. | 19,199 | 195,830 | ||||||
Federal Agricultural Mtg. Corp., Class C | 4,347 | 278,773 | ||||||
Mr. Cooper Group, Inc.† | 36,674 | 408,915 | ||||||
Oportun Financial Corp.† | 3,494 | 33,717 | ||||||
PennyMac Financial Services, Inc. | 12,036 | 404,169 | ||||||
Velocity Financial, Inc.† | 3,524 | 13,708 | ||||||
1,335,112 | ||||||||
Financial Guarantee Insurance — 0.3% |
| |||||||
MBIA, Inc.† | 36,251 | 256,657 | ||||||
NMI Holdings, Inc., Class A† | 31,807 | 488,715 | ||||||
Radian Group, Inc. | 97,534 | 1,548,840 | ||||||
2,294,212 | ||||||||
Firearms & Ammunition — 0.3% |
| |||||||
American Outdoor Brands Corp.†. | 26,067 | 308,112 | ||||||
Axon Enterprise, Inc.† | 28,109 | 2,135,160 | ||||||
Sturm Ruger & Co., Inc. | 8,057 | 502,273 | ||||||
2,945,545 | ||||||||
Food - Baking — 0.1% |
| |||||||
Hostess Brands, Inc.† | 57,582 | 695,303 | ||||||
Food - Canned — 0.0% |
| |||||||
Landec Corp.† | 12,478 | 133,140 |
196 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Canned (continued) |
| |||||||
Seneca Foods Corp., Class A† | 3,148 | $ | 114,808 | |||||
247,948 | ||||||||
Food - Catering — 0.1% |
| |||||||
Healthcare Services Group, Inc. | 35,839 | 857,269 | ||||||
Food - Confectionery — 0.0% |
| |||||||
Tootsie Roll Industries, Inc.# | 8,084 | 287,952 | ||||||
Food - Meat Products — 0.0% |
| |||||||
Nathan’s Famous, Inc. | 1,412 | 79,114 | ||||||
Food - Misc./Diversified — 0.6% |
| |||||||
B&G Foods, Inc.# | 30,576 | 709,975 | ||||||
BellRing Brands, Inc., Class A† | 19,165 | 384,833 | ||||||
Bridgford Foods Corp.† | 834 | 13,144 | ||||||
Cal-Maine Foods, Inc.† | 15,180 | 676,421 | ||||||
J&J Snack Foods Corp. | 7,287 | 937,327 | ||||||
John B. Sanfilippo & Son, Inc. | 4,156 | 361,322 | ||||||
Lancaster Colony Corp. | 9,110 | 1,398,020 | ||||||
Simply Good Foods Co.† | 39,761 | 677,130 | ||||||
5,158,172 | ||||||||
Food - Retail — 0.1% |
| |||||||
Ingles Markets, Inc., Class A | 6,817 | 290,472 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,367 | 62,885 | ||||||
Village Super Market, Inc., Class A | 3,976 | 95,146 | ||||||
Weis Markets, Inc. | 4,598 | 256,246 | ||||||
704,749 | ||||||||
Food - Wholesale/Distribution — 0.4% |
| |||||||
Calavo Growers, Inc. | 7,809 | 456,905 | ||||||
Chefs’ Warehouse, Inc.† | 11,771 | 174,211 | ||||||
HF Foods Group, Inc.†# | 10,595 | 75,860 | ||||||
Performance Food Group Co.† | 61,626 | 1,642,333 | ||||||
SpartanNash Co. | 17,277 | 369,900 | ||||||
United Natural Foods, Inc.† | 25,691 | 503,544 | ||||||
3,222,753 | ||||||||
Footwear & Related Apparel — 0.3% |
| |||||||
Crocs, Inc.† | 33,252 | 952,670 | ||||||
Rocky Brands, Inc. | 3,341 | 69,292 | ||||||
Steven Madden, Ltd. | 40,475 | 951,972 | ||||||
Weyco Group, Inc. | 2,926 | 54,629 | ||||||
Wolverine World Wide, Inc. | 38,367 | 803,405 | ||||||
2,831,968 | ||||||||
Funeral Services & Related Items — 0.0% |
| |||||||
Carriage Services, Inc. | 7,914 | 148,150 | ||||||
Gambling (Non-Hotel) — 0.1% |
| |||||||
Golden Entertainment, Inc.† | 8,241 | 100,499 | ||||||
Monarch Casino & Resort, Inc.† | 5,462 | 219,245 | ||||||
Red Rock Resorts, Inc., Class A | 33,642 | 464,260 | ||||||
Twin River Worldwide Holdings, Inc. | 8,405 | 175,748 | ||||||
959,752 | ||||||||
Gas - Distribution — 1.2% |
| |||||||
Chesapeake Utilities Corp. | 7,700 | 695,618 | ||||||
New Jersey Resources Corp. | 45,836 | 1,609,760 | ||||||
Northwest Natural Holding Co. | 14,579 | 934,660 | ||||||
ONE Gas, Inc. | 25,180 | 2,114,365 | ||||||
RGC Resources, Inc. | 3,623 | 95,647 | ||||||
South Jersey Industries, Inc. | 44,641 | 1,266,019 | ||||||
Southwest Gas Holdings, Inc. | 26,172 | 1,987,763 | ||||||
Spire, Inc. | 23,960 | 1,747,163 | ||||||
10,450,995 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Gold Mining — 0.1% |
| |||||||
Gold Resource Corp. | 29,249 | $ | 114,071 | |||||
Novagold Resources, Inc.† | 111,527 | 1,066,198 | ||||||
1,180,269 | ||||||||
Golf — 0.1% |
| |||||||
Acushnet Holdings Corp. | 16,955 | 566,636 | ||||||
Callaway Golf Co. | 45,041 | 690,028 | ||||||
Drive Shack, Inc.†# | 29,119 | 51,832 | ||||||
1,308,496 | ||||||||
Hazardous Waste Disposal — 0.1% |
| |||||||
Heritage-Crystal Clean, Inc.† | 7,238 | 122,756 | ||||||
US Ecology, Inc. | 11,619 | 391,212 | ||||||
513,968 | ||||||||
Health Care Cost Containment — 0.3% |
| |||||||
CorVel Corp.† | 4,261 | 289,279 | ||||||
HealthEquity, Inc.†# | 33,372 | 2,068,063 | ||||||
2,357,342 | ||||||||
Healthcare Safety Devices — 0.3% |
| |||||||
Tandem Diabetes Care, Inc.† | 27,012 | 2,246,048 | ||||||
Home Furnishings — 0.1% |
| |||||||
Casper Sleep, Inc.†# | 3,249 | 22,938 | ||||||
Ethan Allen Interiors, Inc. | 11,283 | 127,498 | ||||||
Flexsteel Industries, Inc. | 3,644 | 36,185 | ||||||
Hooker Furniture Corp. | 5,601 | 91,296 | ||||||
Purple Innovation, Inc.†# | 4,009 | 57,489 | ||||||
Sleep Number Corp.† | 13,457 | 419,455 | ||||||
754,861 | ||||||||
Hotels/Motels — 0.1% |
| |||||||
BBX Capital Corp. | 30,974 | 55,444 | ||||||
Bluegreen Vacations Corp.# | 3,450 | 15,042 | ||||||
Marcus Corp. | 10,778 | 145,287 | ||||||
Red Lion Hotels Corp.† | 11,613 | 20,439 | ||||||
St. Joe Co.† | 16,089 | 309,713 | ||||||
Target Hospitality Corp.† | 15,656 | 37,261 | ||||||
583,186 | ||||||||
Housewares — 0.0% |
| |||||||
Lifetime Brands, Inc. | 5,716 | 32,524 | ||||||
Tupperware Brands Corp. | 23,513 | 75,947 | ||||||
108,471 | ||||||||
Human Resources — 0.8% |
| |||||||
AMN Healthcare Services, Inc.† | 22,187 | 984,215 | ||||||
ASGN, Inc.† | 24,625 | 1,516,654 | ||||||
Barrett Business Services, Inc. | 3,495 | 177,196 | ||||||
BG Staffing, Inc. | 4,783 | 49,935 | ||||||
Cross Country Healthcare, Inc.† | 17,217 | 104,507 | ||||||
Heidrick & Struggles International, Inc. | 9,069 | 201,150 | ||||||
Insperity, Inc. | 17,828 | 924,204 | ||||||
Kforce, Inc. | 9,747 | 294,359 | ||||||
Korn Ferry | 26,610 | 805,219 | ||||||
Resources Connection, Inc. | 14,734 | 161,927 | ||||||
TriNet Group, Inc.† | 21,153 | 1,136,551 | ||||||
TrueBlue, Inc.† | 18,635 | 288,097 | ||||||
Willdan Group, Inc.† | 4,841 | 118,362 | ||||||
6,762,376 | ||||||||
Identification Systems — 0.1% |
| |||||||
Brady Corp., Class A | 23,327 | 1,192,710 | ||||||
Digimarc Corp.†# | 5,648 | 97,089 | ||||||
1,289,799 | ||||||||
197 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Independent Power Producers — 0.1% |
| |||||||
Clearway Energy, Inc., Class A | 16,797 | $ | 340,811 | |||||
Clearway Energy, Inc., Class C | 38,163 | 836,151 | ||||||
1,176,962 | ||||||||
Industrial Audio & Video Products — 0.0% |
| |||||||
Akoustis Technologies, Inc.†# | 14,579 | 107,739 | ||||||
GoPro, Inc., Class A†# | 61,464 | 289,495 | ||||||
397,234 | ||||||||
Industrial Automated/Robotic — 0.0% |
| |||||||
Ichor Holdings, Ltd.† | 10,717 | 243,812 | ||||||
Instruments - Controls — 0.1% |
| |||||||
Allied Motion Technologies, Inc. | 3,407 | 123,299 | ||||||
Watts Water Technologies, Inc., Class A | 13,301 | 1,106,111 | ||||||
1,229,410 | ||||||||
Instruments - Scientific — 0.0% |
| |||||||
Fluidigm Corp.† | 33,312 | 145,240 | ||||||
Insurance Brokers — 0.2% |
| |||||||
BRP Group, Inc., Class A† | 8,514 | 105,574 | ||||||
Crawford & Co., Class A | 7,845 | 47,227 | ||||||
eHealth, Inc.† | 10,982 | 1,432,272 | ||||||
Goosehead Insurance, Inc., Class A† | 5,507 | 330,145 | ||||||
1,915,218 | ||||||||
Insurance - Life/Health — 0.3% |
| |||||||
American Equity Investment Life Holding Co. | 43,442 | 942,257 | ||||||
Benefytt Technologies, Inc.† | 4,701 | 92,281 | ||||||
CNO Financial Group, Inc. | 71,424 | 1,024,934 | ||||||
FBL Financial Group, Inc., Class A | 4,666 | 166,623 | ||||||
GWG Holdings, Inc.†# | 1,396 | 11,042 | ||||||
Independence Holding Co. | 2,394 | 69,546 | ||||||
National Western Life Group, Inc., Class A | 1,099 | 215,327 | ||||||
Trupanion, Inc.†# | 13,881 | 418,096 | ||||||
2,940,106 | ||||||||
Insurance - Multi-line — 0.1% |
| |||||||
Citizens, Inc.†# | 23,835 | 144,917 | ||||||
Genworth Financial, Inc., Class A† | 243,913 | 743,934 | ||||||
888,851 | ||||||||
Insurance - Property/Casualty — 1.3% |
| |||||||
Ambac Financial Group, Inc.† | 21,775 | 292,221 | ||||||
AMERISAFE, Inc. | 9,208 | 565,187 | ||||||
Donegal Group, Inc., Class A | 4,976 | 70,908 | ||||||
Employers Holdings, Inc. | 15,212 | 454,687 | ||||||
Enstar Group, Ltd.† | 5,540 | 788,896 | ||||||
FedNat Holding Co. | 5,563 | 67,813 | ||||||
Hallmark Financial Services, Inc.† | 6,294 | 14,665 | ||||||
HCI Group, Inc. | 2,953 | 132,442 | ||||||
Heritage Insurance Holdings, Inc. | 12,632 | 158,405 | ||||||
Horace Mann Educators Corp. | 19,929 | 727,807 | ||||||
Investors Title Co. | 672 | 84,739 | ||||||
James River Group Holdings, Ltd. | 14,269 | 551,782 | ||||||
Kinsale Capital Group, Inc. | 9,844 | 1,469,906 | ||||||
National General Holdings Corp. | 32,659 | 662,978 | ||||||
NI Holdings, Inc.† | 4,598 | 68,924 | ||||||
Palomar Holdings, Inc.† | 8,906 | 662,785 | ||||||
ProAssurance Corp. | 25,684 | 354,439 | ||||||
ProSight Global, Inc.† | 4,275 | 37,877 | ||||||
Protective Insurance Corp., Class B | 4,415 | 61,015 | ||||||
RLI Corp. | 19,249 | 1,519,901 | ||||||
Safety Insurance Group, Inc. | 7,116 | 542,524 | ||||||
Selective Insurance Group, Inc. | 28,205 | 1,479,352 | ||||||
State Auto Financial Corp. | 8,293 | 165,362 |
Security Description | Shares | Value (Note 2) | ||||||
Insurance - Property/Casualty (continued) |
| |||||||
Stewart Information Services Corp. | 11,301 | $ | 348,297 | |||||
Tiptree, Inc. | 11,983 | 73,096 | ||||||
United Fire Group, Inc. | 10,206 | 273,827 | ||||||
United Insurance Holdings Corp. | 9,935 | 77,890 | ||||||
Universal Insurance Holdings, Inc. | 14,323 | 255,809 | ||||||
Watford Holdings, Ltd.† | 8,590 | 126,874 | ||||||
12,090,408 | ||||||||
Insurance - Reinsurance — 0.3% |
| |||||||
Argo Group International Holdings, Ltd. | 15,735 | 482,907 | ||||||
Essent Group, Ltd. | 46,423 | 1,534,280 | ||||||
Global Indemnity, Ltd. | 4,007 | 97,210 | ||||||
Greenlight Capital Re, Ltd., Class A†# | 14,052 | 101,737 | ||||||
Third Point Reinsurance, Ltd.† | 35,613 | 262,824 | ||||||
2,478,958 | ||||||||
Internet Application Software — 0.1% |
| |||||||
Tucows, Inc., Class A†# | 4,548 | 273,198 | ||||||
VirnetX Holding Corp.# | 29,561 | 196,581 | ||||||
469,779 | ||||||||
Internet Connectivity Services — 0.2% |
| |||||||
Boingo Wireless, Inc.† | 20,939 | 286,864 | ||||||
Cogent Communications Holdings, Inc. | 20,446 | 1,564,528 | ||||||
1,851,392 | ||||||||
Internet Content - Entertainment — 0.0% |
| |||||||
Limelight Networks, Inc.† | 55,704 | 275,178 | ||||||
Internet Content - Information/News — 0.2% |
| |||||||
DHI Group, Inc.† | 24,132 | 64,432 | ||||||
HealthStream, Inc.† | 12,552 | 285,935 | ||||||
LiveXLive Media, Inc.†# | 16,085 | 46,003 | ||||||
TechTarget, Inc.† | 11,099 | 305,112 | ||||||
Yelp, Inc.† | 33,034 | 718,159 | ||||||
1,419,641 | ||||||||
Internet Security — 0.0% |
| |||||||
Zix Corp.† | 25,755 | 173,074 | ||||||
Internet Telephone — 0.1% |
| |||||||
8x8, Inc.† | 46,614 | 677,768 | ||||||
Investment Companies — 0.0% |
| |||||||
Altus Midstream Co., Class A† | 24,273 | 16,748 | ||||||
Medallion Financial Corp.†# | 9,941 | 23,162 | ||||||
PDL Community Bancorp† | 4,020 | 35,939 | ||||||
Rafael Holdings, Inc., Class B† | 5,195 | 89,822 | ||||||
165,671 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Altisource Portfolio Solutions SA†# | 2,722 | 38,734 | ||||||
Ares Management Corp., Class A | 34,452 | 1,300,907 | ||||||
Artisan Partners Asset Management, Inc., Class A | 24,113 | 698,554 | ||||||
AssetMark Financial Holdings, Inc.† | 6,637 | 177,208 | ||||||
Associated Capital Group, Inc., Class A | 926 | 38,049 | ||||||
B. Riley Financial, Inc. | 9,886 | 190,108 | ||||||
Blucora, Inc.† | 23,438 | 284,772 | ||||||
Boston Private Financial Holdings, Inc. | 39,965 | 274,559 | ||||||
BrightSphere Investment Group, Inc. | 31,677 | 264,503 | ||||||
Cohen & Steers, Inc. | 10,975 | 697,461 | ||||||
Columbia Financial, Inc.† | 25,117 | 354,150 | ||||||
Federated Hermes, Inc. | 46,467 | 1,028,779 | ||||||
Focus Financial Partners, Inc., Class A† | 14,777 | 411,392 | ||||||
GAMCO Investors, Inc., Class A | 2,495 | 32,235 | ||||||
Hamilton Lane, Inc., Class A | 10,614 | 776,626 | ||||||
Pzena Investment Management, Inc., Class A | 8,509 | 34,717 |
198 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Investment Management/Advisor Services (continued) |
| |||||||
Sculptor Capital Management, Inc. | 8,116 | $ | 101,775 | |||||
Silvercrest Asset Management Group, Inc., Class A | 4,170 | 46,996 | ||||||
Stifel Financial Corp. | 32,027 | 1,528,008 | ||||||
Virtus Investment Partners, Inc. | 3,121 | 290,191 | ||||||
Waddell & Reed Financial, Inc., Class A# | 32,753 | 427,099 | ||||||
Westwood Holdings Group, Inc. | 3,888 | 68,934 | ||||||
WisdomTree Investments, Inc. | 64,225 | 192,033 | ||||||
9,257,790 | ||||||||
Lasers - System/Components — 0.2% |
| |||||||
II-VI, Inc.†# | 43,536 | 2,069,266 | ||||||
Leisure Products — 0.0% |
| |||||||
Escalade, Inc. | 5,084 | 51,247 | ||||||
Johnson Outdoors, Inc., Class A | 2,580 | 200,234 | ||||||
251,481 | ||||||||
Linen Supply & Related Items — 0.1% |
| |||||||
UniFirst Corp. | 7,295 | 1,311,641 | ||||||
Machine Tools & Related Products — 0.2% |
| |||||||
Hurco Cos., Inc. | 3,109 | 97,187 | ||||||
Kennametal, Inc. | 39,576 | 1,097,838 | ||||||
Luxfer Holdings PLC | 13,212 | 184,836 | ||||||
1,379,861 | ||||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Astec Industries, Inc. | 10,763 | 457,212 | ||||||
Hyster-Yale Materials Handling, Inc. | 4,875 | 178,474 | ||||||
Manitowoc Co, Inc.† | 16,906 | 158,071 | ||||||
Terex Corp. | 30,538 | 480,057 | ||||||
1,273,814 | ||||||||
Machinery - Electrical — 0.2% |
| |||||||
Argan, Inc. | 7,093 | 262,370 | ||||||
Bloom Energy Corp., Class A†# | 26,559 | 213,269 | ||||||
Franklin Electric Co., Inc. | 22,273 | 1,129,686 | ||||||
1,605,325 | ||||||||
Machinery - Farming — 0.1% |
| |||||||
Alamo Group, Inc. | 4,697 | 485,294 | ||||||
Lindsay Corp. | 5,203 | 488,666 | ||||||
973,960 | ||||||||
Machinery - General Industrial — 0.6% |
| |||||||
Albany International Corp., Class A | 14,759 | 889,968 | ||||||
Altra Industrial Motion Corp. | 31,002 | 961,062 | ||||||
Applied Industrial Technologies, Inc. | 18,481 | 1,071,898 | ||||||
Chart Industries, Inc.† | 17,356 | 681,223 | ||||||
DXP Enterprises, Inc.† | 7,836 | 138,149 | ||||||
Gencor Industries, Inc.† | 4,377 | 52,130 | ||||||
Kadant, Inc. | 5,294 | 512,618 | ||||||
Tennant Co. | 8,669 | 554,296 | ||||||
Twin Disc, Inc.† | 5,034 | 27,636 | ||||||
Welbilt, Inc.† | 62,578 | 380,474 | ||||||
5,269,454 | ||||||||
Machinery - Material Handling — 0.0% |
| |||||||
Columbus McKinnon Corp. | 11,104 | 337,673 | ||||||
Machinery - Pumps — 0.3% |
| |||||||
Cactus, Inc., Class A | 22,689 | 432,906 | ||||||
CSW Industrials, Inc. | 7,163 | 512,584 | ||||||
Gorman-Rupp Co. | 8,490 | 260,304 | ||||||
Mueller Water Products, Inc., Class A | 75,633 | 706,412 | ||||||
NN, Inc. | 20,213 | 90,352 | ||||||
SPX FLOW, Inc.† | 20,180 | 697,825 | ||||||
2,700,383 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Marine Services — 0.0% |
| |||||||
SEACOR Marine Holdings, Inc.† | 9,491 | $ | 14,711 | |||||
Medical Imaging Systems — 0.0% |
| |||||||
Lantheus Holdings, Inc.† | 18,588 | 255,213 | ||||||
Medical Information Systems — 0.4% |
| |||||||
1Life Healthcare, Inc.†# | 9,292 | 300,132 | ||||||
Allscripts Healthcare Solutions, Inc.† | 77,967 | 492,752 | ||||||
Castlight Health, Inc., Class B† | 49,113 | 38,686 | ||||||
Computer Programs & Systems, Inc. | 6,120 | 135,374 | ||||||
Health Catalyst, Inc.†# | 9,138 | 248,005 | ||||||
Inovalon Holdings, Inc., Class A† | 35,063 | 659,886 | ||||||
NextGen Healthcare, Inc.† | 26,348 | 271,911 | ||||||
Phreesia, Inc.† | 13,117 | 384,590 | ||||||
Schrodinger, Inc.† | 6,641 | 454,577 | ||||||
Tabula Rasa HealthCare, Inc.†# | 9,398 | 502,135 | ||||||
3,488,048 | ||||||||
Medical Instruments — 0.3% |
| |||||||
AngioDynamics, Inc.† | 17,771 | 181,442 | ||||||
Apyx Medical Corp.† | 16,044 | 71,235 | ||||||
Misonix, Inc.† | 4,373 | 60,916 | ||||||
Natus Medical, Inc.† | 16,255 | 347,857 | ||||||
NuVasive, Inc.† | 25,023 | 1,516,394 | ||||||
Silk Road Medical, Inc.† | 7,748 | 296,516 | ||||||
TransEnterix, Inc.† | 11,453 | 4,848 | ||||||
2,479,208 | ||||||||
Medical Labs & Testing Services — 1.2% |
| |||||||
Avalon GloboCare Corp.†# | 10,443 | 16,604 | ||||||
Cellular Biomedicine Group, Inc.†# | 5,830 | 80,279 | ||||||
Invitae Corp.†# | 41,751 | 702,252 | ||||||
Medpace Holdings, Inc.† | 13,301 | 1,234,599 | ||||||
Neuronetics, Inc.†# | 6,427 | 11,762 | ||||||
OPKO Health, Inc.†# | 185,786 | 423,592 | ||||||
Personalis, Inc.† | 9,043 | 107,069 | ||||||
SI-BONE, Inc.† | 9,223 | 161,310 | ||||||
Syneos Health, Inc.† | 30,005 | 1,830,005 | ||||||
Teladoc Health, Inc.† | 34,796 | 6,056,592 | ||||||
Vapotherm, Inc.† | 7,237 | 192,721 | ||||||
10,816,785 | ||||||||
Medical Laser Systems — 0.0% |
| |||||||
Cutera, Inc.† | 6,756 | 89,720 | ||||||
Medical Products — 2.8% |
| |||||||
Accuray, Inc.† | 43,020 | 90,342 | ||||||
Alphatec Holdings, Inc.† | 18,832 | 83,802 | ||||||
AtriCure, Inc.† | 18,308 | 875,305 | ||||||
Atrion Corp. | 690 | 442,973 | ||||||
Avanos Medical, Inc.† | 22,793 | 662,365 | ||||||
AxoGen, Inc.†# | 16,343 | 158,527 | ||||||
Axonics Modulation Technologies, Inc.†# | 8,947 | 328,086 | ||||||
BioSig Technologies, Inc.† | 7,774 | 72,920 | ||||||
Cardiovascular Systems, Inc.† | 16,638 | 644,223 | ||||||
Castle Biosciences, Inc.† | 4,566 | 175,471 | ||||||
Cerus Corp.† | 75,649 | 470,537 | ||||||
Conformis, Inc.†# | 31,146 | 30,794 | ||||||
CryoLife, Inc.† | 17,566 | 399,275 | ||||||
CytoSorbents Corp.†# | 14,752 | 150,618 | ||||||
Glaukos Corp.† | 18,745 | 730,680 | ||||||
Globus Medical, Inc., Class A† | 36,637 | 2,002,212 | ||||||
Haemonetics Corp.† | 24,337 | 2,669,282 | ||||||
Hanger, Inc.† | 17,455 | 320,474 | ||||||
Inogen, Inc.† | 8,804 | 334,552 | ||||||
Inspire Medical Systems, Inc.† | 6,488 | 529,032 | ||||||
Integer Holdings Corp.† | 15,661 | 1,240,038 |
199 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical Products (continued) |
| |||||||
Intersect ENT, Inc.† | 14,799 | $ | 165,009 | |||||
Invacare Corp.# | 16,203 | 99,810 | ||||||
iRadimed Corp.† | 2,189 | 50,894 | ||||||
iRhythm Technologies, Inc.† | 12,757 | 1,585,823 | ||||||
LeMaitre Vascular, Inc. | 7,923 | 213,049 | ||||||
LivaNova PLC† | 23,397 | 1,251,506 | ||||||
Luminex Corp. | 20,248 | 630,928 | ||||||
NanoString Technologies, Inc.† | 16,424 | 501,425 | ||||||
Nevro Corp.† | 14,412 | 1,810,147 | ||||||
Novocure, Ltd.† | 41,857 | 2,822,417 | ||||||
Orthofix Medical, Inc.† | 8,707 | 296,735 | ||||||
OrthoPediatrics Corp.†# | 4,831 | 222,854 | ||||||
Pulse Biosciences, Inc.†# | 5,418 | 49,250 | ||||||
RTI Surgical Holdings, Inc.† | 27,369 | 74,444 | ||||||
SeaSpine Holdings Corp.† | 10,458 | 111,378 | ||||||
Shockwave Medical, Inc.†# | 12,279 | 540,399 | ||||||
Sientra, Inc.†# | 18,575 | 72,071 | ||||||
Soliton, Inc.† | 2,679 | 26,602 | ||||||
Surmodics, Inc.† | 6,315 | 233,529 | ||||||
Tactile Systems Technology, Inc.† | 8,844 | 428,492 | ||||||
Wright Medical Group NV†# | 60,802 | 1,796,699 | ||||||
Zynex, Inc.†# | 7,619 | 147,809 | ||||||
25,542,778 | ||||||||
Medical - Biomedical/Gene — 7.8% |
| |||||||
Abeona Therapeutics, Inc.† | 26,321 | 87,123 | ||||||
ACADIA Pharmaceuticals, Inc.† | 54,235 | 2,694,395 | ||||||
Acceleron Pharma, Inc.†# | 21,699 | 2,144,512 | ||||||
Acer Therapeutics, Inc.†# | 2,418 | 7,423 | ||||||
Acorda Therapeutics, Inc.† | 21,622 | 16,165 | ||||||
ADMA Biologics, Inc.†# | 33,857 | 111,390 | ||||||
Aduro Biotech, Inc.† | 31,560 | 103,201 | ||||||
Adverum Biotechnologies, Inc.† | 30,465 | 628,493 | ||||||
Affimed NV† | 35,434 | 116,578 | ||||||
Agenus, Inc.† | 51,562 | 192,326 | ||||||
AgeX Therapeutics, Inc.†# | 10,545 | 11,916 | ||||||
Akero Therapeutics, Inc.† | 4,033 | 102,519 | ||||||
Albireo Pharma, Inc.† | 6,148 | 164,520 | ||||||
Alder Biopharmaceuticals, Inc. CVR†(1) | 37,741 | 33,212 | ||||||
Aldeyra Therapeutics, Inc.† | 11,049 | 54,361 | ||||||
Allakos, Inc.†# | 9,383 | 609,895 | ||||||
Allogene Therapeutics, Inc.†# | 18,689 | 900,062 | ||||||
AMAG Pharmaceuticals, Inc.† | 16,222 | 125,072 | ||||||
Amicus Therapeutics, Inc.† | 123,281 | 1,537,930 | ||||||
AnaptysBio, Inc.† | 11,837 | 225,850 | ||||||
Anavex Life Sciences Corp.†# | 23,746 | 97,596 | ||||||
ANI Pharmaceuticals, Inc.† | 4,404 | 136,788 | ||||||
Apellis Pharmaceuticals, Inc.† | 27,572 | 928,901 | ||||||
Applied Therapeutics, Inc.†# | 3,922 | 178,529 | ||||||
Aprea Therapeutics, Inc.† | 3,112 | 83,588 | ||||||
Arcus Biosciences, Inc.† | 15,642 | 490,377 | ||||||
Arcutis Biotherapeutics, Inc.† | 5,013 | 168,186 | ||||||
Ardelyx, Inc.† | 30,086 | 220,530 | ||||||
Arena Pharmaceuticals, Inc.† | 24,333 | 1,454,383 | ||||||
Arrowhead Pharmaceuticals, Inc.†# | 48,236 | 1,555,129 | ||||||
Assembly Biosciences, Inc.† | 13,691 | 266,838 | ||||||
Atara Biotherapeutics, Inc.† | 24,806 | 285,269 | ||||||
Athersys, Inc.†# | 64,525 | 187,768 | ||||||
Atreca, Inc., Class A†# | 8,303 | 153,356 | ||||||
Avid Bioservices, Inc.† | 27,005 | 157,709 | ||||||
Avrobio, Inc.†# | 11,294 | 228,365 | ||||||
Baudax Bio, Inc.†# | 3,925 | 16,681 | ||||||
Beam Therapeutics, Inc.† | 5,918 | 151,205 | ||||||
BioCryst Pharmaceuticals, Inc.† | 74,096 | 333,062 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.† | 20,613 | 1,287,694 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Black Diamond Therapeutics, Inc.† | 5,814 | $ | 227,037 | |||||
Blueprint Medicines Corp.† | 25,797 | 1,680,417 | ||||||
Bridgebio Pharma, Inc.†# | 36,095 | 1,058,666 | ||||||
Cabaletta Bio, Inc.† | 3,204 | 27,394 | ||||||
Calithera Biosciences, Inc.† | 26,845 | 156,238 | ||||||
Cara Therapeutics, Inc.†# | 19,185 | 304,466 | ||||||
CASI Pharmaceuticals, Inc.†# | 24,296 | 64,141 | ||||||
CEL-SCI Corp.†# | 15,841 | 211,161 | ||||||
Centogene NV† | 903 | 15,911 | ||||||
Cerecor, Inc.† | 10,980 | 35,465 | ||||||
ChemoCentryx, Inc.† | 19,630 | 1,224,716 | ||||||
ChromaDex Corp.†# | 19,765 | 95,070 | ||||||
Constellation Pharmaceuticals, Inc.† | 9,108 | 323,607 | ||||||
Cortexyme, Inc.†# | 5,483 | 252,711 | ||||||
Crinetics Pharmaceuticals, Inc.† | 5,320 | 86,929 | ||||||
Cue Biopharma, Inc.† | 9,618 | 266,226 | ||||||
Cymabay Therapeutics, Inc.† | 33,189 | 122,965 | ||||||
CytomX Therapeutics, Inc.† | 21,694 | 192,209 | ||||||
Deciphera Pharmaceuticals, Inc.† | 10,105 | 591,850 | ||||||
Denali Therapeutics, Inc.† | 25,121 | 699,117 | ||||||
Dicerna Pharmaceuticals, Inc.† | 25,743 | 555,277 | ||||||
Dynavax Technologies Corp.†# | 40,154 | 245,742 | ||||||
Editas Medicine, Inc.†# | 24,922 | 674,639 | ||||||
Eidos Therapeutics, Inc.† | 5,429 | 265,532 | ||||||
Eiger BioPharmaceuticals, Inc.† | 11,294 | 136,319 | ||||||
ElectroCore, Inc.†# | 6,254 | 5,813 | ||||||
Emergent BioSolutions, Inc.† | 21,985 | 1,835,528 | ||||||
Enochian Biosciences, Inc.†# | 6,635 | 23,554 | ||||||
Enzo Biochem, Inc.† | 21,262 | 60,597 | ||||||
Epizyme, Inc.†# | 37,415 | 656,633 | ||||||
Esperion Therapeutics, Inc.†# | 12,196 | 516,745 | ||||||
Evelo Biosciences, Inc.†# | 6,623 | 28,943 | ||||||
Evolus, Inc.†# | 8,902 | 40,682 | ||||||
Exagen, Inc.† | 1,596 | 18,498 | ||||||
EyePoint Pharmaceuticals, Inc.†# | 30,391 | 26,136 | ||||||
Fate Therapeutics, Inc.† | 29,230 | 947,929 | ||||||
FibroGen, Inc.† | 37,850 | 1,265,704 | ||||||
Five Prime Therapeutics, Inc.† | 16,433 | 87,095 | ||||||
Frequency Therapeutics, Inc.† | 2,800 | 51,968 | ||||||
Galera Therapeutics, Inc.† | 825 | 8,630 | ||||||
Geron Corp.†# | 89,265 | 143,717 | ||||||
GlycoMimetics, Inc.† | 16,294 | 46,112 | ||||||
Gossamer Bio, Inc.† | 20,661 | 251,031 | ||||||
Halozyme Therapeutics, Inc.† | 64,796 | 1,572,599 | ||||||
Homology Medicines, Inc.†# | 11,945 | 170,097 | ||||||
IGM Biosciences, Inc.† | 2,386 | 154,565 | ||||||
ImmunoGen, Inc.† | 81,411 | 381,003 | ||||||
Immunomedics, Inc.† | 98,202 | 3,298,605 | ||||||
Innoviva, Inc.† | 30,778 | 429,969 | ||||||
Inovio Pharmaceuticals, Inc.†# | 45,716 | 674,311 | ||||||
Insmed, Inc.† | 42,904 | 1,042,138 | ||||||
Intercept Pharmaceuticals, Inc.† | 12,122 | 875,936 | ||||||
Iovance Biotherapeutics, Inc.† | 56,453 | 1,811,577 | ||||||
Kaleido Biosciences, Inc.†# | 5,473 | 39,515 | ||||||
Karuna Therapeutics, Inc.†# | 5,058 | 474,744 | ||||||
Karyopharm Therapeutics, Inc.†# | 28,708 | 530,811 | ||||||
Kezar Life Sciences, Inc.† | 14,938 | 71,254 | ||||||
Kindred Biosciences, Inc.† | 17,847 | 76,564 | ||||||
Kiniksa Pharmaceuticals, Ltd., Class A† | 6,722 | 140,288 | ||||||
Kodiak Sciences, Inc.†# | 13,515 | 873,204 | ||||||
Krystal Biotech, Inc.† | 5,057 | 259,980 | ||||||
Lexicon Pharmaceuticals, Inc.†# | 19,997 | 38,194 | ||||||
Ligand Pharmaceuticals, Inc.†# | 8,248 | 837,749 | ||||||
Lineage Cell Therapeutics, Inc.†# | 52,107 | 45,943 | ||||||
Liquidia Technologies, Inc.†# | 6,467 | 59,755 |
200 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Livongo Health, Inc.†# | 24,796 | $ | 1,486,024 | |||||
LogicBio Therapeutics, Inc.†# | 4,001 | 27,447 | ||||||
MacroGenics, Inc.† | 22,966 | 441,866 | ||||||
Magenta Therapeutics, Inc.† | 9,256 | 81,823 | ||||||
Marker Therapeutics, Inc.†# | 13,056 | 29,637 | ||||||
MEI Pharma, Inc.† | 48,820 | 178,437 | ||||||
MeiraGTx Holdings PLC† | 8,249 | 122,415 | ||||||
Menlo Therapeutics, Inc.†# | 22,332 | 53,373 | ||||||
Mersana Therapeutics, Inc.† | 17,304 | 391,763 | ||||||
Mirati Therapeutics, Inc.†# | 14,329 | 1,421,294 | ||||||
Molecular Templates, Inc.† | 9,785 | 151,863 | ||||||
Mustang Bio, Inc.† | 13,413 | 50,030 | ||||||
Myriad Genetics, Inc.† | 34,266 | 497,885 | ||||||
NeoGenomics, Inc.† | 45,937 | 1,226,059 | ||||||
NextCure, Inc.† | 6,939 | 216,566 | ||||||
NGM Biopharmaceuticals, Inc.†# | 11,765 | 232,123 | ||||||
Novavax, Inc.†# | 15,474 | 712,423 | ||||||
Omeros Corp.†# | 24,649 | 366,777 | ||||||
Oncocyte Corp.† | 10,782 | 29,758 | ||||||
Oncternal Therapeutics, Inc. CVR†#(1) | 368 | 754 | ||||||
Organogenesis Holdings, Inc.† | 5,767 | 23,818 | ||||||
Osmotica Pharmaceuticals PLC†# | 4,244 | 25,337 | ||||||
Oyster Point Pharma, Inc.†# | 2,710 | 77,127 | ||||||
Pacific Biosciences of California, Inc.† | 68,580 | 241,402 | ||||||
Palatin Technologies, Inc.†# | 110,016 | 55,767 | ||||||
PDL BioPharma, Inc.† | 54,281 | 177,499 | ||||||
Pfenex, Inc.† | 14,374 | 105,074 | ||||||
Phathom Pharmaceuticals, Inc.† | 5,185 | 219,222 | ||||||
Pieris Pharmaceuticals, Inc.† | 22,299 | 80,276 | ||||||
PolarityTE, Inc.† | 10,290 | 10,047 | ||||||
Precigen, Inc.†# | 34,987 | 76,971 | ||||||
Prevail Therapeutics, Inc.† | 6,761 | 112,773 | ||||||
Prothena Corp. PLC† | 19,370 | 206,484 | ||||||
PTC Therapeutics, Inc.† | 29,104 | 1,475,864 | ||||||
Puma Biotechnology, Inc.†# | 14,821 | 151,322 | ||||||
Radius Health, Inc.† | 21,712 | 274,874 | ||||||
RAPT Therapeutics, Inc.† | 856 | 15,648 | ||||||
REGENXBIO, Inc.† | 16,084 | 605,723 | ||||||
Replimune Group, Inc.† | 6,471 | 121,525 | ||||||
resTORbio, Inc.†# | 7,403 | 16,065 | ||||||
Retrophin, Inc.† | 19,951 | 312,931 | ||||||
REVOLUTION Medicines, Inc.† | 6,805 | 209,050 | ||||||
Rigel Pharmaceuticals, Inc.† | 81,048 | 158,449 | ||||||
Rocket Pharmaceuticals, Inc.†# | 15,434 | 290,314 | ||||||
Rubius Therapeutics, Inc.†# | 16,835 | 108,586 | ||||||
Sangamo Therapeutics, Inc.† | 55,348 | 619,344 | ||||||
Satsuma Pharmaceuticals, Inc.† | 2,153 | 56,409 | ||||||
Savara, Inc.†# | 16,716 | 40,787 | ||||||
Scholar Rock Holding Corp.†# | 8,457 | 155,609 | ||||||
Solid Biosciences, Inc.†# | 9,469 | 27,934 | ||||||
Sorrento Therapeutics, Inc.† | 62,793 | 317,105 | ||||||
SpringWorks Therapeutics, Inc.†# | 5,030 | 191,492 | ||||||
Stemline Therapeutics, Inc.† | 22,149 | 263,130 | ||||||
Stoke Therapeutics, Inc.† | 8,195 | 226,674 | ||||||
Sutro Biopharma, Inc.† | 5,242 | 52,472 | ||||||
Strongbridge Biopharma PLC† | 17,437 | 59,635 | ||||||
Syndax Pharmaceuticals, Inc.† | 10,787 | 174,749 | ||||||
Synlogic, Inc.† | 7,561 | 18,978 | ||||||
TCR2 Therapeutics, Inc.† | 5,644 | 57,004 | ||||||
Theravance Biopharma, Inc.† | 23,630 | 596,657 | ||||||
Tobira Therapeutics, Inc. CVR†(1) | 4,989 | 0 | ||||||
Tocagen, Inc.†# | 10,222 | 12,369 | ||||||
Translate Bio, Inc.†# | 16,688 | 345,775 | ||||||
TransMedics Group, Inc.†# | 6,861 | 90,634 | ||||||
Turning Point Therapeutics, Inc.† | 13,344 | 924,072 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Twist Bioscience Corp.†# | 12,598 | $ | 478,094 | |||||
Tyme Technologies, Inc.†# | 28,973 | 44,618 | ||||||
Ultragenyx Pharmaceutical, Inc.† | 26,329 | 1,802,483 | ||||||
UNITY Biotechnology, Inc.†# | 13,768 | 112,622 | ||||||
VBI Vaccines, Inc.† | 73,792 | 160,867 | ||||||
Veracyte, Inc.† | 22,732 | 566,936 | ||||||
Vericel Corp.† | 21,564 | 310,090 | ||||||
Viela Bio, Inc.† | 2,632 | 123,441 | ||||||
Viking Therapeutics, Inc.†# | 31,266 | 223,552 | ||||||
Vir Biotechnology, Inc.† | 3,471 | 118,639 | ||||||
WaVe Life Sciences, Ltd.†# | 10,849 | 110,443 | ||||||
X4 Pharmaceuticals, Inc.† | 7,432 | 63,469 | ||||||
XBiotech, Inc.† | 6,323 | 88,332 | ||||||
Xencor, Inc.† | 22,795 | 689,549 | ||||||
Y-mAbs Therapeutics, Inc.† | 11,391 | 434,908 | ||||||
Zeneca, Inc. CVR†(1) | 3,950 | 2,429 | ||||||
ZIOPHARM Oncology, Inc.†# | 89,227 | 264,112 | ||||||
70,332,696 | ||||||||
Medical - Drugs — 2.7% |
| |||||||
89bio, Inc.†# | 1,416 | 36,476 | ||||||
AcelRx Pharmaceuticals, Inc.†# | 37,753 | 52,477 | ||||||
Aclaris Therapeutics, Inc.†# | 14,846 | 20,933 | ||||||
Adamas Pharmaceuticals, Inc.† | 11,007 | 30,379 | ||||||
Aeglea BioTherapeutics, Inc.† | 12,606 | 111,059 | ||||||
Aerie Pharmaceuticals, Inc.†# | 20,339 | 285,356 | ||||||
Aimmune Therapeutics, Inc.†# | 21,683 | 360,155 | ||||||
Akcea Therapeutics, Inc.†# | 6,066 | 90,383 | ||||||
Alector, Inc.† | 16,641 | 544,161 | ||||||
Amphastar Pharmaceuticals, Inc.† | 17,288 | 322,248 | ||||||
Assertio Holdings, Inc.† | 31,072 | 30,656 | ||||||
Athenex, Inc.†# | 32,899 | 357,612 | ||||||
Axcella Health, Inc.† | 3,758 | 22,548 | ||||||
Beyondspring, Inc.†# | 6,189 | 105,213 | ||||||
BioSpecifics Technologies Corp.† | 2,956 | 183,863 | ||||||
Bioxcel Therapeutics, Inc.† | 3,344 | 155,697 | ||||||
Catalyst Pharmaceuticals, Inc.† | 46,477 | 200,316 | ||||||
cbdMD, Inc.†# | 15,406 | 22,647 | ||||||
Checkpoint Therapeutics, Inc.†# | 16,972 | 35,981 | ||||||
Chiasma, Inc.† | 16,505 | 103,156 | ||||||
Chimerix, Inc.† | 23,097 | 72,063 | ||||||
Clovis Oncology, Inc.†# | 24,258 | 167,865 | ||||||
Coherus Biosciences, Inc.†# | 30,149 | 561,977 | ||||||
Collegium Pharmaceutical, Inc.† | 15,485 | 341,444 | ||||||
Concert Pharmaceuticals, Inc.† | 12,901 | 137,009 | ||||||
Corbus Pharmaceuticals Holdings, Inc.†# | 31,721 | 236,639 | ||||||
Corcept Therapeutics, Inc.† | 46,128 | 698,378 | ||||||
Cyclerion Therapeutics, Inc.† | 11,377 | 45,280 | ||||||
Cytokinetics, Inc.†# | 26,824 | 555,525 | ||||||
Eagle Pharmaceuticals, Inc.† | 4,387 | 224,878 | ||||||
Eloxx Pharmaceuticals, Inc.† | 12,121 | 41,090 | ||||||
Enanta Pharmaceuticals, Inc.† | 9,168 | 472,060 | ||||||
Fulcrum Therapeutics, Inc.†# | 6,089 | 121,232 | ||||||
Galectin Therapeutics, Inc.†# | 19,299 | 58,476 | ||||||
Global Blood Therapeutics, Inc.† | 27,911 | 1,951,537 | ||||||
Gritstone Oncology, Inc.†# | 12,008 | 77,572 | ||||||
Harpoon Therapeutics, Inc.† | 3,533 | 76,878 | ||||||
Hookipa Pharma, Inc.# | 4,802 | 52,390 | ||||||
Intellia Therapeutics, Inc.†# | 18,627 | 326,159 | ||||||
Intra-Cellular Therapies, Inc.† | 25,391 | 530,164 | ||||||
Ironwood Pharmaceuticals, Inc.† | 75,278 | 732,455 | ||||||
Jounce Therapeutics, Inc.† | 7,796 | 42,020 | ||||||
Kadmon Holdings, Inc.†# | 77,291 | 343,172 | ||||||
Kala Pharmaceuticals, Inc.† | 11,429 | 140,691 | ||||||
KalVista Pharmaceuticals, Inc.† | 6,081 | 68,411 |
201 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Drugs (continued) |
| |||||||
Kura Oncology, Inc.† | 16,534 | $ | 282,566 | |||||
Lannett Co., Inc.†# | 15,653 | 119,745 | ||||||
Madrigal Pharmaceuticals, Inc.†# | 4,348 | 504,455 | ||||||
Mallinckrodt PLC†# | 40,489 | 114,179 | ||||||
Marinus Pharmaceuticals, Inc.†# | 39,595 | 100,571 | ||||||
MediciNova, Inc.† | 20,194 | 107,836 | ||||||
Millendo Therapeutics, Inc.† | 5,976 | 15,896 | ||||||
Minerva Neurosciences, Inc.† | 14,248 | 52,860 | ||||||
Mirum Pharmaceuticals, Inc.†# | 2,509 | 42,277 | ||||||
Morphic Holding, Inc.†# | 5,162 | 107,266 | ||||||
MyoKardia, Inc.† | 23,847 | 2,439,310 | ||||||
Ocular Therapeutix, Inc.†# | 20,350 | 143,264 | ||||||
Odonate Therapeutics, Inc.†# | 4,633 | 151,360 | ||||||
Optinose, Inc.†# | 13,340 | 57,629 | ||||||
Pacira BioSciences, Inc.† | 19,746 | 867,837 | ||||||
Paratek Pharmaceuticals, Inc.†# | 15,836 | 70,312 | ||||||
PhaseBio Pharmaceuticals, Inc.†# | 6,611 | 39,732 | ||||||
Prestige Consumer Healthcare, Inc.† | 24,299 | 1,025,418 | ||||||
Principia Biopharma, Inc.† | 8,865 | 566,385 | ||||||
Progenics Pharmaceuticals, Inc.† | 41,888 | 177,814 | ||||||
Protagonist Therapeutics, Inc.† | 8,496 | 140,439 | ||||||
Reata Pharmaceuticals, Inc., Class A† | 10,918 | 1,586,604 | ||||||
Rhythm Pharmaceuticals, Inc.† | 14,121 | 273,806 | ||||||
Rockwell Medical, Inc.†# | 31,543 | 67,502 | ||||||
Seres Therapeutics, Inc.†# | 17,576 | 96,492 | ||||||
SIGA Technologies, Inc.†# | 26,542 | 158,986 | ||||||
Spectrum Pharmaceuticals, Inc.† | 53,718 | 157,931 | ||||||
Spero Therapeutics, Inc.† | 6,207 | 73,367 | ||||||
Supernus Pharmaceuticals, Inc.† | 23,760 | 573,091 | ||||||
Syros Pharmaceuticals, Inc.† | 16,695 | 163,444 | ||||||
TG Therapeutics, Inc.† | 41,520 | 774,348 | ||||||
TherapeuticsMD, Inc.†# | 106,698 | 120,569 | ||||||
Tricida, Inc.†# | 10,519 | 282,540 | ||||||
UroGen Pharma, Ltd.†# | 9,027 | 211,864 | ||||||
Vanda Pharmaceuticals, Inc.† | 25,090 | 294,055 | ||||||
Verrica Pharmaceuticals, Inc.†# | 6,212 | 71,314 | ||||||
Voyager Therapeutics, Inc.† | 11,631 | 140,735 | ||||||
Xeris Pharmaceuticals, Inc.† | 17,165 | 88,228 | ||||||
Zogenix, Inc.† | 20,552 | 598,680 | ||||||
Zynerba Pharmaceuticals, Inc.†# | 11,026 | 57,997 | ||||||
24,065,385 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Amneal Pharmaceuticals, Inc.†# | 56,963 | 277,410 | ||||||
Arvinas, Inc.†# | 10,221 | 340,053 | ||||||
Endo International PLC† | 108,326 | 418,138 | ||||||
Momenta Pharmaceuticals, Inc.† | 54,660 | 1,720,697 | ||||||
2,756,298 | ||||||||
Medical - HMO — 0.1% |
| |||||||
Magellan Health, Inc.† | 10,574 | 792,944 | ||||||
Tivity Health, Inc.†# | 22,871 | 243,576 | ||||||
Triple-S Management Corp., Class B† | 11,032 | 219,537 | ||||||
1,256,057 | ||||||||
Medical - Hospitals — 0.3% |
| |||||||
Community Health Systems, Inc.† | 41,512 | 130,763 | ||||||
Select Medical Holdings Corp.† | 53,011 | 855,597 | ||||||
Surgery Partners, Inc.† | 11,714 | 157,026 | ||||||
Tenet Healthcare Corp.† | 49,567 | 1,078,578 | ||||||
2,221,964 | ||||||||
Medical - Nursing Homes — 0.2% |
| |||||||
Ensign Group, Inc. | 24,380 | 1,065,894 | ||||||
Genesis Healthcare, Inc.† | 40,355 | 34,790 |
Security Description | Shares | Value (Note 2) | ||||||
Medical - Nursing Homes (continued) |
| |||||||
National HealthCare Corp. | 5,889 | $ | 394,975 | |||||
1,495,659 | ||||||||
Medical - Outpatient/Home Medical — 0.7% |
| |||||||
Addus HomeCare Corp.† | 6,001 | 593,859 | ||||||
Amedisys, Inc.† | 15,115 | 2,902,836 | ||||||
Joint Corp.†# | 6,291 | 95,057 | ||||||
LHC Group, Inc.† | 14,505 | 2,357,207 | ||||||
Pennant Group, Inc.† | 12,189 | 310,698 | ||||||
Providence Service Corp.† | 5,619 | 452,329 | ||||||
6,711,986 | ||||||||
Medical - Wholesale Drug Distribution — 0.0% |
| |||||||
Evofem Biosciences, Inc.†# | 13,109 | 71,575 | ||||||
Owens & Minor, Inc. | 29,701 | 235,529 | ||||||
307,104 | ||||||||
Metal Processors & Fabrication — 0.6% |
| |||||||
AZZ, Inc. | 12,518 | 396,320 | ||||||
CIRCOR International, Inc.† | 9,407 | 151,264 | ||||||
Helios Technologies, Inc. | 14,115 | 504,893 | ||||||
Lawson Products, Inc.† | 2,013 | 62,524 | ||||||
LB Foster Co., Class A† | 4,822 | 58,925 | ||||||
Mayville Engineering Co., Inc.† | 3,038 | 18,593 | ||||||
Mueller Industries, Inc. | 26,727 | 715,749 | ||||||
Park-Ohio Holdings Corp. | 4,195 | 61,205 | ||||||
RBC Bearings, Inc.† | 11,688 | 1,643,917 | ||||||
Rexnord Corp. | 51,278 | 1,543,468 | ||||||
Tredegar Corp. | 12,555 | 192,217 | ||||||
5,349,075 | ||||||||
Metal Products - Distribution — 0.1% |
| |||||||
Olympic Steel, Inc. | 4,444 | 49,018 | ||||||
Ryerson Holding Corp.† | 7,797 | 38,907 | ||||||
Worthington Industries, Inc. | 18,635 | 557,559 | ||||||
645,484 | ||||||||
Metal Products - Fasteners — 0.0% |
| |||||||
Eastern Co. | 2,604 | 48,721 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Century Aluminum Co.† | 24,198 | 144,220 | ||||||
Kaiser Aluminum Corp. | 7,590 | 544,583 | ||||||
688,803 | ||||||||
Metal - Diversified — 0.0% |
| |||||||
Ferroglobe Representation & Warranty Trust†(1) | 36,833 | 0 | ||||||
Metal - Iron — 0.1% |
| |||||||
Cleveland-Cliffs, Inc.# | 190,233 | 993,016 | ||||||
Mining Services — 0.0% |
| |||||||
Contura Energy, Inc.†# | 8,735 | 33,542 | ||||||
Miscellaneous Manufacturing — 0.2% |
| |||||||
Hillenbrand, Inc. | 35,189 | 905,765 | ||||||
John Bean Technologies Corp. | 15,031 | 1,234,796 | ||||||
2,140,561 | ||||||||
Motion Pictures & Services — 0.1% |
| |||||||
Eros International PLC†# | 35,161 | 113,570 | ||||||
IMAX Corp.† | 25,207 | 317,860 | ||||||
431,430 | ||||||||
MRI/Medical Diagnostic Imaging — 0.0% |
| |||||||
RadNet, Inc.† | 20,246 | 344,992 | ||||||
Multimedia — 0.0% |
| |||||||
E.W. Scripps Co., Class A | 26,362 | 228,559 | ||||||
Entravision Communications Corp., Class A | 28,826 | 43,239 |
202 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Multimedia (continued) |
| |||||||
Media General, Inc. CVR†#(1) | 61,443 | $ | 0 | |||||
271,798 | ||||||||
Networking Products — 0.2% |
| |||||||
A10 Networks, Inc.† | 24,029 | 163,397 | ||||||
Calix, Inc.† | 22,512 | 317,419 | ||||||
Extreme Networks, Inc.† | 56,214 | 185,506 | ||||||
Infinera Corp.† | 85,973 | 428,146 | ||||||
Inseego Corp.†# | 21,915 | 232,738 | ||||||
NeoPhotonics Corp.† | 18,969 | 164,461 | ||||||
NETGEAR, Inc.† | 14,356 | 369,380 | ||||||
1,861,047 | ||||||||
Night Clubs — 0.0% |
| |||||||
RCI Hospitality Holdings, Inc. | 4,163 | 60,322 | ||||||
Non-Ferrous Metals — 0.0% |
| |||||||
Energy Fuels, Inc.†# | 47,163 | 81,120 | ||||||
Uranium Energy Corp.†# | 87,372 | 91,741 | ||||||
172,861 | ||||||||
Non-Hazardous Waste Disposal — 0.3% |
| |||||||
Advanced Disposal Services, Inc.† | 35,016 | 1,091,799 | ||||||
Casella Waste Systems, Inc., Class A† | 22,096 | 1,125,791 | ||||||
Covanta Holding Corp. | 56,863 | 511,767 | ||||||
2,729,357 | ||||||||
Office Automation & Equipment — 0.0% |
| |||||||
AstroNova, Inc. | 3,330 | 21,412 | ||||||
Pitney Bowes, Inc. | 82,565 | 195,679 | ||||||
217,091 | ||||||||
Office Furnishings - Original — 0.3% |
| |||||||
CompX International, Inc. | 795 | 11,186 | ||||||
Herman Miller, Inc. | 28,395 | 653,653 | ||||||
HNI Corp. | 20,645 | 525,828 | ||||||
Interface, Inc. | 27,883 | 236,727 | ||||||
Kimball International, Inc., Class B | 17,185 | 192,300 | ||||||
Knoll, Inc. | 23,626 | 249,490 | ||||||
Steelcase, Inc., Class A | 42,465 | 491,745 | ||||||
2,360,929 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
ACCO Brands Corp. | 46,444 | 287,488 | ||||||
Oil & Gas Drilling — 0.0% |
| |||||||
Nabors Industries, Ltd.# | 3,397 | 125,893 | ||||||
Noble Corp. PLC†# | 119,552 | 15,542 | ||||||
Pacific Drilling SA†# | 14,383 | 5,851 | ||||||
ProPetro Holding Corp.† | 38,510 | 190,625 | ||||||
Seadrill, Ltd.†# | 28,246 | 13,278 | ||||||
351,189 | ||||||||
Oil Companies - Exploration & Production — 0.6% |
| |||||||
Abraxas Petroleum Corp.† | 77,171 | 14,987 | ||||||
Amplify Energy Corp. | 6,296 | 6,926 | ||||||
Berry Corp. | 30,191 | 128,010 | ||||||
Bonanza Creek Energy, Inc.† | 9,117 | 154,077 | ||||||
Brigham Minerals, Inc., Class A | 13,594 | 180,120 | ||||||
California Resources Corp.†# | 23,292 | 30,978 | ||||||
Callon Petroleum Co.†# | 185,205 | 123,847 | ||||||
Chaparral Energy, Inc., Class A†# | 14,968 | 7,463 | ||||||
CNX Resources Corp.† | 89,839 | 915,459 | ||||||
Comstock Resources, Inc.† | 7,463 | 40,002 | ||||||
Denbury Resources, Inc.†# | 232,154 | 49,449 | ||||||
DLB Oil & Gas, Inc.†(1) | 3,000 | 0 |
Security Description | Shares | Value (Note 2) | ||||||
Oil Companies - Exploration & Production (continued) |
| |||||||
Earthstone Energy, Inc., Class A† | 9,529 | $ | 28,396 | |||||
Evolution Petroleum Corp. | 13,095 | 31,952 | ||||||
Extraction Oil & Gas, Inc.†# | 40,789 | 11,829 | ||||||
Falcon Minerals Corp. | 18,591 | 46,292 | ||||||
Goodrich Petroleum Corp.†# | 4,378 | 35,199 | ||||||
Gulfport Energy Corp.†# | 77,178 | 116,539 | ||||||
HighPoint Resources Corp.† | 54,131 | 12,991 | ||||||
Laredo Petroleum, Inc.† | 86,938 | 73,767 | ||||||
Magnolia Oil & Gas Corp., Class A† | 48,694 | 270,252 | ||||||
Mammoth Energy Services, Inc.# | 6,262 | 7,890 | ||||||
Matador Resources Co.†# | 53,508 | 419,503 | ||||||
Montage Resources Corp., Class A†# | 10,308 | 63,085 | ||||||
Northern Oil and Gas, Inc.†# | 142,903 | 111,364 | ||||||
Oasis Petroleum, Inc.†# | 153,887 | 70,880 | ||||||
Panhandle Oil and Gas, Inc., Class A | 7,391 | 30,894 | ||||||
PDC Energy, Inc.† | 48,199 | 587,064 | ||||||
Penn Virginia Corp.† | 6,530 | 57,333 | ||||||
PrimeEnergy Resources Corp.† | 248 | 18,838 | ||||||
QEP Resources, Inc. | 115,294 | 98,415 | ||||||
Ring Energy, Inc.†# | 29,016 | 34,529 | ||||||
Rosehill Resources, Inc.†# | 5,084 | 1,707 | ||||||
SandRidge Energy, Inc.† | 14,851 | 23,465 | ||||||
SilverBow Resources, Inc.†# | 3,409 | 12,886 | ||||||
SM Energy Co. | 53,996 | 190,066 | ||||||
Southwestern Energy Co.† | 261,957 | 788,490 | ||||||
Talos Energy, Inc.† | 9,700 | 117,855 | ||||||
Tellurian, Inc.†# | 45,499 | 45,494 | ||||||
W&T Offshore, Inc.†# | 45,365 | 118,403 | ||||||
Whiting Petroleum Corp.† | 43,842 | 30,685 | ||||||
5,107,381 | ||||||||
Oil Field Machinery & Equipment — 0.1% |
| |||||||
Dril-Quip, Inc.† | 17,439 | 529,971 | ||||||
Exterran Corp.† | 13,972 | 89,700 | ||||||
Flotek Industries, Inc.† | 25,903 | 25,385 | ||||||
Forum Energy Technologies, Inc.† | 39,873 | 11,563 | ||||||
Natural Gas Services Group, Inc.† | 6,171 | 38,631 | ||||||
Smart Sand, Inc.†# | 10,391 | 11,014 | ||||||
Thermon Group Holdings, Inc.† | 15,665 | 251,110 | ||||||
US Silica Holdings, Inc.# | 35,322 | 104,200 | ||||||
1,061,574 | ||||||||
Oil Refining & Marketing — 0.3% |
| |||||||
CVR Energy, Inc. | 14,257 | 290,843 | ||||||
Delek US Holdings, Inc. | 35,661 | 701,452 | ||||||
Murphy USA, Inc.† | 14,047 | 1,630,857 | ||||||
Par Pacific Holdings, Inc.† | 17,067 | 158,552 | ||||||
Trecora Resources† | 10,284 | 65,715 | ||||||
2,847,419 | ||||||||
Oil - Field Services — 0.3% |
| |||||||
Archrock, Inc. | 62,089 | 394,265 | ||||||
DMC Global, Inc. | 6,803 | 194,226 | ||||||
Era Group, Inc.† | 9,393 | 47,059 | ||||||
Frank’s International NV† | 51,369 | 115,580 | ||||||
FTS International, Inc. †# | 780 | 4,789 | ||||||
Helix Energy Solutions Group, Inc.† | 68,379 | 229,753 | ||||||
Independence Contract Drilling, Inc.† | 1,144 | 7,059 | ||||||
KLX Energy Services Holdings, Inc.†# | 10,446 | 15,460 | ||||||
Liberty Oilfield Services, Inc., Class A | 25,644 | 132,067 | ||||||
Matrix Service Co.† | 12,737 | 140,362 | ||||||
MRC Global, Inc.† | 37,912 | 224,439 | ||||||
National Energy Services Reunited Corp.† | 11,430 | 64,922 | ||||||
NCS Multistage Holdings, Inc.† | 5,534 | 2,877 | ||||||
Newpark Resources, Inc.† | 42,867 | 86,591 |
203 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Oil - Field Services (continued) |
| |||||||
NexTier Oilfield Solutions, Inc.† | 76,774 | $ | 222,645 | |||||
Nine Energy Service, Inc.†# | 7,658 | 15,546 | ||||||
NOW, Inc.† | 52,188 | 388,801 | ||||||
Oceaneering International, Inc.† | 47,740 | 306,491 | ||||||
Oil States International, Inc.† | 28,868 | 122,400 | ||||||
RPC, Inc.# | 27,985 | 88,992 | ||||||
Select Energy Services, Inc., Class A† | 28,017 | 166,421 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 14,984 | 103,839 | ||||||
TETRA Technologies, Inc.† | 58,391 | 19,269 | ||||||
US Well Services, Inc.† | 9,669 | 4,558 | ||||||
3,098,411 | ||||||||
Optical Supplies — 0.1% |
| |||||||
STAAR Surgical Co.† | 21,413 | 830,824 | ||||||
Paper & Related Products — 0.2% |
| |||||||
Clearwater Paper Corp.† | 7,702 | 223,127 | ||||||
Neenah, Inc. | 8,066 | 407,817 | ||||||
P.H. Glatfelter Co. | 20,984 | 323,363 | ||||||
Schweitzer-Mauduit International, Inc. | 14,881 | 452,234 | ||||||
Verso Corp., Class A† | 16,799 | 241,570 | ||||||
1,648,111 | ||||||||
Pastoral & Agricultural — 0.2% |
| |||||||
Darling Ingredients, Inc.† | 79,141 | 1,844,777 | ||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
CareDx, Inc.†# | 19,814 | 636,426 | ||||||
Pharmacy Services — 0.0% |
| |||||||
Option Care Health, Inc.† | 14,837 | 225,522 | ||||||
Physical Therapy/Rehabilitation Centers — 0.1% |
| |||||||
Catasys, Inc.†# | 3,472 | 68,780 | ||||||
U.S. Physical Therapy, Inc. | 6,055 | 448,918 | ||||||
517,698 | ||||||||
Physicians Practice Management — 0.0% |
| |||||||
Apollo Medical Holdings, Inc.†# | 4,075 | 76,977 | ||||||
Pipelines — 0.0% |
| |||||||
NextDecade Corp.†# | 6,048 | 9,132 | ||||||
Pollution Control — 0.0% |
| |||||||
CECO Environmental Corp.† | 14,804 | 78,609 | ||||||
Poultry — 0.1% |
| |||||||
Sanderson Farms, Inc. | 9,587 | 1,265,676 | ||||||
Power Converter/Supply Equipment — 0.4% |
| |||||||
Energous Corp.†# | 13,920 | 26,866 | ||||||
Generac Holdings, Inc.† | 29,479 | 3,280,128 | ||||||
Powell Industries, Inc. | 4,297 | 114,300 | ||||||
Vicor Corp.† | 8,578 | 523,087 | ||||||
3,944,381 | ||||||||
Precious Metals — 0.2% |
| |||||||
Coeur Mining, Inc.† | 114,784 | 660,008 | ||||||
Hecla Mining Co. | 249,793 | 829,313 | ||||||
1,489,321 | ||||||||
Printing - Commercial — 0.2% |
| |||||||
Cimpress PLC† | 9,015 | 812,522 | ||||||
Deluxe Corp. | 20,334 | 474,392 | ||||||
Ennis, Inc. | 12,284 | 218,655 | ||||||
Quad/Graphics, Inc. | 15,491 | 44,149 | ||||||
RR Donnelley & Sons Co. | 34,028 | 37,091 | ||||||
1,586,809 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Private Equity — 0.1% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 59,130 | $ | 829,003 | |||||
Professional Sports — 0.1% |
| |||||||
Liberty Media Corp. — Liberty Braves, Series A† | 4,793 | 108,274 | ||||||
Liberty Media Corp. — Liberty Braves, Series C† | 17,364 | 381,140 | ||||||
489,414 | ||||||||
Protection/Safety — 0.0% |
| |||||||
ShotSpotter, Inc.†# | 3,919 | 91,117 | ||||||
Publishing - Books — 0.1% |
| |||||||
Gannett Co, Inc.# | 56,569 | 74,105 | ||||||
Houghton Mifflin Harcourt Co.† | 50,307 | 76,970 | ||||||
Scholastic Corp. | 14,222 | 418,127 | ||||||
569,202 | ||||||||
Publishing - Newspapers — 0.2% |
| |||||||
Lee Enterprises, Inc.† | 25,797 | 28,635 | ||||||
TEGNA, Inc. | 104,778 | 1,227,998 | ||||||
Tribune Publishing Co. | 8,438 | 80,161 | ||||||
1,336,794 | ||||||||
Publishing - Periodicals — 0.0% |
| |||||||
Meredith Corp.# | 19,182 | 286,579 | ||||||
Value Line, Inc. | 510 | 14,535 | ||||||
301,114 | ||||||||
Quarrying — 0.1% |
| |||||||
Compass Minerals International, Inc. | 16,441 | 792,127 | ||||||
Racetracks — 0.5% |
| |||||||
Churchill Downs, Inc. | 16,937 | 2,247,032 | ||||||
Penn National Gaming, Inc.†# | 60,552 | 1,986,711 | ||||||
4,233,743 | ||||||||
Radio — 0.0% |
| |||||||
Cumulus Media, Inc., Class A† | 6,932 | 35,838 | ||||||
Entercom Communications Corp., Class A | 57,442 | 95,928 | ||||||
Saga Communications, Inc., Class A | 1,831 | 48,650 | ||||||
180,416 | ||||||||
Real Estate Investment Trusts — 6.4% |
| |||||||
Acadia Realty Trust | 41,221 | 483,522 | ||||||
AG Mortgage Investment Trust, Inc.# | 15,681 | 38,575 | ||||||
Agree Realty Corp. | 19,984 | 1,254,396 | ||||||
Alexander & Baldwin, Inc. | 33,067 | 377,294 | ||||||
Alexander’s, Inc. | 1,027 | 266,856 | ||||||
American Assets Trust, Inc. | 23,294 | 609,604 | ||||||
American Finance Trust, Inc. | 51,521 | 377,134 | ||||||
Anworth Mtg. Asset Corp.# | 47,057 | 68,703 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 74,363 | 612,008 | ||||||
Ares Commercial Real Estate Corp.# | 15,041 | 112,055 | ||||||
Armada Hoffler Properties, Inc. | 26,941 | 232,231 | ||||||
ARMOUR Residential REIT, Inc. | 28,396 | 222,341 | ||||||
Ashford Hospitality Trust, Inc. | 43,379 | 29,932 | ||||||
Blackstone Mtg. Trust, Inc., Class A | 61,825 | 1,458,452 | ||||||
Bluerock Residential Growth REIT, Inc. | 11,338 | 72,903 | ||||||
Braemar Hotels & Resorts, Inc. | 14,472 | 49,205 | ||||||
BRT Apartments Corp. | 4,748 | 53,557 | ||||||
Capstead Mtg. Corp. | 45,058 | 227,993 | ||||||
CareTrust REIT, Inc. | 46,014 | 857,241 | ||||||
CatchMark Timber Trust, Inc., Class A | 23,624 | 185,448 | ||||||
CBL & Associates Properties, Inc.†# | 81,688 | 24,539 | ||||||
Cedar Realty Trust, Inc. | 41,322 | 30,764 | ||||||
Chatham Lodging Trust | 22,114 | 149,270 | ||||||
Cherry Hill Mtg. Investment Corp. | 8,040 | 69,385 | ||||||
CIM Commercial Trust Corp. | 5,717 | 56,598 | ||||||
City Office REIT, Inc. | 25,707 | 238,561 |
204 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Real Estate Investment Trusts (continued) |
| |||||||
Clipper Realty, Inc. | 6,943 | $ | 51,239 | |||||
Colony Credit Real Estate, Inc. | 38,984 | 192,971 | ||||||
Community Healthcare Trust, Inc. | 9,246 | 336,739 | ||||||
CoreCivic, Inc. | 57,415 | 690,702 | ||||||
CorEnergy Infrastructure Trust, Inc.# | 6,201 | 62,010 | ||||||
CorePoint Lodging, Inc. | 19,271 | 76,313 | ||||||
DiamondRock Hospitality Co. | 97,054 | 581,353 | ||||||
Diversified Healthcare Trust | 114,085 | 408,424 | ||||||
Dynex Capital, Inc.# | 10,778 | 138,605 | ||||||
Easterly Government Properties, Inc. | 35,856 | 898,910 | ||||||
EastGroup Properties, Inc. | 18,522 | 2,153,183 | ||||||
Essential Properties Realty Trust, Inc. | 44,131 | 601,947 | ||||||
Exantas Capital Corp.# | 14,696 | 29,392 | ||||||
Farmland Partners, Inc.# | 13,394 | 92,419 | ||||||
First Industrial Realty Trust, Inc. | 60,775 | 2,302,157 | ||||||
Four Corners Property Trust, Inc. | 33,791 | 730,561 | ||||||
Franklin Street Properties Corp. | 50,022 | 267,117 | ||||||
Front Yard Residential Corp. | 23,863 | 178,973 | ||||||
GEO Group, Inc. | 57,357 | 687,137 | ||||||
Getty Realty Corp. | 16,081 | 428,076 | ||||||
Gladstone Commercial Corp. | 15,655 | 280,538 | ||||||
Gladstone Land Corp. | 8,860 | 128,470 | ||||||
Global Medical REIT, Inc. | 18,588 | 199,263 | ||||||
Global Net Lease, Inc. | 43,395 | 608,832 | ||||||
Granite Point Mtg. Trust, Inc. | 26,128 | 128,550 | ||||||
Great Ajax Corp. | 8,605 | 70,561 | ||||||
Healthcare Realty Trust, Inc. | 63,824 | 1,959,397 | ||||||
Hersha Hospitality Trust | 16,556 | 83,442 | ||||||
Independence Realty Trust, Inc. | 43,876 | 433,934 | ||||||
Industrial Logistics Properties Trust | 31,235 | 585,656 | ||||||
Innovative Industrial Properties, Inc. | 7,848 | 641,339 | ||||||
Invesco Mtg. Capital, Inc.# | 79,971 | 221,520 | ||||||
Investors Real Estate Trust | 5,613 | 397,962 | ||||||
iStar, Inc.# | 28,631 | 312,937 | ||||||
Jernigan Capital, Inc. | 10,741 | 129,644 | ||||||
Kite Realty Group Trust | 39,931 | 387,331 | ||||||
KKR Real Estate Finance Trust, Inc. | 12,168 | 197,000 | ||||||
Ladder Capital Corp. | 49,609 | 394,392 | ||||||
Lexington Realty Trust | 116,520 | 1,132,574 | ||||||
LTC Properties, Inc. | 18,972 | 698,359 | ||||||
Mack-Cali Realty Corp. | 41,744 | 634,926 | ||||||
Monmouth Real Estate Investment Corp. | 45,625 | 592,213 | ||||||
National Health Investors, Inc. | 20,529 | 1,139,154 | ||||||
National Storage Affiliates Trust | 28,597 | 858,196 | ||||||
New Senior Investment Group, Inc. | 40,343 | 116,995 | ||||||
New York Mtg. Trust, Inc. | 182,268 | 379,117 | ||||||
NexPoint Residential Trust, Inc. | 9,685 | 309,726 | ||||||
Office Properties Income Trust | 22,990 | 581,417 | ||||||
One Liberty Properties, Inc. | 7,494 | 118,780 | ||||||
Orchid Island Capital, Inc.# | 31,225 | 130,208 | ||||||
Pebblebrook Hotel Trust | 62,678 | 856,182 | ||||||
Pennsylvania Real Estate Investment Trust# | 33,457 | 37,806 | ||||||
PennyMac Mtg. Investment Trust | 47,628 | 524,384 | ||||||
Physicians Realty Trust | 90,965 | 1,570,966 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 60,349 | 1,006,621 | ||||||
PotlatchDeltic Corp. | 31,876 | 1,083,465 | ||||||
Preferred Apartment Communities, Inc., Class A | 22,056 | 154,171 | ||||||
PS Business Parks, Inc. | 9,645 | 1,288,958 | ||||||
QTS Realty Trust, Inc., Class A | 27,732 | 1,902,415 | ||||||
Ready Capital Corp.# | 18,746 | 110,039 | ||||||
Redwood Trust, Inc. | 53,898 | 288,354 | ||||||
Retail Opportunity Investments Corp. | 55,069 | 517,098 | ||||||
Retail Value, Inc. | 7,188 | 83,309 | ||||||
Rexford Industrial Realty, Inc. | 54,748 | 2,178,970 | ||||||
RLJ Lodging Trust | 81,481 | 840,069 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
RPT Realty | 37,636 | $ | 217,160 | |||||
Ryman Hospitality Properties, Inc. | 23,604 | 806,785 | ||||||
Sabra Health Care REIT, Inc. | 97,206 | 1,308,393 | ||||||
Saul Centers, Inc. | 5,802 | 176,265 | ||||||
Seritage Growth Properties, Class A†# | 16,250 | 127,888 | ||||||
STAG Industrial, Inc. | 72,138 | 1,940,512 | ||||||
Summit Hotel Properties, Inc. | 49,888 | 311,800 | ||||||
Sunstone Hotel Investors, Inc. | 108,186 | 957,446 | ||||||
Tanger Factory Outlet Centers, Inc.# | 43,470 | 267,341 | ||||||
Terreno Realty Corp. | 31,795 | 1,627,586 | ||||||
TPG RE Finance Trust, Inc. | 23,888 | 177,010 | ||||||
UMH Properties, Inc. | 17,452 | 217,801 | ||||||
Uniti Group, Inc. | 89,180 | 735,735 | ||||||
Universal Health Realty Income Trust | 6,179 | 577,057 | ||||||
Urban Edge Properties | 55,474 | 540,872 | ||||||
Urstadt Biddle Properties, Inc., Class A | 14,251 | 181,843 | ||||||
Washington Prime Group, Inc.# | 90,036 | 57,677 | ||||||
Washington Real Estate Investment Trust | 39,654 | 869,612 | ||||||
Western Asset Mtg. Capital Corp.# | 25,046 | 49,591 | ||||||
Whitestone REIT | 18,464 | 113,554 | ||||||
Xenia Hotels & Resorts, Inc. | 54,628 | 491,652 | ||||||
57,115,615 | ||||||||
Real Estate Management/Services — 0.4% |
| |||||||
Cushman & Wakefield PLC† | 54,294 | 556,513 | ||||||
eXp World Holdings, Inc.† | 9,940 | 106,259 | ||||||
Marcus & Millichap, Inc.† | 11,065 | 305,062 | ||||||
Maui Land & Pineapple Co., Inc.† | 3,253 | 34,189 | ||||||
Newmark Group, Inc., Class A | 69,196 | 294,083 | ||||||
RE/MAX Holdings, Inc., Class A | 8,610 | 240,994 | ||||||
Realogy Holdings Corp.# | 54,832 | 332,282 | ||||||
Redfin Corp.†# | 43,134 | 1,293,589 | ||||||
RMR Group, Inc., Class A | 7,304 | 196,916 | ||||||
Safehold, Inc.# | 6,128 | 335,753 | ||||||
3,695,640 | ||||||||
Real Estate Operations & Development — 0.1% |
| |||||||
American Realty Investors, Inc.† | 1,200 | 9,012 | ||||||
CTO Realty Growth, Inc. | 2,357 | 98,476 | ||||||
FRP Holdings, Inc.† | 3,355 | 132,690 | ||||||
Griffin Industrial Realty, Inc. | 465 | 18,781 | ||||||
Legacy Housing Corp.†# | 2,780 | 36,168 | ||||||
McGrath RentCorp | 11,665 | 650,440 | ||||||
Stratus Properties, Inc.† | 2,829 | 47,980 | ||||||
Transcontinental Realty Investors, Inc.† | 511 | 10,322 | ||||||
1,003,869 | ||||||||
Recreational Centers — 0.0% |
| |||||||
OneSpaWorld Holdings, Ltd. | 21,883 | 143,115 | ||||||
Recreational Vehicles — 0.1% |
| |||||||
Camping World Holdings, Inc., Class A# | 15,865 | 336,021 | ||||||
Malibu Boats, Inc., Class A† | 9,831 | 463,335 | ||||||
Marine Products Corp. | 3,560 | 40,050 | ||||||
MasterCraft Boat Holdings, Inc.† | 8,871 | 131,823 | ||||||
OneWater Marine, Inc., Class A† | 2,208 | 32,568 | ||||||
1,003,797 | ||||||||
Recycling — 0.0% |
| |||||||
Harsco Corp.† | 37,581 | 419,404 | ||||||
Rental Auto/Equipment — 0.4% |
| |||||||
Aaron’s, Inc. | 32,561 | 1,201,827 | ||||||
Avis Budget Group, Inc.†# | 27,722 | 596,855 | ||||||
CAI International, Inc.† | 7,913 | 148,844 | ||||||
Herc Holdings, Inc.† | 11,615 | 331,027 |
205 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Rental Auto/Equipment (continued) |
| |||||||
Hertz Global Holdings, Inc.†# | 48,901 | $ | 48,901 | |||||
Rent-A-Center, Inc. | 23,772 | 605,235 | ||||||
Textainer Group Holdings, Ltd.† | 25,107 | 205,375 | ||||||
3,138,064 | ||||||||
Resorts/Theme Parks — 0.2% |
| |||||||
Marriott Vacations Worldwide Corp. | 19,958 | 1,792,827 | ||||||
SeaWorld Entertainment, Inc.† | 22,726 | 410,432 | ||||||
2,203,259 | ||||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
Abercrombie & Fitch Co., Class A | 30,251 | 351,517 | ||||||
American Eagle Outfitters, Inc.# | 75,763 | 693,989 | ||||||
Ascena Retail Group, Inc.†# | 3,773 | 6,301 | ||||||
Boot Barn Holdings, Inc.† | 13,694 | 294,147 | ||||||
Buckle, Inc. | 13,921 | 196,008 | ||||||
Caleres, Inc. | 18,990 | 136,158 | ||||||
Cato Corp., Class A | 10,685 | 103,644 | ||||||
Chico’s FAS, Inc. | 56,248 | 75,935 | ||||||
Children’s Place, Inc.# | 7,067 | 294,270 | ||||||
Designer Brands, Inc., Class A# | 29,557 | 181,184 | ||||||
Duluth Holdings, Inc., Class B†# | 5,174 | 23,490 | ||||||
Express, Inc.† | 30,165 | 59,123 | ||||||
Genesco, Inc.† | 6,840 | 126,472 | ||||||
Guess?, Inc. | 22,163 | 212,100 | ||||||
J. Jill, Inc.†# | 8,121 | 4,978 | ||||||
RTW RetailWinds, Inc.† | 14,617 | 6,579 | ||||||
Shoe Carnival, Inc. | 4,373 | 113,654 | ||||||
Tailored Brands, Inc.# | 23,109 | 29,811 | ||||||
Tilly’s, Inc., Class A | 10,591 | 54,226 | ||||||
Vera Bradley, Inc.† | 9,674 | 50,788 | ||||||
Winmark Corp. | 1,179 | 169,623 | ||||||
3,183,997 | ||||||||
Retail - Appliances — 0.0% |
| |||||||
Conn’s, Inc.† | 8,697 | 62,792 | ||||||
Retail - Arts & Crafts — 0.0% |
| |||||||
Michaels Cos., Inc.†# | 38,219 | 147,525 | ||||||
Retail - Automobile — 0.4% |
| |||||||
America’s Car-Mart, Inc.† | 2,962 | 235,686 | ||||||
Asbury Automotive Group, Inc.† | 9,303 | 672,421 | ||||||
Group 1 Automotive, Inc. | 8,499 | 534,927 | ||||||
Lithia Motors, Inc., Class A | 10,807 | 1,303,216 | ||||||
Rush Enterprises, Inc., Class A | 13,110 | 545,638 | ||||||
Rush Enterprises, Inc., Class B | 2,169 | 79,407 | ||||||
Sonic Automotive, Inc., Class A# | 11,735 | 308,396 | ||||||
3,679,691 | ||||||||
Retail - Bedding — 0.1% |
| |||||||
Bed Bath & Beyond, Inc.# | 58,751 | 427,120 | ||||||
Retail - Bookstores — 0.0% |
| |||||||
Barnes & Noble Education, Inc.† | 20,063 | 31,098 | ||||||
Retail - Building Products — 0.2% |
| |||||||
At Home Group, Inc.†# | 22,967 | 108,864 | ||||||
Beacon Roofing Supply, Inc.† | 26,157 | 643,986 | ||||||
BlueLinx Holdings, Inc.†# | 4,309 | 29,732 | ||||||
BMC Stock Holdings, Inc.† | 32,096 | 839,952 | ||||||
Foundation Building Materials, Inc.† | 9,804 | 130,589 | ||||||
GMS, Inc.† | 19,447 | 398,469 | ||||||
2,151,592 | ||||||||
Retail - Computer Equipment — 0.0% |
| |||||||
PC Connection, Inc. | 5,423 | 234,707 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Discount — 0.3% |
| |||||||
Big Lots, Inc. | 18,762 | $ | 727,027 | |||||
BJ’s Wholesale Club Holdings, Inc.† | 53,765 | 1,935,540 | ||||||
Citi Trends, Inc. | 5,253 | 85,309 | ||||||
2,747,876 | ||||||||
Retail - Drug Store — 0.0% |
| |||||||
OptimizeRx Corp.†# | 6,648 | 75,521 | ||||||
Rite Aid Corp.†# | 26,582 | 349,022 | ||||||
424,543 | ||||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Lumber Liquidators Holdings, Inc.† | 13,742 | 136,595 | ||||||
Retail - Hair Salons — 0.0% |
| |||||||
Regis Corp.† | 11,244 | 118,287 | ||||||
Retail - Home Furnishings — 0.3% |
| |||||||
Bassett Furniture Industries, Inc. | 4,598 | 29,427 | ||||||
Haverty Furniture Cos., Inc. | 8,596 | 148,711 | ||||||
La-Z-Boy, Inc. | 21,617 | 555,989 | ||||||
Lovesac Co.†# | 4,232 | 77,488 | ||||||
RH† | 8,147 | 1,767,003 | ||||||
2,578,618 | ||||||||
Retail - Jewelry — 0.0% |
| |||||||
Movado Group, Inc. | 7,584 | 79,632 | ||||||
Signet Jewelers, Ltd.# | 24,978 | 263,518 | ||||||
343,150 | ||||||||
Retail - Leisure Products — 0.0% |
| |||||||
MarineMax, Inc.† | 10,158 | 193,307 | ||||||
Retail - Misc./Diversified — 0.2% |
| |||||||
Container Store Group, Inc.†# | 7,665 | 21,845 | ||||||
Gaia, Inc.†# | 5,062 | 39,636 | ||||||
GameStop Corp., Class A†# | 31,619 | 128,373 | ||||||
Hudson, Ltd., Class A† | 19,112 | 96,325 | ||||||
Party City Holdco, Inc.†# | 25,990 | 33,527 | ||||||
PriceSmart, Inc. | 10,827 | 588,772 | ||||||
Sally Beauty Holdings, Inc.† | 56,325 | 734,478 | ||||||
1,642,956 | ||||||||
Retail - Office Supplies — 0.1% |
| |||||||
Office Depot, Inc. | 261,911 | 646,920 | ||||||
Retail - Pawn Shops — 0.2% |
| |||||||
FirstCash, Inc. | 19,882 | 1,387,167 | ||||||
Retail - Pet Food & Supplies — 0.2% |
| |||||||
Freshpet, Inc.† | 16,585 | 1,280,031 | ||||||
PetIQ, Inc.†# | 9,528 | 292,319 | ||||||
PetMed Express, Inc.# | 9,442 | 340,856 | ||||||
1,913,206 | ||||||||
Retail - Petroleum Products — 0.1% |
| |||||||
World Fuel Services Corp. | 31,088 | 792,122 | ||||||
Retail - Regional Department Stores — 0.0% |
| |||||||
Dillard’s, Inc., Class A# | 4,748 | 142,487 | ||||||
Retail - Restaurants — 1.3% |
| |||||||
Biglari Holdings, Inc., Class B† | 458 | 27,883 | ||||||
BJ’s Restaurants, Inc. | 9,216 | 200,172 | ||||||
Bloomin’ Brands, Inc. | 41,936 | 478,490 | ||||||
Brinker International, Inc. | 18,007 | 474,484 | ||||||
Cannae Holdings, Inc.† | 35,603 | 1,311,258 | ||||||
Carrols Restaurant Group, Inc.† | 16,822 | 72,166 | ||||||
Cheesecake Factory, Inc.# | 20,043 | 430,524 | ||||||
Chuy’s Holdings, Inc.† | 7,992 | 127,792 | ||||||
Cracker Barrel Old Country Store, Inc. | 11,583 | 1,240,887 |
206 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Restaurants (continued) |
| |||||||
Dave & Buster’s Entertainment, Inc. | 14,870 | $ | 196,135 | |||||
Del Taco Restaurants, Inc.† | 13,905 | 84,821 | ||||||
Denny’s Corp.† | 27,912 | 302,706 | ||||||
Dine Brands Global, Inc.# | 7,698 | 349,412 | ||||||
El Pollo Loco Holdings, Inc.† | 9,425 | 130,725 | ||||||
Fiesta Restaurant Group, Inc.† | 11,415 | 93,945 | ||||||
J Alexander’s Holdings, Inc.† | 6,297 | 26,699 | ||||||
Jack in the Box, Inc. | 11,125 | 745,597 | ||||||
Kura Sushi USA, Inc., Class A†# | 1,621 | 23,650 | ||||||
Noodles & Co.† | 13,757 | 80,616 | ||||||
Papa John’s International, Inc. | 10,656 | 829,996 | ||||||
Potbelly Corp.† | 10,015 | 21,032 | ||||||
Red Robin Gourmet Burgers, Inc.† | 6,252 | 86,653 | ||||||
Ruth’s Hospitality Group, Inc. | 13,307 | 107,920 | ||||||
Shake Shack, Inc., Class A† | 13,978 | 776,478 | ||||||
Texas Roadhouse, Inc. | 31,825 | 1,650,126 | ||||||
Waitr Holdings, Inc.† | 27,814 | 68,701 | ||||||
Wingstop, Inc. | 14,142 | 1,724,617 | ||||||
11,663,485 | ||||||||
Retail - Sporting Goods — 0.1% |
| |||||||
Hibbett Sports, Inc.† | 8,317 | 160,684 | ||||||
Sportsman’s Warehouse Holdings, Inc.† | 20,446 | 228,382 | ||||||
Zumiez, Inc.† | 9,616 | 234,342 | ||||||
623,408 | ||||||||
Retail - Vision Service Center — 0.1% |
| |||||||
National Vision Holdings, Inc.† | 37,752 | 1,010,999 | ||||||
Retail - Vitamins & Nutrition Supplements — 0.0% |
| |||||||
GNC Holdings, Inc., Class A†# | 39,402 | 29,725 | ||||||
Retirement/Aged Care — 0.0% |
| |||||||
Brookdale Senior Living, Inc.† | 88,941 | 325,524 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Cooper Tire & Rubber Co. | 24,229 | 623,412 | ||||||
Rubber/Plastic Products — 0.3% |
| |||||||
Myers Industries, Inc. | 17,092 | 232,622 | ||||||
Proto Labs, Inc.† | 12,997 | 1,642,171 | ||||||
Raven Industries, Inc. | 17,285 | 370,764 | ||||||
Trinseo SA | 18,928 | 389,538 | ||||||
2,635,095 | ||||||||
Satellite Telecom — 0.2% |
| |||||||
Gogo, Inc.†# | 26,461 | 55,039 | ||||||
Iridium Communications, Inc.† | 47,724 | 1,097,652 | ||||||
KVH Industries, Inc.† | 7,908 | 72,674 | ||||||
Loral Space & Communications, Inc. | 6,185 | 116,464 | ||||||
1,341,829 | ||||||||
Savings & Loans/Thrifts — 1.0% |
| |||||||
Axos Financial, Inc.† | 27,860 | 607,348 | ||||||
Banc of California, Inc. | 21,831 | 239,049 | ||||||
BankFinancial Corp. | 6,716 | 60,981 | ||||||
Berkshire Hills Bancorp, Inc. | 21,718 | 234,989 | ||||||
Brookline Bancorp, Inc. | 37,788 | 351,428 | ||||||
Capitol Federal Financial, Inc. | 63,642 | 746,202 | ||||||
Community Bankers Trust Corp. | 10,529 | 59,278 | ||||||
Dime Community Bancshares, Inc. | 14,897 | 214,964 | ||||||
ESSA Bancorp, Inc. | 4,511 | 64,733 | ||||||
First Capital, Inc. | 1,562 | 95,985 | ||||||
First Defiance Financial Corp. | 17,786 | 295,426 | ||||||
First Financial Northwest, Inc. | 3,773 | 36,862 | ||||||
Flushing Financial Corp. | 13,026 | 147,715 | ||||||
FS Bancorp, Inc. | 1,926 | 81,354 | ||||||
Greene County Bancorp, Inc. | 1,594 | 35,116 |
Security Description | Shares | Value (Note 2) | ||||||
Savings & Loans/Thrifts (continued) |
| |||||||
Hingham Institution for Savings | 669 | $ | 109,816 | |||||
Home Bancorp, Inc. | 3,670 | 87,199 | ||||||
HomeTrust Bancshares, Inc. | 7,456 | 114,972 | ||||||
Investors Bancorp, Inc. | �� | 109,541 | 950,816 | |||||
Malvern Bancorp, Inc.† | 3,639 | 43,231 | ||||||
Meridian Bancorp, Inc. | 23,117 | 266,308 | ||||||
Northfield Bancorp, Inc. | 21,036 | 229,924 | ||||||
Northwest Bancshares, Inc. | 55,138 | 549,175 | ||||||
OceanFirst Financial Corp. | 26,341 | 439,895 | ||||||
Pacific Premier Bancorp, Inc. | 28,019 | 605,771 | ||||||
Provident Financial Holdings, Inc. | 2,822 | 36,319 | ||||||
Provident Financial Services, Inc. | 29,413 | 383,251 | ||||||
Prudential Bancorp, Inc. | 4,215 | 51,507 | ||||||
Riverview Bancorp, Inc. | 10,247 | 51,235 | ||||||
Southern Missouri Bancorp, Inc. | 3,742 | 91,005 | ||||||
Territorial Bancorp, Inc. | 3,752 | 95,413 | ||||||
Timberland Bancorp, Inc. | 3,574 | 64,225 | ||||||
Washington Federal, Inc. | 37,331 | 965,380 | ||||||
Waterstone Financial, Inc. | 11,372 | 169,443 | ||||||
WSFS Financial Corp. | 24,458 | 676,753 | ||||||
9,253,068 | ||||||||
Schools — 0.9% |
| |||||||
Adtalem Global Education, Inc.† | 25,448 | 851,490 | ||||||
American Public Education, Inc.† | 7,283 | 228,905 | ||||||
Chegg, Inc.† | 57,059 | 3,485,164 | ||||||
K12, Inc.† | 18,929 | 466,032 | ||||||
Laureate Education, Inc., Class A† | 54,321 | 528,543 | ||||||
Perdoceo Education Corp.† | 33,223 | 540,870 | ||||||
Rosetta Stone, Inc.† | 10,001 | 185,819 | ||||||
Strategic Education, Inc. | 10,277 | 1,743,287 | ||||||
8,030,110 | ||||||||
Security Services — 0.1% |
| |||||||
Brink’s Co. | 24,056 | 964,646 | ||||||
Seismic Data Collection — 0.0% |
| |||||||
Geospace Technologies Corp.† | 6,374 | 50,227 | ||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Cirrus Logic, Inc.† | 28,076 | 2,034,949 | ||||||
MaxLinear, Inc.† | 31,840 | 551,469 | ||||||
Power Integrations, Inc. | 13,647 | 1,478,652 | ||||||
4,065,070 | ||||||||
Semiconductor Equipment — 0.7% |
| |||||||
Axcelis Technologies, Inc.† | 15,542 | 417,303 | ||||||
Brooks Automation, Inc. | 34,904 | 1,395,113 | ||||||
Cabot Microelectronics Corp. | 13,974 | 2,024,274 | ||||||
Cohu, Inc. | 19,398 | 292,134 | ||||||
FormFactor, Inc.† | 36,365 | 915,307 | ||||||
Onto Innovation, Inc.† | 23,192 | 720,807 | ||||||
Ultra Clean Holdings, Inc.† | 19,044 | 394,782 | ||||||
Veeco Instruments, Inc.† | 23,198 | 272,344 | ||||||
6,432,064 | ||||||||
Silver Mining — 0.0% |
| |||||||
Pan American Silver Corp. CVR† | 171,891 | 111,712 | ||||||
Software Tools — 0.0% |
| |||||||
Digital Turbine, Inc.† | 37,807 | 242,721 | ||||||
Steel Pipe & Tube — 0.1% |
| |||||||
Advanced Drainage Systems, Inc. | 20,907 | 927,016 | ||||||
Northwest Pipe Co.† | 4,610 | 115,665 | ||||||
Omega Flex, Inc. | 1,396 | 142,811 | ||||||
Synalloy Corp.† | 4,007 | 37,425 | ||||||
TimkenSteel Corp.† | 19,391 | 67,869 | ||||||
1,290,786 | ||||||||
207 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Steel - Producers — 0.2% |
| |||||||
Carpenter Technology Corp. | 22,697 | $ | 530,429 | |||||
Commercial Metals Co. | 56,823 | 975,083 | ||||||
Schnitzer Steel Industries, Inc., Class A | 12,550 | 197,035 | ||||||
1,702,547 | ||||||||
Steel - Specialty — 0.1% |
| |||||||
Allegheny Technologies, Inc.† | 60,614 | 526,129 | ||||||
Storage/Warehousing — 0.1% |
| |||||||
Mobile Mini, Inc. | 21,147 | 677,550 | ||||||
Superconductor Product & Systems — 0.0% |
| |||||||
American Superconductor Corp.† | 10,284 | 74,559 | ||||||
SupraNational Banks — 0.0% |
| |||||||
Banco Latinoamericano de Comercio Exterior SA, Class E | 14,868 | 175,442 | ||||||
Telecom Equipment - Fiber Optics — 0.2% |
| |||||||
Clearfield, Inc.† | 5,396 | 74,626 | ||||||
Viavi Solutions, Inc.† | 110,781 | 1,283,952 | ||||||
1,358,578 | ||||||||
Telecom Services — 0.2% |
| |||||||
ATN International, Inc. | 5,332 | 316,721 | ||||||
Consolidated Communications Holdings, Inc.† | 33,966 | 205,834 | ||||||
GTT Communications, Inc.†# | 16,261 | 129,925 | ||||||
Ooma, Inc.† | 9,834 | 123,318 | ||||||
ORBCOMM, Inc.† | 35,227 | 96,522 | ||||||
RigNet, Inc.† | 6,998 | 6,860 | ||||||
Spok Holdings, Inc. | 8,476 | 87,049 | ||||||
Vonage Holdings Corp.† | 109,115 | 1,050,778 | ||||||
2,017,007 | ||||||||
Telecommunication Equipment — 0.2% |
| |||||||
Acacia Communications, Inc.† | 18,273 | 1,233,427 | ||||||
ADTRAN, Inc. | 22,967 | 261,824 | ||||||
Airgain, Inc.† | 4,306 | 38,883 | ||||||
DASAN Zhone Solutions, Inc.† | 3,792 | 27,871 | ||||||
Harmonic, Inc.† | 42,948 | 231,490 | ||||||
Plantronics, Inc.# | 16,289 | 212,246 | ||||||
Preformed Line Products Co. | 1,480 | 73,452 | ||||||
2,079,193 | ||||||||
Telephone - Integrated — 0.2% |
| |||||||
Cincinnati Bell, Inc.† | 23,899 | 352,032 | ||||||
IDT Corp., Class B† | 8,023 | 50,866 | ||||||
Shenandoah Telecommunications Co. | 23,105 | 1,215,554 | ||||||
1,618,452 | ||||||||
Television — 0.1% |
| |||||||
Central European Media Enterprises, Ltd., Class A† | 42,728 | 170,912 | ||||||
Gray Television, Inc.† | 43,878 | 611,659 | ||||||
782,571 | ||||||||
Textile - Apparel — 0.0% |
| |||||||
Unifi, Inc.† | 6,948 | 95,396 | ||||||
Textile - Products — 0.0% |
| |||||||
Culp, Inc. | 5,312 | 40,956 | ||||||
Theaters — 0.0% |
| |||||||
AMC Entertainment Holdings, Inc., Class A# | 24,857 | 127,516 | ||||||
Reading International, Inc., Class A† | 7,841 | 27,444 | ||||||
154,960 | ||||||||
Therapeutics — 0.4% |
| |||||||
Akebia Therapeutics, Inc.† | 56,881 | 662,095 | ||||||
Anika Therapeutics, Inc.† | 6,453 | 216,369 | ||||||
Axsome Therapeutics, Inc.† | 13,010 | 1,001,510 |
Security Description | Shares | Value (Note 2) | ||||||
Therapeutics (continued) |
| |||||||
CorMedix, Inc.† | 12,237 | $ | 54,087 | |||||
Flexion Therapeutics, Inc.†# | 16,274 | 186,012 | ||||||
G1 Therapeutics, Inc.† | 16,302 | 276,645 | ||||||
La Jolla Pharmaceutical Co.†# | 9,979 | 47,101 | ||||||
MannKind Corp.†# | 90,342 | 136,416 | ||||||
Portola Pharmaceuticals, Inc.† | 36,735 | 659,393 | ||||||
Recro Pharma, Inc.† | 9,457 | 42,746 | ||||||
3,282,374 | ||||||||
Tobacco — 0.1% |
| |||||||
22nd Century Group, Inc.†# | 55,752 | 46,180 | ||||||
Greenlane Holdings, Inc., Class A†# | 4,853 | 16,694 | ||||||
Pyxus International, Inc.†# | 4,108 | 11,544 | ||||||
Turning Point Brands, Inc. | 3,987 | 95,648 | ||||||
Universal Corp. | 11,687 | 514,929 | ||||||
Vector Group, Ltd. | 53,470 | 611,162 | ||||||
1,296,157 | ||||||||
Tools - Hand Held — 0.2% |
| |||||||
MSA Safety, Inc. | 17,013 | 2,023,526 | ||||||
Toys — 0.0% |
| |||||||
Funko, Inc., Class A†# | 10,549 | 59,602 | ||||||
Traffic Management Sys — 0.0% |
| |||||||
Arlo Technologies, Inc.† | 36,173 | 79,942 | ||||||
Transactional Software — 0.0% |
| |||||||
InnerWorkings, Inc.† | 21,270 | 25,312 | ||||||
Synchronoss Technologies, Inc.† | 18,719 | 51,009 | ||||||
76,321 | ||||||||
Transport - Air Freight — 0.1% |
| |||||||
Air Transport Services Group, Inc.† | 28,175 | 606,890 | ||||||
Atlas Air Worldwide Holdings, Inc.† | 11,201 | 437,511 | ||||||
1,044,401 | ||||||||
Transport - Equipment & Leasing — 0.2% |
| |||||||
GATX Corp. | 16,878 | 1,058,926 | ||||||
General Finance Corp.† | 5,595 | 33,178 | ||||||
Greenbrier Cos., Inc. | 15,474 | 328,358 | ||||||
Willis Lease Finance Corp.† | 1,405 | 29,618 | ||||||
1,450,080 | ||||||||
Transport - Marine — 0.4% |
| |||||||
Ardmore Shipping Corp. | 16,088 | 93,954 | ||||||
Costamare, Inc. | 24,889 | 114,489 | ||||||
DHT Holdings, Inc. | 53,308 | 316,650 | ||||||
Diamond S Shipping, Inc.†# | 13,012 | 142,481 | ||||||
Dorian LPG, Ltd.† | 13,070 | 107,435 | ||||||
Eagle Bulk Shipping, Inc.†# | 21,327 | 37,749 | ||||||
GasLog, Ltd. | 19,495 | 66,868 | ||||||
Genco Shipping & Trading, Ltd. | 7,310 | 34,503 | ||||||
Golar LNG, Ltd.# | 45,657 | 362,060 | ||||||
International Seaways, Inc. | 12,149 | 275,539 | ||||||
Nordic American Tankers, Ltd.# | 67,131 | 306,789 | ||||||
Overseas Shipholding Group, Inc., Class A† | 31,177 | 68,901 | ||||||
Safe Bulkers, Inc.† | 24,521 | 25,012 | ||||||
Scorpio Bulkers, Inc.# | 2,627 | 45,736 | ||||||
Scorpio Tankers, Inc.# | 21,249 | 376,957 | ||||||
SEACOR Holdings, Inc.† | 8,382 | 224,638 | ||||||
SFL Corp., Ltd. | 39,176 | 388,626 | ||||||
Teekay Corp.† | 33,084 | 96,936 | ||||||
Teekay Tankers, Ltd., Class A† | 11,471 | 199,366 | ||||||
Tidewater, Inc.† | 18,997 | 90,616 | ||||||
3,375,305 | ||||||||
208 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Transport - Services — 0.3% |
| |||||||
CryoPort, Inc.†# | 15,184 | $ | 373,071 | |||||
Daseke, Inc.† | 22,031 | 60,916 | ||||||
Echo Global Logistics, Inc.† | 12,917 | 267,382 | ||||||
Forward Air Corp. | 13,587 | 675,002 | ||||||
Hub Group, Inc., Class A† | 15,575 | 728,443 | ||||||
Matson, Inc. | 20,484 | 585,228 | ||||||
Radiant Logistics, Inc.† | 18,832 | 75,139 | ||||||
Universal Logistics Holdings, Inc. | 3,840 | 57,062 | ||||||
2,822,243 | ||||||||
Transport - Truck — 0.4% |
| |||||||
ArcBest Corp. | 12,272 | 274,770 | ||||||
Covenant Transportation Group, Inc., Class A† | 6,077 | 76,570 | ||||||
Heartland Express, Inc. | 22,131 | 484,669 | ||||||
Marten Transport, Ltd. | 18,904 | 483,753 | ||||||
P.A.M. Transportation Services, Inc.† | 918 | 32,038 | ||||||
Saia, Inc.† | 12,497 | 1,355,175 | ||||||
US Xpress Enterprises, Inc., Class A†# | 10,521 | 53,657 | ||||||
Werner Enterprises, Inc. | 21,807 | 1,007,920 | ||||||
YRC Worldwide, Inc.†# | 16,069 | 23,782 | ||||||
3,792,334 | ||||||||
Travel Services — 0.0% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A† | 34,989 | 83,099 | ||||||
Venture Capital — 0.0% |
| |||||||
Safeguard Scientifics, Inc. | 9,391 | 59,445 | ||||||
Veterinary Diagnostics — 0.2% |
| |||||||
Heska Corp.† | 3,376 | 296,852 | ||||||
Neogen Corp.† | 24,984 | 1,779,360 | ||||||
2,076,212 | ||||||||
Vitamins & Nutrition Products — 0.1% |
| |||||||
Calyxt, Inc.†# | 4,493 | 19,499 | ||||||
LifeVantage Corp.† | 6,741 | 103,205 | ||||||
Nature’s Sunshine Products, Inc.† | 4,214 | 40,876 | ||||||
USANA Health Sciences, Inc.† | 6,042 | 511,878 | ||||||
675,458 | ||||||||
Water — 0.5% |
| |||||||
American States Water Co. | 17,670 | 1,449,117 | ||||||
Artesian Resources Corp., Class A | 3,854 | 135,314 | ||||||
California Water Service Group | 23,165 | 1,088,755 | ||||||
Consolidated Water Co., Ltd. | 6,950 | 103,068 | ||||||
Global Water Resources, Inc. | 5,948 | 63,941 | ||||||
Middlesex Water Co. | 8,177 | 554,891 | ||||||
PICO Holdings, Inc.† | 8,660 | 72,571 | ||||||
SJW Group | 12,684 | 797,062 | ||||||
York Water Co. | 6,222 | 276,257 | ||||||
4,540,976 | ||||||||
Water Treatment Systems — 0.1% |
| |||||||
Energy Recovery, Inc.†# | 18,107 | 139,152 | ||||||
Evoqua Water Technologies Corp.† | 36,584 | 688,145 | ||||||
Pure Cycle Corp.† | 9,329 | 94,783 | ||||||
922,080 | ||||||||
Web Hosting/Design — 0.3% |
| |||||||
Endurance International Group Holdings, Inc.† | 34,902 | 124,949 | ||||||
NIC, Inc. | 31,685 | 762,341 | ||||||
Q2 Holdings, Inc.†# | 22,838 | 1,886,876 | ||||||
2,774,166 | ||||||||
Web Portals/ISP — 0.0% |
| |||||||
Meet Group, Inc.† | 33,299 | 205,788 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Wire & Cable Products — 0.1% |
| |||||||
Belden, Inc. | 18,805 | $ | 640,123 | |||||
Encore Wire Corp. | 9,811 | 473,773 | ||||||
Insteel Industries, Inc. | 8,888 | 156,873 | ||||||
1,270,769 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Anterix, Inc.† | 5,180 | 277,648 | ||||||
CalAmp Corp.† | 15,993 | 123,146 | ||||||
Casa Systems, Inc.† | 15,253 | 66,351 | ||||||
InterDigital, Inc. | 15,031 | 826,254 | ||||||
Maxar Technologies, Inc.# | 28,796 | 433,956 | ||||||
Ribbon Communications, Inc.† | 28,754 | 126,518 | ||||||
Sonim Technologies, Inc.†# | 4,793 | 3,978 | ||||||
TESSCO Technologies, Inc. | 3,142 | 16,715 | ||||||
1,874,566 | ||||||||
X-Ray Equipment — 0.1% |
| |||||||
Varex Imaging Corp.† | 18,142 | 340,344 | ||||||
ViewRay, Inc.†# | 50,786 | 88,875 | ||||||
429,219 | ||||||||
Total Common Stocks | ||||||||
(cost $771,124,466) | 844,241,961 | |||||||
RIGHTS — 0.0% |
| |||||||
Medical Products — 0.0% |
| |||||||
Pulse Biosciences, Inc. | 5,418 | 2,658 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $771,124,466) | 844,244,619 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 4.6% |
| |||||||
Registered Investment Companies — 3.9% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 35,025,880 | 35,025,880 | ||||||
U.S. Government Treasuries — 0.7% |
| |||||||
United States Treasury Bills | ||||||||
0.14% due 06/09/2020(4) | $ | 100,000 | 99,998 | |||||
0.15% due 04/22/2021(4) | 3,500,000 | 3,494,194 | ||||||
0.16% due 04/22/2021(4) | 100,000 | 99,834 | ||||||
1.57% due 06/25/2020(4) | 3,000,000 | 2,999,765 | ||||||
6,693,791 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $41,717,954) | 41,719,671 | |||||||
REPURCHASE AGREEMENTS — 5.3% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $47,199,000 and collateralized by $44,835,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $48,146,917 | 47,199,000 | 47,199,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $860,041,420)(5) | 103.9 | % | 933,163,290 | |||||
Liabilities in excess of other assets | (3.9 | ) | (34,606,379 | ) | ||||
NET ASSETS | 100.0 | % | $ | 898,556,911 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | Securities classified as Level 3 (see Note 2). |
209 |
Table of Contents
VALIC Company I Small Cap Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $62,037,275. This was secured by collateral of $35,025,880, which was received in cash and subsequently invested in short-term investments currently valued at $35,025,880 as reported in the Portfolio of Investments. Additional collateral of $29,903,408 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 468,565 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 819,591 | |||||
Government National Mtg. Assoc. | 2.50% to 2.50% | 09/20/2046 | 61,226 | |||||
United States Treasury Bills | 0.00% | 06/11/2020 to 08/13/2020 | 729,830 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2020 to 11/15/2049 | 27,824,196 |
(3) | The rate shown is the 7-day yield as of May 31, 2020. |
(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. |
CVR—Contingent Value Rights
Futures Contracts | ||||||||||||||||||||||
Number of Contracts | Type | Description | Expiration Month | Notional Basis* | Notional Value* | Unrealized Appreciation (Depreciation) | ||||||||||||||||
772 | Long | E-mini Russell 2000 Index | June 2020 | $ | 46,792,241 | $ | 53,762,080 | $ | 6,969,839 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Signifcant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Finance-Commercial | $ | 995,150 | $ | — | $ | 9,676 | $ | 1,004,826 | ||||||||
Medical-Biomedical/Gene | 70,296,301 | — | 36,395 | 70,332,696 | ||||||||||||
Metal-Diversified | — | — | 0 | 0 | ||||||||||||
Multimedia | 271,798 | — | 0 | 271,798 | ||||||||||||
Oil Companies - Exploration & Production | 5,107,381 | — | 0 | 5,107,381 | ||||||||||||
Other Industries | 767,525,260 | — | — | 767,525,260 | ||||||||||||
Rights | — | 2,658 | — | 2,658 | ||||||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 35,025,880 | — | — | 35,025,880 | ||||||||||||
U.S. Government Treasuries | — | 6,693,791 | — | 6,693,791 | ||||||||||||
Repurchase Agreements | — | 47,199,000 | — | 47,199,000 | ||||||||||||
Total Investment at Value | $ | 879,221,770 | $ | 53,895,449 | $ | 46,071 | $ | 933,163,290 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 6,969,839 | $ | — | $ | — | $ | 6,969,839 | ||||||||
* | 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 material Level 3 transfers during the reporting period.
See Notes to Financial Statements
210 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Banks — Commercial | 10.8 | % | ||
Consumer Products — Misc. | 5.3 | |||
Food — Misc./Diversified | 5.1 | |||
Insurance — Property/Casualty | 4.9 | |||
Electric — Integrated | 4.9 | |||
Chemicals — Diversified | 3.3 | |||
Retail — Restaurants | 3.2 | |||
Paper & Related Products | 3.2 | |||
Real Estate Investment Trusts | 2.9 | |||
Building Products — Cement | 2.7 | |||
Metal Processors & Fabrication | 2.5 | |||
Chemicals — Specialty | 2.4 | |||
Computer Services | 2.3 | |||
Machinery — Electrical | 2.3 | |||
Machinery — Pumps | 2.2 | |||
Chemicals — Plastics | 2.2 | |||
Retail — Discount | 2.2 | |||
Semiconductor Equipment | 1.9 | |||
Containers — Metal/Glass | 1.8 | |||
Enterprise Software/Service | 1.5 | |||
Building & Construction Products — Misc. | 1.5 | |||
Electronic Components — Misc. | 1.4 | |||
Printing — Commercial | 1.3 | |||
Investment Companies | 1.3 | |||
Medical — Drugs | 1.1 | |||
Human Resources | 1.1 | |||
Electric Products — Misc. | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Auto/Truck Parts & Equipment — Replacement | 1.0 | |||
Investment Management/Advisor Services | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Food — Catering | 1.0 | |||
Food — Baking | 1.0 | |||
Containers — Paper/Plastic | 0.9 | |||
Commercial Services — Finance | 0.8 | |||
Registered Investment Companies | 0.8 | |||
Insurance — Life/Health | 0.8 | |||
Quarrying | 0.7 | |||
Machinery — Farming | 0.7 | |||
Wire & Cable Products | 0.6 | |||
Electronic Security Devices | 0.6 | |||
Oil Companies — Exploration & Production | 0.5 | |||
Diversified Operations/Commercial Services | 0.5 | |||
Networking Products | 0.5 | |||
Building — Maintenance & Services | 0.5 | |||
Footwear & Related Apparel | 0.5 | |||
Electronic Measurement Instruments | 0.5 | |||
Building Products — Doors & Windows | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Recycling | 0.5 | |||
Rubber/Plastic Products | 0.4 | |||
Cosmetics & Toiletries | 0.4 | |||
Electronic Components — Semiconductors | 0.4 | |||
Oil & Gas Drilling | 0.4 | |||
Retail — Apparel/Shoe | 0.4 | |||
Office Supplies & Forms | 0.4 | |||
Medical Products | 0.4 | |||
Medical Instruments | 0.3 | |||
Finance — Leasing Companies | 0.3 | |||
Apparel Manufacturers | 0.2 | |||
Metal — Aluminum | 0.2 | |||
Food — Confectionery | 0.1 | |||
Publishing — Newspapers | 0.1 | |||
Publishing — Books | 0.1 | |||
Oil — Field Services | 0.1 | |||
97.1 | % | |||
* | Calculated as a percentage of net assets |
211 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 96.3% |
| |||||||
Apparel Manufacturers — 0.2% |
| |||||||
Delta Apparel, Inc.† | 34,388 | $ | 423,316 | |||||
Auto/Truck Parts & Equipment - Replacement — 1.0% |
| |||||||
Douglas Dynamics, Inc. | 49,490 | 1,808,365 | ||||||
Banks - Commercial — 10.8% |
| |||||||
Associated Banc-Corp | 131,783 | 1,846,280 | ||||||
CVB Financial Corp. | 75,583 | 1,474,624 | ||||||
First Citizens BancShares, Inc., Class A | 9,874 | 3,801,490 | ||||||
First Hawaiian, Inc. | 121,771 | 2,100,550 | ||||||
Hancock Whitney Corp. | 74,766 | 1,616,441 | ||||||
IBERIABANK Corp. | 20,701 | 877,929 | ||||||
Renasant Corp. | 79,681 | 1,921,906 | ||||||
South State Corp. | 27,816 | 1,462,287 | ||||||
UMB Financial Corp. | 78,165 | 4,008,301 | ||||||
19,109,808 | ||||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
Primo Water Corp. | 148,823 | 1,790,341 | ||||||
Building & Construction Products - Misc. — 1.5% |
| |||||||
Simpson Manufacturing Co., Inc. | 32,377 | 2,592,103 | ||||||
Building Products - Cement — 2.7% |
| |||||||
Eagle Materials, Inc. | 72,670 | 4,851,449 | ||||||
Building Products - Doors & Windows — 0.5% |
| |||||||
Griffon Corp. | 50,603 | 850,130 | ||||||
Building - Maintenance & Services — 0.5% |
| |||||||
ServiceMaster Global Holdings, Inc.† | 26,206 | 862,177 | ||||||
Chemicals - Diversified — 3.3% |
| |||||||
Huntsman Corp. | 56,483 | 1,025,166 | ||||||
Innospec, Inc. | 62,244 | 4,798,390 | ||||||
5,823,556 | ||||||||
Chemicals - Plastics — 2.2% |
| |||||||
PolyOne Corp. | 156,769 | 3,884,736 | ||||||
Chemicals - Specialty — 2.4% |
| |||||||
Balchem Corp. | 1,762 | 177,345 | ||||||
Element Solutions, Inc.† | 86,055 | 937,139 | ||||||
Ferro Corp.† | 43,260 | 519,985 | ||||||
H.B. Fuller Co. | 6,717 | 252,693 | ||||||
Ingevity Corp.† | 17,592 | 926,571 | ||||||
PQ Group Holdings, Inc.† | 66,325 | 832,379 | ||||||
Rogers Corp.† | 6,211 | 672,403 | ||||||
4,318,515 | ||||||||
Commercial Services - Finance — 0.8% |
| |||||||
CBIZ, Inc.† | 14,004 | 317,191 | ||||||
Euronet Worldwide, Inc.† | 8,228 | 779,438 | ||||||
Franchise Group, Inc.# | 21,477 | 339,337 | ||||||
1,435,966 | ||||||||
Computer Services — 2.3% |
| |||||||
MAXIMUS, Inc. | 22,387 | 1,612,312 | ||||||
Parsons Corp.† | 44,778 | 1,820,674 | ||||||
Sykes Enterprises, Inc.† | 26,059 | 710,368 | ||||||
4,143,354 | ||||||||
Computers - Memory Devices — 0.0% |
| |||||||
GlassBridge Enterprises, Inc.† | 292 | 13,169 | ||||||
Consumer Products - Misc. — 5.3% |
| |||||||
Central Garden & Pet Co.† | 46,948 | 1,722,522 | ||||||
Central Garden & Pet Co., Class A† | 48,148 | 1,649,551 | ||||||
Helen of Troy, Ltd.† | 13,658 | 2,484,663 | ||||||
Quanex Building Products Corp. | 110,148 | 1,365,835 |
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. (continued) |
| |||||||
Reynolds Consumer Products, Inc. | 6,860 | $ | 229,056 | |||||
Spectrum Brands Holdings, Inc. | 40,823 | 1,931,744 | ||||||
9,383,371 | ||||||||
Containers - Metal/Glass — 1.8% |
| |||||||
Silgan Holdings, Inc. | 95,074 | 3,179,275 | ||||||
Containers - Paper/Plastic — 0.9% |
| |||||||
TriMas Corp.† | 70,898 | 1,676,738 | ||||||
Cosmetics & Toiletries — 0.4% |
| |||||||
Edgewell Personal Care Co.† | 25,993 | 790,707 | ||||||
Diversified Operations/Commercial Services — 0.5% |
| |||||||
Viad Corp. | 51,598 | 946,307 | ||||||
Electric Products - Misc. — 1.1% |
| |||||||
Littelfuse, Inc. | 2,577 | 418,737 | ||||||
Novanta, Inc.† | 15,389 | 1,580,604 | ||||||
1,999,341 | ||||||||
Electric - Integrated — 4.9% |
| |||||||
ALLETE, Inc. | 26,825 | 1,575,432 | ||||||
Hawaiian Electric Industries, Inc. | 89,381 | 3,526,974 | ||||||
IDACORP, Inc. | 37,525 | 3,498,456 | ||||||
8,600,862 | ||||||||
Electronic Components - Misc. — 1.4% |
| |||||||
Atkore International Group, Inc.† | 89,221 | 2,394,692 | ||||||
Electronic Components - Semiconductors — 0.4% |
| |||||||
DSP Group, Inc.† | 42,128 | 759,147 | ||||||
Electronic Measurement Instruments — 0.5% |
| |||||||
Badger Meter, Inc. | 13,949 | 853,539 | ||||||
Electronic Security Devices — 0.6% |
| |||||||
API Group Corp.* | 89,247 | 1,005,814 | ||||||
Enterprise Software/Service — 1.5% |
| |||||||
ACI Worldwide, Inc.† | 30,655 | 845,465 | ||||||
BlackBerry, Ltd.†# | 177,815 | 825,061 | ||||||
Verint Systems, Inc.† | 20,100 | 932,037 | ||||||
2,602,563 | ||||||||
Finance - Leasing Companies — 0.3% |
| |||||||
Air Lease Corp. | 17,282 | 520,361 | ||||||
Food - Baking — 1.0% |
| |||||||
Hostess Brands, Inc.† | 140,319 | 1,694,352 | ||||||
Food - Catering — 1.0% |
| |||||||
Healthcare Services Group, Inc. | 71,289 | 1,705,233 | ||||||
Food - Confectionery — 0.1% |
| |||||||
Tootsie Roll Industries, Inc. | 6,656 | 237,087 | ||||||
Food - Misc./Diversified — 5.1% |
| |||||||
J&J Snack Foods Corp. | 27,338 | 3,516,487 | ||||||
Nomad Foods, Ltd.† | 229,815 | 4,867,482 | ||||||
TreeHouse Foods, Inc.† | 11,930 | 628,830 | ||||||
9,012,799 | ||||||||
Footwear & Related Apparel — 0.5% |
| |||||||
Steven Madden, Ltd. | 36,432 | 856,881 | ||||||
Human Resources — 1.1% |
| |||||||
Korn Ferry | 66,370 | 2,008,356 | ||||||
Insurance - Life/Health — 0.8% |
| |||||||
CNO Financial Group, Inc. | 63,347 | 909,030 | ||||||
National Western Life Group, Inc., Class A | 2,197 | 430,458 | ||||||
1,339,488 | ||||||||
212 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance - Property/Casualty — 4.9% |
| |||||||
Enstar Group, Ltd.† | 13,295 | $ | 1,893,208 | |||||
Hanover Insurance Group, Inc. | 26,381 | 2,647,333 | ||||||
ProAssurance Corp. | 71,078 | 980,876 | ||||||
Stewart Information Services Corp. | 55,502 | 1,710,572 | ||||||
White Mountains Insurance Group, Ltd. | 1,591 | 1,456,656 | ||||||
8,688,645 | ||||||||
Investment Companies — 1.3% |
| |||||||
Apollo Investment Corp.# | 97,237 | 982,094 | ||||||
New Mountain Finance Corp.# | 134,945 | 1,281,977 | ||||||
2,264,071 | ||||||||
Investment Management/Advisor Services — 1.0% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 41,862 | 1,212,742 | ||||||
Westwood Holdings Group, Inc. | 32,722 | 580,161 | ||||||
1,792,903 | ||||||||
Machinery - Electrical — 2.3% |
| |||||||
Franklin Electric Co., Inc. | 78,987 | 4,006,221 | ||||||
Machinery - Farming — 0.7% |
| |||||||
Alamo Group, Inc. | 12,608 | 1,302,659 | ||||||
Machinery - General Industrial — 1.1% |
| |||||||
Kadant, Inc. | 19,664 | 1,904,065 | ||||||
Machinery - Pumps — 2.2% |
| |||||||
CSW Industrials, Inc. | 52,482 | 3,755,612 | ||||||
NN, Inc. | 42,069 | 188,048 | ||||||
3,943,660 | ||||||||
Medical Instruments — 0.3% |
| |||||||
Natus Medical, Inc.† | 28,458 | 609,001 | ||||||
Medical Products — 0.4% |
| |||||||
Avanos Medical, Inc.† | 10,284 | 298,853 | ||||||
Hanger, Inc.† | 18,846 | 346,013 | ||||||
644,866 | ||||||||
Medical - Drugs — 1.1% |
| |||||||
Prestige Consumer Healthcare, Inc.† | 47,650 | 2,010,830 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
Premier, Inc., Class A† | 24,253 | 843,762 | ||||||
Metal Processors & Fabrication — 2.5% |
| |||||||
Mayville Engineering Co., Inc.† | 36,778 | 225,081 | ||||||
Mueller Industries, Inc. | 155,447 | 4,162,871 | ||||||
4,387,952 | ||||||||
Metal - Aluminum — 0.2% |
| |||||||
Alcoa Corp.† | 45,293 | 417,148 | ||||||
Networking Products — 0.5% |
| |||||||
NETGEAR, Inc.† | 34,560 | 889,229 | ||||||
Office Supplies & Forms — 0.4% |
| |||||||
ACCO Brands Corp. | 105,150 | 650,878 | ||||||
Oil & Gas Drilling — 0.4% |
| |||||||
Patterson-UTI Energy, Inc. | 198,114 | 731,041 | ||||||
Oil Companies - Exploration & Production — 0.5% |
| |||||||
Berry Corp. | 99,301 | 421,036 | ||||||
Magnolia Oil & Gas Corp., Class A† | 98,918 | 548,995 | ||||||
970,031 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
Forum Energy Technologies, Inc.† | 225,756 | 65,469 | ||||||
Oil-Field Services — 0.1% |
| |||||||
Oil States International, Inc.† | 24,660 | 104,558 | ||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Paper & Related Products — 3.2% |
| |||||||
Neenah, Inc. | 72,136 | $ | 3,647,196 | |||||
Schweitzer-Mauduit International, Inc. | 65,422 | 1,988,175 | ||||||
5,635,371 | ||||||||
Printing - Commercial — 1.3% |
| |||||||
Deluxe Corp. | 45,294 | 1,056,709 | ||||||
Ennis, Inc. | 68,708 | 1,223,002 | ||||||
2,279,711 | ||||||||
Publishing - Books — 0.1% |
| |||||||
Gannett Co, Inc.# | 81,063 | 106,192 | ||||||
Publishing - Newspapers — 0.1% |
| |||||||
A.H. Belo Corp., Class A | 128,280 | 198,834 | ||||||
Quarrying — 0.7% |
| |||||||
Compass Minerals International, Inc.# | 27,291 | 1,314,880 | ||||||
Real Estate Investment Trusts — 2.9% |
| |||||||
Acadia Realty Trust | 74,277 | 871,269 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 107,724 | 886,569 | ||||||
New York Mtg. Trust, Inc. | 249,059 | 518,043 | ||||||
Two Harbors Investment Corp. | 272,570 | 1,232,016 | ||||||
Washington Real Estate Investment Trust | 77,301 | 1,695,211 | ||||||
5,203,108 | ||||||||
Recycling — 0.5% |
| |||||||
Harsco Corp.† | 71,792 | 801,199 | ||||||
Retail - Apparel/Shoe — 0.4% |
| |||||||
American Eagle Outfitters, Inc.# | 78,785 | 721,671 | ||||||
Retail - Discount — 2.2% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.† | 106,689 | 3,840,804 | ||||||
Retail - Restaurants — 3.2% |
| |||||||
Denny’s Corp.† | 217,042 | 2,353,820 | ||||||
Dine Brands Global, Inc.# | 44,150 | 2,003,969 | ||||||
Jack in the Box, Inc. | 19,351 | 1,296,904 | ||||||
5,654,693 | ||||||||
Rubber/Plastic Products — 0.4% |
| |||||||
Myers Industries, Inc. | 58,191 | 791,979 | ||||||
Semiconductor Equipment — 1.9% |
| |||||||
Brooks Automation, Inc. | 44,957 | 1,796,932 | ||||||
Cabot Microelectronics Corp. | 10,491 | 1,519,726 | ||||||
3,316,658 | ||||||||
Wire & Cable Products — 0.6% |
| |||||||
Belden, Inc. | 29,672 | 1,010,035 | ||||||
Total Long-Term Investment Securities |
| |||||||
(cost $194,632,884) | 170,576,022 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.8% | ||||||||
Registered Investment Companies — 0.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) | 1,391,656 | 1,391,656 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $196,024,540)(3) | 97.1 | % | 171,967,678 | |||||
Other assets less liabilities | 2.9 | 5,142,101 | ||||||
NET ASSETS | 100.0 | % | $ | 177,109,779 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
213 |
Table of Contents
VALIC Company I Small Cap Special Values Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,005,814 representing 0.6% of net assets. |
(1) | At May 31, 2020, the Fund had loaned securities with a total value of $7,036,694. This was secured by collateral of $1,391,656, which was received in cash and subsequently invested in short-term investments currently valued at $1,391,656 as reported in the Portfolio of Investments. Additional collateral of $6,087,267 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | $ | 224,894 | ||||
United States Treasury Notes/Bonds | zero coupon to 6.25% | 06/15/2020 to 11/15/2049 | 5,862,373 |
(2) | The rate shown is the 7-day yield as of May 31, 2020. |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 170,576,022 | $ | — | $ | — | $ | 170,576,022 | ||||||||
Short-Term Investment Securities | 1,391,656 | — | — | 1,391,656 | ||||||||||||
Total Investments at Value | $ | 171,967,678 | $ | — | $ | — | $ | 171,967,678 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
214 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Biomedical/Gene | 8.7 | % | ||
Registered Investment Companies | 7.4 | |||
Therapeutics | 4.8 | |||
Enterprise Software/Service | 4.6 | |||
Medical Products | 4.0 | |||
Semiconductor Equipment | 4.0 | |||
Internet Application Software | 3.1 | |||
Retail — Restaurants | 3.0 | |||
Applications Software | 2.7 | |||
Computer Software | 2.7 | |||
Commercial Services — Finance | 2.6 | |||
Electronic Components — Semiconductors | 2.4 | |||
Medical Instruments | 2.3 | |||
Real Estate Investment Trusts | 2.1 | |||
Aerospace/Defense — Equipment | 2.0 | |||
Instruments — Scientific | 1.9 | |||
Electronic Measurement Instruments | 1.8 | |||
Medical — HMO | 1.7 | |||
Consulting Services | 1.6 | |||
Aerospace/Defense | 1.6 | |||
Distribution/Wholesale | 1.6 | |||
Chemicals — Specialty | 1.6 | |||
Electric Products — Misc. | 1.6 | |||
Food — Misc./Diversified | 1.6 | |||
Coatings/Paint | 1.5 | |||
Retail — Apparel/Shoe | 1.5 | |||
Finance — Investment Banker/Broker | 1.4 | |||
Disposable Medical Products | 1.4 | |||
Veterinary Diagnostics | 1.4 | |||
Machine Tools & Related Products | 1.3 | |||
Schools | 1.3 | |||
Office Automation & Equipment | 1.2 | |||
Electronic Security Devices | 1.2 | |||
Machinery — General Industrial | 1.2 | |||
Machinery — Pumps | 1.1 | |||
Data Processing/Management | 1.1 | |||
Drug Delivery Systems | 1.1 | |||
Hotels/Motels | 1.0 | |||
Retail — Floor Coverings | 1.0 | |||
Healthcare Safety Devices | 0.9 | |||
Recreational Vehicles | 0.8 | |||
Retail — Misc./Diversified | 0.8 | |||
Shipbuilding | 0.8 | |||
Medical — Drugs | 0.8 | |||
Computers — Other | 0.8 | |||
Office Supplies & Forms | 0.8 | |||
Telecom Equipment — Fiber Optics | 0.7 | |||
Medical — Generic Drugs | 0.7 | |||
Athletic Equipment | 0.7 | |||
Finance — Other Services | 0.7 | |||
Transport — Truck | 0.7 | |||
Metal Processors & Fabrication | 0.7 | |||
Medical Labs & Testing Services | 0.7 | |||
Insurance Brokers | 0.6 | |||
Building & Construction Products — Misc. | 0.6 | |||
Advertising Services | 0.6 | |||
Recreational Centers | 0.5 | |||
Building — Maintenance & Services | 0.5 | |||
Diagnostic Equipment | 0.5 | |||
Miscellaneous Manufacturing | 0.4 | |||
Apparel Manufacturers | 0.4 | |||
Banks — Commercial | 0.3 | |||
Diversified Manufacturing Operations | 0.3 | |||
Insurance — Life/Health | 0.1 | |||
105.5 | % | |||
* | Calculated as a percentage of net assets |
215 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.1% |
| |||||||
Advertising Services — 0.6% |
| |||||||
Trade Desk, Inc., Class A†# | 2,391 | $ | 744,940 | |||||
Aerospace/Defense — 1.6% |
| |||||||
Teledyne Technologies, Inc.† | 5,703 | 2,133,606 | ||||||
Aerospace/Defense - Equipment — 2.0% |
| |||||||
Aerojet Rocketdyne Holdings, Inc.† | 32,772 | 1,437,052 | ||||||
HEICO Corp., Class A | 7,747 | 650,360 | ||||||
Hexcel Corp. | 13,114 | 474,596 | ||||||
2,562,008 | ||||||||
Apparel Manufacturers — 0.4% |
| |||||||
Columbia Sportswear Co. | 7,317 | 534,580 | ||||||
Applications Software — 2.7% |
| |||||||
Cloudflare, Inc., Class A†# | 42,006 | 1,221,115 | ||||||
Elastic NV† | 8,810 | 756,955 | ||||||
HubSpot, Inc.† | 8,083 | 1,616,115 | ||||||
3,594,185 | ||||||||
Athletic Equipment — 0.7% |
| |||||||
Peloton Interactive, Inc., Class A† | 21,904 | 924,130 | ||||||
Banks - Commercial — 0.3% |
| |||||||
Pinnacle Financial Partners, Inc. | 11,041 | 439,984 | ||||||
Building & Construction Products - Misc. — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 12,519 | 763,158 | ||||||
Building - Maintenance & Services — 0.5% |
| |||||||
Rollins, Inc. | 14,982 | 626,248 | ||||||
Chemicals - Specialty — 1.6% |
| |||||||
Ashland Global Holdings, Inc. | 23,316 | 1,565,903 | ||||||
Ingevity Corp.† | 9,860 | 519,326 | ||||||
2,085,229 | ||||||||
Coatings/Paint — 1.5% |
| |||||||
RPM International, Inc. | 27,002 | 2,019,210 | ||||||
Commercial Services - Finance — 2.6% |
| |||||||
Avalara, Inc.† | 16,925 | 1,811,990 | ||||||
MarketAxess Holdings, Inc. | 3,028 | 1,540,011 | ||||||
3,352,001 | ||||||||
Computer Software — 2.7% |
| |||||||
Bill.com Holdings, Inc.†# | 9,836 | 684,979 | ||||||
Datadog, Inc., Class A† | 20,214 | 1,440,652 | ||||||
Dynatrace, Inc.† | 36,153 | 1,390,806 | ||||||
3,516,437 | ||||||||
Computers - Other — 0.8% |
| |||||||
Lumentum Holdings, Inc.† | 13,562 | 994,366 | ||||||
Consulting Services — 1.6% |
| |||||||
Booz Allen Hamilton Holding Corp. | 27,123 | 2,163,330 | ||||||
Data Processing/Management — 1.1% |
| |||||||
DocuSign, Inc.† | 10,229 | 1,429,400 | ||||||
Diagnostic Equipment — 0.5% |
| |||||||
10X Genomics, Inc., Class A† | 7,582 | 591,169 | ||||||
Disposable Medical Products — 1.4% |
| |||||||
Teleflex, Inc. | 5,034 | 1,826,637 | ||||||
Distribution/Wholesale — 1.6% |
| |||||||
Pool Corp. | 3,022 | 812,979 | ||||||
SiteOne Landscape Supply, Inc.†# | 12,211 | 1,298,151 | ||||||
2,111,130 | ||||||||
Diversified Manufacturing Operations — 0.3% |
| |||||||
Standex International Corp. | 8,238 | 435,873 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Drug Delivery Systems — 1.1% |
| |||||||
DexCom, Inc.† | 3,661 | $ | 1,384,993 | |||||
Electric Products - Misc. — 1.6% |
| |||||||
Novanta, Inc.† | 20,218 | 2,076,591 | ||||||
Electronic Components - Semiconductors — 2.4% |
| |||||||
Inphi Corp.† | 10,644 | 1,337,631 | ||||||
Monolithic Power Systems, Inc. | 8,756 | 1,836,571 | ||||||
3,174,202 | ||||||||
Electronic Measurement Instruments — 1.8% |
| |||||||
Badger Meter, Inc. | 23,949 | 1,465,439 | ||||||
National Instruments Corp. | 22,870 | 885,527 | ||||||
2,350,966 | ||||||||
Electronic Security Devices — 1.2% |
| |||||||
Allegion PLC | 16,242 | 1,619,327 | ||||||
Enterprise Software/Service — 4.6% |
| |||||||
Black Knight, Inc.† | 17,908 | 1,378,558 | ||||||
Coupa Software, Inc.† | 9,048 | 2,058,510 | ||||||
Paycom Software, Inc.† | 3,714 | 1,103,912 | ||||||
Tyler Technologies, Inc.† | 3,947 | 1,481,349 | ||||||
6,022,329 | ||||||||
Finance - Investment Banker/Broker — 1.4% |
| |||||||
Evercore, Inc., Class A | 10,118 | 557,603 | ||||||
Houlihan Lokey, Inc. | 10,167 | 614,900 | ||||||
Tradeweb Markets, Inc. | 10,858 | 716,194 | ||||||
1,888,697 | ||||||||
Finance - Other Services — 0.7% |
| |||||||
Cboe Global Markets, Inc. | 8,461 | 900,758 | ||||||
Food - Misc./Diversified — 1.6% |
| |||||||
BellRing Brands, Inc., Class A† | 36,527 | 733,462 | ||||||
Beyond Meat, Inc.† | 3,268 | 419,252 | ||||||
Lamb Weston Holdings, Inc. | 14,785 | 887,987 | ||||||
2,040,701 | ||||||||
Healthcare Safety Devices — 0.9% |
| |||||||
Tandem Diabetes Care, Inc.† | 13,950 | 1,159,942 | ||||||
Hotels/Motels — 1.0% |
| |||||||
Choice Hotels International, Inc. | 16,989 | 1,373,221 | ||||||
Instruments - Scientific — 1.9% |
| |||||||
PerkinElmer, Inc. | 24,777 | 2,489,345 | ||||||
Insurance Brokers — 0.6% |
| |||||||
Brown & Brown, Inc. | 21,088 | 847,738 | ||||||
Insurance - Life/Health — 0.1% |
| |||||||
Primerica, Inc. | 1,523 | 173,074 | ||||||
Internet Application Software — 3.1% |
| |||||||
Anaplan, Inc.† | 22,506 | 1,033,476 | ||||||
Okta, Inc.† | 7,037 | 1,376,296 | ||||||
Zendesk, Inc.† | 19,626 | 1,682,929 | ||||||
4,092,701 | ||||||||
Machine Tools & Related Products — 1.3% |
| |||||||
Colfax Corp.† | 62,068 | 1,741,628 | ||||||
Machinery - General Industrial — 1.2% |
| |||||||
IDEX Corp. | 9,820 | 1,565,013 | ||||||
Machinery - Pumps — 1.1% |
| |||||||
Graco, Inc. | 13,060 | 629,623 | ||||||
Xylem, Inc. | 12,844 | 852,071 | ||||||
1,481,694 | ||||||||
216 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCK (continued) | ||||||||
Medical Instruments — 2.3% |
| |||||||
Bio-Techne Corp. | 6,342 | $ | 1,679,361 | |||||
NuVasive, Inc.† | 15,286 | 926,332 | ||||||
Silk Road Medical, Inc.† | 9,340 | 357,442 | ||||||
2,963,135 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Teladoc Health, Inc.† | 5,045 | 878,133 | ||||||
Medical Products — 4.0% |
| |||||||
Castle Biosciences, Inc.† | 17,019 | 654,040 | ||||||
Inari Medical, Inc. | 2,138 | 94,072 | ||||||
Nevro Corp.†# | 11,079 | 1,391,523 | ||||||
West Pharmaceutical Services, Inc. | 14,432 | 3,117,889 | ||||||
5,257,524 | ||||||||
Medical - Biomedical/Gene — 8.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.†# | 6,353 | 315,617 | ||||||
Amarin Corp. PLC ADR†# | 41,058 | 281,658 | ||||||
Argenx SE ADR† | 1,794 | 393,424 | ||||||
Atreca, Inc., Class A†# | 21,559 | 398,195 | ||||||
Beam Therapeutics, Inc.† | 18,878 | 482,333 | ||||||
Bluebird Bio, Inc.†# | 8,609 | 547,791 | ||||||
Centogene NV†# | 32,000 | 563,840 | ||||||
Exelixis, Inc.† | 70,504 | 1,742,154 | ||||||
Genmab A/S ADR† | 35,674 | 1,086,987 | ||||||
Guardant Health, Inc.† | 14,770 | 1,335,060 | ||||||
Immunomedics, Inc.†# | 23,010 | 772,906 | ||||||
Moderna, Inc.† | 17,799 | 1,094,638 | ||||||
PTC Therapeutics, Inc.† | 11,066 | 561,157 | ||||||
Seattle Genetics, Inc.† | 6,095 | 958,195 | ||||||
Y-mAbs Therapeutics, Inc.†# | 23,696 | 904,713 | ||||||
11,438,668 | ||||||||
Medical - Drugs — 0.8% |
| |||||||
Alector, Inc.†# | 23,630 | 772,701 | ||||||
BioSpecifics Technologies Corp.† | 4,126 | 256,637 | ||||||
1,029,338 | ||||||||
Medical - Generic Drugs — 0.7% |
| |||||||
Momenta Pharmaceuticals, Inc.† | 30,559 | 961,997 | ||||||
Medical - HMO — 1.7% |
| |||||||
Molina Healthcare, Inc.† | 12,309 | 2,287,258 | ||||||
Metal Processors & Fabrication — 0.7% |
| |||||||
RBC Bearings, Inc.† | 6,264 | 881,032 | ||||||
Miscellaneous Manufacturing — 0.4% |
| |||||||
John Bean Technologies Corp. | 6,654 | 546,626 | ||||||
Office Automation & Equipment — 1.2% |
| |||||||
Zebra Technologies Corp., Class A† | 6,213 | 1,623,581 | ||||||
Office Supplies & Forms — 0.8% |
| |||||||
Avery Dennison Corp. | 8,940 | 989,390 | ||||||
Real Estate Investment Trusts — 2.1% |
| |||||||
Americold Realty Trust | 15,389 | 549,541 | ||||||
Equity LifeStyle Properties, Inc. | 23,332 | 1,453,584 | ||||||
Terreno Realty Corp. | 14,231 | 728,485 | ||||||
2,731,610 | ||||||||
Recreational Centers — 0.5% |
| |||||||
Planet Fitness, Inc., Class A† | 9,756 | 630,530 | ||||||
Recreational Vehicles — 0.8% |
| |||||||
Brunswick Corp. | 19,647 | 1,080,781 | ||||||
Retail - Apparel/Shoe — 1.5% |
| |||||||
Burlington Stores, Inc.† | 9,087 | 1,905,271 | ||||||
Retail - Floor Coverings — 1.0% |
| |||||||
Floor & Decor Holdings, Inc., Class A†# | 25,017 | 1,300,884 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Retail - Misc./Diversified — 0.8% |
| |||||||
Five Below, Inc.†# | 10,319 | $ | 1,079,883 | |||||
Retail - Restaurants — 3.0% |
| |||||||
Domino’s Pizza, Inc. | 2,076 | 801,004 | ||||||
Dunkin’ Brands Group, Inc. | 20,181 | 1,288,961 | ||||||
Wingstop, Inc. | 15,213 | 1,855,225 | ||||||
3,945,190 | ||||||||
Schools — 1.3% |
| |||||||
Bright Horizons Family Solutions, Inc.† | 8,211 | 918,647 | ||||||
Chegg, Inc.†# | 12,683 | 774,677 | ||||||
1,693,324 | ||||||||
Semiconductor Equipment — 4.0% |
| |||||||
Entegris, Inc. | 36,621 | 2,192,866 | ||||||
MKS Instruments, Inc. | 13,275 | 1,402,238 | ||||||
Teradyne, Inc. | 23,691 | 1,587,771 | ||||||
5,182,875 | ||||||||
Shipbuilding — 0.8% |
| |||||||
Huntington Ingalls Industries, Inc. | 5,242 | 1,047,823 | ||||||
Telecom Equipment - Fiber Optics — 0.7% |
| |||||||
Ciena Corp.† | 17,550 | 969,813 | ||||||
Therapeutics — 4.8% |
| |||||||
Agios Pharmaceuticals, Inc.†# | 35,244 | 1,823,525 | ||||||
GW Pharmaceuticals PLC ADR†# | 4,148 | 509,167 | ||||||
Neurocrine Biosciences, Inc.† | 17,611 | 2,197,148 | ||||||
Sarepta Therapeutics, Inc.† | 11,925 | 1,815,820 | ||||||
6,345,660 | ||||||||
Transport - Truck — 0.7% |
| |||||||
Old Dominion Freight Line, Inc. | 5,254 | 898,907 | ||||||
Veterinary Diagnostics — 1.4% |
| |||||||
Elanco Animal Health, Inc.† | 41,760 | 894,082 | ||||||
Neogen Corp.† | 12,978 | 924,293 | ||||||
1,818,375 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $103,101,604) | 128,718,149 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 7.4% |
| |||||||
Registered Investment Companies — 7.4% |
| |||||||
State Street Institutional U.S. Government Money Market Fund, Administration Class | 3,147,709 | 3,147,709 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(1)(2) | 6,624,410 | 6,624,410 | ||||||
Total Short-Term Investment Securities | ||||||||
(cost $9,772,119) | 9,772,119 | |||||||
TOTAL INVESTMENTS | ||||||||
(cost $112,873,723)(3) | 105.5 | % | 138,490,268 | |||||
Liabilities in excess of other assets | (5.5 | ) | (7,261,520 | ) | ||||
NET ASSETS | 100.0 | % | $ | 131,228,748 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2020. |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $10,763,677. This was secured by collateral of $6,624,410, which was received in cash and subsequently invested in short-term investments currently valued at $6,624,410 as reported in the Portfolio of Investments. Additional collateral of $4,341,480 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. |
217 |
Table of Contents
VALIC Company I Small-Mid Growth Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 08/13/2020 | $ | 138,034 | ||||
United States Treasury Notes/Bonds | zero coupon to 6.50% | 06/15/2020 to 11/15/2049 | 4,203,446 |
(3) | See Note 5 for cost of investments on a tax basis. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 128,718,149 | $ | — | $ | — | $ | 128,718,149 | ||||||||
Short-Term Investment Securities | 9,772,119 | — | — | 9,772,119 | ||||||||||||
Total Investments at Value | $ | 138,490,268 | $ | — | $ | — | $ | 138,490,268 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
218 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 6.7 | % | ||
Computers | 5.3 | |||
Medical — Drugs | 5.1 | |||
E-Commerce/Products | 4.1 | |||
Electronic Components — Semiconductors | 3.6 | |||
Web Portals/ISP | 3.3 | |||
Internet Content — Entertainment | 2.9 | |||
Finance — Credit Card | 2.8 | |||
Diversified Banking Institutions | 2.8 | |||
Real Estate Investment Trusts | 2.8 | |||
Electric — Integrated | 2.7 | |||
Medical — Biomedical/Gene | 2.1 | |||
Commercial Services — Finance | 2.0 | |||
Telephone — Integrated | 1.8 | |||
Medical — HMO | 1.8 | |||
Insurance — Property/Casualty | 1.8 | |||
Retail — Discount | 1.7 | |||
Cosmetics & Toiletries | 1.5 | |||
Medical Products | 1.5 | |||
Beverages — Non-alcoholic | 1.5 | |||
Aerospace/Defense | 1.5 | |||
Retail — Building Products | 1.5 | |||
Oil Companies — Integrated | 1.4 | |||
Retail — Restaurants | 1.2 | |||
Medical Instruments | 1.2 | |||
Diversified Manufacturing Operations | 1.1 | |||
Computer Services | 1.1 | |||
Cable/Satellite TV | 1.1 | |||
Diagnostic Equipment | 1.0 | |||
Banks — Super Regional | 0.9 | |||
Transport — Rail | 0.9 | |||
Repurchase Agreements | 0.9 | |||
Networking Products | 0.8 | |||
Multimedia | 0.8 | |||
Data Processing/Management | 0.8 | |||
Electronic Forms | 0.7 | |||
Tobacco | 0.7 | |||
Insurance — Multi-line | 0.7 | |||
Industrial Gases | 0.6 | |||
Pharmacy Services | 0.6 | |||
Oil Companies — Exploration & Production | 0.6 | |||
Semiconductor Components — Integrated Circuits | 0.6 | |||
Finance — Other Services | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Insurance Brokers | 0.6 | |||
Chemicals — Diversified | 0.5 | |||
Enterprise Software/Service | 0.5 | |||
Food — Misc./Diversified | 0.5 | |||
Transport — Services | 0.5 | |||
Instruments — Controls | 0.5 | |||
Computer Aided Design | 0.5 | |||
Athletic Footwear | 0.5 | |||
Banks — Commercial | 0.5 | |||
Semiconductor Equipment | 0.5 | |||
Electronic Measurement Instruments | 0.4 | |||
Food — Confectionery | 0.4 | |||
Drug Delivery Systems | 0.4 | |||
Entertainment Software | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Retail — Auto Parts | 0.3 | |||
E-Commerce/Services | 0.3 | |||
Insurance — Life/Health | 0.3 | |||
Chemicals — Specialty | 0.3 | |||
Consumer Products — Misc. | 0.3 | |||
Pipelines | 0.3 | |||
Banks — Fiduciary | 0.3 | |||
Electric — Distribution | 0.3 | |||
Machinery — Construction & Mining | 0.3 | |||
Retail — Major Department Stores | 0.3 |
Distribution/Wholesale | 0.3 | |||
Medical Labs & Testing Services | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Electric Products — Misc. | 0.2 | |||
Registered Investment Companies | 0.2 | |||
Medical — Wholesale Drug Distribution | 0.2 | |||
Electronic Connectors | 0.2 | |||
Building — Residential/Commercial | 0.2 | |||
Auto — Cars/Light Trucks | 0.2 | |||
Auto — Heavy Duty Trucks | 0.2 | |||
Oil — Field Services | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Coatings/Paint | 0.2 | |||
Gold Mining | 0.2 | |||
Machinery — Farming | 0.2 | |||
Airlines | 0.2 | |||
Hotels/Motels | 0.2 | |||
Machinery — General Industrial | 0.2 | |||
Finance — Investment Banker/Broker | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Retail — Apparel/Shoe | 0.2 | |||
Machinery — Pumps | 0.2 | |||
U.S. Government Treasuries | 0.2 | |||
Consulting Services | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Cellular Telecom | 0.2 | |||
Medical — Hospitals | 0.1 | |||
Brewery | 0.1 | |||
Apparel Manufacturers | 0.1 | |||
Computers — Memory Devices | 0.1 | |||
Computer Software | 0.1 | |||
Casino Hotels | 0.1 | |||
Retail — Drug Store | 0.1 | |||
Food — Meat Products | 0.1 | |||
Commercial Services | 0.1 | |||
Food — Wholesale/Distribution | 0.1 | |||
Dental Supplies & Equipment | 0.1 | |||
Decision Support Software | 0.1 | |||
Transport — Truck | 0.1 | |||
Diagnostic Kits | 0.1 | |||
Building Products — Cement | 0.1 | |||
Tools — Hand Held | 0.1 | |||
Food — Retail | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Broadcast Services/Program | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Instruments — Scientific | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Wireless Equipment | 0.1 | |||
Respiratory Products | 0.1 | |||
Water | 0.1 | |||
Medical Information Systems | 0.1 | |||
Web Hosting/Design | 0.1 | |||
Agricultural Operations | 0.1 | |||
Gas — Distribution | 0.1 | |||
Agricultural Biotech | 0.1 | |||
Cruise Lines | 0.1 | |||
Computer Data Security | 0.1 | |||
Advertising Agencies | 0.1 | |||
Soap & Cleaning Preparation | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Medical — Generic Drugs | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Real Estate Management/Services | 0.1 | |||
Retail — Automobile | 0.1 | |||
Retail — Gardening Products | 0.1 |
219 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Retail — Perfume & Cosmetics | 0.1 | % | ||
Retail — Jewelry | 0.1 | |||
Paper & Related Products | 0.1 | |||
Building Products — Wood | 0.1 | |||
Metal — Copper | 0.1 | |||
Internet Security | 0.1 | |||
Electronic Components-Misc. | 0.1 | |||
Steel — Producers | 0.1 | |||
100.2 | % | |||
* | Calculated as a percentage of net assets |
220 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.9% |
| |||||||
Advertising Agencies — 0.1% |
| |||||||
Interpublic Group of Cos., Inc. | 73,121 | $ | 1,251,100 | |||||
Omnicom Group, Inc.# | 41,061 | 2,249,732 | ||||||
3,500,832 | ||||||||
Aerospace/Defense — 1.5% |
| |||||||
Boeing Co. | 100,829 | 14,705,910 | ||||||
General Dynamics Corp. | 44,193 | 6,488,858 | ||||||
Lockheed Martin Corp. | 46,811 | 18,183,265 | ||||||
Northrop Grumman Corp. | 29,559 | 9,908,177 | ||||||
Raytheon Technologies Corp. | 276,826 | 17,860,813 | ||||||
TransDigm Group, Inc. | 9,391 | 3,989,485 | ||||||
71,136,508 | ||||||||
Aerospace/Defense-Equipment — 0.2% |
| |||||||
Howmet Aerospace, Inc. | 73,052 | 955,520 | ||||||
L3Harris Technologies, Inc. | 41,690 | 8,315,071 | ||||||
9,270,591 | ||||||||
Agricultural Biotech — 0.1% |
| |||||||
Corteva, Inc. | 141,139 | 3,854,506 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 41,005 | 1,204,317 | ||||||
Mosaic Co. | 65,939 | 797,202 | ||||||
2,001,519 | ||||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 104,984 | 4,126,921 | ||||||
Airlines — 0.2% |
| |||||||
Alaska Air Group, Inc. | 23,229 | 794,200 | ||||||
American Airlines Group, Inc.# | 73,525 | 772,012 | ||||||
Delta Air Lines, Inc. | 108,551 | 2,736,571 | ||||||
Southwest Airlines Co. | 99,346 | 3,189,007 | ||||||
United Airlines Holdings, Inc.† | 47,008 | 1,318,104 | ||||||
8,809,894 | ||||||||
Apparel Manufacturers — 0.1% |
| |||||||
Hanesbrands, Inc.# | 68,212 | 672,570 | ||||||
PVH Corp. | 13,983 | 635,807 | ||||||
Ralph Lauren Corp. | 9,379 | 708,208 | ||||||
Tapestry, Inc. | 52,038 | 707,717 | ||||||
Under Armour, Inc., Class A†# | 35,493 | 310,564 | ||||||
Under Armour, Inc., Class C† | 36,695 | 288,423 | ||||||
VF Corp. | 61,760 | 3,464,736 | ||||||
6,788,025 | ||||||||
Appliances — 0.0% |
| |||||||
Whirlpool Corp.# | 11,919 | 1,451,973 | ||||||
Applications Software — 6.7% |
| |||||||
Intuit, Inc. | 49,091 | 14,252,099 | ||||||
Microsoft Corp. | 1,438,697 | 263,641,225 | ||||||
salesforce.com, Inc.† | 167,278 | 29,238,522 | ||||||
ServiceNow, Inc.† | 35,567 | 13,797,506 | ||||||
320,929,352 | ||||||||
Athletic Footwear — 0.5% |
| |||||||
NIKE, Inc., Class B | 234,985 | 23,164,821 | ||||||
Auto-Cars/Light Trucks — 0.2% |
| |||||||
Ford Motor Co. | 734,368 | 4,193,241 | ||||||
General Motors Co. | 237,116 | 6,136,562 | ||||||
10,329,803 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Auto-Heavy Duty Trucks — 0.2% |
| |||||||
Cummins, Inc. | 28,893 | $ | 4,900,253 | |||||
PACCAR, Inc. | 65,227 | 4,817,666 | ||||||
9,717,919 | ||||||||
Auto/Truck Parts & Equipment-Original — 0.1% |
| |||||||
Aptiv PLC | 48,145 | 3,627,726 | ||||||
BorgWarner, Inc. | 38,942 | 1,251,985 | ||||||
4,879,711 | ||||||||
Banks-Commercial — 0.5% |
| |||||||
Citizens Financial Group, Inc. | 81,983 | 1,975,790 | ||||||
First Republic Bank | 31,781 | 3,437,751 | ||||||
M&T Bank Corp. | 24,886 | 2,629,455 | ||||||
Regions Financial Corp. | 181,919 | 2,057,504 | ||||||
SVB Financial Group† | 9,725 | 2,088,444 | ||||||
Truist Financial Corp. | 252,908 | 9,301,956 | ||||||
Zions Bancorp NA | 32,147 | 1,057,797 | ||||||
22,548,697 | ||||||||
Banks-Fiduciary — 0.3% |
| |||||||
Bank of New York Mellon Corp. | 158,263 | 5,882,636 | ||||||
Northern Trust Corp. | 39,958 | 3,157,081 | ||||||
State Street Corp. | 68,574 | 4,180,271 | ||||||
13,219,988 | ||||||||
Banks-Super Regional — 0.9% |
| |||||||
Comerica, Inc. | 27,185 | 988,175 | ||||||
Fifth Third Bancorp | 133,834 | 2,595,041 | ||||||
Huntington Bancshares, Inc. | 194,764 | 1,731,452 | ||||||
KeyCorp | 185,750 | 2,201,138 | ||||||
PNC Financial Services Group, Inc. | 82,633 | 9,423,467 | ||||||
US Bancorp | 268,038 | 9,531,431 | ||||||
Wells Fargo & Co. | 725,820 | 19,212,455 | ||||||
45,683,159 | ||||||||
Beverages-Non-alcoholic — 1.5% |
| |||||||
Coca-Cola Co. | 727,201 | 33,945,743 | ||||||
Monster Beverage Corp.† | 71,994 | 5,177,088 | ||||||
PepsiCo, Inc. | 262,973 | 34,594,098 | ||||||
73,716,929 | ||||||||
Beverages-Wine/Spirits — 0.0% |
| |||||||
Brown-Forman Corp., Class B | 34,360 | 2,265,355 | ||||||
Brewery — 0.1% |
| |||||||
Constellation Brands, Inc., Class A | 31,588 | 5,455,247 | ||||||
Molson Coors Beverage Co., Class B | 35,428 | 1,344,847 | ||||||
6,800,094 | ||||||||
Broadcast Services/Program — 0.1% |
| |||||||
Discovery, Inc., Class A†# | 29,823 | 648,650 | ||||||
Discovery, Inc., Class C† | 63,256 | 1,239,185 | ||||||
Fox Corp., Class A | 66,856 | 1,950,189 | ||||||
Fox Corp., Class B | 30,620 | 881,244 | ||||||
4,719,268 | ||||||||
Building & Construction Products-Misc. — 0.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 26,242 | 1,599,712 | ||||||
Building Products-Air & Heating — 0.2% |
| |||||||
Carrier Global Corp.† | 153,004 | 3,131,992 | ||||||
Johnson Controls International PLC | 145,480 | 4,569,527 | ||||||
7,701,519 | ||||||||
Building Products-Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 11,787 | 2,264,165 | ||||||
Vulcan Materials Co. | 24,961 | 2,703,775 | ||||||
4,967,940 | ||||||||
221 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Building Products-Wood — 0.1% |
| |||||||
Masco Corp. | 53,577 | $ | 2,499,367 | |||||
Building-Maintenance & Services — 0.0% |
| |||||||
Rollins, Inc.# | 26,553 | 1,109,915 | ||||||
Building-Residential/Commercial — 0.2% |
| |||||||
D.R. Horton, Inc. | 63,239 | 3,497,116 | ||||||
Lennar Corp., Class A | 52,782 | 3,191,200 | ||||||
NVR, Inc.† | 657 | 2,116,598 | ||||||
PulteGroup, Inc. | 48,040 | 1,631,919 | ||||||
10,436,833 | ||||||||
Cable/Satellite TV — 1.1% |
| |||||||
Charter Communications, Inc., Class A† | 29,569 | 16,085,536 | ||||||
Comcast Corp., Class A | 856,150 | 33,903,540 | ||||||
DISH Network Corp., Class A† | 48,088 | 1,521,985 | ||||||
51,511,061 | ||||||||
Casino Hotels — 0.1% |
| |||||||
Las Vegas Sands Corp. | 63,731 | 3,055,264 | ||||||
MGM Resorts International | 97,119 | 1,668,504 | ||||||
Wynn Resorts, Ltd. | 18,221 | 1,517,445 | ||||||
6,241,213 | ||||||||
Cellular Telecom — 0.2% |
| |||||||
T-Mobile US, Inc.† | 71,794 | 7,182,272 | ||||||
Chemicals-Diversified — 0.5% |
| |||||||
Celanese Corp. | 22,796 | 2,049,588 | ||||||
Dow, Inc. | 139,837 | 5,397,708 | ||||||
DuPont de Nemours, Inc. | 139,707 | 7,087,336 | ||||||
Eastman Chemical Co. | 25,644 | 1,745,844 | ||||||
FMC Corp. | 24,444 | 2,405,534 | ||||||
LyondellBasell Industries NV, Class A | 48,416 | 3,087,004 | ||||||
PPG Industries, Inc. | 44,594 | 4,533,872 | ||||||
26,306,886 | ||||||||
Chemicals-Specialty — 0.3% |
| |||||||
Albemarle Corp.# | 19,997 | 1,530,170 | ||||||
Ecolab, Inc. | 47,293 | 10,053,546 | ||||||
International Flavors & Fragrances, Inc.# | 20,136 | 2,681,914 | ||||||
14,265,630 | ||||||||
Coatings/Paint — 0.2% |
| |||||||
Sherwin-Williams Co. | 15,493 | 9,200,518 | ||||||
Commercial Services — 0.1% |
| |||||||
Cintas Corp. | 15,810 | 3,920,247 | ||||||
Nielsen Holdings PLC | 67,102 | 932,047 | ||||||
Quanta Services, Inc. | 26,834 | 990,980 | ||||||
5,843,274 | ||||||||
Commercial Services-Finance — 2.0% |
| |||||||
Automatic Data Processing, Inc. | 81,602 | 11,953,877 | ||||||
Equifax, Inc. | 22,835 | 3,506,542 | ||||||
FleetCor Technologies, Inc.† | 16,366 | 3,989,867 | ||||||
Global Payments, Inc. | 56,680 | 10,173,493 | ||||||
H&R Block, Inc.# | 36,821 | 625,957 | ||||||
IHS Markit, Ltd. | 75,622 | 5,252,704 | ||||||
MarketAxess Holdings, Inc. | 7,152 | 3,637,436 | ||||||
Moody’s Corp. | 30,621 | 8,188,362 | ||||||
PayPal Holdings, Inc.† | 221,438 | 34,325,104 | ||||||
S&P Global, Inc. | 46,090 | 14,980,172 | ||||||
96,633,514 | ||||||||
Computer Aided Design — 0.5% |
| |||||||
ANSYS, Inc.† | 16,140 | 4,567,620 | ||||||
Autodesk, Inc.† | 41,495 | 8,729,718 |
Security Description | Shares | Value (Note 2) | ||||||
Computer Aided Design (continued) |
| |||||||
Cadence Design Systems, Inc.† | 52,916 | $ | 4,830,702 | |||||
Synopsys, Inc.† | 28,350 | 5,128,798 | ||||||
23,256,838 | ||||||||
Computer Data Security — 0.1% |
| |||||||
Fortinet, Inc.† | 26,772 | 3,726,662 | ||||||
Computer Services — 1.1% |
| |||||||
Accenture PLC, Class A | 119,765 | 24,147,019 | ||||||
Cognizant Technology Solutions Corp., Class A | 103,265 | 5,473,045 | ||||||
DXC Technology Co. | 48,278 | 686,030 | ||||||
International Business Machines Corp. | 167,020 | 20,860,798 | ||||||
Leidos Holdings, Inc. | 25,096 | 2,642,358 | ||||||
53,809,250 | ||||||||
Computer Software — 0.1% |
| |||||||
Akamai Technologies, Inc.† | 30,476 | 3,224,361 | ||||||
Citrix Systems, Inc. | 21,690 | 3,212,723 | ||||||
6,437,084 | ||||||||
Computers — 5.3% |
| |||||||
Apple, Inc. | 787,667 | 250,430,846 | ||||||
Hewlett Packard Enterprise Co. | 244,032 | 2,369,550 | ||||||
HP, Inc. | 279,470 | 4,231,176 | ||||||
257,031,572 | ||||||||
Computers-Memory Devices — 0.1% |
| |||||||
NetApp, Inc. | 43,041 | 1,917,046 | ||||||
Seagate Technology PLC | 43,599 | 2,312,491 | ||||||
Western Digital Corp. | 56,087 | 2,488,580 | ||||||
6,718,117 | ||||||||
Consulting Services — 0.2% |
| |||||||
Gartner, Inc.† | 16,870 | 2,053,079 | ||||||
Verisk Analytics, Inc. | 30,904 | 5,336,503 | ||||||
7,389,582 | ||||||||
Consumer Products-Misc. — 0.3% |
| |||||||
Clorox Co. | 23,668 | 4,881,525 | ||||||
Kimberly-Clark Corp. | 64,649 | 9,143,955 | ||||||
14,025,480 | ||||||||
Containers-Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 61,692 | 4,396,172 | ||||||
Containers-Paper/Plastic — 0.2% |
| |||||||
Amcor PLC | 305,539 | 3,119,553 | ||||||
Packaging Corp. of America | 17,851 | 1,810,270 | ||||||
Sealed Air Corp. | 29,140 | 935,394 | ||||||
WestRock Co. | 48,636 | 1,364,726 | ||||||
7,229,943 | ||||||||
Cosmetics & Toiletries — 1.5% |
| |||||||
Colgate-Palmolive Co. | 161,627 | 11,690,481 | ||||||
Coty, Inc., Class A | 55,742 | 202,343 | ||||||
Estee Lauder Cos., Inc., Class A | 41,970 | 8,287,816 | ||||||
Procter & Gamble Co. | 470,302 | 54,517,408 | ||||||
74,698,048 | ||||||||
Cruise Lines — 0.1% |
| |||||||
Carnival Corp.# | 87,834 | 1,382,507 | ||||||
Norwegian Cruise Line Holdings, Ltd.†# | 46,982 | 735,738 | ||||||
Royal Caribbean Cruises, Ltd. | 32,418 | 1,681,522 | ||||||
3,799,767 | ||||||||
Data Processing/Management — 0.8% |
| |||||||
Broadridge Financial Solutions, Inc. | 21,621 | 2,618,303 | ||||||
Fidelity National Information Services, Inc. | 115,906 | 16,091,230 |
222 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Data Processing/Management (continued) |
| |||||||
Fiserv, Inc.† | 107,704 | $ | 11,499,556 | |||||
Jack Henry & Associates, Inc. | 14,510 | 2,624,279 | ||||||
Paychex, Inc. | 60,078 | 4,342,438 | ||||||
37,175,806 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 15,975 | 5,253,379 | ||||||
Dental Supplies & Equipment — 0.1% |
| |||||||
Align Technology, Inc.† | 13,525 | 3,322,010 | ||||||
DENTSPLY SIRONA, Inc. | 41,944 | 1,951,235 | ||||||
5,273,245 | ||||||||
Diagnostic Equipment — 1.0% |
| |||||||
Danaher Corp. | 118,668 | 19,771,276 | ||||||
Thermo Fisher Scientific, Inc. | 75,622 | 26,406,446 | ||||||
46,177,722 | ||||||||
Diagnostic Kits — 0.1% |
| |||||||
IDEXX Laboratories, Inc.† | 16,178 | 4,997,061 | ||||||
Dialysis Centers — 0.0% |
| |||||||
DaVita, Inc.† | 16,912 | 1,369,196 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
Teleflex, Inc. | 8,731 | 3,168,131 | ||||||
Distribution/Wholesale — 0.3% |
| |||||||
Copart, Inc.† | 38,578 | 3,448,487 | ||||||
Fastenal Co. | 108,160 | 4,462,682 | ||||||
LKQ Corp.† | 57,795 | 1,587,051 | ||||||
WW Grainger, Inc. | 8,228 | 2,547,553 | ||||||
12,045,773 | ||||||||
Diversified Banking Institutions — 2.8% |
| |||||||
Bank of America Corp. | 1,526,728 | 36,824,679 | ||||||
Citigroup, Inc. | 411,723 | 19,725,649 | ||||||
Goldman Sachs Group, Inc. | 60,099 | 11,808,852 | ||||||
JPMorgan Chase & Co. | 591,502 | 57,559,060 | ||||||
Morgan Stanley | 219,633 | 9,707,779 | ||||||
135,626,019 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
3M Co. | 108,448 | 16,965,605 | ||||||
A.O. Smith Corp. | 25,848 | 1,227,780 | ||||||
Eaton Corp. PLC | 77,962 | 6,618,974 | ||||||
General Electric Co. | 1,647,038 | 10,821,040 | ||||||
Illinois Tool Works, Inc. | 55,158 | 9,512,549 | ||||||
Parker-Hannifin Corp. | 24,227 | 4,360,133 | ||||||
Textron, Inc. | 43,048 | 1,333,196 | ||||||
Trane Technologies PLC | 45,185 | 4,076,139 | ||||||
54,915,416 | ||||||||
Drug Delivery Systems — 0.4% |
| |||||||
Becton Dickinson and Co. | 55,610 | 13,731,777 | ||||||
DexCom, Inc.† | 17,197 | 6,505,797 | ||||||
20,237,574 | ||||||||
E-Commerce/Products — 4.1% |
| |||||||
Amazon.com, Inc.† | 78,541 | 191,826,182 | ||||||
eBay, Inc. | 144,216 | 6,567,597 | ||||||
198,393,779 | ||||||||
E-Commerce/Services — 0.3% |
| |||||||
Booking Holdings, Inc.† | 7,894 | 12,941,582 | ||||||
Cars.com, Inc.† | 1 | 6 | ||||||
Expedia Group, Inc. | 26,354 | 2,094,616 | ||||||
15,036,204 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 27,097 | $ | 3,005,328 | |||||
Electric Products-Misc. — 0.2% |
| |||||||
AMETEK, Inc. | 43,110 | 3,953,618 | ||||||
Emerson Electric Co. | 114,879 | 7,009,917 | ||||||
10,963,535 | ||||||||
Electric-Distribution — 0.3% |
| |||||||
CenterPoint Energy, Inc. | 94,716 | 1,684,050 | ||||||
Consolidated Edison, Inc. | 62,693 | 4,705,737 | ||||||
Sempra Energy | 53,162 | 6,714,892 | ||||||
13,104,679 | ||||||||
Electric-Integrated — 2.7% |
| |||||||
AES Corp. | 125,201 | 1,563,760 | ||||||
Alliant Energy Corp. | 45,327 | 2,237,341 | ||||||
Ameren Corp. | 46,398 | 3,467,323 | ||||||
American Electric Power Co., Inc. | 93,153 | 7,941,293 | ||||||
CMS Energy Corp. | 53,529 | 3,135,729 | ||||||
Dominion Energy, Inc. | 155,225 | 13,195,677 | ||||||
DTE Energy Co. | 36,229 | 3,897,154 | ||||||
Duke Energy Corp. | 137,487 | 11,773,012 | ||||||
Edison International | 67,627 | 3,929,805 | ||||||
Entergy Corp. | 37,548 | 3,823,137 | ||||||
Evergy, Inc. | 42,980 | 2,651,436 | ||||||
Eversource Energy | 61,057 | 5,110,471 | ||||||
Exelon Corp. | 183,328 | 7,023,296 | ||||||
FirstEnergy Corp. | 101,896 | 4,306,125 | ||||||
NextEra Energy, Inc. | 92,177 | 23,556,754 | ||||||
Pinnacle West Capital Corp. | 21,199 | 1,651,402 | ||||||
PPL Corp. | 144,800 | 4,045,712 | ||||||
Public Service Enterprise Group, Inc. | 95,374 | 4,867,889 | ||||||
Southern Co. | 197,778 | 11,287,190 | ||||||
WEC Energy Group, Inc. | 59,487 | 5,456,742 | ||||||
Xcel Energy, Inc. | 98,893 | 6,431,012 | ||||||
131,352,260 | ||||||||
Electronic Components-Misc. — 0.1% |
| |||||||
Garmin, Ltd. | 27,247 | 2,456,862 | ||||||
Electronic Components-Semiconductors — 3.6% |
| |||||||
Advanced Micro Devices, Inc.† | 220,584 | 11,867,419 | ||||||
Broadcom, Inc. | 74,807 | 21,789,035 | ||||||
Intel Corp. | 820,355 | 51,624,940 | ||||||
IPG Photonics Corp.† | 6,705 | 1,041,957 | ||||||
Microchip Technology, Inc.# | 45,069 | 4,327,525 | ||||||
Micron Technology, Inc.† | 208,776 | 10,002,458 | ||||||
NVIDIA Corp. | 115,415 | 40,974,633 | ||||||
Qorvo, Inc.† | 21,909 | 2,294,749 | ||||||
Skyworks Solutions, Inc. | 32,131 | 3,808,809 | ||||||
Texas Instruments, Inc. | 176,286 | 20,932,200 | ||||||
Xilinx, Inc. | 47,423 | 4,360,545 | ||||||
173,024,270 | ||||||||
Electronic Connectors — 0.2% |
| |||||||
Amphenol Corp., Class A | 55,915 | 5,399,152 | ||||||
TE Connectivity, Ltd. | 63,078 | 5,125,088 | ||||||
10,524,240 | ||||||||
Electronic Forms — 0.7% |
| |||||||
Adobe, Inc.† | 91,291 | 35,293,101 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 58,362 | 5,144,027 | ||||||
FLIR Systems, Inc. | 25,300 | 1,168,860 | ||||||
Fortive Corp. | 55,729 | 3,398,354 |
223 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Keysight Technologies, Inc.† | 35,375 | $ | 3,825,099 | |||||
Roper Technologies, Inc. | 19,624 | 7,727,931 | ||||||
21,264,271 | ||||||||
Electronic Security Devices — 0.0% |
| |||||||
Allegion PLC | 17,523 | 1,747,043 | ||||||
Engineering/R&D Services — 0.0% |
| |||||||
Jacobs Engineering Group, Inc. | 25,553 | 2,146,963 | ||||||
Enterprise Software/Service — 0.5% |
| |||||||
Oracle Corp. | 408,567 | 21,968,648 | ||||||
Paycom Software, Inc.† | 9,252 | 2,749,972 | ||||||
24,718,620 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 144,885 | 10,428,822 | ||||||
Electronic Arts, Inc.† | 55,064 | 6,766,264 | ||||||
Take-Two Interactive Software, Inc.† | 21,344 | 2,906,413 | ||||||
20,101,499 | ||||||||
Finance-Consumer Loans — 0.0% |
| |||||||
Synchrony Financial | 106,438 | 2,168,142 | ||||||
Finance-Credit Card — 2.8% |
| |||||||
Alliance Data Systems Corp. | 7,730 | 358,131 | ||||||
American Express Co. | 126,539 | 12,030,063 | ||||||
Capital One Financial Corp. | 87,829 | 5,975,885 | ||||||
Discover Financial Services | 59,117 | 2,808,649 | ||||||
Mastercard, Inc., Class A | 167,415 | 50,373,499 | ||||||
Visa, Inc., Class A | 322,832 | 63,029,720 | ||||||
Western Union Co. | 79,066 | 1,582,901 | ||||||
136,158,848 | ||||||||
Finance-Investment Banker/Broker — 0.2% |
| |||||||
Charles Schwab Corp. | 215,608 | 7,742,483 | ||||||
Finance-Other Services — 0.6% |
| |||||||
Cboe Global Markets, Inc. | 20,907 | 2,225,759 | ||||||
CME Group, Inc. | 67,582 | 12,340,473 | ||||||
Intercontinental Exchange, Inc. | 105,015 | 10,212,709 | ||||||
Nasdaq, Inc. | 21,638 | 2,563,238 | ||||||
27,342,179 | ||||||||
Food-Confectionery — 0.4% |
| |||||||
Hershey Co. | 27,969 | 3,794,834 | ||||||
J.M. Smucker Co. | 21,510 | 2,450,634 | ||||||
Mondelez International, Inc., Class A | 271,532 | 14,152,248 | ||||||
20,397,716 | ||||||||
Food-Meat Products — 0.1% |
| |||||||
Hormel Foods Corp.# | 52,439 | 2,560,596 | ||||||
Tyson Foods, Inc., Class A | 55,668 | 3,420,242 | ||||||
5,980,838 | ||||||||
Food-Misc./Diversified — 0.5% |
| |||||||
Campbell Soup Co. | 31,858 | 1,624,121 | ||||||
Conagra Brands, Inc. | 91,777 | 3,192,922 | ||||||
General Mills, Inc. | 113,981 | 7,185,362 | ||||||
Kellogg Co. | 46,958 | 3,066,827 | ||||||
Kraft Heinz Co. | 117,451 | 3,578,732 | ||||||
Lamb Weston Holdings, Inc. | 27,546 | 1,654,413 | ||||||
McCormick & Co., Inc. | 23,304 | 4,081,928 | ||||||
24,384,305 | ||||||||
Food-Retail — 0.1% |
| |||||||
Kroger Co. | 151,247 | 4,933,677 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Food-Wholesale/Distribution — 0.1% |
| |||||||
Sysco Corp. | 96,222 | $ | 5,307,606 | |||||
Gas-Distribution — 0.1% |
| |||||||
Atmos Energy Corp. | 22,507 | 2,313,270 | ||||||
NiSource, Inc. | 70,446 | 1,678,728 | ||||||
3,991,998 | ||||||||
Gold Mining — 0.2% |
| |||||||
Newmont Corp. | 154,611 | 9,040,105 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 71,863 | 944,998 | ||||||
Home Furnishings — 0.0% |
| |||||||
Leggett & Platt, Inc. | 24,818 | 759,183 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Hilton Worldwide Holdings, Inc. | 53,212 | 4,220,244 | ||||||
Marriott International, Inc., Class A | 51,174 | 4,528,899 | ||||||
8,749,143 | ||||||||
Human Resources — 0.0% |
| |||||||
Robert Half International, Inc. | 22,171 | 1,124,957 | ||||||
Independent Power Producers — 0.0% |
| |||||||
NRG Energy, Inc. | 47,447 | 1,710,464 | ||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Rockwell Automation, Inc. | 21,791 | 4,710,343 | ||||||
Industrial Gases — 0.6% |
| |||||||
Air Products & Chemicals, Inc. | 41,571 | 10,045,632 | ||||||
Linde PLC | 101,305 | 20,498,054 | ||||||
30,543,686 | ||||||||
Instruments-Controls — 0.5% |
| |||||||
Honeywell International, Inc. | 134,752 | 19,653,579 | ||||||
Mettler-Toledo International, Inc.† | 4,593 | 3,651,435 | ||||||
23,305,014 | ||||||||
Instruments-Scientific — 0.1% |
| |||||||
PerkinElmer, Inc. | 20,953 | 2,105,148 | ||||||
Waters Corp.† | 12,152 | 2,428,577 | ||||||
4,533,725 | ||||||||
Insurance Brokers — 0.6% |
| |||||||
Aon PLC, Class A | 44,155 | 8,696,327 | ||||||
Arthur J. Gallagher & Co. | 35,176 | 3,316,394 | ||||||
Marsh & McLennan Cos., Inc. | 95,174 | 10,080,830 | ||||||
Willis Towers Watson PLC | 24,248 | 4,919,919 | ||||||
27,013,470 | ||||||||
Insurance-Life/Health — 0.3% |
| |||||||
Aflac, Inc. | 138,426 | 5,048,396 | ||||||
Globe Life, Inc. | 18,788 | 1,447,052 | ||||||
Lincoln National Corp. | 37,403 | 1,418,696 | ||||||
Principal Financial Group, Inc. | 48,700 | 1,880,794 | ||||||
Prudential Financial, Inc. | 75,812 | 4,621,499 | ||||||
Unum Group | 38,900 | 589,335 | ||||||
15,005,772 | ||||||||
Insurance-Multi-line — 0.7% |
| |||||||
Allstate Corp. | 61,094 | 5,975,604 | ||||||
American International Group, Inc.(1) | 164,062 | 4,931,704 | ||||||
Chubb, Ltd. | 85,469 | 10,422,090 | ||||||
Cincinnati Financial Corp. | 28,654 | 1,689,153 | ||||||
Hartford Financial Services Group, Inc. | 67,971 | 2,602,609 | ||||||
Loews Corp. | 48,240 | 1,603,498 | ||||||
MetLife, Inc. | 147,416 | 5,308,450 | ||||||
32,533,108 | ||||||||
224 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Insurance-Property/Casualty — 1.8% |
| |||||||
Assurant, Inc. | 11,436 | $ | 1,173,105 | |||||
Berkshire Hathaway, Inc., Class B† | 368,884 | 68,457,493 | ||||||
Progressive Corp. | 110,254 | 8,564,531 | ||||||
Travelers Cos., Inc. | 48,677 | 5,207,465 | ||||||
WR Berkley Corp. | 27,365 | 1,585,802 | ||||||
84,988,396 | ||||||||
Insurance-Reinsurance — 0.0% |
| |||||||
Everest Re Group, Ltd. | 7,691 | 1,525,971 | ||||||
Internet Brokers — 0.0% |
| |||||||
E*TRADE Financial Corp. | 42,605 | 1,940,232 | ||||||
Internet Content-Entertainment — 2.9% |
| |||||||
Facebook, Inc., Class A† | 453,829 | 102,152,369 | ||||||
Netflix, Inc.† | 82,649 | 34,690,265 | ||||||
Twitter, Inc.† | 146,411 | 4,534,349 | ||||||
141,376,983 | ||||||||
Internet Infrastructure Software — 0.0% |
| |||||||
F5 Networks, Inc.† | 11,465 | 1,661,508 | ||||||
Internet Security — 0.1% |
| |||||||
NortonLifeLock, Inc. | 108,133 | 2,463,270 | ||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 23,893 | 3,346,692 | ||||||
BlackRock, Inc. | 28,751 | 15,198,929 | ||||||
Franklin Resources, Inc. | 52,601 | 992,581 | ||||||
Invesco, Ltd. | 70,191 | 559,422 | ||||||
Raymond James Financial, Inc. | 23,284 | 1,613,116 | ||||||
T. Rowe Price Group, Inc. | 44,068 | 5,327,821 | ||||||
27,038,561 | ||||||||
Machinery-Construction & Mining — 0.3% |
| |||||||
Caterpillar, Inc. | 104,224 | 12,520,429 | ||||||
Machinery-Farming — 0.2% |
| |||||||
Deere & Co. | 59,381 | 9,033,038 | ||||||
Machinery-General Industrial — 0.2% |
| |||||||
IDEX Corp. | 14,344 | 2,286,003 | ||||||
Otis Worldwide Corp. | 76,502 | 4,027,830 | ||||||
Westinghouse Air Brake Technologies Corp. | 34,341 | 2,097,205 | ||||||
8,411,038 | ||||||||
Machinery-Pumps — 0.2% |
| |||||||
Dover Corp. | 27,395 | 2,664,164 | ||||||
Flowserve Corp. | 24,679 | 644,122 | ||||||
Ingersoll Rand, Inc.† | 65,262 | 1,840,388 | ||||||
Xylem, Inc. | 33,961 | 2,252,973 | ||||||
7,401,647 | ||||||||
Medical Information Systems — 0.1% |
| |||||||
Cerner Corp. | 59,234 | 4,318,159 | ||||||
Medical Instruments — 1.2% |
| |||||||
Boston Scientific Corp.† | 262,857 | 9,985,937 | ||||||
Edwards Lifesciences Corp.† | 39,334 | 8,839,137 | ||||||
Intuitive Surgical, Inc.† | 21,795 | 12,641,754 | ||||||
Medtronic PLC | 252,778 | 24,918,855 | ||||||
56,385,683 | ||||||||
Medical Labs & Testing Services — 0.2% |
| |||||||
IQVIA Holdings, Inc.† | 34,032 | 5,088,465 | ||||||
Laboratory Corp. of America Holdings† | 18,312 | 3,210,460 | ||||||
Quest Diagnostics, Inc. | 25,402 | 3,004,548 | ||||||
11,303,473 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 1.5% |
| |||||||
Abbott Laboratories | 333,309 | $ | 31,637,690 | |||||
ABIOMED, Inc.† | 8,516 | 1,906,732 | ||||||
Baxter International, Inc. | 96,284 | 8,666,523 | ||||||
Cooper Cos., Inc. | 9,349 | 2,963,446 | ||||||
Henry Schein, Inc.† | 27,673 | 1,680,305 | ||||||
Hologic, Inc.† | 50,569 | 2,680,157 | ||||||
STERIS PLC | 15,989 | 2,652,415 | ||||||
Stryker Corp. | 60,722 | 11,885,117 | ||||||
Varian Medical Systems, Inc.† | 17,143 | 2,080,989 | ||||||
West Pharmaceutical Services, Inc. | 13,954 | 3,014,622 | ||||||
Zimmer Biomet Holdings, Inc. | 38,790 | 4,900,729 | ||||||
74,068,725 | ||||||||
Medical-Biomedical/Gene — 2.1% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 41,733 | 5,003,787 | ||||||
Amgen, Inc. | 112,055 | 25,739,033 | ||||||
Biogen, Inc.† | 34,029 | 10,449,966 | ||||||
Gilead Sciences, Inc. | 238,591 | 18,569,537 | ||||||
Illumina, Inc.† | 27,723 | 10,064,835 | ||||||
Incyte Corp.† | 33,715 | 3,435,896 | ||||||
Regeneron Pharmaceuticals, Inc.† | 19,023 | 11,657,485 | ||||||
Vertex Pharmaceuticals, Inc.† | 48,495 | 13,964,620 | ||||||
98,885,159 | ||||||||
Medical-Drugs — 5.1% |
| |||||||
AbbVie, Inc. | 332,500 | 30,812,775 | ||||||
Bristol-Myers Squibb Co. | 442,084 | 26,401,256 | ||||||
Eli Lilly & Co. | 159,340 | 24,371,053 | ||||||
Johnson & Johnson | 496,338 | 73,830,278 | ||||||
Merck & Co., Inc. | 480,140 | 38,756,901 | ||||||
Pfizer, Inc. | 1,043,666 | 39,857,605 | ||||||
Zoetis, Inc. | 89,824 | 12,520,567 | ||||||
246,550,435 | ||||||||
Medical-Generic Drugs — 0.1% |
| |||||||
Mylan NV† | 97,336 | 1,661,526 | ||||||
Perrigo Co. PLC | 25,668 | 1,405,836 | ||||||
3,067,362 | ||||||||
Medical-HMO — 1.8% |
| |||||||
Anthem, Inc. | 47,819 | 14,064,046 | ||||||
Centene Corp.† | 110,096 | 7,293,860 | ||||||
Humana, Inc. | 24,974 | 10,255,573 | ||||||
UnitedHealth Group, Inc. | 178,671 | 54,467,855 | ||||||
86,081,334 | ||||||||
Medical-Hospitals — 0.1% |
| |||||||
HCA Healthcare, Inc. | 49,892 | 5,333,455 | ||||||
Universal Health Services, Inc., Class B | 15,148 | 1,597,356 | ||||||
6,930,811 | ||||||||
Medical-Wholesale Drug Distribution — 0.2% |
| |||||||
AmerisourceBergen Corp. | 28,349 | 2,702,794 | ||||||
Cardinal Health, Inc. | 55,159 | 3,016,646 | ||||||
McKesson Corp. | 30,457 | 4,832,612 | ||||||
10,552,052 | ||||||||
Metal-Copper — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 273,624 | 2,481,770 | ||||||
Motorcycle/Motor Scooter — 0.0% |
| |||||||
Harley-Davidson, Inc.# | 29,098 | 620,951 | ||||||
Multimedia — 0.8% |
| |||||||
Walt Disney Co. | 339,909 | 39,871,326 | ||||||
225 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Networking Products — 0.8% |
| |||||||
Arista Networks, Inc.† | 10,229 | $ | 2,388,062 | |||||
Cisco Systems, Inc. | 800,037 | 38,257,770 | ||||||
40,645,832 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 39,723 | 3,394,728 | ||||||
Waste Management, Inc. | 73,606 | 7,857,440 | ||||||
11,252,168 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Xerox Holdings Corp. | 35,062 | 556,785 | ||||||
Zebra Technologies Corp., Class A† | 10,169 | 2,657,363 | ||||||
3,214,148 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 15,748 | 1,742,831 | ||||||
Oil Companies-Exploration & Production — 0.6% |
| |||||||
Apache Corp. | 70,916 | 765,184 | ||||||
Cabot Oil & Gas Corp. | 76,929 | 1,526,271 | ||||||
Concho Resources, Inc. | 37,911 | 2,066,908 | ||||||
ConocoPhillips | 206,931 | 8,728,349 | ||||||
Devon Energy Corp. | 72,984 | 788,957 | ||||||
Diamondback Energy, Inc. | 30,389 | 1,293,964 | ||||||
EOG Resources, Inc. | 109,713 | 5,592,072 | ||||||
Hess Corp. | 48,844 | 2,318,625 | ||||||
Marathon Oil Corp. | 150,857 | 805,576 | ||||||
Noble Energy, Inc. | 90,201 | 787,455 | ||||||
Occidental Petroleum Corp. | 168,468 | 2,181,660 | ||||||
Pioneer Natural Resources Co. | 31,239 | 2,861,492 | ||||||
29,716,513 | ||||||||
Oil Companies-Integrated — 1.4% |
| |||||||
Chevron Corp. | 356,595 | 32,699,761 | ||||||
Exxon Mobil Corp. | 797,934 | 36,282,059 | ||||||
68,981,820 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 72,763 | 907,355 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
HollyFrontier Corp. | 28,002 | 880,663 | ||||||
Marathon Petroleum Corp. | 122,454 | 4,303,034 | ||||||
Phillips 66 | 83,800 | 6,558,188 | ||||||
Valero Energy Corp. | 77,444 | 5,160,868 | ||||||
16,902,753 | ||||||||
Oil-Field Services — 0.2% |
| |||||||
Baker Hughes Co. | 122,557 | 2,023,416 | ||||||
Halliburton Co. | 165,543 | 1,945,130 | ||||||
Schlumberger, Ltd. | 261,078 | 4,822,111 | ||||||
TechnipFMC PLC | 79,253 | 586,472 | ||||||
9,377,129 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
International Paper Co. | 73,948 | 2,517,929 | ||||||
Pharmacy Services — 0.6% |
| |||||||
Cigna Corp. | 70,423 | 13,895,866 | ||||||
CVS Health Corp. | 245,345 | 16,087,272 | ||||||
29,983,138 | ||||||||
Pipelines — 0.3% |
| |||||||
Kinder Morgan, Inc. | 367,344 | 5,804,035 | ||||||
ONEOK, Inc. | 77,903 | 2,858,261 | ||||||
Williams Cos., Inc. | 228,577 | 4,669,828 | ||||||
13,332,124 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Publishing-Newspapers — 0.0% |
| |||||||
News Corp., Class A | 73,277 | $ | 897,643 | |||||
News Corp., Class B | 22,966 | 281,563 | ||||||
1,179,206 | ||||||||
Real Estate Investment Trusts — 2.8% |
| |||||||
Alexandria Real Estate Equities, Inc. | 23,121 | 3,554,160 | ||||||
American Tower Corp. | 83,533 | 21,565,715 | ||||||
Apartment Investment & Management Co., Class A | 28,078 | 1,035,236 | ||||||
AvalonBay Communities, Inc. | 26,338 | 4,108,991 | ||||||
Boston Properties, Inc. | 27,118 | 2,331,606 | ||||||
Crown Castle International Corp. | 78,409 | 13,498,893 | ||||||
Digital Realty Trust, Inc. | 49,571 | 7,116,413 | ||||||
Duke Realty Corp. | 69,319 | 2,390,119 | ||||||
Equinix, Inc. | 16,630 | 11,601,587 | ||||||
Equity Residential | 65,831 | 3,986,725 | ||||||
Essex Property Trust, Inc. | 12,462 | 3,025,400 | ||||||
Extra Space Storage, Inc. | 24,424 | 2,363,022 | ||||||
Federal Realty Investment Trust | 13,245 | 1,058,408 | ||||||
Healthpeak Properties, Inc. | 93,342 | 2,299,947 | ||||||
Host Hotels & Resorts, Inc. | 135,251 | 1,614,897 | ||||||
Iron Mountain, Inc.# | 54,151 | 1,394,930 | ||||||
Kimco Realty Corp. | 79,628 | 884,667 | ||||||
Mid-America Apartment Communities, Inc. | 21,512 | 2,503,136 | ||||||
Prologis, Inc. | 139,224 | 12,738,996 | ||||||
Public Storage | 28,331 | 5,743,827 | ||||||
Realty Income Corp. | 64,630 | 3,574,685 | ||||||
Regency Centers Corp. | 31,600 | 1,352,164 | ||||||
SBA Communications Corp. | 21,235 | 6,670,551 | ||||||
Simon Property Group, Inc. | 57,870 | 3,339,099 | ||||||
SL Green Realty Corp.# | 15,372 | 647,469 | ||||||
UDR, Inc. | 55,266 | 2,043,737 | ||||||
Ventas, Inc. | 70,294 | 2,456,775 | ||||||
Vornado Realty Trust | 29,873 | 1,081,701 | ||||||
Welltower, Inc. | 76,520 | 3,877,268 | ||||||
Weyerhaeuser Co. | 140,525 | 2,837,200 | ||||||
132,697,324 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 63,130 | 2,776,457 | ||||||
Rental Auto/Equipment — 0.0% |
| |||||||
United Rentals, Inc.† | 14,174 | 1,968,627 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 27,116 | 4,360,795 | ||||||
Retail-Apparel/Shoe — 0.2% |
| |||||||
Gap, Inc. | 40,128 | 357,139 | ||||||
L Brands, Inc. | 43,797 | 709,074 | ||||||
Ross Stores, Inc. | 68,218 | 6,614,417 | ||||||
7,680,630 | ||||||||
Retail-Auto Parts — 0.3% |
| |||||||
Advance Auto Parts, Inc. | 13,062 | 1,819,798 | ||||||
AutoZone, Inc.† | 4,494 | 5,158,483 | ||||||
Genuine Parts Co. | 27,400 | 2,285,434 | ||||||
O’Reilly Automotive, Inc.† | 14,268 | 5,953,180 | ||||||
15,216,895 | ||||||||
Retail-Automobile — 0.1% |
| |||||||
CarMax, Inc.† | 31,010 | 2,730,430 | ||||||
Retail-Building Products — 1.5% |
| |||||||
Home Depot, Inc. | 205,718 | 51,116,808 | ||||||
Lowe’s Cos., Inc. | 144,548 | 18,841,832 | ||||||
69,958,640 | ||||||||
226 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail-Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 42,946 | $ | 3,353,653 | |||||
Retail-Discount — 1.7% |
| |||||||
Costco Wholesale Corp. | 83,315 | 25,700,178 | ||||||
Dollar General Corp. | 48,014 | 9,195,161 | ||||||
Dollar Tree, Inc.† | 44,631 | 4,368,036 | ||||||
Target Corp. | 95,564 | 11,690,344 | ||||||
Walmart, Inc. | 267,528 | 33,189,524 | ||||||
84,143,243 | ||||||||
Retail-Drug Store — 0.1% |
| |||||||
Walgreens Boots Alliance, Inc. | 141,390 | 6,071,287 | ||||||
Retail-Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 22,326 | 2,724,219 | ||||||
Retail-Jewelry — 0.1% |
| |||||||
Tiffany & Co. | 20,358 | 2,608,471 | ||||||
Retail-Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 20,202 | 325,858 | ||||||
TJX Cos., Inc. | 228,694 | 12,065,896 | ||||||
12,391,754 | ||||||||
Retail-Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 10,779 | 2,630,184 | ||||||
Retail-Regional Department Stores — 0.0% |
| |||||||
Kohl’s Corp. | 29,526 | 567,490 | ||||||
Retail-Restaurants — 1.2% |
| |||||||
Chipotle Mexican Grill, Inc.† | 4,823 | 4,841,858 | ||||||
Darden Restaurants, Inc. | 24,597 | 1,890,525 | ||||||
Domino’s Pizza, Inc. | 7,292 | 2,813,545 | ||||||
McDonald’s Corp. | 142,024 | 26,461,912 | ||||||
Starbucks Corp. | 222,722 | 17,370,089 | ||||||
Yum! Brands, Inc. | 57,041 | 5,118,289 | ||||||
58,496,218 | ||||||||
Savings & Loans/Thrifts — 0.0% |
| |||||||
People’s United Financial, Inc. | 83,756 | 959,006 | ||||||
Semiconductor Components-Integrated Circuits — 0.6% |
| |||||||
Analog Devices, Inc. | 69,457 | 7,845,168 | ||||||
Maxim Integrated Products, Inc. | 51,034 | 2,943,641 | ||||||
QUALCOMM, Inc. | 215,338 | 17,416,538 | ||||||
28,205,347 | ||||||||
Semiconductor Equipment — 0.5% |
| |||||||
Applied Materials, Inc. | 174,209 | 9,787,061 | ||||||
KLA Corp. | 29,758 | 5,236,218 | ||||||
Lam Research Corp. | 27,360 | 7,487,611 | ||||||
22,510,890 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 7,713 | 1,541,752 | ||||||
Soap & Cleaning Preparation — 0.1% |
| |||||||
Church & Dwight Co., Inc. | 46,280 | 3,474,240 | ||||||
Steel-Producers — 0.1% |
| |||||||
Nucor Corp. | 57,182 | 2,416,511 | ||||||
Telecom Equipment-Fiber Optics — 0.1% |
| |||||||
Corning, Inc. | 145,045 | 3,305,576 | ||||||
Telecommunication Equipment — 0.0% |
| |||||||
Juniper Networks, Inc. | 63,122 | 1,531,340 | ||||||
Telephone-Integrated — 1.8% |
| |||||||
AT&T, Inc. | 1,377,632 | 42,513,723 | ||||||
CenturyLink, Inc.# | 185,043 | 1,818,973 |
Security Description | Shares | Value (Note 2) | ||||||
Telephone-Integrated (continued) |
| |||||||
Verizon Communications, Inc. | 779,957 | $ | 44,753,933 | |||||
89,086,629 | ||||||||
Television — 0.0% |
| |||||||
ViacomCBS, Inc., Class B | 101,913 | 2,113,676 | ||||||
Textile-Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 11,211 | 1,044,865 | ||||||
Theaters — 0.0% |
| |||||||
Live Nation Entertainment, Inc.† | 26,575 | 1,306,427 | ||||||
Tobacco — 0.7% |
| |||||||
Altria Group, Inc. | 352,306 | 13,757,549 | ||||||
Philip Morris International, Inc. | 293,418 | 21,525,145 | ||||||
35,282,694 | ||||||||
Tools-Hand Held — 0.1% |
| |||||||
Snap-on, Inc. | 10,343 | 1,341,384 | ||||||
Stanley Black & Decker, Inc. | 28,668 | 3,596,400 | ||||||
4,937,784 | ||||||||
Toys — 0.0% |
| |||||||
Hasbro, Inc. | 23,999 | 1,764,166 | ||||||
Transport-Rail — 0.9% |
| |||||||
CSX Corp. | 146,652 | 10,497,350 | ||||||
Kansas City Southern | 18,693 | 2,813,670 | ||||||
Norfolk Southern Corp. | 49,173 | 8,767,054 | ||||||
Union Pacific Corp. | 130,917 | 22,237,562 | ||||||
44,315,636 | ||||||||
Transport-Services — 0.5% |
| |||||||
C.H. Robinson Worldwide, Inc. | 25,506 | 2,069,302 | ||||||
Expeditors International of Washington, Inc. | 32,117 | 2,452,775 | ||||||
FedEx Corp. | 45,268 | 5,910,190 | ||||||
United Parcel Service, Inc., Class B | 132,153 | 13,176,976 | ||||||
23,609,243 | ||||||||
Transport-Truck — 0.1% |
| |||||||
JB Hunt Transport Services, Inc. | 16,080 | 1,924,293 | ||||||
Old Dominion Freight Line, Inc. | 18,064 | 3,090,570 | ||||||
5,014,863 | ||||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 34,092 | 4,329,684 | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 31,700 | 1,240,738 | ||||||
Web Hosting/Design — 0.1% |
| |||||||
VeriSign, Inc.† | 19,485 | 4,267,410 | ||||||
Web Portals/ISP — 3.3% |
| |||||||
Alphabet, Inc., Class A† | 56,506 | 81,002,481 | ||||||
Alphabet, Inc., Class C† | 56,367 | 80,543,934 | ||||||
161,546,415 | ||||||||
Wireless Equipment — 0.1% |
| |||||||
Motorola Solutions, Inc. | 32,312 | 4,372,783 | ||||||
Total Long-Term Investment Securities | 4,772,473,021 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.4% |
| |||||||
Registered Investment Companies — 0.2% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 10,876,977 | 10,876,977 | ||||||
227 |
Table of Contents
VALIC Company I Stock Index Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Principal Amount | Value (Note 2) | ||||||
SHORT-TERM INVESTMENT SECURITIES (continued) |
| |||||||
U.S. Government Treasuries — 0.2% |
| |||||||
United States Treasury Bills | $ | 2,200,000 | $ | 2,197,061 | ||||
0.16% due 04/22/2021(4) | 3,700,000 | 3,693,862 | ||||||
0.21% due 10/08/2020(4) | 1,500,000 | 1,499,127 | ||||||
7,390,050 | ||||||||
Total Short-Term Investment Securities | ||||||||
(cost $18,269,533) | 18,267,027 | |||||||
REPURCHASE AGREEMENTS — 0.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $42,750,000 and collateralized by $40,610,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $43,609,820. | 42,750,000 | 42,750,000 | ||||||
TOTAL INVESTMENTS | ||||||||
(cost $2,242,955,345)(5) | 100.2 | % | 4,833,490,048 | |||||
Liabilities in excess of other assets | (0.2 | ) | (8,300,185 | ) | ||||
NET ASSETS | 100.0 | % | $ | 4,825,189,863 | ||||
# | 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 May 31, 2020. |
(3) | At May 31, 2020, the Fund had loaned securities with a total value of $20,194,803. This was secured by collateral of $10,876,977, which was received in cash and subsequently invested in short-term investments currently valued at $10,876,977 as reported in the Portfolio of Investments. Additional collateral of $9,957,090 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. |
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 808,496 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 1,414,182 | |||||
Government National Mtg. Assoc. | 2.50% to 2.50% | 09/20/2046 | 105,644 | |||||
United States Treasury Bills | 0.00% | 08/13/2020 | 45,350 | |||||
United States Treasury Notes/Bonds | zero coupon to 8.75% | 06/15/2020 to 11/15/2049 | 7,583,418 |
(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) | ||||||||||||||||
390 | Long | S&P 500 E-Mini Index | June 2020 | $ | 53,731,029 | $ | 59,319,000 | $ | 5,587,971 | |||||||||||||
* | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 4,772,473,021 | $ | — | $ | — | $ | 4,772,473,021 | ||||||||
Short-Term Investment Securities: | ||||||||||||||||
Registered Investment Companies | 10,876,977 | — | — | 10,876,977 | ||||||||||||
U.S. Government Treasuries | — | 7,390,050 | — | 7,390,050 | ||||||||||||
Repurchase Agreements | — | 42,750,000 | — | 42,750,000 | ||||||||||||
Total Investments at Value | $ | 4,783,349,998 | $ | 50,140,050 | $ | — | $ | 4,833,490,048 | ||||||||
Other Financial Instruments:† | ||||||||||||||||
Futures Contracts | $ | 5,587,971 | $ | — | $ | — | $ | 5,587,971 | ||||||||
* | 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
228 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Applications Software | 5.8 | % | ||
Medical — Drugs | 4.3 | |||
Computers | 4.1 | |||
E-Commerce/Products | 3.4 | |||
Electronic Components — Semiconductors | 3.2 | |||
Real Estate Investment Trusts | 3.1 | |||
Web Portals/ISP | 2.5 | |||
Medical — Biomedical/Gene | 2.5 | |||
Finance — Credit Card | 2.1 | |||
Internet Content — Entertainment | 2.0 | |||
Commercial Services — Finance | 2.0 | |||
Insurance — Property/Casualty | 1.8 | |||
Electric — Integrated | 1.8 | |||
Computer Services | 1.7 | |||
Retail — Discount | 1.7 | |||
Medical Products | 1.6 | |||
Medical — HMO | 1.5 | |||
Telephone — Integrated | 1.4 | |||
Diversified Banking Institutions | 1.4 | |||
Enterprise Software/Service | 1.3 | |||
Cosmetics & Toiletries | 1.3 | |||
Beverages — Non-alcoholic | 1.1 | |||
Retail — Building Products | 1.1 | |||
Distribution/Wholesale | 1.1 | |||
Medical Instruments | 0.9 | |||
Food — Misc./Diversified | 0.9 | |||
Cable/Satellite TV | 0.9 | |||
Computer Software | 0.9 | |||
Retail — Apparel/Shoe | 0.8 | |||
Data Processing/Management | 0.8 | |||
Retail — Restaurants | 0.8 | |||
Apparel Manufacturers | 0.8 | |||
Diversified Manufacturing Operations | 0.8 | |||
Medical Labs & Testing Services | 0.7 | |||
Computer Aided Design | 0.7 | |||
Pharmacy Services | 0.7 | |||
Aerospace/Defense | 0.7 | |||
E-Commerce/Services | 0.6 | |||
Semiconductor Equipment | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Investment Management/Advisor Services | 0.6 | |||
Networking Products | 0.6 | |||
Electronic Forms | 0.6 | |||
Diagnostic Equipment | 0.6 | |||
Insurance Brokers | 0.5 | |||
Semiconductor Components — Integrated Circuits | 0.5 | |||
Airlines | 0.5 | |||
Independent Power Producers | 0.5 | |||
Medical — Wholesale Drug Distribution | 0.5 | |||
Retail — Regional Department Stores | 0.5 | |||
Insurance — Life/Health | 0.4 | |||
Retail — Auto Parts | 0.4 | |||
Banks — Commercial | 0.4 | |||
Entertainment Software | 0.4 | |||
Electronic Measurement Instruments | 0.4 | |||
Chemicals — Specialty | 0.4 | |||
Oil Companies — Integrated | 0.4 | |||
Tobacco | 0.4 | |||
Consumer Products — Misc. | 0.4 | |||
Electronic Parts Distribution | 0.4 | |||
Food — Retail | 0.4 | |||
Finance — Other Services | 0.4 | |||
Oil Refining & Marketing | 0.4 | |||
Multimedia | 0.4 | |||
Food — Confectionery | 0.4 | |||
Athletic Footwear | 0.4 | |||
Exchange — Traded Funds | 0.4 | |||
Commercial Services | 0.4 | |||
Insurance — Multi-line | 0.4 |
Broadcast Services/Program | 0.3 | |||
Food — Wholesale/Distribution | 0.3 | |||
Medical — Generic Drugs | 0.3 | |||
Finance — Investment Banker/Broker | 0.3 | |||
Building — Residential/Commercial | 0.3 | |||
Chemicals — Diversified | 0.3 | |||
Transport — Truck | 0.3 | |||
Retail — Major Department Stores | 0.3 | |||
Retail — Automobile | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Industrial Gases | 0.3 | |||
Motion Pictures & Services | 0.3 | |||
Auto — Cars/Light Trucks | 0.3 | |||
Banks — Super Regional | 0.3 | |||
Television | 0.3 | |||
Internet Security | 0.3 | |||
Machinery — General Industrial | 0.3 | |||
Transport — Rail | 0.3 | |||
Transport — Services | 0.3 | |||
Human Resources | 0.3 | |||
Retail — Catalog Shopping | 0.3 | |||
Diagnostic Kits | 0.3 | |||
Coatings/Paint | 0.3 | |||
Drug Delivery Systems | 0.3 | |||
Gas — Distribution | 0.2 | |||
Steel — Producers | 0.2 | |||
Building Products — Air & Heating | 0.2 | |||
Instruments — Controls | 0.2 | |||
Consulting Services | 0.2 | |||
Brewery | 0.2 | |||
Electronic Components — Misc. | 0.2 | |||
Computer Data Security | 0.2 | |||
Publishing — Newspapers | 0.2 | |||
Radio | 0.2 | |||
Retail — Drug Store | 0.2 | |||
Machinery — Pumps | 0.2 | |||
Wireless Equipment | 0.2 | |||
Medical Information Systems | 0.2 | |||
Containers — Paper/Plastic | 0.2 | |||
Dental Supplies & Equipment | 0.2 | |||
Web Hosting/Design | 0.2 | |||
Oil Companies — Exploration & Production | 0.2 | |||
Aerospace/Defense — Equipment | 0.2 | |||
Internet Application Software | 0.2 | |||
Finance — Auto Loans | 0.2 | |||
Hotels/Motels | 0.2 | |||
Computers — Memory Devices | 0.2 | |||
Gambling (Non-Hotel) | 0.2 | |||
Engineering/R&D Services | 0.2 | |||
Building & Construction Products — Misc. | 0.2 | |||
Casino Hotels | 0.2 | |||
Electric — Distribution | 0.2 | |||
Advertising Agencies | 0.2 | |||
Medical — Hospitals | 0.2 | |||
Instruments — Scientific | 0.2 | |||
Non-Hazardous Waste Disposal | 0.2 | |||
Food — Meat Products | 0.2 | |||
Insurance — Reinsurance | 0.2 | |||
Beverages — Wine/Spirits | 0.2 | |||
Schools | 0.2 | |||
Cruise Lines | 0.2 | |||
Vitamins & Nutrition Products | 0.2 | |||
Machinery — Farming | 0.2 | |||
Real Estate Management/Services | 0.1 | |||
Retail — Consumer Electronics | 0.1 | |||
Multilevel Direct Selling | 0.1 | |||
Electric Products — Misc. | 0.1 | |||
Building — Maintenance & Services | 0.1 | |||
Garden Products | 0.1 |
229 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)
Industry Allocation* (continued)
Cellular Telecom | 0.1 | % | ||
Dialysis Centers | 0.1 | |||
Oil — Field Services | 0.1 | |||
Paper & Related Products | 0.1 | |||
Machinery — Electrical | 0.1 | |||
Medical — Outpatient/Home Medical | 0.1 | |||
Retail — Gardening Products | 0.1 | |||
Gold Mining | 0.1 | |||
Containers — Metal/Glass | 0.1 | |||
Food — Baking | 0.1 | |||
Metal — Aluminum | 0.1 | |||
Communications Software | 0.1 | |||
Poultry | 0.1 | |||
Oil & Gas Drilling | 0.1 | |||
Respiratory Products | 0.1 | |||
Internet Infrastructure Software | 0.1 | |||
Retail — Convenience Store | 0.1 | |||
Savings & Loans/Thrifts | 0.1 | |||
Building & Construction — Misc. | 0.1 | |||
Telecommunication Equipment | 0.1 | |||
E-Services/Consulting | 0.1 | |||
Machinery — Construction & Mining | 0.1 | |||
Electronic Security Devices | 0.1 | |||
Retail — Home Furnishings | 0.1 | |||
Water | 0.1 | |||
Auto/Truck Parts & Equipment — Original | 0.1 | |||
Auto — Heavy Duty Trucks | 0.1 | |||
Office Automation & Equipment | 0.1 | |||
Building Products — Cement | 0.1 | |||
Industrial Automated/Robotic | 0.1 | |||
Building Products — Wood | 0.1 | |||
Internet Content — Information/News | 0.1 | |||
Lighting Products & Systems | 0.1 | |||
Retail — Perfume & Cosmetics | 0.1 | |||
Patient Monitoring Equipment | 0.1 | |||
Telecom Equipment — Fiber Optics | 0.1 | |||
Disposable Medical Products | 0.1 | |||
Home Furnishings | 0.1 | |||
Rubber — Tires | 0.1 | |||
Publishing — Books | 0.1 | |||
Machine Tools & Related Products | 0.1 | |||
Metal Processors & Fabrication | 0.1 | |||
Filtration/Separation Products | 0.1 | |||
Machinery — Thermal Process | 0.1 | |||
Therapeutics | 0.1 | |||
Audio/Video Products | 0.1 | |||
Agricultural Operations | 0.1 | |||
Computers — Integrated Systems | 0.1 | |||
Decision Support Software | 0.1 | |||
Software Tools | 0.1 | |||
Footwear & Related Apparel | 0.1 | |||
Satellite Telecom | 0.1 | |||
Theaters | 0.1 | |||
Electronic Connectors | 0.1 | |||
Telecom Services | 0.1 | |||
Pipelines | 0.1 | |||
Rental Auto/Equipment | 0.1 | |||
Banks — Fiduciary | 0.1 | |||
Protection/Safety | 0.1 | |||
Funeral Services & Related Items | 0.1 | |||
100.6% | ||||
* | Calculated as a percentage of net assets |
230 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 99.6% |
| |||||||
Advertising Agencies — 0.2% |
| |||||||
Interpublic Group of Cos., Inc. | 7,331 | $ | 125,433 | |||||
Omnicom Group, Inc. | 1,539 | 84,322 | ||||||
209,755 | ||||||||
Advertising Services — 0.0% |
| |||||||
Trade Desk, Inc., Class A† | 111 | 34,583 | ||||||
Aerospace/Defense — 0.7% |
| |||||||
General Dynamics Corp. | 374 | 54,915 | ||||||
Lockheed Martin Corp. | 523 | 203,154 | ||||||
Northrop Grumman Corp. | 376 | 126,035 | ||||||
Raytheon Technologies Corp. | 2,787 | 179,817 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 6,721 | 145,644 | ||||||
Teledyne Technologies, Inc.† | 178 | 66,593 | ||||||
TransDigm Group, Inc. | 70 | 29,738 | ||||||
805,896 | ||||||||
Aerospace/Defense - Equipment — 0.2% |
| |||||||
HEICO Corp., Class A | 647 | 54,315 | ||||||
Hexcel Corp. | 1,070 | 38,723 | ||||||
Howmet Aerospace Inc Common Stock | 1,997 | 26,121 | ||||||
L3Harris Technologies, Inc. | 584 | 116,479 | ||||||
235,638 | ||||||||
Agricultural Biotech — 0.0% |
| |||||||
Corteva, Inc. | 865 | 23,623 | ||||||
Agricultural Chemicals — 0.0% |
| |||||||
CF Industries Holdings, Inc. | 789 | 23,173 | ||||||
Agricultural Operations — 0.1% |
| |||||||
Archer-Daniels-Midland Co. | 1,370 | 53,855 | ||||||
Bunge, Ltd. | 745 | 29,070 | ||||||
82,925 | ||||||||
Airlines — 0.5% |
| |||||||
Alaska Air Group, Inc. | 3,574 | 122,195 | ||||||
Copa Holdings SA, Class A | 1,222 | 53,597 | ||||||
Delta Air Lines, Inc. | 3,140 | 79,159 | ||||||
JetBlue Airways Corp.† | 12,787 | 128,765 | ||||||
Southwest Airlines Co. | 2,622 | 84,166 | ||||||
United Airlines Holdings, Inc.† | 4,641 | 130,134 | ||||||
598,016 | ||||||||
Apparel Manufacturers — 0.8% |
| |||||||
Capri Holdings, Ltd.† | 8,770 | 131,901 | ||||||
Carter’s, Inc.# | 1,381 | 118,642 | ||||||
Columbia Sportswear Co. | 1,419 | 103,672 | ||||||
Hanesbrands, Inc.# | 4,231 | 41,718 | ||||||
PVH Corp. | 2,866 | 130,317 | ||||||
Ralph Lauren Corp. | 1,167 | 88,120 | ||||||
Tapestry, Inc. | 4,828 | 65,661 | ||||||
Under Armour, Inc., Class A† | 7,859 | 68,766 | ||||||
Under Armour, Inc., Class C† | 8,803 | 69,191 | ||||||
VF Corp. | 2,408 | 135,089 | ||||||
953,077 | ||||||||
Applications Software — 5.8% |
| |||||||
CDK Global, Inc. | 2,984 | 117,301 | ||||||
Cerence, Inc.† | 10,069 | 301,164 | ||||||
Elastic NV† | 366 | 31,447 | ||||||
HubSpot, Inc.† | 314 | 62,781 | ||||||
Intuit, Inc. | 1,197 | 347,513 | ||||||
Medallia, Inc.† | 1,809 | 51,158 | ||||||
Microsoft Corp. | 28,221 | 5,171,498 | ||||||
Nuance Communications, Inc.† | 5,549 | 126,961 | ||||||
PTC, Inc.† | 443 | 33,836 |
Security Description | Shares | Value (Note 2) | ||||||
Applications Software (continued) |
| |||||||
RealPage, Inc.† | 633 | $ | 42,930 | |||||
salesforce.com, Inc.† | 2,499 | 436,800 | ||||||
ServiceNow, Inc.† | 849 | 329,353 | ||||||
Smartsheet, Inc., Class A† | 448 | 25,832 | ||||||
7,078,574 | ||||||||
Athletic Footwear — 0.4% |
| |||||||
NIKE, Inc., Class B | 4,657 | 459,087 | ||||||
Audio/Video Products — 0.1% |
| |||||||
Dolby Laboratories, Inc., Class A | 1,388 | 84,293 | ||||||
Auto - Cars/Light Trucks — 0.3% |
| |||||||
Ford Motor Co. | 22,744 | 129,868 | ||||||
General Motors Co. | 1,021 | 26,424 | ||||||
Tesla, Inc.† | 225 | 187,875 | ||||||
344,167 | ||||||||
Auto - Heavy Duty Trucks — 0.1% |
| |||||||
Cummins, Inc. | 449 | 76,151 | ||||||
PACCAR, Inc. | 640 | 47,270 | ||||||
123,421 | ||||||||
Auto/Truck Parts & Equipment - Original — 0.1% |
| |||||||
Allison Transmission Holdings, Inc. | 848 | 31,986 | ||||||
Aptiv PLC | 362 | 27,277 | ||||||
BorgWarner, Inc. | 824 | 26,492 | ||||||
Lear Corp. | 363 | 38,496 | ||||||
124,251 | ||||||||
Banks - Commercial — 0.4% |
| |||||||
Associated Banc-Corp | 1,811 | 25,372 | ||||||
Bank of Hawaii Corp. | 360 | 23,159 | ||||||
BankUnited, Inc. | 1,766 | 32,636 | ||||||
Citizens Financial Group, Inc. | 2,182 | 52,586 | ||||||
Commerce Bancshares, Inc.# | 466 | 29,698 | ||||||
First Citizens BancShares, Inc., Class A | 87 | 33,495 | ||||||
First Hawaiian, Inc. | 1,600 | 27,600 | ||||||
First Horizon National Corp. | 2,766 | 25,862 | ||||||
First Republic Bank | 304 | 32,884 | ||||||
FNB Corp. | 3,063 | 22,697 | ||||||
M&T Bank Corp. | 212 | 22,400 | ||||||
Popular, Inc. | 1,430 | 56,471 | ||||||
Regions Financial Corp. | 2,331 | 26,363 | ||||||
Synovus Financial Corp. | 2,583 | 49,568 | ||||||
Truist Financial Corp. | 789 | 29,019 | ||||||
Wintrust Financial Corp. | 822 | 34,820 | ||||||
524,630 | ||||||||
Banks - Fiduciary — 0.1% |
| |||||||
Bank of New York Mellon Corp. | 1,264 | 46,983 | ||||||
Northern Trust Corp. | 290 | 22,913 | ||||||
69,896 | ||||||||
Banks - Super Regional — 0.3% |
| |||||||
Comerica, Inc. | 946 | 34,387 | ||||||
Fifth Third Bancorp | 1,303 | 25,265 | ||||||
Huntington Bancshares, Inc. | 2,773 | 24,652 | ||||||
KeyCorp | 2,066 | 24,482 | ||||||
PNC Financial Services Group, Inc. | 268 | 30,563 | ||||||
US Bancorp | 1,110 | 39,472 | ||||||
Wells Fargo & Co. | 6,243 | 165,252 | ||||||
344,073 | ||||||||
Beverages - Non-alcoholic — 1.1% |
| |||||||
Coca-Cola Co. | 9,999 | 466,753 | ||||||
Keurig Dr Pepper, Inc.# | 2,428 | 67,790 |
231 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Beverages - Non-alcoholic (continued) |
| |||||||
Monster Beverage Corp.† | 2,899 | $ | 208,467 | |||||
PepsiCo, Inc. | 5,033 | 662,091 | ||||||
1,405,101 | ||||||||
Beverages - Wine/Spirits — 0.2% |
| |||||||
Brown-Forman Corp., Class A | 1,225 | 72,704 | ||||||
Brown-Forman Corp., Class B | 1,813 | 119,531 | ||||||
192,235 | ||||||||
Brewery — 0.2% |
| |||||||
Constellation Brands, Inc., Class A | 540 | 93,258 | ||||||
Molson Coors Beverage Co., Class B | 5,091 | 193,254 | ||||||
286,512 | ||||||||
Broadcast Services/Program — 0.3% |
| |||||||
Discovery, Inc., Class C† | 6,080 | 119,107 | ||||||
Fox Corp., Class A | 3,771 | 110,000 | ||||||
Fox Corp., Class B | 3,543 | 101,968 | ||||||
Liberty Media Corp. - Liberty Formula One, Series A† | 843 | 28,510 | ||||||
Liberty Media Corp. - Liberty Formula One, Series C† | 799 | 27,686 | ||||||
Madison Square Garden Entertainment Corp.† | 458 | 36,287 | ||||||
423,558 | ||||||||
Building & Construction Products - Misc. — 0.2% |
| |||||||
Armstrong World Industries, Inc. | 471 | 35,509 | ||||||
Fortune Brands Home & Security, Inc. | 502 | 30,602 | ||||||
Owens Corning | 2,796 | 146,790 | ||||||
212,901 | ||||||||
Building & Construction - Misc. — 0.1% |
| |||||||
Frontdoor, Inc.† | 2,982 | 136,128 | ||||||
Building Products - Air & Heating — 0.2% |
| |||||||
Carrier Global Corp.† | 6,239 | 127,712 | ||||||
Johnson Controls International PLC | 1,402 | 44,037 | ||||||
Lennox International, Inc. | 603 | 128,946 | ||||||
300,695 | ||||||||
Building Products - Cement — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 247 | 47,446 | ||||||
MDU Resources Group, Inc. | 2,339 | 50,897 | ||||||
Vulcan Materials Co. | 217 | 23,505 | ||||||
121,848 | ||||||||
Building Products - Wood — 0.1% |
| |||||||
Masco Corp. | 2,524 | 117,745 | ||||||
Building - Maintenance & Services — 0.1% |
| |||||||
Rollins, Inc. | 3,533 | 147,680 | ||||||
ServiceMaster Global Holdings, Inc.† | 778 | 25,596 | ||||||
173,276 | ||||||||
Building - Residential/Commercial — 0.3% |
| |||||||
D.R. Horton, Inc. | 930 | 51,429 | ||||||
Lennar Corp., Class A | 1,628 | 98,429 | ||||||
Lennar Corp., Class B | 1,438 | 64,538 | ||||||
NVR, Inc.† | 18 | 57,989 | ||||||
PulteGroup, Inc. | 1,429 | 48,543 | ||||||
Toll Brothers, Inc. | 2,191 | 70,791 | ||||||
391,719 | ||||||||
Cable/Satellite TV — 0.9% |
| |||||||
Cable One, Inc. | 45 | 84,910 | ||||||
Charter Communications, Inc., Class A† | 397 | 215,968 | ||||||
Comcast Corp., Class A | 12,525 | 495,990 | ||||||
Liberty Broadband Corp., Class A† | 644 | 86,740 | ||||||
Liberty Broadband Corp., Class C† | 764 | 104,378 |
Security Description | Shares | Value (Note 2) | ||||||
Cable/Satellite TV (continued) |
| |||||||
Sirius XM Holdings, Inc. | 19,866 | $ | 115,620 | |||||
1,103,606 | ||||||||
Casino Hotels — 0.2% |
| |||||||
Las Vegas Sands Corp. | 956 | 45,830 | ||||||
MGM Resorts International | 9,616 | 165,203 | ||||||
211,033 | ||||||||
Cellular Telecom — 0.1% |
| |||||||
T-Mobile US, Inc.† | 1,406 | 140,656 | ||||||
United States Cellular Corp.† | 697 | 21,963 | ||||||
162,619 | ||||||||
Chemicals - Diversified — 0.3% |
| |||||||
Celanese Corp. | 282 | 25,355 | ||||||
Dow, Inc. | 1,156 | 44,622 | ||||||
DuPont de Nemours, Inc. | 533 | 27,039 | ||||||
Eastman Chemical Co. | 535 | 36,423 | ||||||
FMC Corp. | 352 | 34,640 | ||||||
Huntsman Corp. | 4,105 | 74,506 | ||||||
Olin Corp. | 1,582 | 19,031 | ||||||
PPG Industries, Inc. | 753 | 76,557 | ||||||
Westlake Chemical Corp. | 916 | 43,693 | ||||||
381,866 | ||||||||
Chemicals - Specialty — 0.4% |
| |||||||
Ashland Global Holdings, Inc. | 395 | 26,528 | ||||||
Cabot Corp. | 1,324 | 47,293 | ||||||
Ecolab, Inc. | 681 | 144,767 | ||||||
International Flavors & Fragrances, Inc. | 283 | 37,693 | ||||||
NewMarket Corp. | 136 | 59,314 | ||||||
Univar Solutions, Inc.† | 9,013 | 139,341 | ||||||
Valvoline, Inc. | 1,973 | 36,205 | ||||||
W.R. Grace & Co. | 546 | 28,501 | ||||||
519,642 | ||||||||
Coatings/Paint — 0.3% |
| |||||||
RPM International, Inc. | 1,393 | 104,169 | ||||||
Sherwin-Williams Co. | 360 | 213,786 | ||||||
317,955 | ||||||||
Commercial Services — 0.4% |
| |||||||
Cintas Corp. | 668 | 165,637 | ||||||
CoreLogic, Inc. | 616 | 30,529 | ||||||
CoStar Group, Inc.† | 138 | 90,638 | ||||||
Morningstar, Inc. | 302 | 46,303 | ||||||
Nielsen Holdings PLC | 3,422 | 47,532 | ||||||
Quanta Services, Inc. | 1,698 | 62,707 | ||||||
443,346 | ||||||||
Commercial Services - Finance — 2.0% |
| |||||||
Automatic Data Processing, Inc. | 747 | 109,428 | ||||||
Avalara, Inc.† | 320 | 34,259 | ||||||
Equifax, Inc. | 495 | 76,012 | ||||||
Euronet Worldwide, Inc.† | 1,257 | 119,076 | ||||||
FleetCor Technologies, Inc.† | 265 | 64,604 | ||||||
Global Payments, Inc. | 708 | 127,079 | ||||||
H&R Block, Inc. | 3,926 | 66,742 | ||||||
IHS Markit, Ltd. | 1,175 | 81,615 | ||||||
MarketAxess Holdings, Inc. | 276 | 140,371 | ||||||
Moody’s Corp. | 1,025 | 274,095 | ||||||
PayPal Holdings, Inc.† | 2,625 | 406,901 | ||||||
S&P Global, Inc. | 1,193 | 387,749 | ||||||
Sabre Corp. | 33,183 | 231,286 | ||||||
Square, Inc., Class A† | 1,483 | 120,242 | ||||||
TransUnion | 854 | 73,692 |
232 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Commercial Services - Finance (continued) |
| |||||||
WEX, Inc.† | 811 | $ | 120,093 | |||||
2,433,244 | ||||||||
Communications Software — 0.1% |
| |||||||
RingCentral, Inc., Class A†# | 520 | 142,610 | ||||||
Computer Aided Design — 0.7% |
| |||||||
ANSYS, Inc.† | 348 | 98,484 | ||||||
Aspen Technology, Inc.† | 1,122 | 118,528 | ||||||
Autodesk, Inc.† | 1,046 | 220,058 | ||||||
Cadence Design Systems, Inc.† | 2,287 | 208,780 | ||||||
Synopsys, Inc.† | 936 | 169,332 | ||||||
815,182 | ||||||||
Computer Data Security — 0.2% |
| |||||||
Fortinet, Inc.† | 1,246 | 173,443 | ||||||
Zscaler, Inc.†# | 1,131 | 110,940 | ||||||
284,383 | ||||||||
Computer Services — 1.7% |
| |||||||
Accenture PLC, Class A | 2,757 | 555,866 | ||||||
Amdocs, Ltd. | 2,170 | 135,104 | ||||||
CACI International, Inc., Class A† | 749 | 187,834 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,490 | 184,970 | ||||||
DXC Technology Co. | 16,277 | 231,296 | ||||||
EPAM Systems, Inc.† | 309 | 71,268 | ||||||
Genpact, Ltd. | 2,884 | 103,680 | ||||||
International Business Machines Corp. | 3,227 | 403,052 | ||||||
Leidos Holdings, Inc. | 1,502 | 158,146 | ||||||
2,031,216 | ||||||||
Computer Software — 0.9% |
| |||||||
Akamai Technologies, Inc.† | 938 | 99,240 | ||||||
Bill.com Holdings, Inc.†# | 808 | 56,269 | ||||||
Citrix Systems, Inc. | 1,416 | 209,738 | ||||||
Dropbox, Inc., Class A† | 4,797 | 108,268 | ||||||
Dynatrace, Inc.† | 1,551 | 59,667 | ||||||
MongoDB, Inc.†# | 139 | 32,263 | ||||||
Nutanix, Inc., Class A† | 4,707 | 113,251 | ||||||
Splunk, Inc.† | 604 | 112,247 | ||||||
SS&C Technologies Holdings, Inc. | 2,049 | 118,627 | ||||||
Teradata Corp.† | 4,994 | 106,922 | ||||||
Twilio, Inc., Class A† | 231 | 45,646 | ||||||
1,062,138 | ||||||||
Computers — 4.1% |
| |||||||
Apple, Inc. | 15,241 | 4,845,723 | ||||||
Dell Technologies, Inc., Class C† | 1,129 | 56,044 | ||||||
Hewlett Packard Enterprise Co. | 3,196 | 31,033 | ||||||
HP, Inc. | 7,748 | 117,305 | ||||||
5,050,105 | ||||||||
Computers - Integrated Systems — 0.1% |
| |||||||
NCR Corp.† | 4,556 | 82,236 | ||||||
Computers - Memory Devices — 0.2% |
| |||||||
NetApp, Inc. | 2,332 | 103,867 | ||||||
Pure Storage, Inc., Class A† | 5,355 | 94,302 | ||||||
Western Digital Corp. | 648 | 28,752 | ||||||
226,921 | ||||||||
Consulting Services — 0.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,469 | 117,167 | ||||||
Gartner, Inc.† | 609 | 74,115 | ||||||
Verisk Analytics, Inc. | 611 | 105,508 | ||||||
296,790 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Consumer Products - Misc. — 0.4% |
| |||||||
Clorox Co. | 1,026 | $ | 211,613 | |||||
Kimberly-Clark Corp. | 1,720 | 243,277 | ||||||
Reynolds Consumer Products, Inc. | 1,091 | 36,428 | ||||||
491,318 | ||||||||
Containers - Metal/Glass — 0.1% |
| |||||||
Ball Corp. | 1,036 | 73,825 | ||||||
Crown Holdings, Inc.† | 578 | 37,819 | ||||||
Silgan Holdings, Inc. | 991 | 33,139 | ||||||
144,783 | ||||||||
Containers - Paper/Plastic — 0.2% |
| |||||||
Ardagh Group SA | 1,758 | 21,166 | ||||||
Berry Global Group, Inc.† | 1,337 | 60,045 | ||||||
Graphic Packaging Holding Co. | 3,125 | 45,219 | ||||||
Packaging Corp. of America | 306 | 31,031 | ||||||
Sonoco Products Co. | 468 | 24,247 | ||||||
WestRock Co. | 2,367 | 66,418 | ||||||
248,126 | ||||||||
Cosmetics & Toiletries — 1.3% |
| |||||||
Colgate-Palmolive Co. | 3,918 | 283,389 | ||||||
Coty, Inc., Class A | 16,628 | 60,360 | ||||||
Estee Lauder Cos., Inc., Class A | 1,433 | 282,974 | ||||||
Procter & Gamble Co. | 8,280 | 959,818 | ||||||
1,586,541 | ||||||||
Cruise Lines — 0.2% |
| |||||||
Norwegian Cruise Line Holdings, Ltd.†# | 11,839 | 185,399 | ||||||
Data Processing/Management — 0.8% |
| |||||||
Broadridge Financial Solutions, Inc. | 458 | 55,464 | ||||||
DocuSign, Inc.† | 1,077 | 150,500 | ||||||
Fair Isaac Corp.† | 391 | 157,436 | ||||||
Fidelity National Information Services, Inc. | 1,660 | 230,458 | ||||||
Fiserv, Inc.† | 2,014 | 215,035 | ||||||
Jack Henry & Associates, Inc. | 682 | 123,346 | ||||||
Paychex, Inc. | 734 | 53,054 | ||||||
985,293 | ||||||||
Decision Support Software — 0.1% |
| |||||||
MSCI, Inc. | 242 | 79,582 | ||||||
Dental Supplies & Equipment — 0.2% |
| |||||||
Align Technology, Inc.† | 635 | 155,969 | ||||||
DENTSPLY SIRONA, Inc. | 1,920 | 89,318 | ||||||
245,287 | ||||||||
Diagnostic Equipment — 0.6% |
| |||||||
Adaptive Biotechnologies Corp.† | 1,419 | 54,915 | ||||||
Danaher Corp. | 1,387 | 231,088 | ||||||
Thermo Fisher Scientific, Inc. | 1,134 | 395,982 | ||||||
681,985 | ||||||||
Diagnostic Kits — 0.3% |
| |||||||
IDEXX Laboratories, Inc.† | 807 | 249,266 | ||||||
QIAGEN NV† | 1,608 | 70,414 | ||||||
319,680 | ||||||||
Dialysis Centers — 0.1% |
| |||||||
DaVita, Inc.† | 1,962 | 158,844 | ||||||
Disposable Medical Products — 0.1% |
| |||||||
ICU Medical, Inc.† | 166 | 33,137 | ||||||
Teleflex, Inc. | 205 | 74,386 | ||||||
107,523 | ||||||||
233 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Distribution/Wholesale — 1.1% |
| |||||||
Copart, Inc.† | 1,194 | $ | 106,732 | |||||
Fastenal Co. | 4,055 | 167,309 | ||||||
HD Supply Holdings, Inc.† | 3,909 | 123,954 | ||||||
IAA, Inc.† | 857 | 35,137 | ||||||
KAR Auction Services, Inc. | 5,846 | 83,890 | ||||||
LKQ Corp.† | 6,075 | 166,820 | ||||||
Pool Corp. | 731 | 196,654 | ||||||
Watsco, Inc. | 689 | 122,580 | ||||||
WESCO International, Inc.† | 6,677 | 222,344 | ||||||
WW Grainger, Inc. | 536 | 165,956 | ||||||
1,391,376 | ||||||||
Diversified Banking Institutions — 1.4% |
| |||||||
Bank of America Corp. | 17,553 | 423,378 | ||||||
Citigroup, Inc. | 4,744 | 227,285 | ||||||
JPMorgan Chase & Co. | 9,938 | 967,067 | ||||||
Morgan Stanley | 1,833 | 81,019 | ||||||
1,698,749 | ||||||||
Diversified Manufacturing Operations — 0.8% |
| |||||||
3M Co. | 1,208 | 188,979 | ||||||
A.O. Smith Corp. | 1,890 | 89,775 | ||||||
Carlisle Cos., Inc. | 209 | 25,051 | ||||||
Eaton Corp. PLC | 860 | 73,014 | ||||||
General Electric Co. | 18,413 | 120,973 | ||||||
Illinois Tool Works, Inc. | 1,227 | 211,608 | ||||||
ITT, Inc. | 448 | 25,850 | ||||||
Parker-Hannifin Corp. | 166 | 29,875 | ||||||
Textron, Inc. | 3,291 | 101,922 | ||||||
Trane Technologies PLC | 812 | 73,251 | ||||||
940,298 | ||||||||
Drug Delivery Systems — 0.3% |
| |||||||
Becton Dickinson and Co. | 610 | 150,627 | ||||||
DexCom, Inc.† | 431 | 163,052 | ||||||
313,679 | ||||||||
E-Commerce/Products — 3.4% |
| |||||||
Amazon.com, Inc.† | 1,547 | 3,778,346 | ||||||
eBay, Inc. | 3,778 | 172,050 | ||||||
Etsy, Inc.† | 463 | 37,494 | ||||||
Wayfair, Inc., Class A†# | 1,105 | 189,563 | ||||||
4,177,453 | ||||||||
E-Commerce/Services — 0.6% |
| |||||||
Booking Holdings, Inc.† | 156 | 255,750 | ||||||
Expedia Group, Inc. | 2,040 | 162,139 | ||||||
GrubHub, Inc.† | 522 | 29,618 | ||||||
Match Group, Inc.†# | 1,191 | 106,047 | ||||||
TripAdvisor, Inc. | 6,129 | 118,167 | ||||||
Uber Technologies, Inc.† | 881 | 31,998 | ||||||
Zillow Group, Inc., Class A† | 619 | 35,877 | ||||||
Zillow Group, Inc., Class C†# | 605 | 35,084 | ||||||
774,680 | ||||||||
E-Services/Consulting — 0.1% |
| |||||||
CDW Corp. | 1,187 | 131,650 | ||||||
Electric Products - Misc. — 0.1% |
| |||||||
AMETEK, Inc. | 697 | 63,922 | ||||||
Emerson Electric Co. | 1,373 | 83,781 | ||||||
Littelfuse, Inc. | 166 | 26,973 | ||||||
174,676 | ||||||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 1,496 | 26,599 |
Security Description | Shares | Value (Note 2) | ||||||
Electric - Distribution (continued) |
| |||||||
Consolidated Edison, Inc. | 1,177 | $ | 88,346 | |||||
Sempra Energy | 759 | 95,869 | ||||||
210,814 | ||||||||
Electric - Integrated — 1.8% |
| |||||||
AES Corp. | 2,397 | 29,939 | ||||||
Alliant Energy Corp. | 1,297 | 64,020 | ||||||
Ameren Corp. | 937 | 70,022 | ||||||
American Electric Power Co., Inc. | 1,306 | 111,336 | ||||||
Avangrid, Inc. | 615 | 27,355 | ||||||
CMS Energy Corp. | 1,249 | 73,166 | ||||||
Dominion Energy, Inc. | 1,773 | 150,723 | ||||||
DTE Energy Co. | 474 | 50,988 | ||||||
Duke Energy Corp. | 1,703 | 145,828 | ||||||
Edison International | 819 | 47,592 | ||||||
Entergy Corp. | 760 | 77,383 | ||||||
Evergy, Inc. | 1,445 | 89,142 | ||||||
Eversource Energy | 1,002 | 83,867 | ||||||
Exelon Corp. | 2,650 | 101,521 | ||||||
FirstEnergy Corp. | 1,741 | 73,575 | ||||||
Hawaiian Electric Industries, Inc. | 1,280 | 50,509 | ||||||
IDACORP, Inc. | 420 | 39,157 | ||||||
NextEra Energy, Inc. | 1,253 | 320,217 | ||||||
OGE Energy Corp. | 1,111 | 34,797 | ||||||
PG&E Corp.† | 4,515 | 53,548 | ||||||
Pinnacle West Capital Corp. | 415 | 32,328 | ||||||
PPL Corp. | 1,338 | 37,384 | ||||||
Public Service Enterprise Group, Inc. | 1,091 | 55,685 | ||||||
Southern Co. | 2,365 | 134,971 | ||||||
WEC Energy Group, Inc. | 1,047 | 96,041 | ||||||
Xcel Energy, Inc. | 1,671 | 108,665 | ||||||
2,159,759 | ||||||||
Electronic Components - Misc. — 0.2% |
| |||||||
Garmin, Ltd. | 826 | 74,481 | ||||||
Gentex Corp. | 2,689 | 71,097 | ||||||
Hubbell, Inc. | 260 | 31,829 | ||||||
Jabil, Inc. | 1,220 | 36,502 | ||||||
nVent Electric PLC | 1,274 | 23,352 | ||||||
Sensata Technologies Holding PLC† | 1,324 | 47,201 | ||||||
284,462 | ||||||||
Electronic Components - Semiconductors — 3.2% |
| |||||||
Advanced Micro Devices, Inc.† | 4,384 | 235,859 | ||||||
Broadcom, Inc. | 1,222 | 355,932 | ||||||
Intel Corp. | 18,329 | 1,153,444 | ||||||
Marvell Technology Group, Ltd. | 1,826 | 59,564 | ||||||
Microchip Technology, Inc. | 1,565 | 150,271 | ||||||
Micron Technology, Inc.† | 3,297 | 157,959 | ||||||
Monolithic Power Systems, Inc. | 277 | 58,101 | ||||||
NVIDIA Corp. | 2,047 | 726,726 | ||||||
ON Semiconductor Corp.† | 5,680 | 93,663 | ||||||
Qorvo, Inc.† | 1,614 | 169,051 | ||||||
Skyworks Solutions, Inc. | 1,170 | 138,692 | ||||||
Texas Instruments, Inc. | 3,823 | 453,943 | ||||||
Xilinx, Inc. | 1,257 | 115,581 | ||||||
3,868,786 | ||||||||
Electronic Connectors — 0.1% |
| |||||||
Amphenol Corp., Class A | 757 | 73,096 | ||||||
Electronic Forms — 0.6% |
| |||||||
Adobe, Inc.† | 1,783 | 689,308 | ||||||
Electronic Measurement Instruments — 0.4% |
| |||||||
Agilent Technologies, Inc. | 1,251 | 110,263 | ||||||
FLIR Systems, Inc. | 567 | 26,195 |
234 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Electronic Measurement Instruments (continued) |
| |||||||
Fortive Corp. | 463 | $ | 28,234 | |||||
Keysight Technologies, Inc.† | 1,159 | 125,323 | ||||||
National Instruments Corp. | 2,918 | 112,985 | ||||||
Roper Technologies, Inc. | 218 | 85,848 | ||||||
Trimble, Inc.† | 799 | 31,257 | ||||||
520,105 | ||||||||
Electronic Parts Distribution — 0.4% |
| |||||||
Arrow Electronics, Inc.† | 2,933 | 202,612 | ||||||
Avnet, Inc. | 3,306 | 90,055 | ||||||
SYNNEX Corp. | 1,811 | 193,143 | ||||||
485,810 | ||||||||
Electronic Security Devices — 0.1% |
| |||||||
Allegion PLC | 1,293 | 128,912 | ||||||
Energy - Alternate Sources — 0.0% |
| |||||||
First Solar, Inc.† | 579 | 26,993 | ||||||
Engineering/R&D Services — 0.2% |
| |||||||
AECOM† | 4,082 | 158,259 | ||||||
Jacobs Engineering Group, Inc. | 664 | 55,789 | ||||||
214,048 | ||||||||
Enterprise Software/Service — 1.3% |
| |||||||
Alteryx, Inc., Class A†# | 282 | 40,591 | ||||||
Atlassian Corp. PLC, Class A† | 697 | 129,154 | ||||||
Black Knight, Inc.† | 1,243 | 95,686 | ||||||
Ceridian HCM Holding, Inc.† | 537 | 36,983 | ||||||
Coupa Software, Inc.† | 228 | 51,872 | ||||||
Guidewire Software, Inc.† | 423 | 43,391 | ||||||
Manhattan Associates, Inc.† | 2,039 | 180,248 | ||||||
New Relic, Inc.† | 996 | 65,886 | ||||||
Oracle Corp. | 7,188 | 386,499 | ||||||
Paycom Software, Inc.† | 140 | 41,612 | ||||||
Pegasystems, Inc. | 1,847 | 175,687 | ||||||
SolarWinds Corp.† | 1,617 | 29,575 | ||||||
Tyler Technologies, Inc.† | 294 | 110,341 | ||||||
Veeva Systems, Inc., Class A† | 575 | 125,850 | ||||||
Workday, Inc., Class A† | 695 | 127,484 | ||||||
1,640,859 | ||||||||
Entertainment Software — 0.4% |
| |||||||
Activision Blizzard, Inc. | 2,219 | 159,724 | ||||||
Electronic Arts, Inc.† | 1,373 | 168,714 | ||||||
Take-Two Interactive Software, Inc.† | 729 | 99,268 | ||||||
Zynga, Inc., Class A† | 10,320 | 94,428 | ||||||
522,134 | ||||||||
Filtration/Separation Products — 0.1% |
| |||||||
Donaldson Co., Inc. | 1,912 | 90,724 | ||||||
Finance - Auto Loans — 0.2% |
| |||||||
Ally Financial, Inc. | 5,024 | 87,619 | ||||||
Credit Acceptance Corp.†# | 166 | 61,390 | ||||||
Santander Consumer USA Holdings, Inc. | 5,034 | 83,212 | ||||||
232,221 | ||||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Navient Corp. | 11,301 | 84,080 | ||||||
OneMain Holdings, Inc. | 4,886 | 113,990 | ||||||
Synchrony Financial | 7,322 | 149,149 | ||||||
347,219 | ||||||||
Finance - Credit Card — 2.1% |
| |||||||
Alliance Data Systems Corp. | 4,996 | 231,465 | ||||||
American Express Co. | 1,567 | 148,975 | ||||||
Capital One Financial Corp. | 872 | 59,331 |
Security Description | Shares | Value (Note 2) | ||||||
Finance - Credit Card (continued) |
| |||||||
Discover Financial Services | 2,638 | $ | 125,331 | |||||
Mastercard, Inc., Class A | 2,957 | 889,732 | ||||||
Visa, Inc., Class A | 5,238 | 1,022,667 | ||||||
Western Union Co. | 6,278 | 125,685 | ||||||
2,603,186 | ||||||||
Finance - Investment Banker/Broker — 0.3% |
| |||||||
Charles Schwab Corp. | 2,022 | 72,610 | ||||||
Evercore, Inc., Class A | 1,259 | 69,384 | ||||||
Interactive Brokers Group, Inc., Class A | 560 | 23,716 | ||||||
Jefferies Financial Group, Inc. | 7,436 | 108,937 | ||||||
Lazard, Ltd., Class A | 3,329 | 89,417 | ||||||
Virtu Financial, Inc., Class A | 1,302 | 31,053 | ||||||
395,117 | ||||||||
Finance - Other Services — 0.4% |
| |||||||
Cboe Global Markets, Inc. | 512 | 54,507 | ||||||
CME Group, Inc. | 782 | 142,793 | ||||||
Intercontinental Exchange, Inc. | 1,440 | 140,040 | ||||||
Nasdaq, Inc. | 510 | 60,415 | ||||||
SEI Investments Co. | 1,549 | 83,987 | ||||||
481,742 | ||||||||
Financial Guarantee Insurance — 0.0% |
| |||||||
MGIC Investment Corp. | 5,013 | 41,157 | ||||||
Food - Baking — 0.1% |
| |||||||
Flowers Foods, Inc. | 6,131 | 144,630 | ||||||
Food - Catering — 0.0% |
| |||||||
Aramark | 1,830 | 47,379 | ||||||
Food - Confectionery — 0.4% |
| |||||||
Hershey Co. | 1,190 | 161,459 | ||||||
J.M. Smucker Co. | 1,072 | 122,133 | ||||||
Mondelez International, Inc., Class A | 3,445 | 179,554 | ||||||
463,146 | ||||||||
Food - Flour & Grain — 0.0% |
| |||||||
Seaboard Corp. | 14 | 41,160 | ||||||
Food - Meat Products — 0.2% |
| |||||||
Hormel Foods Corp.# | 1,760 | 85,941 | ||||||
Tyson Foods, Inc., Class A | 1,930 | 118,579 | ||||||
204,520 | ||||||||
Food - Misc./Diversified — 0.9% |
| |||||||
Beyond Meat, Inc.† | 220 | 28,224 | ||||||
Campbell Soup Co. | 1,380 | 70,352 | ||||||
Conagra Brands, Inc. | 2,388 | 83,079 | ||||||
General Mills, Inc. | 2,408 | 151,800 | ||||||
Hain Celestial Group, Inc.† | 1,686 | 53,075 | ||||||
Ingredion, Inc. | 1,741 | 146,645 | ||||||
Kellogg Co. | 1,226 | 80,070 | ||||||
Kraft Heinz Co. | 3,231 | 98,449 | ||||||
Lamb Weston Holdings, Inc. | 868 | 52,132 | ||||||
McCormick & Co., Inc. | 375 | 65,685 | ||||||
Post Holdings, Inc.† | 1,268 | 110,392 | ||||||
TreeHouse Foods, Inc.† | 3,137 | 165,351 | ||||||
1,105,254 | ||||||||
Food - Retail — 0.4% |
| |||||||
Kroger Co. | 8,611 | 280,891 | ||||||
Sprouts Farmers Market, Inc.† | 7,995 | 200,914 | ||||||
481,805 | ||||||||
Food - Wholesale/Distribution — 0.3% |
| |||||||
Grocery Outlet Holding Corp.† | 1,353 | 49,804 |
235 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Food - Wholesale/Distribution (continued) |
| |||||||
Sysco Corp. | 2,376 | $ | 131,060 | |||||
US Foods Holding Corp.† | 11,507 | 220,244 | ||||||
401,108 | ||||||||
Footwear & Related Apparel — 0.1% |
| |||||||
Skechers U.S.A., Inc., Class A† | 2,414 | 75,606 | ||||||
Funeral Services & Related Items — 0.1% |
| |||||||
Service Corp. International | 1,545 | 60,919 | ||||||
Gambling (Non-Hotel) — 0.2% |
| |||||||
International Game Technology PLC | 25,673 | 216,423 | ||||||
Garden Products — 0.1% |
| |||||||
Scotts Miracle-Gro Co. | 292 | 41,630 | ||||||
Toro Co. | 1,798 | 127,784 | ||||||
169,414 | ||||||||
Gas - Distribution — 0.2% |
| |||||||
Atmos Energy Corp. | 487 | 50,054 | ||||||
National Fuel Gas Co. | 825 | 34,625 | ||||||
NiSource, Inc. | 1,838 | 43,800 | ||||||
UGI Corp. | 5,574 | 177,476 | ||||||
305,955 | ||||||||
Gold Mining — 0.1% |
| |||||||
Newmont Corp. | 2,112 | 123,489 | ||||||
Royal Gold, Inc. | 192 | 25,574 | ||||||
149,063 | ||||||||
Hazardous Waste Disposal — 0.0% |
| |||||||
Clean Harbors, Inc.† | 439 | 26,072 | ||||||
Home Decoration Products — 0.0% |
| |||||||
Newell Brands, Inc. | 1,744 | 22,934 | ||||||
Home Furnishings — 0.1% |
| |||||||
Tempur Sealy International, Inc.† | 1,634 | 106,586 | ||||||
Hotels/Motels — 0.2% |
| |||||||
Choice Hotels International, Inc. | 470 | 37,990 | ||||||
Extended Stay America, Inc. | 2,155 | 24,783 | ||||||
Hilton Grand Vacations, Inc.† | 1,197 | 25,783 | ||||||
Hilton Worldwide Holdings, Inc. | 810 | 64,241 | ||||||
Hyatt Hotels Corp., Class A | 412 | 22,697 | ||||||
Marriott International, Inc., Class A | 271 | 23,984 | ||||||
Wyndham Destinations, Inc. | 978 | 31,100 | ||||||
230,578 | ||||||||
Human Resources — 0.3% |
| |||||||
ManpowerGroup, Inc. | 1,878 | 129,845 | ||||||
Paylocity Holding Corp.† | 295 | 38,351 | ||||||
Robert Half International, Inc. | 3,104 | 157,497 | ||||||
325,693 | ||||||||
Independent Power Producers — 0.5% |
| |||||||
NRG Energy, Inc. | 6,654 | 239,877 | ||||||
Vistra Energy Corp. | 16,852 | 344,455 | ||||||
584,332 | ||||||||
Industrial Automated/Robotic — 0.1% |
| |||||||
Cognex Corp. | 460 | 26,100 | ||||||
Rockwell Automation, Inc. | 442 | 95,543 | ||||||
121,643 | ||||||||
Industrial Gases — 0.3% |
| |||||||
Air Products & Chemicals, Inc. | 529 | 127,833 | ||||||
Linde PLC | 1,084 | 219,336 | ||||||
347,169 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Instruments - Controls — 0.2% |
| |||||||
Honeywell International, Inc. | 667 | $ | 97,282 | |||||
Mettler-Toledo International, Inc.† | 252 | 200,340 | ||||||
297,622 | ||||||||
Instruments - Scientific — 0.2% |
| |||||||
PerkinElmer, Inc. | 557 | 55,962 | ||||||
Waters Corp.† | 750 | 149,887 | ||||||
205,849 | ||||||||
Insurance Brokers — 0.5% |
| |||||||
Aon PLC | 1,283 | 252,687 | ||||||
Arthur J. Gallagher & Co. | 1,007 | 94,940 | ||||||
Brown & Brown, Inc. | 2,050 | 82,410 | ||||||
Marsh & McLennan Cos., Inc. | 2,127 | 225,292 | ||||||
655,329 | ||||||||
Insurance - Life/Health — 0.4% |
| |||||||
Aflac, Inc. | 627 | 22,867 | ||||||
Athene Holding, Ltd., Class A† | 3,058 | 88,346 | ||||||
Globe Life, Inc. | 293 | 22,567 | ||||||
Lincoln National Corp. | 2,072 | 78,591 | ||||||
Primerica, Inc. | 293 | 33,296 | ||||||
Principal Financial Group, Inc. | 1,834 | 70,829 | ||||||
Prudential Financial, Inc. | 1,546 | 94,244 | ||||||
Unum Group | 4,802 | 72,750 | ||||||
Voya Financial, Inc. | 1,401 | 63,115 | ||||||
546,605 | ||||||||
Insurance - Multi-line — 0.4% |
| |||||||
Allstate Corp. | 1,439 | 140,749 | ||||||
American Financial Group, Inc. | 375 | 22,590 | ||||||
Chubb, Ltd. | 971 | 118,404 | ||||||
Cincinnati Financial Corp. | 774 | 45,627 | ||||||
CNA Financial Corp. | 809 | 24,456 | ||||||
Hartford Financial Services Group, Inc. | 953 | 36,490 | ||||||
Kemper Corp. | 335 | 21,239 | ||||||
Loews Corp. | 667 | 22,171 | ||||||
431,726 | ||||||||
Insurance - Property/Casualty — 1.8% |
| |||||||
Alleghany Corp. | 42 | 21,550 | ||||||
American National Insurance Co. | 1,274 | 95,741 | ||||||
Arch Capital Group, Ltd.† | 1,799 | 50,768 | ||||||
Assurant, Inc. | 573 | 58,778 | ||||||
Berkshire Hathaway, Inc., Class B† | 7,308 | 1,356,219 | ||||||
Erie Indemnity Co., Class A | 312 | 56,235 | ||||||
Fidelity National Financial, Inc. | 850 | 27,115 | ||||||
First American Financial Corp. | 1,039 | 52,459 | ||||||
Hanover Insurance Group, Inc. | 483 | 48,469 | ||||||
Markel Corp.† | 56 | 50,255 | ||||||
Mercury General Corp. | 646 | 25,989 | ||||||
Old Republic International Corp. | 1,481 | 23,089 | ||||||
Progressive Corp. | 2,650 | 205,852 | ||||||
Travelers Cos., Inc. | 637 | 68,146 | ||||||
White Mountains Insurance Group, Ltd. | 46 | 42,116 | ||||||
WR Berkley Corp. | 767 | 44,448 | ||||||
2,227,229 | ||||||||
Insurance - Reinsurance — 0.2% |
| |||||||
Axis Capital Holdings, Ltd. | 907 | 34,049 | ||||||
Everest Re Group, Ltd. | 258 | 51,190 | ||||||
Reinsurance Group of America, Inc. | 492 | 44,649 | ||||||
RenaissanceRe Holdings, Ltd. | 433 | 72,683 | ||||||
202,571 | ||||||||
236 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Internet Application Software — 0.2% |
| |||||||
Anaplan, Inc.† | 1,790 | $ | 82,197 | |||||
Okta, Inc.† | 406 | 79,406 | ||||||
Zendesk, Inc.† | 859 | 73,659 | ||||||
235,262 | ||||||||
Internet Brokers — 0.0% |
| |||||||
TD Ameritrade Holding Corp. | 607 | 22,623 | ||||||
Internet Content - Entertainment — 2.0% |
| |||||||
Facebook, Inc., Class A† | 8,910 | 2,005,552 | ||||||
Netflix, Inc.† | 980 | 411,335 | ||||||
Roku, Inc.† | 343 | 37,562 | ||||||
Twitter, Inc.† | 1,525 | 47,229 | ||||||
2,501,678 | ||||||||
Internet Content - Information/News — 0.1% |
| |||||||
Spotify Technology SA† | 650 | 117,604 | ||||||
Internet Infrastructure Software — 0.1% |
| |||||||
F5 Networks, Inc.† | 960 | 139,123 | ||||||
Internet Security — 0.3% |
| |||||||
FireEye, Inc.† | 2,040 | 25,459 | ||||||
NortonLifeLock, Inc. | 8,476 | 193,083 | ||||||
Palo Alto Networks, Inc.† | 299 | 70,346 | ||||||
Proofpoint, Inc.† | 362 | 42,090 | ||||||
330,978 | ||||||||
Investment Management/Advisor Services — 0.6% |
| |||||||
Ameriprise Financial, Inc. | 684 | 95,808 | ||||||
BlackRock, Inc. | 218 | 115,244 | ||||||
Eaton Vance Corp. | 1,926 | 69,432 | ||||||
Franklin Resources, Inc. | 1,531 | 28,890 | ||||||
Invesco, Ltd. | 9,692 | 77,245 | ||||||
Janus Henderson Group PLC | 1,487 | 32,060 | ||||||
LPL Financial Holdings, Inc. | 1,679 | 119,864 | ||||||
Raymond James Financial, Inc. | 358 | 24,802 | ||||||
T. Rowe Price Group, Inc. | 1,305 | 157,774 | ||||||
721,119 | ||||||||
Lasers - System/Components — 0.0% |
| |||||||
Coherent, Inc.† | 198 | 28,752 | ||||||
Lighting Products & Systems — 0.1% |
| |||||||
Acuity Brands, Inc. | 1,365 | 117,595 | ||||||
Machine Tools & Related Products — 0.1% |
| |||||||
Lincoln Electric Holdings, Inc. | 1,114 | 91,537 | ||||||
Machinery - Construction & Mining — 0.1% |
| |||||||
Caterpillar, Inc. | 759 | 91,179 | ||||||
Oshkosh Corp. | 552 | 39,644 | ||||||
130,823 | ||||||||
Machinery - Electrical — 0.1% |
| |||||||
BWX Technologies, Inc. | 996 | 62,320 | ||||||
Regal Beloit Corp. | 1,162 | 92,425 | ||||||
154,745 | ||||||||
Machinery - Farming — 0.2% |
| |||||||
AGCO Corp. | 1,729 | 95,492 | ||||||
Deere & Co. | 581 | 88,382 | ||||||
183,874 | ||||||||
Machinery - General Industrial — 0.3% |
| |||||||
Crane Co. | 453 | 25,241 | ||||||
Gates Industrial Corp. PLC† | 13,221 | 132,871 | ||||||
IDEX Corp. | 236 | 37,611 | ||||||
Nordson Corp. | 252 | 47,464 |
Security Description | Shares | Value (Note 2) | ||||||
Machinery - General Industrial (continued) |
| |||||||
Otis Worldwide Corp. | 507 | $ | 26,694 | |||||
Westinghouse Air Brake Technologies Corp. | 956 | 58,383 | ||||||
328,264 | ||||||||
Machinery - Pumps — 0.2% |
| |||||||
Curtiss-Wright Corp. | 471 | 47,241 | ||||||
Dover Corp. | 524 | 50,959 | ||||||
Graco, Inc. | 2,034 | 98,059 | ||||||
Ingersoll Rand, Inc.† | 1,605 | 45,261 | ||||||
Xylem, Inc. | 367 | 24,347 | ||||||
265,867 | ||||||||
Machinery - Thermal Process — 0.1% |
| |||||||
GrafTech International, Ltd.# | 12,787 | 87,463 | ||||||
Medical Information Systems — 0.2% |
| |||||||
Cerner Corp. | 2,816 | 205,287 | ||||||
Change Healthcare, Inc.† | 4,182 | 52,191 | ||||||
257,478 | ||||||||
Medical Instruments — 0.9% |
| |||||||
Bio-Techne Corp. | 305 | 80,764 | ||||||
Boston Scientific Corp.† | 3,376 | 128,254 | ||||||
Bruker Corp. | 1,745 | 75,524 | ||||||
Edwards Lifesciences Corp.† | 1,128 | 253,484 | ||||||
Integra LifeSciences Holdings Corp.† | 832 | 43,356 | ||||||
Intuitive Surgical, Inc.† | 336 | 194,890 | ||||||
Medtronic PLC | 3,781 | 372,731 | ||||||
1,149,003 | ||||||||
Medical Labs & Testing Services — 0.7% |
| |||||||
Catalent, Inc.† | 1,060 | 82,394 | ||||||
Charles River Laboratories International, Inc.† | 815 | 146,423 | ||||||
IQVIA Holdings, Inc.† | 831 | 124,251 | ||||||
Laboratory Corp. of America Holdings† | 679 | 119,042 | ||||||
MEDNAX, Inc.† | 16,456 | 255,562 | ||||||
PPD, Inc.† | 1,729 | 47,098 | ||||||
Quest Diagnostics, Inc. | 732 | 86,581 | ||||||
861,351 | ||||||||
Medical Products — 1.6% |
| |||||||
Abbott Laboratories | 4,750 | 450,870 | ||||||
ABIOMED, Inc.† | 563 | 126,056 | ||||||
Baxter International, Inc. | 1,452 | 130,695 | ||||||
Cooper Cos., Inc. | 302 | 95,728 | ||||||
Envista Holdings Corp.† | 2,579 | 54,520 | ||||||
Henry Schein, Inc.† | 3,403 | 206,630 | ||||||
Hill-Rom Holdings, Inc. | 493 | 50,123 | ||||||
Hologic, Inc.† | 1,053 | 55,809 | ||||||
Masimo Corp.† | 738 | 177,260 | ||||||
Penumbra, Inc.† | 723 | 124,660 | ||||||
STERIS PLC | 520 | 86,263 | ||||||
Stryker Corp. | 956 | 187,118 | ||||||
Varian Medical Systems, Inc.† | 328 | 39,816 | ||||||
West Pharmaceutical Services, Inc. | 480 | 103,699 | ||||||
Zimmer Biomet Holdings, Inc. | 425 | 53,694 | ||||||
1,942,941 | ||||||||
Medical - Biomedical/Gene — 2.5% |
| |||||||
Alexion Pharmaceuticals, Inc.† | 1,509 | 180,929 | ||||||
Alnylam Pharmaceuticals, Inc.† | 484 | 65,471 | ||||||
Amgen, Inc. | 2,316 | 531,985 | ||||||
Bio-Rad Laboratories, Inc., Class A† | 183 | 89,912 | ||||||
Biogen, Inc.† | 1,249 | 383,555 | ||||||
BioMarin Pharmaceutical, Inc.† | 778 | 82,896 | ||||||
Exelixis, Inc.† | 5,250 | 129,727 |
237 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Medical - Biomedical/Gene (continued) |
| |||||||
Gilead Sciences, Inc. | 5,848 | $ | 455,150 | |||||
Guardant Health, Inc.† | 292 | 26,394 | ||||||
Illumina, Inc.† | 529 | 192,053 | ||||||
Incyte Corp.† | 1,764 | 179,769 | ||||||
Ionis Pharmaceuticals, Inc.† | 568 | 31,927 | ||||||
Moderna, Inc.†# | 463 | 28,475 | ||||||
Regeneron Pharmaceuticals, Inc.† | 248 | 151,977 | ||||||
Seattle Genetics, Inc.† | 828 | 130,170 | ||||||
United Therapeutics Corp.† | 468 | 55,201 | ||||||
Vertex Pharmaceuticals, Inc.† | 1,123 | 323,379 | ||||||
3,038,970 | ||||||||
Medical - Drugs — 4.3% |
| |||||||
AbbVie, Inc. | 6,091 | 564,453 | ||||||
Alkermes PLC† | 5,688 | 93,056 | ||||||
Bristol-Myers Squibb Co. | 7,524 | 449,333 | ||||||
Eli Lilly & Co. | 3,114 | 476,286 | ||||||
Horizon Therapeutics PLC† | 3,945 | 200,130 | ||||||
Jazz Pharmaceuticals PLC† | 1,668 | 199,026 | ||||||
Johnson & Johnson | 9,975 | 1,483,781 | ||||||
Merck & Co., Inc. | 9,860 | 795,899 | ||||||
Pfizer, Inc. | 16,304 | 622,650 | ||||||
PRA Health Sciences, Inc.† | 545 | 56,408 | ||||||
Zoetis, Inc. | 2,039 | 284,216 | ||||||
5,225,238 | ||||||||
Medical - Generic Drugs — 0.3% |
| |||||||
Mylan NV† | 17,215 | 293,860 | ||||||
Perrigo Co. PLC | 1,911 | 104,665 | ||||||
398,525 | ||||||||
Medical - HMO — 1.5% |
| |||||||
Anthem, Inc. | 947 | 278,522 | ||||||
Centene Corp.† | 1,322 | 87,582 | ||||||
Humana, Inc. | 760 | 312,094 | ||||||
Molina Healthcare, Inc.† | 352 | 65,409 | ||||||
UnitedHealth Group, Inc. | 3,652 | 1,113,312 | ||||||
1,856,919 | ||||||||
Medical - Hospitals — 0.2% |
| |||||||
Acadia Healthcare Co., Inc.† | 1,006 | 28,782 | ||||||
HCA Healthcare, Inc. | 668 | 71,409 | ||||||
Universal Health Services, Inc., Class B | 1,002 | 105,661 | ||||||
205,852 | ||||||||
Medical - Outpatient/Home Medical — 0.1% |
| |||||||
Chemed Corp. | 323 | 154,559 | ||||||
Medical - Wholesale Drug Distribution — 0.5% |
| |||||||
AmerisourceBergen Corp. | 1,622 | 154,642 | ||||||
Cardinal Health, Inc. | 2,386 | 130,490 | ||||||
McKesson Corp. | 1,530 | 242,765 | ||||||
Premier, Inc., Class A† | 1,455 | 50,619 | ||||||
578,516 | ||||||||
Metal Processors & Fabrication — 0.1% |
| |||||||
Timken Co. | 2,145 | 91,248 | ||||||
Metal - Aluminum — 0.1% |
| |||||||
Arconic Corp.† | 9,916 | 143,485 | ||||||
Metal - Copper — 0.0% |
| |||||||
Southern Copper Corp. | 711 | 25,809 | ||||||
Miscellaneous Manufacturing — 0.0% |
| |||||||
AptarGroup, Inc. | 331 | 36,870 | ||||||
Security Description | Shares | Value (Note 2) | ||||||
Motion Pictures & Services — 0.3% |
| |||||||
Lions Gate Entertainment Corp., Class A† | 21,731 | $ | 173,196 | |||||
Lions Gate Entertainment Corp., Class B† | 22,961 | 172,896 | ||||||
346,092 | ||||||||
Multilevel Direct Selling — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 4,711 | 175,155 | ||||||
Multimedia — 0.4% |
| |||||||
FactSet Research Systems, Inc. | 511 | 157,138 | ||||||
Walt Disney Co. | 2,624 | 307,795 | ||||||
464,933 | ||||||||
Networking Products — 0.6% |
| |||||||
Arista Networks, Inc.† | 192 | �� | 44,824 | |||||
Cisco Systems, Inc. | 13,557 | 648,296 | ||||||
693,120 | ||||||||
Non-Hazardous Waste Disposal — 0.2% |
| |||||||
Republic Services, Inc. | 1,051 | 89,818 | ||||||
Waste Management, Inc. | 1,082 | 115,504 | ||||||
205,322 | ||||||||
Office Automation & Equipment — 0.1% |
| |||||||
Xerox Holdings Corp. | 1,263 | 20,057 | ||||||
Zebra Technologies Corp., Class A† | 395 | 103,221 | ||||||
123,278 | ||||||||
Office Supplies & Forms — 0.0% |
| |||||||
Avery Dennison Corp. | 446 | 49,359 | ||||||
Oil & Gas Drilling — 0.1% |
| |||||||
Helmerich & Payne, Inc. | 1,136 | 22,868 | ||||||
Patterson-UTI Energy, Inc. | 31,971 | 117,973 | ||||||
140,841 | ||||||||
Oil Companies - Exploration & Production — 0.2% |
| |||||||
Cabot Oil & Gas Corp. | 1,096 | 21,745 | ||||||
ConocoPhillips | 607 | 25,603 | ||||||
EOG Resources, Inc. | 757 | 38,584 | ||||||
EQT Corp. | 1,995 | 26,613 | ||||||
Kosmos Energy, Ltd. | 70,196 | 127,757 | ||||||
240,302 | ||||||||
Oil Companies - Integrated — 0.4% |
| |||||||
Chevron Corp. | 3,132 | 287,204 | ||||||
Exxon Mobil Corp. | 4,785 | 217,574 | ||||||
504,778 | ||||||||
Oil Field Machinery & Equipment — 0.0% |
| |||||||
National Oilwell Varco, Inc. | 2,285 | 28,494 | ||||||
Oil Refining & Marketing — 0.4% |
| |||||||
HollyFrontier Corp. | 2,841 | 89,349 | ||||||
Marathon Petroleum Corp. | 3,843 | 135,043 | ||||||
PBF Energy, Inc., Class A | 12,246 | 130,053 | ||||||
Phillips 66 | 366 | 28,643 | ||||||
Valero Energy Corp. | 1,290 | 85,966 | ||||||
469,054 | ||||||||
Oil - Field Services — 0.1% |
| |||||||
Apergy Corp.† | 7,925 | 71,880 | ||||||
Baker Hughes Co. | 2,163 | 35,711 | ||||||
Halliburton Co. | 4,302 | 50,548 | ||||||
158,139 | ||||||||
Paper & Related Products — 0.1% |
| |||||||
Domtar Corp. | 3,447 | 70,319 | ||||||
International Paper Co. | 2,498 | 85,057 | ||||||
155,376 | ||||||||
238 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Patient Monitoring Equipment — 0.1% |
| |||||||
Insulet Corp.† | 598 | $ | 112,765 | |||||
Pharmacy Services — 0.7% |
| |||||||
Cigna Corp. | 1,855 | 366,029 | ||||||
CVS Health Corp. | 6,721 | 440,696 | ||||||
806,725 | ||||||||
Physical Therapy/Rehabilitation Centers — 0.0% |
| |||||||
Encompass Health Corp. | 758 | 55,523 | ||||||
Pipelines — 0.1% |
| |||||||
Cheniere Energy, Inc.† | 533 | 23,639 | ||||||
Kinder Morgan, Inc. | 3,119 | 49,280 | ||||||
72,919 | ||||||||
Poultry — 0.1% |
| |||||||
Pilgrim’s Pride Corp.† | 6,855 | 141,693 | ||||||
Professional Sports — 0.0% |
| |||||||
Madison Square Garden Co., Class A† | 219 | 37,368 | ||||||
Protection/Safety — 0.1% |
| |||||||
ADT, Inc.# | 9,437 | 66,814 | ||||||
Publishing - Books — 0.1% |
| |||||||
John Wiley & Sons, Inc., Class A | 2,296 | 92,299 | ||||||
Publishing - Newspapers — 0.2% |
| |||||||
New York Times Co., Class A | 4,502 | 176,614 | ||||||
News Corp., Class A | 4,225 | 51,756 | ||||||
News Corp., Class B | 3,963 | 48,586 | ||||||
276,956 | ||||||||
Radio — 0.2% |
| |||||||
Liberty Media Corp. - Liberty SiriusXM, Series A† | 3,451 | 125,961 | ||||||
Liberty Media Corp. - Liberty SiriusXM, Series C† | 4,123 | 150,366 | ||||||
276,327 | ||||||||
Real Estate Investment Trusts — 3.1% |
| |||||||
AGNC Investment Corp. | 2,078 | 26,889 | ||||||
Alexandria Real Estate Equities, Inc. | 452 | 69,481 | ||||||
American Homes 4 Rent, Class A | 1,910 | 48,208 | ||||||
American Tower Corp. | 846 | 218,412 | ||||||
Americold Realty Trust | 1,227 | 43,816 | ||||||
Apple Hospitality REIT, Inc. | 8,884 | 90,706 | ||||||
AvalonBay Communities, Inc. | 168 | 26,210 | ||||||
Boston Properties, Inc. | 247 | 21,237 | ||||||
Brandywine Realty Trust | 3,607 | 34,808 | ||||||
Brixmor Property Group, Inc. | 5,485 | 61,213 | ||||||
Camden Property Trust | 460 | 42,122 | ||||||
Chimera Investment Corp.# | 8,799 | 73,120 | ||||||
CoreSite Realty Corp. | 306 | 38,195 | ||||||
Corporate Office Properties Trust | 1,691 | 42,224 | ||||||
Cousins Properties, Inc. | 785 | 24,429 | ||||||
Crown Castle International Corp. | 933 | 160,625 | ||||||
CubeSmart | 1,243 | 35,376 | ||||||
CyrusOne, Inc. | 421 | 31,297 | ||||||
Digital Realty Trust, Inc. | 646 | 92,740 | ||||||
Douglas Emmett, Inc. | 743 | 21,814 | ||||||
Duke Realty Corp. | 1,599 | 55,133 | ||||||
Empire State Realty Trust, Inc., Class A | 13,089 | 86,780 | ||||||
EPR Properties | 931 | 29,392 | ||||||
Equinix, Inc. | 211 | 147,200 | ||||||
Equity Commonwealth | 1,890 | 63,693 | ||||||
Equity LifeStyle Properties, Inc. | 959 | 59,746 | ||||||
Equity Residential | 551 | 33,369 | ||||||
Essex Property Trust, Inc. | 189 | 45,884 | ||||||
Extra Space Storage, Inc. | 643 | 62,210 | ||||||
Federal Realty Investment Trust | 313 | 25,012 |
Security Description | Shares | Value (Note 2) | ||||||
Real Estate Investment Trusts (continued) |
| |||||||
Gaming and Leisure Properties, Inc. | 1,143 | $ | 39,479 | |||||
Healthcare Trust of America, Inc., Class A | 1,926 | 50,981 | ||||||
Healthpeak Properties, Inc. | 1,090 | 26,858 | ||||||
Highwoods Properties, Inc. | 725 | 27,746 | ||||||
Host Hotels & Resorts, Inc. | 8,882 | 106,051 | ||||||
Invitation Homes, Inc. | 1,963 | 51,627 | ||||||
Iron Mountain, Inc.# | 899 | 23,158 | ||||||
JBG SMITH Properties | 687 | 20,424 | ||||||
Kilroy Realty Corp. | 356 | 20,335 | ||||||
Life Storage, Inc. | 475 | 46,303 | ||||||
Medical Properties Trust, Inc. | 2,120 | 38,330 | ||||||
MFA Financial, Inc. | 39,279 | 66,381 | ||||||
Mid-America Apartment Communities, Inc. | 603 | 70,165 | ||||||
New Residential Investment Corp. | 11,289 | 80,942 | ||||||
Omega Healthcare Investors, Inc. | 780 | 24,289 | ||||||
Outfront Media, Inc. | 1,739 | 24,416 | ||||||
Paramount Group, Inc. | 12,401 | 95,612 | ||||||
Prologis, Inc. | 1,538 | 140,727 | ||||||
Public Storage | 429 | 86,975 | ||||||
Realty Income Corp. | 734 | 40,598 | ||||||
Regency Centers Corp. | 617 | 26,401 | ||||||
Retail Properties of America, Inc., Class A | 18,361 | 99,517 | ||||||
SBA Communications Corp. | 326 | 102,406 | ||||||
Service Properties Trust | 33,720 | 227,610 | ||||||
Simon Property Group, Inc. | 413 | 23,830 | ||||||
SITE Centers Corp. | 19,439 | 110,219 | ||||||
Spirit Realty Capital, Inc. | 962 | 27,350 | ||||||
STORE Capital Corp. | 1,403 | 27,134 | ||||||
Sun Communities, Inc. | 498 | 68,321 | ||||||
Two Harbors Investment Corp. | 14,474 | 65,422 | ||||||
UDR, Inc. | 646 | 23,889 | ||||||
VEREIT, Inc. | 4,816 | 26,392 | ||||||
Vornado Realty Trust | 586 | 21,219 | ||||||
Welltower, Inc. | 618 | 31,314 | ||||||
WP Carey, Inc. | 378 | 22,646 | ||||||
3,796,408 | ||||||||
Real Estate Management/Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A† | 2,063 | 90,731 | ||||||
Jones Lang LaSalle, Inc. | 885 | 90,624 | ||||||
181,355 | ||||||||
Recreational Vehicles — 0.0% |
| |||||||
Polaris, Inc. | 656 | 57,295 | ||||||
Rental Auto/Equipment — 0.1% |
| |||||||
AMERCO | 85 | 27,413 | ||||||
United Rentals, Inc.† | 308 | 42,778 | ||||||
70,191 | ||||||||
Resort/Theme Parks — 0.0% |
| |||||||
Vail Resorts, Inc. | 157 | 31,138 | ||||||
Respiratory Products — 0.1% |
| |||||||
ResMed, Inc. | 875 | 140,717 | ||||||
Retail - Apparel/Shoe — 0.8% |
| |||||||
Burlington Stores, Inc.† | 655 | 137,334 | ||||||
Foot Locker, Inc. | 6,981 | 193,374 | ||||||
Gap, Inc. | 8,674 | 77,199 | ||||||
L Brands, Inc. | 6,664 | 107,890 | ||||||
Lululemon Athletica, Inc.† | 964 | 289,291 | ||||||
Ross Stores, Inc. | 1,843 | 178,697 | ||||||
Urban Outfitters, Inc.† | 2,714 | 45,975 | ||||||
1,029,760 | ||||||||
239 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Auto Parts — 0.4% |
| |||||||
Advance Auto Parts, Inc. | 711 | $ | 99,057 | |||||
AutoZone, Inc.† | 168 | 192,840 | ||||||
Genuine Parts Co. | 1,012 | 84,411 | ||||||
O’Reilly Automotive, Inc.† | 357 | 148,955 | ||||||
525,263 | ||||||||
Retail - Automobile — 0.3% |
| |||||||
AutoNation, Inc.† | 4,845 | 191,281 | ||||||
CarMax, Inc.† | 666 | 58,641 | ||||||
Carvana Co.†# | 250 | 23,245 | ||||||
Penske Automotive Group, Inc. | 2,594 | 92,761 | ||||||
365,928 | ||||||||
Retail - Building Products — 1.1% |
| |||||||
Home Depot, Inc. | 4,043 | 1,004,605 | ||||||
Lowe’s Cos., Inc. | 3,036 | 395,742 | ||||||
1,400,347 | ||||||||
Retail - Catalog Shopping — 0.3% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 2,111 | 146,377 | ||||||
Qurate Retail, Inc.† | 21,180 | 174,417 | ||||||
320,794 | ||||||||
Retail - Consumer Electronics — 0.1% |
| |||||||
Best Buy Co., Inc. | 2,267 | 177,030 | ||||||
Retail - Convenience Store — 0.1% |
| |||||||
Casey’s General Stores, Inc. | 863 | 137,847 | ||||||
Retail - Discount — 1.7% |
| |||||||
Costco Wholesale Corp. | 1,827 | 563,575 | ||||||
Dollar General Corp. | 1,135 | 217,364 | ||||||
Dollar Tree, Inc.† | 1,234 | 120,771 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 366 | 33,471 | ||||||
Target Corp. | 2,726 | 333,471 | ||||||
Walmart, Inc. | 6,096 | 756,270 | ||||||
2,024,922 | ||||||||
Retail - Drug Store — 0.2% |
| |||||||
Walgreens Boots Alliance, Inc. | 6,332 | 271,896 | ||||||
Retail - Floor Coverings — 0.0% |
| |||||||
Floor & Decor Holdings, Inc., Class A† | 1,007 | 52,364 | ||||||
Retail - Gardening Products — 0.1% |
| |||||||
Tractor Supply Co. | 1,226 | 149,597 | ||||||
Retail - Home Furnishings — 0.1% |
| |||||||
Williams-Sonoma, Inc. | 1,545 | 128,559 | ||||||
Retail - Major Department Stores — 0.3% |
| |||||||
Nordstrom, Inc.# | 5,194 | 83,779 | ||||||
TJX Cos., Inc. | 5,379 | 283,796 | ||||||
367,575 | ||||||||
Retail - Perfume & Cosmetics — 0.1% |
| |||||||
Ulta Beauty, Inc.† | 467 | 113,953 | ||||||
Retail - Regional Department Stores — 0.5% |
| |||||||
Kohl’s Corp. | 13,984 | 268,772 | ||||||
Macy’s, Inc.# | 46,147 | 293,495 | ||||||
562,267 | ||||||||
Retail - Restaurants — 0.8% |
| |||||||
Chipotle Mexican Grill, Inc.† | 66 | 66,258 | ||||||
Domino’s Pizza, Inc. | 497 | 191,763 | ||||||
McDonald’s Corp. | 1,736 | 323,452 | ||||||
Starbucks Corp. | 1,968 | 153,484 | ||||||
Wendy’s Co. | 1,205 | 25,618 | ||||||
Yum China Holdings, Inc. | 1,553 | 71,966 |
Security Description | Shares | Value (Note 2) | ||||||
Retail - Restaurants (continued) |
| |||||||
Yum! Brands, Inc. | 1,643 | $ | 147,426 | |||||
979,967 | ||||||||
Retail - Sporting Goods — 0.0% |
| |||||||
Dick’s Sporting Goods, Inc. | 1,206 | 43,488 | ||||||
Rubber - Tires — 0.1% |
| |||||||
Goodyear Tire & Rubber Co. | 12,603 | 95,909 | ||||||
Satellite Telecom — 0.1% |
| |||||||
EchoStar Corp., Class A† | 2,393 | 74,566 | ||||||
Savings & Loans/Thrifts — 0.1% |
| |||||||
New York Community Bancorp, Inc. | 3,854 | 38,733 | ||||||
Sterling Bancorp | 2,567 | 31,574 | ||||||
TFS Financial Corp. | 4,288 | 66,078 | ||||||
136,385 | ||||||||
Schools — 0.2% |
| |||||||
2U, Inc.† | 2,278 | 83,079 | ||||||
Bright Horizons Family Solutions, Inc.† | 231 | 25,844 | ||||||
Graham Holdings Co., Class B | 132 | 47,287 | ||||||
Grand Canyon Education, Inc.† | 304 | 29,667 | ||||||
185,877 | ||||||||
Semiconductor Components - Integrated Circuits — 0.5% |
| |||||||
Analog Devices, Inc. | 1,055 | 119,162 | ||||||
Maxim Integrated Products, Inc. | 2,074 | 119,628 | ||||||
QUALCOMM, Inc. | 4,947 | 400,114 | ||||||
638,904 | ||||||||
Semiconductor Equipment — 0.6% |
| |||||||
Applied Materials, Inc. | 4,778 | 268,428 | ||||||
Entegris, Inc. | 1,085 | 64,970 | ||||||
KLA Corp. | 565 | 99,417 | ||||||
Lam Research Corp. | 533 | 145,866 | ||||||
MKS Instruments, Inc. | 403 | 42,569 | ||||||
Teradyne, Inc. | 2,250 | 150,795 | ||||||
772,045 | ||||||||
Shipbuilding — 0.0% |
| |||||||
Huntington Ingalls Industries, Inc. | 156 | 31,183 | ||||||
Soap & Cleaning Preparation — 0.0% |
| |||||||
Church & Dwight Co., Inc. | 747 | 56,077 | ||||||
Software Tools — 0.1% |
| |||||||
VMware, Inc., Class A†# | 494 | 77,197 | ||||||
Steel Pipe & Tube — 0.0% |
| |||||||
Valmont Industries, Inc. | 334 | 38,076 | ||||||
Steel - Producers — 0.2% |
| |||||||
Nucor Corp. | 1,724 | 72,856 | ||||||
Reliance Steel & Aluminum Co. | 1,694 | 164,318 | ||||||
Steel Dynamics, Inc. | 2,498 | 66,347 | ||||||
303,521 | ||||||||
Telecom Equipment - Fiber Optics — 0.1% |
| |||||||
Ciena Corp.† | 1,415 | 78,193 | ||||||
Corning, Inc. | 1,471 | 33,524 | ||||||
111,717 | ||||||||
Telecom Services — 0.1% |
| |||||||
Switch, Inc., Class A | 3,825 | 73,096 | ||||||
Telecommunication Equipment — 0.1% |
| |||||||
CommScope Holding Co., Inc.† | 8,178 | 84,315 | ||||||
Juniper Networks, Inc. | 2,135 | 51,795 | ||||||
136,110 | ||||||||
240 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Telephone - Integrated — 1.4% |
| |||||||
AT&T, Inc. | 22,281 | $ | 687,592 | |||||
CenturyLink, Inc. | 18,113 | 178,051 | ||||||
GCI Liberty, Inc., Class A† | 1,081 | 74,794 | ||||||
Telephone & Data Systems, Inc. | 1,154 | 23,646 | ||||||
Verizon Communications, Inc. | 13,293 | 762,752 | ||||||
1,726,835 | ||||||||
Television — 0.3% |
| |||||||
AMC Networks, Inc., Class A† | 6,225 | 175,981 | ||||||
Nexstar Media Group, Inc., Class A | 374 | 31,158 | ||||||
ViacomCBS, Inc., Class A# | 1,916 | 46,999 | ||||||
ViacomCBS, Inc., Class B | 2,692 | 55,832 | ||||||
World Wrestling Entertainment, Inc., Class A | 562 | 26,004 | ||||||
335,974 | ||||||||
Textile - Home Furnishings — 0.0% |
| |||||||
Mohawk Industries, Inc.† | 622 | 57,970 | ||||||
Theaters — 0.1% |
| |||||||
Cinemark Holdings, Inc. | 4,869 | 73,181 | ||||||
Therapeutics — 0.1% |
| |||||||
Neurocrine Biosciences, Inc.† | 680 | 84,837 | ||||||
Tobacco — 0.4% |
| |||||||
Altria Group, Inc. | 2,059 | 80,404 | ||||||
Philip Morris International, Inc. | 5,784 | 424,314 | ||||||
504,718 | ||||||||
Tools - Hand Held — 0.0% |
| |||||||
Snap-on, Inc. | 437 | 56,675 | ||||||
Toys — 0.0% |
| |||||||
Mattel, Inc.† | 5,097 | 46,943 | ||||||
Transport - Rail — 0.3% |
| |||||||
CSX Corp. | 633 | 45,310 | ||||||
Kansas City Southern | 397 | 59,757 | ||||||
Norfolk Southern Corp. | 217 | 38,689 | ||||||
Union Pacific Corp. | 1,084 | 184,128 | ||||||
327,884 | ||||||||
Transport - Services — 0.3% |
| |||||||
C.H. Robinson Worldwide, Inc. | 1,817 | 147,413 | ||||||
Expeditors International of Washington, Inc. | 556 | 42,462 | ||||||
FedEx Corp. | 182 | 23,762 | ||||||
United Parcel Service, Inc., Class B | 1,144 | 114,068 | ||||||
327,705 | ||||||||
Transport - Truck — 0.3% |
| |||||||
JB Hunt Transport Services, Inc. | 406 | 48,586 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,244 | 51,763 | ||||||
Landstar System, Inc. | 1,184 | 137,652 | ||||||
Old Dominion Freight Line, Inc. | 492 | 84,176 | ||||||
Schneider National, Inc., Class B | 1,351 | 32,653 | ||||||
XPO Logistics, Inc.† | 343 | 27,032 | ||||||
381,862 | ||||||||
Veterinary Diagnostics — 0.0% |
| |||||||
Elanco Animal Health, Inc.† | 1,170 | 25,050 | ||||||
Vitamins & Nutrition Products — 0.2% |
| |||||||
Herbalife Nutrition, Ltd.† | 4,215 | 184,786 | ||||||
Water — 0.1% |
| |||||||
American Water Works Co., Inc. | 633 | 80,391 | ||||||
Essential Utilities, Inc. | 1,100 | 48,136 | ||||||
128,527 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Water Treatment Systems — 0.0% |
| |||||||
Pentair PLC | 718 | $ | 28,103 | |||||
Web Hosting/Design — 0.2% |
| |||||||
GoDaddy, Inc., Class A† | 663 | 51,217 | ||||||
VeriSign, Inc.† | 873 | 191,195 | ||||||
242,412 | ||||||||
Web Portals/ISP — 2.5% |
| |||||||
Alphabet, Inc., Class A† | 1,080 | 1,548,202 | ||||||
Alphabet, Inc., Class C† | 1,081 | 1,544,662 | ||||||
3,092,864 | ||||||||
Wireless Equipment — 0.2% |
| |||||||
Motorola Solutions, Inc. | 949 | 128,428 | ||||||
Ubiquiti Networks, Inc. | 729 | 134,435 | ||||||
262,863 | ||||||||
Total Common Stocks | ||||||||
(cost $102,564,200) | 122,163,598 | |||||||
EXCHANGE-TRADED FUNDS — 0.4% |
| |||||||
Vanguard Russell 1000 Index Fund ETF | ||||||||
(cost $453,495) | 3,520 | 491,287 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $103,017,695) | 122,654,885 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% |
| |||||||
Registered Investment Companies — 0.6% |
| |||||||
State Street Navigator Securities Lending Government Money Market Portfolio | $ | 732,330 | 732,330 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $103,750,025)(3) | 100.6 | % | 123,387,215 | |||||
Liabilities in excess of other assets | (0.6 | ) | (747,984 | ) | ||||
NET ASSETS | 100.0 | % | $ | 122,639,231 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2020. |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $2,065,370. This was secured by collateral of $732,330, which was received in cash and subsequently invested in short-term investments currently valued at $732,330 as reported in the Portfolio of Investments. Additional collateral of $1,386,122 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 May 31, 2020 | |||||
Federal Home Loan Mtg. Corp. | 2.50% to 3.50% | 12/01/2047 to 03/01/2050 | $ | 164,437 | ||||
Federal National Mtg. Assoc. | 1.85% to 4.00% | 01/25/2030 to 03/01/2050 | 287,625 | |||||
Government National Mtg. Assoc. | 2.50% | 9/20/2046 | 21,487 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | 25,499 | |||||
United States Treasury Notes/Bonds | 0.13% to 8.75% | 07/15/2020 to 05/15/2048 | 887,074 |
(3) | See Note 5 for cost of investments on a tax basis. |
ETF—Exchange Traded Fund
241 |
Table of Contents
VALIC Company I Systematic Core Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 122,654,885 | $ | — | $ | — | $ | 122,654,885 | ||||||||
Registered Investment Companies | 732,330 | — | — | 732,330 | ||||||||||||
Total Investments at Value | $ | 123,387,215 | $ | — | $ | — | $ | 123,387,215 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
242 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO PROFILE — May 31, 2020
Industry Allocation*
Medical — Drugs | 8.5 | % | ||
Medical — Biomedical/Gene | 6.9 | |||
Finance — Other Services | 5.2 | |||
Multimedia | 4.8 | |||
Medical — HMO | 4.6 | |||
Electronic Components — Semiconductors | 4.4 | |||
Data Processing/Management | 4.4 | |||
Insurance Brokers | 4.0 | |||
Broadcast Services/Program | 3.3 | |||
Investment Management/Advisor Services | 3.2 | |||
Pharmacy Services | 2.9 | |||
Oil Companies — Integrated | 2.7 | |||
Food — Misc./Diversified | 2.5 | |||
Aerospace/Defense — Equipment | 2.3 | |||
Beverages — Non-alcoholic | 2.2 | |||
Insurance — Life/Health | 2.1 | |||
Cosmetics & Toiletries | 2.0 | |||
Food — Meat Products | 1.9 | |||
Medical — Wholesale Drug Distribution | 1.7 | |||
Insurance — Property/Casualty | 1.6 | |||
Entertainment Software | 1.6 | |||
Electronic Measurement Instruments | 1.5 | |||
Tobacco | 1.5 | |||
Advertising Agencies | 1.4 | |||
Internet Brokers | 1.3 | |||
Real Estate Investment Trusts | 1.3 | |||
Oil Companies — Exploration & Production | 1.3 | |||
Repurchase Agreements | 1.2 | |||
Commercial Services — Finance | 1.2 | |||
Beverages — Wine/Spirits | 1.1 | |||
Machinery — General Industrial | 1.1 | |||
Retail — Discount | 1.1 | |||
Toys | 1.0 | |||
Transport — Services | 1.0 | |||
Finance — Credit Card | 1.0 | |||
Consumer Products — Misc. | 0.9 | |||
Television | 0.9 | |||
Computer Services | 0.9 | |||
Real Estate Management/Services | 0.8 | |||
Food — Confectionery | 0.7 | |||
Retail — Restaurants | 0.7 | |||
Electronic Components — Misc. | 0.7 | |||
Medical Labs & Testing Services | 0.6 | |||
Registered Investment Companies | 0.6 | |||
Insurance — Multi-line | 0.5 | |||
Electric Products — Misc. | 0.5 | |||
Building — Residential/Commercial | 0.3 | |||
Industrial Automated/Robotic | 0.3 | |||
Finance — Consumer Loans | 0.3 | |||
Shipbuilding | 0.3 | |||
Building Products — Air & Heating | 0.3 | |||
Finance — Auto Loans | 0.3 | |||
Tools — Hand Held | 0.3 | |||
Electric — Distribution | 0.2 | |||
Distribution/Wholesale | 0.2 | |||
Motorcycle/Motor Scooter | 0.2 | |||
Medical Products | 0.2 | |||
100.5 | % | |||
* | Calculated as a percentage of net assets |
243 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 98.7% |
| |||||||
Advertising Agencies — 1.4% |
| |||||||
Omnicom Group, Inc. | 11,330 | $ | 620,771 | |||||
Aerospace/Defense - Equipment — 2.3% |
| |||||||
L3Harris Technologies, Inc. | 5,052 | 1,007,621 | ||||||
Beverages - Non-alcoholic — 2.2% |
| |||||||
Coca-Cola Co. | 10,355 | 483,372 | ||||||
PepsiCo, Inc. | 3,637 | 478,447 | ||||||
961,819 | ||||||||
Beverages - Wine/Spirits — 1.1% |
| |||||||
Brown-Forman Corp., Class B | 7,619 | 502,321 | ||||||
Broadcast Services/Program — 3.3% |
| |||||||
Discovery, Inc., Class A†# | 12,436 | 270,483 | ||||||
Discovery, Inc., Class C† | 19,648 | 384,904 | ||||||
Fox Corp., Class A | 16,360 | 477,221 | ||||||
Fox Corp., Class B | 11,492 | 330,740 | ||||||
1,463,348 | ||||||||
Building Products - Air & Heating — 0.3% |
| |||||||
Johnson Controls International PLC | 4,054 | 127,336 | ||||||
Building - Residential/Commercial — 0.3% |
| |||||||
D.R. Horton, Inc. | 2,721 | 150,471 | ||||||
Commercial Services - Finance — 1.2% |
| |||||||
Equifax, Inc. | 3,452 | 530,089 | ||||||
Computer Services — 0.9% |
| |||||||
International Business Machines Corp. | 3,057 | 381,819 | ||||||
Consumer Products - Misc. — 0.9% |
| |||||||
Clorox Co. | 746 | 153,862 | ||||||
Kimberly-Clark Corp. | 1,788 | 252,895 | ||||||
406,757 | ||||||||
Cosmetics & Toiletries — 2.0% |
| |||||||
Colgate-Palmolive Co. | 3,797 | 274,637 | ||||||
Procter & Gamble Co. | 5,197 | 602,436 | ||||||
877,073 | ||||||||
Data Processing/Management — 4.4% |
| |||||||
Fidelity National Information Services, Inc. | 10,179 | 1,413,151 | ||||||
Paychex, Inc. | 7,234 | 522,873 | ||||||
1,936,024 | ||||||||
Distribution/Wholesale — 0.2% |
| |||||||
HD Supply Holdings, Inc.† | 2,535 | 80,385 | ||||||
Electric Products - Misc. — 0.5% |
| |||||||
Emerson Electric Co. | 3,751 | �� | 228,886 | |||||
Electric - Distribution — 0.2% |
| |||||||
CenterPoint Energy, Inc. | 6,206 | 110,343 | ||||||
Electronic Components - Misc. — 0.7% |
| |||||||
Garmin, Ltd. | 3,275 | 295,307 | ||||||
Electronic Components - Semiconductors — 4.4% |
| |||||||
Intel Corp. | 11,943 | 751,573 | ||||||
Microchip Technology, Inc. | 7,446 | 714,965 | ||||||
Micron Technology, Inc.† | 6,786 | 325,117 | ||||||
Skyworks Solutions, Inc. | 1,423 | 168,683 | ||||||
1,960,338 | ||||||||
Electronic Measurement Instruments — 1.5% |
| |||||||
FLIR Systems, Inc. | 1,753 | 80,989 | ||||||
Roper Technologies, Inc. | 1,484 | 584,399 | ||||||
665,388 | ||||||||
Security Description | Shares | Value (Note 2) | ||||||
Entertainment Software — 1.6% |
| |||||||
Activision Blizzard, Inc. | 9,548 | 687,265 | ||||||
Finance - Auto Loans — 0.3% |
| |||||||
Ally Financial, Inc. | 6,900 | 120,336 | ||||||
Finance - Consumer Loans — 0.3% |
| |||||||
Synchrony Financial | 6,485 | 132,099 | ||||||
Finance - Credit Card — 1.0% |
| |||||||
Western Union Co. | 21,477 | 429,970 | ||||||
Finance - Other Services — 5.2% |
| |||||||
Cboe Global Markets, Inc. | 6,437 | 685,283 | ||||||
CME Group, Inc. | 8,779 | 1,603,045 | ||||||
2,288,328 | ||||||||
Food - Confectionery — 0.7% |
| |||||||
Mondelez International, Inc., Class A | 5,889 | 306,935 | ||||||
Food - Meat Products — 1.9% |
| |||||||
Tyson Foods, Inc., Class A | 13,559 | 833,065 | ||||||
Food - Misc./Diversified — 2.5% |
| |||||||
Campbell Soup Co. | 2,105 | 107,313 | ||||||
Conagra Brands, Inc. | 17,993 | 625,976 | ||||||
General Mills, Inc. | 3,639 | 229,403 | ||||||
Kellogg Co. | 2,263 | 147,796 | ||||||
1,110,488 | ||||||||
Industrial Automated/Robotic — 0.3% |
| |||||||
Rockwell Automation, Inc. | 641 | 138,559 | ||||||
Insurance Brokers — 4.0% |
| |||||||
Arthur J. Gallagher & Co. | 6,677 | 629,507 | ||||||
Brown & Brown, Inc. | 9,388 | 377,398 | ||||||
Marsh & McLennan Cos., Inc. | 7,349 | 778,406 | ||||||
1,785,311 | ||||||||
Insurance - Life/Health — 2.1% |
| |||||||
Aflac, Inc. | 4,932 | 179,870 | ||||||
Athene Holding, Ltd., Class A† | 2,627 | 75,894 | ||||||
Equitable Holdings, Inc. | 6,684 | 127,731 | ||||||
Globe Life, Inc. | 1,322 | 101,820 | ||||||
Lincoln National Corp. | 3,535 | 134,083 | ||||||
Prudential Financial, Inc. | 3,645 | 222,199 | ||||||
Unum Group | 5,099 | 77,250 | ||||||
918,847 | ||||||||
Insurance - Multi-line — 0.5% |
| |||||||
MetLife, Inc. | 6,376 | 229,600 | ||||||
Insurance - Property/Casualty — 1.6% |
| |||||||
Berkshire Hathaway, Inc., Class B† | 3,836 | 711,885 | ||||||
Internet Brokers — 1.3% |
| |||||||
TD Ameritrade Holding Corp. | 16,006 | 596,544 | ||||||
Investment Management/Advisor Services — 3.2% |
| |||||||
Eaton Vance Corp. | 10,066 | 362,879 | ||||||
Franklin Resources, Inc. | 10,279 | 193,965 | ||||||
Invesco, Ltd. | 9,774 | 77,899 | ||||||
T. Rowe Price Group, Inc. | 6,562 | 793,346 | ||||||
1,428,089 | ||||||||
Machinery - General Industrial — 1.1% | ||||||||
Westinghouse Air Brake Technologies Corp. | 8,012 | 489,293 | ||||||
Medical Labs & Testing Services — 0.6% | ||||||||
Laboratory Corp. of America Holdings† | 644 | 112,906 | ||||||
Quest Diagnostics, Inc. | 1,381 | 163,345 | ||||||
276,251 | ||||||||
244 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares | Value (Note 2) | ||||||
Medical Products — 0.2% | ||||||||
Varian Medical Systems, Inc.† | 606 | $ | 73,562 | |||||
Medical - Biomedical/Gene — 6.9% | ||||||||
Alexion Pharmaceuticals, Inc.† | 6,464 | 775,034 | ||||||
Biogen, Inc.† | 1,046 | 321,216 | ||||||
Gilead Sciences, Inc. | 25,312 | 1,970,033 | ||||||
3,066,283 | ||||||||
Medical - Drugs — 8.5% | ||||||||
Bristol-Myers Squibb Co. | 38,509 | 2,299,758 | ||||||
Jazz Pharmaceuticals PLC† | 3,542 | 422,631 | ||||||
Merck & Co., Inc. | 6,278 | 506,760 | ||||||
Pfizer, Inc. | 14,274 | 545,124 | ||||||
3,774,273 | ||||||||
Medical - HMO — 4.6% | ||||||||
Anthem, Inc. | 4,990 | 1,467,609 | ||||||
Centene Corp.† | 8,566 | 567,497 | ||||||
2,035,106 | ||||||||
Medical - Wholesale Drug Distribution — 1.7% | ||||||||
AmerisourceBergen Corp. | 7,910 | 754,139 | ||||||
Motorcycle/Motor Scooter — 0.2% | ||||||||
Harley-Davidson, Inc.# | 3,704 | 79,043 | ||||||
Multimedia — 4.8% | ||||||||
Walt Disney Co. | 18,258 | 2,141,663 | ||||||
Oil Companies - Exploration & Production — 1.3% | ||||||||
Concho Resources, Inc. | 2,586 | 140,989 | ||||||
Devon Energy Corp. | 7,699 | 83,226 | ||||||
EOG Resources, Inc. | 4,759 | 242,566 | ||||||
Marathon Oil Corp. | 16,849 | 89,974 | ||||||
556,755 | ||||||||
Oil Companies - Integrated — 2.7% | ||||||||
Chevron Corp. | 6,201 | 568,632 | ||||||
Exxon Mobil Corp. | 13,561 | 616,618 | ||||||
1,185,250 | ||||||||
Pharmacy Services — 2.9% | ||||||||
Cigna Corp. | 6,589 | 1,300,142 | ||||||
Real Estate Investment Trusts — 1.3% | ||||||||
Camden Property Trust | 1,205 | 110,342 | ||||||
Public Storage | 1,009 | 204,565 | ||||||
VEREIT, Inc. | 19,419 | 106,416 | ||||||
VICI Properties, Inc. | 7,157 | 140,420 | ||||||
561,743 | ||||||||
Real Estate Management/Services — 0.8% | ||||||||
Jones Lang LaSalle, Inc. | 3,303 | 338,227 | ||||||
Retail - Discount — 1.1% | ||||||||
Walmart, Inc. | 3,817 | 473,537 | ||||||
Retail - Restaurants — 0.7% | ||||||||
McDonald’s Corp. | 1,625 | 302,770 | ||||||
Shipbuilding — 0.3% | ||||||||
Huntington Ingalls Industries, Inc. | 657 | 131,328 | ||||||
Television — 0.9% | ||||||||
ViacomCBS, Inc., Class B | 18,765 | 389,186 | ||||||
Tobacco — 1.5% | ||||||||
Altria Group, Inc. | 7,543 | 294,554 | ||||||
Philip Morris International, Inc. | 5,036 | 369,441 | ||||||
663,995 | ||||||||
Security Description | Shares/ Principal Amount | Value (Note 2) | ||||||
Tools - Hand Held — 0.3% | ||||||||
Snap-on, Inc. | 885 | $ | 114,776 | |||||
Toys — 1.0% | ||||||||
Hasbro, Inc. | 6,339 | 465,980 | ||||||
Transport - Services — 1.0% | ||||||||
C.H. Robinson Worldwide, Inc. | 1,544 | 125,265 | ||||||
Expeditors International of Washington, Inc. | 4,224 | 322,587 | ||||||
447,852 | ||||||||
Total Long-Term Investment Securities | ||||||||
(cost $43,654,840) | 43,644,571 | |||||||
SHORT-TERM INVESTMENT SECURITIES — 0.6% | ||||||||
Registered Investment Companies — 0.6% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 253,485 | 253,485 | ||||||
REPURCHASE AGREEMENTS — 1.2% | ||||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $557,000 and collateralized by $525,000 of United States Treasury Notes, bearing interest at 2.38%, due 02/29/2024 and having an approximate value of $569,245 (cost $557,000) | $ | 557,000 | 557,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $44,465,325)(3) | 100.5 | % | 44,455,056 | |||||
Liabilities in excess of other assets | (0.5 | ) | (222,126 | ) | ||||
NET ASSETS | 100.0 | % | $ | 44,232,930 | ||||
† | Non-income producing security |
# | The security or a portion thereof is out on loan (see Note 2). |
(1) | The rate shown is the 7-day yield as of May 31, 2020. |
(2) | At May 31, 2020, the Fund had loaned securities with a total value of $333,105. This was secured by collateral of $253,485, which was received in cash and subsequently invested in short-term investments currently valued at $253,485 as reported in the Portfolio of Investments. Additional collateral of $97,982 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows: |
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||
United States Treasury Notes/Bonds | 0.13% to 6.25% | 06/15/2020 to 11/15/2049 | $97,982 |
(3) | See Note 5 for cost of investments on a tax basis. |
245 |
Table of Contents
VALIC Company I Systematic Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (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 | $ | 43,644,571 | $ | — | $ | — | $ | 43,644,571 | ||||||||
Short-Term Investment Securities | 253,485 | — | — | 253,485 | ||||||||||||
Repurchase Agreements | — | 557,000 | — | 557,000 | ||||||||||||
Total Investments at Value | $ | 43,898,056 | $ | 557,000 | $ | — | $ | 44,455,056 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
See Notes to Financial Statements
246 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO PROFILE — May 31, 2020 (unaudited)
Industry Allocation*
Medical — Drugs | 8.9 | % | ||
Diversified Banking Institutions | 6.4 | |||
Electric — Integrated | 5.7 | |||
Medical — HMO | 5.1 | |||
Electronic Components — Semiconductors | 5.0 | |||
Real Estate Investment Trusts | 4.5 | |||
Aerospace/Defense | 4.0 | |||
Insurance — Property/Casualty | 3.8 | |||
Chemicals — Diversified | 3.1 | |||
Insurance — Multi-line | 3.1 | |||
Banks — Commercial | 2.6 | |||
Medical Instruments | 2.5 | |||
Electronic Components — Misc. | 2.2 | |||
Cable/Satellite TV | 2.1 | |||
Retail — Building Products | 2.0 | |||
Retail — Restaurants | 2.0 | |||
Repurchase Agreements | 1.9 | |||
Investment Management/Advisor Services | 1.9 | |||
Networking Products | 1.7 | |||
Banks — Super Regional | 1.6 | |||
Building — Residential/Commercial | 1.6 | |||
Oil Companies — Exploration & Production | 1.5 | |||
Telecom Equipment — Fiber Optics | 1.5 | |||
Semiconductor Components — Integrated Circuits | 1.4 | |||
Food — Wholesale/Distribution | 1.4 | |||
Transport — Rail | 1.4 | |||
Machinery — Farming | 1.4 | |||
Aerospace/Defense — Equipment | 1.3 | |||
Electric — Distribution | 1.3 | |||
Food — Confectionery | 1.3 | |||
Drug Delivery Systems | 1.3 | |||
Computer Services | 1.3 | |||
Private Equity | 1.3 | |||
Containers — Paper/Plastic | 1.2 | |||
Retail — Major Department Stores | 1.2 | |||
Medical Products | 1.2 | |||
Apparel Manufacturers | 1.1 | |||
Diversified Manufacturing Operations | 1.1 | |||
Building & Construction Products — Misc. | 1.0 | |||
Transport — Truck | 1.0 | |||
Beverages — Non-alcoholic | 1.0 | |||
Semiconductor Equipment | 1.0 | |||
E-Commerce/Services | 1.0 | |||
Medical — Biomedical/Gene | 0.8 | |||
99.7 | % | |||
* | Calculated as a percentage of net assets |
247 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020
Security Description | Shares | Value (Note 2) | ||||||
COMMON STOCKS — 97.8% |
| |||||||
Aerospace/Defense — 4.0% |
| |||||||
General Dynamics Corp. | 10,100 | $ | 1,482,983 | |||||
Lockheed Martin Corp. | 3,074 | 1,194,064 | ||||||
Raytheon Technologies Corp. | 28,334 | 1,828,110 | ||||||
4,505,157 | ||||||||
Aerospace/Defense - Equipment — 1.3% |
| |||||||
L3Harris Technologies, Inc. | 7,657 | 1,527,189 | ||||||
Apparel Manufacturers — 1.1% |
| |||||||
VF Corp. | 22,800 | 1,279,080 | ||||||
Banks - Commercial — 2.6% |
| |||||||
M&T Bank Corp. | 10,502 | 1,109,641 | ||||||
Truist Financial Corp. | 49,407 | 1,817,190 | ||||||
2,926,831 | ||||||||
Banks - Super Regional — 1.6% |
| |||||||
PNC Financial Services Group, Inc. | 16,282 | 1,856,799 | ||||||
Beverages - Non-alcoholic — 1.0% |
| |||||||
Keurig Dr Pepper, Inc.# | 40,000 | 1,116,800 | ||||||
Building & Construction Products - Misc. — 1.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 19,422 | 1,183,965 | ||||||
Building - Residential/Commercial — 1.6% |
| |||||||
Lennar Corp., Class A | 30,379 | 1,836,714 | ||||||
Cable/Satellite TV — 2.1% |
| |||||||
Comcast Corp., Class A | 60,573 | 2,398,691 | ||||||
Chemicals - Diversified — 3.1% |
| |||||||
Celanese Corp. | 20,593 | 1,851,517 | ||||||
FMC Corp. | 16,727 | 1,646,104 | ||||||
3,497,621 | ||||||||
Computer Services — 1.3% |
| |||||||
Amdocs, Ltd. | 23,754 | 1,478,924 | ||||||
Containers - Paper/Plastic — 1.2% |
| |||||||
Sealed Air Corp. | 42,447 | 1,362,549 | ||||||
Diversified Banking Institutions — 6.4% |
| |||||||
Bank of America Corp. | 132,384 | 3,193,102 | ||||||
JPMorgan Chase & Co. | 41,629 | 4,050,918 | ||||||
7,244,020 | ||||||||
Diversified Manufacturing Operations — 1.1% |
| |||||||
Trane Technologies PLC | 13,465 | 1,214,678 | ||||||
Drug Delivery Systems — 1.3% |
| |||||||
Becton Dickinson and Co. | 6,100 | 1,506,273 | ||||||
E-Commerce/Services — 1.0% |
| |||||||
Booking Holdings, Inc.† | 670 | 1,098,411 | ||||||
Electric - Distribution — 1.3% |
| |||||||
Sempra Energy | 12,021 | 1,518,373 | ||||||
Electric - Integrated — 5.7% |
| |||||||
Dominion Energy, Inc. | 23,221 | 1,974,017 | ||||||
Entergy Corp. | 13,666 | 1,391,472 | ||||||
Exelon Corp. | 42,545 | 1,629,899 | ||||||
FirstEnergy Corp. | 33,200 | 1,403,032 | ||||||
6,398,420 | ||||||||
Electronic Components - Misc. — 2.2% |
| |||||||
Gentex Corp. | 48,081 | 1,271,262 | ||||||
nVent Electric PLC | 68,073 | 1,247,778 | ||||||
2,519,040 | ||||||||
Electronic Components - Semiconductors — 5.0% |
| |||||||
Intel Corp. | 64,685 | 4,070,627 |
Security Description | Shares | Value (Note 2) | ||||||
Electronic Components - Semiconductors (continued) |
| |||||||
Micron Technology, Inc.† | 34,068 | $ | 1,632,198 | |||||
5,702,825 | ||||||||
Food - Confectionery — 1.3% |
| |||||||
Mondelez International, Inc., Class A | 29,084 | 1,515,858 | ||||||
Food - Wholesale/Distribution — 1.4% |
| |||||||
Sysco Corp. | 27,800 | 1,533,448 | ||||||
Insurance - Multi-line — 3.1% |
| |||||||
Chubb, Ltd. | 16,052 | 1,957,381 | ||||||
MetLife, Inc. | 42,545 | 1,532,045 | ||||||
3,489,426 | ||||||||
Insurance - Property/Casualty — 3.8% |
| |||||||
Assurant, Inc. | 12,765 | 1,309,434 | ||||||
Intact Financial Corp. | 11,262 | 1,075,119 | ||||||
Progressive Corp. | 24,190 | 1,879,079 | ||||||
4,263,632 | ||||||||
Investment Management/Advisor Services — 1.9% |
| |||||||
BlackRock, Inc. | 4,016 | 2,123,018 | ||||||
Machinery - Farming — 1.4% |
| |||||||
Deere & Co. | 10,056 | 1,529,719 | ||||||
Medical Instruments — 2.5% |
| |||||||
Medtronic PLC | 28,741 | 2,833,288 | ||||||
Medical Products — 1.2% |
| |||||||
Zimmer Biomet Holdings, Inc. | 10,425 | 1,317,095 | ||||||
Medical - Biomedical/Gene — 0.8% |
| |||||||
Biogen, Inc.† | 2,838 | 871,521 | ||||||
Medical - Drugs — 8.9% |
| |||||||
AstraZeneca PLC ADR | 34,102 | 1,861,969 | ||||||
Eli Lilly & Co. | 7,935 | 1,213,658 | ||||||
Merck & Co., Inc. | 17,617 | 1,422,044 | ||||||
Pfizer, Inc. | 101,700 | 3,883,923 | ||||||
Roche Holding AG | 4,902 | 1,701,602 | ||||||
10,083,196 | ||||||||
Medical - HMO — 5.1% |
| |||||||
Anthem, Inc. | 8,428 | 2,478,759 | ||||||
Centene Corp.† | 19,781 | 1,310,491 | ||||||
UnitedHealth Group, Inc. | 6,322 | 1,927,262 | ||||||
5,716,512 | ||||||||
Networking Products — 1.7% |
| |||||||
Cisco Systems, Inc. | 39,601 | 1,893,720 | ||||||
Oil Companies - Exploration & Production — 1.5% |
| |||||||
Concho Resources, Inc. | 13,594 | 741,145 | ||||||
Pioneer Natural Resources Co. | 10,721 | 982,043 | ||||||
1,723,188 | ||||||||
Private Equity — 1.3% |
| |||||||
Blackstone Group, Inc., Class A | 25,775 | 1,464,020 | ||||||
Real Estate Investment Trusts — 4.5% |
| |||||||
Crown Castle International Corp. | 6,838 | 1,177,230 | ||||||
Gaming and Leisure Properties, Inc. | 48,352 | 1,670,078 | ||||||
Highwoods Properties, Inc. | 29,133 | 1,114,920 | ||||||
Host Hotels & Resorts, Inc. | 91,794 | 1,096,020 | ||||||
5,058,248 | ||||||||
Retail - Building Products — 2.0% |
| |||||||
Home Depot, Inc. | 9,292 | 2,308,876 | ||||||
248 |
Table of Contents
VALIC Company I Value Fund
PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)
Security Description | Shares/ Principal | Value (Note 2) | ||||||
COMMON STOCKS (continued) |
| |||||||
Retail - Major Department Stores — 1.2% |
| |||||||
TJX Cos., Inc. | 25,394 | $ | 1,339,787 | |||||
Retail - Restaurants — 2.0% |
| |||||||
McDonald’s Corp. | 11,900 | 2,217,208 | ||||||
Semiconductor Components - Integrated Circuits — 1.4% |
| |||||||
Analog Devices, Inc. | 14,046 | 1,586,496 | ||||||
Semiconductor Equipment — 1.0% |
| |||||||
KLA Corp. | 6,294 | 1,107,492 | ||||||
Telecom Equipment - Fiber Optics — 1.5% |
| |||||||
Corning, Inc. | 73,456 | 1,674,062 | ||||||
Transport - Rail — 1.4% |
| |||||||
Union Pacific Corp. | 9,017 | 1,531,628 | ||||||
Transport - Truck — 1.0% |
| |||||||
Knight-Swift Transportation Holdings, Inc.# | 27,247 | 1,133,748 | ||||||
Total Long-Term Investment Securities | ||||||||
(cost $98,697,211) | 110,487,546 | |||||||
REPURCHASE AGREEMENTS — 1.9% |
| |||||||
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $2,174,000 and collateralized by $2,050,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $2,222,768 | $ | 2,174,000 | 2,174,000 | |||||
TOTAL INVESTMENTS | ||||||||
(cost $100,871,211)(1) | 99.7 | % | 112,661,546 | |||||
Other assets less liabilities | 0.3 | 308,216 | ||||||
NET ASSETS | 100.0 | % | $ | 112,969,762 | ||||
# | The security or a portion thereof is out on loan (see Note 2). |
† | Non-income producing security |
At May 31, 2020, the Fund had loaned securities with a total value of $1,141,238. This was secured by collateral of $1,166,630 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.
The components of the fixed income pooled securities referenced above are as follows:
Securities | Coupon Range | Maturity Date Range | Value as of May 31, 2020 | |||||
United States Treasury Bills | 0.00% | 06/18/2020 to 07/23/2020 | $ | 54,526 | ||||
United States Treasury Notes/Bonds | 0.13% to 6.50% | 07/15/2020 to 05/15/2048 | 1,112,104 |
(1) | See Note 5 for cost of investments on a tax basis. |
ADR—American Depositary Receipt
The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Observable Inputs | Level 3 - Significant Unobservable Inputs | Total | |||||||||||||
ASSETS: | ||||||||||||||||
Investments at Value:* | ||||||||||||||||
Common Stocks | $ | 108,785,945 | $ | 1,701,601 | ** | $ | — | $ | 110,487,546 | |||||||
Repurchase Agreements | — | 2,174,000 | — | 2,174,000 | ||||||||||||
Total Investments at Value | $ | 108,785,945 | $ | 3,875,601 | $ | — | $ | 112,661,546 | ||||||||
* | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
** | Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2). |
See Notes to Financial Statements
249 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020
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)*† | $ | 121,720,166 | $ | 831,649,125 | $ | 280,217,755 | $ | 218,862,869 | $ | 957,196,410 | $ | 39,486,842 | $ | 690,260,510 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | 152,814,870 | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | – | 3,725,000 | 5,382,000 | – | – | |||||||||||||||||||||
Cash | 936,121 | 614 | – | 96,487 | 46,396,529 | – | 16,634,839 | |||||||||||||||||||||
Foreign cash* | 10,463,360 | 60,314 | – | – | 56,264 | – | 548,263 | |||||||||||||||||||||
Cash collateral for futures contracts | 340,000 | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | 808,342 | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 25,914 | 39,570 | 124,019 | 59,319 | 218,310 | 3,565 | 353,206 | |||||||||||||||||||||
Dividends and interest | 495,831 | 295,064 | 1,196,335 | 510,155 | 3,700,235 | 85,709 | 1,438,218 | |||||||||||||||||||||
Investments sold | 1,325,157 | 607,503 | 394,716 | 1,063,617 | 287,532 | 21,231 | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | 430,784 | – | – | 2,048,902 | – | |||||||||||||||||||||
Securites lending income | 2,670 | 921 | 433 | 342 | 9,179 | – | 3,095 | |||||||||||||||||||||
Prepaid expenses and other assets | 32,365 | 25,585 | 19,505 | 26,242 | 27,140 | 585,106 | 25,955 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | – | 32,723 | 92,860 | 11,558 | – | |||||||||||||||||||||
Variation margin on futures contracts | 88,000 | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | 184,871 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 136,422,797 | 832,678,696 | 282,383,547 | 224,376,754 | 1,013,366,459 | 195,057,783 | 709,264,086 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 7,588 | 836,669 | 124,462 | 8,082 | 217,197 | 27,835 | 611 | |||||||||||||||||||||
Investments purchased | 5,854,844 | 72,403 | 298,200 | 1,057,244 | 317,276 | 1,336 | 259,729 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 681,912 | – | 3,141,156 | – | – | 2,179,934 | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | 32,293 | |||||||||||||||||||||
Investment advisory and management fees | 53,310 | 495,640 | 113,887 | 145,434 | 592,861 | 39,647 | 427,993 | |||||||||||||||||||||
Administrative service fee | 7,115 | 45,734 | 15,318 | 12,131 | 56,332 | 2,233 | 37,240 | |||||||||||||||||||||
Transfer agent fees and expenses | 482 | 1,125 | 1,125 | 482 | 1,129 | 322 | 1,607 | |||||||||||||||||||||
Directors’ fees and expenses | 8,096 | 17,504 | 7,429 | 18,411 | 18,166 | 3,340 | 18,181 | |||||||||||||||||||||
Other accrued expenses | 85,593 | 124,294 | 82,534 | 69,429 | 146,632 | 65,309 | 216,800 | |||||||||||||||||||||
Variation margin on futures contracts | 212,518 | – | – | – | – | 21,979 | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 337,214 | 79,225 | 1,320,590 | – | – | – | 6,798,425 | |||||||||||||||||||||
Due to custodian | – | – | 1,818 | – | – | 577,068 | – | |||||||||||||||||||||
Due to broker | – | – | – | – | – | 1,397,983 | 21 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | 544,629 | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 7,793,301 | 1,672,594 | 5,106,519 | 1,311,213 | 1,349,593 | 4,316,986 | 7,792,900 | |||||||||||||||||||||
NET ASSETS | $ | 128,629,496 | $ | 831,006,102 | $ | 277,277,028 | $ | 223,065,541 | $ | 1,012,016,866 | $ | 190,740,797 | $ | 701,471,186 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 136,143 | $ | 399,495 | $ | 263,951 | $ | 112,675 | $ | 1,014,115 | $ | 159,946 | $ | 970,254 | ||||||||||||||
Additional paid-in capital | 136,645,750 | 367,647,725 | 254,428,660 | 169,129,878 | 1,065,457,844 | 166,232,763 | 730,532,476 | |||||||||||||||||||||
Total accumulated earnings (loss) | (8,152,397 | ) | 462,958,882 | 22,584,417 | 53,822,988 | (54,455,093 | ) | 24,348,088 | (30,031,544 | ) | ||||||||||||||||||
NET ASSETS | $ | 128,629,496 | $ | 831,006,102 | $ | 277,277,028 | $ | 223,065,541 | $ | 1,012,016,866 | $ | 190,740,797 | $ | 701,471,186 | ||||||||||||||
CAPITAL SHARES: | ||||||||||||||||||||||||||||
Authorized (Par value $0.01 per share) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||
Outstanding | 13,614,261 | 39,949,537 | 26,395,080 | 11,267,453 | 101,411,509 | 15,994,550 | 97,025,413 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 9.45 | $ | 20.80 | $ | 10.50 | $ | 19.80 | $ | 9.98 | $ | 11.93 | $ | 7.23 | ||||||||||||||
* Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 116,453,119 | $ | 452,738,902 | $ | 265,843,774 | $ | 187,253,165 | $ | 1,008,875,056 | $ | 37,331,054 | $ | 682,711,175 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 146,613,289 | $ | – | ||||||||||||||
Foreign cash | $ | 10,295,764 | $ | 60,310 | $ | – | $ | – | $ | 55,890 | $ | – | $ | 548,606 | ||||||||||||||
† Including securities on loan | $ | 790,057 | $ | 3,026,234 | $ | 2,877,855 | $ | 2,157,227 | $ | 17,559,173 | $ | – | $ | 10,060,498 | ||||||||||||||
See Notes to Financial Statements
250 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 356,218,160 | $ | 275,144,413 | $ | 408,003,773 | $ | 144,709,159 | $ | 1,364,930,787 | $ | 859,936,547 | $ | 778,610,649 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | – | 5,890,000 | 5,138,000 | 3,432,000 | 2,466,000 | – | – | |||||||||||||||||||||
Cash | 2,378,732 | 1,031 | – | 713 | 2,789 | – | 5,850 | |||||||||||||||||||||
Foreign cash* | 1,180,124 | 547,668 | – | – | 19,763 | 25,503 | 171,352 | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | 7 | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 115,617 | 2,540 | 2,200,037 | 8,316 | 109,587 | 175,132 | 145,994 | |||||||||||||||||||||
Dividends and interest | 872,906 | 1,531,158 | 24,847 | 467,633 | 1,052,519 | 633,015 | 3,347,624 | |||||||||||||||||||||
Investments sold | 818,780 | – | – | – | 313,223 | 514,420 | – | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 8,073 | 1,116 | – | 1,102 | 33,155 | 4,193 | 5,952 | |||||||||||||||||||||
Prepaid expenses and other assets | 17,620 | 22,464 | 38,258 | 25,964 | 50,702 | 24,865 | 20,598 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 4,674 | 147,135 | – | 178,288 | 28,095 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | 1,170 | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | 2,320,147 | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 361,610,012 | 285,465,211 | 415,552,050 | 148,644,887 | 1,369,157,990 | 861,341,770 | 782,308,019 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 264 | 132,347 | 46,164 | 145,292 | 157,300 | 22,110 | 193,868 | |||||||||||||||||||||
Investments purchased | – | – | – | – | 3,284,003 | 3,881,927 | – | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 779,166 | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | 36,614 | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 220,562 | 116,851 | 141,443 | 64,248 | 763,972 | 678,561 | 277,605 | |||||||||||||||||||||
Administrative service fee | 20,017 | 15,595 | 23,596 | 8,574 | 74,357 | 46,176 | 41,013 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,125 | 482 | 2,697 | 1,445 | 804 | 643 | 1,125 | |||||||||||||||||||||
Directors’ fees and expenses | 10,013 | 14,837 | 22,070 | 6,995 | 36,691 | 16,372 | 11,734 | |||||||||||||||||||||
Other accrued expenses | 115,708 | 123,166 | 114,348 | 64,078 | 184,721 | 120,329 | 140,740 | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 1,020,792 | 211,516 | – | 16,040 | 5,962,655 | 5,817,616 | 17,035,095 | |||||||||||||||||||||
Due to custodian | – | – | 752 | – | – | 920 | – | |||||||||||||||||||||
Due to broker | – | 72,273 | – | – | – | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | 2,033,593 | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 2,167,647 | 2,757,274 | 351,070 | 306,672 | 10,464,503 | 10,584,654 | 17,701,180 | |||||||||||||||||||||
NET ASSETS | $ | 359,442,365 | $ | 282,707,937 | $ | 415,200,980 | $ | 148,338,215 | $ | 1,358,693,487 | $ | 850,757,116 | $ | 764,606,839 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 524,367 | $ | 319,346 | $ | 4,152,117 | $ | 132,250 | $ | 721,761 | $ | 375,835 | $ | 674,162 | ||||||||||||||
Additional paid-in capital | 388,565,248 | 318,111,597 | 411,058,455 | 136,721,721 | 848,709,556 | 517,544,759 | 718,669,482 | |||||||||||||||||||||
Total accumulated earnings (loss) | (29,647,250 | ) | (35,723,006 | ) | (9,592 | ) | 11,484,244 | 509,262,170 | 332,836,522 | 45,263,195 | ||||||||||||||||||
NET ASSETS | $ | 359,442,365 | $ | 282,707,937 | $ | 415,200,980 | $ | 148,338,215 | $ | 1,358,693,487 | $ | 850,757,116 | $ | 764,606,839 | ||||||||||||||
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 | 52,436,684 | 31,934,636 | 415,211,711 | 13,225,004 | 72,176,122 | 37,583,480 | 67,416,190 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 6.85 | $ | 8.85 | $ | 1.00 | $ | 11.22 | $ | 18.82 | $ | 22.64 | $ | 11.34 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 368,700,462 | $ | 303,654,306 | $ | 408,003,773 | $ | 132,901,303 | $ | 1,052,774,777 | $ | 603,715,198 | $ | 747,420,198 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,180,088 | $ | 542,071 | $ | – | $ | – | $ | 20,076 | $ | 25,567 | $ | 166,385 | ||||||||||||||
† Including securities on loan | $ | 10,300,173 | $ | 1,126,735 | $ | – | $ | 7,269,672 | $ | 5,917,100 | $ | 20,089,817 | $ | 17,723,036 | ||||||||||||||
See Notes to Financial Statements
251 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)
INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND | INTERNATIONAL VALUE FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 1,238,713,392 | $ | 172,124,377 | $ | 448,183,134 | $ | 305,543,465 | $ | 618,751,651 | $ | 173,790,489 | $ | 519,691,803 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 52,247,000 | – | – | 18,103,000 | – | 1,531,000 | – | |||||||||||||||||||||
Cash | 2,813 | 545,791 | 24,922,314 | – | 361 | – | 4,813,011 | |||||||||||||||||||||
Foreign cash* | 1,900,003 | 1,532,025 | 1,407,267 | 2,211,588 | 616,277 | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 1,529,678 | 11,213 | 2,584,149 | 33,632 | 1,632,142 | 2,633 | 176,093 | |||||||||||||||||||||
Dividends and interest | 5,790,097 | 1,619,706 | 821,261 | 1,401,565 | 2,577,875 | 269,202 | 559,242 | |||||||||||||||||||||
Investments sold | 19,810,275 | 5,469,255 | – | – | 915,925 | 1,206,618 | 111,569 | |||||||||||||||||||||
Investments sold on an extended settlement basis | 1,949,373 | 492,205 | – | – | – | – | – | |||||||||||||||||||||
Securites lending income | 29,367 | 956 | 9,982 | – | 15,322 | 42 | – | |||||||||||||||||||||
Prepaid expenses and other assets | 47,532 | 17,155 | 33,037 | 28,158 | 40,354 | 12,186 | 22,894 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 74,835 | – | 33,910 | – | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | 333,546 | – | – | |||||||||||||||||||||
TOTAL ASSETS | 1,322,019,530 | 181,812,683 | 478,035,979 | 327,321,408 | 624,917,363 | 176,812,170 | 525,374,612 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 1,965 | 2,601,304 | 245,410 | 310,890 | 812 | 101,372 | 872 | |||||||||||||||||||||
Investments purchased | 25,360,727 | 3,697,821 | 1,828,916 | – | 8,442,023 | 1,393,769 | 325,566 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | 3,223,928 | 1,652,121 | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | 56,738 | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 293,785 | 71,182 | 347,347 | 132,933 | 336,951 | 99,510 | 272,445 | |||||||||||||||||||||
Administrative service fee | 67,554 | 9,500 | 24,969 | 17,741 | 32,326 | 9,486 | 28,407 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,438 | 1,125 | 1,125 | 906 | 1,286 | 1,125 | 1,284 | |||||||||||||||||||||
Directors’ fees and expenses | 37,270 | 8,188 | 24,350 | 18,545 | 29,488 | 4,782 | 14,207 | |||||||||||||||||||||
Other accrued expenses | 263,058 | 70,799 | 128,727 | 86,931 | 143,104 | 62,546 | 101,720 | |||||||||||||||||||||
Variation margin on futures contracts | 206,800 | – | – | 81,675 | – | – | – | |||||||||||||||||||||
Collateral upon return of securities loaned | 45,757,607 | 2,256,560 | 13,410,289 | – | 11,178,756 | 437,025 | – | |||||||||||||||||||||
Due to custodian | – | – | – | 1,196 | – | 2,382 | – | |||||||||||||||||||||
Due to broker | – | – | 194,000 | 6 | 629,967 | – | – | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 75,215,132 | 10,368,600 | 16,261,871 | 650,823 | 20,794,713 | 2,111,997 | 744,501 | |||||||||||||||||||||
NET ASSETS | $ | 1,246,804,398 | $ | 171,444,083 | $ | 461,774,108 | $ | 326,670,585 | $ | 604,122,650 | $ | 174,700,173 | $ | 524,630,111 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 2,014,294 | $ | 141,252 | $ | 370,291 | $ | 136,292 | $ | 776,666 | $ | 149,865 | $ | 311,853 | ||||||||||||||
Additional paid-in capital | 1,318,312,465 | 167,254,376 | 385,047,693 | 260,001,417 | 749,116,129 | 127,857,901 | 311,176,109 | |||||||||||||||||||||
Total accumulated earnings (loss) | (73,522,361 | ) | 4,048,455 | 76,356,124 | 66,532,876 | (145,770,145 | ) | 46,692,407 | 213,142,149 | |||||||||||||||||||
NET ASSETS | $ | 1,246,804,398 | $ | 171,444,083 | $ | 461,774,108 | $ | 326,670,585 | $ | 604,122,650 | $ | 174,700,173 | $ | 524,630,111 | ||||||||||||||
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 | 201,429,406 | 14,125,243 | 37,029,094 | 13,629,227 | 77,666,623 | 14,986,516 | 31,185,296 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 6.19 | $ | 12.14 | $ | 12.47 | $ | 23.97 | $ | 7.78 | $ | 11.66 | $ | 16.82 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 1,269,748,983 | $ | 168,482,084 | $ | 368,995,250 | $ | 303,915,876 | $ | 698,941,420 | $ | 132,923,222 | $ | 363,407,031 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | 1,888,904 | $ | 1,503,330 | $ | 1,401,018 | $ | 2,166,417 | $ | 607,471 | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 51,896,426 | $ | 7,971,944 | $ | 17,201,069 | $ | – | $ | 22,879,908 | $ | 421,875 | $ | – | ||||||||||||||
See Notes to Financial Statements
252 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)
MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | SMALL CAP INDEX FUND | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 2,714,220,070 | $ | 315,087,926 | $ | 583,639,312 | $ | 1,595,165,446 | $ | 162,385,649 | $ | 263,683,258 | $ | 885,964,290 | ||||||||||||||
Investment securities, at value (affiliated)*† | – | – | – | – | – | – | – | |||||||||||||||||||||
Repurchase agreements (cost approximates value) | 59,545,000 | – | 38,345,000 | 3,874,000 | 3,847,000 | 6,371,000 | 47,199,000 | |||||||||||||||||||||
Cash | 441,085 | 567,443 | 238 | 36,182,270 | – | 270,684 | 1,474 | |||||||||||||||||||||
Foreign cash* | – | 2 | – | 1,039,736 | – | – | – | |||||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Due from broker | – | – | – | – | – | – | – | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Fund shares sold | 247,543 | 69,441 | 58,234 | 36,165 | 3,592 | 104,863 | 183,114 | |||||||||||||||||||||
Dividends and interest | 2,915,882 | 182,508 | 483,119 | 952,561 | 26,239 | 179,693 | 625,866 | |||||||||||||||||||||
Investments sold | 2,698,207 | 2,435,887 | – | 7,044,476 | 595,274 | 456,762 | 590,227 | |||||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | 182,589 | – | – | – | |||||||||||||||||||||
Securites lending income | 23,826 | 1,601 | 131 | 45,095 | 4,753 | 36,599 | 204,773 | |||||||||||||||||||||
Prepaid expenses and other assets | 143,380 | 25,663 | 17,482 | 60,488 | 12,371 | 30,209 | 50,268 | |||||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | – | 15,457 | – | 17,256 | 40,886 | – | |||||||||||||||||||||
Variation margin on futures contracts | – | – | 464,000 | – | – | – | – | |||||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL ASSETS | 2,780,234,993 | 318,370,471 | 623,022,973 | 1,644,582,826 | 166,892,134 | 271,173,954 | 934,819,012 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Fund shares reacquired | 333,712 | 1,100 | 57,026 | 328,381 | 197,297 | 126,945 | 11,099 | |||||||||||||||||||||
Investments purchased | 12,048,851 | 2,367,399 | – | 11,596,973 | 2,178,195 | 1,290,077 | 35,502 | |||||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | – | |||||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | – | |||||||||||||||||||||
Investment advisory and management fees | 596,319 | 172,960 | 189,938 | 1,130,128 | 109,115 | 187,592 | 218,223 | |||||||||||||||||||||
Administrative service fee | 147,866 | 16,669 | 32,852 | 87,059 | 8,566 | 13,919 | 46,943 | |||||||||||||||||||||
Transfer agent fees and expenses | 3,080 | 1,125 | 2,250 | 2,422 | 424 | 482 | 2,699 | |||||||||||||||||||||
Directors’ fees and expenses | 118,043 | 9,690 | 8,868 | 52,302 | 3,298 | 21,283 | 42,636 | |||||||||||||||||||||
Other accrued expenses | 354,193 | 78,675 | 21,269 | 209,645 | 63,343 | 78,645 | 323,255 | |||||||||||||||||||||
Variation margin on futures contracts | 354,000 | – | – | – | – | – | 555,840 | |||||||||||||||||||||
Collateral upon return of securities loaned | 32,122,640 | 878,168 | 191,880 | 8,092,866 | 3,803,386 | 4,960,480 | 35,025,880 | |||||||||||||||||||||
Due to custodian | – | – | – | – | 1,806 | – | – | |||||||||||||||||||||
Due to broker | 42,256 | – | 50 | – | – | – | 24 | |||||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
TOTAL LIABILITIES | 46,120,960 | 3,525,786 | 504,133 | 21,499,776 | 6,365,430 | 6,679,423 | 36,262,101 | |||||||||||||||||||||
NET ASSETS | $ | 2,734,114,033 | $ | 314,844,685 | $ | 622,518,840 | $ | 1,623,083,050 | $ | 160,526,704 | $ | 264,494,531 | $ | 898,556,911 | ||||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 1,317,397 | $ | 190,792 | $ | 340,449 | $ | 543,136 | $ | 118,499 | $ | 277,300 | $ | 595,764 | ||||||||||||||
Additional paid-in capital | 2,278,265,335 | 203,236,921 | 189,173,449 | 1,053,659,744 | 126,642,567 | 228,959,039 | 755,140,221 | |||||||||||||||||||||
Total accumulated earnings (loss) | 454,531,301 | 111,416,972 | 433,004,942 | 568,880,170 | 33,765,638 | 35,258,192 | 142,820,926 | |||||||||||||||||||||
NET ASSETS | $ | 2,734,114,033 | $ | 314,844,685 | $ | 622,518,840 | $ | 1,623,083,050 | $ | 160,526,704 | $ | 264,494,531 | $ | 898,556,911 | ||||||||||||||
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 | 131,739,668 | 19,079,241 | 34,044,906 | 54,313,584 | 11,849,936 | 27,730,036 | 59,576,358 | |||||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 20.75 | $ | 16.50 | $ | 18.29 | $ | 29.88 | $ | 13.55 | $ | 9.54 | $ | 15.08 | ||||||||||||||
*Cost | ||||||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 2,371,710,878 | $ | 221,196,809 | $ | 216,555,671 | $ | 1,224,284,483 | $ | 139,937,171 | $ | 237,910,739 | $ | 812,842,420 | ||||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
Foreign cash | $ | – | $ | 2 | $ | – | $ | 1,000,104 | $ | – | $ | – | $ | – | ||||||||||||||
† Including securities on loan | $ | 81,419,499 | $ | 10,698,793 | $ | 305,885 | $ | 51,962,144 | $ | 14,804,196 | $ | 17,308,828 | $ | 62,037,275 | ||||||||||||||
See Notes to Financial Statements
253 |
Table of Contents
VALIC Company I
STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)
SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | SYSTEMATIC CORE FUND | SYSTEMATIC VALUE FUND | VALUE FUND | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||
Investment securities, at value (unaffiliated)*† | $ | 171,967,678 | $ | 138,490,268 | $ | 4,785,808,344 | $ | 123,387,215 | $ | 43,898,056 | $ | 110,487,546 | ||||||||||||
Investment securities, at value (affiliated)*† | – | – | 4,931,704 | – | – | – | ||||||||||||||||||
Repurchase agreements (cost approximates value) | – | – | 42,750,000 | – | 557,000 | 2,174,000 | ||||||||||||||||||
Cash | 5,892,269 | – | 21,977 | – | – | – | ||||||||||||||||||
Foreign cash* | – | – | – | – | – | – | ||||||||||||||||||
Cash collateral for futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Due from broker | – | – | – | – | – | – | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Fund shares sold | 28,842 | 12,238 | 554,344 | 68,549 | 12,808 | 96,053 | ||||||||||||||||||
Dividends and interest | 350,951 | 54,490 | 8,547,423 | 163,680 | 78,691 | 323,202 | ||||||||||||||||||
Investments sold | 840,840 | 3,328,106 | – | 116,762 | – | – | ||||||||||||||||||
Investments sold on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Securites lending income | 1,670 | 11,735 | 10,578 | 2,763 | 109 | 88 | ||||||||||||||||||
Prepaid expenses and other assets | 12,284 | 11,471 | 297,880 | 13,938 | 8,608 | 12,484 | ||||||||||||||||||
Due from investment adviser for expense reimbursements/fee waivers | – | 7,275 | 220,835 | 64,028 | 10,775 | 21,851 | ||||||||||||||||||
Variation margin on futures contracts | – | – | 76,050 | – | – | – | ||||||||||||||||||
Unrealized appreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL ASSETS | 179,094,534 | 141,915,583 | 4,843,219,135 | 123,816,935 | 44,566,047 | 113,115,224 | ||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Fund shares reacquired | 40,586 | 4,959 | 2,900,751 | 206,845 | 2,078 | 1,770 | ||||||||||||||||||
Investments purchased | 363,158 | 3,898,991 | 2,288,456 | – | – | – | ||||||||||||||||||
Investments purchased on an extended settlement basis | – | – | – | – | – | – | ||||||||||||||||||
Accrued foreign tax on capital gains | – | – | – | – | – | – | ||||||||||||||||||
Investment advisory and management fees | 106,078 | 88,340 | 955,810 | 74,481 | 25,142 | 70,406 | ||||||||||||||||||
Administrative service fee | 9,438 | 6,935 | 262,386 | 6,627 | 2,397 | 6,023 | ||||||||||||||||||
Transfer agent fees and expenses | 906 | 482 | 3,375 | 1,137 | 643 | 1,125 | ||||||||||||||||||
Directors’ fees and expenses | 8,263 | 3,847 | 204,041 | 6,555 | 1,345 | 5,067 | ||||||||||||||||||
Other accrued expenses | 64,670 | 56,146 | 537,453 | 96,636 | 45,427 | 58,381 | ||||||||||||||||||
Variation margin on futures contracts | – | – | – | – | – | – | ||||||||||||||||||
Collateral upon return of securities loaned | 1,391,656 | 6,624,410 | 10,876,977 | 732,330 | 253,485 | – | ||||||||||||||||||
Due to custodian | – | 2,725 | – | 53,093 | 2,600 | 2,690 | ||||||||||||||||||
Due to broker | – | – | 23 | – | – | – | ||||||||||||||||||
Unrealized depreciation on forward foreign currency contracts | – | – | – | – | – | – | ||||||||||||||||||
TOTAL LIABILITIES | 1,984,755 | 10,686,835 | 18,029,272 | 1,177,704 | 333,117 | 145,462 | ||||||||||||||||||
NET ASSETS | $ | 177,109,779 | $ | 131,228,748 | $ | 4,825,189,863 | $ | 122,639,231 | $ | 44,232,930 | $ | 112,969,762 | ||||||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||||||
Capital shares at par value of $0.01 per share | $ | 201,343 | $ | 93,704 | $ | 1,198,071 | $ | 59,632 | $ | 37,507 | $ | 72,193 | ||||||||||||
Additional paid-in capital | 203,099,749 | 90,566,271 | 1,897,383,496 | 89,119,640 | 38,912,523 | 96,407,793 | ||||||||||||||||||
Total accumulated earnings (loss) | (26,191,313 | ) | 40,568,773 | 2,926,608,296 | 33,459,959 | 5,282,900 | 16,489,776 | |||||||||||||||||
NET ASSETS | $ | 177,109,779 | $ | 131,228,748 | $ | 4,825,189,863 | $ | 122,639,231 | $ | 44,232,930 | $ | 112,969,762 | ||||||||||||
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 | 20,134,289 | 9,370,415 | 119,807,147 | 5,963,169 | 3,750,716 | 7,219,334 | ||||||||||||||||||
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE | $ | 8.80 | $ | 14.00 | $ | 40.27 | $ | 20.57 | $ | 11.79 | $ | 15.65 | ||||||||||||
*Cost | ||||||||||||||||||||||||
Investment securities (unaffiliated) | $ | 196,024,540 | $ | 112,873,723 | $ | 2,194,364,748 | $ | 103,750,025 | $ | 43,908,325 | $ | 98,697,211 | ||||||||||||
Investment securities (affiliated) | $ | – | $ | – | $ | 5,840,597 | $ | – | $ | – | $ | – | ||||||||||||
Foreign cash | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
† Including securities on loan | $ | 7,036,694 | $ | 10,763,677 | $ | 20,194,803 | $ | 2,065,370 | $ | 333,105 | $ | 1,141,238 | ||||||||||||
See Notes to Financial Statements
254 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020
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) | $ | 1,978,847 | $ | 4,717,194 | $ | 8,298 | $ | 4,586,338 | $ | 33,826,898 | $ | – | $ | 25,505,745 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | 2,762,515 | – | |||||||||||||||||||||
Securities lending income | 45,207 | 27,395 | 8,992 | 5,986 | 83,925 | – | 38,766 | |||||||||||||||||||||
Interest (unaffiliated) | 1,065,574 | 50,434 | 6,975,946 | 1,944 | 243,130 | 790,287 | 77,769 | |||||||||||||||||||||
Total investment income* | 3,089,628 | 4,795,023 | 6,993,236 | 4,594,268 | 34,153,953 | 3,552,802 | 25,622,280 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 715,342 | 5,908,671 | 1,216,075 | 1,868,960 | 7,138,661 | 497,768 | 5,957,592 | |||||||||||||||||||||
Administrative service fee | 95,478 | 545,440 | 162,467 | 155,938 | 680,577 | 26,270 | 524,730 | |||||||||||||||||||||
Transfer agent fees and expenses | 1,093 | 2,491 | 2,551 | 1,103 | 2,555 | 729 | 3,643 | |||||||||||||||||||||
Custodian fees | 128,746 | 32,439 | 39,667 | 15,195 | 57,536 | 22,868 | 360,119 | |||||||||||||||||||||
Reports to shareholders | 19,536 | 111,475 | 32,494 | 31,742 | 186,851 | 26,691 | 111,690 | |||||||||||||||||||||
Audit and tax fees | 61,670 | 38,357 | 52,827 | 38,353 | 38,438 | 39,006 | 53,876 | |||||||||||||||||||||
Legal fees | 19,088 | 20,559 | 10,532 | 10,386 | 30,833 | 15,518 | 37,776 | |||||||||||||||||||||
Directors’ fees and expenses | 6,504 | 36,082 | 10,492 | 10,501 | 44,242 | 8,918 | 36,531 | |||||||||||||||||||||
Interest expense | – | – | – | 304 | 4,257 | – | 28,931 | |||||||||||||||||||||
License fee | 1,347 | 1,342 | 1,347 | 10,891 | 23,536 | 1,345 | 1,342 | |||||||||||||||||||||
Other expenses | 49,779 | 48,291 | 25,583 | 35,358 | 54,414 | 24,717 | 54,411 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,098,583 | 6,745,147 | 1,554,035 | 2,178,731 | 8,261,900 | 663,830 | 7,170,641 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | – | (420,597 | ) | (761,455 | ) | (34,608 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | (4,373 | ) | – | – | – | – | – | (1,141 | ) | |||||||||||||||||||
Net expenses | 1,094,210 | 6,745,147 | 1,554,035 | 1,758,134 | 7,500,445 | 629,222 | 7,169,500 | |||||||||||||||||||||
Net investment income (loss) | 1,995,418 | (1,950,124 | ) | 5,439,201 | 2,836,134 | 26,653,508 | 2,923,580 | 18,452,780 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (15,265,024 | ) | 91,746,269 | 6,796,645 | 22,377,488 | (21,085,348 | ) | 6,983,704 | 11,000,168 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | 2,739,316 | – | |||||||||||||||||||||
Futures contracts | 3,629,552 | – | – | – | – | (1,855,319 | ) | (868,888 | ) | |||||||||||||||||||
Forward contracts | (201,572 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | 10,080,330 | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (114,583 | ) | 542 | – | 560 | (107,059 | ) | – | (1,050,910 | ) | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (11,951,627 | ) | 91,746,811 | 6,796,645 | 22,378,048 | (21,192,407 | ) | 17,948,031 | 9,080,370 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | 8,653,434 | 68,509,489 | 10,407,892 | (2,854,380 | ) | (32,658,584 | ) | 3,572 | (42,202,272 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | (1,630,947 | ) | – | ||||||||||||||||||||
Futures contracts | (155,006 | ) | – | – | – | – | 1,076,505 | – | ||||||||||||||||||||
Forward contracts | (316,081 | ) | – | – | – | – | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 79,395 | (47 | ) | – | – | 7,538 | – | (55,746 | ) | |||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | 471,157 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,261,742 | 68,509,442 | 10,407,892 | (2,854,380 | ) | (32,651,046 | ) | (550,870 | ) | (41,786,861 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (3,689,885 | ) | 160,256,253 | 17,204,537 | 19,523,668 | (53,843,453 | ) | 17,397,161 | (32,706,491 | ) | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,694,467 | ) | $ | 158,306,129 | $ | 22,643,738 | $ | 22,359,802 | $ | (27,189,945 | ) | $ | 20,320,741 | $ | (14,253,711 | ) | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 67,627 | $ | 6,510 | $ | (47 | ) | $ | 92,935 | $ | 452,269 | $ | – | $ | 3,610,467 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | 682,793 | ||||||||||||||
See Notes to Financial Statements
255 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)
GLOBAL REAL ESTATE FUND | GLOBAL STRATEGY FUND | GOVERNMENT MONEY MARKET I FUND | GOVERNMENT SECURITIES FUND | GROWTH FUND | HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 12,396,215 | $ | 4,487,369 | $ | – | $ | – | $ | 10,527,406 | $ | 6,482,232 | $ | 10,088 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 60,035 | 21,341 | – | 3,138 | 177,513 | 233,616 | 40,215 | |||||||||||||||||||||
Interest (unaffiliated) | 66,785 | 6,891,021 | 5,616,071 | 3,992,190 | 15,532 | 77,299 | 17,247,195 | |||||||||||||||||||||
Total investment income* | 12,523,035 | 11,399,731 | 5,616,071 | 3,995,328 | 10,720,451 | 6,793,147 | 17,297,498 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,384,011 | 1,551,965 | 1,498,833 | 728,608 | 8,754,809 | 7,621,513 | 3,133,461 | |||||||||||||||||||||
Administrative service fee | 310,896 | 207,146 | 250,067 | 97,249 | 850,334 | 517,840 | 460,222 | |||||||||||||||||||||
Transfer agent fees and expenses | 2,552 | 1,093 | 5,936 | 3,361 | 1,822 | 1,458 | 2,552 | |||||||||||||||||||||
Custodian fees | 62,226 | 171,205 | 13,513 | 25,235 | 81,484 | 38,215 | 54,242 | |||||||||||||||||||||
Reports to shareholders | 66,045 | 61,891 | 49,542 | 19,615 | 248,860 | 101,260 | 92,199 | |||||||||||||||||||||
Audit and tax fees | 40,554 | 62,045 | 44,581 | 45,521 | 39,365 | 40,692 | 46,640 | |||||||||||||||||||||
Legal fees | 24,280 | 148,496 | 12,360 | 11,448 | 129,109 | 21,940 | 45,674 | |||||||||||||||||||||
Directors’ fees and expenses | 21,623 | 14,070 | 16,193 | 6,354 | 55,190 | 34,196 | 30,311 | |||||||||||||||||||||
Interest expense | 1,491 | 2,481 | – | – | 14,239 | – | 1,313 | |||||||||||||||||||||
License fee | 1,342 | 1,342 | 1,343 | 1,347 | 47,556 | 1,342 | 1,342 | |||||||||||||||||||||
Other expenses | 51,858 | 46,625 | 14,302 | 28,729 | 73,676 | 45,434 | 30,734 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 3,966,878 | 2,268,359 | 1,906,670 | 967,467 | 10,296,444 | 8,423,890 | 3,898,690 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | (19,257 | ) | (238,436 | ) | – | (1,605,648 | ) | (262,614 | ) | – | |||||||||||||||||
Fees paid indirectly (Note 7) | – | (1,958 | ) | – | – | – | – | – | ||||||||||||||||||||
Net expenses | 3,966,878 | 2,247,144 | 1,668,234 | 967,467 | 8,690,796 | 8,161,276 | 3,898,690 | |||||||||||||||||||||
Net investment income (loss) | 8,556,157 | 9,152,587 | 3,947,837 | 3,027,861 | 2,029,655 | (1,368,129 | ) | 13,398,808 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (12,700,877 | ) | (9,178,978 | ) | 1,466 | 234,572 | 207,868,351 | 84,772,150 | 2,963,933 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | 194,644 | – | – | |||||||||||||||||||||
Forward contracts | – | 3,631,485 | – | – | 202,843 | – | – | |||||||||||||||||||||
Swap contracts | – | (8,276,667 | ) | – | – | – | – | – | ||||||||||||||||||||
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized foreign exchange gain (loss) on other assets and liabilities | (85,129 | ) | (291,905 | ) | – | – | (203,331 | ) | 20,755 | (74,457 | ) | |||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (12,786,006 | ) | (14,116,065 | ) | 1,466 | 234,572 | 208,062,507 | 84,792,905 | 2,889,476 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (45,534,379 | ) | 1,366,043 | – | 8,643,191 | 98,536,710 | 99,963,557 | 17,987,317 | ||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | – | – | – | – | 90,994 | – | – | |||||||||||||||||||||
Forward contracts | – | (570,915 | ) | – | – | (88,830 | ) | – | – | |||||||||||||||||||
Swap contracts | – | 1,987,951 | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 875 | (15,556 | ) | – | – | 628 | 10,209 | 15,601 | ||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | (9,879 | ) | – | – | 12,214 | – | – | ||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (45,533,504 | ) | 2,757,644 | – | 8,643,191 | 98,551,716 | 99,973,766 | 18,002,918 | ||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (58,319,510 | ) | (11,358,421 | ) | 1,466 | 8,877,763 | 306,614,223 | 184,766,671 | 20,892,394 | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (49,763,353 | ) | $ | (2,205,834 | ) | $ | 3,949,303 | $ | 11,905,624 | $ | 308,643,878 | $ | 183,398,542 | $ | 34,291,202 | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 700,477 | $ | 468,975 | $ | – | $ | – | $ | 110,761 | $ | 130,093 | $ | 930 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | 36,287 | $ | – | $ | – | $ | 13,044 | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
256 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)
INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND | INTERNATIONAL VALUE FUND | LARGE CAP CORE FUND | LARGE CAPITAL GROWTH FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 26,718,221 | $ | – | $ | 3,811,682 | $ | 7,908,051 | $ | 17,843,756 | $ | 3,070,243 | $ | 6,152,843 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 235,465 | 9,278 | 105,905 | 115 | 261,642 | 470 | 9,173 | |||||||||||||||||||||
Interest (unaffiliated) | 439,265 | 5,381,323 | 92 | 75,123 | 266,188 | 10,537 | 46,737 | |||||||||||||||||||||
Total investment income* | 27,392,951 | 5,390,601 | 3,917,679 | 7,983,289 | 18,371,586 | 3,081,250 | 6,208,753 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 3,440,060 | 901,509 | 4,365,674 | 1,813,830 | 4,591,265 | 1,228,353 | 3,319,381 | |||||||||||||||||||||
Administrative service fee | 789,819 | 120,328 | 314,488 | 242,097 | 446,696 | 117,107 | 346,124 | |||||||||||||||||||||
Transfer agent fees and expenses | 5,524 | 2,551 | 2,552 | 2,186 | 2,915 | 2,551 | 2,944 | |||||||||||||||||||||
Custodian fees | 197,402 | 21,935 | 68,380 | 54,090 | 61,172 | 16,132 | 16,352 | |||||||||||||||||||||
Reports to shareholders | 159,498 | 25,207 | 64,661 | 50,595 | 92,941 | 23,817 | 71,563 | |||||||||||||||||||||
Audit and tax fees | 65,879 | 48,001 | 48,339 | 41,592 | 48,516 | 38,321 | 38,391 | |||||||||||||||||||||
Legal fees | 30,266 | 15,453 | 23,338 | 17,917 | 27,388 | 10,188 | 15,943 | |||||||||||||||||||||
Directors’ fees and expenses | 52,317 | 8,205 | 21,064 | 16,479 | 30,830 | 7,806 | 22,928 | |||||||||||||||||||||
Interest expense | – | – | – | – | 342 | – | 236 | |||||||||||||||||||||
License fee | 267,702 | 1,347 | 1,342 | 1,347 | 1,342 | 8,409 | 23,024 | |||||||||||||||||||||
Other expenses | 41,338 | 24,939 | 78,555 | 44,641 | 51,592 | 31,470 | 36,419 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 5,049,805 | 1,169,475 | 4,988,393 | 2,284,774 | 5,354,999 | 1,484,154 | 3,893,305 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | – | (942,485 | ) | – | (468,541 | ) | – | – | |||||||||||||||||||
Fees paid indirectly (Note 7) | – | – | – | – | (2,612 | ) | (3,608 | ) | (698 | ) | ||||||||||||||||||
Net expenses | 5,049,805 | 1,169,475 | 4,045,908 | 2,284,774 | 4,883,846 | 1,480,546 | 3,892,607 | |||||||||||||||||||||
Net investment income (loss) | 22,343,146 | 4,221,126 | (128,229 | ) | 5,698,515 | 13,487,740 | 1,600,704 | 2,316,146 | ||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | (24,183,647 | ) | 2,182,595 | 162,118 | 64,040,145 | (68,462,853 | ) | 6,620,815 | 55,419,072 | |||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (32,407,595 | ) | – | – | (6,722,543 | ) | – | – | – | |||||||||||||||||||
Forward contracts | – | – | – | – | (31,539 | ) | – | – | ||||||||||||||||||||
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 | 76,889 | 20,394 | 75,648 | (438,890 | ) | (575,165 | ) | 539 | (298 | ) | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (56,514,353 | ) | 2,202,989 | 237,766 | 56,878,712 | (69,069,557 | ) | 6,621,354 | 55,418,774 | |||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (5,780,581 | ) | 1,689,386 | 43,137,136 | (74,484,212 | ) | (911,481 | ) | 16,867,944 | 23,046,541 | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 5,737,805 | – | – | 4,765,233 | – | – | – | |||||||||||||||||||||
Forward contracts | – | – | – | – | (2,141,808 | ) | – | – | ||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | 29,816 | 42,267 | 9,341 | 52,927 | 16,091 | – | 3,910 | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | 521,805 | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (12,960 | ) | 1,731,653 | 43,668,282 | (69,666,052 | ) | (3,037,198 | ) | 16,867,944 | 23,050,451 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (56,527,313 | ) | 3,934,642 | 43,906,048 | (12,787,340 | ) | (72,106,755 | ) | 23,489,298 | 78,469,225 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (34,184,167 | ) | $ | 8,155,768 | $ | 43,777,819 | $ | (7,088,825 | ) | $ | (58,619,015 | ) | $ | 25,090,002 | $ | 80,785,371 | |||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 2,283,682 | $ | (270 | ) | $ | 391,535 | $ | 749,063 | $ | 1,555,265 | $ | 12,373 | $ | 118,057 | |||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | 6,848 | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
257 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)
MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | SMALL CAP INDEX FUND | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 48,958,438 | $ | 2,326,049 | $ | 5,516,407 | $ | 15,913,436 | $ | 379,486 | $ | 3,193,450 | $ | 12,401,216 | ||||||||||||||
Dividends (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Securities lending income | 588,556 | 30,480 | 9,708 | 317,024 | 54,775 | 330,682 | 1,457,456 | |||||||||||||||||||||
Interest (unaffiliated) | 338,530 | 95,165 | 74,965 | 846,893 | 10,643 | 44,090 | 229,161 | |||||||||||||||||||||
Total investment income* | 49,885,524 | 2,451,694 | 5,601,080 | 17,077,353 | 444,904 | 3,568,222 | 14,087,833 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory and management fees | 8,024,077 | 2,168,971 | 2,120,816 | 12,834,682 | 1,373,031 | 2,507,281 | 3,054,187 | |||||||||||||||||||||
Administrative service fee | 2,030,204 | 209,892 | 365,436 | 988,056 | 107,802 | 187,253 | 681,835 | |||||||||||||||||||||
Transfer agent fees and expenses | 6,983 | 2,552 | 5,102 | 5,600 | 1,093 | 1,093 | 6,433 | |||||||||||||||||||||
Custodian fees | 98,853 | 8,816 | 25,450 | 25,498 | 24,617 | 39,251 | 86,468 | |||||||||||||||||||||
Reports to shareholders | 415,053 | 43,266 | 73,009 | 198,114 | 22,277 | 38,892 | 140,761 | |||||||||||||||||||||
Audit and tax fees | 40,261 | 38,590 | 40,154 | 39,547 | 38,348 | 39,682 | 42,800 | |||||||||||||||||||||
Legal fees | 56,444 | 12,461 | 15,982 | 39,051 | 9,235 | 11,689 | 24,223 | |||||||||||||||||||||
Directors’ fees and expenses | 138,366 | 14,156 | 23,689 | 64,231 | 7,317 | 12,885 | 47,593 | |||||||||||||||||||||
Interest expense | – | 3,042 | 428 | 517 | – | 52 | 2,242 | |||||||||||||||||||||
License fee | 35,921 | 15,207 | 219,035 | 1,342 | 8,573 | 13,221 | 312,384 | |||||||||||||||||||||
Other expenses | 98,624 | 37,854 | 32,956 | 138,029 | 32,806 | 47,871 | 56,434 | |||||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 10,944,786 | 2,554,807 | 2,922,057 | 14,334,667 | 1,625,099 | 2,899,170 | 4,455,360 | |||||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser | – | – | (19,850 | ) | – | (25,921 | ) | (289,658 | ) | – | ||||||||||||||||||
Fees paid indirectly (Note 7) | – | (14,911 | ) | – | (81,519 | ) | (7,510 | ) | (6,181 | ) | – | |||||||||||||||||
Net expenses | 10,944,786 | 2,539,896 | 2,902,207 | 14,253,148 | 1,591,668 | 2,603,331 | 4,455,360 | |||||||||||||||||||||
Net investment income (loss) | 38,940,738 | (88,202 | ) | 2,698,873 | 2,824,205 | (1,146,764 | ) | 964,891 | 9,632,473 | |||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated)** | 112,059,766 | 20,666,502 | 60,536,833 | 218,457,126 | 15,564,804 | 9,713,320 | 56,508,810 | |||||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | (21,606,437 | ) | – | (1,573,698 | ) | – | – | – | (580,255 | ) | ||||||||||||||||||
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 | – | 773 | – | (305,298 | ) | – | (984 | ) | – | |||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | 330,584 | – | – | – | |||||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 90,453,329 | 20,667,275 | 58,963,135 | 218,482,412 | 15,564,804 | 9,712,336 | 55,928,555 | |||||||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investments (unaffiliated) | (187,964,691 | ) | 16,186,361 | 96,321,708 | 175,555,731 | 3,085,781 | (2,682,277 | ) | (97,949,006 | ) | ||||||||||||||||||
Investments (affiliated) | – | – | – | – | – | – | – | |||||||||||||||||||||
Futures contracts | 4,255,653 | – | 5,038,985 | – | – | – | 9,164,620 | |||||||||||||||||||||
Forward contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Swap contracts | – | – | – | – | – | – | – | |||||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | 520 | – | 27,177 | – | 28 | – | |||||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | – | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (183,709,038 | ) | 16,186,881 | 101,360,693 | 175,582,908 | 3,085,781 | (2,682,249 | ) | (88,784,386 | ) | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (93,255,709 | ) | 36,854,156 | 160,323,828 | 394,065,320 | 18,650,585 | 7,030,087 | (32,855,831 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (54,314,971 | ) | $ | 36,765,954 | $ | 163,022,701 | $ | 396,889,525 | $ | 17,503,821 | $ | 7,994,978 | $ | (23,223,358 | ) | ||||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 15,942 | $ | 32,923 | $ | 5,511 | $ | 237,012 | $ | – | $ | 11,859 | $ | 8,476 | ||||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||||
See Notes to Financial Statements
258 |
Table of Contents
VALIC Company I
STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)
SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | SYSTEMATIC CORE FUND | SYSTEMATIC VALUE FUND | VALUE FUND | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Dividends (unaffiliated) | $ | 4,150,647 | $ | 590,705 | $ | 107,750,324 | $ | 2,092,744 | $ | 1,209,229 | $ | 3,010,791 | ||||||||||||
Dividends (affiliated) | – | – | 218,323 | – | – | – | ||||||||||||||||||
Securities lending income | 35,885 | 150,193 | 93,348 | 5,166 | 2,207 | 4,292 | ||||||||||||||||||
Interest (unaffiliated) | 64,322 | 58,087 | 131,346 | 2,029 | 496 | 4,919 | ||||||||||||||||||
Total investment income* | 4,250,854 | 798,985 | 108,193,341 | 2,099,939 | 1,211,932 | 3,020,002 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory and management fees | 1,603,346 | 1,032,669 | 11,724,043 | 926,077 | 348,435 | 923,318 | ||||||||||||||||||
Administrative service fee | 142,670 | 81,079 | 3,254,900 | 82,403 | 33,219 | 79,000 | ||||||||||||||||||
Transfer agent fees and expenses | 2,187 | 1,093 | 7,653 | 2,684 | 1,458 | 2,551 | ||||||||||||||||||
Custodian fees | 8,711 | 15,811 | 157,612 | 15,148 | 20,633 | 12,269 | ||||||||||||||||||
Reports to shareholders | 29,496 | 17,535 | 662,006 | 31,773 | 18,483 | 16,283 | ||||||||||||||||||
Audit and tax fees | 38,364 | 38,348 | 40,208 | 40,097 | 38,386 | 38,347 | ||||||||||||||||||
Legal fees | 9,957 | 8,501 | 87,631 | 80,315 | 80,305 | 8,897 | ||||||||||||||||||
Directors’ fees and expenses | 9,936 | 5,392 | 218,093 | 5,503 | 2,284 | 5,381 | ||||||||||||||||||
Interest expense | – | – | 25,871 | 47 | 73 | – | ||||||||||||||||||
License fee | 9,586 | 6,490 | 58,273 | 1,342 | 3,408 | 6,423 | ||||||||||||||||||
Other expenses | 35,363 | 31,789 | 87,937 | 33,944 | 31,400 | 31,500 | ||||||||||||||||||
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | 1,889,616 | 1,238,707 | 16,324,227 | 1,219,333 | 578,084 | 1,123,969 | ||||||||||||||||||
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3) | – | (85,043 | ) | (1,480,338 | ) | (169,777 | ) | (180,254 | ) | (117,789 | ) | |||||||||||||
Fees paid indirectly (Note 7) | (6,320 | ) | (442 | ) | – | (1,036 | ) | (1,072 | ) | (530 | ) | |||||||||||||
Net expenses | 1,883,296 | 1,153,222 | 14,843,889 | 1,048,520 | 396,758 | 1,005,650 | ||||||||||||||||||
Net investment income (loss) | 2,367,558 | (354,237 | ) | 93,349,452 | 1,051,419 | 815,174 | 2,014,352 | |||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | ||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Investments (unaffiliated)** | (1,093,541 | ) | 15,682,571 | 277,742,009 | 13,850,239 | 4,656,882 | 3,907,630 | |||||||||||||||||
Investments (affiliated) | – | – | 165,545 | – | – | – | ||||||||||||||||||
Futures contracts | – | – | 5,108,125 | 18,034 | – | – | ||||||||||||||||||
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 | 4,282 | ||||||||||||||||||
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3) | – | – | – | – | – | – | ||||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,093,541 | ) | 15,682,571 | 283,015,679 | 13,868,273 | 4,656,886 | 3,911,912 | |||||||||||||||||
Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Investments (unaffiliated) | (23,302,140 | ) | 11,427,528 | 185,565,204 | 2,346,581 | (6,083,373 | ) | (3,757,161 | ) | |||||||||||||||
Investments (affiliated) | – | – | (3,686,611 | ) | – | – | – | |||||||||||||||||
Futures contracts | – | – | 6,071,409 | 32,673 | – | – | ||||||||||||||||||
Forward contracts | – | – | – | – | – | – | ||||||||||||||||||
Swap contracts | – | – | – | – | – | – | ||||||||||||||||||
Change in unrealized foreign exchange gain (loss) on other assets and liabilities | – | – | – | – | 1 | 2,035 | ||||||||||||||||||
Change in accrued capital gains tax on unrealized appreciation (depreciation) | – | – | – | – | – | – | ||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (23,302,140 | ) | 11,427,528 | 187,950,002 | 2,379,254 | (6,083,372 | ) | (3,755,126 | ) | |||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (24,395,681 | ) | 27,110,099 | 470,965,681 | 16,247,527 | (1,426,486 | ) | 156,786 | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (22,028,123 | ) | $ | 26,755,862 | $ | 564,315,133 | $ | 17,298,946 | $ | (611,312 | ) | $ | 2,171,138 | ||||||||||
* Net of foreign withholding taxes on interest and dividends of | $ | 4,185 | $ | – | $ | – | $ | 1,783 | $ | 1,075 | $ | 19,813 | ||||||||||||
** Net of foreign withholding taxes on capital gains of | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
See Notes to Financial Statements
259 |
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 Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,995,418 | $ | 2,633,275 | $ | (1,950,124 | ) | $ | (259,449 | ) | $ | 5,439,201 | $ | 6,434,069 | $ | 2,836,134 | $ | 2,954,115 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (11,951,627 | ) | (504,223 | ) | 91,746,811 | 81,119,429 | 6,796,645 | (1,452,053 | ) | 22,378,048 | 17,891,133 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 8,261,742 | (7,632,207 | ) | 68,509,442 | (50,550,722 | ) | 10,407,892 | 8,917,354 | (2,854,380 | ) | (19,195,294 | ) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,694,467 | ) | (5,503,155 | ) | 158,306,129 | 30,309,258 | 22,643,738 | 13,899,370 | 22,359,802 | 1,649,954 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (4,210,644 | ) | (14,272,597 | ) | (86,238,340 | ) | (91,702,729 | ) | (7,486,947 | ) | (5,692,352 | ) | (23,169,204 | ) | (31,653,198 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (13,008,489 | ) | 1,653,489 | (22,297,824 | ) | 63,293,609 | 15,224,136 | (16,395,200 | ) | (4,534,427 | ) | 5,452,101 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (18,913,600 | ) | (18,122,263 | ) | 49,769,965 | 1,900,138 | 30,380,927 | (8,188,182 | ) | (5,343,829 | ) | (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 | $ | 128,629,496 | $ | 147,543,096 | $ | 831,006,102 | $ | 781,236,137 | $ | 277,277,028 | $ | 246,896,101 | $ | 223,065,541 | $ | 228,409,370 | ||||||||||||||||
See Notes to Financial Statements
260 |
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 Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 26,653,508 | $ | 21,774,322 | $ | 2,923,580 | $ | 3,090,645 | $ | 18,452,780 | $ | 17,186,228 | $ | 8,556,157 | $ | 8,827,783 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (21,192,407 | ) | 47,497,709 | 17,948,031 | 9,014,539 | 9,080,370 | (24,270,556 | ) | (12,786,006 | ) | 12,217,387 | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (32,651,046 | ) | (71,877,542 | ) | (550,870 | ) | (8,279,857 | ) | (41,786,861 | ) | (90,805,607 | ) | (45,533,504 | ) | 13,028,683 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (27,189,945 | ) | (2,605,511 | ) | 20,320,741 | 3,825,327 | (14,253,711 | ) | (97,889,935 | ) | (49,763,353 | ) | 34,073,853 | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (74,967,965 | ) | (111,492,491 | ) | (11,267,357 | ) | (15,660,572 | ) | (17,777,259 | ) | (12,932,082 | ) | (20,813,547 | ) | (16,229,726 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 154,460,809 | 189,631,683 | (22,155,638 | ) | (28,153,689 | ) | (89,568,587 | ) | 116,660,454 | (28,601,167 | ) | 77,553,216 | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 52,302,899 | 75,533,681 | (13,102,254 | ) | (39,988,934 | ) | (121,599,557 | ) | 5,838,437 | (99,178,067 | ) | 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 | $ | 1,012,016,866 | $ | 959,713,967 | $ | 190,740,797 | $ | 203,843,051 | $ | 701,471,186 | $ | 823,070,743 | $ | 359,442,365 | $ | 458,620,432 | ||||||||||||||||
See Notes to Financial Statements
261 |
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 Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,152,587 | $ | 13,704,694 | $ | 3,947,837 | $ | 6,017,535 | $ | 3,027,861 | $ | 2,892,682 | $ | 2,029,655 | $ | 4,131,596 | ||||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (14,116,065 | ) | 27,112,974 | 1,466 | 2,452 | 234,572 | 2,314 | 208,062,507 | 109,695,520 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 2,757,644 | (59,111,021 | ) | — | – | 8,643,191 | 5,457,227 | 98,551,716 | (83,233,844 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (2,205,834 | ) | (18,293,353 | ) | 3,949,303 | 6,019,987 | 11,905,624 | 8,352,223 | 308,643,878 | 30,593,272 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (36,956,013 | ) | (35,015,636 | ) | (3,947,837 | ) | (6,017,418 | ) | (3,464,038 | ) | (3,165,086 | ) | (121,995,009 | ) | (94,348,347 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (1,832,479 | ) | (12,626,254 | ) | 20,016,091 | 83,472,727 | (3,475,349 | ) | 16,760,114 | 122,864,010 | (89,713,529 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (40,994,326 | ) | (65,935,243 | ) | 20,017,557 | 83,475,296 | 4,966,237 | 21,947,251 | 309,512,879 | (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 | $ | 282,707,937 | $ | 323,702,263 | $ | 415,200,980 | $ | 395,183,423 | $ | 148,338,215 | $ | 143,371,978 | $ | 1,358,693,487 | $ | 1,049,180,608 | ||||||||||||||||
See Notes to Financial Statements
262 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
HEALTH SCIENCES FUND | INFLATION PROTECTED FUND | INTERNATIONAL EQUITIES INDEX FUND | INTERNATIONAL GOVERNMENT BOND FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (1,368,129 | ) | $ | (1,088,949 | ) | $ | 13,398,808 | $ | 14,810,702 | $ | 22,343,146 | $ | 30,524,462 | $ | 4,221,126 | $ | 4,825,278 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 84,792,905 | 53,676,862 | 2,889,476 | (939,776 | ) | (56,514,353 | ) | 31,178,910 | 2,202,989 | (5,668,323 | ) | |||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 99,973,766 | (27,630,295 | ) | 18,002,918 | 10,959,089 | (12,960 | ) | (133,577,315 | ) | 1,731,653 | 6,706,238 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 183,398,542 | 24,957,618 | 34,291,202 | 24,830,015 | (34,184,167 | ) | (71,873,943 | ) | 8,155,768 | 5,863,193 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (55,413,297 | ) | (65,443,360 | ) | (16,140,417 | ) | (11,852,024 | ) | (54,035,196 | ) | (34,840,449 | ) | (2,974,089 | ) | (3,136,028 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (19,300,405 | ) | 13,325,327 | 45,882,284 | 92,552,853 | 293,296,266 | (139,544,765 | ) | (36,921,147 | ) | (19,292,034 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 108,684,840 | (27,160,415 | ) | 64,033,069 | 105,530,844 | 205,076,903 | (246,259,157 | ) | (31,739,468 | ) | (16,564,869 | ) | ||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 742,072,276 | 769,232,691 | 700,573,770 | 595,042,926 | 1,041,727,495 | 1,287,986,652 | 203,183,551 | 219,748,420 | ||||||||||||||||||||||||
End of period | $ | 850,757,116 | $ | 742,072,276 | $ | 764,606,839 | $ | 700,573,770 | $ | 1,246,804,398 | $ | 1,041,727,495 | $ | 171,444,083 | $ | 203,183,551 | ||||||||||||||||
See Notes to Financial Statements
263 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
INTERNATIONAL GROWTH FUND | INTERNATIONAL SOCIALLY RESPONSIBLE FUND# | INTERNATIONAL VALUE FUND | LARGE CAP CORE FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (128,229 | ) | $ | 1,358,043 | $ | 5,698,515 | $ | 6,518,528 | $ | 13,487,740 | $ | 15,117,643 | $ | 1,600,704 | $ | 1,819,362 | |||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 237,766 | (2,963,432 | ) | 56,878,712 | 11,679,822 | (69,069,557 | ) | 18,761,611 | 6,621,354 | 9,880,150 | ||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 43,668,282 | 924,838 | (69,666,052 | ) | (16,334,849 | ) | (3,037,198 | ) | (148,590,824 | ) | 16,867,944 | (6,168,078 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 43,777,819 | (680,551 | ) | (7,088,825 | ) | 1,863,501 | (58,619,015 | ) | (114,711,570 | ) | 25,090,002 | 5,531,434 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (530,816 | ) | (111,324,142 | ) | (18,692,073 | ) | (6,661,198 | ) | (17,228,045 | ) | (21,077,701 | ) | (13,642,078 | ) | (14,922,577 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (47,834,963 | ) | 87,446,136 | (11,366,171 | ) | (59,836,632 | ) | (8,515,305 | ) | (45,142,157 | ) | (3,175,366 | ) | (4,530,438 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (4,587,960 | ) | (24,558,557 | ) | (37,147,069 | ) | (64,634,329 | ) | (84,362,365 | ) | (180,931,428 | ) | 8,272,558 | (13,921,581 | ) | |||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 466,362,068 | 490,920,625 | 363,817,654 | 428,451,983 | 688,485,015 | 869,416,443 | 166,427,615 | 180,349,196 | ||||||||||||||||||||||||
End of period | $ | 461,774,108 | $ | 466,362,068 | $ | 326,670,585 | $ | 363,817,654 | $ | 604,122,650 | $ | 688,485,015 | $ | 174,700,173 | $ | 166,427,615 | ||||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
264 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
LARGE CAPITAL GROWTH FUND | MID CAP INDEX FUND | MID CAP STRATEGIC GROWTH FUND | NASDAQ-100® INDEX FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,316,146 | $ | 3,758,695 | $ | 38,940,738 | $ | 39,223,368 | $ | (88,202 | ) | $ | (51,232 | ) | $ | 2,698,873 | $ | 4,259,617 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | 55,418,774 | 37,492,457 | 90,453,329 | 255,786,968 | 20,667,275 | 13,473,635 | 58,963,135 | 14,853,850 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 23,050,451 | 11,376,579 | (183,709,038 | ) | (482,259,301 | ) | 16,186,881 | 8,415,185 | 101,360,693 | (6,049,668 | ) | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 80,785,371 | 52,627,731 | (54,314,971 | ) | (187,248,965 | ) | 36,765,954 | 21,837,588 | 163,022,701 | 13,063,799 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (41,748,045 | ) | (33,112,343 | ) | (296,387,150 | ) | (342,040,572 | ) | (16,210,213 | ) | (27,034,945 | ) | (18,718,005 | ) | (9,579,982 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 8,291,452 | 13,153,251 | 187,502,822 | (7,486,282 | ) | (8,998,996 | ) | 16,830,795 | (21,055,069 | ) | 22,272,378 | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 47,328,778 | 32,668,639 | (163,199,299 | ) | (536,775,819 | ) | 11,556,745 | 11,633,438 | 123,249,627 | 25,756,195 | ||||||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 477,301,333 | 444,632,694 | 2,897,313,332 | 3,434,089,151 | 303,287,940 | 291,654,502 | 499,269,213 | 473,513,018 | ||||||||||||||||||||||||
End of period | $ | 524,630,111 | $ | 477,301,333 | $ | 2,734,114,033 | $ | 2,897,313,332 | $ | 314,844,685 | $ | 303,287,940 | $ | 622,518,840 | $ | 499,269,213 | ||||||||||||||||
See Notes to Financial Statements
265 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SCIENCE & TECHNOLOGY FUND | SMALL CAP AGGRESSIVE GROWTH FUND | SMALL CAP FUND | SMALL CAP INDEX FUND | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,824,205 | $ | (4,776,757 | ) | $ | (1,146,764 | ) | $ | (965,376 | ) | $ | 964,891 | $ | 1,002,400 | $ | 9,632,473 | $ | 11,988,301 | |||||||||||||
Net realized gain (loss) on investments and foreign currencies | 218,482,412 | 155,564,353 | 15,564,804 | 18,141,026 | 9,712,336 | 21,659,551 | 55,928,555 | 129,834,566 | ||||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | 175,582,908 | (109,708,268 | ) | 3,085,781 | (18,560,079 | ) | (2,682,249 | ) | (27,990,997 | ) | (88,784,386 | ) | (248,132,839 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 396,889,525 | 41,079,328 | 17,503,821 | (1,384,429 | ) | 7,994,978 | (5,329,046 | ) | (23,223,358 | ) | (106,309,972 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (167,892,734 | ) | (267,545,909 | ) | (21,153,681 | ) | (22,033,890 | ) | (23,425,775 | ) | (26,310,691 | ) | (140,525,121 | ) | (106,796,337 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | 1,252,545 | 215,867,521 | 2,264,524 | 28,160,534 | (4,093,062 | ) | (5,578,082 | ) | 50,265,660 | (69,283,785 | ) | |||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | 230,249,336 | (10,599,060 | ) | (1,385,336 | ) | 4,742,215 | (19,523,859 | ) | (37,217,819 | ) | (113,482,819 | ) | (282,390,094 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 1,392,833,714 | 1,403,432,774 | 161,912,040 | 157,169,825 | 284,018,390 | 321,236,209 | 1,012,039,730 | 1,294,429,824 | ||||||||||||||||||||||||
End of period | $ | 1,623,083,050 | $ | 1,392,833,714 | $ | 160,526,704 | $ | 161,912,040 | $ | 264,494,531 | $ | 284,018,390 | $ | 898,556,911 | $ | 1,012,039,730 | ||||||||||||||||
See Notes to Financial Statements
266 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SMALL CAP SPECIAL VALUES FUND | SMALL-MID GROWTH FUND | STOCK INDEX FUND | SYSTEMATIC CORE FUND# | |||||||||||||||||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||||||
OPERATIONS: | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,367,558 | $ | 2,473,875 | $ | (354,237 | ) | $ | (268,330 | ) | $ | 93,349,452 | $ | 88,113,912 | $ | 1,051,419 | $ | 1,194,243 | ||||||||||||||
Net realized gain (loss) on investments and foreign currencies | (1,093,541 | ) | 17,580,533 | 15,682,571 | 14,183,813 | 283,015,679 | 310,060,564 | 13,868,273 | 12,098,972 | |||||||||||||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (23,302,140 | ) | (39,180,954 | ) | 11,427,528 | (6,868,859 | ) | 187,950,002 | (220,898,080 | ) | 2,379,254 | (9,559,940 | ) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (22,028,123 | ) | (19,126,546 | ) | 26,755,862 | 7,046,624 | 564,315,133 | 177,276,396 | 17,298,946 | 3,733,275 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||||||||||
Distributable earnings | (21,290,802 | ) | (33,301,346 | ) | (13,852,479 | ) | (14,991,380 | ) | (402,859,884 | ) | (187,995,413 | ) | (14,147,413 | ) | (13,348,269 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (3,147,232 | ) | (24,741,428 | ) | 2,127,905 | 5,620,151 | 26,189,039 | (310,238,062 | ) | 1,986,684 | (1,056,401 | ) | ||||||||||||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (46,466,157 | ) | (77,169,320 | ) | 15,031,288 | (2,324,605 | ) | 187,644,288 | (320,957,079 | ) | 5,138,217 | (10,671,395 | ) | |||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||||||||||
Beginning of period | 223,575,936 | 300,745,256 | 116,197,460 | 118,522,065 | 4,637,545,575 | 4,958,502,654 | 117,501,014 | 128,172,409 | ||||||||||||||||||||||||
End of period | $ | 177,109,779 | $ | 223,575,936 | $ | 131,228,748 | $ | 116,197,460 | $ | 4,825,189,863 | $ | 4,637,545,575 | $ | 122,639,231 | $ | 117,501,014 | ||||||||||||||||
# | See Note 1 |
See Notes to Financial Statements
267 |
Table of Contents
VALIC Company I
STATEMENT OF CHANGES IN NET ASSETS — (continued)
SYSTEMATIC VALUE FUND# | VALUE FUND | |||||||||||||||
For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | For the Year Ended May 31, 2020 | For the Year Ended May 31, 2019 | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 815,174 | $ | 1,206,456 | $ | 2,014,352 | $ | 1,970,939 | ||||||||
Net realized gain (loss) on investments and foreign currencies | 4,656,886 | 5,572,700 | 3,911,912 | 9,482,370 | ||||||||||||
Net unrealized gain (loss) on investments and foreign currencies | (6,083,372 | ) | (7,626,296 | ) | (3,755,126 | ) | (12,337,081 | ) | ||||||||
Net increase (decrease) in net assets resulting from operations | (611,312 | ) | (847,140 | ) | 2,171,138 | (883,772 | ) | |||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Distributable earnings | (6,042,555 | ) | (5,742,883 | ) | (12,520,789 | ) | (1,664,301 | ) | ||||||||
Net increase (decrease) in net assets resulting from capital share transactions (Note 6) | (325,456 | ) | (1,729,270 | ) | 5,192,073 | 5,201,683 | ||||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (6,979,323 | ) | (8,319,293 | ) | (5,157,578 | ) | 2,653,610 | |||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | 51,212,253 | 59,531,546 | 118,127,340 | 115,473,730 | ||||||||||||
End of period | $ | 44,232,930 | $ | 51,212,253 | $ | 112,969,762 | $ | 118,127,340 | ||||||||
# | See Note 1 |
See Notes to Financial Statements
268 |
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 Socially Responsible Fund** | |
Blue Chip Growth Fund | International Value Fund | |
Capital Conservation Fund | Large Cap Core Fund | |
Core Equity Fund | Large Capital Growth Fund | |
Dividend Value Fund | Mid Cap Index Fund | |
Dynamic Allocation Fund* | Mid Cap Strategic Growth Fund | |
Emerging Economies Fund | Nasdaq-100® Index Fund | |
Global Real Estate Fund | Science & Technology Fund | |
Global Strategy Fund | Small Cap Aggressive Growth Fund | |
Government Money Market I Fund | Small Cap Fund | |
Government Securities Fund | Small Cap Index Fund | |
Growth Fund | Small Cap Special Values Fund | |
Health Sciences Fund | Small-Mid Growth Fund | |
Inflation Protected Fund | Stock Index Fund | |
International Equities Index Fund | Systematic Core Fund*** | |
International Government Bond Fund | Systematic Value Fund**** | |
International Growth 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 April 27, 2020, the name of the Growth and Income Fund changed to Systematic Core 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)
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2020, 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 Emerging Economies Fund and the Systematic Core 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 May 31, 2020, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2020. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2020, 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 | $ | — | $ | — | $ | — | $ | — | $ | 113,008 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Global Strategy | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Equity Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | 88,000 | $ | — | $ | — | $ | — | $ | 99,510 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Dynamic Allocation | — | — | 1,472,660 | — | 21,979 | — | — | — | ||||||||||||||||||||||||||||
Emerging Economies | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Growth | 1,170 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
International Equities Index | — | — | — | — | 206,800 | — | — | — | ||||||||||||||||||||||||||||
International Socially Responsible | — | — | — | — | 81,675 | — | — | — | ||||||||||||||||||||||||||||
Mid Cap Index | — | — | — | — | 354,000 | — | — | — | ||||||||||||||||||||||||||||
Nasdaq-100® Index | 464,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Small Cap Index | — | — | — | — | 555,840 | — | — | — | ||||||||||||||||||||||||||||
Stock Index | 76,050 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Systematic Core | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | 184,871 | $ | — | $ | — | $ | — | $ | 544,629 | ||||||||||||||||||||
Global Strategy | — | — | — | 2,320,147 | — | — | — | 2,033,593 | ||||||||||||||||||||||||||||
International Growth | — | — | 167,912 | — | — | — | — | — | ||||||||||||||||||||||||||||
International Value | — | — | — | 333,546 | — | — | — | — |
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 | $ | (198,097 | ) | |
Dynamic Allocation | (444,405 | ) | ||
Growth | 90,994 | |||
International Equities Index | 4,449,363 | |||
International Socially Responsible | 4,620,016 | |||
Mid Cap Index | 2,935,744 | |||
Nasdaq-100® Index | 4,378,988 | |||
Small Cap Index | 6,969,839 | |||
Stock Index | 5,587,971 |
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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 | $ | (609,199 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Global Strategy | — | (8,276,667 | ) | — | — | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | 4,238,751 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | (1,855,319 | ) | — | — | 5,767,606 | — | ||||||||||||||
Emerging Economies | (868,888 | ) | — | — | — | — | ||||||||||||||
Growth | 194,644 | — | — | — | — | |||||||||||||||
International Equities Index | (32,407,595 | ) | — | — | — | — | ||||||||||||||
International Socially Responsible | (6,722,543 | ) | — | — | — | — | ||||||||||||||
Mid Cap Index | (21,606,437 | ) | — | — | — | — | ||||||||||||||
Nasdaq-100® Index | (1,573,698 | ) | — | — | — | — | ||||||||||||||
Small Cap Index | (580,255 | ) | — | — | — | — | ||||||||||||||
Stock Index | 5,108,125 | — | — | — | — | |||||||||||||||
Systematic Core | 18,034 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | (201,572 | ) | |||||||||
Global Strategy | — | — | — | — | 3,631,485 | |||||||||||||||
Growth | — | — | — | — | 202,843 | |||||||||||||||
International Growth | — | — | — | (428,191 | ) | — | ||||||||||||||
International Value | — | — | — | — | (31,539 | ) | ||||||||||||||
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 | $ | (81,981 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Global Strategy | — | 1,987,951 | — | — | — | |||||||||||||||
Equity Contracts | ||||||||||||||||||||
Asset Allocation | $ | (73,025 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||
Dynamic Allocation | 1,076,505 | — | — | (2,205,298 | ) | — | ||||||||||||||
Emerging Economies | — | — | — | — | — | |||||||||||||||
Growth | 90,944 | — | — | — | — | |||||||||||||||
International Equities Index | 5,737,805 | |||||||||||||||||||
International Socially Responsible | 4,765,233 | — | — | — | — | |||||||||||||||
Mid Cap Index | 4,255,653 | — | — | — | — | |||||||||||||||
Nasdaq-100® Index | 5,038,985 | — | — | — | — | |||||||||||||||
Small Cap Index | 9,164,620 | — | — | — | — | |||||||||||||||
Stock Index | 6,071,409 | — | — | — | — | |||||||||||||||
Systematic Core | 32,673 | — | — | — | — | |||||||||||||||
Foreign Exchange Contracts | ||||||||||||||||||||
Asset Allocation | $ | — | $ | — | $ | — | $ | — | $ | (316,081 | ) | |||||||||
Global Strategy | — | — | — | — | (570,915 | ) | ||||||||||||||
Growth | — | — | — | — | (88,830 | ) | ||||||||||||||
International Growth | — | — | — | (632,810 | ) | — | ||||||||||||||
International Value | — | — | — | — | (2,141,808 | ) |
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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 year ended May 31, 2020.
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 | $ | 26,603,571 | $ | 48,729,315 | $ | — | $ | — | $ | — | ||||||||||
Dynamic Allocation | 32,025,288 | — | 2,035,183 | — | — | |||||||||||||||
Emerging Economies | 978,593 | — | — | — | — | |||||||||||||||
Global Strategy | — | 163,000,000 | — | — | 16,276,583 | |||||||||||||||
Growth | 1,717,921 | 1,945,943 | — | — | — | |||||||||||||||
International Equities Index | 160,123,436 | — | — | — | — | |||||||||||||||
International Socially Responsible | 34,177,079 | — | — | — | — | |||||||||||||||
International Growth | — | — | 393,535 | — | — | |||||||||||||||
International Value | — | 68,088,260 | — | — | — | |||||||||||||||
Mid Cap Index | 109,392,380 | — | — | — | — | |||||||||||||||
Nasdaq-100 Index | 18,594,220 | — | — | — | — | |||||||||||||||
Small Cap Index | 58,670,853 | — | — | — | — | |||||||||||||||
Stock Index | 52,994,743 | — | — | — | — | |||||||||||||||
Systematic Core | 1,278,263 | — | — | — | — |
(1) | Amounts represent values in US dollars. |
(2) | Amounts represent notional amounts in US dollars. |
The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2020. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2020, 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 Capital Services, Inc. | $184,871 | $ | — | $— | $ | 184,871 | $ | 544,629 | $ | — | $ | — | $ | 544,629 | $ | (359,758 | ) | $ | 359,758 | $ | — | |||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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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 NA | $ | — | $ | — | $ | 793,865 | $ | 793,865 | $ | — | $ | — | $ | — | $ | — | $ | 793,865 | $ | (793,865 | ) | $ | — | |||||||||||||||||||||||||
Goldman Sachs International | — | — | 308,081 | 308,081 | — | — | — | — | 308,081 | (308,081 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | — | — | 370,714 | 370,714 | — | — | — | — | 370,714 | — | 370,714 | |||||||||||||||||||||||||||||||||||||
Total | $ | — | — | 1,472,660 | 1,472,660 | — | — | — | — | 1,472,660 | $ | (1,101,946 | ) | $ | 370,714 | |||||||||||||||||||||||||||||||||
(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. | $ | 10,827 | $ | — | $ | — | $ | 10,827 | $ | 4,899 | $ | — | $ | — | $ | 4,899 | $ | 5,928 | $ | (5,928 | ) | $ | — | |||||||||||||||||||||||||
Barclays Bank PLC | — | — | — | — | 4,778 | — | — | 4,778 | (4,778 | ) | — | (4,778 | ) | |||||||||||||||||||||||||||||||||||
BNP Paribas SA | 3,492 | — | — | 3,492 | 70,401 | — | — | 70,401 | (66,909 | ) | — | (66,909 | ) | |||||||||||||||||||||||||||||||||||
Citibank N.A. | 583,131 | — | — | 583,131 | 539,100 | — | — | 539,100 | 44,031 | (44,031 | ) | — | ||||||||||||||||||||||||||||||||||||
Deutsch Bank AG | 224,145 | — | — | 224,145 | 118,631 | — | — | 118,631 | 105,514 | (105,514 | ) | — | ||||||||||||||||||||||||||||||||||||
Goldman Sachs International | 48,020 | — | — | 48,020 | 11,337 | — | — | 11,337 | 36,683 | (36,683 | ) | — | ||||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 532,354 | — | — | 532,354 | 685,302 | — | — | 685,302 | (152,948 | ) | — | (152,948 | ) | |||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A. | 656,673 | — | — | 656,673 | 559,678 | — | — | 559,678 | 96,995 | — | 96,995 | |||||||||||||||||||||||||||||||||||||
Morgan Stanley and Co., Inc. | — | — | — | — | 2,772 | — | — | 2,772 | (2,772 | ) | — | (2,772 | ) | |||||||||||||||||||||||||||||||||||
Standard Chartered Bank | 166,438 | — | — | 166,438 | 8,922 | — | — | 8,922 | 157,516 | (157,516 | ) | — | ||||||||||||||||||||||||||||||||||||
UBS AG | 95,067 | — | — | 95,067 | 27,773 | — | — | 27,773 | 67,294 | — | 67,294 | |||||||||||||||||||||||||||||||||||||
Total | $ | 2,320,147 | $ | — | $ | — | $ | 2,320,147 | $ | 2,033,593 | $ | — | $ | — | $ | 2,033,593 | $ | 286,554 | $ | (349,672 | ) | $ | (63,118 | ) | ||||||||||||||||||||||||
(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) | ||||||||||||||||||||||||||||||||||||||
NatWest Markets PLC | $ | — | $ | — | $ | 167,912 | $ | 167,912 | $ | — | $ | — | $ | — | $ | — | $ | 167,912 | $ | (167,912 | ) | $ | — | |||||||||||||||||||||||||
(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 | $ | 333,546 | $ | — | $ | — | $ | 333,546 | $ | — | $ | — | $ | — | $ | — | $ | 333,546 | $ | (333,546 | ) | $ | — | |||||||||||||||||||||||||
(1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
(2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
(3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
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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 Risk
A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.
In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols,
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.
New Accounting Pronouncements
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 ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-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 | ||
Systematic Core Fund(2) | 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(3) | 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(4) | 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 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Asset Allocation Fund | 0.50% on first $300 million | |
0.475% on next $200 million | ||
0.45% on assets over $500 million | ||
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(5) | 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(6) | 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(7) | 0.65% on the next $250 million | |
0.60% on the next $500 million | ||
0.55% on assets over $1 billion | ||
International Value Fund(8) | 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(9) | 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(10) | 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(11) | 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 effective April 27, 2020, VALIC has agreed to waive the Systematic Core Fund’s advisory fees in order that such fees equal: 0.530% on the first $500 million and 0.505% on assets over $500 million. |
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(3) | 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. |
(4) | 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. |
(5) | Pursuant to an Advisory Fee Waiver Agreement effective January 29, 2020, VALIC has agreed to waive the Global Strategy Fund’s advisory fees in order that such fees equal: 0.48% on the first $500 million and 0.44% on assets over $500 million. |
(6) | 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. |
(7) | 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. |
(8) | 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. |
(9) | 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. |
(10) | 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. |
(11) | 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 year ended May 31, 2020, the amount of investment advisory fees waived were as follows:
Fund | Amount | |||
Core Equity | $ | 420,597 | ||
Dividend Value | 761,455 | |||
Dynamic Allocation | 7,921 | |||
Global Strategy | 19,257 | |||
Growth | 1,605,648 | |||
Health Sciences | 262,614 | |||
International Growth | 942,485 | |||
International Value | 468,541 | |||
Small-Mid Growth | 85,043 | |||
Systematic Core | 24,633 | |||
Systematic Value | 96,663 |
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 the Global Strategy Fund.
Goldman Sachs Asset Management, L.P.#—subadviser for the Small-Mid Growth Fund, Systematic Core 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, 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.
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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.
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. |
*** | Effective January 29, 2020, Franklin Advisers, Inc. replaced Templeton Investment Counsel, LLC as subadviser for the Global Strategy Fund. |
# | Effective April 27, 2020, Goldman Sachs Asset Management, L.P. replaced JPMIM as subadviser for the Systematic Core 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 | % | ||
Nasdaq-100® Index | 0.53 | % | ||
Small Cap Aggressive Growth | 0.99 | % | ||
Small Cap | 0.93 | % | ||
Stock Index | 0.29 | % | ||
Systematic Core | 0.85 | % | ||
Value | 0.85 | % |
For the year ended May 31, 2020, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:
Fund | Amount | |||
Dynamic Allocation | $ | 26,890 | ||
Nasdaq-100® Index | 19,850 | |||
Small Cap Aggressive Growth | 25,921 | |||
Small Cap Fund | 289,658 | |||
Stock Index* | 1,480,338 | |||
Systematic Core | 145,144 | |||
Systematic Value** | 83,591 | |||
Value | 117,789 |
* | 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 year ended May 31, 2020, VALIC voluntarily waived $238,436 of expenses for the Government Money Market I Fund.
Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2020, the amount recouped by VALIC for the Dynamic Allocation Fund was $203.
At May 31, 2020, 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 | May 31, 2022 | ||||||
Dynamic Allocation | $ | 1,133 | $ | 26,890 |
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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 year ended May 31, 2020, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.
VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the year ended May 31, 2020, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.
On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the plan as selected by the Directors. For the year ended May 31, 2020, certain Directors of VC I have deferred $39,257 of director compensation.
At May 31, 2020, 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 | — | 99.12 | 0.87 | 0.00 | — | 0.00 | |||||||||||||||||||||
Capital Conservation | — | — | 72.87 | 4.56 | 3.59 | 6.76 | 12.22 | |||||||||||||||||||||
Core Equity | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Dividend Value | — | — | 91.62 | 0.71 | 2.55 | 1.09 | 4.03 | |||||||||||||||||||||
Dynamic Allocation | 3.05 | — | 96.95 | — | — | — | — | |||||||||||||||||||||
Emerging Economies | 0.03 | 0.01 | 94.51 | 0.16 | 2.27 | 0.70 | 2.32 | |||||||||||||||||||||
Global Real Estate | — | — | 86.86 | 0.35 | 4.99 | 2.19 | 5.61 | |||||||||||||||||||||
Global Strategy | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Government Money Market I | 4.66 | 0.00 | 87.97 | — | 1.83 | 3.13 | 2.41 | |||||||||||||||||||||
Government Securities | 0.54 | — | 74.55 | 5.87 | 3.60 | 6.16 | 9.28 | |||||||||||||||||||||
Growth | — | — | 99.43 | 0.57 | — | — | — | |||||||||||||||||||||
Health Sciences | 0.02 | — | 99.98 | — | — | — | — | |||||||||||||||||||||
Inflation Protected | — | — | 84.86 | 0.35 | 4.19 | 2.89 | 7.71 | |||||||||||||||||||||
International Equities Index | 3.16 | 0.02 | 91.75 | 0.37 | 1.85 | 0.61 | 2.24 | |||||||||||||||||||||
International Government Bond | — | — | 62.41 | 0.42 | 9.04 | 9.12 | 19.01 | |||||||||||||||||||||
International Growth | — | — | 95.11 | 1.17 | 2.08 | 0.33 | 1.31 | |||||||||||||||||||||
International Socially Responsible | 0.32 | — | 99.46 | 0.22 | — | — | — | |||||||||||||||||||||
International Value | 0.02 | — | 92.43 | 0.67 | 3.22 | 0.73 | 2.93 | |||||||||||||||||||||
Large Cap Core | — | — | 82.14 | 4.35 | 5.82 | 1.58 | 6.11 | |||||||||||||||||||||
Large Capital Growth | — | — | 93.29 | 1.15 | 2.03 | 0.34 | 3.19 | |||||||||||||||||||||
Mid Cap Index | 0.66 | 0.04 | 97.06 | 0.11 | 0.86 | 0.20 | 1.07 | |||||||||||||||||||||
Mid Cap Strategic Growth | — | — | 92.48 | — | 2.94 | 0.64 | 3.94 | |||||||||||||||||||||
Nasdaq-100® Index | 2.10 | 0.05 | 91.93 | — | 1.33 | 0.84 | 3.75 | |||||||||||||||||||||
Science & Technology | 0.50 | 0.00 | 95.93 | — | 1.27 | 0.40 | 1.90 | |||||||||||||||||||||
Small Cap Aggressive Growth | — | — | 99.51 | 0.49 | — | — | — | |||||||||||||||||||||
Small Cap | — | — | 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 | 2.13 | % | 0.13 | % | 95.79 | % | 0.15 | % | 0.76 | % | 0.05 | % | 0.99 | % | ||||||||||||||
Small Cap Special Values | — | — | 92.87 | 0.70 | 2.57 | 0.76 | 3.10 | |||||||||||||||||||||
Small-Mid Growth | — | — | 100.00 | — | — | — | — | |||||||||||||||||||||
Stock Index | 2.46 | 0.04 | 91.21 | 0.46 | 1.48 | 0.36 | 1.74 | |||||||||||||||||||||
Systematic Core | 2.16 | — | 95.03 | 2.81 | — | — | — | |||||||||||||||||||||
Systematic Value | — | — | 85.37 | 14.63 | — | — | — | |||||||||||||||||||||
Value | — | — | 64.48 | 6.37 | 11.32 | 2.46 | 15.37 |
The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.
As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2020, 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 5/31/2020 | ||||||||||||||||||||||||
VALIC Co. I Blue Chip Growth Fund | $ | 6,084,033 | $ | — | $ | 642,353 | $ | 1,864,982 | $ | 1,538,876 | $ | 243,676 | $ | 553,002 | $ | 7,206,817 | ||||||||||||||||
VALIC Co. I Capital Conservation Fund | 13,162,249 | 403,164 | — | 2,017,297 | 3,283,146 | 148,878 | 602,278 | 12,647,556 | ||||||||||||||||||||||||
VALIC Co. I Dividend Value Fund | 7,289,325 | 140,195 | 309,358 | 1,526,533 | 1,437,105 | (4,477 | ) | (222,920 | ) | 7,151,356 | ||||||||||||||||||||||
VALIC Co. I Emerging Economies Fund | 2,059,912 | 30,780 | — | 68,461 | 938,392 | 98,995 | (173,386 | ) | 1,115,590 | |||||||||||||||||||||||
VALIC Co. I Global Real Estate Fund | 1,671,757 | 42,637 | 22,098 | 109,001 | 316,643 | (20,082 | ) | (181,494 | ) | 1,262,539 | ||||||||||||||||||||||
VALIC Co. I Government Securities Fund | 7,746,971 | 213,476 | — | 2,829,702 | 2,320,768 | 47,757 | 403,320 | 8,706,982 | ||||||||||||||||||||||||
VALIC Co. I Growth Fund | 7,670,335 | 25,571 | 623,222 | 1,105,774 | 2,257,105 | 217,213 | 1,048,253 | 7,784,470 | ||||||||||||||||||||||||
VALIC Co. I Inflation Protected Fund | 3,326,287 | 68,829 | — | 150,077 | 867,589 | 3,959 | 61,870 | 2,674,604 | ||||||||||||||||||||||||
VALIC Co. I International Equities Index Fund | 4,059,775 | 136,109 | 93,099 | 1,946,540 | 1,026,632 | (52,384 | ) | (299,016 | ) | 4,628,283 | ||||||||||||||||||||||
VALIC Co. I International Government Bond Fund | 817,167 | 12,289 | — | 34,423 | 158,322 | 3,413 | 18,688 | 715,369 | ||||||||||||||||||||||||
VALIC Co. I International Growth Fund | 5,965,786 | 6,095 | — | 456,147 | 1,569,571 | (250,050 | ) | 799,773 | 5,402,085 | |||||||||||||||||||||||
VALIC Co. I International Socially Responsible Fund | — | 14,384 | 25,119 | 887,716 | 39,243 | (9,955 | ) | (133,347 | ) | 705,171 | ||||||||||||||||||||||
VALIC Co. I International Value Fund | 5,178,784 | 119,362 | 7,036 | 927,797 | 1,516,966 | (65,153 | ) | (456,275 | ) | 4,068,187 | ||||||||||||||||||||||
VALIC Co. I Large Cap Core Fund | 6,673,283 | 76,444 | 449,302 | 2,039,851 | 1,834,019 | (294,514 | ) | 1,016,944 | 7,601,545 | |||||||||||||||||||||||
VALIC Co. I Large Capital Growth Fund | 7,197,927 | 43,629 | 437,383 | 658,078 | 2,441,573 | 591,837 | 20,388 | 6,026,657 | ||||||||||||||||||||||||
VALIC Co. I Mid Cap Index Fund | 3,688,395 | 48,718 | 271,771 | 412,308 | 700,237 | 7,611 | (328,995 | ) | 3,079,082 | |||||||||||||||||||||||
VALIC Co. I Small Cap Aggressive Growth Fund | — | — | 99,673 | 947,885 | 39,243 | (13,964 | ) | (112,840 | ) | 781,838 | ||||||||||||||||||||||
VALIC Co. I Small Cap Index Fund | — | 23,975 | 192,706 | 1,875,324 | 66,275 | (30,066 | ) | (433,445 | ) | 1,345,538 | ||||||||||||||||||||||
VALIC Co. I Small Cap Special Values Fund | — | 19,182 | 127,125 | 1,804,950 | 66,275 | (29,672 | ) | (475,679 | ) | 1,233,324 | ||||||||||||||||||||||
VALIC Co. I Stock Index Fund | 25,346,443 | 445,211 | 1,423,763 | 2,501,846 | 6,780,808 | 1,474,338 | (265,288 | ) | 22,276,531 | |||||||||||||||||||||||
VALIC Co. I Systematic Core Fund | 3,427,813 | 35,062 | 345,933 | 728,380 | 875,768 | 218,038 | (54,840 | ) | 3,443,623 | |||||||||||||||||||||||
VALIC Co. I Systematic Value Fund | 8,167,778 | 178,757 | 673,937 | 1,301,894 | 2,157,012 | (79,581 | ) | (763,265 | ) | 6,469,814 | ||||||||||||||||||||||
VALIC Co. I Value Fund | 8,276,033 | 135,670 | 655,356 | 1,312,358 | 1,883,216 | 552,240 | (1,057,967 | ) | 7,199,448 | |||||||||||||||||||||||
VALIC Co. II Capital Appreciation Fund | 5,795,077 | 14,916 | 1,610,126 | 2,058,828 | 1,445,733 | 34,630 | (713,539 | ) | 5,729,263 | |||||||||||||||||||||||
VALIC Co. II Core Bond Fund | 11,512,151 | 239,382 | — | 525,572 | 2,915,487 | 116,992 | 501,989 | 9,741,217 | ||||||||||||||||||||||||
VALIC Co. II High Yield Bond Fund | 1,722,784 | 74,904 | — | 119,170 | 376,643 | (994 | ) | (44,619 | ) | 1,419,698 | ||||||||||||||||||||||
VALIC Co. II International Opportunities Fund | 1,322,307 | 9,903 | 38,622 | 54,059 | 1,267,265 | (94,943 | ) | 87,266 | 101,424 | |||||||||||||||||||||||
VALIC Co. II Large Cap Value Fund | 3,168,720 | 40,686 | 273,081 | 1,111,637 | 647,939 | (106,027 | ) | (121,795 | ) | 3,404,596 | ||||||||||||||||||||||
VALIC Co. II Mid Cap Growth Fund | 2,566,301 | — | 92,052 | 150,670 | 587,755 | 40,900 | 5,050 | 2,175,166 | ||||||||||||||||||||||||
VALIC Co. II Mid Cap Value Fund | 2,408,393 | 13,352 | 461,304 | 533,275 | 462,755 | (177,085 | ) | (386,312 | ) | 1,915,516 | ||||||||||||||||||||||
VALIC Co. II Small Cap Growth Fund | 3,816,134 | — | 718,898 | 742,384 | 4,001,481 | 872,493 | (970,681 | ) | 458,849 | |||||||||||||||||||||||
VALIC Co. II Small Cap Value Fund | 3,473,197 | 48,838 | 487,013 | 559,338 | 3,351,693 | (674,550 | ) | 317,888 | 324,180 | |||||||||||||||||||||||
VALIC Co. II Strategic Bond Fund | 3,006,214 | 100,995.00 | — | 178,462 | 664,126 | (19,557 | ) | 36,870 | 2,537,863 | |||||||||||||||||||||||
VALIC Co. II U.S. Socially Responsible Fund | — | — | — | 1,463,775 | 63,663 | (10,600 | ) | 91,177 | 1,480,689 | |||||||||||||||||||||||
$ | 166,601,331 | $ | 2,762,515 | $ | 10,080,330 | $ | 35,004,494 | $ | 49,899,324 | $ | 2,739,316 | $ | (1,630,947 | ) | $ | 152,814,870 | ||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
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 05/31/2020 | ||||||||||||||||||||||||
American International Group, Inc. | ||||||||||||||||||||||||||||||||
Common Stock | $ | 8,950,171 | $ | 218,323 | $ | — | $ | 110,956 | $ | 608,357 | $ | 165,545 | $ | (3,686,611 | ) | $ | 4,931,704 | |||||||||||||||
During the year ended May 31, 2020, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:
Affiliated Broker | Global Real Estate Fund | Small-Mid Growth Fund | ||||||
Goldman Sachs & Co. | $ | — | $ | 773 | ||||
Morgan Stanley & Co. | 29,027 | 4,320 | ||||||
Wells Fargo Securities | — | 582 |
On April 28, 2020 and April 29, 2020, the Science & Technology Fund purchased shares of three securities, Alphabet, Inc., Class A, Alphabet, Inc., Class C and Facebook, Inc., Class A, causing the Fund to exceed its investment diversification restriction limitation with respect to 75% of its total assets of not investing more than 5% of its total assets in the securities of any one issuer. The violation was corrected on April 30, 2020, when the Fund sold shares of the securities noted above, resulting in a gain of $330,584 to the Fund.
Note 4 — Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended May 31, 2020 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 | $ | 205,324,736 | $ | 200,469,205 | $ | 6,442,318 | $ | 27,191,427 | ||||||||
Blue Chip Growth | 215,423,491 | 322,571,234 | — | — | ||||||||||||
Capital Conservation | 106,967,393 | 109,506,178 | 81,918,709 | 64,292,200 | ||||||||||||
Core Equity | 95,281,509 | 123,843,961 | — | — | ||||||||||||
Dividend Value | 712,020,443 | 608,950,198 | — | — | ||||||||||||
Dynamic Allocation | 22,161,648 | 49,899,321 | 16,484,878 | 19,998,942 | ||||||||||||
Emerging Economies | 477,694,280 | 576,943,928 | — | — | ||||||||||||
Global Real Estate | 353,636,047 | 387,824,129 | — | — | ||||||||||||
Global Strategy | 232,915,605 | 257,861,897 | 37,316,963 | 31,432,387 | ||||||||||||
Government Securities | 3,794,101 | 3,534,815 | 19,734,297 | 20,692,177 | ||||||||||||
Growth | 2,774,004,855 | 2,763,505,146 | — | — | ||||||||||||
Health Sciences | 286,596,079 | 361,539,938 | — | — | ||||||||||||
Inflation Protected | 175,412,147 | 144,670,604 | 132,116,541 | 118,300,735 | ||||||||||||
International Equities Index | 329,522,394 | 103,352,086 | — | — | ||||||||||||
International Government Bond | 171,966,490 | 183,398,805 | 13,080,813 | 34,925,587 | ||||||||||||
International Growth | 98,271,084 | 143,937,708 | — | — | ||||||||||||
International Socially Responsible | 225,981,630 | 271,130,409 | — | — | ||||||||||||
International Value | 411,932,149 | 413,384,931 | — | — | ||||||||||||
Large Cap Core | 84,602,787 | 96,041,727 | — | — | ||||||||||||
Large Capital Growth | 192,166,519 | 220,958,078 | — | — | ||||||||||||
Mid Cap Index | 423,684,948 | 475,919,168 | — | — | ||||||||||||
Mid Cap Strategic Growth | 76,858,467 | 97,224,848 | — | — | ||||||||||||
Nasdaq-100® Index | 41,618,786 | 86,527,321 | — | — | ||||||||||||
Science & Technology | 1,378,044,363 | 1,540,926,755 | — | — | ||||||||||||
Small Cap Aggressive Growth | 136,824,173 | 151,354,525 | — | — | ||||||||||||
Small Cap | 67,338,887 | 90,553,405 | — | — | ||||||||||||
Small Cap Index | 127,493,666 | 178,351,951 | — | — | ||||||||||||
Small Cap Special Values | 76,744,572 | 91,563,224 | — | — | ||||||||||||
Small-Mid Growth | 79,031,048 | 88,172,231 | — | — | ||||||||||||
Stock Index | 161,715,599 | 460,773,135 | — | — | ||||||||||||
Systematic Core | 119,461,438 | 129,387,573 | — | — | ||||||||||||
Systematic Value | 129,797,991 | 135,116,128 | — | — | ||||||||||||
Value | 51,488,933 | 56,041,609 | — | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Note 5 — Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.
The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2020.
Fund | Identified Cost of Investments Owned@ | Gross Unrealized Appreciation@ | Gross Unrealized Depreciation@ | Net Unrealized Appreciation (Depreciation)@ | ||||||||||||
Asset Allocation | $ | 120,231,484 | $ | 8,798,672 | $ | (7,342,611 | ) | $ | 1,456,061 | |||||||
Blue Chip Growth | 454,881,570 | 384,110,469 | (7,342,914 | ) | 376,767,555 | |||||||||||
Capital Conservation | 265,935,237 | 15,399,825 | (1,117,307 | ) | 14,282,518 | |||||||||||
Core Equity | 191,168,606 | 44,681,431 | (13,262,168 | ) | 31,419,263 | |||||||||||
Dividend Value | 1,023,134,762 | 58,024,783 | (118,581,135 | ) | (60,556,352 | ) | ||||||||||
Dynamic Allocation | 186,073,097 | 15,706,668 | (9,478,053 | ) | 6,228,615 | |||||||||||
Emerging Economies | 685,502,193 | 74,905,553 | (70,147,236 | ) | 4,758,317 | |||||||||||
Global Real Estate | 383,010,459 | 26,926,991 | (53,719,290 | ) | (26,792,299 | ) | ||||||||||
Global Strategy | 310,070,144 | 8,611,731 | (37,647,820 | ) | (29,036,089 | ) | ||||||||||
Government Money Market I | 413,141,773 | — | — | — | ||||||||||||
Government Securities | 136,333,303 | 12,449,046 | (641,190 | ) | 11,807,856 | |||||||||||
Growth | 1,057,666,268 | 326,567,773 | (16,837,253 | ) | 309,730,520 | |||||||||||
Health Sciences | 609,294,294 | 278,723,601 | (28,081,348 | ) | 250,642,253 | |||||||||||
Inflation Protected | 747,696,887 | 43,969,968 | (13,056,206 | ) | 30,913,762 | |||||||||||
International Equities Index | 1,343,832,240 | 181,690,182 | (234,561,652 | ) | (52,871,470 | ) | ||||||||||
International Government Bond | 168,487,374 | 8,380,585 | (4,743,582 | ) | 3,637,003 | |||||||||||
International Growth | 370,655,994 | 92,652,008 | (15,124,868 | ) | 77,527,140 | |||||||||||
International Socially Responsible | 323,659,638 | 41,313,218 | (41,326,392 | ) | (13,174 | ) | ||||||||||
International Value | 706,684,533 | 18,461,825 | (106,394,707 | ) | (87,932,882 | ) | ||||||||||
Large Cap Core | 134,794,664 | 44,657,839 | (4,131,014 | ) | 40,526,825 | |||||||||||
Large Capital Growth | 363,809,980 | 160,914,961 | (5,033,138 | ) | 155,881,823 | |||||||||||
Mid Cap Index | 2,443,896,886 | 769,423,213 | (439,555,028 | ) | 329,868,185 | |||||||||||
Mid Cap Strategic Growth | 221,493,592 | 102,043,106 | (8,448,772 | ) | 93,594,334 | |||||||||||
Nasdaq-100® Index | 255,396,805 | 375,814,437 | (9,226,930 | ) | 366,587,507 | |||||||||||
Science & Technology | 1,267,219,232 | 398,493,910 | (66,674,766 | ) | 331,819,144 | |||||||||||
Small Cap Aggressive Growth | 145,053,067 | 32,349,657 | (11,170,075 | ) | 21,179,582 | |||||||||||
Small Cap | 244,887,468 | 60,208,313 | (35,041,523 | ) | 25,166,790 | |||||||||||
Small Cap Index | 863,289,493 | 273,054,200 | (203,180,404 | ) | 69,873,796 | |||||||||||
Small Cap Special Values | 199,127,843 | 17,912,509 | (45,072,674 | ) | (27,160,165 | ) | ||||||||||
Small-Mid Growth | 112,975,805 | 29,876,049 | (4,361,586 | ) | 25,514,463 | |||||||||||
Stock Index | 2,278,178,524 | 2,795,911,513 | (240,599,988 | ) | 2,555,311,525 | |||||||||||
Systematic Core | 104,369,728 | 21,426,488 | (2,409,001 | ) | 19,017,487 | |||||||||||
Systematic Value | 45,307,949 | 1,968,527 | (2,821,420 | ) | (852,893 | ) | ||||||||||
Value | 101,132,035 | 18,109,281 | (6,579,770 | ) | 11,529,511 |
@ | 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, 2020 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, 2020 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Asset Allocation | $ | 1,545,279 | $ | (2,490,072 | ) | $ | 1,617,801 | $ | 1,696,450 | $ | 2,514,194 | |||||||||
Blue Chip Growth | — | 92,536,381 | 376,767,559 | — | 86,238,340 | |||||||||||||||
Capital Conservation | 8,316,842 | — | 14,282,518 | 7,486,947 | — | |||||||||||||||
Core Equity | 2,570,418 | 20,270,537 | 31,419,263 | 3,646,472 | 19,522,732 | |||||||||||||||
Dividend Value | 35,698,384 | 20,336,832 | (60,552,774 | ) | 28,172,594 | 46,795,371 | ||||||||||||||
Dynamic Allocation | 13,195,770 | 7,932,919 | 6,228,615 | 7,211,167 | 4,056,190 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Distributable Earnings | Tax Distributions | |||||||||||||||||||
For the year ended May 31, 2020 | ||||||||||||||||||||
Fund | Ordinary Income | Long- term Gains/ Capital And Other Losses | Unrealized Appreciation (Depreciation)@ | Ordinary Income | Long-Term Capital Gains | |||||||||||||||
Emerging Economies | $ | 16,738,053 | $ | (38,605,372 | ) | $ | 4,654,979 | $ | 17,777,259 | $ | — | |||||||||
Global Real Estate | 17,447,622 | 9,565,701 | (26,793,568 | ) | 14,651,606 | 6,161,941 | ||||||||||||||
Global Strategy | 12,172,403 | (5,289,001 | ) | (29,096,074 | ) | 20,806,640 | 16,149,373 | |||||||||||||
Government Money Market I | 15,008 | (13,174 | ) | — | 3,947,837 | — | ||||||||||||||
Government Securities | 3,069,893 | (3,379,535 | ) | 11,807,856 | 3,464,038 | — | ||||||||||||||
Growth | 9,361,725 | 190,304,971 | 309,730,319 | 4,808,271 | 117,186,738 | |||||||||||||||
Health Sciences | 503,015 | 81,693,561 | 250,650,210 | 1,723,525 | 53,689,772 | |||||||||||||||
Inflation Protected | 12,601,849 | 3,187,049 | 30,914,174 | 16,140,417 | — | |||||||||||||||
International Equities Index | 24,795,440 | 4,452,767 | (52,859,909 | ) | 32,087,309 | 21,947,887 | ||||||||||||||
International Government Bond* | 2,974,089 | (323,641 | ) | 5,040,626 | 2,974,089 | — | ||||||||||||||
International Growth | — | 2,222,153 | 77,478,703 | 530,816 | — | |||||||||||||||
International Socially Responsible | 6,206,106 | 66,812,525 | 36,613 | 6,806,200 | 11,885,873 | |||||||||||||||
International Value | 11,420,756 | (16,353,822 | ) | (87,925,897 | ) | 16,269,086 | 958,959 | |||||||||||||
Large Cap Core | 1,437,566 | 7,181,470 | 40,526,825 | 1,983,560 | 11,658,518 | |||||||||||||||
Large Capital Growth | 2,213,394 | 57,660,453 | 155,883,573 | 4,060,549 | 37,687,496 | |||||||||||||||
Mid Cap Index | 34,850,010 | 104,096,933 | 329,868,185 | 45,054,408 | 251,332,742 | |||||||||||||||
Mid Cap Strategic Growth | 313,152 | 19,939,745 | 93,594,858 | — | 16,210,213 | |||||||||||||||
Nasdaq-100® Index | 3,949,956 | 62,476,291 | 366,587,507 | 4,516,004 | 14,202,001 | |||||||||||||||
Science & Technology | 50,152,981 | 187,159,064 | 331,833,567 | 3,797,952 | 164,094,782 | |||||||||||||||
Small Cap Aggressive Growth | — | 17,158,034 | 21,179,582 | — | 21,153,681 | |||||||||||||||
Small Cap | 1,410,335 | 8,950,128 | 25,166,802 | 2,372,902 | 21,052,873 | |||||||||||||||
Small Cap Index | 15,196,967 | 57,772,539 | 69,873,796 | 23,339,515 | 117,185,605 | |||||||||||||||
Small Cap Special Values | 2,649,427 | 5,182,910 | (27,160,165 | ) | 2,791,430 | 18,499,372 | ||||||||||||||
Small-Mid Growth | 1,384,280 | 13,850,508 | 25,514,463 | 1,176,792 | 12,675,687 | |||||||||||||||
Stock Index | 90,314,971 | 282,367,522 | 2,555,311,525 | 97,498,391 | 305,361,493 | |||||||||||||||
Systematic Core | 942,974 | 15,177,268 | 19,017,487 | 1,584,227 | 12,563,186 | |||||||||||||||
Systematic Value | 1,282,908 | 8,017,126 | (852,893 | ) | 1,266,752 | 4,775,803 | ||||||||||||||
Value | 1,840,636 | 3,370,672 | 11,530,606 | 2,389,914 | 10,130,875 |
* | 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. |
The tax character of distributions paid during the year ended May 31, 2019 were as follows:
Tax Distributions | ||||||||
Fund | Ordinary Income | Long-Term Capital Gains | ||||||
Asset Allocation | $ | 7,940,555 | $ | 6,332,042 | ||||
Blue Chip Growth | 377,657 | 91,325,072 | ||||||
Capital Conservation | 5,692,352 | — | ||||||
Core Equity | 4,819,532 | 26,833,666 | ||||||
Dividend Value | 38,481,123 | 73,011,368 | ||||||
Dynamic Allocation | 9,659,610 | 6,000,962 | ||||||
Emerging Economies | 12,932,082 | — | ||||||
Global Real Estate | 16,229,726 | — | ||||||
Global Strategy | 7,679,415 | 27,336,221 | ||||||
Government Money Market I | 6,017,418 | — | ||||||
Government Securities | 3,165,086 | — | ||||||
Growth | 23,032,664 | 71,315,683 | ||||||
Health Sciences | 17,887,289 | 47,556,071 | ||||||
Inflation Protected | 11,688,416 | 163,608 | ||||||
International Equities Index | 34,840,449 | — | ||||||
International Government Bond* | 3,098,611 | 37,417 | ||||||
International Growth | 16,089,078 | 95,235,064 | ||||||
International Socially Responsible | 6,661,198 | — | ||||||
International Value | 21,077,701 | — |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Tax Distributions | ||||||||
Fund | Ordinary Income | Long-Term Capital Gains | ||||||
Large Cap Core | $ | 1,590,555 | $ | 13,332,022 | ||||
Large Capital Growth | 4,246,182 | 28,866,161 | ||||||
Mid Cap Index | 59,566,500 | 282,474,072 | ||||||
Mid Cap Strategic Growth | 4,667,422 | 22,367,523 | ||||||
Nasdaq-100® Index | 3,552,163 | 6,027,819 | ||||||
Science & Technology | 82,873,430 | 184,672,479 | ||||||
Small Cap Aggressive Growth | 4,240,510 | 17,793,380 | ||||||
Small Cap | 8,108,469 | 18,202,222 | ||||||
Small Cap Index | 26,150,639 | 80,645,698 | ||||||
Small Cap Special Values | 6,438,233 | 26,863,113 | ||||||
Small-Mid Growth | 1,518,503 | 13,472,877 | ||||||
Stock Index | 80,047,321 | 107,948,092 | ||||||
Systematic Core | 1,526,608 | 11,821,661 | ||||||
Systematic Value | 726,807 | 5,016,076 | ||||||
Value | 1,664,301 | — |
As of May 31, 2020, 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 | $ | 322,418 | $ | 2,167,654 | ||||
Blue Chip Growth | — | — | ||||||
Capital Conservation | — | — | ||||||
Core Equity | — | — | ||||||
Dividend Value | — | — | ||||||
Dynamic Allocation | — | — | ||||||
Emerging Economies | 38,605,372 | — | ||||||
Global Real Estate | — | — | ||||||
Global Strategy | 1,407,609 | 3,881,392 | ||||||
Government Money Market I | 13,174 | — | ||||||
Government Securities | 1,210,045 | 2,169,490 | ||||||
Growth | — | — | ||||||
Health Sciences | — | — | ||||||
Inflation Protected | — | — | ||||||
International Equities Index | — | — | ||||||
International Government Bond* | — | 323,641 | ||||||
International Growth | — | — | ||||||
International Socially Responsible | — | — | ||||||
International Value | 13,226,937 | 3,126,885 | ||||||
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 Core | — | — | ||||||
Systematic Value | — | — | ||||||
Value | — | — |
* | The Capital Loss Carryforward is for the tax period ended September 30, 2019. |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.
Fund | Capital Loss Carryforward Utilized | |||
Asset Allocation | $ | — | ||
Blue Chip Growth | — | |||
Capital Conservation | 3,196,233 | |||
Core Equity | — | |||
Dividend Value | — | |||
Dynamic Allocation | — | |||
Emerging Economies | 11,006,730 | |||
Global Real Estate | — | |||
Global Strategy | — | |||
Government Money Market I | 1,466 | |||
Government Securities | — | |||
Growth | — | |||
Health Sciences | — | |||
Inflation Protected | 215,205 | |||
International Equities Index | — | |||
International Government Bond* | — | |||
International Growth | 251,337 | |||
International Socially Responsible | — | |||
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 Core | — | |||
Systematic Value | — | |||
Value | — |
Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2020, 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 | $ | 504,810 | $ | 8,141,767 | $ | 168,855 | ||||||
Blue Chip Growth | 323,707 | 6,010,920 | — | |||||||||
Capital Conservation | — | — | — | |||||||||
Core Equity | — | 401,513 | — | |||||||||
Dividend Value | — | 23,855,196 | 26,059,129 | |||||||||
Dynamic Allocation | — | — | — | |||||||||
Emerging Economies | 1,265,844 | 11,464,678 | — | |||||||||
Global Real Estate | 3,745,057 | 16,237,165 | 9,878,556 | |||||||||
Global Strategy | 7,541,746 | 4,948,994 | 499,339 | |||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | — | — | — | |||||||||
Growth | 109,418 | — | — | |||||||||
Health Sciences | — | — | — |
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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 | |||||||||
Inflation Protected | $ | 541,912 | $ | 889,844 | $ | — | ||||||
International Equities Index | 975,697 | 16,461,936 | 32,190,594 | |||||||||
International Government Bond* | — | — | 978,984 | |||||||||
International Growth | 514,358 | 848,160 | 1,934,951 | |||||||||
International Socially Responsible | 1,018,015 | 1,894,164 | 3,520,845 | |||||||||
International Value | 1,307,676 | 6,854,872 | 44,587,084 | |||||||||
Large Cap Core | — | 2,450,664 | — | |||||||||
Large Capital Growth | 6,741 | 2,600,488 | — | |||||||||
Mid Cap Index | — | 14,220,461 | — | |||||||||
Mid Cap Strategic Growth | 142,365 | 2,283,077 | — | |||||||||
Nasdaq-100® Index | — | — | — | |||||||||
Science & Technology | 238,596 | — | — | |||||||||
Small Cap Aggressive Growth | 488,510 | 4,081,563 | — | |||||||||
Small Cap | — | (112,828 | ) | 338,276 | ||||||||
Small Cap Index | — | — | — | |||||||||
Small Cap Special Values | — | 1,442,160 | 5,416,733 | |||||||||
Small-Mid Growth | 178,313 | — | — | |||||||||
Stock Index | — | — | — | |||||||||
Systematic Core | — | 1,670,520 | — | |||||||||
Systematic Value | — | 4,027,825 | (864,370 | ) | ||||||||
Value | — | 249,503 | — |
* | The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2019. |
For the period ended May 31, 2020, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:
Fund | Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | |||||||||
Asset Allocation | $ | (407,308 | ) | $ | 407,308 | $ | — | |||||
Blue Chip Growth | 1,793,118 | (1,238,273 | ) | (554,845 | ) | |||||||
Capital Conservation | 828,400 | (828,400 | ) | — | ||||||||
Core Equity | 807 | (807 | ) | — | ||||||||
Dividend Value | (742,027 | ) | 742,027 | — | ||||||||
Dynamic Allocation | 582,661 | (582,661 | ) | — | ||||||||
Emerging Economies | (1,551,877 | ) | 1,551,877 | — | ||||||||
Global Real Estate | 8,563,748 | (8,522,827 | ) | (40,921 | ) | |||||||
Global Strategy | (4,365,494 | ) | 4,365,494 | — | ||||||||
Government Money Market I | — | — | — | |||||||||
Government Securities | 327,804 | (327,804 | ) | — | ||||||||
Growth | 88,760 | (88,760 | ) | — | ||||||||
Health Sciences | 1,557,108 | (1,557,108 | ) | — | ||||||||
Inflation Protected | (583,257 | ) | 583,257 | — | ||||||||
International Equities Index | 215,035 | (215,035 | ) | — | ||||||||
International Government Bond* | (1,078,795 | ) | 1,078,795 | — | ||||||||
International Growth | (353,400 | ) | 353,400 | — | ||||||||
International Socially Responsible | 136,551 | (136,551 | ) | — | ||||||||
International Value | (606,704 | ) | 606,704 | — | ||||||||
Large Cap Core | 603 | (603 | ) | — | ||||||||
Large Capital Growth | 323,827 | (323,827 | ) | — | ||||||||
Mid Cap Index | — | — | — | |||||||||
Mid Cap Strategic Growth | 283,572 | (283,572 | ) | — |
290 |
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VALIC Company I
NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Accumulated Undistributed Net Investment Income (Loss) | Accumulated Undistributed Net Realized Gain (Loss) | Capital Paid-in | |||||||||
Nasdaq-100® Index | $ | 222 | $ | (222 | ) | $ | — | |||||
Science & Technology | (45,031 | ) | 45,031 | — | ||||||||
Small Cap Aggressive Growth | 1,074,740 | — | (1,074,740 | ) | ||||||||
Small Cap | 54,311 | (54,311 | ) | — | ||||||||
Small Cap Index | 1,307,155 | (1,307,155 | ) | — | ||||||||
Small Cap Special Values | 535,270 | (535,270 | ) | — | ||||||||
Small-Mid Growth | 274,270 | (274,270 | ) | — | ||||||||
Stock Index | 700,274 | (700,274 | ) | — | ||||||||
Systematic Core | (1,151 | ) | 1,151 | — | ||||||||
Systematic Value | 2,815 | (2,815 | ) | — | ||||||||
Value | 4,282 | (4,282 | ) | — |
* | The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year 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 year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 732,880 | $ | 7,343,423 | 1,370,257 | $ | 14,799,122 | 1,129,814 | $ | 22,660,527 | 3,378,480 | $ | 70,596,024 | ||||||||||||||||||||
Reinvested dividends | 454,223 | 4,210,644 | 1,427,260 | 14,272,597 | 4,679,237 | 86,238,340 | 4,829,001 | 91,702,729 | ||||||||||||||||||||||||
Shares redeemed | (2,464,630 | ) | (24,562,556 | ) | (2,529,795 | ) | (27,418,230 | ) | (6,586,064 | ) | (131,196,691 | ) | (4,877,769 | ) | (99,005,144 | ) | ||||||||||||||||
Net increase (decrease) | (1,277,527 | ) | $ | (13,008,489 | ) | 267,722 | $ | 1,653,489 | (777,013 | ) | $ | (22,297,824 | ) | 3,329,712 | $ | 63,293,609 | ||||||||||||||||
Capital Conservation | Core Equity | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 6,768,212 | $ | 69,954,743 | 5,107,863 | $ | 49,236,111 | 254,073 | $ | 5,160,131 | 107,152 | $ | 2,482,638 | ||||||||||||||||||||
Reinvested dividends | 720,592 | 7,486,947 | 594,812 | 5,692,352 | | 1,243,650 | | 23,169,204 | 1,552,388 | 31,653,198 | ||||||||||||||||||||||
Shares redeemed | (6,084,849 | ) | (62,217,554 | ) | (7,440,341 | ) | (71,323,663 | ) | (1,558,803 | ) | (32,863,762 | ) | (1,241,877 | ) | (28,683,735 | ) | ||||||||||||||||
Net increase (decrease) | 1,403,955 | $ | 15,224,136 | (1,737,666 | ) | $ | (16,395,200 | ) | (61,080 | ) | $ | (4,534,427 | ) | 417,663 | $ | 5,452,101 | ||||||||||||||||
Dividend Value | Dynamic Allocation | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 24,350,179 | $ | 293,482,588 | 22,206,269 | $ | 265,649,445 | 704,958 | $ | 8,248,882 | 417,871 | $ | 5,030,895 | ||||||||||||||||||||
Reinvested dividends | | 7,704,827 | |
| 74,967,965 |
| | 10,053,426 | | 111,492,491 | 971,324 | 11,267,357 | 1,373,734 | 15,660,572 | ||||||||||||||||||
Shares redeemed | (19,493,241 | ) | (213,989,744 | ) | (14,757,947 | ) | (187,510,253 | ) | (3,426,958 | ) | (41,671,877 | ) | (4,029,619 | ) | (48,845,156 | ) | ||||||||||||||||
Net increase (decrease) | 12,561,765 | $ | 154,460,809 | 17,501,748 | $ | 189,631,683 | (1,750,676 | ) | $ | (22,155,638 | ) | (2,238,014 | ) | $ | (28,153,689 | ) | ||||||||||||||||
Emerging Economies | Global Real Estate | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 17,993,592 | $ | 135,451,261 | 33,190,672 | $ | 264,302,309 | 10,156,537 | $ | 82,619,260 | 19,281,150 | $ | 149,473,543 | ||||||||||||||||||||
Reinvested dividends | 2,348,383 | 17,777,259 | 1,612,479 | 12,932,082 | 2,703,058 | 20,813,547 | 2,105,023 | 16,229,726 | ||||||||||||||||||||||||
Shares redeemed | (30,014,162 | ) | (242,797,107 | ) | (19,981,046 | ) | (160,573,937 | ) | (17,781,244 | ) | (132,033,974 | ) | (11,341,281 | ) | (88,150,053 | ) | ||||||||||||||||
Net increase (decrease) | (9,672,187 | ) | $ | (89,568,587 | ) | 14,822,105 | $ | 116,660,454 | (4,921,649 | ) | $ | (28,601,167 | ) | 10,044,892 | $ | 77,553,216 | ||||||||||||||||
291 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Global Strategy | Government Money Market I | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,036,103 | $ | 10,533,979 | 351,873 | $ | 4,116,856 | 307,254,160 | $ | 307,254,160 | 167,861,006 | $ | 167,861,006 | ||||||||||||||||||||
Reinvested dividends | 4,175,821 | 36,956,013 | 3,300,248 | 35,015,636 | 3,947,837 | 3,947,837 | 6,017,418 | 6,017,418 | ||||||||||||||||||||||||
Shares redeemed | (4,892,385 | ) | (49,322,471 | ) | (4,457,939 | ) | (51,758,746 | ) | (291,185,906 | ) | (291,185,906 | ) | (90,405,697 | ) | (90,405,697 | ) | ||||||||||||||||
Net increase (decrease) | 319,539 | $ | (1,832,479 | ) | (805,818 | ) | $ | (12,626,254 | ) | 20,016,091 | $ | 20,016,091 | 83,472,727 | $ | 83,472,727 | |||||||||||||||||
Government Securities | Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 3,638,635 | $ | 39,971,278 | 4,565,525 | $ | 46,513,157 | 15,219,498 | $ | 268,746,925 | 8,137,328 | $ | 145,253,247 | ||||||||||||||||||||
Reinvested dividends | 310,676 | 3,464,038 | 308,789 | 3,165,086 | 7,335,839 | 121,995,009 | 5,831,171 | 94,348,347 | ||||||||||||||||||||||||
Shares redeemed | (4,283,537 | ) | (46,910,665 | ) | (3,205,093 | ) | (32,918,129 | ) | (14,564,181 | ) | (267,877,924 | ) | (19,062,913 | ) | (329,315,123 | ) | ||||||||||||||||
Net increase (decrease) | (334,226 | ) | $ | (3,475,349 | ) | 1,669,221 | $ | 16,760,114 | 7,991,156 | $ | 122,864,010 | (5,094,414 | ) | $ | (89,713,529 | ) | ||||||||||||||||
Health Sciences | Inflation Protected | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 958,363 | $ | 20,024,554 | 1,190,296 | $ | 25,058,429 | 17,835,117 | $ | 200,510,341 | 16,916,272 | $ | 182,761,055 | ||||||||||||||||||||
Reinvested dividends | 2,780,396 | 55,413,297 | 3,272,168 | 65,443,360 | 1,435,980 | 16,140,417 | 1,101,489 | 11,852,024 | ||||||||||||||||||||||||
Shares redeemed | (4,513,694 | ) | (94,738,256 | ) | (3,686,739 | ) | (77,176,462 | ) | (15,163,606 | ) | (170,768,474 | ) | (9,406,150 | ) | (102,060,226 | ) | ||||||||||||||||
Net increase (decrease) | (774,935 | ) | $ | (19,300,405 | ) | 775,725 | $ | 13,325,327 | 4,107,491 | $ | 45,882,284 | 8,611,611 | $ | 92,552,853 | ||||||||||||||||||
International Equities Index | International Government Bond | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 76,704,620 | $ | 504,353,589 | 31,902,509 | $ | 223,517,417 | 1,970,627 | $ | 23,897,567 | 3,793,281 | $ | 43,773,383 | ||||||||||||||||||||
Reinvested dividends | 8,829,280 | 54,035,196 | 5,161,548 | 34,840,449 | 241,012 | 2,974,089 | 271,753 | 3,136,028 | ||||||||||||||||||||||||
Shares redeemed | (38,766,612 | ) | (265,092,519 | ) | (56,256,304 | ) | (397,902,631 | ) | (5,272,898 | ) | (63,792,803 | ) | (5,753,244 | ) | (66,201,445 | ) | ||||||||||||||||
Net increase (decrease) | 46,767,288 | $ | 293,296,266 | (19,192,247 | ) | $ | (139,544,765 | ) | (3,061,259 | ) | $ | (36,921,147 | ) | (1,688,210 | ) | $ | (19,292,034 | ) | ||||||||||||||
International Growth | International Socially Responsible | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 2,250,308 | $ | 26,438,652 | 3,698,069 | $ | 50,564,198 | 867,471 | $ | 21,879,209 | 332,664 | $ | 8,642,347 | ||||||||||||||||||||
Reinvested dividends | 45,447 | 530,816 | 10,157,312 | 111,324,142 | 788,362 | 18,692,073 | 260,000 | 6,661,198 | ||||||||||||||||||||||||
Shares redeemed | (6,359,485 | ) | (74,804,431 | ) | (5,469,273 | ) | (74,442,204 | ) | (2,070,852 | ) | (51,937,453 | ) | (2,879,170 | ) | (75,140,177 | ) | ||||||||||||||||
Net increase (decrease) | (4,063,730 | ) | $ | (47,834,963 | ) | 8,386,108 | $ | 87,446,136 | (415,019 | ) | $ | (11,366,171 | ) | (2,286,506 | ) | $ | (59,836,632 | ) | ||||||||||||||
International Value | Large Cap Core | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 9,717,933 | $ | 78,218,887 | 5,459,443 | $ | 53,547,329 | 504,920 | $ | 5,657,916 | 568,822 | $ | 6,864,053 | ||||||||||||||||||||
Reinvested dividends | 2,197,455 | 17,228,045 | 2,232,807 | 21,077,701 | 1,260,821 | 13,642,078 | 1,370,301 | 14,922,577 | ||||||||||||||||||||||||
Shares redeemed | (11,332,021 | ) | (103,962,237 | ) | (12,113,394 | ) | (119,767,187 | ) | (1,908,941 | ) | (22,475,360 | ) | (2,217,323 | ) | (26,317,068 | ) | ||||||||||||||||
Net increase (decrease) | 583,367 | $ | (8,515,305 | ) | (4,421,144 | ) | $ | (45,142,157 | ) | (143,200 | ) | $ | (3,175,366 | ) | (278,200 | ) | $ | (4,530,438 | ) | |||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Large Capital Growth | Mid Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,739,071 | $ | 29,242,688 | 2,634,276 | $ | 41,509,538 | 14,509,443 | $ | 357,166,957 | 9,407,600 | $ | 263,112,414 | ||||||||||||||||||||
Reinvested dividends | 2,652,354 | 41,748,045 | 2,178,444 | 33,112,343 | 14,908,810 | 296,387,150 | 14,163,171 | 342,040,572 | ||||||||||||||||||||||||
Shares redeemed | (3,654,400 | ) | (62,699,281 | ) | (3,977,097 | ) | (61,468,630 | ) | (20,878,267 | ) | (466,051,285 | ) | (22,836,952 | ) | (612,639,268 | ) | ||||||||||||||||
Net increase (decrease) | 737,025 | $ | 8,291,452 | 835,623 | $ | 13,153,251 | 8,539,986 | $ | 187,502,822 | 733,819 | $ | (7,486,282 | ) | |||||||||||||||||||
Mid Cap Strategic Growth | Nasdaq-100® Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 675,120 | $ | 11,057,914 | 880,052 | $ | 13,784,489 | 3,869,480 | $ | 65,857,433 | 4,330,128 | $ | 62,101,576 | ||||||||||||||||||||
Reinvested dividends | 1,083,570 | 16,210,213 | 1,803,532 | 27,034,945 | 1,169,875 | 18,718,005 | 690,698 | 9,579,982 | ||||||||||||||||||||||||
Shares redeemed | (2,260,777 | ) | (36,267,123 | ) | (1,505,933 | ) | (23,988,639 | ) | (6,441,639 | ) | (105,630,507 | ) | (3,464,310 | ) | (49,409,180 | ) | ||||||||||||||||
Net increase (decrease) | (502,087 | ) | $ | (8,998,996 | ) | 1,177,651 | $ | 16,830,795 | (1,402,284 | ) | $ | (21,055,069 | ) | 1,556,516 | $ | 22,272,378 | ||||||||||||||||
Science & Technology | Small Cap Aggressive Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 779,369 | $ | 21,834,470 | 2,418,061 | $ | 74,143,598 | 989,238 | $ | 14,463,262 | 2,338,726 | $ | 36,265,703 | ||||||||||||||||||||
Reinvested dividends | 6,576,292 | 167,892,734 | 10,496,113 | 267,545,909 | 1,773,150 | 21,153,681 | 1,622,525 | 22,033,890 | ||||||||||||||||||||||||
Shares redeemed | (6,708,135 | ) | (188,474,659 | ) | (4,312,130 | ) | (125,821,986 | ) | (2,429,514 | ) | (33,352,419 | ) | (2,004,120 | ) | (30,139,059 | ) | ||||||||||||||||
Net increase (decrease) | 647,526 | $ | 1,252,545 | 8,602,044 | $ | 215,867,521 | 332,874 | $ | 2,264,524 | 1,957,131 | $ | 28,160,534 | ||||||||||||||||||||
Small Cap | Small Cap Index | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 858,175 | $ | 8,005,865 | 513,787 | $ | 5,881,470 | 7,636,178 | $ | 136,247,038 | 5,157,787 | $ | 110,735,184 | ||||||||||||||||||||
Reinvested dividends | 2,608,661 | 23,425,775 | 2,542,096 | 26,310,691 | 9,644,826 | 140,525,121 | 5,493,639 | 106,796,337 | ||||||||||||||||||||||||
Shares redeemed | (3,306,026 | ) | (35,524,702 | ) | (3,323,078 | ) | (37,770,243 | ) | (11,649,067 | ) | (226,506,499 | ) | (13,457,398 | ) | (286,815,306 | ) | ||||||||||||||||
Net increase (decrease) | 160,810 | $ | (4,093,062 | ) | (267,195 | ) | $ | (5,578,082 | ) | 5,631,937 | $ | 50,265,660 | (2,805,972 | ) | $ | (69,283,785 | ) | |||||||||||||||
Small Cap Special Values | Small-Mid Growth | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 1,174,145 | $ | 12,960,090 | 1,924,460 | $ | 26,576,816 | 542,366 | $ | 7,305,112 | 231,706 | $ | 3,180,101 | ||||||||||||||||||||
Reinvested dividends | 2,363,019 | 21,290,802 | 2,903,343 | 33,301,346 | 1,152,452 | 13,852,479 | 1,199,310 | 14,991,380 | ||||||||||||||||||||||||
Shares redeemed | (3,479,119 | ) | (37,398,124 | ) | (6,481,787 | ) | (84,619,590 | ) | (1,406,970 | ) | (19,029,686 | ) | (910,512 | ) | (12,551,330 | ) | ||||||||||||||||
Net increase (decrease) | 58,045 | $ | (3,147,232 | ) | (1,653,984 | ) | $ | (24,741,428 | ) | 287,848 | $ | 2,127,905 | 520,504 | $ | 5,620,151 | |||||||||||||||||
Stock Index | Systematic Core | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 9,659,336 | $ | 406,955,320 | 8,249,733 | $ | 334,996,625 | 944,605 | $ | 20,089,047 | 1,217,389 | $ | 27,205,841 | ||||||||||||||||||||
Reinvested dividends | 10,607,159 | 402,859,884 | 4,815,456 | 187,995,413 | 741,867 | 14,147,413 | 656,257 | 13,348,269 | ||||||||||||||||||||||||
Shares redeemed | (18,632,641 | ) | (783,626,165 | ) | (20,535,861 | ) | (833,230,100 | ) | (1,497,315 | ) | (32,249,776 | ) | (1,866,256 | ) | (41,610,511 | ) | ||||||||||||||||
Net increase (decrease) | 1,633,854 | $ | 26,189,039 | (7,470,672 | ) | $ | (310,238,062 | ) | 189,157 | $ | 1,986,684 | 7,390 | $ | (1,056,401 | ) | |||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Systematic Value | Value | |||||||||||||||||||||||||||||||
For the year ended May 31, 2020 | For the year ended May 31, 2019 | For the year ended May 31, 2020 | For the year ended May 31, 2019 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Shares sold | 270,326 | $ | 3,347,990 | 200,979 | $ | 3,104,021 | 565,211 | $ | 9,330,893 | 1,071,458 | $ | 19,401,702 | ||||||||||||||||||||
Reinvested dividends | 503,966 | 6,042,555 | 407,008 | 5,742,883 | 819,423 | 12,520,789 | 93,922 | 1,664,301 | ||||||||||||||||||||||||
Shares redeemed | (699,103 | ) | (9,716,001 | ) | (674,269 | ) | (10,576,174 | ) | (913,870 | ) | (16,659,609 | ) | (878,308 | ) | (15,864,320 | ) | ||||||||||||||||
Net increase (decrease) | 75,189 | $ | (325,456 | ) | (66,282 | ) | $ | (1,729,270 | ) | 470,764 | $ | 5,192,073 | 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 year ended May 31, 2020, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.
Note 8 — Investment Concentration
Certain Funds invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value Fund.
Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, the Government Money Market I Fund and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.
The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.
The Blue Chip Growth Fund, Nasdaq-100® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.
The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.
Note 9 — Line of Credit
The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2020, the following Funds had borrowings:
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Core Equity | 23 | $ | 304 | $ | 150,000 | 3.14 | % | |||||||||
Dividend Value | 13 | 4,257 | 5,472,308 | 2.36 | ||||||||||||
Emerging Economies | 29 | 28,931 | 12,387,069 | 3.25 | ||||||||||||
Global Real Estate | 6 | 1,491 | 2,862,500 | 3.08 |
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NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)
Fund | Days Outstanding | Interest Charges | Average Debt Utilized | Weighted Average Interest | ||||||||||||
Global Strategy | 11 | $ | 2,481 | $ | 1,661,363 | 2.43 | % | |||||||||
Growth | 124 | 14,239 | 1,546,371 | 2.51 | ||||||||||||
Inflation Protected | 9 | 1,313 | 1,627,778 | 2.73 | ||||||||||||
International Value | 2 | 342 | 1,675,000 | 3.67 | ||||||||||||
Large Capital Growth | 2 | 236 | 1,987,500 | 2.14 | ||||||||||||
Mid Cap Strategic Growth | 11 | 3,042 | 3,445,455 | 2.83 | ||||||||||||
Nasdaq-100® Index | 6 | 428 | 983,333 | 2.82 | ||||||||||||
Science & Technology | 15 | 517 | 476,667 | 2.66 | ||||||||||||
Small Cap | 6 | 52 | 129,167 | 2.50 | ||||||||||||
Small Cap Index | 4 | 2,242 | 8,287,500 | 2.40 | ||||||||||||
Stock Index | 46 | 25,871 | 6,374,457 | 3.26 | ||||||||||||
Systematic Core | 3 | 47 | 200,000 | 2.84 | ||||||||||||
Systematic Value | 7 | 73 | 110,714 | 3.39 |
As of May 31, 2020, there were no outstanding borrowings.
Note 10 — Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.
For the year ended May 31, 2020, none of the Funds participated in this program.
Note 11 — Security Transactions with Affiliated Portfolios
The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2020, the following Funds engaged in security transactions with affiliated Funds:
Fund | Cost of Purchases | Proceeds from Sales | Realized Gain(Loss) | |||||||||
Blue Chip Growth | $ | 584,727 | $ | 276,978 | $ | 85,123 | ||||||
Growth | 1,982,460 | 1,023,824 | 129,203 | |||||||||
Health Sciences | — | 192,713 | 36,089 | |||||||||
Large Capital Growth | 1,689,364 | 37,489 | (2,486 | ) | ||||||||
Science & Technology | — | 725,371 | 56,615 | |||||||||
Small Cap | 787 | 21,125 | 4,177 | |||||||||
Value | — | 10,707 | 2,755 |
Note 12 — Other Matters
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time including through the issue date of these financial statements and has resulted in substantial market volatility and may result in a significant economic downturn.
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Asset Allocation Fund | Blue Chip Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 12.38 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | $ | 17.96 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.14 | 0.18 | 0.16 | 0.16 | 0.23 | (0.05 | ) | (0.01 | ) | (0.01 | ) | 0.01 | (0.02 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.30 | ) | (0.55 | ) | 0.83 | 0.71 | (0.66 | ) | 3.93 | 0.86 | 4.82 | 3.46 | (0.24 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.16 | ) | (0.37 | ) | 0.99 | 0.87 | (0.43 | ) | 3.88 | 0.85 | 4.81 | 3.47 | (0.26 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.12 | ) | (0.17 | ) | (0.18 | ) | (0.26 | ) | (0.24 | ) | – | – | (0.01 | ) | – | – | ||||||||||||||||||||||||
Net realized gain on securities | (0.18 | ) | (0.88 | ) | (0.48 | ) | – | (1.32 | ) | (2.26 | ) | (2.51 | ) | (1.23 | ) | (1.68 | ) | (2.22 | ) | |||||||||||||||||||||
Total distributions | (0.30 | ) | (1.05 | ) | (0.66 | ) | (0.26 | ) | (1.56 | ) | (2.26 | ) | (2.51 | ) | (1.24 | ) | (1.68 | ) | (2.22 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 9.45 | $ | 9.91 | $ | 11.33 | $ | 11.00 | $ | 10.39 | $ | 20.80 | $ | 19.18 | $ | 20.84 | $ | 17.27 | $ | 15.48 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.46 | )% | (3.42 | )% | 8.91 | % | 8.35 | % | (2.16 | )% | 21.77 | % | 4.22 | % | 27.87 | % | 23.49 | % | 0.17 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.77 | % | 0.76 | % | 0.72 | % | 0.70 | % | 0.70 | % | 0.83 | % | 0.82 | % | 0.83 | % | 0.84 | % | 0.84 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average | 1.39 | % | 1.69 | % | 1.40 | % | 1.51 | % | 2.00 | % | (0.24 | )% | (0.03 | )% | (0.07 | )% | 0.06 | % | (0.09 | )% | ||||||||||||||||||||
Portfolio turnover rate | 177 | % | 113 | % | 84 | % | 161 | % | 102 | % | 27 | % | 30 | % | 24 | % | 27 | % | 30 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,614 | 14,892 | 14,624 | 14,705 | 15,824 | 39,950 | 40,727 | 37,397 | 39,343 | 39,796 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 128,629 | $ | 147,543 | $ | 165,665 | $ | 161,767 | $ | 164,358 | $ | 831,006 | $ | 781,236 | $ | 779,336 | $ | 679,516 | $ | 615,927 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Capital Conservation Fund | Core Equity Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 9.92 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | $ | 20.38 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.23 | 0.25 | 0.20 | 0.18 | 0.18 | 0.26 | 0.28 | 0.26 | 0.25 | 0.21 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.71 | 0.32 | (0.29 | ) | (0.04 | ) | 0.06 | 1.62 | (0.16 | ) | 3.13 | 3.14 | (0.87 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.94 | 0.57 | (0.09 | ) | 0.14 | 0.24 | 1.88 | 0.12 | 3.39 | 3.39 | (0.66 | ) | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.32 | ) | (0.23 | ) | (0.19 | ) | (0.23 | ) | (0.19 | ) | (0.31 | ) | (0.28 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | (0.03 | ) | (0.01 | ) | (0.02 | ) | (1.93 | ) | (2.86 | ) | (1.85 | ) | (0.74 | ) | – | |||||||||||||||||||||||
Total distributions | (0.32 | ) | (0.23 | ) | (0.22 | ) | (0.24 | ) | (0.21 | ) | (2.24 | ) | (3.14 | ) | (2.13 | ) | (0.98 | ) | (0.21 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 10.50 | $ | 9.88 | $ | 9.54 | $ | 9.85 | $ | 9.95 | $ | 19.80 | $ | 20.16 | $ | 23.18 | $ | 21.92 | $ | 19.51 | ||||||||||||||||||||
TOTAL RETURN(a) | 9.55 | % | 6.10 | % | (0.94 | )% | 1.45 | % | 2.47 | % | 10.04 | % | 0.35 | % | 15.42 | % | 17.48 | % | (3.07 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.75 | % | 0.74 | % | 0.77 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.93 | % | 0.92 | % | 0.93 | % | 0.92 | % | 0.92 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.23 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.21 | % | 1.20 | % | 1.10 | % | 1.19 | % | 1.11 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.23 | % | 2.65 | % | 2.10 | % | 1.84 | % | 1.77 | % | 1.03 | % | 1.02 | % | 0.94 | % | 1.06 | % | 0.99 | % | ||||||||||||||||||||
Portfolio turnover rate | 74 | % | 72 | % | 53 | % | 56 | % | 71 | % | 41 | % | 29 | % | 50 | % | 36 | % | 41 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 26,395 | 24,991 | 26,729 | 23,866 | 23,716 | 11,267 | 11,329 | 10,911 | 11,023 | 11,771 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 277,277 | $ | 246,896 | $ | 255,084 | $ | 235,063 | $ | 236,062 | $ | 223,066 | $ | 228,409 | $ | 252,961 | $ | 241,647 | $ | 229,637 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Dividend Value Fund | Dynamic Allocation Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 13.23 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | $ | 12.04 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.29 | 0.29 | 0.26 | 0.25 | 0.31 | 0.18 | 0.17 | 0.12 | 0.15 | 0.17 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.34 | ) | (0.27 | ) | 0.74 | 1.62 | (0.24 | ) | 1.00 | 0.00 | 1.00 | 1.13 | (0.79 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.05 | ) | 0.02 | 1.00 | 1.87 | 0.07 | 1.18 | 0.17 | 1.12 | 1.28 | (0.62 | ) | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.24 | ) | (0.24 | ) | (0.24 | ) | (0.25 | ) | (0.32 | ) | (0.26 | ) | (0.15 | ) | (0.16 | ) | (0.22 | ) | (0.22 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.53 | ) | (1.37 | ) | (0.46 | ) | (1.07 | ) | (1.44 | ) | (0.48 | ) | (0.73 | ) | (0.50 | ) | (0.08 | ) | (0.44 | ) | ||||||||||||||||||||
Total distributions | (0.77 | ) | (1.61 | ) | (0.70 | ) | (1.32 | ) | (1.76 | ) | (0.74 | ) | (0.88 | ) | (0.66 | ) | (0.30 | ) | (0.66 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 9.98 | $ | 10.80 | $ | 12.39 | $ | 12.09 | $ | 11.54 | $ | 11.93 | $ | 11.49 | $ | 12.20 | $ | 11.74 | $ | 10.76 | ||||||||||||||||||||
TOTAL RETURN(a) | (0.33 | )% | (0.17 | )% | 8.14 | % | 16.51 | % | 2.20 | % | 10.43 | % | 1.47 | % | 9.45 | % | 11.98 | % | (4.70 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.74 | % | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.32 | % | 0.32 | % | 0.31 | % | 0.31 | % | 0.32 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | % | 0.81 | % | 0.81 | % | 0.83 | % | 0.83 | % | 0.33 | % | 0.32 | % | 0.31 | % | 0.32 | % | 0.32 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.61 | % | 2.40 | % | 2.06 | % | 2.13 | % | 2.55 | % | 1.47 | % | 1.36 | % | 0.97 | % | 1.30 | % | 1.50 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.54 | % | 2.40 | % | 2.06 | % | 2.12 | % | 2.54 | % | 1.45 | % | 1.35 | % | 0.96 | % | 1.30 | % | 1.51 | % | ||||||||||||||||||||
Portfolio turnover rate | 63 | % | 46 | % | 54 | % | 41 | % | 45 | % | 20 | % | 11 | % | 15 | % | 14 | % | 20 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 101,412 | 88,850 | 71,348 | 66,882 | 50,727 | 15,995 | 17,745 | 19,983 | 21,173 | 23,095 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,012,017 | $ | 959,714 | $ | 884,180 | $ | 808,699 | $ | 585,505 | $ | 190,741 | $ | 203,843 | $ | 243,832 | $ | 248,630 | $ | 248,446 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
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VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Emerging Economies Fund | Global Real Estate Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 7.84 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | $ | 8.60 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.19 | 0.18 | 0.16 | 0.13 | 0.13 | 0.15 | 0.17 | 0.18 | 0.16 | 0.18 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.47 | ) | (1.22 | ) | 0.92 | 1.74 | (1.61 | ) | (0.94 | ) | 0.44 | 0.28 | 0.21 | (0.14 | ) | |||||||||||||||||||||||||
Total income (loss) from investment operations | (0.28 | ) | (1.04 | ) | 1.08 | 1.87 | (1.48 | ) | (0.79 | ) | 0.61 | 0.46 | 0.37 | 0.04 | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.24 | ) | (0.29 | ) | (0.31 | ) | (0.34 | ) | (0.26 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (0.12 | ) | – | (0.10 | ) | (0.42 | ) | (0.36 | ) | ||||||||||||||||||||||||||
Total distributions | (0.20 | ) | (0.14 | ) | (0.13 | ) | (0.11 | ) | (0.18 | ) | (0.36 | ) | (0.29 | ) | (0.41 | ) | (0.76 | ) | (0.62 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 7.23 | $ | 7.71 | $ | 8.89 | $ | 7.94 | $ | 6.18 | $ | 6.85 | $ | 8.00 | $ | 7.68 | $ | 7.63 | $ | 8.02 | ||||||||||||||||||||
TOTAL RETURN(a) | (3.74 | )% | (11.75 | )% | 13.50 | % | 30.41 | % | (18.60 | )% | (10.37 | )% | 8.10 | % | 6.19 | % | 4.98 | % | 1.53 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.85 | % | 0.85 | % | 0.86 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.91 | % | 0.93 | % | 0.93 | % | 0.94 | % | 0.97 | % | 0.85 | % | 0.85 | % | 0.86 | % | 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 | % | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.35 | % | 2.29 | % | 1.80 | % | 1.85 | % | 2.02 | % | 1.84 | % | 2.18 | % | 2.34 | % | 2.04 | % | 2.18 | % | ||||||||||||||||||||
Portfolio turnover rate | 62 | % | 72 | % | 53 | % | 69 | % | 64 | % | 78 | % | 44 | % | 50 | % | 47 | % | 71 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 97,025 | 106,698 | 91,875 | 89,332 | 83,618 | 52,437 | 57,358 | 47,313 | 50,730 | 61,190 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 701,471 | $ | 823,071 | $ | 817,232 | $ | 708,873 | $ | 517,011 | $ | 359,442 | $ | 458,620 | $ | 363,223 | $ | 387,137 | $ | 490,714 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
299 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Global Strategy Fund | Government Money Market I Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 13.58 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.30 | 0.44 | 0.35 | 0.33 | 0.27 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.41 | ) | (1.02 | ) | 0.20 | 1.14 | (1.80 | ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.11 | ) | (0.58 | ) | 0.55 | 1.47 | (1.53 | ) | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.64 | ) | (0.26 | ) | – | (0.10 | ) | (0.72 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.64 | ) | (0.94 | ) | (0.16 | ) | (0.22 | ) | (0.85 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Total distributions | (1.28 | ) | (1.20 | ) | (0.16 | ) | (0.32 | ) | (1.57 | ) | (0.01 | ) | (0.02 | ) | (0.01 | ) | (0.00 | ) | (0.00 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 8.85 | $ | 10.24 | $ | 12.02 | $ | 11.63 | $ | 10.48 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
TOTAL RETURN(a) | (1.01 | )% | (5.19 | )% | 4.72 | % | 14.16 | % | (10.23 | )% | 1.09 | % | 1.69 | % | 0.72 | %(e) | 0.08 | % | 0.01 | %(e) | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.72 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.45 | % | 0.51 | % | 0.51 | % | 0.45 | % | 0.26 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.73 | % | 0.66 | % | 0.65 | % | 0.66 | % | 0.64 | % | 0.51 | % | 0.51 | % | 0.51 | % | 0.53 | % | 0.51 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.95 | % | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 1.05 | % | 1.70 | % | 0.71 | % | 0.08 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.94 | % | 3.78 | % | 2.86 | % | 2.94 | % | 2.26 | % | 0.99 | % | 1.70 | % | 0.71 | % | (0.00 | )% | (0.24 | )% | ||||||||||||||||||||
Portfolio turnover rate | 108 | % | 30 | % | 30 | % | 35 | % | 26 | % | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 31,935 | 31,615 | 32,421 | 36,070 | 41,208 | 415,212 | 395,196 | 311,723 | 330,780 | 343,490 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 282,708 | $ | 323,702 | $ | 389,638 | $ | 419,325 | $ | 431,935 | $ | 415,201 | $ | 395,183 | $ | 311,708 | $ | 330,783 | $ | 343,490 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate. |
See Notes to Financial Statements
300 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Government Securities Fund | Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 10.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | $ | 16.40 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.23 | 0.23 | 0.23 | 0.21 | 0.22 | 0.03 | 0.06 | 0.07 | 0.10 | 0.12 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.67 | 0.37 | (0.37 | ) | (0.18 | ) | 0.08 | 4.22 | 0.38 | 3.02 | 2.56 | (0.52 | ) | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 0.90 | 0.60 | (0.14 | ) | 0.03 | 0.30 | 4.25 | 0.44 | 3.09 | 2.66 | (0.40 | ) | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (0.07 | ) | (0.07 | ) | (0.10 | ) | (0.12 | ) | (0.10 | ) | ||||||||||||||||||||
Net realized gain on securities | – | – | – | – | – | (1.71 | ) | (1.38 | ) | (0.63 | ) | (1.01 | ) | (2.43 | ) | |||||||||||||||||||||||||
Total distributions | (0.25 | ) | (0.24 | ) | (0.28 | ) | (0.25 | ) | (0.27 | ) | (1.78 | ) | (1.45 | ) | (0.73 | ) | (1.13 | ) | (2.53 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.22 | $ | 10.57 | $ | 10.21 | $ | 10.63 | $ | 10.85 | $ | 18.82 | $ | 16.35 | $ | 17.36 | $ | 15.00 | $ | 13.47 | ||||||||||||||||||||
TOTAL RETURN(a) | 8.57 | % | 5.98 | % | (1.32 | )% | 0.35 | % | 2.74 | % | 27.42 | % | 2.65 | % | 20.60 | % | 20.48 | % | (0.63 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.68 | % | 0.74 | % | 0.74 | % | 0.76 | % | 0.79 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.66 | % | 0.67 | % | 0.66 | % | 0.64 | % | 0.64 | % | 0.81 | % | 0.79 | % | 0.79 | % | 0.81 | % | 0.81 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 0.16 | % | 0.34 | % | 0.42 | % | 0.71 | % | 0.78 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 2.08 | % | 2.24 | % | 2.12 | % | 1.95 | % | 2.02 | % | 0.03 | % | 0.29 | % | 0.37 | % | 0.66 | % | 0.77 | % | ||||||||||||||||||||
Portfolio turnover rate | 17 | % | 17 | % | 3 | % | 15 | % | 17 | % | 219 | % | 60 | % | 58 | % | 71 | % | 102 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 13,225 | 13,559 | 11,890 | 13,689 | 14,278 | 72,176 | 64,185 | 69,279 | 66,758 | 70,537 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 148,338 | $ | 143,372 | $ | 121,425 | $ | 145,460 | $ | 154,987 | $ | 1,358,693 | $ | 1,049,181 | $ | 1,202,649 | $ | 1,001,261 | $ | 949,998 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
301 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Health Sciences Fund | Inflation Protected Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 27.01 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | $ | 10.92 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.04 | ) | (0.03 | ) | (0.05 | ) | (0.04 | ) | (0.09 | ) | 0.22 | 0.24 | 0.26 | 0.25 | 0.15 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 4.92 | 0.72 | 3.86 | 1.80 | (3.83 | ) | 0.32 | 0.14 | (0.14 | ) | 0.10 | (0.16 | ) | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 4.88 | 0.69 | 3.81 | 1.76 | (3.92 | ) | 0.54 | 0.38 | 0.12 | 0.35 | (0.01 | ) | ||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | (0.27 | ) | (0.18 | ) | (0.21 | ) | (0.03 | ) | (0.13 | ) | |||||||||||||||||||||||||
Net realized gain on securities | (1.59 | ) | (1.81 | ) | (2.60 | ) | (2.38 | ) | (3.21 | ) | – | (0.01 | ) | (0.10 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||||||||||
Total distributions | (1.59 | ) | (1.81 | ) | (2.60 | ) | (2.38 | ) | (3.21 | ) | (0.27 | ) | (0.19 | ) | (0.31 | ) | (0.04 | ) | (0.15 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 22.64 | $ | 19.35 | $ | 20.47 | $ | 19.26 | $ | 19.88 | $ | 11.34 | $ | 11.07 | $ | 10.88 | $ | 11.07 | $ | 10.76 | ||||||||||||||||||||
TOTAL RETURN(a) | 26.32 | % | 3.09 | % | 19.80 | % | 9.37 | % | (13.12 | )% | 4.88 | % | 3.51 | % | 1.11 | % | 3.29 | % | (0.09 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 1.05 | % | 1.05 | % | 1.06 | % | 1.07 | % | 1.06 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 0.57 | % | 0.56 | % | 0.57 | % | 0.58 | % | 0.59 | % | ||||||||||||||||||||
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) | (0.18 | )% | (0.14 | )% | (0.23 | )% | (0.21 | )% | (0.40 | )% | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.21 | )% | (0.18 | )% | (0.27 | )% | (0.23 | )% | (0.43 | )% | 1.94 | % | 2.27 | % | 2.29 | % | 2.33 | % | 1.38 | % | ||||||||||||||||||||
Portfolio turnover rate | 37 | % | 33 | % | 44 | % | 30 | % | 31 | % | 38 | % | 42 | % | 34 | % | 42 | % | 33 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 37,583 | 38,358 | 37,583 | 36,215 | 40,409 | 67,416 | 63,309 | 54,697 | 57,066 | 42,345 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 850,757 | $ | 742,072 | $ | 769,233 | $ | 697,639 | $ | 803,402 | $ | 764,607 | $ | 700,574 | $ | 595,043 | $ | 631,552 | $ | 455,830 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
302 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Equities Index Fund | International Government Bond Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 7.13 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | $ | 11.26 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.13 | 0.19 | 0.19 | 0.17 | 0.16 | 0.29 | 0.28 | 0.24 | 0.24 | 0.27 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.36 | ) | (0.62 | ) | 0.35 | 0.81 | (0.89 | ) | 0.24 | 0.09 | (0.20 | ) | 0.04 | 0.23 | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.23 | ) | (0.43 | ) | 0.54 | 0.98 | (0.73 | ) | 0.53 | 0.37 | 0.04 | 0.28 | 0.50 | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.19 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | (0.18 | ) | (0.11 | ) | – | (0.29 | ) | |||||||||||||||||||||
Net realized gain on securities | (0.13 | ) | – | – | – | – | – | (0.01 | ) | – | – | (0.04 | ) | |||||||||||||||||||||||||||
Total distributions | (0.32 | ) | (0.24 | ) | (0.15 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | (0.19 | ) | (0.11 | ) | – | (0.33 | ) | |||||||||||||||||||||
Net asset value at end of period | $ | 6.19 | $ | 6.74 | $ | 7.41 | $ | 7.02 | $ | 6.22 | $ | 12.14 | $ | 11.82 | $ | 11.64 | $ | 11.71 | $ | 11.43 | ||||||||||||||||||||
TOTAL RETURN(a) | (3.42 | )% | (5.81 | )% | 7.63 | % | 15.98 | % | (9.99 | )% | 4.44 | % | 3.26 | % | 0.32 | % | 2.45 | % | 4.61 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.43 | % | 0.43 | % | 0.42 | % | 0.44 | % | 0.43 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.64 | % | 0.64 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.89 | % | 2.72 | % | 2.57 | % | 2.62 | % | 2.52 | % | 2.34 | % | 2.44 | % | 2.04 | % | 2.03 | % | 2.45 | % | ||||||||||||||||||||
Portfolio turnover rate | 10 | % | 15 | % | 17 | % | 11 | % | 4 | % | 105 | % | 94 | % | 95 | % | 70 | % | 95 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 201,429 | 154,662 | 173,854 | 155,797 | 159,381 | 14,125 | 17,187 | 18,875 | 15,879 | 17,601 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,246,804 | $ | 1,041,727 | $ | 1,287,987 | $ | 1,093,865 | $ | 991,380 | $ | 171,444 | $ | 203,184 | $ | 219,748 | $ | 185,943 | $ | 201,253 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
303 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Growth Fund | International Socially Responsible Fund* | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 14.18 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | $ | 22.11 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | – | 0.04 | 0.08 | 0.14 | 0.15 | 0.42 | 0.44 | 0.37 | 0.32 | 0.34 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.13 | (0.19 | ) | 2.29 | 1.45 | (1.58 | ) | (0.96 | ) | (0.29 | ) | 2.52 | 2.84 | (1.02 | ) | |||||||||||||||||||||||||
Total income (loss) from investment operations | 1.13 | (0.15 | ) | 2.37 | 1.59 | (1.43 | ) | (0.54 | ) | 0.15 | 2.89 | 3.16 | (0.68 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.10 | ) | (0.19 | ) | (0.18 | ) | (0.17 | ) | (0.51 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | ||||||||||||||||||||
Net realized gain on securities | – | (3.41 | ) | (0.21 | ) | – | (0.95 | ) | (0.89 | ) | – | – | – | – | ||||||||||||||||||||||||||
Total distributions | (0.01 | ) | (3.51 | ) | (0.40 | ) | (0.18 | ) | (1.12 | ) | (1.40 | ) | (0.48 | ) | (0.43 | ) | (0.39 | ) | (0.42 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 12.47 | $ | 11.35 | $ | 15.01 | $ | 13.04 | $ | 11.63 | $ | 23.97 | $ | 25.91 | $ | 26.24 | $ | 23.78 | $ | 21.01 | ||||||||||||||||||||
TOTAL RETURN(a) | 10.00 | % | (0.17 | )%(e) | 18.38 | % | 13.81 | % | (9.20 | )% | (2.05 | )% | 0.57 | % | 12.16 | % | 15.15 | % | (2.83 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.86 | % | 0.89 | % | 0.98 | % | 1.01 | % | 1.01 | % | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.06 | % | 1.09 | % | 1.08 | % | 1.10 | % | 1.06 | % | 0.63 | % | 0.63 | % | 0.62 | % | 0.62 | % | 0.63 | % | ||||||||||||||||||||
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) | (0.03 | )% | 0.30 | % | 0.58 | % | 1.15 | % | 1.21 | % | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.23 | )% | 0.10 | % | 0.47 | % | 1.06 | % | 1.16 | % | 1.57 | % | 1.67 | % | 1.44 | % | 1.47 | % | 1.65 | % | ||||||||||||||||||||
Portfolio turnover rate | 22 | % | 35 | % | 130 | % | 39 | % | 36 | % | 68 | % | 2 | % | 5 | % | 23 | % | 0 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 37,029 | 41,093 | 32,707 | 33,688 | 44,791 | 13,629 | 14,044 | 16,331 | 17,515 | 17,949 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 461,774 | $ | 466,362 | $ | 490,921 | $ | 439,222 | $ | 521,012 | $ | 326,671 | $ | 363,818 | $ | 428,452 | $ | 416,564 | $ | 377,114 |
* | See Note 1 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(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
304 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
International Value Fund | Large Cap Core Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 10.44 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | $ | 13.74 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.18 | 0.20 | 0.21 | 0.20 | 0.18 | 0.11 | 0.12 | 0.11 | 0.12 | 0.12 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.09 | ) | (1.66 | ) | 0.13 | 1.75 | (1.64 | ) | 1.52 | 0.23 | 0.98 | 1.44 | (0.25 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (0.91 | ) | (1.46 | ) | 0.34 | 1.95 | (1.46 | ) | 1.63 | 0.35 | 1.09 | 1.56 | (0.13 | ) | ||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.23 | ) | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.14 | ) | (0.11 | ) | (0.12 | ) | (0.11 | ) | (0.45 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.01 | ) | – | – | – | – | (0.83 | ) | (0.94 | ) | (0.62 | ) | (0.87 | ) | (2.39 | ) | ||||||||||||||||||||||||
Total distributions | (0.24 | ) | (0.28 | ) | (0.21 | ) | (0.19 | ) | (0.20 | ) | (0.97 | ) | (1.05 | ) | (0.74 | ) | (0.98 | ) | (2.84 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 7.78 | $ | 8.93 | $ | 10.67 | $ | 10.54 | $ | 8.78 | $ | 11.66 | $ | 11.00 | $ | 11.70 | $ | 11.35 | $ | 10.77 | ||||||||||||||||||||
TOTAL RETURN(a) | (10.17 | )% | (13.83 | )% | 3.19 | % | 22.36 | % | (13.72 | )% | 15.53 | % | 3.11 | % | 9.46 | % | 14.97 | % | 1.84 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.73 | % | 0.77 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.85 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.80 | % | 0.82 | % | 0.79 | % | 0.80 | % | 0.79 | % | 0.85 | % | 0.84 | % | 0.84 | % | 0.83 | % | 0.83 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.01 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 2.01 | % | 1.97 | % | 1.93 | % | 2.04 | % | 1.97 | % | 0.91 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.94 | % | 1.92 | % | 1.93 | % | 2.04 | % | 1.97 | % | 0.91 | % | 1.03 | % | 0.88 | % | 1.03 | % | 0.93 | % | ||||||||||||||||||||
Portfolio turnover rate | 64 | % | 136 | % | 30 | % | 40 | % | 21 | % | 49 | % | 56 | % | 59 | % | 54 | % | 53 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 77,667 | 77,083 | 81,504 | 83,103 | 93,244 | 14,987 | 15,130 | 15,408 | 15,120 | 15,240 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 604,123 | $ | 688,485 | $ | 869,416 | $ | 876,165 | $ | 818,993 | $ | 174,700 | $ | 166,428 | $ | 180,349 | $ | 171,627 | $ | 164,060 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
305 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Large Capital Growth Fund | Mid Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 12.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | $ | 28.52 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.08 | 0.13 | 0.10 | 0.10 | 0.09 | 0.30 | 0.32 | 0.35 | 0.30 | 0.32 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 2.50 | 1.71 | 2.09 | 1.87 | 0.04 | (0.70 | ) | (1.86 | ) | 3.45 | 3.91 | (1.06 | ) | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 2.58 | 1.84 | 2.19 | 1.97 | 0.13 | (0.40 | ) | (1.54 | ) | 3.80 | 4.21 | (0.74 | ) | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.13 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.11 | ) | (0.36 | ) | (0.37 | ) | (0.32 | ) | (0.34 | ) | (0.34 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.31 | ) | (1.07 | ) | (0.75 | ) | (0.43 | ) | (0.56 | ) | (2.01 | ) | (2.61 | ) | (1.87 | ) | (2.31 | ) | (2.57 | ) | ||||||||||||||||||||
Total distributions | (1.44 | ) | (1.17 | ) | (0.84 | ) | (0.52 | ) | (0.67 | ) | (2.37 | ) | (2.98 | ) | (2.19 | ) | (2.65 | ) | (2.91 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 16.82 | $ | 15.68 | $ | 15.01 | $ | 13.66 | $ | 12.21 | $ | 20.75 | $ | 23.52 | $ | 28.04 | $ | 26.43 | $ | 24.87 | ||||||||||||||||||||
TOTAL RETURN(a) | 17.08 | % | 12.50 | % | 16.00 | % | 16.50 | % | 1.73 | % | (1.25 | )% | (5.76 | )% | 14.51 | % | 16.94 | % | (0.69 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.36 | % | 0.36 | % | 0.35 | % | 0.36 | % | 0.36 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | – | 0.00 | % | 0.00 | % | 0.00 | % | – | – | – | – | – | ||||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.45 | % | 0.81 | % | 0.70 | % | 0.76 | % | 0.73 | % | 1.28 | % | 1.20 | % | 1.25 | % | 1.14 | % | 1.23 | % | ||||||||||||||||||||
Portfolio turnover rate | 37 | % | 26 | % | 21 | % | 23 | % | 24 | % | 14 | % | 14 | % | 15 | % | 14 | % | 15 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 31,185 | 30,448 | 29,613 | 30,427 | 32,186 | 131,740 | 123,200 | 122,466 | 128,379 | 119,786 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 524,630 | $ | 477,301 | $ | 444,633 | $ | 415,566 | $ | 393,063 | $ | 2,734,114 | $ | 2,897,313 | $ | 3,434,089 | $ | 3,392,738 | $ | 2,979,477 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
306 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Mid Cap Strategic Growth Fund | Nasdaq-100® Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 15.35 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | $ | 10.36 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | (0.00 | ) | 0.00 | 0.01 | 0.02 | 0.00 | 0.08 | 0.12 | 0.06 | 0.07 | 0.08 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.89 | 1.13 | 2.66 | 2.24 | (0.82 | ) | 4.72 | 0.26 | 2.48 | 2.73 | (0.02 | ) | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 1.89 | 1.13 | 2.67 | 2.26 | (0.82 | ) | 4.80 | 0.38 | 2.54 | 2.80 | 0.06 | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | (0.00 | ) | (0.01 | ) | – | – | (0.14 | ) | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.07 | ) | |||||||||||||||||||||||
Net realized gain on securities | (0.88 | ) | (1.49 | ) | (0.73 | ) | (0.92 | ) | (1.95 | ) | (0.45 | ) | (0.21 | ) | (0.61 | ) | (0.53 | ) | (0.43 | ) | ||||||||||||||||||||
Total distributions | (0.88 | ) | (1.49 | ) | (0.74 | ) | (0.92 | ) | (1.95 | ) | (0.59 | ) | (0.27 | ) | (0.68 | ) | (0.61 | ) | (0.50 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 16.50 | $ | 15.49 | $ | 15.85 | $ | 13.92 | $ | 12.58 | $ | 18.29 | $ | 14.08 | $ | 13.97 | $ | 12.11 | $ | 9.92 | ||||||||||||||||||||
TOTAL RETURN(a) | 12.76 | % | 7.45 | % | 19.17 | % | 18.43 | % | (2.91 | )% | 34.71 | % | 2.76 | % | 20.94 | % | 28.88 | % | 1.18 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.53 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.81 | % | 0.81 | % | 0.82 | % | 0.82 | % | 0.83 | % | 0.53 | % | 0.54 | % | 0.54 | % | 0.55 | % | 0.56 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | – | – | – | – | – | |||||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | 0.49 | % | 0.85 | % | 0.49 | % | 0.67 | % | 0.80 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | (0.03 | )% | (0.02 | )% | 0.03 | % | 0.12 | % | 0.00 | % | 0.49 | % | 0.84 | % | 0.48 | % | 0.66 | % | 0.78 | % | ||||||||||||||||||||
Portfolio turnover rate | 25 | % | 31 | % | 40 | % | 38 | % | 95 | % | 8 | % | 6 | % | 3 | % | 4 | % | 8 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 19,079 | 19,581 | 18,404 | 18,691 | 19,764 | 34,045 | 35,447 | 33,891 | 32,558 | 32,164 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 314,845 | $ | 303,288 | $ | 291,655 | $ | 260,170 | $ | 248,619 | $ | 622,519 | $ | 499,269 | $ | 473,513 | $ | 394,400 | $ | 319,222 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
307 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Science & Technology Fund | Small Cap Aggressive Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 26.68 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | $ | 14.56 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.05 | (0.10 | ) | (0.09 | ) | (0.01 | ) | (0.02 | ) | (0.10 | ) | (0.09 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | |||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 7.31 | 0.94 | 7.89 | 6.56 | (0.71 | ) | 1.57 | (0.13 | ) | 4.68 | 2.67 | (2.61 | ) | |||||||||||||||||||||||||||
Total income (loss) from investment operations | 7.36 | 0.84 | 7.80 | 6.55 | (0.73 | ) | 1.47 | (0.22 | ) | 4.59 | 2.63 | (2.64 | ) | |||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||||||||||
Net realized gain on securities | (3.43 | ) | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (1.98 | ) | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | ||||||||||||||||||||
Total distributions | (3.43 | ) | (6.03 | ) | (2.66 | ) | (1.85 | ) | (4.65 | ) | (1.98 | ) | (2.16 | ) | (0.40 | ) | (0.55 | ) | (1.75 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 29.88 | $ | 25.95 | $ | 31.14 | $ | 26.00 | $ | 21.30 | $ | 13.55 | $ | 14.06 | $ | 16.44 | $ | 12.25 | $ | 10.17 | ||||||||||||||||||||
TOTAL RETURN(a) | 30.60 | %(e) | 3.04 | % | 30.08 | % | 31.82 | % | 0.39 | % | 12.33 | % | (0.89 | )% | 37.58 | % | 26.17 | % | (16.21 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.97 | % | 0.98 | % | 0.97 | % | 0.99 | % | 0.99 | % | 1.01 | % | 1.00 | % | 1.00 | % | 1.02 | % | 1.01 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.01 | % | 0.00 | % | 0.00 | % | 0.01 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.71 | )% | (0.61 | )% | (0.61 | )% | (0.33 | )% | (0.24 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 0.19 | % | (0.35 | )% | (0.33 | )% | (0.06 | )% | (0.07 | )% | (0.73 | )% | (0.63 | )% | (0.62 | )% | (0.36 | )% | (0.26 | )% | ||||||||||||||||||||
Portfolio turnover rate | 98 | % | 89 | % | 84 | % | 92 | % | 107 | % | 87 | % | 94 | % | 74 | % | 82 | % | 101 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 54,314 | 53,666 | 45,064 | 43,461 | 43,694 | 11,850 | 11,517 | 9,560 | 9,176 | 10,084 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,623,083 | $ | 1,392,834 | $ | 1,403,433 | $ | 1,130,159 | $ | 930,756 | $ | 160,527 | $ | 161,912 | $ | 157,170 | $ | 112,391 | $ | 102,540 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
(e) | The Fund’s performance figure was increased by 0.04% from gains on the disposal of investments in violation of investment restrictions. |
See Notes to Financial Statements
308 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Fund | Small Cap Index Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 14.18 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | $ | 21.23 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.04 | 0.05 | 0.05 | 0.03 | 0.04 | 0.17 | 0.22 | 0.22 | 0.21 | 0.24 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 0.14 | (0.27 | ) | 1.97 | 1.58 | (1.17 | ) | (0.99 | ) | (2.25 | ) | 3.85 | 3.43 | (1.86 | ) | |||||||||||||||||||||||||
Total income (loss) from investment operations | 0.18 | (0.22 | ) | 2.02 | 1.61 | (1.13 | ) | (0.82 | ) | (2.03 | ) | 4.07 | 3.64 | (1.62 | ) | |||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.04 | ) | (0.03 | ) | (0.32 | ) | (0.24 | ) | (0.22 | ) | (0.23 | ) | (0.25 | ) | ||||||||||||||||||||
Net realized gain on securities | (0.90 | ) | (0.97 | ) | (2.03 | ) | (0.94 | ) | (2.06 | ) | (2.54 | ) | (1.78 | ) | (1.27 | ) | (1.09 | ) | (1.45 | ) | ||||||||||||||||||||
Total distributions | (0.94 | ) | (1.02 | ) | (2.07 | ) | (0.98 | ) | (2.09 | ) | (2.86 | ) | (2.02 | ) | (1.49 | ) | (1.32 | ) | (1.70 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 9.54 | $ | 10.30 | $ | 11.54 | $ | 11.59 | $ | 10.96 | $ | 15.08 | $ | 18.76 | $ | 22.81 | $ | 20.23 | $ | 17.91 | ||||||||||||||||||||
TOTAL RETURN(a) | 2.27 | % | (1.94 | )% | 17.95 | % | 14.64 | % | (5.20 | )% | (3.87 | )% | (9.23 | )% | 20.42 | % | 20.25 | % | (6.05 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.93 | % | 0.44 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.03 | % | 1.03 | % | 1.03 | % | 1.02 | % | 1.01 | % | 0.44 | % | 0.40 | % | 0.40 | % | 0.41 | % | 0.42 | % | ||||||||||||||||||||
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 | 0.34 | % | 0.33 | % | 0.40 | % | 0.27 | % | 0.29 | % | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net | 0.24 | % | 0.23 | % | 0.31 | % | 0.18 | % | 0.21 | % | 0.94 | % | 1.01 | % | 0.99 | % | 1.07 | % | 1.26 | % | ||||||||||||||||||||
Portfolio turnover rate | 25 | % | 25 | % | 25 | % | 82 | % | 29 | % | 13 | % | 16 | % | 17 | % | 12 | % | 13 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 27,730 | 27,569 | 27,836 | 26,815 | 27,431 | 59,576 | 53,944 | 56,750 | 59,190 | 55,029 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 264,495 | $ | 284,018 | $ | 321,236 | $ | 310,704 | $ | 300,734 | $ | 898,557 | $ | 1,012,040 | $ | 1,294,430 | $ | 1,197,209 | $ | 985,833 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursements, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
309 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Small Cap Special Values Fund | Small-Mid Growth Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 13.74 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | $ | 13.57 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.12 | 0.12 | 0.15 | 0.19 | 0.16 | (0.04 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (1.31 | ) | (1.02 | ) | 1.84 | 1.97 | (0.24 | ) | 2.90 | 0.84 | 2.43 | 1.34 | (1.07 | ) | ||||||||||||||||||||||||||
Total income (loss) from investment operations | (1.19 | ) | (0.90 | ) | 1.99 | 2.16 | (0.08 | ) | 2.86 | 0.81 | 2.40 | 1.31 | (1.11 | ) | ||||||||||||||||||||||||||
Distributions from: | �� | |||||||||||||||||||||||||||||||||||||||
Net investment income | (0.15 | ) | (0.17 | ) | (0.18 | ) | (0.14 | ) | (0.21 | ) | – | – | – | – | – | |||||||||||||||||||||||||
Net realized gain on securities | (1.00 | ) | (1.63 | ) | (1.14 | ) | (0.90 | ) | (1.40 | ) | (1.65 | ) | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | ||||||||||||||||||||
Total distributions | (1.15 | ) | (1.80 | ) | (1.32 | ) | (1.04 | ) | (1.61 | ) | (1.65 | ) | (1.86 | ) | (0.50 | ) | (0.60 | ) | (1.23 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 8.80 | $ | 11.14 | $ | 13.84 | $ | 13.17 | $ | 12.05 | $ | 14.00 | $ | 12.79 | $ | 13.84 | $ | 11.94 | $ | 11.23 | ||||||||||||||||||||
TOTAL RETURN(a) | (10.88 | )% | (6.88 | )% | 15.39 | % | 17.65 | % | 1.49 | % | 24.52 | % | 6.17 | % | 20.07 | % | 11.94 | % | (6.27 | )% | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 0.95 | % | 0.93 | % | 0.95 | % | 1.00 | % | 1.00 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.88 | % | 0.87 | % | 0.87 | % | 0.87 | % | 0.88 | % | 1.02 | % | 1.00 | % | 1.01 | % | 1.01 | % | 1.00 | % | ||||||||||||||||||||
Ratio of expense reductions to average net assets | 0.00 | % | 0.01 | % | 0.00 | % | 0.01 | % | 0.00 | % | 0.00 | % | – | – | – | 0.01 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | (0.29 | )% | (0.23 | )% | (0.21 | )% | (0.26 | )% | (0.33 | )% | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.10 | % | 0.91 | % | 1.04 | % | 1.47 | % | 1.29 | % | (0.36 | )% | (0.30 | )% | (0.27 | )% | (0.27 | )% | (0.33 | )% | ||||||||||||||||||||
Portfolio turnover rate | 37 | % | 33 | % | 37 | % | 46 | % | 74 | % | 67 | % | 77 | % | 62 | % | 61 | % | 64 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 20,134 | 20,076 | 21,730 | 21,453 | 19,831 | 9,370 | 9,083 | 8,562 | 8,994 | 9,812 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 177,110 | $ | 223,576 | $ | 300,745 | $ | 282,609 | $ | 238,888 | $ | 131,229 | $ | 116,197 | $ | 118,522 | $ | 107,389 | $ | 110,230 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
310 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Stock Index Fund | Systematic Core Fund* | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 36.60 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | $ | 19.70 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.81 | 0.72 | 0.63 | 0.61 | 0.63 | 0.18 | 0.21 | 0.19 | 0.20 | 0.20 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 3.86 | 0.62 | 4.49 | 4.96 | (0.59 | ) | 2.68 | 0.43 | 2.34 | 2.94 | (0.34 | ) | ||||||||||||||||||||||||||||
Total income (loss) from investment operations | 4.67 | 1.34 | 5.12 | 5.57 | 0.04 | 2.86 | 0.64 | 2.53 | 3.14 | (0.14 | ) | |||||||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.87 | ) | (0.64 | ) | (0.67 | ) | (0.57 | ) | (0.89 | ) | (0.24 | ) | (0.21 | ) | (0.21 | ) | (0.24 | ) | (0.24 | ) | ||||||||||||||||||||
Net realized gain on securities | (2.77 | ) | (0.92 | ) | (1.46 | ) | (1.67 | ) | (2.61 | ) | (2.40 | ) | (2.31 | ) | (0.79 | ) | (0.64 | ) | (0.88 | ) | ||||||||||||||||||||
Total distributions | (3.64 | ) | (1.56 | ) | (2.13 | ) | (2.24 | ) | (3.50 | ) | (2.64 | ) | (2.52 | ) | (1.00 | ) | (0.88 | ) | (1.12 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 40.27 | $ | 39.24 | $ | 39.46 | $ | 36.47 | $ | 33.14 | $ | 20.57 | $ | 20.35 | $ | 22.23 | $ | 20.70 | $ | 18.44 | ||||||||||||||||||||
TOTAL RETURN(a) | 12.45 | % | 3.43 | % | 13.99 | % | 17.08 | % | 1.38 | % | 15.08 | % | 2.87 | % | 12.17 | % | 17.22 | % | 0.08 | % | ||||||||||||||||||||
RATIOS/SUPPLEMENTAL DATA | ||||||||||||||||||||||||||||||||||||||||
Ratio of expenses to average net assets(b) | 0.30 | % | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 0.33 | % | 0.33 | % | 0.34 | % | 0.34 | % | 0.35 | % | 0.99 | % | 0.92 | % | 0.90 | % | 0.91 | % | 0.91 | % | ||||||||||||||||||||
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) | 1.91 | % | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 0.85 | % | 0.95 | % | 0.88 | % | 1.03 | % | 1.08 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.88 | % | 1.78 | % | 1.62 | % | 1.75 | % | 1.83 | % | 0.71 | % | 0.88 | % | 0.83 | % | 0.97 | % | 1.02 | % | ||||||||||||||||||||
Portfolio turnover rate | 3 | % | 4 | % | 3 | % | 3 | % | 3 | % | 98 | % | 44 | % | 43 | % | 34 | % | 33 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 119,807 | 118,173 | 125,644 | 124,560 | 124,483 | 5,963 | 5,774 | 5,767 | 5,822 | 6,176 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 4,825,190 | $ | 4,637,546 | $ | 4,958,503 | $ | 4,542,334 | $ | 4,125,329 | $ | 122,639 | $ | 117,501 | $ | 128,172 | $ | 120,515 | $ | 113,885 |
* | See Note 1 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
311 |
Table of Contents
VALIC Company I
FINANCIAL HIGHLIGHTS — (continued)
Systematic Value Fund* | Value Fund | |||||||||||||||||||||||||||||||||||||||
Year Ended May 31, | Year Ended May 31, | |||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 16.03 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | $ | 15.46 | ||||||||||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss)(d) | 0.23 | 0.34 | 0.20 | 0.24 | 0.22 | 0.31 | 0.29 | 0.26 | 0.25 | 0.26 | ||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | (0.52 | ) | (0.61 | ) | 1.45 | 2.16 | (1.11 | ) | (0.16 | ) | (0.41 | ) | 1.27 | 1.72 | (0.57 | ) | ||||||||||||||||||||||||
Total income (loss) from investment operations | (0.29 | ) | (0.27 | ) | 1.65 | 2.40 | (0.89 | ) | 0.15 | (0.12 | ) | 1.53 | 1.97 | (0.31 | ) | |||||||||||||||||||||||||
Distributions from: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | (0.39 | ) | (0.22 | ) | (0.28 | ) | (0.24 | ) | (0.21 | ) | (0.34 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | ||||||||||||||||||||
Net realized gain on securities | (1.46 | ) | (1.49 | ) | (1.10 | ) | (0.49 | ) | (0.96 | ) | (1.66 | ) | – | – | – | – | ||||||||||||||||||||||||
Total distributions | (1.85 | ) | (1.71 | ) | (1.38 | ) | (0.73 | ) | (1.17 | ) | (2.00 | ) | (0.25 | ) | (0.28 | ) | (0.28 | ) | (0.22 | ) | ||||||||||||||||||||
Net asset value at end of period | $ | 11.79 | $ | 13.93 | $ | 15.91 | $ | 15.64 | $ | 13.97 | $ | 15.65 | $ | 17.50 | $ | 17.87 | $ | 16.62 | $ | 14.93 | ||||||||||||||||||||
TOTAL RETURN(a) | (2.34 | )% | (1.84 | )% | 10.34 | % | 17.25 | % | (4.47 | )% | 1.18 | % | (0.71 | )% | 9.15 | % | 13.22 | % | (1.80 | )% | ||||||||||||||||||||
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 | % | ||||||||||||||||||||
Ratio of expenses to average net assets(c) | 1.16 | % | 0.93 | % | 0.92 | % | 0.92 | % | 0.92 | % | 0.95 | % | 0.94 | % | 0.94 | % | 0.94 | % | 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 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(b) | 1.64 | % | 2.14 | % | 1.20 | % | 1.57 | % | 1.49 | % | 1.70 | % | 1.63 | % | 1.47 | % | 1.54 | % | 1.78 | % | ||||||||||||||||||||
Ratio of net investment income (loss) to average net assets(c) | 1.27 | % | 2.06 | % | 1.13 | % | 1.49 | % | 1.42 | % | 1.60 | % | 1.53 | % | 1.38 | % | 1.46 | % | 1.69 | % | ||||||||||||||||||||
Portfolio turnover rate | 265 | % | 28 | % | 24 | % | 20 | % | 26 | % | 44 | % | 46 | % | 19 | % | 15 | % | 15 | % | ||||||||||||||||||||
Number of shares outstanding at end of period (000’s) | 3,751 | 3,676 | 3,742 | 3,603 | 4,104 | 7,219 | 6,749 | 6,461 | 6,640 | 7,241 | ||||||||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 44,233 | $ | 51,212 | $ | 59,532 | $ | 56,339 | $ | 57,330 | $ | 112,970 | $ | 118,127 | $ | 115,474 | $ | 110,333 | $ | 108,136 |
* | See Note 1 |
(a) | Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented. |
(b) | Includes, if any, expense reimbursement, but excludes, if any, expense reductions. |
(c) | Excludes, if any, expense reimbursements and expense reductions. |
(d) | The per share amounts are calculated using the average share method. |
See Notes to Financial Statements
312 |
Table of Contents
VALIC Company I
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors of VALIC Company I and
Shareholders of each of the thirty-four funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2020, the related statements of operations for the year ended May 31, 2020, the statements of changes in net assets for each of the two years in the period ended May 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2020 and each of the financial highlights for each of the five years in the period ended May 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
VALIC Company I
Asset Allocation Fund | International Socially Responsible Fund | |
Blue Chip Growth Fund | International Value Fund | |
Capital Conservation Fund | Large Cap Core Fund | |
Core Equity Fund | Large Capital Growth Fund | |
Dividend Value Fund | Mid Cap Index Fund | |
Dynamic Allocation Fund | Mid Cap Strategic Growth Fund | |
Emerging Economies Fund | Nasdaq-100® Index Fund | |
Global Real Estate Fund | Science & Technology Fund | |
Global Strategy Fund | Small Cap Aggressive Growth Fund | |
Government Money Market I Fund | Small Cap Fund | |
Government Securities Fund | Small Cap Index Fund | |
Growth Fund | Small Cap Special Values Fund | |
Health Sciences Fund | Small-Mid Growth Fund | |
Inflation Protected Fund | Stock Index Fund | |
International Equities Index Fund | Systematic Core Fund | |
International Government Bond Fund | Systematic Value Fund | |
International Growth Fund | Value Fund |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
July 27, 2020
We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I SYSTEMATIC CORE FUND (FORMERLY, THE GROWTH & INCOME FUND) APPROVAL OF SUBADVISORY AGREEMENT
At an in-person meeting held on January 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Goldman Sachs Asset Management, L.P. (“GSAM”) with respect to the Systematic Core Fund (the “Fund,” and formerly known as the Growth & Income Fund). In connection with the approval of the Sub-Advisory Agreement with GSAM, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, J.P. Morgan Investment Management, Inc. (“JPMIM”) with respect to the Fund.
In connection with the approval of the Sub-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 the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by GSAM; (2) the sub-advisory fees proposed to be charged in connection with GSAM’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-Advisory Expense Group/Universe”) and standardized fee rates used for comparable accounts managed by GSAM; (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and historical and model-based performance of a comparable portfolio managed by GSAM; (4) the costs of services and the benefits potentially to be derived by GSAM; (5) whether the Fund will benefit from possible economies of scale from engaging GSAM; (6) information regarding GSAM’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.
In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from GSAM who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by GSAM. The Board reviewed information provided by GSAM relating to its operations and personnel. The Board also noted that GSAM’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.
The Board considered information provided to them regarding the services to be provided by GSAM. In this regard, the Board took into account its knowledge of GSAM, which is a sub-adviser to other VC I funds. The Board noted that GSAM will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts or other derivatives) with brokers or dealers (including futures commission merchants) selected by GSAM (or arrange for another entity to provide a trading desk and to place orders), subject to its control, direction, and supervision, which may include affiliated brokers or dealers (including futures commission merchants); (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board considered GSAM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of GSAM’s investment personnel who would provide services to the Fund. The Board also reviewed GSAM’s brokerage practices. The Board also noted that it received information on GSAM’s financial condition and compliance function of GSAM. The Board also considered GSAM’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 the sub-advisory services to be provided by GSAM were expected to be satisfactory and that there was a reasonable basis to conclude that GSAM would provide high quality of investment services to the Fund.
Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered the standard fee schedule charged by the GSAM team; however, the Board noted circumstances of GSAM’s relationships with the comparable accounts that would lead to fee schedules that were different from the proposed fee schedule with respect to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with GSAM at arm’s length.
The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of GSAM will result in a reduction to the management fee paid by the Fund to VALIC.
The Board considered that the proposed sub-advisory fee payable to GSAM is below the medians of the Fund’s Sub-Advisory Expense Group/Universe, while the current sub-advisory fee rate was above the medians of the Fund’s Sub-Advisory Expense Group/Universe, in each case based on the Fund’s assets as of November 30, 2019. The Board also considered that the sub-advisory fee rate payable to GSAM contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended November 30, 2019. The Board also considered the performance of a portfolio using a similar investment strategy as that which GSAM 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 GSAM began running this strategy. The Board noted that such portfolio would have outperformed the Fund for the year-to-date, one-year and three-year periods, and the peer category for the year-to-date period and the one-, three- and five- year periods ended November 30, 2019.
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VALIC Company I
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 the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-adviser; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of JPMIM with GSAM. The Board also noted that VALIC would waive a portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if GSAM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with GSAM at arm’s length. In considering the anticipated profitability to GSAM in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of GSAM from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.
Economies of Scale. For similar reasons as stated above with respect to GSAM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in GSAM’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the Sub-Advisory Agreement between VALIC and GSAM and the current sub-advisory agreement between VALIC and JPMIM are similar, except that the Sub-Advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) express terms relating to compliance with state laws and regulations; (iv) the elimination of language explicitly authorizing VALIC to follow the sub-adviser’s best execution policy; (v) the elimination of language permitting the sub-adviser to disclose information relating to the Fund to any market counterparty to the extent necessary to effect transactions on behalf of the Fund and to execute trades in markets that are not regulated markets; (vi) the elimination of certain express terms relating to confidentiality; (vii) the elimination of express terms concerning no liability to any indemnified party for indirect, special or consequential damages; (viii) the elimination of express terms permitting the sub-adviser to provide information about the Fund to an affiliate or third-party for the purpose of providing services to the Fund; (ix) the elimination of a provision regarding a customer identification program; and (x) the addition of express terms relating to VALIC’s ability to consult with the sub-adviser before voting on proxies on non-routine matters. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that GSAM possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited)
VALIC COMPANY I INFLATION PROTECTED FUND APPROVAL OF SUBADVISORY AGREEMENT
At an in-person meeting held on April 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors who are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Wellington Management Company LLP (“Wellington”) with respect to the Inflation Protected Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with Wellington, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, PineBridge Investments LLC (“PineBridge”) with respect to the Fund.
In connection with the approval of the Sub-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 the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Wellington; (2) the sub-advisory fees proposed to be charged in connection with Wellington’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-Advisory Expense Group/Universe”) and the fee rate used for a comparable fund managed by Wellington; (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of a comparable fund 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) the anticipated profitability of VALIC; (7) information regarding Wellington’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed Sub-Advisory Agreement.
In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from 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 the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by 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 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 knowledge of Wellington, which is a sub-adviser to other funds of VC I and VALIC Company II, another trust in the same fund complex. 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 investments (including futures contracts or other derivatives) with brokers or dealers (including futures commission merchants) selected by Wellington (or arrange for another entity to provide a trading desk and to place orders), subject to its control, direction, and supervision, which may include affiliated brokers or dealers (including futures commission merchants); (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board 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 its compliance function. 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 the sub-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 the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered expense information of a comparable fund managed by Wellington, for which Wellington charged the same fee schedule. The Board noted that VALIC negotiated the sub-advisory fee with Wellington at arm’s length.
The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of Wellington will result in a reduction to the management fee paid by the Fund to VALIC.
The Board considered that the proposed sub-advisory fee payable to Wellington is below the average and median of the Fund’s Sub-Advisory Expense Group/Universe, while the current sub-advisory fee rate was above the average and median of the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered that the proposed sub-advisory fee rate payable to Wellington contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.
The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended December 31, 2019. The Board also considered the performance of another fund managed by Wellington using a similar investment strategy as that which Wellington will use to manage the Fund. The Board took into account that, although this comparable fund would be managed in a similar style as
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VALIC Company I
APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)
the Fund would be, performance would be expected to differ. The Board noted management’s representation that the proposed strategy would have performed in line with the Fund’s current strategy (against its respective benchmarks) and with the Fund’s Morningstar category but with a lower risk profile.
Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-adviser; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.
The Board considered that the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of PineBridge with Wellington. The Board also noted that VALIC would waive a portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if Wellington is retained as the Fund’s sub-adviser. The Board also considered that the sub-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 the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.
In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Wellington from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the Sub-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 is not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.
Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board noted that the Sub-Advisory Agreement between VALIC and Wellington and the current sub-advisory agreement between VALIC and PineBridge are similar, except that the Sub-Advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) express terms relating to compliance with state laws and regulations; (iv) the elimination of a provision requiring the sub-adviser to assist the Fund and its agents with respect to the valuation of Fund assets; (v) the elimination of a provision expressly authorizing the sub-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; (vi) the elimination of a provision expressly authorizing the sub-adviser to instruct the custodian to pay for and deliver securities and other property; (vii) the elimination of a provision requiring VALIC to perform quarterly and annual tax compliance tests and to furnish reports of such tests to the sub-adviser; (viii) terms relating to the indemnity arrangements between VALIC and the sub-adviser; and (ix) governing law. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.
Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Wellington possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2020 (unaudited)
Name, Age and Address at May 31, 2020* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Independent Directors | ||||||||||||||
Thomas J. Brown | Director | | 2005- Present | | Retired | 49 | Trustee, Virtus Funds (2011-Present). | |||||||
Dr. Judith L. Craven | Director | | 1998- Present |
| Retired | 73 | Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-2019). | |||||||
Dr. Timothy J. Ebner | Director | | 1998- Present |
| Professor and Head, Department of Neuroscience Medical School (1980-Present), and University of Minnesota (1999-2013); Pickworth Chair (2000-Present); Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014). | 49 | Trustee, Minnesota Medical Foundation (2003-2013). | |||||||
Judge Gustavo E. Gonzales, Jr. | Director | | 1998- Present |
| Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-present). Retired Municipal Court Judge, Dallas, TX (since 2004). | 49 | None. | |||||||
Kenneth J. Lavery | Chairman and Director(5) | | 2001- Present |
| Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013). | 49 | None. | |||||||
Dr. John E. Maupin, Jr. | Director | | 1998- Present |
| Retired. President/CEO, Morehouse School of Medicine, Atlanta, Georgia (2006-2014). | 49 | Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-2019); Director, LifePoint Hospitals, Inc., hospital management (1999-2018). | |||||||
Interested Directors | ||||||||||||||
Peter A. Harbeck(1) | Director | | 2001- Present |
| Retired June 2019; formerly President, CEO (1997-2019) and Director, SunAmerica (1992-2019), SunAmerica (1995-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016) | 73 | None. | |||||||
Eric S. Levy | Director | | 2017- Present | | Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015). | 49 | None | |||||||
Officers | ||||||||||||||
John T. Genoy | President and Principal Executive Officer | | 2014- Present |
| Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer (2006-Present) and Director (2014 to Present), SunAmerica. | N/A | N/A | |||||||
Sharon French | Executive Vice President | | 2019- Present | President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, FSquared Capital, LLC (financial services) (2013-2015). | N/A | N/A |
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VALIC Company I
DIRECTOR AND OFFICER INFORMATION — May 31, 2020 (unaudited) — (continued)
Name, Age and Address at May 31, 2020* | Position Held With VALIC Complex | Term of Office and Length of Time Served(4) | Principal Occupations During Past Five Years | Number of Funds in Fund Complex Overseen by Director(2) | Other Directorships Held by Director(3) | |||||||||
Officers | ||||||||||||||
John Packs | Vice President and Senior Investment Officer | | 2001- Present |
| Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present). | N/A | N/A | |||||||
Gregory R. Kingston | Treasurer and Principal Financial Officer | | 2000- Present |
| Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica. | | N/A | N/A | ||||||
Gregory N. Bressler | Vice President | | 2005- Present |
| Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica. | N/A | N/A | |||||||
Christopher Joe | Chief Compliance Officer | | 2017 to Present | | Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015). | N/A | N/A | |||||||
Matthew J. Hackethal | Anti-Money Laundering (“AML”) Compliance Officer | | 2007- Present |
| Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present). | N/A | N/A | |||||||
Thomas M. Ward | Vice President | | 2008- Present |
| Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc. | N/A | N/A | |||||||
Kathleen D. Fuentes | Chief Legal Officer, Vice President and Secretary | | 2015- Present |
| Vice President and Deputy General Counsel, SunAmerica (2006-Present). | N/A | N/A | |||||||
Shawn Parry | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica. | N/A | N/A | |||||||
Donna McManus | Vice President and Assistant Treasurer | | 2014- Present |
| Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014). | N/A | N/A |
* | The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019. |
(1) | Mr. Harbeck is considered to be an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because he owns shares of American International Group, Inc., the ultimate parent of VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC. |
(2) | The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (4 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (60 portfolios), and VALIC Company II (15 funds). |
(3) | Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act. |
(4) | Directors serve until their successors are duly elected and qualified. |
(5) | Effective January 1, 2019, Mr. Lavery became Chairman of the Board. |
Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.
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VALIC Company I
SHAREHOLDER TAX INFORMATION (unaudited)
Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2020.
During the year ended May 31, 2020, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
Fund | Net Long-term Capital Gains | Foreign Tax Credit* | Foreign Source Income | Qualifying % for the Dividends Received Deduction | ||||||||||||
Asset Allocation | $ | 2,514,194 | $ | — | $ | — | 50.22 | % | ||||||||
Blue Chip Growth | 86,238,340 | — | — | — | ||||||||||||
Capital Conservation | — | — | — | — | ||||||||||||
Core Equity | 19,522,732 | — | — | 100.00 | ||||||||||||
Dividend Value | 46,795,371 | — | — | 83.11 | ||||||||||||
Dynamic Allocation* | 4,056,190 | 27,207 | 286,414 | 17.56 | ||||||||||||
Emerging Economies* | — | 3,255,283 | 29,116,212 | 0.23 | ||||||||||||
Global Real Estate* | 6,161,941 | 40,921 | — | 0.10 | ||||||||||||
Global Strategy* | 16,149,373 | 422,896 | 11,851,218 | 6.10 | ||||||||||||
Government Money Market I | — | — | — | — | ||||||||||||
Government Securities | — | — | — | — | ||||||||||||
Growth | 117,186,738 | — | — | 99.57 | ||||||||||||
Health Sciences | 53,689,772 | — | — | 100.00 | ||||||||||||
Inflation Protected | — | — | — | — | ||||||||||||
International Equities Index* | 21,947,887 | 1,645,567 | 21,668,416 | — | ||||||||||||
International Government Bond* | — | — | — | — | ||||||||||||
International Growth* | — | 138,158 | 4,203,287 | — | ||||||||||||
International Socially Responsible* | 11,885,873 | 579,373 | 6,386,429 | 54.65 | ||||||||||||
International Value* | 958,959 | 1,327,746 | 14,515,175 | 0.05 | ||||||||||||
Large Cap Core | 11,658,518 | — | — | 100.00 | ||||||||||||
Large Capital Growth | 37,687,496 | — | — | 100.00 | ||||||||||||
Mid Cap Index | 251,332,742 | — | — | 82.97 | ||||||||||||
Mid Cap Strategic Growth | 16,210,213 | — | — | — | ||||||||||||
Nasdaq-100® Index | 14,202,001 | — | — | 100.00 | ||||||||||||
Science & Technology | 164,094,782 | — | — | 100.00 | ||||||||||||
Small Cap Aggressive Growth | 21,153,681 | — | — | — | ||||||||||||
Small Cap | 21,052,873 | — | — | 100.00 | ||||||||||||
Small Cap Index | 117,185,605 | — | — | 39.03 | ||||||||||||
Small Cap Special Values | 18,499,372 | — | — | 100.00 | ||||||||||||
Small-Mid Growth | 12,675,687 | — | — | 44.22 | ||||||||||||
Stock Index | 305,361,493 | — | — | 99.29 | ||||||||||||
Systematic Core | 12,563,186 | — | — | 100.00 | ||||||||||||
Systematic Value | 4,775,803 | — | — | 76.63 | ||||||||||||
Value | 10,130,875 | — | — | 100.00 |
* | The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders. |
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VALIC Company I
COMPARISONS: FUNDS VS. INDEXES (unaudited)
In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.
Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.
Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Pinebridge Investments, LLC
The Asset Allocation Fund posted a return of -1.46% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.75% for the FTSE Treasury Bill 3 Month Index, and 11.14% for the Blended Index (S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%)).
During the Period:
In aggregate, sector allocations relative to those of the Blended Index (“the Benchmark”) detracted from the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
Derivative instruments were used to adjust exposures to U.S. Treasuries and equity markets and contributed to the return of the Fund.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector(s): U.S. Treasuries; Corporate-focused technology stock; Asset-backed securities.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; U.S. Equity
Exposure to the following currencies: Brazilian Real; Pound Sterling; EURO
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VALIC Company I Asset Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Asset Allocation Fund returned -1.46% compared to 12.84% for the S&P 500® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.75% for the FTSE Treasury Bill 3 Month Index and 11.14% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%). |
*** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
† | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-1.46% | 1.92% | 6.22% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Blue Chip Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Blue Chip Growth Fund posted a return of 21.77% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500® Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information Technology; Energy; Financials
Security selection in the following sectors: Communication Services; Consumer Discretionary; Financials
Position weightings: Amazon.com, Inc.; Alibaba Group Holding, Ltd. ADR; Vertex Pharmaceuticals, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Security selection in the following sectors: Information Technology; Industrial & Business Services
Position weightings: Apple, Inc.; Boeing Co.; Workday, Inc.
For the year ended May 31, 2020, the Blue Chip Growth Fund returned 21.77% compared to 12.84% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
21.77% | 14.96% | 16.80% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Capital Conservation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Capital Conservation Fund posted a return of 9.55% for the twelve-month period ended May 31, 2020, compared to a return of 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Communications
Security selection in the following sector: Financials
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Global government securities
Security selection in the following sector: Energy
For the year ended May 31, 2020, the Capital Conservation Fund returned 9.55% compared to 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index.
* | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
9.55% | 3.70% | 3.94% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Core Equity Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with BlackRock Investment Management, LLC
The Core Equity Fund posted a return of 10.04% for the twelve-month period ended May 31, 2020, compared to a return of 12.54% for the Fund’s benchmark, the Russell 1000® Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Financials; Consumer discretionary
Security selection in the following sector: Consumer discretionary
Position weightings: Apple, Inc.; Microsoft Corp.; Dollar General Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Information technology
Security selection in the following sectors: Financials; Consumer staples; Health care
Position weightings: BP PLC ADR; Marathon Petroleum Corp.; Ally Financial, Inc.
For the year ended May 31, 2020, the Core Equity Fund returned 10.04% compared to 12.54% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
10.04% | 7.73% | 11.30% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dividend Value Fund posted a return of -0.33% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000® Value Index.
A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Real estate; Information technology
Security selection in the following sectors: Consumer discretionary; Industrials
Position weightings: Microsoft Corp.; Exxon Mobil Corp.; Dollar General Corp.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Utilities; Energy; Financials
Security selection in the following sectors: Information technology; Consumer staples
Position weightings: BP PLC; Intel Corp.; Wells Fargo & Co.
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Health care
Security selection in the following sectors: Health care; Industrials
Position weightings: KLA Corp.; Western Digital Corp.; Cardinal Health, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer discretionary; Utilities
Security selection in the following sectors: Consumer discretionary; Telecommunications services
Position weightings: Macy’s, Inc.; Gap, Inc.; H&R Block, Inc.
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VALIC Company I Dividend Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Dividend Value Fund returned -0.33% compared to -1.64% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-0.33% | 5.08% | 10.15% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Dynamic Allocation Fund posted a return of 10.43% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 12.09% for the Blended Index (S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%)).
The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.
A discussion with AllianceBernstein, L.P.—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Blended index (“the Benchmark”) contributed to the portfolio’s return relative to the Benchmark return.
Derivative instruments were used to adjust fixed income and equity exposures and manage risk, and contributed to the return of the Fund.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Bond market exposure
The following detracted from portfolio return relative to the Benchmark return:
Allocations in the following sector: Volatility overlay
A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Blended index (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Global government securities
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: International and Small-Mid cap equity
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VALIC Company I Dynamic Allocation Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Dynamic Allocation Fund returned 10.43% compared to 12.84% for the S&P 500® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index and 12.09% for the Blended Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | The Blended Index consists of the S&P 500® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). |
*** | The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | Since Inception* | ||
10.43% | 5.53% | 6.78% |
* | Inception date of Fund: December 19, 2012 |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Emerging Economies Fund posted a return of -3.74% for the twelve-month period ended May 31, 2020, compared to a return of -4.39% for the MSCI Emerging Markets Index (net).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Energy; Consumer discretionary
Security selection in the following sectors: Materials; Communication services; Financials
Position weightings: Tencent Holdings, Ltd.; Banco Bradesco SA ADR; Petroleo Brasileiro SA ADR
Exposure(s) to the following countries: South Africa
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Communication services; Health care
Security selection in the following sectors: Consumer discretionary; Health care; Information technology
Position weighting(s): Grupo Financiero Banorte SAB de CV; Banco do Brasil SA; IRB Brasil Resseguros S/A
Exposure to the following country: Hungary
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VALIC Company I Emerging Economies Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Emerging Economies Fund returned -3.74% compared to -4.39% for the MSCI Emerging Markets Index (net).
* | MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-3.74% | 0.47% | 2.30% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Real Estate Fund posted a return of -10.37% for the twelve-month period ended May 31, 2020, compared to a return of -16.27% for the FTSE EPRA/NAREIT Developed Index.
A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, region or country allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Position weightings: American Tower, Corp; Crown Castle International Corp.; Equinix, Inc.
Exposure to the following countries: Hong Kong; France; Australia
The following detracted from the portfolio’s return relative to the Benchmark return:
Position weightings: Ventas, Inc.; Boston Properties, Inc.; VEREIT, Inc.
Exposure to the following countries: Japan; Germany; Singapore
A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Position weightings: Vonovia SE; Goodman Group; GLP J REIT
Exposure to the following countries: Germany; Japan
The following detracted from the portfolio’s return relative to the Benchmark return:
Position weightings: Invincible Investment Corp.; Link REIT; Klepierre SA
Exposures to the following countries: United States; Australia
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VALIC Company I Global Real Estate Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Global Real Estate Fund returned -10.37% compared to -16.27% for the FTSE EPRA/NAREIT Developed Index.
* | The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-10.37% | 1.86% | 6.64% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Global Strategy Fund posted a return of -1.01% for the twelve-month period ended May 31, 2020 compared to a return of 5.43% for the MSCI ACWI (net), 6.98% for the JPMorgan GBI Global Index (unhedged) and 6.69% for the Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).
A discussion with Franklin Advisers, Inc. — regarding the Fixed Income portion of the Fund (the “portfolio”)
During the Period:
In aggregate, region or country allocations relative to those of the JPMorgan GBI Global Index (unhedged) (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
Derivative instruments were used to gain and adjust market exposure and detracted from the return of the portfolio.
The following contributed to the portfolio’s return relative to the Benchmark return:
Exposure to the following countries: India; Mexico; Brazil
Exposure to the following currencies: EURO; Australian Dollar
The following detracted from the portfolio’s return relative to the Benchmark return:
Exposure to the following countries: United States; European Union (aggregated); United Kingdom
Exposure to the following currencies: Brazilian Real; Argentine Peso; Japanese Yen
A discussion with Franklin Advisers, Inc. — regarding the Equity portion of the Fund (the “portfolio”).
Effective 01/29/2020, Franklin Advisers, Inc. became subadvisor for the portfolio replacing Templeton Investment Counsel, LLC.
During the Period January 29, 2020 to May 31, 2020:
In aggregate, sector allocations relative to those of the MSCI ACWI (net), (“the Benchmark”), contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Health care; Industrials
Security selection in the following sectors: Industrials; Financials; Materials
Position weightings: Gilead Sciences, Inc.; Eli Lilly & Co.; Lowe’s Cos., Inc.
Exposure to the following countries: United States; Switzerland; Denmark
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Information technology
Security selection in the following sectors: Consumer discretionary; Information technology; Communication services
Position weightings: Microsoft Corp.; Simon Property Group, Inc.; Apple, Inc.
Exposure to the following countries: United Kingdom; Australia; China
A discussion with Templeton Investment Counsel, LLC — regarding the Equity portion of the Fund (the “portfolio”)
Effective January 29, 2020, Franklin Advisers, Inc. replaced Templeton Investment Counsel, LLC as subadvisor of the portfolio.
During the Period June 1, 2019, to January 28, 2020:
In aggregate, sector allocations relative to those of the MSCI ACWI (net), (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Health care
Security selection in the following sectors: Industrials; Consumer staples; Health care
Position weightings: Allergan PLC; BAE Systems PLC; NXP Semiconductors NV
Exposure to the following country: France
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VALIC Company I Global Strategy Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Energy
Security selection in the following sectors: Communication services; Energy; Consumer discretionary
Position weightings: Deutsche Telekom AG; China Telecom Corp., Ltd.; Yara International ASA
Exposure to the following countries: Australia; United States; United Kingdom
For the year ended May 31, 2020, the Global Strategy Fund returned -1.01% compared to 5.43% for the MSCI ACWI (net), 6.98% for the JPMorgan GBI Global Index (unhedged) and 6.69% for the Blended Index.
* | The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 49 country indices comprising 23 developed and 26 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%). |
*** | The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-1.01% | 0.14% | 5.58% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Money Market I Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Government Money Market I Fund posted a return of 1.09% for the twelve-month period ended May 31, 2020, compared to a return of 1.75% for the FTSE Treasury Bill 3 Month Index.*
During the Period:
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: U.S. Government Agencies
Security selection in the following sector: Federal Home Loan Bank
The following detracted from the Fund’s return relative to the Benchmark return:
Security selection in the following sectors: Federal Home Loan Mortgage Corp.; Federal National Mortgage Association
* | The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
1.09% | 0.72% | 0.36% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Government Securities Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with J.P. Morgan Investment Management, Inc.
The Government Securities Fund posted a return of 8.57% for the twelve-month period ended May 31, 2020, compared to a return of 11.24% for the Bloomberg Barclays U.S. Government Bond Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Investment grade credit
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Commercial mortgage-backed securities; U.S. Agency mortgages
Security selection in the following sector: Investment grade credit
For the year ended May 31, 2020, the Government Securities Fund returned 8.57% compared to 11.24% for the Bloomberg Barclays U.S. Government Bond Index.
* | The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
8.57% | 3.20% | 3.16% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Growth Fund posted a return of 27.42% for the twelve-month period ended May 31, 2020, compared to return of 26.25% for the Russell 1000® Growth Index and 20.09% for the S&P 500® Growth Index.
A discussion with BlackRock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)
Effective October 1, 2019, BlackRock Investment Management, LLC became subadvisor for a portion of the Fund.
During the Period October 1, 2019 to May 31, 2020:
In aggregate, sector allocations relative to those of the Russell 1000® Growth Index (“the Benchmark”) contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Consumer discretionary
Security selection in the following sectors: Consumer discretionary; Real estate; Communication services
Position weightings: Amazon.com, Inc.; Adyen NV; ServiceNow, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Materials; Financials; Information technology
Security selection in the following sector: Consumer staples
Position weightings: Apple, Inc.; CME Group, Inc.; Transdigm Group, Inc.
A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”)
Effective October 1, 2019, SunAmerica Asset Management, LLC became subadvisor for a portion of the Fund.
During the Period October 1, 2019 to May 31, 2020:
The following contributed to the portfolio’s return:
Allocations in the following sectors: Information technology; Health care; Telecommunications services
Position weightings: Microsoft Corp.; Amazon.com, Inc.; Apple, Inc.
The following detracted from the portfolio’s return:
Allocations in the following sectors: Industrials; Consumer staples
Position weightings: Boeing Co.; JPMorgan Chase & Co.; Raytheon Technologies Corp.
A discussion with American Century Investment Management, Inc.
Effective October 1, 2019, SunAmerica Asset Management, LLC and BlackRock Investment Management, LLC replaced American Century Investment Management, Inc. as subadvisor of the portfolio.
During the Period June 1, 2019 to September 30, 2019:
In aggregate, sector allocations relative to those of the Russell 1000® Growth Index (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Health care
Security selection in the following sectors: Consumer staples; Information technology
Position weightings: Cisco Systems, Inc.; ASML Holding NV; Tableau Software, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Communication services; Energy; Information technology
Security selection in the following sectors: Consumer discretionary; Materials; Communication services
Position weightings: Walt Disney Co.; PayPal Holdings, Inc.; Concho Resources, Inc.
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VALIC Company I Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Growth Fund returned 27.42% compared to 26.25% for the Russell 1000® Growth Index and 20.09% for the S&P 500 Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
** | The S&P 500® Growth Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500® Index across seven factors including: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio, cash flow-to-price ratio, sales-to-price ratio and dividend yield. The index is comprised of stocks identified as pure growth, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
27.42% | 13.55% | 14.67% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Health Sciences Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with T. Rowe Price Associates, Inc.
The Health Sciences Fund posted a return of 26.32% for the twelve-month period ended May 31, 2020, compared to a return of 21.15% for the S&P 500® Health Care Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Biotechnology; Pharmaceuticals
Security selection in the following sectors: Medical products & devices; Life sciences; Pharmaceuticals
Position weightings: Vertex Pharmaceuticals, Inc.; Seattle Genetics, Inc.; Array Biopharma, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Medical services
Security selection in the following sector: Biotechnology
Position weightings: Sage Therapeutics, Inc.; Bluebird Bio, Inc.; Exact Sciences Corp.
For the year ended May 31, 2020, the Health Sciences Fund returned 26.32% compared to 21.15% for the S&P 500® Health Care Index.
* | The S&P 500® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500® Index and is designed to measure the performance of the healthcare sector. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
26.32% | 8.19% | 19.62% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Inflation Protected Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
The Inflation Protected Fund posted a return of 4.88% for the twelve-month period ended May 31, 2020, compared to a return of 8.00% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Corporate inflation-linked securities
Position weightings: Global government/sovereign inflation-linked securities
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Corporate bonds
Exposure to the following currencies: Canadian Dollar; Australian Dollar; New Zealand Dollar
For the year ended May 31, 2020, the Inflation Protected Fund returned 4.88% compared to 8.00% for the Bloomberg Barclays U.S. TIPS Index.
* | The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
4.88% | 2.53% | 3.10% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Equities Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Equities Index Fund posted a return of -3.42% for the twelve-month period ended May 31, 2020, compared to a return of -2.81% for the MSCI EAFE Index (net).
This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.
During the Period:
Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.
The following contributed to the Fund’s return:
Position weightings: Roche Holding AG; ASML Holding NV; AstraZeneca PLC ADR
Exposure to the following countries: Japan, Switzerland, Netherlands
The following detracted from the Fund’s return:
Position weightings: HSBC Holdings PLC; Royal Dutch Shell PLC; BP PLC
Exposure to the following countries: United Kingdom; Australia; United States
For the year ended May 31, 2020, the International Equities Index Fund returned -3.42% compared to -2.81% for the MSCI EAFE Index (net).
* | The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-3.42% | 0.44% | 4.63% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Government Bond Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with PineBridge Investments, LLC
For the year ended May 31, 2020, the International Government Bond Fund posted a return of 4.44% compared to 0.38% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 6.36% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 4.80% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).
During the Period:
In aggregate, position weightings (i.e., security selection) relative to those of the Blended Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Exposure to the following countries: Lebanon; Venezuela; Ukraine
Exposure to the following currencies: EURO; Mexican Peso
The following detracted from the Fund’s return relative to the Benchmark return:
Exposure to the following countries: Sri Lanka; Nigeria; Angola
Exposure to the following currencies: Pound Sterling; South African Rand
For the year ended May 31, 2020, the International Government Bond Fund returned 4.44% compared to 0.38% for the JP Morgan EMBI Global Diversified Index, 6.36% for the FTSE WGBI Index (unhedged) and 4.80% for the Blended Index.
* | The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets. |
** | The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. |
*** | The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
4.44% | 2.99% | 3.08% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Morgan Stanley Investment Management, Inc. “MSIM”
The International Growth Fund posted a return of 10.00% for the twelve-month period ended May 31, 2020, compared to a return of -3.43% for the MSCI ACWI ex USA Index (net).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Financials; Energy
Security selection in the following sectors: Information technology; Industrials; Consumer discretionary
Position weightings: Keyence Corp.; ASML Holding NV; TAL Education Group ADR
Exposure to the following countries: Denmark; United States; Brazil
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Health care
Security selection in the following sectors: Health care; Communication services; Materials
Position weightings: HDFC Bank, Ltd.; Canada Goose Holdings, Inc.; Kotak Mahindra Bank, Ltd.
Exposure to the following countries: India; Japan
For the year ended May 31, 2020, the International Growth Fund returned 10.00% compared to -3.43% for the MSCI ACWI ex USA Index (net).
* | The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
10.00% | 6.08% | 8.74% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Socially Responsible Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The International Socially Responsible Fund posted a return of -2.05% for the twelve-month period ended May 31, 2020, compared to a return of 6.80% for the MSCI World Index (net) and -2.81% for the MSCI EAFE Index (net).
The Fund is an optimized portfolio which seeks to track the MSCI EAFE (net) Index, (“the Benchmark”), while investing in socially responsive companies. The Fund’s criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to that of the Benchmark.
During the Period:
Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.
In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Energy
Security selection in the following sectors: Financials; Industrials; Energy
Position weightings: Chugai Pharmaceuticals Co., Ltd.; Hermes International; Novo Nordisk A/S
Exposure to the following countries: United States; Japan; Australia
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Real estate; Financials
Security selection in the following sectors: Telecommunications services; Information technology
Position weightings: Repsol SA; Nippon Steel Corp.; Aviva PLC
Exposure to the following countries: Singapore; Norway
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VALIC Company I International Socially Responsible Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the International Socially Responsible Fund returned -2.05% compared to 6.80% for MSCI World Index (net) and -2.81% for the MSCI EAFE Index (net).
* | The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
** | 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. The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-2.05% | 4.33% | 9.10% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated “WellsCap”
The International Value Fund posted a return of -10.17% for the twelve-month period ended May 31, 2020, compared to a return of -3.43% for the MSCI ACWI ex USA (net).
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, region or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Financials; Information technology; Industrials
Security selection in the following sectors: Financials; Consumer discretionary
Position weightings: Prysmian SpA; Mobile TeleSystems PJSC; Koninklijke Philips NV
Exposure(s) to the following countries: United States; Netherlands; Brazil
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Energy
Security selection in the following sectors: Information technology; Health care; Communication services
Position weightings: John Wood Group PLC; OCI NV; Tech Mahindra, Ltd.
Exposure to the following countries: Japan; United Kingdom; Taiwan
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VALIC Company I International Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the International Value Fund returned -10.17% compared to -3.43% for the MSCI ACWI ex USA (net).
* | The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-10.17% | -3.35% | 2.63% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Cap Core Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Columbia Management Investment Advisers, LLC
The Large Cap Core Fund posted a return of 15.53% for the twelve-month period ended May 31, 2020, compared to a return of 12.54% for the Russell 1000® Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Real estate; Industrials
Security selection in the following sectors: Financials; Communication services; Consumer discretionary
Position weightings: Newmont Corp.; Microsoft Corp.; Allergan PLC
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Financials
Security selection in the following sectors: Health care; Consumer staples
Position weightings: Citigroup, Inc.; Berkshire Hathaway, Inc.; EOG Resources, Inc.
For the year ended May 31, 2020, the Large Cap Core Fund returned 15.53% compared to 12.54% for the Russell 1000® Index.
* | The Russell 1000® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
15.53% | 8.83% | 13.34% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Large Capital Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Massachusetts Financial Services Company
The Large Capital Growth Fund posted a return of 17.08% for the twelve-month period ended May 31, 2020, compared to a return of 26.25% for the Russell 1000® Growth Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Energy
Security selection in the following sectors: Industrials; Financials
Position weightings: Boeing Co.; Blackstone Group, Inc., Class A; Cisco Systems, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Financials; Consumer staples
Security selection in the following sectors: Information technology; Consumer discretionary; Health care
Position weightings: Apple, Inc.; Marriott International, Inc., Class A; NVIDIA Corp.
For the year ended May 31, 2020, the Large Capital Growth Fund returned 17.08% compared to 26.25% for the Russell 1000® Growth Index.
* | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
17.08% | 12.61% | 13.19% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Mid Cap Index Fund posted a return of -1.25% for the twelve-month period ended May 31, 2020, compared to a return of -0.81% for the S&P MidCap 400® Index.
The Fund is passively managed to match the S&P MidCap 400® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.
The following contributed to the Fund’s return:
Allocations in the following sectors: Health care; Information technology; Consumer discretionary
Position weightings: West Pharmaceuticals Services, Inc.; Catalent, Inc.; Tyler Technologies, Inc.
The following detracted from the Fund’s return:
Allocations in the following sectors: Financials; Real estate; Energy
Position weightings: National Retail Properties, Inc.; UGI Corp.; EPR Properties
For the year ended May 31, 2020, the Mid Cap Index Fund returned -1.25% compared to -0.81% for the S&P MidCap 400® Index.
* | The S&P MidCap 400® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®, “S&P®,” and “S&P MidCap 400®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-1.25% | 4.36% | 10.12% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Mid Cap Strategic Growth Fund posted a return of 12.76% for the twelve-month period ended May 31, 2020, compared to a return of 17.03% for the Russell Midcap® Growth Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Consumer discretionary; Consumer staples
Security selection in the following sectors: Health care; Information technology; Communication services
Position weightings: DexCom, Inc.; Catalent, Inc.; Freshpet, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology; Industrials
Security selection in the following sectors: Consumer staples; Real estate; Consumer discretionary
Position weightings: Royal Caribbean Cruises, Ltd.; Workday, Inc.; Elanco Animal Health, Inc.
A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Communication services; Energy; Health care
Security selection in the following sector: Industrials
Position weighting: Teledyne Technologies, Inc.; Catalent, Inc.; Wayfair, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Financials
Security selection in the following sectors: Information technologyy; Consumer discretionary; Health care
Position weightings: Gildan Activewear, Inc.; Airbnb, Inc.; TD Ameritrade Holding Corp.
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VALIC Company I Mid Cap Strategic Growth Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Mid Cap Strategic Growth Fund returned 12.76% compared to 17.03% for the Russell Midcap® Growth Index.
* | The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
12.76% | 10.67% | 12.09% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Nasdaq-100® Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Nasdaq-100® Index Fund posted a return of 34.71% for the twelve-month period ended May 31, 2020, compared to a return of 35.45% for the Nasdaq-100® Index.
The Fund is passively managed to match the NASDAQ 100® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Information technology; Consumer discretionary; Telecommunications services
Position weightings: Apple, Inc.; Microsoft Corp.; Amazon.com, Inc.
The following detracted from the Fund’s return:
Position weightings: Marriott International, Inc.; United Airlines Holdings, Inc.; Cisco Systems, Inc.
For the year ended May 31, 2020, the Nasdaq-100® Index Fund returned 34.71% compared to 35.45% for the Nasdaq-100® Index.
* | The Nasdaq-100® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. |
The Nasdaq-100®, Nasdaq-100 Index®, and Nasdaq® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s). |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
34.71% | 16.90% | 18.56% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Science & Technology Fund posted a return of 30.60% for the twelve-month period ended May 31, 2020, compared to a return of 33.10% for the S&P® North American Technology Sector Index.
A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Retailing; Autos & components
Security selection in the following sector: Software
Position weightings: Ringcentral, Inc.; MongoDB, Inc.; Okta, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Hardware; Capital goods; Software
Security selection in the following sectors: Hardware; Semiconductors; Media & entertainment
Position weightings: Apple, Inc. DXC Technology Co.; Shopify, Inc.
A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Information technology services; Telecommunications equipment; Semiconductors
Security selection in the following sectors: Software; Information technology services; Retailing
Position weightings: Zalando SE; NAVER Corp.; NortonLifeLock, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Hardware; Health care
Security selection in the following sectors: Internet; Industrials
Position weightings: Trip.com Group, Ltd. ADR; Boeing Co.; 58.com, Inc. ADR
A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Retailing; Communications equipment; Media & services
Security selection in the following sectors: Communications equipment; Semiconductors; Retailing
Position weighting(s): Advanced Micro Devices, Inc.; Amazon.com, Inc.; Cisco Systems, Inc.
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VALIC Company I Science & Technology Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Hardware; Information technology services
Security selection in the following sectors: Hardware; Software; Information technology services
Position weightings: Apple, Inc.; NVIDIA Corp.; WEX, Inc.
For the year ended May 31, 2020, the Science & Technology Fund returned 30.60% compared to 33.10% for the S&P® North American Technology Sector Index.
* | The S&P® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
30.60% | 18.30% | 18.20% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Aggressive Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Victory Capital Management, Inc.
The Small Cap Aggressive Growth Fund posted a return of 12.33% for the twelve-month period ended May 31, 2020, compared to a return of 7.32% for the Russell 2000® Growth Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Information technology; Materials
Security selection in the following sectors: Information technology; Communication services; Industrials
Position weightings: Wix.com, Ltd.; Bandwidth, Inc.; Everbridge, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Health care
Security selection in the following sectors: Financials; Consumer discretionary; Consumer staples
Position weightings: Teladoc Health, Inc.; Bluebird Bio, Inc.; Newpark Resources, Inc.
For the year ended May 31, 2020, the Small Cap Aggressive Growth Fund returned 12.33% compared to 7.32% for the Russell 2000® Growth Index.
* | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
12.33% | 10.10% | 13.76% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Small Cap Fund posted a return of 2.27% for the twelve-month period ended May 31, 2020, compared to a return of -3.44% for the Russell 2000® Index.
A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
Derivative instruments were used to maintain market exposure and during the period, contributed to the return of the Fund relative to the return of the Benchmark.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Consumer discretionary; Communication services
Security selection in the following sectors: Information technology; Industrial & business services; Communication services
Position weightings: Quidel Corp.; Cable One, Inc.; Teledyne Technologies, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Information technology
Position weightings: Sage Therapeutics, Inc.; Teladoc Health, Inc.; Monro, Inc.
A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Real estate; Consumer discretionary
Security selection in the following sectors: Health care; Consumer staples; Consumer discretionary
Position weightings: Novavax, Inc.; Neoleukin Therapies; Alpha Pro Tech, Ltd.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Energy; Information technology; Financials
Security selection in the following sectors: Information technology; Energy; Industrials
Position weightings: Marlin Business Services Corp.; Tuesday Morning Corp.; Internap Corp.
A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).
During the Period:
In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.
The following contributed to the portfolio’s return relative to the Benchmark return:
Allocations in the following sector: Energy
Security selection in the following sectors: Industrials; Financials; Consumer discretionary
Position weightings: Pool Corp.; Catalent, Inc.; West Pharmaceutical Services, Inc.
The following detracted from the portfolio’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Information technology
Security selection in the following sectors: Communication services; Real estate
Position weightings: Cinemark Holdings, Inc.; Patterson-UTI Energy, Inc.; Performance Food Group Co.
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VALIC Company I Small Cap Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Small Cap Fund returned 2.27% compared to -3.44% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
2.27% | 5.15% | 10.52% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Small Cap Index Fund posted a return of -3.87% for the twelve-month period ended May 31, 2020, compared to a return of -3.44% for the Russell 2000® Index.
The Fund is passively managed to match the Russell 2000® Index. As with all index Funds, there will be performance discrepancies due to trading, cash and pricing effects.
During the Period:
Derivative instruments were used to maintain market exposure and during the period, contributed to the return of the Fund relative to the return of the Benchmark.
The following contributed to the Fund’s return:
Allocations in the following sectors: health care; information technology
Position weightings: Teladoc Health, Inc.; Immunomedics, Inc.; Quidel Corp.
The following detracted from the Fund’s return:
Allocations in the following sectors: Financials; Real estate; Energy
Position weightings: Invesco Mtg. Capital, Inc.; Brink’s Co.; Blackstone Mtg. Trust, Inc., U.S. Treasuries
For the year ended May 31, 2020, the Small Cap Index Fund returned -3.87% compared to -3.44% for the Russell 2000® Index.
* | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index. |
The Russell 2000® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-3.87% | 3.49% | 9.02% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small Cap Special Values Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wells Capital Management Incorporated
The Small Cap Special Values Fund posted a return of -10.88% for the twelve-month period ended May 31, 2020, compared to a return of -14.69% for the Russell 2000® Value Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Financials; Real estate
Security selection in the following sectors: Industrials; Materials
Position weightings: BJ’s Wholesale Club Holdings, Inc.; Helen of Troy, Ltd.; Cabot Microelectronics Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Consumer discretionary; Information technology
Security selection in the following sectors: Consumer discretionary; Real estate; Energy
Position weightings: Dine Brands Global, Inc.; Viad Corp.; Denny’s Corp.
For the year ended May 31, 2020, the Small Cap Special Values Fund returned -10.88% compared to -14.69% for the Russell 2000® Value Index.
* | The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-10.88% | 2.69% | 8.10% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Small-Mid Growth Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Goldman Sachs Asset Management, L.P.
The Small-Mid Growth Fund posted a return of 24.52% for the twelve-month period ended May 31, 2020, compared to a return of 13.53% for the Russell 2500 Growth® Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Real estate; Industrials
Security selection in the following sectors: Information technology; Health care; Consumer discretionary
Position weightings: Synthorx, Inc.; West Pharmaceuticals Services, Inc.; Cloudflare, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sector: Materials
Position weightings: Stemline Therapeutics, Inc.; Bluebird Bio, Inc.; Welbilt, Inc.
For the year ended May 31, 2020, the Small-Mid Growth Fund returned 24.52% compared to 13.53% for the Russell 2500® Growth Index.
* | The Russell 2500® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
24.52% | 10.74% | 13.39% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Stock Index Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with SunAmerica Asset Management, LLC
The Stock Index Fund posted a return of 12.45% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500® Index.
The Fund is passively managed to match the S&P 500® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.
During the Period:
The following contributed to the Fund’s return:
Allocations in the following sectors: Information technology; Health care; Telecom services
Position weightings: Apple, Inc.; Microsoft Corp.; Amazon.com, Inc.
The following detracted from the Fund’s return:
Allocations in the following sectors: Energy; Financials
Position weightings: Boeing Co.; Exxon Mobil Corp.; Wells Fargo & Co.
For the year ended May 31, 2020, the Stock Index Fund returned 12.45% compared to 12.84% for the S&P 500® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
“Standard & Poor’s®,” “S&P®,” and “S&P 500®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
12.45% | 9.49% | 12.77% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Systematic Core Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Systematic Core Fund posted a return of 15.08% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500® Index and a return of 12.54% for the Russell 1000® Index.
A discussion with Goldman Sachs Asset Management, L.P.
Effective April 27, 2020, Goldman Sachs Asset Management, L.P. became subadvisor for the Fund.
During the Period April 27, 2020 to May 31, 2020:
In aggregate, position weightings (i.e., security selection) relative to those of Russell 1000® Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Security selection in the following sectors: Health care; Consumer discretionary
Position weightings: Cerence, Inc.; Arconic Corp.; Amazon.com, Inc.
The following detracted from the Fund’s return relative to the Benchmark return:
Security selection in the following sectors: Real estate; Information technology
Position weightings: DXC Technology Co.; PayPal Holdings, Inc.; U.S. Foods
A discussion with J.P. Morgan Investment Management Inc.
Effective April 27, 2020, J.P. Morgan Investment Management Inc., was replaced by Goldman Sachs Assets Management, L.P. as subadvisor of the Fund.
During the Period June 1, 2019 to April 26, 2020:
In aggregate, sector allocations relative to those of the S&P 500® Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Real estate; Information technology
Security selection in the following sectors: Information technology; Communication services; Health care
Position weightings: Boeing Co.; Microsoft Corp.; Exxon Mobil Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Security selection in the following sectors: Financials; Consumer staples; Materials
Position weightings: EOG Resources, Inc.; Intel; Oneok, Inc.
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VALIC Company I Systematic Core Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Systematic Core Fund returned 15.08% compared to 12.84% for the S&P 500® Index and 12.54% for the Russell 1000® Index.
* | The S&P 500® Index is an index of the stocks of 500 major large-cap U.S. corporations, chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value. |
** | Effective April 27, 2020, the Fund changed its benchmark against which it measures its performance from the S&P 500® to the Russell 1000® Index. Fund management believes that the Russell 1000® Index is more representative of the securities in which the Fund invests. The Russell 1000® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000® Index. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
15.08% | 9.27% | 11.86% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I Systematic Value Fund
COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
The Systematic Value Fund posted a return of -2.34% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000® Value Index.
A discussion with Wellington Management Company LLP
Effective October 1,2019, Wellington Management Company LLP became subadvisor for the Fund.
During the Period October 1, 2019 to May 31, 2020:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Energy; Information technology
Security selection in the following sectors: Industrials; Financials; Real estate
Position weightings: AbbVie, Inc.; Anthem, Inc.; Exxon Mobil Corp.
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Utilities; Real estate
Security selection in the following sectors: Communication services; Energy; Information technology
Position weightings: Walmart, Inc.; Marathon Petroleum Corp.; Discovery, Inc.
A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC
Effective October 1, 2020, Wellington Management Company LLP replaced Barrow, Hanley, Mewhinney & Strauss, LLC as subadvisor of the Fund.
During the Period June 1, 2019 to September 30, 2019:
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Consumer discretionary; Information technology
Security selection in the following sectors: Industrials; Energy; Information technology
Position weightings: Pfizer, Inc.; Dollar General Corp.; Aramark
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Energy
Security selection in the following sectors: Consumer staples; Financials; Utilities
Position weightings: Anthem, Inc.; Royal Caribbean Cruises, Ltd.; Vermillion Energy, Inc.
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VALIC Company I Systematic Value Fund
COMPARISON: FUND VS. INDEX (unaudited) — (continued)
For the year ended May 31, 2020, the Systematic Value Fund returned -2.34% compared to -1.64% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
-2.34% | 3.45% | 9.24% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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COMPARISON: FUND VS. INDEX (unaudited)
MANAGEMENT OVERVIEW
A discussion with Wellington Management Company LLP
The Value Fund posted a return of 1.18% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000® Value Index.
During the Period:
In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.
In aggregate, holding of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.
The following contributed to the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Health care; Information technology; Energy
Security selection in the following sectors: Financials; Real estate; Industrials
Position weightings: AstraZeneca PLC; KLA Corp.; Roche Holding AG
The following detracted from the Fund’s return relative to the Benchmark return:
Allocations in the following sectors: Consumer staples; Communication services
Security selection in the following sector(s): Energy; Consumer staples; Communication services
Position weightings: Noble Energy, Inc.; Exxon Mobil Corp.; Johnson & Johnson
For the year ended May 31, 2020, the Value Fund returned 1.18% compared to -1.64% for the Russell 1000® Value Index.
* | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. |
Indices are not managed and an investor cannot invest directly into an index.
Average Annual Total Returns as of May 31, 2020 | ||||
1 Year | 5 Years | 10 Years | ||
1.18% | 4.04% | 9.41% |
Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.
The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.
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VALIC Company I
Filed under Rule 497(e) and 497(k)
Registration No.: 002-83631
VALIC Company I
Inflation Protected Fund
(the “Fund”)
Supplement dated May 1, 2020, to the Summary Prospectus and Prospectus,
each dated October 1, 2019, as supplemented and amended to date
At an in-person meeting held on April 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of PineBridge Investments LLC as the subadviser to the Fund and approved the appointment of Wellington Management Company LLP (“Wellington Management”) as the subadviser to the Fund. The Board also approved certain changes to the Fund’s investment objective, principal investment strategies and techniques, including its 80% investment policy. The Fund intends to file an amendment to its registration statement with the Securities and Exchange Commission (“SEC”) reflecting the changes to the Fund’s subadviser, investment objective, 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 or about September 28, 2020 (the “Effective Date”).
The Fund currently seeks maximum real return, consistent with appreciation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations. The Fund invests primarily in investment grade securities rated Baa3 or higher by Moody’s Investors Service, Inc. or BBB- or higher by Standard & Poor’s Ratings Services. The Fund also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign and emerging market issuers.
As of the Effective Date, the Fund will seek maximum real return. The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations and in derivative instruments that have economic characteristics similar to such securities. The Fund will continue to invest primarily in investment grade securities rated Baa3 or higher by Moody’s Investors Service, Inc. or BBB- or higher by S&P Global Ratings. However, the Fund may invest up to 50% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar denominated securities of foreign and emerging market issuers. In addition, the Fund will invest in debt securities that are not inflation indexed, including mortgage- and asset-backed securities and collateralized loan obligations. The Fund generally intends to utilize derivatives to manage foreign currency risk. The Fund may also invest in derivative instruments, such as forwards, futures contracts or swap agreements as a substitute for directly investing in the above instruments or for risk management purposes.
At the Meeting, the Board approved a new Subadvisory Agreement (the “New Subadvisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”), the Fund’s investment adviser, and Wellington Management with respect to the Fund, which will become effective on the Effective Date. The Board also approved an Advisory Fee Waiver Agreement between VALIC and VC I, 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 0.47% of average monthly net assets on the first $250 million, 0.42% of average monthly net assets on the next $250 million and 0.37% on assets over $500 million.
The Board has the authority, pursuant to an exemptive order granted by the SEC, to enter into subadvisory agreements without a shareholder vote under certain conditions. A notice will be sent to shareholders with information on how to access an Information Statement that will include information about Wellington Management, the New Subadvisory Agreement and the Advisory Fee Waiver Agreement.
Once the changes to the Fund’s principal investment strategies and techniques become effective, an updated prospectus reflecting these changes will be mailed to shareholders of the Fund. The updated prospectus will include additional information about the changes to the Fund’s investment objective, principal investment strategies, techniques and risks. Please read the prospectus carefully.
Capitalized terms used herein but not defined shall have the meanings assigned to them in the Prospectus.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
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VALIC Company I
PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS
VALIC Company I
Results of Special Shareholder Meeting
On July 18, 2019, a Special Meeting of Shareholders of VALIC Company I Growth Fund (“Fund”) was held to consider a proposal to approve a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company and SunAmerica Asset Management Company, LLC (“SAAMCo”) with respect to the Fund, which provides that SAAMCo will manage a portion of the assets of the Fund. The proposal was approved and voting results of this Special Meeting were as follows:
For | Against | Abstain | ||
56,772,958.316 | 3,920,346.606 | 4,472,036.823 |
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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
1633 Broadway
New York, NY 10019
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
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
Kevin J. Adamson
Vice President
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 Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES
A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES
Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.
This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.
If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.
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aig.com/RetirementServices — Account access
Manage your account online
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With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1-800-448-2542.
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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
VC 9530 (05/2020) J101997
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Item 2. | Code of Ethics. |
VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2020, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).
Item 3. | Audit Committee Financial Expert. |
The registrant’s Board of Directors has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:
2020 | 2019 | |||||||
(a) Audit Fees | $ | 962,870 | $ | 953,340 | | |||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:
2020 | 2019 | |||||||
(b) Audit-Related Fees | $ | 0 | $ | 0 | ||||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 309,361 | $ | 267,667 | |
All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.
(e) (1) | The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the |
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registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter. |
(2) | No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Not applicable. |
(g) | The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2020 and 2019 were $309,361 and $402,408 respectively. |
(h) | Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
Included in Item 1 to the Form.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
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Item 10. | Submission of Matters to a Vote of Security Holders. |
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.
Item 11. | Controls and Procedures. |
(a) | An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective. |
(b) | There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the 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) |
(3) Not applicable. |
(4) Not applicable. |
(b) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VALIC Company I | ||
By: | /s/ John T. Genoy | |
John T. Genoy | ||
President |
Date: August 7, 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: August 7, 2020
By: | /s/ Gregory R. Kingston | |
Gregory R. Kingston | ||
Treasurer |
Date: August 7, 2020